THE Philippine Chamber of Commerce and Industry (PCCI) said on Wednesday that the Philippines celebrates “too many holidays,” which is affecting its productivity and attractiveness as an investment destination.

In a statement, PCCI President Enunina V. Mangio said: “We have too many holidays compared to the others in the region. We have to reduce its negative impact on the productivity of our workforce and the state of our economy.”

On average, the PCCI tallied 27 holidays a year, including special holidays declared by the Palace every year, not counting the calamity-related days off work and hundreds of provincial and municipal holidays.

In October, President Ferdinand R. Marcos, Jr. through Proclamation No. 368, listed 10 regular holidays for 2024.

These are New Year’s Day (Jan. 1), Maundy Thursday (March 28), Good Friday (March 29), Araw ng Kagitingan (April 9), Labor Day (May 1), Independence Day (June 12), National Heroes Day (Aug. 26), Bonifacio Day (Nov. 30), Christmas (Dec. 25), and Rizal Day (Dec. 30.).

Four special non-working days were also declared — Ninoy Aquino Day (Aug. 21), All Saints’ Day (Nov. 1), the Feast of the Immaculate Conception of Mary (Dec. 8), and the last day of the year (Dec. 31).

Additional special non-working days were also declared, which included Chinese New Year (Feb. 10), Black Saturday (March 30), All Souls’ Day (Nov. 2), and Christmas Eve (Dec. 24).

The President also declared, through separate proclamations, April 10 and June 14 as regular holidays for the observance of Eidul Fitr and Eidul Adha.

“Having too many holidays is unhealthy for business and the economy. It increases the labor costs that actually burden small businesses in particular,” Ms. Mangio said.

“Let us focus and work on our productivity and competitiveness, and make sure we attract more investors,” she added.

Senate President Francis Joseph G. Escudero said over the weekend that the chamber is not considering reducing the number of holidays but ruled out adding more holidays on top of the fixed regular and special non-working holidays. — Justine Irish D. Tabile

THE Bases Conversion and Development Authority (BCDA) said that it received commitments from a Danish company and the Royal Danish Embassy in Manila to help prepare a so-called “green map” that will guide New Clark City’s decarbonization efforts.

In a statement on Wednesday, the BCDA said it has been in talks with Danfoss, Inc. on the energy efficiency and decarbonization plan for New Clark City, which touts itself as a smart and green urban space.

Danfoss provides technology and solutions aimed at driving the green transition through energy efficiency, machine productivity, lower emissions, and electrification, the BCDA said.

It added that it received a commitment from Danish Ambassador Franz-Michael Mellbin for the assistance of the Danish government in “optimizing the New Clark City for energy efficiency” through sharing Danish expertise in green solutions and innovation.

BCDA Chairman Delfin N. Lorenzana said sustainability is built into the development and investment plans of New Clark City. 

“These initiatives include the development of renewable energy, the use of low-carbon district cooling technologies, smart governance of mass transportation, and the establishment of a solid waste-to-energy system and facilities,” Mr. Lorenzana said.

BCDA’s projects also include the development and expansion of industrial spaces, greenbelts and river parks, eco-tourism and hospitality facilities, and universities, among others.

BCDA President and Chief Executive Officer Joshua M. Bingcang said: “We are not only mindful of the commercial arrangement. We want sustainability to be a key factor in our development. We are always into ‘future-proofing’, especially on the sustainability aspect of development.” — Justine Irish D. Tabile

THE Department of Trade and Industry (DTI) said industrialization is the path to take in containing the growing trade deficit, which has been preventing the country’s development.

At a budget hearing on Wednesday, Trade Undersecretary and Board of Investments Managing Head Ceferino S. Rodolfo said that the trade deficit grew sharply to $52.59 billion in 2023 from $3.3 billion in 2014.

“That is why we are saying that we have to industrialize our way out of the trade deficit; we cannot just export our way out of the trade deficit because we are really importing a lot of products that we could very well produce,” he added.

“If you look at the primary contributors (to the deficit), these would be automotive, steel, petrochemicals, cement, and, of course, petroleum and rice, which are high on the list, but we cannot do anything about them in the short term,” he said.

According to Mr. Rodolfo, the Philippines needs heavy industry and manufacturing to get on a firm development path. 

He said steps have already been taken, noting that steel rebar producer SteelAsia Manufacturing Corp. recently inaugurated a factory in Cebu.

This brings SteelAsia’s rebar capacity to the largest in Southeast Asia, according to Mr. Rodolfo.

“In addition to this, on the topic of integrated steel facilities, we are also looking at a potential foreign investor, (which is) the largest steel-making company in Southeast Asia,” he said.

“We are hoping that they will come; in fact, we are already in advanced stages of discussions with them,” he added.

According to the DTI’s presentation to the House of Representatives, the trading relationships that were the source of the largest deficits were China, Indonesia, South Korea, Thailand, Malaysia, Singapore, Australia, Vietnam, Saudi Arabia, and Taiwan.

The Philippine trade-in-goods deficit widened by 9.3% to $4.3 billion in June, the Philippine Statistics Authority said.

However, the trade deficit in the first six months narrowed 9.5% to $25 billion.

The balance of trade in goods has been in deficit for 109 straight months, or since the $64.95-million surplus posted in May 2015.

Mr. Rodolfo said that despite increasing exports, the trade deficit is still not narrowing due to imports.

“Even if we are the fastest-growing economy in the region, much of the growth is being met by imports,” he said.

He added that the top opportunities for growth are mining and processing of minerals, semiconductors and electronics, information technology and business process management, and non-meat agricultural products.

“Mining currently accounts for less than 1% of gross domestic product; imagine if we could increase that to 1% in the succeeding years, to 2%, 3%, and so on,” he said.

“Second are semiconductors and electronics, particularly because of supply chain issues. We have been getting a lot of attention from other countries on this,” he added. — Justine Irish D. Tabile