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MANILA, Philippines — The Philippines is now classified by the World Bank as an upper-middle-income economy, a milestone that reflects broad economic growth but does not mean most Filipinos are suddenly middle class. The World Bank Group’s latest country income classifications, released July 1, moved the Philippines from lower-middle-income to upper-middle-income status based on 2025 gross national income per capita estimates.

THE PHILIPPINE Economic Zone Authority (PEZA) approved nearly P16 billion worth of investments in June, mostly projects in export manufacturing and information technology-business process management (IT-BPM). In a statement, PEZA said its board approved 22 new and expansion projects worth P15.85 billion in June, a 163.22% jump from the P6.02 billion approved during the same month last year. Month on month, the value of June approvals inched up by 2.86% from the P15.41 billion approved in May.

The Philippines has launched its first National Nature-based Solutions (NbS) Policy and Nature-based Solutions Catalogue, establishing a national framework that uses ecosystems such as forests, mangroves and coastal habitats to address climate change, protect biodiversity and strengthen disaster resilience.

THE Department of Energy (DoE) is seeking congressional authority to seize hoarded petroleum products, impose stiffer penalties on profiteers and require a strategic fuel reserve under proposed amendments to the Oil Deregulation Law aimed at strengthening the country’s energy security. At a Senate Energy Committee hearing on Thursday, Energy Secretary Sharon S. Garin said the DoE has no direct authority under the Downstream Oil Industry Deregulation Act of 1998 to act against fuel hoarding.

The Department of Transportation (DOTr) expects to partially open the Metro Rail Transit Line 7 (MRT-7) by the second quarter of 2027, with the first 12 stations scheduled to begin operations. “We are advancing MRT-7, a 22-kilometer line connecting North Avenue in Quezon City to Bulacan. Travel time will be cut from up to three hours to just 35 minutes,” Transportation Secretary Giovanni Lopez said.

Philippine financial markets strengthened on Thursday, as investors took into account the country’s upgrade to an upper-middle-income country, a goal that the country has aspired to meet even before the COVID-19 pandemic. The Philippine peso appreciated by 5.6 centavos to close at P61.565:$1 from Wednesday’s finish of P61.621:$1. Rizal Commercial Banking Corp.

Casino operator Hann Philippines Inc. (HPI) has secured government incentives for its flagship Hann Reserve project, backed by an initial investment of at least ₱10 billion, according to the Philippine Economic Zone Authority (PEZA). In a statement on Wednesday, July 1, PEZA said it signed a registration agreement with HPI on June 23, formally classifying the company’s New Clark City property as an ecozone domestic market enterprise for tourism.

THE Bureau of Internal Revenue (BIR) has clarified the tax treatment of contractors, grantees, and recipients funded by the US government (USG) in support of the Philippine criminal justice system. The circular was issued to define the scope of tax exemptions covering activities undertaken under the Letter of Agreement (LoA) on Narcotics Control and Law Enforcement between the Philippine and US governments.

MANILA, Philippines – The World Bank (WB) approved this week a $1.02-billion financing for the Philippines to expand access to affordable, reliable electricity and strengthen water security for millions of Filipinos. The financing consists of a $1-billion loan from the International Bank for Reconstruction and Development (IBRD) and a $20-million performance-based grant from the Livable Planet Fund.

COST-OF-LIVING pressure in Metro Manila which has triggered a new record-high wage hike will prompt the Bangko Sentral ng Pilipinas (BSP) to be hawkish, as it prioritizes price stability with regional wage boards expected to follow suit in raising labor costs.