00:00Two of European Union and the Philippines free trade agreement talks are set in February.
00:05The country's information technology business process management or ITBPM revenues grew by
00:12seven percent last year. These and other stories in tonight's business news wrap-up by Kate Renya.
00:21The second round of European Union and the Philippines free trade agreement or FTA is set
00:26for next month. EU ambassador Massimo Santoro is optimistic believing the FTA will boost trade in
00:32goods services and investments. Despite being the Philippines fourth largest partner the EU
00:38sees potential for stronger ties. The Philippine economy is growing with 6.1 gross domestic product
00:44forecast for 2025. Talks resumed in March 2024 after a seven-year pause. Meanwhile the Department
00:52of Finance or DOF said that the 107 billion pesos sent by Philippine Deposit Insurance Corporation
00:58or PDIC to the government can be used for other purposes without affecting its 250 billion pesos
01:06reserve fund which is enough to cover deposit insurance and bank support. The funds have
01:11supported infrastructure and social programs. Finance Secretary Raul Precto prefers using
01:16dividends from government companies over raising taxes or borrowing. The Department of Human
01:23Settlements and Urban Development or DSHUD achieved a 100 percent resolution rate for
01:28complaints sent to 8888 Citizens Complaints Center in 2024. They resolved 758 complaints
01:36with only 11 left unresolved. Secretary Jose Rizalino Acusar praised the department's efforts
01:42and emphasized support for the public especially the poorest sectors. The Philippines Information
01:48Technology and Business Process Management or ITBPM sector earned 38 billion US dollars in 2024
01:55growing seven percent from 2023. It created 120,000 jobs reaching 1.82 million total employees.
02:04The IT and Business Process Association of the Philippines or IBPAP aims to boost its global
02:09market share and focus on upskilling workers amid AI growth. Kate Rania from the National
02:15TV Network for a new and better Philippines.
