Philippines Roundup: South Korean kidnap victim, Fitch Ratings, Nuclear Regulatory Bill

South Korean kidnap victim released in the Philippines

A South Korean national abducted in the Philippines last Friday was safely released on Monday, May 5, according to South Korea's foreign ministry. The individual was kidnapped while travelling by car to Nasugbu, near Manila, for a fishing trip with two Chinese and two Philippine nationals. A group of seven to ten armed individuals intercepted the vehicle. The South Korean was recovered by Philippine police on Monday morning and is reportedly in good health. The two Chinese nationals have also been released. 

Fitch affirms Philippines' 'BBB' rating with stable outlook

Fitch Ratings has affirmed the Philippines' long-term foreign-currency issuer default rating at 'BBB' with a stable outlook. The agency projects a 5.6% economic growth rate for 2025, consistent with the pace in 2023 and 2024. Growth is expected to be driven by public infrastructure investment, services exports, and remittance-backed private consumption. Easing inflation and interest rates are likely to support private demand. Fitch cautioned that domestic political uncertainty may impact investment, while global trade tensions could indirectly weaken growth through reduced external demand.

Philippines, U.S. officials discuss strengthening trade relations

Amid the wave of sweeping tariffs, Philippine trade and economic officials met with United States Trade Representative Jamieson Greer on May 2 in Washington to explore ways to enhance bilateral trade and investment relations. The Philippine delegation included Special Assistant to the President for Investment and Economic Affairs Frederick Go, Trade and Industry Secretary Cristina Roque, and Ambassador to the U.S. Jose Manuel Romualdez. 

Filipino government urged to take swift action on Nuclear Regulatory Bill 

Manila Electric Co. (Meralco) has urged the Filipino government to prioritise the passage of a proposed bill establishing a nuclear regulatory body, warning that further delays could hinder the country’s energy development goals. Ronnie Aperocho, Meralco’s Executive Vice President and Chief Operating Officer, stated that the Philippines is “running out of time” as the Marcos administration aims to integrate nuclear power into the national energy mix by 2032. He emphasised that postponing the bill’s enactment could significantly disrupt efforts to meet the administration’s energy targets.

Philippines launches first 10-year labour market strategy

The Department of Economy, Planning, and Development (DEPDev) officially launched the Trabaho Para sa Bayan (TPB) Plan 2025–2034 on May 5. This marks the Philippines’ first decade-long labour market development strategy. The TPB Plan outlines a framework for job creation, labour market transformation, and inclusive workforce development. The launch follows the enactment of Republic Act No. 12145, which restructured the National Economic and Development Authority (NEDA) into DEPDev. The institutional reform aims to enhance strategic planning and policy coherence. DEPDev Secretary Arsenio M. Balisacan stated that the agency will actively support the creation of policies and programmes promoting inclusive growth, quality employment, and workforce competitiveness.