POGO shutdown seen having limited impact on funds flows
THE shutdown of overseas gaming operations will have a minimal impact in terms of financial flows, according to an initial analysis performed by the Anti-Money Laundering Council (AMLC).
NEDA sees cabinet decision this month on NAIA rehab, Panglao
ECONOMIC planners are expecting a cabinet committee decision by the end of the month on the Ninoy Aquino International Airport (NAIA) rehabilitation project and the Panglao, Bohol International Airport privatization.
House approves extra year of 2019 budget validity
THE House of Representatives, sitting as a plenary body, approved on second reading Wednesday a resolution extending the validity of the 2019 budget until December 2020.
Mindanao-Visayas grid connector on track for 2020 completion
PRIVATELY OWNED National Grid Corp. of the Philippines (NGCP) expects to complete as scheduled next year the P52-billion project that will link the power grids of Mindanao and the Visayas despite continuing right-of-way and permitting issues.
House discussing extended foreign farmland leases
THE House of Representatives received bills and resolutions seeking to ease restrictions on foreign investment, including a proposal to increase the term foreigners can lease farmland.
Duterte signs law allowing foreign universities to offer degree programs in Philippines
PRESIDENT Rodrigo R. Duterte has signed a law allowing foreign institutions of higher education to establish commercial enterprises in the Philippines providing educational services and to collaborate with universities here.
Freeze on loan talks affects BRT, climate change funding
THE Department of Finance (DoF) said on Wednesday that two loan agreements being negotiated by the department were affected by a presidential order to suspend such talks with countries that backed a United Nations human rights investigation against the Philippines.
South Korea poised to resume chicken imports from PHL this year
SOUTH KOREA is set to accredit new poultry facilities in the Philippines amid plans to resume chicken imports, Agriculture Secretary William D. Dar said.
Global slowdown seen as main risk to PHL financial sector
THE main risk to Philippine financial system is the global economic slowdown, according to the inter-agency Financial Stability Coordinating Council.
Re-establishment of the prior disclosure program
By Mikhail J. Escoto
With the issuance of Executive Order No. 46 on Oct. 20, 2017, the duty of conducting the post clearance audit on imports was transferred to the Bureau of Customs (BoC) from the Department of Finance’s Fiscal Intelligence Unit. Along with the reversion of the Post Clearance Audit (previously known as the Post Entry Audit) to the BoC, it also brought back the Voluntary Disclosure Program (VDP) now called the Prior Disclosure Program (PDP).
Diokno says market anticipation of rate cut reduces guesswork
BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno acknowledged market expectations of further policy easing as “good,” because it means it takes the guesswork out of the bank’s policy action Thursday.
BSP touts PHL resiliency after economic reforms
REFORMS have made the Philippine economy more resilient in the face of external shocks, presenting investors with untapped opportunities, the central bank governor said.