Gov’t debt at 34.1% of GDP in 2019 vs year-earlier 34.4%
GENERAL GOVERNMENT (GG) debt as a share of the economy fell to 34.1% in 2019 from 34.4% a year earlier, the Department of Finance (DoF) said, providing a baseline for economic conditions before borrowing swelled due to the pandemic.
Cebu’s Mahiga River to be rehabilitated
REHABILITATION of the 9.1 kilometer Mahiga River in Cebu province will be conducted in partnership with 28 private companies and organizations, the Department of Environment and Natural Resources (DENR) said.
Impairment considerations during COVID-19
By Meynard A. Bonoen
In last week’s article, we discussed how to determine the timing of assessment for any impairment for non-financial assets, as well as the indicators of impairment. This article will cover how to measure and estimate the recoverable amount of an asset, how to determine the recognition and reversal of impairment, and provide detailed disclosure on assumptions used to fully understand an impairment assessment especially in these uncertain times.
P20B budget eyed for free COVID-19 vaccination program
By Gillian M. Cortez, Reporter
The government is planning to allocate P20 billion to buy vaccines against the coronavirus disease 2019 (COVID-19), once it is...
DTI small business loan program obtains P1B from state banks
THE Department of Trade and Industry (DTI) said it will be accepting new applications for its small business loan program after obtaining additional funding from state banks.
Moody’s backs PHL sovereign rating if reforms pass Congress
THE Philippine credit profile will remain intact despite the pandemic, provided that Congress manages to avoid political distractions and passes reforms urgently needed for recovery, according to Moody’s Investors Service.
BIR registers more than 3,000 online sellers
AROUND 3,254 online sellers have registered with the Bureau of Internal Revenue (BIR) by the end of July, with the enrolment deadline extended by a month.
PHL remittance-decline forecast revised to 15% from 10% — IIF
THE forecast decline in 2020 Philippine remittances has been revised to 15% from 10% as overseas workers lose their jobs or see their wages reduced, the Institute of International Finance (IIF) said.
PAGCOR swings to net loss in half as lockdown hits gaming revenue
THE Philippine Amusement and Gaming Corp. (PAGCOR) said it booked a net loss in the first half after a sharp decline in its gaming revenue with casinos forced to close due to the lockdown.
Renewables industry touts ‘untapped’ potential, superior safety vs nuclear
THE renewables industry said its potential for providing energy is “untapped” while its safety record is superior to that of nuclear energy, which the government is considering adding to the power generation mix.
Sept. deadline set for reporting all related-party transactions
THE Bureau of Internal Revenue (BIR) has set the end of September as the deadline for taxpayers to report and submit documentation on related-party transactions (RPTs) of any size, with no reporting threshold determined yet.
Momentum building for 3rd round of social amelioration payouts
A THIRD ROUND of emergency subsidies for vulnerable households is needed because of the number of families who received no aid earlier, as well as the swelling in the jobless numbers since the completion of the first two rounds, a senior legislator said.