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PHL bond market’s growth eases in Q2

THE PHILIPPINES was the second-fastest growing bond market in the second quarter among emerging East Asia region, even as expansion was at a “modest” pace amid slower government issuances, the Asian Development Bank (ADB) reported on Wednesday.

Manulife readies new products

MANULIFE PHILIPPINES is preparing to roll out new products as it aims to improve efforts to assess their clients’ needs.

Distilled spirits makers warn excessive taxation could depress demand, harm government...

MAKERS of distilled spirits warned against excessive tax increases targeting the segment, saying that falling demand could leave the government with less revenue than it is projecting.

Fifth EITI report includes first study of small-scale miners

THE Philippine Extractive Industries Transparency Initiative (PH-EITI) has included its first assessment of small-scale miners in the Fifth Country Report.

Spending catch-up well under way as of August

STATE OFFICES have continued to catch up with their spending programs as of August to make up for lost time last semester in the wake of late national budget enactment, the Department of Budget and Management (DBM) reported on Tuesday.

Current account seen to ‘normalize’

THE COUNTRY’S current account is seen to “normalize” on the back of a recovery in economic growth and higher imports of capital goods, the Department of Finance (DoF) said in an economic bulletin.

IC sets new capital requirement for pre-need firms that don’t sell...

PRE-NEED FIRMS that do not sell any type of plans will now have to maintain a minimum paid-up capital of P50,000, the Insurance Commission (IC) said.

PAGCOR threatens to cancel licenses of tax-evading POGOs

THE gaming regulator said online gaming firms that evade taxes could face cancellation of their licenses and labor inspections, among other measures.

Nationwide round-up

PRESIDENT Rodrigo R. Duterte has designated Gerald Quitaleg Bantag as the new director-general of the Bureau of Corrections, replacing fired former prison chief Nicanor E. Faeldon, Malacañang said yesterday.

Gov’t partially awards T-bills on rate cut bets

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it auctioned off yesterday as investors shied away from the longest tenor, awaiting monetary policy decisions in the United States and at home.

IC allows insurance firms to join SBL transactions

INSURANCE and reinsurance companies can now diversify their investment portfolio after the industry regulator okayed their participation in securities borrowing and lending (SBL) transactions.

Dominguez looking forward to expansion of China ties

FINANCE SECRETARY Carlos G. Dominguez III said he is looking forward to expanding the Philippines’ economic ties with China, citing the “synergy” to be realized from a closer “partnership,” while dismissing irritants to the bilateral relationship.

Gov’t tightens screws on erring POGOs

THE FINANCE DEPARTMENT (DoF) is turning up the heat on Philippine Offshore Gaming Operators (POGOs) found evading taxes due their foreign workers in the country by threatening to shut them down and sue them in court.

T-bill rates to drop as mart awaits BSP move

TREASURY BILLS (T-bill) on offer tomorrow will likely fetch lower rates as the Bangko Sentral ng Pilipinas (BSP) chief said another rate and reserve requirement ratio (RRR) cut could be implement as early as this month.

Government debt rises 72% as of end-July

GOVERNMENT DEBT rose by 72.8% year on year at the end of July to P729.27 billion, the Bureau of the Treasury said.

House approves CITIRA on final reading

THE HOUSE of Representatives on Friday approved on third and final reading the second package of the government’s tax reform program, fast-tracking the administration’s plans to lower income taxes and slash the incentives of businesses.

DBP now in charge of fund disbursement and management of peace...

STATE-OWNED Development Bank of the Philippines (DBP) partnered with the Office of the Presidential Adviser on the Peace Process (OPAPP) in fund disbursement and management.

EO presses state offices to spend on time

MALACAÑANG has moved to ensure that government offices spend within the fiscal year what they are given under the national budget, by formally adopting the cash budgeting system (CBS) starting this year through Executive Order No. 91.

SSS targets increased digital transactions

STATE-RUN Social Security System (SSS) is targeting a threefold increase in online transactions by next year to streamline services and save on operating expenses.

Customs seizes P53M worth of vegetables smuggled from China

THE BUREAU of Customs (BoC) seized P53 million worth of smuggled food products from China at the port of Manila yesterday.

Nationwide round-up

THE DEPARTMENT of Budget and Management (DBM) released P82.5 million to the Department of Agriculture (DA) on Tuesday to fund measures relating to the African Swine Fever (ASF) outbreak.

Treasury makes partial award of 7-year bonds

THE GOVERNMENT made a partial award of reissued seven-year Treasury bonds (T-bonds) offered yesterday ahead of the US Federal Reserve’s policy meeting this month and developments in the US-China trade war.

Metrobank looking to raise P5B from bonds

METROPOLITAN Bank & Trust Co. (Metrobank) is looking to raise P5 billion via peso-denominated bonds to support its lending business and expand its funding sources.

BDO to issue P5 billion in LTNCDs

BDO UNIBANK, Inc. is set to issue P5 billion worth of long-term negotiable certificates of deposit (LTNCD) to diversify its funding sources and fund its expansion plans.

Malaysia, Singapore studying ‘success’ of PHL sugar tax on beverages —...

MALAYSIA and Singapore consider the Philippine excise tax on sugar-sweetened beverages (SSBs) a “successful fiscal policy intervention,” the Department of Finance (DoF) said.

BoC grows collections as of August

THE BUREAU of Customs (BoC) grew collections further in August, according to preliminary figures released on Monday.

Mercantile Careplans now under IC conservatorship

THE Insurance Commission (IC) has placed Mercantile Careplans, Inc. under conservatorship for failing to comply with the minimum capital requirement for pre-need firms.

Duterte’s building program to shield economy from global slowdown, DoF says

PRESIDENT Rodrigo R. Duterte’s infrastructure projects, which will generate jobs and boost consumption, will spur economic growth and shield the country from a global economic slowdown, the Department of Finance (DoF) said on Monday.

Seven-year bonds may fetch lower yields

SEVEN-YEAR Treasury bonds (T-bond) on offer on Tuesday are seen to fetch slightly lower rates on bets of fresh monetary easing by the central bank later this month and ahead of initial trade talks between the United States and China.

Digital tax payments seen saving BIR P230 million

THE BUREAU of Internal Revenue (BIR) could save as much as P230 million annually in transaction fees if taxes are paid online, the Department of Finance (DoF) said.

LANDBANK tops GOCC subsidy list due to payouts to jeepney drivers

GOVERNMENT subsidies to state-owned firms increased in July, the bulk of which went to the Land Bank of the Philippines (LANDBANK) as it started releasing fuel subsidies to jeepney drivers for this year, the Bureau of the Treasury (BTr) said.

Budget delay’s impact hounds infrastructure spending into July

LATE ENACTMENT of this year’s national budget continued to weigh on infrastructure spending in July, the Budget department reported on Thursday, even as it noted that a month-on-month surge showed “that disbursements are starting to normalize and accelerate in the second half…”

Price growth seen easing until Oct. before returning to 2% level...

PRICE increases are expected to lose momentum until October before a recovery in headline inflation to around the 2% level in December, according to an economic bulletin issued by the Department of Finance (DoF).

Rizal Bank to sell $300M dollar bonds

RIZAL Commercial Banking Corp. (RCBC) is returning to the US dollar bond market by selling $300 million of five-year unsecured bonds amid strong demand from investors overseas, it said in a statement on Friday.

DBP to help fund Mindanao power plant

STATE-OWNED Development Bank of the Philippines (DBP) will help fund Liangan Power Corp.’s (LPC) hydroelectric power plant in Mindanao through a P1.1-billion term loan, the lender said in a statement on Friday.

PSBank to hike authorized capital stock to P6 billion

PHILIPPINE Savings Bank (PSBank) is looking to raise its authorized capital stock to P6 billion in a bid to strengthen its capital structure and provide the lender flexibility.

Trade war impact minor, attracting locators seen as key while firms...

THE National Economic and Development Authority (NEDA) said the trade war is expected to dampen Philippine growth by only a tenth of a percentage point, but highlighted the importance of improving the economy’s attractiveness to locators fleeing China.

DoF touts 2-year review period for incentives under CITIRA

THE Department of Finance (DoF) said it is considering a review of tax incentives granted to companies every two years to validate whether the perks given are having a “positive impact,” with the review period contained in upcoming tax legislation.

RCBC to issue five-year sustainability notes

RIZAL Commercial Banking Corp. (RCBC) will issue dollar-denominated sustainability notes out of its medium-term note (MTN) program, with proceeds to support the bank’s lending business.

GOCCs seen losing sight of program effectiveness

PERFORMANCE-BASED incentive programs are eroding the effectiveness of government programs because workers are focused on meeting raw output targets, a governance official in charge of state firms said.

DoF: 1st half underspending at 2% of GDP

LATE ENACTMENT of this year’s national budget cost an equivalent of two percent of overall economic output in terms of underspending last semester, the Department of Finance (DoF) said in a statement on Tuesday.

Factories seen to face challenges

BUSINESS CONDITIONS for manufacturers in the Philippines can be expected to continue “modest” improvement in the face of an escalating Sino-US trade war that weighs on global growth prospects, a Cabinet official and private sector economists said on Tuesday.

LANDBANK, DBP dividend relief at P15B

THE DEPARTMENT of Finance (DoF) said state-owned Land Bank of the Philippines (LANDBANK) and Development Bank of the Philippines (DBP) will not have to remit around P15 billion to the government following the issuance of an order slashing their dividend rates on Monday.

DBM sees gov’t debt breaching P8 trillion in 2020

GOVERNMENT debt is projected to breach the P8-trillion mark next year, the Department of Budget and Management (DBM) said.

Manufacturing posts ‘modest’ gains

BUSINESS CONDITIONS for factories in the Philippines improved “at a moderate rate” in August, with firms raising production “only modestly as new order growth fell from July levels,” according to results of a monthly survey IHS Markit conducts for Nikkei, Inc. that were released on Monday.