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DoF proposes sugar miller incentives as alternative to liberalized imports

THE Department of Finance (DoF) has proposed to raise the share of the sugar crop retained by sugar millers to give them more incentive to raise their efficiency levels, floating the restructuring of the planter-miller relationship as a possible alternative to liberalizing sugar imports.

Japan training BARMM farmers to grow tea, buckwheat for export

JAPAN has been identified as a potential market for tea and buckwheat produced in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Development Bank of the Philippines (DBP) President Emmanuel G. Herbosa said.

Rates on T-bills likely to move sideways

TREASURY bills (T-bill) on offer today will likely trade sideways following the central bank’s move to keep benchmark interest rates unchanged.

BPI aims to grow sustainable loans by 20% in 2020

THE Bank of the Philippine Islands (BPI) is targeting a 20% growth in its sustainable loan portfolio by next year.

Phillip Morris: heated cigarette tax should reflect ‘lower risk’

PHILLIP MORRIS FORTUNE Tobacco Corp., Inc. (PMFTC) said the tax differential between tobacco products and alternatives such as heated cigarettes and vaping products needs to reflect the varying health risks associated with each product category.

56 flagship projects to be completed by 2022

MORE than half of the 100 flagship projects under the government’s infrastructure program is expected to be completed by 2022, while nearly half will be funded through official development assistance (ODA), according to a preliminary copy of the revised list was sent by Albay Rep. Jose Maria Clemente “Joey” S. Salceda to reporters on Friday.

AMA Rural Bank employees refuse to turn over records to PDIC

CLAIMS of depositors of the closed AMA Rural Bank of Mandaluyong, Inc. will be delayed as the bank refuses to turn over its records to the Philippine Deposit Insurance Corp. (PDIC).

ADB approves $300-M loan for Philippine LGU support

THE ASIAN DEVELOPMENT BANK has approved a $300-million loan from the Asian Development Bank (ADB) to help local government units (LGUs) improve public services and revenue collections as well as reduce the cost of doing business, the regional lender said in a press release on Thursday.

DBP net profit slips on higher operating expenses

State-owned Development Bank of the Philippines’ (DBP) net earnings slipped in the third quarter due to higher provisions for impairment losses and taxes as well as growing operating expenses.

Banks urged to go into microfinance

THE BANKING INDUSTRY should tap the large microfinance market despite the challenges it poses as it is seen to contribute to the development of other sectors which use financial services and ultimately help boost economic growth.

DBM says 2019 Budget 96.7% released as of end-Oct.

THE Department of Budget and Management (DBM) said it released 96.7% of the 2019 budget in the first 10 months.

Gov’t tightens watch on imported rice

THE GOVERNMENT is matching the rising importation of rice with stricter implementation of existing rules for sanitary permits.

Senate chief says approval of higher ‘sin’ tax rates within the...

THE FINANCE CHIEF is pushing for approval of the measure increasing excise tax rates on alcohol and tobacco products, as well as e-cigarettes and vapor products before lawmakers go on their Christmas break -- a timetable the Senate president said would be “possible” provided there is not too much divergence on rates between the House and the Senate versions.

Fitch Solutions: Revived PPP focus to help lure investors to flagship...

THE GOVERNMENT’s recent decision to include more public-private partnership (PPP) projects on its revised “Build, Build, Build” (BBB) flagship infrastructure list should make this development centerpiece of the Duterte administration more attractive to private capital, Fitch Solutions Group Ltd said in a Nov. 12 note, even as it acknowledged that investors “continue to face a high degree of risk in the Philippines” due to deep-seated “bureaucratic inefficiencies” as well as “a high level of corruption.”

House signals willingness to harmonize land use legislation with NEDA draft

A DRAFT of the proposed National Land Use Act by the executive branch is expected to help a bill stuck in Congress make headway, paving the way for the two branches of government to arrive at a compromise version, a legislator said.

PHL wins $10M grant for calamity early-warning system

THE Climate Change Commission (CCC) said it won a $10-million grant from the Green Climate Fund to establishing a multi-hazard impact-based forecasting and early warning system for natural calamities.

Gov’t fully awards 10-year T-bonds

THE GOVERNMENT made a full award of the reissued 10-year Treasury bonds (T-bond) it auctioned off yesterday as rates settled within expectation as the market expects the central bank to halt its easing cycle as it reviews policy settings this week.

Drilon proposes urgent status for military pension reform bill

SENATOR Minority Leader Franklin M. Drilon said legislation reforming the pension system for military and uniformed personnel (MUP) needs to be certified as urgent in light of the ballooning payouts to armed forces and police retirees.

EastWest Bank income climbs as of Sept. on higher revenues

EAST WEST Banking Corp.’s (EastWest Bank) net earnings surged at end-September from higher revenues due to fees, improved margins, higher gains from trading activities, as well as lower credit costs.

DBP raises P18.125 billion from sustainability bonds

STATE-OWNED Development Bank of the Philippines (DBP) successfully raised P18.125 billion via sustainability bonds to finance eligible projects.

Pernia: Q4 could see 6.5-7% GDP growth

THE PHILIPPINE ECONOMY stands a fair chance of hitting the lower end of the government’s 6-7% gross domestic product (GDP) growth target for this year, if it were to hit the middle of Socioeconomic Planning Secretary Ernesto M. Pernia’s projection for this quarter.

T-bonds may fetch lower rates

THE RATES on reissued 10-year Treasury bonds (T-bond) on offer on Tuesday will likely decline amid easing inflation and as the market waits for updates on the US-China trade war.

SSS wants to cover more informal sector workers

THE state-run Social Security System (SSS) wants to include workers in the informal sector in its pension coverage as part of a plan to improve the system.

Islamic banking rules to be OK’d this month

THE central bank is likely to approve this month the rules that will enforce Islamic banking in the Philippines, which is expected to attract more local and foreign banks, Bangko Sentral ng Pilipinas (BSP) Managing Director Arifa Ala said on Friday.

Economic growth closes in on target

THE COUNTRY’s economic growth in the July-September period beat market expectations as it rebounded from the first and second quarters and from a year ago on the back of bigger government expenditures that added to the lift from robust household spending, the Philippine Statistics Authority (PSA) reported on Thursday.

NEDA keen to enforce no-guarantee policy on new flagship PPPs

THE National Economic and Development Authority (NEDA) will release guidelines for projects funded through public-private partnerships (PPP) after recently issuing a new list of flagship infrastructure programs that had more private participation.

Duterte signals plan to regulate plastic pollution

PRESIDENT Rodrigo R. Duterte has floated a proposal to his Cabinet to crack down on plastic pollution after making a similar approach to his fellow regional leaders, officials said.

RCBC income up 41% at end-Sept.

RIZAL COMMERCIAL Banking Corp. (RCBC) saw its net income surge in the first nine months of the year driven by growth in its core business.

Expanded list of flagship infra projects approved

THE REVISED list of 100 flagship infrastructure projects was approved by the Investment Coordination Committee-Cabinet Committee (ICC-CC) and the Cabinet-level Committee on Infrastructure (INFRACOM) yesterday, expanding the list to include private sector-initiated projects while dropping some works due to lack of feasibility.

Technology touted as key tool for achieving financial inclusivity

DIGITAL technology as well as collaboration between regulators and the private sector will further expand financial inclusion in Asia and the Pacific, including the Philippines, experts said at a forum yesterday.

Japan to back regional master plan for Subic area

JAPAN will provide technical assistance in drafting a master plan for regional development centering on Subic Bay Freeport, according to the Department of Finance (DoF).

PHL fails in ‘control of corruption,’ but passes more than half...

THE PHILIPPINES failed in nearly half of indicators tracked by a US foreign assistance agency, with the country’s failure particularly in “control of corruption” putting at risk its chances of becoming eligible for grants under this program next year.

China Bank income up 25% in Q3 as loans, deposits expand...

CHINA BANKING Corp.’s (China Bank) consolidated net income saw double-digit growth during the third quarter as its loan portfolio and deposits continued to expand.

NEDA presses for sustainability, environmental impact accounting

THE National Economic and Development Authority (NEDA) said it is pressing companies and households to adopt a sustainable approach to consumption and production, in part by better accounting for environmental and social costs of their actions.

BIR app-design contest taking entries until mid-November

THE Bureau of Internal Revenue (BIR) said its contest to design an app simplifying the taxpaying process will continue to take submissions from the public until Nov. 15.

Modest factory improvement marks Oct.

FACTORY ACTIVITY in the country improved “modestly” -- though the latest reading was the best in nine months -- in October, with bigger output and new orders offsetting record-low business expectations, according to findings of the latest Philippine survey conducted by IHS Markit that were released on Monday.

Gov’t makes partial award of T-bills as rates rise

THE GOVERNMENT made a partial award of the Treasury bills (T-bill) it auctioned off yesterday as rates of the shorter tenors increased despite the recently implemented cut in banks’ reserve ratio and expectations of easing inflation.

Revised flagship program list could grow after NEDA review

THE revised flagship infrastructure program will likely contain more projects after it is reviewed by economic managers when the National Economic and Development Authority’s (NEDA) Investment Coordination Committee (ICC) and Committee on Infrastructure (INFRACOM) meet jointly Wednesday.

Salty food next on tax authorities’ radar

THE Department of Finance (DoF) said it is studying proposals to tax salty food as a health measure, including the practicalities of such a scheme and its possible impact on inflation.

UA&P, FMIC see GDP rebound to 6% in 3rd quarter

THE economy is expected to “rebound” in the third quarter, reflecting the boost to consumer spending from increased employment and benign inflation, the University of Asia and the Pacific (UA&P) and the First Metro Investment Corp. (FMIC) said.

Tax Academy to build main campus at New Clark City

THE PHILIPPINE Tax Academy (PTA) is set to establish its main campus on a 10-hectare lot at the New Clark City in Tarlac, which has already been allotted by the Bases Conversion and Development Authority.

T-bill rates likely to drop

TREASURY BILLS (T-bill) on offer on Monday will likely fetch lower rates amid strong liquidity from the reduction of banks’ reserve requirement which will take effect this week and ahead of the October inflation data.

Shipping price regulation order still subject to consultation

THE government’s bid to regulate the rates charged by shipping lines may have to wait longer as the Department of Finance (DoF) makes its final revisions for the proposed joint administrative order (JAO).

GOCC Sept. subsidies rise 179% to P54.7 billion

GOVERNMENT subsidies to state firms rose 179% in September, with more than half going to the Philippine Health Insurance Corp. (Philhealth).

Infrastructure spending still short year-to-date despite September surge

INFRASTRUCTURE SPENDING surged in September by its fastest pace in almost three years, but still fell short of program year-to-date due to late 2019 national budget enactment, according to data which the Department of Budget and Management (DBM) released on Thursday.