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P244M smuggled PPE, medical supplies seized

THE BUREAU of Customs confiscated P244 million worth of smuggled personal protective equipment (PPE) and other medical supplies during the lockdown in Metro Manila,...

BIR, Customs collections rise in June

TAXES collected by the country’s two biggest revenue-generating agencies started to pick up in June, but this was not enough to help them meet collection targets for the first six months of 2020.

Gradual recovery seen to begin this month

ECONOMIC managers are hopeful the Philippines will begin its gradual recovery this month, as lockdown restrictions continue to be eased around the country.

Philippines still a lower-middle income economy — World Bank

THE Philippines remained as a lower-middle income economy, according to the latest data from the World Bank.

Manufacturing contraction eases

FACTORY ACTIVITY fell for a fourth straight month in June, although the pace of contraction eased significantly as manufacturers were able to boost output for the first time since February, according to a survey by IHS Markit.

PHL obtains P23.5-B loan from Japan for pandemic response

THE Philippines signed on Wednesday a loan for 50 billion yen (around P23.5 billion) with Japan to add supplement its resources as it struggles to contain coronavirus disease 2019 (COVID-19).

World Bank names new PHL country director

THE World Bank Group named Ndiamé Diop as its new country director for Brunei Darussalam, Malaysia, Philippines and Thailand starting Wednesday.

PHL debt nears P9 trillion in May

OUTSTANDING DEBT jumped to nearly P9 trillion as of end-May, as the government issued more domestic securities and availed of additional foreign loans to fund its ongoing fight against the pandemic, the Treasury said on Tuesday.

Gov’t fully awards 35-day securities

THE GOVERNMENT fully awarded the 35-day Treasury bills (T-bills) it auctioned off on Tuesday as its rate dropped on strong demand, driven by the surprise rate cut from the central bank.

RCBC to return to dollar bond market

RIZAL COMMERCIAL Banking Corp. (RCBC) is set to tap the global bond market anew after securing approval from its directors to issue $300 million in dollar-denominated bonds to support the bank’s lending and green projects

Security Bank to close bond offer ahead of schedule on strong...

SECURITY BANK Corp. will close its offer of two-year bonds on July 3, Friday, more than a week ahead of schedule, after seeing strong reception for the issue.

Online payments hit 77% of total tax collections, BIR says

AROUND 77% of all taxes collected as of mid-June were coursed through electronic payment (e-payment) channels, the Bureau of Internal Revenue (BIR) reported, after the lockdown coincided with income tax season.

ADB grants PHL loan to improve property tax valuation, collection

THE Asian Development Bank (ADB) approved a $26.5-million (P1.32-billion) loan to help local governments generate more revenues by digitizing property tax valuation and collection.

Departing POGOs told to settle taxes

THE BUREAU of Internal Revenue (BIR) will still go after Philippine offshore gaming operation (POGO) companies that are leaving the country to make them pay their tax obligations, the Finance chief said.

GCash cash-in transactions to be charged 2.58% convenience fee starting July...

MOBILE wallet GCash said cashing in using MasterCard or Visa bank cards will be charged with 2.58% convenience fee starting July 6, after its card payment partners imposed the new rates.

Gov’t hikes T-bill award to P26B

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday as strong demand pulled rates below the two-percent level following the surprise easing move by the central bank last week.

Overseas Filipino Bank launches fully digital system

OVERSEAS FILIPINO Bank (OFBank) has launched its new, fully digital system on Monday, which aims to expand its reach to Filipinos around the world through online banking.

World Bank flags unmet goals in NCR wastewater project

THE project period for a Metro Manila wastewater collection and treatment management system is due to expire Tuesday with its main backer, the World Bank, noting that the project has yet to meet targets for the number of people reached, among others.

POGOs start to exit PHL — regulator

TWO Philippine offshore gaming operators (POGOs) have exited the country, according to the industry regulator, with more expected to follow suit as they face difficulties in securing tax clearance from the Bureau of Internal Revenue (BIR).

LGUs’ share from tobacco tax can reach P21 billion

TOBACCO-PRODUCING provinces may receive up to P21 billion in 2022, as their share in collection of excise taxes on tobacco products this year, the Budget department said.

T-bill rates seen to decline on BSP easing

TREASURY BILLS (T-bills) to be auctioned off this week will likely fetch lower rates following the 50-basis-point (bp) cut by the Bangko Sentral ng Pilipinas (BSP).

GOCC budgetary support remains elevated due to SSS wage subsidy program

BUDGETARY support to state-owned firms released in May rose nearly 467% after the release of the second tranche of the wage subsidy program, the Bureau of the Treasury said.

Rate cuts seen boosting consumer, business confidence

The unexpected 50 basis point (bp) reduction in benchmark interest rates is being positioned as a measure to restore consumer and business confidence, the...

Wage subsidy program nears end

The government has paid 99% of wage subsidies for small businesses amid a coronavirus pandemic, with less than 100,000 beneficiaries given until June 28...

Government plans to borrow P205B in July

THE government is seeking to borrow P205 billion from the domestic market in July, a fifth higher than the previous two months, the Bureau of the Treasury (BTr) said on Thursday.

Sun Life rolling out programs for MSMEs, overseas Filipino workers

SUN LIFE of Canada (Philippines), Inc. is looking to expand its reach to micro, small and medium enterprises (MSMEs) and overseas Filipino workers (OFWs) affected by the fallout from the coronavirus pandemic.

Bond market expansion slows in first quarter

THE bond market expanded in the first quarter of 2020 but at a slower rate compared to a year earlier, with both government and corporate bonds posting growth, the Asian Development Bank (ADB) said.

ADB rated most transparent major aid agency

THE Asian Development Bank (ADB) said it was ranked the top major aid donor organization in terms of transparency by the Aid Transparency Index (ATI) report.

Robinsons Bank profit climbs

ROBINSONS BANK Corp.’s consolidated net earnings surged in the first quarter on the back of higher operating income.

Finance dep’t holding resources in reserve in case of second wave

THE Department of Finance (DoF) said it plans to keep spending “fiscally responsible” in case of a second wave of coronavirus infections and declared that the government will be able to finance the required measures if the next wave hits.

Budget gap hits P202 billion in May

THE national government recorded a P202.1-billion budget deficit in May, as spending continued to rise while revenues slumped to multi-year lows amid the pandemic.

NEDA eyes private sector help with nat’l ID registration

THE National Economic and Development Authority (NEDA) is looking to work with the private sector to speed up the implementation of the national ID system.

Gov’t makes full award of 5-year bonds

THE GOVERNMENT fully awarded the reissued five-year Treasury bonds (T-bonds) it auctioned off on Tuesday despite a climb in yields amid strong demand.

Peso weakens further on budget balance data

THE PESO weakened further on Tuesday due to a wider budget deficit and uncertainties over the US-China trade deal.

Amended currency swap deal takes effect, PHL can borrow up to...

THE amended Chiang Mai Initiative Multilateralization (CMIM) agreement took effect Tuesday, offering an improved currency swap arrangement and financial safety net among Association of Southeast Asian Nations (ASEAN) countries and the bloc’s regional partners.

Gov’t makes full award of Treasury bills

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday even as rates inched up across-the-board due to expectations of a pause in monetary easing.

Foreign investors discouraged by lack of progress on tax reform laws

THE Philippines needs to address the lack of clarity on investment policy, which is discouraging foreign direct investment (FDI), an economist from Fitch Solutions Country Risk & Industry Research said.

P2.5B collected so far from tax amnesty — BIR

THE ongoing tax amnesty program has yielded more than P2.5 billion in collections so far, according to the Bureau of Internal Revenue (BIR), which expects more taxpayers to avail themselves of the program after the cut-off date was extended to end-2020.

T-bill, T-bond rates to move sideways

RATES OF government securities on offer this week will likely move sideways on signals of a pause in monetary easing.

Gov’t boosts pandemic war chest with surge in April borrowing

GOVERNMENT borrowing rose 673.96% in April as it raised funds in the Philippines and overseas to help contain the coronavirus outbreak, the Bureau of the Treasury (BTr) reported.

Gov’t threatens to take action vs cryptocurrency schemes claiming support from...

THE Department of Finance (DoF) said it will take “legal and regulatory action” against digital-currency investment schemes claiming backing from government officials, including the Secretary of Finance himself.

Gov’t tax haul drops 49% in May

By Beatrice M. Laforga, Reporter The government's tax haul continued to slump in May, as the deferment of tax payments and slowdown in economic...

Economy to shrink by 3.8% — ADB

THE Asian Development Bank’s (ADB) outlook for the Philippines has turned grim, as it now expects the economy to shrink by as much as 3.8% this year.

PHL to lag behind Asian peers in economic recovery

THE Philippines’ path to economic recovery faces headwinds, as coronavirus disease 2019 (COVID-19) cases continue to rise and policy measures rolled out by the government are still “meager.”

Peso declines on geopolitical tensions

THE peso weakened on Thursday as the market reacted to rising geopolitical tensions in major economies, such as the border clash between China and India.