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ECONOMIC MANAGERS once again slashed macroeconomic growth targets for this year as coronavirus-related quarantine restrictions continue to be implemented in parts of the country, but remained hopeful the economy will see a strong recovery starting in 2021.
THE INTERNATIONAL Finance Corp. (IFC), a member of the World Bank Group, has assigned Jean-Marc Arbogast as the new country manager for the Philippines, it said in a statement on Thursday.
A CONSTRUCTION spending level equivalent to 5% of GDP will be the “magic number” that will likely drive an economic recovery, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua, said at a construction industry conference.
THE Bureau of Internal Revenue (BIR) said it collected P548 million in the nine months to September from establishments temporarily closed down for failing to register or pay taxes in arrears, the Department of Finance (DoF) said in a statement Wednesday.
A CAMPAIGN to raise the investment threshold beyond P1 billion before a project can go before the Fiscal Incentives Review Board (FIRB) would weaken tax reform by removing many investments from scrutiny, according to Action for Economic Reforms (AER), a policy think tank.
SOUTHEAST ASIA could lose up to $322.2 billion in economic output next year due to the continuing fallout from the pandemic, with the Philippines among the leading losers in the tourism and services industries, the Asian Development Bank (ADB) said.
FINANCE Secretary Carlos G. Dominguez III briefed Japanese businesses on the government’s plan to engineer a sharp economic rebound next year as part of a pitch for more investment.
THE GOVERNMENT has ordered manufacturers, importers and sellers of vapor and heated tobacco products to print graphic health warnings on their packaging within 18 months, according to the implementing rules and regulations of the laws taxing these products which were released Tuesday.
THE PROPOSED 25% corporate income tax (CIT) will be applied retroactively to July 1, 2020 if the Corporate Recovery and Tax Incentives for Enterprises (CREATE) legislation is signed, Finance Secretary Carlos G. Dominguez III said.
PHILIPPINE GUARANTEE Corp. (Philguarantee) said it could cover loans of up to P300 million starting next year, with small-, medium-sized and large organizations eligible to apply.
The Department of Budget and Management (DBM) said it will grant government health care workers a hazardous-duty allowance of P3,000 per month for...
Finance Secretary Carlos G. Dominguez III ordered the Bureaus of Internal Revenue (BIR) and Customs (BoC) to help the Agriculture department investigate alleged use...
INVESTMENT in “green” infrastructure can help the Philippines bounce back faster and become more resilient after the pandemic, according to a report published by the Climate Bonds Initiative (CBI) and prepared with the Securities and Exchange Commision (SEC) and the Asian Development Bank (ADB).
PHILIPPINE AIRLINES (PAL) is planning to seek court protection from creditors as it works on a debt restructuring plan, Finance Secretary Carlos G. Dominguez III said on Wednesday.
THE Philippine economy may go back to its pre-pandemic growth trend starting mid-2022, on the back of strong fundamentals and an expected rebound in consumer confidence amid optimism that a coronavirus vaccine will be available by next year, experts said on Wednesday.
SIGNS OF an economic recovery are emerging this quarter based on readings of recent industrial activity and trade data, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a joint report.
PHILIPPINE AMUSEMENT and Gaming Corp. (Pagcor) said it will provide P2 billion to help build multi-purpose evacuation centers in provinces vulnerable to typhoons.
THE Land Registration Authority (LRA) and the Bureau of Internal Revenue (BIR) said they signed a memorandum of agreement (MoA) running for five years which will allow the two agencies to share records in aid of improving tax assessments and collections.
SOUTH KOREA is looking to expand investments in the Philippines, but expressed concern over the country’s “high” corporate income tax rate, according to the Department of Finance (DoF).
TRICYCLE DRIVERS that availed of loans from financial technology (fintech) companies en route to owning their vehicles improved their earnings considerably despite working fewer hours compared to those that did not take out loans, according to a survey by the Asian Development Bank (ADB).
THE BUDGET department has released less than two-thirds of the P140-billion stimulus package under Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II), a month before the law expires.
FINANCE Secretary Carlos G. Dominguez III asked the Climate Change Commission (CCC) to be more aggressive in mitigating the impact of climate change, in the wake of consecutive calamities that have set back the economy even further while it is still dealing with the pandemic.
DAMAGE CAUSED by the recent string of typhoons and massive floods is estimated to shave 0.15 percentage point off the already grim gross domestic product (GDP) outlook for the year, preliminary estimates by the National Economic and Development Authority (NEDA) showed.
THE National Economic and Development Authority (NEDA) said the contraction in overseas Filipino worker remittances this year could be “much lower” than previously forecast after strong inflows in September.
THE Asian Development Bank (ADB) said it has a technical assistance fund of $20.3 million to help its member countries organize the distribution of coronavirus disease 2019 (COVID-19) vaccines once these are available sometime next year.
ABDUL JOHN A. CANDELARIO, 30, tried to borrow half-a-million pesos from a bank so he could expand his Korean barbecue business and capitalize on the booming food delivery service amid a lockdown meant to contain a coronavirus pandemic. He got turned down.
THE government’s economic team is studying whether this year’s P4.1-trillion budget will need to be augmented to fund the rehabilitation effort after major typhoons hit Luzon.
CREDIT RATING agencies and other institutions are likely to further cut their gross domestic product (GDP) outlook for the Philippines this year, after third-quarter data showed a slower-than-expected pace of recovery and the country continues to struggle to contain the coronavirus disease 2019 (COVID-19) pandemic.