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Budget deficit swells to P40B in Aug.

THE National Government’s budget deficit ballooned by 1,510% to P40 billion in August from a mere P2.5-billion shortfall a year ago, as revenues remained weak amid the economic slowdown, the Bureau of the Treasury (BTr) said.

Exiting POGOs to face BIR audit — Dominguez

THE Bureau of Internal Revenue (BIR) will still conduct an audit of Philippine Offshore Gaming Operators (POGOs) that are leaving the country to check their tax compliance and collect any back taxes, Finance Secretary Carlos G. Dominguez III said.

Foreign loans, grants for pandemic response hit $9.9B

THE GOVERNMENT has obtained $9.9 billion worth of loans and grants from external sources as of Sept. 15 to fund its coronavirus disease 2019 (COVID-19) containment effort and to support recovery measures.

DBCC flags banks’ concentration risk

THE Development Budget Coordination Committee (DBCC) said there is a need to monitor concentration risks arising from banks’ investments in government securities as well as recent efforts to boost domestic liquidity amid the pandemic.

BoC finds some undervalued rice shipments

SEVERAL TRADERS have undervalued rice shipments with provisional goods declaration, resulting in P1.4 billion in lost revenues, the Bureau of Customs (BoC) said.

Local gov’t units face fiscal stress

LOCAL GOVERNMENT UNITS (LGUs) will likely face substantial fiscal stress over the short to medium term, as tax collections continue to decline due to the coronavirus disease 2019 (COVID-19) pandemic, the Development Budget Coordination Committee (DBCC) said.

ASEAN+3 recovery may look like Nike swoosh, says AMRO

THE ASEAN+3 Macroeconomic Research Office (AMRO) expects to see a “Nike swoosh” or V-shaped recovery for the region after the coronavirus crisis, although the pace of recovery will vary depending on each economy’s pandemic response.

DoF releases additional list of rejected tax credits

THE Department of Finance (DoF) said the Commission on Audit (CoA) issued notices of disallowance to four textile firms seeking tax credits, bringing the total rejections to P606 million.

DBCC estimates worst-case fiscal risk from PPPs at P311.8 billion by...

THE government faces a worst-case scenario of P311.8 billion worth of contingent liabilities associated with 24 new Public-Private Partnerships (PPPs) entering critical stages of implementation.

BIR’s notice of discrepancy reinstated

THE Bureau of Internal Revenue (BIR) will now issue a notice of discrepancy to inform taxpayers of their tax deficiencies as part of an audit, replacing the notice of informal conference (NIC).

Philippine external debt ratio lowest among ASEAN peers

THE Philippines’ external debt relative to gross national income (GNI) is the lowest among its peer economies in the Association of Southeast Asian Nations, known as the ASEAN-5, according to the Department of Finance (DoF).

Q2 current account swings to surplus

By Beatrice M. Laforga, Reporter The country’s current account swung to a $4.4-billion surplus last quarter from a year earlier after the trade in goods...

Philippines external debt rises as of June

The country’s outstanding foreign debt rose by 7.4% as of June from the previous quarter after the government borrowed to beef up its war...

BIR backs time limits on bank AMC bill tax perks

Tax incentives contained in the proposed Financial Institution Strategic Transfer (FIST) law should be subject to time limit, the Department of Finance (DoF) ...

PHL households likeliest in region to have experienced job loss during...

Households in the Philippines were the most likely in Southeast Asia to have encountered job losses or reduced workloads during the pandemic, according to...

PHL economy’s recovery prospects improving

The Philippines’ recovery prospects have improved as of September based on the latest scorecard of Oxford Economics, putting the country at a higher rank...

NEDA seeking to reduce PHL reliance on ODA

THE National Economic and Development Authority (NEDA) is hoping to make the Philippines less dependent on official development assistance (ODA) in preparation for its...

ADB proposes regional hub to boost tax cooperation

THE Asian Development Bank (ADB) proposed to set up a regional hub to promote better cooperation on tax policy and administration across the region.  “I...

PHL human capital index score slightly worsens

CHILDREN born in the Philippines today will “fail to achieve almost half their potential” productivity as future workers, according to a World Bank report.

Infrastructure spending falls in July

STATE SPENDING on infrastructure declined once again in July, due to the slow resumption of construction work and bad weather in some areas, the Department of Budget and Management (DBM) said.

Gov’t may reduce borrowings once tax collections improve

GOVERNMENT BORROWINGS may be less than initially estimated this year, after the main revenue-generating agencies beat their lowered targets two months in a row, Finance Secretary Carlos G. Dominguez III said.

BIR extends deadlines for related party transactions

THE Bureau of Internal Revenue (BIR) said it extended the deadlines for filing the new related party transactions (RPT) form, acknowledging possible difficulties in compiling the needed information due to the coronavirus disease 2019 (COVID-19) pandemic.

ADB sees PHL economy shrinking by 7.3% this year

THE Philippine economy is now expected to shrink by 7.3% this year as the pandemic drags on, while “developing Asia” is seen to contract for the first time since 1962, according to the Asian Development Bank (ADB).

City of Manila to allow installment payment of real property back...

THE Manila City government said it will accept installment payments on unpaid real property taxes to boost compliance and provide relief to taxpayers.

PHL obtains P23-billion standby loan from Japan

THE PHILIPPINES has secured a standby loan from Japan worth 50 billion yen (P23 billion) to add to the available funding for post-disaster resilience and public health emergencies.

LANDBANK approves P330 million in loans under ‘study now, pay later’...

Land Bank of the Philippines (LANDBANK) has granted P330 million in loans as of mid-August under its “study now, pay later” scheme, the Department of Finance (DoF) said in a statement on Monday. 

Gov’t Aug. cash utilization 83% year to date, still lagging 2019...

CASH UTILIZATION by government agencies was 83% in the eight months to August, remaining weak due to spending constraints imposed by the pandemic, the Department of Budget and Management (DBM) said.

[B-SIDE Podcast] The ‘new poor’ created by the COVID-19 pandemic

https://open.spotify.com/episode/3lVC6KyEXYRGZxwcxVHkp2 Follow us on Spotify BusinessWorld B-Side A million-and-a-half Filipinos could fall into poverty because of the pandemic, according to a discussion paper titled “Poverty, the...

Infrastructure push to aid recovery

THE government’s decision to refocus its flagship infrastructure program will help the Philippine economy recover faster from the coronavirus disease 2019 (COVID-19) pandemic, the International Monetary Fund (IMF) said.

Government debt service bill declines 34% in July

THE National Government’s debt service bill fell by a third in July on the back of a drastic reduction in amortization payments, data from the Bureau of the Treasury (BTr) showed.

LGU Bayanihan grants to expire on Sept. 16 unless President extends...

THE Department of Budget and Management (DBM) said local government units (LGUs) must use their one-time grants under the Bayanihan to Heal as One Law (Bayanihan I) by Sept. 16, unless the Palace extends the state of calamity beyond that date.

Mindanao businesses want gov’t to resume infrastructure projects

THE Mindanao business community wants the government to restart its infrastructure projects in the region as the economy reopens.

Gov’t debt seen rising to 14-year high by year’s end

GENERAL GOVERNMENT (GG) debt will likely be the equivalent of 46.7% of gross domestic product (GDP) by the end of 2020, the highest level in 14 years, as the government borrows more to fund its pandemic containment measures, the Treasury said.

NEDA to work with stakeholders more closely to hit sustainable dev’t...

THE National Economic and Development Authority (NEDA) said it hopes to work more closely with stakeholders in achieving the Philippines’ Sustainable Development Goals (SDGs).

ADB approves $500-million standby financing for local calamities

THE Asian Development Bank (ADB) said it approved Thursday a $500-million (P24.3 billion) standby line providing the Philippines quick access to emergency funds in the event of calamities.

Senators question 2021 budget’s priorities amid coronavirus crisis

SENATORS on Wednesday questioned the economic team’s priorities under the proposed P4.5-trillion national budget for 2021 as allocations for health and social safety nets were cut and funds for infrastructure projects increased despite the ongoing pandemic.

Economic team, IATF agree to further reopen public transport

THE Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) has accepted the recommendation of the economic team to open up public transportation further to help the economy recover, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said.

BIR, Customs beat downward-revised targets for eight months to August

THE two major revenue-collecting agencies surpassed their reduced targets for the eight months to August with business activity picking up, though they both remain behind the year-earlier pace because of the damage to the economy caused by the pandemic.

Private sector asks gov’t to detail recovery plan

THE private sector is asking the government for a six-month plan detailing how the Philippines can bounce back from the devastating impact of the coronavirus disease 2019 (COVID-19).

Construction industry growth seen slowing but outperforming

CONSTRUCTION INDUSTRY growth could outperform its regional counterparts over the next decade, despite the current slowdown caused by declining investment, with growth also losing momentum when compared with the 2006-2019 period, Oxford Economics said.

Customs unit monitoring high-risk container shipments reorganized

THE Bureau of Customs (BoC) said it established the Port Control Office (PCO), which is tasked with identifying and examining shipments deemed high risk for smuggled goods.

E-gov’t shift not happening fast enough — think tank

THE adoption of e-government systems has been “incremental” with the pandemic exposing areas still untouched by the digital shift, such as cash aid distribution, a government think tank said.

Government borrowings hit P1.9 trillion as of July

THE government raised P1.857 trillion from both domestic and foreign lenders in the first seven months of the year, as it borrowed more to fund the growing expenses related to the pandemic.

BIR launches voluntary assessment program as it cuts audits amid pandemic

THE Bureau of Internal Revenue (BIR) is offering a program to allow taxpayers to voluntarily settle their tax arrears, as the agency seeks to reduce its audit investigations amid the coronavirus disease 2019 (COVID-19) pandemic.

Finance department hoping for CREATE bill passage this month

THE Department of Finance (DoF) expressed the hope that the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is passed sometime this month, before Congress takes a month-long break in mid-October, Finance Assistant Secretary and the department’s spokesman, Assistant Secretary Antonio G. Lambino II, said.