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Gov’t sells P463 billion in RTBs

THE GOVERNMENT raised P463.3 billion in three-year retail Treasury bonds (RTBs) on Thursday to mark its second-biggest issuance of retail bonds so far, as investors continued to flock to safe-haven assets.

China Bank looking to raise up to P100 billion over three...

CHINA BANKING CORP. (China Bank) is looking to raise up to P100 billion through peso-denominated bonds over the next three years to support its business expansion.

Damage from November typhoons, eruption of Taal in 2020 reckoned at...

THE National Economic and Development Authority (NEDA) said the damage caused by the Taal Volcano eruption and the typhoons of late 2020 has been estimated at P113.4 billion.

PHL, Russia set another meeting on tax digitization

THE Bureau of Internal Revenue (BIR) is set to meet again with its Russian counterparts this month to seal a partnership that will help the Philippines digitize its tax administration.

Philippine banks likely to weather crisis better than SE Asian peers,...

PHILIPPINE BANKS appear better positioned to weather the surge in soured loans than Southeast Asian peers, but sluggish economic growth could dampen the sector’s recovery this year,   S&P Global Ratings said.

PHL poised to reap gains from global recovery

THE Philippines is among key Southeast Asian nations best positioned to take advantage of the growing demand for electronics as the global economy recovers from the pandemic, Moody’s Analytics said.

Term deposit yields end mixed

YIELDS ON THE central bank’s term deposits ended mixed on Wednesday, with the two-week papers’ rate seeing an increase, amid the government’s ongoing sale of retail Treasury bonds (RTBs).

SSS online transactions surge in 2020

STATE-RUN Social Security System (SSS) saw transactions done through its digital platforms more than double last year, with the number of online transactions making up for 75% of the total, amid the coronavirus pandemic.

BSP seeks comments on draft guidelines for FIST law

THE Bangko Sentral ng Pilipinas (BSP) has started asking banks and other concerned parties for their feedback on the draft guidelines of the law that would allow financial institutions to offload soured assets through asset management companies.

Pag-IBIG Fund posts lower net profit in 2020

THE HOME Development Mutual Fund (Pag-IBIG Fund) saw its net income drop by 10.9% last year amid the coronavirus pandemic, with its housing loans reaching an all-time high towards the end of 2020, the Department of Finance (DoF) said on Wednesday.

LANDBANK offers loan for online class gadgets

LAND BANK of the Philippines (LANDBANK) expanded the coverage of its lending program for students to offer them up to P50,000 in credit to buy electronic gadgets for their online schooling.

NG debt rises to P10.3 trillion in Jan.

THE National Government’s (NG) outstanding debt rose to P10.327 trillion as of end-January after it borrowed another P540 billion from the central bank to boost its pandemic response, the Bureau of the Treasury (BTr) reported.

LEDAC identifies 25 priority bills for passage by yearend

THE government is pushing for the passage of 25 priority measures before the end of the year, including new taxes on digital platforms and offshore gaming operators, further liberalization of the retail trade sector and the last two remaining tax reform packages.

Security Bank profit down 27%

SECURITY BANK Corp. saw its net income drop by 26.7% last year as it hiked its loan loss provisions to manage risks amid the coronavirus pandemic, the lender told the local bourse on Tuesday.

CA upholds dismissal of customs worker over SALN dishonesty

THE Court of Appeals (CA) has upheld the dismissal of a customs employee over her failure to disclose a Bulacan property in her annual Statements of Assets, Liabilities, and Net Worth (SALNs), the Department of Finance (DoF) said Tuesday.

Experts say gov’t should consider property tax hike

GOVERNMENTS should consider increasing the taxes on properties and wealth to raise more revenues to fund post-pandemic relief programs and at the same time, narrowing the gap between the poor and the rich, according to Asian Development Bank (ADB) experts. 

Gov’t borrowings rose to P2.74 trillion in 2020

GROSS BORROWINGS by the National Government (NG) more than doubled to P2.74 trillion last year on the huge loans obtained amid a coronavirus pandemic, the Bureau of the Treasury (BTr) reported.

T-bill rates to rise as demand weakens

RATES OF THE Treasury bills (T-bills) on offer this week could increase further as investors become more concerned over high inflation and with demand seen to weaken as the retail Treasury bond (RTB) sale continues.

LANDBANK looking to expand lending program for small firms

STATE-RUN Land Bank of the Philippines (LANDBANK) plans to expand its lending program for small businesses and cooperatives further to extend credit to more borrowers at a lower interest rate.

BIR tobacco tax take ahead of 2020 pace after JTI expansion

THE Bureau of Internal Revenue (BIR) said it is running well ahead of its year-earlier pace on collections from the tobacco industry due to increased production volumes following an expansion by Japan Tobacco International (JTI) Philippines, Inc.

COVID vaccine imports to be exempted from taxes, says DoF

THE Department of Finance (DoF) on Thursday said imports of coronavirus disease 2019 (COVID-19) vaccines will be exempted from taxes and duties, as the government is set to take delivery of the first batch of vaccines on Sunday.

Philippines facing oversupply in IT graduates, STEM shortage

THE PHILIPPINES is facing an oversupply in information technology (IT) graduates in 2025, but needs more students to go into the science, technology, engineering, and mathematics (STEM) fields, a government think tank said.

Taxation of digital firms seen hindered by policy, lack of infrastructure

THE government’s plan to tax the digital economy is bumping up against constraints like the absence of a standard regulatory framework for online platforms or the lack of adequate information technology infrastructure, according to the Philippine Institute for Development Studies (PIDS), a government think tank.

PHL underperforms in innovation adoption

MOST developing economies in East Asia, including the Philippines, have underperformed in terms of adopting new technologies and discovering new ones due to limited information, weak capacity of companies, poor employee skills and lack of government support, the World Bank said.

BDO net profit down 36% in 2020 on higher loss provisions

BDO UNIBANK, INC. (BDO) saw its net earnings plunge by 36.2% to P28.2 billion last year from P44.2 billion in 2019 due to increased loss provisioning on expectations that soured loans would spike amid the coronavirus pandemic.

Gov’t calls SMC power unit’s offer to settle fee dispute ‘preposterous’

THE Power Sector Assets and Liabilities Management Corp. (PSALM) has rejected a “preposterous” settlement put forward by South Premiere Power Corp. (SPPC), a unit of San Miguel Corp. (SMC), the latest twist in a long-running dispute over generation fees owed by the 1,200-megawatt Ilijan power plant in Batangas City.

BoC seizes P260M worth of smuggled cigarettes from Vietnam

THE Bureau of Customs (BoC) seized late Tuesday three containers of cigarettes from Vietnam valued at P260 million, which had been smuggled into the country via Bataan, the Department of Finance said.

PSALM plans to cut debt by P25 billion this year

THE POWER SECTOR Assets and Liabilities Management Corp. (PSALM) is aiming to further bring down its debt by 6.45% this year, the Finance department said.

Security Bank, Krungsri to infuse P3 billion in capital into SB...

SECURITY BANK CORP. and Thailand-based Bank of Ayudhya Public Co. Ltd. (Krungsri) are set to infuse P3 billion in fresh capital into their consumer finance subsidiary SB Finance, Inc. for its expansion.

Pandemic increases interest in retirement planning

THE PERCENTAGE of Filipinos who started thinking about their retirement plans was the highest in Asia as the coronavirus pandemic pulled down household incomes, a survey by Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) showed.

AstraZeneca, Pfizer vaccines may arrive soon

THE PHILIPPINES may take delivery of coronavirus vaccines from AstraZeneca Plc soon after meeting the requirements under a global initiative for equal access, according to the World Health Organization (WHO).

Fuel marking program yields P193 billion in taxes

THE government’s fuel marking program generated P192.756 billion from duties and taxes on fuel products since it was launched in September 2019, data from the Department of Finance (DoF) showed on Monday.

Gov’t fully awards T-bill offer despite higher rates

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday even as rates increased across the board after months of decline due to faster inflation and rising US bond yields.

IC says insurers selling products online must be transparent about terms,...

THE INSURANCE Commission (IC) has ordered health maintenance organizations (HMO) and pre-need companies to be more transparent with their products and terms when they offer these online.

Pork tariff reduction could kill domestic industry, Villar warns

SENATOR Cynthia A. Villar said she opposes a proposal to reduce the tariff on pork imports, saying that tariffs should fund programs to upgrade the industry’s competitiveness.

Think tank suggests ‘Netflix tax’ as LGU collections slump

LOCAL GOVERNMENT UNITS (LGUs) should consider imposing an amusement tax on video streaming platforms, after the closure of cinemas, concert venues and theaters resulted in nearly P470 million in foregone revenues last year, a state think tank said.

NEDA sees no need for Bayanihan III if economy reopens

THE NATIONAL Economic and Development Authority (NEDA) said there is no need for Congress to pass a third stimulus package, when other measures meant to drive economic recovery have yet to be fully implemented.

Gov’t agencies’ cash usage slows in Jan.

CASH UTILIZATION by government agencies slowed to 72% in January, against the 74% usage rate recorded in the same month last year, according to the Department of Budget and Management (DBM).

T-bill rates may move sideways as retail bond offer continues

RATES OF Treasury bills (T-bills) on offer this week will likely move sideways as the government’s offer of three-year retail Treasury bonds (RTBs) continues.

RCEF capable of offsetting Rice Tariffication law income losses

FARMERS have exaggerated the revenue losses resulting from rice tariffication, a government think tank said, adding that any such losses can be made up for by properly-targeted use of the industry modernization fund.

Health crisis drives surge in global debt

By Beatrice M. Laforga, Reporter STIMULUS MEASURES and fiscal response to a global coronavirus pandemic added $24 trillion to a record $281.5 trillion in the...

PHL to launch first catastrophe insurance facility this quarter

THE INSURANCE Commission (IC) plans to launch this quarter the Philippine Catastrophe Insurance Facility (PCIF) that will help guard the country against natural disasters.

LANDBANK to expand branch, ATM network

STATE-RUN Land Bank of the Philippines (LANDBANK) is planning to open 23 new branches and other offices this year and set up 190 automated teller machines (ATMs) to expand its physical presence even as its online reach surged last year.

Deposit insurance payouts hit P124 million in 2020

THE Philippine Deposit Insurance Corp. (PDIC) paid P124.11 million in deposit insurance last year for 7,072 accounts affected by the closure of five banks, it said in a statement on Thursday.

ATRAM launches first SDG-based sustainability fund

LOCAL fund manager ATR Asset Management, Inc. (ATRAM) launched on Thursday a sustainability fund anchored on the 17 key United Nations Sustainable Development Goals (SDGs), a first in the country, as it focuses its investments on companies deemed sustainable.