Home Tags Elijah Joseph C. Tubayan

Tag: Elijah Joseph C. Tubayan

The economic agenda beyond tax reform

THE COMPREHENSIVE tax reform program is arguably most contentious economic policy of the Duterte administration.

Economics and politics of the Bangsamoro vote

TODAY’S PLEBISCITE for a new law that will expand the geographic coverage and economic authority of the Autonomous Region in Muslim Mindanao (ARMM) comes at a period when significant growth has been recorded in this part of the country that has otherwise been afflicted by poverty and armed conflict.

December BoP surplus biggest in more than six years

THE PHILIPPINES’ balance of payments (BoP) posted the biggest surplus in more than six years in December, which also marked the second straight month of surfeit, the Bangko Sentral ng Pilipinas (BSP) reported on Friday, but it still ended 2018 with a wider deficit than in 2017.

BSP revises capital calculation method for banks

THE BANGKO Sentral ng Pilipinas (BSP) said it has modified the calculation method for capital held by banks to better reflect holdings of higher-quality instruments.

Tax bureau lines up priorities for this year

THE BUREAU of Internal Revenue (BIR) has laid out its priority programs for attaining its P3.018-trillion collection goal for this year.

Moody’s upgrades UCPB deposit rating

MOODY’S Investor Service has raised United Coconut Planters Bank’s (UCPB) foreign currency deposit rating by two notches and kept its outlook stable.

PHL seeking to expand application of ‘green bonds’

THE GOVERNMENT is looking to expand the list of environmental projects eligible for financing via the issue of so-called “green bonds.”

Philippine GDP growth seen slowing

PHILIPPINE economic growth will likely slow up to this year, according to latest estimates of a macroeconomic surveillance organization for the Association of Southeast Asian Nations (ASEAN) Plus 3 economies and HSBC Private Bank.

Sugar next on government’s deregulation list after rice — Diokno

THE GOVERNMENT will move to open up sugar imports this year to make the industry more competitive, the state Budget chief said, explaining that President Rodrigo R. Duterte’s administration wants to do the same for other food items.

Spain provides €300-million credit facility for infrastructure, tourism

THE PHILIPPINE AND SPANISH governments signed an agreement for a 300-million euro credit facility to fund infrastructure and tourism projects

Gov’t launches real-time budget, treasury management system

THE GOVERNMENT launched its first real-time public financial management system on Wednesday, which is designed to streamline the monitoring of agencies’ transactions.

Peso down on risk-off sentiment as Britain’s EU exit stays in...

THE PESO weakened on Wednesday after a plan for the United Kingdom's exit from the European Union was thumbed down, adding more uncertainty to the market.

ADB eyes credit facility for insurance pool

THE ASIAN Development Bank (ADB) said the Philippines will benefit from a fast-disbursing parametric insurance pool, eyeing a credit facility for the program.

Dominguez pitches TRABAHO as winning issue in midterm polls

THE DEPARTMENT of Finance (DoF) said approving the second tax reform package on corporate income tax and fiscal incentives will be positive for legislators seeking re-election during the midterm elections.

DBM insists salary increase of gov’t workers should await 2019 budget

THE DEPARTMENT of Budget and Management (DBM) said it is not authorized to release the fourth round of government salary increases under a re-enacted budget amid pressure from legislators.

More Japan loan deals expected during first quarter

THE DEPARTMENT of Finance (DoF) said it expects to conclude more loan deals with Japan in the first quarter of 2019.

Collections under first tax reform ‘pretty good’ so far — DoF...

THE TAX REFORM for Acceleration and Inclusion (TRAIN) law’s collection performance has been “pretty good” so far, the Department of Finance (DoF) said, citing data in last year’s first three quarters.

Dennis Uy not interested in Hanjin’s Subic shipyard

DAVAO-BASED businessman Dennis A. Uy is not interested in rescuing debt-ridden Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-Philippines).

Nov. infrastructure spending, other capital outlays surge

NATIONAL GOVERNMENT disbursements on infrastructure and other capital outlays saw “solid numbers” in November, nearly reaching the full-year program.

WB sees Philippines weathering risks

THE WORLD BANK expects the Philippines to sustain above-average economic growth in the next two years despite a global slowdown triggered largely by the trade spat between the world’s two biggest economies.

Budget chief expects infrastructure spending to have closed in on target

THE COUNTRY’s Budget chief expects infrastructure spending last year to have closed in on the government’s program.

Government studying 2020-2022 salary hikes for civil servants

THE GOVERNMENT has formed a task force to study the extent of future salary adjustments for civil servants, calling the pay hikes certain though the degree of the adjustment is yet to be determined.

Gov’t sells $1.5 billion in global bonds

THE PHILIPPINES sold $1.5 billion in 10-year offshore dollar bonds -- priced 110 basis points (bps) above benchmark US treasuries and tighter than an initial 130 bps guidance -- in an exercise which Finance officials said reflected investor confidence in the country.

15 new barangays entitled to share of IRA

FIFTEEN NEW BARANGAYS are now eligible to receive a share of national government revenue, the Department of Budget and Management (DBM) said.

Customs on the lookout for Africa Swine Fever in pork

THE BUREAU of Customs (BoC) will be on the lookout for pork products potentially contaminated with African swine fever (ASF).

Customs to install 50 more X-ray machines nationwide

THE BUREAU of Customs will install 50 x-ray units worth P1.2 billion in major ports across the country to tighten its watch on smuggling.

Gov’t keeps hands off legal fight between RCBC, Dhaka on heist

THE PHILIPPINE government maintained its stance to keep its hands off any developments on Dhaka filing charges against Rizal Commercial Banking Corp. (RCBC) next week over the $81-million bank heist in 2016.

DoF says Road Board abolition part of tax reform package

THE DEPARTMENT of Finance (DoF) said that the proposal to abolish the Road Board is part of the succeeding package of the comprehensive tax reform program (CTRP), contrary to remarks by a House leader saying that the agency will be retained.

WB to raise rural incomes halfway to target

THE World Bank (WB) said its assistance to farmers and fisherfolk in the Philippines has increased their income by 15% over four years, or halfway to the 30% target of income growth by 2021.

GOCC dividends rise 32% in 2018 to over P40B

GOVERNMENT-OWNED and -controlled corporations (GOCCs) remitted a record P40.18 billion worth of dividends to the national government in 2018, the Department of Finance (DoF) said in a statement over the weekend.

Gov’t eyes global bond sale with longer tenors

THE GOVERNMENT is readying the offer of dollar-denominated offshore bonds, looking at longer tenors as US treasury yield spreads tighten in the face of uncertainty in the world’s biggest economy.

BIR checking drink firms’ tax compliance

THE GOVERNMENT is now checking beverage makers’ compliance with tax laws, the Department of Finance (DoF) said in a press statement on Thursday, citing a shortfall in excise tax collections in the 10 months to October last year.

Palace authorizes extension of 2018 maintenance, fund

PRESIDENT Rodrigo R. Duterte signed a resolution extending the availability of the 2018 national budget for the maintenance and other operating expenses (MOOE) and capital outlay (CO), pending delays in the passage of the 2019 budget, Executive Secretary Salvador C. Medialdea said Thursday.

National gov’t debt rises 11.8% to P7.195T

THE national government’s outstanding debt was P7.195-trillion in the 11 months to November, up 11.8% year-on-year, the Bureau of the Treasury (BTr) said on Thursday.

NEDA investigating complaint of sexual harassment vs official

THE NATIONAL Economic and Development Authority (NEDA) said it is investigating a sexual harassment complaint against an official of the agency.

Factory business growth slows in Dec.

FACTORY ACTIVITY in the Philippines improved in December at the slowest pace in three months on milder output and order growth, though overall input cost hike “eased noticeably,” according to the latest survey IHS Markit conducted for Nikkei, Inc.

WB cites cash transfer program’s weaknesses

ALTHOUGH the government’s conditional cash transfer (CCT) program has exceeded some of its objectives, the World Bank cited as a concern a reduction in number of families covered and missed targets in other metrics, as well as inefficient distribution channels.

Tax bureau moves to address businesses’ VAT concerns

THE 90-DAY deadline for processing value-added tax (VAT) refund claims now covers the actual payment of the amount, the Bureau of Internal Revenue (BIR) said.

Quezon City kicks off 2019 with tax relief

THE QUEZON CITY government kicked off the new year by announcing relief for real property and business tax payers.

TRAIN spurred economic activity, increased poverty — PIDS

THE TAX REFORM for Acceleration and Inclusion (TRAIN) law may have spurred economic activity with gains in employment and domestic output, but a state-run think tank that reviewed the law said that poverty increased overall, and especially among farmers and fisherfolk.

Fiscal gap closes in on 2018 program

THE NATIONAL GOVERNMENT’s fiscal deficit grew more than fourfold in November as expenditure growth continued to outpace revenue increase, driving the year-to-date gap closer to 2018’s full-year program, the Bureau of the Treasury reported on Thursday.

DoF to target major government contractors who pay bribes

THE DEPARTMENT of Finance (DoF) said it will target as part of its anti-corruption efforts major contractors who pay bribes to secure government projects.

BIR to exempt diabetes, hypertension drugs from VAT

THE BUREAU of Internal Revenue (BIR) is ready to implement the value-added tax (VAT) exemption for prescription drugs to treat medicine diabetes, high cholesterol, and hypertension beginning Jan. 1, 2019, as called for by the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Spending risks in focus at DBCC meeting

ECONOMIC MANAGERS will discuss in a meeting next month of the Development Budget Coordination Committee (DBCC) ways to mitigate the economic impact of a partially reenacted budget and the public works ban ahead of the May 13, 2019 midterm elections, the chairman of the interagency body said on Wednesday.

Production spurred by infrastructure build expected to propel Philippines up ranks...

THE PHILIPPINES can be expected to close in on the top 10% of the world’s major economies in the next 15 years, partly as improved infrastructure spurs overall economic growth, according to a London-based consultancy.