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REMAINING TAX REFORMS targeted by the Executive will bag final approval in the House of Representatives this 17th Congress, a leader of the chamber assured on Monday, but not all will hurdle both legislative chambers by yearend as President Rodrigo R. Duterte (PRRD) requested in his third State of the Nation Address (SoNA) last July.
THE AGRICULTURE sector’s lackluster performance in the second quarter will continue this quarter and may further weigh on overall economic growth, with the destruction from typhoon Ompong (international name: Mangkhut) exacerbating inflation, analysts said.
THE BUREAU of Internal Revenue (BIR) has released implementing rules and regulations for the interest rate imposed on unpaid taxes, as well as guidelines on how the charges are to be computed.
CASH utilization by government agencies improved to 86% in August from 78% in July, the Department of Budget and Management (DBM) said.
GOVERNMENT borrowing surged in July amid inflows of foreign funds for new program loans, according to Bureau of the Treasury (BTr) data.
THE COUNTRY’S current account balance reversed to a deficit in the second quarter, largely under the weight of a growing merchandise trade gap, making the first-semester shortfall hit the Bangko Sentral ng Pilipinas’ (BSP) full-year forecast and signalling more pressure ahead on an already beleaguered peso.
ECONOMIC managers said current inflationary conditions do not amount to a “major” crisis and added that they are confident that an Executive Order expected in the next few weeks will stabilize prices by next month.
THE PHILIPPINES fell short on being an economic “outperformer” among emerging markets, according to a discussion paper from McKinsey Global Institute (MGI) which nevertheless noted that the country’s rapid growth in recent years signals its potential to be so in the medium to long term.
THE NATIONAL TAX Research Center (NTRC) said failure to harmonize regulation of financial instruments has led to arbitrage to take advantage of favorable tax regimes, resulting in foregone revenue for the government.
THE SENATE version of the second tax reform package that cuts corporate income tax rates and streamlines fiscal perks may result in bigger foregone revenues than the bill approved last week by the House of Representatives, a senior official of the Department of Finance (DoF) told reporters on Wednesday.
THE GOVERNMENT should make foreign investment liberalization its priority as Congress moves to amend the constitution, instead of being sidetracked by the long process of adjusting to federalism, a former Secretary of Finance said.
TYPHOON MANGKHUT, which was still outside the Philippine area of responsibility (PAR) as of Monday, could develop into a super typhoon and be in the country by Wednesday, Sept. 12, according to weather bureau PAGASA.
DEBT WATCHERS are cautious over increased political noise due to moves to persecute another of President Rodrigo R. Duterte’s critics and changes at the Supreme Court, even as one said these developments are unlikely to alter its assessment on the country unless they dampen business sentiment.
THE Bangko Sentral ng Pilipinas (BSP) on Friday warned currency speculators, saying it will “take all actions necessary to deal with speculative activity by market participants,” as the peso hit its lowest level against the US dollar in more than 12 years.
BUSINESSES OPTIMISM softened this quarter from the past year amid rising commodity prices — marking the third straight quarter-on-quarter dip and the lowest point since 2010 — although the outlook for the next three months improved on expectations of higher consumer demand ahead as Christmas holidays approach.
THE DEPARTMENT of Finance (DoF) said that the National Food Authority (NFA) had sufficient cash to buy palay, or unmilled rice, from domestic farmers while also settling its debt.
STATE SPENDING on infrastructure and other capital outlays surged in July on roadworks and flood control projects, along with the purchase of heavy capital equipment for the military and the coast guard, the Department of Budget and Management (DBM) said on Wednesday.
THE BUREAU of Customs topped its collection target in August due to a weak peso, high oil market prices and enforcement of proper valuation, marking the seventh straight month that goals were exceeded.
PURCHASING activity, a proxy for the robustness of the manufacturing sector, exceeded the regional average in the Philippines but placed the country in the second tier among Association of Southeast Asian Nations (ASEAN), according to an IHS Markit survey conducted for Nikkei released on Tuesday.
MANUFACTURING ACTIVITY in the Philippines saw “a modest improvement” in August as new business inflows and optimism picked up and more jobs were generated, even as production growth slowed and input costs and prices rose “at marked rates,” according to a survey conducted by IHS Markit for Nikkei, Inc..
OVERALL economic growth will likely fall short of the official target this year, according to the country’s Finance chief and a financial and investment advisor, partly due to quickening inflation even as infrastructure development should pick up steam.
CONSTRUCTION OF a planned industrial park catering to Chinese firms in New Clark City, Pampanga may start next year, the Bases Conversion and Development Authority (BCDA) said.
THE MEETING last Wednesday of state economic managers and members of the Consultative Committee to review the 1987 Constitution failed to dispel worries about the fiscal impact of the draft federal charter, whose fate now lies with Congress.
THE PHILIPPINES hopes to tap Chinese-currency loans from the Asian Infrastructure Investment Bank (AIIB) to take advantage of favorable borrowing costs, the Department of Finance (DoF) said.
THE GOVERNMENT expects to ink about 10 loan agreements for infrastructure projects with China during Chinese President Xi Jinping’s visit here in November.
THE GOVERNMENT has threatened to invoke a clause in the Local Government Code that allows it to reduce local government units’ (LGUs’) allocation from national taxes if it finds that higher allocations, as ordered by the Supreme Court, will lead to an “unmanageable public sector deficit.”
THE DEPARTMENT of Budget and Management (DBM) said Congress has “no choice” but to work with budget proposals made by the executive branch, and cannot seek more funding, amid a dispute over the new cash-based budgeting system and how long it takes for access to allocated funds to expire.
THE BUREAU of Customs (BoC) will auction off on Wednesday some 50,000 sacks of white rice that is 5% broken. In an advisory, the BoC’s Manila International Container Port (MICP) said that it will bid out about 100 50x20’ containers containing the staple grain that arrived on July 24.
CASH USAGE by government agencies rose slightly to 78% in the seven months to July, the Department of Budget and Management (DBM) said.
A FORMER state economic planner has cautioned against populist measures that could harm the country’s fiscal health.