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Tag: Reicelene Joy N. Ignacio

Regulators tackle challenge of reaching the unbanked, raising inclusiveness

LOWERING the hurdles for opening a bank account and collaborating with other agencies to increase online connectivity are the key first steps identified by the Bangko Sentral ng Pilipinas (BSP) on the road to what it hopes will be a cash-lite economy.

Economists temper inflation expectation

BANK ECONOMISTS’ expectations for inflation for 2019-2021 have eased, according to results of a second-quarter survey of the Bangko Sentral ng Pilipinas (BSP).

Foreign banks see pickup in second half, GDP back on track

FOREIGN BANKS said they expect the Philippines to achieve gross domestic product (GDP) growth of about 6% this year, representing the low end of the national government’s target range of 6-7%, with second half investment helping offset the impact of the four-month delay in this year budget.

DoF claims support from business groups for tax reform, other measures

OVER 13 major business groups have expressed support for the passage of the Comprehensive Tax Reform Program (CTRP) and other priority measures, according to the Department of Finance (DoF).

DBCC cuts inflation, trade assumptions

STATE BUDGET PLANNERS on Thursday slashed inflation, trade and foreign exchange assumptions for this year, even as they kept overall economic growth targets intact.

ADB pares Philippine growth projection

THE ASIAN DEVELOPMENT BANK (ADB) has slashed its Philippine economic growth forecast for this year, citing impact of the four-month delay in 2019 national budget enactment and slowing export of goods and services -- although the country will still be the region’s third-fastest growing economy behind Vietnam and China.

Mile Long development targeted for this year

THE Department of Finance (DoF) intends to start the redevelopment of the 2.2 hectare Mile Long Property in Makati this year in order to generate rental income for the government, with the proceeds to help fund retirement costs for military personnel, according to Finance Secretary Carlos G. Dominguez III.

Bids for term deposits climb as central bank hikes offering

BANKS’ DEMAND for term deposits increased further on Wednesday as the Bangko Sentral ng Pilipinas (BSP) offered a higher volume to investors.

DoF touts Mile Long earnings since 2017; no plans to sell...

THE DEPARTMENT of Finance (DoF) has no plans to sell the 2.2 hectare Mile Long property in Makati, noting that the government has earned a net P142.6 million since taking over the asset in August 2017.

NEDA sees upper-middle income threshold by Q4 2020

THE GOVERNMENT is positive that the Philippines will achieve upper-middle-income status by the fourth quarter of next year, according to the National Economic and Development Authority (NEDA).

Remittances biggest so far in May

CASH sent home by overseas Filipino workers (OFWs) grew to a five-month high in May, rebounding from the preceding month’s slowdown, the central bank reported on Monday, with analysts attributing the increase partly to households’ preparation for a new school year.

Overtaxation seen driving POGOs away

THE government runs the risk of losing investment from the online gaming industry if it stiffens regulation and raises tax rates, industry analyst Asia Gaming Brief said.

Debt service payments fall 82.7% in May

THE government’s debt service bill in May fell 82.7% from a year earlier to P27.41 billion, the Bureau of the Treasury (BTr) said.

BoC to review new baggage declaration form to avoid confusion

THE BUREAU of Customs (BoC) will review its new, more detailed baggage declaration form required from passengers arriving in international airports to avoid misinterpretations.

Gov’t pushes POGO hubs

THE GOVERNMENT is wielding another tool in its bid to better regulate Philippine offshore gaming operators (POGOs) — which are estimated to be costing the state an estimated P22.5 billion annually in foregone revenues due to untaxed foreign workers — encouraging such establishments to locate in hubs, the industry’s regulator said on Friday.

GOCC dividends hit record P61.3 billion year to date

GOVERNMENT-OWNED and controlled corporations (GOCC) remitted a record P61.3 billion to the Treasury in the year to date, the Department of Finance (DoF) said Friday.

Customs on track to raise P10 billion from rice tariffa

THE Bureau of Customs (BoC) said that it is on track to achieve the P10 billion revenue target for rice import tariffs to fund the Rice Competitiveness Enhancement Fund (RCEF), after more liberalized rice imports started in March.

Peso continues rally vs dollar

THE peso continued to rally against the dollar on Friday amid lingering expectations of a rate cut by the U.S. Federal Reserve.

Caritas to appeal IC stop order

CARITAS Health Shield said it would appeal an Insurance Commission (IC) order that stopped it from selling new products and adding clients for alleged fraud.

Departments, agencies consolidate rules governing foreign workers

FIVE DEPARTMENTS and four agencies have moved “to harmonize the regulations and policy guidelines governing the issuance of... documents to foreign nationals intending to work in the Philippines” that are currently provided under various laws.

BoC foils attempts to smuggle onions, sugar, rice worth P15.5M

CUSTOMS OFFICIALS posted to the Manila International Container Port (MICP) seized P15.5 million worth of food shipments from China which were misdeclared, the Bureau of Customs (BoC) said Thursday.

BoC ordered to form task force to guard against garbage shipments

FINANCE SECRETARY Carlos G. Dominguez III has ordered the Bureau of Customs (BoC) to create a team to guard against future attempts to bring waste material into the Philippines.

FDI net inflows drop for second consecutive month in April —...

FOREIGN direct investment (FDI) inflows fell year-on-year on a net basis for the second straight month in April -- which nevertheless posted the biggest net inflow in nearly a year -- due to a significant cut in equity inflows that offset increases in reinvested earnings and intercompany lending, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.

Demand for term deposits up as BSP doubles offer volume

BANKS’ DEMAND for term deposits rose on Wednesday as the Bangko Sentral ng Pilipinas (BSP) doubled the amount on offer.

Rediscount loans climb

BANKS increased their availments from the central bank’s rediscount window in June, with the credit going to commercial, production and other transactions.

Ports beating revenue targets due to fuel marking program

THE Department of Finance (DoF) said the fuel marking program is producing higher revenue at certain ports of entry, thereby helping counter the expected increase in smuggling by parties seeking to evade higher excise taxes for fuel under the tax reform law.

Policy rate cut to precede action on RRR in 2nd half...

THE Bangko Sentral ng Pilipinas (BSP) is likely to cut policy rates in the second half before moving to reduce the reserve requirement ratio (RRR), the central bank’s Governor Benjamin E. Diokno said.

Gov’t sets second round of mining audit

THE GOVERNMENT will start towards the end of this month the second round of its audit of the mining industry in order to ensure operations do not harm the environment and benefit host communities, the Finance department said on Monday, adding that it expects the review “to be completed by January next year.”

Monetary Board 2018 foreign loan approvals up 111% at 7.3B

THE Bangko Sentral ng Pilipinas (BSP)’ Monetary Board approved a total of $7.355 billion worth of public sector loans to fund development projects in 2018, up 111% from a year earlier, the central bank said Tuesday.

China agrees to probe shipping of cigarette making equipment

CHINA’S CUSTOMS AGENCY said it will look into the issue of cigarette-making machines being shipped to the Philippines, in order to help the Bureau of Customs (BoC) deal with domestically-manufactured cigarettes that avoid excise tax, the Department of Finance (DoF) said Monday.

FMIC cuts GDP view to 6.0-6.5% after budget delay; sees H2...

FIRST Metro Investment Corp. (FMIC) reduced its 2019 growth forecast to about 6.0-6.5% from its earlier estimate of 6.8-7.2%, after the delay in passing the 2019 budget dampened spending, with the government’s catch-up program beginning to show a pickup in the second half of the year.

BoC rice import tariff collections at P5.9 billion

THE BUREAU of Customs (BoC) has collected a total of P5.9 billion in tariffs from 1.43 million metric tons (MT) of rice imported by private traders following the implementation of the Rice Tariffication Law in March, the Department of Finance (DoF) said Thursday.

Gov’t raids Malabon facility making fake cigarette labels, stamps

THE GOVERNMENT has raided a facility in Malabon that produces fake labels and stamps, according to Finance Secretary Carlos G. Dominguez III on Thursday.

Central bank chief sees ‘a lot of policy space’

MONETARY AUTHORITIES will have “a lot of policy space” ahead amid global monetary policy easing and as inflation slows further next quarter, the head of the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

Yields on term deposits decline as offer attracts strong demand

THE CENTRAL BANK’S term deposit facility (TDF) was more than twice oversubscribed on Wednesday, bringing yields down, on the back of strong demand from banks due to recent reserve requirement cuts.

Professionals exempt from business permit fees for offices, clinics

PROFESSIONALS are now exempted from paying fees to obtain business permits for the operation of their offices or clinics under a new circular of the Department of Finance (DoF).

Gov’t makes full award of 3-year T-bonds

THE GOVERNMENT fully awarded the fresh three-year Treasury bonds (T-bond) it offered on Tuesday on the back of strong demand from the market due to additional liquidity from recent cuts to banks’ reserve requirement ratio (RRR).

Budget submission to wait on House leadership struggle

THE Department of Budget and Management (DBM) said it will wait for the House of Representatives to select a new Speaker before it submits its 2020 budget proposal.

Factory activity bares ‘marginal’ growth

BUSINESS for manufacturers in the country improved just slightly in June, as a boost from “a solid rate of output expansion” was capped by “a softer increase in total new orders and the fastest drop in export sales” in the country’s three-and-a-half-year survey series, according to the latest Philippine monthly tracking IHS Markit conducts for Nikkei, Inc.

Taxation of foreign POGO workers to start this month

THE Bureau of Internal Revenue (BIR) will start to collect taxes this month from foreign workers employed by Philippine Offshore Gaming Operators (POGOs), Finance Secretary Carlos G. Dominguez III said.

Bank secrecy lifting seen key to ‘A’ credit rating — BSP

AN UPGRADE to a credit rating of “A” is achievable in the next 18 months if the government addresses issues like the lifting of the bank secrecy law and raises per capita income, according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo.

Economic reforms seen driving growth to 7% in three years

THE PHILIPPINES is on track to hit 7% economic growth in three years with the acceleration of the Build, Build, Build program, the reform of the tax system, and other economic reforms, Finance Secretary Carlos G. Dominguez III said Monday.

Housing prices rise faster in first quarter

RESIDENTIAL prices rose at a faster clip in the first quarter from a year ago and from October-December 2018, fueled by increases for condominiums and townhouses that offset reductions for single detached/attached houses and for duplex units, the Bangko Sentral ng Pilipinas (BSP) reported late on Friday, citing movements of its Residential Real Estate Price Index (RREPI) that tracks the average change in prices of various types of housing units based on bank housing loan data.

ANZ expects spending recovery only in 3rd quarter

ANZ Banking Group said it maintained its estimate for Philippine gross domestic product (GDP) growth in 2019 to 6%, the lower range of the government’s target range of 6-7%, with public investment and spending unlikely to recover until the third quarter of 2019.

GOCC dividends top P44.69B in mid-June

GOVERNMENT-OWNED and controlled corporations (GOCCs) remitted dividends amounting to P44.69 billion as of mid-June, up 57% from a year earlier, according to the Department of Finance (DoF).