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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.
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.
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).
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.
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.
BANKS’ DEMAND for term deposits increased further on Wednesday as the Bangko Sentral ng Pilipinas (BSP) offered a higher volume to investors.
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.
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).
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.
THE BUREAU of Customs (BoC) will review its new, more detailed baggage declaration form required from passengers arriving in international airports to avoid misinterpretations.
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.
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.
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.
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.
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.
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.
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.
BANKS’ DEMAND for term deposits rose on Wednesday as the Bangko Sentral ng Pilipinas (BSP) doubled the amount on offer.
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.
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.
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.”
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’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.
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.
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.
THE GOVERNMENT has raided a facility in Malabon that produces fake labels and stamps, according to Finance Secretary Carlos G. Dominguez III on Thursday.
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 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).
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.
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.
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.
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.
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.
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 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.