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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.
THE government should ensure that the Tax Reform for Attracting Better and High-Quality Opportunities (TRABAHO) boosts Philippine competitiveness as an investment destination, the Tax Management Association of the Philippines, Inc (TMAP) said.
THE Department of Finance (DoF) said it will re-file with the 18th Congress bills that form part of second package of the Comprehensive Tax Reform Program (CTRP), which seeks to rationalize fiscal incentives and lower corporate income tax.
THE World Bank said it approved a $300 million loan to help fund the Philippines’ conditional cash transfer program for two years.
FOREIGN currency loans granted by Philippine banks rose in the first quarter of 2019 as borrowers sought working capital and funds for plant and equipment, the Bangko Sentral ng Pilipinas (BSP) said.
SECURITY Bank Corp. has raised P18 billion from an oversubscribed bond issue after originally offering P5 billion.
THE peso strengthened Friday ahead of an expected cut in Fed policy rates and amid positive sentiment generated by the G20 meeting.
THE ECONOMY likely grew at a muted pace this quarter, a senior executive of Moody’s Investors Service said on Thursday, with the country’s socioeconomic planner saying nevertheless that the pace could still top those of the first quarter and last year’s second quarter.
THE Philippines is expected to enjoy a degree of policy continuity after administration allies confirmed broad support for the government, which is expected to help the country weather external risks, S&P Global Ratings said.
S&P Global Ratings has again slashed its projection for Philippine economic growth this year, according to a report the debt watcher released on Wednesday, in the face of subdued state spending amid a four-month delay in enactment of the P3.662-trillion national budget and bigger-than-expected impact of the Sino-US trade dispute on electronics, which accounts for half of Philippine merchandise exports.
THE NATIONAL GOVERNMENT (NG) posted its third budget surplus for this year in May, as revenues outpaced spending, but it was the smallest surfeit so far, according to official data the Bureau of the Treasury released on Tuesday.
THE PHILIPPINES must take steps to make remittances more efficient, even as financial technology has improved in the country, money transfer solutions company Ripple said.
THE Department of Finance (DoF) said it will pursue talks to get the Commission on Audit (CoA) to relax its rules to facilitate speedier disposal of nonperforming government assets.
DAVAO CITY -- Leaders of the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) want more active local government participation in identifying opportunities for investments and closer linkages within the sub-region.
BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno will co-chair the Financial Stability Board’s Regional Consultative Group for Asia (FSB-RCGA), together with Reserve Bank of India Deputy Governor N.S. Vishwanathan, for two years term starting July 1, the BSP said in a statement on Monday.
THE Bangko Sentral ng Pilipinas (BSP) is expected to cut policy rates in August and resort to further reducing banks’ reserve requirement ratio (RRR) in the fourth quarter, according to a forecast made by HSBC Global Research.
FUNDING releases backed by Notices of Cash Allocation (NCAs) fell 13.48% to P1.136 trillion in the first five months, the Department of Budget and Management (DBM) said.
THE World Bank said the government needs to adopt a new method for estimating disaster damage that goes beyond asset losses, because the current approach tends to highlight the value of projects in or near the National Capital Region (NCR).
THE country’s balance of payments (BoP) registered a surplus for the seventh consecutive month due to inflows from the central bank’s foreign exchange operations and income from its investments abroad that were partially offset by state foreign debt payments, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.
THE Philippines signed a $202.04 million loan agreement with Japan to fund the Road Network Development Project in Conflict-Affected Areas in Mindanao late Tuesday.
THE government will release P15.81 billion collected from excise taxes on tobacco products using domestically-grown Virginia, Burley and native varieties to local government units (LGUs) to assist farmers in improving their productivity or shifting to other crops, the Department of Budget and Management (DBM) said in a memorandum order.
RATES OF Treasury bills (T-bill) on offer today are likely to move sideways with a slight upward bias as the market awaits the result of the Federal Open Market Committee’s (FOMC) meeting this week and the release of the government’s third quarter borrowing program.
EXTERNAL debt rose 1.9% quarter-on-quarter to $80.4 billion in the first three months, equivalent to 24% of gross domestic product (GDP), according to the Bangko Sentral ng Pilipinas (BSP).
TO HELP strengthen the banking industry’s resilience to cyber attacks, the Bangko Sentral ng Pilipinas (BSP) has ordered BSP-supervised financial institutions (BSFIs) to participate in a cybersecurity sharing platform hosted by the Bankers Association of the Philippines (BAP).
COMMUNITIES need to be able to make informed decisions about their options in response to climate change, according to a research paper from the Asian Development Bank (ADB).
THE STATE Investment Trust, Inc. (SITI) voluntarily surrendered its trust license to the Bangko Sentral ng Pilipinas (BSP) to focus on the real estate business for higher profit.