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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).

PHL urged to review TRABAHO bill to ensure competitiveness — TMAP

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.

DoF says business sector keen on tax reform bills to be...

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.

World Bank approves further $300-M funding for CCT program

THE World Bank said it approved a $300 million loan to help fund the Philippines’ conditional cash transfer program for two years.

Outstanding foreign-currency loans rise 2.7% in Q1

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 raises P18-B from oversubscribed two-year peso bonds

SECURITY Bank Corp. has raised P18 billion from an oversubscribed bond issue after originally offering P5 billion.

Peso rises on expected Fed easing, trade deal prospects

THE peso strengthened Friday ahead of an expected cut in Fed policy rates and amid positive sentiment generated by the G20 meeting.

Moody’s sees economic growth likely muted in Q2

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.

PROSB absorbs seven rural banks

A THRIFT BANK has absorbed seven rural lenders, in line with a push by the Bangko Sentral ng Pilipinas (BSP) for bank mergers.

Election results point to policy continuity for Philippines — S&P

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 slashes Philippine growth projection further

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.

Bids for BSP’s term deposits drop

DEMAND for the Bangko Sentral ng Pilipinas’ (BSP) term deposits declined on Wednesday ahead of the implementation of the second round of cuts to banks’ reserve requirements.

NG posts third budget surplus, though smallest year to date

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.

PHL urged to use fintech to lower remittance costs

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.

DoF asks CoA to waive rule on sale of gov’t assets

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.

SE Asia sub-regional group pushes for bigger local gov’t role in...

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.

Diokno to co-chair global financial stability body’s Asia consultative group

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.

HSBC Research forecasts Q3 policy rate cut, Q4 RRR reduction

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.

April debt service bill P53.84 billion, up 93%

THE national government had a debt service bill of P53.84 billion in April, up 93.35%, the Bureau of the Treasury (BTr) said.

BSP leaves policy rates untouched

THE Bangko Sentral ng Pilipinas (BSP) on Thursday kept rates unchanged on expectations of steady inflation and economic growth, and as it monitors the impact of recent monetary adjustments.

Gov’t disbursements decline in first 5 months after budget delay

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.

PHL’s resiliency projects not fairly distributed — WB

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).

May marks 7th straight month of BoP surplus

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.

Clark sports complex to be completed by Aug.

CLARK, Pampanga — AlloyMTD Philippines, the contractor of the 9,450-hectare New Clark City, is expected to complete the 40-hectare sports complex by Aug. 31, ahead of the government’s target of Oct. 15.

Demand for term deposits climbs ahead of BSP meet

BANKS’ DEMAND for term deposits increased on Wednesday ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy review today.

Over $200M Japan loan signed for Mindanao road projects

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.

ADB to work closely with WB on PHL projects

THE Asian Development Bank (ADB) will work closely with the World Bank (WB) in developing projects for the Philippines and other countries in the Asia and Pacific region, responding to a call made by the Department of Finance (DoF) earlier.

Tobacco-growing areas to receive P15.81B from excise

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.

Remittance growth slows in April

REMITTANCES from overseas Filipino workers (OFWs) grew slower in April from the previous month due to a “cyclical” drop in expenses.

BSP likely to keep policy rates steady this week

THE Bangko Sentral ng Pilipinas (BSP) will likely keep benchmark rates steady at its review this week, with policy makers preferring to ensure that inflation maintains its downward trend, analysts said in a BusinessWorld poll.

T-bill rates may rise ahead of Fed

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.

Pag-IBIG gets highest opinion from CoA anew

THE Home Development Mutual Fund (Pag-IBIG) said it has secured the highest opinion from the Commission on Audit (CoA) for the seventh straight year.

Peso seen steady as mart awaits Fed, BSP reviews

THE PESO is expected to be broadly steady this week ahead of the policy meetings of the local and US central banks and as global crude oil prices stay within four-month lows despite growing tensions in the Middle East.

Foreign debt rises 1.9% in first quarter vs. end-2018

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).

BoP turnaround continues with May surplus

THE Bangko Sentral ng Pilipinas (BSP) said it estimates that the balance of payments in May continued to reflect a surplus, of about $3.7 billion, continuing the turnaround from a deficit of $3.5 billion as recently as November.

Central bank calls on financial institutions to sign up on cybersecurity...

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).

PHL banks maintain bullish outlook

BANK EXECUTIVES expect the industry to remain stable over the next two years due to strong economic growth prospects, with most lenders saying they will use financial technology to boost their operations.

Bids for BSP’s term deposits decline

BIDS FOR term deposits dropped on Thursday as the central bank placed a lower volume on offer two weeks ahead of the second round of cuts to banks’ reserve requirement ratio (RRR).

Full menu of options needed for climate change adaptation — ADB

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).

SITI quits trust business, shifts focus to real estate

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.