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DoF cites foreign aid funding for disaster resiliency projects

THE GOVERNMENT is currently implementing a number of disaster resiliency initiatives to prepare the country for future calamities, with the help of funding from foreign governments.

RRR could be cut should inflation slow

INFLATION likely slowed in April as food prices continued to drop, analysts said, even as they were divided on the central bank’s next policy move, with some expecting a steady stance despite room to ease and a cut in banks’ reserve requirement ratio (RRR) instead.

BSP to take measured policy steps — S&P

THE PHILIPPINE ECONOMY is not overheating, but this does not mean the central bank will dial back the cumulative 175-basis-point interest rate hike it fired off last year to ease inflation pressures.

DoF touts stronger BIR collections under Duterte

THE Department of Finance (DoF) said the Bureau of Internal Revenue (BIR) collections have grown sharply in the first two full years of the Duterte administration, while remaining just a few percentage points below target in each of the two years.

Factory expansion slowest in 9 months

MANUFACTURERS in the Philippines marked the smallest improvement in business conditions in nine months as the second quarter began as output growth dropped to a 19-month low, according to the latest monthly survey IHS Markit conducted for Nikkei, Inc. that also showed new orders rose at the weakest rate in nine months and a “sustained fall” in orders from abroad that was “notably faster than that seen in March.”

Demand for BSP’s TDF drops ahead of review

APPETITE FOR term deposits declined at this week’s auction ahead of the meeting of the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board.

AIA to invest P3B in Philam Life

AIA GROUP Ltd. is investing P3 billion in its local subsidiary Philippine American Life and General Insurance Co. Inc. (Philam Life) over the next three years to boost agency distribution, officials said on Thursday.

PAGCOR income up in Q1

THE PHILIPPINE Amusement and Gaming Corp. (PAGCOR) booked a higher net income in the first quarter as earnings from gaming operations increased despite higher expenses, its income statement showed.

Liquidity growth slows further in March as loan demand drops

MONEY SUPPLY growth further eased in March to post the slowest pace in over six years, with demand for loans also slowing following the central bank’s tighter monetary policy, the Bangko Sentral ng Pilipinas (BSP) reported late Tuesday.

AMRO expects PHL economic growth to pick up

THE PHILIPPINES will remain “resilient” with the rest of Southeast Asia and the region’s three major neighbors in the north, “heightened global risks and stronger external headwinds” notwithstanding, with the country’s economic growth picking up this year and the next, according to latest assessments the ASEAN+3 Macroeconomic Research Office (AMRO) released early this morning.

Inflation could have eased further in April — central bank

THE OVERALL INCREASE in prices of widely used goods could have eased for the sixth straight month to a 20-month low in April as a continued decline in rice prices and the peso’s appreciation offset upward pressures from higher fuel and electricity costs, the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research (DER) said in a statement to journalists on Tuesday.

Central bank to release ESG guidelines

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to release this June guidelines incorporating environmental, social, and governance (ESG) finance in banks’ operations.

PHL to join Southeast Asian disaster insurance program next month

THE PHILIPPINES will sign a Memorandum of Understanding (MoU) in May to participate in the Southeast Asia Disaster Risk Insurance Facility (SEADRIF), joining five other fellow ASEAN members and Japan.

DA has P5B in initial funding pending generation of revenue for...

THE Department of Agriculture (DA) has been advanced P5 billion from the re-enacted 2018 Budget pending the generation of revenue to finance the Rice Competitive Enhancement Fund (RCEF), with another P5 billion from the RCEF proper expected by the third quarter, the National Economic and Development Authority (NEDA) said Monday.

WB, ADB working to eliminate duplication in PHL programs

THE World Bank Group is now working with a coordinated country program to help eliminate project redundancies with the Asian Development Bank (ADB), according to the Department of Finance (DoF) on Monday.

Deficit plunges in March on 2019 budget delay, strong revenue collections

THE budget deficit narrowed by 47.23% year-on-year in March after a strong revenue performance, while spending was dampened by the delay in the passage of the 2019 Budget, the Bureau of the Treasury (BTr) said.

Falling inflation seen undermining rationale for tight monetary stance

KEEPING monetary policy tight in anticipation of higher commodity prices due to El Niño and rising crude oil costs may no longer be appropriate, according to economists.

Japanese debt watcher raises PHL outlook to ‘positive’

THE Philippines is closer to securing a single-A credit rating from Japanese Credit Rating (JCR) Agency, after the debt watcher raised its outlook on the country to BBB+ positive from BBB+ stable.

Peso weakens on strong US economic data

THE PESO weakened on Friday due to appetite for the greenback following the release of a strong durable goods report in the United States.

Bank economists see within-target inflation until 2021

BANK ECONOMISTS expect inflation to remain broadly within target this year and until 2021 amid downward pressures to the outlook, according to results of a recent central bank survey.

ADB says inflation tame, cites water, Clark rail as its PHL...

THE Asian Development Bank (ADB) said that monetary conditions are now more favorable with the taming of inflation, which pushed food prices higher in the Philippines in 2018, and added that support for key water projects and the Malolos-Clark railway are its priorities for the country in 2019.

DoF claims broad support from MSMEs for TRABAHO bill

THE Department of Finance (DoF) said 91% of micro, small and medium enterprises (MSMEs) indicated in a survey their full support for the passage of the second tranche of the tax reform law.

World Bank expects price pressures to recede, more BSP policy flexibility

THE World Bank (WB) said Thursday that the Philippine central bank now has room to adjust its policy rates due to the receding risk of inflation, and added that it expects price pressures to decline gradually going forward.

BIR issues revenue regulations draft for estate tax amnesty

THE Bureau of Internal Revenue (BIR) released a revenue regulations (RR) draft covering the amnesty on estate tax Wednesday, outlining the process for offering taxpayers a one-time opportunity to settle estate tax obligations.

BSP releases draft IRR for national payments

THE Bangko Sentral ng Pilipinas (BSP) has released the draft circular of the Implementing Rules and Regulations (IRR) of the National Payment Systems Act signed into law last year to provide a comprehensive and legal regulatory framework to govern payment systems.

WB sees opportunities in China shift to consumption-led economy

EAST ASIA and the Pacific need to be on the lookout for opportunities and headwinds arising from China’s economic rebalancing in favor of greater consumption, the World Bank said on Wednesday.

Calamity insurance of over P20B for quake hit provinces

THE national government has sufficient insurance cover to rebuild from the earthquakes that hit parts of Central Luzon on April 22 and Samar Island yesterday, and is awaiting more concrete estimates from agencies in the field, the Bureau of Treasury (BTr) on Tuesday.

Gov’t makes partial award of Treasury bills as yields on longer...

THE GOVERNMENT made a partial award of Treasury bills (T-bill) it offered on Monday as yields for longer tenors went up amid weaker demand.

DoF pitches US investors on PHL growth, reforms

US INVESTORS stand to reap the benefits of economic growth and reforms such as the Ease of Doing Business Act and the pending Tax Reform for Attracting Better and Higher Quality Opportunities (TRABAHO) Bill, the finance department said.

Tax amnesties seen improving BIR data on delinquencies, land holdings

THE other goals of the government’s tax amnesty program include generating more information on delinquencies for the Bureau of Internal Revenue (BIR), a senior tax advisor said.

Balance of payments in surplus for fifth straight month in March...

THE COUNTRY’s balance of payments (BoP) — which summarizes the Philippines’ economic transactions with the rest of the world for a given period — yielded a surplus for the fifth month in a row as inflows from the national government’s (NG) net foreign currency deposits and the central bank’s foreign exchange operations as well as income from the latter’s investments abroad offset outflows due to NG’s foreign debt payments, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.

Risks to inflation “evenly balanced”

INFLATION RISKS are seen “evenly balanced” this year, even with the rise in prices expected to settle firmly within the government’s target, the Bangko Sentral ng Pilipinas (BSP) said.

BIR targeting unregistered foreign POGO workers

THE Bureau of Internal Revenue (BIR) said that it has launched a campaign targeting unregistered foreign workers, prioritizing those employed by Philippine Offshore Gaming Operators (POGOs), in order to force them to pay income tax.

Remittance growth slowest in six months

MONEY SENT HOME through banks by Overseas Filipino Workers (OFWs) -- which fuels household spending that, in turn, contributes nearly 70% to gross domestic product -- grew in February, according to data the central bank released on Monday, but at the slowest pace in six months due to what one analyst said was muted business confidence in the face of global uncertainties.

BIR collections may drop at first post-TRAIN tax deadline

THE Bureau of Internal Revenue (BIR) said income tax collections could fall year on year at the April tax deadline, which represents the first time income tax returns are filed under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

Disaster risk financing placed on APEC priority agenda for October meeting

THE Asia-Pacific Economic Cooperation (APEC) bloc said it will include disaster risk financial resilience in its priority list for discussion by its finance ministers in Chile in October.

BSP extends transition for report changes

THE BANGKO SENTRAL ng Pilipinas (BSP) extended the transitory period for the amended report on bank interest rates on deposits and loans to Dec. 31, with implementation to start on Jan. 1, 2020, almost a year later than the original plan.

BSP trims TDF offering to P10B

THE BANGKO SENTRAL ng Pilipinas (BSP) lowered the volume of its term deposit facility (TDF) offering next week to P10 billion — the lowest in history — due to upcoming holidays.

IMF cites weak exports, ongoing budget saga for downgraded GDP view

WEAKER EXPORTS and the delayed passage of the 2019 Budget triggered the downgrade to the International Monetary Fund’s (IMF) forecast for the economy, an IMF official said.

Bringing Philippine coffee to the world

HENRY & SONS, a local coffee trader and manufacturer, is showcasing Itogon arabica coffee at the upcoming World Barista Championship 2019 in Boston, Massachusetts — which runs from April 11 to 14 — the first time a Philippine coffee will be used in the annual competition.

PCCI renews call for ‘market forces’ to determine sugar price

THE Philippine Chamber of Commerce and Industry (PCCI) renewed its call for liberalizing the sugar importing process, saying that market forces need to determine prices amid protections for domestic producers and suspicions of market manipulation at the wholesale and distribution level.

Poultry market forces currently distorted by high prices

POULTRY growers said potential investors in the sector should not be misled by high retail prices because farmgate prices are actually falling and competition in the sector is intensifying.

Maynilad inaugurates new water treatment plant

MAYNILAD Water Services, Inc. on Monday inaugurated the Putatan Water Treatment Plant 2 (PWTP2), its second treatment facility that sources raw water from Laguna Lake.

Maynilad may forego arbitration for clarity on tariffs

MAYNILAD Water Services, Inc. said it is willing to drop its arbitration proceedings against the Philippine government in exchange for a tariff settlement that compensates it for lost revenue.

Rice prices fall again after signing of new tariffication law’s IRR

THE average farmgate price of palay, or unmilled rice, fell 0.47% week-on-week to P18.87 per kilogram in the fourth week of March, according to the Philippine Statistics Authority (PSA), continuing to decline as the Rice Tariffication Law moved forward to full implementation.