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DoF: Small month-on-month price growth possible

THE DEPARTMENT of Finance (DoF) said inflation will be on track over the rest of the year if the month-on-month price movements are capped at about 0.4 percentage points, with the latest data settling well below that ceiling.

SSS hires fund managers for P7B in investments

THE Social Security System (SSS) has hired local fund managers to manage P7 billion of its Investment Reserve Fund (IRF) over two years to boost its financial standing, it said in a statement over the weekend.

PHL social spending lower relative to size of economy

THE Philippines lags similar-sized economies in spending on social protections and needs to improve their design and implementation, according to a study of state think tank Philippine Institute for Development Studies (PIDS).

Japan loan signing set for Mindanao highway development project

THE Department of Finance (DoF) expects to sign a $202.04-million loan agreement with Japan for the Road Network Development Project in Conflict-Affected Areas.

BSP chief ‘cautiously optimistic’ on Philippine economy

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno is “cautiously optimistic about the current state of the Philippine economy,” amid lingering global headwinds.

PHL dollar reserves climb for 7th straight month

GROSS international reserves (GIR) climbed for the seventh straight month in May, the central bank said on Friday.

Demand for term deposits rises

DEMAND for term deposits increased on Thursday after the first round of cuts to lenders’ reserve requirement ratios (RRR), but was still not enough to fill the amount placed on the auction block.

Under-control inflation to boost Q2 investment — FMIC/UA&P

INCREASED investment and consumer spending are expected in the second quarter with the taming of inflation and the acceleration of government spending, according to The Market Call published by the FMIC & UA&P Capital Markets Research.

Price hikes bigger than expected in May

AGAINST EXPECTATIONS, inflation accelerated in May following six consecutive months of slowdown, the Philippine Statistics Authority (PSA) reported yesterday.

WB keeps 6.4% 2019 PHL growth forecast

THE WORLD BANK has maintained its 6.4% gross domestic product (GDP) growth projection for the Philippines this year which the global lender penciled in its economic update in April, even as the latest forecast is 0.1 percentage point less than its January estimate.

GSIS net income surges to P38.7 billion in 1st quarter

THE GOVERNMENT Service Insurance System’s (GSIS) net income surged in the first quarter on the back of higher interest income and premium contributions, as well as the local bourse’s strong performance.

ASEAN Nikkei PMI tuns more positive in May as orders pick...

MANUFACTURING activity expanded in May in the Association of Southeast Asian Nations (ASEAN), driven by expansions in output and new orders, according to the Nikkei ASEAN Manufacturing Purchasing Managers’ Index (PMI) prepared by IHS Markit.

Finance dep’t sets 2022 target date for rolling out e-invoicing system

THE Department of Finance (DoF) hopes to fully implement the electronic invoicing system by December 2022, resulting in administrative savings for the government and streamlining of tax processes, the Department of Finance said.

UPLB gets PPP Center support for agro-industrial, IT parks

THE PUBLIC-Private Partnership (PPP) Center has approved the provision of project preparation and transaction advisory support for the 70-hectare Agro-Industrial and Information Technology Parks Project of the University of the Philippines Los Baños (UPLB) in Laguna.

Factory activity growth recovers in May

MANUFACTURING in the country picked up in May after business for factories improved at the slowest pace in nine months in April, with the increase in new orders “the most marked in four months” on the back of a “moderate” improvement in demand that was nevertheless “the greatest since February,” according to the latest monthly survey IHS Markit conducted for Nikkei, Inc.

Price hikes could have steadied from Apr.

THE OVERALL RISE in prices of widely used goods likely slowed from a year ago in May though it could have steadied at April’s 16-month-low pace, according to a poll of economists late last week, even as the central bank’s estimate on Friday bared expectation that May could have paused a monthly inflation decline seen since November 2018.

Liquidity growth picks up in April

MONEY SUPPLY growth picked up in April, even with demand for loans slightly easing prior to cuts in benchmark rates and banks’ reserve requirement ratio (RRR), the Bangko Sentral ng Pilipinas reported late on Friday.

Income inequality widening amid strong economic growth

THE regional disparity in wealth has widened throughout the years, mitigated only by high levels of overall economic growth and a trend towards reduced poverty, the National Economic and Development Authority (NEDA) said Thursday.

PAGCOR revenue rises over 11% in first four months to P25.09...

THE Philippine Amusement and Gaming Corp. (PAGCOR) said Thursday that revenue rose 11.44% year-on-year to P25.09 billion in the four months to April, amid strong fees from gaming licensees and offshore gaming operators.

Demand for TDF drops ahead of reserve requirement reductions

BIDS FOR term deposits declined further on Wednesday ahead of the first round of cuts to lenders’ reserve requirement ratios (RRR) taking effect this week.

BSP okays revised rules for external auditors’ selection

THE CENTRAL BANK has rationalized the framework for the selection of external auditors of Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions (BSFIs) to streamline and centralize requirements across agencies.

GOCC dividends ahead of pace to crush record 2018 performance

FORTY-SIX government-owned and controlled corporations (GOCCs) remitted a total of P38.9 billion worth of dividends to the Treasury in the five months to May, or just 3% less than the record P40.17 billion remitted in all of 2018, the Department of Finance (DoF) said.

Moody’s cuts 2019 PHL GDP forecast to 6%

MOODY’s Investors Service cut its Philippine economic growth forecast to 6% for this year from its previous projection of 6.2% due to the delayed approval of the 2019 General Appropriations Act (GAA), which dampened gross domestic product (GDP) growth in the first quarter.

UBX looking to launch stablecoin

UBX, the newly launched financial technology (fintech) platform of UnionBank of the Philippines, Inc., is eyeing to launch stablecoins.

BIR to finalize rules governing tax amnesty this month

THE Bureau of Internal Revenue (BIR) is set to finalize the revenue regulations (RR) covering the tax amnesty this month after making the rounds of public consultations.

DA to help ask for suspension of pork importation from ‘high-risk’...

THE DEPARTMENT of Agriculture (DA) said it will be requesting for an immediate temporary suspension of importation of pork and pork products from high-risk countries in support of the local hog industry.

Budget delay lessons to determine future of cash-based system

THE Department of Budget and Management (DBM) is still considering whether to implement a full cash-based budgeting system this year following the delayed approval of the 2019 General Appropriations Act (GAA).

TradeNet to link 76 gov’t agencies by 2022 — DoF

SEVENTY-SIX government agencies are expected to be connected to TradeNet, the National Single Window System for Customs clearances, by 2022, or else will be removed from the list of regulators, according to Finance Undersecretary Gil S. Beltran.

BSP closes Rural Bank of Guihulngan

THE BANGKO Sentral ng Pilipinas (BSP) shut down Rural Bank of Guihulngan (Negros Oriental) Inc, according to the Philippine Deposit Insurance Corporation (PDIC) on Friday.

Gov’t swings to surplus in April as spending slows on 2019...

UNDERSPENDING due to the delayed passage of the 2019 national budget caused the government’s fiscal position to swing to a surplus in April, the Bureau of the Treasury (BTr) reported on Friday.

PNB to issue $300 million in medium-term notes

PHILIPPINE National Bank (PNB) wants to raise $300 million in fresh funds via its euro medium-term note program, it said on Friday.

Peso strengthens further ahead of US data, RRR cuts

THE PESO strengthened further against the dollar on Friday ahead of US data and the implementation of the first wave of reductions in banks’ reserve requirement ratios (RRR).

Thrift, rural bank reserve requirement cut

THE MONETARY BOARD of the Bangko Sentral ng Pilipinas (BSP) on Thursday announced an expected reduction in thrift, rural and cooperative banks’ reserve requirement ratio (RRR) -- a week after it did so for big banks and two weeks after it cut policy interest rates -- releasing more funds for lending to further prod economic activity at a time of easing inflation and slowing gross domestic product growth that disappointed at a four-year-low 5.6% last quarter.

Finance department wants PCIC converted into a reinsurance firm

THE DEPARTMENT of Finance (DoF) wants to convert the Philippine Crop Insurance Corporation (PCIC) into a reinsurer rather than an insurance provider so it will not compete with private insurance providers.

ASEAN needs to raise its game on integration — HSBC

SOUTHEAST ASIA needs to improve its production efficiency and deepen regional integration to catch up with evolving global trade, executives from HSBC Ltd.’s Philippine unit said Thursday.

PHL growth outlook eases with rest of the world

SIMMERING trade tensions between the world’s two biggest economies, the United States and China, will weigh on global economic prospects, the United Nations (UN) and the Organization for Economic Cooperation and Development (OECD) reported on Wednesday -- a factor that led Fitch Solutions Macro Research to slash its own gross domestic product (GDP) growth projection for the Philippines in particular for this year.

Bids for term deposits decline

APPETITE for term deposits declined on Wednesday ahead of the implementation of the first stage of a phased reduction in big banks’ reserve requirement ratio (RRR) announced by the Bangko Sentral ng Pilipinas (BSP) last week.

NEDA expects China pushback on priority hiring of Filipinos

SOCIOECONOMIC Planning Secretary Ernesto M. Pernia said donor countries like China are likely to resist hiring mostly Filipinos in any projects funded by Official Development Assistance (ODA), after Senator Sherwin T. Gatchalian filed a bill calling for priority hiring.

Gov’t targets to increase microinsurance coverage

THE GOVERNMENT targets to increase the number of individuals covered by microinsurance in the country to 50 million by 2022 from the current 39.8 million, a Finance official said.

SoKor digital invoicing seen as a model for tax reform

THE Philippines will model parts of tax reform on a South Korean (SoKor) digital invoicing program, the Department of Finance (DoF) said.

BoP marks 6th month of surplus in April

THE COUNTRY’s balance of payments (BoP) -- a summary of the Philippines’ economic transactions with the rest of the world for a given period -- registered a surplus for the sixth month in a row in April 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 Monday.

POGOs without valid work permits for foreign workers to be shut...

FINANCE SECRETARY Carlos G. Dominguez said that he will pursue the closure of Philippine Offshore Gaming Operator (POGO) companies employing foreign nationals without work permits, after learning that 12,000 foreigners are currently in the country without the proper authorization.

Cigarette industry targeted for death by sin tax

THE PROPOSED INCREASE in sin tax from the current P35 to P60 per pack is intended to “kill” the Philippine cigarette industry, according to Finance Secretary Carlos G. Dominguez III.

BSP cuts big banks’ reserve requirement

FRESH from slashing benchmark interest rates just a week ago by 25 basis points in the face of easing inflation and slowing economic growth, the Bangko Sentral ng Pilipinas (BSP) on Thursday fired off a 200-basis-point (bp) phased reduction in big banks’ reserve requirement ratio (RRR).

DBM releases P1.3 trillion during Congressional budget impasse

THE Department of Budget and management (DBM) said it released P1.323 trillion in the four months to April while the government was operating mostly under a re-enacted 2018 budget, including a record unprogrammed release for transportation projects.