Digital tax bill hurdles House panel
THE House Ways and Means Committee on Wednesday approved a measure that would impose a 12% value-added tax (VAT) on digital services, particularly those offered by foreign technology companies such as Facebook, Netflix, Inc., Alibaba’s Lazada and Alphabet’s Google.
Gov’t plans to borrow P170B in Aug.
THE government is planning to borrow P170 billion from the domestic market in August, nearly a fifth lower than the July borrowing program, the Treasury said on Wednesday.
Worst is over for economy, says Diokno
BANGKO Sentral ng Pilipinas Governor Benjamin E. Diokno on Wednesday said the “worst is over” for the economy after it already hit the lowest point of the crisis.
Outstanding debt tops P9-T in June
THE National Government’s (NG) outstanding debt breached the P9-trillion mark as of end-June, on increased government borrowings to finance the coronavirus response.
Remittances seen to fall up to 10%
CASH REMITTANCE inflows to the Philippines may decline by up to 10% this year as source countries feel deepening economic pain from the pandemic, Moody’s Investors Service said.
Duterte threat vs telcos weighs on investor sentiment
INVESTOR sentiment against Globe Telecom, Inc. and PLDT, Inc. is turning negative after President Rodrigo R. Duterte threatened to shut down the telecommunications giants if they fail to improve services by December, analysts said.
Senate approves Bayanihan II on final reading
THE Senate on Tuesday approved on third and final reading a measure touted as part of the government’s economic recovery plan.
Global growth potential to drop in coming years — Fitch
GLOBAL potential economic growth is set to drop in coming years due to fallout from the COVID-19 pandemic, amid a rise in unemployment and a cooling of investment by companies, according to Fitch Ratings Ltd.
Duterte fails to detail recovery plan
PRESIDENT Rodrigo R. Duterte on Monday asked lawmakers to pass stimulus measures to revive an economy on the brink of a recession caused by a coronavirus lockdown that is one of the world’s strictest and longest.
Wage subsidy extension sought as most firms face cash crunch
THE Philippine government should consider extending the wage subsidy program for small firms, the Asian Development Bank (ADB) said, after a survey showed more than half of businesses are facing a cash crunch amid the pandemic.
Banks tighten lending standards amid lockdown
MOST BANKS imposed more stringent overall lending standards in the second quarter when most parts of the country were under a strict lockdown, a survey by the central bank showed.
Reforms urged to ensure recovery
PRESIDENT Rodrigo R. Duterte is expected to unveil a “roadmap for recovery” in his fifth State of the Nation Address (SONA) on Monday, as the economy faces its deepest annual contraction in three decades amid the pandemic.