China, Malaysia restart massive ‘Belt and Road’ project after hiccups
DUNGUN, MALAYSIA -- China and Malaysia resumed construction on a massive “Belt and Road” train project in northern Malaysia on Thursday, after a year-long suspension and following a rare agreement to cut its cost by nearly a third to about $11 billion.
House eyes 2019 OK of tax reforms
THE HOUSE of Representatives targets to approve all remaining tax reforms within the year, Deputy Speaker for Finance Camarines Sur 2nd District Rep. Raymond F. Villafuerte, Jr. said on Wednesday.
Jollibee acquiring Coffee Bean & Tea Leaf
HOMEGROWN food giant Jollibee Foods Corp. (JFC) is embarking on its largest acquisition to-date with a $350-million deal to acquire California-based firm The Coffee Bean & Tea Leaf (CBTL).
Duterte extends zero percent duty on BoI locators’ capital imports
COMPANIES registered with the Board of Investments (BoI) will continue to import capital equipment, spare parts and accessories at zero percent duty as President Rodrigo R. Duterte has issued an executive order (EO) extending the validity of the incentive for three years.
IMF cuts Philippine growth forecast further
THE INTERNATIONAL MONETARY FUND (IMF) has further slashed its economic growth forecast for the Philippines this year and the next due to weaker-than-expected external demand and state spending last semester.
Scorecard bares mixed dev’t gains
A GOVERNMENT SCORECARD that tracks the Philippines’ progress in meeting economic development targets showed the government making strides in curbing anti-competitive practices and promoting ecological integrity, but performing poorly in agriculture, governance and culture.
BSP: Inflation could slow to below 2% this quarter
INFLATION could settle below the official full-year target this quarter as food and oil prices ease, BSP Governor Benjamin E. Diokno told reporters on Tuesday, citing “base effects” due to multi-year-high rates last year.
ASEAN+3 think tank cuts economic growth forecasts
THE ASEAN+3 Macroeconomic Research Office (AMRO) has revised downward its Philippine economic growth forecast for 2020 to 6.5% from its previous outlook of 6.6% in May, according to the July Monthly Update of the ASEAN+3 Regional Economic Outlook released on Tuesday that showed the 2019 projection retained at the 6.3% pencilled in June but down from 6.4% in May.
Duterte says in ‘catch 22’ as clock ticks on security of tenure measure now...
PRESIDENT Rodrigo R. Duterte remains in a quandary over a measure now awaiting his signature that imposes tighter controls on labor contracting, with a few days left before it lapses into law on Saturday sans any Executive action.
Duterte pushes reforms, rails vs graft
PRESIDENT Rodrigo R. Duterte on Monday asked lawmakers to pass more tax reforms starting with a proposal to cut corporate income tax, overhaul fiscal incentives given out to companies and further increase tobacco and alcohol excise tax rates.
Fiscal balance swings to deficit in June, but 1st half gap shrinks
THE NATIONAL GOVERNMENT’s fiscal balance swung to a deficit in June after two straight months of surplus -- even amid relatively flat state spending and a double-digit hike in tax collections -- with the first half nevertheless yielding a much smaller budget gap than a year ago, the Bureau of the Treasury reported on Monday.
Gov’t seeks to limit power plant outages as part of performance benchmark
THE ENERGY REGULATORY COMMISSION (ERC) has asked the public to submit comments on its proposed interim benchmark for reliability of power generation units in the country, especially in terms of allowable outage days per year.