VAT refund claim deadline extended; PERA rules clarified
THE BUREAU of Internal Revenue (BIR) has extended anew the deadline for processing value-added tax (VAT) refund claims affected by a 2014 rule that had initially denied many of them.
Infrastructure spending speeds up in October
DISBURSEMENTS on national government infrastructure and other capital outlays accelerated in October, largely due to road works, health, and school facilities, the Department of Budget and Management (DBM) reported on Wednesday.
Trade deficit hits new record high
THE COUNTRY’s trade balance posted a fresh record-high shortfall in October as growth of imports continued to outpace that of exports, the government reported on Tuesday.
S&P, Nomura expect GDP growth to pick up in 2019
ECONOMIC GROWTH should pick up in 2019 following a slower-than-expected climb this year, according to two analyses issued on Tuesday, boosted by election spending and strong domestic demand.
FDI net inflows fall in September
FOREIGN direct investment (FDI) net inflows to the Philippines fell in September to their lowest level in over a year, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday, at a time of faster inflation and global trade tensions.
House body eases retail trade rules further
THE HOUSE of Representatives Committee on Trade and Industry approved on Tuesday a bill reducing the minimum paid-up capital requirement of foreign retailers to engage in business here.
17th Congress clock ticks on tax reform
TIME IS RUNNING OUT on a second tax reform package to cut corporate income tax rates and streamline fiscal incentives under the current Congress, which is about to adjourn for its Dec. 15-Jan. 13 Christmas break.
Meralco bills rise for 2nd month
MANILA Electric Co. (Meralco) announced on Monday a P0.0902 per kilowatt-hour (kWh) hike in December’s overall electricity rate to P10.1803/kWh, marking the second straight month of increase, citing a rise in generation charge from power supply contracts.
Senate cautioned that reenacted budget could weigh on growth
THE PHILIPPINES’ gross domestic product (GDP) growth may lose 1.1-2.3 percentage points should the 2018 national budget be reenacted for the whole year in 2019, according to estimates which state economic managers submitted to the Senate on Monday.
Analysts widely expect rate hike pause
THE BANGKO SENTRAL ng Pilipinas (BSP) may finally take a breather and keep benchmark interest rates steady this week, analysts said in a BusinessWorld poll, agreeing that inflation seems to be on its way down.
S&P: Loan growth to slow in 2019
LOAN GROWTH will likely ease in 2019 as higher interest rates bite, S&P Global Ratings said, even as it noted that heavy funding needs for the aggressive infrastructure spending program will boost lending.
Gov’t moves to start work on worst-hit Marawi sites
THE GOVERNMENT is looking to draw P2.4 billion from unprogrammed funds in the 2018 budget to help kick-start rehabilitation of Marawi City areas that were the most damaged in last year’s five-month battle with Islamic State-inspired local militants, a senior economic planning official said last week.