PHL to import extra 250,000 tons of rice in open tender — NFA
THE PHILIPPINES will import an additional 250,000 tons of rice via an open tender, the state grains procurement agency said on Wednesday, as the government rushes to boost domestic supply and curb rising retail prices of the staple grain.
Tax reforms gain ground in House
TWO TAX REFORMS — one that cuts the corporate income tax rate and removes redundant fiscal incentives, and another that provides for a general amnesty — were approved at different levels in the House of Representatives on Tuesday.
Customs exceeds collection goal anew due to weaker peso
THE BUREAU of Customs topped its collection target in August due to a weak peso, high oil market prices and enforcement of proper valuation, marking the seventh straight month that goals were exceeded.
Fitch cites economy’s strength amid risks
CREDIT RATER Fitch Ratings said that the Philippines maintains a generally “favorable growth outlook” even as overheating risks have begun to show.
Business picks up for factories in August
MANUFACTURING ACTIVITY in the Philippines saw “a modest improvement” in August as new business inflows and optimism picked up and more jobs were generated, even as production growth slowed and input costs and prices rose “at marked rates,” according to a survey conducted by IHS Markit for Nikkei, Inc..
Survey finds CEOs still bullish amid challenges
CHIEF EXECUTIVE OFFICERS (CEO) in the Philippines remain confident about business prospects over the next 12 months despite mounting uncertainty from global trade tensions and monetary tightening, regulatory changes at home and the challenge posed by disruption, according to results of a survey conducted by PwC Philippines for the Management Association of the Philippines (MAP) that were released on Monday.
Economic growth expected to fall short of target
OVERALL economic growth will likely fall short of the official target this year, according to the country’s Finance chief and a financial and investment advisor, partly due to quickening inflation even as infrastructure development should pick up steam.
Poll sees fresh multiyear-high inflation
INFLATION likely zoomed to a fresh multi-year high in August due largely to higher food costs, analysts said in a BusinessWorld poll, boosting the case for another rate hike this month to douse surging prices.
Fiscal perks overhaul seen keeping investors on edge
THE PHILIPPINES still receives the least foreign direct investments (FDI) among Southeast Asian nations, a global bank has noted, pinning the blame on constitutional restrictions and uncertainty over a new system for tax perks.
Fastest-growing major emerging market holds shaky crown as risks mount
MUMBAI/NEW DELHI — India’s world-beating economic growth is running up against some big risks: high oil prices, emerging market stress as the era of easy money draws to a close, and policy paralysis in the run-up to next year’s federal election.
Central bank flags even faster August inflation
THE OVERALL INCREASE in prices of widely used goods likely clock in around 5.9% in August — marking a fresh multiyear high — the Bangko Sentral ng Pilipinas (BSP) said in a statement on Friday, noting that food and utility costs maintained their ascent.
Money supply growth slows in July
GROWTH of money supply eased to its slowest pace in nearly three years in July amid smaller reserves held by the Bangko Sentral ng Pilipinas (BSP), even as bank lending accelerated in the same month.