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NEDA seeks continuity in infra dev’t

THE GOVERNMENT is taking steps to persuade the succeeding administration to carry on stepped-up infrastructure development, even as a looming shift in form of government adds to uncertainties now hounding the economy, the state socioeconomic planner said on Monday.

OECD finds Philippines ‘largely compliant’ with standards vs tax fraud

THE PHILIPPINES is “largely compliant” with international frameworks against tax fraud, according to the latest review of the Organization for Economic Cooperation and Development (OECD), even as it cited areas of concern.

BoC to expand data-sharing efforts with other agencies

THE BUREAU of Customs (BoC) said it is hoping to implement a data-sharing system with other law enforcement agencies to aid anti-smuggling efforts.

Gov’t eyes P40 billion from bonds for Marawi

THE GOVERNMENT is looking to raise about P40 billion through retail bonds sold in tranches to help finance the rehabilitation of Marawi City in the next five years, the Department of Finance (DoF) said in a press statement on Monday.

ADB sees TRAIN law as ‘critical’ to reforming tax system

THE ASIAN Development Bank (ADB) said reforming the corporate tax system is a matter of urgency, with successful reforms expected to bolster economic growth and reduce poverty.

DoF lines up more tax reforms

THE DEPARTMENT of Finance (DoF) plans to submit to Congress this month the tax reform packages on property valuation and passive income.

DoF open to LGUs takeover of nat’l gov’t functions

THE FINANCE department is open to devolving some functions of the national government to local government units (LGUs) to comply with the Supreme Court ruling on internal revenue allotments (IRAs).

Insurance industry mostly unaffected by inflation’s rise

THE INSURANCE industry is unfazed by high inflation in the second quarter, the Insurance Commission (IC) said, as it hopes to sustain double-digit growth figures.

IRA ruling need not expand deficit, petitioner claims

THE GOVERNMENT may not need to widen its fiscal deficit to comply with a Supreme Court ruling to provide local governments with their “just share” of national government revenue, the former governor who obtained the court decision said.

DBM chief warns of SC ruling’s fiscal risk

THE GOVERNMENT’S fiscal position may be at risk from the Supreme Court (SC) ruling that local governments’ share in state revenues includes all national government taxes, not just those collected by the Bureau of Internal Revenue (BIR), Budget Secretary Benjamin “Ben” E. Diokno said on Wednesday.

Philippines ‘below average’ in regional innovation ranking

THE PHILIPPINES’ rank in terms of innovation was unchanged from a year ago, despite “high scores” in business environment, education and information and communications technology (ICT), according to an annual report of the Cornell University, INSEAD and the World Intellectual Property Organization (WIPO).

LANDBANK: 43% of PDS shareholders accept offer

THE LAND BANK of the Philippines (LANDBANK) said shareholders representing 43% of the fixed-income bourse have accepted its offer to buy their shares, with the share purchase agreement (SPA) expected to be signed this week.

Transparency, drug suppression touted as key achievements pre-SONA

THE GOVERNMENT’s governance and human development clusters yesterday presented their achievements in the past year, ahead of the State of the Nation Address (SONA) of President Rodrigo R. Duterte.

AXA Philippines bullish on expansion

PHILIPPINE AXA Life Insurance Corp. (AXA Philippines) is bullish on its growth prospects despite the supposed turbulence in the market due to elevated inflation, it said as it launched its training academy for its financial advisors on Tuesday.

IC bares acquisition, merger plans in non-life sector

THE INSURANCE COMMISSION said Chinese firms are eyeing to support a non-life insurance company placed under conservatorship.

Gov’t plans P1-trillion 2019 borrowing

THE GOVERNMENT plans to borrow up to P1.189 trillion in 2019 to help finance its spending plan, 33.85% more than the P888.23 billion initially programmed for this year, National Treasurer Rosalia V. De Leon told reporters in a mobile phone message on Monday.

DoF ‘not surprised’ by rejection of auction for 3rd-player selection

THE DEPARTMENT of Finance (DoF) said it will await the formal report from a public consultation that appeared to reject its preferred method of selecting the new entrant to the telecommunications industry, though the department’s head said the rejection came as “no surprise.”

NEDA rules out proposal to increase cash transfer payouts

THE NATIONAL Economic and Development Authority (NEDA) ruled out a legislator’s proposal to increase the monthly unconditional cash transfer (UCT) for poor families affected by the tax reform law.

Government borrowing up over 74% in May

OVERALL GOVERNMENT borrowing in May grew 74.55% as the Bureau of the Treasury (BTr) accepted more bids at its twice-a-week auction of government securities, especially on the shorter-dated notes.

Economic managers tout gains ahead of SONA

THE GOVERNMENT has put key pieces of reforms in place for the country to build “strong momentum” to grow faster in the years ahead, economic managers said in a forum on Friday.

June GIR declines to lowest level since 2011

GROSS international reserves (GIR) continued to decline at the mid-year point to their lowest level in nearly seven years, with the central bank continuing to intervene in the foreign exchange market to defend the peso.

Inflation surge spurs rate hike view

INFLATION surged in June to a fresh five-year high as it beat market and government estimates given for the month, leaving the door open for another policy interest rate hike.

DoF sees tax amnesty raising collections, clearing backlog

THE DEPARTMENT of Finance (DoF) said its version of the planned tax amnesty offer scheduled for 2019 will increase collections and clear the case backlog for unpaid property tax.

DoF says SC ruling on LGU revenue share not final

THE Finance department will await a final decision from the Supreme Court on local government units’ (LGUs) “just share” of national government revenue before it makes a decision on filing a motion for reconsideration.

Finance dep’t estimates 4.9% June inflation

THE DEPARTMENT of Finance (DoF) expects that inflation in June quickened further to a fresh six-and-a-half year high as seasonal rains pushed vegetable prices higher and households spent on education-related items as the new school year began.

ADB approves technical assistance for flood risk management project

THE ASIAN Development Bank (ADB) on June 21 said it approved a technical assistance grant for the Integrated Flood Risk Management Sector Project covering various river basins across the Philippines.

June factory growth buoys Q2 reading

IMPROVEMENT in manufacturing activity eased in June from the preceding month as increases in output and new orders ebbed, according to the latest survey IHS Markit conducted for Nikkei, Inc. that nevertheless showed last month’s “solid” growth pushing the second quarter’s average Purchasing Managers’ Index reading higher than that of January-March.

Customs tops June goal as most ports perform

THE BUREAU of Customs (BoC) collected P50.139 billion in June — 41.6% more than the P35.417 billion recorded a year ago and 4.9% above its P47.797-billion target last month — as most of its port collectors exceeded their goals.

Gov’t vows fiscal discipline as it widens programmed budget deficit for...

THE DEVELOPMENT Budget Coordination Committee (DBCC) on Monday reiterated the government’s commitment to fiscal discipline as it adjusted key economic assumptions for the proposed 2019 spending plan.

DoF questions ‘third player’ selection via ‘beauty contest’

FINANCE Secretary Carlos G. Dominguez III said the selection of the third entrant to the telecommunications industry must be “fair” to the public by making telcos pay to use the frequency they are allocated.

Tax evasion seen a hurdle to FATF compliance

THE Anti-Money Laundering Council (AMLC) said the legal treatment of tax evasion and loopholes involving real estate brokers are keeping the country from achieving full compliance with international standards for money laundering regulation.

Economic managers to review targets, assumptions for 2019 budget today

THE DEVELOPMENT Budget Coordination Committee (DBCC) will convene today to review key economic assumptions for the 2019 budget targeted to be submitted to Congress on the day of President Rodrigo R. Duterte’s third State of the Nation Address (SONA) this month.

OFB may start share sales by 2019

THE GOVERNMENT may start selling shares of the Overseas Filipino Bank (OFB) in 2019 to aid in setting up its digital banking system, the Department of Finance (DoF) said.

Finance dep’t sees GDP targets within reach due to revenue, spending...

GOVERNMENT revenue and disbursements as a share of the economy rose in the five months to May, the Department of Finance (DoF) said, improving the prospects for achieving economic growth targets this year.

NEDA bullish on project completion

THE GOVERNMENT now expects to complete nearly half of its 75 flagship infrastructure projects by the time President Rodrigo R. Duterte ends his six-year term due to efforts to address bottlenecks in approval, funding and implementation, the National Economic and Development Authority (NEDA) said in a briefing on Wednesday.

May sees infra, other capital outlays rise

INFRASTRUCTURE and other capital outlays continued to surge in May, the Department of Budget and Management (DBM) said on Wednesday, backing projections that gross domestic product (GDP) growth caught up with the official target this quarter.

Bulacan airport concession terms under review

THE GOVERNMENT is readying the concession terms for the proposed P735-billion airport in Bulacan, the National Economic and Development Authority (NEDA) said.

Cities hoping to tap fund to improve open spaces

ABOUT 100 cities submitted proposals to tap a special fund for “green” infrastructure, the Department of Budget and Management (DBM) said on Wednesday.

Gov’t pitching more projects for AIIB funding

THE PHILIPPINES is seeking Asian Infrastructure Investment Bank (AIIB) funding for more projects, the Department of Finance (DoF) said on Tuesday.

Gov’t rejects all tenders for T-bonds as rates rise

THE BUREAU of the Treasury (BTr) rejected all bids for the five-year bonds it offered on Tuesday as the market sought higher rates due to expectations of more policy adjustments from the local central bank.

IFC raises $90M via first peso green bond issue

THE INTERNATIONAL Finance Corporation (IFC) has issued $90 million worth of peso-denominated green bonds called the “Mabuhay Bond,” marking its first foray into the peso debt market.

WB-backed flood project construction due in Q4

THE bidding process for the Metro Manila Flood Management Project is set to begin next month, the World Bank (WB) said, with the construction period to start in the fourth quarter.

PHL signs funding deal for Cagayan de Oro flood forecasting system

THE Philippine and Japanese governments signed on Monday grant agreements worth 1.84-billion yen ($16.8 million) for a flood forecasting project in Cagayan de Oro, and a renewal of funding for a scholarship program for government officials.

Japan may lend $346M for MRT-3

JAPAN is considering a 38.101 billion-yen (about $346 million) official development assistance (ODA) loan for the rehabilitation of Metro Rail Transit (MRT)-3, and an additional 4.37 billion yen for the ongoing construction of the New Bohol Airport.

Tax bureau extends deadline for processing VAT refunds

THE BUREAU of Internal Revenue (BIR) has extended the deadline for processing value-added tax (VAT) refund claims affected by a 2014 rule that had initially denied many of them.