The Department of Energy (DoE) welcomes the proposal of independent power producers for the government to explore the possible suspension of excise tax and value-added taxes (VAT) on coal and oil to address the looming power rate increase. The Philippine Independent Power Producers Association (PIPPA) said their initial estimates indicate that the effect on the […]
Read MoreMANILA, Philippines — The peso may weaken further to 52 to $1 as global oil prices continue to rise amid Russia’s invasion of Ukraine and the steady increase in consumer prices. After weakening further last week, BDO chief market strategist Jonathan Ravelas said the peso’s new trading range may settle between 51.60 and 51.90 to […]
Read More[MANILA] Philippines President Rodrigo Duterte approved a law allowing foreign investment in more business sectors, his office said on Friday (Mar 4), in a bid to boost jobs and growth in the South-east Asian economy. The law, which amends a three-decade old foreign investment rule, allows for the first time international players to set up […]
Read MoreMetro Manila (CNN Philippines, March 4) — Inflation remained steady at 3% in February despite weeks of fuel price increases, Philippine Statistics Authority figures published Friday show. The latest outturn is the same as January’s and milder than 4.2% in February 2021, National Statistician Dennis Mapa said in a briefing. It also falls within the 2.8-3.6% […]
Read MoreMANILA, Philippines — The current supply problem on local sugar may cause further pressure on the already threatened inflation if solutions are not provided. In a radio interview, National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon said there is a current supply deficit on local sugar. The tight supply has prompted the government to […]
Read MoreAmid surge in oil prices MANILA, Philippines — The Philippines will incur the biggest reduction in gross domestic product (GDP) in Asia at 0.4 percentage point as global oil prices continue to soar following Russia’s invasion of Ukraine, JP Morgan Chase & Co. said. In a research note titled “EM Asia: Thinking Through the Macro […]
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