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Philippines: Fiscal deficit widens by 78% in 9 months

MANILA, Philippines — The national government’s fiscal deficit widened by 78 percent to P378.2 billion in the nine months to September, already accounting for three percent of the country’s gross domestic product. Tax effort meanwhile, improved by 0.7 points to 15.2 percent, the highest tax effort ever recorded during the period owing to the implementation […]

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Philippines: Rice import bidding fails anew

MANILA, Philippines — State-run National Food Authority has failed anew to secure the 203,000 metric tons (MT) of rice via government to government (G2G) scheme after Thailand and Vietnam exceeded the agency’s reference price. During the bidding on Tuesday, the governments of Thailand and Vietnam both offered bids that were way above the NFA reference […]

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Philippines, Indonesia improve cooperation vs smuggling

MANILA, Philippines — The Philippines and Indonesia have agreed to strengthen their cooperation against smuggling, a move seen to pave the way toward improved regional efforts against illicit cross-border trade, according to the Department of Finance (DOF). In a letter, Finance Secretary Carlos Dominguez and Indonesian Finance Minister Sri Mulyani Indrawati said they are both open to work with their countries’ respective customs […]

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