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Philippines: BIR tax effort hits 10.67% in 2020

MANILA, Philippines — The Bureau of Internal Revenue (BIR)’s tax effort eased to 10.67 percent in 2020 as the pandemic-induced economic crisis slowed down the agency’s revenue generating capacity last year, the Department of Finance (DOF) reported yesterday. Citing an updated preliminary report from the BIR, the DOF said the tax effort of the country’s largest […]

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Philippines: Credit card delinquencies seen increasing

MANILA, Philippines — The delinquency rate of credit card issuers is expected to increase further due primarily to the loss of income and unforeseen major expenses caused by the prolonged lockdowns to slow the spread of COVID-19, according to the Credit Card Association of the Philippines. CCAP said the delinquency level of credit cards is […]

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Philippines: T-bills fetch lower rates

MANILA, Philippines — Short-term government securities yesterday fetched lower rates across the board as investors swarmed the Bureau of the Treasury (BTr)’s auction facility amid strong liquidity in the financial system. Rates for the 91-day Treasury bills (T-bills) averaged at 0.969 percent, 1.5 basis points lower compared to the 0.984 percent recorded in the previous […]

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Philippines: Inflation seen rising this year

MANILA, Philippines — Economists of private banks have raised their inflation forecasts for 2021 as the  economy gradually reopens, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP). Zeno Ronald Abenoja, senior director of the BSP’s Department of Economic Research (DER), said that private sector economists  expect a higher inflation   of 2.9 […]

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