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Philippines: Miners join opposition to 2nd tax reform package

MANILA, Philippines — The Philippines is expected to lose billions of pesos in quality investments if the government decides to push through with its plan to slap royalty on all mining operations, the country’s biggest mining group said. Imposing a five percent royalty on all mining companies, regardless whether they operate within mineral reservation areas or not, will push away international […]

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Philippines: Peso recovers, stays within 54:$1

MANILA, Philippines — The peso slightly recovered yesterday, closing at 54.07 to $1, up four centavos from Monday’s 54.11 to $1. The currency opened slightly weaker at 54.15 compared to the previous day’s level of 54.1 to $1 and reached an intra-day high of 54.06 to $1. Total volume reached $766.45 million, lower than the […]

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Philippines can overcome ‘temporary adversities’ — DOF

MANILA, Philippines — The Department of Finance (DOF) yesterday expressed confidence that the Philippine economy can overcome “temporary adversities,” such as high inflation and a widening current account deficit. While recognizing that the country is indeed facing some headwinds, Finance Secretary Carlos Dominguez said the local business community should also take a look at the […]

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Philippines: Monetary regulator vows stronger action

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is holding its rate-setting meeting as scheduled next week, vowing stronger action to curb rising inflationary expectations. In an interview with reporters on the sidelines of the signing of the memorandum of agreement expanding the Negosyo Center financing ecosystem, BSP Governor Nestor Espenilla Jr. said the Monetary Board […]

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Philippines: Gov’t borrowings hit P44.4 B in July

MANILA, Philippines — The national government borrowed P44.4 billion from both domestic and foreign lenders last July, data from the Bureau of the Treasury showed. Government borrowings rose more than three times to P44.4 billion in July from the P14.21 billion in the same month last year. This brought total gross borrowings to P505.26 billion […]

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