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Philippines: Grab, Uber fined P16M for status quo violations

The country’s antitrust watchdog has imposed a P16-million fine against ride-hailing firm Grab Philippines and erstwhile rival Uber for failing to observe the status quo while their merger was being reviewed. The Philippine Competition Commission (PCC), in a statement, said the two firms had violated “key provisions” of its Interim Measures Order (IMO), issued in […]

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Philippines: No more rate hikes possible in 2018

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) may take a breather after raising interest rates by a total of 150 basis points in four consecutive rate-setting meetings since May to anchor rising inflationary expectations. “If there are signs that inflation is already abating as measured by the month-on-month, we may take a pause. […]

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Philippines: Higher fuel surcharge in air fares looms

MANILA, Philippines — Airline passengers could see even higher fares in the next two months should local airlines opt to increase the fuel surcharge. The Civil Aeronautics Board (CAB) said passenger fuel surcharge for domestic and international flights from Nov. 1 to Dec. 31 would increase to Level 4, which means additional cost of between […]

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Philippines: Tax hike suspension to cost P41B

While the suspension of the increase in the excise tax on oil will immediately be felt by consumers in terms of lower prices of fuel, spending on some non-infrastructure projects, such as subsidies given to marginalized sectors, might have to be sacrificed. Government will consider slashing non-infrastructure spending due to the P41-billion foregone revenue that […]

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Philippines: Remittances decline in August 2018

8-month tally still up 2.4% to $21.2 billion MANILA, Philippines — Personal remittances from overseas Filipinos declined by 1.4 percent to $2.76 billion from the $2.8 billion in August recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Despite the decline in August, the BSP said the eight-month tally […]

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