MANILA, Philippines — Payment terms on government debts continue to shorten as of June, nearly cancelling out any benefits from falling borrowing costs at a time the country is turning to loans to fund its costly coronavirus disease-2019 (COVID-19) response. Data from the Bureau of the Treasury showed more government debts are actually falling due, […]
Read MoreMANILA, Philippines — The Bureau of Internal Revenue (BIR) has eased the tax residency rules for foreign employees who are forced to extend their stay in the Philippines due to travel restrictions amid the coronavirus pandemic. BIR Commissioner Caesar Dulay issued BIR Revenue Memorandum Circular 83-2020, dated Aug. 17, addressing the international tax issues related […]
Read MoreMANILA, Philippines — The Philippines will still emerge as the world’s largest rice importer until 2021 with the expected decline in local production. Based on the latest report of the United States Department of Agriculture-Foreign Agricultural Service, imports will slightly decline this year but will pick up next year. This year’s rice imports are seen […]
Read MorePromoting economic resilience in the times of pandemic MANILA, Philippines — Every day, micro-retailers play a vital role by providing essential goods and services to their communities. Collectively, they are major economic drivers—even during the COVID-19 pandemic when they were hit hard by quarantine restrictions. It is in recognition of the valuable contributions of these […]
Read MoreMANILA, Philippines — The Asian Development Bank (ADB) has approved a $400-million policy-based loan for the Philippines to support reforms aimed at improving productivity in the agriculture sector. The multilateral bank said the Competitive and Inclusive Agriculture Development Program Subprogram 1 would help the government expand economic opportunities in the farm sector by implementing trade […]
Read MoreMANILA, Philippines — The non-performing loan (NPL) ratio of banks rose for the sixth straight month to hit its highest level in almost six years at 2.53 percent in June from 2.43 percent in May, as past due and restructured loans continued to rise due to the impact of the coronavirus disease 2019 or COVID-19 […]
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