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Philippines: BSP keeps interest rates intact

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) kept interest rates unchanged yesterday, but raised the inflation forecast for 2018 amid rising oil prices, higher liquidity in the financial system and the weak peso. BSP Governor Nestor Espenilla Jr. said the Monetary Board retained the interest rate on the overnight reverse repurchase facility at […]

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Philippines: Government eyes tax amnesty program in 2018

MANILA, Philippines — The government may implement next year a tax amnesty program aimed at improving taxpayer compliance and boosting government revenue, the Department of Budget and Management (DBM) said yesterday. During the Philippine Economic Society’s annual meeting yesterday, Budget Secretary Benjamin Diokno said the government is serious in its crackdown against tax evaders to […]

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Philippines: IMF urges checks to prevent overheating

MANILA, Philippines — The International Monetary Fund (IMF) said monetary and fiscal authorities should act swiftly to prevent the Philippine economy from overheating amid rapid growth and low inflation. “The combination of high credit growth, buoyant private investment, and fiscal expansion without tax reform could lead to overheating of the economy,” it said. Overheating occurs […]

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Philippines: Inflation kicks up to 3.5% in Oct

MANILA, Philippines — The country’s inflation rate quickened to a three-year high in October, driven largely by higher fuel and food prices as well as the weaker peso,  the Philippine Statistics Authority (PSA)  reported yesterday. Inflation, the movement of prices of basic goods and services, accelerated to 3.5 percent in October, higher than the 2.3 […]

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Philippine auto sector outperforms in ASEAN market

MANILA, Philippines — The Philippine automotive industry is showing no signs of slowing down as it  continues to be among the top performing sales and production markets in Southeast Asia in the first three quarters. Latest data from the ASEAN Automotive Federation showed vehicle sales and production in the Philippines posted the second fastest growth […]

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