MANILA, Philippines — With time running out, businessmen on Thursday called on Congress to quickly pass the Duterte government’s revised corporate tax reform bill, saying the measure would serve as companies’ main fix to the destruction of the coronavirus pandemic. A “bold” and “historic economic” reform is needed to help firms recover and counter the effects of the […]
Read MoreMANILA, Philippines — An expected surge in spending and a drop in revenues last month did not only spoil a typical budget surplus in April, they also widened the deficit to a new record-high. The deficit, which indicates the government spent beyond its means, widened to P273.9 billion in April, a massive reversal of last […]
Read MoreMANILA, Philippines — The Asian Development Bank (ADB) has approved a $400-million policy-based loan to support the Philippine government’s efforts to strengthen its domestic capital markets. The multilateral development bank said yesterday that the Support to Capital Market-Generated Infrastructure Financing Program, Subprogram 1, aims to address key constraints that have limited the growth of domestic […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has expanded the coverage of relief measures to include large enterprises affected by the economic fallout from the coronavirus pandemic. BSP Deputy Governor Chuchi Fonacier said loans extended by banks after March 15 to large enterprises with an asset size of more than P100 million, excluding […]
Read MoreMANILA, Philippines — New taxes are being considered by the Duterte administration starting 2021 to partially offset the costs of this year’s stimulus measures meant to counter the pandemic’s economic impact. Costing was already started for a proposed digital economy value added tax (VAT), higher sugar-sweetened beverage taxes as well as new levies on junk food, particularly those […]
Read MoreMANILA, Philippines — Accommodation establishments will be allowed to resume normal operations, but at limited capacity only once areas are placed under modified general community quarantine or MGCQ, according to the Department of Tourism (DOT). Based on Administrative Order 2020-002, the DOT said accommodation establishments may accept bookings of all guests, whether for work or […]
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