MANILA, Philippines — Term deposit rates rose across-the-board to hit record levels ahead of the rate-setting meeting of the Bangko Sentral ng Pilipinas (BSP) scheduled today. The seven-day term deposits fetched a record yield of 4.8291 percent, 8.49 basis points higher than last week’s 4.7442 percent, while the rate of the 14-day tenor increased 7.52 […]
Read MoreMANILA, Philippines — The Philippines is among the countries in emerging Asia that has room to support growth by loosening fiscal policy, provided that debt levels are checked and the budget deficit under control, London-based think tank Capital Economics said. In a new regional report titled “Which countries are running out of fiscal firepower?” the macroeconomic research firm said most countries […]
Read MoreMANILA, Philippines — The government is seeking to further boost the domestic capital market by harmonizing tax rates on capital income and financial products as proposed under the fourth tax reform package, the Department of Finance (DOF) said Wednesday. In a presentation to the House Committee on Ways and Means, Finance Undersecretary Karl Kendrick Chua […]
Read MoreMANILA, Philippines — The national government’s fiscal deficit widened by 78 percent to P378.2 billion in the nine months to September, already accounting for three percent of the country’s gross domestic product. Tax effort meanwhile, improved by 0.7 points to 15.2 percent, the highest tax effort ever recorded during the period owing to the implementation […]
Read MoreMANILA, Philippines — State-run National Food Authority has failed anew to secure the 203,000 metric tons (MT) of rice via government to government (G2G) scheme after Thailand and Vietnam exceeded the agency’s reference price. During the bidding on Tuesday, the governments of Thailand and Vietnam both offered bids that were way above the NFA reference […]
Read MoreMANILA, Philippines — Foreign direct investment (FDI) inflows dropped by more than 41 percent to a five-month low of $752 million in August from $1.28 billion in the same month last year amid concerns over rising interest rates and slower economic expansion, according to the Bangko Sentral ng Pilipinas (BSP). This was the lowest level […]
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