MANILA, Philippines — A local think tank has urged government to justify new or increased taxes particularly those with inflationary effects. During an economic forum Wednesday, Dindo Manhit, president of policy research body Stratbase ADR Institute, said the government must first plug loopholes in collection before legislating more tax measures. “With regard to the government’s tax reform program, the […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) and the Bank of China are set to formally ratify next week the establishment of a system that will allow local banks to directly exchange renminbi (RMB) to peso and vice-versa at better rates. Bank of China and BSP are scheduled to sign on Oct.30 the […]
Read MoreMANILA, Philippines — The Confederation of Sugar Producers’ Associations Inc. (Confed) is calling on the Department of Finance to suspend not just the excise tax on fuel but the implementation of the entire second phase of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. The DOF recently announced the suspension of the hike in excise tax for fuel […]
Read MoreMANILA, Philippines — The planned suspension of a further increase in excise tax on fuel products coupled with the lifting of import limits on rice could bring inflation back on target starting next year, a central bank official said Wednesday. Inflation spiked to a fresh nine-year high of 6.7 percent in September, keeping the pressure on the Bangko Sentral […]
Read MoreMANILA, Philippines — Vehicle makers and assemblers expect sales to drop between 10-to 15-percent this year as demand continue to weaken due to rising inflation and higher vehicle excise taxes. On the sidelines of the 7th Philippine International Motor Show in Pasay City yesterday, Chamber of Automotive Manufacturers of the Philippines Inc.(CAMPI) president Rommel Gutierrez told reporters the […]
Read MoreMANILA, Philippines — The proposed suspension of the next increase in fuel excise taxes is expected to cut inflation by 0.2 percentage point in 2019 if implemented for the entire year, according to the Bangko Sentral ng Pilipinas. During a joint hearing conducted by the Senate economic affairs and ways and means committees, BSP Assistant […]
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