MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) expects inflation to remain elevated at a fresh nine-year high of 5.9 percent in August on the back of higher oil, rice, and food prices due to weather disturbances as well as more expensive power rates. The central bank’s Department of Economic Research (DER) said inflation may settle at a range of […]
Read MoreMANILA, Philippines — The government plans to declare more mineral reservation areas in the country to help provide equitable access to mineral resources and generate additional non-tax revenues for the government. The Department of Environment and Natural Resources (DENR) and the Mines and Geosciences Bureau (MGB) is now in the process of identifying “mineralized areas and high mineral potential […]
Read MoreMANILA, Philippines — The Bureau of Internal Revenue (BIR) has released the guidelines for the imposition of excise tax on sugar-sweetened beverages, pursuant to the Tax Reform for Acceleration and Inclusion (TRAIN) Act. The BIR issued Revenue Regulations 20-2018, dated July 25, 2018 and signed by Finance Secretary Carlos Dominguez and Internal Revenue commissioner Caesar […]
Read MoreMANILA, Philippines — The second package of the Tax Reform for Acceleration and Inclusion (TRAIN) Law may result in higher electricity rates for consumers and impact the renewable energy sector, according to consumer group Laban Konsyumer Inc. In a statement, LKI president and former trade undersecretary Victorio Dimagiba said they have warned Finance Secretary Carlos Dominguez that power rates […]
Read MoreMANILA: The Philippines’ agriculture minister said on Monday he has proposed the importation of an additional 132,000 tonnes of rice by the private sector to address “very limited” supplies of the staple food in the country’s southern provinces. Agriculture Secretary Emmanuel Piñol said he had formally recommended the “special” importation to President Rodrigo Duterte, and […]
Read MoreMANILA, Philippines — Moody’s Investors Service said emerging markets, including the Philippines, remain inherently vulnerable to the risk of capital outflows associated with tightening global liquidity. In a report, Moody’s said 19 emerging countries have experienced $2 billion in net outflows in the second quarter. Data from the Institute of International Finance showed net capital […]
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