MANILA, Philippines — The Petroleum Association of the Philippines (PAP) is raising concerns over the second package of the Comprehensive Tax Reform Program which seeks to rationalize fiscal incentives as this could further stall the development of the country’s upstream sector. The 30-member association has been discussing issues regarding the Package 2 of the tax […]
Read MoreMANILA, Philippines — Fraud cases in businesses nearly doubled in the last two years, pushing reported economic crimes in the country to its highest level, the latest bi-annual survey of PwC showed. The 2018 Global Economic Crime and Fraud Survey released yesterday showed over half, or 54 percent of Philippine organizations indicated that they have […]
Read MoreMANILA, Philippines — The national government‘s fiscal deficit widened by almost four times to P115.9 billion in the first four months from the P30.2 billion recorded in the same period last year, the Department of Finance (DOF) reported yesterday. The latest deficit figure, however, was 31 percent short of the P167.1 billion target for the […]
Read MoreMANILA, Philippines — The peso continued to weaken yesterday, shedding 13.5 centavos to close at a fresh 11-year low amid the country’s weakening external payments position due to the widening trade and current account (CA) deficits. The local currency closed at 52.465 to $1 yesterday from Friday’s 52.33 to $1. This was the weakest level […]
Read MoreMANILA, Philippines — The government’s fiscal position swung to a deficit during the first four months of the year on the back of higher-than-expected increase in revenues despite spending boost. According to Finance Secretary Carlos Dominguez III, the budget gap from January to April widened to P115.9 billion, P51.2 billion below program but P85.7 billion […]
Read MoreMANILA, Philippines — The Philippines is seeking the assistance of Korea in the development of the country’s electric vehicle industry as the country prepares to go full speed with its public utility vehicle (PUV) modernization program. Officials of the Electric Vehicle Association of the Philippines (EVAP), together with high-level Department of Trade and Industry officials, […]
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