MANILA, Philippines — A consumer group on Tuesday urged the country’s transport regulator to “stop meddling” in the ongoing review of the consolidation of businesses of ride-hailing companies Uber and Grab, amid concerns that the deal is anticompetitive. Last month, the two companies announced that Grab will buy Uber’s ride-sharing and food delivery business in […]
Read MoreMANILA, Philippines — The Philippines can afford to gradually cut corporate income tax (CIT) rates to stimulate investments, as the country also seeks to reduce fiscal incentives from businesses that do not need them. “Some ASEAN countries, like the Philippines, have scope to cut the statutory CIT rate in a gradual manner, which could encourage […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to pursue major reforms to sustain the strong position of Philippine banks. BSP Deputy Governor Chuchi Fonacier said the regulator would continue to craft meaningful and proactive reforms that are aligned with best practices and international standards, and at the same time sensitive to […]
Read MoreMANILA, Philippines — The Philippines is seen as a better choice for foreign direct investments over faster growing economies in Asia like China and Vietnam, an American diplomat said. China and Vietnam are the only two countries in Asia which outpaced the Philippines’ economic growth of 6.7 percent in 2017, posting expansions of 6.9 and […]
Read MoreMANILA, Philippines — The national government borrowed P47.66 billion from domestic and foreign lenders in January, nearly 22 percent higher than the P39.13 billion recorded in the same period in 2017, according to the Bureau of the Treasury (BTr). Of the amount, P19.98 billion came from foreign lenders, slightly lower than the P20.04 billion recorded […]
Read MoreMANILA, Philippines — The country’s trade deficit likely widened anew in February as imports remain elevated as part of the government’s massive infrastructure program, according to British banking giant HSBC. HSBC said the trade shortfall of the Philippines may hit $3.72 billion in February, 12 percent wider than the previous month’s $3.32 billion. “We expect […]
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