MANILA, Philippines — The Philippine Exporters Confederation Inc. (Philexport) has expressed opposition against the classification of value added tax (VAT) exemption as a tax incentive under the second package of the tax reform program, saying this will make exports uncompetitive. In a position paper submitted to the Department of Finance, Philexport aired the group’s reservations […]
Read MoreMANILA, Philippines — The weakening of the peso against the dollar would not be a major source of inflation over the coming year, according to think tank Capital Economics. Gareth Leather, senior Asia economist at Capital Economics, said in its weekly report titled Philippine: Time to worry about the weak peso?, the relationship between currency […]
Read MoreMANILA, Philippines — The widening of the current account deficit may increase the country’s exposure to potential sudden capital outflows, according to S&P Global Ratings. In a report, S&P said it is closely monitoring the current account balance of the Philippines. According to a report from the Bangko Sentral ng Pilipinas (BSP), the country posted […]
Read MoreMANILA, Philippines — Term deposit rates rose across the board yesterday, ahead of the impending reduction in the level of deposits that banks are required to maintain with the central bank. The seven-day term deposits fetched a higher rate of 2.8164 percent from 2.7232 percent last week, while the 14-day tenor recorded a rate of […]
Read MoreMANILA, Philippines — The country’s socioeconomic planning chief on Wednesday said policymakers should “rethink” what financing scheme must be implemented to fund the Duterte administration’s aggressive infrastructure push. That was after estimated take from a new tax law turned out to be less than what the government had hoped to raise. “That shortfall in the […]
Read MoreMANILA, Philippines — The European Union (EU) has urged the Philippines to open up its economy to more foreign players, noting that the country now has a strong competition policy in place. EU Ambassador to the Philippines Franz Jessen said yesterday it is high time for the country to relax foreign restrictions as it now […]
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