MANILA, Philippines — The Department of Finance (DOF) has invited the Alibaba Group to partner with the Duterte administration and the private sector for the establishment of an inclusive financial system in the Philippines that would drive growth in rural communities and empower small businesses. During a meeting with Alibaba officials earlier this month, Finance […]
Read MoreMANILA, Philippines — Income inequality in the Philippines grew over the two years to 2014, according to a new report from Oxfam International. According to Oxfam, the Philippines’ Gini coefficient—a standard measure of income inequality from 0 to 1, with 0 representing total income equality—rose near 0.60 level in 2014 after settling above 0.40 in 2012. Oxfam […]
Read MoreTHE Philippines’ gross international reserves (GIR) marginally declined in January with the Bangko Sentral ng Pilipinas (BSP) attributing the drop to its foreign exchange operations and national government’s foreign debt payments. Central bank data released on Thursday showed the country’s foreign exchange reserves at $81.205 billion, down 0.44 percent from December and the $81.376 billion […]
Read MoreMONETARY authorities decided to keep key interest rates unchanged on Thursday but now expect inflation to breach their target for the year. The Bangko Sentral ng Pilipinas’ (BSP) overnight borrowing, lending and deposit rates were maintained at 3.0 percent, 3.5 percent and 2.5 percent, respectively, following the Monetary Board’s first policy meeting for 2018. Inflation […]
Read MoreREMOVING the preferential tax rate (PTR) for multinational companies’ regional headquarters (RHQs) and regional operating headquarters (ROHQs) are not only confusing investors on the government’s plans for them, but also risk reducing foreign investments in the country, two business groups warned on Wednesday. “With the issuance of the Bureau of Internal Revenue (BIR) advisory last […]
Read MoreMANILA, Philippines — The Philippines needs to address the gaps in its infrastructure before it can fully participate in the digital economy, according to the Department of Finance (DOF). Finance Secretary Carlos Dominguez said the Philippines has “a lot of catching up to do” to become at par with other economies like China in the […]
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