MANILA, Philippines – Excise taxes collected by the Bureau of Internal Revenue (BIR) from large taxpayers in the first half went down year-on-year, but still managed to exceed the target amid the slowdown in economic activity caused by the coronavirus disease 2019 or COVID-19 pandemic. According to preliminary data from the Department of Finance (DOF), […]
Read MoreMANILA, Philippines (Corrected 10:07 p.m.) — Foreign investment pledges approved by the Board of Investments (BoI) sank by more than 70% in the first half as investors abroad hold off expansion plans amid the onslaught of the coronavirus pandemic. Data from the Department of Trade and Industry (DTI) released Monday showed BOI-approved pledges by foreign businessmen sagged 73% […]
Read MoreMANILA, Philippines – The government should tighten its enforcement measures and strengthen its legal backbone to prevent more cases of fraud in the Philippine financial system, according to the Department of Finance (DOF). In a text message to reporters, Finance Secretary Carlos Dominguez said concerned government authorities must improve their law enforcement efforts against perpetrators of […]
Read MoreMANILA, Philippines — More banks are extending the free real-time and batch fund transfers until the end of the year in line with the digitalization push of the Bangko Sentral ng Pilipinas (BSP) as the economy recovers from the impact of the coronavirus disease 2019 or COVID-19 pandemic. BSP Governor Benjamin Diokno said the regulator […]
Read MoreMANILA, Philippines — A persistent pullback in both exports and imports continued to shrink the Philippines’ trade gap in May albeit at a slower pace than the previous month, with the government welcoming this as a sign of economic recovery from a shutdown meant to stem the spread of coronavirus infections. The Philippine Statistics Authority […]
Read MoreMANILA, Philippines — The Philippine peso has emerged as the most stable currency among its Asian counterparts even amid the uncertainties caused by the COVID-19 pandemic, according to the Department of Finance (DOF). In a report, Finance Undersecretary and chief economist Gil Beltran said the peso remained resilient despite the headwinds faced by the global […]
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