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Philippines: Greater private sector participation in infrastructure urged

MANILA, Philippines — With public funds not enough to meet infrastructure needs, European businesses are calling on governments in Southeast Asia to create a favorable environment to encourage greater private sector participation in projects. In a report titled “Bridging the Gap: Funding of Sustainable Infrastructure in ASEAN (Association of Southeast Asian Nations),” the European Union […]

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Philippines: Renovation of tourism enterprises gets tax perks

MANILA, Philippines — The government will grant tax incentives to various tourism enterprises for the renovation or modernization of their facilities in line with upgrading health and safety protocols, the chief of the Department of Tourism (DOT) said. “The Board of Investments (BOI) has approved tax incentives that can be given to tourism enterprises that […]

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Philippines: Trade gap narrows to new 2-year low

MANILA, Philippines — The country’s trade deficit narrowed to a new two-year low of $500 million in April as steep declines were registered in both imports and exports during the month, the Philippine Statistics Authority (PSA) reported yesterday. Total external trade in goods last April reached $6.07 billion, down by 59.8 percent from $15.10 billion […]

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World Bank sees Philippine economy contracting by 1.9%

MANILA, Philippines — The World Bank expects the Philippine economy to contract by 1.9 percent this year, reflecting the disruptions caused by the coronavirus pandemic as well as multiple economic shocks in the beginning of the year. This will be the first annual contraction for the economy since the Asian financial crisis when the economy […]

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