MANILA, Philippines — The Philippine Chamber of Agriculture and Food Inc. (PCAFI) is asking the government for an annual sugar import allocation of around 105,000 metric tons to help stabilize supply. Processors are actually requesting a maximum of 10 percent sugar import allocation out of the country’s annual sugar production of 2.1 million MT. PCAFI, […]
Read MoreMANILA, Philippines — The Department of Finance (DOF) has ordered the Bureau of Internal Revenue (BIR) to expedite its audit of almost 30,000 cooperatives to weed out those that abuse the tax incentives. Based on a report to the DOF, the BIR has sent audit notices to 474 cooperatives across the country resulting in tax […]
Read MoreIn order to accelerate poverty reduction and to address the growing economic inequality between the rich and the poor, the government, over the last few years has prioritized undertaking a comprehensive tax reform program. The first package of the program which was known as Tax Reform for Acceleration and Inclusion (TRAIN) Law or Republic Act […]
Read MoreMANILA, Philippines — AC Energy Inc., the power platform of the Ayala Group, is expanding into Myanmar—its fourth overseas market— following the deal it signed with Singapore-based Yoma Strategic Holdings Ltd. to jointly work on around 200 megawatts (MW) of renewable energy projects. In a disclosure to the Philippine Stock Exchange yesterday, AC Energy said […]
Read MoreMANILA, Philippines — The series of rate hikes delivered by the Bangko Sentral ng Pilipinas (BSP) last year slashed the country’s economic growth by 0.2 percentage point in 2018 and 0.4 percentage point in the first half of 2019, according to the Department of Finance (DOF). In an interview, Finance Undersecretary and chief economist Gil […]
Read MoreMANILA, Philippines — The country’s trade deficit narrowed to $2.41 billion in August, as exports rose modestly and imports continued to decline, the Philippine Statistics Authority (PSA) reported yesterday. Total external trade in goods in August reached $14.91 billion, down by seven percent from $16.03 billion in the same month last year. Exports rose by […]
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