WASHINGTON – The International Monetary Fund (IMF) said the proposed tax overhaul pending in Congress could boost the revenue and tax effort of the Philippines, raising additional funds to bankroll the plan of the national government to ramp up infrastructure spending. Vitor Gaspar, director at IMF’s Fiscal Affairs Department, told The STAR the Comprehensive Tax […]
Read MoreMANILA, Philippines – The national government’s fiscal balance swung back to a deficit last February as revenue generation failed to offset spending during the period, data from the Bureau of the Treasury (BTr) showed. In its latest cash operation report, the BTr said the national government incurred a fiscal deficit of P23.7 billion in February, […]
Read MoreWeeks after Indonesia reported netting more than US$10 billion from a tax amnesty, the Philippine government said it’s mulling a similar move. Implementing it may not be that easy. In Indonesia, the amnesty gave individuals a reprieve from prosecution if they came clean on unreported income or hidden assets abroad. The Philippines is considering a […]
Read MorePhilippine monetary authorities are ready to deploy macroprudential measures to address potential tightness in funding conditions as well as strong capital outflows due to shocks from interest rate hikes in the US and tensions in the Korean Peninsula. Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. told The STAR the central bank could adopt sound […]
Read MoreMANILA, Philippines – The Philippines’ balance of payments (BOP) remained in deficit in March, the widest in four months, as more money flew out of the country against the capital that came in. This is the sixth consecutive month the country incurred a BOP deficit, data from the Bangko Sentral ng Pilipinas (BSP) showed. The […]
Read MoreMANILA, Philippines – The Philippine economy likely grew seven percent in the first quarter of the year, the middle point of the target range for 2017, Socioeconomic Planning Secretary Ernesto Pernia said. “There are signs that for the first quarter, we’re going to hit close to the mid-range of this growth target, around seven percent,” […]
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