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Singapore Life Pte. Ltd. may soon open shop in the country as the Insurance Commission (IC) announced the company would secure its license to operate by November this year. Insurance Commissioner Dennis B. Funa said the multinational company will be submitting the requirements needed to operate in the local insurance industry in the coming weeks. According to Philippine Life Insurance… → Read More
THE Philippine Amusement and Gaming Corp. (Pagcor) reported that its gross gaming revenues (GGR) for the first half of the year rose by 9.33 percent to P36.566 billion, from P33.445 billion recorded in the same period in 2018. The government-owned and -controlled corporation (GOCC) said its GGR for the January-to-June period also overshot its target of P33.351 billion. Based on its latest… → Read More
The Bureau of Customs (BOC) said it is ready to start its audit of rice traders next month in line with its probe to determine if there was undervaluation of rice imports. The Department of Finance (DOF) also announced on Monday that the BOC has collected a total of P6.479 billion in tariffs from rice imported by traders as of July 15 following the implementation of Republic Act (RA) 11203. “We… → Read More
THE Bureau of Internal Revenue (BIR) and Department of Labor and Employment (DOLE) are working on developing an interagency database of foreign nationals working in the country, to ensure they pay the correct amount of taxes to the Philippine government. This, as the BIR will start collecting income taxes from… → Read More
LOOKING to ensure close coordination with lawmakers in the passage of the 2020 General Appropriations Act, the Department of Budget and Management (DBM) will wait for the appointment of the House Speaker before endorsing the 2020 budget proposal of P4.1 trillion. DBM Acting Budget Secretary Janet B. Abuel told reporters… → Read More
The Department of Finance (DOF) said inflation for the year may settle below 4 percent if average month-on-month (MoM) price increases would reach 0.4 percentage points. Based on its inflation simulation, the DOF said in its economic bulletin that if the prices of goods record rise by as much as… → Read More
THE Social Security System (SSS) has hired the services of five local fund managers to help manage its P7-billion Investment Reserve Fund (IRF) as it moves to further diversify its investment portfolio. In a statement on Sunday, SSS President and CEO Aurora C. Ignacio said the pension fund deployed P1… → Read More
THE order book for the republic’s second Panda bond issuance is more than four times oversubscribed at renminbi (RMB) 11 billion, showcasing what officials described as the strong vote of confidence in the Philippines’s economic stewardship and transformative reform agenda. A statement issued by the Bureau of the Treasury (BTr)… → Read More
THE national government recorded a budget deficit of P90.245 billion for the first quarter of 2019, as expenditures outpaced revenues, but the gap was much lower than last year’s, according to data from the Bureau of the Treasury (BTr). Finance Secretary Carlos G. Dominguez III told reporters in a text… → Read More
THE Department of Finance (DOF) has instructed the Bureau of Internal Revenue (BIR) to work with the Department of Trade and Industry (DTI) in curbing a new scheme perpetrated by illicit tobacco traders who are suspected of using recycled tax stamps on fake cigarettes. A recent DOF executive committee (Execom)… → Read More
The Bureau of Customs (BOC) said around 37 percent of the overstaying containers at the Manila International Container Port (MICP) have been examined in line with government efforts to free up space in the yard and improve the port’s efficiency. MICP District Collector Erastus Sandino B. Austria said the BOC… → Read More
THE TradeNet platform is seen to address the rise in export and import data discrepancies, which reached 30 percent in 2018 coming from only 24.8 percent in 2016, the Department of Finance (DOF) has said. Based on an economic bulletin of the DOF, data collection should be improved to address… → Read More
FINANCE Secretary Carlos G. Dominguez III was said to have cited the potentials of the demographic complementarity between Japan and the Philippines during a Philippine Economic Briefing (PEB) in Osaka last Friday. According to Dominguez, both countries complement each other and can even become “demographic partners.” Dominguez explained that Japan’s… → Read More
THE Bureau of Customs (BOC) has issued Customs Memorandum Circular (CMC) 34-2019 in line with streamlining the procedures for the issuance of the Bureau of Internal Revenue’s (BIR) Authority to Release Imported Goods (Atrig). The move is part of a slew of directives by relevant agencies to cut red tape… → Read More
THE Philippine Amusement and Gaming Corp. (Pagcor) has reported a total income from gaming operations of P67.854 billion as of end-December 2018, breaching its target of P61.659 billion for the year. In its latest financial statement, Pagcor reported that its P67.854-billion collection was higher by 18.34 percent than revenues it… → Read More
DON’T just blame the higher taxes or global factors like oil prices. “Faulty” forecasting that morphed into a “self-fulfilling prophecy” was one of those that fueled inflation in 2018, according to a ranking Department of Finance (DOF) official who had been the agency’s pointman in lobby → Read More
THE Department of Finance (DOF) sees inflation settling at 6.3 percent for the month of November, with the prices of food commodities seen decreasing specifically for rice and vegetables.The 6.3 percent is lower than the inflation rate reported in October of 6.7 percent and higher than the 3.3 p → Read More
THE proposed tax amnesty measure can only be efficiently implemented if the provision on lifting the bank secrecy law as proposed by the Duterte administration is included, the Department of Finance (DOF) has said.Finance Secretary Carlos G. Dominguez III reiterated that it is necessary for the → Read More
THE country’s tax effort from January to September this year reached 15.2 percent, with the growth attributed mostly to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, the Department of Finance (DOF) has reported.This was described as the highest tax effort eve → Read More
Starting January 1, 2019, contract of service (COS) and job order (JO) workers shall be paid a salary equivalent to the daily wage of comparable positions in → Read More