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Philippines plans to import 250k tons of rice to raise stocks

MANILA: The Philippines, one of the world’s top rice buyers, plans to import 250,000 tons of rice as soon as possible to boost thinning stockpiles, an official of the state’s grains procurement agency said on Wednesday (17/01). The Philippines typically buys rice from major exporters Vietnam and Thailand. Prospects of deals with the Philippines have already boosted rice export prices ... Read More »

Philippines proposes corporate tax cuts in reform package to Congress

MANILA: Philippine President Rodrigo Duterte has proposed to cut the corporate tax rate and rationalise fiscal incentives to investors in the second of five tax-reform packages submitted to Congress, the Department of Finance (DOF) said on Tuesday. Duterte aims to fund his massive infrastructure programme by overhauling the tax system. The proposed measures, the DOF said, seeks to lower corporate ... Read More »

Prices of McDonald drinks could go up due to tax reform

MANILA:  Philippines Diners at McDonald’s Philippines might soon pay a little more to quench their thirst, after the government decided to raise taxes on sugar-sweetened beverages, including soda. Golden Arches Development Corporation (GADC), which holds the exclusive franchise to operate McDonald’s in the Philippines, said it is thinking of ways to balance the impact of the newly-enacted tax on sugar-sweetened ... Read More »

Asian development bank says Philippines should be Serious in Rebuilding Marawi

MANILA: A woman works in a vegetable garden on the outskirts of Marawi where the Philippine government built 50 temporary housing units for people displaced by fighting in the southern city, Nov. 21, 2017. The Asian Development Bank (ADB) called Friday on the Philippines to make a serious effort to rebuild and rehabilitate Marawi, where a large section remains uninhabitable ... Read More »

Philippines commits to 25 percent corporate tax rate

MANILA: The Philippines Department of Finance has said the country will look to install a 25 percent corporate income tax rate on a broader base as part of the second phase of its tax reform process. Finance Undersecretary Karl Kendrick Chua explained that, presently, the country levies a 30 percent tax rate but it is applied across a narrow base, ... Read More »

Philippines to move second phase of tax reform plan

MANILA: Philippines is to take forward its tax reform agenda in January, with a second package of proposals to be tabled before Congress, after the first package was endorsed with some vetoes by President Rodrigo Duterte. We are very pleased that the legislature passed the TRAIN bill. The President signed it into law although there are some provisions that he ... Read More »

Philippine market correction seen to continue this week

MANILA:  Stock market investors are seen pocketing gains this week after an eight-day winning streak but any dip is seen as an opportunity for others to reenter the market amid upbeat prospects for equities for the rest of the year. Last week, the main-share Philippine Stock Exchange index (PSEi) advanced by a total of 211.58 points or 2.5 percent to ... Read More »

Teachers’ take home pay to increase due to tax reform

MANILA:  Philippines The Department of Education (DepEd) said teachers stand to benefit from the Tax Reform for Acceleration and Inclusion (Train) Law as their take-home pay will increase. On Friday, January 5, DepEd threw its support behind the first batch of tax reforms approved by President Rodrigo Duterte. DepEd said it is in line with Education Secretary Leonor Briones’ commitment ... Read More »

Economy seen to grow at least 7%

MANILA:  PhilippinesAn economic growth of at least seven percent is possible for the Philippines this year as the new tax reform law takes effect and government’s aggressive infra spending program rolls out, top economists said yesterday. Finance Undersecretary Gil Beltran said a gross domestic product (GDP) growth of at least seven percent is doable this year with the implementation of ... Read More »

Honda Philippines raises prices for most cars due to tax reform law

MANILA:  The Philippine unit of Japan’s second top automaker Honda Motor Company raised prices for most models following the implementation of new excise tax rates. Honda Cars Philippines Incorporated on Wednesday, January 3, posted on its official website an updated price list, reflecting increases for all models below premium levels. For instance, a Honda City 1.5 E MT vehicle can ... Read More »

Philippine stocks break 8,700 level to open 2018

MANILA: Philippine stocks achieved another new record on the 1st trading day of 2018, breaching the 8,700 level for the first time in history. On Wednesday, January 3, the Philippine Stock Exchange index (PSEi) was at 8,724.13 points, up by 165.71 or 1.94% from last Friday, December 29. All sectoral indices also ended higher, with the Holding Firms and Property ... Read More »

Philippine factories gave a strong performance in 2017 Nikkei

MANILA: The Philippine manufacturing industry closed 2017 on a “strong” note as a result of higher demand in December, data released by Nikkei Philippines on Tuesday showed. The Nikkei Philippines Manufacturing Index (PMI)a broad indication of the health of the country’s manufacturing sector on a monthly basissettled at 54.2 last December, compared with 54.8 in November and 55.7 in December ... Read More »

New tax law takes effect today

MANILA: The tax reform law, which reduces personal income tax but imposes a higher tax on fuel, cars, tobacco and sugary beverages to bankroll the government’s infrastructure and development projects, takes effect today. To kick off the effectivity of Republic Act 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, Revenue Commissioner Caesar Dulay has issued Memorandum Circular ... Read More »

Philippines prepares Economy for bumper year

MANILA: Officials in the Philippines, one of Asia’s fastest growing economies, are planning a series of economic stimulus measures in 2018 to ease poverty and compensate for a lag in foreign investment. Manila is building $169 billion in infrastructure, such as railways and an airport terminal, while toying with legal changes that would let foreigners own larger shares of localized ... Read More »

Philippine finance chief hails BIR extraordinary 2017

MANILA:  It was an “extraordinary” 2017 for the Bureau of Internal Revenue (BIR), said the country’s finance minister, after the bureau waged a successful war against big-time tax dodgers. Finance Secretary Carlos Dominguez III said BIR closed 2017 on a good note after it booked the country’s biggest-ever tax settlement: Mighty Corporation’s about P30 billion liabilities. “The year 2017 is ... Read More »

Philippines FDI to continue but domestic risks persist

MANILA: A host of positive factors will likely keep foreign direct investments flowing to the Philippines but risks will continue to stem from domestic political environment, Japanese financial giant Nomura said. In its Asia Economic Outlook report, Nomura noted that FDI inflows were on a structural uptrend. Inflows for the first nine months of 2017 totaled $5.83 billion and the ... Read More »

Philippines economy is in a Goldilocks situation

MANILA: The deputy governor of the Central Bank of the Philippines, or Bangko Sentral ng Pilipinas (BSP), crackles with optimism when he talks about the country’s finances. Interviewed by Asia Times in his BSP office on the state of the economy and the prospects for next year, Guinigundo says that 2017 has been a “watershed year for the Philippines’ economy.” ... Read More »

TRAIN to fund 25% of Duterte infra program

MANILA: The recently enacted tax reform bill is seen to fund about 25 percent of the P8.4-trillion “Build Build Build” program of the Duterte administration, the Department of Finance (DOF) said over the weekend. In a statement, Finance Secretary Carlos Dominguez said the incremental revenue to be generated by Republic Act 10963 or the Tax Reform for Acceleration and Inclusion ... Read More »

Philippines seen to import 1.3 MMT more rice

MANILA: The Philippines is expected to import more rice next year as local production will still not be enough to cover the national demand, the United States Department of Agriculture (USDA) said. In the latest report of the USDA Foreign Agricultural Service (FAS), the Philippines was seen to import 1.3 million metric tons (MT) of rice next year, lower than ... Read More »

Philippines new tax reform package approved

MANILA: Philippines’ much awaited tax reform package or Tax Reform for Acceleration and Inclusion (TRAIN) was signed into law, paving the way for a simpler and fairer tax regime in the country. The revised law provides for personal income tax cuts and revises several other decade-old tax provisions that will have important implications for taxpayers and businesses in the Philippines. ... Read More »