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Uber Philippines seeks fare hike citing tax reform law

MANILA:  Uber Philippines on Thursday, January 25, submitted a petition to the Land Transportation Franchising and Regulatory Board (LTFRB) for a fare hike due to increasing fuel prices and new excise taxes on petroleum. Under the petition, the proposed fare per kilometer for UberX will be P9-P12, depending on the time of the day, up from the current P5.70. Uber ... Read More »

Philippines retains EU export perks despite extrajudicial killings

MANILA :  The Philippines Tuesday hailed the retention of duty-free privileges for most of its exports to the European Union despite concerns over alleged “extrajudicial killings” in President Rodrigo Duterte’s war on drugs. The European Commission announced on Monday that Philippine shipments worth an estimated 120 billion pesos ($2.35 billion), about 66 percent of annual exports to its number-two trading ... Read More »

Philippine economy returns crown to China Philippine

MANILA:  Philippines  uninterrupted growth, the Philippine economy was still unable to surpass China’s expansion, after the Asian superpower posted a “surprising” recovery in 2017, from a 26-year low in 2016. In the past 5 quarters, the  one in the 4th quarter of 2016 and another in the 3rd quarter of 2017. But when the latest gross domestic product (GDP) results were announced, ... Read More »

Philippine economy likely grew by 6.7% in Q4 Moody’s

MANILA:  Philippines  The country’s economy likely grew by 6.7 percent in the last quarter of 2017, according to Moody’s Analytics. In its latest Asia-Pacific Economic Preview report, the economic research and analysis arm of Moody’s said the Philippines’ gross domestic product in the last three months of the year may have expanded by 6.7 percent, slower than the revised seven ... Read More »

Philippines halts sending workers to Kuwait over deaths

MANILA: The Philippines suspended the sending of workers to Kuwait on Friday, its labour minister said, a day after the country’s president complained of abuses being inflicted on Filipino domestic helpers, leading to several suicides. Labour Secretary Silvestre Belo said the halt on sending workers to Kuwait would be in force “pending investigation of the causes of deaths of about ... Read More »

Philippines progressing with corporate tax reform

MANILA: Philippines’ corporate income tax rate and overhaul the country’s fiscal incentives has been tabled in the House of Representatives. The changes are part of the second package of the Government’s Comprehensive Tax Reform Program (CTRP). Package 1 of the CTRP, also known as the Tax Reform for Acceleration and Inclusion Act (TRAIN), was signed into law by President Duterte ... Read More »

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 »