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July inflation seen settling lower at range of 2%-2.8%

THE Bangko Sentral ng Pilipinas (BSP) expressed confidence that the downtrend in inflation will continue in July after a one-off blip this year, as reflected in its monthly forecast. The BSP’s Department of Economic Research (DER) announced on Wednesday that July inflation likely settled in the range of 2 percent to 2.8 percent. This is a more optimistic forecast compared ... Read More »

PH seeks $500-M WB loan

The Philippines is seeking a fresh $500-million loan from the World Bank to sustain its ongoing initiatives aimed at making the country more resilient and immediately respond to natural disasters. World Bank documents showed that the proposed Third Disaster Risk Management (DRM) Development Policy Loan (DPL) with a Catastrophe Deferred-Drawdown Option (CAT-DDO) is being considered for approval of the Washington-based ... Read More »

Philippines’ Jollibee to buy Coffee Bean & Tea Leaf for US$350m

MANILA: Philippines’ Jollibee Foods Corp said on Wednesday (Jul 24) it is spending US$350 million to buy US brand Coffee Bean & Tea Leaf. In a filing to the Philippine Stock Exchange, Jollibee said it had entered into an agreement through its wholly owned subsidiary Jollibee Worldwide to invest US$100 million in a new Singapore-based holding company to acquire 100 ... Read More »

Navy seizes P12-M smuggled rice off Basilan

The Naval Forces Western Mindanao (Navforwem) has intercepted a shipment of some PHP12 million worth of smuggled rice off Basilan province, a top Navy official said. Rear Adm. Erick Kagaoan, Navforwem commander, said the smuggled riced was intercepted by Naval Task Force 61 in the vicinity of Lampinigan Island, Basilan. Kagaoan said a ship belonging to Navforwem’s special operation unit ... Read More »

DBhd’s renewed parking management contract in the Philippines valued at RM62mil

DBhd) has estimated the renewal of its parking management contract at the Madrigal Business Park (MBP) in southern Manila to be worth RM62 million. This is based on the renewal of 702 existing parking bays at the park, it said in a statement today. The 20-year contract secured by its unit Metro Parking Management Philippines Inc would also include the ... Read More »

Gov’t intensifying crackdown on cigarette smuggling: finance official

MANILA: The government is strengthening efforts against cigarette smuggling, a finance official said, as lawmakers rush to pass a bill that will increase tobacco taxes. The House of Representatives passed the Senate version of the measure, which cigarette manufacturers said could give rise to smuggling as consumers shift to cheaper alternatives. “Smuggling is also a very important issue that we ... Read More »

Peso gains ground, local shares slip

MANILA: The Philippine peso improved against the US dollar Tuesday, ending stronger at the 51-level, but the Philippine Stock Exchange index (PSEi) closed in the red territory. The local currency finished the trade at 51.85 from 52.1 close a day ago, which BPI Research attributed to the Philippine Statistics Authority’s (PSA) trade report for April 2019, which saw a 0.4 ... Read More »

Gov’t urged to intensify crackdown vs. oil smuggling

MANILA: The government should intensify its efforts against the rampant smuggling of petroleum products in order to generate revenues for infrastructure projects under the Build, Build, Build Program as well as the implementation of the Universal Health Care (UHC) program. Federation of Philippine Industries (FPI) Chairman Jesus Arranza urged various government agencies such as the Bureau of Internal Revenue (BIR), ... Read More »

PSEi closes near 7,800-level, peso weakens

MANILA — Local stocks continued to gain, ending near the 7,800 level at the close session, as investors extended their buying position but the peso weakened further against the US dollar. The benchmark Philippine Stock Exchange index (PSEi) increased 36.46 points or 0.47 percent to 7,797.75. “As regional markets grappled with the 10-year UST (US Treasury) yield at 19-month low ... Read More »

DTI expects $5 billion in signed deals from Duterte’s Japan trip

MANILA, Philippines: The Department of Trade and Industry (DTI) said the Philippines may get around $5 billion from over 20 business deals that may be signed on the sidelines of President Rodrigo Duterte’s trip to Japan this week. The DTI said in a statement on Monday, May 27, that the expected agreements could generate around 80,000 jobs for Filipinos as ... Read More »

Canada hires company for $1.14M to bring trash back home from the Philippines

Canada is spending more than a million dollars to bring dozens of containers of rotting garbage back to Canada from the Philippines in the coming days. Environment and Climate Change Minister Catherine McKenna announced on Wednesday that her government has awarded a contract to Bolloré Logistics Canada to remove the garbage by the end of June. According to the tender, ... Read More »

PH’s overall BOP position posts $467-M surplus in April

MANILA: The country’s overall balance of payments (BOP) position posted a surplus of USD467 million last April, a reversal of the USD270 million BOP deficit recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) disclosed in a statement on Monday. Inflows in April stemmed mainly from the BSP’s foreign exchange operations and income from its investments ... Read More »

DOF: Government tax, revenue effort improved in Q1

THE tax and revenue effort of the government improved for the first quarter of this year to 14.6 percent and 15.8 percent, respectively, due to the continuous implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, as well as tax administration initiatives, the Department of Finance (DOF) has reported. An economic bulletin of the DOF said the revenue ... Read More »

Agency uses technology for tax cheats

The Revenue Department is warning corporate taxpayers that it has already adopted data analytics and a risk-based auditing system that can better track the accuracy of tax payments. The tax-collecting agency is using high-tech software to evaluate the financial position of operators relative to their industry peers, using data analytics and a risk-based auditing system to create a balanced scorecard ... Read More »

Philippine GDP growth drops to 4-year low in Q1 2019

MANILA, Philippines: Analysts and experts expected economic growth to slow down, but not as slow as this. The Philippines’ gross domestic product (GDP) growth for the 1st quarter of 2019 plunged to a 4-year low of 5.6%, said the Philippine Statistics Authority (PSA) on Thursday, May 9. The 1st quarter growth is the lowest since the 5% recorded in the ... Read More »

Philippine peso risks losing ‘best Asian currency’ title

Manila: A sense of caution is gripping peso bulls as markets approach the Philippine central bank’s interest-rate decision. Increased speculation that the Bangko Sentral ng Pilipinas (BSP) will ease monetary policy is threatening to break the peso’s Asia-beating rally this quarter. A reduction in the benchmark rate could give foreign investors — who already don’t seem too keen on buying ... Read More »

BSP eyes April inflation between 2.7-3.5%

MANILA: Higher domestic fuel and electricity prices are seen as upside risks to the country’s April 2019 inflation, which is projected to stay between 2.7-3.5 percent. “However, these pressures may be partly offset by the continued decline in rice prices and by the peso appreciation,” the Bangko Sentral ng Pilipinas (BSP) said in a statement Tuesday. “Moving forward, the BSP ... Read More »

Philippines warns diplomatic relations with Canada could be at risk amid garbage dispute

The Philippines is not really going to start a war with Canada over garbage but it is warning that Canada’s inaction to take back its trash is threatening 70 years of diplomatic relations between the two nations. President Rodrigo Duterte threatened to “declare war” on Canada earlier this week, saying that Canada had one week to take back the shipping ... Read More »

Personal remittances hit $5.3-B in first 2 months of 2019

MANILA: Personal remittances from overseas Filipinos (OFs) amounted to USD2.56 billion in February 2019, higher by 1.2 percent from USD2.53 billion in February 2018. This brought the cumulative remittances for the first two months of the year to USD5.30 billion, representing a 2.3 percent year-on-year growth, BSP Governor Benjamin E. Diokno announced on Monday. Personal remittances from sea-based and land-based ... Read More »

Exports down, imports up in February

MANILA, Philippines: Merchandise exports declined for the third straight month while imports posted growth for two consecutive months in February, further widening the trade-in-goods deficit to $6.708 billion at the end of the first two months. Preliminary Philippine Statistics Authority (PSA) data released Thursday showed that sales of Philippine-made goods overseas fell 3.9 percent year-on-year to $10.456 billion as of ... Read More »