The Senate is being urged to follow the House of Representatives in approving a second tax reform package that has been opposed by business groups and even some government agencies. In a statement released over the weekend, Finance Secretary Carlos Dominguez 3rd called on senators to give their “stamp of approval” to the Comprehensive Tax […]
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Read moreFinal rules governing the selection of a new major telco player have been issued, with a challenger to the PLDT-Globe duopoly set to be named by December. A memorandum circular (MC) approved on Thursday and released on Friday requires prospective players to have a minimum paid-in capital of P10 billion, at least 10 years of […]
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Read moreA Friday rebound lifted the stock market from bear territory, with investors said to have gone bargain-hunting and sentiment also boosted by overnight gains on Wall Street. The Philippine Stock Exchange index (PSEi) surged by 3.48 percent or 248.27 points to close at 7,383 while the broader All Shares increased by 2.16 percent or 95.44 […]
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Read moreTHE Finance department has proposed a lower budget for next year, with Finance Secretary Carlos Dominguez 3rd saying it wants “to set an example for other departments to operate efficiently.” The department “voluntarily submitted a lower allocation” of P18.7 billion, he said, down from the P19.31 billion approved for this year. “Next year’s budget for […]
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Read moreGENEVA: A World Trade Organization (WTO) arbitrator will review a Chinese request to impose more than $7 billion (nearly 6 billion euros) in annual sanctions on the United States over anti-dumping practices, a Geneva trade official said. The decision to appoint an arbitrator was reached during a special meeting of the WTO Dispute Settlement Body […]
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Read moreThe companies negotiating to purchase the largest coal-fired power plant in the southwestern U.S. have ended their pursuit, which means the 2,250-MW Navajo Generating Station (NGS) near Page, Arizona, remains scheduled to close by year-end 2019. Avenue Capital, a New York-based global investment firm focused on distressed assets, and Chicago-based Middle River Power on September […]
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Read moreCorporate income tax (CIT) cuts under the House-approved Tax Reform for Attracting Better and Higher Quality Opportunities (Trabaho) bill are unlikely to generate higher investments given the Philippines’ poor business environment, a Fitch Group unit said on Thursday. Trabaho, the second tax reform package under the Duterte administration’s Comprehensive Tax Reform Program (CTRP), calls for […]
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Read moreThe Asian Development Bank (ADB) has approved a new six-year country partnership strategy with the Philippines, a development described by government officials as an affirmation of the Duterte government’s ambitious infrastructure program and inclusive growth goal. In a statement, the Manila-based ADB said it expected to lend an estimated $7.8 billion beginning this year to […]
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Read morePARIS: Global expansion is likely to slow as tensions kickstarted by US President Donald Trump’s protectionist policies hit world trade, the Organization for Economic Cooperation and Development (OECD) said on Thursday. “Global GDP growth remained solid in the first half of 2018, at around (3.75) percent, but there are signs that the expansion may have […]
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Read moreTHE stock market slipped further into bear territory on Thursday as inflation concerns and the peso’s weakness continued to spook investors. The Philippine Stock Exchange index (PSEi) dropped by 1.20 percent or 86.50 points to close at 7,134.73, down 21.2 percent from a 9,058.62 peak recorded on January 29. The wider All Shares declined by 0.96 percent or […]
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