Business

Inflation likely hit new five-year high of 5.3% in July – Finance dept Monetary authorities could order another policy rate hike next month given the peso’s weakening and demand-side pressures on inflation, the chief of the Bangko Sentral ng Pilipinas (BSP) indicated on Friday. “[L]et me say that the BSP is considering strong follow-through monetary […]

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Debt watcher Moody’s Investors Service has affirmed the Philippines’ “Baa2” investment grade rating, which carries a stable outlook, but warned that rising inflation and charter change were downside risks to the economy. “The Baa2 rating incorporates a number of very positive credit features, including the high economic strength derived from a large and fast-growing economy, as well […]

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The Department of Finance (DoF) has formed a task force to recover a total of P11.18 billion worth of tax credits “erroneously” granted to ineligible and non-existent textile firms from 2008 to 2014. Citing a Commission on Audit (CoA) report, Finance Secretary Carlos Dominguez 3rd said the One-Stop Shop Inter-Agency and Duty Drawback Center or OSS incorrectly issued […]

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The challenger to the PLDT-Globe duopoly will be determined via a points-based selection process instead of an auction, the chief of Department of Information and Communications Technology (DICT) said on Friday. An oversight committee voted to endorse the highest committed level of services (HCLoS) model, DICT officer-in-charge Eliseo Rio, Jr. said, rejecting an auction backed […]

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THE Government Service Insurance System’s (GSIS) net income in 2017 increased by 69 percent to P94.7 billion from P56.1 billion the year before. In a statement on Friday, the state-run pension fund credited much of the growth to the “income from financial assets, which almost doubled [to]P59.1 billion [from]P30.2 billion…in 2016.” The increase came from […]

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LEADERS of the Philippine information technology and business process management (IT-BPM) industry are considering providing incentives to boost the sector’s attractiveness. In a press briefing on Friday, Rey Untal, president and chief executive officer of the Information Technology and Business Process Association of the Philippines (IBPAP), said the organization had begun talking with policymakers on […]

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THE country’s balance of payments (BoP) deficit further widened in June, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday, hitting a 19-month high and boosting the year-to-date figure past the $3-billion mark. The $1.177-billion result followed May’s $583-million shortfall and was also wider than the $569 million recorded a year earlier. It was the […]

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THE stock market retreated on Thursday as both local and foreign investors cashed in on gains following two days of advances. The bellwether Philippine Stock Exchange index (PSEi) dropped by 0.85 percent or 63.50 points to close at 7,387.87 while the broader All Shares dipped 0.67 percent or 30.07 points to finish at 4,462.44. “The fall was […]

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