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SSS execs eye 32.3M e-transactions by 2020

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MANILA: Banking on technological innovations to further enhance services, officials of state-run Social Security System (SSS) target to increase to about 32.3 million the electronic transactions of their members by 2020. In a briefing Thursday, SSS president and chief executive officer Aurora C. Ignacio disclosed that in the first half of this year, SSS transactions done through electronic channels only ... Read More »

PHL, China sign $219-M loan accord for PNR railway project

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The Philippines and China signed here Thursday an agreement for a USD219.78-million preferential buyer’s credit facility to fund the project management consultancy for the Philippine National Railways (PNR) South Long-Haul Project. This infrastructure project under the Duterte administration’s “Build, Build, Build” program will link Metro Manila to Legazpi, Albay; Legaspi to Matnog in Sorsogon; and Calamba, Laguna to Batangas City. ... Read More »

Inflation for the poorest slowest in 23 months–PSA

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THE poorest Filipinos saw the slowest inflation they have experienced in nearly two years, according to data released by the Philippine Statistics Authority (PSA). Based on the Consumer Price Index for bottom 30-percent income households, PSA said inflation experienced by the poorest reached 3.1 percent. This is slower than the 4-percent inflation posted in June and 7.6 percent in July ... Read More »

PH, other Asian nations hold drills on sea piracy, smuggling, terrorism off Subic Bay

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Realistic training scenarios, like stopping a ship from sabotaging a commercial and shipping activity, while in the waters off Subic Bay near the West Philippine Sea was conducted by Asian maritime forces, including the Philippines and the United States Monday. A whole-day exercise against piracy, smuggling, and terrorism in sea were carried out yesterday by 150 personnel from different Southeast ... Read More »

BOC destroys P2.3-M smuggled cigarettes in Zamboanga City

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ZAMBOANGA CITY: The Bureau of Customs (BoC) destroyed some P2.3-million worth of smuggled cigarettes confiscated at the local port. District Collector Segundo SigmundFreud Barte Jr. said the cigarettes were discovered aboard a ferryboat that came from Jolo, Sulu over the weekend. Task Force Aduana seized the items due to nonpayment of excise tax. Read More »

Pag-IBIG Fund collects record-high P30 billion in home loan payments in H1, PLR climbs to 90.6%

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Pag-IBIG Fund reached record-high performing loans ratio as top executives report double digit growth in its housing loan payment collections in the first half of the year. From January to June 2019, home loan payments amounted to P30.44 billion, an increase of 12 percent compared to the P27.22 billion collected in the same period last year. “We were able to ... Read More »

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

A scene at one of the supermarket in Paranaque City, a shopper checks on sweetened drinks. Report said that Consumer prices in January rose at the fastest pace in over 3 years, exceeding expectations, as the government implemented the first tranche of tax reforms.The consumer price index rose 4 percent, compared to the 3.3-percent increase last December. Analysts polled by Bloomberg predicted a 3.5-percent uptick. It was the fastest increase since Oct. 2014.he government implemented higher taxes on fuel, sugar-sweetened drinks and cars from Jan. 1 to offset a reduction in personal income tax rates and help fund President Rodrigo Duterte's P8-trillion infrastructure program.Photo by:NONIE REYES

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

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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

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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

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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

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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

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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

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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

Traders work at the Philippine Stock Exchange in Manila on May 7, 2012. Asian markets and the euro slumped on May 7 after voters in France and Greece voted out their ruling parties in a backlash against austerity measures aimed at battling the eurozone crisis.  AFP PHOTO / Jay DIRECTO

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

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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

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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

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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

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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

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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 »