THE Bureau of Internal Revenue (BIR) said on Monday that taxes generated by the Philippine Offshore Gaming Operator (POGO) industry amounted to P4.4 billion in the eight months to August, up from the P3.91 billion collected over the full year in 2021 but significantly lower than the bullish pre-pandemic projections for the industry. The Department […]
Tag: billion
Sumitomo bags P27-B Manila subway project
By Arjay L. Balinbin, Senior Reporter THE PHILIPPINE Transportation department has awarded contracts for the Metro Manila Subway Phase 1 and South Commuter Railway projects. A notice of award was issued on Sept. 23 to Japan’s Sumitomo Mitsui Construction Co. Ltd. for the contract to build the Anonas and Katipunan stations as well as tunnels […]
PHL fiscal deficit sharply narrows in August
By Diego Gabriel C. Robles The National Government’s budget deficit sharply narrowed in August, as the growth in government revenues outpaced expenditures, the Bureau of the Treasury (BTr) reported on Friday. In a statement, the BTr said the budget gap stood at P72.04 billion in August, 40.43% lower than the P120.9 billion in the same […]
Ditch president’s P4.5-B intel funds, congressmen told
By Kyanna Angela Bulan A CONGRESSMAN on Wednesday asked his peers to cut the Philippine president’s P4.5-billion intelligence and confidential budgets and channel these to agencies that need more funds. During a House of Representatives plenary debate on the 2023 budget, Albay Rep. Edcel C. Lagman said they should be very frugal in allotting such […]
India free food program for poor to cost $10 billion if extended
NEW DELHI — India is likely to extend its free food program for the poor by three to six months, CNBC TV18 reported, a move that could cost the government $10 billion more and make it challenging for it to meet its fiscal deficit target. India has spent nearly $43 billion since April 2020 on […]
Instant noodle brand tops Kantar ranking
LUCKY Me, an instant noddle brand manufactured by Monde Nissin, claimed the top and most coveted position in Kantar’s ranking of Brands of the Decade in the Philippines.Kantar’s Brand Footprint report showed that Lucky Me was bought by almost all Filipino homes at 98.4 percent and was chosen by local shoppers 31 times per year […]
TDF yields rise ahead of BSP meet
YIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continued to rise on Wednesday, as the 14-day papers were undersubscribed, ahead of the Monetary Board’s policy setting on Thursday (Sept. 22). Total bids for the central bank’s term deposits reached P293.004 billion, going above the P220-billion offer for this week. […]
BSP expects bigger BoP, current account deficits as global demand weakens
THE PHILIPPINES’ balance of payments (BoP) deficit could end this year wider than initially expected due to darker global growth prospects that have caused weaker demand. The Bangko Sentral ng Pilipinas (BSP) announced its revised BoP projections for 2022 and 2023 approved during the Monetary Board’s meeting on Friday. The BoP gives a glimpse of […]
DoTr told to review land acquisition process
A CONGRESSMAN on Tuesday asked the Department of Transportation (DoTr) to look into its site acquisition process for a 53-hectare land that affected farmers in Misamis Occidental. Party-list Rep. Rodante D. Marcoleta told a House of Representatives hearing he had received a letter from the farmers of Misamis Occidental expressing their concern about their expropriated […]
Dollar reserves decline to $99 billion as of end-August
THE PHILIPPINES’ dollar reserves slipped to its lowest level in two years as of end-August, amid the National Government’s debt repayments and the lower valuation of the central bank’s gold holdings. The gross international reserves (GIR) stood at $98.98 billion as of end-August, slipping by 0.85% from the $99.83 billion as of end-July, preliminary data […]
July trade deficit widens to record $5.9 billion
The demand for locally made products contracted for the first time in over a year in July while imports eased, bringing the trade deficit widening to another record, the Philippine Statistics Authority (PSA) reported on Friday. Preliminary data from the agency showed the value of outbound shipment of goods amounted to $6.212 billion in July, […]
Customs exceeds August collection target by 34.1%
THE Bureau of Customs (BoC) said on Sunday that it exceeded its August collection target by 34.1%, which it credited to the digitalizing and streamlining of its processes, and as imports rose following the reopening of the economy. In a statement, the BoC said August collections hit P78.902 billion, exceeding the target of P58.849 billion. This […]
Toyota to Invest Up to 730 Billion Yen in Japan/U.S. Battery Production
TOKYO, Aug 31, 2022 – (JCN Newswire via SEAPRWire.com) – Toyota Motor Corporation (Toyota) has decided to invest up to 730 billion yen (approximately $5.6 billion) in Japan and the United States toward supplying automotive batteries for battery electric vehicles (BEVs), for which demand is growing, and aims to begin battery production between 2024 and […]
DBM: ‘Unprogrammed’ DoTr budget supported by loans
THE Department of Budget and Management (DBM) said it can adequately account for all items in the National Expenditure Program (NEP), rejecting claims by a legislator that vague proposals in the NEP suggest that the government is planning to spend “unprogrammed” funds that will swell the budget by as much as P588.1 billion. “The DBM […]
T-bill bids rejected as market asks for higher rates
THE BUREAU of the Treasury (BTr) rejected all bids for its offer of Treasury bills (T-bills) as investors asked for higher yields as the US Federal Reserve chief said US rates could remain elevated for longer. The BTr did not award any T-bills on Tuesday even as tenders reached P17.289 billion, higher than the BTr’s […]
Stocks fall on rate hike worries, profit taking
STOCKS fell on Tuesday as the local market reopened after a holiday, with investors pocketing gains amid Wall Street’s decline last week on continued worries over the US Federal Reserve’s policy path. The benchmark Philippine Stock Exchange index (PSEi) went down by 62.23 points or 0.92% to close at 6,690.27 on Tuesday, while the broader […]
Feed-dependent industries urge more budget support for yellow corn production
INDUSTRIES dependent on animal feed called on the government to raise its budget allocation for raising corn output, saying corn scarcity will have a follow-on effect on meat, fish, and poultry prices. “There should be more funding for yellow corn production as it is the main ingredient for the feed of our main protein sources […]
2023 budget for NTF-ELCAC, DPWH faces opposition from workers
HUNDREDS of workers based in Cebu will mark the National Heroes’ Day commemoration on Monday, Aug. 29, 2022, with a protest rally, demanding that the proposed national budget for 2023 be allocated to basic social services.Around 200 workers are expected to join the protest march, which will start outside the Department of Agriculture office in […]
Gov’t budget shortfall narrows to P86.6B in July
THE Philippine government posted a narrower fiscal shortfall in July as state revenue grew larger than expenditures last month, the Bureau of the Treasury (BTr) reported.The national government’s fiscal performance recorded a deficit of P86.6 billion, down 28.41 percent from P121.2 billion in the same period last year.July’s budget shortfall is also narrower than the […]
‘Hot money’ outflows slow in July
THE EXIT of short-term foreign investments slowed in July, as the Bangko Sentral ng Pilipinas (BSP) continued to tighten monetary policy. Data released by the central bank showed transactions on foreign investments registered with the BSP through authorized agent banks (AABs) saw a net outflow of $103.14 million in July, the smallest outflow in two […]