Marcos seeks more cash aid for Filipinos amid spiraling prices

PHILIPPINE President Ferdinand R. Marcos, Jr. on Tuesday asked the Social Welfare department to continue giving cash aid to poor Filipinos who are not covered by lower income tax rates. “Continue calibrating the Pantawid Pamilyang Pilipino Program and strengthening the government’s social protection initiatives,” he told officials during its anniversary. He said the program has […]

BSP approves 3% cap on credit card rate

THE Monetary Board decided to adjust the ceilings on credit card transactions by increasing the maximum interest rate or finance charge imposed on a cardholder’s unpaid outstanding credit card balance by 100 basis points (bps) or from two percent to three percent per month. Meanwhile, the existing ceiling on the monthly add-on rate that credit […]

Amending the creditable withholding rates of income payments to Meralco

The Bureau of Internal Revenue (BIR) has issued Revenue Regulation (RR) 15-2022 to inform all concerned regarding the amendment of the creditable withholding rates of income payments to Meralco. These are the creditable withholding tax rates for the following income payments: I. Meralco payments on the following: a. Meralco Refund arising from ERC Case Nos. […]

Peso extends climb vs dollar as Bangko Sentral hikes benchmark interest rates

THE PESO strengthened against the dollar on Thursday after the Bangko Sentral ng Pilipinas (BSP) raised borrowing costs anew at its policy meeting in its fight against inflation. The local currency ended at P55.685 against the greenback, up by six centavos from Wednesday’s P55.745 close, data from the Bankers Association of the Philippines’ website showed. […]

Propel Global to Acquire 51% Stake in O&G Engineering Firm for RM7.82 Million

KUALA LUMPUR, Dec 8, 2022 – (ACN Newswire via – Propel Global Berhad (Bursa: MAIN, PGB, 0091), provider of oil and gas supporting services such as well services , engineering, procurement, construction and commissioning (EPCC) services, maintenance of heating, ventilation and air-conditioning (HVAC) systems as well as downstream specialty chemicals to the oil and […]

Mindanao railway attracting interest from ‘other countries’

By Arjay L. Balinbin, Senior Reporter MORE COUNTRIES have expressed interest in building the Mindanao railway project, according to the Department of Transportation (DoTr). “There are other countries who have expressed interest in the project in general,” Undersecretary for Planning and Project Development Timothy John R. Batan told BusinessWorld in an interview recently. The 1,544-kilometer railway will connect Davao […]

BSP to match Fed’s 75-bp rate hike

By Keisha B. Ta-asan, Reporter THE BANGKO SENTRAL ng Pilipinas (BSP) said it plans to raise its key policy rates by 75 basis points (bps) at its next meeting, matching the US Federal Reserve’s latest monetary tightening. The Fed delivered its fourth straight 75-bp rate increase on Wednesday, as it continues to fight persistent inflation. […]

BSP hikes interest rate to 2.25%

THE Monetary Board (MB) decided to raise the interest rate on the Bangko Sentral ng Pilipinas’ (BSP) overnight reverse repurchase facility by 25 basis points (bps) from two percent to 2.25 percent, effective Friday, May 20, 2022.Accordingly, the interest rates on the overnight deposit and lending facilities were raised to 1.75 percent and 2.75 percent, […]

Interest rates, fees on small loans capped

LENDING and financing companies can no longer subject their customers to exorbitant interest rates for loans at will.The Securities and Exchange Commission (SEC) has issued Memorandum Circular 3, series of 2022, capping interest rates and other fees imposed by lending and financing firms, and their online lending platforms, for short-term, small-value loans primarily targeting low-income […]