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. […]
Tag: rates
Lawmaker questions looming hike in disaster insurance
A SOLON has filed a resolution seeking to investigate an increase in insurance premium rates for catastrophes like earthquakes, floods, and typhoons that will take effect by Jan. 1, and asked the Insurance Commission (IC) to suspend its approval of the hike. AGRI Party List Rep. Wilbert T. Lee, who filed House Resolution 632 on […]
Medalla flags more rate hikes to tame inflation — Bloomberg TV
Bangko Sentral ng Pilipinas (BSP) will likely have to continue raising rates at its next two meetings to ensure inflation returns to within its 2-4% target range next year, its governor said on Friday. BSP Governor Felipe M. Medalla said the likelihood that the central bank will not increase its policy rates at its next […]
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. […]
BSP to hike interest rates by 25 or 50 bps in Dec.
MANILA — The Philippine central bank will hike interest rates this month, though the monetary board is likely to be split over whether to raise the policy rate by 25 or 50 basis points, its governor said on Friday in an interview with Bloomberg TV. Felipe M. Medalla expressed relief that the US Federal Reserve […]
Senate bill sets parking rates to protect public
A SENATOR has filed a bill fixing parking rates in all commercial and business establishments, institutions, and parking facilities in the country. “While we respect businesses that help our economy grow, we also need to balance and protect the interests of the majority,” Senator Ramon B. Revilla, Jr. said in a statement in Filipino on […]
BSP has to raise rates along with Fed to support peso — Medalla
The Philippine central bank will have to raise interest rates if the US Federal Reserve tightens policy further to support the peso and prevent the currency’s weakness from further stoking inflation, its governor said on Friday. Bangko Sentral ng Pilipinas (BSP) has raised interest rates by 300 basis points this year to curb inflation, running […]
ERC exploring ways to lower power rates via review of co-ops’ supply agreements
THE Energy Regulatory Commission (ERC) said it is reviewing power supply agreements (PSAs) entered into by electric cooperatives to see whether there is leeway to reduce power rates. “We can look at PSAs (to) find immediate and long-term solutions for the DUs (distribution utilities) to sustain themselves and for the consumers also to enjoy lower […]
ERC determining extent of subsidies for marginalized power consumers
THE Energy Regulatory Commission (ERC) is in the process of determining the extent of subsidies to be granted to marginalized power users following the signing of the implementing rules and regulations (IRR) of Republic Act (RA) 11552. “With the signing of the IRR, we are just about to formulate the new criteria and new levels,” […]
Bank of England raises rates by most since 1989 even as long recession looms
LONDON — The Bank of England (BoE) raised interest rates by the most since 1989 on Thursday but warned investors that the risk of Britain’s longest recession in at least a century means borrowing costs are likely to rise less than they expect. The BoE increased Bank Rate to 3% from 2.25% and warned that […]
Senator floats proposal to refund power bill cost-of-capital charge
THE Energy Regulatory Commission (ERC) has been asked to consider ordering a refund of a cost-of-capital charge on electricity as a means of offsetting the impact of rising power bills. Senator Ana Theresia N. Hontiveros-Baraquel said in a statement that the weighted average cost of capital (WACC) charge, which compensates power companies for the interest […]
Philippine stocks drop as Fed, BSP raise rates
PHILIPPINE SHARES declined further on Thursday after the US Federal Reserve raised borrowing costs anew overnight and gave a hawkish outlook on rates, with the Bangko Sentral ng Pilipinas (BSP) also delivering another increase at its own policy meeting. The benchmark Philippine Stock Exchange index (PSEi) went down by 39.98 points or 0.63% to close […]
Analysts’ expectations on policy rates (Sept. 2022)
THE BANGKO SENTRAL ng Pilipinas (BSP) is likely to continue its rate hike cycle on Thursday, with several analysts forecasting a 50-basis-point (bp) increase as the US Federal Reserve is also expected to further tighten policy this week. Read the full story.
DoE’s Lotilla says gov’t involvement in power will not bring rates down
ENERGY Secretary Raphael P.M. Lotilla told legislators that electricity rates will not fall if the government re-enters the power business. “If Congress brings back the state into the power sector… (the government) will have to fund the maintenance of the power sector,” he said at the House committee on energy on Thursday. At the hearing, […]
Core inflation rates in the Philippines
INFLATION eased to a two-month low of 6.3% in August, as the rise in food and transport costs slowed, the Philippine Statistics Authority (PSA) said on Tuesday. Read the full story.
BPI expects PHL to avoid recession with region-leading growth
THE PHILIPPINES is likely to be bypassed by the wave of recessions expected to hit developed countries and lead Southeast Asia in terms of growth this year, the Bank of the Philippine Islands (BPI) said in a report. “We don’t think there will be a recession in the Philippines,” BPI Lead Economist Emilio S. Neri, […]
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 […]
Peso weakens vs dollar ahead of Fed minutes, central bank meet
THE PESO retreated versus the greenback on Wednesday as market players expect the US Federal Reserve to remain hawkish to keep rising prices under control. The local unit closed at P55.86 per dollar on Wednesday, depreciating by three centavos from its P55.83 finish on Tuesday, based on data from the Bankers Association of the Philippines. […]
Treasury fully awards reissued bonds
THE GOVERNMENT fully awarded the reissued 10-year Treasury bonds (T-bonds) it auctioned off on Tuesday at a lower average rate amid robust demand, which led it to open its tap facility. The Bureau of the Treasury (BTr) raised P35 billion as planned from its offer of reissued 10-year securities that have a remaining life of […]
Rates of T-bills, bonds to climb
RATES of government securities (GS) on offer this week are expected to rise as the Philippine central bank is seen to be aggressive in its next policy meeting as inflation remains elevated. The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in […]