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The Bangko Sentral ng Pilipinas (BSP) is committed to pursue liberalization initiatives as well as capital market reforms amid the scheduled changing of the guards in the central bank next week.

The Department of Finance (DOF) said over the weekend it is possibile to lower the value-added tax (VAT) rate in the Philippines from the current 12 percent once the government is able to clean up the tax system and plug leakages caused by the numerous VAT exemption privileges under the law.

The government sees sustained growth in public spending in the coming months after a recovery in its disbursement performance last May, the Bureau of the Treasury (BTr) said.


Oil is technically back in bear market territory.

Inasmuch as we can’t expect our political leadership to abolish the tourism department anytime soon, we might as well make sure those who are now pretending to lead it are able to do some good.

Latest Business News

The stock market continued to retreat yesterday as foreign selling remained a major drag for local equities.

The yield of the seven-day term deposits fell below three percent while that of the 28-day term deposits inched up as yesterday’s auction showed mixed results.

 The electronics industry remains strong amid “noises” surrounding the country, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. said.

A Brown Co. Inc. has partnered with Rusatom International Network of Russia to develop economic, scientific and technical cooperation in the use of atomic energy.

 The LT Group Inc. hopes the government will continue its  crackdown on illicit cigarette trade to ensure a level playing field, its top official said.

Five non-life insurers have decided to voluntarily exit the insurance business, mostly due to the inability to comply with the mandatory increase in the net worth of insurance firms to P1.3 billion until 2022, an industry group said.

The Philippines stands to benefit from China’s plan to develop a modern maritime silk route under the One Belt, One Road Initiative, Finance Secretary Carlos Dominguez said yesterday.

The National Economic and Development Authority urged yesterday the Asian Development Bank to shorten its loan approval process to support the country’s massive infrastructure development endeavor.

The Hong Kong and Shanghai Banking Corp. Ltd as well as S&P Global Ratings expect a healthy economic expansion for the Philippines in the next two years despite the diplomatic crisis in the Middle East and the terrorist attack in Marawi City.

The Bangko Sentral ng Pilipinas is set to launch a credit enhancement scheme in five more provinces within the year, bringing to over 50 the number of credit surety fund since the program was launched nine years ago.


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