Gov’t debt balloons to record P9.05T as of end-June as borrowing increased due to COVID-19
MANILA, July 29 (Mabuhay) — The national government’s outstanding debt swelled to a record P9.054 trillion, breaching P9-trillion mark, as of end-June as the state ramped up borrowing to support COVID-19 response and recovery efforts, data released by the Bureau of the Treasury (BTr) showed Wednesday. The end-June outstanding government debt is 1.8% higher than […]
BIR maintains POGOs should pay 5% franchise tax
MANILA, July 28 (Mabuhay) — The Bureau of Internal Revenue (BIR) has maintained that foreign-based Philippine Offshore Gaming Operators (POGOs) should pay the 5% franchise tax before they can resume their operations. In a statement, the taxman said the payment of 5% franchise tax on POGOs is clearly stated in a memorandum circular issued by […]
House panel OKs proposed 12% VAT on some digital service providers
MANILA, July 29 (Mabuhay) — The House ways and means panel has approved a bill seeking to impose a 12% Value Added Tax (VAT) on some foreign and local companies providing goods and services via digital and electronic platforms. Still unnumbered, the substitute bill seeks to amend Section 105-A of the National Internal Revenue with […]
ADB loans to Philippines to reach record high $4.2B in 2020
MANILA, July 24 (Mabuhay) — Loans of the Asian Development Bank (ADB) to the Philippines are expected to reach a record-high $4.207 billion this year, with the lion’s share going to efforts against the coronavirus disease 2019. According to ADB Philippines country director Kelly Bird, the ADB’s 2020 lending program is the biggest so far […]
Dingdong’s delivery service app hires, helps out-of-work showbiz workers
MANILA, July 22 (Mabuhay) — Dingdong Dantes’ food delivery service app has been hiring showbiz workers who lost their jobs amid the community quarantine. The riders were given a five-day training with the help of Yes Pinoy Foundation and other agencies. Carlo Kaunes, a stuntman of “Descendants of the Sun,” said he has been feeling […]
‘Build, Build, Build’ important to revive PH economy
MANILA, (Mabuhay) — The government remains committed to implement its ambitious “Build, Build, Build” infrastructure program to revive the country’s economy that entered recession due to the coronavirus disease 2019 (Covid-19) pandemic, Malacañang said on Thursday. “Kabahagi pa rin po at importante pa rin ang papel ng ‘Build, Build, Build’ para sa ating recovery mula […]
PH cannot afford total reopening of economy — Duterte
MANILA, (Mabuhay) — The Philippines cannot follow other countries’ move to completely reopen the economy amid the coronavirus disease 2019 (Covid-19) pandemic, President Rodrigo Duterte said on Tuesday. In a taped public address aired on state-run PTV-4 early Wednesday, Duterte said he can only order the gradual reopening of the Philippine economy. “We have to […]
Wirecard scandal used names of PH banks to ‘cover perpetrators tracks’ — BSP Diokno
MANILA, July 6 (Mabuhay) — The Wirecard scandal used the names of the country’s top lenders to cover fraudsters tracks, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday. During a Malacanang video conference, Diokno reiterated that the missing $2.1 billion of the German payment provider did not enter the country’s financial system. “The international […]
Foreign business travelers may be allowed entry to Philippines under MGCQ– DOT exec
MANILA, (Mabuhay) — Business travelers from other countries may be allowed to enter the Philippines once quarantine restrictions have been eased to modified general community quarantine (GCQ), an official of the Department of Tourism (DOT) said Sunday. Tourism Undersecretary Bong Bengzon said that it is the Inter-Agency Task Force for the Management of Emerging Infectious […]
BSP pegs Q2 economic performance at -5.7% to -6.7%, bringing Philippines to technical recession
MANILA, June 29 (Mabuhay) — The Philippine economy could contract by as much as 6.7% in the second quarter, which would put the Philippines in a technical recession, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said Monday. According to Diokno, the economy is likely to register an economic performance ranging between -5.7% and -6.7% […]
$3.1B of ‘hot money’ exited PHL in January-May — BSP
MANILA, (Mabuhay) — Foreign portfolio investments (FPI) or “hot money” yielded a net outflow of $3.1 billion million in the first five months of 2020 due to the impact of COVID-19 pandemic and other external pressures, the Bangko Sentral ng Pilipinas (BSP) said Thursday. FPI is also called hot money because of the ease by […]
IMF sees Philippine economy shrinking further by 3.6% in 2020
MANILA, June 25 (Mabuhay) — The Philippine economy will contract further this year due to the global economic disruption brought about by the COVID-19 pandemic, International Monetary Fund projections indicate. In its World Economic Outlook update released Wednesday night, the IMF expected the Philippine’s gross domestic product (GDP) to shrink by 3.6% in 2020. This […]
Business tycoon Danding Cojuangco Jr passes away at 85
MANILA, June 17 (Mabuhay) — Business tycoon Eduardo “Danding” Cojuangco Jr. has passed away. Cojuangco’s death was announced by San Miguel Corporation, of which he was chairman and chief executive officer, in a statement on Wednesday. “San Miguel Corporation announces the passing of its Chairman and Chief Executive Officer, Mr. Eduardo M. Cojuangco Jr., on […]
DTI supports legislation to boost e-commerce law in PH
MANILA, June 15 (Mabuhay) — The Department of Trade and Industry (DTI), in commemoration of the 20th year of Republic Act 8792 or the Electronic Commerce Act of 2000, has committed to implement policies to strengthen and grow e-commerce in the country while supporting current legislative measures by Congress. “Twenty years after this pioneering legislation […]
LBC reinforces commitment to move lives of Filipinos
Manila, Philippines – LBC Express, the leading courier service provider in the Philippines, reinforces its commitment to serve Filipinos by connecting them with their loved ones worldwide. With branches and partners in Australia, Bahrain, Brunei, Canada, Germany, Guam, Hong Kong, Italy, Kuwait, Malaysia, the Philippines, Qatar, Saipan, Saudi Arabia, Singapore, South Korea, Spain, Taiwan, the […]
Phone firms and the quest for the 5G Holy Grail
(Barcelona-AFP) – Lightning-quick downloads, driverless cars and remote surgery: telecom firms are racing to develop a new generation of “5G” mobile networks that could start to change the world in five years. Executives and regulators from Asia, Europe and the United States jousted to define their quest for the 5G Holy Grail on Tuesday at […]