The Department of Finance shot down an appeal from a group of hotel owners for the revocation of a Board of Investments (BOI) rule that took away the income tax exemptions of it members. Finance Secretary Cesar V. Purisima on Wednesday said that hotels and resorts in the country’s most popular tourist destinations did [...]
The Department of Finance on Tuesday slammed the Court of Appeals’ issuance of a temporary restraining order (TRO) on a smuggling case against the president and chief executive of Phoenix Petroleum Philippines Inc.
The coupon rate on five-year treasury bonds on Tuesday eased to 2.125 percent, falling by 200 basis points from the 4.125 percent set during the previous auction.
The annual tax season made it for the Bureau of Internal Revenue as collections reached P149 billion in April, surpassing a month’s goal for the first time this year.
The value of Philippine exports is forecast to grow by just about half what the government expects with no sign of the anticipated global rebound in electronics, according to the DBS Group.
The Department of Finance is batting for the removal of mass housing projects in the latest of the annual Investment Priorities Plan (IPP), saying that its continued inclusion on the list of tax perk beneficiaries poses an “administrative nightmare.”
The government’s financing position in the first quarter showed a net payment of P797 million, a reversal from the P162.6-billion net borrowing recorded in the same period last year, according to the Bureau of the Treasury (BTr).
The government spent P225.3 billion in the first quarter to settle its debt—14 percent less than the P261.2 billion disbursed in the same period last year, according to the Bureau of Treasury (BTr).
The Philippines is on a roll. After being given bullish growth outlooks from various institutions and getting its first investment grade from Fitch Ratings, another international credit-rating agency placed the country, on Thursday, in the investment status.
The government incurred a budget deficit of P66.5 billion in the first quarter, almost double the amount registered in the same period last year, but 10 percent, or P7.4 billion, lower than planned.
Even top taxpayers must obey the law, Finance Secretary Cesar V. Purisima said Tuesday.
British American Tobacco’s Philippine unit has doubled its yearly purchase of local tobacco leaves to 3.6 million kilograms as the company strives for a firmer foothold in the domestic market.
