THE Bureau of the Treasury (BTr) has awarded the full P20 billion on offer for reissued 10-year Treasury bonds (T-bonds) during its auction on Tuesday.
THE Overseas Filipino Bank (OF Bank) is expected to run as a fully digital bank by mid-2020, with the operational framework now being done with the Bangko Sentral ng Pilipinas (BSP), the Land Bank of the Philippines (LandBank) has reported.
LOCAL government units (LGUs) stand to earn P12.6 billion in real property taxes if they will all adopt a single valuation system that is on a par with international standards, according to the Department of Finance (DOF).
FINANCE Secretary Carlos G. Dominguez III is lobbying Congress to first pass the set of laws focusing on taxation for alcoholic beverages and electronic cigarettes (e-cigarettes) of the remaining tax reform packages to fund the implementation of the Universal Health Care (UHC) law.
Finance Secretary Carlos G. Dominguez III is hopeful that the economic growth of the country could hit the 6-percent territory in the coming quarters as the Duterte administration’s catch-up spending strategy picks up during the third and fourth quarter of this year.
THE Land Bank of the Philippines (LandBank) has reported a net income of P10.58 billion for the first half of 2019, which is 36 percent higher than the P7.79 billion reported in the same period for 2018, as the Bank’s profits from loans posted growth.
THE Department of Finance (DOF) said on Thursday the issuance of tax identification numbers (TINs) for foreign nationals working in the Philippines will still continue, as this is in line with the provisions of the country’s tax code.
The Bureau of Customs-Manila International Container Port (BOC-MICP) has seized five shipments of agricultural commodities from China estimated to be worth P24 million as the government intensified anew its anti-smuggling operations.
TENDERS made to the Bangko Sentral ng Pilipinas (BSP) term deposit facility (TDF) of P123.414 billion showed that there is still liquidity in the market resulting from the move of the Monetary Board (MB) to cut reserve requirement ratios (RRR).
SUN Life Financial Philippines Inc. (Sun Life) is looking to its video campaign, the “Kaakbay” series focusing on its commitment to be a “lifetime partner” of policyholders, to help the company achieve its goal of protecting more Filipinos—with a goal of 5 million clients by 2020.
The Bureau of Internal Revenue (BIR) is expecting a bigger jump on withholding tax collections from employees of the Philippine Offshore Gaming Operators (Pogo) industry, as more service providers are expected to remit taxes to the bureau on August 10 in line with government’s effort to collect the right amount of taxes from foreign nationals working in the country.
THE Philippine government gave away an estimated P1.12 trillion in tax incentives and exemptions to around 3,150 companies for the period of 2015 to 2017, the Department of Finance (DOF) has reported.
THE Department of Finance (DOF) said the Philippine peso, which appreciated by 2.82 percent in the January-to-July period, ranked second among Southeast Asian currencies.
THE Department of Finance (DOF) said it is looking at other options to recover the government’s investments, estimated at P42 billion, in the United Coconut Planters Bank (UCPB).
TENDERS for the Treasury bills (T-bills) were almost six times oversubscribed at P87.1 billion as investors expect the local Central Bank to take cue on Thursday after US monetary authorities signaled a rate cut.
MEMBERS of the Social Security System (SSS) received P984.42 million in sickness benefit in January to April, 12.45 percent higher than the P875.42 million they received in the same period last year.
THE Bureau of Internal Revenue (BIR) has collected an initial P200 million from six companies working in the Philippine Offshore Gaming Operators (Pogo) sector, in line with its drive to collect the proper taxes due the government from foreign nationals working in the country.
FINANCE Secretary Carlos G. Dominguez III wants lawmakers to approve the remaining packages of the Comprehensive Tax Reform Program (CTRP) before the year 2021.
THE Bureau of Internal Revenue (BIR) and the Bureau of Customs—the main collection agencies of the government—are targeting to collect P3.307 trillion next year, data from the Development Budget Coordination Committee (DBCC) showed.
Singapore Life Pte. Ltd. may soon open shop in the country as the Insurance Commission (IC) announced the company would secure its license to operate by November this year.
THE Philippine Amusement and Gaming Corp. (Pagcor) reported that its gross gaming revenues (GGR) for the first half of the year rose by 9.33 percent to P36.566 billion, from P33.445 billion recorded in the same period in 2018.
THE Philippine Life Insurance Association Inc. (Plia) has revealed that it will be working with the Philippine Insurers and Reinsurers Association of the Philippines (Pira) in getting regulators to keep the capitalization requirement for insurance companies at P900 million.
The Bureau of the Treasury (BTr) has awarded the full P20 billion on offer for 20-year Treasury bonds (T-bonds) on Tuesday, anticipating that US Federal Reserve officials would cut rates.
THE Bureau of the Treasury (BTr) has reported that the Philippine government has launched its samurai bonds bearing four tenor buckets on Tuesday, eyeing to raise at least $750 million from the issuance.
The Bureau of Customs (BOC) said it is ready to start its audit of rice traders next month in line with its probe to determine if there was undervaluation of rice imports.
THE Philippine Amusement and Gaming Corp. (Pagcor) said on Monday it will have to review first the system of the Philippine Charity Sweepstakes Office (PCSO) if it is asked to take on the responsibility of the agency in line with helping its beneficiaries.
THE Department of Finance (DOF) called on the 18th Congress to pass this year a measure that will increase taxes on alcohol products to at least P40 per liter and further raise taxes on heated tobacco and vapor products.
The Social Security System (SSS) has reported a disbursement of P62.19 billion to its 2.5 million pensioners for the period of January to May this year, posting an increase of 8.43 percent year-on-year.
THE Insurance Commission (IC) has placed Loyola Plans Inc. under conservatorship, with the company unable to comply with the minimum unimpaired paid-up capital and trust fund requirements.
Gloria Macapagal-Arroyo touts benefits of Belt and Road Initiative for Duterte’s ‘build, build, build’
Former President of the Philippines Gloria Macapagal-Arroyo on Friday said the Philippines will benefit from the Belt and Road Initiative (BRI) of China as the platform fits well with the Duterte administration’s “Build, Build, Build” (BBB) infrastructure program.
THE Department of Finance (DOF) confirmed on Thursday that President Duterte has signed into law the measure further increasing the excise tax rate slapped on tobacco products.
THE Bureau of Internal Revenue (BIR) is fast-tracking the processing of taxpayer identification numbers (TIN) for foreign nationals working in the country, including those working in the Philippine Offshore Gaming Operators (Pogo) sector, in line with the government’s initiative to collect the proper taxes, according to the Department of Finance (DOF).
THE Social Security System (SSS) has vowed to hasten the digitalization of its core and business processes to streamline further its processes in line with the ease of doing business law.
The Department of Finance (DOF) has invited businessmen from Japan’s Kyushu Economic Federation (Kyukeiren) to take part in the development of the Philippines’s “fast-growing” economy, persuading them to invest in the cement and steel industries vital for the implementation of the “Build, Build, Build” (BBB) infrastructure program of the Duterte administration.
LOANS extended by the Land Bank of the Philippines to the agriculture sector as of June reached P177.32 billion, accounting for the lion’s share of the bank’s total loan portfolio of nearly P800 billion during the period, a bank official said, a claim validated by the Department of Finance.
THE Department of Finance (DOF) urged lawmakers on Tuesday to consider the President’s call to pass the remaining packages under the Comprehensive Tax Reform Program (CTRP) this year.
THE Bankers Association of the Philippines (BAP) has launched an online campaign aimed at raising public awareness on cyber security amid growing concerns of cyber attackers shifting their focus to the Asia-Pacific region.
THE Bureau of Customs (BOC) destroyed on Tuesday a dozen units of cigarette-making machines, more than 1,000 master cases of various brands of counterfeit cigarettes, as well as one luxury sports car.
THE national government reported a budget deficit of P42.6 billion for the first six months of the year—a contraction of 77.91 percent compared to the P193-billion deficit reported in the same month in 2018, data from the Bureau of the Treasury (BTr) showed.
Finance Secretary Carlos G. Dominguez III and Interior Secretary Eduardo M. Año signed a joint circular ordering local government units (LGUs) to follow a set of standards fees on regulatory fees and other service charges.
THE Bureau of the Treasury (BTr) has awarded the full P15 billion on offer for Treasury bills (T-bills) auctioned off on Monday, as the market continues to be flushed with liquidity after the cuts on banks’ reserve requirements.
PRU LIFE UK has reported that it is on track to launch its asset management company before the end of this year, in line with providing its clients more diversified options for their fund investments.
AMENDMENTS to the country’s Insurance Code should be billed as a priority measure for the 18th Congress in President Duterte’s State of the Nation Address (Sona), if the Insurance Commission were to have its way.
THE country’s worsening problem of homelessness and lack of access to shelter opportunities is envisioned to soon be addressed by the government, with the signing on Friday of the implementing rules and regulations (IRR) for Republic Act (RA) 11201, or the “Department of Human Settlements and Urban Development Act.”
THE Department of Finance (DOF) wants lawmakers to impose higher taxes on electronic cigarette (e-cigarettes) and alcoholic beverages.
THE Bureau of Customs now requires third parties who transact with the bureau on behalf of other entities to register with the BOC first.
The Bureau of Customs has reported that two persons allegedly masquerading as employees of the bureau were apprehended in an entrapment operation. The suspects are allegedly involved in the “unauthorized sale” of seized items from the BOC.
THE Social Security System (SSS) has issued a circular embodying the implementing guidelines for the payment of unemployment insurance or involuntary separation benefit, in accordance with Republic Act (RA) 11199 or the Social Security Act of 2018.
THE government has earned P142.6 million from the Mile Long property in Makati City since it took over the management of the state-owned prime real estate in August 2017, the Department of Finance (DOF) said on Wednesday.
THE Bureau of the Treasury (BTr) awarded the full P20 billion for reissued seven-year Treasury bonds (T-bonds) on Tuesday as the cut in reserve requirement ratio (RRR) helped whet investors’ appetite for the government security.
THE Social Security System (SSS) is encouraging delinquent employers to avail themselves of its Contribution Penalty Condonation Program, saying it will accept applications for the CPCP until September 6.
THE Power Sector Assets and Liabilities Management Corp. (Psalm) has sent out final letters of demand for payment to 14 firms with overdue obligations totaling P1.931 billion.
The Insurance Commission (IC) has issued underwriting guidelines for health maintenance organization (HMOs) in line with the assessment of risks for persons with actual, perceived, or suspected to be with human immunodeficiency virus (HIV).
ING Bank Manila sees a possible rate cut from the Bangko Sentral ng Pilipinas (BSP) during the third quarter of this year, as it considers the dovish stance of the Federal Reserve System (the Fed).
PERSONAL remittances made by Filipinos working abroad amounted to $2.9 billion in May this year, pushing remittances to reach $13.7 billion during the first five months of 2019, the Bangko Sentral ng Pilipinas (BSP) has reported.
AN order by the Bureau of Customs (BOC) allowing non-Customs brokers to practice the profession has been described by the Chamber of Customs Brokers Inc. (CCBI) as “unfair and degrading” to professional customs brokers.
The Department of Finance (DOF) is encouraging stakeholders to review the draft implementing rules and regulations (IRR) of the Personal Property Security Act (PPSA) before July 17.
GOVERNMENT agencies have been invited to set up satellite offices at the Philippine Offshore Gaming Operators (Pogo) hubs, so that the processing of requirements the government needs from foreign workers will be more efficient and streamlined, as the hubs are envisioned to be a one-stop shop facility, a gaming executive said.
THE national government disbursed P27.407 billion in May for the payment of some of its debt, with interest payments outpacing amortization for the month, data from the Bureau of the Treasury (BTr) showed.
The promotion of insurance as mitigation tools in government’s disaster risk reduction is a measure that industry stakeholders wish President Duterte would include during his State of the Nation Address (Sona).
THE Bureau of Customs (BOC) said on Thursday that it will look into rice imports that arrived in the country from January to June, to determine if the shipments were undervalued.
THE Department of Finance (DOF) has ordered the Bureau of Customs (BOC) to look into the creation of a strike team that will guard the country’s borders against the possible entry of waste materials from other countries.
THE Association of Health Maintenance Orgnaizations of the Philippines Inc. (Ahmopi) has welcomed the Insurance Commission’s issuance of a cease-and-desist order on Caritas Health Shield Inc. (Caritas Health), pointing out that the decision is in the interest of the buying public.
The Land Bank of the Philippines (LandBank) is eyeing to acquire a 49-percent stake in Philippine Dealing System Holdings Corp. (PDS) from the 21 percent of the stakeholders that is said are ready for their shares to be bought out.
A SPECIALTY book on the country’s internal revenue code as amended by the Tax Reform for Acceleration and Inclusion (TRAIN) law may well serve as the tax bible in the country.
THE Malayan Insurance Co. Inc. (Malayan Insurance) board of directors has announced the appointment of its new vice chairman, as well as the company’s new president and CEO effective this month.
The Bureau of Customs (BOC) has reshuffled its collectors in the country’s major ports.
THE Bureau of Customs (BOC) has received a commitment from its counterpart agency in China for help in its efforts to stop Chinese exports of unauthorized cigarette-making machines as the Philippine government steps up the campaign against illicit tobacco trade.
THE Bureau of the Treasury (BTr) has awarded the full P15-billion on offer during the Treasury bills (T-bills) auction on Monday, as tenders for the security amounted to P50.5 billion which is more than thrice oversubscribed.
The national government’s borrowings for May amounted to P126.086 billion, posting an increase of 117.5 percent from the P57.969 billion made in the same month last year, data from the Bureau of the Treasury showed (BTr).
THE Bureau of Internal Revenue (BIR) has emphasized that the taxes it slaps on electronic cigarettes (e-cigarettes), currently at P35, is the same amount it collects on tobacco products or cigarette packs.
The private sector is asking the government to sharpen the competitiveness of the country’s future work force, ensure water security and attract more foreign direct investments (FDI) to sustain the country’s economic growth, the Department of Finance (DOF) said.
The Bureau of Customs (BOC) has issued a memorandum order that imposes a provisional safeguard duty of P3 per kilogram on imported ceramic floor and wall tiles.
Allianz PNB Life Insurance Inc. (Allianz PNB) is keener to invest in long-term infrastructure projects to enable life insurance companies to leverage on better hedging investment risks.
The Department of Budget and Management (DBM) is reminding government agencies and government-owned and -controlled corporations (GOCCs) to check their financial allocations in their share as employer for contributions to the Philippine Health Insurance Corp. (PhilHealth).
The board of the Government Service Insurance System (GSIS) has moved to revoke its authorization on the sale of its Manila North Harbor property pending the assumption of Rolando L. Macasaet as their new chairman.
The Bureau of Customs (BOC) collected P5.9 billion in tariffs from some 1.43 million metric tons (MMT) of rice imported by traders following the implementation of the rice trade liberalization law in March, according to the Department of Finance (DOF).
GOVERNMENT agents on Wednesday raided a factory that prints fake tax stamps and labels used for fake tobacco products, the Department of Finance said.
THE Bureau of Internal Revenue (BIR) and Department of Labor and Employment (DOLE) are working on developing an interagency database of foreign nationals working in the country, to ensure they pay the correct amount of taxes to the Philippine government.
THE Bureau of Customs (BOC) has insisted that its collection of proper duties and taxes on shipments of mechanically deboned meat (MDM) of chicken, particularly the 35-percent tariff difference, is legal.
THE national government’s (NG) outstanding debt for May this year amounted to P7.915 trillion, increasing by 15.8 percent from the P6.832 trillion recorded in the same month for 2018, data from the Bureau of the Treasury (BTr) showed.
THERE’S a ghost in your machine; and it’s far from Gilbert Ryle’s interpretation of Descartes’s work. However, there’s nothing philosophical about cyber threats as these are costing businesses billions.
LOOKING to ensure close coordination with lawmakers in the passage of the 2020 General Appropriations Act, the Department of Budget and Management (DBM) will wait for the appointment of the House Speaker before endorsing the 2020 budget proposal of P4.1 trillion.
THE Department of Finance (DOF) has issued guidelines on the payment and collection of taxes by local government units (LGUs) from professionals, in order to ensure a fair, uniform and proper implementation of tax laws. It is also seen to boost efforts to streamline government transactions and improve the ease of doing business.
THE Government Service Insurance System (GSIS) confirmed on Tuesday that President and CEO Jesus Clint O. Aranas has resigned from his position effective July 2.
THE Bureau of the Treasury (BTr) has awarded the full P20 billion on offer for three-year Treasury bonds (T-bonds) that were auctioned off on Tuesday as the market remains awash with cash.
FINANCE Secretary Carlos G. Dominguez III believes Filipinos support the tax-reform package, citing the victory of pro-administration lawmakers in the midterm elections.
THE Department of Finance (DOF) expects the dividends remitted by government-owned and -controlled corporations (GOCCs) for 2019 to easily surpass the P50-billion mark, as these agencies have already remitted P44.69 billion as of mid-June this year.
THE Bureau of Customs (BOC) maintained that it followed the law in demanding more money from traders that paid a lower tariff of 5 percent on mechanically deboned meat (MDM) of chicken after the effectivity of the rice trade liberalization law.
Subsidies extended by the national government (NG) to government-owned and -controlled corporations (GOCCs) in May jumped by 36.63 percent to P5.236 billion, from last year’s P3.832 billion, according to data from the Bureau of the Treasury (BTr).
The Tax Management Association of the Philippines Inc. (TMAP) is calling on the 18th Congress to repeal the bank secrecy law so the government could put in place a more effective general tax amnesty system.
The Insurance Commission (IC) has reported that the local insurance industry’s net income for the first quarter of the year amounted to P11.72 billion, up from the P8.042 billion posted in the same period for 2018.
THE Chamber of Customs Brokers Inc. (CCBI) has requested the Bureau of Customs (BOC) to review its implementation of green lanes in the ports nationwide, as a number of stakeholders have encountered problems with the process.
LOOKING to avoid the passage of legislation that could unduly upset the fiscal balance and the resulting veto of such, the Department of Finance (DOF) has proposed weekly meetings between the economic team of the Duterte administration and Congress leaders.
THE new chairman of the insurance technology (InsurTech) committee of the Financial Technology Philippines Association aims to foster stronger collaboration among insurance industry stakeholders to be able to cover more Filipinos with some form of insurance.
FIVE Chinese nationals and a Filipino who allegedly own five machines used for printing fake cigarette labels and packaging in Valenzuela City were nabbed by authorities this week.
THE Government Service Insurance System (GSIS) has reiterated its plan to sell its Manila North Harbor property, despite the claims of the International Container Terminal Services Inc. (ICTSI) that the agency only has a “naked title” on the property.
INVESTORS in the Bangko Sentral ng Pilipinas’s (BSP) term deposit facility (TDF) proved to be liquid as tenders for the facility during the auction on Wednesday amounted to P31.407 billion.
GROWTH of the Philippine economy will be faster than other regional economic powerhouses under the Duterte administration, the Department of Finance (DOF) said on Wednesday, citing the World Bank (WB) for such projection.
THE national government’s local borrowing program for the third quarter of 2019, at P230 billion, is lower by 23.3 percent than the P300 billion made in the same period last year, according to the Bureau of the Treasury (BTr).