Home Tags Elijah Joseph C. Tubayan

Tag: Elijah Joseph C. Tubayan

DoF still hoping to get its way on mining royalty

THE DEPARTMENT of Finance (DoF) will continue to push for its version of a new fiscal regime for the mining industry as the legislation moves forward through Congress, an official said Wednesday.

DoF denies China ODA was leverage for joint exploration

THE DEPARTMENT of Finance (DoF) said that Chinese loans and grants were not employed as leverage to arrive at a joint energy exploration agreement in the South China Sea.

Bill fortifying SSC, SSS approved at bicam level

THE BILL allowing the Social Security Commission (SSC) to raise pension contributions starting next year hurdled the bicameral conference committee on Tuesday, with Congress fully adopting the Senate’s version.

DoF chief to seek growth outlook of IMF, WB

THE FINANCE CHIEF wants to know how the World Bank and International Monetary Fund (IMF), during their annual meetings this week, will address the global market turbulence brought by rising oil prices, the trade conflict in the world’s most advanced economies, and tightening monetary conditions.

Philippines, Japan sign loan deal for New Bohol Airport expansion

THE PHILIPPINE and Japanese governments signed on Monday the supplemental loan agreement for the ongoing New Bohol Airport expansion project on Panglao Island.

AMRO adds to expectations of PHL growth slowdown as price hikes...

A REGIONAL research group has slashed its growth forecast for the Philippines, noting that surging inflation and consumer pessimism will likely weigh on household spending and dampen overall expansion.

WB readies $300-M loan to improve gov’t revenue, spending efficiency

THE WORLD BANK is preparing a $300-million loan for the government designed to improve revenue and spending efficiency.

ASEAN+3 think tank flags financial stress levels in the Philippines

THE PHILIPPINES is among the main sources of “financial stress” within the Association of Southeast Asian Nations (ASEAN), which became elevated in early 2018, although still below historical levels.

WB flags growth slowdown

THE WORLD BANK has downgraded its 2018 economic growth forecast for the Philippines -- making it the third multilateral lender to do so since last week due to heightened external uncertainties and surging inflation locally -- but overall prospects should remain “strong” enough for it to maintain the country’s projections for 2019-2020.

DoF estimates P40B in lost revenue if fuel excise suspended

THE DEPARTMENT of Finance (DoF) said that the government will lose some P40 billion in revenue if it suspends the second tranche of the fuel tax hike next year, adding that it has yet to draft the implementing rules on how the tax will be suspended and reinstated.

DBM: 2018 budget release rate at 94% after 9 months

THE DEPARTMENT of Budget and Management (DBM) said it released 94% of the 2018 budget as of the first nine months of the year.

NEDA may introduce new poverty indicator

THE NATIONAL Economic and Development Authority (NEDA) is considering a new indicator to more accurately measure poverty, known as the multidimensional poverty index (MPI).

‘Serious’ query from Vodafone about 3rd player auction — Diokno

THE UK’s Vodafone Group PLC has discussed with the government the possibility of participating in the selection process for the telecommunications industry’s so-called “third player,” Budget Secretary Benjamin E. Diokno said following a visit to London.

Satellite project-tracking scheme issues first report

ABOUT 88.2% of road projects connecting to seaports and airports scheduled for this year have entered the construction stage, based on the government’s satellite and geo-tagging project-tracking system.

BoC, BIR officials fired over SALNs

THE DEPARTMENT of Finance (DoF) has dismissed five Customs officials in the first eight months of the year, over “false declarations” in their Statements of Assets, Liabilities and Networth (SALN), and penalized more from other revenue agencies over administrative violations.

PHL regains ASEAN factory lead

IMPROVEMENT of Philippine manufacturing activity remained “modest” in September, according to a monthly survey IHS Markit conducted for Nikkei, Inc., but “robust” domestic consumption, a “solid” rise in new orders and “upbeat business confidence” offset muted foreign demand and “strong” inflation to propel the country back to fore among major economies of the Association of Southeast Asian Nations (ASEAN).

Diokno calls 3%-of-GDP deficit cap ‘reasonable’

THE GOVERNMENT will maintain its fiscal deficit ceiling at about 3% of Gross Domestic Product (GDP) despite concerns expressed by the International Monetary Fund (IMF), noting that higher-than-expected government revenue will keep the deficit in check.

DBM pledges continuing budget support for LGU open spaces

THE Department of Budget and Management (DBM) has committed to support green infrastructure and open spaces in cities with an annual allocation.

Draft IRR out on National Transport Policy

THE National Economic and Development Authority (NEDA) released on Monday the draft implementing rules and regulations (IRR) of the National Transport Policy which aims to modernize the country’s transport network.

170 illegal online gaming operators nabbed

THE PHILIPPINE Amusement and Gaming Corporation (PAGCOR) has intensified the crackdown against illegal online gaming operators, saying it has raided some 170 establishments operating without licenses as of the first semester.

Fundamentals remain sound despite downgrades — Pernia

THE GOVERNMENT is still bullish on economic growth prospects despite downgrades to the economic outlook issued by multilateral institutions and ratings agencies.

DoF may tap Israel for agri-economics training

THE GOVERNMENT hopes to set up an exchange program with Israel for Finance department officials, the Department of Finance (DoF) said in a statement over the weekend.

IMF cuts Philippine growth forecast for 2018 amid new challenges

THE INTERNATIONAL Monetary Fund (IMF) lowered its gross domestic product (GDP) growth projection for the Philippines this year, amid downside risks from “rising inflation, continued rapid credit growth, higher US interest rates and US dollar, volatile capital flows, and trade tensions.”

BSP sees Sept inflation at 6.8%

THE BANGKO Sentral ng Pilipinas (BSP) expects inflation to have further accelerated in September, due to higher oil and food prices, it said in a statement on Friday.

Money supply, bank lending growth slow in Aug

GROWTH in both money supply and bank lending slowed down in August, the Bangko Sentral ng Pilipinas (BSP) said on Friday.

National debt rises to P7.1 trillion after yen bond issue

THE national government’s outstanding debt rose to P7.10 trillion in August after the government issued yen bonds, with the value of external liabilities rising due to peso’s depreciation.

Right-of-way budget to grow 53% in 2019

THE GOVERNMENT proposed a 53% increase in the budget for right of way (RoW) acquisition in 2019, the Department of Management (DBM) said, reflecting expectations for the launch of more infrastructure projects.

PHL growth to slow, still ‘robust’ — ADB

THE ASIAN DEVELOPMENT BANK (ADB) has slashed its Philippine economic growth projections for this year and 2019 following “stagnant” performance in agriculture and a merchandise export slowdown, even as investments continue to rise.

UK briefing touts PHL growth, admits headwinds

ECONOMIC managers pitched British investors in London by citing the Philippines’ strong economic outlook and pace of reforms, despite recent difficulties with inflation.

Job risks in focus as Senate starts work on 2nd tax...

THE SENATE Ways and Means committee on Tuesday began discussions on corporate tax reform, zeroing in on potential risk to jobs when the government removes fiscal incentives deemed redundant.

Trillanes posts bail after Makati court orders arrest

SENATOR Antonio F. Trillanes IV on Tuesday afternoon posted a P200,000-bail before the Makati Regional Trial Court (RTC) Branch 150 after his arrest at the Senate.

Fiscal deficit marks Aug. on spending hike

THE GOVERNMENT’S budget balance swung to a deficit in August from a year-ago surplus as expenditures surged faster than revenue growth, the Bureau of the Treasury (BTr) said on Monday.

World Bank cites dev’t tasks ahead for PHL

THE PHILIPPINE economy needs to grow at least 6.5% annually if it is to turn “into a prosperous middle-class society free of poverty by 2040,” the World Bank said on Monday, describing this goal as challenging but attainable.

Gov’t taps over P134 million from relief fund after typhoon Ompong

THE Department of Budget and Management (DBM) said the government tapped P134.7 million from the quick response fund (QRF) to aid victims of typhoon Ompong (international name: Mangkhut).

Gov’t sets road show in London

THE PHILIPPINES will hold an investor road show this week in London to drum up interest in infrastructure, energy, and tourism opportunities in the country, the Department of Finance (DoF) said in a statement over the weekend.

NEDA panel approves feasibility study funding for water supply, Pampanga mass...

THE GOVERNMENT has approved the funding for feasibility studies for two water management projects and a transportation project, tapping a 2018 special-purpose fund.

Debt service drops sharply in July

THE GOVERNMENT’S debt service bill halved in July over sharply reduced amortization payments, while interest expenses were little changed, data from the Bureau of the Treasury (BTr) show.

House sends proposed mining tax reform back to DoF

A PROPOSAL to give government a bigger share in mining revenues goes back to square one, as House Speaker Gloria M. Arroyo on Thursday asked the Department of Finance (DoF) to submit a new draft that would consider inputs from miners.

ADB OK’s bigger PHL program

THE ASIAN Development Bank (ADB) said on Thursday that its Board of Directors has approved a $7.8-billion lending pipeline for 2018-2021, ramping up support for transport infrastructure, local governance and social development in line with the Duterte administration’s priorities.

NEDA sees ‘net’ positive impact of trade war

THE PHILIPPINE ECONOMY could end up with a net gain in the trade war between the US and China as the world’s biggest economy seeks other sources of cheaper goods, the National Economic and Development Authority (NEDA) said late Tuesday.

NEDA says calamity price controls to be temporary, does not expect...

THE NATIONAL Economic and Development Authority (NEDA) said it does not expect a state of calamity declaration, which will trigger price freezes, to lead to the hoarding of goods and their removal from the market.

House begins plenary debate on 2019 budget

THE HOUSE of Representatives started plenary discussions on the 2019 budget Wednesday, with debate centered on the new cash-based budgeting system, which sets a use-it-or-lose-it procurement deadline of one year before funding authority expires.

Economic team wields inflation tool kit

THE PHILIPPINE ECONOMY is ready to face headwinds from rising inflation and further depreciation of the peso which have intensified in recent months, economic managers said on Tuesday, saying the government has all the tools it needs to handle these “temporary” challenges.

Calamity declaration to release WB funding

THE GOVERNMENT can tap a $500 million loan from the World Bank to finance typhoon relief and repairs to damaged infrastructure once the President declares a state of calamity in affected areas.

NEDA open to both Cebu BRT, rail line

THE National Economic and Development Authority (NEDA) on Monday said that the Cebu bus rapid transit (BRT) project needs to go ahead as planning for its implementation is in the advanced stages, but the government continues to be open to a railway project in the future.