The days of cheaper purchases from online stores could soon be over! This came about after Finance Secretary Benjamin Diokno expressed his support for the Bureau of Internal Revenue (BIR)’s plan to impose withholding tax on Internet merchants, saying doing so will help advance fairness for all vendors. “It doesn’t just result in higher […]
In its 30th year, the Bangko Sentral ng Pilipinas (BSP) has reaffirmed its commitment to adopt global central banking standards and transition to a digital financial system while promoting price stability, financial stability, and an efficient payments and settlements system in the country. Over the years, subsequent amendments to Republic Act (RA) No. 7653 or the […]
by Jan Michael Carpo, Reporter Yesterday, the Philippine stock market defied the upward trend in the region by falling further into the red due to significant foreign selling and worries over the health of China’s economy. At 6,212.39, the benchmark Philippine Stock Exchange (PSE) Composite index closed out with a loss of 77.88 points, or […]
A top official of the Development Bank of the Philippines (DBP) announced recently that the state-owned bank has already completed disbursement of funds under the P1-billion interest rate subsidy program of the government, which covers local government units (LGUs), in the implementation of their respective COVID-19 response and recovery interventions. Facade shot of the DBP office […]
Rating and Investment Information, Inc. (R&I), a Japan-based credit rating agency, has affirmed the Philippines’ credit rating of “BBB+” and revised its outlook from “stable” to “positive.” In a report released last August 7, 2023, R&I cited the country’s robust macroeconomic fundamentals, improving fiscal position, sound banking system, comfortable external payments position, and stable […]
President Ferdinand Marcos Jr. praised his administration’s push for digitalization recently, saying that government organizations must make sure that “their vital services are digitalized immediately.” Pres. Ferdinand Marcos, Jr. delivering a speech during his 2nd SONA (IMAGE CREDIT: RTVM) In his second State of the Nation Address (SONA), Marcos stated that “government must fully embrace […]
This year’s headline inflation decelerated further to 5.4 percent year-on-year in June from 6.1 percent in May, settling near the lower end of the Bangko Sentral ng Pilipinas (BSP)’s forecast range of 5.3 to 6.1 percent for the month. The resulting year-to-date average of 7.2 percent, however, it is still above the government’s average inflation […]
“The Philippines’ economic prospects are bright. We will probably be the fastest-growing country in the ASEAN region in the next two years and the second-fastest in the Asia-Pacific region, after India,” beamed Benjamin Diokno, former BSP chief and now Secretary of Finance. Diokno said that in spite of higher public debt, the country’s overall economic […]
