Northern Mindanao targets 3.2 M tourists this year

 Economy
Oct 202015
 
Northern Mindanao targets 3.2 M tourists this year

MANILA, Philippines – Northern Mindanao is banking on festivals and conventions in the remaining months of 2015 to reach its target of 3.2 million tourist arrivals by year-end, a ranking tourism official said. Department of Tourism Region 10 director Catalino Chan III said the region is close to reaching its 12 percent growth projection this year after posting two million arrivals from January to July. In 2014, Northern Mindanao recorded 2.9 million arrivals, 32 percent of which are foreign tourists. Despite the recent Samal kidnapping case in the neighboring Davao region, Chan said he is upbeat the region will catch up with the remaining 1.2 million target as around five festivals and two major conventions are still lined up until December. “We increase more on our festivals because it’s the best way for people to be entertained in our place,” he said. Chan added Northern Mindanao greatly depends on the agricultural ecotourism in Bukidnon and adventure sites in Cagayan de Oro, which is now one of the top 10 destinations in the country. Meanwhile, the region also considers proposing new flights for the Laguindingan Airport to further sustain tourist arrivals, particularly from the Korean market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said infrastructure in the region can support tourist inflow as one big hotel is set for opening and another eyes construction next year. Furthermore, DOT-accredited establishments in the region increased 32 percent, from 2,900 rooms in 2014 to this year’s approximately 4,000 rooms, in its Read More …

Government limits award of 3-year T-bonds

 Economy
Oct 202015
 
Government limits award of 3-year T-bonds

MANILA, Philippines – The government made yesterday a partial award of three-year Treasury bonds in a bid to cap interest rates seen too high compared with prevailing market rates. A total P16.22 billion worth of re-issued three-year notes, with a remaining life of two years and seven months, was awarded by the Bureau of the  Treasury at the auction yesterday. The paper fetched a rate of 3.169 percent. Tenders reached P36.17 billion as against the P25 billion offer. Had the government awarded the full amount, it would have paid a higher rate of 3.18 percent. The debt paper charged 3.089 percent during the previous auction.  “We awarded it based on our internal guidelines which put the rate near the upper-end of our guidance. It is a little over our R2 (rate),” National Treasurer Roberto Tan told reporters after the auction. R2 pertains to the secondary market rates used by investors to trade with each other. The paper fetched 3.1 percent at this market yesterday. Treasury bonds are investment outlets issued by the government in exchange for borrowed money. Tan said the “uncertainty” coming from the looming interest rate hike of the US Federal Reserve still persists, “although there’s been a change in view” especially after the latter’s meeting last month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Investors seeking higher yields have been awaiting the US central bank to raise its rates for the first time since 2006 as the world’s superpower showed some recovery from the global Read More …

OECD final report on Base Erosion and Profit Shifting (BEPS) — Overview

 Economy
Oct 182015
 

(First of two parts) On Oct. 5, 2015, the Organisation for Economic Co-operation and Development (OECD) issued the final report on all 15 BEPS Action Plans. This caps two years of work started in September 2013, when G20 Leaders endorsed the ambitious and comprehensive Action Plan on BEPS, to restore confidence in the international tax framework which was designed more than a century ago.

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