STATE borrowings declined by over 40% in April as the government’s domestic liabilities dropped, data from the Treasury bureau showed.
Jun 152014
Jun 152014
THE PHILIPPINES’ oil import bill grew in the first quarter of this year, due to increasing demand for imported fuel, data from the Energy department showed.
Jun 152014
IT IS a common belief that there is no longer any remedy once a deficiency tax assessment by the Bureau of Internal Revenue (BIR) has been rendered final for failure to appeal the disputed assessment or for some other reason — that the taxpayer is left with no choice but to pay the assessed taxes. However, the truth is the taxpayer is not entirely helpless because the Tax Code provides for two possible remedies: compromise or abatement.
Jun 132014
VEHICLE IMPORTERS saw sales surge by over a fifth last month from a year ago on the back of double-digit gains in both passenger car and light commercial vehicle (LCV) segments, an industry group reported on Friday.
Jun 132014
THE INCREASE in average prices of widely used construction materials in Metro Manila, or the National Capital Region (NCR), slowed down last month from the previous year but still picked up from April, the Philippine Statistics Authority reported last June 11.
Jun 132014
PRICES of many farm products sold in trading centers nationwide were stable in the first seven days of this month from the previous week, with only vegetables showing increases, according to data dated June 6 that were posted on the Philippine Statistics Authority’s Web site.
Jun 112014
REPAIR work on Ninoy Aquino International Airport Terminal 3 (NAIA-3) is set to finish next month, the Transportation department said in a statement yesterday.
Jun 112014
CEBU/ILOILO — Rolling power outages hit Iloilo City after an 82-megawatt (MW) generating unit was shut down due to a boiler tube leak, highlighting the need for additional base load plants to boost energy reserves in the Visayas.
Jun 112014
IN CLAIMING a refund of unutilized input value added tax (VAT) that is attributable to zero-rated sales, it is imperative to prove that the billing documents are duly registered with the Bureau of Internal Revenue (BIR) at the time of the sale transaction. In a recent case, the Court of Tax Appeals (CTA) held that the absence of such proof was fatal to the VAT refund claim.
Jun 112014
MANILA, Philippines – Singapore-based DBS said yesterday the weak export growth in April will have a limited impact on the country’s gross domestic product (GDP) growth. “Any impact on overall GDP growth is likely to be limited,” DBS said in a research note. “The main support for the economy has come from domestic demand, which remains robust and likely to continue supporting overall GDP growth above the six percent mark for at least the next couple of years,” the bank said. The country’s merchandise exports grew by only 0.8 percent to $4.544 billion in April from a revised $4.51 billion a year ago. The Philippine Statistics Authority attributed the slower growth to the contraction in the shipments of electronic products, the country’s top export commodity. This brought the four-month tally to $18.859 billion, up 5.4 percent from the same period last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government expects merchandise exports to grow by six percent this year over 2013 levels. Philippine economic growth, meanwhile, is forecast to settle between 6.5 percent and 7.5 percent. Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. earlier said economic growth may settle at a “more moderate pace” following the 7.2 percent expansion recorded last year. “On broad expectations, we think that the authorities would be very comfortable even if GDP growth were to come in the lower half of the six to seven percent range,” DBS said. The bank expects the economy growing 6.3 percent this year. Read More …