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 – Selective buying allowed the local stock barometer to rebound despite mixed performance of overseas markets and the World Bank’s cut in its global economic growth forecast. The Philippine Stock Exchange index recovered 0.46 percent or 31.20 points to finish at 6,809.18, while the broader all shares index inched up 0.13 percent or 5.39 points to 4,076.01. “It seems like market is still in a consolidation mode. But despite the drop in Asian markets given the World Bank’s downgrade, investors continue to pick up stocks that will perform well for the year,” Astro del Castillo, managing director of First Grade Finance Inc., said in a phone interview. Del Castillo said the direction of the local bourse continued to be influenced by economic reports here and abroad. The World Bank yesterday trimmed its 2014 global economic growth forecast to 2.8 percent from 3.2 percent announced in January amid slower growth in developed countries and geopolitical tensions. Japan’s Nikkei 225 rose 0.5 percent or 74.68 points to 15,069.48 but other regional indices like Hong Kong’s Hang Seng and Singapore’s Straits Times retreated. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Wall Street also ended mixed on Tuesday, snapping the string of record closing of the broad-based Standard & Poor’s (S&P) 500 index as the stock market took a breather. The Dow Jones industrial average barely rose 0.02 percent or 2.82 points to a record high 16,945.92, while the broader S&P 500 fell 0.02 percent or 0.48 point to 1,950.79.