Maniolas

MANILA, Philippines – More members of the House of Representatives are opposing President Duterte’s tax proposals, which Finance Secretary Carlos Dominguez submitted to Congress last week. Opposition Rep. Edcel Lagman of Albay joined an increasing number of colleagues yesterday in questioning the administration’s so-called tax reform package. He said the supposed tax reforms and other components of the administration’s economic agenda are not moving because of Duterte’s “preoccupation on his brutal anti-drug campaign.” He said the proposed tax reform package “is anti-poor and anti-marginalized because, among others, it taxes holiday pay, overtime pay, night shift differential pay, hazard pay, and 13th-month pay received by low-income earners and repeals VAT (value added tax) exemption of people with disabilities (PWDs) and senior citizens.” It would also impose a P10 excise tax on lubricating oils and greases, waxes and petrolatum, regular gasoline, leaded premium gasoline and aviation turbo jet fuel, and a P6 excise tax on processed gas, denatured alcohol, kerosene, diesel, LPG, asphalts, and bunker fuel, he said. “Since the burden of excise taxes on petroleum products cascades to the ultimate consumer or the general public, the brunt of the tax is borne by ordinary people who constitute the bulk of the consuming public who will not benefit from the tax package,” he stressed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In a related development, Rep. Mikee Romero of party-list group 1-Pacman proposed yesterday the grant of a one-time tax amnesty to raise needed funds for the government. Romero said Read More …

MANILA, Philippines – President Duterte’s decision for the country to align with China is already spurring a number of Filipino and Chinese firms to embark on joint venture deals. Trade Secretary Ramon Lopez said in an interview there are currently a number of joint venture deals being worked out between companies from Philippines and China in line with the government’s plan to renew ties with the world’s second largest economy. Lopez is set to join the President in his planned visit to China this month. “A lot of private businesses are saying that they will time their signing also there as with their counterpart. These are business to business deals,” Lopez said. “So far three groups have already talked to me. One is in the food industry,” he added. Aside from the expected business-to-business signings, the Philippine government will seek to further trade relations as well as enhance joint cooperation with China during Duterte’s visit, Lopez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said trade and investment opportunities in China remain large for the Philippines. “It will be for economic cooperation. Also for promotion of trade and investments. We invest more to China so we have to invite more Chinese investments here in the country. They also export more to us so we want to export more to China. So we want to approach a trade balance,” Lopez said. China-ASEAN Business Council executive president Xu Ning-ning earlier said Chinese firms are raring to invest in the Read More …

MANILA, Philippines – Philippine economic managers would seek to overturn the negative perception of the international community on the Philippines during the annual meetings of the World Bank Group and the International Monetary Fund (IMF) in Washington this week. While in Washington, the Philippine delegation would meet with prospective investors, business groups, banks, credit rating agencies and even foreign media which include the Washington Post and New York Times, said Socioeconomic Planning Secretary Ernesto Pernia. “We want to counter the adverse media reports (about the Philippines),” he said. On its Facebook page, the Philippine Embassy in Washington said Pernia would guest in its “Talakayan sa Pasuguan” to discuss the current economic conditions in the country, growth prospects and ongoing reforms of the Duterte administration. Foreign credit rating agencies have expressed concerns about rising uncertainties in the diminishing policy predictability and stability of the Duterte administration as well as the government’s strong focus on law and order which has allegedly resulted in numerous instances of extrajudicial killings. Debt watchers fear this would undermine respect for the rule of law and the legitimacy of democratic institutions. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pernia said the Philippine delegation would continually assure the international business community of the country’s macroeconomic stability and ongoing efforts to improve the business climate. “The macroeconomy is robust, continuously robust, and the government is focused on reducing inequality and poverty and is promoting peace and order. That in itself would attract more investors. And in addition Read More …

TWO of the leading business associations said the administration’s first 100 days have produced “positive” and “concrete” results, and added that they are unaware of any foreign investors pulling out despite the President’s controversial pronouncements at times.

MANILA, Philippines – The Philippine manufacturing sector grew at a record pace in September, outpacing the performance of other countries in Southeast Asia, according to the latest reading of the Nikkei Philippines Manufacturing Purchasing Manager’s Index (PMI). The PMI registered a higher reading of 57.5 in September, higher than the August reading of 55.3 and is the steepest since data collection for the local manufacturing sector began in January. An index reading of above 50 indicates improvement in business conditions and activity while a reading below 50 indicates the opposite. The Nikkei manufacturing PMI is released monthly ahead of official economic data. The positive reading in September was attributed to strong client demand and higher production targets. “Driving the overall improvement in business conditions was another marked rise in new contract win as a number of firms reported having secured new customers. Moreover, the rate of growth was the sharpest on record so far,” said IHS Markit the entity that compiles the data for Nikkei. Purchasing managers surveyed during the reference period reported hiring more workers to enhance operating capacity and accommodate additional orders. Greater demand for goods also led manufacturers to purchase more input materials despite the higher cost brought about by the depreciation of the peso against the US dollar. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “All looks positive for goods-producing companies in the Philippines, with strong demand conditions leading to robust growth of new orders and output,” IHS Markit economist Alex Gill said in Read More …