Maniolas

The Duterte administration has adopted a 10-point agenda to address the high poverty rate in the country. It also raised the budget deficit ceiling to three percent of GDP instead of two percent of GDP as it intends to ramp up infrastructure spending.  External factors, political issues MANILA, Philippines – S&P Global Ratings said external factors as well as local and regional political issues pose downside risks to the strong economic performance of the Philippines. In its latest Asia Pacific Economic Snapshots, S&P said external factors include the continued economic slowdown in China as well as the volatile global market brought about by the impending interest rate increase by the US Federal Reserve. “The main downside risks to the Philippine economy continue to come from external factors, such as a sharper-than-expected downturn in China or repeated bouts of market turbulence. Recently, tail risks from local and regional political issues have appeared as well,” S&P said. The economy grew seven percent in the second quarter from 6.8 percent in the first quarter. This brought the average GDP growth to 6.9 percent in the first half from 5.5 percent in the same period last year. “Economic and demographic fundamentals continue to drive a strong domestic demand story, as indicated by nearly seven percent growth in the first half of the year,” S&P said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Duterte administration has adopted a 10-point agenda to address the high poverty rate in the country. It also raised Read More …

BUTUAN CITY, Philippines – President Duterte has appointed former Butuan City representative Charito Booc Plaza as the new director general of Philippine Economic Zone Authority (PEZA). Plaza is one of the authors of the Special Economic Zones Law that created PEZA. She is also the principal author of Republic Act 7901 that created the Caraga Region. Plaza thanked President Duterte for giving her the opportunity to serve as PEZA chief. “I am fortunate to be one of the authors of the law that finally created PEZA, which included areas of Butuan City and Agusan del Norte as among those identified special economic zones. I proposed to the president in our talk last Sunday in Davao City to make eco zones as the umbrella program for economic development. We will build agricultural economic zones, industrial eco zones, tourism economic zones and defense industrial complex,” she said in a text message to The STAR. “The ecozones will be a big break for our Caraga region and Mindanao as the president will revive the BIMP-EAGA partnerships with Brunei, Indonesia, Malaysia, Philippines as the East Asia growth areas. Our people, the poor, the indigenous peoples, the unemployed and the underemployed will be the final beneficiaries of this,” she added. When she was a lawmaker, Plaza also served as chair of the tourism committee and public information committee, and as vice chair of the national defense committee of the House of Representatives. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 After her term, Plaza Read More …

MANILA, Philippines – Puregold Price Club Inc. of retail tycoon Lucio Co is stepping up its expansion in Mindanao as it turns more optimistic on business prospects under the present administration. Puregold vice president for operations Antonio de los Santos said the company intends to accelerate store expansion in President Duterte’s home region given the expected investment boom and improving peace and order situation there. “We plan to expand more our footprint in Mindanao. At present the areas where we are form only a small part of Mindanao,” De los Santos said in an interview during Puregold’s KAINdustriya Convention yesterday. Of Puregold’s 266 stores nationwide, only eight are in Mindanao. These are located in Tagum, Lanang, Digos, Bukidnon, Cagayan De Oro, Butuan and Cotabato. “We opened our second store in Cotabato, that’s in Maguindanao, last week. That’s our second in Cotabato so that means business is good in the area. We are the only big retailer in that area,” De los Santos said. “So we want more stores in Mindanao. But what we’re looking at is not the number but the areas. What we’re looking for are right locations,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 De los Santos said potential areas for expansion in Mindanao are Iligan, Pagadian, Dipolog and Ozamis. He said these are the areas which the company sees “are ripe for a Puregold store” at present. According to De los Santos, the current administration’s commitment to improve the peace and order situation Read More …

The Bureau of Internal Revenue is the government’s main revenue agency. Philstar.com/File photo MANILA, Philippines – Only about two months in office, Bureau of Internal Revenue (BIR) Commissioner Caesar Dulay has gone on leave for medical reasons. This was bared during House ways and means committee heating on pending tax reform bills on Tuesday. “May I ask where is the commissioner?” said Nueva Ecija Rep. Estrelita Suansing. To which, BIR Deputy Commissioner Nestor Valeroso replied: “He is currently on medical leave but we understand he will return by the end of the month.” “He underwent an operation but he is already recuperating,” he added. Suansing called the committee’s attention on Dulay’s apparent persistent absence on congressional hearings. Dulay was also absent on last week’s organization meeting of the committee. Suansing then went on to ask what the operation was for, to which Valeroso responded that it might be “personal” in nature. After prodding, the BIR official then said that Dulay had a hip operation. Aside from Valeroso, Dulay was represented by deputy commissioners Jesus Clint Aranas, Celia King and Lanee David on Tuesday’s hearing. BIR, which accounts for about 80 percent of tax revenues, is the government’s main revenue agency. It collected P117.4 billion in July, the first month of the Duterte administration, down one percent year-on-year. It marked the first time in seven months that collections dipped, data showed. For the first seven months however, BIR already raised P900.9 billion, up nine percent from last year.