THE SENATE is considering a ceiling on the amount of funds the National Government can borrow to secure macroeconomic stability.
Feb 092017
Jan 162017
For businesses, the start of the new year means setting new goals and targets. Likewise, the Bureau of Internal Revenue (BIR) also has its own new set of plans for 2017. This year, the BIR is tasked to collect P1.829 trillion which is equivalent to 79% of the National Government’s total projected tax revenue of P2.313 trillion. Although the target amount is lower than the last year’s collection goal which was P2.025 trillion, P1.829 trillion is still undeniably an uphill challenge.
Apr 162014
MANILA, Philippines – Subsidies granted by the National Government to state-owned firms amounted to P191 million in February, significantly lower than the P1.82 billion given out in the same month a year ago. A big chunk of the amount was allocated to healthcare and showcasing the country’s products, according to data from the Department of Finance. The Center for International Trade Expositions and Missions (CITEM), an export promotions agency of the Department of Trade and Industry, was the top recipient of subsidies with P48 million. Its thrust is to promote the Philippines as a reliable source of high-quality products and services through trade fairs, special exhibits, in-store promotions, trade missions, and other promotional activities here and abroad. The Philippine Children Medical Center received the second biggest allocation with P43 million followed by the National Kidney Transplant Institute (P32 million) and the Lung Center of the Philippines (P29 million). The funding support was in line with the Aquino administration’s goal to provide good-quality healthcare services for all Filipinos. Other recipients included Philippine Television Network Inc. (PTNI) which got P17 million and the Zamboanga City Special Economic Zone Authority with P8 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PTNI is the flagship government broadcasting firm under the management of the Presidential Communications Operations Office. In March 2013, President Aquino signed Republic Act 10390 whereby the government committed to inject P5 billion into PTNI to revitalize the station and make it “digital competitive”. Total subsidies for the first two months Read More …
Jun 092013
MANILA, Philippines – Dividends remitted by the Philippine Ports Authority (PPA) to the national coffers jumped 23.5 percent last year, making it one of the largest contributors among government-owned and controlled corporations (GOCCs). PPA general manager Juan Sta. Ana said the agency has consistently been among the profitable government agencies sharing its net earnings to the National Government since the law was enacted in 1998. Sta. Ana said PPA’s total dividend payment reached P1.009 billion last year from P817 million in 2011. “The port agency will always be a strong partner of the government in moving the country forward specifically in the area of providing support to the National Government’s fiscal consolidation efforts,” he stressed. He added that PPA landed seventh in the top 10 list of the biggest contributors for 2012 out of the 38 GOCCs that paid their respective dividends. Other major contributors include Philippine Amusement and Gaming Corp., Land Bank of the Philippines, Development Bank of the Philippines, Bases Conversion and Development Authority, Power Sector Assets and Liabilities Management Corp., Manila International Airport Authority, Philippine Reclamation Authority, Philippine Deposit Insurance Corp. and the Philippine National Oil Co. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Republic Act 7656 requires GOCCs to remit at least 50 percent of its annual gross earnings to the National Government. For 2013, the government aims to keep its budget deficit at below P238 billion or two percent of the projected gross domestic product (GDP). The deficit limit for this year is Read More …