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GIR hits record high in 2020
The Philippines’ gross international reserves (GIR) climbed to record-high $109.797 billion as of end-December 2020, about $22 billion higher from end-2019’s $87.839 billion, based on Bangko Sentral ng Pilipinas (BSP) data.
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Lopez: Pass economic bills, not cha-cha
Trade and Industry Secretary Ramon M. Lopez preferred the passage of pending economic bills that will open certain domestic industries to majority foreign ownership rather than tinkering the Constitution or charter change (cha-cha).
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DOF to raise P70 B for COVID-19 vaccines
The Department of Finance (DOF) is working on fresh loans from multilateral financial institutions, bilateral partners and domestic creditors to fund the government’s coronavirus response programs.
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DOE moves to avert ‘summer brownouts’
With plant shutdowns bringing power grids to breaking points again, the Department of Energy (DOE) nudged power plant owners to re-align their maintenance activities to avoid brownouts during the summer months.
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Clamor for immediate passage of CREATE bill
Multisectoral groups, comprising of 51 largest and widely-represented private sector associations, have urged for the immediate enactment of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill to boost market confidence, save jobs and provide instant relief to businesses’ suffering from the COVID-19 impact.
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Plug the loopholes of the Safeguard Measures Act
Over the past three years, there were three domestic industries that sought protection under an old law, Republic Act No. 8800 or the Safeguard Measures Act. The primary objective of that law is to save the economic viability of a domestic industry as well as save local jobs. The process s litigious, technical and involves the analysis and evaluation of economic data on supply and demand of the products subject matter of the investigation over the last 5 ears, as well as the forecast for the next 3 years.
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MDM tariff maintained at 5%
The country’s tariff rate for mechanically deboned meat (MDM), a primary ingredient in processed and canned meat products, has been maintained at 5 percent, a source privy to the discussions said.
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Shortfall in vege supply seen
Amid rising prices, the Philippine government has detected a shortfall in the country’s vegetable supply for this year.
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BSP bills awarded in full
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. said the auction of its 28-day BSP bills continue to be oversubscribed or 1.67x the offered volume.
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ACR plans P2-B CP issuance
Alsons Consolidated Resources, Inc. (ACR) is planning to raise P2 billion from the issuance of commercial papers (CPs) as the first tranche of its new commercial paper program of up to P3.0 billion.
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Stocks lower on weak economic data
The local stock market ended the week lower as investor sentiment was dampened by weak economic data reported in the US and Philippines.
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About 3000 IT experts, professionals gather for DECODE 2020
About 3,000 Information Technology (IT) professionals and experts from around the country gathered for the virtual conference DECODE 2020 from November 10-12.