Business NEWS

The Department of Budget and Management (DBM) said it was able to release only the one-month equivalent of the 2018 pension differential of retired military and uniformed personnel (MUP) despite numerous inquiries from retirees.

Local government units (LGU), particularly cities in Metro Manila, incurred a considerable revenue loss last year due to cancellation of various entertainment events and activities amid the community quarantine, the National Tax Research Center (NTRC) said.Based on the latest journal by the state-run think tank, NTRC estimated that around P386.2 million in amusement taxes for LGUs were lost after malls, theaters, and concert halls were cancelled and closed due to the lockdowns.

The Bangko Sentral ng Pilipinas (BSP) has started its comprehensive review and assessment of when to reduce or scale back the size of liquidity and COVID-19 relief measures to avoid financial distress post-pandemic.

There was strong demand for the auction of 28-day Bangko Sentral ng Pilipinas (BSP) securities last Friday as bids were 1.72x oversubscribed, according to BSP Deputy Governor Francisco G. Dakila Jr.

The enactment of the Financial Institutions Strategic Transfer (FIST) law, which is expected to free up over P1 trillion worth of banks’ soured loans and non-performing assets and assist 600,000 micro, small and medium enterprises (MSMEs), will ensure the stability of the local financial system amid the global economic downturn, the Department of Finance (DOF) said.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said there is no “trade-off” in maintaining an accommodative policy stance where there is low interest rate and increased money supply in the financial system.

The Bangko Sentral ng Pilipinas (BSP) will conduct data-gathering “baselining exercise” in aid of rules being drafted for banks and non-banks’ Data Governance and Ethical Use of Data, said BSP Governor Benjamin E. Diokno.

The Department of Finance (DOF) will look into the concerns raised by the Action for Economic Reforms (AER) regarding some provisions under the ratified corporate recovery and tax incentives for enterprises (CREATE) bill.

The Duterte administration’s chief economic manger expects the Bureau of the Internal Revenue (BIR), the government’s main tax agency, will surpass its collection target this year.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the new law that will help the domestic financial system manage its bad debts during the health crisis and post-pandemic, will significantly decrease banks’ soured loans ratio and encourage deposits and investments.

Metropolitan Bank & Trust Co (Metrobank) disclosed  Wednesday, (Feb. 17) that income before provisions increased by 26% to P61.8 billion in 2020. In line with its strategy to better prepare for the risks associated with the pandemic, the bank booked provisions of P40.8 billion, resulting in a full year 2020 net income of P13.8 billion. Metrobank’s substantial capital also prompted the Board of Directors to declare a special cash dividend of P3.0 per share in addition to the regular dividend of P1.0 per share.

The United States and the Department of Finance (DOF) sealed a grant that will fund the digital transformation program of the Bureau of Internal Revenue (BIR) described as “fully functional and irreversible.”

The national government has successfully borrowed P24 billion in the domestic market Monday, Feb. 15 after interest rates declined across the board.

The auction of Bangko Sentral ng Pilipinas (BSP) 28-day securities was slightly undersubscribed at P99.05 billion versus offer of P100 billion while yields increased.

The peso closed higher at  P47.93  to the US dollar Monday  (February  15)   from  P48.045 last Thursday. The weighted  average rate  appreciated   to  P47.952  from  P48.032.  Total volume amounted  to  $1.512.5 billion, according to the Bankers Association of the Philippines.

The pandemic-affected cash remittances fell by 0.8 percent year-on-year to $29.903 billion in 2020 from $30.133 billion which was lower than what the Bangko Sentral ng Pilipinas (BSP) estimated was a two percent contraction for the year.

The soon-to-be enacted Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) will strengthen the culture of research, development, and innovation in the country, the Department of Finance (DOF) said.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said they are analyzing and reviewing the currency denominational structure as the country transitions into a cash-lite and non-coin society.