Net revenue could exceed ₱190 billion over four years if the Philippines implements a package bill that combines the revenue-eroding income tax exemptions with the revenue-offsetting measures proposed this year. Department of Finance (DOF) Undersecretary Karlo Fermin S. Adriano said the agency...
Stricter monitoring and technical assessments of imported goods—rather than higher import volumes—likely drove the Bureau of Customs (BOC) past its ₱82-billion revenue target for July, according to its chief. Speaking to reporters during the turnover of proceeds from forfeited luxury...
Sustainability in banking is often framed as a trade-off between profit and purpose. For the Ayala-led Bank of the Philippine Islands (BPI), these are not separate, clashing goals, but a package embedded in every vein of the lender’s initiatives. What, then, should sustainability look like for...
Proposed tax reforms are expected to cost the government roughly ₱66 billion in annual revenue as the Marcos administration trades fiscal collection for broader consumer and small-business relief, according to the Department of Finance (DOF). Finance Secretary Frederick D. Go said the package,...
State-run Maharlika Investment Corp. (MIC), manager of the Philippines’ first sovereign wealth fund, expects to become a regular member of the International Forum of Sovereign Wealth Funds (IFSWF), a global organization that promotes good governance, transparency, and accountability among SWFs....
HD Hyundai Heavy Industries Philippines Inc. launched its first locally constructed vessel from its Subic Bay shipyard, signaling the full-scale operational rollout of the South Korean conglomerate 's shipbuilding operations in the country. The vessel, named Orion Jade, is the first of four...
Returning exported goods originally bound for the Middle East may re-enter the country duty-free, as long as they have not been modified or improved through manufacturing or other processes while abroad, the Bureau of Customs (BOC) announced. “All district collectors are hereby directed to ensure...
The government is now ready to begin laying the groundwork for a program aimed at strengthening the export potential of small and medium-sized enterprises (SMEs) after securing more than $3 million, or roughly ₱185 million, in funding from international development banks. The Department of...
The government is offering expansive tax relief to large corporations and top exporters under new implementation guidelines designed to spur industrial investment and lower operational overheads. Under a Department of Finance (DOF) regulation signed by Finance Secretary Frederick D. Go, companies...
Another $1-billion loan has been added to the World Bank’s financing pipeline for the Philippines, aimed at strengthening government disaster preparedness and response amid increasing climate as well as natural hazard risks. The World Bank disclosed in a July 22 program information document...
International Finance Corp. (IFC) is helping Asialink Finance Corp. explore the creation of a specialized affordable housing finance company (AHFC) to expand access to home financing for low-income and informal borrowers in the Philippines. The World Bank Group’s (WBG) private-sector arm...
To improve the quality, completeness, and timeliness of national economic data, the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission (SEC), and the Philippine Statistics Authority (PSA) have entered into a data-sharing agreement. Spearheaded by Finance Secretary Frederick...
