The new law on the automatic income classification of local government units (LGUs) will help ensure the fiscal sustainability and revenues of local governments, the Department of Finance (DOF) said. Republic Act No. 11964 or the Automatic Income Classification of Local Government Units Act updates...
The newly-signed law that institutionalizes the automatic income classification of local government units (LGUs) will help boost the economic growth and local autonomy of LGUs and ease the national government’s distribution of financial grants to them, Senator Joseph Victor “JV” Ejercito...
(Noel Pabalate/ MANILA BULLETIN) The House of Representatives and the Senate have approved in the bicameral conference committee meeting an amendment to the National Internal Revenue Code exempting overseas Filipino workers (OFWs) who derive their income...
Japan declared its commitment to support the Philippines in attaining an upper middle-income status in the next few years. A joint committee meeting was held in Tokyo on Tuesday, Aug. 29 between the Philippine delegation and the Japanese government to determine the necessary development assistance...
Uptrend in sales from its operating renewable energy (RE) assets had driven up the net income of Yuchengco-led PetroEnergy Resources Corporation (PERC) to P591 million in this year’s first half versus P506 million a year ago. “Higher electricity sales from its renewable energy (RE) operating...
Propped by strong performance of its power plant operations, the net income of Alcantara-led Alsons Consolidated Resources Inc. (ACR) climbed 70-percent to P1.17 billion within this year’s first half from a leaner level of P689 million within parallel period last year. That strong showing on its...
Listed firm Shell Pilipinas Corporation (SPC) was able to rebound from a net loss in the first quarter but overall net income in the first half remained anemic at P123 million due to incessantly escalating oil prices and the crippling higher interest rate. If reckoned on core earnings, however,...
Owing to profit contribution of its all-renewable energy (RE) subsidiary, First Gen Corporation has posted a 30 percent hike in its recurring net income to $167 million, approximately P9.0 billion, in the first half of the year versus $128 million or P7.0 billion, in the same period last...
The Senate has approved on Monday, August 7, the proposed law that seeks to institutionalize the automatic income classification of provinces, cities, and municipalities on third and final reading. Sen. Joseph Victor “JV” Ejercito principal author and sponsor of Senate Bill No. 2165,...
Greenfield plants and the elevated prices in the Wholesale Electricity Spot Market (WESM) boosted Ayala-led ACEN Corporation profits in the first half this year to P4.2 billion, up 94 percent from P2.2 billion in a comparative period last year. The company’s consolidated revenues had also grown 28...
Major oil firm Petron Corporation reported a 20 percent decline in net income in the first half of this year to P6.14 billion from a more robust profit level of P7.7 billion in the same period last year. Despite the rebound in economic activities post-pandemic, the oil firm emphasized that both its...
With the robust financial performance of its power generation and retail electricity supply (RES) portfolios, the consolidated core net income of Manila Electric Company (Meralco) rose 47 percent to a record high of P19.205 billion in the first half of this year versus P13.088 billion in the same...
