Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) on Thursday dialed back slightly the inflation assumption for 2018-20 after latest forecasts suggest more restrained inflationary pressures in the next two years.
A consolidation of the actionable recommendations submitted by the private sector in the four regional “Sulong Pilipinas” workshops conducted in Luzon, Visayas and Mindanao in November yielded proposals ranging from improving agricultural output and simplifying loan requirements for small and medium enterprises (SMEs) to enhancing peace and order measures, and stricter profiling of the government’s cash transfer or social protection beneficiaries.
The country’s inflation rate is expected to decline further below 6 percent this month and even lower to 3.6 percent next year, even if the second tranche of the oil excise tax increase pushes through, an economist of a major Philippine bank said.
“For the first time we are seeing significant negative m-o-m (month-on-month) growth after inflation plateaued at around 6.7 percent. It confirms that inflation is heading back to the 2-4 percent target range in response to decisive non-monetary measures to curb food prices as well as favorable recent developments in highly volatile international oil prices,” he said.
“Infrastructure and capital outlays and capital goods imports remained elevated and should drive faster growth in fourth quarter and beyond, with some support from improving exports,” investment bank First Metro Investment Corp. (FMIC) and the University of Asia & the Pacific (UA&P) said Monday in the latest issue of The Market Call.
In a briefing after the 6th Philippine-Japan High Level Joint Committee on Infrastructure Development and Economic Cooperation meeting at the Philippine International Convention Center (PICC) Wednesday night, Finance Secretary Carlos Dominguez III said, “many countries around the world are paying attention to the Philippines primarily because President (Rodrigo) Duterte has refocused our entire foreign policy.”
Executives of the San Pedro, Laguna-based technology company, Shiptek Solutions Corporation, remain optimistic about Internet connectivity in the country, thus, the establishment of its end-to-end digital logistics platform called XLOG.
Furthermore, the consortium was given ninety days to submit related documents including: congressional approval of its franchise; registration from the Securities and Exchange Commission; approval of the Philippine Competition Commission of its bidding agreement implementation; posting of the performance security bond and its rollout plan for the entire commitment period for the processing of its Certificate of Public Convenience and Necessity (CPCN) by the NTC.
A ranking official of the Department of Finance (DOF) stressed that Package 4 of the proposed tax reform program is primarily intended to fix taxation on the financial and capital markets, and funding the government's “Build, Build, Build” program is only a secondary consideration.
Speaker Gloria Macapagal-Arroyo on Tuesday said the House of Representatives intends to pass the fourth comprehensive tax reform program (CTRP), which is a measure on reforms of financial taxes, under the Duterte administration.
The combined number of vehicles sold by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) in October has notably improved relative to sales the previous month, a joint report released Tuesday revealed.
The selection committee of the National Telecommunications Commission (NTC) has denied the motions for reconsideration filed by Sear Telecommunications and Philippine Telephone and Telegraph Corporation (PT&T) on the disqualifications of their bids for the new telco player slot.
The Joint Foreign Chambers of the Philippines (JFC) welcomed the promulgation of the 11th Foreign Investment Negative List (FINL) through Executive Order 65, but urged Congress to pass at least four reform measures to ease foreign ownership restrictions in the country.
Senator Juan Edgardo Angara assured the information technology and business process outsourcing (ITBPO) industry that the upper chamber will fight for the retention of tax perks in support of the sector's growth, amid the administration's efforts towards the rationalization of fiscal incentives.