MAYVELIN U. CARABALLO, TMT

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Foreign investment approvals posted a steep fall in the fourth quarter of 2017, the government reported on Thursday, resulting in a full-year tally less than half that recorded the previous year. Seven monitored investment promotion agencies (IPAs) approved just P21.57 billion in foreign pledges in the last three months of…

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Transport network vehicle service (TNVS) Uber Systems Inc. paid over P41.15 million in value-added tax (VAT) deficiency to the Bureau of Internal Revenue (BIR). In a statement on Thursday, the tax bureau said the payment was made by Uber “to avoid the suspension or closure of its business operations.” “The payment,…

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THE Bangko Sentral ng Pilipinas (BSP) on Thursday announced the passing away of Monetary Board member Valentin Araneta. He was 69. In a statement, the central bank said Araneta died on Wednesday. It did not disclose the cause of death. Araneta reportedly suffered a stroke in December last year. The…

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THE cost of traffic congestion in Metro Manila has ballooned, preliminary data from Japan International Co-operation Agency (JICA) showed. In his presentation during the 36th Joint Meeting of the Philippines and Japan Economic Cooperation Committees on Thursday, JICA Chief Representative Susumo Ito said the traffic cost of P2.4 million a…

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Insurance companies should merge if they cannot comply with mandatory net worth requirements, Finance Secretary Carlos Dominguez 3rd said, noting the need for a stronger and more competitive domestic industry. From a P550-million requirement — up from P250 million previously — that took effect at the end of 2016, insurers…

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Price hikes arising from tax reforms could weigh on consumption — a primary driver of economic growth — and latest data appear to be confirming this view, the research arm of Australian bank ANZ said. “Domestic demand is strong and is likely to remain so. However, the risk of some…

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Philippine growth will likely remain at 6.7 percent in the next two years on the back of strong domestic demand and increased investments, an economic and policy analyst said on Wednesday. “Investments drive growth, a growth that is also supported by tax reform,” Difference Group founder and CEO Dan Steinbock…

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The government plans to spend less than P90 million for its hosting of an annual Asian Development Bank (ADB) meeting in May, a Cabinet official said. “Our budget so far is less than P90 million this is compared to over P200 million in the last hosting,” Finance Secretary Carlos Dominguez…

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The Social Security System (SSS) hopes to collect more than P5.3 billion in contributions from delinquent employers on the first year of its newest collection policy. In a statement on Monday, the state pension fund said it would issuing warrants of distraint, levy and garnishment (WDLG) against about 60,000 erring…

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The Monetary Board could be “adding fuel to the fire” with its decision to cut bank reserve requirements, Credit Suisse said, given the view that current policy settings are too loose. “The central bank took pains communicating that this is an operational shift in liquidity management and not a change…

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