MAYVELIN U. CARABALLO, TMT

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Banks seen well capitalized, facing moderate risk LENDING by big banks to the real estate sector rose by double-digit rates in the first quarter of 2017 from a year earlier, mostly to fund commercial land development projects, central bank data showed over the weekend. Total loans released by universal and…

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The Department of Finance (DoF) is looking at the possibility of repurposing state-owned Development Bank of the Philippines (DBP) to an infrastructure bank in support of the Duterte administration’s ambitious infrastructure program. Finance Secretary Carlos Dominguez 3rd briefly mentioned the plan to officials of Daiwa Securities Group Inc., led by…

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The Department of Finance (DoF) aims to convince lawmakers to restore the original features of House Bill (HB) 4774 or the Tax Reform for Acceleration and Inclusion Act (TRAIN) before a substitute bill approved early May undergoes plenary deliberations today (Monday). In a statement over the weekend, the DoF said…

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Hits $917M, highest in more than 2 years THE Philippines’ balance of payments (BoP) reverted to a surplus in April after a series of monthly deficits, hitting $917 million and marking the highest surplus in more than two years, central bank data showed on Friday. The BoP level in April…

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FOREIGN portfolio investment yielded a net position of $51.49 million in April, compared with a net outflow $459.86 million in March and $354.05 million in April 2016, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. The BSP said total inflow reached $1.320 billion last month, up 3.6 percent from…

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The number of lending companies suspended by the Securities and Exchange Commission (SEC) reached 104 in the first four months of 2017 as part of a crackdown on loan sharks and other illegal lenders, the Department of Finance (DoF) said Friday. In a statement on Friday, the DoF noted the…

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THE Philippine economy lost some steam in the first quarter with growth moderating to 6.4 percent on slower government spending, and as the impact of election spending dissipated. In the first three months of the year, gross domestic product (GDP) growth slowed from 6.9 percent a year earlier, and from…

FULL-YEAR GROWTH EXPECTED TO BE SLOWER THAN 2016’S 6.9%

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Analysts were disappointed with the first-quarter slowdown in the economy, which could mean that full-year gross domestic product (GDP) growth would fall below last year’s 6.9 percent. Government officials, however, said the domestic economy remains poised to maintain its growth momentum amid a recovery in external trade, a boost in…

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The government is losing over P90 billion in potential annual revenues from value-added tax (VAT), which can be avoided by broadening the VAT base—a measure contained in the first package of the Comprehensive Tax Reform Program (CTRP), the Department of Finance (DoF) said on Thursday. In a tax forum at…

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PHILIPPINE economic growth lost steam and grew by 6.4 percent in the first quarter of the year on slower government spending and a higher comparative base given last year’s election spending, which last year helped boost economic activity with the additional liquidity. In the first three months of the year,…

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