MAYVELIN U. CARABALLO, TMT

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The government likely missed its 2017 deficit target but the full-year result is still expected to be an improvement from 2016, the Finance department said on Wednesday. The Duterte administration pledged to implement an expansionary fiscal policy to accelerate economic growth, raising the budget deficit target for the year to…

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Agreements for two Japanese government-financed projects worth a total of $1.01 billion are expected to be signed before the end of this month, the Finance department said on Wednesday. The deals involve the first tranche of the 104.5-billion yen ($929.1 million) loan for the first phase of the Metro Manila…

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Philippine economic growth will remain steady, HSBC said, given continued robust private consumption and expectations of a moderate monetary policy tightening. Cheuk Wan Fan, head of investment strategy for Asia at HSBC Private Bank, said in a briefing on Wednesday that they expected the Philippines to grow by 6.7 percent…

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Another campaign promise of President Rodrigo Duterte will be fulfilled today with the launch of the Overseas Filipino Bank (OFB), the Finance department said on Wednesday. Finance Secretary Carlos Dominguez 3rd, in a statement, said all obstacles to the bank’s establishment had been cleared with the Philippine Competition Commission’s (PCC)…

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A new tax reform package focusing on corporate profits and fiscal incentives has been submitted to the House of Representatives, the Finance department announced on Tuesday. In a statement, the department said that Package 2 of the Comprehensive Tax Reform Program (CTRP) was filed with the Office of the House…

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The Finance department is confident that the government’s main revenue-collecting agencies will hit collection targets for 2018 given strong showings last year. “The collection agencies are doing well. They achieved their highest percentage of target in a long time so we are confident these guys are doing okay,” Finance Secretary…

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Promoting good governance goes hand in hand with initiatives to deepen cooperation between the state and the private sector, speakers highlighted during Monday’s Financial Executives Institute of the Philippines (FINEX) golden anniversary. US Ambassador to the Philippines Sung Kim lauded the organization for its efforts and said that Washington was…

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State-run Government Insurance Service System (GSIS) is setting aside $800 million for offshore investments, aiming to take advantage of expected improvements in global markets this year. Diversification will be a primary focus of the pension fund in 2018, officials said in a press briefing on Tuesday. “The returns that we…

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An entity established by banks has been recognized by monetary authorities as a management body for the nascent National Retail Payments System (NRPS). “Notice is hereby given that the Monetary Board, in its Resolution No. 59 dated 11 January 2018, recognized the Philippine Payments Management Inc. (PMMI) as the payments…

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Money sent home by overseas Filipino workers (OFWs) rose in November from a year earlier but were lower compared to the previous month, the Bangko Sentral ng Pilipinas (BSP) reported on Monday. Personal remittances totaled $2.526 billion for the month, 3.2 percent higher compared to November 2016’s $2.446 billion but…

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