MAYVELIN U. CARABALLO, TMT

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The Bureau of Internal Revenue (BIR) boosted its tax collections in April by 4.78 percent from a year earlier, but missed its target by 12.88 percent. The shortfall amounts to P20.1 billion. The agency collected P156.1 billion in tax revenues, up P7.12 billion or 4.78 percent year-on-year. But the improvement…

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Personal remittances of overseas Filipino workers (OFWs) breached the $2-billion mark in March, posting a single-digit growth from last year’s level and rebounding from a slow performance in previous months. Data released by the Bangko Sentral ng Pilipinas (BSP) show that the remittances in March grew 6.9 percent to $2.08…

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THE upcoming World Economic Forum (WEF) on East Asia that will be held in Manila next week is a good opportunity for the country to showcase its growth achieved over the past few years, particularly to foreign investors who will be participating in the summit. “It’s always a good time…

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Universal and commercial banks (U/KBs) in the Philippines showed a dip in capital adequacy at the end of the fourth quarter of 2013 from a year earlier, but private analysts and the central bank said the sector remained well capitalized against risks. In a statement on Wednesday, the Bangko Sentral…

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The National Economic and Development Authority (NEDA) is optimistic the Philippine economy grew faster than expected in the first quarter of 2014. The country’s gross domestic product (GDP) expanded by 6.5 percent year-on-year in the fourth quarter of 2013, and grew 7.7 percent in the first quarter of 2013. “I…

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A comprehensive consumer protection framework is now an integral part of banking supervision to ensure that the Philippine financial system will remain stable, the central bank said. In a press briefing on Wednesday, Nestor Espenilla Jr., deputy governor for the Supervision and Examination Sector of the Bangko Sentral ng Pilipinas…

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The European Union (EU), already the largest bloc of foreign investors in the Philippines, is able to double its investment in the country over the next five years to give jobs to Filipinos, but challenges the government to create a business climate that will let foreign commerce thrive. “Economically and…

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The central bank expressed confidence that other credit rating agencies would recognize the Philippines’ sound macroeconomic fundamentals and further upgrade its investment rating after last week’s rating action by Standard & Poor’s Ratings Services (S&P). S&P on May 8 raised the country’s long-term sovereign credit rating to BBB from BBB-…

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Security Bank Corp. reported a 17 percent year-on-year rise in net income for the first quarter of the year on the back of an increase in loans and investment     securities. In a disclosure to the Philippine Stock Exchange on Tuesday, Security Bank said its net income for the period…

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Poverty incidence in the Philippines may be reduced to single digits if economic growth is sustained over the next 15 years, the National Economic and Development Authority (NEDA) said. “It is possible—a single-digit poverty rate—if economic growth will sustain the government’s social development program,” NEDA Deputy Director General Emmanuel Esguerra…

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