MAYVELIN U. CARABALLO, TMT

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The Bangko Sentral ng Pilipinas’ liquidity-mopping term deposit facility (TDF) was oversubscribed during the first auction for the year, with bids for the P40 billion on offer hitting P95.55 billion. The central bank made a full award and the yield fell 3.3654 percent from 3.3995 percent for the seven-day tenor,…

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The Philippines’ manufacturing PMI continued to expand in December, albeit at a slightly slower pace from the previous month, on the back of growth in both output and new orders. Results of an IHS Markit/Nikkei poll released on Tuesday showed a seasonally adjusted Purchasing Managers’ Index of 54.2 for the…

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Banks want the Bangko Sentral ng Pilipinas (BSP) to offer a new tenor for the liquidity-mopping term deposit facility (TDF), a senior official said. “Based on our initial discussion with the banks — these are initial, preliminary discussions — they prefer a third tenor, probably a cross between seven and…

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The Philippines’ international investment position (IIP) as of end-September worsened, in relative terms, given the country’s higher net external liability, the Bangko Sentral reported last week. The IIP is used as an accompanying framework for the country’s balance of payments (BOP) statistics. At $166.6 billion, the country’s external financial assets…

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Micro, small and medium-scale enterprises (MSMEs) can expect faster Bureau of Internal Revenue (BIR) renewals of business permits this year, the Finance department said. The department, in a statement, said BIR Commissioner Caesar Dulay mentioned the need to continue working on reducing red tape following the approval of the Tax…

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ECONOMIC growth will likely fall below government expectations this year, despite massive spending on public infrastructure, with analysts forecasting expansion in the range of 6.3 – 6.8 percent for a median of 6.6 percent, lower than the 7 – 8 percent target. The most optimistic with their forecasts are the…

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A stronger peso reduced the national government’s outstanding debt to P6.43 trillion — over P63 billion less — at the end of November from the previous month. Domestic borrowings accounted for the bulk or P4.20 trillion with the remainder owed to foreign creditors, the Bureau of the Treasury reported last…

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The Bureau of Internal Revenue (BIR) has revised withholding tax rules in line with the Tax Reform for Acceleration and Inclusion (Train) Law that takes effect today. In Revenue Memorandum Circular 105-2017, the bureau revised the withholding tax table on compensation pursuant to National Internal Revenue Code amendments introduced by…

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Large logistics firms should help micro, small and medium enterprises (MSMEs) take advantage of the benefits of state-of-the-art distribution networks through more private-led investments, the Finance department said. In a statement, Finance Secretary Carlos Dominguez 3rd said the Duterte administration’s strategy of rapid economic expansion was anchored on the ambitious…

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