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Thursday, January 10, 2008 |
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Huge foregone
revenues
seen if oil spared from VAT
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By Chino S. Leyco Reporter
HEEDING proposals of exempting
oil products from the value-added tax (VAT) will redound to a
substantial reduction in government revenues for the year, the
Department of Finance warned Wednesday.
Finance Secretary Margarito B.
Teves said the department expects foregone revenues would rise to
P54 billion, or P14 billion more than last year’s estimate, should
oil products be exempted from the sales tax.
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Moody’s wary
over RP’s fiscal improvement
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DESPITE the Philippines’ record budget surplus in
the first 11 months of last year, sustaining this fiscal improvement
remains a concern for at least one of three key international credit
rating firms.
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WB trims growth
forecast
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THE World Bank on Wednesday forecast weaker
Philippine economic growth this year and next due to higher oil
prices and the expected slowdown in its biggest export market, the
US.
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2007 motor vehicle
sales surpass industry target
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MOTOR vehicle sales last year rose a fifth,
surpassing the target set by local assemblers.
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BSP expected to
cut interest rates anew
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THE Bangko Sentral ng Pilipinas (BSP) may cut
interest rates twice within the next three months to sustain the
country’s growth momentum, Union Bank of Switzerland (UBS) said.
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PLDT unit signs
Vietnam deal
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MABUHAY Satellite Corp., the wholly owned subsidiary
of Philippine Long Distance Telephone Co., said Wednesday that it
had signed a deal with Viettel Corp. of Vietnam...
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Harbour Centre
eyes ports in Asia, Middle East
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The port terminal operating company of the Romero
family may acquire two ports outside the Philippines in line with
its expansion plans in the region.
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Seaoil expects net
income to surge on strong sales
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Profits of Seaoil Philippines, Inc. last year may hit
five times more than what it earned in the previous year on the back
of strong sales, a ranking official of the company said.
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Eastern Petroleum
to expand retail network in ‘08
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Eastern Petroleum Corp. will increase the number of
its oil stations in Metro Manila this year despite skyrocketing oil
prices, the company announced.
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Philexim poised
to cancel guarantees to firms, GOCCs
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STATE-OWNED Philippine Export-Import Credit Agency (Philexim)
said Wednesday that it may call for the cancellation of bonds given
to government-owned and controlled- corporations (GOCCs)...
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Robinsons Land to
convert properties
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GOKONGWEI owned Robinsons Land Corp. will convert two
prime properties into office buildings for call centers and business
process outsourcing, the company announced Tuesday.
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Gold hits fresh
record in Asian trading
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HONG KONG: Gold prices hit a fresh record high of
$891.40 an ounce in Asian trade Wednesday, buoyed by higher oil
prices, a weak dollar and geopolitical tensions, before easing off
its peak, traders said.
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US recession
unlikely to take big toll on China
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WASHINGTON: A US recession will dampen China’s
surging exports but the impact on the world’s most populous
nation, which is taking steps to cool down a red-hot economy, may be
limited, experts say.
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BIZZ FIZZ
By Rene Martel
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Monstermob saga
goes into legal mode
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THE telecom industry is still abuzz over the ongoing
legal dispute between Monstermob Group PLC and one of its former
associates in the Philippines Rico Gonzalez who is being accused by
the United Kingdom-based parent...
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