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Friday, September 05 2008 |
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Foregone revenues at billions of pesos
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Tax, savings laws to cost govt
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THE Department of Finance on Thursday warned
that the government stands to lose billions of pesos in foregone
revenues due to two laws that aim to improve the financial position
of ordinary Filipinos.
Revenue losses due to the implementation of the
Personal Equity Retirement Account (PERA) law will hit P11 billion
in the first year alone, Finance Secretary Margarito Teves said.
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Peso to recover on rate hikes – Merrill Lynch
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MERRILL Lynch said it expects the peso to
stabilize after its recent weakness, adding the Bangko Sentral ng
Pilipinas (BSP) would keep on raising interest rates backed up by
stronger growth in overseas Filipino worker (OFW) remittances.
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Meralco pressed to submit books to COA
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The Energy Regulatory Commission (ERC) has again
directed the Philippines’ largest electricity distributor to open
its financial records to the Commission on Audit (COA).
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Public sector seen to enjoy surplus
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THE country’s public sector, which includes the national
government, local governments (LGUs) and government-owned and
-controlled corporations (GOCCs), will end next year in the black,
after this year’s widely expected deficit, according to the
Department of Finance.
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BIR clears Bangko Sentral
over unpaid back taxes
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THE Bureau of Internal Revenue (BIR) admitted Thursday of having
erred when it announced that the Bangko Sentral ng Pilipinas (BSP)
owes the national government billions of pesos in back taxes.
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Asian derivatives to lie low – Moody’s
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MOODY’S Investors Service said the market for Asian-structured
finance is likely to remain cautious in the second half of the year.
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World’s biggest miner to scale
down RP operations, says DENR
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THE world’s biggest mining company has scaled
back operations at a billion-dollar project in the Philippines due
to disagreements with its local partner, the Department of
Environment and Natural Resources (DENR) said on Thursday.
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Metrobank gets BSP nod
for planned capital increase
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METROPOLITAN Bank and Trust Co. will raise fresh
funds from the public through the issuance of peso-denominated Tier
2 capital.
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Waste-to-energy project
secures tax incentives
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Hacienda Bio-Energy Corp. has received tax and other perks from the
Board of Investments (BOI), after the incentive-giving agency
bestowed the company with pioneer status for its nationwide
waste-to-energy power-generation project.
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Dutch company receives income-tax holiday for
buying Calaca coal-fed power plant
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EMERALD Energy Corp. has bagged tax incentives and other perks from
the Board of Investments (BOI) for its purchase from the government
of a coal-fired thermal power plant in Batangas.
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SMIC signs up Carlson
for third hotel agreement
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SM Investments Corp. (SMIC) on Thursday said it signed its third
management agreement with Carlson Hotels Worldwide—Asia Pacific,
allowing the foreign group to manage a 400-room hotel in Cebu City.
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San Miguel unit, GSIS form
new property venture
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A UNIT of San Miguel Corp. has entered into a joint-venture
agreement with state-run Government Service Insurance System (GSIS)
to organize a corporation that will develop and manage a service
apartment in Makati City.
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Maynilad unveils major
pipeline project in Cavite
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MAYNILAD Water Services Inc. is set to inaugurate two major pipeline
projects in Cavite that are expected to improve its service in the
province.
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