30 C
Makati City
Saturday, August 19, 2017
The Department of Finance (DOF) on Thursday traced the country’s continued expansion in the second quarter to the massive trillion-peso infrastructure buildup program that the economic managers quickly dubbed as the “Build, Build, Build” (BBB) program. According to Finance Secretary Carlos G. Dominguez III, the second-quarter expansion to 6.5 percent...
Land Bank of the Philippines (LandBank) raised its net income by 8 percent to P7.43 billion in the first six months, or more than its P6.88-billion target for the period, as income from investments grew the fastest by 9 percent, from P8.4 billion to P9.2 billion. Along with the long-term...
Less than half of the massive public infrastructures buildup program costing hundreds of trillions of pesos will be funded unless the Tax Reform Acceleration and Inclusion (TRAIN) program, endorsed by the Department of Finance (DOF), is passed. At the Development Budget Coordination Council (DBCC) budget hearing and presentation before the Senate...
The Department of Finance (DOF) said the P30-billion windfall from Mighty Corp. as payment for its tax liabilities would help  the government finance unplanned expenses as consequence of calamities visiting the country every so often. According to Finance Secretary Carlos G. Dominguez III, the windfall will significantly boost the national...
The weakness of the local currency the peso in recent weeks cannot be blamed solely on external influences but on homegrown issues as well, according to a foreign bank analyst. In his most recent macroeconomic readings, Joey Cuyegkeng, senior economist at ING Bank in Manila, said that while the peso...
Union Bank of the Philippines (UnionBank) grew its net income by 11.29 percent to P4.37 billion in the first six months this year, from P3.92 billion in the same period last year, as interest incomes rose in double-digits led by trading and investment securities at 26.01 percent, according to...
I was reluctant at first to accept the kind invitation of fellow association executive, Evelyn Salire, secretary-general of the Philippine Retailers Association (PRA), to attend the opening of its 24th National Retail Conference and Stores Asia Expo 2017 on  August 10. Besides not being in the retail business, I...
There seems to be a general agreement building up each week that the Bangko Sentral ng Pilipinas (BSP) should recalibrate the policy rates soon because a rates freeze presents stability risks to the economy. An analysis on monetary-policy dynamics in the Philippines by BMI Research, a think tank operated by...
Finance Secretary Carlos G. Dominguez III paid tribute to the immediate past and current governors of the Bangko Sentral ng Pilipinas (BSP) for their “adept management” of monetary policies, which has earned global recognition for the country’s central banking institution. In his testimonial at a recent dinner honoring BSP immediate past...

Music for a cause

Gear yourself for an evening of scintillating piano music done by an international pianist, music educator and piano pedagogue—Rudolf Caesar Pelaez Golez. Golez, presently of Cagayan de Oro, began at an early age—at four, his mother had began to teach him, showing at a young age a proficiency that would...
Bangko Sentral ng Pilipinas (BSP) handed over a P2-million check to the Philippine Red Cross (PRC) at the BSP Complex in Malate, Manila. PRC Chairman and CEO Richard J. Gordon received the donation from BSP Governor Nestor A. Espenilla Jr. “Thank you, Bangko Sentral ng Pilipinas for your trust in...
The Bureau of the Treasury (BTr) got everything it wanted from the market on Monday, when it sold all P15 billion worth of Treasury bills (T-bills) at the auction of government securities where, except for the six-month tenor, the rates showed marginal declines. According to National Treasurer Rosalia V. de...
The Insurance Commission (IC) reported an 11.15-percent increase in premium income in the first six months to P117.29 billion, due to the strong performance of the life, nonlife and mutual benefit associations (MBAs). According to Insurance Commissioner Dennis B. Funa, momentum allowed the industry to post strong premium-income growth averaging...
A lawmaker has called on revenue-generating agencies to persist in the campaign against tax evaders and catching more “big fish”, like Mighty Corp., whose tax liabilities of P25 billion was the largest ever paid the government by anyone, according to the Department of Finance (DOF). Camarines Sur Rep. Luis Raymund...
Asia United Bank Corp. (AUB) and its subsidiaries raised consolidated net income by 7 percent to P1.3 billion in the first half of the year, from P1.2 billion in the previous year. The lender also reported double-digit growth in loans and deposits. AUB, along with Rural Bank of Angeles, Cavite...
Admit it. If you could just have things your way, you’d rather spend Monday relaxing than reporting for work. Trust me, I know how that feels. Now, before you feel bad about wanting to give yourself a break from your hectic work schedule, let me tell you that you’re...
The Investment Coordination Committee (ICC) has approved six new big-ticket projects costing a combined P57.494 billion to improve the road system and mobilize the financial resources of local government units (LGUs) in the Mindanao area, among others. According to Finance Secretary Carlos G. Dominguez III, who chairs the ICC, the...
The Department of Finance (DOF) is willing to drop the proposal to tax so-called sugar-sweetened beverages (SSBs) but only if the Senate will adopt the first package of the Comprehensive Tax Reform Program (CTRP) in its original form. Finance Secretary Carlos G. Dominguez III reiterated this point last Friday to...
Government-owned Land Bank of the Philippines (LandBank) starts testing boats made of plastic bottles to collect garbage in tributaries of Manila City as part of the cleanup drive for Manila Bay. LandBank has built five boats using 700 two-liter soda bottles attached to a metal frame to be distributed by...
The Bangko Sentral ng Pilipinas (BSP) ruled out a free-falling peso last Friday when the exchange rate moved past the psychologically important 51 per dollar rate as the currencies market winded down. BSP Governor Nestor A. Espenilla Jr. said the peso should not crash, despite recent weakness and the exchange...
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