32 C
Makati City
Wednesday, August 9, 2017
The Bureau of the Treasury failed to sell Treasury bonds (T-bonds) at the auction designed to sell at least P15 billion worth of reissued paper on Tuesday. Officials said the various government securities eligible dealers, mostly banks and trust companies, offered very high rates for their credit and forced the...
Finance Secretary Carlos G. Dominguez III is hoping that the Senate will swiftly pass the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN) after President Duterte himself called on Congress anew to approve the measure in his second State of the Nation Address (Sona) on Monday. Duterte said the TRAIN...
This term might have been familiar to many people but this is the first time for me to encounter this. It means “no-mobile-phone phobia”. For working people like us, it is impossible to go through the day without a mobile phone. We are certainly addicted to these and other...
The national government (NG) reported a budgetary shortfall of P90.9 billion in June, or double the shortfall recorded in the same month last year of P45.2 billion, data from the Bureau of the Treasury (BTr) showed. According to the BTr, the budget deficit reflects the 23-percent rise in expenditures amounting...
Senate leaders are backing an inquiry in aid of crafting remedial legislation to tighten internal controls of banks after a P900-million internal fraud that rocked Metrobank, following a series of glitches and skimming incidents in other big lenders. The proposed probe would help address last week’s revelation by Metrobank that...
The full collection of the civil settlement of the tax liabilities of Mighty Corp. will depend on how fast the approval of the sale of its assets to Japan Tobacco (Philippines) Inc. (JTI) is approved by the Philippine Competition Commission (PCC). Finance Secretary Carlos G. Dominguez III said Mighty Corp.’s...
ING Bank N.V. has announced that Consuelo D. Garcia will retire as Country manager and head of clients of ING’s Manila branch, effective November 16. Hans B. Sicat, former president and CEO of the Philippine Stock Exchange Inc. (PSE), has been appointed as her successor. He will join the...
The net-worth statement provides a snapshot of your financial position as of a given time. It is an inventory of what you have and what you owe. If you are just learning how to manage your finances, the net-worth statement is a good starting reference in determining how much...
THE Department of Finance (DOF) said some P30 billion, including value-added tax (VAT), may be collected from Mighty Corp. should the government approve the settlement offer of the homegrown tobacco firm on its tax liabilities. But according to Finance Secretary Carlos G. Dominguez III, should the government approve the settlement offer,...
THE Supreme Court (SC) has denied the petition of the Monetary Board (MB) to grant its ex-officio members with allowances they already have from concurrent posts in government.  In a 10-page recent decision penned by Associate Justice Noel Tijam, the SC junked the petition of the policy-making body of Bangko Sentral ng...
Governments globally are recognizing the emergence of financial technology (fintech) as a means to deliver social and economics outcomes more effectively and efficiently. To some, governments seem to be allowing fintech start-ups free rein while saddling traditional financial services with ever-increasing regulatory burdens. To others, government support is necessary for...
The influential Bankers Association of the Philippines (BAP) on Friday said the financial shenanigan uncovered at the Metropolitan Bank and Trust Company (Metrobank) should soon find resolution and to the satisfaction of its management and shareholders. The BSP issued a statement saying the matter of the reported missing P900 million...
Bangko Sentral ng Pilipinas governor Nestor A. Espenilla Jr. on Thursday announced the appointment of Chuchi Fonacier as Deputy BSP governor for the supervision and examination sector (SES). Espenilla said the monetary board approved Fonacier’s appointment as SES chief, the arm directly handling the regulation of banks and other BSP-supervised...
The Department of Finance (DOF) on Thursday said receipt of P3.5 billion from Mighty Corp. as initial payment of its tax liabilities does not free the cigarette manufacturer from the consequences of its actions. According to Finance Secretary Carlos G. Dominguez III, the DOF will receive the initial payment representing...
In the coastal community of Baseco in Tondo, Manila, utilities like electricity and water are not guaranteed luxuries. Children and adults are prone to skin rashes and other illnesses due to extreme heat, poor sanitation, and lack of ventilation and clean drinking water. Fortunately, there are young leaders in Baseco...
Most organizations, including associations, prepare some kind of a plan or document to serve as their guidepost for operational directions and actions. This task emanates from the board of directors in the context of business organizations and board of trustees in the case of associations and other not-for-profit organizations...
The Insurance Commission (IC) has issued a legal opinion, stating that coverage for exemplary damages in a directors and officers liability insurance is not allowed under Philippine laws, regardless of whether the same is adjudged as civil, criminal or administrative in nature. The legal opinion resulted from the request by...
THE construction sector is questioning a Department of Trade and Industry (DTI) order seen as an effort to put in place a cartel made up of cement manufacturers-importers who want to bring back cement prices to the P300 per bag level in 2015, from its present price of about...
The cost of modernizing the country’s public transport fleet of jeepneys at some P66 billion a year over three years is just too much for the operators to shoulder alone, the umbrella group Kilusan sa Pagbabago ng Industriya ng Transportasyon (Kapit) said. As a result, Kapit asked the Insurance Commission...
Tobacco farmers in the province of Ilocos Norte were to persist in tobacco farming no matter the challenges of higher excise tax and the graphic health warning on cigarette packs, as demand continues to rise, according to Batac City Mayor Albert  D. Chua. Chua said tobacco is considered a high-value...
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