PH debt now 48.1 percent of GDP and growing
MANILA, Philippines—The share of the national government’s debt to gross domestic product (GDP) climbed to 48.1 percent at the end of the first half of the year as the economy…
Inflation quickens to 2.7 percent in July
MANILA, Philippines — The country’s headline inflation “continued to exhibit a faster pace” as it picked up to 2.7 percent in July, the Philippine Statistics Authority (PSA) said Wednesday. This…
Worse than expected: Pandemic pushed PH GDP into deeper 8 percent dive, says Moodys
The research arm of debt watcher Moody’s Investors Service is projecting an 8-percent dive in the Philippines’ gross domestic product (GDP) during the second quarter of 2020 largely as a…
BIR to Pagcor: Offshore Pogos must pay 5 percent franchise tax
The Bureau of Internal Revenue (BIR) is bent on collecting 5 percent franchise taxes owed by Philippine offshore gaming operators (Pogos) based overseas despite opposition from the Philippine Amusement and…
COVID-19 continues to hurt aviation, prompts Cebu Pacific to trim workforce by 25 percent
MANILA, Philippines—Cebu Pacific, the country’s largest budget airline, is reducing its workforce by 25 percent as it navigates a business environment dramatically reshaped by the novel coronavirus (COVID-19) crisis. Charo…
GDP to contract by up to 3.5 to 4 percent in 2020: economic team
MANILA, Philippines — Amid the coronavirus pandemic, the Philippine economy is seen contracting by up to 3.5 to 4 percent this year — the fastest pace in 35 years, even…
IMF projection: PH economy to shrink by 3.6 percent
The International Monetary Fund (IMF) has further downgraded its economic outlook for the Philippines, with the Washington-based multilateral lender projecting gross domestic product (GDP) to shrink by 3.6 percent this…
ADB revises forecast for PH economy: 3.8 percent drop in GDP
The Asian Development Bank (ADB) sees growth across developing Asia-Pacific falling to a 59-year low largely because of the COVID-19 pandemic, with the Philippines suffering a 3.8 percent drop in…
Temporary 10 percent added duty on oil imports generates P1.49B
The additional 10-percent import duty temporarily slapped on some oil products amid the COVID-19 crisis so far raised P1.49 billion in additional revenues for the government. Data provided by Finance…
BIR: Only 24.9 percent of large taxpayers paid ahead of June 15 deadline
Only almost a fourth of firms that the Bureau of Internal Revenue (BIR) had registered as large taxpayers were able to settle their 2019 tax dues ahead of the extended…