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Several senators are questioning the move by the Bureau of Internal Revenue (BIR) to press owners of online shops to register their businesses during an economic crisis, saying this would burden and not help small entrepreneurs who…
The China-led Asian Infrastructure Investment Bank (AIIB) on Thursday (May 28) approved a second loan to the Philippines, worth $750 million, for COVID-19 response. Finance Undersecretary Mark Dennis Y.C. Joven told the Inquirer that the Beijing-based lender…
MANILA, Philippines — The budgets for education and infrastructure have been slashed as the government scrambled for funds for dole-outs and medical response to the COVID-19 pandemic gripping the country, the Department of Budget and Management (DBM)…
This year’s expected weak revenue take has forced the government to borrow more and in the process jack up the debt stock to a record-high P9.59 trillion by year’s end. The Cabinet-level Development Budget Coordination Committee’s (DBCC)…
The Philippine economy contracted for the first time in more than two decades during the first quarter, but economists warned on Thursday that the worst was likely yet to come as the country reeled from the coronavirus…
MANILA, Philippines — The Asian Development Bank (ADB) has green-lit another loan worth $200 million for its host-country the Philippines, this time to support the social amelioration program for poor households deemed vulnerable to COVID-19’s socioeconomic fallout.…
MANILA, Philippines — Socioeconomic Planning Secretary Ernesto Pernia on Friday announced his decision to step down from his post, citing “personal reasons” and “differences in development philosophy” with some members of the Duterte Cabinet. “After reflection during…
President Rodrigo Duterte’s chief economic manager said mass testing for COVID-19 is “a must” if the Philippines wanted the pain inflicted by the disease on both the health care system and the economy to go away. Finance…
MANILA, Philippines — The COVID-19 pandemic will take its toll on economies across East Asia and the Pacific, and the Philippines was no exception given its reliance on tourism and trade, the World Bank said in a…
MANILA, Philippines – London-based Capital Economics expects the Philippines’ economy to contract during the third and fourth quarters amid the coronavirus disease 2019 (COVID-19) pandemic. Capital Economics Asia economist Alex Holmes told the Inquirer last Friday that…
The Bureau of Internal Revenue (BIR) has also extended the deadline to apply for value-added tax (VAT) refunds as the ongoing community quarantine of the entire island of Luzon keeps people immobilized at home in the hope…
MANILA, Philippines — The Philippines is seeking $1 billion (over P51 billion) in loans which would nearly triple its war chest in the fight against COVID-19, including the P27.1-billion package unveiled by President Rodrigo Duterte’s economic team.…
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