Category Archives: Business

Tax plan excludes OFWs’ remittances

MANILA — The proposed comprehensive tax reform program (CTRP) does not cover remittances from overseas Filipino workers (OFWs) since these are money coming from outside the country, according to the Department of

PH, China ink P3.6B grant to construct 2 metro bridges

MANILA — China has signed a deal with the Philippines for a P3.6-billion grant that will cover the construction of two bridges in Metro Manila. This is the first ever infrastructure partnership

SMB gets P761M windfall

MANILA — The Court of Tax Appeals has ordered the Bureau of Internal Revenue (BIR) to refund San Miguel Brewery Inc. (SMB) P761.06 million in wrongfully imposed taxes in 2012. The tax

BSP sees $500M BOP deficit this year

MANILA — The Bangko Sentral ng Pilipinas (BSP) expects a balance of payments (BOP) deficit of $500 million this year, reversing its earlier projection of $1 billion BOP surplus, as imports rise

Hot money reverses to net outflow in May

MANILA – More foreign portfolio investments or hot money were pulled out of the Philippines in May as investors reacted negatively to slower gross domestic product (GDP) growth and weak corporate earnings

PH seen as ASEAN’s next ‘tiger economy’

MANILA — Although a worsening infrastructure deficit, poverty and underemployment, and weaker global export demand have presented challenging headwinds, the Philippine economy is on track to surpass recent highs, making it the