Economic officials go back to the drawing board

Finance and economic officials yesterday said they would review economic assumptions next week following a disappointing GDP growth for the first quarter. Dennis Gadil (more)

BIR relies on telcos’ ‘honesty’ on prepaid sales

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) is not sure whether it is collecting the right taxes from telecommunication companies since it cannot ascertain the income they derive from electronic transactions such as E-Load or Auto-Load... (more)

GSIS blames IBM glitch for 2-month backlog

BY DENNIS GADIL

State pension fund Government Service Insurance System (GSIS) yesterday said a recurring computer glitch in its system bought from US-based IBM Corp. in 2006 has caused a two-month backlog in the processing of transactions by members... (more)

SICPA ordered to comply with 50 more requirements

BY DENNIS GADIL

Switzerland-based SICPA Product Security SA has been ordered to comply first with at least 80 documentary and technical requirements before it could be allowed to seriously pursue its bid to put in place a tax stamp system intended to curb smuggling and corruption in cigarette and alcohol imports, a senior revenue official said...(more)

Back to the drawing board for finance officials

BY DENNIS GADIL

The inter-agency Development Budget Coordination Council (DBCC) is again going back to the drawing board at the end of this month to "internalize" latest developments on the revenue and deficit fronts. (more)

...Budget posts surplus

BY DENNIS GADIL

After wracking up wider than programmed deficits in the first three months of the year, the national government posted a P7.9 billion surplus in April. (more)

Brownouts likely by 2010

BY DENNIS GADIL

The country faces a "darker" future, particularly during the 2010 presidential elections, as power supply will not be able to meet rising demand starting this year, a House think tank said.(more)

Cigarette manufacturers say SICPA plan outdated, costly

BY DENNIS GADIL

A local umbrella group of cigarette manufacturers and importers has told Congress that the tax stamp technology being dangled by Switzerland-based SICPA Product Security S.A. (SICPA) was outdated, costly, and unsecure, and will not yield the promised increase in customs revenues. (more)

Study picks next wave of BPO cities

Two provinces right at the doorstep of Metropolitan Manila, two Visayan cities and only one from Mindanao are this year’s top five "next wave cities" that would corner the bulk of investments in the business processing outsourcing (BPO) sector, a joint government-private sector study said. - Dennis Gadil (more)

Government shifts focus from borrowings to revenues

BY DENNIS GADIL

Government yesterday dropped hints that it may put a brake on borrowings this year and focus more on raising revenues from existing taxes and, if Congress will allow it, from new taxes as well. (more)