Gov’t to cut Q2 borrowings

BY DENNIS GADIL

The government is putting a brake on its borrowing binge in the second quarter as it plans to float P107 billion of debt papers, a decline of 2.72 percent from its first quarter borrowings of P110.5 billion...(more)

Consumer sentiments improve in Q1

BY DENNIS GADIL

Filipino consumers are more upbeat about the economy in the first quarter of the year, compared to the last quarter of 2009, a confidence seen spilling over the rest of the year, the Bangko Sentral ng Pilipinas (BSP) reported yesterday...(more)

BIR sees DOJ approval of SICPA project

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) is confident of getting a favorable opinion from the Department of Justice (DOJ) on the legal basis to continue negotiations with Swiss product security firm SICPA Product Security S.A. over its unsolicited stamp-tax proposal...(more)

Gov’t woos Ayala to bid for FTI anew

BY DENNIS GADIL

The government is wooing property giant Ayala Land Inc. (ALI) to return to the negotiating table with a lower price for the development of the sprawling Food Terminal Inc. (FTI) Complex in Taguig City...(more)

Debt bonds to keep budget deficit beyond 2013: DBS

BY DENNIS GADIL

The incoming administration will be in no position to balance the budget in 2013 as promised by the Arroyo administration because of higher payments on debt principal and interest payments, a regional bank said...(more)

Telco, power, water to get P100B stimulus

BY DENNIS GADIL

The government has backpedaled on its pronouncement that that there will not be a second stimulus package, with Finance Secretary Margarito announcing yesterday a P100 billion pump-priming plan for 2010...(more)

Investors favor longer-term T-bills

BY DENNIS GADIL

The average rate for the benchmark 91-day Treasury bills (T-bills) went up 3.7 basis points during yesterday’s Monday’s auction, finding its traction at 3.9 percent compared to the previous 3.863 percent...(more)

P100M collected so far from election spending

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) has so far collected more than P100 million from the 5 percent withholding tax slapped on the campaign spending of candidates in the May 10 election...(more)

LGUs to lose power over senior citizens’ ID

BY DENNIS GADIL

The government panel drafting the implementing rules and regulations (IRR) on the Expanded Senior Citizens Law has adopted the proposal to transfer the distribution of senior ID cards from local government units (LGUs) to the Bureau of Internal Revenue (BIR)...(more)

SSS amnesty targets P3.9B haul

The Social Security System (SSS) hopes to collect P3.9 billion from delinquent employers under its latest condonation program...(more) - Dennis Gadil

DOF says BIR should issue senior citizens ID

BY DENNIS GADIL

The Department of Finance is proposing to transfer the issuance of senior citizens card from local government units to the BIR to plug the leakage that could cause up to P3.2 billion a year in lost revenues once the expanded senior citizens law is implemented...(more)

Another committee formed to review BIR, BOC handling of big cases

BY DENNIS GADIL

President Arroyo has created an independent committee, to be headed by a retired member of the judiciary, to review the handling of big smuggling and tax evasion cases by the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC)...(more)

VAT review to be submitted to next admin

BY DENNIS GADIL

The Department of Finance (DOF) will propose that the results of its review of the value-added tax (VAT) be part of the priority legislative agenda of the new government
...(more)

BIR confident of Q1 collection

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) is confident of closing the first quarter with surplus revenues after posting a collection of P112.6 billion from January to February, P44.7 billion short of its three-month goal of P157.3 billion...(more)

Pag-IBIG sells P11.9B bonds

BY DENNIS GADIL

Home Development Mutual Fund or Pag-IBIG Fund successfully sold yesterday P11.963 billion in five-year bonds to pay off maturing obligations and expand its housing loan portfolio...(more)

Think tank urges new admin to make 2% hike in tax effort

BY DENNIS GADIL

A New York-based economic think tank said the new administration must improve tax effort by two percentage points this year to avoid breaching the Arroyo government-pegged deficit target of P293 billion...(more)

T-bill rates slip across the board

The rates for treasury bills (T-bills) went down across the board during yesterday’s auction as investors continue to infuse liquidity into the market...(more) - Dennis Gadil

BIR suspends talks on strip stamp deal

By Dennis Gadil

The government has suspended negotiations with stamp-tax contractor SICPA Product Security S.A. in deference to a recommendation of the House ways and means committee for the Bureau of Internal Revenue (BIR) to cease entertaining the unsolicited proposal of the Swiss firm...(more)

Gov’t on the hunt for P3B Fujimi property developer

BY DENNIS GADIL

The government is looking for Filipino and Japanese property developers who can partner for the lease and development of the Fujimi property in Tokyo after the negotiated sale for the prime real estate collapsed...(more)

Gov’t sees lower Q1 deficit

The government expects a lower deficit than the programmed P110 billion in the first quarter of 2010 due to strong collections posted by its two top revenue agencies...(more) - Dennis Gadil

Gov’t mulls hiking NFA subsidy

BY DENNIS GADIL

The National Food Authority (NFA) may get an unexpected shot in the arm this year as government is considering a higher subsidy in the face of falling agricultural production due to El Nino...(more)

Gov’t scraps ERP 2

The government has scrapped its planned stimulus package for this year, hoping that spending for the rehabilitation of typhoon-damaged infrastructure would be enough to spur economic growth. - Dennis Gadil ...(more)

Gov’t to sell Malampaya interest before that of PNOC-EC stake

BY DENNIS GADIL

The government will first sell the 10 percent participating interest of PNOC Exploration Corp. (PNOC-EC) in the Malampaya natural gas production project before selling 60 percent of its 99.7 percent holdings in the company...(more)

BIR likely to surpass Feb target

BY DENNIS GADIL

Government is seen topping its February revenue target after the Bureau of Internal Revenue (BIR) collected P44.9 billion in operations income against a P41.435 billion goal...(more)

OFW bonds planned before May polls

BY DENNIS GADIL

The government wants to be done with its latest planned offering of bonds for overseas Filipino workers (OFWs) before the May elections to avoid political-related hitches...(more)

DOF vows to improve tax effort

The Department of Finance (DOF) hopes to improve tax effort this year to 13.8 percent from last year’s 12.8 percent...(more) - Dennis Gadil

Gov’t adds parcels of land to privatization list

BY DENNIS GADIL

Parcels of land with a total value of P172.34 million have been added to the privatization basket of the government as it intensifies disposal of assets ahead of election day to plug a programmed deficit of P293 billion...(more)

Pagcor, airport brought P11B to gov’t coffers in 2009

Government’s non-tax revenues got a boost from income from gaming and airport operations in 2009, with the Philippine Amusement and Gaming Corp. contributing P11 billion against P10.97 billion in 2008...(more) - Dennis Gadil

GSIS rebuffed anew on FTI

BY DENNIS GADIL

The Department of Finance (DOF) has rejected the latest offer of the Government Service Insurance System (GSIS) to acquire the Food Terminal Inc (FTI) property for P7 billion, way below its original asking price of P13 billion...(more)

Tax effort slips to 12.8% in ’09

The government’s tax effort fell by 1.3 percentage points to 12.8 percent in 2009 from 14.1 percent in 2008, signaling continued leakages in tax administration, department of finance (DOF) data showed...(more) - Dennis Gadil