BIR seeks reversal of DOJ’s stamp tax ruling

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) is seeking an immediate reversal of the justice department ruling stopping the agency from entering into a product security contract aimed at curbing smuggling of cigarettes so that it could sit down with other proponents... (more)

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Gov’t drops privatization for long-term lease

BY DENNIS GADIL

The Aquino government is abandoning its predecessor’s privatization strategy by favoring long-term lease on prime real assets over outright sale, Finance Secretary Cesar Purisima said ... (more)

Palace won’t ask for supplemental budget

BY DENNIS GADIL

The Aquino administration is not inclined to seek supplemental funding from Congress despite the depleted funds of the Treasury... (more)

Excise tax collection up 9.6% in H1

BY DENNIS GADIL

Excise taxes collected from "sin" products, fuel and automobiles climbed 9.6 percent to P32.284 billion during the first six months of the year, an increase of P2.838 billion from the P29.446 billion collected in the same period last year, treasury data showed... (more)

Government’s share from Pagcor slips to P5B in first half

BY DENNIS GADIL

The Philippine Amusement and Gaming Corp. (Pagcor) turned over P5.04 billion to the government as part of its share in the gaming agency’s earning during the first six months of the year, treasury data showed... (more)

TRB runs after PNCC for concession fees

The Toll Regulatory Board (TRB) is also demanding payment from state-owned Philippine National Construction Corp. (PNCC) of the agency’s unpaid concession fees amounting to P3.943 billion. - Dennis Gadil (more)

H1 overspending ‘unconscionable’: Purisima

BY DENNIS GADIL

Finance Secretary Cesar Purisima yesterday said the Aquino administration will not be overspending in the second half after the Arroyo administration went P45.1 billion over budget during the first semester... (more)

PNCC told to remit toll fees collected since 2007

BY DENNIS GADIL

The Department of Finance (DOF) yesterday ordered state-owned Philippine National Construction Corp. (PNCC) to immediately remit to the national treasury all its toll fee collections since May 1, 2007 after its franchise expired on April 30, 2007... (more)

H1 deficit breaches target by P51.6B

BY DENNIS GADIL

The government breached its budget deficit cap for the first six months with a shortfall of P196.7 billion, P51.6 billion in excess of the original goal of P145.2 billion... (more)

Philip Morris offers ‘cheaper’ technology to curb smuggling

BY DENNIS GADIL

Tobacco maker Philip Morris will offer government a much cheaper technology using a numeric bar-code system to help curb smuggling... (more)

Gov’t eyes 5-yr peso global bonds

The government may float its first ever peso global bonds with a minimum tenor of five years and with a peso-link feature where the settlement will be in dollars to make it more attractive to foreign investors... - Dennis Gadil (more)

Pag-IBIG to sell P3B RTBs in 2011

By DENNIS GADIL

The Home Development Mutual Fund (HDMF), popularly known as Pag-IBIG Fund, plans to pursue its yearly borrowing program by selling at least P3 billion in retail bonds (RTBs) next year to provide supply for overseas Filipino workers (OFWs) looking for long-term investment... (more)

Fitch sees deficit rising to 4% of GDP

BY DENNIS GADIL

Credit rating firm Fitch Ratings sees the country’s budget deficit sliding further to 4 percent of the gross domestic product (GDP), with the nominal value expanding more than the revised target of P325 billion... (more)

SSS collects P212M from amnesty program

State pension fund Social Security System (SSS) has collected a total of P212.88 million from the amnesty program that it rolled out for delinquent members and their employers... - Dennis Gadil (more)

BTr makes partial award to temper t-bill rates rise

The benchmark 91-day treasury bills (T-bills) climbed 2.9 basis points in Monday’s auction to 3.956 percent from the 3.927 percent fetched during the previous auction
... - Dennis Gadil (more)

Gov’t dumps SICPA

BY DENNIS GADIL

The government is finally dumping Swiss security firm SICPA for a cheaper technology contractor such as Philip Morris in its bid to curb smuggling of cigarettes and alcohol... (more)

Gov’t to cover higher deficit with more borrowings

BY DENNIS GADIL

The government will just have to borrow more to cover the increase in the programmed deficit for 2010 to P325 billion from P300 billion... (more)

April debt stock slips on stronger peso

BY DENNIS GADIL

The government’s debt stock slightly dropped in April 2010 to P4.436 trillion or 0.5 percent lower than the P4.458 trillion national debt registered last March as the peso flexed its muscle to temper dollar payments, the national treasury reported at the weekend... (more)

BIR kicks out PARE

BY DENNIS GADIL

The newly-installed revenue chief is kicking out the presidential assistant on revenue enhancement (PARE) from the Large Taxpayers Service (LTS) unit of the Bureau of Internal Revenue (BIR)... (more)

Privatization proceeds to be used for job creation, not deficit: Purisima

Finance Secretary Cesar Purisima will seek guidance from President Aquino on whether the privatization of three big-ticket items will be pursued. - Dennis Gadil (more)

New econ team to review targets

BY DENNIS GADIL, REGINA BENGCO

The economic team of President Aquino will review the targets set by the previous administration and possibly change the latest tweaking made by the Development Budget Coordinating Committee (DBCC)... (more)