National government debt—which ballooned to P6.65 trillion last year—will see a short-term increase as the Duterte administration implements an ambitious infrastructure program, the Finance department said on Wednesday.
Funding support from higher taxes under Train will be complemented by concessional financing packages from development partners, which Dominguez claimed would be well managed to ensure fiscal stability.
The Philippine economy likely slowed as the year ended capping full-year growth to below the 6.9 percent recorded in 2016.
Estimates for the October-December quarter ranged from 6.4 to 7.1 percent with a 6.6 percent average, unchanged compared to the same period last year and below the third quarter’s revised 7-percent expansion.
Full-year estimates, meanwhile, ranged from 6.6-6.8 percent. The 6.6 percent average falls just above the lower end of the government’s 6.5-7.5 percent target for 2017.
A new tax reform package focusing on corporate profits and fiscal incentives has been submitted to the House of Representatives.
Package 2, which the DoF has said would be revenue-neutral, proposes to gradually lower the corporate income tax (CIT) rate to 25 percent from 30 percent while also modernizing incentives to make these “performance-based, targeted, time-bound, and transparent,” Finance Undersecretary Karl Kendrick Chua said.
The Philippines has retained the top spot in environmental sustainability in energy resources for the third straight year, the World Energy Council (WEC) said in a report.
“While not in the Top 10 overall,” the country “is leading the way on the environmental sustainability dimension,” WEC said in its World Energy Trilemma Index 2017, which covered 125 countries.
The index ranked these countries on their ability to provide sustainable energy through three dimensions: energy security, energy equity and environmental sustainability.
President Rodrigo Duterte has ordered the Philippine National Police (PNP) to return to the government’s war on illegal drugs but in a supporting role, with the Philippine Drug Enforcement Agency (PDEA) keeping the lead overall in the campaign.
The drug enforcement agency took over the reins of the campaign in October amid growing public concern over drug-related killings during police operations.
The Philippine government is looking to establish a community-based economic zone in Marawi City to help the war-torn city bounce back in terms of economic growth and job opportunities for returning residents, the Finance department said.
In a statement, the department said Finance Secretary Carlos Dominguez 3rd briefly detailed the plan during a recent meeting with Sumitomo Mitsui Banking Corp. (SMBC) officials led by group CEO and president, Takeshi Kunibe.
A celebrated playwright and coincidentally one of the founders of London School of Economics and Political Science (LSE), George Bernard Shaw once famously quipped “If all economists were laid end to end, they would not reach a conclusion.”
Speaking of disagreements, one concept that has been a frequent subject of passionate debate among economists is the implications of current account (CA) imbalances. This is a very timely issue for the Philippines as the country’s CA balance reversed to a deficit, after 13 years of consecutive surpluses.
Naturally, this triggered concerns among policymakers and economists alike. But what does this really mean and should we really be worried?
Republic Act 10952, which Duterte signed on Monday, October 2, reset the village polls to the second Monday of May next year from October 23, 2017, with the terms of office of the winners beginning on June 30.
“Subsequent synchronized barangay and Sangguniang Kabataan elections shall be held on the second Monday of May 2020 and every three years thereafter,” the law states. Incumbent village and youth council officials stay in office until a new set of officers is elected.
The peso fell to P51 versus the dollar on Monday — a near 11-year low — and the currency is expected to remain the region’s worst-performing given growing economic imbalances.
Monday’s result coincided with the release of ANZ Research’s “Philippine Insights” report, which declared that an “intensifying build-up of imbalances” arising from strong economic growth was weighing down the peso.
Already the region’s worst-performing currency, the peso is “likely to remain so in the remainder of the year,” it said.
President Rodrigo Duterte has signed into law the bill granting tuition-free education in all state universities and colleges (SUCs).
The bill, passed by Congress in May, will have automatically become a law on August 5 if the President did not act on it.
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