THE PESO strengthened versus the greenback on Monday following the passage of a key tax reform law and a decline in oil prices. The local unit closed at P48.415 per dollar yesterday, gaining 7.5 centavos from its P48.49 finish on Friday, data from the Bankers Association of the Philippines showed. The peso opened Monday’s session at P48.47 versus the dollar. ...

PHILIPPINE SHARES closed in the green on Monday on bargain hunting ahead of the Holy Week break and improved sentiment following the signing of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The benchmark Philippine Stock Exchange index (PSEi) gained 63.15 points or 0.96% to close at 6,607.78 on Monday, while the broader all shares index went up ...

THE GOVERNMENT is expected to forego tariff revenue of over $58 million a year from the 15-country Regional Comprehensive Economic Partnership (RCEP) trade deal, among the smallest projected losses in the region, Boston University (BU) said, citing the findings of a study. These losses are milder than the foregone revenue to be experienced by other ASEAN countries. The trade pact ...

FULL-TIME EMPLOYEES working from home are expected to account for 34% of the workforce by 2023 compared to 3% in 2017, triggering real estate spending cuts and generating transport savings, according to advisory firm Willis Towers Watson, citing the results of a survey. The survey, conducted in October and November, found that the pandemic pushed Philippine employers “to consider remote ...

CAVITE PROVINCE will allow its future joint venture (JV) partner for the Sangley Point International Airport to co-own portions of commercial land that will be created by reclamation. Foreign ownership of land will remain restricted, however, because the province will now require its JV partner to be 51% Filipino-owned or controlled. “As a result of a policy decision by the ...

REUTERS THE RISK of recession for the Philippines has risen due to the surging COVID-19 case count, making it likely to be among the worst-performing economies in ASEAN in the first half of 2021, Moody’s Analytics said. “With additional targeted lockdowns and foreign travel bans imposed recently, the prospects for improved consumer spending and tourism remain gloomy and employment gains ...

THE FACTORS behind the recent uptick in inflation are “transitory,” such as the tightening of the pork supply, but do not indicate the economy to be on a path to reflation, the central bank said. “Reflation is the act of bringing inflation from very low levels back up to its long-term trend after a period of disinflation and economic downturn. ...

WORKERS and consumers are expected to bear the brunt of a proposed P20 tax on plastic carrier bags by weight, a major union said. Alan T. Tanjusay, spokesman and policy advocacy officer for the Associated Labor Unions-Trade Union Congress of the Philippines, said that the proposed tax, if signed into law, will cause plastic carrier bag manufacturers to pass on ...

THE PHILIPPINES agreed to a mediated process to resolve a 13-year trade dispute with Thailand. The Philippines first complained in 2008 of Thailand’s customs valuation of Philippine cigarette exports. The World Trade Organization (WTO) has since ruled in favor of the Philippines. The Trade department has been requesting authorization from the WTO to suspend tariff concessions on Thai exports to ...

And so, it came to pass. The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, though with vetoed provisions, was finally signed by the President on March 26 as Republic Act No. 11534. After years of waiting for the lowering of the corporate income tax and the rationalization of fiscal incentives, we now have the law just waiting to ...

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