Philippines 72nd most complicit in 2022 financial secrecy list

Source BusinessWorld

The implementation of tax reform laws generated P228.6 billion in additional revenues for the government in 2021, exceeding the target by 14%, the Department of Finance (DoF) said on Tuesday...

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The Bangko Sentral ng Pilipinas (BSP) said inflation likely quickened further and breached five percent in May due to soaring fuel pump prices, elevated food prices and the continued depreciation of the peso against the dollar...

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The Asian Development Bank (ADB) approved a $250-million loan to help the Philippines’ efforts in climate change adaptation and mitigation...

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The Department of Foreign Affairs (DFA) disclosed Tuesday that it has protested the alleged harassment by China’s Coast Guard (CCG) of a Taiwanese vessel conducting joint research with Filipino scientists at the West Philippine Sea (WPS)...

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Revenues collected by local government units (LGUs) last year reached P256.21 billion, exceeding the downscaled target that was set for the year...

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The Bangko Sentral ng Pilipinas (BSP) said on Tuesday that headline inflation could have reached as high as 5.8 percent in May because of increasing fuel and food prices, as well as weaker local currency...

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The central bank maintained the ceilings on credit card transactions at 2 percent per month or 24 percent per year, a high official said on Tuesday...

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Both chambers of Congress ratified the bicameral report of a bill seeking to promote the creative industries by designating the Philippine Creative Industry Development Council to oversee the sector’s development...

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The country’s Food and Drug Administration (FDA) has issued an updated emergency use authorization (EUA) for Moderna’s Covid-19 vaccine so it may be used for children aged 6 to 11, the Department of Health (DoH) said Tuesday...

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The Duterte administration will endorse to the incoming government of president-elect Ferdinand Marcos Jr. its priority bills that will be bypassed by Congress...

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In accordance with Section 15 of Republic Act 9505, also known as the "PERA Act of 2008," and its implementing rules and regulations, the Securities and Exchange Commission (SEC) issued draft rules on qualified or eligible PERA investment products...

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Senior citizens and persons with disabilities (PWDs) may now avail of their 20 percent discount on essential products and commodities purchased online...

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The House of Representatives ratified the bicameral conference committee report pertaining to conflicting provisions between House Bill (HB) 10107 and Senate Bill (SB) 2455, which will ultimately become the “Philippine Creatives Industry Development Act.”...

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Marino party-List Rep. Sandro Gonzalez pledged to lobby maritime House bills on the first day of the 19th Congress...

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A bill seeking to put up a separate facility for heinous crime convicts moved a step closer on Tuesday to becoming a law...

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Lawyers may submit pleadings and other documents to the Supreme Court through email starting this month...

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The measure seeking to increase the monthly social pension for indigent senior citizens to P1,000 now only needs the approval of President Rodrigo Duterte...

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The Philippine Health Insurance Corp. (PhilHealth), Department of Finance, Department of Health (DoH), Philippine Amusement and Gaming Corp. (Pagcor), and the Philippine Charity Sweepstakes Office (PCSO) signed on Monday a joint circular that will operationalize the fund allocations for the Universal Health Care (UHC) program of the national government...

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After struggling to find staff during the pandemic, businesses in Singapore have increasingly turned to deploying robots to help carry out a range of tasks, from surveying construction sites to scanning library bookshelves...

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The Philippine Chamber of Commerce and Industry (PCCI) President, George T. Barcelon, and PCCI Chairman Dr. William S. Co met with the Ambassador of Lao People’s Democratic Republic to the Philippines, His Excellency Songkane Luangmuninthone, on Tuesday (May 31) at the PCCI Headquarters in Mckinley, Taguig City to discuss potential areas for cooperation between the Philippines and Laos in pursuit of strengthening economic cooperation...

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Philippine motor vehicle output in April fell 4.2% year on year in April to 5,943 units, making it the only ASEAN country to report a decline in production...

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The Philippines on Monday filed a diplomatic protest against China for its unilateral imposition of a three-and-half-month fishing ban in some areas of the South China Sea...

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The Department of Foreign Affairs (DFA) said it has summoned a senior official from the Chinese Embassy over the alleged "harassment" of a Chinese Coast Guard (CCG) ship on a Taiwanese-manned research vessel in the West Philippine Sea in March...

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Better employment opportunities await overseas Filipino workers (OFWs) in the United Kingdom (UK) and Germany...

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Around 60 Filipinos are flying to Israel this week, the first batch of Filipino workers in the government-to-government labor agreement for hotels between Tel-Aviv and Manila...

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The Philippines was officially dropped from the shortlist of states with labor-related issues to be tackled by the Committee on Application of Standards (CAS) in the ongoing 110th session of the International Labor Committee (ILC)...

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Countries in the region may not yet be facing a debt crisis, but reforms are still needed to prevent the fiscal contagion from turning into reality, according to economists from the Asian Development Bank (ADB)...

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Chinese pharmaceutical firm Yisheng Biopharma Co. Ltd. expressed interest to invest in clinical trials and the opportunity for co-development, manufacturing and marketing of vaccines with a local partner in the Philippines...

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The Department of Foreign Affairs (DFA) will send a rapid response team tasked to bring assistance to Filipinos in Sri Lanka amid the ongoing economic crisis in the foreign country...

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The World Health Organization's (WHO) top monkeypox expert said she doesn't expect the hundreds of cases reported to date to turn into another pandemic, but acknowledged there are still many unknowns about the disease, including how exactly it is spreading and whether the suspension of mass smallpox immunization decades ago may somehow be speeding its transmission...

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The tobacco industry is a far greater threat than many realize as it is one of the world's biggest polluters, from leaving mountains of waste to driving global warming, the World Health Organization (WHO) charged Tuesday...

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Climate risks, rising commodity prices, the war in Ukraine, and the wild inflation swings threaten financial stability across the globe...

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Britain will offer work visas to graduates from the world’s best universities in an expansion of its post-Brexit immigration system that is designed to attract the “best and brightest” workers...

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Canada announced Tuesday the decriminalization of hard drugs in small quantities in a British Columbia pilot project aiming to tame an opioid crisis that has killed thousands -- by treating addictions rather than jailing users for possession...

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German Chancellor Olaf Scholz said Tuesday he had agreed a deal with Greece that would see Athens send Soviet-era military vehicles to Ukraine in exchange for more modern armor from Berlin...

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US President Joe Biden said the United States will provide Ukraine with more advanced rocket systems and munitions so it can "more precisely strike key targets on the battlefield"...

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Following two months of frustration, despair and economic loss, Shanghai's draconian COVID-19 lockdown ended at midnight on Wednesday morning, prompting celebrations tempered with fear that an outbreak could return...

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Russian forces have taken partial control of a key industrial city in eastern Ukraine, a regional governor said Tuesday, hours after European Union leaders struck a deal to ban more than two-thirds of Moscow’s oil imports...

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People who have a COVID-19 rebound after treatment with the antiviral drug Paxlovid can be contagious and may not know it because they might not have symptoms, researchers warn...

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A grateful and upbeat President Rodrigo Duterte faced Cabinet members in Malacañang on Monday night, exactly a month before his term ends, in what may be their last full Cabinet meeting...

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The Philippine Economic Zone Authority (PEZA) said it is evaluating the government’s land holdings with the help of the Department of Environment and Natural Resources (DENR) to seek out sites with the potential to be converted into economic zones (ecozones)...

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Amid public fears that the return of the Marcos family to Malacañang would lead to historical distortion, the newly appointed press secretary, Trixie Cruz Angeles, thinks that the martial law period should be “open to debate.”...

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The majority of the Senate blue ribbon committee members have not signed a report alleging misuse of state funds for pandemic supplies and recommending prosecution of President Rodrigo Duterte for his “betrayal of public trust” for allegedly defending those involved in the irregularities...

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Give him six months to one year to prove his worth as secretary of the Department of Social Welfare and Development (DSWD)...

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President-elect Ferdinand “Bongbong” Marcos Jr. met with several lawmakers Tuesday to tackle the legislative agenda of his incoming administration...

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Borrow more. Spend less. Tax the poor or the rich? The think tank Ibon Foundation said these are the fiscal choices that the government has to generate income and pay off debts, but the outgoing administration of Rodrigo Duterte had chosen to keep its hands off the last option—tax billionaires...

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Suggestions for the next administration to continue the war on drugs despite a “damning” report from the Commission on Human Rights (CHR) heaped criticisms from a rights group, saying that the anti-drug campaign has been bloody and deadly...

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The Food and Drug Administration (FDA) may have approved the use of Moderna vaccine among children aged six to 11, but this is not yet ready for rollout, the Department of Health (DOH) said yesterday...

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Officials of the Commission on Elections (Comelec) on Tuesday recommended the leasing of new vote counting machines (VCMs) at a cost of P6.7 billion to replace the 13-year-old machines used in the last election...

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The LandBank of the Philippines (LandBank) is tapping UCPB Savings Bank (USB) branches nationwide to serve as Agent Banking Partners in remote and underserved areas as part of its mandate to advance greater financial inclusion in the country...

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Five more cases of the highly transmissible Omicron subvariant BA.2.12.1 of COVID have been detected in Western Visayas, the Department of Health (DOH) reported yesterday...

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The Bureau of Internal Revenue (BIR) has temporarily suspended its “surprise” visits and audits into the books of economic zone locators, according to the Philippine Economic Zone Authority (Peza)...

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Re-elected Liloan Mayor Christina Garcia Frasco has accepted President-elect Ferdinand Marcos Jr.’s offer for her to be Secretary of Tourism...

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The Asian Development Bank (ADB) approved two new policy-based loans for the Philippines’ climate change adaptation and the deepening of its capital markets...

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President-elect Ferdinand “Bongbong” Marcos Jr. wants the distribution of aid through the Department of Social Welfare and Development digitized to make it faster, DSWD Secretary-designate Erwin Tulfo said Tuesday...

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Only four of the 260 national candidates who ran in the May 2022 elections have so far filed their campaign spending reports before the Commission on Elections (Comelec)...

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Arsenio Balisacan’s incoming stint as director general of the National Economic and Development Authority (NEDA) will not be a walk in the park given the various threats to economic growth that await him and the new administration...

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The incoming Marcos administration will work to entice more investors in its infrastructure program through public-private partnerships (PPPs), focusing on high-impact projects, according to the next head of the Department of Public Works and Highways (DPWH)...

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Bank lending jumped by 10% in April, reflecting the rebound in economic activity as restrictions were eased alongside the steady decline in coronavirus disease 2019 (COVID-19) cases...

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Logistics bottlenecks and raw material shortages, exacerbated by Russia’s invasion of Ukraine, are disrupting global supply chains, affecting everything from consumer goods to car sales...

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Long-held goal of the country to become Asia’s shipbuilding center in the region,”just like Singapore”, should be realized under the administration of Ferdinand “Bongbong” Marcos Jr., a high-ranking official of the International Chamber of Shipping (ICS) said...

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The country’s equities and fixed-income exchanges welcomed members of the incoming Marcos administration’s economic team as it looks forward to new regulations and reforms to grow the country’s capital markets...

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With the looming food crisis, farmer groups led by food security advocacy group Tugon Kabuhayan called on local government units (LGUs) to help prioritize agriculture in their budget and expenditure programs especially with the forthcoming implementation of the Mandanas Ruling...

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Agriculture Secretary William Dar on Tuesday said there is still a shortage in the local production of fish, pork, and rice due in part to years of neglect of agriculture...

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The country’s largest power distributor, Manila Electric Co. (Meralco), is willing to source electricity from the Bataan Nuclear Power Plant (BNPP) should the government decide to revive and resume operations of the mothballed facility...

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Being competitive is not a precondition for the country to ratify the Regional Comprehensive Economic Partnership Agreement (RCEP), according to the National Economic and Development Authority (Neda)...

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Local stocks slipped into negative territory yesterday amid lack of market-moving catalysts to boost buying sentiment...

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Notwithstanding the across-the-board increase in the daily minimum wage, garments manufacturers are seeking, at least, a one-year exemption from the 2022 wage hike, given that many stakeholders are still reeling from the lack of opportunities during the pandemic...

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The country’s group of semiconductors and electronics manufacturers, on Tuesday, warned of losing $3.6 billion following a set of concerns on the surprise audit system introduced by the Bureau of the Internal Revenue (BIR) to monitor compliance with the 70/30 work set-up...

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Incoming Bangko Sentral ng Pilipinas Governor Felipe Medalla sees smooth coordination among the economic managers of President-elect Ferdinand "Bongbong" Marcos Jr...

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Oil products imported by firms located in economic zones are now subjected to tax, the Bureau of Internal Revenue (BIR) has indicated following the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act...

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