The insistence of Congress to impose value-added tax (VAT) with "no pass through" on independent power producers (IPPs) will force them to close operations; and an exodus of prospective investments is likewise seen as an imminent scenario.
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The government has engaged the services of three international financial institutions to lead manage its $500-million bond issue with a tenor of either 10 years or up to 25 years, proceeds of which will bridge part of its P180-billion budgetary gap for the year.
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A new foreign investor is coming in Next Mobile Inc. (NMI) soon to infuse $35 million and get 22-23 percent stake in the carrier, announced Chairman and CEO Mel Velarde.
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The Philippines and Japan have set a September deadline for the completion of the Japan-Philippines Economic Partnership Agreement (JPEPA) as it winds down negotiations in the services and agriculture sectors.
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With several delays already getting in the way, the government has set October this year as the new working target for the scheduled competitive bidding for the privatization of the National Transmission Corporation.
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HONG KONG, Apr. 17 (Reuters)—Asia’s economies are at risk from any sharp rise in US interest rates, particularly as exports are beginning to look less robust, the Asian Development Bank’s top economist said.
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The peso rate closed at P54.63 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P54.62.
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Despite the support shown by the business community on tax reform measures, the Philippine Chamber of Commerce and Industry is not amenable on the Senate’s version of the corporate VAT increase from 32 percent to 35 percent.
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The bellwether 91-day Treasury bill rate, used by banks in pricing local loans, fell at yesterday’s auction by the Bureau of Treasury due to high liquidity in the market.
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The government is targetting to raise hybrid corn area to 314,910 hectares this year, up by 59,110 hectares, as it catches up with a 5.7 million metric ton (MT) corn target amid a projected 280,000 MT production cut in the first half due to drought.
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The government is targetting a total of P310-billion allocation up to 2010 under the SME Unified Lending Program for National Growth (SULONG) as the Arroyo administration aims to produce millions of Filipino entrepreneurs by the end of her term.
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The peso rate closed lower at P54.66 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.63 last Friday. The weighted average rate depreciated to P54.698 from P54.62. Total volume amounted to $168.15 million.
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