The Bangko Sentral ng Pilipinas said they expect migrant workers to remit $10 billion this year due to higher professional salaries of Filipinos based abroad.
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The Federation of Filipino-Chinese Chamber of Commerce and Industry, Inc. (FFCCCII) is tapping its nationwide network of 170 local chambers to conduct an inventory of the country’s possible investment areas and tourism potentials for promotion to foreign investors.
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The Board of Investments has granted a package of tax and fiscal incentives to the P5.2-billion expansion project of San Miguel Yamamura Asia Corp. (SMY).
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The biggest money-makers in the country may soon be call centers displacing big telecom firms Smart Communications Inc. and Philippine Long Distance Telephone company (PLDT).
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Philippine Sinter Corporation (PSC), the lone sintered ore producer in the country owned by the Kawasaki Steel Corp. of Japan, is investing P520 million to modernize its facility in Mindanao.
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Exporters have protested over the rising cost of power that had undermined their ability to fight back competition in the global market.
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The peso rate closed at P54.17 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P54.390.
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Yields of Treasury bills declined across the board for the second week in a row at an auction yesterday because of strong demand for the debt papers.
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National line agencies can now approve contracts amounting to less than P500 million except build-operate-transfer (BOT) projects without going through the National Economic and Development Authority-Investment Coordination Committee (NEDA-ICC) process.
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The Philippines is eyeing $5-billion loan from the People’s Republic of China (PROC) to fund new infrastructure projects in the country on top of the existing railways projects that they are participating in, an official privy to the talks said.
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NINOY AQUINO INTERNATIONAL AIRPORT — Beginning May 1, the Bureau of Customs will perform stringent inspection on all belongings of arriving passengers at the premiere airport to search for any taxable items in an effort to collect a R1-million daily collection quota set by newly appointed Customs Commissioner Alberto Lina.
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Bureau of Internal Revenue Commissioner Guillermo Parayno, Jr. has instructed all his 19 regional directors to list down the names of individual and business taxpayers who underde-clared their income by 30 percent or more and subject them under thorough audit and prosecution in court for tax evasion.
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The peso rate closed higher at P54.09 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.17 last Friday. The weighted average rate appreciated to P54.106 from P54.390. Total volume amounted to $374.5 million.
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