Finance Secretary Cesar V. Purisima said his office and the Bureau of Internal Revenue will strictly apply the amended Value-Added Tax Law signed by President Arroyo yesterday and to make sure the government will get its expected P30 billion to P40 billion in additional revenues this year.
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A sunrise industry the country has to nurture, the local muscovado sugar should take up a significant part of the organic food and health products market foreseen to increase to $100 billion by 2008 even as Japan is interested in importing this from the Philippines.
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Standard & Poors in a ratings report said five emerging market sovereigns including the Philippines remain vulnerable to interest and exchange rate movements.
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Japan Petroleum Exploration Co. Ltd. (Japex) and Forum Exploration Inc. have already completed their scheduled two-week initial exploration activities in their oil and gas reservoir prospects in the Visayas basin.
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The National Food Authority (NFA) will likely buy 300,000 metric tons (MT) of 25 percent brokens from Vietnam at an offer price of $283.99 per MT on one of the last batches of a 1.6 million MT rice import for 2005.
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The Department of Energy (DoE) is embarking on a regional planning to better assess and craft the country’s future energy needs.
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The peso rate closed higher at P54.565 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.71 the previous day. The weighted average rate appreciated to P54.646 from P54.706. Total volume amounted to $293.5 million.
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The Philippine Olympic Committee (POC) convenes its general assembly today to decide the fate of the Basketball Association of the Philippines (BAP) which many concede is already a forgone conclusion.
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