Govt debt payments up 98% in H1

The national government’s total debt payments in the first half of the year jumped 98.08 percent as amortization significantly rose from the previous year’s level, data released by the Bureau of the Treasury (BTr) showed. According to the latest cash operations report, the national government’s debt payments in January to June stood at P907.93 billion, much higher than the P458.36 billion recorded during the same period a year ago.

Gross borrowings hit P1.4T in 1st half

The National Government’s (NG) gross borrowings rose nearly a third to P1.42 trillion in the first semester, the Bureau of the Treasury (BTr) reported. Data from the BTr showed that the NG’s gross borrowings in the first six months jumped by 32.9% from P1.07 trillion in the same period a year ago. Domestic debt accounted for almost three-fourths or 74.25% of total gross borrowings during the six-month period.

IMF to hold consultation mission in PHL in Sept.

IMF Representative to the Philippines Ragnar Gudmundsson said the IMF will hold its Article IV Consultation mission from Sept. 21 to Oct. 3. A press briefing is scheduled on Oct. 3. “We will be discussing the growth outlook in the near term, taking into consideration the second-quarter numbers, and over the medium term, with a focus on economic diversification, digitalization, and policies to promote green and inclusive growth,” he said in a text message.

EPIRA changes should focus on tax — Congress think tank

Proposed amendments to the Electric Power Industry Reform Act (EPIRA) of 2001 should focus on rationalizing power taxes to lower electricity costs, according to a policy think tank attached to the House of Representatives. “Since the burden of the taxes on the power sector and the concomitant higher electricity prices are ultimately borne by the consumer, it is imperative to revisit and rationalize all tax levies on the power sector,” the Congressional Policy and Budget Research Department (CPBRD) said.

DOE extends deadline for submission of bids for RE resource area 

The Department of Energy (DOE) has extended the deadline for the submission of bids on prospective renewable energy (RE) resource areas in the fourth Open and Competitive Selection Process (OCSP-4) to September 28. Under OCSP, prospective developers can bid for the right to develop pre-determined areas where the DOE has conducted prior resource studies.

F&B cross-border e-commerce sales in PH growing 

Citing data announced by the Department of Trade and Industry, the USDA said overall e-commerce sales in the Philippines are expected to grow at a compound annual growth rate of 9 percent, reaching $24 billion by 2025. It added half of the more than 70 million online users in the country also participate in CBE with purchases for mostly non-food products and accounts for a fourth of the e-commerce market in the Philippines.

Business sector backs embattled airport brass 

Several notable business groups on Friday voiced their support toward the acting general manager of the Manila International Airport Authority (MIAA) and his deputy, rallying behind the two officials who are the subject of a dismissal order from the Office of the Ombudsman. “Mr. Chiong and Ms Montalbo have exhibited exemplary work as managers of the airport. Making substantial positive changes that have helped result, amongst much else, in the collection of long-outstanding receivables that have helped achieve a robust cash balance of P15 billion,” read a joint statement from the said organizations.

Philexport pushing for review of road user’s tax 

THE Philippine Exporters Confederation, Inc. (Philexport) said that the government should review proposals to impose a motor vehicle tax, and expressed doubt that such a tax will ultimately control vehicle numbers. “It is not a problem for us if you tax the luxuries, even if that affects most businessmen; they are willing to do that,” Philexport President Sergio R. Ortiz-Luis said.

DBM urged to reconsider ‘no TRO’ proposal for procurement deals

A proposal to amend the procurement law to prevent courts, except for the Supreme Court, from issuing temporary restraining orders (TROs) against the government over procurement contracts should be reconsidered, according to analysts. The Department of Budget and Management (DBM) is currently finalizing amendments to the Government Procurement Reform Act of 2007, which will then be submitted to Congress.