PHILSTAR THE Philippine National Railways (PNR) is expecting an 80% decline in monthly revenues due to government restrictions as the country gradually eases lockdown measures. Train operations in Metro Manila are set to resume by June 1, more than two months since the region was placed under strict lockdown. “80% po ang mawawalang revenues mula sa operation sa June 1 (Around 80% of revenues will be lost once we commence operation on June 1),” PNR…"PNR sees 80% decline in monthly revenues on transport restrictions"
PHILSTAR/KRIZ-JOHN ROSALES TAX CREDIT certificates (TCCs) that remain unused for more than one year will be converted into cash, the Bureau of Internal Revenue (BIR). BIR Commissioner Caesar R. Dulay issued Revenue Regulations (RR) 14-2020 on Thursday to amend provisions on the cash conversion of unutilized TCC. The directive was approved by Finance Secretary Carlos G. Dominguez III on March 6. “Any TCC which remains unutilized for more than one year at any given interval…"Unused tax credit certificates to be converted to cash after a year"
THE OUTSOURCING industry is requesting the government for a longer transition time before changing the current incentives system, while supporting the move to cut corporate income tax to 25% from 30% in July. The Information Technology and Business Process Association of the Philippines (IBPAP) said in a statement on Friday that the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act would help attract foreign direct investments into the country. The earlier proposal, CITIRA,…"IBPAP seeks transition period for CREATE incentives system"
REUTERS INFLATION in May likely fell within 1.9% to 2.7%, with upside risks mainly coming from the increase in food prices, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Friday. “The BSP Department of Economic Research projects May inflation to settle within the 1.9% to 2.7% range; the point inflation projection is 2.3%,” Mr. Diokno told reporters in a Viber message. This estimate range is well within the BSP’s 2-4% target for…"May inflation likely settled at 1.9% to 2.7%: BSP"
PRICES at the Wholesale Electricity Spot Market (WESM) are likely to increase with demand expected to pick up as industries and commercial establishments set to resume operations in June, its operator reported. Based on the projection of the Independent Electricity Market Operator of the Philippines (IEMOP), the trading price may rise to as much as P4.27 per kilowatt-hour (kWh) next month when businesses in Luzon and the Visayas are expected to restart 70% of their…"Higher demand seen likely to pull up June WESM prices"
A LEGISLATOR has asked President Rodrigo R. Duterte to seek a special session of Congress in order to pass “critically-needed” measures to boost the economy, such as the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE). In a statement Thursday, Albay Representative and House Ways and Means committee chairman Jose Maria Clemente S. Salceda said that the House intends to pass its stimulus recovery program before it adjourns, and that it has already…"Special session proposed to pass CREATE bill, other critical measures"
DTI UNDERSECRETARY Ruth Castelo inspects a medical store selling N95 face mask in Bambang, Manila. — PHILIPPINE STAR/EDD GUMBAN THE Department of Trade and Industry (DTI) said Thursday it will seek amendments to the Price Act to upgrade the prescribed fines for price manipulation and other violations. Trade Undersecretary Ruth B. Castelo said at a Senate hearing that fines prescribed by the law, ranging from P5,000 to P2 million, are sufficient to deter violations. “Hindi…"DTI says Price Act fines do not deter violations"
BW FILE PHOTO By Genshen L. Espedido THE House of Representatives’ Defeat COVID-19 Committee on Thursday approved a substitute measure to House Bill 6709 which calls for a P1.5-trillion spending program over three years to address slowing economic growth and create jobs. Also known as the proposed COVID-19 Unemployment Reduction Economic Stimulus (CURES) Act of 2020, the measure targets increased spending on readily-implementable health, education, agriculture, local roads and livelihood spending items. The proposed law…"House panel approves P1.5 trillion stimulus substitute bill"
INTERAKSYON THE government said a proposed equity infusion program for large companies will match whatever amount an individual firm can raise from banks, while program participants cannot declare dividends, must freeze executive pay, and defer spending on non-essentials. At a forum organized by the Manila Times Thursday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the government’s economic team is planning to help recapitalize large firms deemed strategic which are unable to deal with…"Bailouts tied to firms’ ability to raise bank financing"
OPENSIGNAL FOURTH-GENERATION (4G) video quality in the Philippines declined in March, which most Filipinos spent indoors after the government imposed an enhanced community quarantine (ECQ) to contain the spread of the coronavirus, UK-based Opensignal Ltd. said. Opensignal, which refers to the quality of 4G video as the “4G video experience,” said on May 25 that in March, when the lockdown was first declared in the middle of the month, “we observed a decline in 4G…"PHL 4G video quality declines in March after lockdown"