The Philippine governments said Wednesday that they understood President Barack Obama’s decision to cancel upcoming visits to their countries. The White House announced earlier in the day that Obama was calling off stops in Malaysia and the Philippines on his long-planned trip to Asia because of the partial government shutdown.
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) is asking for an additional capital of P150 billion to better perform its functions in promoting monetary and price stability. The additional capital, payable in three years until 2017, is under the BSP’s proposed amendments to its charter, central bank deputy governor Vicente S. Aquino told a forum on Saturday. “The scale and complexity of the responsibilities of the BSP have been magnified by the growth of the Philippine economy and the expansion of its financial system,
MANILA, Philippines - Budget airline Cebu Air Inc., the operator of the Cebu Pacific brand, is looking at increasing the number of its hubs in the Philippines to cope with increasing demand for air travel in and out of the country. Cebu Pacific president Lance Gokongwei said the low-cost carrier is set to establish more hubs in the Philippines as it is in the middle of a $4-billion refleeting program covering the acquisition of 49 new Airbus aircraft over the next nine years.
Internal Revenue Commissioner Kim Henares said that the Bureau of Internal Revenue (BIR) is pushing for easier tax returns filing and payment using an online system. In the Mid-year Philippine Economic Briefing held at the Philippine International Convention Center on Tuesday, Henares said that not only establishments and corporations, but also individuals and self-employed persons may file as well as register their tax returns online by April 2014, and can also choose to pay through banks.
The amount of total approved investments in the second quarter reached P57.8 billion—a 159.6-percent rise compared to the P22.7 billion recorded in the same period last year, according to a National Statistical Coordination Board (NSCB). In a statement, the NSCB said that the investment pledges for industries were recorded at P43.3 billion, or a 73.7-percent share of the total foreign investments during the quarter.