Budget gap widens in Nov to P271.5B

BY DENNIS GADIL

Continuing slump in revenues widened the government deficit during the first 11 months of the year to P271.5 million, up 380.7 percent from last year’s pre-global crisis deficit of P66.7 billion and already 9 percent over the full year programmed deficit of P250 billion...(more)

GSIS eyes new buyer of GFB

BY DENNIS GADIL

The Government Service Insurance System (GSIS) has found a potential "white knight" in a foreign bank for the disposition of GSIS Family Bank (GFB)...(more)

Gov’t to run after SMEs for taxes

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) intends to open 2010 with "all guns blazing" as it vowed yesterday to run after rural-based small and medium enterprises (SMEs) operating market stalls – and even cockpits - which continue to evade the agency’s collection radar...(more)

Micro tax to raise P12M annually

BY DENNIS GADIL

For a change, government could rake in at least P12 million in fresh tax revenues annually should it impose a uniform two percent tax on micro-enterprises instead of the regular national and local taxes...(more)

Congressman Gloria seen as bad for business

BY DENNIS GADIL

President Arroyo’s run for a congressional seat and her declaration of martial law in Maguindanao could signal "more chaotic times ahead," a New York-based think tank said...(more)

Gov’t trims REIT tax losses

By Dennis Gadil

The Department of Finance (DOF) was able to trim down its projected annual revenue losses from the soon-to-be-enacted law providing incentives on investments related to financing and management of large-scale real estate projects by half from the original P5.3 billion P2.7 billion...(more)

Budget gap may hit P320B, 4% of GDP

BY DENNIS GADIL

The budget deficit may reach as high as P320 billion or 4.1 percent of GDP this year if the government fails to sell state assets before year-end, Finance Undersecretary Gil Beltran said...(more)

Congressmen buck SICPA deal

BY DENNIS GADIL

Congressional leaders yesterday slammed the deal for a stamp tax technology on cigarettes and alcohol products being worked out between the Switzerland-based SICPA Product Security SA (SICPA) and the Bureau of Internal Revenue (BIR), saying it is heavily in favor of the Swiss proponent...(more)

Gov’t eyes P2B from Nampeidai rebidding

BY DENNIS GADIL

Government is expecting at least P2 billion should it successfully re-privatize another Tokyo property, the one in the Nampeidai district, after disqualifying the winning Japanese consortium for fraud...(more)

DOF does ‘back-channeling’ for tax measures

BY DENNIS GADIL

Finance secretary Margarito Teves is not giving up on his legislative "wish-list" as he presses Congress anew to pass three key measures before it adjourns for this year to boost revenues and reduce the budget deficit...(more)

Gov’t likely to breach budget gap goal: Teves

BY DENNIS GADIL

Even if government succeeds in privatizing the Food Terminal Inc. and its 40 percent stake in PNOC-Exploration Corp. (PNOC-EC), it will still exceed its targeted deficit ceiling for this year, according to Finance Secretary Margarito Teves...(more)

Gov’t talking with 3 groups for FTI sale

BY DENNIS GADIL

The government is negotiating with three groups on the privatization of the Food Terminal Inc. (FTI) property in Taguig City, with the winner to be announced between November 30 and early December...(more)

Christmas bazaars, campaign contributions to be taxed

BY DENNIS GADIL

The presumptive replacement of resigned revenue commissioner Sixto Esquivias IV has come up with "high-profile" measures, including collecting from bazaars that sprout during the holidays and slapping a 5 percent tax on campaign expenditures, to reduce tax revenue shortfalls...(more)

T-bond rate falls 70 bps

The government secured cheaper borrowings Tuesday as it sold 25-year treasury bonds with a coupon rate of 9.250 percent, 70 basis points lower than the 9.950 percent fetched by the same long-dated debt paper in the secondary market.-Dennis Gadil...(more)

Privatization plan way off mark

BY DENNIS GADIL

A total of P1 billion earned; P29 billion to go in the last three months of the year...(more)

NEDA gives green light on cigarette stamp tax

BY DENNIS GADIL

The National Economic and Development Authority (NEDA) has just given the green light to the Bureau of Internal Revenue (BIR) to pursue negotiations with Swiss firm SICPA Product Security S.A. on the latter’s unsolicited proposal to introduce a fool-proof tax stamps technology on cigarettes and alcohol...(more)

BIR gives up on collection target

BY DENNIS GADIL

The Bureau of Internal Revenue (BIR) is saying goodbye to its revenue target of P798.5 billion this year, blaming the back-to-back typhoons that struck the country...(more)

DOF bucks full tax exemption of BSP

BY DENNIS GADIL

Here comes another revenue-eroding measure...(more)

Gov’t gets P11B dividends from GOCCs

BY DENNIS GADIL

Government received P11.067 billion in dividends from government owned and controlled corporations (GOCCs) and government financial institutions during the first nine months of the year, an improvement of 147.4 percent from P4.473 billion during the same period last year...(more)

Goldman Sachs forecasts P311B deficit

BY DENNIS GADIL

New York-based investment bank Goldman Sachs said the Philippines is facing a possible deficit equivalent to 4 percent of the gross domestic product or roughly P311.8 billion as scarce government revenues are further drained from its typhoon rehabilitation work...(more)