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Category: economy

GlobalSource: Proposed tax holiday ‘poorly targeted’

MANILA, Philippines — The proposed one-month income tax holiday would primarily benefit the middle class, exclude low-income workers and strain public finances without guaranteeing equivalent economic and social gains, GlobalSource said. Sen. Erwin Tulfo has proposed what he called an “extraordinary measure” in response to “resounding clamor” to “return the people’s money” amid a widening

Global stocks see mixed day amid trade angst, Powell comments

NEW YORK, United States — European and US stock markets fell before recovering somewhat as markets weighed trade tensions between Beijing and Washington and digested fresh Federal Reserve commentary. Wall Street indices opened firmly in the red amid the latest back and forth involving the United States and China on trade. But US stocks recovered somewhat

DTI readies safeguard duty on imported cement

MANILA, Philippines – The Department of Trade and Industry (DTI) intends to impose a safeguard duty on cement imports to ensure a level playing field and protect the local industry. In a statement on Tuesday, the DTI said imported cement will be slapped with a safeguard duty of P14 per 40-kilogram bag of Ordinary Portland

Eastern Samar grew fastest in 2024–PSA

MANILA, Philippines – Eastern Samar posted the fastest economic growth among Philippine provinces and highly urbanized cities, lifted by a postpandemic tourism surge and government investments to improve connectivity across the archipelago. Latest data from the Philippine Statistics Authority (PSA) showed Eastern Samar—popular for its beaches, eco parks and historical sites—grew by 10.2 percent year-on-year

Philippines gets $400-M ADB loan for insurance sector

MANILA, Philippines – The Asian Development Bank (ADB) on Tuesday announced a $400-million policy-based loan to help boost the Philippines’ insurance sector by creating an enabling environment for broader participation in the industry. The Insurance Reform Program, Subprogram 1, would support broader financial sector development reforms in regulation and supervision, including greater intermediation of long-term