BusinessMirror January 26, 2024

Page 1

Experts cite risks in DOF no-new-taxes stand

T

WORLD | A14

QATAR, A KEY MEDIATOR IN ISRAEL-HAMAS TALKS, LASHES OUT AT NETANYAHU OVER LEAKED REMARKS

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

HERE can be no doubt about the capability of efficient tax collection in raising revenues, but in the Philippines, local economists said this could mean growth-hurting austerity measures and mounting debts while the government tries to make tax collection more efficient. Former National Economic a nd De ve lopme nt Aut hor it y (Neda) Secretary Dante B. Canlas told BusinessMirror that tax collection efficiency needs to be enhanced and that can help

shore up revenues. Canlas said attaining a deficitto-GDP ratio of 3 percent and a public debt-to-GDP ratio of below 60 percent by 2028 would require slower government spending. “If, as announced by DOF [Department of Finance] Secretary [Ralph] Recto, new taxes are ruled out, then in order to stand a chance of achieving the 2028 fiscal targets, government spending must slow down while protecting core Filipino values in health, education, national security, and infrastructure,” Canlas said.

“The BIR and BOC must deliver on their respective revenue targets without fail. DOF and DBM [Department of Budget and Management] must watch carefully the formulation of the annual National Expenditure Program that the President submits each year to Congress,” he also said. Canlas said the Executive may also need to work with Congress on a “medium-term budget” to improve the government’s chances of protecting its fiscal health. “New ta xes shou ld not be ruled out by the Administra-

tion, particularly, if current tax measures are not delivering on the envisioned fiscal targets,” Canlas said. “This is where a budget accord with Congress is helpful. If there are new public spendings that existing taxes cannot accommodate in the current planning period of 2023-2028, then new taxes are critical; hence, Congress must be on board to enact new taxes under the current Administration,” he explained. See “Experts,” A2

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

HOT MONEY OUTFLOWS www.businessmirror.com.ph

n

Friday, January 26, 2024 Vol. 19 No. 103

P25.00 nationwide | 2 sections 28 pages | 7 days a week

POST 2-YR HIGH AT $247M ₧ T By Cai U. Ordinario @caiordinario

HE Philippines continued to lose out on portfolio investments as the country posted its largest outflows in two years, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

PHL fruits exports soar beyond 5B in ’23–DA

SWEET JOURNEY Captured on a banca, an ice-cream

cart gracefully sails through the waters, embarking on a delightful mission to bring sweet surprises to the residents of Barangay Janosa in Binangonan, Rizal. Beyond the floating sensation, this initiative not only fosters community togetherness but also indulges everyone in the irresistible taste of freshly made “dirty” ice cream, creating moments of joy and shared happiness. BERNARD TESTA

T

Foreign investment transactions registered with the BSP through authorized agent banks (AABs) or hot money recorded net outflows worth $247 million in 2023, the highest since the $574 million posted in 2021. Hot money net outflows in 2023 represented a reversal from the $887-million net inflows noted for the same period in 2022. “Majority [or 95.1 percent] of these outflows represented capital repatriation while the remaining 4.9 percent pertained to remittance of earnings. The US continued to be the main destination of outflows with 63.6 percent of total,” BSP said.

HE Philippines exported over P5 billion worth of fruits, including mangoes and avocados, last year on the back of higher demand from newly opened markets, the Department of Agriculture (DA) said. The DA said the Bureau of Plant Industry (BPI) facilitated and recorded the export of 20,325.09 metric tons (MT) mangoes, avocados and durians worth P5.167 billion last year. Broken dow n, the countr y shipped 12,548.49 MT of mangoes worth P2.9 billion, 3,045.6 MT of avocados valued at P377 million and 4,731 MT of durian worth P1.89 billion. “ The 2023 export [volume] figures showed a 316-percent increase for avocado, 109 percent for mango, and a significant 4,000 percent for durian, respectively compared to last year,” the DA said in a statement on Thursday. The DA noted that the BPI issued over 83,000 sanitary and phytosanitar y certificates for the export of various agricultural products last year, as well as nearly 80,000 import clearances for the entry of foreign commodities.

See “Hot,” A2

See “PHL,” A2

GOVT, MANUFACTURERS EYE ‘PINOY SARDINES’ ALTERNATIVE By Jasper Emmanuel Y. Arcalas

T ROTARIANS REPORT PT Joselito Sibayan, Chairman of the Rotary Club of Manila Foundation, Inc., provided a comprehensive update on the foundation’s status during the 25th general membership meeting at the Manila Polo Club in Makati City. Alongside him were RCM President Rafael “Raffy” Alunan III and RTN/Rotary Club of Manila Foundation Inc. President Wilfredo Peliño. NONOY LACZA

@jearcalas

H E c a n ne d s a rd i ne s manufacturers and the national government are mulling over rolling out a “Pinoy Sardines” brand that would serve as a cheaper alternative to branded sardines sold in the market. Canned Sardines Association of the Philippines (CSAP) Executive Director Francisco Buencamino said the industry and the Department of Trade and Industry (DTI) are working towards the possibility of sell-

ing a “Pinoy Sardine” brand in the domestic market akin to the existing Pinoy Tasty and Pinoy Pandesal items. Buencamino disclosed that the idea of a Pinoy Sardines came from Trade Secretary Alfredo E. Pascual, with the CSAP working on the matter recently. The Pinoy Sardines brand is envisioned to be a cheaper alternative of the branded canned sardines available in the market today, he explained. The industry would be able to provide See “Govt,” A2

PESO exchange rates n US 56.3000 n japan 0.3817 n UK 71.6586 n HK 7.2016 n CHINA 7.8653 n singapore 42.0337 n australia 37.0229 n EU 61.2938 n KOREA 0.0423 n SAUDI arabia 15.0130 Source: BSP (January 25, 2024)


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.