Philguarantee boosts fund facility to P300 billion

State-run Philippine Guarantee Corp. beefed up its facility to P300 billion to cover guarantee programs particularly for micro, small and medium enterprises, small farmers and fisherfolks and other borrowers severely affected by the global health pandemic......»»

Category: financeSource: philstar philstarOct 17th, 2020

IMF approves $1 billion in virus aid for Ghana

ACCRA, Ghana – The International Monetary Fund (IMF) has approved a $1-billion (910-million-euro) aid package for Ghana to help the West African country manage fallout from the new coronavirus pandemic , the multilateral lender said. The credit is through the IMF's rapid credit facility to help Ghana as growth falters and ........»»

Category: newsSource:  rapplerRelated NewsApr 15th, 2020

Aboitiz gets P10B worth of loan from Metrobank

Conglomerate Aboitiz Equity Ventures Inc. obtained a P10-billion term loan facility from Metropolitan Bank & Trust Co. that will partially refinance maturing debts and fund capital expenditure requirements......»»

Category: financeSource:  thestandardRelated NewsApr 6th, 2020

Cebu Landmasters ink P8 billion loan deal

Cebu Landmasters Inc. has signed an P8 billion corporate notes facility agreement to fund its steady expansion......»»

Category: financeSource:  philstarRelated NewsMar 10th, 2020

Globe taps P5 billion DBP loan to fund capex

Telco giant Globe Telecom Inc. is tapping a loan facility from the Development Bank of the Philippines to refinance debt and fund its capital expenditures......»»

Category: financeSource:  philstarRelated NewsDec 17th, 2019

DBP lends P1.1 billion for Mindanao hydro facility

State-run Development Bank of the Philippines (DBP) has extended P1.1 billion in loan assistance to fund the construction of an 11.9 megawatt hydroelectric power plant in Lanao del Norte, a top official said yesterday......»»

Category: financeSource:  philstarRelated NewsSep 7th, 2019

Jollibee allots P1.3b to raise Tim Ho Wan stake to 85%

Restaurant chain operator Jollibee Foods Corp. said Tuesday it will increase its stake in a private equity fund that owns Tim Ho Wan brand to 85 percent from 60 percent for S$36.3 million, or around P1.3 billion......»»

Category: financeSource:  thestandardRelated News17 hr. 14 min. ago

Rice farmers seek bigger financial aid

The one-time financial assistance that the Senate directed the Department of Agriculture (DA) to provide to rice farmers amid the declining prices of palay would not be enough, a group of rice farmers said. (MB file, Keith Bacongco) Federation of Free Farmers (FFF) National Manager Raul Montemayor said rice farmers have lost an average of P10,000 per hectare in the ongoing cropping season due to severely depressed palay prices.   This was his response to the joint resolution recently passed by the Senate Committees on Agriculture and Agrarian Reform, which ordered the DA to appropriate some P3 billion in tariffs from rice imports through the 2021 national budget for cash aid to rice farmers. Under the Rice Tariffication Law (RTL), which allowed unlimited rice importation in the Philippines, tariff collections in excess of P10 billion per year can be used for additional support to farmers, including cash transfers. FFF, however, noted that the proposed appropriation would only provide P5,000 per farmer if distributed to some 600,000 farmers tilling one hectare or less.   If the actual number of qualified farmers is raised to 1.1 million, the subsidy would only amount to about P2,700 per farmer. Either proposal will be unfair to equally affected rice farmers tilling larger areas, the farmers’ group said.   Instead, Montemayor said the government could keep palay prices stable by temporarily imposing safeguard duties or additional tariffs on imported rice. “The government allowed unlimited rice imports, resulting in low palay prices.  Now, it will spend P3 billion to partially offset farmers’ losses. If it had instead imposed additional duties on imports, palay prices would not have dropped too much, there would have been no need for cash aid to farmers, and the government might have even earned extra revenues from the safeguard duties,” said Montemayor. Under the Section 10 of RTL or Republic Act (RA) 11203, in order to protect the Philippine rice industry from sudden or extreme price fluctuations, a special safeguard duty on rice shall be imposed in accordance with Safeguard Measures Act.   R.A. 8800 or the Safeguard Measures Act, on the other hand, allows additional safeguard duties on top of regular tariffs in case an import surge is shown to be harmful to local farmers.   “Safeguard duties will not be inflationary as claimed by the DA, because they will be applied only when there is already a proven oversupply in the market.  They can be removed once the situation stabilizes,” said Montemayor. Agriculture Secretary William Dar is not keen on slapping additional tariff on rice imports, and has repeatedly appealed for public understanding about the “short-term” effects of RTL to palay prices. However, he promised to look for other solutions to the plea of the farmers like asking the National Food Authority (NFA), which buys palay at P19 per kilogram (/kg) to boost the government’s buffer stock, to intensify its palay procurement.   Instead of cash aid, the FFF proposed that existing funds from the Rice Competitiveness Enhancement Fund (RCEF) and extra tariff collections be re-focused to address current problems of farmers.   It noted that half of farmers receiving free seeds under the RCEF had already been using certified seeds in the past, and that many were seeking other types of support that were not available under RCEF.   Numerous farmers have also questioned the DA’s promotion of seed varieties like NSIC Rc222, which is of poor quality and are being shunned by traders. “Also, the P5 billion annual fund for mechanization is not moving well, and it might be more practical at this time to preserve job opportunities for farm laborers instead of displacing them with machines,” Montemayor said.   “Moreover, the P1 billion budget for extension and training could be realigned, considering that farmers cannot attend training activities due to COVID-related restrictions. The P1 billion for credit could be better used for interest rate subsidies or loan guarantee programs, instead of direct loans which will benefit only 20,000 farmers,” he added......»»

Category: lifestyleSource:  abscbnRelated NewsOct 19th, 2020

BOI offers stronger tax perks

For manufacturer Manufacturers in the Philippines are allowed to carry over any operating loss from financial year 2020-2021 as tax deduction from gross income over the next five taxable years, according to the Board of Investments (BOI). BOI Managing Head Ceferino Rodolfo said this has been  allowed under the Bayanihan to Recover as One Act or Bayanihan 2, which provides P165 billion in economic stimulus package. “A range of new financial measures and incentives are now available to manufacturers in the Philippines, thanks to new legislation recently signed into law,” said Rodolfo, who is also Trade and Industry’s Undersecretary for industry promotions group. The ‘Bayanihan 2 Act’ is aimed at helping the Philippines recover from the economic impact of Covid-19. It was signed into law by President Duterte in September. Elsewhere, he said, many qualified manufacturers will be exempt from business taxes, import duties, and other fees on a range of products.  This includes the production of medical equipment and Covid-19 related items such as Personal Protective Equipment (PPE), as well as the raw materials relevant to the manufacturing of these items.  The same relief measures will also apply to the production of equipment for waste management, including waste segregation, storage, collection, sorting, treatment and disposal services.  The Philippine Board of Investments (BOI) is urging manufacturers and other large businesses to take advantage of these provisions. For more details on doing so, businesses can book an appointment with BOI via their Facebook page and speak to a dedicated specialist. Information is also available on BOI’s Covid-19 resource hub for businesses.  “We know that Covid-19 is still having a significant impact on the operations of manufacturers across the Philippines, and we at BOI are doing all we can to help them,” said Rodolfo as he urged   businesses to visit BOI resource hub website and book an appointment with BOI via its Facebook page.  “Our dedicated specialists can help businesses understand more about how they can take advantage of the incentives and support in the Bayanihan 2 Act”  The Bayanihan 2 stimulus package consists of P140 billion of regular appropriations and an additional standby fund of P25.5 billion. Under the law, P3 billion will be allotted for the procurement of personal protective equipment, face masks, and face shields; P4.5 billion for the construction of temporary medical isolation and quarantine facilities and the expansion of government hospital capacity; and P13.5 billion for emergency employment and compensation of health workers. A total of P4.5 billion will be used to finance isolation facilities, hotel accommodation, food, and transportation of Covid-19 patients; and PHP5 billion for the hiring of contact tracers. Other allocations include P13 billion for the cash-for-work program; P9.5 billion for assistance to public utility drivers and other programs of the transportation department; P6 billion for “individuals in crisis” and other programs of the social welfare department; P4 billion for the tourism industry; and P4 billion for the education department’s implementation of digital learning. Bayanihan 2 is the second installment of the Bayanihan to Heal as One Act (Bayanihan 1), which gave Duterte emergency powers to address the Covid-19 crisis in the country. The Bayanihan 1 law, signed by the president on March 25, already expired on June 25, 2020......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

P3 billion machines under RCEF readied

The Department of Agriculture is preparing to release P3 billion worth of farm machines under the Rice Competitiveness Enhancement Fund which aims to make Filipino rice farmers competitive......»»

Category: financeSource:  philstarRelated NewsOct 12th, 2020

Rediscount loans down 77% in 9 months

The peso rediscounting loan facility of the Bangko Sentral ng Pilipinas plunged by 77.3 percent to P26.9 billion from January to September compared to P118.67 billion in the same period last year amid the ample liquidity in the financial system......»»

Category: financeSource:  philstarRelated NewsOct 12th, 2020

BCDA chief seeks P229M funding for Nat’l Sports Academy

Bases Conversion Development Authority (BCDA) President and CEO Vince Dizon on Monday asked the senators to provide P229 million to fund the creation of the Philippine National Academy of Sports (NAS) under the 2021 national budget. During Senate Finance Committee deliberations of BCDA’s proposed P5.795-billion budget for 2021, Senator Sonny Angara asked Dizon if there […] The post BCDA chief seeks P229M funding for Nat’l Sports Academy appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsOct 5th, 2020

Roxas Holdings completes sale of P4.9-b La Carlota sugar mill to URC

Listed sugar and ethanol producer Roxas Holdings Inc. said Thursday it completed the sale of its sugar mill and ethanol facility in La Carlota City, Negros Occidental to Universal Robina Corp. for P4.9 billion......»»

Category: financeSource:  thestandardRelated NewsOct 1st, 2020

BSP OKs lending government P540-B for pandemic response

The Bangko Sentral ng Pilipinas (BSP) approved the disbursement of fresh P540 billion to fund a costly pandemic response......»»

Category: financeSource:  philstarRelated NewsOct 1st, 2020

GSIS launches multi-purpose loan program

State pension fund Government Service Insurance System will launch today a new loan facility which will give members an opportunity to consolidate and pay their outstanding balances under better payment terms......»»

Category: newsSource:  philstarRelated NewsSep 30th, 2020

Megawide to raise P8 billion from preferred share sale

Megawide Construction Corp. is raising up to up to P8 billion in fresh funds to fund its growth program which includes the redevelopment of the Ninoy Aquino International Airport......»»

Category: financeSource:  philstarRelated NewsSep 30th, 2020

Puregold& rsquo;s board approves plan to issue P12-billion notes

Puregold Price Club Inc. plans to issue P12 billion worth of corporate notes to fund the rollout of more grocery stores across the country......»»

Category: financeSource:  thestandardRelated NewsSep 26th, 2020

Puregold selling P12 billion notes

Puregold Price Club Inc. intends to raise as much as P12 billion from the issuance of corporate notes to fund store expansion......»»

Category: financeSource:  philstarRelated NewsSep 25th, 2020

Foreign fund exit slows in August but positive reverse seen unlikely

As it is though, hot money net outflows are running above the BSP's year-end forecast of $2.4 billion at $3.88 billion as of August......»»

Category: financeSource:  philstarRelated NewsSep 25th, 2020

DepEd urged to use P4 billion Bayanihan 2 fund to invest in technology for teachers

"I would strongly suggest to allocate that [P4 billion] to our teachers, especially in technology that our teachers can use even after the COVID-19 pandemic," Gatchalian, who chairs the Senate Committee on Basic Education, Arts and Culture, said......»»

Category: newsSource:  philstarRelated NewsSep 21st, 2020

DITO Telecom spending P27b to build towers

DITO Telecommunity Corp., a joint venture of businessman Dennis Uy and China Telecoms, said Thursday it will spend more than P27 billion next year to roll out telecom towers nationwide and fund other operating expenses. .....»»

Category: financeSource:  thestandardRelated NewsSep 17th, 2020