|
|
Written by staff
|
|
Tuesday, 12 August 2008 |
 The national government stands to lose as much as P24 billion in foregone revenues should there be a shift to specific tax on oil from ad valorem, Finance Undersecretary Gil S. Beltran said in an interview late last week.
While members of the House of Representatives are pushing to change the 12% value-added tax (VAT) on oil to specific tax, which slaps a flat rate per unit of quantity rather than on price, as a way to reduce the price for end-users of petroleum products, Mr. Beltran said the proposed new system would not be indexed to inflation.
"Can you imagine how much revenues we will lose and how much of the expenditures (for government measures to mitigate the impact of high prices on the poor) will be cut because it (tax rate) does not rise with inflation? It should move with inflation," Mr. Beltran said. |
|
Last Updated ( Tuesday, 12 August 2008 )
|
|
Read more...
|
|
|
Written by staff
|
|
Tuesday, 12 August 2008 |
The National Government’s debt stock went up in May due to the depreciation of the peso against the dollar which increased the value of the country’s loans, borrowed mainly from foreign creditors.
The Bureau of the Treasury (BTr) Monday reported that the National Government’s debt increased by 1.4 percent to P3.927 trillion as of end-May from the end-April level.
Of the total outstanding debt, the government owes P1.630 trillion or 42 percent to foreign creditors, and P2.297 trillion or 58 percent to local creditors. |
|
Read more...
|
|
|
Written by staff
|
|
Tuesday, 12 August 2008 |
Telecom giant Philippine Long Distance Telephone (PLDT) is determined to launch its direct-to-home (DTH) satellite television service this year but is not discounting the possibility of partnering with a content provider in the future.
The PLDT Group is investing P600 million to jumpstart its newest offering. “It is in progress and hopefully, before the year-ends, we will launch it. For no, we own 100 percent of the venture,” said PLDT chairman Manuel Pangilinan, in answer to a query if the group is taking in partners for its planned DTH project.
But Pangilinan said a number of companies had expressed interest to partner with the phone giant. “We have been approached. Maybe, we will start it on our own first. We will see. If they can help in sourcing programming at lower cost and sourcing of set-top box that are cheaper then we will see,” he said. |
|
Read more...
|
|
|
Written by staff
|
|
Wednesday, 06 August 2008 |
 Telecommunications firm Globe Telecom Inc., said Tuesday its net income declined 3.0 percent in the first six months of the year on lower revenues.
Globe, a unit of conglomerate Ayala Corp., posted a first-half net income of P6.2 billion as against P6.43 billion last year.
Core net profit, which strips out the impact of foreign exchange and market-to-market gains, dropped 10 percent to P6.7 billion while consolidated service revenue fell 2.0 percent to P31.1 billion. |
|
Read more...
|
|
|
Written by staff
|
|
Wednesday, 06 August 2008 |
Philippine Long Distance Telephone Co. (PLDT), the country's dominant telecoms firm, said on Tuesday second quarter net profit grew 4 percent but slowing demand has made it cautious about achieving its 2008 target.
PLDT's revenues are expected to come under pressure in the second half due to a weaker peso and as consumers, feeling the pinch from higher fuel and food costs, cut mobile phone spending.
"Already, we are seeing parts of our cash operating expenses rising and third quarter demand softening slightly albeit the third quarter being a seasonally low period," Manuel Pangilinan, PLDT chairman, said in a statement. |
|
Read more...
|
|
|
|
<< Start < Prev 1 2 3 4 5 Next > End >>
|
| Results 1 - 9 of 42 |
Business 
