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BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBusiness
Philippine budget deficit widens slightly in September
By Justine Irish D. Tabile, Senior Reporter THE NATIONAL GOVERNMENT’S (NG) budget deficit widened slightly in September despite double-digit revenue growth that outpaced the rise in government spending, the Bureau of the Treasury (BTr) said. The fiscal gap inched up by 0.33% to P248.9 billion in September from P248.1 billion in the same month a year earlier, Treasury data released on Thursday showed. “The deficit marginally increased as expenditure grew by P37.3 billion year on year and tapered by a P36.5-billion increase in total revenues,” the BTr said. Month on month, the deficit ballooned by 54.35% from the P161.3-billion shortfall recorded in August. Total revenue collections jumped by 12.95% to P318.2 billion in September from P281.7 billion a year earlier, supported by double-digit growth in both tax and nontax revenues. Tax revenues, which accounted for 93.68% of total collections, increased by 12.11% to P298.1 billion in September from P265.9 billion a year ago. Collections by the Bureau of Internal Revenue (BIR) rose by 11.18% to P203.4 billion in September from P183 billion in the same month last year. The Bureau of Customs’ collections went up by 14.76% to P92.1 billion from P80.3 billion a year earlier. The Treasury attributed the sustained growth in Customs collections to the “peso depreciation and higher oil prices, as well as enforcement measures, improved valuation and assessment, and continued customs modernization.” Nontax revenues surged by 27.22% to P20.1 billion in September from P15.8 billion a year earlier. Broken down, BTr income increased by 5.74% to P8.2 billion from P7.8 billion a year ago, while nontax revenues from other offices surged by 47.94% to P11.9 billion from P8 billion. Meanwhile, government expenditures increased by 7.04% to P567.
Original sourceBusinessWorld↗
BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBusiness
Philippines says China’s ‘undiplomatic’ posts erode mutual trust
MANILA warned that Beijing’s “escalatory and undiplomatic tone and language” in social media posts undermine efforts to improve bilateral relations, the Philippine Department of Foreign Affairs (DFA) said on Thursday. In a statement, the DFA reminded diplomats accredited to the country “to exercise restraint and responsibility in their public statements.” The department earlier summoned Chinese Ambassador Jing Quan over his Oct. 19 remarks, saying that Beijing chooses peace but can “easily win” a military conflict with Manila. Mr. Jing’s comments drew strong criticism from Filipino lawmakers, with several — such as Senators Ana Theresia N. Hontiveros-Baraquel and Erwin T. Tulfo — filing resolutions urging President Ferdinand R. Marcos, Jr. and the DFA to declare him persona non grata. The Chinese Embassy responded with cryptic warnings to officials, saying they will be barred entry to China. “Such statements are not conducive to good relations nor to the effective discharge of diplomatic functions,” the DFA said. Despite ongoing tensions, Manila remains committed to improving bilateral relations with Beijing and continues to adhere to the One China Policy, the agency added, reiterating Manila reserves the right to take further diplomatic action against Mr. Jing and the Chinese Embassy in Manila if necessary. In a separate statement, the embassy also affirmed Beijing’s continued commitment to managing differences with Manila through diplomacy but rejected characterizations of its recent social media posts as “undiplomatic.” “[The Chinese Embassy] will not remain silent when China’s interests and dignity are undermined,” the embassy said. “This is the duty that [a] diplomatic mission must perform.” Meanwhile, a report from Chinese Commercial News, a Chinese-language newsp
Original sourceBusinessWorld↗
BAGANBAZAR GRAPHSource-attributed newsBUSINESS deskBusiness
Six in 10 see Philippine economy as worse off than a decade ago, survey says
SIX IN 10 registered voters believe that the Philippines’ overall state has deteriorated over the past decade, a sentiment strongly shared by respondents in Mindanao (67%) and the Visayas (66%), according to a PUBLiCUS Asia, Inc. October survey. In a statement on Thursday, PUBLiCUS Asia, however, said perceptions are mixed at the household level, with 40% of respondents saying their personal financial conditions improved compared with a decade ago, while 38% said their household finances worsened. On the current state of the nation, half of voters, or 50%, view the country’s present situation unfavorably. This marks a slight decline from 53% in the previous quarterly reading, the pollster noted. More than one in five (21%) of voters consider the current national state favorable, unchanged from the previous quarter, according to PUBLiCUS Asia. When asked about the country’s general direction, 48% of respondents believe the Philippines is heading in the wrong direction, down slightly from 51% previously. Conversely, the proportion of citizens who feel the nation is moving in the right direction saw a modest uptick, rising to 28% from 26%. “Expectations for the national economy have weakened,” the research firm noted. Data from the Philippine Statistics Authority showed the Philippine economic growth slowed 2.3% year on year in the second quarter. September inflation surged to 7.2% due to spikes in transport, utility, and food prices; while August unemployment rate stood at 5.3%, representing 2.77 million jobless Filipinos nationwide. About 46% of voters anticipate an economic downturn in the coming quarter, up from 41% in the prior period. Those expecting positive economic developments dipped to 28% from 29%. In contrast to national economic anxiety, household financial e
Original sourceBusinessWorld↗