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PH may lose investment grade ratings, infra funds if LGUs get share from nat’l taxes

The Philippines stands to lose its investment-grade credit ratings and may have to stop construction of big-ticket infrastructure projects if the Supreme Court ruling that grants local government units (LGUs) a share from "all" national taxes gets implemented, Budget Secretary Benjamin E. Diokno said. As such, Diokno said they would ask the Office of the Solicitor General to file a motion seeking a reversal of the high court's decision on LGU's internal revenue allotment (IRA). Last week, the Supreme Court ruled that the "just share" of LGUs' IRA must come from all national taxes, not only from national internal revenue taxes as was the current practice. "All national taxes" inc...Keep on reading: PH may lose investment grade ratings, infra funds if LGUs get share from nat’l taxes.....»»

Category: newsSource: inquirer inquirerJul 11th, 2018

PH may lose investment grade ratings, infra funds if LGUs get share from nat’l taxes

The Philippines stands to lose its investment-grade credit ratings and may have to stop construction of big-ticket infrastructure projects if the Supreme Court ruling that grants local government units (LGUs) a share from "all" national taxes gets implemented, Budget Secretary Benjamin E. Diokno said. As such, Diokno said they would ask the Office of the Solicitor General to file a motion seeking a reversal of the high court's decision on LGU's internal revenue allotment (IRA). Last week, the Supreme Court ruled that the "just share" of LGUs' IRA must come from all national taxes, not only from national internal revenue taxes as was the current practice. "All national taxes" inc...Keep on reading: PH may lose investment grade ratings, infra funds if LGUs get share from nat’l taxes.....»»

Category: newsSource:  inquirerRelated NewsJul 11th, 2018

Letters From Davao by Jun Ledesma

‘It was a good year’ We have seen the litany of achievements of Duterte administration. It dwarfed the entire six years of the Aquino regime. It could have done better except that it has to first fix a lot of damages wrought by an inept regime that has likewise institutionalized corruption and abetted crime the most horrific of it all – the drug syndicates.  Space or brevity must have limited some significant achievements of the  Department of Finance and am referring to the upgrades of credit ratings of the Philippines from investment grade to investment grade and stable. While early on Standard & Poor’s claimed that President Duterte’s war on drugs and alleged extra-judicial killings are factors that account for the static rating by December 2017 it grudgingly acceded that something good is happening in the Philippines under Duterte’s watch.  Finance Sec. Sonny Dominguez and his team deserves the credit. Fitch and Moody’s in their “investment grade and stable” rating in December enunciated that the issues surrounding drugs and EJK have nothing to do with the rosy economy of the country and its image as capital investment destination. The country’s economic performance for one is top in Asia and there is no turning back with the expected massive spending on infrastructures and government services starting 2018 and beyond.  The Duterte government achievements scoreboard makes the moribund opposition drooling. Still on Finance, expect the billionaires who are also the country’s tax dodgers to cough up. TRAIN or the Tax Reform for Acceleration and Inclusion gives a huge relief to 99 percent of those small taxpayers saving the ar least P50,000.00 in tax cut!  But demands and exacts the reasonable taxes from the rich especially the filthy rich. Last year sampling of Lucio Tan (P6-billion), Mighty Cigarettes (P40-billion) and the Prieto and Rufinos’ one-mile asset that they are accountable to the government in still unquantifiable amount as yet? There is a subliminal message to be absorbed why candidate Rodrigo R. Duterte refused to accept donations from the rich and famous: just pay your taxes correctly and you’re okay.  The Bureau of Internal Revenue and the Bureau of Customs are churning more collections under a continuing reforms.  President Duterte himself did dramatic and radical transformations in the area of Foreign Affairs and security. He was chided and lectured on by self proclaimed experts in diplomacy and security alliances especially with the generous expletives he is famous for. But as he admitted to the point of being apologetic, he told media men in this year’s Christmas party, “but that is me”.  Duterte’s foray into foreign affairs and diplomacy might be severely lacking in refinements but he put across his message clearly and direct and one cannot quarrel with what he achieved in such a brief moment. He virtually altered the outlook of the western countries on small sovereign nations. He overhauled alliances by an unwritten rule of mutual respect and cognizance of sovereignty. While Aquino made enemies with China which is the world’s second largest economy resulting in unquantifiable losses of opportunities Duterte reversed that with the resumption of trade, financial assistance with cheap money interest, massive infrastructure projects that will come into fruition by 2018. World leaders to include Xi Jinping of China, Vladimir Putin of Russia, PM Shinzo Abe of Japan and, to the dismay of the so-called Yellowtards, US Pres. Donald Trump who became his virtual phone pal.  The Department of Agriculture under Sec. Manny Pinol, did exemplary well. Productivity is better than expected and could have performed better if not for the natural calamities that the country has to contend with. Maybe the Bureau of Fisheries under it may try something out of the box. Propose to China to convert that disputed island into a one big marine laboratory. China provides the infrastructures while the Philippines the technical aquatic expertise. Make a 10-mile no-fishing marine haven around the island and guarded by the joint coastguard forces of China, Philippines and Vietnam. The Philippine Coconut Authority under Cabinet Sec. Jun Evasco is about to embark on a massive replanting program.  The Aquino government allocated billions of pesos to fight ‘cocolisap’ infestation but applied the wrong solution. Well, what do we expect from a certain Kiko Pangilinan? The replanting program was a big failure on account of  massive graft in high and low places. Replanting as well as new areas had been programmed by PCA.  Finally we have to give accolade to our Armed Forces of the Philippines and the Philippine National Police for combating internal threats, terrorism and syndicated crime. The AFP and PNP are more prepared and better equipped now than any other time in history. Furthermore we see a disciplined forces in the AFP and while there are a few remaining scalawags in the PNP the cleansing process is done without let-up. We from Mindanao are comfortable and secured with their presence even under the aegis of martial law. If you do not believe me look at the various surveys on the popularity and trust of Filipinos on President Duterte and his government.  This will end my perspectives for year 2017 and we look forward to 2018 the Build, Build, Build era. The beginning of the new Philippines. Mindanao and Davao City, from where I live and write, may have suffered from natural calamities but we had seen, suffered and endured worse scenarios and even man made tragedies than […].....»»

Category: newsSource:  mindanaoexaminerRelated NewsDec 29th, 2017

Fitch affirms PH investment grade

International credit watcher Fitch Ratings yesterday affirmed the Philippines' credit worthiness at two notches above the minimum investment grade, saying the country continued to enjoy a favo.....»»

Category: newsSource:  philippinetimesRelated NewsJul 19th, 2018

Fitch affirms PH investment grade but cites risk of overheating economy

AFP FILE PHOTO International credit watcher Fitch Ratings on Wednesday affirmed the Philippines' creditworthiness at two notches above the minimum investment grade, saying the country continue.....»»

Category: newsSource:  philippinetimesRelated NewsJul 19th, 2018

Fitch keeps PH rating, flags overheating risks

Debt watcher Fitch Ratings has affirmed the Philippines’ “BBB” investment grade rating, which carries a stable outlook, but warned of overheating risks to the economy. “The Philippines’ sovereign ratings balance a favorable growth outlook, government debt levels that are below peer medians, a net external creditor position and policies geared towards maintaining macrostability against lower [...] The post Fitch keeps PH rating, flags overheating risks appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJul 19th, 2018

Philippines retains investment grade rating from Fitch

Fitch Ratings has affirmed the one notch above minimum investment grade credit rating and stable outlook of the Philippines on the back of the country’s strong macroeconomic fundamentals, but flagged anew overheating risks......»»

Category: financeSource:  philstarRelated NewsJul 18th, 2018

Fitch keeps PH rating, flags overheating risks

Debt watcher Fitch Ratings has affirmed the Philippines’ “BBB” investment grade rating, which carries a stable outlook, but warned of overheating risks to the economy. “The Philippines’ sovereign ratings balance a favorable growth outlook, government debt levels that are below peer medians, a net external creditor position and policies geared towards maintaining macrostability against lower… link: Fitch keeps PH rating, flags overheating risks.....»»

Category: newsSource:  manilainformerRelated NewsJul 18th, 2018

Fitch affirms PHL’s investment grade

By Melissa Luz T. Lopez Senior Reporter FITCH RATINGS has kept its credit rating for the Philippines a notch above minimum investment grade amid strong growth prospects, even as it flagged rising inflation, rapid bank lending and a growing trade gap that could signal overheating risks. Fitch on Wednesday affirmed the Philippines at “BBB” with… link: Fitch affirms PHL’s investment grade.....»»

Category: newsSource:  manilainformerRelated NewsJul 18th, 2018

Fitch affirms PHL’s investment grade

FITCH RATINGS has kept its credit rating for the Philippines a notch above minimum investment grade amid strong growth prospects, even as it flagged rising inflation, rapid bank lending and a growing trade gap that could signal overheating risks......»»

Category: financeSource:  bworldonlineRelated NewsJul 18th, 2018

Fitch keeps Philippines’ investment grade but flags overheating risks

Fitch Ratings has kept its grade and outlook on the Philippines, keeping the sovereign’s score a notch above minimum investment grade despite overheating risks......»»

Category: financeSource:  philstarRelated NewsJul 18th, 2018

SC hikes LGUs’ share in national taxes

Provinces, cities, towns and barangays will receive more funds following a Supreme Court (SC) ruling increasing their share in the national taxes, former Manila mayor and Rep. Lito Atienza of party-list group Buhay said yesterday......»»

Category: newsSource:  philstarRelated NewsJul 14th, 2018

DILG lauds SC ruling on just share of LGUs from all national taxes

DILG lauds SC ruling on just share of LGUs from all national taxes.....»»

Category: newsSource:  bicolstandardRelated NewsJul 10th, 2018

DILG lauds SC ruling on LGUs’ share in taxes

THE Department of Interior and Local Government(DILG) lauded a ruling this week by the Supreme Court (SC) that will increase the share of local government units (LGUs)from all national taxes......»»

Category: financeSource:  bworldonlineRelated NewsJul 6th, 2018

Local governments to receive larger share of national taxes, SC rules

The Department of Interior and Local Government (DILG) lauded a recent ruling by the Supreme Court to increase the share of all national taxes allotted for local government units (LGUs). DILG officer-in-charge Eduardo M. Año welcomed the Supreme Court’s decision, claiming the increase will vastly improve the economic standing of LGUs, allowing them to better […].....»»

Category: newsSource:  bworldonlineRelated NewsJul 6th, 2018

SC: IRA funds for LGUs must come from all national taxes

SC: IRA funds for LGUs must come from all national taxes.....»»

Category: newsSource:  bicolstandardRelated NewsJul 5th, 2018

SC: LGUs should get share of all national taxes

Local government units (LGUs) may soon receive a bigger share of the government's revenue collection following a Supreme Court decision stating that they are entitled to a share from taxes collected by other agencies, not just the Bureau of Internal Revenue (BIR). Voting 10-3, the high court partly granted the 2012 petition filed by Batangas Governor Hermilando Mandanas for the national government to comply with the constitutional provision that LGUs should receive a "just share" from national taxes. Mandanas said it is important for the government to follow the Constitution so that the LGUs can expediently serve their constituents through delivery of basic services. "The Court,...Keep on reading: SC: LGUs should get share of all national taxes.....»»

Category: newsSource:  inquirerRelated NewsJul 4th, 2018

Hope Solo says don t vote for US World Cup bid

By Rob Harris, Associated Press LONDON (AP) — A World Cup winner and Olympic champion with the United States, Hope Solo now wants her country to lose one of its biggest soccer contests: FIFA's vote on the 2026 World Cup host. "I can't say it should be awarded to Morocco," Solo told The Associated Press. "But I don't think it should go to the United States, and that's hard to say." Concerns about the financial dealings of the United States Soccer Federation and the closed men's league system led Solo to that conclusion. By choosing to actively campaign against the U.S.-led North America bid, Solo risks alienating herself further from the soccer community in her homeland. The bid leadership was exasperated when informed Solo was undermining their efforts heading into Wednesday's vote, dismissing her criticism of the governance of soccer but declining to go on the record in detail. This is not an isolated eruption against U.S. Soccer. Solo has reason to be disgruntled. After 202 international appearances — a record for an American goalkeeper — Solo was fired over an outburst at the 2016 Olympics against the opposition and a series of off-the-field controversies. In an attempt to take control of the organization that ostracized her, Solo ran for the U.S. Soccer Federation (USSF) presidency in February. There was a resounding verdict: Solo garnered only 1.4 percent of the vote to finish last out of five candidates. Solo still wants to be heard to try to secure equal pay and equal treatment for the U.S. women's team, and force Major League Soccer to open up the closed competition. Her gripes provide a counterpoint to the loyal championing of the American World Cup bid by David Beckham in a video released by MLS, where the former England captain is launching a team in Miami. That is only possible because Beckham secured a cut-price deal for an expansion franchise as part of his contract to play for the Los Angeles Galaxy. "That is not helping the sport in America," Solo said. "I want to see promotion-relegation in the NASL and the MLS. Right now it's true, you have rich ownership groups owning MLS teams and they're only getting richer and they're alienating everybody else. "A new ownership group can't just come in and purchase a team even though they have the financial security, even though they have the commitment. It's controlled by those single individuals at Soccer United Marketing, MLS in particular, (Commissioner) Don Garber." FIFA's statutes enshrine the principle of a system of promotion and relegation in domestic competitions to ensure participation "shall depend principally on sporting merit." The regulations then say that qualification can be subject to other criteria including "financial considerations." MLS stridently defended itself against Solo's criticism, saying team owners have invested more than $3 billion in stadium and training facilities to grow the sport because it's a closed league. "The structure that we have has given owners certainty to make that type of investment," MLS President and Deputy Commissioner Mark Abbott told the AP. "Had we had a system of promotion and relegation it would not have been possible to generate that level of investment from owners, local communities or private banks that help to fund some of these facilities." Solo also questioned Garber's role overseeing MLS and Soccer United Marketing, which is the exclusive marketing partner of U.S. Soccer, while also sitting on the USSF board. "There are too many conflicts of interest that need to be addressed immediately," Solo said. Garber represents MLS on the U.S. Soccer board but recuses himself from discussions about the "sanctioning of other professional leagues in the U.S.," Abbott responded on behalf of the commissioner. Turning on the USSF, Solo said the organization lacks integrity and highlights the absence of an independent ethics committee, which FIFA has. She also filed a claim with the U.S. Olympic Committee, saying the USSF violates a law that offers protections for athletes, alleging improper conditions for soccer players. "If you're an Olympic sport, your national governing body, every NGB has an obligation to give resources and funds to all of its members, not just professional and amateur players or Paralympic team women's teams or youth teams," Solo said. "But what U.S. Soccer does is they give the money directly to the pro teams. So it's in violation of the Ted Stevens Act and I have a hearing in a couple weeks in front of the Olympic Committee. "I also met with Congress members recently. I went to Capitol Hill, met with Republicans and Democrats, and there's a lot of interest to make sure that U.S. Soccer is an organization that actually is run transparently, has integrity and is an open and honest national governing body." Up to 207 soccer federations will vote next Wednesday in Moscow on whether North America or Morocco should host the 2026 World Cup, or the bidding should be reopened by choosing "none of the above." In FIFA's inspections report, North America's bid, which includes Canada and Mexico as minority partners, scored 402 out of 500, while Morocco was marked 275 in part due to a lack of infrastructure. "Hopefully FIFA can stand up and step in and say, 'If we're going to reward you, let's look at everything and point out where you can fix certain things,'" Solo said. Her call for greater transparency from the USSF came after speaking at the London launch conference for the Foundation for Sports Integrity, which has one named official who would not disclose the source of funding for the group or who paid to hire lavish facilities at a Four Seasons hotel. "I want to put my faith and trust in people," Solo said. "Who's funding it? That's no different from the way a lot of organizations are run.".....»»

Category: sportsSource:  abscbnRelated NewsJun 8th, 2018

S& P upgrades Security Bank to investment grade, affirms rating for DBP

S&P Global Ratings bumped up its credit ratings on Security Bank Corp., while affirming its ratings on Development Bank of the Philippines (DBP) following an upgrade on the Philippine banking industry’s credit risk assessment. In a statement sent to reporters late Monday, the global debt placed Security Bank to investment grade as it upgraded the […] The post S&P upgrades Security Bank to investment grade, affirms rating for DBP appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 15th, 2018

LGUs receive nearly 100% of IRAs

THE BUDGET department said it has released nearly 100% of local government units’ (LGUs) share of taxes collected by the national government as of mid-April. According to the Department of Budget and Management (DBM), LGUs received Internal Revenue Allotments (IRAs) of P522.75 billion, up 7.37% year on year. “As of April 16, 2018, the Department […] The post LGUs receive nearly 100% of IRAs appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsMay 14th, 2018

LGU share of internal revenue allotment up by 7% — DBM

THE BUDGET department has fully released local government units’ (LGUs) share in national government taxes as of mid-April. According to the Department of Budget and Management (DBM), P522.75 billion were given to LGUs, 7.37% higher from last year’s P486.89 billion. “As of April 16, 2018, the Department of Budget and Management has released 99.99% of […] The post LGU share of internal revenue allotment up by 7% — DBM appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMay 14th, 2018