Condo unit prices shrink in second half of 2020: BSP execs

Condominium prices contracted in the second half of 2020 but monetary officials are not worried, citing the pandemic as the factor for the negative print. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the share of condominiums in the overall growth in prices of real estate properties in the country dipped by -5.9 percent in the third quarter and by …

Second quarter started on a negative note for manufacturers

The second quarter started on a negative note for factories after NCR+ was placed under ECQ from late March until mid-April due to a surge in infections. Movement restrictions have since been relaxed to less strict GCQ, allowing some factories to recover some lost ground. As a result, output levels declined at a softer pace last month, while only a …

BIR files tax evasion raps against Rico’s Lechon founder, 5 others

Taxmen are going after the founder of Rico’s Lechon for his alleged failure to pay the correct taxes. The Bureau of Internal Revenue said it filed a criminal complaint with the Department of Justice against Enrico Dionson, founder of the hugely-popular Cebu lechon brand, for evading taxes amounting to 48.5 million pesos. The amount supposedly represents Dionson’s tax liabilities from …

UN labor agency warns pandemic-driven jobs crisis far from over

The pandemic-driven labor market crisis is not going to end anytime soon, and employment growth will not be enough to cover the losses suffered until 2023, according to the latest projections by the International Labor Organization. The Geneva-based UN agency warned in its latest flagship report, “World Employment and Social Outlook: Trends 2021,” that Covid-19 risks leaving a legacy of …

Corporate tax deal tops agenda at G7 finance meet

The Group of Seven finance ministers were set to kick off talks on Friday, June 4, with the spotlight on ambitious plans for a minimum global level of corporate tax. The United Kingdom’s finance minister Rishi Sunak will host the meeting — which is being held in person after an easing of Covid restrictions — with counterparts from Canada, France, …

Smooth sailing for NEDA chief at CA confirmation

On June 2, Socioeconomic Planning Secretary Karl Chua breezed through the Commission on Appointments as he vowed to prioritize the country’s economic recovery from the pandemic. The CA confirmed Chua over a year after he was appointed acting secretary and two months after he was tasked to serve as ad-interim secretary. It was smooth sailing as lawmakers had nothing but …

OPEC and allies set for another crude output increase

The OPEC group of oil-producing countries and its allies look set to boost production further when they meet, as pandemic-hit demand for crude recovers. The OPEC+ alliance, consisting of 23 countries, implemented sharp output cuts to support prices after the coronavirus pandemic crushed the global economy last year. But since early May the cartel has started implementing more generous production …

Active stock market accounts increased – PSE

The number of active stock market accounts increased as the novel coronavirus disease pandemic prompted more market participation. Philippine Stock Exchange President and Chief Executive Officer Ramon Monzon said, “We noted that there was a 35.6 percent increase in the number of active accounts last year. The pandemic prompted retail investors to actively participate in the stock market.” In 2020, …

PH can be production base for Japanese pharma firms

The Philippines can be a production base for Japanese pharmaceutical firms not only for the local market but also for exports, according to Trade Undersecretary and Board of Investments head Ceferino Rodolfo. Aside from investing in production facilities, the two countries can further strengthen their partnership in the pharmaceutical sector in areas of research and development, product development, and innovation. …