2003 News Archive

(December 30, 2003 - Tuesday, The Philippine Star)
By Des Ferriols

The country’s total outstanding external debt hit $56.3 billion as of end-September this year, increasing $200 million from $56.1 billion as of end-June 2003 as the peso depreciated against the dollar and the euro during the third quarter of the year.

(December 30, 2003 - Tuesday, The Philippine Star)
By Ted P. Torres

Outstanding guarantees issued by the Philippine Export-Import Credit Agency (PhilEXIM) grew by 33 percent as of end November, or from P5.83 billion in the same period last year to P7.77 billion.

(December 23, 2003 - Tuesday, The Philippine Star)

Insurance Requirements
The insurance must cover all guarantees that meet all the requirements. Guaranteed loans are required to be extended by such financial institutions as banks, credit associations, credit cooperatives, agricultural cooperatives, fishery cooperatives, government financial institutions, and insurance companies. Except for moneylenders, most of the financial institutions that extend loans to small and medium enterprises (SMEs) are eligible for the insurance.

(December 23, 2003 - Tuesday, The Philippine Star)

One of the key features of House Bill (HB) 5796 is the introduction of a credit guarantee system as well as the establishment of a credit records and information system for the Small Business Guarantee and Finance Corp. (SB Corp.).

(December 21, 2003 - Monday, Philippine Daily Inquirer)

by Clarissa S. Batino


BANKS' bad loans ratio deteriorated anew in Oct. to 15.16 percent as the level of non-performing loans (NPL) increased while credit slowed down as businesses held back expansion plans in light of political uncertainties.

(December 19, 2003 - Friday, Philippine Daily Inquirer)

THE POLICY-MAKING Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has kept its key overnight rates steady at 6.75 percent for borrowing and 9.00 percent for lending.

(December 18, 2003 - Thursday, Philippine Daily Inquirer)

BUCKING recommendations of the central bank to set more modest economic targets for next year, Economic Planning Secretary Romulo Neri said Wednesday the government was sticking to its goal of a gross domestic product (GDP) growth of 4.9-5.8 percent in 2004.

(December 14, 2003 - Sunday, The Philippine Star)

The National Executive Officers, Regional and Provincial Chapter Presidents of the Department of Agrarian Reform Employees Association (DAREA) expressed strong opposition to Senate Bill 2553 known as "Farmland as Collateral" and condemned it as contrary to the major intent and principle of the Comprehensive Agrarian Reform Program (CARP).

(December 17, 2003 - Wednesday, Manila Bulletin)

By Melody M. Aguiba

The Department of Budget and Management admitted yesterday it cannot immediately release the more than P4-billion Agricultural Competitiveness Enhancement Fund (ACEF) for the agriculture sector as its release "competes with other sectors" in the use of the fund.

(December 17, 2003 - Wednesday, The Philippine Star)

By Des Ferriols

Commercial bank lending grew by a minimal 0.8 percent to P1.43 trillion in October, the Bangko Sentral ng Pilipinas (BSP) reported yesterday.

(December 17, 2003 - Wednesday, Philippine Daily Inquirer)

by Clarissa S. Batino

THE INTERNATIONAL Monetary Fund is doubtful that the government can raise the estimated 9.4 billion pesos in additional revenue from a proposed tax amnesty law that Malacañang wantesCongress to pass before the elections in May.

(December 17, 2003 - Wednesday, Philippine Daily Inquirer)

THE GOVERNMENT has adopted a policy of rejecting "supply-driven" foreign official development assistance (ODA) funding for projects, the chief economic planner said, noting it only benefits foreign suppliers.

(December 16, 2003 - Tuesday, The Philippine Star)

Small and medium enterprises (SMEs) in Japan have played an important role in the economic and social development of Japan. In fact, they are a vital majority in this country. This is statistically evident. For example, 99 percent of the 4.7 million non-primary business in Japan in 2001 fell into the SME category. The number of employees likewise accounted for 25 million or 67 percent of the total work force.

(December 16, 2003 - Tuesday, The Philippine Star )

COTABATO CITY – The Rural Bank of Cotabato (RBC) signed an agreement recently to participate in the United States Agency for International Development (USAID)-supported Rural Bankers Association of the Philippines - Microenterprise Access to Banking Services (RBAP-MABS) Program.

(December 16, 2003 - Tuesday, The Philippine Star)

By Ted P. Torres

The Asian Development Bank (ADB) strongly urged the Philippine economic and monetary authorities to ensure the accelerated growth of credit into the system if the Philippine economy is to move at a higher growth path next year.

(December 16, 2003 - Tuesday, Philippine Daily Inquirer)

by Clarissa S. Batino

THE DOLLAR inflow from more than seven million overseas Filipino workers (OFWs) reached 6.336 billion dollars in the January-October period, up 5.7 percent from 5.996 billion dollars in the same months last year despite a 10-percent decrease in Filipinos who left for foreign jobs, central bank data showed.

By Fil C. Sionil

(December 15, 2003 - Monday, Manila Bulletin)

The national government is expected to collect some P9.40 billion in incremental revenues arising from its proposed tax amnesty both to individual taxfilers and corporations.

By Des Ferriols

(December 15, 2003 - Friday, The Philippine Star)

Pyramiding scam victims are getting their money back — but are less likely to finish prosecuting the cases against the scammers who stole their money.

[LIMITED TO LARGE TAXPAYERS]

(December 14, 2003 - Sunday, Philippine Daily Inquirer)

THE BUREAU of Internal Revenue (BIR) has unveiled Friday more enhancements to its existing electronic tax filing and payment system (eFPS), allowing more large taxpayers to directly transact with the agency online, officials said.

(December 09, 2003 - Tuesday, Manila Times)

By Elaine Ruzul S. Ramos, Researcher

THE Philippine Business for Social Progress (PBSP) is rolling out at least P400 million for the next fiscal year ending September 30 for its various poverty alleviation programs, or 10-percent higher than the present fiscal year’s grant levels.