2003 News Archive

(December 12, 2003 - Friday, Manila Bulletin)

Loan availments from official creditors for next year could reach between $1 billion and $1.5 billion, more than triple the $400 million level inputted the programmed official financing requirement to finance, in part, the R197.8 billion deficit.

(December 09, 2003 - Tuesday, Manila Times)

By Arnold S. Tenorio, Senior Reporter

BANK lending to the private sector in Asian countries severely hit by the 1997 financial crisis has picked up except in the Philippines, according to the Asian Development Bank.

MANILA, December 9, 2003 — The Philippine Government and the World Bank signed yesterday a US$10 million loan and a US$9 million Global Environment Facility (GEF) grant for the Rural Power Project (RPP). The agreements were signed by Department of Finance Officer-in-Charge Juanita Amatong, World Bank Philippines Country Director Robert Vance Pulley, and Development Bank of the Philippines President Simon Paterno. Witnesses to the signing were Energy Undersecretary Cyril Del Callar and World Bank Philippines Infrastructure Specialist Ming Zhang. The loan was approved by the World Bank's Board of Directors on December 4, 2003.

by Doris C. Dumlao

(December 11, 2003 - Thursday, Philippine Daily Inquirer)

THE WORLD Bank and the Philippine government have signed a 19-million-dollar financial package to boost the country's rural electrification program.

(December 11, 2003 - Thursday, Manila Bulletin)

Senate Majority Leader Loren Legarda said yesterday that small and medium enterprises (SMEs) represent “real economic might” and should, therefore, be given the importance and support they lack in the Philippines.

By Rocel C. Felix

(December 11, 2003 - Thursday, The Philippine Star)

The government is seriously considering a "free-for-all" policy on rice importation by allowing the private sector – mainly farmers and traders – to bring in rice in unlimited volumes.

(December 10, 2003 - Wednesday, Manila Bulletin)

President Gloria Macapagal Arroyo yesterday appointed Undersecretary Juanita Amatong, the officer-in-charge of the Department of Finance, as the permanent replacement of Jose Isidro Camacho who resigned as Finance Secretary last month.

(December 09, 2003 - Wednesday, Philippine Daily Inquirer)

THE Bureau of Treasury said it raised 31.548 billion pesos from the sale of 3-year Retail Treasury Bonds (RTBs), more than the target issue size of 30 billion.

(December 09, 2004 - Tuesday, The Philippine Star Business Section p.b6)

The current Japanese Credit Supplementation System for small and medium enterprises (SMEs) is a product of trial and error, with the first considered to be a loss compensation system implemented in the 1930s. In this system, some local governments partially compensated bank’s total losses incurred by defaulted loans to SMEs, and the central government provided re-compensation to assist the local governments. Since they did not have to contact numerous SMEs, or deal with recovery process, the business operation was relatively easy. However, financial institutions tended to loss prudent lending attitudes, and it was quite hard to keep the system in balance without refunding recovered money.

(December 07, 2003 - Sunday, Manila Bulletin)

The World Bank has approved some $19million worth of loan and grant to the Philippines to be coursed through the Development Bank of the Philippines (DBP) in support of the country's rural power project.

By Des Ferriols

(December 08, 2003 - Monday, The Philippine Star)

After the recall of two critical revenue measures in Congress, the Arroyo administration is expected to yield to the intense lobbying of the Filipino-Chinese community and certify the tax amnesty bill as an urgent measure.

(December 05, 2003 - Friday, Philippine Daily Inquirer, Business Section, p.b12)

TO HASTEN the processing of certain transactions, the Bureau of Internal Revenue (BIR) has established a One-Stop Shop for the so-called One-Time Transactions (ONETT) for every Revenue District Office.

(December 5, 2003 - Friday, Manila Bulletin)

The peso closed higher at P55.275 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P55.38 the previous day. The weighted average rate appreciated to P55.294 from P55.402. Total volume amounted to $177.85 million.

(December 5, 2003 - Friday, Manila Bulletin)

The Bureau of Treasury has cancelled all T-bill and T-bond auctions scheduled for this month, National Treasurer Sergio Edeza said. The decision was reached after government successfully raised P31 billion from its recent public offer of 3-year Retail Treasury Bonds (RTBs). The RTBs fetched a coupon rate of 10.00 percent. The Treasury was to auction P9.50 billion worth of 91-,182- and 364-day T-bills on Monday, and P3.00 billion worth of 4-year T-bonds on Tuesday.

by Gil Cabacungan Jr.

(December 04, 2003 - Thursday, Philippine Daily Inquirer, p. a7, .)

MALACAÑANG will consult the business sector on its plan to appoint former executive secretary Oscar Orbos and Socioeconomic Planning Secretary Romulo Neri as head of the Department of Trade and Industry and Department of Finance, respectively.

(December 04, 2003 - The Philippine Star, Metro Manila News, pp. 19 )

Quezon City Mayor Feliciano Belmonte Jr. has released an additional P2 million as funds for the growing number of small entrepreneurs enrolled to the city’s Puhunang Pangkaunlaran ng Sikap Buhay program.

By Arnold S. Tenorio, Senior Reporter

(December 04, 2003 - Thursday, The Manila Times, BusinessTime Section, p. b1-b2)

THE Department of Finance admits that previous tax amnesty programs generated meager returns for government.

By Des Ferriols

(Wednesday, December 03, 2003 - The Philippine Star)

The Department of Finance (DOF) said yesterday it is holding back its recommendation for Malacanang to classify as an urgent measure a tax amnesty bill pending for approval by the Congress.

by Arnold S. Tenorio, Senior Reporter

(December 03, 2003 - Wednesday, The Manila Times, Business Times Section, page b1 continue to b6)

MALACAñANG wants Congress to expedite the passage of a bill granting a tax amnesty to business­men and compa­nies that failed to declare their ac­tual assets.

(December 02, 2003 Tuesday - Philippine Daily Inquirer pp.b4, Business Section)

STATE-OWNED Philippine Deposit Insurance Corp. (PDIC) wants to set up a program involving the take-out of billions of pesos' worth of non-performing assets -- bad loans and foreclosed or acquired property -- of troubled banks, PDIC president Ricardo Tan said.