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MANILA (Philippine Daily Inquirer/ANN): The remaining tax reform packages and a couple of bills aimed at liberalising foreign investments without touching the Constitution will be among the priority legislation that the Department of Finance (DOF) is pushing for in 2021.
In a statement on Monday, the DOF said its domestic finance group headed by Undersecretary Gil Beltran would continue to engage the Congress on the passage of the other priority bills of the Duterte administration this year.
These include the pending real property valuation and assessment reform act as well as the passive income and financial intermediaries reform act the last two packages belonging to the DOF’s comprehensive tax reform programme.
February 4, 2021 | 12:34 am Advertisement
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BANK LENDING contracted for the first time in over 14 years in December, as lenders tightened credit standards and demand for loans remained weak amid the recession.
Outstanding loans by big banks dropped by 0.7% year on year in December to P9.178 trillion from P9.242 trillion a year ago, data from the Bangko Sentral ng Pilipinas (BSP) released on Wednesday showed.
This is a reversal from the already meager 0.5% growth in November and the first decline since September 2006 when it fell by 1.9%, according to the BSP Department of Economic Research.
“The drop (in year on year terms) in business loans could be traced to lower appetite or demand from firms or businesses, specifically from large enterprises, and to some extent the relatively stricter bank loan standards,” BSP Deputy Governor Chuchi G. Fonacier said in a text message to
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