Finance Secretary Carlos Dominguez III sees the economy firing on all cylinders this year, driven by, among others, an even more vigorous government spending on infrastructure and social services, stronger domestic consumption resulting from benign inflation, and a revitalized agriculture sector.
Read MoreFinance Secretary Carlos Dominguez III has ordered the Bureau of Customs (BOC) to donate all of its seized food items fit for human consumption to the swelling number of evacuees from Batangas and Cavite following Taal volcano’s eruption.
Read MoreThe Department of Finance (DOF) has recommended to the board of the National Development Co. (NDC) to shut down one of its subsidiaries by 2021 so the government can finally take back its sprawling 120-hectare (1.2 million sq.m.) property in Batangas now valued at around Php 5 billion, but which Chevron Philippines Inc. (formerly Caltex Philippines) has been leasing for a measly 74 centavos per sq. m. per month, only 4% of the current monthly fair market rental estimate of Php 17.90 per sq. m.
Read MoreThe Department of Finance (DOF) has uncovered a lease contract with onerous terms between Chevron Philippines (formerly Caltex Philippines) and a subsidiary of the National Development Co. (NDC) that allowed the former to pay a monthly rental fee of just 74 centavos per square meter (sq. m.) on a 120-hectare or 1.2 million sq. m. state property in Batangas. Comparative data from NDC appraisal reports and other official sources show that the current fair market rental value in that area should be around Php 17.90 per sq. m., per month.
Read MoreReal estate investment trust (REIT) companies are set for takeoff in the Philippines as the government finally releases regulations that include ownership and taxation requirements that will spur additional investment in the country’s booming property development and infrastructure sectors.
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