Posted at 11/19/19 1:06 AM
The taxability of Philippine offshore gaming operations is now in contention after the House Ways and Means Committee approved a bill seeking to impose a 5 percent franchise tax on the booming industry.
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The Duterte administration defended its massive infrastructure program, saying 38 out of the 100 infrastructure projects on its list will be completed by 2022.
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Philippine shares fall alongside Asian peers amid fresh uncertainties on the U.S.-China trade front. The main index fell back below the 8,000 territory. An analyst casts a dim outlook on the local market.
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With the 5-percent tax, the government can collect P20 billion from POGOs this year, compared to P8 billion last year that was based on a 2-percent regulatory fee, said Albay Rep. Joey Salceda, chairman of the Committee on Ways and Means.
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The head of the Senate minority bloc is increasingly doubtful the Duterte administration will be able to make substantial progress in its flagship infrastructure projects before President Rodrigo Duterte steps down in 2022.
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The Department of Trade and Industry is looking to expand livelihood programs and create more business centers nationwide.
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A dim growth outlook for the IT and business process management industry in the Philippines.
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Philippine shares end the day flat as investors await U.S. President Trump's upcoming Economic Club speech. The main index pared losses at the end of trading day and closed just above 8,000. An analyst believes external headwinds will continue to influence market sentiment.
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The Philippine Stock Exchange asserts the large scale theft that rocked the local market last week is not systemic.
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Philippine shares slid alongside most Asian markets as hopes for a speedy resolution to the US-China trade front wane.
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