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State-owned Land Bank of the Philippines (LandBank) said Friday it has remitted to the Bureau of the Treasury (BTr) its P50 billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika Investment Fund (MIF). In a statement, LandBank said the PHP50-billion investment to the MIF has already been settled with the …

The Philippine Amusement and Gaming Corporation (PAGCOR) is in the process of transition towards becoming a purely regulatory body from its current dual role as both operator and regulator, Chairman and CEO Alejandro H. Tengco said. Mr. Tengco made the remarks during the opening session of the IAG Academy Summit on September 13, 2023 at Hilton Manila where he was …

Hundred percent of verified micro rice retailers received cash  assistance as the Department of Trade and Industry (DTI) and the Department of Social  Welfare and Development (DSWD) continue to conduct subsidy payouts to micro rice  retailers across Caraga region.  On 14 September 2023, a total of 38 eligible beneficiaries from Butuan City, Surigao City,  Tandag City, and San Francisco in …

The Philippines’ journey towards a digital future is “in full swing,” President Ferdinand R. Marcos Jr. said on Wednesday. “The Philippines’ tech ecosystem is thriving, marked by a dynamic start-up culture and advancements in e-commerce, in fintech, in digital services, which have flourished during the pandemic,” Marcos said in a keynote speech delivered at the 10th Asia Summit hosted by …

As the government pushes for the digitalization of its processes, issuance of a “significant portion” of digital national IDs by end-2023 is being targeted, with authorities assuring data protection of ID holders. In a Palace briefing on Wednesday, Department of Information and Communications Technology (DICT) Secretary Ivan John Uy said the agency has been given access to the Philippine Statistics …

The country’s trade deficit narrowed anew in July, Philippine Statistics Authority (PSA) data showed. In a report released Friday last week, the PSA said the trade deficit during the month dropped by 30 percent to USD4.2 billion from USD5.9 billion in July last year. It was, however, slightly higher than the USD3.9 billion trade deficit in June this year. The …

The National Economic and Development Authority (NEDA) assures the public that the government will strengthen its measures to ensure food security, protect consumers, and provide assistance to farmers.  The Philippine Statistics Authority reported today that inflation in August rose to 5.3 percent from 4.7 percent in July 2023, bringing the year-to-date inflation to 6.6 percent. This development is mainly due …

The country’s headline inflation rate rose to 5.3 percent in August 2023 from the 4.7 percent recorded in the previous month. This brings the  year-to-date inflation rate to 6.6 percent, higher than the Development Budget Coordination Committee (DBCC) assumption of 5.0 to 6.0 percent for full year 2023. “The government is resolute in its commitment to mitigate the impact of …

The Bangko Sentral ng Pilipinas (BSP) has selected Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project: Project Agila, formerly known as Project CBDCPh. Project Agila aims to orient the BSP and participating financial institutions on CBDC technology solutions that have the potential to enhance the country’s large-value payment system. With …

Philippine Economic Zone Authority (PEZA) Director General Tereso O. Panga and Bureau of Customs (BOC) Commissioner Bienvenido Y. Rubio recently solidified a legacy reform project through the signing of a Data Sharing Agreement for the further enhancement of the monitoring of movements of ecozone goods under the Electronic Transfer of Containerized Cargo (E-TRACC) system.  Launched in 2020 through Customs Memorandum …