BIR collection for June 2014 grew by P5.36 billion

For the month of June 2014, the Bureau of Internal Revenue collected P94.12 billion in tax revenues, P5.36 Billion or 6.04% more than collections made in June 2013. For June 2014, collections from BIR operations amounted to P91.63 Billion, P5.35 Billion or 6.20% more than collections made in June 2013. Collections from non-BIR operations amounted to P2.49 Billion, P12.85 Million or or 0.52% more than the collections made in June 2013.


PDIC to pay depositors of the closed Asian Consumers Bank (A Rural Bank) starting July 16

The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Asian Consumers Bank (A Rural Bank), Inc. on July 16, 2014 from 8:00 a.m. to 5:00 p.m. Depositors whose accounts have balances of more than P50,000 and who have outstanding obligations with the closed Asian Consumers Bank regardless of type of account are required to file their deposit insurance claims. The announcement on the claims settlement operations of Asian Consumers Bank is posted at its Head Office and branches and on the PDIC website, www.pdic.gov.ph.


Another credit-rating upgrade: R&I upgrades PH credit-rating from BBB- to BBB

The Philippines has secured another credit-rating upgrade from Japan-based R&I, raising the country’s rating from the minimum investment grade of BBB- to BBB. R&I also said the rollout of more projects under the Public-Private Partnership (PPP) program would help drive more job-generating investments and sustain the rise in incomes.