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Saturday, December 28, 2024 Vol. 20 No. 78
P25.00 nationwide | 14 pages | 7 DAYS A WEEK
LIFTING OF BSP FREEZE MAKES WAY FOR MAXIMUM 10 DIGITAL BANKS
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A RESIDENT walks past trucks damaged by a landslide triggered by Tropical Storm Kristine in Talisay, Batangas, on October 26, 2024. The storm disrupted local supply chains, contributing to increased food prices and heightened inflationary pressures, as noted by the Bangko Sentral ng Pilipinas. AP/AARON FAVILA
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By Cai U. Ordinario
EATHER disturbances that disrupted supply chains and more expensive utilities may have led to faster inflation in December 2024, according to the Bangko Sentral ng Pilipinas (BSP). In its month-ahead inflation forecast, BSP said inflation could average between 2.3 percent and 3.1 percent. Full-year inflation could average 3.2 percent. Data from the Philippine Statistics Authority (PSA) showed inflation averaged 2.5 percent in November and 3.9 percent in December 2023. Full-year inflation
was at 6 percent in 2023. “Upward price pressures in December could stem from increased prices of major food items owing to the supply disruptions from recent weather disturbances, as well as higher electricity rates and petroleum prices,” BSP said. “Nonetheless, these are expected to be offset in part by
lower prices of agricultural commodities like rice.” BSP said the expected full-year average inflation is also within the inflation target of 2-4 percent for 2024. The Development Budget Coordination Committee, in consultation with the BSP, retained the current target for 2025 to 2028. The Central Bank said the inflation target range of 2-4 percent remains appropriate to attain the medium-term goal on price stability. The BSP said this considers the current structure of the Philippine economy and the macroeconomic outlook over the next few years. Nonetheless, BSP said the results of the review of its monetary policy framework in 2025-2026 will be carefully considered in the
subsequent assessment of the inflation target. “By announcing a mediumterm inflation target, the BSP aims to strengthen its forward-looking approach to monetary policy formulation with the view of helping anchor inflation expectations to the target,” BSP said. The BSP also said its outlook for domestic aggregate demand will be supported by easing monetary conditions, improving labor market conditions, and the implementation of structural reforms. Meanwhile, the Central Bank said, the risk of possible domestic and external shocks will require close monitoring and proactive intervention measures from the whole government.
Tax agencies’ collection posts double-digit growth in 2024
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HE combined collection of the government’s tax agencies posted double-digit growth in November 2024, according to the Department of Finance (DOF). In a statement on Friday, DOF data showed that by the end of November 2024, total tax collections reached P3.55 trillion, 11.5 percent higher than the same period last year. This is composed of the Bureau
of Internal Revenue (BIR) collections, which increased by 13.9 percent to P2.67 trillion; and the Bureau of Customs (BOC) collections, which grew 4.7 percent to P850 billion by the end of November 2024. “Rest assured, we are working nonstop to strengthen the efficiency, transparency and integrity of our tax system to inspire trust and compliance among our taxpayers,” Finance Secretary Ralph G. Recto said.
DOF said the emerging total tax collections for the year are expected to reach P3.82 trillion, or 11.4 percent more than in 2023. As a percentage of GDP, this is equivalent, DOF said, to 14.4 percent this year, slightly higher than the 14.1 percent recorded in the previous year. DOF noted that the growth in tax collection is higher than the expected growth in nominal GDP for 2024 of 9.1 percent.
BIR
THE DOF said the higher tax collection was driven by the BIR’s Digital Transformation (DX) Program. Out of the 27 projects in the program, 16 have already been completed by the end of November 2024. This has led to the issuance of 470,387 digital Tax Identification Number (TIN) IDs through the Online Registration and Update System (ORUS).
MAXIMUM of 10 digital banks will now be allowed to operate in the Philippines as a result of the lifting of the Bangko Sentral ng Pilipinas (BSP) moratorium on the establishment of these banks. Beginning on Wednesday, January 1st, the moratorium set by the BSP on the issuance of digital bank licenses is lifted. The move includes the conversion of an existing bank’s license to a “Existing banks that are assessed by the Bangko Sentral as having digital bank license. a highly digital-centric business The BSP will accept applicamodel shall be required to comply tions to establish other types of with the requirements applicable to banks to offer financial products a digital bank.”—BSP and services that are processed from end-to-end through a digital platform or an electronic channel. “Existing banks that are assessed by the Bangko Sentral as having a highly digital-centric business model shall be required to comply with the requirements applicable to a digital bank, as may be determined by the Bangko Sentral,” BSP said. The BSP said that existing banks that apply for conversion to a digital bank must comply with the requirements set for digital banks, including the minimum capital requirement. These banks must also submit an acceptable plan to address how the transition to a digital bank will be undertaken. The BSP said these banks will be given three years from the approval of their digital banking license by the Monetary Board to implement its transition plan. This timeframe for banks that will convert to become digital banks also covers the divestment or closure of a bank’s branches, subbranches or branch lite units. The pre-approval process to establish a digital bank includes the presentation of the feasibility study of the monthly projected financial statement for the first five years of the new bank’s operation. Continued on A2
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
AIG BUSINESS CONSULTING OPC Unit 1403 & 1406 Trade And Financial Tower, 7th Ave Cor 32nd St., Bonifacio Global City, Fort Bonifacio, City Of Taguig
1.
XIAO, SHUNBO It Specialist Brief Job Description: Installing new software and hardware components.
Basic Qualification: Must be fluent in Mandarin Language, good written and verbal communication skills. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A13-A14
Continued on A2
PESO EXCHANGE RATES n US 58.0140 n JAPAN 0.3672 n UK 72.6799 n HK 7.4684 n CHINA 7.9498 n SINGAPORE 42.6919 n AUSTRALIA 36.0847 n EU 60.4738 n KOREA 0.0396 n SAUDI ARABIA 15.4539 Source: BSP (December 27, 2024)