As budget gap narrows, fiscal goals seen viable
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WORLD | A8
ISRAELI FORCES BATTLE HAMAS IN GAZA CITY, AS 800,000 PALESTINIANS HAVE FLED SOUTH
ITH a narrower budget deficit, the Department of Finance (DOF) expressed confidence that the government can meet the targets set under the Medium-Term Fiscal Framework (MTFF). In a statement on Tuesday, Finance Secretary Benjamin E. Diokno said the narrowing of the National Government (NG) deficit in the January to September period bodes well for the country’s fiscal position. Diokno noted that on a yearto-date basis, the deficit figure is only 66 percent of the P1.5 trillion full-year program. “The lower deficit outturn indicates that NG debt-to-GDP ratio will continue to stabilize and allow
the country to remain on track to achieving the MTFF target of 61.2 percent for 2023 and less than 60 percent by 2025,” Diokno said. Diokno noted that administrative measures by the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) will be further intensified to enhance their revenue collections for the remaining months of the year. These programs include a tax compliance verification drive; Run After Tax Evaders (RATE); Oplan Kandado; Philippine offshore gaming operator (POGO) task force; strike team; and digital transformation programs of the BIR. The BIR has also stepped up its drive to detect and penalize buyers,
sellers, and certified public accountants (CPAs) using fraudulent invoices and receipts through the Run After Fake Transactions (RAFT) campaign. BOC, for its part, will continue the full implementation of the fuel marking program; intensify post-audit clearance of importers; enhance trade facilitation; and strengthen border control. To enhance expenditure performance, the government has identified the main challenges to spending which include preparatory activities for procurement, take-up of beneficiaries, seasonality in project implementation, implementation problems, and payment issues. To address documentation
issues, close coordination with the Department of Budget and Management (DBM), more aggressive processing of pending documentation requirements, and early facilitation of budget requests will be carried out. In terms of take-up and implement at ion, integ rated ef forts from concerned units and a reca l ibrat ion of va l id at ion processes for beneficiaries are being implemented. Payment issues are also being addressed through the streamlining and standardization of payment requirements. “The ongoing efforts of the government have been effective See “Budget,” A2
BusinessMirror A broader look at today’s business
GOVT’S END-SEPT DEBT UP 5.6%, NOW P14.27T www.businessmirror.com.ph
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Wednesday, November 1, 2023 Vol. 19 No. 21
P25.00 nationwide | 2 sections 30 pages | 7 DAYS A WEEK
By Cai U. Ordinario @caiordinario
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HE national government’s total debt amounted to P14.27 trillion at the end of September 2023, according to the Bureau of the Treasury (BTr). The BTr data showed this was 5.6 percent more than the P13.52 trillion recorded in the same period last year. Of the total debt stock, the Treasury said 31.8 percent are from external sources while 68.2 percent are from domestic borrowings. “The amount underscores a decline of P80.9 billion or 0.6 percent from the previous month’s level primarily due to net repayments of both domestic and external obligations for the month,” the BTr said. For NG domestic debt, the endSeptember 2023 level of P9.73 trillion is P56.8 billion or 0.6 percent lower compared with the prior month due to the net redemption of government securities. Domestic debt issuance for the month totaled P121.1 billion while redemption amounted to P177.9 billion, resulting in a net repayment of P56.8 billion. Local currency depreciation against the US dollar had minimal effect on debt stock valuation at only P0.01 billion. See “Debt,” A2
‘POOR MAN’S APARTMENT’ In this unique “poor man’s apartment” in San Jose Del Monte City, Bulacan, tombstones are stacked on top of each other, creating a resemblance to an apartment complex. Many of the abandoned remains within this unconventional setting will soon be included in the new batch scheduled for removal from the public cemetery after All Saints’ Day. JOEL C. PAREDES
PHILEXPORT: PHL BIZ MUST MEET GSP+ NORMS FOR EU MARKETS
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HE European Union (EU) is providing export opportunities for Philippine agricultural products such as coconut oil, bananas, pineapples, among others, according to the Philippine Exporters Confederation Inc. (Philexport). In a statement, Philexport noted, however, that local businesses need to meet “relevant” requirements to tap into this market and benefit from the Generalized System of Preference Plus (GSP+) preferential scheme.
Theresa Sederiosa, chief trade and industry specialist in the Industry Development Division at the Department of Trade and Industry (DTI)Region 7, said key agricultural products eligible for preferential market access to the EU under the GSP+ scheme are coconut oil, bananas, pineapples, tuna, as well as products derived therefrom. “You will see that if the product falls under the GSP+ rate, it is most beneficial for See “Philexport,” A2
PM Kishida’s visit to boost PHL-Japan partnerships By Samuel P. Medenilla @sam_medenilla
& Jovee Marie N. Dela Cruz @joveemarie
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ALACAÑANG on Tuesday finally confirmed the upcoming official twoday visit of Japanese Prime Minister Fumio Kishida this week to explore possible new PhilippinesJapan partnerships. Citing information from the Department of Foreign Affairs, the Presidential Communications Office (PCO) said Kishida will be in the country on November 3 and 4, 2023. President Ferdinand R. Marcos
Jr. will hold talks with Kishida at the Malacañang Palace upon the Japanese official’s arrival in the country on Friday. Among the matters they are expected to discuss are political issues, security, economic and development cooperation, as well as people-to-people ties.
Special joint session
THE House of Representatives c o n f i r m e d o n Tu e s d a y t h at there will be a special joint session on Saturday, November 4, 2023, for the Japanese Prime Minister. See “PHL-Japan,” A2
PESO EXCHANGE RATES n US 56.9030 n JAPAN 0.3818 n UK 69.2396 n HK 7.2758 n CHINA 7.7827 n SINGAPORE 41.7024 n AUSTRALIA 36.2472 n EU 60.4139 n KOREA 0.0423 n SAUDI ARABIA 15.1677 Source:
BSP (31 October 2023)