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Central bank Governor Benjamin Diokno had brushed off concerns on rising borrowings, saying the 60% debt-to-GDP ratio threshold which analysts consider manageable doesn't apply to current events. (Bloomberg) -- The Philippine government's outstanding debt reached 11.7 trillion pesos ($229 billion) at end-December, up by a fifth from a year ago, according to the Bureau of the Treasury. [Extracted from the article]

The Philippine tax agency has directed all online businesses to register and declare past transactions to help boost government revenue after collections plunged in April. The Bureau of Internal Revenue released Wednesday a June 1 circular ordering all businesses with digital transactions, including those involved in online payment and delivery, to ensure that they are tax-compliant by end-July. [Extracted from the article]

Reports that New York City is suing Turkey, the Philippines, India and Mongolia for back taxes. Claims that the countries were using diplomatic properties for non-diplomatic purposes; Tax exempt status of diplomatic properties; City's effort to improve its tax collection efforts.

The article reports on the partnership between the Philippines' Bureau of Internal Revenue (BIR) and telecommunication services provider Globe Telecom for its tax collection effort using Globe's GCash mobile money service.

This article reports on the challenges facing regulatory bodies in the Philippines in convincing companies that corporate governance is a necessary step to take. To most international investors, corporate governance is not top of the list of investment criteria in the Philippines. More pressing issues include the country's massive public-sector debt burden, bureaucratic corruption and the poor level of tax collection and the abuses this has led to. The World Bank Development Report in September 2004 concluded that corruption and high taxes were the two most influential factors preventing more businesses investing in the Philippines. But with the country's economy growing by 6.1% in 2004, the Philippines is allegedly becoming a more appealing destination for foreign investors' money, provided they can stomach other concerns, which means that corporate governance is gaining more attention as a concept. The Philippines' business culture offers unique challenges to the demands of corporate governance. Many businesses are entirely or largely family-owned, meaning that transparency is often disregarded with many company boards comprised of family members. Apparently, insider deals are common, and minority shareholder rights are often ignored.

The article explores the challenges that the next president of the Philippines will face in line with the need to raise public revenues and to reduce public debts. It relates the accomplishments of the current government of president Gloria Macapagal-Arroyo in terms of the economic performance and budget of the republic. It provides an overview of the budget deficit of the country for August 2009. It highlights the role of poor collection of taxes in the revenue problems of the Philippines.

The article focuses on the investment climate in the Philippines. Every facet of the markets already shows recognition of improvements. The stock market has more than doubled since 2003. And perhaps the greatest praise has come from the bond market, under the stewardship of national treasurer Omar Cruz. On the fiscal side, all of the efforts made to extend the tax base will be meaningless if the efforts to make tax collection more effective do not work.

The article focuses on reforms undertaken by the Philippines to improve its tax collection system. The Philippines has good reason to call on every possible avenue to improve its tax collection which is at the center of the country's attempt to solve the fiscal problems that plagued it for years. If the plan works, several things can be achieved, including a balanced budget, improved ratings and lower cost of capital and revenues. The first reforms were in the area of sin tax, an excise tax on alcohol and cigarettes, raising electricity tariffs to support state-owned state-owned power utility Napocor and opening the mining industry to foreign investment. INSET: REWARDED FOR PROGRESS.

The article reports that the Republic of the Philippines has not yet mandated banks for its last international funding exercise in 2006. It has been speculated that the republic has mandated Citigroup, Deutsche Bank and JP Morgan for a $1 billion deal in June 2006. It details the approach that should be taken by the republic to issue a successful deal. The request of the Bureau of Internal Revenue to reduce its tax collection target in 2006 has affected the market performance of the Philippines.

The article reports on analysts' claim that the Philippines is unlikely to gain further ratings upgrades to reach investment grade. According to some market analysts, the country should improve its tax collection system and eliminate corruption. Standard & Poor's upgraded the country's sovereign long-term foreign currency rating on July 4, 2012 to BB+, but it is still one level below investment grade. The nation's 10-year bond yields declined by 16.8 basis points in the first week of July.

The article reports that Philippine's Finance Secretary Cesar Purisima is planning to slash foreign borrowings to 20% of the gross domestic product (GDP) and elevate its international debt ratings to investment grade by 2017. The Department of Finance plans to improve tax collection from about 13% of GDP in 2011 to around 18% by 2017. In addition, it wants to reduce its public debt to below 50% of GDP by 2017 from its 2011 level of 58%.

The article reports on the need for Philippine President Benigno Aquino III to implement efficient tax collection measures to resolve the fiscal deficit problems of the country. The said budget deficits are the result of expenditure and revenue imbalance since the administration of former Philippine President Gloria Macapagal Arroyo. Although budget cuts and state asset sales may be helpful in generating revenues, they are regarded insufficient in achieving sustainable economic growth.

An interview with Philippines Financial Secretary Margarito Teves is presented. He explains why he decided to take the job of financial secretary. He describes the economic conditions in the Philippines. He cites the factors contributing to his downward economic forecasts. He comments on the tax collection target of the country.