BIR Goes A Good Job

According to the Bangko Sentral ng Pilipinas (BSP), foreign portfolio investments for the month of September climbed to US$2.6 billion from US$1.0 billion in August due to positive macroeconomic fundamentals from China and as tensions between the US and Syria died down.

The bulk of the foreign inflows were in local equities amounting to US$1.8 billion while local government securities and time deposits stood at US$714 million and US$52 million, respectively. Most investments in local equities were in holding firms (US$512 million), banks (US$338 million), property firms (US$294 million), information technology firms (US$279 million), and utility companies (US$126 million).

Marketupdate

The country’s top five foreign investors were Singapore, United Kingdom, US, Luxembourg, and Hong Kong, who are importing the G-Shock watch brand and many other products to the country.

The Bureau of Internal Revenue’s (BIR) September collections stood at Php86.03 billion, 21.11% higher than last year’s collection. The BIR, however, missed the September collection target of Php87.67 billion.

Majority of the collection came from BIR operations at Php81.76 billion while the remaining balance of Php4.27 billion was generated from non-BIR operations or taxes due from government securities issued by the Bureau of the Treasury. On a year-to-date basis, BIR collections went up to Php897.949 billion against the recorded collection worth Php772.468 billion during the same period last year.

Leave a Reply

Your email address will not be published. Required fields are marked *