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8000
|
The Philippines becomes member of the GATT.a |
|
8101
|
10% Capital-gains tax on share transactions to discourage speculation in the Manila Stock market.a |
|
811215
|
Export of foreign currency was forbidden without prior approval.a |
|
8100
|
Interest rates controls were gradually phased out. Mehrez and Kaufmann Liberalization date. a1 |
|
8100
|
Banking crises (1981-1987): 2 public banks accouting for 50% of banking system assets, 6 private banks accounting for 12% of banking system assets, 32 thrifts accounting for 53.2% of thrift banking assets and 128 rural banks.a2 In 1981, banks accounting for 1.6% of the banking system failed.a1 Causes: increase in oil prices and international interest rate, lending to related parties and politically motivated loans, shortcomings in regulatory and accounting framework and deficient bank management. Overall change in macro policies; the government tightened monetary policy and adopted tax reform to improve revenue side of budget. But central bank continued to experience financial problems stemming from quasi-fiscal activities and substantial Fx liabilities.a2 |
|
8200
|
The introduction of the Insider Trading Laws.a4 |
|
8302
|
Residents working abroad have to show proof that proper remittances of earnings were made before their passports could be renewed.a |
|
830821
|
Benigno S. Aquino, political opponent, assassinated at airport after returning from the United States. Beginning of large capital flight.a |
|
831005
|
Commercial banks instructed to surrender 80% of foreign exchange earnings to the Central Bank and a ban was placed on nonresident imports.a |
|
8311
|
Commercial banks must surrender all their foreign exchange receipts to the Central Bank. Foreigners were permitted to own up to 100% of certain Philippine enterprises to attract hard currency.a |
|
8300
|
Direct credit partly abolished. a1 |
|
8400
|
Letter of intent signed with IMF, including standby credit.a |
|
840606
|
Exchange rate system revised. Multiple rate structure created.a |
|
841010
|
Multiple rate structure abolished. Effective exchange rate determined by market forces with periodic Central Bank intervention. 1% tax on all purchases and sales on foreign exchange.a |
|
850111
|
The President and the Central Bank were authorized to enter into foreign currency loan, deposit, and guarantee agreements in support of the national economic recovery program.a3(first entry) |
|
850416
|
With effect from Dec 10, 1984 to June 1985, the Central Bank would sell for pesos nonassignable U.S. dollar-denominated CBCIs payable to foreign suppliers, subject to specified conditions.a3 |
|
8505
|
Bank debt restructuring agreement.i |
|
8508
|
IMF targets missed. |
|
850802
|
Guidelines were issued governing the settlement of outstanding trade credits and drawings of trade credits under the Revolving Short-Term Trade Facility Agreement by all private financial and private corporate sector borrowers, and all government ministries, bureaus, corporations, and other public sector units .a3 |
|
850809
|
Guidelines were issued concerning private sector trade credits under the trade facility with outstanding swap and forward cover arrangements.a3 |
|
850809
|
Guidelines were issued concerning public sector trade credits under the trade facility with outstanding swap and forward cover arrangements.a3 |
|
850816
|
The Central Bank program for repayment of certain foreign currency obligations of the Philippine private corporate sector was specified. |
|
851031
|
Circular No.1076 regarding repayment of private corporate foreign currency debt was postponed until Dec.1, 1985.a3 |
|
8511
|
$2.9 billion of public debt rescheduled. |
|
860103
|
All foreign investments in equity or in Central Bank-approved securities and reinvestments must be registered with the Central Bank, and placed in government securities, shares of stock in BOI-registered industries, or shares of stock in Central Bank-certified export-oriented industries. Investments in BOI-registered enterprises not engaged in production of import substitute items may be repatriated in three equal annual installments starting one year after liquidation of investment. Applications for remittance for specified purposes may be acted upon by AABs without prior certification. Exporters may remit abroad rebates, discounts, and refund of export proceeds due to defective export shipments, or remit foreign exchange for the establishment and maintenance of overseas trade offices with prior approval.a3 |
|
860131
|
The guidelines for the restructuring and repayments of foreign currency obligations of the Philippine private financial sector were announced.a3 |
|
8602
|
Marcos overthrown. |
|
8603
|
Kim and Singal Liberalization date. |
|
8605
|
Country Fund liberalization. First Country Fund launch of 1980s is Thorton Philippines Redevelopment Fund Ltd with net asset value of $0.9 million as of December 1991. The first larger scale Country Fund followed in May 1987.aa |
|
8605
|
Import restrictions lifted. |
|
860724
|
Executive Order No.32 directed the establishment of a program for the conversion of Philippine external debt into equity investments.a3 |
|
8608
|
Talks open with IMF. Import controls lifted. |
|
860804
|
A program allowing the conversion of most categories of external debt into equity investments subject to a 5% fee for perfered sectors and a 10% fee for other sectors was announced.a3 |
|
8611
|
Paris Club debt rescheduling of $870 Million. |
|
861107
|
Executive Order No.63 granted incentives for foreign investment in tourist-related projects and tourist establishments.a3 |
|
8700
|
Few restrictions lift governing repatriation of capital income by foreigners. |
|
8702
|
$10.5 billion structural adjustment loan. Debt rescheduling. |
|
870406
|
Circular No.1139, stipulating the guidelines for rescheduling and consolidation of debts owed to countries participating in the Paris Club, was issued.a3 |
|
870420
|
Circular No.1111, amending the program for the conversion of external debt into equity investment, was issued.a3 |
|
8705
|
Philippine Long Term Equity Fund Ltd launched (unlisted) with net asset value of $44.3 million as of December 1991. This is the first Country fund of substantial size.aa |
|
8705
|
Agrarian land reform plan is approved |
|
870716
|
Executive Order No.226, known as the Omnibus Investment Code of 1987, was issued.a3 |
|
8708
|
Coup attempt. Bombings of business in Makati. |
|
870928
|
Multinational area headquarters were required to submit to the SEC a certificate of inward remittance and conversion to pesos of at least US$30,000 within 30 days after the issuance of a Certificate of Registration by the SEC.a3 |
|
871123
|
Circular No.1164, stipulating the rules and regulations governing the purchase with foreign exchange of Philippine external debt instruments by domestic currency instruments, was issued.a3 |
|
8712
|
Bank debt restructuring agreement.i |
|
880819
|
The Central Bank's program on the repayment of certain foreign currency debt obligations of the private corporate sector borrowers originally maturing between Jan.1, 1987 and Dec. 31, 1992 was announced.a3 |
|
880823
|
The guidelines on the restructuring and repayments of certain foreign currency debt obligations of Philippine private financial sector obligors were announced.a3 |
|
8811
|
IMF approves stabilization plan. |
|
890421
|
A Circular Letter authorized the Central Bank to accept peso deposits covering the maturities on amortizations falling due after June 30,1988, on accounts subject to Paris Club rescheduling.a3 |
|
8905
|
Debt rescheduling $2.2 billion. |
|
890609
|
A Circular Letter provided that sales proceeds of central bank-registered foreign investments in a domestic company whose stocks were not listed could be traded in the local stock exchanges when investments were made, and that company shares that were subsequently listed/traded in the local stock exchanges at the time of their sale could be repatriated in full, subject to prior approval by the Central Bank through the Foreign Exchange Operations and Investments Department.a3 |
|
890613
|
Circular No. 1202 prescribed the guidelines regarding the rescheduling/consolidation of debts of the Philippines.a3 |
|
8908
|
Brady Deal reached in principle. |
|
8910
|
IFC Liberalization date.i |
|
8910
|
Buckberg Liberalization date.d |
|
8911
|
Coup attempt. |
|
9002
|
Bank debt restructuring agreement.i |
|
900226
|
Authorized agent banks were informed that applications for registration with the Central Bank and foreign guarantees for peso obligations of local firms shall be submitted within the prescribed period, with the required supporting documents and properly endorsed by an authorized officer of the serving agent bank.a3 |
|
900307
|
The guidelines and implementing rules of the Central Bank governing foreign borrowings were revised.a3 |
|
900309
|
All government foreign loans would require the prior approval of the Central Bank.a3 |
|
9003
|
First exchange-traded overseas listing.a9 |
|
900601
|
ADR effective date. (Company=PHILODRILL CORPORATION, THE, Exchange=OTC)a11 |
|
900618
|
Memorandum Circular, which required the registration with the Central Bank of the renewal, extension, or rollover of public sector foreign obligations and private financial sector borrowers pursuant to the standstill telex request dated Oct. 14, 1983 of the Philippine Government to the international financial community, was revised.a3 |
|
900822
|
Foreign loans were allowed to finance foreign exchange costs as well as up to 50% of local costs of private sector projects.a3 |
|
901217
|
Foreign exchange receipts from Central Bank Authorized Foreign Exchange Buyers, self-funded LC, self-funded payments on DA/OA terms, and surrender of foreign exchange proceeds from FCDU loans to exporters were included in the "Codes for Invisible Acquisitions" of commercial banks and special government banks.a3 |
|
901220
|
Revised guidelines relating to the Philippine Government's program for the conversion of external debt into equity investments in Philipphine enterprises were issued. Expended Foreign Currency Deposit Units may invest in longer-term foreign currency debt instruments without need for prior central bank approval.a3 |
|
9102
|
Reintroduction of official debt/conversion program.i |
|
9103
|
First ADR announced.aa |
|
9105
|
Ayala Land Inc. becomes the first equity transaction in Philippines to have formed an international syndicate.i |
|
9106
|
A Foreign Investment Act is signed into law. The Act removes, over a period of three years, all restrictions on foreign investments. Under the provisions, foreign investors are required only to register with the Securities and Exchange Commission, and most sectors of the economy are opened to 100% foreign ownership. |
|
9106
|
Bekaert/Harvey Official Liberalization date. [Final version]. |
|
9111
|
Bekaert/Harvey Official Liberalization date. [NBER version]. |
|
9111
|
Manila Electric (Meralco) is privatized. This is the first privatization to involve an equity issue.i |
|
911211
|
Exporters were allowed to avail themselves of U.S. dollar loans from a Foreign Currency Deposit Unit of a local commercial bank to meet their peso or foreign exchange requirements.a3 |
|
9201
|
The Central Bank liberalizes rules governing foreign exchange transactions. |
|
920103
|
Authorized banks were permitted to sell foreign exchange for repatriation of all types of investments without prior approval from the Central Bank.a3 |
|
9202
|
The IMF approves an extension of 18-month standby credit. |
|
920428
|
Exporters of services were allowed to obtain FCDU loan up to 70% of foreign exchange receipts expected in 360 days.a3 |
|
9205
|
Mr. Fidel Ramos elected as president. Buy/back option of July 1992 debt restructuring agreement was completed.i |
|
920622
|
Foreign exchange payments for principal, interest, fees, and related charges on foreign credit approved by and registered with the Central Bank and not subject to or covered by rescheduling with foreign creditors were allowed to be remitted through authorized banks without prior approval from the Central Bank.a3 |
|
9207
|
Bank debt restructuring agreement.i |
|
9208
|
The government lifted all foreign exchange restrictions allowing foreign investors to freely repatriate their capital. |
|
920821
|
FCDUs were allowed to extend the following short-term foreign currency loans without prior approval from the Central Bank: normal interbank transactions; borrowings by commodity and service exporters and borrowings by resident FCDU depositors against their own FCDU deposits.a3 |
|
920824
|
(1)Investors were allowed to purchase foreign exchange up to $1 million annually from the banking system for investment abroad, without prior approval from the Central Bank. (2) All limits on repatriation of capital or remittances of dividends from FDI were removed. (3) Foreign banks were permitted to grant short-term foreign currency loans to eligible borrowers without prior approval from the Central Bank, and commercial banks were allowed to extend both short- and long-term foreign currency loans without prior approval from the Central Bank.a3 |
|
921023
|
Rules governing loans obtained from foreign creditors and local Federal Currency Deposit Units were: negotiations of public and private sector loans would require prior approval from the Central Bank; private sector loans to finance projects must cover up to 50% of the local cost components; and medium- and long-term loans must be made at the interest rate prevailing in the international capital markets.a3 |
|
9300
|
By end of 1993 residents can freely own foreign securities.b |
|
9302
|
Philippines return to international capital markets for the first time since 1983 with the flotation of a $150 million three year government bond.i |
|
9303
|
Philippine government announced that foreigners can repatriate cash dividends without central bank approval. The move follows the more general relaxation of foreign ownership restrictions in 1992.i |
|
9307
|
Moody's assigns first time rating to sovereign debt of Ba3.i Standard and Poor's assigned first time rating to sovereign debt of BB-.i A computer link-up is established integrating the exchanges in Manila and Makati.i |
|
9400
|
Restrictions on foreign-bank branching were lifted. Mehrez and Kaufmann's second Liberalization date. a1 |
|
9400
|
Laeven's banking liberalization (FLI) dates.a13 |
|
940307
|
Banks were authorized to engage in direct purchases of export bills of resident exporters subject certain conditions.a3 |
|
940621
|
Restrictions on repayment and repatriation of foreign investments funded by debt-to-equity conversion transactions, and the limitations on the remittance of dividends, profits, and earnings on such transactions were eliminated.a3 |
|
940630
|
Thrift banks were authorized to operate an FDCU subject to compliance with minimum net worth/combined capital accounts of P50 million and to meeting other requirements applicable to commercial banks.a3 |
|
940719
|
Limitations on short-term loans to private sector borrowers by FDCUs were liberalized to exempt loans to indirect exporters. The ceiling on the annual amount of funds for investment was raised from $1 million to $3 million. The exclusion of export bills on a "without resource" basis from FDCU purchases was abolished.a3 |
|
940824
|
All short-term loans of private exporters and importers from offshore banking units and foreign banks with branches in the Philippines would be subject to the same provision as those applicable to private short-term loans issued under the Revolving Trade Credits and would not require BSP approval. For both types of short-term loan refinancing by a medium- or long-term loan would require approval. Private sector loans with a maturity of more than one year that are not guaranteed by foreign governments or official export credit agencies would be exempted from BSP approval. All public sector loans require prior approval from the BSP.a3 |
|
941014
|
The entry of foreign banks to operate in the Philippines was liberalized. Such an entry can be affected through a purchase of 60% of the voting stock of an existing domestic bank or of a new banking subsidiary incorporated in the Philippines or through the establishment of branches with full banking authority.a3 |
|
941105
|
The provision for unrestricted inward remittance of loan proceeds was amended to restrict inward remittance to only loan proceeds intended to fund local costs. Proceeds intended to fund foreign exchange costs would not be allowed to be remitted inward, but may be paid directly to suppliers or deposited in an offshore account. The documentary proof on the disposition of loan proceeds were required.a3 |
|
941111
|
The limit on short foreign exchange open position was reduced from 15% of unimpaired capital to 5%.a3 |
|
941121
|
The regulations on foreign loans requiring BSP approval were amended. All loans must finance only foreign exchange costs. Issuers of securities under initial public offerings transacted outside the Philippines were required to advise the BSP through the Foreign Exchange Department of the receipt of proceeds of such sales within five days. The annual limitation on outward investment by Philippine residents on funds that originate in authorized agent banks was raised from $1 million to $6 million.a3 |
|
941126
|
Local branches of foreign banks licensed to engage in commercial banking in the Philippines must exclude their permanently assigned capital from their foreign exchange liabilities for purposes of computing their net foreign exchange position.a3 |
|
941209
|
Exporters' Dollar Facility (EDF) was established at the BSP. Eligible banks were allowed to avail themselves of EDF for dollar-denominated loans to direct and indirect exporters up to a max of 100% of the face amount or the outstanding balance of the loan. Repayment of the loan will be in dollars. Availments against the EDF would be charged against the bank's rediscount ceiling; for foreign banks, the rediscount ceiling will be 25% of "net-due-to" item plus assigned capital.a3 |
|
9501
|
The Philippine central bank tightens money supply growth. |
|
950223
|
The maximum allowed overbought foreign exchange position of commercial banks was reduced from 25% to 20% of unimpaired capital, and the maximum oversold position was raised from 5% to 10%.a3 |
|
9504
|
Local interest rates reduced. |
|
950412
|
Banks were allowed to avail themselves of the Exporters Dollar Facility (EDF) against the eligible dollar-denominated loans of their exporters-borrowers.a3 |
|
950606
|
Offshore banking units (OBUs) were allowed to service importations through LC, DA, OA and DP of resident borrowers, subject certain conditions.a3 |
|
951031
|
The definition of "foreign firms" was amended. In determining capital stock ownership by non-Filipino citizens, the equity of multilateral financial institutions would be excluded.a3 |
|
9606
|
The Manila International Futures Exchange was closed because of the prevalence of fraud in the market.a8 |
|
960801
|
The functioning of the Inter-Agency Committee created to administer peso borrowings of foreign companies was discontinued effective Jan 1997.a3 |
|
9610
|
The new Senate leadership pledged its support for a tax reform package. |
|
9611
|
New tax measures designed to reduce the budget deficit and boost the Philippine's credit ratings are applied. |
|
9702
|
Philippine Stock Exchange proposed scrapping a tax on initial public offerings to encourage firms to go public. |
|
970206
|
(Controls on capital and money market instruments) The issuance of peso-dominated instruments the international capital markets, inward remittances of foreign exchange to the Philippines and sale thereof for pesos to the local banking system and resident enterprises participating in such activity shall require prior BSP approval.a3 |
|
970315
|
(Controls on credit operations) Loans of resident private sector borrowers from FCDUs and offshore sources, and nonresident loans serviced by foreign exchange purchased outside the banking system no longer require prior BSP approval. Foreign currency deposits are eligible as collateral for peso loans or foreign currency loans to residents and nonresidents. Loans of nonresidents from EFCDUs, no longer require prior BSP approval.a3 |
|
9705
|
Interest rates raised by 2 %. |
|
9706
|
Central bank announced that the currency could trade in a wider range. |
|
9707
|
Devaluation of the Thai Baht. |
|
970722
|
(Provisions specific to commercial banks and other credit institutions) Per Circular 134, banks' long foreign exchange position shall not go beyond 10% of their unimpaired capital and their short foreign exchange position to not more than 20% of said capital. Any excess beyong the allowable limit shall be settled on a daily basis.a3 |
|
970731
|
(Provisions specific to commercial banks and other credit institutions) Per Circular 137, banks' long foreign exchange position shall not go beyond 5% of their unimpaired capital or $10 million, whichever is less, and their short foreign exchange position to not more than 20% of said capital.a3 |
|
9708
|
Peso declines. Central bank decided to raise bank liquidity reserves, indicating a rise in interest rates. |
|
9709
|
The Central Bank relaxed country's monetary policy. President Fidel Ramos officially indicated he would step down when his term ends. Overnight borrowing rates reached as high as 71%. On September 3, the reserve requirements were cut to 6% from 8%. Cut in liquidity reserve requirements form 6% to 4%. |
|
970916
|
(Controls on direct investment) An investment funded by foreign exchange deposited in an investor's FCDU account for investment purposes shall be issued a Bangko Sentral registration document, evidencing BSP registration only after the amount deposited has been converted into pesos, as certified by the bank maintaining the said ECDU account.a3 |
|
9710
|
The peso lost 5%. The bank reserve requirements were decreased 1%. The Board of Investment announced that equity investments in the first nine months of 1997 rose 396% to around $4.7 billion form roughly $952 million last year. |
|
9711
|
The Supreme Court declared the country's oil deregulation law unconstitutional. The peso lost 1.9% over a three-day period, following the Korean won's abrupt slide. |
|
9712
|
The Philippine Congress passed a crucial new tax reform bill that would free the country from 35 years of IMF supervision. The Monetary Board agreed to enter into non-deliverable dollar forwards with banks whose clients are unhedged in foreign exchanged exposure and to provide at least $100 million in the spot foreign exchange market every day. |
|
9801
|
The government economic policy of containing peso in an environment of high interest rates. The implementation of non-deliverable forward contracts (NDF) to exports. Allowing foreign funds to purchase "A" shares-to date reserved only for Filipinos. |
|
9802
|
The central bank announced it would boost forex reserves by $3 billion and reduce the overnight lending rate to 15.7% from 16%. The Energy Regulatory Board forced electricity provider and Meralco to roll back power prices and refund its customers half of the rate increase it charged them in 1994. A reduction in prime lending rate to an average of 23.35%. S&P downgrade country outlook from "stable" to "negative." An agreement reached with the IMF on a new two-year economic program worth $1.6 million. |
|
9803
|
The central bank committed to reducing interest rates. It had promised to lower bank's borrowing costs by adjusting the mix of their different reserve ratios. A 20% plunge in the Indonesian rupiah sparked renewed concerns of currency depreciation throughout the region. |
|
980313
|
(Provisions specific to commercial banks and other credit institutions) Sanctions for the violation of the net open foreign exchange position limits were announced.a3 |
|
9805
|
A 20-month high inflation rate in April. The slowest first-quarter GDP growth in five years (1.7%). Relatively peaceful presidential elections. |
|
9806
|
Yen's depreciation. President-elect Joseph Estrada was sworn in as the country's 13th president. The peso lost 6.6% against dollar. |
| 9808 | The Securities and Exchange Commission and the PSE are set to sign an agreement on the usage of a securities borrowing and lending facility in the stock market. |
| 980828 | (Provisions specific to commercial banks and other credit institutions) No differential treatment is ascribed to resident and nonresident deposit accounts with respect to liquid asset requirement.a3 |
| 981005 | (Provisions specific to commercial banks and other credit institutions) Reserve requirements applied to local currency were raised by 2% to 10%.a3 |
| 9811 | It was speculated that Philippine Long Distance Corp., the largest telecom. company in Philippine, would be taken over by Hong Kong’s First Pacific Group in coming weeks. |
| 9902 | S&P raised Philippines’ country outlook to stable from negative, owing to the country’s improved access to foreign capital. |
| 990201 | (Provisions specific to commercial banks and other credit institutions) Banks' liquidity reserve requirements were reduced to 6%. a3 |
| 990301 | (Provisions specific to commercial banks and other credit institutions) Banks' liquidity reserve requirements were reduced to 5%. a3 |
| 990416 | (Provisions specific to commercial banks and other credit institutions) Banks' liquidity reserve requirements were reduced to 4%. a3 |
| 9904 | The Philippines posted a trade surplus of $497 million in the first two months of the year, up from a deficit of $1.08 billion in 1998. |
|
990601
|
(Provisions specific to commercial banks and other credit institutions) The reserve requirement applied to local currency was reduced from 10% to 9%.a3 |
|
990602
|
(Provisions specific to commercial banks and other credit institutions) Banks' liquidity reserve requirements were reduced to 3%. a3 |
|
9906
|
Export earning grew 19.5% year-on-year. |
|
9907
|
The peso depreciated 7.0% from the previous quarter. |
|
9908
|
91-day Philippine Treasury bills declined from 9.38% in the previous month to 8.55%. |
|
9909
|
The CPI rose 5.7% year-on-year from its 5.5% clip in August. |
|
991216
|
(Provisions specific to commercial banks and other credit institutions) Banks' liquidity reserve requirements held against interbank loans were reduced to zero. a3 |
|
9912
|
The borrowing rates for socialized housing were slashed from 16% to 9%. There were several high-profile mergers in the banking sector, including the much touted PCI Bank-Equitable Bank and BPI-Far East Bank mergers. |
|
200001
|
The chairman of the SEC accused President Estrada of pressuring him to exonerate a friend from insider trading and stock manipulation charges. |
|
200003
|
The central bank tightened monetary policy for the first time to preempt any impact of U.S. rate increase on domestic interest rates. The merger between Globe Telecom and Isla Communications through a US$2.3 billion share swap created the largest mobile phone company, speeding up consolidation of telecommunications, broadcasting, and data services. |
|
200004
|
The congress passed the Electricity Industry Reform Act aimed at deregulating and privatizing the industry and lowering power costs. It also passed a tighter securities act to regulate stock trading, and the Senate ratified the revised banking act to allow more foreign ownership in the finance sector. |
|
200007
|
Foreign direct investment rose at US$84 million from US$44 million in June. Diversified Financial Network (DFN) became the first Internet stock in the Philippines. |
|
200010
|
The peso sank to a history low following the revelations about a gambling scandal involving the president. S&P downgraded the long-term outlook from stable to negative on Oct. 12. Overnight lending rates rose 4% that same day. The World Bank and the IMF postponed disbursement of a Standby credit facility and loan. |
|
200011
|
The House of Representatives formally impeached the president on Nov. 13 for corruption, violating the Constitution, and betraying public trust. |
|
200101
|
Arroyo assumed the presidency. |
|
200105
|
President Arroyo's coalition won eight out of 13 senate seats and gained a majority in the lower house. |
|
20010712
|
S&P affirmed the negative outlook for the Philippines. |
|
200108
|
The World Bank and IMF signed agreements with the Philippines for US$60 million for transport projects. |
|
200109
|
S&P downgraded its public information ratings on Philippines National Band and Allied Banking Corp. to 'CCCpi' from 'Bpi'. |
|
200110
|
Former President Joseph Estrada went on trial for corruption. Former First Lady Imelda Marcos surrendered to a Philippines court after an arrest warrant was issued on four counts of corruption. |
|
200111
|
The World Bank and IMF extended US$30 million for water projects in rural Philippines. The president successfully visited the U.S., resulting in US$4.6 billion in military aid and investments. |
| 011109 | Overnight borrowing and lending rates were yesterday slashed by 50 basis points, as the Central Bank followed the example set by the US Federal Reserve. The 11th cut this year, with a cumulative total of 675 basis points, took the rates to their lowest point since 1995, with overnight lending rates at 10.5% and borrowing rates at 8.25%. The reduction in rates is likely to help the national government, whose interest payments on public debt will be reduced. |
| 011120 | The National Statistics Office (NSO) yesterday announced that merchandise imports had slumped by 15.9% year-on-year in September to US$2.5bn, as imports of components for electronic exports slumped by a massive 30.4% to US$468m. This fall in the country's top import category was matched by lesser drops of 21.4% in mineral fuels and lubricants, which were hit by the weakness of the industrial sector, and 3.6% in telecommunications equipment and electrical machinery - the second- and third-largest import categories respectively. |
| 011207 | The Central Bank has cut its key lending rate in a bid to boost flagging growth. The headline overnight borrowing rate was reduced by 25 basis points to 8%, its lowest level in more than six years. An easing of monetary policy was widely expected, following the publication of data this week that showed that inflation remained benign |
| 011213 | The Monetary Policy Board of the Central Bank today cut its leading target interest rate by 25 basis points. The cut was in line with that of the US Federal Reserve. The Bank stated it was necessary to maintain the interest rate differential between the US and the Philippines in order to discourage any sudden movement of funds into US dollars. The authorities have made a total of 13 reductions in key rates since the start of the year, taking off 7.25 percentage points in cuts. The overnight borrowing rate was reduced to 7.75%, with the overnight lending rate standing at 10% |
| 011218 | The Philippine Central Bank yesterday ruled that banks will have to set 5% of the value of their restructured loan portfolios aside to cover for potential losses - a rise from the previous figure of 0%. The move comes amid fears that some banks may be performing a 'window-dressing' restructuring of their non-performing loans (NPLs) in order to reduce the level of provisions that must be made against them. Unsecured or sub-standard loans and NPLs require provisions of around 25% to be set aside to cover against losses. |
| 011219 | Philippine unemployment continues to decrease, despite the global slowdown, amid the continuing success of the nation's manpower-intensive agriculture sector. The National Statistics Office (NSO) yesterday revealed that unemployment eased to 9.8% in October, from 10.1% a year earlier and in July. The country has also achieved the difficult task of reducing joblessness amid a 7.9% year-on-year surge in the size of the national workforce, which grew to 33.4m out of a total population of 76m. |
| 020114 | US investment bank Lehman Brothers has signed a memorandum of understanding with the government in order to establish a US$1bn fund to absorb non-performing loan (NPL) assets. Officials estimate that the level of bad debt in domestic banks stands at around US$9bn. Dubbed the 'Philippine Recovery Fund', the asset management fund will also attempt to boost local capital markets through the issue of securities backed by mortgages and government royalties. |
| 020118 | The Central Bank today cut leading interest rates by 25 basis points to 7.5% for borrowing and 9.7% for lending. The move was facilitated by a favourable inflation rate, which projects that the consumer price index (CPI) measure will decline further in January from the +3.9% target-bound result recorded in December 2001. Bank Governor Rafael Buenaventura said that with inflation forecasts remaining benign over the coming months, room is being created for further monetary easing |
| 020121 | Around 35m people have been affected by a power blackout that hit the Philippines' main island of Luzon yesterday. The outage reportedly occurred following a blast at the Kalayaan Tayabas transmission station, located to the south of the capital, Manila. The blast was caused after two heavy voltage transmission lines snapped. Supplies were restored to around 20% of Luzon within two hours, but much of the rest of island was forced to spend the night without electricity. No estimate has yet been made of the impact that the blackout could have on businesses. Power outages are a frequent occurrence but nevertheless tend to lead to speculation of plots or coup attempts against the government |
| 020306 | The government has launched a US$1bn seven-year global bond issue - its largest to date. Around half of the income raised will be used for budgetary support, while the remainder will be lent to the government corporation that is charged with auctioning selected assets of state-run utility the National Power Corp. The bonds, issued in New York (US), have a yield of 8.5%. The issue was inflated from its original target of US$700m following strong investor demand, oversubscribing the initial offering by four times the amount. |
| 020313 | Officials yesterday confirmed that they have received loan pledges worth US$2.8bn at a crucial meeting involving 21 donor nations. Some US$2.2bn of the aid is in the form of official development assistance (ODA), and another US$418m is in the form of grants. ODA funds are lent at concessional rates. The amount was higher than the US$2.6bn pledged at the last meeting in 2000, a fact that may be due to the government's efforts to ensure that the aid is put to better use this time. |
| 020314 | The Central Bank today cut its key overnight lending rate by 25 basis points to 7% - its lowest level in a decade. The move was widely expected after successive data revealed inflationary pressures to be benign |
| 020405 | US credit ratings agency Standard and Poor's (S&P) yesterday upgraded its outlook for long-term Philippine sovereign debt to 'stable' from 'negative'. The move comes two months after rival risk evaluator Moody's Investors Service made a similar revision to the Philippine credit ratings outlook. S&P attributed the upgrade to the improved economic management of the President Gloria Macapagal-Arroyo administration, which has brought 'greater urgency and coherence' to economic reform, as well as tighter fiscal control. |
| 020411 | The Central Bank today left interest rates unchanged following the monthly meeting of its monetary policy board but warned that inflationary pressures could increase. Annual inflation in March 2002 rose slightly to 3.6% from 3.4% the previous month, sparking market fears over a possible revival of inflationary pressures. As such, the Bank's accompanying statement, published today, intimated that the recent cycle of interest-rate cuts has plateaued. |
| 020604 | The lower House of the legislature yesterday approved the passage of a law paving the way for the sale of the National Transmission Corp (Transco), in the latest move to privatise the country's power sector. Full passage of the bill is now expected by the end of the week. The sell-off could raise up to US$2bn, which, along with the revenues collected from the privatisation of the nation's generators, is set to be used to pay down the debts of the state-run National Power Corp. utility. The Philippine government has been moving ahead with the privatisation process since the passage of the Electric Power Industry Reform Act last year. It aims to draw in foreign investment to help rejuvenate the sector, which has struggled to meet demand under the burden of its massive debt. |
| 020628 | Foreign Minister Teofisto Guigona remains in office, but recent confusion over reports of his forced resignation has greatly embarrassed President Gloria Arroyo. Following an announcement that Guigona had resigned because of differences of opinion with the president, the presidential office then retracted its statement and confirmed that Guigona, who is also vice-president, would remain foreign minister. |
| 020704 | President Gloria Macapagal-Arroyo today ordered government agencies to prepare for a legal battle to force the renegotiation of as many as 27 power contracts with independent producers, in a bid to bring down power rates. The move came after a survey of 35 contracts, following allegations that many were overcharging. Five of the total were found to have 'legal and financial issues that needed to be referred for appropriate study, renegotiation and possible legal action', while 22 more were said to need study or renegotiation on certain financial terms. |
| 020718 | Interest rates are likely to remain steady at the current 7.0% in the medium term, central bank governor Rafael Buenaventura indicated yesterday. The governor's comments follow the cautiously optimistic outlook for the US economy delivered by US Federal Reserve chairman Alan Greenspan yesterday, in which he indicated that no changes were imminent in monetary policy. Philippine interest rates closely track those of the US, which absorbs more than one-third of the country's exports. Inflation remains benign, averaging 3.5% in June - well below the official full-year target band of 5-6% |
| 020923 | The Philippine government has announced plans to subsidise the export operations of local vehicle manufacturers through a generous tax credit scheme. The export subsidy programme is part of the newly overhauled Motor Vehicle Development Programme (MVDP), which is aimed at spurring completely built-up (CBU) vehicle exports. The government hopes to boost exports, particularly within the Association of South-East Asian Nations (ASEAN) region, where tariffs are slated to fall as a result of the free-trade agreement (AFTA). The Philippines is able to subsidise exports under its World Trade Organization (WTO) agreement because the country's per capita income has dropped below the US$1,000 threshold this year. Previously, the government was not able to offer incentives under WTO regulations because its per capita income exceeded this level. |
| 020926 | The Central Bank left benchmark overnight interest rates unchanged today (26 September 2002) at a decade low of 7% as subdued domestic demand continues to mitigate the potential inflationary impact of the growing budget deficit |
| 021028 | On 25 October the US and Philippine military concluded a war-games military exercise north of Manila. US and Philippine co-directors of the exercise said that a larger operation will take place in 2003. Marine Colonel Gordon O' Neil stated that the US will continue to support the Philippine military's fight against terrorism, currently being staged in the southern Mindanao region of the country. US forces assisted the Philippine military in a offensive against Muslim Abu Sayyaf rebels on the southern island of Basilan earlier this year. A US serviceman was killed in a bomb attack in the southern city of Zamboanga earlier this month |
| 021127 | The Philippine government has passed legislation to ban the importing of the agricultural chemical ammonium nitrate, because the substance has been used by terrorists to construct bombs. Agriculture Secretary Leonardo Montemayor stated that importers as well as agricultural users of the chemical have been given six months to clear out their inventories. The Bali bombings in Indonesia in October are believed to have used ammonium nitrate. The Philippines has suffered a spate of bombings during the past month, resulting in a number of civilian deaths |
| 021213 | Cracks are beginning to appear in the administration of Philippine President Gloria Macapagal-Arroyo, with the exit yesterday of the third cabinet minister in just two weeks |
| 030109 | US credit ratings agency Moody's Investors Service yesterday re-affirmed its 'Ba1' sovereign rating on a negative outlook for the Philippines as the government launched a US$500m bond issue in New York. The rating was left unchanged despite doubts cast over the accuracy of current account figures dating back to 2000 |
| 030121 | The government of the Philippines is considering raising an additional P60bn (US$1.13bn) on the domestic markets in order to meet its 2003 borrowing requirements, amid concerns of increasing volatility in the global markets. Largely to finance its ballooning budget deficit, the government has projected its 2003 net foreign borrowings at P95.281bn and its net domestic borrowings at P103.27bn. The budget shortfall is set to weigh in at P202bn, which is equivalent to 4.7% of GDP |
| 030124 | The International Finance Corp. (IFC) announced today that it is to set up a joint venture (JV) with the Asian Development Bank (ADB) to buy bad debts from Philippine banks. The Philippine government is due to release regulations for asset management companies, or special purpose asset vehicles (SPAVs), authorised to acquire and invest in banks' non-performing loans (NPLs). The move is designed to bolster the banking system and release credit to stimulate economic growth. The Central Bank of the Philippines announced today that the ratio of NPLs held by commercial banks had fallen in November to 16.27% or US$4.93bn, compared to 16.36% or US$4.95bn in October. The fall was largely due to the redefinition of bad loans by the monetary authorities, allowing banks to exclude NPLs covered by loss provisions |
| 030130 | The Q4 and subsequent year-end results for 2002 stand as something of positive shock. In the three months to December the economy expanded by 5.8% from one year earlier, hoisting overall growth for 2002 to 4.6%. The annual performance was the strongest since the Philippines was caught squarely in the 1997-1998 Asian financial crisis, surpassing even the optimistic official growth projections |
| 030212 | The Bank of Philippines today left the benchmark overnight-borrowing rate unchanged, at a record low of 7.1%, despite growing concern over the weakening peso |
| 030217 | The global money-laundering watchdog, the Financial Action Task Force (FATF), has rejected new amendments to the Philippines' anti-money laundering legislation and given the country until 15 March to enact 'appropriate' amendments or face sanctions |
| 030219 | The Treasury has warned that it is prepared to suspend all auctions of government debt in retaliation against what it terms 'excessively' high bids. The warning came after the Treasury rejected average yield bids of 11.833% in the auction of four-year Treasury-Bills on 18 February. The bids marked a 1.43% increase from those tabled at a similar auction last week (10-14 February), an increase labelled as ludicrous by the Treasury, given the high levels of domestic liquidity. However, with state borrowing requirements inflated by the ballooning budget deficit, the government's ability to stare down the market is in question |
| 030320 | The central bank has moved to tighten monetary regimes in a bid to shore up the weakened peso against potential volatility sparked by the outbreak of war in Iraq. Liquidity reserve requirements for commercial banks were raised to 8% from 7%, siphoning off P12bn (US$220m) from the money supply. The central bank's moves are a bid to quash inflationary pressures arising from peso depreciation sparked by investor concern over the deteriorating fiscal position |
| 030411 | The central Bank of Philippines (BoP) left the overnight call rate unchanged following its monthly policy board meeting on Thursday (10 April), arguing that inflationary risks had subsided following a fall in global oil prices and the recent stabilisation of the peso. The bank also asserted that heavily weighted food prices should remain stable, following a milder-than-expected El Nino season. The central bank forecast that inflation remains on course to hit the official 4.5-5.5% target band set for 2003. The borrowing rate has remained unchanged at a decade low of 7% since March 2002, with the lending rate remaining at 9.25%. The central bank has used liquidity tightening operations to blunt speculation in the peso, to avoid recourse to interest rate hikes that could dampen growth |
| 030422 | The Philippine government announced yesterday that it recorded its first probable severe acute respiratory syndrome (SARS) death. A 46-year-old nursing assistant died last week, 11 days after her return from Canada. Chit Navarro, head of the Philippine health department's SARS task force, said that four other people who had been in contact with the victim had been placed into quarantine. Health Secretary Manuel Dayrit said that the government was not imposing any travel bans on people travelling to or from SARS-infected countries, but that it was advising citizens to postpone non-essential trips |
| 030425 | Sharp negative reaction was registered by markets on Thursday's move by Standard and Poor's to downgrade its ratings on Philippine's long-term debt . Benchmark dollar denominated bond prices plunged widening spreads over US Treasuries by 15 to 20 basis points, while the peso fell by 20 centavos to close at an intra-day low of 52.80 to the US dollar. The downgrade has heightened concern over the Philippine's fiscal sustainability undermined by an as yet unchecked fiscal deficit |
| 030512 | The prospects for peace in the Philippines between the government and rebel Muslim groups look bleak after bomb blasts in the southern city of Koronadal led to the deaths of 13 people on Saturday |
| 030520 | The US has pledged to send troops to the southern Philippines to assist in the battle against Muslim rebels in talks being held in the US capital, Washington DC between President George W. Bush and President Gloria Macapagal Arroyo. US military advisors have been training the Philippine military on the southern Philippine island of Basilan, who are pursuing the Abu Sayyaf guerilla movement in the Sulu island archipelago. Further US troops are expected to begin arriving in the region as early as next month. Abu Sayyaf has been linked to al-Qaida by the US government, and is known for kidnapping Westerners and local civilians. During the talks President Bush disclosed that he would declare the Philippines a 'major non-NATO ally', enabling the country to receive greater military support |
| 030605 | The slowing of inflation in May - to its lowest rate since January - has delivered a boost to government attempts to restrain overall levels this year. Consumer prices rose by 2.7% in the year to May, down from 2.8% in the year to April, due to the easing cost of utilities, services and clothing, according to the National Statistics Office. Economic Planning Secretary Romulo Neri said that inflation to May was within government targets. The government is now hopeful of achieving a lower inflation rate of 3.0-3.5% in 2003, compared with previous official forecasts of 4.5-5.5%. Central bank governor Rafael Buenaventura told Reuters that the slowing of inflation enabled 'sustainable flexibility' on monetary policy. The central bank is expected to leave overnight rates unchanged at its monthly meeting today, however, although it has suggested that it may consider a return to a tiered system of interest rates in order to boost liquidity in the money market. The bank previously scrapped a tiered-rate system in March in favour of a flat interest rate of 7%. Monetary policy was tightened in March in order to boost the peso, which had fallen to a near all-time low of P55.75:US$1, over uncertainty caused by the Iraq war. It has since recovered to a level of around P53.40:US$1 |
| 030630 | Philippine foreign debt rose by 3.6% from the end of December, to US$55.8bn at the end of March, according to the central bank. A statement attributed the rise to increased public sector borrowing. |
| 030702 | The government announced today that its foreign commercial funding requirement for 2003 will be cut to US$400m, from the US$900m previously planned. The Department of Finance stated that the reduction was enabled by the successful P63bn (US$1.18bn) issue of retail treasury bonds last week. |
| 030703 | The Bank of Philippines brought interest rates to their lowest level in 11 years, following yesterday's monthly meeting of its Monetary Board. The leading overnight borrowing and lending rates were each cut by 25 basis points, to 6.75% and 9.0% respectively, effective from 3 July. The reductions were the first since March 2002, and resumed an easing cycle that has seen rates decline by 825 basis points since December 2000 |
| 030728 | Around 300 armed soldiers who had earlier been accused by the Philippine government of plotting a military coup yesterday occupied a shopping centre and residential area in the Makati business district of Manila for 19 hours. The heavily armed soldiers set up explosives around the occupied area, which included the Ayala Centre, where the Australian ambassador and several foreign officials and residents were staying |
| 030807 | The government announced yesterday that it will tilt planned borrowings in fiscal year (FY) 2004 to the domestic market, in a bid to reduce offshore exposure. In the FY2004 Budget, the government forecast that 70% of the year's P411.9bn (US$7.54bn) total planned borrowings would be raised on the domestic market, with the remainder sourced on international capital markets. In the current fiscal year, only 52% of total borrowings have been targeted at local markets |
| 030818 | The Ministry of Finance launched the sale of zero-coupon bonds on Friday (15 August) in a bid to net a minimum US$175m to complete the government's US$400m domestic borrowing requirement for 2003. Zero-coupon bonds allow buyers to immediately deduct interest rates. The bonds carry a maturity of 18 months, with a maximum gross-yield to maturity targeted at 3.3% |
| 030829 | The Central Bank of the Philippines yesterday decided to keep interest rates on hold, but abandoned a three-tiered system for commercial bank deposits in a bid to curb the recent sharp depreciation in the peso. The currency hit a 31-month low earlier this week following a spell of political volatility compounded by the suspension of Central Bank Governor Rafael Buenaventura by the Supreme Court. A flat rate of 6.5% is now set for bank deposits at the Central Bank, replacing the weaker tiered system originally implemented to encourage liquidity |
| 030908 | The central bank announced today that it will borrow US$500m from a foreign bank syndicate. The capital will be used to re-finance a fixed rate bill, due to mature in October, and the three-year loan will carry a spread of 2.26% over the benchmark London interbank borrowing rate (LIBOR). The consortium is comprised of Credit Lyonnais, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, DBS Bank, HSH Nordbank AG, Mizuho Corporate Asia and Citigroup Global Markets Asia |
| 030929 | The government may make recourse to the Islamic bond market to raise the US$250m needed to fulfil its financing requirement for 2003. Speaking to Reuters, National Treasurer Sergio Edeza also considered the alternative of securing the required capital by re-opening existing bond facilities, maturing in 2014 or 2025. Foreign borrowings so far this year total US$2.25bn, making the Philippines the largest Asian issuer of sovereign debt outside Japan |
| 031007 | The US government yesterday designated the Philippines as a 'major non-NATO ally', according to the AFP newswire. The move by President George W Bush will enable closer security and military ties between the two nations in the global war on terrorism. Bush's move places the Philippines alongside Japan, Australia, Israel, South Korea and Argentina, as an ally granted foreign aid and defence co-operation benefits by the US |
| 031103 | US marines have today arrived in the Philippines to begin joint military exercises, according to AFP. Around 400 US marines are to begin exercises with the Philippine military, at an army and marine base near the capital Manila |
| 031208 | The Philippine military captured Abu Sayyaf leader Galib Andang, popularly known as 'Commander Robot', on southern Jolo island yesterday. Philippine military chief General Narciso Abaya said that Andang had been captured while planning a kidnapping attempt. The capture of the Abu Sayyaf leader represents a significant breakthrough in a military campaign aimed at wiping out the kidnapping group, which is being staged by the government of President Gloria Macapagal-Arroyo, with US backing |
| 031216 | National Treasurer Sergio Edeza forecast today that the closely watched budget deficit would weigh in P2bn (US$36.1m) below the government's year-end target of P202bn (US$3.65bn), or 4.7% of gross domestic product (GDP). Edeza attributed the stronger-than-expected performance to improved revenue collections |
| 040119 | Overseas remittances rose by a year-on-year 4.6% in 2003 to total US$6.9bn, the Labour Department reported on 17 January. However, the total weighed in below the year-end target of US$7.6bn, with the shortfall attributable to the declining number of expatriate workers, which fell from 892,000 to 865,000 during 2003. The rise in the value of remittances was driven largely by the depreciation of the Philippine peso's exchange rate, rendering conditions more favourable for the transfer of wages back to the country |
| 040127 | Moody's decision to downgrade the Philippines' sovereign credit rating was widely expected. The agency cut its long-term foreign debt rating by one notch to Ba2, while the rating for long-term local currency obligations was lowered to Ba3 from Ba2. Indeed, it could have been worse; markets had been braced for a possible double-notch downgrade. However, Moody's failed to rule out further cuts, with the outlook for both ratings kept negative |
| 040218 | Philippine presidential candidate Fernando Poe yesterday unveiled his economics team, according to news agency AFP. However, the unveiling of the 19-strong team was overshadowed by preparations for a Supreme Court ruling on whether Poe would be eligible to stand as a presidential candidate. Military forces have been placed on alert to ensure civil order in the event that the Supreme Court rules against Poe's candidacy tomorrow, on the basis that he is not a natural born Filipino citizen. The movie star has a Filipino father and US mother |
| 040304 | The Supreme Court finally ruled yesterday that movie star Fernando Poe, the leading opposition candidate, was a 'natural born Filipino' citizen, and eligible to run for the presidency. Doubts over Poe's suitability to run had been raised following revelations that he had been born out of wedlock to an American mother. The Supreme Court ruled by eight votes to five in favour of Poe. |
| 040415 | The Philippine government is aiming to strike a peace deal with the rebel Moro Islamic Liberation Front (MILF), according to news agency AFP. Silvestre Afable, the head of the government's peace panel, said that formal peace talks with the MILF are to begin in the last week of April. Strong progress has been made between the two sides since exploratory talks began in the wake of a ceasefire in the middle of last year. The main remaining obstacle to a deal is thought to be MILF demands for ancestral lands that were taken to house Christian communities, prior to the Muslim rebellion of 1971. A ceasefire monitoring team is to be sent to the southern Mindanao region at the end of this month or in early May, following a previous assessment by a Malaysian team. A World Bank team is also expected in Mindanao to assess aid priorities after the commencement of peace talks. The US government has offered US$30m to the region in the event of a peace deal |
| 040428 | Two global bond issues yesterday raised US$400m, the Finance Department has confirmed. The offer, consisting of two tranches, maturing in 2011 and 2014, with respective yields of 8.184% and 8.484%, was based on two earlier issues and lead-managed by Deutsche Bank and Morgan Stanley. Proceeds will be directed to the state-owned National Power Corporation (NPC), to meet financing requirements |
| 040507 | The central Bank of Philippines left its leading overnight borrowing and lending rate unchanged at 6.75% and 9.0% respectively, following yesterday's scheduled monthly meeting of its Monetary Board. In a statement, the bank asserted that current inflationary pressures remained manageable, with the average annual rate still ranging comfortably within its 4.0-5.0% target band for 2004 |
| 040622 | Rafael Buenaventura, the governor of the central Bank of Philippines asserted yesterday that the bias in interest rate policy remained neutral, despite signs of a pick-up in inflation and renewed political uncertainty in the wake of President Gloria Macapagal-Arroyo's narrow election victory. The benchmark overnight lending and borrowing rates have remained unchanged at seven-year lows of 9.0% and 6.75% respectively since July 2003. Buenaventura asserted that spare capacity persisted in the economy while inflation remained in the target range, obviating the need for a hike in rates. His comments came after bond yields tightened, following Arroyo's presidential victory by a majority of just 1m votes. Her opponents have until 20 June to contest the result in Congress or the Supreme Court |
| 040624 | The Philippine Congress yesterday officially proclaimed Gloria Macapagal-Arroyo as the country's new president, ending over six weeks of speculation following the 10 May election. Congress announced that Arroyo had beaten second-placed opposition challenger Fernando Poe by 1.1m votes, or a slender 3.4%. The announcement followed a 10-hour Congress meeting of lawmakers, to approve a vote count carried out by a joint congressional committee |
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Regulations on Foreign Investors |
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1995
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Restrictions: 1. Class A shares may be held only by Filipino citizens. No more than 40% foreign ownership in the development of natural resources and operations of public utilities. 2. The purchase or sale of Philippine shares of stock by a foreigner must be registered within 3 business days with the Central Bank by the securities dealer/broker. 3. All foreign investments may be repatriated without Central Bank approval. Taxation: 37.5% dividend and capital gain tax (lower if Malaysia has a double taxation agreement with the foreign country).a5(first entry) |
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1996
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Restrictions: No change. Taxation: 30% individual dividend tax rate and 35% institution dividend tax rate (lower if Malaysia has a double taxation agreement with the foreign country) and no tax on capital gains.a5 |
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2001
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No change through 2001.a5 |
| 2003 | The Philippines is a member of the Association of South-East Asian Nations (ASEAN) Free-Trade Area (AFTA). AFTA commitments include the lowering of import tariffs to a maximum of 5% by 2003. Foreign investors' concerns have been raised further by the Philippine government seeking opt-outs for industry sectors from tariff reductions in 2003. |
| 2004 | President Gloria Macapagal-Arroyo has prioritised higher value-added industries like electronics over potentially controversial investments like mines. Tribal groups have also challenged laws allowing foreign companies majority ownership of mining projects and won rights over projects being carried out in their areas. No major new projects have been launched since 1995 as a result, degrading the local mining industry, which was once among the world's top-10. New investment in the sector is unlikely until legal challenges to the 1995 Mining Act are resolved. The Supreme Court annulled a law permitting the full foreign ownership of mining operations in early-2004 |