Philippine four-year bonds rose to a record on optimism the peso, Asia’s best-performing currency over the past month, will bolster returns for overseas investors.
An increase in funds sent home by Filipinos working abroad reduced foreign-exchange risk and the peso has remained “broadly stable,” central bank Governor Amando Tetangco said today. Remittances climbed 8.3 percent in June from a year earlier, the fastest pace of growth in five months, official data showed on Aug. 16.
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The Philippine government hopes to recover an estimated 250 billion pesos ($5.53 billion) lost yearly to tax evasion by focusing on tax cheats among the self-employed as well as collecting unpaid inheritance taxes, Finance Secretary Cesar Purisima said Wednesday.
The Philippines is striving to raise revenues to reduce it’s budget deficit without imposing new taxes. It targets to maintain for 2010 last year’s budget defict of 3.9 percent of gross domestic product and to pare it down to 2 percent by 2013.
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