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Philippines News Agency

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The Philippines News Agency

The Philippines News Agency (PNA) is a web-based newswire service of the Philippine government. The PNA Headquarters are housed at the 2nd floor of the PIA building along Visayas Avenue, Quezon City. PNA's website address is http://www.pna.gov.ph

It has been 35 years since PNA was launched in an era when newswire operations relied mainly on teletype machines and typewriters. PNA has steadily paced the highly competitive and changing arena of Philippine journalism; it is now slowly but surely coming to par with the challenges posed by the globalization of media communications. This has deeply shaped modern journalism and the news media organizations that have been instrumental in creating the very conditions that made globalization a reality.

PNA has evolved today as an Internet-based news service agency that caters to the global demand for news and information to its subscribers, readers and a host of other clients. PNA's mission is spelled out clearly: to provide the government, the Presidency, the public, as well as its media and non-media clients, both local and foreign based, sober, factual, impartial and objective news and information. PNA provides news 24/7, including photos of major events, feature stories, sports news and events, local and global opinions, general information, as well as global news and feature stories. PNA employs about a hundred journalists and stringers across the country, with several foreign-based correspondents.

PNA beat reporters and stringers are deployed practically in every government office and agency, including the main offices and camps of police and security forces, to provide news 24/7 for local, regional and global subscribers and readers. PNA likewise maintains active news exchanges with news agencies of ASEAN member-countries and the Organization of Asia-Pacific News Agencies (OANA).

Philippines News Agency
www.pna.gov.ph
pnadesk@yahoo.com
+63 352 43 28,
+63 352 43 34,
+63 352 43 35
Latest Press Release
23rd National Retailers' Conference and Stores Asia Expo (NRCE) 2016 at SMX Convention Center. (PNA)

23rd National Retailers' Conference and Stores Asia Expo (NRCE) 2016 at SMX Convention Center. (PNA)

Dominguez: 5.1% GDP expansion in H2 enough to sustain '16 growth targets

MANILA, (PNA) -- The country needs only to sustain a 5.1 percent expansion in gross domestic product (GDP) for the second semester to achieve the government's growth target of 6 to 7 percent for 2016.

This resulted from the Philippine economy's strong performance in the first two quarters, according to Finance Secretary Carlos Dominguez III.

While acknowledging that the new administration's tax reform plan could lead to a temporary erosion in revenues, Dominguez said the countermeasures that would be put in place for the remainder of the year would, in the long run, pump more funds into state coffers to offset projected revenue losses.

The Duterte government's plan to cut personal and corporate income tax rates, which are among the highest in the region, is aimed at increasing tax compliance and growing a robust middle class.

“This is the 70th straight quarter growth since the Asian financial crisis, the 18th straight quarter above five percent, and we’re very happy that this growth has been strong and we foresee that it will continue to be strong through the coming years," said Dominguez.

“Most likely we will hit our targets for the year. We need only to grow 5.1 percent for the next two quarters to achieve between 6 and 7 percent for the whole of 2016,” he added.

Dominguez said lowering corporate income tax rates would help attract foreign investments and build capital, along with government initiatives to relax foreign ownership limits by amending the Constitution.

“We are preparing our tax reform program that will actually lower tax rates for individuals as well as corporations,” he said, adding that “we have countermeasures to cover those erosions in revenue.” (PNA)