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Headline Inflation of Philippines at 2.6%

Headline inflation at the end of April 2013 decelerated to 2.6% year-on-year, the lowest level in 13 months amid slowing month-on-month price increases across almost all commodity groups.

April’s inflation figure was lower than the previous month’s 3.2% increase and was well within the BSP’s expected range of 2.2%-3.1% for 2013. The result was not a surprise given a strong increase in corn/rice output of +4.5% year-on-year and +11.3% year-on-year respectively for the period ending 1Q 2013.

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BIR Picks Up On Collections

Data from the Department of Finance (DOF) showed that revenue collections from the Bureau of Internal Revenue (BIR) picked up 14.5% to Php1.057 trillion in 2012, breaching the Php1 trillion level for the first time.

This figure, though, is still short of its collection target for the year of Php1.066 trillion. The agency was able to collect Php1.016 trillion from BIR operations, 14.2% higher than 2011 figure. Meanwhile, revenues from non-BIR operations totalled Php40.95 billion or up by 21.68% from the previous year.

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Local Equities Breach 6,500 Level

The local equities market breached the 6,500 level after reaching an intraday high of 6,500.08. After that peak though, the local main-share index succumbed to profit-taking closing the day slightly changed.

The PSEi fell 0.66 points, or 0.01% lower, to close at 6,458.01. Most of the sectoral indices ended in the positive territory led by mining and oil (+0.54%) and industrial (+0.34%) while services (-0.39%) and property (-0.33%) ended in the negative territory.

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