Philippines Expects 5 Billion Pesos in Taxes from PEACe Bonds

Oct. 7 (Bloomberg) -- The Philippines said it expects 5 billion pesos in taxes from the so-called PEACe bonds, which will mature on Oct. 18.

The Bureau of Internal Revenue confirmed that a 20 percent final withholding tax is applicable to the “Poverty Eradication and Alleviation Certificates” issued by the Bureau of the Treasury in 2001, the tax agency said in an e-mailed statement today.

Finance Secretary Cesar Purisima, Bureau of Internal Revenue Commissioner Kim Henares and Treasurer Roberto Tan met with government securities dealers to discuss the issue today.

-- With assistance from Clarissa Batino.

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net