THE Department of Finance (DoF) said that improvements in non-salary incentives should also be looked into to make government service more attractive, with the bill for exempting the Bureau of Internal Revenue (BIR) from the Salary Standardization Law still pending.
ONLINE HIRING increased by 6% year on year in June, with the business process outsourcing (BPO) sector posting the steepest growth at 18%, according to a monthly survey of job postings. Click for detailed story
In the arena of international transactions, management and service agreements between interrelated companies within a multinational corporation is an inevitable consequence of globalization. The diversity of cultures among different nations necessitates the proliferation of management and service agreements between a domestic corporation and its parent or affiliate Non-Resident Foreign Corporation (NRFC). Management services are advantageous to groups of companies, as member companies or affiliates will benefit from the expertise of these groups and, in the process, they can ensure the quality and uniformity of practices among all the subsidiaries. They can also be a catalyst for taking advantage of the efficiencies and economies in maintaining resource centers among the member companies. Click for detailed story
FACTORY OUTPUT likely grew at a steady pace in June compared to May, although slower than the rate seen a year earlier, Moody’s Analytics said over the weekend. Click for detailed story
THE “optimistic” scenario for economic growth is over 7% in the second half amid expectations of sustained consumer and government spending, according to the National Economic and Development Authority. Click for detailed story
In the last three years, the International Accounting Standards Board or IASB has issued four new major International Financial Reporting Standards (IFRS). First on the list was the final version of IFRS 9, the new standard on financial instruments, followed by IFRS 15, the new revenue recognition standard. Both standards were issued in 2014 and are effective for annual periods beginning Jan. 1, 2018. In 2016, the IASB issued IFRS 16, the new leases standard, which will be effective in 2019. And last, but certainly not the least, came IFRS 17, the much-anticipated new standard on insurance, which takes effect in 2021. Click for detailed story
SINGAPORE will take over the chairmanship of the Association of Southeast Asian Nations (ASEAN) next year and plans to focus on e-commerce initiatives to bolster regional trade, possibly exposing infrastructure gaps in the Philippines, officials said. Click for detailed story
THE National Food Authority (NFA) has awarded contracts for the supply of 250,000 metric tons (MT) of rice mostly to suppliers from Vietnam, with the shipments intended to supplement buffer stocks for the lean season. Click for detailed story
THE Department of Information and Communications Technology (DICT) said that the government is ready to deal with any fallout from attacks on the country’s information technology infrastructure, though it acknowledged that attacks on the system are inevitable. Click for detailed story
MINES in the Caraga region may not be allowed to expand to balance out development in those provinces and protect the environment, according to the 2017-2022 Regional Development Plan (RDP).