BusinessWorld Online: Economy

The quest for effective disclosure continues

Economy

May 222016

In 2014, we wrote an article in this column on the efforts and initiatives of the International Accounting Standards Board, the Financial Accounting Standards Board (FASB), and the United States Securities and Exchange Commission (US SEC) on how to improve disclosures in financial statements. In September 2015, the US SEC released a formal request to various parties to obtain comments on how it can improve disclosure effectiveness. Meanwhile, the FASB proposed guidance in applying materiality to disclosures as part of its disclosure framework project which aims to improve notes in financial reporting.

Halal exports law signed amid opposition by Muslim groups

Economy

May 192016

PRESIDENT Benigno S. C. Aquino III has signed into law a consolidated measure on halal exports, amid opposition by a number of institutions led by Muslim Filipinos.

FX deposits, BSP income keep April balance of payments in surplus

Economy

May 192016

THE COUNTRY’S balance of payments (BoP) remained in surplus in April, albeit narrowing from the surfeit seen the month and year prior, on the back of higher income from the central bank’s operations and inflows from the government.

Lawmaker advises against legislated fuel mix policy

Economy

May 192016

LEGISLATING a fuel mix policy for the country will not work, a lawmaker said, pointing out that market demand should set the direction for the energy industry that might end up confined to inflexible regulation.

ERC to impose restrictions on retail electricity

Economy

May 182016

THE ENERGY Regulatory Commission (ERC) will issue this week rules imposing restrictions on the operations of distribution utilities and retail electricity suppliers (RES) in the competitive retail electricity market, its chairman said on Wednesday.

Borrowing up slightly in February, debt payments remain steady

Economy

May 182016

STATE BORROWING posted a minimal increase in February from a year ago, data from the Bureau of the Treasury showed, reflecting the government’s issuance of dollar debt.

A peek at the next five years for Philippine transfer pricing

Economy

May 182016

With the determination to fulfill its mandate even in the midst of challenges, the Bureau of Internal Revenue (BIR) has come up with a strategic plan that is designed to help the organization achieve its vision to be an institution of service excellence and integrity. This strategic plan will serve as the BIR’s roadmap for the next five years (i.e., 2016-2020) and aims to achieve seven high-level strategic objectives, namely: attain collection targets and sustain collection growth; improve taxpayer satisfaction and compliance; strengthen good governance; improve assistance and enforcement; build and deploy information technology systems, processes and tools; improve integrity, competence, professionalism and satisfaction of human resources; and optimize management resources. These seven overarching objectives shall support the BIR’s goal of improving services to taxpayers to increase voluntary compliance and of enforcing the laws for those who do not comply.

Tax proposed for fuel products to fund infrastructure projects

Economy

May 172016

THE CURRENT slump in oil prices offers a “great opportunity” to increase the taxes imposed on petroleum products, said a top industry official, who also pointed out that the expanded tax collection could fund projects including infrastructure.

Implementing rules and regulations for amended Cabotage Law released

Economy

May 172016

A JOINT DEPARTMENT Administrative Order was issued yesterday for the implementation of the Co-Loading Act or Republic Act No. (RA) 10668, also known as the amended Cabotage Law.

Duterte is good for business,’ Davao City business pioneers affirm

Economy

May 172016

DAVAO CITY — Homegrown businesses expect more investors to start considering Davao City following the as-yet unofficial victory of Mayor Rodrigo R. Duterte in this year’s presidential election. At the same time they expressed confidence his administration will deliver continued economic growth nationwide.

Older Entries Newer Entries