BusinessWorld Online: Economy

Interpretative and legislative rules: Drawing distinctions

Economy

Apr 062016

Due process is the cornerstone of democracy. It safeguards our right to life, liberty and property against the arbitrary or excessive use of the state’s power. In a recent decision (CTA Case No.8593, 9 February 2016), the Court of Tax Appeals (CTA) reiterated the doctrine that when an administrative rule is not merely interpretative in nature, the issuing agency is strictly required to accord the process to those directly affected before the issuance is given the force and effect of law. In context, a rule is not interpretative when it goes beyond merely facilitating the implementation of the law and instead, effectively increases the burden of taxpayers.

New gov’t policy unclear; growth seen at 6%-7%

Economy

Apr 052016

PRESIDENT Benigno S. C. Aquino III’s would-be successors have provided few clues about their policy intentions, but he leaves the Philippine economy in sufficiently good shape to sustain growth of about 6%-7% per annum, research firm Capital Economics Ltd. said.

Mountain fires jolt protected-area managers as DENR orders action

Economy

Apr 052016

THE LOCAL boards tasked with managing protected areas have been ordered to revisit their fire prevention strategies, the Environment department said, after grass fires swept across four major mountains in Mindanao and on Negros Island.

Cloud seeding, fund release stepped up for El Niño-ravaged areas, DA says

Economy

Apr 052016

THE DEPARTMENT of Agriculture (DA) is gearing for the faster deployment of funds and materials to El Niño hot spots, Secretary Proceso Alcala said in a statement yesterday.

PHL retains flexibility to expand credit — StanChart

Economy

Apr 042016

THE PHILIPPINES has sufficient room to increase credit to consumers and the private sector which could stimulate further economic growth, analysts at Standard Chartered Bank said.

El Niño programs funded through June — DA

Economy

Apr 042016

THE DEPARTMENT of Agriculture (DA) said its El Niño interventions with regular budget funding are planned through June but also urged the release of more funds to finance its full El Niño mitigation road map.

Are you ready for the April 15 electronic ITR filing?

General

Apr 042016

As the April 15 deadline for the filing of annual income tax return (ITR) is drawing near, taxpayers shall once again start flocking towards various revenue district offices (RDO) of the Bureau of Internal Revenue (BIR). It is at this point that taxpayers should be reminded of the rules on those required to file electronically rather than manually. For those required to file electronically, the available electronic platforms of the BIR are: (a) Electronic Filing and Payment System (eFPS); and (2) Electronic BIR Forms Systems (eBIRForms).

Imports data point to robust’ manufacturing activity — DoF

Economy

Apr 032016

LOCAL FACTORIES continue to expand their production despite external headwinds, the Finance department’s chief economist said, as imports of capital goods and raw materials continue to increase.

Davao business chamber asks Sasa participants to withdraw

Economy

Apr 032016

DAVAO CITY — The Davao City Chamber of Commerce and Industry, Inc. (DCCCII) has called on the bidders for the P18.99-billion Sasa Port modernization to abandon the public-private partnership (PPP) project.

Accounting for subsequent costs on PPP projects

Economy

Apr 032016

Given the continued efforts of the Public-Private Partnership (PPP) Center to develop bankable PPP projects, more and more local and foreign investors are drawn to invest in these PPP projects. In 2016, the PPP Center registered about 39 projects in its pipeline with an estimated value of $30 billion (P1.4 trillion). The lineup includes roads, railways, airports, water and prison facilities projects and some will be rolled out within 2016.

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