As markets continue their slow-motion crashes around the world, private entities and governments alike are scrambling for liquidity against a backdrop of bursting bubbles and declining asset prices. The Philippine government is no exception. In an unprecedented move, the Philippine Supreme Court’s (SC) Third Division overturned a long-standing rule in order to increase the government’s revenue base from assessments.
THE BALANCE of payments (BoP) position was in surplus in December, bringing the 2015 balance well above the $2 billion surplus expected for the year, the Bangko Sentral ng Pilipinas (BSP) said.
REMITTANCES will continue to drive Philippine growth, albeit at a slower pace in the next five years compared with 2015 levels, an economist at Hongkong and Shanghai Banking Corp. Ltd. (HSBC) said, noting that as the country’s “external buffer” is eroded, it becomes more vulnerable to external volatility.
THE PHILIPPINE Parts Maker Association expects local sales of vehicle parts and accessories to double to P240 billion by 2017 under the government’s Comprehensive Automotive Resurgence Strategy (CARS) program.
THE PHILIPPINES could receive another credit rating upgrade in the next few weeks, the Finance department said, citing the economy’s relative insulation from negative overseas developments.
THE PROPOSED law modernizing the Bureau of Customs (BoC) hurdled the Senate on third reading on Monday, with a bicameral session expected now that both of chambers have approved their versions of the bill.
Does your company have an on-going tax assessment covering tax year 2012? If yes, then it is likely that you have already been asked to execute a waiver on the statute of limitations. Following the general three-year period to assess, Final Assessment Notice for taxable year 2012 must be made not later than April 15, 2016. Thus, since this is merely three months away, the Bureau of Internal Revenue (BIR) will normally ask the taxpayer to execute a waiver.
THE GOVERNMENT has prepared its energy plans under the assumption of 6.5% gross domestic product (GDP) growth in the long term and an eye towards meeting the power requirements of such an economy.
A DELEVERAGED economy, stable banking system and ample room to maneuver on monetary policy will keep the Philippines in a strong position even as portfolio investments are rocked by volatility, Department of Finance’s (DoF) chief economist said.
After more than five years, the International Accounting Standards Board (IASB) has finally issued International Financial Reporting Standards (IFRS) 16, Leases, which is the new standard that will replace International Accounting Standards (IAS) 17, Leases. IFRS 16 was issued to address the criticisms surrounding IAS 17, primarily around the fact that many leases are off balance sheet, thereby making it difficult for users to get an accurate picture of an entity’s lease assets and liabilities; to compare companies that lease assets with those that buy assets; and to estimate the amount of off balance sheet obligations.