BusinessWorld Online: Economy

A look at Integrated Reporting

Economy

May 312015

In the world of business and financial reporting, there is an ongoing debate on whether audited financial statements provide sufficient useful information to the various stakeholders, and how such useful information can be provided beyond these financial statements. The phenomenon of globalization and ever-growing connectivity add fuel to this debate, resulting in the increasing pressure and expectation to establish a better linkage between reporting financial and non-financial information, corporate behavior and performance, and investment decision-making.

Foreign ownership amendment hurdles House second reading

Economy

May 272015

THE HOUSE of Representatives has approved on second reading a measure seeking to amend economic provisions of the Constitution, which when ratified would allow more foreign ownership of certain classes of assets.

Boracay APEC conference, Canada state visit plant seeds for FTA deals

Economy

May 272015

THE PHILIPPINES has launched exploratory talks for potential bilateral agreements with Mexico, Chile, and Canada amid “strong mutual interest,” with a deal likely to take at least two years to be forged, a Trade official said.

Due process in the constructive service of BIR notices

Economy

May 272015

In an En Banc decision last March 2015, the Court of Tax Appeals (CTA) ruled that even if a taxpayer or his duly authorized representative refuses to acknowledge receipt of assessment notices for deficiency taxes issued by the Bureau of Internal Revenue (BIR), personal delivery shall be considered “constructive service” provided that such notices are left at the premises of the taxpayer and such fact is attested to by at least two revenue officers other than the revenue officer who constructively served them.

House panel approves P150-B BSP capital hike

Economy

May 262015

A HOUSE of Representatives panel has approved a capital injection of P150 billion for the Bangko Sentral ng Pilipinas (BSP), as part of a broader effort to amend the central bank’s charter.

Export agency confident 2016 shipments will breach $100B

Economy

May 262015

DAVAO CITY — The government remains confident export earnings will breach the $100-billion mark in 2016, despite a slowdown in the first quarter this year, led by processed agricultural and mineral products as well as information technology services, an Export Development Council (EDC) official said.

Sasa Port modernization stakeholders summoned to Senate investigation

Economy

May 262015

DAVAO CITY — Representatives of the city government, business community and other stakeholders opposed to the Sasa Port modernization project will appear before Senator Sergio R. Osmeña III’s committee today for an inquiry on the allegedly overpriced public-private partnership (PPP) project.

W. Visayas economy to remain vibrant after reshuffle — NEDA

Economy

May 252015

ILOILO CITY — The Western Visayas Region’s economy will not be adversely affected by the impending loss of one of its provinces, Negros Occidental, according the National Economic and Development Authority (NEDA) regional office.

EU, PHL negotiating P12-billion aid package for energy sector

Economy

May 252015

THE European Union (EU) is in talks with the Philippine government for a P12-billion aid package aimed at the local energy sector, with the first tranche being targeted for release this year.

Land I can call my own: Tax procedures for real property acquisition

Economy

May 252015

One of the ultimate goals of Filipinos is to acquire real property. Whether it’s residential property, agricultural land, or commercial space, such acquisitions are treated as part of one’s legacy, which can be passed on to descendants. One of the advantages of real property is that it generally appreciates over time. Accordingly, land has been the source of many of the country’s biggest fortunes. The first acquisition of real property is a momentous event for almost everyone, a marker of having attained a comfortable station in life.

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