RAISING the compensation package of employees in government-owned and -controlled corporations (GOCC) could cost P6 billion, Department of Finance (DoF) Secretary Cesar V. Purisima said last week, even as he suggested that this could be a reasonable price for strong growth in the sector.
ASIA-PACIFIC Economic Cooperation (APEC) Ministers meeting in Boracay over the weekend said they plan to achieve the economic bloc’s inclusiveness goals by making progress towards Asia-Pacific free trade agreements, and endorsed a Boracay Action Agenda to connect the region’s micro, small and medium enterprises (MSMEs) directly to global markets.
In tax examinations, the Bureau of Internal Revenue (BIR) usually applies a set of standard procedures, with two being the most common. First, it compares the purchases reported on the Summary List of Sales (SLS) submitted by suppliers, on the one hand, with the purchases reported on the value-added tax (VAT) returns/Summary List of Purchases (SLP) by the taxpayer, also known as the Reconciliation Listing for Enforcement System (RELIEF) audit.
THE WORLD Trade Organization (WTO) has urged the Philippines to participate in the “necessary steps” for the ratification of a trade agreement facility aimed to provide assistance for developing and less-developed countries (LDCs) in the region.
THE AMENDMENT seeking to remove Constitutional restrictions on foreign ownership of certain assets could go to a second-reading vote next week, a House official yesterday said.
DAVAO CITY — Bidding for the Sasa Port modernization is moving ahead with the Department of Transportation and Communications (DoTC) set to hold the prequalification conference today as scheduled despite mounting calls for a reconsideration of the privatization project from the Davao Region business community and local governments.
THE GOVERNMENT has pushed back the timetable for companies to submit counteroffers for Manila North Tollways Corp.’s (MNTC) P18-billion proposal to connect the North Luzon Expressway (NLEx) and South Luzon Expressway (SLEx), a Department of Public Works and Highways (DPWH) official said on Tuesday.
THE PROPOSAL to create a separate company to administer power generation in Mindanao has won committee approval at the House of Representatives, bringing closer to fruition plans to prevent the privatization of the island’s main hydro power facilities.
Inherent in the three branches of our government are three core powers granted by the 1987 Philippine Constitution. The authority to make laws and to alter or repeal them is conferred on the Legislative Department. The implementation of laws is charged to the Executive Department. The power to interpret laws, to hear and decide cases when disputes arise, lies with the Judiciary. The existence of these independent co-equal bodies is a fundamental characteristic of a democratic government.
THE FINANCE and Trade departments have finally reached consensus on a monitoring scheme for tax incentives given to export firms, eight months after talks on an incentives measure started at the House of Representatives.