(Second of two parts) IN THE first part of this article, we discussed the circumstances leading to the growing importance of credit valuation adjustment (CVA) and counterparty credit risk, as well as the financial reporting requirements relating to CVA and debit valuation adjustment (DVA) and an overview of its calculation.
THE DEPARTMENT of Transportation and Communications might reassess the bidding terms of the P60-billion Light Rail Transit Line 1 (LRT-1) expansion project, after the pre-qualified bidders raised concerns, the DoTC chief said in statement.
THE COUNTRY will enter into air service talks with Japan next month as the Philippines eyes more Japanese tourists.
THE HOUSE of Representatives aims to conclude budget deliberations on the proposed 2014 budget next month, the appropriations committee chief yesterday said.
THE DYNAMIC character of tax laws is due in large part to the wealth of jurisprudence that through the years have helped interpret, clarify and elaborate Tax Code provisions and their implementing rules and regulations. On some occasions, court rulings have even upheld the constitutionality of tax issuances and looked favorably on decisions and policies made by tax officials. Judicial interpretations both from the Court of Tax Appeals (CTA) and the Supreme Court (SC) breathe new life to tax laws, introducing insightful perspectives. Nowhere is this more evident than in the refunds of excess creditable withholding tax (CWT).
DAVAO CITY — The government eyes an “effective demand forecasting system” to ensure stable power supply in Mindanao and will also undertake a multi-billion peso program to further enhance the trade and tourism potentials of the island, Cabinet officials said at the Mindanao Business Conference (MinBizCon) last Friday.
PNOC-Exploration Corp. (PNOC-EC), the upstream energy development arm of state-run Philippine National Oil Co., is seeking offers for the design and construction of its compressed natural gas (CNG) refilling stations in Batangas and Laguna.
(First of two parts) The 2008 financial crisis has led to some significant changes in the areas of fair value and risk management, including an increased emphasis on counterparty credit risk in derivatives. These changes are starting to take root in the Philippines through the implementation of Philippine Financial Reporting Standard (PFRS) 13, Fair Value Measurement, and the adoption of the Basel III capital reforms on counterparty credit risk. PFRS 13, which took effect on Jan. 1, 2013, requires all entities to consider credit risk in determining the fair value of derivatives. The Bangko Sentral ng Pilipinas (BSP) plans to adopt the Basel III capital rules on counterparty credit risk, currently contained in an exposure draft that is expected to take effect starting Jan. 1, 2014 when finalized.
HIGHER electricity rates and strong liquidity growth could pose as upside risks to inflation, Bangko Sentral ng Pilipinas (BSP) officials said as they project inflation to still settle within the central bank’s forecasts for this year and the next two years.
DAVAO CITY — President Benigno S. C. Aquino III addressed Mindanao’s major issues during the opening of the three-day Mindanao Business Conference at this city’s SMX Convention Center yesterday.