Maniolas

Moody’s Investors Service said cash remittances and the income of the business process outsourcing (BPO) sector in the Philippines would be affected by a shift in US policies under the next administration. STAR/File photo Moody’s warns of policy shift MANILA, Philippines – Moody’s Investors Service said cash remittances and the income of the business process outsourcing (BPO) sector in the Philippines would be affected by a shift in US policies under the next administration. In a research note Moody’s said the outcome of the Nov. 8 presidential elections in the US could range from a continuation of the status quo to a gradual retrenchment from trade and investment ties, and curbs on immigration. The rating agency said remittances to Asia including the Philippines could weaken if US tightens immigration rules. “Immigration has been another major focus of the US election campaign. A tightening in immigration rules in the US would over time dampen growth in remittances to other countries, which are significant for some Asia-Pacific sovereigns,” Moody’s said. Moody’s said remittances from the US accounted for 3.3 percent of the country’s gross domestic product (GDP) and 9.2 percent of the current account (CA) surplus last year. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances from overseas Filipinos inched up three percent in the first seven months after contracting 5.4 percent in July alone. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Money sent home by Filipinos abroad reached $15.32 billion from January to July, $449 Read More …

“The tax reform package may be described as the linchpin of the broader reform package envisioned by the Duterte administration.” Philstar.com/File photo MANILA, Philippines – An administration-backed tax reform package will be submitted to Congress on Monday, with government support ensuring its passage although not likely by the end of the year as targeted. The first of four packages meant to amend the nearly two-decade-old National Internal Revenue Code will be handed to the House ways and means committee “on Monday, 10 a.m.,” the Department of Finance said on Friday. “The tax reform package may be described as the linchpin of the broader reform package envisioned by the Duterte administration,” Finance Secretary Carlos Dominguez said in a statement. Chances are high it will be passed, although at this early, the House committee that will tackle it tried to temper expectations it will be in effect by next year as DOF earlier said. “Our target is to bring it to the plenary by the end of the year,” said Quirino Rep. Dakila Carlo Cua, ways and means committee chair. “Definitely, it will be passed, it’s just a question when,” he said in a phone interview. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As promised by President Rodrigo Duterte during his campaign, the first of four packages aims to lower personal income taxes by restructuring the tax brackets that currently impose a maximum of 32 percent on earnings more than P500,000. Under the plan, the 32 percent will now be charged for those earning between Read More …

MANILA, Philippines – PLDT Inc. has rolled out a new mobile application called SmartLife Global to provide digital content as well as other services such as bills payment to overseas Filipinos. The new app offers carefully curated digital content such as Philippine movies, music, and news that enable overseas Filipinos to stay in touch with home. It also features other relevant services such as bills payment for utilities and load sharing for families in the Philippines. “Smartlife Global provides Filipinos abroad with a lively digital connection to home,” PLDT chairman and CEO Manuel V. Pangilinan said in a statement. The app is being delivered through PLDT’s international marketing and operations unit PLDT Global Corp. and being made available initially in the US, Canada, United Kingdom, Spain, Italy, Hong Kong, Macau, Singapore, Malaysia, Japan, Taiwan, Vietnam, Guam and Australia. SmartLife Global is free upon download and users can enjoy a 30-day trial period during which they have unlimited access to local news and free access to a rich library of Filipino movies, concerts, original Pilipino music and premium magazines. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 After the 30-day trial period, users can continue enjoying content from the app for only $2.99 per month for music, and $4.99 per month for movies and concerts. To date, the app has over 20,000 downloads, with more than 3,000 movies watched, more than 2,000 songs listened per day, more than 600 magazines downloaded, and more than 15,000 news feeds read. “We are Read More …

MANILA, Philippines – BDO Unibank Inc. is the first institution in the country to be accredited as administrator of the contributions made by employers and employees to a retirement savings program. The universal bank owned by retail and banking magnate Henry Sy through its Trust and Investments Group is now an administrator for the Personal Equity and Retirement Account (PERA). BDO Trust executive vice president and trust officer Ador Abrogena said being named the first PERA administrator is a distinct privilege. “This will allow BDO to further promote its advocacy for financial inclusion. It is also a great responsibility and thus, we have to see to it that it is properly implemented.  We are working towards aligning our systems and processes with recent and forthcoming regulatory issuances,” he said.  The listed bank hurdled stringent qualification requirements of the Bangko Sentral ng Pilipinas (BSP) and the Bureau of Internal Revenue (BIR). RA 9505 also known as the PERA Act of 2008 was enacted to establish a legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization and capital market development, to contribute to long-term fiscal sustainability through the provision of long-term financing and to reduce the need for social pension benefits. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PERA establishes the legal and regulatory framework for voluntary personal retirement plans as a means to promote savings mobilization, capital market development and long-term fiscal sustainability.  It affords employers an opportunity to become agents in Read More …

MANILA, Philippines — The government plans to release P60 billion of the coconut levy funds before yearend to help try to save the industry, which is currently in peril due to pest infestation, Agriculture Secretary Emmanuel Piñol said. “The president issued an instruction to me and to the Presidential Legislative Liaison Office to work out with Congress ways of a legislation to finally release to the farmers in whatever form will be agreed upon the P60 billion coconut levy fund, which is now in the National Treasury,” Piñol told reporters. The coco levy funds, amounting to over P70 billion, were taxes collected from coconut farmers under Presidential Decree 755 in 1975. The taxes were supposed to be used for the construction of projects to benefit coconut farmers but the money was instead used to buy a large percentage of the bank now known as United Coconut Planters Bank. Piñol is set to meet with Zamboanga City Rep. Celso Lobregat on how Congress can help have the money released. The Agriculture secretary will consult with stakeholders in the first week of October to discuss how to immediately assist the farmers and the industry. “The moment we agree on how to do it, I will ask one of the congressmen [Lobregat] to file a bill and I will ask the president to certify it as urgent,” he said. The bulk of the fund will be used for the rehabilitation and expansion of the industry while the remainder will be allocated for scholarships Read More …