Maniolas

MANILA, Philippines – A notable 214 Philippine banks and financial institutions have registered under the Foreign Account Tax Compliance Act (FATCA), a US law that requires non-US entities to identify American accounts holding over $50,000, the Bangko Sentral ng Pilipinas reported. Enacted in 2010, the FATCA mandates banking and financial institutions that conduct business with US individuals and entities to report the name and address as well as the largest account balance in the year and total debits and credits of any account owned by a US resident. This measure is designed to help US authorities track resident individuals and companies hiding income and assets in foreign jurisdictions. It is also aimed at curbing offshore tax evasion by American citizens. According to the BSP, 51 of the 214 domestic financial institutions that registered under FATCA as of the end December last year comprised of banks. Failure to comply with FATCA’s requirements will expose such financial institutions to a hefty 30-percent withholding tax on all US-sourced revenues including dividend, interest, fees and sales as well as the investments of their customers. The BSP said the Philippines signed on Nov. 30, 2014 an intergovernmental agreement (IGA) with the US Internal Revenue Service (IRS), making it easier for the country to comply with the provisions of FATCA. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “The status of the Philippines as a jurisdiction treated to have an IGA in effect provides welcome relief on some FATCA-related operational issues confronting Philippine financial institutions,” Read More …

MANILA, Philippines – The global market is coming to Manila as  the World Trade Center Metro Manila (WTCMM) plays host to the forthcoming 46th World Trade Centers Association General Assembly (WTCA GA) with the conference theme, “Better Together,  Global Unity and Cooperation,”on April 26-29, at the exhibition hall of WTCMM. The three-day WTCA GA is the most important event in the WTCA’s annual calendar and platinum sponsors supporting the prestigious global assembly are the Tourism Promotions Board promoting 2015 as Visit Philippines Year;  Philippine Airlines as the official carrier of delegates flying in from all over the world; and the Center for Culinary Arts highlighting Filipino culinary talent through stylized Filipino cuisine. Other government agencies and local companies supporting WTCMM are the Philippine International Trading Corp, Sycip, Gorres & Velayo Co., Philippine Retirement Authority, Oxford Business Group, Philippine Exporters Confederation, Tourism Infrastructure and Enterprise Zone Authority, Ralph’s Wines and Spirits, Figaro Coffee Systems, Inc., Live Events,  Worldstage, Eras Furniture, and Sofitel Philippine Plaza Manila. The global market, represented by some 250-300 businessmen and investors from nearly 100 countries is coming to Manila and top-level business contacts are expected to realize great potential for near-term investments through networking and business matching with local delegates representing the Makati Business Club, Management Association of the Philippines, Financial Executive Institute of the Philippines and the Philippine Chamber of Commerce and Industry. The general assembly is hosted by a World Trade Center and  each year  rotates to different continents and draws some 250-300 foreign delegates Read More …

He is not going to resign, nor will he be impeached. So let us stop wasting time and energy on this unproductive rant and give him the last 15 months to prove that he can manage and lead the country as we all hoped when we voted him into office. “Daang Matuwid” is a great tag line, but nobody mentioned the ruts and cracks along the way that need to be filled if we are to make progress down this road. These are the sort of things that may seem small in the scale of things that are important to governing a fractious country. In truth, these are all that matters for the majority of Filipinos and it is what shapes their perception of what good government is all about. That permits and licenses are issued promptly and with the minimum of fuss, that garbage is collected, that trains run on time, that they don’t get mugged coming home from work and that basic health care is available, etc. In other words, things that make daily life to be a little less burdensome through the effective provision of the basic public services that the respective government agencies are mandated to perform. And this effectiveness boils down to a matter of good and effective management of these agencies. Unfortunately, mismanagement seems to be more prevalent in many government agencies. And one that seems to be the poster boy of them all is the DOTC which is proving to be one such Read More …

MANILA, Philippines – Japanese electric vehicle (EV) maker BEMAC Electric Transportation Philippines Inc., which is ready to mass produce electric tricycles (e-trikes) here plans to make the Philippines its production hub for EVs in Southeast Asia. BEMAC vice president Koji Yano said during the press conference for the launch of the 68VM e-trike, the firm intends “to make the Philippines the production hub for the Asean (Association of Southeast Asian Nations).” While the firm’s production facility in Carmona in Cavite would primarily cater to the domestic market, BEMAC president Masato Oda said it would also serve the demand for EVs for other Asean countries. “We decided to make the Philippines the hub because we found a reliable partner here, Almazora (Motors Corp.),” he said. The firm is in talks with potential customers both here and in other Asean markets. While there have been inquiries from countries like Malaysia, Thailand and even India, BEMAC assistant vice president Yvonne Palomar-Castro said the firm would focus on the domestic market first and expects to begin exports by next year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The firm has so far invested P500 million for its production facility in Cavite. The facility, which opened in February, has a capacity of 500 units per month but could be expanded by another 500 units depending on demand. The first EV to be produced in the facility is the 68VM e-trike which retails for P450,000 and could be charged using any outlet. The 68VM, Read More …