philstar.com - Business

Nov 162016
 
IPR agency seeks 2-year cap on litigation

MANILA, Philippines – The Intellectual Property Office of the Philippines (IPOPHL) is seeking to put a cap on the litigation period of intellectual property rights (IPR) cases to not more than two years. IPOPHL director general Josephine Santiago said in a briefing yesterday the limitation would form part of its proposed revisions to the implementing rules and regulations (IRR) of the Violation of Law Involving Intellectual Property Rights. “In litigating a case, I don’t remember seeing a provision that it should be five years only or six. So I said why don’t we limit it to two years. So we will be coming up with a revised IRR limiting the litigation part of the intellectual property to two years and by then there should be a decision. Perhaps that will be shorter than that of the courts. Certainly they will be assured that in two years’ time there is a decision already,” Santiago said. According to Santiago, cases in the country take time to be resolved as one or two parties usually delay it. Santiago said implementation of the revised IRR is targeted by the first quarter of next year once a series of public consultations are completed. “This is going to evolve after the public consultation, particularly as to what will happen and what will we do if it is not concluded within two years. So we have to consult. The revisions are still being crafted but in principle, that is going to be the direction,” the IPOPHL chief Read More …

Nov 162016
 
Term deposit volume hiked to P180 B

BSP Governor Amando Tetangco Jr. said the central bank decided to increase the size of the TDF amid the strong inflow of liquidity into the overnight deposit facility (ODF). File photo MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is raising anew the volume of term deposit facility (TDF) starting next month to siphon off excess liquidity in the financial system. Starting Dec. 1, the size of the TDF will be at P180 billion from the current level of P130 billion. This is the sixth time the central bank is raising the size of the weekly auction of seven- and 28- day term deposits since the facility was launched last June 8 with an original of P30 billion. The size was raised to P50 billion on July 7, P70 billion on Aug. 3, P90 billion on Aug. 31, P110 billion on Oct. 5, P130 billion on Nov. 2, and P180 billion starting next month. The P50 billion increase next month is the biggest since the monthly adjustment of P20 billion per month. The TDF was launched as part of the shift to the interest rate corridor (IRC) system last June 3. BSP Governor Amando Tetangco Jr. said the central bank decided to increase the size of the TDF amid the strong inflow of liquidity into the overnight deposit facility (ODF). “We raised the auction size for both facilities for the December auctions as there is still a significant amount of liquidity flowing into our ODF. Capturing more liquidity in Read More …

Nov 162016
 
DOT taps DTI, DOLE for tourism promotion

MANILA, Philippines – The Department of Tourism (DOT) plans to forge tie-ups with the Department of Trade and Industry (DTI) for the promotion of tourism products and the Department of Labor and Employment (DOLE) for the capacity building of non-English speaking tour guides. Tourism Undersecretary for regulation, coordination and resource generation Alma Jimenez said this was part of the various convergence initiatives being considered by national agencies under the new administration. “One of the convergence programs which will surface soon, is the signing of an agreement between the DTI and the DOT for the mutual promotion of tourism products,” Jimenez said.  “Tourism will be considered a product of the DTI, the same way we consider the products being espoused by the DTI,” she added. Under the partnership, the DOT will showcase the various products of the Philippines in their showrooms, while the DTI will promote Philippine destinations and tour packages. Jimenez said the DOT was also considering taking part in the reintegration program of DOLE for returning overseas Filipino workers to convert them into tour guides once back in the Philippines. Instead of training tour guides in various languages, such as Chinese and Japanese, the official said the DOT would hire returning OFWs and capacitate them as tour guides. “It’s harder for us (DOT) to teach language training. Incidentally, I removed the language training in the industry and manpower development (of DOT) because what I wanted was our returning OFWs, who already have conversational ability to speak languages of their Read More …

Nov 162016
 
Dragonair hikes Clark-HK flights

MANILA, Philippines – Dragonair is increasing its Clark to Hong Kong flights to six times per week beginning next month. Clark International Airport Corp. (CIAC) said the plan to hike the weekly Clark to Hong Kong flights was discussed during the meeting of CIAC president Alexander Cauguiran and Dragonair country manager Rob Bradshaw. “We are increasing our frequencies this December from four to six times weekly as we are expecting an increase in traffic at Clark Airport, and we are very much excited on the developments (in relation to the Clark International Airport),” Bradshaw said. The government is positioning Clark as an alternative to the congested Ninoy Aquino International Airport. To promote Clark International Airport, President Duterte has earlier announced programs such as expansion and putting in place support infrastructure, construction of a railway system to link Clark to Manila, as well as the development of a second passenger terminal which should start by the middle of next year. Cauguiran said CIAC would continue to support the carrier’s operations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Following the increase in weekly flights, Bradshaw said Dragonair intends to add more flights serving Clark International Airport. The plan to add more flights is being considered as part of Dragonair’s rebranding to Cathay Dragon in the coming weeks. “We hope this new brand will bolster demand especially for Clark Airport,” Bradshaw said. Dragonair started operations in the Clark Airport in November 2008. A subsidiary of Hong Kong’s Cathay Pacific, Dragonair operates Read More …

Nov 162016
 
Hope for OFWs

In their desire to improve their lives, many Filipinos sacrifice their time with their families to work abroad and earn a decent income. Hopefully, in the next few years, our modern day heroes will not need to work overseas in order to help their families. Last Tuesday was the 6th OFW and Family Summit. The summit was organized by Villar Sipag Foundation and Go Negosyo to promote entrepreneurship among OFWs and their families. For the past few years, the summit has featured different business opportunities OFWs or their families can consider and invest on. I met one former OFW turned entrepreneur, Imelda Dagus. She has been an OFW for more than 20 years and worked as an executive secretary in an oil company in Oman. She has always been enterprising. She has read business books and attended business seminars. In fact, she attended one of the first seminars abroad of Go Negosyo in 2013 held in Bahrain where she met some of our angelpreneurs and learned about the Go Negosyo advocacy. Her family has a coffee shop established by her grandmother in 1962. The family has managed the business, but because of lack of focus, the business did not grow. Imelda decided to improve the business and upgrade the products and services they offered. In 2015, she opened Dennis Coffee Garden which originated in Jolo, Sulu, but is now in Zamboanga. It is one of the most visited coffee shops in the province. Their coffee shop offers organic coffee called Read More …

Nov 162016
 
Peso nears 8-year low

British banking giant HSBC expects the peso to  breach the 50 to $1 level early next year due to the shocking victory of Republican Donald Trump as well as the notable shift in government policy under the Duterte administration. File photo MANILA, Philippines – The peso tumbled to a near eight-year low against the dollar yesterday, closing at 49.35 from Tuesday’s close of  49.17 to $1 as the dollar continued to strengthen against major currencies. Yesterday’s close was the lowest since it settled at  49.37 to $1 on Dec. 4, 2008 due to the global financial crisis. Trading volume increased to $666.5 million from Tuesday’s $600.9 million. British banking giant HSBC expects the peso to  breach the 50 to $1 level early next year due to the shocking victory of Republican Donald Trump as well as the notable shift in government policy under the Duterte administration. In a report, HSBC said the peso is expected to settle at  49.40 to $1 this year and  at 50.70 to $1  in 2017. HSBC said the election of President Duterte in May has led to a notable shift in government policy and fortunes for the peso. The bank pointed out Duterte was elected on his proposals of large-scale infrastructure spending, economic reforms and reduction of crime. Initially, HSBC said the political change could be positive for the peso with reforms paving the way for foreign direct investment inflows. However, the foreign bank said it underestimated the administration’s change in foreign policy after President Read More …

Nov 162016
 
Gov't to speed up contractor payments next month

Under Circular Letter 10-2016, the Department of Budget and Management lifted the 24-hour waiting period required before checks could be encashed or funds credited to contractors’ accounts. File MANILA, Philippines — State contractors may get their payment earlier than usual beginning next month as the government aims to unload more funds before new budget obligations clog agencies. Under Circular Letter 10-2016 dated November 14, the Department of Budget and Management (DBM) lifted the 24-hour waiting period required before checks could be encashed or funds credited to contractors’ accounts. “(This is) in order to facilitate settlement of valid government payables within the current year and avoid spillover pressure of outstanding payables to the incoming year…,” the circular said. If possible, agencies were even asked to pay their obligations by December 22, although they would still be allowed to issue checks until December 29. “Agencies are encouraged to settle their due and demandable obligations as soon as possible,” the circular said. Once obligated, funds for projects are deemed already under contract, and therefore, will be paid even once a new budget takes effect by January 1 of next year. Under the budget process, obligated funds could be disbursed through the issuance of notices of cash allocation which allows agencies to secure checks from the Bureau of the Treasury. The checks are governed by the modified disbursement system, which originally instructs agencies to deposit them to their payee’s accounts “not earlier than 24 hours after due date.” The latest order, which had also been issued Read More …

Nov 162016
 
No halt on tax audits this holiday season - BIR

Before, audits were halted during Christmas season to avoid tax examiners asking gifts, an official of industry group Tax Management Association of the Philippines said. Philstar.com/File  MANILA, Philippines — There will be no let-up on the Bureau of Internal Revenue’s (BIR) audits this holiday season as it aims to reverse a revenue slowdown toward “maximum” collection by the end of the year. “All field audit and other field operations, including all enforcement activities, shall continue during this holiday season,” Revenue Memorandum Circular 109-2016 dated November 7 stated. “It is reminded that all efforts should be directed to ensure maximum revenue collection throughout the year,” it added.  In previous years, BIR stops audits from December 15 until January 1 of the following year. Eleanor Roque, a director of industry group Tax Management Association of the Philippines, said halting audits during Christmas season before was meant to avoid “tax examiners asking gifts.” “But I guess now, given the promises and the declarations of the new administration, taxpayers are assured that will not happen or if it does, they have ways to report it,” she said in a phone interview on Wednesday. BIR, which accounts for around 80 percent of state revenues, had fluctuating performance since the Duterte administration took over on June 30. It increased revenues by one percent in July, a seven-month low, before recovering to a 10-percent uptick the following month. In September, it slowed again to one percent. It brought the nine-month tally to P1.17 trillion, still up 9 percent Read More …

Nov 152016
 
Philippine agriculture, farming to benefit from innovative tech

Winston Damarillo during the OCEAN 16 press conference. Philstar.com MANILA, Philippines – There are a lot more opportunities to use technology to improve Philippine agriculture and farming, according to digital enterprise transformation consultant Winston Damarillo. Damarillo, executive chairman of consulting firm Amihan Global Strategies (AGSX), said there is a lot more energy in the Global Shapers, the young version of the World Economic Forum, where many of the members are farmers. “It’s also the area where we can apply technology,” Damarillo, co-chair of OCEAN 16. The Open Collaboration with East Asia New Champions or OCEAN is a biennial gathering in the Philippines that brings together leaders across sectors to connect, discover new ideas, and shape a more creative and innovative future together. Damarillo said that areas where technology can be applied will bring interest. And interest can bring investors. Aside from investors, Damarillo also mentioned doing crowdfunding or crowd sourcing – raising money by asking a large number of people for smaller amounts and pooling it together – or going to independent private investors. “There is a lot of interest and a lot of activities in rural electrification. How do you bring power to rice fields, right? And this is where we have a lot of opportunities because technology is like plasma gasification, solar batteries… These are things that you can bring to the farm,” Damarillas said. “And any energy input to agriculture has a multiplying effect. Hopefully, we’ll see more of that,” Damarillas added. OCEAN will be holding a summit to promote the “Fourth Industrial Revolution” also known as “Industry Read More …

Nov 152016
 
Frugal tips that don’t actually save you money

MANILA, Philippines – Why do you save money? According to a 2015 report by the Bangko Sentral ng Pilipinas (BSP), 97 percent of Filipino adults believe that saving money is important. And the top three purposes for saving money, as the results show, are emergencies, food and education. While these are great goals, do you realize that how you save money can directly impact whether you’ll meet your financial goals? Unfortunately, there are some “money-saving” habits that are not actually helping you. Let’s take a look at a few: 1) Buying promos Discount coupons, buy-1-take-1 items, zero-percent interest. They’re some of the most attractive offers you often fall for, right? You believe that you’re saving money by buying items and services that cost less than their original price. Well, think again. Buying promos is not frugality anymore when you do it too frequently than you need to. For example, a coupon says it can slash the price of a prestigious buffet dinner to half. Looks like a great deal, isn’t it? But do you actually need it? Are you going to celebrate something soon or do you just feel like it’s an opportunity missed if you don’t purchase it now? Think carefully. More often than not, you’ll find yourself spending more—and not saving when you let yourself get overwhelmed by discounts. Again, take a good look at your needs and finances before jumping into a purchase. 2) Income – expenses = savings When you were younger, did you have elders Read More …