It is said that taxation should not restrict trade. For when it does, the flow of a progressive economy is likewise hampered. Importers have a reason to smile this time because last Aug. 31, 2016, the Commissioner of Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 56-2016. This amends the guidelines for securing importers clearance certificate (BIR-ICC) and customs brokers clearance certificate (BIR-BCC).
MANILA, Philippines – A coalition of 47 labor groups yesterday gave its full backing for the government’s move to grant an across-the-board pay hike and set a national minimum wage. In a statement, the Nagkaisa coalition said, the existing regional-based setting of minimum wage, which led to chronic poverty and inequality among workers must be replaced with a national minimum wage policy. “The deformed wage fixing policy must be rectified now as the Department of Labor and Employment (DOLE) is trying to do,” the coalition said. According to Nagkaisa, the government must certify as urgent a proposed bill abolishing the regional wage boards and enact a measure for the adoption of a uniformed wage level nationwide. Nagkaisa noted that since the Constitution was ratified, the workers’ demand for a family living wage was never addressed by the previous governments opted to maintain regionalization and containment of wages to the barest minimum. Regional-based setting of wage, Nagkaisa said, created wide gaps in salary levels which is primarily determined by the employers’ capacity to pay rather than the workers’ right to a living wage. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The same problem can be seen in different wage levels in the public sector despite the salary standardization program,” the group said. Thus, Nagkaisa said labor groups strongly support the DOLE’s recent announcement to work for the setting of a national minimum wage. The labor groups are willing to work with the DOLE in the drafting of the Read More …
MANILA, Philippines – Leading media and entertainment firm ABS-CBN Corp. has sold 1.5 million ABS-CBN TVplus boxes since the launch of its digital television service in February last year. ABS-CBN Convergence chief operating officer Chinky Alcedo said in a statement yesterday, the sales performance was driven by the new content, stronger distribution as well as the integrated marketing effort of the company. “ABS-CBN has taken huge strides in making the digital television experience more exciting and more accessible to more Filipino families,” Alcedo said. ABS-CBN’s TVplus digital box is the pioneering digital television service that offers crystal clear picture and sound. The product provides consumers a cable-like experience with no monthly fees as well as exclusive channels such as the male-oriented channel Cinemo!, children’s channel Yey!, educational channel Knowledge Channel, and DZMM Teleradyo on top of ABS-CBN Sports + Action and ABS-CBN. ABS-CBN has also introduced a new pay-per-view feature called the Kapamilya Box Office (KBO) for the digital TV service so families can catch newly released movies bundled with foreign and local box-office hits and top-rating Kapamilya shows. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the second quarter of the year, ABS-CBN TVplus’ digital signal transmission expanded to areas such as Davao City, Bacolod, Iloilo, and Cagayan de Oro, a move which cemented its leadership in digital terrestrial television in the country. The ABS-CBN TVplus digital box or “mahiwagang black box” is available for P1,499. Given the new price offer and exclusive features, Alcedo said ABS-CBN Read More …
MANILA, Philippines – Debt prepayments by Philippine borrowers, including the national government, declined by about 16 percent in the first half, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Data released by the central bank showed total prepayments on medium and long-term foreign loans in the country amounted to $1.54 billion in the first half of the year, $293 million lower than the $1.83 billion recorded in the same period last year. Prepayments by the national government on its foreign obligations fell 14.2 percent to $1.13 billion from January to June this year versus the $1.32 billion prepaid in the same period last year. On the other hand, prepayments made by private companies dropped 20.3 percent to $408.5 million from $512.5 million. BSP Deputy Governor Diwa Guinigundo said the national government and private companies are running out of foreign obligations to prepay. He pointed out the national government and private corporations started prepaying their foreign debt after the Philippines settled its obligations to the International Monetary Fund (IMF) in 2005. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He explained both the frontloading of debt payments is a continuing process for the national government and the private sector. According to Guinigundo, the government and private corporations are reviewing contracts that allow for prepayments. “If there are prepayment provisions, there are prepayment charges that have to be settled. So there will be no savings in terms of prepaying,” Guinigundo said. Both government and private corporations, he said, are carefully balancing Read More …
THE PHILIPPINES’ dominance as among the world’s top exporters of seaweed could be challenged by Southeast Asia peer Vietnam which is beefing up funding for its aquamarine industry, claimed a lawmaker who’s lobbying for a bigger budget for the sector and an independent fisheries agency.
THE Energy Regulatory Commission (ERC) has talked to Manila Electric Co. (Meralco) to try to settle their differing views on the rules covering retail competition and open access (RCOA), some parts of which are on hold after the distribution utility sought and obtained a court injunction.
In 2015, the Organization for Economic Co-operation and Development (OECD) released its final reports on base erosion and profit shifting (BEPS). The reports addressed 15 focus areas, including “Aligning Transfer Pricing Outcome with Value Creation, Actions 8-10 — 2015 Final Reports,” issued on Oct. 5, 2015. BEPS Action Plans 8-10 provided discussions regarding, among others, the “Guidance on Applying Arm’s Length Principle” and “Scope of Work for Guidance on the Transactional Profit Split Method.” The discussions mentioned additional work to be conducted by the OECD to produce new guidance on the application of the transactional profit split method.
NANNING, China – Despite his recent controversial verbal spat with the world’s most powerful president on issues involving human rights, President Rodrigo Duterte’s popularity continues to soar as he received mostly positive remarks from Chinese and ASEAN business leaders. In an interview during the opening of the 13th China-ASEAN Expo (CAEXPO) here yesterday, International Chamber of Commerce Philippines founding chairman and Philippine Chamber of Commerce and Industry chairman emeritus Francis Chua said the tough-talking Philippine president was highly regarded by the Chinese and ASEAN business communities. Chua on Saturday night met with his fellow business leaders from the region and China for the annual CAEXPO supporting chambers of commerce conference and business networking activity. “You’ll be surprised a lot of them was saying that this is the kind of president that the ASEAN needs. We have the biggest problem in Asia, in which some countries are not strong enough. (They said) we really pray hard for that president and if he succeeds, that’s a story that everybody can follow and can emulate,” Chua said. US President Barack Obama scrapped bilateral talks with Duterte last week during the ASEAN Leaders’ Summit in Vientiane, Laos following the latter’s controversial remarks. “So it’s a total different thing because there are people that keep on hammering on the human rights issue. Human rights is correct, but when it comes to the administration of the country, there is a certain way different presidents and different administrators would like to adhere into,” Chua said. Business ( Read More …
MANILA, Philippines – The Philippines is likely to lose its status as the world’s major exporter of seaweed product carrageenan as neighboring country Vietnam increases its yield support for the industry. “We are the No.1 exporter of carrageenan. But our market share is now lower because Vietnam provides better support and therefore produces better yields,” Senate Committee on Agriculture and Food Chair Francis Pangilinan said. Carrageenan is an input in meat processing, processed food, dairy products, condiments, personal care products and pet food products. The country is known as a leading producer of the seaweed derivative, whose produce reaches an average of 13,100 metric tons annually with cumulative amount of $101.5 million, government data showed. Pangilinan emphasized the skewed focus and budget towards land resources at the expense of aquatic resources. “Four-fifths of our territory is aquamarine, only one-fifth is land, but in the DA (Department of Agriculture) budget, the ratio is the other way around: 90 percent is for land and 10 percent only for aquamarine,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The DA is able to fulfill its mandate for aquamarine and fisherfolk, but in a limited sense. We should correct this by creating a high-level government agency that will focus on this,” he added. The senator, who served as presidential adviser for agriculture during the previous administration, continues to push for the creation of a single agency to handle the fisheries industry, separate from the DA. In terms of carrageenan, Pangilinan said Read More …
MANILA, Philippines – Business registration for financing and lending companies has just been made easier by the Securities and Exchange Commission (SEC) in line with the Duterte administration’s anti-red tape thrust. “This would speed up the processing for the issuance of the certificates since there would be lesser documents for inspection and evaluation,” SEC chair Teresita Herbosa said. From 23 documents, those registering to operate need now only to submit 15 to the SEC’s registration and monitoring department’s (CRMD). This was after the agency consolidated requirements and dropped ones deemed redundant. Dropped documents were local police clearance; certificate of good moral character for Filipino directors and officers; work permit from the Department of Labor and Employment for foreign directors and officers and location map and copy of the lease contract or title of the building where the company is located. For financing companies applying to operate a branch office, requirements had been reduced to eight from 13 previously. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As part of the streamlining of processes, CRMD has also modified its application form, company’s information and personal information sheets and made them easier to be filled out. Monitoring of existing players were also made easier through less requirements needed to be submitted to the agency’s corporate governance and finance department (CGFD). The department will no longer require the submission of the following documents: SEC form Q-EPS or quarterly report; certification of corporate secretary on the attendance of directors on board meetings if Read More …