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.
MANILA, Philippines – PLDT Inc. expects a tough third quarter in terms of net earnings. “It’s gonna be a tough third quarter. The typical story, it’s really wireless being the epicenter of the issues,” PLDT Inc. chairman and CEO Manuel V. Pangilinan told reporters on the sidelines of the Be the Boss Awards 2016. PLDT generated P55.47 billion from wireless businesses provided by Smart Communications and Digitel Mobile Philippines Inc. (Sun Cellular), as well as wireless broadband services in the first semester. The amount was down four percent from P58.09 billion a year ago. Pangilinan said the company also expects to see a slight erosion in the mobile subscriber base due to stiff competition. The PLDT Group had a total of 64.47 million subscribers as of end-June, down from the 68.86 million in the same period last year. Pangilinan said the home and enterprise business units, meanwhile, are seen to post better performance this year compared to last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As of the first semester, PLDT’s consolidated core income reached P17.7 billion, down six percent from P18.9 billion last year. The telco’s net income for the January to June period reached P12.5 billion, 33 percent lower than the P18.7 billion in the same period a year ago. PLDT has set a core income guidance of P30 billion this year. The company ended 2015 with core net income of P35.2 billion, in line with its guidance for the year. PLDT, which initially set Read More …
MANILA, Philippines – A weather-based crop insurance coverage for farmers is being pushed by a former Agriculture secretary now serving as a legislator at the House of Representatives. Bohol Rep. Arthur Yap, who served during the Arroyo administration, wants to protect farmers from the effects of climate change by ensuring they get money depending on the weather. “This can be part of the package of social protection for the poor to help them stay afloat and be one of the tools that we can use to increase food security,” Yap said. “If we can afford to give P60 billion to P70 billion for CCT (conditional cash transfer), why can’t we set aside for index-based insurance?” he added. Under House Bill 40, farmers will be paid cash depending on the measures of indices of wind, water and dry spell, among others, as computed by the state weather bureau. The index-based program could also be triggered by extreme weather conditions, which may impact from the planting to the harvesting of crops. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Currently, the Philippine Crop Insurance Corp. pays only up to P1 billion to cover for damaged crops. This, even as data showed that the country is losing around P40 billion every year from it. “That does not even cover all crops and that is the very eloquent testimony to the absence of crop insurance in the country. Without that, how are you gonna protect the farmers?” Yap said. Yap emphasized that the Read More …
The benchmark Philippine Stock Exchange index (PSEi) may recover up to 7,780 this week after a weak performance last week, analysts said. MANILA, Philippines – The benchmark Philippine Stock Exchange index (PSEi) may recover up to 7,780 this week after a weak performance last week, analysts said. According to Jonathan Ravelas, chief market strategist at Banco de Oro (BDO), a pullback, if it does happen, may be limited. “The week’s close at 7,581.79 suggests the market still has some room to test the 7,500 levels in the near-term. Failure for the 7,500 levels to hold could call for further losses toward the 7,250 levels. However, given the decline for the fifth straight week, a pullback could occur but limited toward the 7,760 to 7,780 levels,” Ravelas said. Last week, the main composite index fell 2.89 percent to 7,581.79. Analysts attributed the decline to a series of unfortunate events, with a looming US Federal Reserve hike among the biggest of such factors. President Duterte’s tirade with US President Barack Obama also added to the uncertainty as investors deem that the Philippines cannot afford to strain ties with the US. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Market participants are waiting for the US Federal Open Market Committee meeting scheduled on Sept. 22. For Victor Felix, equity analyst at AB Capital, immediate support is seen at 7,550, which may serve as a technical rebound point. “Overall, we may continue to trade lower next week on increasing downward momentum. That said, Read More …