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 – The country’s healthcare information management service industry employed 100,000 people last year and generated $1.9 billion in revenues, the Healthcare Information Management Association of the Philippines (HIMAP) said. HIMAP president Beng Coronel said the industry is on track to hitting its target of employing 210,000 people by 2022, translating to a 100 percent jump in revenues to about $5 billion. Actual revenue growth could even be higher given the potential of the industry, Coronel said. “This is a conservative growth in revenue forecasted at 250 percent from $1.9 billion in 2015 and these figures were shown during last year’s conference,” she said. The industry has been growing since 2011 with service providers showing strong capability to offer more work. It has diversified from just medical transcription such as medical coding, medical billing, outpatient care services, telemedicine, pharmaceutical and healthcare application support. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As the industry continues to grow, it is expected to offer a wide array of career opportunities for healthcare professionals including nurses who often find it difficult to find gainful opportunities in the country. HIMAP is organizing the Global Convergence Enabling Inclusive Care and Innovation on Sept. 15 to discuss ways on how to further grow the industry. The conference is expected to look into stakeholder roles in healthcare and how some trends disrupt the growth and innovation in healthcare industry. Coronel said the conference aims to look back at the achievements of the industry and look forward to opportunities for sustained Read More …
The country’s GDP growth accelerated to seven percent in the second quarter from the revised 6.8 percent in the first quarter on the back of a strong boost from election related spending. MANILA, Philippines – More investment banks are upgrading the country’s economic growth prospects after a stronger than expected gross domestic product (GDP) expansion in the second quarter. David Mann, managing director and chief economist for Asia at Standard Chartered Bank (SCB), said the bank now expects the country’s GDP to grow faster at 6.8 percent instead of 6.4 percent this year and to 6.7 percent instead of six percent for 2017. “Consumption has been relatively robust,” Mann said. He said there is a lot of positivity under the Duterte administration because of its commitment to pursue the reforms undertaken by the previous administrations and further liberalize the country’s economy. The country’s GDP growth accelerated to seven percent in the second quarter from the revised 6.8 percent in the first quarter on the back of a strong boost from election related spending. This brought in the first half of the year to 6.9 percent from 5.5 percent in the same period last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Weak global demand and the lack of government spending under the previous administration pulled down the GDP growth to 5.9 percent last year from 6.1 percent in 2014. The Development Budget Coordination Committee (DBCC), slashed the GDP growth target this year to a range of six to Read More …
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 …