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.
Last month (Aug. 13), we held our investor briefing at the Meralco Theater. As with our other briefings, we devoted time for a Q&A portion to answer questions from the audience. In this column, we share our answers to some of the common questions or concerns that were raised during the briefing. We believe these topics are still relevant given recent developments and current market conditions. 1. The ghost month just ended. Should we expect the stock market to start performing better soon? The ghost month for this year started on Aug. 3 and ended on Aug. 31. For that period, the PSE Index posted a 3.1 percent loss. Though the ghost month is over, we note September is also a relatively weak month. In a recent article, we showed September has an average return of -1.4 percent, with a 48 percent chance of declining (Who’s afraid of ghosts?, Aug. 1). Although it is very hard to predict what will happen to the stock market in the short term, we use historical data to uncover seasonal patterns in the stock market. In our book “Opportunity of a Lifetime” (page 196), we said we use August and September as buying windows since they are seasonally weak months for stocks. We do the buying during the weak months of the year in preparation for December and January, which are the strongest months of the year. December has an average return of +3.9 percent while January has an average return of +3.4 percent. Read More …
In the olden days, the press secretary was the Cabinet official responsible for dealing with the press. There was no presidential spokesman… it was just the press secretary. Usually, the position was held by a seasoned former journalist. This is because the position calls for a notable professional experience as a newsman and also a strong relationship with the working press. The press secretary must be able to anticipate the needs of newsmen working against a deadline. He must know what is news and is able to present the day’s stories in a way that would be clearly understood and attract maximum attention from reporters, editors and readers. As a journalist, having a former colleague as press secretary also means there is this important element of trust… no bum steers. He will not, for instance, claim Duterte will sit between Obama and Ban Ki Moon even if he is not sure it will happen… it didn’t. Mutual respect between news source and reporter is essential. Things are admittedly more complicated now. The press is still there, broadcast media, and now the most difficult of all, social media. There are more people speaking on behalf of the president. Aside from the communications secretary and presidential spokesman, the presidential legal counsel just can’t help himself when a microphone is before him. It is a mess. In the latest flap on Obama, all three people had something to say plus the Labor and Tourism secretaries too. All were eager to do damage control Read More …
Aerial view of the 34.5-hectare VICT in Melbourne. ICTSI soon to open world’s most modern terminal MELBOURNE – By the time Victoria International Container Terminal Ltd. (VICT) starts operations at its new 34.5-hectare cargo port in Melbourne before the year ends, it would have firmly established its parent firm, International Container Terminal Services Inc. (ICTSI), as a global powerhouse in the industry. With 30 terminals spread across 20 countries – including highly-industrialized economies such as the US and China – in six continents, ICTSI has gone Down Under, raising the bar in cargo handling as it touts the “only terminal in the world built without any human body on the land site.” Shelling out A$550 million (about US$415 million) for the project – the company’s third biggest investment after the Manila flagship and Ecuador – ICTSI will utilize cutting-edge technologies and innovations for a fully-automated process from the gate to the quayside. “This will change the logistics landscape in Australia,” said Christian Gonzalez, ICTSI senior vice president and head of Asia Pacific operations, at a recent briefing for Philippine-based media here. Gonzalez “For the first time, post-Panamax cargo ships will be handled in Australia, greatly benefitting both exporters and importers as they can transport larger shipments that otherwise would just pass by and dock in other ports,” he explained. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He noted while the company’s 100-hectare Manila International Container Terminal has the capacity to handle post-Panamax vessels since the early 1990s, MICT Read More …