THE Mindanao Business Council (MinBC) said it will seek to build on the island’s strengths in agriculture and expressed optimism it can overcome current hurdles like law and order and logistics, as it encouraged members of the US-ASEAN Business Council to set shop in the southern island.
THE tax reform package being prepared by the government will also carry a proposal to relax the deposit secrecy law, which would allow the Bureau of Internal Revenue (BIR) to look into bank accounts of suspected tax evaders.
THE Department of Finance (DoF) has tapped the Department of Information and Communications Technology (DICT) to set up business and citizen registries expected to be operational by year’s end to aid in streamlining service delivery and cut red tape.
On July 25, President Rodrigo R. Duterte delivered his first State of the Nation Address (SONA) as the 16th President of the Philippines, focusing on improved government services, tax reform, transportation, tourism and agriculture, and economic development, among others. Taking up the SONA agenda, Agriculture Secretary Emmanuel F. Piñol has said that he is tasked with accomplishing two things — to ensure that sufficient food for Filipinos; and to stop corruption within the agency. These objectives may be achieved with the help of Republic Act (RA) No. 10845, or the Anti-Agricultural Smuggling Act of 2016, signed by former President Benigno S. C. Aquino III on May 23, which primarily aims to boost the productivity of the agricultural sector and protect Filipino farmers and agricultural enterprises from illegal traders and importers.
MANILA, Philippines – The Philippines is seeing a reversal of roles in the global contact center space as foreign investors and clients are now the ones calling for opportunities, the Contact Center Association of the Philippines (CCAP) said. “These companies that we are talking to now, they are the ones who are setting a meeting with us. Before, we had to look for these meetings, knock on their doors and beg for 10 minutes of their time just to listen to our story. Now it’s the reverse as they are the ones telling us I need one hour of your time,” CCAP industry affairs director Raymond Lacdao said. He said several UK, US, and Australian firms which are not yet present in the country are currently exploring opportunities to do business in the Philippines. “It’s very encouraging. But the interesting part is that we have actually attracted other countries outside of those main countries that we are targeting. We have companies from South Africa, Indonesia, Bangladesh. These are not our normal targets but they are interested now,” Lacdao said. The Philippines has held the distinction of being the world’s contact center capital since 2010. “There’s a lot of interest with the Philippines that we’ve seen. There’s a lot of interest in our industry because we’ve actually been known as a top provider for professional services,” CCAP president Benedict Hernandez said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “What’s interesting is there are client coming from the region, like Read More …
More than 600 members of the entrepreneurship community, legislators, government representatives, and partner organizations expressed their support to the mission of Kapatid This has been the outcome of our recent launch of the Kapatid, a Go Negosyo initiative in partnership with the Department of Trade and Industry to strengthen the mentorship program for micro and small entrepreneurs and link them to the value chain of medium and large corporations through inclusive business models. Last Monday, with the company of the entire Go Negosyo community, we presented “Kapatid.” As mentioned in my previous column, we used the term “Kapatid” which is the Tagalog term for siblings to show the distinctive trait of Filipinos to help their families. We also know how our beloved Overseas Filipino Workers (OFWs) have sacrificed just to support the younger members of the family. More than 600 people joined us as we celebrate the partnership of Go Negosyo and the Department of Trade and Industry for this project. Members of the entrepreneur community, legislators, government representatives, and partner organizations expressed their support for the mission. In my speech, I recognized people who have believed in the advocacy and share in the mission of Go Negosyo. First, MVP Group Chairman Manny V. Pangilinan who believed from the very first day that entrepreneurship is really the solution to poverty in this country. He’s been a great supporter in helping and promoting entrepreneurship using his companies and projecting entrepreneurs as the new heroes of the Philippines. Of course, I have Read More …
Blue chip companies led by index heavy weight Philippine Long Distance Telephone Co. (PLDT) – which reported a 33 percent decline in first half income to P12.5 billion – contributed to the market slump. File photo MANILA, Philippines – For the second straight day, the market ended in negative territory yesterday, the official start of the ghost month. Blue chip companies led by index heavy weight Philippine Long Distance Telephone Co. (PLDT) – which reported a 33 percent decline in first half income to P12.5 billion – contributed to the market slump. The benchmark Philippine Stock Exchange index plunged 149.34 points, or 1.85 percent, to finish at 7,888.44, while the broader All Shares index declined 70.04 points or 1.47 percent to end at 4,691.13. Likewise, all counters closed in negative territory with the services, holding firms and the mining and oil sectors among the biggest decliners. Total volume turnover reached P13.55 billion as decliners edged out advancers 163 to 37 while 41 stocks were left unchanged. Foreign buying was at P6.73 billion, while foreign selling hit P4.20 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Analysts said that part of the reason for the market slump was the PLDT selloff and the generally pessimistic mood in the region on disappointment over the much-hyped Japanese stimulus plan. The plan will comprise of just low interest loans from the government and not much new or direct spending that could significantly lift the Japanese economy. PLDT booked losses for its investment Read More …
Sen. Juan Edgardo Angara, chairman of the Senate ways and means committee, rejected calls to raise the value-added tax rate to compensate for the projected revenue loss from reducing income tax rates as pushed by the Duterte administration. File photo MANILA, Philippines – The Senate ways and means committee will review value-added tax exemptions to help raise revenues in lieu of hiking the 12 percent VAT rate, Sen. Juan Edgardo Angara said yesterday. Angara, chairman of the panel, rejected calls to raise the value-added tax (VAT) rate to compensate for the projected revenue loss from reducing income tax rates as pushed by the Duterte administration. “I don’t agree with the move to increase VAT as it would only burden ordinary Filipino consumers. The VAT is a pass on tax – meaning businesses and corporations claim their input tax but they pass on the ultimate tax to the consumers,” Angara said. “So it kind of defeats the purpose of having inclusive growth because by raising VAT, we’re passing on the burden to ordinary Filipinos who are paying the taxes,” he said. Apart from working on the reduction of income tax, the committee review the list of exemptions from VAT coverage and identify the transactions that should no longer be exempted from the tax, he said. Budget Secretary Benjamin Diokno is reportedly pushing to increase the VAT rate from 12 percent to 14 percent while Finance Carlos Dominguez is working on more efficient in tax collections. Business ( Article MRec ), pagematch: 1, Read More …
MPIC 2016 annual stockholders’ meeting: Metro Pacific Investments Corp. president Jose Ma. Lim speaks before investors during the infrastructure conglomerate’s annual stockholders meeting in May. Also in photo is MPIC chairman Manuel V. Pangilinan. File photo Reported net income up 25% MANILA, Philippines – Metro Pacific Investments Corp. (MPIC) reported a 25 percent jump in its net income in the first half to nearly P7 billion, driven by the strong performance of its tollroad and hospital businesses. Core net income went up 13 percent to P6.6 billion largely due to robust traffic growth in the group’s tollroads here and in Vietnam. Given increased contributions from its tollroad business, the group plans to further beef up its portfolio of road projects in the ASEAN region. In a briefing yesterday, MPIC president and CEO Jose Ma. Lim said the company is eyeing several toll road projects in Malaysia and Indonesia through joint venture arrangements with local partners. “The one in Indonesia is being discussed…That’s a road project that is part of the Trans Java tollways,” Lim said. MPIC is engaged in the toll road sector in Thailand through its 29.45 percent stake in toll road operator Don Muang Tollway Public Co. Ltd. In Vietnam, MPIC holds a 45 percent interest in CII Bridges and Roads Investment Joint Stock Co. which has various road and bridge projects in and around Ho Chi Minh City. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company is currently the largest toll road operator in Read More …
The clamor for lower income tax rates continues to gain momentum, primarily from the business sector which rightfully justifies its posture with a comparative chart showing the Philippines as having the highest corporate income tax (30 percent) in the ASEAN region, higher than that of Indonesia (25 percent) and Thailand (20 percent). Comparatively high corporate income taxes are clearly a deterrent to the competitiveness of local businesses, and are a critical factor for foreign investors to decide not to set up their businesses here in the Philippines. Clearly, if the country wants to continue its growth levels in the next years, the government must align its corporate income tax structure to make it attractive to business and national growth. High personal income taxes With regards personal income taxes, the Philippines has also one of the highest rates slapped on its citizens within the ASEAN. At 32 percent, income taxes on working Filipinos are second highest in the region, almost comparable to the 35 percent of Thailand and Vietnam. While many working Filipinos belonging to lower income brackets earning minimum wage rates are technically exempted from paying income taxes, there in the next salary levels have to endure the high taxes. While the current personal income tax system is on graduated basis, the lowest rate applicable to those that are not minimum wage earners would still be 20 percent. Thus, a struggling P15,000-a-month employee will effectively bring home only P12,000. The case gets worse for those in the middle-income brackets, the Read More …