MULTILATERAL LENDER Asian Development Bank (ADB) is targeting to double its private sector financing and investment portfolio to $16 billion by 2020, with the Philippines seen to continue serving as an “important market.”
Jan 252016
Jan 252016
THE BANGKO Sentral ng Pilipinas (BSP) is likely to raise interest rates by the third quarter, Australia and New Zealand (ANZ) Bank said in a report, with price growth expected to accelerate beginning in the first three months.
Jan 252016
Tax rules seem to be constantly changing. Unless the taxpayer regularly looks up the latest issuances from the Bureau of Internal Revenue (BIR) and court decisions, or has a battery of tax advisors to do these for him, or attends periodic tax seminars, keeping track of developments in the rules can be difficult. The same can be very well said about filing tax refunds. Since tax refunds and tax credits are construed in strictissimi juris against the taxpayer, not only must he show that he is entitled to the refund under substantive law, he must also establish that the administrative and judicial claim were timely filed, lest he lose his entitlement to the claim.
Jan 242016
THE PHILIPPINES should continue diversifying the destinations of overseas Filipino workers (OFWs), the chief economist at the Department of Finance (DoF) said, as the decline in oil prices continues to weigh on Middle Eastern economies.
Jan 242016
AROUND SIX Philippine companies have expressed interest to invest in new ships to modernize the maritime industry, months after the government announced a program of incentives.
Jan 242016
Fiscal and non-fiscal incentives have, for many years, formed an integral part of the government’s efforts to promote domestic and foreign direct investment (FDI). The question that has always been raised is whether these incentives — particularly the tax or fiscal incentives — are costing the government more compared to the benefits that the FDI brings. Until recently, there was no system to properly account for the tax incentives granted to these businesses, and the government has been unable to determine the magnitude of its exposure on these incentives.
Jan 242016
MANILA, Philippines – The Department of Environment and Natural Resources (DENR) has partnered with the transport sector to improve air quality in Metro Manila. The agency and transport leaders signed a memorandum of agreement (MOA) for the conduct of free emission testing of public utility jeepneys (PUJs) at their respective garages and terminals. “The purpose is not to apprehend public utility vehicles, but to help our transport groups address their emissions and ensure that their vehicles comply with the law before they drive around major thoroughfares,” Environment Assistant Secretary Juan Miguel Cuna said. The transport groups that signed the MOA were Liga ng Transportasyon at Operators sa Pilipinas (LTOP), Alliance of Concerned Transport Organizations (ACTO), Federation of Jeepney Operators and Drivers Association of the Philippines (FEDJODAP), and Pang-kalahatang Sanggunian Manila and Suburbs Drivers Association Nationwide (PASANG-MASDA). Under the agreement, transport groups are to submit their PUJs for voluntary testing jointly conducted by the DENR, Land Transportation Franchising and Regulatory Board (LTFRB), and Land Transportation Office (LTO). Cuna said the results of garage emission testing will be used to assess the current emission compliance of PUJs in the National Capital Region. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Furthermore, DENR will provide technical assistance to LTFRB and LTO on the possible establishment of their own anti-smoke belching operations (ASBO). Conducting ASBO along the roadside and terminal emission testing nationwide are government initiatives to ensure that vehicles comply with the in-use emission standards set by Administrative Order No. 2000-81 or Read More …
Jan 242016
A total of P26.498 billion in debts were paid in November, up by more than a third from the previous month’s P19.801 billion, which was the lowest since April 2011. Philstar.com/File MANILA, Philippines – After hitting a four-year low in October, debt payments by the national government bounced back in November, but remained down from year-ago levels, the Bureau of the Treasury said. A total of P26.498 billion in debts were paid in November, up by more than a third from the previous month’s P19.801 billion, which was the lowest since April 2011. Compared to the same period in 2014 though, settlements inched down 2.07 percent, Treasury data showed. The government allots a certain portion of its budget every year for debt payments and settles its obligations on a monthly basis, depending on when they are due. Debt payments are composed of principal and interest settlements and form part of state expenditures every month. Broken down, interest payments amounted to P15.992 billion, while their principal counterparts reached P10.506 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The former was down 11.64 percent, while the latter rose 17.25 percent, data showed. On interest payments, a total of P14.122 billion was used to settle interest in domestic debts, down 12.63 percent year-on-year. Their counterparts in foreign debts also declined 3.41 percent to P1.870 billion, figures showed. Principal settlements on local and foreign debts, meanwhile, totaled P4.073 billion and P6.433 billion, respectively. They rose 16.27 percent and 22.49 percent. In a Read More …
Jan 242016
Under the new guidelines submitted by the Philippine Dealing and Exchange Corp. (PDEx) last year, holders of securities subject to 25% and 30% final withholding tax will be allowed to trade with tax-exempt individuals. Philstar.com/File MANILA, Philippines – The Securities and Exchange Commission (SEC) has approved an expanded list of corporate bondholders who can trade with each other under new guidelines meant to boost capital market liberalization. Under the new guidelines submitted by the Philippine Dealing and Exchange Corp. (PDEx) last year, holders of securities subject to 25 percent and 30 percent final withholding tax will be allowed to trade with tax-exempt individuals. PDEx operates the country’s fixed income exchange. At present, only entities subject to 20-percent withholding tax are allowed to trade with tax-exempt entities only when interest payment is already due. These guidelines, however, do not cover transfers of non-resident foreign individuals not engaged in trade or business, which are subject to 25-percent final withholding tax. They also do not include non-resident foreign corporations subject to 30-percent final withholding tax. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The PDEx said a growing number of accounts belonging to the 25-percent and 30-percent tax-withheld categories necessitate the crafting of new guidelines. “The proposed guidelines provide that transfers across different tax categories shall not be allowed except on interest payment dates that fall on a business day,” PDEx said in its letter to the Philippine Stock Exchange. “However, transfers from a tax-exempt category to a taxable category (25 percent and 30 Read More …
Jan 222016
THE Department of Agriculture will focus this year on livestock and poultry production to counter the effects of the El Niño phenomenon and damaging typhoons, the full impact of which are expected to be felt in the coming months.