Maniolas

MANILA, Philippines – Total resources of the country’s banking system strengthened further, booking a double-digit growth in September amid external shocks brought about by uncertainties on the interest rate lift-off in the US as well as the economic slowdown in China. Data from the Bangko Sentral ng Pilipinas (BSP) showed total resources of the Philippine financial system grew 10.6 percent to P11.9 trillion in end September from P10.7 trillion in end September last year. As a percent of gross domestic product (GDP), the country’s banking resources stood at 90.6 percent. Big banks or universal and commercial banks continued to account for 90 percent of the total resources of the banking system. The continued rise in resources including deposits, profits, and retained earnings indicate banks have the ability to service funding needs of corporate and household clients. At the same time, this shows banks have enough to act as a buffer against any external shocks. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Statistics from the BSP showed bank deposits rose 7.8 percent to P6.9 trillion in the first nine months from P6.4 trillion in the same period last year as more and more Filipinos are saving. The BSP said savings deposits increased 9.3 percent, while demand deposits jumped 15.3 percent in end September and foreign currency deposits owned by residents surged 13.7 percent. On the other hand, time deposits declined 1.4 percent in the first nine months of the year. “Savings and time deposits remained the primary sources of Read More …

DAVAO CITY — Tourism stakeholders have started preparing a plan that will be presented to the incoming administration, with participants considering whether to focus on increased visitor spending amid steadily increasing tourist volumes.

AN EXECUTIVE order (EO) for the proposed standardization of compensation for employees of government-owned and controlled corporations (GOCCs) may be issued by President Benigno S. C. Aquino III after he receives the bill from Congress that will trigger a fresh round of salary increases for the public sector by 2016, the head of the agency overseeing government-led corporations said.

Hybrid mismatch arrangements are the focus of the 2-part Action Plan 2 of the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) initiative. Hybrid Mismatch Arrangements abuse differences in the tax treatment of an instrument (i.e., a hybrid instrument) or an entity (i.e., a hybrid entity) by separate jurisdictions to reduce or eliminate taxes. Action Plan 2 contains recommendations for changes (i) to domestic tax rules of taxing jurisdictions, and (ii) to the OECD Model Tax Convention, to neutralize the effects of hybrid mismatch arrangements. Part I of Action Plan 2 provides guidance on how countries should implement and apply the recommended rules, and emphasizes that the rules were designed to neutralize mismatches and not simply to minimize tax benefits. The rules should be comprehensive, apply automatically and consistently, avoid double taxation via rule coordination, and minimize disruptions to existing laws. In addition, they should be clear and transparent in their application; provide for flexibility as these are incorporated into each jurisdiction; be workable for taxpayers and entail minimum compliance costs; and minimize administrative burdens on tax authorities.

MANILA, Philippines – The Securities and Exchange Commission (SEC) has extended the effectivity of financial statements to 180 days from 135 days. Companies regularly submit their financial statements to the SEC. According to Part II, Section 4 of the Securities and Regulation Code Rule 68, at the time a registration statement  is to become effective, the financial information therein shall be as of a date within 135 days from effective date or such longer period which the Commission may allow upon favorable consideration of a written request of the registrant. This provision further stated that the factors that could be considered in granting the request include the time constraints and the significant circumstances surrounding the given proposed issue. However, due to requests from various companies, the SEC extended the effectivity of financial statements. “This reform in financial reporting standard aims to address the recurring requests from companies for exemptive relief to extend the effectivity of their FS,” the SEC said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 SEC chairperson Teresita Herbosa said the move is also in line with the Asean standard for the age requirement for FS, which is 180 days. “Accounting & auditing professionals, prospective issuers of securities and other concerned organizations are advised to take note of this new requirement,” the SEC added. Given this new development, the SEC will no longer entertain requests for extension of the 180-day period. The extension bodes well for companies because if a company files its financial report for Read More …