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.

I love posting stuff on my digital spaces. Lots of it.  There is a steady amount of people following my Facebook page. These are random thoughts that may be related to work, spirituality, or relationship issues. It’s amazing to see the profile of these young people following the posts. They are very young and…very emotional. There was a time when I placed this thought and it elicited a lot of reactions, both positive and negative: “Are you thinking of quitting your job because you do not like the way your boss treats you? Well…I think you need to rethink your decision. When decisions are made during the height of emotional moments (or at its lowest), it tends to be a wrong one. Let the emotions subside first and then use reason to figure things out. Getting into a relationship is the same thing. Do not let emotions rule. Get some serious thinking going.” You should have seen the amount of comments and reactions I. One who disagreed with me said, “It’s not applicable to all situations. What if your boss is a narcissistic pig who abuses you and exploits you? Are you going to develop this typical Filipino victim’s mentality and bear all the abuse? Quit!” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Another negative comment put a smile on my face and confirmed what speaker and author Tim Elmore said about the young generation today. Here is a paraphrased quote reflecting the negative emotions from a young Read More …