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 consortium operating service contract (SC) 55 in offshore Northern Palawan expects the government’s go-signal to undertake further studies in the oil and gas prospect in early 2016. In a statement posted on its website yesterday, Otto Energy Investments Ltd. said the group expects a response from the Department of Energy (DOE) with respect to its moratorium request early in the new year. “The consortium intends to undertake further technical studies during the moratorium period, including a quantitative interpretation (QI) study,” it said. QI is a relatively recent geophysical technique designed to gain a better understanding of existing and potential petroleum reservoirs. The consortium, through Otto Energy, earlier asked the DOE for a two-year moratorium for SC 55 after it completed a drilling activities in the Hawkeye Well last August, consortium member Trans-Asia Petroleum Corp. disclosed on Tuesday. The drilling showed there was an active petroleum system in the area but gas in the project was not in commercial quantities. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 SC 55, located near the Malampaya gas field in offshore Palawan, is estimated to have some 2.2 trillion cubic feet of gas, according to DOE. In particular, the Hawkeye well was believed to have an estimated 480 million barrels of oil identified on 2D seismic originally acquired by Otto in 2007 and further defined with the 600-km 3D seismic acquisition in late 2009. Otto Philippines, a subsidiary of Otto Energy, has a 68.18 percent participating interest in SC Read More …