Maniolas

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 …

I am confident that Christmas was good this year for many Filipino families as the tradition we grew up continues to burn – the simbang gabi and the serenity of the Christmas eve mass, the frenetic shopping, the nightly carolling, the family reunions and gift-giving, and the Noche Buena. We still have a few days before the New Year, the official end of the Christmas season, and then we buckle down to work again. So how did 2015 go for the country’s major industries? Every year, we get the assessments of the different umbrella organizations representing specific business sectors.  Almost all of these sectors now have their own roadmaps, and while some may have successfully met their goals and targets, others have dismally failed. For the automotive industry, Rommel Gutierrez, president of the Chamber of Automotive Manufacturers in the Philippines (CAMPI), this year appear slightly better than 2014 judging from figures as of October this year.  The CARS program  initiated by the Board of Investments, which will be in place next year is indeed a very ambitious one, doable by the bigger manufacturers. But the conditions, they acknowlege, are very, very challenging. Only three manufacturers can enroll in the program and as of now only two are confirmed. For 2016, the CAMPI president foresees production targets will breach the 350,000 units mark. The information technology/business process industies are the best-performing this year, as it has been for the past few years.  Their projected growth for 2015 is between 15 percent Read More …

MANILA, Philippines – Dividends remitted by state corporations to the national government reached a record P29.61 billion in the first 10 months of the year, according to data from the Department of Finance. The 10-month tally was the biggest since 1995 when data first became available. It also represented an increase of 23.55 percent from last year and was way above the P6 billion target for 2015. A total of 53 GOCCs remitted to the national government during the period, higher than the 51 GOCCs that participated a year ago. GOCCs are required to remit at least half of their net profit to the Bureau of the Treasury. “The number of GOCCs remitting dividends speaks well on the effectiveness of the GCG,” Finance Assistant Secretary Ma. Teresa Habitan said in an e-mail. “That the amount remitted by certain GOCCs increased too implies two things: better income for the GOCCs and the DOF doing its job in the oversight of financial operations of GOCCs,” she added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Under Republic Act No. 10149 enacted in 2011, the Governance Commission on GOCCs (GCG) was established as operational overseer of state firms and financial institutions to ensure they are performing according to mandate. The DOF, on the other hand, sees to it that GOCCs remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the NG. Remittances, in turn, are recorded in the state balance sheet as revenues.

The World Bank said the drawdown period is three years and renewable up to four times for a total of 15 years. Amounts repaid during the drawdown period are available for subsequent withdrawal. Philstar.com/File MANILA, Philippines – The World Bank is extending a $500-million credit line to help the Philippines prepare for further damage caused by natural disasters. The credit line will come from the Second Disaster Risk Management Development Policy Loan with a catastrophe-deferred drawdown option (CAT-DDO 2), which provides a $500-million package to strengthen investment planning and regulations to reduce disaster risks and help manage the financial impacts when disasters strike. CAT-DDO 2 gives the Philippines flexibility to use the funds as needed. The World Bank said the drawdown period is three years and renewable up to four times for a total of 15 years. Amounts repaid during the drawdown period are available for subsequent withdrawal. World Bank country director Motoo Konishi said this new operation signifies the World Bank’s recognition of the Philippines’ comprehensive efforts to strengthen the country’s capacity for managing disaster risks. The World Bank official said if not managed well, disasters can roll back years of development gains and plunge millions of people into poverty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “Disasters can induce and exacerbate poverty through the loss of lives, destruction of assets, disruption of economic activities and trade, and indirect impacts on health, mobility, gender equality, and access to education,” Konishi added. The Philippines was the first country Read More …

In a government filing, the state-owned transmission company is asking the Energy Regulatory Commission (ERC) to approve the feed-in tariff allowance (FIT-All) of P0.1025 per kwh for 2016. Philstar.com/File MANILA, Philippines – Consumers may start paying higher electricity bills starting 2016 if the power regulator approves the application of the National Transmission Corp. (TransCo) for at least 10 centavos per kilowatt-hour (kwh) tariff for the renewable energy (RE) sector. In a government filing, the state-owned transmission company is asking the Energy Regulatory Commission (ERC) to approve the feed-in tariff allowance (FIT-All) of P0.1025 per kwh for 2016. With the provisional authority, the state-run agency can enforce the rate adjustment while the petition is still being heard by the ERC. Apart from a provisional authority, TransCo is also seeking for a permanent approval for the rate, “or in the alternative, such other amount as may be found by the Commission to be consistent with the FIT-All guidelines.” The FIT-All is a uniform charge billed to all on-grid electricity consumers, reflected as a separate component in their monthly electricity bills. Under the FIT-All guidelines, TransCo is designated as the administrator of the FIT Allowance Fund and is required to make an annual determination of the tariff. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 TransCo is a government agency created under Republic Act 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001, which used to operate and manage the country’s power transmission system until it was bid out in Read More …