While it is indisputable that taxes are vital to the country’s growth, one of the most unpleasant experiences for a taxpayer is to receive a large and baseless assessment which requires a defense. Those experiencing it for the first time may be filled with fear and panic. Further aggravating a taxpayer’s situation is the fact that during discussions, the tax examiners may continue to insist on their position despite clear and factual evidence to the contrary.
THE DEPARTMENT of Public Works and Highways (DPWH) said it will issue a new bid bulletin in response to mounting concerns over the biggest public-private partnership (PPP) project to date — the P122.8-billion Laguna Lakeshore Expressway Dike Project (LLEDP) — including claims the project will cost significantly more than official estimates.
THE LAND Transportation Franchising and Regulatory Board (LTFRB) has released the implementing guidelines for its plan to offer premium transport services on routes with large volumes, particularly those serving central business districts (CBDs).
DAVAO CITY — Mindanao’s power supply situation improved yesterday with the resumption of STEAG State Power, Inc.’s full operation of its two coal-fired power plants with a combined capacity of 205 megawatts (MW), but the main grid remains 127 MW short of peak demand.
A MECHANISM for deploying financing to local climate change programs is still not available, hindering the ability to measure their effectiveness, an official with the People’s Survival Fund (PSF) said.
THE DEPARTMENT of Trade and Industry (DTI) will launch next month a five-year road map that is intended to help e-commerce make up a quarter of the country’s gross domestic product (GDP) by 2020.
December is just around the corner, the month of giving and spending extravagantly. Employees like me are very much eager to get hold of their 13th month pay, Christmas bonuses and final pay checks for the year. By this time, employers should already be preparing for the annualization of their employees’ compensation, which will determine the adjusted withholding tax due on compensation, and the employees’ net final pay for the year.
Leaders pose for a group family photo at the Asia-Pacific Economic Cooperation (APEC) summit in Manila, Philippines, Thursday, Nov. 19, 2015. Pictured from top left, Hong Kong’s Chief Executive is Leung Chun-ying, Indonesian Vice President Jusuf Kalla, Japanese Prime Minister Shinzo Abe , South Korea President Park Geun-hye, Malaysian Prime Minister Najib Razak, Mexican President Enrique Pena Nieto, New Zealand Prime Minister John Key, Papua New Guinea Prime Minister Peter O’Neill, Prime Minister Dmitry Medvedev, Singapore Prime Minister Lee Hsien Loong. front row from left, Chile’s President Michelle Bachelet, Canadian Prime Minister Justin Trudeau, Sultan of Brunei Sultan Hassanal Bolkiah, Australian Prime Minister Malcolm Turnbull, Chinese President Xi Jinping, Philippines President Benigno Aquino III, Peru’s President Ollanta Humala, Vietnam’s President Truong Tan Sang, U.S. President Barack Obama, Thailand’s Prime Minister Prayut Chan-o-cha and Taiwan envoy Vincent Siew. AP/Bullit Marquez MANILA, Philippines – The conclusion of the Asia-Pacific Economic Cooperation (APEC) summit in Manila left mixed reactions from the local business community, with some groups satisfied and some discontented with the outcome. Major business groups in the country were specifically pleased with the APEC economies’ push for the globalization of micro, small and medium enterprises (MSMEs) as well as support for climate change mitigation and more trade agreements in the region. “We applaud most of all the successful hosting of the Philippines of the APEC Leaders’ Meeting, the APEC CEO Summit, the APEC MSME Summit as well as the fourth meeting for 2015 of the APEC Business Advisory Council,” Makati Business Read More …
MANILA, Philippines – Banking presence in the Philippines remained concentrated in highly urbanized and higher income areas particularly in the National Capital Region, data from the Bangko Sentral ng Pilipinas (BSP) showed. The BSP reported the banking system’s landscape in the country is now leaner and attuned to market needs as the number of operating banks have declined to 638 as of end June from 664 in the same period last year. The figure is way below the peak of 996 operating banks in 1998 when the central bank started rationalizing the merger and consolidation incentives for banks. “Amid an evolving global financial landscape, banks were compelled to streamline their operations and seek alternative ways to grow their market. This strategy has led to the ongoing industry consolidation which contributed to a leaner operating network,” the BSP said. The banking industry is composed of 36 universal and commercial banks, 70 thrift banks as well as 532 rural and cooperative banks. These include 17 private banks, 20 foreign banks, three government banks, 66 standalone thrift banks as well as 532 rural and cooperative banks. “Despite further liberalization of foreign bank entry in the Philippines, domestic banks remain as key market players,” the BSP said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In terms of network, the industry had 10,528 branches, other offices and representative offices abroad in end June from 10,120 in end June last year. “This has led to a more inclusive financial system with more banking offices Read More …
MANILA, Philippines – Share prices climbed yesterday as risks from abroad have started to subside, analysts said. The benchmark Philippine Stock Exchange index (PSEi) surged 107.43 points, or 1.57 percent, to end at 6,932.81, while the broader All Shares index gained 53.78 points, or 1.36 percent, to finish at 4,001.22. All other indexes closed in positive territory except for the mining and oil index which declined by 126.79 points. Value turnover stood at P5.975 billion and advancers edged out decliners 108 to 60 while 47 stocks were unchanged. Analysts said that the market has become less volatile as risks from abroad have started to subside. Astro del Castillo, managing director of First Grade Finance Inc. said that as risks from overseas started to subside, investors returned to the market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Investors were hungry for bargains today as risks from overseas started to calm investors. News about a better third quarter gross domestic product (GDP) further boosted trading. However, the pulse of the market remains cautious as shown by the thin value of stock transactions,” he said. In recent months, investors have been shying away from the market due to the lingering concerns on the slowing economy of China as well as the impending rate hike of the US Federal Reserve this December. The US Fed is widely believe to raise rates this December on improving economic indicators in the US.