Local motorcycle clubs vie to break World Record

 Economy
Mar 242015
 
Local motorcycle clubs vie to break World Record

MANILA, Philippines – Members of local motorcycle clubs belonging to the National Federation of Motorcycle Clubs of the Philippines, Inc. (NFMCP) will converge in Tagaytay City from April 6 to 12, 2015 for the 21st National Motorcycle Convention. An estimated 5,000 motorcyclists from more than 120 member motorcycle clubs and guest clubs are said to be gearing up for the grand event dubbed as the “Gran Vientiuno Convencion Nacional.” Hosted by the Law Enforcer Riders’ Association of the Philippines (LERAP), this year’s convention promises to be the grandest one ever with concerts, motorcycle displays, stunt shows, bike features and competitions. Bazaars and bike shows will be held from April 6 onwards at the Tagaytay Convention Center grounds while a track day will be held on April 9 at the Batangas Racing Circuit (BRC). The convention proper will commence on April 10 with the arrival of delegates from all over the Philippines and some guest delegates from Malaysia, Indonesia, Singapore, Thailand, Dubai, Australia, and more. Motorcycles for rent will be available for delegates who want to ride around the Tagaytay and Batangas venues to enjoy the scenery and the camaraderie among bikers. A brand-new 2015 Kawasaki Vulcan S will be raffled off as the grand prize. One of the highlights of the event is the simultaneous motorcycle tire burnout activity which will attempt to top the Guinness Book of World Records that currently stands at 213 motorcycles achieved by Team Harleystunts and Smokey Mountain Harley-Davidson in Maryville, Tennessee, USA in August Read More …

Sufficient room to tweak rates – BSP

 Economy
Mar 242015
 
Sufficient room to tweak rates – BSP

MANILA, Philippines – Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said yesterday the manageable inflation rate and strong economic growth provide “sufficient room” for monetary officials to adjust policy settings if need arises. “Given the positive alignment between inflation growth and augmented government resources as a result of fiscal consolidation, both monetary and fiscal sectors have sufficient room to make policy adjustments as warranted,” Tetangco said during the Euromoney Philippines Investment Forum 2015 in Makati city. Inflation stood at an average rate of 2.4 percent in the first two months of the year, within the government’s two- to four-percent target for this year. Tetangco said inflation expectations remain “well-anchored.” At the same time, Tetangco said the economy is seen to continue to grow in a stable inflation environment. “The government’s target of seven- to eight-percent (growth) is attainable as domestic demand remains firm and supported by brewing production efficiency and robust labor market dynamics,” Tetangco said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Philippine economic growth decelerated to 6.1 percent last year from a strong 7.2 percent in 2013. The figure was also short of the government’s 6.5 to 7.5 percent target but was among the fastest in Asia during the period. For this year and in 2016, the government hopes to grow the economy by seven to eight percent. The central bank last month kept key policy rates steady as inflation was forecast to remain within the target bands for this year and the next. Read More …

Smart eyes data bundles for mobile access to videos

 Economy
Mar 242015
 
Smart eyes data bundles for mobile access to videos

MANILA, Philippines – Smart Communications Inc., the flagship wireless arm of dominant carrier Philippine Long Distance Telephone Co. (PLDT), is set to launch a set of data bundles allowing both postpaid and prepaid subscribers to enjoy videos on their mobile devices. Charles Lim, executive vice president and Wireless Consumer Division head at Smart, said in a statement that the new data bundles would allow subscribers to watch YouTube videos as well as content from Dailymotion, Vimeo and Viewstream on their mobile phones for as low as P5.  “Smart’s groundbreaking online video offer for YouTube, Vimeo, Dailymotion and Viewstream reinforces our campaign to provide more affordable access to the content our subscribers love,” Lim said. He pointed out that the company is committed to “provide users with the best content and entertainment services available at great value so that they can enjoy videos on their mobile devices anytime, anywhere.” Google Southeast Asia and India vice president and managing director Rajan Anandan said the partnership with Smart would create a more affordable way for people to watch videos on mobile  “We want to make sure we are making YouTube as enjoyable as possible for our growing base of mobile users in the Philippines. We hope Filipinos will be able to enjoy a better YouTube experience across devices, either at home or on the go,” Anandan said Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This is just the latest in Smart’s bid to provide the Internet for all of its subscribers’ Read More …

Asean members start talks on banking integration

 Economy
Mar 242015
 
Asean members start talks on banking integration

MANILA, Philippines – Members of the Association of Southeast Asian Nations (Asean) have already begun discussions on banks wanting to operate outside of their home country following the finalization of a banking integration framework, the Bangko Sentral ng Pilipinas said.  “(Other members) have already started to discuss bilaterally with other Asean members. We also have initial (discussions with other members) but I still cannot reveal them because they are very preliminary,” central bank Governor Amando M. Tetangco Jr. said. This came following the conclusion of an Asean Banking Integration Framework (ABIF) during a meeting of the member countries’ central bankers that ended on Saturday. Tetangco said that a framework for a Qualified Asean Bank (QAB) has also been established during the meeting, which basically updated the ABIF agreed upon by member countries back in December. “The framework would now allow a bank from any of the Asean members to operate within Asean but there will be conditions… Now the next step would be for governments to agree on a bilateral (accord),” Tetangco said. This means that before any Asean bank could operate in another member’s jurisdiction, regulators from both countries would have to agree on a set of rules for the QAB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 At the same time, Tetangco stressed that banks aiming to be a QAB should comply with international standards on capital and other financial reforms. Among the ABIF’s objectives are creating strong and well-managed banks in the region, exposing the Read More …

Infrastructure key to peace in Mindanao – Ang

 Economy
Mar 242015
 
Infrastructure key to peace in Mindanao – Ang

Ang says roads and infrastructures have transformed ‘no man’s land’ areas like Cavite, Batangas, Laguna and Quezon into the progressive provinces that they are today. MANILA, Philippines – Seeking a long-term solution to peace and order issues in Mindanao? Ramon S. Ang, head of one of the country’s biggest conglomerates, said building more infrastructure in the island is the key. “The solution is to build more roads and more infrastructure. Naturally, the peace and order problem will be solved,” said Ang, president of food-to-infrastructure conglomerate San Miguel Corp., in an interview on the sidelines of the Euromoney Philippines Investment Forum yesterday. Citing provinces such as Cavite, Batangas, Laguna and Quezon as examples, Ang said these areas were considered as a “no man’s land” for a time.     “So what happened? They built roads and infrastructure. The same with Mindanao. If we develop that then the economic status and the life of the people there will improve. If you look at them now, they are having a hard time because infrastructure is lacking,” Ang said. “The government should bid out port, airport and other infrastructure in Mindanao and the private sector should be the one to construct them,” he added. Ang said SMC intends to participate in every infra-related government bidding in hopes of making the country’s facilities at par with its Asian neighbors. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For its part, Ang said SMC has earmarked close to P170 billion for the construction of modern toll roads Read More …

ADB says Phl growth to stay above 6%

 Economy
Mar 242015
 
ADB says Phl growth to stay above 6%

MANILA, Philippines – The Asian Development Bank (ADB) has maintained a cautious growth outlook for the Philippines at 6.4 percent this year and 6.3 percent in 2016. ADB country director for the Philippines Richard Bolt said the 2016 outlook is slightly lower than this year due to external uncertainties such as the economies of Japan and the US. “The 2016 outlook reflects investors’ cautiousness amid uncertainties due to the elections,” Bolt said in a press briefing yesterday. Business and investments generally take a wait-and-see attitude towards national elections. Philippine gross domestic product (GDP) expanded 6.1 percent in 2014, marking several consecutive years of over six percent growth. The ADB official said that inflation is forecast at a lower 2.8 percent this year, before rising to 3.3 percent in 2016. Bolt said most of the positive drivers of growth last year would remain major factors this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Factors that powered private consumption in 2014, such as growth in employment, modest inflation, and higher inflow of remittance, are expected to support solid growth this year,” he added. Growth is projected to accelerate this year on buoyant private consumption, a solid outlook for investment and exports, and recovery in government pending. However, the ADB said the Philippines need to stimulate investment an generate more and better jobs. “Even when the employment rate fell to 6.6 percent in January 2015, the lowest in 10 years, 2.6 million people remained jobless, half of them aged 15 Read More …

P150K income tax exemption cap eyed

 Economy
Mar 222015
 
P150K income tax exemption cap eyed

Rep. Romero “Miro” Federico S. Quimbo. FILE PHOTO MANILA, Philippines–The Lower House is looking at raising the tax exemption cap for workers to an all-inclusive, gross annual income of at least P150,000, according to Marikina City Rep. Romero Federico S. Quimbo. Quimbo, chair of the House ways and means committee, told the Inquirer that they were also looking at raising the taxable income ceiling to P10 million from only P500,000 at present to align with inflation the tax brackets in place since the 1990s. “We intend to retain the highest income tax rate of 32 percent for those earning P10 million and above a year,” Quimbo said. At present, an annual taxable income of as low as P10,000 and less is already slapped a 5-percent tax rate, which goes up to a high of 32 percent for those earning P500,000 and above. To ease the burden on salaried workers as well as on tax collectors, Quimbo said the substitute bill being finalized by the House ways and means committee to unify all the pending income tax reform measures would be based on gross income. “We’re going to set aside all deductions, personal exemptions, de minimis, minimum wage … Everything will be based on gross income. It is easier to compute and easier to administer by the BIR [Bureau of Internal Revenue],” Quimbo said. The tax brackets would also be less, or about three to four, from seven at present, he added. As part of the overhaul and rationalization of the Read More …

BEPS Action Plan 8: Transfer pricing of intangibles

 Economy
Mar 222015
 

(Second of two parts) Last week, we discussed the revised set of standards for Transfer Pricing (TP) documentation and a template for country-by-country reporting (CBCR) of income, earnings, taxes paid and certain measures of economic activity as contained in Action Plan 13 of the Base Erosion and Profit Shifting (BEPS) Project. The CBCR provides a list of all the constituent entities for which financial information is reported. It includes details such as the individual entity’s tax jurisdiction, revenue, profit (loss) before income tax, income tax paid and accrued, stated capital, main business activities, and accumulated earnings, among others. A constituent entity is any separate business unit of the multinational enterprise (MNE) group that is included in the consolidated group for financial reporting purposes.

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