Maniolas

MANILA, Philippines – The Bureau of Internal Revenue has amended the documentary requirements for brokers and dealers applying for a clearance certificate or accreditation with the Bureau of Customs. Under the new guidelines, applicants no longer need to submit a certified copy of their certificate of registration with the BIR as well as their business registration with the Securities and Exchange Commission. However, the BIR imposed new documentary requirements which include a certification issued by the concerned revenue district that the applicant has no pending criminal charges, delinquent account and tax liabilities. The applicant is also required to submit a certification that it has filed the requisite monthly summary list of sales, purchases and importations for the next eight taxable quarters. Applicants must also submit a certification that it had electronically filed the requisite alphabetical list of income recipients subjected to creditable withholding taxes during the last two preceding years and that the same were successfully uploaded to the BIR’s data warehouse. Applications of importers/brokers found submitting any certification that is different from the one issued by the concerned offices shall be automatically rejected, BIR commissioner Kim Henares said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 She said only applications with certifications issued by the concerned BIR offices that the applicant is fully compliant with all the prescribed criteria shall be accepted by the Accounts Receivable Monitoring Division (ARMD). The BIR chief noted that the six-month validity period of the provisional importers clearance certificate shall no longer be Read More …

MANILA, Philippines – The World Wide Fund for Nature (WWF-Philippines) urged the Department of Energy (DOE) to increase the share of renewable energy (RE) in the country’s power mix. The WWF believes that while the DOE has increased the installation targets for solar energy under the so-called Feed-In-Tariff (FIT) program, the next step is to commit to specific targets for wind energy. “WWF believes that with the increase in solar, an additional increase in wind energy installation targets is a firm, next step that the DOE can commit to,” the group said. FIT is a set of incentives given to renewable energy players. Under the FIT system, renewable energy companies are entitled to the following FIT rates: P9.68 per kwh for solar power, P8.53 per kwh for wind and P5.90 per kwh for run-of-river hydroelectric power. WWF said that about 70 percent of Philippine electricity is currently generated from fossil-fuels, with 90 percent of coal and oil resources imported at varying prices from other nations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the other hand, the group said that clean and renewable sources of energy such as geothermal, hydro, wind and solar energy are among the Philippines’ few competitive advantages, especially since the country has no significant deposits of fossil fuels. “Its continued reliance on imported fuel has made Philippine electricity rates among the highest in Asia,” it said. If the country relies more on renewable energy than on imported fuel, consumers may benefit from lower electricity Read More …

Almost two weeks after that “unforgettable” 13-hour road trip from Manila to Baguio City, I’m back in the City of Pines minus the estimated one million tourists who joined me in making the city a huge parking lot during the last holiday. I look back at that agonizing experience with a promise to myself that I will never, never go back to Baguio during a long weekend, or when there’s a public holiday. But I will be back, but always against the tide. But not everyone who got out of that traffic alive is as forgiving. Senate president Franklin Drilon said he would file a resolution calling for a Senate investigation into the monster traffic that plagued motorists who drove through three interconnected toll ways—North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX) and Tarlac-Pangasinan-La Union Expressway (TPLEX)—last Dec. 26 en route to Baguio. The sheer number of motorists who took advantage of the low fuel price regime, the long holiday, all contributed to the monster traffic. To address the unexpected volume surge, NLEX and SCTEX carried out quick fixes like opening spare lanes and counter flow lanes and deploying ambulant tellers. TPLEX did the same. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 But imagine if motorists did not have to stop to get their tickets and pay the toll separately for these three tollroads. According to Drilon, he can’t understand why the collection of toll fees can’t be integrated, so that only one entity handles the collection. Interestingly, Arnel Read More …

FAVORABLE demand and supply conditions continue to point to a rosy outlook for the economy despite low government spending and prolonged uncertainties abroad, monetary authorities noted in their last policy meeting for 2014.

MANILA, Philippines – The Philippine stock market continued its bull run yesterday, marking its tenth straight winning streak with an all new record high. The Philippine Stock Exchange index (PSEi) gained 0.48 percent or 35.09 points, zooming to a fresh record close of 7,402.72. Friday’s finish shattered the previous all-time high closing level of 7,392.20 posted on May 15, 2013. Aside from the record close feat, the local benchmark index also trampled the previous all-time intraday high at 7,413.62 on Sept. 25, 2014 with yesterday’s 7,446.66. The all shares index also joined the climb, picking up 0.35 percent or 15.01 points at 4,336.90. Analysts said upbeat moods abroad helped propel local investors’ hopes, pushing the PSEi to a whole new level only a few days into 2015. “The PSEi rewrote history right on the first week of trades en route to its 10th straight positive day,” said Accord Capital Equities Corp. analyst Justino Calaycay Jr. said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 US stocks followed up its recovery the previous day with another positive performance, led by the Dow and the Nasdaq which increased 1.84 percent, respectively. Locally, three counters still ended in the red despite the market’s stellar trading day with the mining and oil firms suffering the biggest drop of 0.77 percent or 125.70 points. Services firms, meanwhile, enjoyed the largest growth of 1.10 percent or 23.28 points. Market breadth was positive as advancers dominated decliners, 99 to 91, while 42 stocks did not change Read More …