THE SENATE approved on third and final reading on Monday a measure seeking to make the sugarcane industry more competitive by consolidating small farms and reiterating the exemption of refined sugar for export from value-added tax (VAT).
Oct 272014
Oct 272014
ONCE the tax assessment is rendered final and the collection stage begins, taxpayers have an option to file for a compromise settlement to pay for a reduced amount, in meritorious cases. Revenue Regulations No. (RR) 30-2002, as amended, provides for specific grounds when a taxpayer can request for compromise settlement: (1) when there is doubtful validity in the tax assessment or (2) when there is financial incapacity on the part of the taxpayer. In either case, the taxpayer has the burden of proof and is obligated to pay the amount of the compromise offer — which ranges from 10% to 40% of the basic deficiency taxes — before filing the application for settlement. Otherwise, the application will not move forward.
Oct 262014
MANILA, Philippines — Cameraphone users who are interested in keeping up with the latest news now have the chance to earn money and be a part of the news gathering process with a revolutionary app that is shaping up to be a trailblazer in user-generated content production. Philstar.com and The Philippine Star take photo crowdsourcing in the Philippines to a whole new level as they team with Finland-based P2S Media Group, Inc. in bringing Scoopshot, a smartphone application that allows citizens to contribute photos and videos from the day’s hot news events. Scoopshot provides news agencies like Philstar access to hundreds and thousands of crowdsourced photos and videos from around the world. Photos deemed fit for a news article can be used by buying it from the contributor. Through this setup, Scoopshot users can sell their photos to news agencies and at the same time get recognized for their contribution. The app is available in the App Store and Play Store, and once installed, it allows users to shoot and sell their photos and videos for publication. Likewise, new agencies can also set up a task to call for various submissions, where chosen entries get monetary compensation. Currently, the app is being used in 170 countries and about 60 publications worldwide use the service. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We are shaping user-generated content in the Philippines as our readers will soon join others from around the world in this endeavor. User-generated content will have a Read More …
Oct 262014
THE DEPARTMENT of Transportation and Communications (DoTC) is targeting to complete over P258-billion worth of infrastructure projects by 2019, in line with the target timeline for the Japan International Cooperation Agency’s (JICA) P2.61-trillion Road map for Transport Infrastructure Development for Metro Manila and Its Surrounding Areas, known simply as the “Dream Plan”.
Oct 262014
TWO BILLS seeking to impose a logging ban in areas in Mindanao have been approved on third and final reading at the House of Representatives.
Oct 262014
(First of two parts) COMPANIES engaged in agricultural activities, which is the biological transformation and harvest of crops such as banana, pineapple, sugar, coffee, palm oil and rubber, incur costs of planting (including seedlings), fertilizers and or plant/fruit care prior to commercial harvest. The aggregate of these costs is what is commonly called the costs of bearer plants. These costs are often significant since a farm may cover hundreds, if not thousands, of hectares of land. Given our rapidly growing population, there is constant pressure on agricultural companies to expand operations to meet demand — which in turn means commensurate increases in the cost of bearer plants. These costs can also be substantial when farms are damaged by typhoons or crop diseases, which in some cases require rehabilitation and even replanting.
Oct 262014
MANILA, Philippines – More companies are focusing their hiring activities in the field of accounting and finance over the ever popular sales roles and marketing roles. In a survey conducted by JobStreet.com, 37 percent of companies indicated their demand for accounting and finance professionals, followed by sales at 35 percent, while IT software and marketing professionals share third place at 21 percent. While sales, accounting and finance, and marketing have been dominating previous JobStreet.com surveys, it would be the first time that demand for sales professionals has dropped from its top spot. This is also the first time IT professionals has claimed a spot among the top three specializations. The trend of new specializations dislodging old ones shows how robust and dynamic the recruitment market has become despite already being in the latter part of the year. Fifty-one percent of employers surveyed said that compared to the same period last year (July to September 2013), employment outlook in their respective industries are better. Only 4 percent of companies forecast worse, while 44 percent expect the employment outlook to remain the same. Company expansions are expected to boost hiring activity, with 42 percent of respondent companies looking to grow operations, and thus hire more personnel. Thirty percent claim they would be replacing and filling essential positions, while only 5 percent and even a smaller 3 percent of companies would hire less and would not be hiring at all, respectively. Despite the optimistic outlook shared by most respondents, there are still challenges Read More …
Oct 262014
MANILA, Philippines – Century Pacific Food Inc. (CNPF), the country’s largest canned food manufacturer, has joined a global coalition to address tuna supply and sustainability challenges. CNPF, through its wholly-owned subsidiary General Tuna Corp., is the first Philippine company to join the International Seafood Sustainability Foundation (ISSF) which advocates improved fishery management, research and development, and responsible fishing practices. “We support initiatives to ensure the conservation of our seafood resources and will work closely with the ISSF to ensure the sustainability of tuna supply and the protection of its ecosystem.” Century Pacific vice president Teddy Kho said. CNPF has an 88 percent market share of canned tuna products in the Philippines, with leading brands Century Tuna, 555, Blue Bay, and Fresca. It is also one of the largest providers of private label tuna products to food manufacturers globally. The company successfully completed an audit demonstrating its compliance with ISSF conservation measures. These include restrictions on purchases from illegal, unreported, and unregulated fishing, and credible tracing of tuna from capture to plate. All member companies are subject to ongoing inspection to ensure continued compliance.
Oct 262014
Conglomerate looking at P123-B Lakeshore dike MANILA, Philippines – Conglomerate Ayala Corp. vowed to continue to participate in the bidding for major infrastructure projects under the government’s public private partnership (PPP) program amid the impending rebidding for the P35.4-billion Cavite – Laguna expressway. “We will continue to participate in PPP projects, “ Ayala Corp. managing director John Eric Francia said in a text message. Francia said the conglomerate through property giant Ayala Land Inc. is looking at the P123-billion Laguna Lakeshore expressway dike project – the largest PPP project to be rolled out by the Aquino administration. The 47-kilometer expressway dike would facilitate traffic flow and mitigate flooding in the western coastal communities along Laguna Lake from Bicutan in Taguig City through Calamba to Los Baños in Laguna. The project also involves the reclamation of about 700 hectares of raw land. Likewise, he disclosed the company is also interested in the P24.4-billion Bulacan bulk water supply project of the Metropolitan Waterworks and Sewerage System (MWSS) through Manila Water Company Inc. as well as the operation and maintenance (O&M) of Light Rail Transit line 2 (LRT-2) through Light Rail Manila Holdings (LRMH). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the other hand, the Department of Transportation and Communications (DOTC) is bidding out a contract to operate and maintain the LRT-2 system including the proposed P9.7 billion extension to Antipolo City and Port Area in Manila. “Currently we are looking at LRT2 through LRM Holdings, Laguna Lakeshore through Read More …
Oct 262014
Consumer products conglomerate looking to set up cosmetics line MANILA, Philippines – Thailand’s largest consumer products conglomerate, Saha Pathana Inter-Holding Public Co. Ltd. (Saha Group), has expressed its intention to set up manufacturing facilities in the Philippines given the country’s growing attractiveness as an investment destination. In a recent visit to the country, Saha Group president Chantra Purnariksha said the company is eyeing investments in factories for its consumer products as it plans to expand its footprint in one of the world’s best performing economies. “We are looking (to set up factories) for the cosmetics first. And then we will diversify to other products,” Purnariksha said. At present, the Saha Group operates three industrial parks in Thailand covering about 2,500 acres of land. These are the Kabinburi, Sriracha and Lamphun industrial parks. Purnariksha said the Saha Group is initially seeking a local joint venture partner to distribute its consumer products. She said the Thai conglomerate is currently in talks with four to five local companies to be distributor of its cosmetics line in the Philippines. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Philippines is one of the most interesting markets in terms of consumer products especially cosmetics because we notice there are a lot of cosmetic products in Philippines that are imported from overseas,” Purnariksha said. “So first, we have sent out some of our companies to negotiate with Philippine companies. First we will try retailing then afterwards, we can set up in the near future some factories Read More …