MANILA, Philippines – The peso moved sideways against the dollar midday Thursday, settling at 44.791 from the previous day’s 44.825. Total volume transacted at the Philippine Dealing System amounted to $401.9 million in the morning, higher than the $295.1 million posted the same period on Wednesday. The peso opened Thursday at 44.76.
MANILA, Philippines – Philippine stocks rebounded on a technical rally yesterday, putting a stop to a three-day losing streak. The PSEi climbed 0.65 percent or 45.13 points to 6,991.19, retreating from the intraday high of 7,025.82. The broader all shares index likewise added 0.54 percent or 22.31 points to finish at 4,158.29. “The local stock market followed the rebound in other stock markets, especially in the United States and Asia,” said Luis Limlingan, analyst at Regina Capital Development Corp. Asian stocks were mostly on a positive mood on Wednesday while US stocks recovered from steep declines it suffered in the previous trading days. Locally, all counters finished in the green, led by the mining and oil and property counters which climbed 1.41 percent and 1.15 percent, respectively. Turnover value went up to P12.52 billion from P12.01 billion on Tuesday. Advancers dominated decliners, 102 to 63, while 47 stocks did not change. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Limlingan, however, said Wednesday’s comeback may only be a temporary relief in the market following what seems to be a weakening global growth. “The slowdown is still lingering so a bearish outlook will likely continue,” he said.
Part of Global Entrepreneurship Week is the launch of Go Negosyo’s newest program for outstanding students, the Go Negosyo Building Enterprising Students for Tomorrow. It’s almost November and it is that time of the year once again to prepare for the Global Entrepreneurship Week (GEW). Every third week of November, over 140 countries all over the world commemorate a week of activities that aims to inspire people and guide them in their entrepreneurial journey. The week celebrates the drive and commitment of thousands of job-creators, livelihood providers and product innovators. The game changers. The Entrepreneurs. Last year, Go Negosyo partnered with the British Embassy for the Global Entrepreneurship Week and launched the first Creativity and Innovation Summit. It was a well-attended summit with over 3,000 students and entrepreneurs, followed by a gathering of entrepreneurs at the residence of the then new British Ambassador Asif Ahmad. Then, we partnered with the PLDT SME Nation group for the Bossing Awards. Go Negosyo also partnered with Villar Sipag Foundation for the OFW Summit and a couple of entrepreneurship fora in various schools. This year, Go Negosyo partners again with the British Embassy for the GEW as our institutions share in the mission to empower Filipinos to move up in life, through a mindset change and upgrading of competencies, which we help address through the free entrepreneurship education and exposure we provide in our Go Negosyo summits, seminars and Negosyo Talks. The Global Entrepreneurship Week this year will be from November 17-23. And in an effort Read More …
Unfortunately, listening is not one of the strong points of Filipino leaders. Well, except one: President Fidel V. Ramos who authorized the massive build-up of power generation plants under the now infamous take-or-pay, build-operate-transfer scheme. Of course, we know where this had ended. He received so much flak from our countrymen who have such short-lived memories the moment electricity prices started creeping up by immediately forgetting how tiresome the rotating brownouts and frequent blackouts had been. Today, about six months before huge and serious power shortages are expected to hit the Luzon grid, the nation is once again mired in a debate about the wisdom of granting P-Noy emergency (or whatever) powers to solve the impending crisis of three- to four-hour per day brownouts. Is ‘crisis’ real and beyond saving? Is the situation really so unsalvageable? Energy Secretary Carlos Jericho Petilla has asked Congress to vest P-Noy with powers to approve the acquisition of additional power sources or construction of new plants, which had been translated by critics as the now controversial request for “emergency powers.” Alright, here’s a scenario of what may have transpired in the dialogue between the Energy chief and his boss: Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Petilla (aloud, agitated): Boss, I’ve been trying so hard over the last years to solve this power crisis that’s really, really going to hit Metro Manila and the rest of Luzon by March next year. P-Noy (blowing his top): What?! What have you been doing as Read More …
MANILA — Seasonal rains are set to disrupt nickel mining in the Philippines for the next four months or so, crimping exports to top buyer China and stoking a shortfall in the global supply of ore.
THE PHILIPPINES will temporarily stop issuing new licenses for new commercial fishing vessels and fishing gear for three years to conserve its fish stocks.
THE SALE OF three state-owned power barges may fetch prices higher than the original bid of an interested company, a top official of the Power Sector Assets and Liabilities Management Corp. (PSALM) said.
GOVERNMENT debt servicing declined by more than a third in August as a drop in principal payments offset a double-digit increase in interest payments during the month, data from the Bureau of the Treasury showed.
ONE POTENTIAL mitigating measure for the looming power shortage goes down the drain after the government claimed that full availability of the 650-megawatt (MW) Malaya thermal power plant could not be assured for the summer months of next year.
FAILURE to secure an Authority to Print (ATP) prior to the zero-rated transaction is fatal to the taxpayer’s claim for tax refund of input tax attributable to such zero-rated sales. In the recent case of Emerson Electric (Asia) Limited-ROHQ vs. Commissioner of Internal Revenue (CIR), the Court of Tax Appeals (CTA) ruled that to prove that a taxpayer is engaged in zero-rated sales, the duly registered invoices or receipts must be presented. This assumes that the proper ATP was secured prior to the transaction. If the ATP is not indicated in the invoices or receipts, the only way to verify whether the said invoices or receipts are duly registered is for the taxpayer to present its ATP issued by the Bureau of Internal Revenue (BIR). Without this proof, the invoices or receipts would have no probative value for the purpose of refund.