THE DEPARTMENT of Finance (DoF) yesterday reiterated the need to review the country’s entire tax structure instead of amending the system on a “piecemeal” basis in light of Congress’ move to raise the tax exemption cap for bonuses.
Sep 152014
Sep 152014
THE BUREAU of Internal Revenue (BIR) continuously enhances and develops electronic services (e-Services) to provide faster, more reliable and more convenient services for taxpayers, as well as to improve its tax return data capture and storage. Last Oct. 16, 2012, the BIR authorized the use of the electronic BIR Forms (eBIRForms) through Revenue Memorandum Circular No. (RMC) 061-12. The eBIRForm is a better, more reliable alternative to the manual process of filling tax returns on pre-printed forms because it allows taxpayers to directly encode data, compute taxes, validate information, save progress, and print the tax returns offline.
Sep 152014
WHILE Mindanao is recovering from power supply deficiency and possibly will have an excess in the coming years, the Interim Mindanao Electricity Market (Imem), created purposely to ease off the island’s power woes, might “take on a different form.” Romeo Montenegro, director of investment promotions and public affairs of the Mindanao Development Authority (Minda), during the Mindanao Power Stakeholders Dialogue earlier this month at the Marco Polo Hotel Davao, said the Imem was created for “a market for deficiency.” The Imem was implemented to draw out around 150 megawatts (MW) to 200 MW from uncontracted capacities of power generators and embedded capacities of some distribution utilities to be sold outside of its franchise areas so that some electric cooperatives that are in need of supply, on a intermittent basis, would be able to tap the available capacity. Imem was implemented on December 3, 2014 but a market intervention was implemented after the Mindanao-wide blackout in February this year. “But now, we are heading towards a new regime of possible excess of [power] supply in Mindanao, the Imem may probably take a different shape already which is moving toward a market of competition because we are no longer seeing a market for deficiency,” Montenegro said. Based on the Mindanao Power Situation Outlook of the Mindanao Power Monitoring Committee (MPMC), the Mindanao grid will have a projected available capacity of 2,208 MW in 2015, which is more than the projected peak demand of 1,583 MW. Similarly, from 2016 to 2020 the grid Read More …
Sep 142014
After their informative talks, Maria Ressa (center) and Kenneth Cobonpue (right) shared the stage with RJ Ledesma to answer questions from students during the open forum. Just two weeks ago, we had a very successful run of our Creativity and Innovation Summit in Cebu. We were delighted to see the participants so engrossed in the discussion and actively jotted down notes as a reference for their future entrepreneurial endeavors. It gave us a positive feel that there is now greater awareness and enthusiasm in developing and empowering everyone to achieve his or her dreams and become more successful in life. We came there with a mission to inspire, but we were the ones who got inspired by these determined individuals. I do believe that Cebu is a land of creativity and innovation. Because of their mindset, world-class products from well-awarded entrepreneurs became available in our market. Their love and pride for their culture add to the character of the products. We were glad to have Sen. Bam Aquino, Kenneth Cobonpue, Maria Ressa, Jay Aldeguer, Justin Uy, Josiah Go, Johnlu Koa and other distinguished guests in our program. They shared their stories and gave advice to the aspiring entrepreneurs in the audience. For sure, there were many empowered individuals who will now take their step towards entrepreneurship. This is what we are doing in Go Negosyo. We do not just hold seminars and summits just for the sake of having them. Instead, we have the vision and mission to develop Filipinos Read More …
Sep 122014
MANILA, Philippines – Listed Apex Mining Co. Inc. is acquiring all outstanding capital stock of Monte Oro Resources & Energy from various shareholders to expand its mining business. In a regulatory filing yesterday, the company announced that its board approved last Thursday the cash purchase of shares from Monte Oro shareholders Prime Metroline Holdings Inc., Lakeland Village Holdings Inc., Devoncourt Estates Inc., A. Brown Company Inc., Wealth Securities Inc. and other shareholders of Monte Oro. The buyout involves 5,122,161,096 shares at par value of one peso apiece. The acquisition would be funded from cash raised through the issuance of new shares as the company raises its authorized capital stock. Apex said the acquisition would give it access to another mineral processing plant, as well as expansion opportunities in Jose Panganiban in Camarines Norte. This would also strengthen the company’s balance sheet with an increase in its asset base and equity. Monte Oro fully owns Paracale Gold Ltd. that runs a mineral processing plant in Jose Panganiban, Camarines Norte, and 40 percent of Bunawan Mineral Resources Corporation which has two mining lease contracts covering 653.28 hectares and pending applications for production sharing agreement and exploration permits. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Monte Oro also has a 30 percent interest in Service Contract no. 72 that covers an offshore gas project in Palawan, as well as a 52 percent stake in International Cleanvironment Systems Inc. that has a solid waste management contract with the Philippine government for Metro Read More …
Sep 122014
MANILA, Philippines – Indonesian palm oil producer PT Musim Mas plans to expand its operations by entering the Philippine market. Togar Sitanggang, senior manager for corporate affairs of PT Musim Mas, told reporters yesterday the firm is interested in opening a palm oil plantation in Mindanao. A team from the company would visit Mindanao sometime this year to look at potential sites. The company is interested in some 900,000 hectares of land for possible palm oil production in Mindanao. “We are in the very early stage. Whether we will invest or not, we still don’t know yet,” Sitanggang said. Depending on the land available to the firm, he said the company may also invest in a refinery. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Before deciding on making an investment in the Philippines, he said the company would need to find a local partner. In deciding on investments, he said the company needs to ensure that the place offers an environment that supports business. At the same time, the land to be used for production should not be subject to any dispute and there should be no security issues. “By next year, we may know what we will do,” he said. PT Musim Mas is Indonesia’s second largest palm oil producer. Apart from Indonesia, the firm currently has operations in Malaysia, India, China and some countries in Europe.
Sep 122014
MANILA, Philippines – An international information communications technology (ICT) advocate said that Asia Pacific governments should already start discussing policy frameworks that should be put in place to allow the establishment of Television White Space (TVWS) Internet technology infrastructure in their respective countries. TVWS refers to the vacant frequencies located between broadcast TV channels which could be used to provide wireless data connectivity to remote communities. TVWS Internet makes use of the “White Space” or the unused frequency in between channels to accommodate Internet band with connectivity. Akhtar Badshah, chairman of the Telecentre.org Foundation which is promoting the search for the use of the Internet to generate opportunities for the widest section of the world’s population, said that lawmakers and policymakers should look at putting in place the regulatory framework to support TVWS Internet infrastructure and systems establishment in the different countries in the region, to make internet access more accessible especially to still unserved areas in their respective countries. “It’s a great invention, its a great technology,” Badshah said in his address at the opening Sept. 10 of the two-day Asia Pacific Economic Conference (APEC) Digital Opportunity Center (ADOC) International Conference: the 10th Year Presentation, at the Dusit Thani Hotel in the Ayala central business district in Makati City. Badshah said that the ADOC International Conference was one such venue for such discussions on the setting up of the regulatory framework in the APEC member economies to support TVWS Internet systems establishment. Badshah pointed out in his presentation that Read More …
Sep 122014
MANILA, Philippines – The Aboitiz Group seeks to retain its position as one of the country’s Big Three power players in the coming years by remaining aggressive in the hunt for state-owned facilities and supply contracts that are yet to be privatized. In an interview, Aboitiz Power Corp. chief executive officer Erramon Aboitiz said the company is keen on joining all government auctions in the power sector. “We would look at all the power assets. We tend to look at all the power deals and try to understand it and decide if we want to participate,” Aboitiz said. He cited two specific government supply contracts which the company currently has its sights set on. “So we have the Unified Leyte bulk energy. We are now studying the Mt. Apo IPPA (independent power producer administrator). I think part of the schedule of PSALM is to do the Steag IPPA so we would look at that also,” Aboitiz said. AboitizPower in February this year has been awarded by the Power Sector Assets and Liabilities Management Corp. (PSALM) 40 megwatts of the Unified Leyte geothermal power plants’ output. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The IPPA contract for the Mt. Apo 1 and 2 geothermal power plants in North Cotabato are currently being put up for bidding to the private sector as well. Auction for the IPPA of the 210-MW Steag State Power Inc coal plant in Misamis Oriental, meanwhile, has yet to be scheduled. AboitizPower has earmarked a capital Read More …
Sep 122014
LAST Feb. 12, 2004, Sangwoo Philippines, Inc. (SPI) notified its employees who are members of Sangwoo Philippines, Inc. Employees Union (SPEU) of its permanent closure and cessation of business operation effective March 16, 2004 due to serious economic losses and financial reverses. The notice was posted in conspicuous places within the company premises. The Department of Labor and Employment (DOLE) was furnished a copy of the notice last Feb. 13, 2004, together with a separate letter notifying it of the company’s permanent closure. SPEU was also furnished with a copy. In a case filed by SPEU against SPI, the labor arbiter (LA), the National Labor Relations Commission (NLRC) and the Court of Appeals (CA) found that SPI complied with the notice requirement before closure of business. Did they err? The Supreme Court (Second Division) ruling: Yes. Article 297 of the Labor Code provides that before any employee is terminated due to closure of business, it must give a one month’s prior written notice to the employee and to the DOLE. In this relation, case law instructs that it is the personal right of the employee to be personally informed of his proposed dismissal as well as the reasons for it; and such requirement of notice is not a mere technicality or formality which the employer may dispense with. Since the purpose of previous notice is to, among others, give the employee some time to prepare for the eventual loss of his job, the employer has the positive duty to inform Read More …
Sep 112014
MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM) has recalculated the possible increase in the universal charge if it is forced to settle up to P62 billion in damages from a class suit filed by the former drivers and mechanics of National Power Corp. (Napocor), the state-owned power company. From a previous estimate of a 51 centavo per kilowatt-hour increase in the universal charge, PSALM is now looking at increasing the universal charge by 23 centavos per kwh for recovery period of 11 years and 22 centavos per kwh for a 12- year recovery. However, PSALM president Emmanuel Ledesma Jr. stressed there is still no decision yet on whether or not the agency would indeed pass on to consumers the P62 billion in damages sought by the former employees of Napocor through an increase in the universal charge. The universal charge is a separate line in consumers’ electricity bills. It is being charged to all electricity consumers. PSALM is the government corporation tasked to privatize state-owned power assets. “If there is indeed any amount due, the Supreme Court mentioned the universal charge but we will coordinate with other agencies,” Ledesma said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Napocor lost a class suit filed by former members of its Drivers and Mechanics Association (DAMA) who were terminated in 2003 and is being asked to pay P62 billion in damages, according to a Supreme Court resolution dated June 30, 2014. The petitioners comprised about 8,018 Read More …