STRICTISSIMI juris. Of the strictest right or law, exemption from taxation is never favored, never presumed. Tax exemption is always construed against the taxpayer and liberally in favor of the taxing authority. It must be justified with words that are too plain to be mistaken and too conclusive to be misinterpreted.
MANILA, Philippines – Century Properties Group Inc. has jumpstarted its diversification into other income channels with the formal opening of Century City Mall, its flagship retail development expected to generate P100 million in annual income for the group. Among its future projects will feature retail component of various sizes, in line with the company’s plans to beef up its recurring income portfolio in the medium term, a top executive said. “[Century City Mall] mall should generate P100 million annually once it’s stabilized,” said Century Properties co-chief operating officer Jose Marco Antonio. The boutique shopping mall targets the AB market, allowing the property firm to secure P250 million in additional yearly revenues, Antonio said. Century Properties formally opened yesterday the P1.4-billion Century City Mall, the company’s first retail project located in the masterplanned Century City in Kalayaan Avenue, Makati. It is also the newest mall to open in the country’s financial center in almost 10 years. The five-story mall has a gross floor area of 50,000 square meters (sqm) and 17,000 sqm of net leasable space. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Century City Mall general manager Graham Coates said there are 68 stores already in operation while 20 more shops will open next month. In every brand, there is a slight twist in terms of brands or merchandise sold, Coates said. In total, 110 retail establishments will operate in the shopping mall, 65 percent of which are non-food, with rent at P900-1,000 per sqm. Tenants include Rustan’s Read More …
ORMOC CITY , Philippines – Commissioner Kim Henares of the Bureau of Internal Revenue has finally relented to requests of Yolanda-affected businesses to grant them more time to file their declaration of losses. Business in Yolanda hit Regions 6 and 8 had been given 45 days after Nov. 8 to file their sworn declaration of losses. The BIR has extended the period up to March 31, 2014. Ormoc revenue district officer Eduardo Obero shared this information before an audience gathered for this year’s annual tax campaign held at the Sabin Resort Hotel last Friday. Obero said the commissioner issued Revenue Memorandum Circular 18-2014 on March 18, 2014. Henares, in the circular, said “In the light of overwhelming requests amidst the untold events brought about by Supertyphoon Yolanda”, the filing of declaration of losses arising from casualty, theft, robbery or embezzlement “is hereby extended until March 31, 2014.” Henares said the availment of the “extraordinary relief” is “limited to losses sustained by taxpayers engaged in business in areas affected by Typhoon Yolanda, whose books of accounts and relevant records were completely damaged/destroyed, where, as a result, data reconstruction could not be achieved.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1
MANILA, Philippines – The Davao City council has given its go-signal for the proposed 645-megawatt coal power plant project of Aboitiz Power Corp. subsidiary Therma South. “As we address the ongoing power supply shortage in Mindanao, we also have to look at the future energy demands of Mindanao. This expansion will ensure Mindanao will have enough power when demand catches up with supply again in 2017 and 2018,” Therma South president and COO Benjamin Cariaso Jr. said. The first 300-MW capacity of Therma South, set for commercial operations in the first half 2015, is already almost contracted out to distribution utilities and electric cooperatives in Mindanao. The expansion is set for completion in 2017 and 2018, when demand for power in Mindanao will be expected to exceed supply once again. “AboitizPower’s main interest in expanding this plant is to help Mindanao avoid repeating the big problem of the past where it failed to build the power plants needed before the demand for power kicked in. As a consequence, most parts of Mindanao have, for years and until today, been experiencing prolonged and frequent brownouts and it’s growth and development has been severely affected,” AboitizPower first vice president for Mindanao affairs Manuel Orig said. The power plant will also be using circulating fluidized-bed technology to ensure the power plant, during operations, will meet national and international environment and health standards. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 More than just a tree planting site, the 1,000-hectare area of the Read More …
MANILA, Philippines – Vice chairman John G. Rice and Lorraine Bolsinger, leader of GE’s new Distributed Power business, gathered with business and government officials in Jakarta to launch GE’s Distributed Power, a new business that combines three product lines — Aeroderivative Gas Turbines, Jenbacher Gas Engines and Waukesha Gas Engines — aimed to better serve the distributed power space. GE announced an investment in the newly created business of $1.4 billion over four years to help meet the world’s growing demand for on-site power systems that are easier to finance, faster to install and more efficient and reliable for customers. In a white paper released during the event, “The Rise of Distributed Power,” GE highlights that distributed power has become increasingly popular in countries that are seeking more reliable, efficient energy options near the point of use — on or off the grid. According to the report, distributed power will grow 40 percent faster than global electricity demand between now and 2020. More communities and businesses are installing distributed power technologies to improve access to electricity in remote areas with poor or non-existent electric grids, according to the paper. In addition, in both developing and developed economies, industry is using distributed power to improve industrial and residential energy efficiency and ensure they have emergency power in the event of natural disasters and other unplanned outages. At the same time, the oil and gas industry relies heavily on on-site power to provide electricity to remote operations as well as mechanical power Read More …
MANILA, Philippines – Filipino fashion retailer Golden ABC Inc. is expanding it business by opening more new stores locally and overseas this year. “I am very excited about our international expansion. We are looking at about 25 stores abroad,” Golden ABC Inc. chief executive officer Bernie Liu told reporters in a chance interview noting that all new stores to be set up overseas are for the Penshoppe brand. The firm is looking at opening five to 10 more stores in the Middle East and about 10 stores in Indonesia. Liu said the firm will also be entering a new market this year, as it is slated to set up in Phnom Penh, Cambodia. “Store investment is going to be done by our partner,” Liu said. The firm currently has presence in markets such as Bahrain, Saudi Arabia, United Arab Emirates and Indonesia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For domestic (expansion), we are targeting 25 (stores) as well,” Liu said, noting that such would require about P200 million worth of investment. The locations for the new outlets will depend on where new malls will be rising. “We have to be a bit selective where we’re opening. Metro Manila is getting a bit crowded. The opportunities are really outside Metro Manila,” Liu said. He added that the new outlets in the local market will be a combination of its different brands. Aside from Penshoppe, Golden ABC creates and sells ready-to-wear clothing under the Oxygen, ForMe, Memo, Regatta and Read More …
I wouldn’t call it a shame campaign. It really is more of a transparency campaign. And it is something that should be supported by all taxpayers who are now carrying the brunt of supporting our government. I am sure all of us feel bad about paying our taxes. It is not only because we see our politicians waste government funds and line their pockets with our hard earned money. It is also because we know the very rich do not carry their rightful share of the tax burden. It should be easy to say that a well connected taipan with his army of topnotch accountants and tax lawyers would be able to avoid if not evade taxes that you and I have no choice but to pay. Even with everything being legal, most of the one percent comprising our ruling elite pay less than the rest of us in proportion to income earned. But paying taxes is something we have to live with. I have met Filipino taxpayers in other countries who pay even higher percentages of their income in taxes but they are not complaining. They get excellent health care, fantastic infrastructure and a system of justice that works. Government is able to protect the personal security of taxpayers. We get extremely little, if any, of those sorts of things for the taxes we pay. Let us not get into the justness of the current tax structure because even in the US, that is problematic. Let us just talk Read More …
MANILA, Philippines – The Asian Development Bank (ADB) has named Richard Bolt as the new country director for the Philippines, replacing Neeraj Jain. Jain will remain as senior advisor to James A. Nugent, director general of the Southeast Asia Regional Department (SERD) that supervises the Philippine country office. Bolt, who hails from Canada, has been advisor with the SERD since 2009. The incoming country director was advisor for Knowledge and Results Management of SERD and ADB Economics and Research Department in 2000, supporting the economic analysis of project- and policy-based operations, methods development and training. He then moved to operations, covering sector analysis and investment projects in a range of Central and East Asian countries. Bolt also joined the ADB’s Independent Evaluation Department where he was involved with evaluations of policy-based lending, ADB’s long-term strategic framework, and country and sector evaluations. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He worked with research and development projects supported by bilateral and multilateral agencies, with in-country regional coverage in East and Southern Africa, South East and East Asia and the Pacific. His experience and expertise range from policy and sector analysis, to project management and implementation, and monitoring and evaluation.
MANILA, Philippines – The upswing in the local bourse is still in play for this week, with month-end window dressing and positive news likely to push the benchmark index close to the 6,500 level. Investors will monitor several market-moving news here and abroad, particularly those related to interest rates, analysts said. “The uptrend remains intact and a retest of 6,500 level is still probable,” said Jonathan Ravelas, chief market strategist of BDO Unibank Inc. On the other hand, there is also a risk of the main index dropping below the 6,300 level. “On a technical basis, the market broke its short-term support level at 6,400 and 6,350, but remains mid-way through its three-month upward trend channel,” said Joyce Anne Ramos, an analyst at AB Capital Securities Inc. “Should the anticipated market developments turn out positively in addition to the possibility of window dressing for the end of first quarter, we expect that the local bourse will slowly inch upwards to test the resistance levels at 6,550 and 6,570,” Ramos said. Week-on-week, the Philippine Stock Exchange index lost 0.81 percent or 51.98 points to close at 6,339.26, with the decline led by holdings firms that sank 2.21 percent or 130.23 points. It marked the second straight week the main index ended in the red. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The geopolitical tension in Ukraine, the nearing conclusion of the US Federal Reserve’s stimulus program and the impending increase in US interest rates kept a lid on share Read More …
MANILA, Philippines – The National Home Mortgage Finance Corp. (NHMFC) retained its PRS Aa rating from the Philippine Ratings Services Corp. for its P420 million residential mortgage backed securitization issue. NHMFC likewise retained its PRS Baa rating for its P183.74 million class C subordinated notes. Obligations rated ‘PRS Aa’ are of high quality and are subject to very low credit risk. This means the issuer’s capacity to meet its financial commitment on the obligation is very strong. Obligations rated ‘PRS Baa’, on the other hand, exhibit adequate protection parameters. Adverse economic conditions and changing circumstances, however, are likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. The ratings reflected the following considerations: sustained strong credit enhancement and standby liquidity facilities; additional layers of protection, as well as collection efficiency enhancements, considering the weakening asset quality of accounts included in the pool and the material amount of restructured loans included in the portfolio; and the relatively positive economic outlook for the Philippines. PhilRatings said the interest and penalty collections from the asset pool for the collection period April 2012 to December 2012 as well as from January to May 2013 have more than adequately covered senior expenses, coupon payments for the Class A and B Senior Notes, as well as servicer fees. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Philratings said “excess spread has continued to accumulate from April 2012 to May 2013 and were thus transferred to the Read More …