2 flower shops charged for failing to issue receipts

 Economy
Feb 132013
 
2 flower shops charged for failing to issue receipts

MANILA, Philippines – The Bureau of Internal Revenue filed on Thursday criminal charges against two flower shops who failed to issue receipts in violation of the National Internal Revenue Code of 1997. The state agency charged Sylvia Pimentel, sole proprietress of Flowers by Sylvia, a flower shop in San Antonio Village, Makati City. The bureau likewise filed with the Justice Department a complaint against Casa Flores, Inc. and its president Belen Bactad, vice-president Edgar Bactad and treasurer/secretary Fe de Belen Bactad de Leon. BIR said the two flower shops were subjected to covert surveillance operations to verify whether or not they are issuing receipts as mandated by the Tax Code. “Two  BIR investigators acted as poseur customers who bought flowers from Pimentel’s flower shop. Her establishment did not issue to the first buyer any official receipt but instead issued an unregistered provisional receipt that did not conform to the invoicing requirements provided under the Tax Code. It still failed to issue any receipt to the second buyer but instead issued for the second time an unregistered provisional receipt,” the bureau said. BIR added that the same happened with Casa Flores, which only issued an unregistered delivery receipt that did not conform to the invoicing requirements of the Tax Code. “It likewise failed to issue any receipt to the second buyer but issued a cash invoice only upon demand,” BIR said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The shops were served mission orders before the investigators apprehended and Read More …

Intex offers REEs for free

 Economy
Feb 132013
 
Intex offers REEs for free

MANILA, Philippines – Norwegian-based Intex Resources ASA which operates Mindoro Nickel Mining says that it can produce rare earth elements (REEs) to the country for free. The announcement came on the heels of reports that the Philippines is dead set on exploring for REEs to take advantage of China’s move to cut on REEs’ production to the global market. REEs are a group of elements that are used in a wide range of products we use every day, including hard drives, IPods, wind turbines, hybrid cars, fiber optics and energy efficient fluorescent bulbs, among others. Their properties, notably as lightweight magnets, make them key to the on-going miniaturization of electronics and the growth of green technologies. Last year, the country’s plan to produce REEs was stalled after Beijing reneged on earlier commitments to help Manila despite several “reminders” by the MGB. This came amid a dispute between Manila and Beijing over the Panatag Shoal in the West Philippine Sea. Before the dispute, Manila and Beijing were set to sign a deal to jointly explore for rare earth elements. The Philippines is already conducting its own exploration surveys in Nueva Vizcaya and Palawan, where rare earth deposits were found to be close to copper-gold mines. The MGB said that the Aquino government has earmarked P20 million for REEs’ development. The amount is for the entire reconnaissance phase for the two-year preliminary survey. It said that once the three stages of exploration go well, the program may take five years. Business ( Read More …

AboitizPower allots P85B for 4-year portfolio buildup

 Economy
Feb 132013
 
AboitizPower allots P85B for 4-year portfolio buildup

MANILA, Philippines – AboitizPower, the holding company for the Aboitiz Group’s power generation, distribution and retail businesses, will be pouring in P85 billion over the next four years to expand its power portfolio, its top official said yesterday.  “For the next four years, AboitizPower and partners expect to invest P85 billion which will be used in building new power plants across the country,” AboitizPower president and chief executive officer Erramon Aboitiz said during a presentation yesterday at the Philippine Economic Briefing. Aboitiz said the amount would translate to roughly 1,400 to 1,500 megawatts of additional capacity and will combine AboitizPower’s and its respective partners’ investments in RP Energy, Pagbilao 3 coal-fired plant expansion, the Therma South coal plant in Mindanao and roughly three to four hydropower plants. RP Energy is a consortium of AboitizPower, PowerGen Corp. and Taiwan Cogeneration International Corp. For the Pagbilao 3 expansion, AboitizPower has teamed up with TeaM Energy Corp. for the construction of another 400-MW plant.  “We’re planning on building a 400-MW plant. We hope to break ground this year, hopefully in the second half and to have that ready by 2016,” Aboitiz said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Wholly-owned subsidiary Therma South Inc., meanwhile, is completing a 300-MW coal power plant in Mindanao and expects this to be ready by early 2015. For the hydropower plants, AboitizPower is looking at building around three to four new plants in the next three to four years.  “In the next three to four Read More …

BOC posts collection surplus of P200 M

 Economy
Feb 132013
 
BOC posts collection surplus of P200 M

MANILA, Philippines – The Bureau of Customs is off to a good start, posting a  collection surplus of over P200 million in January this year, the first time under Ruffy Biazon’s watch. The BOC exceeded its collection target of P24.3 billion for January with total collections reaching P24.5 billion. The figure is P2.51 billion higher than the same period in 2012. The higher collection was attributed to the reorganization of key Customs personnel in the early part of January. Biazon, who took over the reins of the BOC in 2011,  is hopeful  the agency will surpass or at least meet its collection target for the year of P340 billion with the full completion of its computerization program. “We may have found the right chemistry among our officials to enable us to meet our collection target for 2013, although it remains to be seen as we progress through the year. As I have said when I announced my 2013 reconfiguration program for the BOC, the purpose of the program is to place the right people at the right assignments, where they can best deliver their talents, experience and training in revenue generation,” Biazon said. The BOC last exceeded its collection target in March 2011 under the leadership of Angelito Alvarez who stepped down from office. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Biazon is hopeful the agency will surpass or at least meet its collection target for the year of P340 billion with the full completion of its computerization Read More …

Phl confident of passing ICAO audit next week

 Economy
Feb 132013
 
Phl confident of passing ICAO audit next week

MANILA, Philippines – The Aquino administration is confident that the Philippines would pass the audit to be conducted by the International Civil Aviation Organization (ICAO) scheduled on Monday. Transportation Secretary Joseph Emilio Abaya told participants of the Philippine Economic Briefing titled “Good Governance is Good Economics: Achieving Investment Grade” that the Philippine government has addressed all the safety concerns raised by ICAO. “We are confident that it (safety concern) has been addressed. Of course there is a certain area whether it has been fully closed or is the auditing merely just checking if we are going in the right direction though not fully accomplished,” Abaya stressed. He pointed that the Department of Transportation and Communications (DOTC) is prepared for the audit to be conducted by ICAO on Feb. 18. “We are continuously preparing for our audit by ICAO on February 18. Monday is a big day for us, we will be audited for the Category 1, Category 2 efforts,” Abaya said during the open forum. In 2008, the safety rating of the Philippines was downgraded by the US Federal Aviation Administration upon the recommendation of the ICAO to Category 2 from Category 1. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Category 2 indicates that the FAA had assessed that the Philippines’ civil aviation authority had failed to comply with ICAO safety standards for the oversight of air carrier operations. While in Category 2, Philippine air carriers are permitted to continue current operations to the US under heightened FAA Read More …

MAP raises awareness for ASEAN integration

 Economy
Feb 092013
 
MAP raises awareness for ASEAN integration

MANILA, Philippines – The Management Association of the Philippines (MAP) has formed a committee that will help the government and the business community prepare for the opportunities and risks of the Association of Southeast Asian Nations (ASEAN) economic integration. The MAP has created the ASEAN Integration Committee (AIC) to raise the awareness of the business community sector on the ASEAN Economic Community (AEC) as well as country branding efforts. The AIC headed by Junie del Mundo has a two-fold mandate: to conduct an information drive and consultations with businesses and to push country branding initiatives. The AIC will likewise implement activities under the MAP-ASEAN Business Advisory Council Agreement from this year onwards. The AIC is part of MAP’s Economic Development Cluster, a grouping of other committees on trade and development, working on ways to create an environment conducive to promoting rapid, inclusive, and sustained economic growth. “AIC captures MAP’s commitment to operationalize our thrust to help build the foundation for economic growth through relevant, timely and private sector-focused offerings,” MAP president Melito Salazar, Jr. said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Among the activities planned to help the government and the businesses sector prepare for the ASEAN’s unified market is to conduct a series of fora on the AEC and its impact on the country. The MAP is set to hold its first AEC forum next month. Earlier, Salazar said the group intends to come up with a master plan that would contain strategies on how businesses Read More …

MCLE seminar for lawyers

 Economy
Feb 092013
 
MCLE seminar for lawyers

MANILA, Philippines – April 14, 2013 is the deadline for all lawyers to fulfill their fourth compliance to the Mandatory Continuing Legal Education (MCLE). To enable lawyers to comply with requirements, the Center for Global Best Practices (CGBP) is hosting a one-time “2013 MCLE Program” on Thursday and Friday, March 7 and 8, 2013 and Friday and Saturday, March 22 and 23, 2013 at the Garden Ballroom of the Edsa Shangri-La Hotel, Mandaluyong City. This unique four-day program offering 36 MCLE credit units is also open to non-lawyers as well as those who have not completed their MCLE requirements. For details, you may log on to www.cgbp.org or call Manila lines: (02) 842-7148/59 and 556-8968/69, Cebu lines: (032) 512-3106 or 07 or Baguio line: (074) 423-5148. In this series of seminars, we bring together the most seasoned and sought-after lecturers in the country. Unlike the usual run-of-the-mill MCLE-accredited programs, this is uniquely packed with special and interesting topics, namely: (Day 1) Strategies in Winning Election Cases at the Comelec by Ferdinand Rafanan; How to Employ Discovery Modes to Settle Cases Swiftly by Jose A. Bernas; New Rules and Cases on Annulment by GMA TV host on Legal Forum Joji Antonio-Alonso; and How to Win Complex Commercial Disputes through Arbitration or a Mini Trial by Victor Lazatin; (Day 2) Handling PPP and BOT projects with multinational corporations by former DOJ secretary Alberto C. Agra; How to Defend Lawyers from Professional Malpractice by former chairman of PRC Justice Nicolas Lapena; Updates on Read More …

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