NEDA chief: GDP growth still about the poor

 Economy
May 302013
 
NEDA chief: GDP growth still about the poor

A man cooks his food along a sidewalk in Tondo district, Manila. EDD GUMBAN/FILE PHOTO MANILA, Philippines – The country may have an impressive gross domestic product (GDP) in the first quarter, but an economic official believes that this growth is still about its impact to the poor. The National Statistical Coordination Board (NSCB) revealed on Thursday that the Philippines’ GDP grew by 7.8 percent in the first three months, exceeding market and government expectations and beating Southeast Asian nations and even China. But Socioeconomic Planning Sec. Arsenio Balisacan admitted that the issue is all about making the GDP growth inclusive. “We know, however, that inclusive growth is not about averages, but about the lower part of the income distribution, namely, the poor,” said Balisacan, who is also the director-general of the National Economic and Development Authority (NEDA). “On the other hand, we also know that growth is still the necessary condition for inclusive growth,” he added. Malacanang said its goal is to ensure that the recent economic gains of the country are being felt by all. “That is always the target; that nobody will be left behind,” said Deputy Presidential Spokesperson Abigail Valte. “With the high numbers that we have, even with the boost in investor confidence, the rallies that you’ve been seeing in the stock market, ang importante po sa atin ay ‘yung maramdaman ng lahat [‘yung economic growth],” she added. But Valte noted that the effects of these economic gains do not happen overnight. The NSCB said Read More …

Globe asks court for Bayantel's debt restructuring

 Economy
May 292013
 
Globe asks court for Bayantel's debt restructuring

MANILA, Philippines — Local carriers Globe Telecom and Bayan Telecommunications have filed a motion with a court seeking to restructure Bayantel’s debt of $423.3 million. Following Globe’s tender offer for the Bayantel debt in 2012, Globe currently holds approximately 96.5 percent of the total financial indebtedness of Bayantel. The joint motion aims to achieve a rehabilitation of Bayantel. Globe disclosed Bayantel’s operations from traditional fixed line services, growing competition, have not generated sufficient revenue to continue making the debt payments under its present rehabilitation plan. If approved by the court, Globe expects the restructuring would lessen the debt to about $131.3 million. Globe believes such a restructuring would allow them to further strengthen collaborative efforts with Bayantel regarding local exchange networks, corporate data and broadband businesses.

Examining Coast Guard firearms first on Taiwanese probers’ list

 Entertainment
May 292013
 

MANILA  (Mabuhay) — Conducting a forensic examination on the firearms used by the Philippine Coast Guard in an incident in disputed waters that resulted in the death of a Taiwanese fisherman last May 9 is the first task on the list of a Taiwanese team probing the case. National Bureau of Investigation deputy director Virgilio […]

VAT on isolated transactions

 Economy
May 292013
 

THE VAT TREATMENT of sale of motor vehicle by persons who are not in the regular business of selling cars has often been raised as an issue in tax examinations. The provision usually cited is Section 105 of the Tax Code which provides that VAT shall be imposed on any person who, in the course of trade or business sells, barters, exchanges, leases goods or properties, and renders services. The phase “in course of trade or business” is defined in the same section as “the regular conduct or pursuit of a commercial or an economic activity, including transactions incidental thereto.”

Timor-Leste PM due for official visit

 News
May 292013
 
Timor-Leste PM due for official visit

By Tarra QuismundoPhilippine Daily Inquirer 5:08 am | Thursday, May 30th, 2013 Timorese Prime Minister Kay Rala Xanana Gusmão: Coming next week for official visit PHOTO FROM TIMOR-LESTE.GOV.TL MANILA, Philippines—Timorese Prime Minister Kay Rala Xanana Gusmão is set to fly to Manila next week on his first official visit to the Philippines, the Department of Foreign Affairs (DFA) said Wednesday. Gusmão, Timor-Leste’s first president after independence from Indonesia in 2002, will be in the Philippines from June 5 to 9 to firm up cooperation on education, trade and investment, infrastructure and defense, DFA spokesman Assistant Secretary Raul Hernandez said Wednesday. During his five-day stay, Gusmão will deliver a lecture at the University of the Philippines College of Law and visit industrial areas in Subic Bay in Olongapo City and Clark Field in Pampanga to link up with potential investors. Gusmão is currently serving his second five-year term as prime minister and is concurrently Timor-Leste’s minister for defense and security. He was a leader of the resistance movement that campaigned for Timor-Leste’s independence from Indonesia, which occupied the territory after centuries of Portuguese occupation. Timor-Leste is currently campaigning to become a member of the Association of Southest Asian Nations, of which the Philippines is a founding member. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Read More …

No Filipinos hurt in Beyonce butt slap incident

 News
May 292013
 
No Filipinos hurt in Beyonce butt slap incident

Outtakes By Rene Ciria-CruzINQUIRER.net 7:27 am | Thursday, May 30th, 2013 But there could have been. Considering we’re now everywhere, why not near the stage in Denmark where an out-of-control fan slapped Beyonce’s behind? And considering further that our news media often run reports like “No Pinoys Hurt in Massive Haiti Quake,” or “No Filipinos Hurt in Devastating Tsunami,” or “No Pinoys Injured in Boston Marathon Bombing,” why not report that none our compatriots was elbowed in the face or whatnot when guards threw out Beyonce’s offending Dane? If Filipinos could be found in Burundi, it’s within the realm of possibility that they’d be found in Kristen Stewart and Robert Pattinson’s kitchen staff, where they theoretically ran the risk of being beaned by a flying dish had a down-and- dirty fight occurred during the couple’s recent breakup. Just like Nicolas Sarkozy and Carla Bruni’s Filipina nanny stands to be an innocent bystander in any serious domestic quarrel. (Disclosure: I follow TMZ, People, and the Kardashians very closely for purposes of anthropological research.) The curious point is, we do like knowing if Filipinos figured in some tragic event elsewhere, blithely ignoring the fact that thousands of non-compatriots may have sadly perished in one of God’s mysterious ways. We like reading and reporting that no Pinoy died in the Oklahoma twister that flattened an entire town and killed dozens of other residents. Let’s give this behavior a serious thought, shall we? Okay, that’s enough. Some will say the predilection shows our love Read More …

Yanks told: Don’t you go to far Zamboanga

 News
May 292013
 
Yanks told: Don’t you go to far Zamboanga

By Inquirer Mindanao, Julie S. Alipala, Tarra QuismundoPhilippine Daily Inquirer 4:48 am | Thursday, May 30th, 2013 ZAMBOANGA CITY, Philippines—The United States Embassy on Wednesday warned US citizens against traveling to the Zamboanga Peninsula, saying it had moved its personnel already in the area to a secure location amid a “credible” kidnap-for-ransom threat against foreigners. The emergency message was posted on the embassy website Wednesday, the same day that US Ambassador Harry Thomas was in Zamboanga City to launch three major five-year programs of the United States Agency for International Development (USAID). “The embassy advises all American citizens residing in or planning to travel to the Zamboanga area to reevaluate their personal safety situation and consider postponing travel to this area at this time,” it said. But there was no mention of any threat during the US envoy’s visit here on Wednesday. Mayor Celso Lobregat, who had breakfast with Thomas, said the ambassador did not say anything about the US Embassy warning. “Nothing was mentioned about the advisory,” Lobregat said. Senior Supt. Edwin de Ocampo, city police chief, was also surprised by the advisory. “Their ambassador was just here,” De Ocampo said. Thomas, however, canceled his scheduled trips to the military’s Western Mindanao Command headquarters here and to Jolo, Sulu. The ambassador, who alternated between limping and sitting on a wheelchair, said he suffered a “slip while dancing.” He left for Manila at noon. In Zamboanga City, he visited the Ateneo de Zamboanga and the Garden Orchid Hotel. The embassy Read More …

Daughter of dead Taiwanese fisherman files murder case

 News
May 292013
 
Daughter of dead Taiwanese fisherman files murder case

By Nancy C. CarvajalPhilippine Daily Inquirer 3:25 am | Thursday, May 30th, 2013 Taiwanese investigators rides a rubber boat as they inspect a ship involved in the alleged shooting of a Taiwanese fisherman while they continue their probe in Manila on Tuesday, May 28, 2013. The daughter of the Taiwanese fisherman allegedly killed by Filipino coast guards filed murder charges during joint proceedings held by Taiwanese and Philippine prosecutors in Pingtung County on Tuesday. AP PHOTO/AARON FAVILA TAIPEI—The daughter of the Taiwanese fisherman allegedly killed by Filipino coast guards filed murder charges during joint proceedings held by Taiwanese and Philippine prosecutors in Pingtung County on Tuesday. “Hung Tzu-chen, who acts as the spokesperson of the family, filed a murder case in the (National Bureau of Investigation) in accordance with Philippine laws (requiring that) a complaint must be filed before an official investigation is conducted,” said Chih Ming-hsieh, one of two head prosecutors of Pingtung County who is assisting the NBI in its own probe into the May 9 shooting death of 65-year-old fisherman Hung Shih-chen. Chih said no particular person was named in the complaint. “In Taiwan, if you file a complaint, it’s not necessary to identify somebody who did the crime. You just have to indicate that somebody was responsible for the crime,” Chih said. Chih did not disclose the details of Hung Tzu-chen’s complaint. Hung was present during the proceedings. She was accompanied by her lawyer. Crew questioned The NBI team headed by the bureau’s foreign liaison chief, Read More …

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