COCONUT oil exports this year will likely fall short of the target again due to the natural calamities that have hit the country, an official of the Philippine Coconut Authority (PCA) said yesterday.
Nov 242013
Nov 242013
“SIN” TAX collections more than doubled as of September with the implementation of a new law that raised excise taxes on alcohol and tobacco products.
Nov 242013
THE PHILIPPINES is included in the top 10 economies with the most improvement in their business regulatory systems, as reported in Doing Business 2014, the 11th edition of the annual joint report of the World Bank and International Finance Corporation. The annual report benchmarks government regulations affecting small and medium private enterprises, based on the following categories: starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts, resolving insolvency and employing workers.
Nov 242013
Philippine Daily Inquirer 4:49 am | Monday, November 25th, 2013 More than 30 companies from the United Kingdom are eyeing business and investment opportunities in the Philippines. “These companies range from the small and medium enterprises (SMEs) to multinationals and cover a wide variety of sectors, all of which are interested in the substantial opportunities offered by the Philippines. Some will be looking to export, others to invest and others to partner with local businesses,” Iain Mansfield, director of the UK Trade and Investment (UKTI) in Manila said in an interview. Mansfield told the Inquirer that a mission organized by the Philippines British Business Council (PBBC) was in the country from Nov. 18 to 20 for networking with potential partners. Apart from the heads of the PBCC, participants in the mission include Deerpark Pedigree Pigs, a family-owned and -run pig breeding business with over 50 years of success supplying pedigree pigs to a worldwide market; De La Rue Currency, the world’s largest integrated commercial banknote printer; Hairbyus.com, a fast-growing UK-based Internet business designed to put the public in touch with competent and qualified local hairstylists; Indo British Consulting (IBC); Martyn Skinner Consulting Services (MSCS), which wanted to develop additional contacts in the agribusiness sector; and Mi-Pay UK, which provides hosted, managed white labelled mobile payment services. Also participating in the mission last week were SEGRO, a leading owner, asset manager and developer of modern warehousing, light industrial and data center properties; South-East Asia Consultancy; Standard Chartered Bank; Thomas Broadbent & Read More …
Nov 242013
MANILA, Philippines – In response to the cities and neighboring provinces ravaged by Typhoon Yolanda, AIG and its 3,000 employees in the Philippines are actively providing support to local calamity recovery efforts in disaster-impacted communities in the Visayas region. AIG’s disaster relief is focused on both immediate aid efforts and the longer-term rebuilding effort which is anticipated. AIG companies in the Philippines including AIG Philippines Insurance, Inc. and AIG Shared Services, have donated relief goods, money and employee support, to typhoon relief recovery efforts and routed via partner organizations World Vision and Philippines Red Cross. Immediate relief contributions included donations of cash, clothes, blankets, canned goods, bottled water and medical kits as well as providing paid time off for employee volunteers to package and prepare goods for shipment. AIG is committed, as well, to the longer-term recovery of afflicted communities and is partnering once more with non-profit organization, Habitat for Humanity Philippines, to address housing restoration, construction and community-building efforts. AIG has pledged an initial commitment of $100,000 to Habitat for Humanity Philippines as well as an employee matching grant which will match each contribution of up to $5,000 each. Paid time off for volunteer opportunities to its individual employees is being provided for long-term rebuilding projects in partnership with Habitat for Humanity Philippines. Based on experience with disaster relief and risk management from communities around the globe, AIG’s philosophy is focused across the spectrum of disaster response; from relief to rebuilding, and to fostering of sustainable communities with Read More …
Nov 242013
MANILA, Philippines – The Bases Conversion and Development Authority (BCDA) has awarded the lease and development of the two-hectare Concepcion service area along the Subic-Clark-Tarlac Expressway (SCTEx) to Sea Oil Philippines, Inc. “We gave he notice of award to the lone complying bidder Sea Oil last week,” BCDA Asset Disposition Program Committee chairman Nena Radoc said in a telephone interview. Radoc said Sea Oil submitted a proposal higher than the minimum acceptable starting annual fixed lease for the service area set by the BCDA at P2.240 million. The BCDA expects to enter into the lease and development contract with the winning bidder next month. The lot will be leased for 25 years, renewable for another 25 years upon agreement between the BCDA and the winning bidder. Under the contract, a one-year grace period in the payment of the lease will be given to the winning bidder to allow it to put up the facilities in the service area such as gas station, restrooms, parking slots, emergency First Aid station, potable water and lighting system, emergency vehicle repair shop and convenience stores. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The lease is subject to annual escalation of five percent. Upon contract signing, the winning bidder will have to pay the BCDA the lease for the first three years covering the second until the fourth year of the lease term. As for the two-hectare Macangcung service area also located along SCTEX which did not receive bids during the auction conducted Read More …
Nov 242013
MANILA, Philippines – Alice Dixson can very well relate to her character in When The Love is Gone because she has “loved and lost.” Alice is Audrey, who is fighting to save her troubled marriage for the sake of her daughter’s happiness, in the Viva Films retitled remake of Nagalit ang Buwan sa Haba ng Gabi, the 1983 blockbuster melodrama directed by Danny Zialcita. Opening in theaters on Nov. 27, When The Love is Gone, which also stars Gabby Concepcion, Cristine Reyes, Andi Eigenmann and Jake Cuenca and is helmed by direk Andoy Ranay, explores the many shades of love, whether “lost, gained, betrayed or unbound.” It’s no secret that Alice’s real-life 13-year marriage (which had her living abroad and leaving showbiz for some time) came to an end this year reportedly due to “irreconcilable differences.” They were childless. Though she admitted that the separation was “such a lonely time for me back then,” she would rather not dwell on “what-went-wrong” or “what-could-have-been” but focus instead her energies on coping, healing and learning from that episode in her life. Alice told The STAR, “Anybody copes differently. With me, it was my family (that helped me cope) and my personal beliefs that things will be better. I’ve always had a positive outlook that no matter what bad things happen in our lives. Like the song of Adele, ‘Sometimes it lasts, sometimes it hurts instead.’ It’s very true.” But it doesn’t mean, she has healed completely. “Up to now, honestly, there are Read More …
Nov 232013
By Stian Reklev and Susanna Twidale WARSAW (Reuters) – Almost 200 countries on Saturday kept alive hopes for a global deal in 2015 to fight climate change after overcoming disputes on greenhouse gas emissions cuts and aid for poor nations at a meeting widely criticised as lacking urgency. Governments agreed in Poland that a new deal in 2015 would consist of a patchwork of national contributions to curb emissions that could blur a 20-year-old distinction between the obligations of rich and poor nations. The two-week meeting also created a Warsaw International Mechanism to help the poor cope with loss and damage from heatwaves, droughts, floods, desertification and rising sea levels – although rich nations refused to pledge new cash. Many said Warsaw had fallen short of what was needed. “We did not achieve a meaningful outcome,” said Naderev Sano, a Philippines delegate who had been fasting throughout the talks to urge action in sympathy with victims of Typhoon Haiyan, which killed more than 5,000 people. No major nation offered tougher action to slow rising world greenhouse gas emissions and Japan backtracked from its carbon goals for 2020, after shutting down its nuclear industry after the Fukushima disaster. GREEN PROTEST Environmentalists walked out on Thursday, exasperated by lack of progress. Rich nations are preoccupied with reviving their weak economies rather than climate change. “It is abundantly clear that we still have a long way to go,” said Christiana Figueres, the U.N. climate chief. Negotiators were on course for a 2015 summit Read More …
Nov 232013
Both the Bureau of Internal Revenue and the Bureau of Customs are after a local cigarette maker that is allegedly engaged in technical smuggling and tax evasion. But instead of addressing the issues being raised against it squarely, Mighty Corp. has instead opted to play the underdog card, claiming it is a simple case of a purely Filipino company being bullied by multinational giants. But how can a company that is claimed to have resorted to illicit trade practices to dodge paying taxes amounting to P4.9 billion in the first six months of 2013 alone possibly convince Filipinos to be nationalistic and take Mighty’s side? Government is investigating reports that Mighty has been under-reporting its sales, grossly undervaluing its imports and making illegal withdrawals from its bonded warehouses to evade the payment of the correct amount of taxes and duties to the government. The taxes which should have been collected from Mighty from January to June this year is estimated at close to P5 billion, an amount that could go a long way in aiding the calamity victims. Even anti-tobacco groups are not buying Mighty’s spin. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Groups like the Action for Economic Reforms, the Framework Convention on Tobacco Control Alliance, Medical Action Group, Philippine College of Physicians, and WomanHealth Philippines have lauded and supported the investigation launched by BIR commissioner Kim Henares against Mighty. They agree the accusation that Mighty Corp. has not been paying the proper taxes is credible since Read More …
Nov 232013
MANILA, Philippines – The Securities and Exchange Commission plans to substantially hike its transaction fees and charges. The proposed new rates are in line with higher costs and capacity building measures in the pipeline, the corporate regulator said in a public notice. “The primary purpose for increasing the fees and charges is better public services delivery,” the SEC said. “In general, the increase in the registration fees and annual fees is being proposed in view of the increasing cost of registration, supervision and monitoring of SEC-registered entities,” the agency said. The SEC said other factors it took into consideration include the inflation rate since current rates were implemented in 2004, higher cost of hiring and retaining qualified personnel, and increased cost of improving and maintaining the SEC’s systems to properly supervise and monitor licensees. Higher rates will also support the “increase in complexity of work assignments, oversight of new products and new markets, investment in capacity building measures, and overhead expense,” it added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Domestic corporations, foreign companies and multinationals, financing and lending companies, stock market brokers and dealers, investment houses and transfer agents, and self-regulatory organizations and central depositories will have to bear the increase in rates. Transaction fees and charges might spike to as much as 100 percent. For instance, the revision fee for amended articles of partnership will double to P2,000 from P1,000 and charge for the amendment in by-laws to P1,000 from P500. For foreign multinationals, petitions for Read More …