Maniolas

MANILA, Philippines – Investments for projects registered with the Philippine Economic Zone Authority (PEZA) rose 5.27 percent as of end-November from a year ago as manufacturing firms spent for expansion and information technology (IT) firms set up operations. PEZA promotions and public relations group manager Elmer San Pascual said in a text message yesterday investments approved by the PEZA amounted to P222.041 billion in the January to November period, up from the P210.932 billion in the same period in 2013. “Sources of investments (were) manufacturing, which include electronics and semiconductors; transport and car parts; precision instruments; beverage; electrical machinery; fabricated metals; and chemical products; IT services and ecozone development,” he said. Most of the investments for manufacturing were to fund expansion of operations, while those in the IT sector came from new players. In terms of exports, shipments from PEZA’s economic zones amounted to $36.839 billion as of end-October, 4.05 percent higher than the $35.402 billion in export record in the same period last year. A total of 1.154 million individuals, meanwhile, were employed in the PEZA’s economic zones during the January to October period this year, a 13.75 percent increase from the 1.014 million workforce count a year ago. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PEZA director general Lilia De Lima had said earlier the agency wants to attract investments in the manufacturing and agro-industrial sectors. This, as investments in those sectors are expected to generate employment and allow the country to achieve inclusive economic growth. Read More …

THE Bureau of Internal Revenue (BIR) has suspended its auditing and field operation activities on business establishments and taxpayers for over three weeks to allow the completion of reports on their cases. According to Revenue Memorandum Circular 87-2014, issued on December 5 and signed by commissioner Kim S. Henares, “all field audit and other field operations of the BIR relative to examinations and verifications of taxpayers’ books of accounts, records and other transactions are hereby ordered suspended for the period December 16, 2014 to January 4, 2015.” The circular said there will be no field audit, field operations, or any form of business visitation in execution of letters of authority or audit notices, letter notices, or mission orders that will be conducted. “In general, examiners and investigators shall make use of this period to do office work on their cases and to complete the report on those with already completed,” it stated. Lita Ma. I. Chin, chief of assessment division of BIR Revenue Region 19-Davao City, said the order will put on hold the reports and auditing of 22 establishments that were under surveillance this year. She said the surveillance of the 22 and the reports on other business establishments will be continued the following year once the suspension is lifted. However, there are exceptions to the circular: investigation of cases prescribing on or before April 15, 2015; processing and verification of estate tax returns, donor’s tax returns, capital gains tax returns, and withholding tax returns on the sale of Read More …

THE DEPARTMENT of Finance (DoF) could start calling for suggestions next year after the Philippines qualified to develop a proposal under a new compact with the Millennium Challenge Corp. (MCC).

Emirati and other guests from foreign countries visit inside a new Etihad Airways A380 in Abu Dhabi, United Arab Emirates. (AP Photo/Kamran Jebreili) ABU DHABI, United Arab Emirates — Abu Dhabi’s national carrier, Etihad, showcased on Thursday the arrival of its first Airbus A380, outfitted with “the only three-room suite in the sky.” The A380 is the first of a fleet of 10 on order from Etihad Airways, which is to take delivery of four more of the double-decker jets next year. The A380 will operate daily to London Heathrow starting Dec. 27 and features “The Residence by Etihad” — a three-room suite, complete with a living room, a private bathroom with shower and a bedroom, as well as a dedicated butler at the very front of the plane’s upper deck. The 11.6 square meter (125 square foot) cabin is for single or double occupancy. The airliner says the suite has already been booked for its inaugural flight to London. The company’s executives previously said that the suite was expected to be priced at $21,000 — one way. The fast-growing Gulf carrier has a fleet of 109 aircraft, and more than 200 aircraft on firm order. The airline also showcased Thursday its first Boeing 787 Dreamliner, which will begin flying to Dusseldorf, Germany, on Feb. 1. It will offer high-end travelers a suite with a chilled mini-bar and seats that can be joined to create a double bed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company said Read More …