THE tax reform package being prepared by the government will also carry a proposal to relax the deposit secrecy law, which would allow the Bureau of Internal Revenue (BIR) to look into bank accounts of suspected tax evaders.
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Aug 032016
THE Department of Finance (DoF) has tapped the Department of Information and Communications Technology (DICT) to set up business and citizen registries expected to be operational by year’s end to aid in streamlining service delivery and cut red tape.
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On July 25, President Rodrigo R. Duterte delivered his first State of the Nation Address (SONA) as the 16th President of the Philippines, focusing on improved government services, tax reform, transportation, tourism and agriculture, and economic development, among others. Taking up the SONA agenda, Agriculture Secretary Emmanuel F. Piñol has said that he is tasked with accomplishing two things — to ensure that sufficient food for Filipinos; and to stop corruption within the agency. These objectives may be achieved with the help of Republic Act (RA) No. 10845, or the Anti-Agricultural Smuggling Act of 2016, signed by former President Benigno S. C. Aquino III on May 23, which primarily aims to boost the productivity of the agricultural sector and protect Filipino farmers and agricultural enterprises from illegal traders and importers.
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Diplomats and experts warned Wednesday of a heightened risk of armed conflict in disputed waters in the South China Sea due to a lack of cohesion among members of the 10-nation Association of Southeast Asian Nations (Asean). China has ignored a recent ruling by a UN-backed arbitration court finding in favor of the Philippines, and has claimed a recent victory when Asean foreign ministers failed to include a mention of the row in a joint communique issued at a recent meeting in Laos. “The risk of conflict is increasing in the South China Sea due to a lack of a unified position of Asean,” Prof. Michael Heazle of Griffith University in Australia said at the Second Manila Conference on the South China Sea, held at the Manila Hotel. He said the lack of a “unified” Asean position “is allowing major powers to come into play” such as the United States, which has steadfastly called on China to follow the ruling. He said that unity in Asean in the political front was needed “to keep the situation from escalating into greater tension between the great powers.” Lack of a unified Asean stand creates a more dangerous situation “because that means that external powers to the dispute such as the United States and potentially its allies will become more directly involved,” Heazle told reporters in the sidelines of the forum. Sumathy Permal, a senior researcher at the Center for Maritime Security and Diplomacy in the Maritime Institute of Malaysia, warned failure by Read More …
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The United Nations Children’s Fund (Unicef) has partnered anew with SM Supermalls in mounting a photo exhibit and a stage play to raise awareness and uphold the rights and welfare of children with disabilities (CWDs). The photo exhibit titled “See What I Can Do,” held in collaboration with Camera Club of the Philippines, was formally launched recently and opened by Vice President Leni Robredo, Unicef Deputy Representative Julia Rees and SM Supermalls president Annie Garcia. The exhibit featured photographs of CWDs and the outstanding achievements they have done despite their condition. After the opening of the photo exhibit, the play, entitled “Sandosenang Sapatos,” was staged by Tanghalang Pilipino. The musical play is based on Dr. Luis Gatmaitan’s Palanca award-winning children’s book of the same title. It tackles the love between the father and his daughter who was born without legs. Garcia said the objective of the exhibit, which coincided with the National Disability Prevention and Rehabilitation Week, was to help raise awareness and create an inclusive environment wherein CWDs’ abilities are highlighted instead of their disabilities. “It is said that children with disabilities are oftentimes misunderstood in society, facing discrimination at times. With society’s lack of understanding, these children and their parents find it hard to realize their full rights and potentials,” Garcia said. Garcia said the play was just one of the collaborative projects SM has with Unicef, being partners since 2008. “This event even becomes more special because it also touches on an advocacy close to our hearts—the Read More …
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MANILA, Philippines – ABS-CBN Corp. claimed nationwide leadership in TV ratings, while GMA Network Inc. continued to be the leader in Urban Luzon in July. In a statement, ABS-CBN said it maintained its national audience share of 47 percent versus GMA which only scored 32 percent, and TV5 which had seven percent, based on data from Kantar Media. Kantar Media, which provides TV audience measurement, uses a nationwide panel size of 2,610 urban and rural homes representing 100 percent of total Philippine TV viewing population. By area, ABS-CBN beats its rivals. In Luzon, ABS-CBN had a 41 percent share, higher than GMA’s 35 percent and TV5’s six percent. In the Visayas, ABS-CBN took the lead with its 57 percent audience share, while GMA had 23 percent and TV5 had eight percent. As for Mindanao, ABS-CBN was also the most watched with its 58 percent share compared to GMA’s 26 percent and TV5’s seven percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ABS-CBN also ruled the primetime block or the most important part of the day, by obtaining a 50 percent average audience share, bigger than GMA’s 30 percent and TV5’s eight percent. The primetime block (6 p.m. until 12 midnight), is when firms put the bulk of their advertising budget as this is when most Filipinos tune in to their TV sets. Aside from primetime, ABS-CBN also ruled all time blocks nationwide for the month of July. In the morning block (6 a.m. to 12 noon) ABS-CBN accounted Read More …
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MANILA, Philippines – Laguna-based technology firnm Cirtek Holdings Philippines Corp. saw an eight percent rise in its first half profit to $3.5 million on the back of higher revenues. Revenues grew 15 percent to $32.5 million with the RF/microwave/millimeter wave business accounting for 37 percent of total. In the second quarter alone, Cirtek reported a 10 percent growth in net income to $2 million as revenues expanded by 23 percent to P17.5 million due to the strong performance of its broadband and antenna systems business under Cirtek ATS. Cirtek remains optimistic about its performance for the rest of the year as it sees the global millimeter wave technology market growing 45 percent annually, with a total addressable market of $12 billion by 2020. To take advantage of the expected growth in the millimeter wave market, Cirtek intends to continue to deliver high-end box build finished products, test-board fabrication, test solutions, and product support businesses required by its customers. The company is also developing proprietary wireless products and components for the wireless communication industry. It expects to begin selling these products in the fourth quarter of the year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Cirtek likewise plans to continue to expand its high capacity, multi-port, multi-band antenna business with Quintel. Apart from this, Cirtek is evaluating acquisition opportunities that will either significantly scale up its manufacturing operation or give it access to high-end research and development capabilities. Cirtek Holdings Philippines Corp. (CHPC) is the holding company of Cirtek Read More …
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MANILA, Philippines – The Silangan Mindanao Mining Co. Inc., a subsidiary of Philex Mining Corp., expects its mine in Surigao del Norte to commence commercial operations by 2020 or a year later than it initially planned. Businessman Manuel V. Pangilinan said the company is currently completing the requirements for the planned feasibility study on the Silangan mine, which has estimated reserves of five billion pounds of copper and nine million ounces of gold for the first 30 years. Initial ore production at the Silangan mine was targeted to start as early as 2019. The Silangan project is located at the northern part of Mindanao that combines the development of Boyongan and Bayugo deposits, which comprise gold, copper and silver. It is classified as a mid- to large-scale mining operation by international standards. The Silangan project is Philex’s next big prospective mine that will replace the Padcal mine whose mine life is expected to end by December 2022. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company has invested over P13 billion for the initial exploration and related works on the site as of the end of 2014. Pangilinan has placed the estimated cost of developing the Silangan copper-gold mine at $900 million, lower than the $1.2 billion indicated earlier. Meanwhile, Philex reported a 34 percent jump in its first half profit to P757 million, largely driven by higher metal prices and improved production. Revenue from gold rose to almost P3 billion from P2.8 billion due to improved gold Read More …
Aug 032016
MANILA, Philippines – Global Business Power Corp. (GBPC), a leading power supplier in the Visayas which is now controlled by the Pangilinan Group, expects to double its existing capacity of 850 megawatts by 2021. Manuel V. Pangilinan, chairman of Metro Pacific Investments Corp., said the country needs more power plants because demand for power is increasing along with economic growth. GBPC has an aggregate capacity of 852 MW of coal and diesel powered generating capacity, including the 150 MW expansion project which is expected to be operational later this year of which 70 MW is contracted to Meralco. Bulk of the additional capacity will come from the planned 670 megawatt coal plant in La Union, GBPC’s first power plant in Luzon. The plant has no ECC or environmental clearance certificate yet but officials expressed optimism the company would be able to obtain the certificate even as Environment Secretary Regina Lopez is known to be critical of coal plants. MPIC president and CEO Jose Ma. Lim said GBPC was also looking at investing in renewable energy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 In the first half of the year, GBPC sold 1,787 gwh of electricity, four percent higher than last year’s 1,721 gwh, owing to higher plant availability. This translated to core income growth of 27 percent with fewer purchases from the Wholesale Electricity Spot Market to source power obligations to customers. GBPC’s core income contribution to MPIC’s earnings amounted to P120 million, net of financing for the Read More …
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MANILA, Philippines – Manila Electric Co. (Meralco) is looking at a possible partnership with Solar Philippines of young entrepreneur Leandro Leviste. The power company is keen on a partnership in “some solar farms in Tarlac,” Meralco chairman Manuel Pangilinan said in an interview with reporters after the Financial Times-First Metro Philippines Investment Summit in Makati City Tuesday. He said the solar power plant has a capacity of 135 megawatts (MW) but did not disclose the identity of the possible local partner. Sought for further comment, Meralco SVP and head for customer retail services and corporate communications Alfredo Panlilio said in a text message the power distributor is under negotiations with a number of solar developers for power supply deals, which includes Solar Philippines. “We are in discussions with several solar entities for (power supply agreements) PSAs including Solar Philippines. This is a normal process for us with our Energy Sourcing Group,” he said. Solar Philippines declined to comment on the matter. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Solar Philippines is developing a 135-MW solar farm in Tarlac, which will be the first plant to use Philippine-made solar panels by the same company, its founder and president Leandro Leviste said earlier. In June, the solar developer announced plans to put up a $1-billion solar factory in Tanauan, Batangas in the next three years, with the first $100-million manufacturing line to start operating by December. Leviste said the capacity of the Tarlac solar plant was raised to 150 MW Read More …