Is James Reid the next Pedro Penduko?

 Entertainment
Sep 072016
 
Is James Reid the next Pedro Penduko?

James Reid (MNS photo) Actor James Reid reacted to rumors that he is being eyed to play the role of Pinoy superhero Pedro Penduko, which was previously portrayed by Matt Evans. “I also heard that. Yes, we will see,” he said. “I like the idea. It will be fun,” he added. Reid went on to say that he has always wanted to do a superhero or fantasy series. “I would love to take on a fantasy role eventually,” he said. A graphic novel starring a re-imagined Pedro Penduko will be launched in this year’s New York Comic Con, introducing the iconic superhero to a wider audience. (MNS)

Tax sparing spared

 Economy
Sep 072016
 

If a taxpayer was given two benefits which cannot be simultaneously availed, who should choose which benefit to avail — the government or the taxpayer? If we apply Revenue Memorandum Order (RMO) No. 27-2016 dated June 23, 2016 with regard to the final withholding tax (FWT) on dividends paid to foreign corporate shareholders, it appears that it is the government who can choose. However, the effectivity of this RMO was suspended by the BIR under Revenue Memorandum Circular No. 69-2016 dated July 1, 2016. Is the suspension good news?

DA chief: Lifting QR on rice disastrous for local farmers

 Economy
Sep 072016
 
DA chief: Lifting QR on rice disastrous for local farmers

MANILA, Philippines – The Department of Agriculture insists a plan to remove quantitative restriction (QR) on rice imports will be disastrous to local farmers. “The Filipino rice farmers are not ready yet for the lifting of the QR mainly because of negligence on the part of the government in the past,” Agriculture Secretary Emmanuel Piñol said. He said Filipino rice farmers could not yet compete with neighboring rice-producing nations should the government finally decide to lift import restrictions on rice. In the Philippines, the cost of producing palay (unmilled rice) is around P10-12 per kilo as against the P6 to P10 per kilo in Vietnam and Thailand. “We need at least two years to improve the average rice production per hectare to at least five to six tons and lower the cost of production per kilo to a maximum of P8,” Piñol said. “Until such time these are achieved, lifting the QR would be disastrous to the Filipino rice farmers,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the contrary, National Economic and Development Authority (NEDA)-Agriculture, Environment and Natural Resources director Mercedita Sombilla said farmers have remained disadvantaged even with the current implementation of the QR. “Even with the QR, farmers were never that much advantaged, especially the small rice farmers who are net consumers of rice for most part of the year and hence have to face the same higher rice prices,” Sombilla said in an email to The STAR. “If you look at and Read More …

US-based Filipinos affected by Duterte remarks

 Economy
Sep 072016
 
US-based Filipinos affected by Duterte remarks

We received dozens of emails from our US-based Filipino readers who said that while they are very much supportive of President Rodrigo Duterte, they were also “saddened” and “embarrassed” by the expletives he issued in reference to US President Barack Obama. Many admitted they are “very much affected” by the negative worldwide media attention, particularly with international news networks like CNN and Fox News repeating the comments of President Duterte. Former state secretary Hillary Clinton, whose last visit to the country was in November 2011 to reaffirm the strong ties between the US and the Philippines, said it was appropriate for the White House to cancel the scheduled bilateral meeting between Obama and Duterte following the “insult,” and that while it is important to maintain relations, there has to be “a certain level of respect that is expected on both sides.” Even Clinton’s rival Donald Trump – whose remarks about the Philippines being a “terrorist nation” angered Filipinos and prompted a lawmaker to propose a resolution that would ban him from the Philippines – also issued a snarky comment, calling the remarks “terrible.” As noted by US State Department spokesman Mark Toner, “words matter,” and it is important to have “an atmosphere that is cordial and open to strong cooperation.” Despite damage control from the Palace with a statement saying Duterte expressed regrets over the remarks, there has been a negative backlash as seen in the cancellation of the previously scheduled bilateral meeting between the two leaders. Obviously, Americans do Read More …

Dominguez assures return of stolen $81 M to Bangladesh

 Economy
Sep 072016
 
Dominguez assures return of stolen $81 M to Bangladesh

MANILA, Philippines – The Philippines has reiterated its commitment to return to Bangladesh money illegally channeled to the local financial system last February. While underscoring the “100-percent support” of the entire government, Finance Secretary Carlos Dominguez told Bangladesh Ambassador John Gomes legal processes should be followed in the return of the $81 million stolen from Bangladesh last February. The two met in Makati City recently, together with representatives from the central bank, the Anti-Money Laundering Council (AMLC) and the departments of Foreign Affairs and Justice. “We want to assure you that the Philippine government, including all its instrumentalities,… are 100 percent behind you, that we want to assure you that we will do everything that we can to assist you,” Dominguez was quoted as saying in a statement. “We have, however, a legal system that has to be respected and this system has to be followed so that whatever claim you are awarded, nobody can challenge that in the future,” he added. For now, the government is focused on securing the $15 million surrendered in two batches by casino operator Kim Wong, who was part of a web of personalities where the money passed through. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Wong gave up the money to the Bangko Sentral ng Pilipinas (BSP), which is keeping it while awaiting a court ruling that will award the money to the government. A petition has already been filed by the DOJ before the Manila Regional Trial Court, while the Read More …

Pursuit for real inclusive growth

 Economy
Sep 072016
 
Pursuit for real inclusive growth

Presidential consultant for entrepreneurship Joey Concepcion with Tan Sri Dato’ Dr. Mohd Munir Bin Adbul Majid, chairman of ASEAN-BAC Malaysia; Christine Lagarde, managing director of International Monetary Fund; and Oudet Souvannavong, chairman of ASEAN BAC. The theme of this year’s ASEAN Business and Investment Summit (ABIS) in Vientiane, Laos, of which I had the privilege of attending, is “Operationalizing AEC – Turning Vision into Reality.”  ABIS is ASEAN’s premier annual business and investment event and is currently hosted by Laos. AEC, or ASEAN Economic Cooperation, is an ongoing concern that is close to my father’s heart.   Aside from being known for NAMFREL, I can still remember my dad JoeCon being active in the ASEAN Chambers of Commerce and Industry (ASEAN-CCI).  He was named founding chairman of the ASEAN Business Advisory Council (ASEAN-BAC) Philippines, with Miguel Varela and Rose Teodoro as fellow council members. This was his passion and many of the council members are his good friends. He was one of the senior members in the council. I am glad to have the same passion that my dad had. During the summit, I was appointed as the new chair for the ASEAN-BAC Philippines. I am honored. This is a big role to take on, but I am willing and look forward to the things we can do for the country. Next year, the Philippines will host the ASEAN Summit to be led by President Rodrigo Duterte who has been recognized by the regional leaders for his political will. He was warmly received Read More …

Forex reserves hit new record in August

 Economy
Sep 072016
 
Forex reserves hit new record in August

BSP Governor Amando Tetangco Jr. said last month’s gross international reserves (GIR) level was $390 million higher than the previous record of $85.51 billion booked in July. File photo MANILA, Philippines – The country’s foreign exchange reserves continued to strengthen, hitting a new  all-time high of $85.9 billion in end-August, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. BSP Governor Amando Tetangco Jr. said last month’s gross international reserves (GIR) level was $390 million higher than the previous record of $85.51 billion booked in July. The GIR is the sum of all foreign exchange flowing into the country. The reserves serve as buffer to ensure  the Philippines would not run out of foreign exchange it could use to pay for imported goods and services, or maturing obligations in case of external shocks. If it deems necessary, the BSP buys dollars from the foreign exchange market to prevent sharp depreciation of the peso. It can also sell to avoid sharp appreciation of the local currency. Tetangco attributed the increase to the national government’s net foreign currency deposits as well as income from the central banks foreign exchange operations and investments abroad. Data showed earnings from the BSP’s investments abroad inched up  0.88 percent to $73.94 billion in August from $73.29 billion in July. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On the other hand, the BSP chief said the increase was partially offset by payments made by the national government for its maturing foreign exchange obligations as well as Read More …

More from insightful readers

 Economy
Sep 072016
 
More from insightful readers

We give way to more readers who have sent in their thoughts about the past topics that this column has tackled. Here’s one from Engr. Alex G. Serrano of Legazpi City, who welcomingly tackles – what else – the seemingly untameable traffic issue of Metro Manila. Here’s his contribution. “I write to you occasionally to share my ideas on important current issues, a couple of which you have already included in your column, for which I am very thankful. “This time I would like to share with you my idea of a network of elevated walkways (inspired by ideas from Arch. Palafox) that would somehow relieve the traffic along EDSA, and at the same time greatly improve pedestrian mobility in our major CBDs. “My idea is (to construct) in two phases. Phase I is a network of walkways connecting CBDs to EDSA, and Phase II is a linear network of walkways along EDSA from Makati to Cubao. Phase I “1. Elevated covered walkway from MRT3 Ayala Station to McKinley Road connected to a network with access to Bonifacio High St., Burgos Circle, Market Market, SM Aura and strategic commercial buildings. “2. Elevated covered walkway from MRT3 Ayala Station passing alongside SM and Landmark to Makati Ave., along Makati Ave. to Ayala Ave., along Ayala Ave. to Buendia Ave., along Buendia Ave. to Pasong Tamo, along Pasong Tamo to Makati Square, from Makati Square to Glorietta. This network should have links with the existing network within Makati CBD. “3. Elevated covered Read More …

 Older Entries  Newer Entries