THE Philippines is unlikely to breach the new government’s deficit cap until 2017 but the deficit is poised to trend higher due to aggressive spending planned by President Rodrigo R. Duterte, BMI Research said in a report, although it flagged declining revenue as a possible setback to growth.
For the past months, the push for tax reform has been increasing, to rationalize our 19-year-old Tax Code in response to our changing economic environment, including the impact of ASEAN integration. Among the issues surfacing in the news are: updating the tax brackets for individual income tax, reducing corporate income tax rates, and simplifying certain tax administration procedures. Not to be left behind is the possible reform of the withholding tax system, particularly on the expanded withholding tax (EWT). This article focuses on EWT.
Megan Young (MNS photo) Despite her heavy work load, beauty queen and actress Megan Young makes time for what she loves best: Travelling. She recently took advantage of a two-day break by going to Tokyo, Japan. “Wala kasing taping and naisip namin sayang naman (’yung mga araw),” she said. “Eh ako, I’m really into that mindset of living in the moment.” Her constant travel companion is rumored sweetheart Mikael Daez. According to Megan, she loves travelling with him because they have the same interests. “Mahilig kami pareho sa food,” she said, laughing. “Ang idea kasi namin whenever we visit a new place is to imbibe the culture and we feel like we could have more of that through food.” Both try to be as adventurous as they can when they travel, with Megan noting, “We avoid mga tourist traps na ganyan. Mas gusto namin ’yung mga nature hikes. Pinupuntahan namin ’yung mga off-the-beaten-track kind of places. Tapos we also usually try mga street food.” Being the star that she is, you’d think Megan travels first class all the way, but, no. “We usually take economy and I take advantage of mga flight deals,” she said. “Kahit sino naman siguro hangga’t makaka tipid (gagawin yon), ’di ba? Tsaka hindi naman siya talaga sunod-sunod. Nagpapahinga naman kami, ipon.” More often than not she schedules trips according to work. “Like I have an upcoming working trip to New York later this year. Ang balak namin is to extend our stay to accommodate some Read More …
By Jelly F. Musico President Duterte with the Philippine flag: President Rodrigo Duterte holds the Philippine flag which was his rallying symbol while campaigning in the last election during the oath-taking ceremony of the newly-elected officers of the Malacañang Press Corps, Malacañang Cameramen Association, and Presidential Photojournalists Association on Monday (September 26, 2016) in Malacanang. (Photo by Rey Baniquet/PPD/PNA) MANILA (PNA) – Philippine Chamber of Commerce and Industry (PCCI) on Tuesday expressed contentment with the results of the government’s intensified war on drugs in the first 100 days of President Rodrigo Duterte. ”Of course, we know that foremost of the President’s promises was the very important issue on drugs and crimes. And on that aspect, we are very happy that he delivered,” PCCI President George Barcelon. Barcelon, along with former PCCI president and now Employers Confederation of the Philippines (ECoP) President Donald Dee, talked about the business sector’s impression on President Duterte’s 100 days in office. In just three months, the Duterte administration’s fight against illegal drugs reportedly left 3,441 drug dealers and users dead, including 1,347 in legitimate police operations, and 22,387 drug personalities arrested in 23,474 operations under “Oplan Double Barrel” since July 1. Under the “Oplan Tokhang”, the police have visited a total of 1,601,691 houses of drug suspects, prompting 52,812 pushers and 679,303 users to surrender themselves to the authorities nationwide. The bloody war against illegal drugs have also resulted in the killing of 13 policemen and injuring of 38 others while from the military side, Read More …
By Azer N. Parrocha SENATE PRESIDENT PIMENTL PAYS TRIBUTE TO MIRIAM: Senate President Koko Pimentel pays tribute to former Senator Miriam Defensor Santiago, who passed away last Thursday, September 29. Pimentel, who authored Senate Resolution 179 honoring the late senator, recalled the time when he was a law student and Santiago was his teacher at the University of the Philippines – College of Law, saying that Santiago “challenged us to do our best, because she wanted us to be our best and because we were learning from one of the best minds the Philippines ever had.” MANILA (PNA) – Senate President Aquilino “Koko” Pimentel III on Wednesday dispelled fears that President Rodrigo Duterte would stop honoring the Enhance Defense Cooperation Agreement (EDCA). Pimentel, ally and party-mate of the President, came to his (Duterte) defense after the latter vowed to review the two-year-old defense deal that allows the US to put up military bases in the Philippines. The President said that while the agreement is an official document, it did not contain the signature of his predecessor former President Benigno S. Aquino III but only by then Defense Secretary Voltaire Gazmin. Pimentel noted the EDCA is a formal agreement that could only be terminated through a procedure that has not even started yet. “EDCA is a formal agreement and the way to terminate the formal agreement is (already) found in the agreement. Let’s follow the procedures,” he said. Pimentel explained there will first have to be a notice that will come Read More …
Miss Universe 2015 Pia Alonzo Wurtzbach mingles with the crown before paying a courtesy call on President Benigno S. Aquino III in Malacañang Palace.(MNS photo) MANILA (PNA) – The Intramuros Administration (IA) has allocated PHP410 million to relocate around 2,000 informal settlers living within the walled city of Intramuros, IA Finance & Administrative Division Chief Merceditas C. de Sahagun, disclosed on Tuesday. For the first time in over 15 years, AI was given a capital outlay of PHP410 million for the restoration and development of Intramuros, to solve the Walled City’s longtime problem of informal settlers. In support of the Department of Tourism’s (DOT) plan to rehabilitate Intramuros, AI aims to relocate 891 families in a new settlement site in Bacoor, Cavite before the end of the year. According to de Sahagun, additional 1,200 families will also be relocated after they finish conducting a census. AI recently signed a Memorandum of Agreement (MOA) with the National Home Mortgage Finance Corporation (NHMFC) to implement the program, she added. She also said that IA will provide an accommodation to relocated “pedicab” drivers in Intramuros for them to continue their livelihood. DOT targets to complete the rehabilitation of Intramuros by the end of the year before the arrival of the Miss Universe candidates.
By Jelly F. Musico President Rodrigo Duterte arrives at the Noi Bai International Airport in Vietnam on September 28. (MNS photo) MANILA (PNA) – Malacañang has yet to receive a formal communication from Brussels, which is reportedly reconsidering the royal visit of Belgian Princess Astrid to the Philippines next year. ”Although we have not really gotten any formal communication regarding those matters, this, in a sense, is just a question, a matter of speculation,” Presidential Spokesperson Ernesto Abella said Tuesday. Abella said the Palace would respect it if Princess Astrid cancels her scheduled visit to the Philippines next year, reportedly over remarks made by President Rodrigo Duterte, comparing himself to Germany’s Adolf Hitler for wanting to rid the country of three million drug addicts. ”She has her own standards by which she has to act. We respect her values, we respect her position,” Abella said. President Duterte has apologized “profoundly and deeply” for his remark that drew criticisms from the Jewish community. According to The Brussels Times, Brussels State Secretary for External Trade Cecile Jodogne would propose to move the royal visit to another country. Princess Astrid was to lead a Belgian economic team to the Philippines to look for possible investments. Abella meanwhile said he believes that foreign investors would come to the Philippines “when there is a stable condition and when there is a competitive environment”. ”As far as we can see, just as long as we are able to provide a decent, competitive, stable environment, I believe Read More …
New model continues rollout of the 10th-generation Civic lineup and introduces new Sport and Sport Touring trims Hatchback provides appealing combination of sporty styling, efficiency, versatility and premium contentAll trims powered by 1.5-liter DOHC direct-injected turbo engine. TORRANCE, Calif. –The striking 2017 Civic Hatchback joins the 2016 Civic Sedan and Coupe as the third body style in the 10th-generation Civic lineup. Combining Euro-inspired styling and 5-door hatchback versatility with world-class driving dynamics and Honda direct-injected turbo engine technology, the Civic Hatchback is designed for buyers seeking an even more expressive, sporty and versatile Civic. The 2017 Civic Hatchback will begin to arrive at dealers Monday with a starting manufacturer’s suggested retail price of $19,7001 for the LX with 6-speed manual transmission. Built on the same world-class platform as the Civic Sedan and Coupe, the 2017 Civic Hatchback offers an appealing combination of sporty styling, efficiency, interior utility and premium features. The Civic Hatchback is available in five trims: LX, Sport, EX, EX-L Navi and a new line-topping Sport Touring4 version. All models are equipped with a 1.5-liter DOHC direct-injected and turbocharged in-line 4-cylinder engine with peak outputs of 174 horsepower2 in LX, EX and EX-L Navi trims, and 180 horsepower2 in the Sport and Sport Touring trims which feature a dual-outlet center-mounted exhaust and are designed to benefit from premium unleaded fuel. Powertrain The Civic Hatchback’s turbocharged engine can be mated to either a sporty CVT (all trims) or a quick-shifting 6-speed manual transmission (LX and Sport trims) and boasts class-leading EPA fuel economy Read More …
THE feed-in-tariff allowance, a fund collected from electricity consumers and given to renewable energy developers, is among the energy-related outlays that the Department of Energy (DoE) is considering for the P3-billion aid extended by the European Union (EU).
INFLATION is expected to stay above 2% in the short term, after a half-percentage point increase for September breached the low end of the central bank’s target range of 2%-4% for 2016, according to the Department of Finance (DoF).