On July 13, 2015, the Philippines signed a reciprocal Intergovernmental Agreement (IGA) with the United States to implement the provisions of the Foreign Account Tax Compliance Act (FATCA). Signed into law in 2010 by US President Barack Obama as part of the US Hiring Incentives to Restore Employment (HIRE) Act, the FATCA aims to obtain information on US persons with offshore income and/or assets to increase compliance with US tax laws.
DEPARTMENT OF TRADE and Industry (DTI) Secretary Gregory L. Domingo yesterday said the Philippines’ average economic growth may exceed 6.5% over the next 10 years, helped by the European Union-Generalized Scheme of Preferences Plus (EU-GSP+), a recovery in exports, and the entry of foreign manufacturers.
FOREIGN BUSINESS associations in the Philippines have renewed their push at the House of Representatives for the passage of a law to create a Department of Information and Communication Technology (DICT).
LOCAL and foreign retailers are hoping to grow sales at a faster pace this year, as the Philippines hosts major international conventions and launches its first nationwide shopping festival.
PHILEX PETROLEUM Corp. remains interested in more oil and gas prospects in the Philippines even amid the hold on exploratory work at one of its assets in contested waters on the West Philippine Sea.
Being an archipelago, the Philippines needs an efficient maritime transportation industry to attain inclusive growth and economic progress, since shipping links the islands and connects archipelagic economies to international commerce and trade.
THE GLOBAL population is expected to hit more than eight billion in 15 years driven by growth in developing countries, with the population of the Philippines accounting for under two percent of the total, according to the latest projection of the United Nations (UN).
THE ENERGY sector has been identified as a focus area of the continued bilateral exchange between the European Union (EU) and the Philippines over the next few years, officials said yesterday.
Sadly, it is typhoon and habagat (monsoon) season again. It is usually at this season that our country suffers the brunt of some of the strongest typhoons to make landfall. Typhoons, according to the experts, are getting stronger as a result of climate change. Thus, in an effort to reduce the effects of climate change, renewable energy (RE) sources are highly encouraged by the government. Currently, RE sources available in the Philippines include hydro power, ocean energy, geothermal, wind, solar, and biomass, such as bagasse and palay husk.
THREE KOREAN firms have signed separate deals with local companies for partnerships that reflect the foreign country’s continued interest in the Philippines.