Phl lags behind in use of latest technology for tax administration

 Economy
Jan 052014
 
Phl lags behind in use of latest technology for tax administration

MANILA, Philippines – The Philippines is lagging behind its Asian neighbors in utilizing information and communications technology (ICT) for its tax administration. Based on a report released by the Asian Development Bank (ADB), personal income tax statements that are electronically-filed account for only 0.3 percent of the total filed in the Philippines, as against Malaysia, (69 percent), Thailand, (45 percent), India, (26 percent) and Hong Kong (14 percent). The Philippines is also behind Japan, (44 percent), New Zealand, (71 percent), Taipei, (82 percent), Korea, (87 percent), Australia, (92 percent) and Singapore, (96 percent). For corporate income tax, a mere six percent is electronically-filed in the Philippines as against India’s 100 percent, Taipei’s 98 percent, Malaysia’s 49 percent and Thailand’s 10 percent. Curiously, the value-added tax accounted for highest percentage of electronically-filed returns for the Philippines at seven percent but it is still the lowest among its Asian neighbors, Singapore (100 percent), Taipei (94 percent), Korea (79 percent) and Thailand (14 percent). What may be the edge in the Philippines’ tax administration environment is the use of mobile phone technology for tax payments. In Quezon City, for example, real estate tax can be paid through a mobile platform introduced by telecommunications company (telco). Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “In the Philippines, individual taxpayers can pay tax through an electronic cash service provided by a mobile phone company. Under this electronic cash service, consumers without a bank account can deposit electronic cash at mobile phone shops or shopping Read More …

Hong Kong travel agencies cancel Bangkok tours amid unrest

 News
Dec 022013
 
Hong Kong travel agencies cancel Bangkok tours amid unrest

Agence France-Presse 8:43 pm | Monday, December 2nd, 2013 Anti-government protesters use a wheeled bulldozer to break through police barricade in Bangkok, Thailand, Monday, Dec. 2, 2013. AP HONG KONG — Hong Kong travel agencies said Monday they were cancelling most package tours to Bangkok because of anti-government protests, after authorities issued a travel warning for the strife-torn Thai capital. The Hong Kong government issued a “red” outbound travel alert on Bangkok, the second highest in its three-tier warning system, while other Asian countries urged citizens to exercise caution as turmoil continued on the streets. “Residents intending to visit Bangkok should adjust their travel plans and avoid non-essential travel. Those already there should monitor the situation, attend to personal safety and avoid protests and large gatherings of people,” a Hong Kong government spokesman said in a statement. Hong Kong is particularly sensitive to the safety of its tourists. A travel alert on the Philippines remains in place three years after a hostage crisis in Manila killed eight Hong Kong residents. A lower “yellow” warning has been placed on the rest of Thailand. Police in the Thai capital used rubber bullets and water cannons against rock-throwing demonstrators after weekend unrest left several dead and more than a hundred wounded. Roads were blocked across the city and shopping malls forced to close. “After the Security Bureau raised the warning to red, the vast majority of Hong Kong travel agencies have decided to cancel tours,” Travel Industry Council director Joseph Tung told reporters. Read More …

First Pac invests P5.8B for stake inThai toll road project

 Economy
Nov 152013
 
First Pac invests P5.8B for stake inThai toll road project

MANILA, Philippines – Hong Kong-based First Pacific Co. Ltd. and Philippine infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) are investing P5.8 billion to acquire a 29.45 percent stake in a toll road operator in Thailand. FPM Infrastructure Holdings Ltd., 75 percent owned by First Pacific and 25 percent owned by MPIC, is investing in Don Muang Tollway Public Co. Ltd (DMT) as part of plans to invest in infrastructure projects in the region. First Pacific is spending P4.4 billion for a 26.2 percent stake in the toll road operator while MPIC is investing P1.4 billion for a 3.25 percent interest in DMT. The vendor of the toll road stake is a 50-50 joint venture between Bank of Tokyo-Mitsubishi UFJ and South East Asian Strategic Assets Fund. Other major shareholders of DMT include the Phanichewa Group with 37.1 percent and Thailand’s Ministry of Finance with 25.1 percent. First Pacific managing director and chief executive officer Manuel V. Pangilinan said in a statement that the company is seeing more opportunities outside the infrastructure market of the Philippines. “We welcome the prospect of diversifying our investments as we continue to seek strong and steady returns for our shareholders,” Pangilinan said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He pointed out that the First Pacific Group is keen on further investing in infrastructure, telecommunications as well as consumer and food sectors in emerging Asian countries. “We are strong believers in the growth potential for emerging Asia in the years ahead and we Read More …

President Aquino lauds holding of 7th ASEAN Navy Chiefs Meeting in Manila

 Entertainment
Sep 132013
 
President Aquino lauds holding of 7th ASEAN Navy Chiefs Meeting in Manila

President Benigno S. Aquino III answers questions from the media during the press briefing after gracing the 7th ASEAN Navy Chiefs Meeting (ANCM) at the Ballroom 2, Raffles and Fairmont Hotel in Makati Avenue, Makati City on Tuesday (September 10). With theme: “Partnership for Peace and Prosperity” to highlight the need for strengthened cooperation among the ASEAN Navies for peace, stability and progress in the ASEAN region. (MNS Photo). MAKATI CITY, Sept 10 (Mabuhay) — President Benigno S. Aquino III lauded the 7th Association of Southeast Asian Nations (ASEAN) Navy Chiefs Meeting held at the Fairmont Hotel here on Tuesday. The President said in his speech keynoting the event that the meeting provided a venue where member-countries could come together and foster “a strong sense of regional solidarity” while upholding “our individual sovereignty.” “Our respective nations have all strived to uphold our individual sovereignty, while at the same time fostering a strong sense of regional solidarity—one that favors consensus and collaboration instead of discord, aggression, and imposition,” the President said. “And it is in meetings like this where we can make progress on that front—where we can truly solidify our ties and protect our common seas,” he added. He said the end result of the Asean Navy Chiefs Meeting was to ensure “freedom of navigation, the safety of commercial vessels, and the security of their civilian passengers” which he pointed out was in line with the goal of the ASEAN Economic Community, which we intend to establish by 2015. “This Read More …

BSP sees robust growth for emerging economies

 Economy
Aug 242013
 
BSP sees robust growth for emerging economies

MANILA, Philippines – Investors should rethink pulling out funds from emerging markets as the Bangko Sentral ng Pilipinas (BSP) said growth in these economies continue to be “robust.” “The pace of growth in emerging economies… remains robust,” the BSP’s Monetary Board noted in its meeting last July 25. “Although recent indicators suggesting weaker domestic demand in major emerging economies somewhat dampen the global growth outlook,”it added. Emerging markets, which became safe havens for investors amid a downturn in developed economies, are now experiencing capital flight because of the US Federal Reserve’s impending easing of its bond-buying program due to continued progress in the world’s largest economy. Looking at Asia, regional trends such as Indonesia’s worsening current account deficit and the contraction of Thailand’s economy have also affected other emerging market neighbors. The continued robust growth in emerging economies is amid a backdrop of a “modest” global economic growth as the US recovers, although problems in the euro zone linger. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The recovery in the US has continued on improved business and consumer sentiment, while economic activity in Japan  gains further traction,” the report read. “Meanwhile, the downturn in the euro area continues.” The Monetary Board expects the Philippine economy to continue its growth in the second quarter, following the stronger-than-expected 7.8 percent expansion in the first three months of the year. “The monthly survey of purchasing managers by the Philippine Institute for Supply Management suggests that the Philippine economy was still in Read More …

Tourist influx grows 11% in H1

 Economy
Jul 312013
 
Tourist influx grows 11% in H1

MANILA, Philippines – The influx of international tourists continues to improve growing 11 percent in the first half of 2013 to 2.4 million, Tourism Secretary Ramon Jimenez Jr. told The STAR. The arrival figure, he said, makes up 45 percent of the projected 5.5-million arrivals for the year. He said the sustained growth in foreign tourist arrivals signals the country’s robust efforts to improve its tourism industry. Jimenez said while data from United Nations World Travel Organization (UNWTO) showed the Philippines lagging behind its neighboring countries in attracting foreign tourists, this may not reflect the actual picture. “The Philippines is not part of a contiguous land mass unlike our neighbors. We are in the middle of the ocean,” he said. “What the UNWTO data may have counted are the number of tourists visiting each country in Southeast Asia, even those crossing borders and/or making frequent visits by land. For example, citizens of Malaysia, Thailand and Singapore..crossing borders every day and being counted as tourists. We have no way of doing that here,” he pointed out. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “What we only have are air arrivals data which the UN data does not show. About 98 percent of our visitors arrive here by plane. Even the tourists from our neighbors would have to travel by plane just to visit here. Just imagine, a Malaysian tourist could visit Thailand and Singapore by land. The same with Vietnam, where its citizens can just cross borders from Laos Read More …

A tire in its optimal prime: Testing the Michelin Primacy 3 ST in Khao Yai, Thailand

 Economy
Jul 092013
 
A tire in its optimal prime: Testing the Michelin Primacy 3 ST in Khao Yai, Thailand

MANILA, Philippines – Tricky business, as one might put it, is what designing and developing a tire that embodies all the features crucial to the discerning motorist is like.  Of course, at this day and age, we all know that it’s all about hard science, backed by factual data obtained the hard way- with absolutely no trickery involved. You see when one requires a tire to be comfortable, quiet, reliable, and able to provide exceptional performance on both dry and wet surfaces over a long service life, it’s almost like asking for the moon and the stars. At least one characteristic would  have to be compromised for the others to be optimally applicable.  Well, at least that used to be the case. Launched recently to the Asia Pacific Motoring Media is Michelin’s latest tire developed specifically for the region — the Primacy 3 ST.  Aimed to cater to the executive and premium/luxury car owners, the members of the press were taken to the Bonanza Speedway, in Khao Yai Thailand, where cars like the Lexus GS250, Volvo S60, and Mercedes Benz E-Class were made available to test the tires with. Michelin prepared the racetrack quite well, to simulate various scenarios that would enable us journalists to properly test every aspect of the Primacy 3 ST.  But as exciting as the track setup looked, we were thoroughly briefed beforehand about the extensive technology behind the tire. There was one obvious take-out from the press presentation, and that was a clear focus on Read More …

Bonds to benefit from calm – Barclays

 Economy
Jul 032013
 
Bonds to benefit from calm – Barclays

MANILA, Philippines – The bond market is likely to benefit from the calm in the financial markets with investors expected to prefer “safer” investment  instruments once they return to Asia, an investment bank said. For the first time in more than two weeks, British bank Barclays said investors have shifted to buying mode in Asian markets, as fears of US’s trimming down stimulus measures later this year recede. “Going forward, we expect more of the same: bonds performing in line with the risk indicators as we think investors will likely to get back into safer markets first,” the bank said in a research note. On Tuesday, Barclays noted bonds from India, Malaysia and Thailand benefitted from huge inflows, followed by those in South Korea, Singapore and Indonesia. There was no mention of the Philippines in the report. The performance of regional bonds, the bank said, could be partly attributed to the participation of local investors in the market, which cushions outflows coming from the flight of foreign placements. Even then, Barclays said there has been some “resilience” in the bond market even during the financial turbulence driven by fears cheap money from the US – most of which flowed to emerging markets – would soon be gone. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Even though external risks loom large, the resilience of institutional portfolio flows is encouraging and challenges the assumption that large foreign holdings of local government debt are the key to underperformance in a sell-off,” Read More …

Poverty, income inequality remain high in Phl

 Economy
Jun 292013
 
Poverty, income inequality remain high in Phl

MANILA, Philippines – Despite robust economic growth so far this year and a series of international credit rating upgrades, inclusive growth and poverty alleviation still elude the Philippines. The country’s gross domestic product (GDP) grew an impressive 7.8 percent in the first three months of 2013, after an equally strong growth rate of 6.8 percent in whole of 2012. But Socioeconomic Planning Secretary Arsenio M. Balisacan said compared to other Asian countries, the Philippines still has the lowest total investment share to GDP from 2010-2012 relative to India, Indonesia, Malaysia, Thailand and Vietnam. “Poverty incidence remains high, and so does income inequality. Moreover, more than 60 percent of the entire country’s economic growth is concentrated in Metro Manila, Calabarzon, and Central Luzon,” Balisacan said at a recent forum by the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD). Substantial poverty reduction achieved in developing countries in the past two decades was due to rapid economic growth and structural transformation in these countries, particularly in Asia. Globally, this growth contributed nearly two-thirds of the observed poverty reduction in the developing world. “A one-percent increase in GDP per capita reduces poverty by 1.7 percent,” Balisacan said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Likewise, the country’s economic growth barely exceeded the population growth rate, which has continued to expand relatively rapidly at about two percent a year. Thus shifting the economy to a higher growth path – and keeping it there for the long term – Read More …

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