August 02, 2016
More VAT seen from improved efficiency (Can also be read in Manila Bulletin, Philippine Daily Inquirer, The Standard) FINANCE SECRETARY Carlos G. Dominguez III has rejected proposals to hike the value-added tax (VAT) rate to 14% from 12% currently, insisting that improved collection efficiency alone should raise enough revenues to offset amounts expected to be forgone from lower income taxes that will be put in place by next year. Higher capital requirements loom THE INSURANCE Commission will push through with implementing a mandated hike in capitalization by all insurance companies by yearend, even as some firms continued to fall short of the requirement based on latest data. Peso strengthens on weak data THE PESO closed stronger than the dollar at the start of the week as chances of an interest rate hike in the world‘s largest economy diminished after the US economic growth in the second quarter came in below expectations. Expert from Mindanao appointed to head MGB (Can also be read in Business Mirror) HARDLY have miners come to terms with the fact a staunch environmentalist has taken over the department overseeing their industry, when President Rodrigo R. Duterte replaced the chief of the attached Mines and Geosciences Bureau (MGB). Ramped-up infra spending not enough to close gap -- HSBC PUBLIC-PRIVATE PARTNERSHIP (PPP) projects will help the Philippines plug several infrastructure gaps, but will still fall short of addressing the known shortcomings, HSBC Global Research said in a report. Still more to be done in governance -- IFC exec CORPORATE GOVERNANCE remains a concern in the Philippines and addressing issues in this field becomes increasingly important for a country wanting of investments for infrastructure, among other development needs, according to an official from the World Bank Group‘s International Finance Corp. (IFC). PHL cracks down on job contracts
THE Philippines has launched a crackdown on employers who hire workers short term and without adequate benefits, the labor secretary said on Monday. NEDA-Davao Region bats for regulating small-scale mining DAVAO CITY -- The National Economic and Development Authority (NEDA) in Davao has put forward a recommendation to the Department of Environment and Natural Resources (DENR) to organize and regulate the widespread small-scale mining in the region. Greenpeace asks gov‘t to clarify intentions on 70% emissions pledge GREENPEACE is seeking clarification from President Rodrigo R. Duterte on the latter‘s intentions in regard to the Philippine pledge to cut greenhouse gas emissions by 70%, made ahead of the Paris climate summit in December. North Cotabato rice processing centers left idle in absence of connecting power lines, Piñol says DEPARTMENT of Agriculture (DA) Secretary Emmanuel F. Piñol said two modern rice processing centers (RPC) in North Cotabato worth some P8 million to P10 million have been left idle as they remain unconnected to a power source and farmers cannot afford electrification. Asian factories face fitful activity as world sputters SYDNEY -- Factories in China and Japan -- the world‘s second and third largest economies -- saw scant sign of demand recovering in July, with surveys across Asia offering only crumbs of comfort after weak growth readings in the United States and Europe.
Survey shows 44% oppose Charter change, 37% are for, 19% are undecided (Can also be read in Malaya) There are more Filipinos opposing Charter change than are supporting it, a Pulse Asia survey held last July 2-8 disclosed. It‘s Congress‘ call to amend Charter via Con-Ass or Con-Con – Drilon (Can also be read in Malaya) Senate President Pro Tempore Franklin Drilon said yesterday that Congress has the sole power to determine the mode of amending the 1987 Constitution and not the President. ‗Carina‘ moves out of PH area Severe tropical storm ‗Carina‘ (international name ―Nida‖) has already moved outside the country‘s area of responsibility on Monday morning but continues to enhance the southwest monsoon or hanging habagat that may bring moderate to heavy monsoon rains over western Luzon.
Lacson optimistic China will eventually respect ruling Senator Panfilo M. Lacson expressed optimism yesterday that China will eventually respect the recent decision of the United Nations‘ Permanent Court on Arbitration (PCA) that its historical claim to areas in the South China Sea does not exist. Dominguez wants to reorganize BIR‘s LTS Finance Secretary Carlos G. Dominguez III wants to reorganize the Bureau of Internal Revenue‘s (BIR) Large Taxpayers Service (LTS) to improve the government‘s tax collection efficiency. New MGB director takes over amid mining audit (Can also be read in Philippine Daily Inquirer, The Standard, Malaya) In the middle of a crucial audit on mining firms, President Rodrigo Duterte suddenly decided to appoint a new chief for Mines and Geosciences Bureau (MGB), an attached agency of the Department of Environment and Natural Resources (DENR) tasked to regulate the mining sector. Globe submits 3-yr rollout plan to NTC Globe Telecom has submitted its 3-year rollout plan to the National Telecommunications Commission (NTC) committing to provide mobile services, including voice, SMS and data, to 95% of municipalities and cities by the end of 2018 using additional spectrum from San Miguel Corporation (SMC). Duterte warns mining companies (Can also be read in Philippine Daily Inquirer, Malaya) Philippine President Rodrigo Duterte yesterday warned mining companies to strictly follow tighter environmental rules or shut down, saying the Southeast Asian nation could survive without a mining industry. ERC penalizes 4 power utilities Four more power utilities have been penalized by the Energy Regulatory Commission (ERC) for failing to comply with mandatory submissions of their respective five-year Distribution Development Plan (DDP). DOT promotes ‗surfing‘ as major tourism product The Department of Tourism (DOT) wants to groom the local surf industry as a more sellable and more developed tourism product, a move that involves the implementation of two-far-reaching programs. House leaders guarantee approval of FOI bill The House leadership assured yesterday that it would flex its muscles to ensure the passage of the Freedom of Information (FOI) bill that would cover all branches of government. Disaster preparedness to be part of K – 12 curriculum The Department of Education (DepEd) will enrich the K to 12 curriculum with topics on disaster preparedness to enhance the response capabilities of millions of students nationwide.
DOE mulls power bill revisions MANILA, Philippines - The Department of Energy (DOE) is studying the possibility of removing the burden on consumers to pay for system loss charges. MAP wish list: More infra, less traffic, tax reforms MANILA, Philippines - Solutions to the country‘s traffic woes topped the Management Association of the Philippines (MAP)‘s wish list for the Duterte administration in its first 100 days in office, along with the passage of a law that would grant the President emergency powers to deal with the problem. Fuel prices reduced today (Can also be read in Business Mirror) MANILA, Philippines - Oversupply concerns in the global market drove petroleum companies to cut pump prices effective today. Singapore PM: US credibility on the line over TPP trade deal WASHINGTON — American credibility is on the line over the Trans-Pacific Partnership, Singapore's prime minister said Monday, urging its ratification despite growing political opposition in the U.S. to the 12-nation free trade pact.
BIR plans to expand tax amnesty program The Bureau of Internal Revenue (BIR) plans to expand a form of tax amnesty being offered to delinquent taxpayers alongside other initiatives aimed at making it easier to pay taxes and hit the P2.026-trillion collections target for this year. CAB: PH wants more flights to Vietnam The Philippines is eyeing air talks next month with Vietnam—the first under the Duterte administration as well as for 2016—to explore and expand air connectivity between the two nations, a government official said on Monday. MAP presses Duterte to take Concon route The Management Association of the Philippines has urged the new administration to heed the group‘s call for a Constitutional Convention to amend restrictive economic provisions in the Constitution, as well as declare a traffic crisis to justify the granting of emergency powers to President Duterte. PSEi back at 8,000 (Can also be read in Manila Times, The Standard) The local stock barometer rallied back to the 8,000 level Monday as a disappointing US economic growth data rekindled bets that the US Federal Reserve would not raise interest rates too soon.
Brexit after the hysteria NO FREE LUNCH by Cielito F. Habito I DELIBERATELY avoided writing about Brexit—the exit of the United Kingdom (Britain) from the European Union—soon after the Britons voted on it in June. Aside from the fact that most everyone else was writing about it then, I thought I‘d wait until the dust had more or less settled so as to have a calmer, more reasoned perspective on the matter.
‗Government should avoid blanket policies on labor, mining‘ The Duterte administration should allow businesses more flexibility when it comes to their manpower requirements, taking into account the nuances of certain industries, the Philippine Chamber of Commerce and Industry (PCCI) said on Monday. Cusi to ERC: Probe power generators‘ complicity to anticompetitive behavior (Can also be read in Malaya) Luzon grid was again placed on yellow alert on Monday from 10:01 a.m. to 4 p.m. According to the National Grid Corp. of the Philippines (NGCP), the alert was issued ―due to lower-level operating reserves brought about by insufficient power supply from generating plants.‖ F&B enterprises urged to locate in food parks Micro, small and medium enterprises (MSMEs) in the food-and-beverage (F&B) sector should catch the wave of locating in food parks, which is fast becoming a fad in the retail- space sector, according to real-estate services firm Prime Philippines. Dominguez intent on overhauling tax agency‘s Large Taxpayers Unit Finance Secretary Carlos G. Dominguez III bared a plan on Monday to reorganize the Bureau of Internal Revenue‘s (BIR) Large Taxpayers Unit (LTU) in a bid to optimize revenue generation. PHL frozen-pork supply up 20.3%–NMIS The country‘s frozen-pork inventory as of July 18 rose by 20.3 percent to 19,938.83 metric tons (MT), from 16,571.69 MT recorded a year ago, according to the latest data from the National Meat Inspection Service (NMIS). Right time for a second look at agriculture THE ENTREPRENEUR by Manny B. Villar The Philippines, like every developing country, strives to develop industries to increase government revenues and family incomes, with the ultimate goal of providing prosperity for all citizens.
Asean faces $2T infra gap – HSBC The Asean-6 will require more than $2 trillion in infrastructure spending by 2030 to serve the needs of a growing urban population and close the gaps in available facilities in the region, with $11 billion of the amount needed by the Philippines, global bank HSBC said. PCA wants special court to rule on right-of-way Philippine Constructors Associa-tion (PCA) is asking for the creation of a special court that would exclusively resolve cases involving right of way (ROW) issues, which should be included in the proposed emergency powers of President Rodrigo Duterte. PH-France to boost economic link Department of Trade and Industry (DTI) Secretary Ramon Lopez and French Ambassador to the Philippines Thierry Mathou have discussed plans and programs to boost economic ties between the Philippines and France. China manufacturing contracts in July – govt BEIJING: China‘s manufacturing shrank in July, the government said on Monday, blaming the deterioration on rainstorms that wreaked havoc across large swathes of the country. The unspoken obstacle to greater investment Column by Ben D. Kritz FROM the Philippine perspective, whether the views are coming from native businessmen or investment boosters or resident foreigners, the attitude seems to be that ―security‖ as a broad issue is something that is best omitted from most conversations. There are, after all, enough obstacles to overcome in attracting new business without drawing attention to the fact that the country has a rather grim image abroad. The feeling is so strong, in fact, that most prefer to deny that image even exists.
SSS members urged to pay stock accounts The Social Security System said Monday pension fund members should take advantage of recent stock market gains to settle their overdue accounts. More counterfeit cigarette traders fall Law enforcement agencies continued the crackdown on fake cigarettes as more traders of the contraband were arrested in separate operations in Quezon province and Zamboanga City.
New coal station rising The Energy Regulatory Commission granted a provisional certificate of compliance to Palm Concepcion Power Corp. for the 135-megawatt coal-fired power plant in Iloilo province. Dollar near one-month low as Fed pauses hike The dollar was near its weakest level in a month after traders pushed back expectations for a Federal Reserve interest-rate increase until September next year.
Davao ICT players are more equipped DAVAO City can be considered as the Silicon Valley of Asia, a Dutch businessman working with Davao ICT players said Monday, August 1. Mixed feelings about contractualization THE president of the Cebu Business Club (CBC) has mixed feelings about contractualization. Gensan circum road provides access to ports, terminals GENERAL SANTOS CITY -- An important road section of the General Santos City Circumferential Road (GSCCR) was recently completed, allowing for the reliable and fast transport of goods within the South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos (Soccsksargen) Region.
SATISFACTION LEVEL DIPS: Traffic even at service centers hounds buyers Car buyer satisfaction levels in the Philippines fell to the lowest in four years in 2016, a challenge to automakers and car dealers to improve their game as a new set of more discriminating buyers enter the picture. Lower storage earnings pull down PPA revenues in Jan-May The Philippine Ports Authority (PPA) yesterday said its revenues declined by 1.84 percent to P5.419 billion in January to May this year from P5.521 billion in the same period last year due to lower earnings from storage. Contractors suggest court for ROW cases Contractors are asking the government to establish a separate court for road right-ofway (ROW) issues. Exporting precious waste Written by DEAN DELA PAZ
The story was buried deep inside the business pages of a general circulation broadsheet alongside other similarly colorless stories that ordinary readers might simply have ignored given a general propensity to seek out the kitschy and tabloid customized for the seven-year-old adult mind to which many in media address their reportage.
MSMEs unprepared for disasters — study PHILEXPORT News and Features While aware of their vulnerability to disasters, most Filipino micro, small and medium enterprises (MSMEs) don‘t have a business continuity plan (BCP) and often just rely on themselves and on family and friends to get back on their feet after a disaster. RP eyes TPP membership, other free trade deals The Duterte administration is optimistic to join the Trans-Pacific Partnership (TPP) Agreement and other free trade agreements (FTAs), Trade Sec. Ramon Lopez said.Lopez said the administration is open in joining FTAs like the TPP as it will expand the market for Philippine products and services. Demand for higher banknotes sign of better economy — BSP Banks are now requesting for higher denominated banknotes but demand for more P100 and P50 bills remains the highest for the three billion notes with the signature of President Rodrigo Duterte to be printed this year, the Bangko Sentral ng Pilipinas (BSP) said.