SEC revokes registration of firm soliciting money for fictitious Calamba hospital PH to revive dominance in UAE construction industry Revenues from tax-paid oil hit P367.3 billion Tax revenues from POGOs hit P 1.2B in 3 months BPI seen to top prepandemic earnings this year RBank gives back, donates 50 cents for every app use PPIA seeks to incentivize EPR projects Electric vehicles getting up to speed with the mainstream SSS extends contribution payment deadline BSP renews call to pass Agri-Agra amendments
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | SEC revokes registration of firm soliciting money for fictitious Calamba hospital [Inquirer Mobile, February 14, 2022] The Securities and Exchange Commission (SEC) has revoked the corporate registration of Suhail Medical Center Inc., an entity that has been illegally soliciting investment for a fictitious hospital to be built in Calamba, Laguna. PH to revive dominance in UAE construction industry [Manila Bulletin, February 14, 2022] The Philippine construction industry would like to bring back its dominance in the construction, engineering, and architecture and design services in the Middle East, particularly the United Arab Emirates. Revenues from tax-paid oil hit P367.3 billion [Inquirer Mobile, February 14, 2022] Finance Secretary Carlos Dominguez III on Monday (Feb. 14) said these oil taxes collected by the top two revenue collection agencies of the government—Bureau of Customs (BOC) and Bureau of Internal Revenue (BIR)—came from 36.7 billion of tax-paid fuel products injected with a chemical marker to signify correct payments since September 2019. Tax revenues from POGOs hit P 1.2B in 3 months [Inquirer Mobile, February 14, 2022] The new law covering Philippine offshore gaming operations (Pogo) and related activities yielded P1.22 billion in tax take since it took effect on Oct. 9 up to the end of December, a draft report from the Bureau of Internal Revenue (BIR) showed. BPI seen to top prepandemic earnings this year [Inquirer Mobile, February 14, 2022] Ayala-led Bank of the Philippine Islands (BPI) may deliver P33.575 billion in net profit this year, exceeding prepandemic earnings, as lending and fee-based businesses expand while credit costs decline along with loan loss provisions, according to First Metro Securities Brokerage Corp. RBank gives back, donates 50 cents for every app use [The Philippine Star, February 13, 2022] In looking for ways to help communities, Robinsons Bank, the financial services arm of the Gokongwei Group, has initiated a creative program to give back and help create a better future just by using its mobile app. PPIA seeks to incentivize EPR projects [Manila Bulletin, February 13, 2022] The Philippine Plastics Industry Association (PPIA) has proposed the crafting of a separate law covering the responsibility of plastic product manufacturers or the so-called Extended Producers’ Responsibility (EPR) that will incentivize projects, such as recycling. Electric vehicles getting up to speed with the mainstream [Inquirer Mobile, February 13, 2022] Meralco, under its Green Mobility program, vowed to electrify its vehicle fleet. DHL Express Philippines also announced the deployment of a new fleet of EVs to handle shipment in key cities in Metro Manila. Meanwhile, the Ayala group, through industrial arm Integrated Micro-Electronics Inc., has been rolling more charging stations into the mainstream using Ayala shopping malls as springboard. SSS extends contribution payment deadline [The Manila Times, February 13, 2022] GOVERNMENT-run Social Security System (SSS) announced that the contribution payment deadline for selected months in 2021 is extended to February 28, this year, in areas classified under a state of calamity due to Typhoon "Odette." BSP renews call to pass Agri-Agra amendments [Manila Bulletin, February 13, 2022] Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno reiterated over the weekend that the passage of amendments to the Agri-Agra Reform Credit Act of 2009 will improve and expand the credit access of farmers, fisherfolk, and micro, small, and medium enterprises (MSMEs) in the agriculture-related and agribusiness sectors. | 2. BIR CLARIFIES SECTION 40 (C)(2) OF THE TAX CODE, AS AMENDED BY CREATE LAW, ON TAX-FREE EXCHANGES | Revenue Memorandum Circular (RMC) No. 19-2022, issued on February 4, 2022, provides clarification and guidance on tax-free exchange of properties under Section 40 (C) (2) of the Tax Code of 1997, as amended by Republic Act No. 11534 (CREATE Law). Specifically, the Bureau clarifies the mandate to issue a Certificate Authorizing Registration (CAR) without prior BIR confirmation or tax ruling on the tax-free exchanges of properties, as well as the proper valuation of the subsequently transferred properties and shares of stocks to facilitate imposition of proper taxes on such transfer. Likewise, it is now optional on the part of the taxpayer to request a ruling to clarify legal issues that may affect the transactions. It may be recalled that Under Section 40(C)(2) of the 1997 Tax Code, as amended by CREATE, reorganization and transfer of property to a controlled corporation are tax-free exchanges of properties. Reorganizations include mergers or consolidations, acquisition of controlled corporation, acquisition of all or substantially all of properties of another corporation, recapitalization, and re-incorporation. 1. The pro-forma entries for the exchanges and the valuation of the following: (1) substituted basis of the stock or securities received by the transferor in exchange for shares, (2) substituted basis of the property in the hands of the transferee exchanged for shares, and the (3) original basis of the property to be transferred; 2. The basis for determining gain or loss on the subsequent sale or disposition of properties; 3. The requirements set forth for proper monitoring of the substituted basis of properties; 4. Exemption from Capital Gains Tax, Creditable Withholding Tax, Income Tax, Donor’s Tax, Value Added Tax, and Documentary Stamp Tax on conveyances of real properties and subsequent transfers of shares of stocks; and 5. The venue for the issuance of CAR, and the conduct of a post-audit of said transactions to determine the taxability thereof. | 3. BIR RULING DIGEST ON MULTI-EMPLOYER EMPLOYEES' RETIREMENT PLAN | TAX EXEMPT MULTI-EMPLOYER EMPLOYEES’ RETIREMENT PLAN AND CONDITIONS AFTER PTC and PIC are seeking confirmation on several items regarding multi-employer employees’ retirement benefit plan (the Plan). In reply, the adoption and participation of affiliated and subsidiary companies of PTC and PIC to the Plan, and the termination of the participation of a Participating Company in the Plan when it ceases operations will not affect the qualification of the Plan as reasonable retirement benefit plan under Section 32(B)(6)(a) of the Tax Code, provided that the conditions set forth by the law are complied with. Moreover, the transfer of Plan assets and actuarially determined liabilities from the Plan of a Participating Company to the Plan of another Participating company does not contravene Section 32(B)(6)(a) of the Tax Code since the Plan fund would still be for the exclusive benefit of the covered employees. Thus, the retirement benefits to be received by a qualified employee-member of the Plan shall continue to be exempt from income tax provided the conditions are satisfied. Further, the income of the Plan’s fund from its investments may also continue to be exempted from income tax and accordingly to withholding tax provided that: (1) the contributions are made to the trust by such employer, or employees, or both for the purpose of distribution to such employees the earnings and principal of the fund accumulated by the trust in accordance with such plan, and (2) if under the trust instrument it is impossible, at any time prior to the satisfaction of all liabilities with respect to employees under trust, for any part of the corpus or income to be used for, or diverted to, purposes other than for the exclusive benefit of his employees. The contributions of the Participating Companies to the retirement fund are deductible from the gross income. The plan shall continue to qualify through all the years that it shall be in operation, provided that any modification or amendment in the retirement plan rules and regulations should be submitted to the BIR for certification that such modification or amendment does not affect the qualification of the plan. Finally, portions of the fund of the Plan in excess of the amount actuarially determined to cover benefits of the covered employees may be reverted back to PTC and PIC without terminating the Plan, provided, that the same shall be declared as income and applicable taxes thereon shall be paid by PTC and PIC. [BIR RULING NO. 450-2021, DECEMBER 9, 2021] | 4. TAX & BUSINESS-RELATED NEWS [FEBRUARY 11-12] | | Debt restructuring cost PAL $3M in consultancy fees PH auto sales dropped in Jan on Omicron surge MGB says law needed for measure JTI bags award as top employer Jica extends P 112.9-B loan for PH subway project Tribal leaders reject new Casecnan operator Robinsons Retail ups stock buyback plan to P3B $580M investments from UAE firms seen To filter out pyramid schemes, DTI to give direct sellers ‘legitimacy’ seals Non-filing of ITR not an offense under 1977 Revenue Code – DOF Law needed to split environment, mining oversight, says MGB SMC mulls doubling capacity of Davao cement plant Sports brand all set for postpandemic ‘race’ 70% of Bacolod households lack water Jollibee overturned pandemic losses with P 5.94-B profit in ’21 US to host APEC summit next year Peza seeks extension of WFH arrangements for BPOs Raslag lines up 3 solar power projects DFA to cancel, dispose of unclaimed passports scheduled for release before Jan. 2021 Planters’ group opposes gov’t’s sugar import plan Philippines 'on track' to become upper-middle-income country this year: NEDA Globe draws up wish list for next administration Region 3: P9M from bamboo industry PH Internet speed dips slightly due to infra damages brought by Typhoon Odette in 22 provinces
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | Debt restructuring cost PAL $3M in consultancy fees [Inquirer Mobile, February 12, 2022] The flag carrier was also aided by a small army of international legal and financial consultants, who earned fees of almost $3 million (P150 million) advising the carrier during the creditor protection plea, a recent filing before the Chapter 11 Court showed. PH auto sales dropped in Jan on Omicron surge [Inquirer Mobile, February 12, 2022] Automakers sold 20,765 units in January, an 11.2 percent decline from the same month in 2021, according to the latest joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA). MGB says law needed for measure [Inquirer Mobile, February 12, 2022] Wilfredo Moncano, chief of the Mines and Geosciences Bureau (MGB), said the enactment of a law mandating firms to establish their processing plants, coupled with an “ideal” policy and investments, will significantly boost the value of the country’s mining industry. JTI bags award as top employer [The Philippine Star, February 12, 2022] JTI Philippines is a leading international tobacco company with close to 40 branch offices across the country. It is the distributor of international brands Winston, Camel and Mevius, and local brands Mighty and Marvels. With its market headquarters and a global business services center in Taguig City, alongside its manufacturing facility in Malvar, Batangas, the company employs more than 4,500 people. Jica extends P 112.9-B loan for PH subway project [Inquirer Mobile, February 12, 2022] The subway project involves a 33.1-kilometer electromechanical system that will power a 27.5-kilometer railway line with a depot in Valenzuela that connects to Bicutan in Taguig City and Ninoy Aquino International Airport (Naia) Terminal 3 in Pasay City. Tribal leaders reject new Casecnan operator [The Manila Times, February 12, 2022] TRIBAL leaders of the Bugkalot Federation have rejected the entry of a new owner of the $675-million California Energy (CE) Casecnan Multipurpose Power Project (CMPP) for lack of free, prior and informed consent (FPIC) from the traditional tribal or village leadership. Robinsons Retail ups stock buyback plan to P3B [Inquirer Mobile, February 12, 2022] Ahead of the Gokongwei group-led Robinsons Retail Holdings Inc. (RRHI)’s exit from the local stock barometer on Monday, the multiformat retailer has set aside an additional P1 billion to boost its war chest for its stock buyback program. $580M investments from UAE firms seen [The Manila Times, February 12, 2022] COMPANIES based in the United Arab Emirates (UAE) are expected to invest more than $500 million in the Philippines and create much-needed employment, the Department of Trade and Industry said. To filter out pyramid schemes, DTI to give direct sellers ‘legitimacy’ seals [Inquirer Mobile, February 12, 2022] In a statement on Friday, the DTI said it has released guidelines on the grant of the seals to those who are in direct selling and multilevel marketing (MLM). The lack of which should give the customer an idea if they are dealing with “those with questionable practices.” Non-filing of ITR not an offense under 1977 Revenue Code – DOF [Manila Bulletin, February 11, 2022] Finance Secretary Carlos G. Dominguez III said that failure to file an income tax return (ITR) was not a violation under the 1977 National Internal Revenue Code (NIRC) as failure to file tax returns has become a punishable offense only in 1992. Law needed to split environment, mining oversight, says MGB [Inquirer Mobile, February 11, 2022] Currently, the Department of Environment and Natural Resources (DENR) is tasked to oversee the mining industry and ensure environmental protection. Both functions are carried out by its bureaus: the Environmental Management Bureau (EMB) and the MGB. SMC mulls doubling capacity of Davao cement plant [ABS-CBN News, February 11, 2022] Southern Concrete Industries Corp, formerly Oro Cemento Industries Corp, is contemplating doubling its manufacturing capacity to 100 million bags per year, it said in a disclosure to the stock exchange. Sports brand all set for postpandemic ‘race’ [Inquirer Mobile, February 11, 2022] The China-based athletic wear manufacturer has opened at Robinsons Place Manila and launched its latest signature shoes—the KT7, designed for the American National Basketball Association’s Klay Thompson of the Golden State Warriors, winner of several championship titles. 70% of Bacolod households lack water [The Manila Times, February 11, 2022] Benitez met with Gov. Eugenio Jose Lacson on Wednesday, February 9, to discuss the possible tapping of water supply from the rainforests of Negros Occidental for Bacolod’s needs. Jollibee overturned pandemic losses with P 5.94-B profit in ’21 [Inquirer Mobile, February 11, 2022] Homegrown fast-food giant Jollibee Foods Corp. (JFC) outperformed profit expectations in the fourth quarter and full year 2021, reversing the losses incurred at the peak of COVID-19 lockdowns in 2020 and returning to prepandemic level of operating income. US to host APEC summit next year [ABS-CBN News, February 11, 2022] The United States said Thursday it will host the annual Asia-Pacific Economic Cooperation forum summit in 2023, as it seeks to deepen economic ties in the region facing China's growing assertiveness. Peza seeks extension of WFH arrangements for BPOs [Inquirer Mobile, February 11, 2022] The Philippine Economic Zone Authority (Peza) has urged a review board headed by the Department of Finance to let business process outsourcing firms (BPOs) continue working from home until September without the risk of losing their tax breaks. Raslag lines up 3 solar power projects [The Manila Times, February 11, 2022] Raslag derived its name from the Pampanga word aslag meaning light. It started operations in 2013 and was founded by engineer Peter Nepomuceno with a small core team of eight. DFA to cancel, dispose of unclaimed passports scheduled for release before Jan. 2021 [ABS-CBN News, February 11, 2022] "The Department will implement the cancellation and proper disposal of all unclaimed passports which were scheduled for release before January 2021 in accordance with DFA Department Order No. 2021-012," the statement read. Planters’ group opposes gov’t’s sugar import plan [Inquirer Mobile, February 11, 2022] The Asociacion de Agricultores de La Carlota y Pontevedra Inc. (AALCPI)—one of the largest groups of sugar planters in the country—has urged the Sugar Regulatory Administration (SRA) to rescind plans to import 200,000 metric tons of sugar, which will result in adverse impact on the local industry that has been grappling with high cost of fertilizers. Philippines 'on track' to become upper-middle-income country this year: NEDA [ABS-CBN News, February 11, 2022] “Our recent economic indicators show that the Philippines is on track to achieving an upper-middle income country status in 2022. NEDA proposes these top priorities form the foundation for the next administration so that we can further accelerate and sustain growth after we address the threats posed by the COVID-19 pandemic,” he said. Globe draws up wish list for next administration [Inquirer Mobile, February 11, 2022] As the presidential campaign season kicks into high gear, industry giant Globe Telecom is hoping the next administration will prioritize the imposition of harsher penalties against online fraudsters and the “rational” implementation of the SIM Card Registration Act. Region 3: P9M from bamboo industry [The Manila Times, February 11, 2022] THE bamboo industry in Region 3 (Central Luzon) has generated P9.12 million in investment that created 28 new jobs and pulled in a total of P7.54 million in sales for 38 micro, small and medium enterprises (MSMEs) as of December 2021. PH Internet speed dips slightly due to infra damages brought by Typhoon Odette in 22 provinces [Manila Bulletin, February 11, 2022] Ookla Speedtest Global Index report showed slight decreases in both fixed broadband and mobile median download speeds for the Philippines in January 2022. | 5. CTA CASES DIGEST ON PLACE OF PERFORMANCE OF SERVICES TO QUALIFY FOR ZERO-RATING, RE-ASSIGNMENT OR TRANSFER OF BIR REVENUE OFFICER LEADING TO VOID ASSESSMENT, FILING OF DEMURRER TO EVIDENCE & INPUT VAT REFUND | PERFORMANCE OF SERVICES IN THE PHILIPPINES IS A PRE-REQUISITE FOR VALID INPUT VAT REFUND TO PROSPER Petitioner Regus Service Centre, Philippines B.V.-ROHQ filed a Petition for Review seeking refund of its unutilized input value tax (VAT) attributable to its export sales. Petitioner asserts that it has complied with all the requirements pursuant to Section 112 of the 1997 Tax Code. In ruling, the Court held that the qualification for zero-rated sales must be established before the claimant will be entitled to refund. To be subject to a zero percent (0%) VAT rate, the services must be performed in the Philippines by a VAT-registered person pursuant to Section 108(B)(2) of the Tax Code. Perusal of the documents showed that the Service Agreement between the Petitioner and its foreign client does not stipulate that the subject services were to be performed by Petitioner in the Philippines. Moreover, no evidence has been provided to prove such fact. It can also be inferred from the Service Agreement that not only the Petitioner but also a Third-Party provider is allowed to perform the same services which negates the exclusivity of the service. Consequently, the Petition was DENIED for lack of merit. [REGUS SERVICE CENTRE, PHILIPPINES B.V.-ROHQ VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 10124, FEBRUARY 9, 2022] IN CASE OF RE-ASSIGNMENT OR TRANSFER OF CASES TO ANOTHER RO, IT IS MANDATORY THAT A NEW LOA SHALL BE ISSUED, OTHERWISE, THE ASSESSMENT OR EXAMINATION IS A NULLITY Petitioner Metro Main Star Asia Corporation filed a Petition for Review seeking cancellation of the assessment issued by the Respondent Commissioner of Internal Revenue (CIR). Petitioner argues that Revenue Officer (RO) Arriola was not duly authorized to conduct the audit as her authority was based merely on a Memorandum of assignment MOA). Further, the issuance of an MOA is not a substitute for an LOA in cases where there is reassignment or transfer of cases to another RO as this runs counter to the provision of Revenue Memorandum Order (RMO) No. 43-90. In ruling, the Court cited Section 13 of the 1997 Tax Code which provides that an RO's authority to examine or recommend the assessment must be exercised pursuant to an LOA. Pursuant to the case of Medicard Philippines, Inc. vs. CIR, it was emphasized that unless authorized by the CIR himself or by his duly authorized representative, through an LOA, an examination of the taxpayer cannot ordinarily be undertaken. Likewise, in CIR vs. Sony Philippines, Inc., the Court stressed that in the absence of such an authority, the assessment or examination is a nullity. Further, in the recent case of CIR vs. Mcdonald’s Philippines Realty Corporation, reassigning or transferring revenue officers without a separate or amended LOA: (1) violates the taxpayer’s right to due process in tax or audit investigations; (2) usurps the statutory power of the CIR or his duly authorized representative to grant the power to examine the books of account of a taxpayer; and (3) does not comply with existing BIR rules and regulations, particularly RMO No. 43-90. Based on the foregoing, the Petition was GRANTED resulting in the CANCELLATION of the assessment. [METRO MAIN STAR ASIA CORPORATION VS. COMMISSIONER OF INTERNAL REVENUE, CTA CASE NO. 9302, JANUARY 26, 2022] WHEN ACCUSED FILES DEMURRER TO EVIDENCE, THE ROLE OF COURTS IS TO ASCERTAIN WHETHER THERE IS COMPETENT OR SUFFICIENT EVIDENCE TO ISSUE A JUDGMENT AGAINST ACCUSED & TO DISMISS THE CASE IF I IT FINDS NONE Accused Grand East Empire Corporation (“GEEC”) and Solania G. Ong filed a Motion for Leave of Court to File Demurrer to Evidence and Demurrer to Evidence praying for the dismissal of the case for insufficiency of evidence and for the release of Ong’s cash bond. In ruling, the Court held that when the Accused files a Demurrer to Evidence, the role of the Courts is to "ascertain whether there is competent or sufficient evidence to issue a judgment" against the Accused and to dismiss the case if it finds none. In this case, Accused GEEC and Ong are indicted for violation of Section 255 in relation to Sections 253 and 256 of the Tax Code. Clearly, the Prosecution’s failure in establishing the BIR's compliance with the mandate of Section 228 of the Tax Code and Section 3 of Revenue Regulations No. 12-99 is tantamount to a violation of GEEC's rights to due process, rendering the assessment void and it follows that GEEC is not liable to pay any deficiency taxes. Consequently, since GEEC has no deficiency taxes, the Company cannot be deemed to have willfully failed to pay the alleged deficiency tax liability. Hence, all the elements for an accused to be liable under Section 255 of the Tax Code were not established. Further, the penalty imposed under Sections 253 and 256 of the Tax Code cannot be imposed on Ong for the Prosecution's failure to prove that she is a responsible officer of GEEC during the taxable year 2006. Without any proof of Ong's role, designation, or position in GEEC, she cannot be held liable for violation of Section 255 in relation to Sections 253 and 256 of the Tax Code. Thus, the Motion was GRANTED. [PEOPLE OF THE PHILIPPINES VS. GRAND EAST EMPIRE CORPORATION & SOLANIA G. ONG, CTA CRIM. CASE NOS. 0-779, 0-780 & 0781, JANUARY 24, 2022] PROPER MATCHING OF SALES INVOICE & AIRWAY BILL ARE ESSENTIAL IN A REFUND CASE OF INPUT VAT ATTRIBUTABLE TO ZERO-RATED SALES Petitioner Amertron Incorporated filed a Petition for Review seeking refund of alleged unutilized input Value-Added Tax (VAT) attributable to its zero-rated sales covering Taxable Year. Petitioner asserts that it has met all the requirements to qualify for input VAT refund. On the other hand, Respondent Commissioner of Internal Revenue (CIR) countered that the Petitioner failed to: (a) prove that it has zero-rated sales; (b) comply with the proper invoicing requirements when no corresponding zero-rated sales invoice were submitted to prove their export sales to Singapore; and, (c) provide invoices that are covered by an Authority to Print (ATP) from the BIR. In ruling, the Court cited Section 106 (A)(2)(a)(1) of the 1997 Tax Code, that for an export sale of goods to qualify as zero-rated, the following requirements must be met: (1) The sale was made by a VAT-registered person; (2) There was a sale and actual shipment of goods from the Philippines to a foreign country; and (3) The sale was paid for in acceptable foreign currency accounted for in accordance with the rules and regulations of the BSP. Perusal of the documents showed that out of Php 1,272,835,412.40 only Php 171,120,035.98 comprise the valid zero-rated sales that are properly supported with the necessary documents. Likewise, the details of the amount of Php 171,120,035.98 do not match with the details in the sales invoices marked and submitted as evidence. Further, there is a difference in the names and addresses of the Petitioner’s customers appearing in their zero-rated sales invoices vis-à-vis the air waybill documents. Indisputably, Petitioner failed to establish the linkage between the air waybill documents and their zero-rated sales invoices; hence, the Court failed to ascertain whether the sales were shipped to the intended foreign customers. Consequently, the Petition was DENIED for lack of merit. [AMERTRON INCORPORATED VS. COMMISSIONER OF INTERNAL REVENUE CTA EN BANC CASE NO. 9893, JANUARY 4, 2022] | 6. TAX & BUSINESS-RELATED NEWS [FEBRUARY 7-10] | | Singapore firm to build largest PH data center Malacanang approves P125-B special ecozone in Quezon province PH property sector seen regaining lost ground in ’22 Average monthly wages decline by 9% Investment pledges to PEZA declined further last year Office vacancy rate seen to climb to 19% this year With Silangan momentum set, Philex shopping for more mining sites DILG seeks dialogue after Cebu accepts unvaxxed foreign travelers Japan offering more scholarships for Filipino public servants GCash profitable ahead of target, now eyes 'more accessible' lending: CEO Globe sets record capex for postpandemic era Po-led Century Pacific forays into affordable housing via new unit Tonik gets $131-M fresh equity for PH expansion PH unbanked turning to digital finance–study US eases tariffs on Japanese steel Primex tops off tallest building in Greenhills DND gets first batch of P1-B military grant from China NLEx operator starts work on Connector Road’s Sta. Mesa section Closed bank borrowers urged to use ARN Australians forced back to the workplace to embrace the ‘Great Resignation’: Report Haus Talk forays into high-end housing market with new project in Quezon City AyalaLand Logistics buys Batangas industrial asset IKEA PH opens collection hubs in Cebu, Pampanga to expand e-commerce operations Philracom lines up big races, exhibit, first-ever Hall of Fame Meta says it may shut down Facebook and Instagram in Europe over data-sharing dispute Gov’t accredits 36 RFIs for Agri-Agra loans
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | Singapore firm to build largest PH data center [Inquirer Mobile, February 10, 2022] The country’s largest data center is set to rise in Cainta, Rizal, within the year, catering to a “dramatically underserved” segment, according to Singapore data center company SpaceDC, which is investing more than $700 million into this facility. Malacanang approves P125-B special ecozone in Quezon province [Manila Bulletin, February 10, 2022] President Duterte has approved the proposed P125-billion Quezon Techno-Industrial Special Economic Zone” (QTISEZ) project in Mauban, Quezon. PH property sector seen regaining lost ground in ’22 [Inquirer Mobile, February 10, 2022] The Philippine property sector is likely to regain lost ground this 2022 as the country shifts from COVID-19 pandemic to “endemic” management, but it will take more time to return to its prepandemic vibrancy, property consulting firm Colliers said. Average monthly wages decline by 9% [BusinessWorld, February 10, 2022] The Philippine Statistics Authority (PSA) on Wednesday said the average monthly wages of time-rated workers across 190 monitored jobs in the country declined by 9% to P16,486 in 2020 from P18,108 in 2018, citing the Occupational Wages Survey (OWS). Investment pledges to PEZA declined further last year [Inquirer Mobile, February 10, 2022] The Philippine Economic Zone Authority (Peza) had a 27-percent drop in investment commitments last year, performing even worse than it did in the first year of the pandemic, despite the promise of a new corporate tax reform law that was supposed to help bring predictability back to an uncertain investment climate. Office vacancy rate seen to climb to 19% this year [BusinessWorld, February 10, 2022] THE VACANCY RATE in Metro Manila’s office buildings is likely to climb to 19% this year, as pre-leasing activities remain tepid and more supply is expected, Colliers Philippines said. With Silangan momentum set, Philex shopping for more mining sites [Inquirer Mobile, February 10, 2022] Philex Mining Corp. is eyeing new mining prospects in some parts of the country now that plans for its Silangan copper-gold project in Surigao del Norte are underway, according to company chair Manuel V. Pangilinan. DILG seeks dialogue after Cebu accepts unvaxxed foreign travelers [ABS-CBN News, February 10, 2022] The Department of the Interior and Local Government is seeking a dialogue with Cebu province after its governor issued a measure allowing the entry of unvaccinated foreign travelers, an official said Thursday. Japan offering more scholarships for Filipino public servants [Inquirer Mobile, February 10, 2022] The government of Japan is augmenting its support for the skills development of Filipino public servants through an agreement with the National Economic Development Authority (Neda) for a grant worth 329 million yen or about P146 million. GCash profitable ahead of target, now eyes 'more accessible' lending: CEO [ABS-CBN News, February 10, 2022] Mobile wallet and digital solutions provider GCash became profitable in 2021, or 3 years ahead of target as user base and transactions grow, its operator Mynt's CEO Martha Sazon said Thursday. Globe sets record capex for postpandemic era [Inquirer Mobile, February 10, 2022] The Ayala Group’s Globe Telecom saw core profits jump 9 percent last year as it made its largest annual capital spending bet of P92.8 billion to counter rivals and prepare its network for the postpandemic era. Po-led Century Pacific forays into affordable housing via new unit [Inquirer Mobile, February 10, 2022] Through new real estate arm Pacifica Homes Development Corp. (PHDC) led by its president Teodoro Alexander Po, the group launched its first affordable housing project in Magalang, Pampanga called “Hamana Homes.” Tonik gets $131-M fresh equity for PH expansion [Inquirer Mobile, February 10, 2022] The “neobank” or “challenger” financial institution will use the new money to accelerate the growth of its business in the Philippines, where it was the very first digital banking licensee. PH unbanked turning to digital finance–study [Inquirer Mobile, February 10, 2022] Prepaid financial technology platform Ding said prepaid users in the country were quickly turning to digital banking and even cryptocurrency—segments which could eventually overtake the below average usage of traditional banking. US eases tariffs on Japanese steel [The Manila Times, February 9, 2022] The United States will ease tariffs on steel imported from Japan, officials announced on Monday (Tuesday in Manila), in the latest move by President Joe Biden’s administration to resolve trade disputes started under his predecessor Donald Trump. Primex tops off tallest building in Greenhills [Inquirer Mobile, February 9, 2022] Property developer Primex Corp. has topped off the group’s P5-billion 50-story mixed-use building at the corner of Edsa and Connecticut Street, now the tallest skyscraper in the Greenhills area of San Juan City. DND gets first batch of P1-B military grant from China [Manila Bulletin, February 9, 2022] The Philippines and China appeared to set aside their territorial dispute in the West Philippine Sea (WPS) for a moment as the Department of National Defense (DND) officially received the first batch of a military grant with a total worth of RMB (Renminbi) 130 million or P1 billion from the East Asian giant on Wednesday, Feb. 9. NLEx operator starts work on Connector Road’s Sta. Mesa section [Inquirer Mobile, February 9, 2022] In a statement, NLEx Corp. said it started work on the foundation of the 3-km Sta. Mesa section. This forms part of the 8-km NLEx Connector, which is targeted for completion by the end of 2022. Closed bank borrowers urged to use ARN [The Manila Times, February 9, 2022] BORROWERS of closed bank borrowers must use account reference numbers (ARNs) for efficient loan payments and record keeping, the Philippine Deposit Insurance Corp. (PDIC) said. Australians forced back to the workplace to embrace the ‘Great Resignation’: Report [9News, February 8, 2022] Australians who are forced to be physically present in their workplace are more likely to embrace "the Great Resignation", new data has found. Haus Talk forays into high-end housing market with new project in Quezon City [ABS-CBN News, February 8, 2022] The horizontal 50 Jocson Residences Project, composed of 7 residential units, is located in the heart of the Katipunan area in Quezon City, HTI said in a disclosure to the stock exchange. AyalaLand Logistics buys Batangas industrial asset [BusinessWorld, February 8, 2022] AYALALAND Logistics Holdings Corp. (ALLHC), through its subsidiary, bought a ready-built facility and land in Batangas for a total of P1.24 billion, inclusive of value added tax. IKEA PH opens collection hubs in Cebu, Pampanga to expand e-commerce operations [ABS-CBN News, February 8, 2022] The Swedish furniture maker's online shop can now accommodate orders from more areas in the country with the opening of new collection points in Pampanga and in Cebu in the Visayas region, IKEA said in a statement. Philracom lines up big races, exhibit, first-ever Hall of Fame [Manila Bulletin, February 8, 2022] The Philippine Racing Commission (Philracom) has lined up several projects for this year that include more big races, exhibits and the first-ever Hall of Fame. Meta says it may shut down Facebook and Instagram in Europe over data-sharing dispute [CNBC, February 7, 2022] Meta has said it is considering shutting down Facebook and Instagram in Europe if it can’t keep transferring user data back to the U.S. Gov’t accredits 36 RFIs for Agri-Agra loans [Manila Bulletin, February 7, 2022] The Bangko Sentral ng Pilipinas (BSP) and the Agricultural Credit Policy Council (ACPC) have accredited 36 rural financial institutions (RFI) that they deemed compliant with Agri-Agra rules. | Thank you and best regards, WILLIE B. SANTIAGO Lawyer & Certified Public Accountant Tax & Corporate Services Division TL : (+632) 8 894-5892 Loc. 703 Website: www.dmdcpa.com.ph Don Jacinto Building De la Rosa corner Salcedo Streets Legaspi Village, Makati City 1229 Philippines | | | |
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