TAX & BUSINESS-RELATED NEWS [JANUARY 30-31] BIR CLARIFIES THE SCOPE & COVERAGE OF THE EXTENSION OF DEADLINES UNDER RR NO. 1-2022 BIR EXTENDS THE DEADLINE OF FILING FOR TAXPAYERS UNDER COVID ALERT LEVEL 3 OR HIGHER BIR ISSUES TAX ADVISORY ON FILING OF 2021 ANNUAL INFORMATION RETURNS TAX & BUSINESS-RELATED NEWS [JANUARY 28-29] BIR CIRCULARIZES R.A. 11595 OR THE RETAIL TRADE LIBERALIZATION ACT OF 2000, AS AMENDED BIR CIRCULARIZES R.A. 11635 ON TAXABILITY OF PROPRIETARY EDUCATIONAL INSTITUTION & HOSPITAL BIR RULING DIGEST ON TAX EXEMPTION OF RETIREMENT BENEFITS TAX & BUSINESS-RELATED NEWS [JANUARY 25-27]
| 1. TAX & BUSINESS-RELATED NEWS [JANUARY 30-31] | | Crypto-dealing banks face reputational risk Huawei takes Sweden to court following 5G ban PH pegged as ’22 regional underformer TESDA to introduce new barangay infectious disease management qualification Regulators eye coordinated scrutiny of banks, insurers Lower House approves benefits for barangay health workers, medical workers; 16 other measures Nonlife insurers buck proposed higher capitalization AC Energy, UPC Renewables begin construction of 3rd solar plant in India PAL to elect Capt. Stanley Ng as new president Cebu Pacific issues new advisory PSE: Dito minority investors to be hurt by cancellation of P8 billion rights offer PCSO taps private sector for launch of new games
| 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. | Crypto-dealing banks face reputational risk [Inquirer Mobile, January 31, 2022] Union Bank of the Philippines (UnionBank), along with other Southeast Asian banks that are delving deeper into cryptocurrency, might face growing reputational, operational and even financial risks over time, according to Fitch Ratings. Huawei takes Sweden to court following 5G ban [ABS-CBN News, January 31, 2022] Huawei said it has initiated arbitration proceedings against Sweden under the World Bank Group after the Nordic country banned the Chinese tech giant from rolling out its 5G products. PH pegged as ’22 regional underformer [Inquirer Mobile, January 31, 2022] The Philippines’ economic growth this year may be tempered by uncertainties wrought by the forthcoming presidential elections and lingering risks from the infectious COVID-19 disease, economists said. TESDA to introduce new barangay infectious disease management qualification [Manila Bulletin, January 31, 2022] The Technical Education and Skills Development Authority’s (TESDA) is set to introduce a new qualification called Barangay Infectious Disease Management Services (BIDMS) Level Il into the TESDA Online Program (TOP) by the end of the first quarter of 2022. Regulators eye coordinated scrutiny of banks, insurers [Inquirer Mobile, January 31, 2022] Through the inter-agency body called Financial Sector Forum (FSF) chaired by BSP Governor Benjamin Diokno, the central bank and the Securities and Exchange Commission, Insurance Commission and Philippine Deposit Insurance Corp. agreed to establish a “Supervisory College.” Lower House approves benefits for barangay health workers, medical workers; 16 other measures [Manila Bulletin, January 31, 2022] Left with only two session days before taking a four-month break, the House of Representatives on Monday, Jan. 31 approved on third and final reading a total 18 bills of national significance. Nonlife insurers buck proposed higher capitalization [Inquirer Mobile, January 31, 2022] Nonlife insurers want to keep the P900-million capital requirement under a pending Senate bill aimed at amending the law jacking up the minimum to P1.3 billion by end-2022. AC Energy, UPC Renewables begin construction of 3rd solar plant in India [ABS-CBN News, January 31, 2022] AC Energy Corp (ACEN) on Monday said it has started the construction of its largest solar plant in India together with UPC Renewables. PAL to elect Capt. Stanley Ng as new president [Manila Bulletin, January 30, 2022] At the Philippine Airlines (PAL) meeting tomorrow, the board is expected to elect Senior Vice-President for Operations Capt. Stanley Cua Ng as the airline’s new president, vice Gilbert Sta. Maria, who reportedly opted to retire, according to a reliable source. Cebu Pacific issues new advisory [The Manila Times, January 30, 2022] STARTING February 1, fully vaccinated returning Filipinos and foreigners with valid and existing visas, regardless of origin, shall be allowed to enter the Philippines and are no longer required to undergo facility-based quarantine upon arrival, provided that they are able to present a negative RT-PCR test result taken 48 hours before arrival, Cebu Pacific advisory said. PSE: Dito minority investors to be hurt by cancellation of P8 billion rights offer [Inquirer Mobile, January 30, 2022] In an interview with the Inquirer, Monzon expressed concerns on the decision of Davao-based tycoon Dennis A. Uy’s Dito CME, the holding company of telco challenger Dito Telecommunity, to cancel and defer the multibillion stock rights offering. PCSO taps private sector for launch of new games [The Philippine Star, January 30, 2022] In a published public notice earlier this week, the PCSO said it has issued the revised rules and regulations on the acceptance, evaluation and processing of new game proposals that would attract private proponents to develop, start and operate the new games. | 2. BIR CLARIFIES THE SCOPE & COVERAGE OF THE EXTENSION OF DEADLINES UNDER RR NO. 1-2022 | Revenue Memorandum Circular (RMC) No. 16-2022, issued on January 31, 2022, clarifies the scope and coverage of the extension of deadlines granted under Revenue Regulations (RR) No. 1-2022, particularly Section 2, items (1) and (3) thereof, to wit: 1. The extension of submission of all required documents shall pertain to the submission of, but not limited to, inventory lists, Alphalists, and tax and information returns, among others. Item 1 also includes registration of books of accounts. 2. The extension of 30 days for the filing of VAT refund claims also applies in case of claims wherein the applicant is a registered taxpayer in the area declared as Alert Level 1 or 2 provided that the venue of filing is under Alert Level 3 or higher. Particularly, this is applicable to claims filed in the VAT Credit Audit Division (VCAD) at the National Office for direct exporters who are registered in various RDO jurisdiction. Said extension shall begin to run after the lapse of the prescribed period for VAT refund processing. However, in view of the declaration of Alert Level 3 in NCR, the processing of VAT claim shall be extended until April 13, 2022. 3. The extension of deadlines applies also to Large Taxpayer Offices of the BIR classified under Alert Level 3 or higher for the month of January 2022. | 3. BIR EXTENDS THE DEADLINE OF FILING FOR TAXPAYERS UNDER COVID ALERT LEVEL 3 OR HIGHER | Revenue Regulations (RR) No. 1-2022, issued on January 27, 2022, extends the deadline of the following activities falling due during the month of January 2022, for thirty (30) calendar days from due date covering all taxpayers within the jurisdiction of Revenue Regions, and Revenue District Offices (RDOs) under Alert Level 3 or higher: Filing of tax returns and/or payment of taxes due thereon; Filing of replies, documents, and the like in relation to an on-going BIR audit; Filing of application for tax refund, and processing of such; Issuance of assessments and warrants to enforce collection of deficiency taxes.
The RR shall take effect immediately. | 4. BIR ISSUES TAX ADVISORY ON FILING OF 2021 ANNUAL INFORMATION RETURNS | In an Advisory issued last January 19, 2022, the BIR has pronounced that users who are mandated to file through the Electronic Filing and Payment System (eFPS) shall still use the old forms available in filing the 2021 Annual Information Return of Income Taxes Withheld on Compensation (BIR Form No. 1604-C); Annual Information Return of Income Payments Subjected to Final Withholding Taxes (BIR Form No. 1604-F); and Annual Information Return of Creditable Income Taxes Withheld (Expanded)/Income Payments Exempt from Withholding Tax (BIR Form No. 1604-E). In case of unavailability of the system, eFPS filers shall use the new forms in the Offline eBIRForms Package. | 5. TAX & BUSINESS-RELATED NEWS [JANUARY 28-29] | | Japan gives PH grant to buy vaccine cold chain equipment DOF: BIR likely missed 2021 tax take—but just by a slim margin Rama orders security around burned mall to avoid looting BSP bank survey shows loan demand picking up Landbank backs NBI probe on teachers’ missing money Power plant outages push up WESM prices DBM: Gov’t agencies already received 82.8% of their 2022 budgets Dennis Uy’s Dito CME defers P8 billion stock rights offer JLL 'cautiously optimistic' on property market Goodbye 'Marites'? Facebook adds notification when you screenshot in Messenger Legislation to boost livestock, poultry, corn sectors backed DBS to buy Citi's consumer banking business in Taiwan ERC directs electric co-ops to cut systems losses Makati, Cebu judges appointed to CA Federal Land, Nomura ink P48B real estate venture Qatar Airways Subpoenaed Google to Unmask Employees Who Anonymously Criticized Airline Online QC gov’t extends validity of business permits, clearances for six months US bans telecom giant China Unicom over spying concerns Ride-sharing firm Swat Mobility expands PH biz with fresh investment Hong Kong market watchdog fines Citi $45 million for equities misconduct Pharmally owes P6.3B in taxes, senators told Millions yet to file tax return as scammers circle
| 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. | Japan gives PH grant to buy vaccine cold chain equipment [Inquirer Mobile, January 29, 2022] The Japan International Cooperation Agency (Jica) and the Philippine government on Friday signed the grant agreement under the Japanese government’s program for COVID-19 crisis response emergency support. Grants need not be repaid. DOF: BIR likely missed 2021 tax take—but just by a slim margin [Inquirer Mobile, January 29, 2022] The Bureau of Internal Revenue (BIR) likely missed its 2021 collection target by a hair, but the agency and other tax collection offices in general improved their take due to digitalization, the Department of Finance (DOF) said. Rama orders security around burned mall to avoid looting [Inquirer.Net, January 29, 2022] Cebu City Mayor Michael Rama has ordered the Cebu City Police Office to provide ample security at a mall in Barangay Mabolo, which was destroyed by a fire on January 28, 2022. BSP bank survey shows loan demand picking up [The Philippine Star, January 29, 2022] Banks expect higher demand for loans from corporate and individual borrowers to spike in the first quarter amid the optimistic economic outlook as the country continues to recover from the pandemic. Landbank backs NBI probe on teachers’ missing money [Inquirer Mobile, January 29, 2022] The Department of Justice (DOJ) last week directed the NBI to look into the complaint of Teachers’ Dignity Coalition after some of its members lost between P26,000 and P121,000 each when their Landbank accounts were allegedly hacked. Power plant outages push up WESM prices [Inquirer Mobile, January 29, 2022] The average price at the Wholesale Electricity Spot Market (WESM) in January rose by 9 percent against the previous rate in December primarily due to forced and planned outages of major plants, the Independent Electricity Market Operation of the Philippines (Iemop) said. DBM: Gov’t agencies already received 82.8% of their 2022 budgets [Inquirer Mobile, January 29, 2022] “The immediate release of allotments through the GAAAO is paramount in the timely execution of government programs, activities and projects, especially for those related to health care, transport and education, as this will allow agencies to immediately engage with bidders, enter into contracts and agreements, complete procurement and begin implementation,” the DBM said. Dennis Uy’s Dito CME defers P8 billion stock rights offer [Inquirer Mobile, January 29, 2022] The high-profile collapse is a blow to Dito CME, which owns a controlling stake in telco challenger Dito Telecommunity, and also raises questions on the credibility of firm commitments that underwriters make to ensure that offers do not fail. JLL 'cautiously optimistic' on property market [Manila Times, January 28, 2022] "There is improved market sentiment and market reforms that we're seeing now but definitely, there are still a lot of headwinds in the short term," Janlo de los Reyes, JLL Philippines head of research and consultancy, said in a virtual briefing on Wednesday. Goodbye 'Marites'? Facebook adds notification when you screenshot in Messenger [The Philippine Star, January 28, 2022] Meta Chief Executive Officer Mark Zuckerberg announced recently that Facebook Messenger now has notifications when someone screenshots your disappearing messages in a secret conversation. Legislation to boost livestock, poultry, corn sectors backed [Inquirer Mobile, January 28, 2022] The Department of Agriculture (DA) has signified its support for the passage of several bills aimed at bolstering livestock, poultry and corn sectors which, if enacted, will improve local production and lower meat prices in the market. DBS to buy Citi's consumer banking business in Taiwan [Channel News Asia, January 28, 2022] SINGAPORE: DBS Group, Southeast Asia's largest bank, has agreed to buy Citigroup's consumer banking business in Taiwan via a transfer of assets and liabilities and will take over the 3,500 staff employed in the retail arm. ERC directs electric co-ops to cut systems losses [Inquirer Mobile, January 28, 2022] In a regulatory advisory, the ERC said around 44 percent of the country’s 121 ECs had passed on hefty energy charges to consumers while sharp increases from the previous quarter were observed among 22 ECs. Makati, Cebu judges appointed to CA [Philippine News Agency, January 28, 2022] Appointed to the appellate court by President Rodrigo Duterte were Makati Regional Trial Court’s Maximo de Leon and Talisay City, Cebu judge Jacinto Fajardo. Federal Land, Nomura ink P48B real estate venture [Inquirer Mobile, January 28, 2022] Nomura will invest $324 million (about P16 billion) for a 34 percent interest in the new company, which will be called Federal Land NRE Global Inc., Qatar Airways Subpoenaed Google to Unmask Employees Who Anonymously Criticized Airline Online [Paddle Your Own Kanoo, January 28, 2022] Qatar Airways allegedly subpoenaed internet giant Google in an attempt to get hold of account information that would reveal the names behind anonymous online accounts that have been critical of the Doha-based airline. QC gov’t extends validity of business permits, clearances for six months [Inquirer.Net, January 28, 2022] Mayor Joy Belmonte said the local government unit issued Ordinance No. SP-3084 which extends the validity of Sanitary Permits, Environmental Clearances, Tourism Accreditation Certificates, DPOS Security Clearances, Traffic Clearances, Liquor Permits, Market Clearances/Certificates, and Veterinary Clearances that are supposed to have expired on January 20. US bans telecom giant China Unicom over spying concerns [BBC News, January 28, 2022] China Unicom has become the latest Chinese telecoms giant to be banned from the US over "significant" national security and espionage concerns. Ride-sharing firm Swat Mobility expands PH biz with fresh investment [Inquirer Mobile, January 28, 2022] Singapore-based Swat Mobility, a regional technology mobility startup focused on carpooling, wants to turn the Philippines into its second largest business in Asia-Pacific as ride-sharing demand recovers with the reopening of the economy. Hong Kong market watchdog fines Citi $45 million for equities misconduct [Channel News Asia, January 28, 2022] The Securities and Futures Commission (SFC) said on Friday that some of Citigroup Global Markets Asia Limited's (CGMAL) trading desks had issued inaccurate "indications of interest" in stocks to generate client inquiries and had also made misrepresentations to customers when executing some trades. Pharmally owes P6.3B in taxes, senators told [Philippine Daily Inquirer, January 28, 2022] Pharmally Pharmaceutical Corp. owes the government up to P6.3 billion in taxes from the supply contracts it entered into with the Procurement Service of the Department of Budget and Management (PS-DBM), while its officers may face a prison term of up to six years for the anomalies in their tax records, an expert witness told the Senate blue ribbon committee on Thursday. Millions yet to file tax return as scammers circle [BBC News, January 28, 2022] HM Revenue and Customs (HMRC) said that 3.5 million people were still to file, accounting for 29% of those who are in the self-assessment system. | 6. BIR CIRCULARIZES R.A. 11595 OR THE RETAIL TRADE LIBERALIZATION ACT OF 2000, AS AMENDED | Revenue Memorandum Circular No. 11-2022, issued on January 24, 2022, circularizes Republic Act No. 11595, titled “An Act Amending Republic Act No. 8762, Otherwise Known as the ‘Retail Trade Liberalization Act of 2000’, by Lowering the Required Paid-Up Capital for Foreign Retail Enterprises, and for Other Purposes”. 1. Reduction in the minimum paid-up capital requirements. All foreign-owned retail enterprises must now only have a minimum paid-up capital of at least Php 25 million (USD 500,000). 2. Certification of pre-qualification is no longer required. 3. Reduction in minimum investment required for each store for foreign-owned retail trade enterprises from USD 830,000 per store to Php 10 million (USD 200,000). 4. Retail enterprises with foreign ownership of more than eighty percent (80%) are no longer required to offer a minimum of thirty percent (30%) of their equity to the public through any stock exchange in the Philippines within eight (8) years from start of operations. 5. Preferential use of Filipino labor. 6. Promotion of locally manufactured products | 7. BIR CIRCULARIZES R.A. 11635 ON TAXABILITY OF PROPRIETARY EDUCATIONAL INSTITUTION & HOSPITAL | Revenue Memorandum Circular No. 13-2022, issued on January 24, 2022, circularizes Republic Act (RA) No. 11635, titled “An Act Amending Section 27(B) of the National Internal Revenue Code of 1997, as Amended, and for Other Purposes” providing clarity on the wording in the Tax Code itself. Prior to the amendment, the 1997 Tax Code provides that “Proprietary educational institutions and hospitals which are nonprofit shall pay a tax of ten percent (10%) on their taxable income…” As amended by RA No. 11635, Section 27(B) of the Tax Code now reads as follows: “Hospitals which are nonprofit and proprietary educational institutions shall pay a tax of ten percent (10%) on their taxable income . . .” Thus, the nonprofit qualification only applies to hospitals and not to proprietary educational institutions. | 8. BIR RULING DIGEST ON TAX EXEMPTION OF RETIREMENT BENEFITS | SEC 1 OF R.A. NO. 7641 OTHERWISE KNOWN AS “THE RETIREMENT PAY LAW” SHALL APPLY IN THE ABSENCE OF AN APPROVED REASONABLE PRIVATE BENEFIT PLAN E Co. is seeking clarification on whether the retirement benefits to be received by Z, its retired employee, is exempt from withholding tax. As represented, Z retired at the age of sixty-one (61) years old after being in the service of E Co. for at least twenty-six (26) years, and E Co. does not maintain a company policy or qualified retirement benefit plan duly approved by the BIR. In reply, the Bureau opined that in cases where there is no “reasonable private benefit plan” duly approved by the BIR, the pertinent provisions of Republic Act (R.A.) No. 7641 shall apply. Under said provisions, the retirement benefits shall be exempt from income tax if the following conditions are met: (1) the employee had been in the service of the same private firm for at least five (5) years; and (2) he is at least sixty (60) years old at the time of the retirement. For meeting both conditions, Z’s retirement benefit is exempt from income tax, and consequently from withholding tax pursuant to Section 32 (B)(6)(a) of the 1997 Tax Code, as amended. [BIR RULING NO. OT-480-21, DECEMBER 24, 2021] | 9. TAX & BUSINESS-RELATED NEWS [JANUARY 25-27] | | MREIT to add P20B in new office space to portfolio Pilots raise alarm at Qatar Airways for doctored hours, hidden fatigue Telcos, IT industry offer highest entry-level pay – JobStreet Elon Musk’s SpaceX plans for record year of launches at rate of one per week DOF pushes for updates to investment laws Landbank-UCPB merger takes effect on March 1 BSP wants stiffer penalties vs counterfeiters, coin hoarders Samsung reports 53% jump in profit despite supply chain woes Selected schools in Cainta, Rizal to get free laptops from DICT IKEA PH appeals for patience as it restocks inventory amid pandemic Structural weaknesses capping PH fintech growth’ Villar's AllDay opens 35th store in bid to boost Manila presence Lopez firm buys ABS-CBN shares, PDRs for network’s digital push Billionaire Manny Villar to become next media tycoon after taking over ABS-CBN frequencies Some jobs get 23% pay hike, others 17.5% cut in 2021 — JobStreet survey S. Korea economy logs best annual growth in 11 years BSP warns of fake bills from ATMs Treasury to borrow P200B locally in February Paolo Bediones to face court battle versus disgruntled staff and crew Duterte signs microgrid bill into law
| 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. | MREIT to add P20B in new office space to portfolio [Inquirer Mobile, January 27, 2022] Newly listed MREIT Inc. is set to gobble up about P20 billion worth of additional office property assets in the coming months, jacking up the portfolio value of the Megaworld Group-sponsored real estate investment trust (REIT) to P78.5 billion by year-end. Pilots raise alarm at Qatar Airways for doctored hours, hidden fatigue [Rappler, January 27, 2022] Pilots at Qatar Airways say the state-owned airline is undercounting their work hours and ignoring complaints of fatigue – a safety breach that hurts staff health and risks passenger lives. Telcos, IT industry offer highest entry-level pay – JobStreet [Inquirer.Net, January 27, 2022] According to JobStreet Salary Report 2022, the median entry-level salary in the telecommunications industry is at 20,000. Elon Musk’s SpaceX plans for record year of launches at rate of one per week [CNBC, January 27, 2022] Elon Musk’s SpaceX broke its own annual orbital launch record last year, and it’s looking to pick up the blistering pace further in 2022 to an average rate of one per week. DOF pushes for updates to investment laws [Inquirer Mobile, January 27, 2022] Still pending President Duterte’s approval was the amendment to the Foreign Investment Act. The proposed amendment to the Public Service Act has yet to undergo bicameral proceedings by the two chambers of Congress.
Landbank-UCPB merger takes effect on March 1 [Inquirer Mobile, January 27, 2022] Industry sources last year said the government had moved to merge the two banks as UCPB’s capital adequacy ratio (CAR) had been set to fall below the BSP’s mandatory level. BSP wants stiffer penalties vs counterfeiters, coin hoarders [Manila Bulletin, January 27, 2022] BSP Governor Benjamin E. Diokno said they are currently conducting preparatory work, which is “in full swing” for the legislature to “raise the penalty for crimes involving currency counterfeiting and to criminalize the hoarding of coins.” Samsung reports 53% jump in profit despite supply chain woes [The Manila Times, January 27, 2022] SEOUL: South Korean tech giant Samsung Electronics said on Thursday its operating profit rose 53.3 percent in the fourth quarter of 2021, as record sales helped overcome pandemic-induced supply chain challenges. Selected schools in Cainta, Rizal to get free laptops from DICT [Manila Bulletin, January 27, 2022] The Schools Division of Rizal is set to distribute at least 20 laptops to selected schools in District 1 and 2 in Cainta, Rizal. IKEA PH appeals for patience as it restocks inventory amid pandemic [ABS-CBN News, January 27, 2022] The Philippine branch of the Swedish furniture chain IKEA appealed for patience on Thursday as it struggles to restock inventory amid the COVID-19 pandemic. ‘Structural weaknesses capping PH fintech growth’ [Inquirer Mobile, January 26, 2022] The financial technology or fintech industry in the Philippines has seen strong growth, but there remain weaknesses that need to be addressed in order to sustain such growth, according to government think tank Philippine Institute for Development Studies (PIDS). Villar's AllDay opens 35th store in bid to boost Manila presence [ABS-CBN News, January 26, 2022] AllDay Worldwide Corporate Center along Shaw Boulevard in Mandaluyong City is a "key addition to our Metro Manila presence," AllDay chairman Manny Villar said. Lopez firm buys ABS-CBN shares, PDRs for network’s digital push [Rappler, January 26, 2022] In a stock exchange filing on Wednesday, January 26, ABS-CBN said it sold 21.32 million common shares and 11.5 million PDRs worth P15.23 each to its principal shareholder, Lopez Incorporated. Billionaire Manny Villar to become next media tycoon after taking over ABS-CBN frequencies [Inquirer Mobile, January 26, 2022] Villar-linked Advanced Media Broadcasting System Inc., whose 25-year franchise extension was approved in 2019, is taking over the television broadcast frequencies previously held by Lopez-led ABS-CBN Corp., according to documents from the National Telecommunications Commission (NTC) that were seen by the Inquirer. Some jobs get 23% pay hike, others 17.5% cut in 2021 — JobStreet survey [Manila Bulletin, January 26, 2022] Online job posts in 2021 offered an average salary increase of 22.9 percent, but others had to reduce salary rates by 17.5 percent on the average, a survey by online job portal JobStreet revealed. S. Korea economy logs best annual growth in 11 years [Inquirer Mobile, January 26, 2022] The 4.0 percent expansion, which came in line with forecasts, was the best performance since 2010 and came despite the pandemic hurting global supply chains. BSP warns of fake bills from ATMs [The Philippine Star, January 26, 2022] The central bank reminded the public to regularly inspect banknotes for authenticity through the “feel, look, tilt” approach as a precautionary measure against counterfeiting. Treasury to borrow P200B locally in February [Inquiry Mobile, January 26, 2022] The Bureau of the Treasury will borrow P200 billion locally in February through its weekly T-bill and bond auctions. Paolo Bediones to face court battle versus disgruntled staff and crew [Inquirer.Net, January 26, 2022] The case stemmed from Bediones’ supposed late payment of his staff’s services for the online quiz show he was hosting, “Top of the Class Primer,” and an online class by the Department of Education. Duterte signs microgrid bill into law [The Manila Times, January 25, 2022] Under the law, minigrid support programs (MGSPs) may provide integrated power generation and distribution services in an unserved or underserved area for the duration of its service contract. | 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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