TAX & BUSINESS-RELATED NEWS [MARCH 7] SEC CIRCULAR ON CEILING ON INTEREST RATES BY ONLINE LENDING & FINANCING COMPANIES SEC LEGAL OPINION DIGEST ON CORPORATION'S INCIDENTAL POWERS TAX & BUSINESS-RELATED NEWS [MARCH 4-5] BIR FURTHER CLARIFIES THE GUIDELINES ON THE FILING OF REQUEST FOR CONFIRMATION & TAX TREATY APPLICATIONS CTA CASES DIGEST TAX & BUSINESS-RELATED NEWS [MARCH 1-3]
| 1. TAX & BUSINESS-RELATED NEWS [MARCH 7] | | Eternal Plans says will deliver benefits despite financial difficulties April 1 return-to-office deadline bucked by BPOs ICTSI builds P15-B berth for MICT Gold rises above $2,000 an ounce on soaring Ukraine fears BSP seen hiking interest rates from mid-2022 As fertilizer prices spike, Philippines looks to China, Iran for supplies and discount Switzerland's economy feels effect of sanctions E-sabong should be subject to same scrutiny as POGO - Hontiveros PCGG fails to sell assets of Marcos, cronies in 2021 Converge inks deal to participate in SEA-Hainan-Hong Kong subsea cable system PayMaya building upon NFT craze to set up ‘big targets’ for 2022 MREIT posts P2 billion net income in first 6 months of operations
| 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. | Eternal Plans says will deliver benefits despite financial difficulties [ABS-CBN News, March 7, 2022] Eternal Plans Inc (EPI) on Monday said it will deliver the benefits promised to its plan holders as it undergoes conservatorship with the guidance of the Insurance Commission to help manage its finances. April 1 return-to-office deadline bucked by BPOs [Inquirer Mobile, March 7, 2022] The business process outsourcing (BPO) industry—which created over 20,000 new jobs despite the recession in 2020 thanks to work-from-home arrangements—is asking for a few more months before most of its workforce returns to the office. But the government wants them all back by April 1. ICTSI builds P15-B berth for MICT [Manila Bulletin, March 7, 2022] International Container Terminal Services, Inc. (ICTSI) continues to expand the capacity of its flagship Manila International Container Terminal (MICT) by adding a new P15-billion berth catering to very large ships, which is not part of its contract with the government. Gold rises above $2,000 an ounce on soaring Ukraine fears [ABS-CBN News, March 7, 2022] Gold rose to more than $2,000 in Asian trade on Monday morning as investors fled to the safe-haven commodity over fears about the impact of the Ukraine war on the global economy. BSP seen hiking interest rates from mid-2022 [Inquirer Mobile, March 7, 2022] The local central bank is likely to hike interest rates by a total of 75 basis points this 2022, starting mid-year, as consumer price pressures escalate amid the Ukraine crisis alongside the much-anticipated upswing in US interest rates. As fertilizer prices spike, Philippines looks to China, Iran for supplies and discount [ABS-CBN News, March 7, 2022] Fertilizer prices have also seen an uptick since the last quarter of 2021 due to increased global demand, the Fertilizer and Pesticide Authority (FPA) said Monday. Switzerland's economy feels effect of sanctions [The Manila Times, March 7, 2022] Switzerland announced Monday it would follow the sanctions being imposed by the European Union, abandoning Bern's traditional reserve by ordering the immediate freezing of assets belonging to Russian companies and individuals appearing on the EU blacklist. PawisngPinoy Online ordered to stop illegal investment scheme [Inquirer Mobile, March 7, 2022] The Securities and Exchange Commission (SEC) has ordered PawisngPinoy Online Investment, an unregistered entity claiming to be in rice trading, construction, medical supplies and real estate businesses, to stop its illegal investment-taking activities. E-sabong should be subject to same scrutiny as POGO – Hontiveros [ABS-CBN News, March 7, 2022] After reports that the P3 billion gross income of online sabong license-holder Atong Ang only generates over P600 million in government revenues, "e-sabong" should be investigated as thoroughly as POGO operations, said Senator Risa Hontiveros on Monday. PCGG fails to sell assets of Marcos, cronies in 2021 [Inquirer Mobile, March 7, 2022] As the Presidential Commission on Good Government (PCGG) was unable to dispose of any assets from the Marcos dictatorship and its cronies last year, the national government’s privatization proceeds fell to a record-low P320.95 million. Converge inks deal to participate in SEA-Hainan-Hong Kong subsea cable system [ABS-CBN News, March 7, 2022] Converge said the project aims to address the "tremendous growth" of the telecommunications traffic between Southeast Asia and Hong Kong by building a fiber-optic submarine cable system connecting Singapore, Thailand, Malaysia, Philippines, Hainan in China, and Hong Kong. PayMaya building upon NFT craze to set up ‘big targets’ for 2022 [Inquirer Mobile, March 7, 2022] PLDT Inc.-backed financial technology platform PayMaya is setting “big targets” for 2022 as it prepares to launch crypto investments and vastly expand touchpoints where users can transact with the company. MREIT posts P2 billion net income in first 6 months of operations [ABS-CBN News, March 7, 2022] The strong performance was due to growth in rental income from new leases as well as a contribution from newly acquired properties, MREIT said. | 2. SEC CIRCULAR ON CEILING ON INTEREST RATES BY ONLINE LENDING & FINANCING COMPANIES | SEC Memorandum Circular No. 3, Series of 2022, issued on March 1, 2022, provides for the ceiling/s on interest rates and other fees charged by Lending, Financing Companies, and their Online Lending Platforms pursuant to BSP Circular No. 1133. Highlights include: Applicable ceiling/s on interest rates and other fees for specific loans offered by LCs, FCs, and their OLPs. Submission of Business Plan indicating the company’s loan products and services as well as the applicable pricing parameters. Imposition of penalties for non-compliance.
| 3. SEC LEGAL OPINION DIGEST ON CORPORATION'S INCIDENTAL POWERS | A CORPORATION HAS BOTH EXPRESS & IMPLIED OR INCIDENTAL POWERS T Co., a car financing company, is seeking confirmation whether it may provide assistance to its clients in the transfer of ownership of the vehicle and/or cancellation of mortgages thereon before the Land Transportation Office (LTO) upon settlement of the latter’s loan/rental obligations even without amending its Articles of Incorporation. In rendering the opinion, SEC opined that financing companies, pursuant to the Financing Company Act of 1998, are allowed to engage in and/or perform such other services or activities as may be granted by the Commission, or which may be incidental to its activities as a corporation. Considering that T Co.’s primary purpose mainly involves financing of vehicles, the intended service of transferring ownership of and/or the cancellation of mortgage over the vehicles of its clients who have availed of its financial services, is incidental to its primary purpose as the same is reasonably necessary for it to comply with its obligations under its financial service contracts (i.e. ensure the proper and expeditious transfer of title of the vehicle from T Co. to its clients once the latter’s financial obligations have been fully settled.) [SEC OFFICE OF THE GENERAL COUNSEL LEGAL OPINION NO. 21-11, NOVEMBER 3, 2021] | 4. TAX & BUSINESS-RELATED NEWS [MARCH 4-5] | | Tugade: Common rail systems station complete by end-March Duterte eases foreign ownership restrictions Pensioners’ annual reportorial rule hit DA taps local governments for food security Ex-Cebu mayor, 3 others convicted for illegal fund use D&L’s Batangas hub to start operations next year IPOPHL now issues patents online ‘Cyberattack’ knocks thousands offline in Europe Airlines start quarantine-free trips to SG Property developers backtrack on internet exclusivity rules Cokaliong launches 1st x-bow ship in PH PLDT to cut spending, sell assets to prune debts, boost profitability BIR says hit revenue targets of over P2 trillion twice SEC issues rules on how to purge errant corporate execs Landbank to absorb 2,500 ex-UCPB workers post-merger Cash-deficient Eternal Plans put under conservatorship Atong Ang’s e-sabong firm earns P3B gross income per month, senators learn Top Filipino Innovators for 2022
| 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. | Tugade: Common rail systems station complete by end-March [GMA News Online, March 5, 2022] A grand central station connecting four of Metro Manila’s railway lines is slated for completion by the end of March this year, according to Transportation Secretary Arthur Tugade. Duterte eases foreign ownership restrictions [The Philippine Star, March 5, 2022] RA 11647, signed by the President on March 2, amended RA 7042 or the Foreign Investments Act of 1991. Pensioners’ annual reportorial rule hit [Philippine Daily Inquirer, March 5, 2022] Bayan Muna lawmakers have sought a congressional probe of the Social Security System’s (SSS) reimplementation of its annual confirmation of pensioners amid the COVID-19 pandemic. DA taps local governments for food security [Inquirer Mobile, March 5, 2022] The Department of Agriculture (DA) is enlisting the help of local governments to enhance food security as Russia’s invasion of Ukraine, now on its second week, is threatening food supply here and abroad. Ex-Cebu mayor, 3 others convicted for illegal fund use [Inquirer.Net, March 5, 2022] A former mayor in a city in northern Cebu and three other officials were found guilty by the antigraft court in relation to the alleged anomalous diversion of P20 million in public funds intended for farmers, fisherfolk, and other marginalized sectors in 2007. D&L’s Batangas hub to start operations next year [Inquirer Mobile, March 5, 2022] Leading food and plastic input manufacturer D&L Industries has obtained clearance from the Philippine Economic Zone Authority (Peza) to delay to January 2023 the opening of its big new manufacturing hub in Batangas province. IPOPHL now issues patents online [Inquirer Mobile, March 5, 2022] Patents can now be issued online, the Intellectual Property Office of the Philippines (IPOPHL) said, promising a faster and more convenient way to seek protection for new inventions. ‘Cyberattack’ knocks thousands offline in Europe [ABS-CBN News, March 5, 2022] Thousands of internet users across Europe have been thrown offline after what sources said Friday was a likely cyberattack at the beginning of Russia's offensive in Ukraine. Airlines start quarantine-free trips to SG [Inquirer Mobile, March 5, 2022] Local carriers are starting trips to Singapore for fully vaccinated tourists via quarantine-free vaccinated travel lane (VTL) flights. Property developers backtrack on internet exclusivity rules [Inquirer Mobile, March 4, 2022] Eight property developers—including some under the Ayala, Consunji and Villar business groups—are now letting their tenants choose different internet service providers, after their exclusivity practices were flagged by the country’s antitrust body. Cokaliong launches 1st x-bow ship in PH [SunStar Cebu, March 4, 2022] THE 14th roll-on/roll-off (roro)-passenger vessel in the Cokaliong fleet is also the first in the entire Philippines to have an X-bow hull design, which is advantageous in fuel efficiency and safety of the vessel at sea. PLDT to cut spending, sell assets to prune debts, boost profitability [Inquirer Mobile, March 4, 2022] By controlling costs and unwinding borrowings, Pangilinan said PLDT would eventually reach its record-high profit of above P40 billion—last seen more than a decade ago when text messaging was the company’s main cash cow. BIR says hit revenue targets of over P2 trillion twice [ABS-CBN News, March 4, 2022] Despite the crippling effects of the COVID-19 pandemic over the years, the Bureau of Internal Revenue said it reached its tax collection target of more than P2 trillion twice, a “first” in its history. SEC issues rules on how to purge errant corporate execs [Inquirer Mobile, March 4, 2022] Citing efforts to improve the quality of corporate governance in the country, the SEC has issued memorandum circular No. 4, series of 2022, providing for the disqualifications of corporate directors, trustees and officers as well as the guidelines for their removal. Landbank to absorb 2,500 ex-UCPB workers post-merger [Philippine Daily Inquirer, March 4, 2022] Following their merger that took effect on March 1, the state-run Land Bank of the Philippines (Landbank) will absorb 2,500 employees of the dissolved United Coconut Planters Bank (UCPB). Cash-deficient Eternal Plans put under conservatorship [Inquirer Mobile, March 4, 2022] Eternal Plans was under conservatorship since Jan. 20 due to its “continuing inability or unwillingness to comply” with the regulator’s order late last year to inject cash into its 2018 trust fund as mandated under Republic Act No. 9829 or the Pre-Need Code of the Philippines. Atong Ang’s e-sabong firm earns P3B gross income per month, senators learn [Inquirer.Net, March 4, 2022] The government generates a P640-million revenue from e-sabong operations in the country per month, a “pittance” compared to the P3 billion gross monthly income being earned by the online sabong firm of gaming consultant Atong Ang. Top Filipino Innovators for 2022 [Inquirer Mobile, March 4, 2022] Four prominent Filipinos have been named Master Innovators in the second annual Mansmith Innovation Awards: Jean Henri Lhuillier, Ronald Mascariñas, Martha Sazon and Dennis Anthony Uy (of Pampanga). | 5. BIR FURTHER CLARIFIES THE GUIDELINES ON THE FILING OF REQUEST FOR CONFIRMATION & TAX TREATY APPLICATIONS | Revenue Memorandum Circular (RMC) No. 20-2022, issued on February 17, 2022, prescribes guidance on the filing of Requests for Confirmation (RFCs), Tax Treaty Relief Applications (TTRAs) and Tax Sparing Applications. 1. Taxpayers who were already issued with Certificate of Entitlement (COE) shall no longer file an RFC or TTRA every time an income of similar nature is paid to the same nonresident. 2. In applying the confirmed treaty benefit to future income payments, the income payor or withholding agent shall always be guided by the requisites mentioned in the COE. 3. The same shall also apply to the COE to the Reduced Dividend Rate issued by the BIR for tax sparing applications. 4. A new RFC, TTRA, or Tax Sparing Application shall only be filed if any of the requisites mentioned in the certificate is absent. 5. During a tax audit, the income payor shall submit or present a copy of the duly issued COE and proof of satisfaction of the requisites cited therein. The BIR examiner, on the other hand, shall ensure the authenticity of the submitted documents. 6. For business profits, income from services (dependent or independent), capital gains, income derived by teachers, and such other income from non-recurring transactions, the RFCs or TTRAs shall still be filed following the procedures and requirements prescribed in Revenue Memorandum Order No. 14-2021, as amended by RMC No. 77- 2021. 7. As regards the annual updating that is required for long-term contract of services, the taxpayer shall only submit certain documents in relation to the update. | 6. CTA CASES DIGEST ON JURISDICTION & TAXPAYER'S REMEDY ON BIR COLLECTION ENFORCEMENT NOTICES | IT IS NOT FOR THE RTC TO DETERMINE IN A PETITION FOR CERTIORARI WHERE ONLY ERRORS OF JURISDICTION MAY BE RAISED Prosecution filed a Petition for Review seeking nullification of the Order of the Regional Trial Court-Branch 56, Angeles City denying due course the Petition for Certiorari. Prosecution begs the Court En Banc to examine the error of the RTC in not finding that there is grave abuse of discretion on the part of the Municipal Trial Court in Cities (MTCC) in deciding the criminal cases against the Accused Manaloto and Carreon who were charged of Failure to Register for Value-Added Tax (VAT) in violation of Section 275, in relation to Section 236 (G) and 257 (A) (2) of the 1997 Tax Code. In ruling, the Court held that Prosecution failed to prove that there is abuse of discretion on the part of the MTCC. Whether MTCC committed error of judgment in its exercise of legitimate jurisdiction in deciding the criminal cases against both Accused, is not for the RTC to determine in a Petition for Certiorari where only errors of jurisdiction may be raised. The abuse of discretion contemplated by law must be grave and patent. Such was not proven before the proceedings in the RTC. Thus, the Petition was DENIED for lack of merit. [PEOPLE OF THE PHILIPPINES VS. ARNEL CORTEZ MANALOTO AND ERWIN SICANGCO CARREON, CTA EN BANC CRIMINAL CASE NO. 085, FEBRUARY 9, 2022] FAILURE TO APPEAL WITHIN 30 DAYS FROM THE RECEIPT OF PRELIMINARY COLLECTION LETTER RENDERS THE ASSESSMENT FINAL AND EXECUTORY Petitioner Ten-Four Readymix Concrete, Inc. filed a Petition for Review seeking reversal of the earlier decision and resolutions of the Court 1st Division dismissing its Petition due to belated filing. Petitioner insisted that they did not receive a copy of the Final Decision on Disputed Assessment (FDDA). Likewise, even the Respondent Commissioner of Internal Revenue (CIR) admitted the FDDA’s receipt should be the reckoning point of its period to appeal. In ruling, the Court discussed that a taxpayer has two options from the denial of its protest to wit: (1) to file a request for reconsideration with the CIR within 30 days from the unfavorable decision, or (2) to file an appeal to the Court via Petition for Review. Failure to do so shall make the decision final and executory. Perusal of the documents revealed that Petitioner denies having received the FDDA. Instead, Petitioner was served with a Preliminary Collection Letter and a Final Notice Before Seizure. Just like in the Isabela case, herein Petitioner admits that it filed a protest on the BIR’s assessment prior to its receipt of the Preliminary Collection Letter and the Final Notice Before Seizure. Therefore, it could be reasonably assumed that the same had been denied with the issuance of these collection enforcement notices. Guided by the foregoing provisions and jurisprudence, the 1st Division was, thus, correct when it ruled that the 30-day period for Petitioner to appeal its case, either with the CIR or the CTA, had already lapsed when it filed its Petition for Review on 20 May 2019. When Petitioner received a copy of the Preliminary Collection Letter on 27 November 2018, it was already informed of the BIR's decision to collect its tax deficiencies, thus, it had 30 days from receipt thereof, or until 27 December 2018, to file a request for reconsideration with the CIR or a Petition with the CTA. Consequently, failure on the part of the Petitioner to appeal within 30 days from the receipt of Preliminary Collection Letter renders the assessment final and executory. Thus, the Petition was DENIED. [TEN-FOUR READYMIX CONCRETE, INC. VS. COMMISSIONER OF INTERNAL REVENUE, CTA EN BANC CASE NO. 2311, JANUARY 25, 2022] | 7. TAX & BUSINESS-RELATED NEWS [MARCH 1-3] | | PHL to seek ADB loan for Bataan-Cavite bridge Globe gets $100-M windfall, new partner to grow data center business PLDT to sell 6,000 towers for over P50 billion Unvaxxed workers need periodic testing Duterte signs EO on PH nuclear energy program Shellfish ban affects livelihood in Bataan DTI, BFAR to boost Cagayan fishery industry Villar says of CDO: You’re close to my heart; infra projects will be completed Philippines’ manufacturing PMI highest in over 3 years Treasury: PH’s record-high debt remains “sustainable” Angkas gets rid of plastic shields under Alert Level 1 PLDT follows Converge into satellite internet services French court tells Malaysia to pay heirs of Sulu sultan Sagay RTC stops sugar importation Globe, ST GDC, Ayala Corp form joint venture to boost PH data centers Ayala Land sets P100-B in projects for this year Cebu Pacific eyes slice of 'revenge travel' with P1SO seat sale on 3.3 Gov’t borrows P458 B from small Filipino savers Musk’s SpaceX eager to bring Starlink to PH Japanese companies on alert for possible cyberattacks from Russia
| 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. | PHL to seek ADB loan for Bataan-Cavite bridge [BusinessWorld, March 3, 2022] THE Department of Public Works and Highways (DPWH) said on Thursday that it will seek financing from the Asian Development Bank (ADB) to fund the civil works of the P175.7-billion Bataan-Cavite Interlink Bridge. Globe gets $100-M windfall, new partner to grow data center business [Inquirer.Net, March 3, 2022] Globe Telecom has sold a partial stake in its data center business, gaining a $100-million windfall and a new international strategic partner that would help the telco giant boost data center capacity by four times. PLDT to sell 6,000 towers for over P50 billion [GMA News Online, March 3, 2022] Telecommunications giant PLDT Inc. is disposing off 50% of its tower assets as it moves to adopt the government’s “common tower policy.” Unvaxxed workers need periodic testing [The Manila Times, March 3, 2022] "It is for the protection of the other workers to ensure that upon entry of the unvaccinated employees they are negative of Covid," Bello said. Duterte signs EO on PH nuclear energy program [Manila Bulletin, March 3, 2022] Under Executive Order No. 164 dated Feb. 28, Duterte cited the experience of highly developed countries which shows that nuclear power can be a “reliable, cost-competitive, and environment-friendly energy source.” Shellfish ban affects livelihood in Bataan [The Manila Times, March 3, 2022] The shellfish ban imposed in Bataan since November 2021 due to the presence of red tide has affected the livelihood of fisherfolk and traders of tahong (mussels) and talaba (oyster). DTI, BFAR to boost Cagayan fishery industry [The Manila Times, March 3, 2022] Gemma Libunao, officer in charge of BFAR-Region 2 Fisheries Postharvest and Marketing Division, said their partnership with the DTI includes programs, projects and activities such as fisheries resource management, capture fisheries, aquaculture, post-harvest, market development and support services. Villar says of CDO: You’re close to my heart; infra projects will be completed [Inquirer.Net, March 2, 2022] Under the Build, Build, Build Program, Cagayan de Oro now houses the CDO Coastal Road and CDO Civic Convention Center, two of the most controversial projects that have been intermittently constructed. Philippines’ manufacturing PMI highest in over 3 years [BusinessWorld, March 2, 2022] MANUFACTURING ACTIVITY in the Philippines rebounded to its highest level in over three years in February, as demand and production picked up amid the further easing of mobility restrictions. Treasury: PH’s record-high debt remains “sustainable” [Inquirer Mobile, March 2, 2022] While Philippine debt as a share of the economy hit a 16-year high last year, taking into account all metrics would show that the national government’s ballooning obligations remained “sustainable,” a Bureau of the Treasury (BTr) official said on Wednesday (March 2). Angkas gets rid of plastic shields under Alert Level 1 [ABS-CBN News, March 2, 2022] Motorcycle ride-hailing firm Angkas on Wednesday said it will discontinue the use of plastic barriers and will not require commuters to bring their own helmets as Metro Manila shifts to Alert Level 1. PLDT follows Converge into satellite internet services [Inquirer Mobile, March 2, 2022] The on-orbit testing of high-speed broadband involved Telesat’s Phase 1 Low Earth Orbit (LEO) satellite. This was conducted last Feb. 11 to Feb. 19 using PLDT’s ground antennas located at its office in Greenhills, San Juan, in Metro Manila. French court tells Malaysia to pay heirs of Sulu sultan [The Manila Times, March 2, 2022] Descendants of the Sultan of Sulu have filed a case against Malaysia in a French court to claim over $32 billion in unpaid cession money as well as how much they believe they are owed for the oil and gas found in Sabah. Sagay RTC stops sugar importation [Inquirer Mobile, March 2, 2022] Issued by Executive Judge Reginald Fuentebella, the ruling said that the group of sugar producers had “shown to the satisfaction” of the Court that stopping the importation was necessary “to prevent grave and irreparable damage” of Sugar Order No. 3 authorizing the sugar importation. Globe, ST GDC, Ayala Corp form joint venture to boost PH data centers [ABS-CBN News, March 2, 2022] Under the agreement, STT GDC and AC will subscribe to new shares in KarmanEdge Inc, a Globe subsidiary "that will house the carved-out data center business, which has the potential to expand by up to 100MW capacity in mid to long term," both Globe and AC said in separate disclosures to the stock exchange. Ayala Land sets P100-B in projects for this year [Inquirer Mobile, March 2, 2022] Property giant Ayala Land Inc. (ALI) plans to bring to the real estate market P100 billion worth of new inventory this year, regaining the kind of expansion appetite last seen prior to the COVID-19 pandemic. Cebu Pacific eyes slice of 'revenge travel' with P1SO seat sale on 3.3 [ABS-CBN News, March 2, 2022] Cebu Pacific said Wednesday it is bringing back its trademark P1 seat sale starting March 3 as COVID-19 restrictions are eased in various parts of the country. Landbank: Merger with UCPB boon to agri [Inquirer Mobile, March 1, 2022] State-run Land Bank of the Philippines said its merger with United Coconut Planters Bank (UCPB) effective March 1 would benefit the agriculture sector the most. Gov’t borrows P458 B from small Filipino savers [Manila Bulletin, March 1, 2022] The Bureau of the Treasury announced Tuesday, March 1, that the government raised P337 billion during the two-week offer period for the retail treasury bonds (RTBs), while the P120.8 billion were awarded during the rate-setting auction last Feb. 15. Musk’s SpaceX eager to bring Starlink to PH [Inquirer Mobile, March 1, 2022] SpaceX, a company founded by tech billionaire Elon Musk, is interested to launch satellite internet services in the Philippines through a wholly owned subsidiary, after the government allowed foreign businesses full ownership of their operations in the sector, the Board of Investments (BOI) said. Japanese companies on alert for possible cyberattacks from Russia [Inquirer Mobile, March 1, 2022] Japanese companies are on alert for possible cyberattacks following the government’s decision to impose economic sanctions on Russia. | 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 | | | |
|
|
