Home 2020 May 20

Daily Archives: May 20, 2020 | 9:16 pm

BIR, BoC under pressure to raise collection efficiency

THE government’s two main revenue-collecting agencies are under pressure to deliver greater collection efficiencies because the government’s tax take is expected to suffer over the short term due to an economy beaten down by the pandemic, the Department of Finance (DoF) said.

House passes agriculture loan restructuring and penalty-condonation bill

A BILL condoning loan penalties and interest owed by farmers, fisherfolk and agrarian reform beneficiaries, giving them the opportunity to regain access to government and commercial credit, was approved on third and final reading in the House of Representatives on Wednesday.

DICT, ARTA to expand use of e-signatures

THE Department of Information and Communications Technology (DICT) said it is working with the Anti-Red Tape Authority (ARTA) to encourage other government agencies to start accepting electronic signatures on official documents after the public health emergency.

Nuclear policy approval stalls during crisis

THE approval of a proposed policy pushing for nuclear energy has been relegated to a lower priority as the government focuses on containing the public health and economic fallout from the pandemic, officials said.

Streaming tax designed to level playing field with foreign providers, Revilla says

THE Senate resolution seeking to tax digital platforms, including streaming services, cites the need to address shortcomings in enforcing tax rules on multinationals doing business in the Philippines, its author said.
coconut farmer

Longtime backer of VCO urges clinical trials to test effectivity against COVID-19

AN Ateneo de Manila University scientist said he supports clinical trials to study the effectiveness of virgin coconut oil (VCO) in treating coronavirus disease 2019 (COVID-19), calling it a “simple solution” tapping a readily available resource.

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On hold: Quarantined tax assessments

Last week, I discussed the Revenue Memorandum Circular (RMC) which extended the deadlines for taxpayers to submit responses or protests to assessment notices, including documents to support requests for reinvestigation. In this article, let’s discuss another guideline released by the BIR concerning tax assessments.
Peso Dollar

Peso rises on lower oil prices

THE PESO strengthened versus the greenback on Wednesday after oil prices slipped anew and with positive market sentiment due to dovish remarks from US officials.

Shares rise as stimulus hopes spur bargain hunting

THE MAIN INDEX sustained its uptrend at the close of trading on Wednesday on last-minute bargain hunting amid expectations of further stimulus from the US government.

Gov’t warns of another lockdown if there’s spike in COVID-19 cases

PRESIDENT Rodrigo R. Duterte has threatened to reimpose a lockdown if coronavirus cases spike, as his Health chief said the pandemic entered a “second wave” in the Philippines as early as March.

Duterte to keep NCR police chief

PRESIDENT Rodrigo R. Duterte won’t sack his National Capital Region police chief even after he was caught violating lockdown rules amid a coronavirus pandemic.

Jinggoy says he did not violate lockdown

A SON of former President Joseph E. Estrada yesterday denied violating lockdown rules when he gave away fish in his father’s hometown in Manila this month.

Time to fish?

Some common folks theorize that fishing can still be good after a storm. This works on assumptions that: 1.) storms do not necessarily bother deep-sea fish, so bottom fishing is an option; and, 2.) fish don’t get to feed much during a storm and are thus hungry after. So, even if waters are still murky or cloudy after a storm, it can be easy to get fish to bite as long as you get their attention with the right bait.

Growth lockdown and low carbon economy

The hard lockdown countries experienced deep economic contraction in their GDP in first quarter (Q1) of 2020: France -5.4%, Italy -4.8%, Spain -4.1%, Belgium -2.8%, Germany -2.3%, and UK -1.6%. In Asia, the hard lockdowners and their contractions are: Hong Kong -8.9%, China -6.8%, Singapore -2.2%, Thailand -1.8%, and the Philippines -0.2%.

Crop damage from Typhoon Vongfong hits P1.56B

Crop damage caused by Typhoon Vongfong has reached P1.56 billion, affecting 45,430 farmers and fisherfolk, the Department of Agriculture (DA) said on Wednesday.

Can we still make plans?

EVEN a simple thing such as having a haircut after three months of hirsute abandon can be like checking an itinerary for Sagada. There are many variables to consider. When will the barber shops open? Those in the malls may wait for the partial opening of the whole complex. What about social distancing? How many chairs are available? Can you just walk in as before? Is an appointment necessary so there’s no waiting around (and spreading the virus) for the next available barber? Okay, you can skip the hot towel and the perfunctory patting down of the shoulders and neck and the scalp clawing to wake up nerve endings in a version of the complimentary massage.

#COVID-19 Regional Updates (05/20/20)

BI told to track down foreigner patients of illegal makeshift COVID-19 hospital inside Clark JUSTICE Secretary Menardo I. Guevarra directed the Bureau of Immigration to...

COVID or not, strong brands will survive says post-ECQ consumer sentiment

SOCIAL MEDIA and Viber groups are awash with business scenarios triggered by paranoia and propagated by opinion makers, futurists, and trend watchers working mostly on historical data surrounding previous pandemics, among them the Spanish flu, cholera, the bubonic plague, etc.

Nationwide round-up

DoH: Test kits enough, but not other supplies and logistics for labs THE Department of Health (DoH) said the country has sufficient testing kits for...

F1 could manage to race even with COVID-19 cases, says FIA

LONDON -- Formula One could cope with up to 10 positive tests for COVID-19 when the sport starts the season in July, according to the chairman of the governing Fédération Internationale de I’ Automobile’s medical commission.

BRAVE CF to expand to professional boxing

AFTER steadily carving a name for itself in mixed martial arts, Bahrain-based BRAVE Combat Federation is girding to add to its offering professional boxing.

ASICS shows support for St. Luke’s Hospital frontliners

IN A TOUGH BATTLE such as against the coronavirus disease 2019 (COVID-19) pandemic, help of any form goes a long way. For footwear and sports equipment maker ASICS, one way it is throwing support is by rallying behind medical frontliners as they lead the charge against the highly contagious respiratory disease.

Supreme Court of the Philippines unveils virtual courtrooms during COVID-19 community quarantine

Amidst the quarantine impositions by the Philippine Government, the Supreme Court (SC) has partnered with Microsoft to improve the efficiency and productivity of the...

People without passes to be barred from malls

POLICE yesterday asked malls to bar people without a quarantine pass to prevent overcrowding amid a novel coronavirus pandemic.
tax BIR

April taxes plummet amid crisis

GOVERNMENT tax collection continued to plunge in April, largely because of the extension of tax payment deadlines amid lockdown measures, the Department of Finance (DoF) said on Tuesday.

Digital service tax could generate P29B in revenues

IMPOSING taxes on digital services may raise about P29 billion in annual revenues for the government, a congressman said on Tuesday.

DTI studies import duty

THE Department of Trade and Industry (DTI) is studying tariff measures on imported products to boost state coffers.

Remittances likely to contract by 7% this year

REMITTANCES may shrink by 7% this year, says Nomura Global Markets Research.

Meralco says billings complied with rules

PRESSED with mounting complaints about the apparent surge in its present electricity charges, Manila Electric Co. (Meralco) said it has “strictly” followed government regulations on computing its customers’ bills.

House bloc seeks probe of electricity bills

A RESOLUTION calling for an investigation on the sudden spike in Manila Electric Co. (Meralco) electricity charges has been filed in the House of Representatives.

IMI, UK subsidiary introducing COVID-19 ventilators

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) is looking to locally manufacture a ventilator system designed by its United Kingdom-based subsidiary for use by coronavirus disease 2019 (COVID-19) patients.

VLF 2020: Giving a voice to the Lumad community

A YOUNG student named Patrick got into trouble at his new school. Scared that he might face a sanction, he hides inside a dilapidated storage room. Titser Kit finds him there and helps him with the situation he is facing.

NTC told to comment on ABS-CBN injunction suit

THE Supreme Court has not yet ruled on the petition of ABS-CBN Corp. for a temporary restraining order against the cease-and-desist order of the National Telecommunications Commission (NTC) against the network, forcing it to stop airing after its legislative franchise expired.

BSP chief sees no need to tap IMF facility amid crisis

THE PHILIPPINES does not need to tap International Monetary Fund’s (IMF) credit line for economies affected by the pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said, citing the country’s sound economic management which put it at a “position of strength” before the coronavirus disease 2019 (COVID-19) hit.

Mask in a restaurant? This one can gobble like Pac-Man

OR YEHUDA, Israel — Israeli inventors have developed a coronavirus mask with a remote control mouth that lets diners eat food without taking it off, a device they say could make a visit to a restaurant less risky.

Network warns of job losses by August

ABS-CBN Corp. employees are at risk of retrenchment by August if the Congress fails to grant a franchise that will allow the network to resume operations, the top official of the network said on Tuesday.

T-bills fully awarded

THE GOVERNMENT made a full award of the 35-day Treasury bills (T-bills) auctioned off on Tuesday on strong demand as investor appetite for short-term papers continues to strengthen.

Lockdown story time: Roald Dahl with Streep, Cumberbatch and more

LONDON — Stuck at home with the kids? Meryl Streep, Benedict Cumberbatch, and Cate Blanchett may be able to help.
Metro Retail Stores Group

Gaisano-led retailer posts 87% profit drop as insurance claims dip

EARNINGS of Metro Retail Stores Group, Inc. (MRSGI) plummeted 87% in the first quarter due to lower proceeds from insurance claims.

Nomura seeks new growth from private equity, debt and start-ups

TOKYO — Nomura Holdings, Inc. said on Tuesday it planned to beef up business with unlisted companies, including offering advice to start-ups, aiming to diversify revenue after quarterly earnings took a battering from the coronavirus pandemic.

WFH during the ECQ: Kumu’s Roland Ros

LIVE streaming company Kumu Holdings has been responding to a surge in demand for entertainment and online community spaces since the start of the enhanced community quarantine.

PAL studies flights from Davao hub

FLAG carrier Philippine Airlines (PAL) on Tuesday said it is studying the possibility of mounting commercial flights to Iloilo, Siargao, and Tagbilaran from its Davao hub ahead of the normal resumption of regular operations.

Debt payments held under modified lockdown

THE grace period for loan payments to financial institutions is further extended as some areas of the country continue to be under modified enhanced community quarantine (MECQ), the Bangko Sentral ng Pilipinas (BSP) said.

Doing Good: stepping up during a lockdown

Much of the Philippines is still under varying degrees of lockdown though some restrictions have been loosened to allow people to go back to work and get the economy going. It’s a very delicate balancing act — keeping the spread of the virus at controllable levels while opening up the country. Many communities still need help due to quarantines while frontliners are kept busy handling the sick. Here are more stories of people doing good.

First Gen income down as power demand slips

FIRST GEN Corp. posted a 15% decline in net income attributable to equity holders to $65 million in the first quarter, brought down by lower electricity demand during the Luzon-wide lockdown starting in mid-March.