Rate cuts less effective in current inflation environment — BPI
THE current inflation environment will mean only marginal benefits from further rate cuts, a Bank of the Philippine Islands (BPI) economist said.
Agricultural trade falls 20% by value in second quarter
AGRICULTURAL TRADE, or imports and exports combined, fell 20% year on year by value to $4.07 billion in the second quarter, with both imports and exports posting declines, according to the Philippine Statistics Authority (PSA).
Halal industry proposed as avenue for boosting trade
THE Philippine Chamber of Commerce and Industry (PCCI) is seeking closer business relationships with its counterparts in neighbors like Malaysia to develop the domestic halal industry, touting such cooperation as a possible driver of the economic recovery.
Customs unit monitoring high-risk container shipments reorganized
THE Bureau of Customs (BoC) said it established the Port Control Office (PCO), which is tasked with identifying and examining shipments deemed high risk for smuggled goods.
E-gov’t shift not happening fast enough — think tank
THE adoption of e-government systems has been “incremental” with the pandemic exposing areas still untouched by the digital shift, such as cash aid distribution, a government think tank said.
Digital payments for business purposes gaining traction
Filipinos are more inclined to use digital payments for business purchases amid a broader shift to that payment channel due to the coronavirus disease 2019 (COVID-19) pandemic, according to Visa, Inc.
Expedited ERC applications to unlock pending investments
THE Energy Regulation Commission (ERC) said expediting the approvals process for power projects is expected to unlock about P200 billion worth of project proposals currently pending.
PHL partially lifts ban on Brazilian poultry imports
THE PHILIPPINES has partially lifted a ban on poultry imports from Brazil in the form of mechanically-deboned meat (MDM).
Revised BIR rules on fair market value of unlisted shares
By John Patrick L. Paumig
For foreign and domestic investors, selling shares in Philippine companies have always been fraught with difficulty and uncertainty. In the past, the most complex issue has been the determination of the fair market value of the shares to be sold. The rules created various complications and requirements that sellers and buyers had to be aware of before even considering the transaction. Hence, any move to simplify the process is certainly a welcome development. One of these new developments is Revenue Regulations 20-2020 (RR 20-20) published on Aug. 19. The revenue regulations make the determination of fair market value relatively easier for shareholders selling shares.
Finance department hoping for CREATE bill passage this month
THE Department of Finance (DoF) expressed the hope that the proposed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) is passed sometime this month, before Congress takes a month-long break in mid-October, Finance Assistant Secretary and the department’s spokesman, Assistant Secretary Antonio G. Lambino II, said.
DTI announces safeguard measures investigation into petrochemical products
THE Department of Trade and Industry (DTI) said it will look into the imposition of safeguard measures on resin products after receiving a claim from JG Summit Petrochemical Corp. (JGSPC) that it has been harmed by unfair competition from imports.
Energy department preparing to award first green energy supplier permit
A RENEWABLE ENERGY contracting program of the Department of Energy (DoE) will soon have its first eligible supplier.