Pandemic to hit low, mid-level workers hard — ADB
THE pandemic will affect some parts of the labor market more severely, worsening conditions for the low and medium-skill segments just as employers are embarking on their digital transformations, the Asian Development Bank (ADB) said.
Power demand falls after return to strict lockdown
PEAK electricity demand “drastically” declined in the first week of August after Metro Manila and adjacent provinces returned to a stricter form of lockdown, known as modified enhanced community quarantine (MECQ), due to mounting coronavirus infections.
USAID launches P1.1-B Philippine environmental sustainability project
THE United States Agency for International Development (USAID) said it launched a P1.1 billion biodiversity project for the Philippines.
UK to provide best-practices input for e-commerce IP rules
THE intellectual property office has signed a partnership with the British embassy in Manila to tap UK expertise in intellectual property enforcement for e-commerce.
Evidence of ‘gradual’ recovery emerges in June — Finance dep’t
BUSINESS leaders have reported the start of a “gradual” recovery in their sales starting June, Finance Secretary Carlos G. Dominguez III said.
Subic Freeport Expressway project 50% complete
NLEX CORP. said Monday that its P1.6-billion Subic Freeport Expressway (SFEx) capacity expansion project, which is expected to ease travel to and from the freeport zone, is now 50% complete.
Mindanao rail phase 1 construction moved to 2021
THE start of the construction of the China-funded Mindanao railway phase 1 has been moved to the first quarter of 2021, with the government yet to decide on a contractor.
Downgrades issued by HSBC Research, Nomura after dismal GDP data
TWO major institutions downgraded their full-year growth forecasts for the Philippines in 2020 in the wake of the 16.5% contraction in second-quarter gross domestic product (GDP), with HSBC Research pricing in what would be a record contraction for the year of 9.6%.
Income declines affected 6 in 10 workers during pandemic — study
SIX in 10 workers experienced income declines during the pandemic, according to a study conducted by the Philippine Business Coalition for Women Empowerment (PBCWE) and the Australian government.
Animal disease study targets development of vaccine for livestock, fish
PAMPANGA STATE Agricultural University (PSAU) will conduct a study of diseases affecting livestock and fisheries to aid the development of potential vaccines, the Department of Agriculture (DA) said.
The saga of transfer pricing continues
By Nikkolai F. Canceran
Last month, I wrote an article about the saga of transfer pricing in the Philippines. The tale begins in 1939 when the Commonwealth Act 466 or the “National Internal Revenue Code was passed. This is the source of the Commissioner of Internal Revenue’s (CIR) authority to review, allocate and distribute the income and deductions of related-party transactions (RPT), both cross-border and domestic, including intra-firm transactions between related parties, to determine the appropriate revenue and taxable income.
Bill on SPVs to buy banks’ bad loans filed in Senate
A MEASURE providing for the establishment and regulation of special purpose vehicles (SPVs) that will acquire bad loans from financial institutions has been filed in the Senate.