ARTA working with LGUs on full one-stop shop implementation
THE Anti-Red Tape Authority (ARTA) said it will work with local government units (LGUs) for a full nationwide rollout of online one-stop shops for their permits by next year, with the aim of improving the Philippines’ global innovation ranking.
Palay farmgate price increases 0.2% in third week of August
THE average farmgate price of palay, or unmilled rice, rose 0.2% week on week to P18.39 per kilogram in the third week of August, with the price up 4.4% year on year, the Philippine Statistics Authority (PSA) said.
Bicol Int’l Airport seen fully operational by early 2021
THE P4.8-billion Bicol International Airport project is expected to be fully operational by the first quarter of 2021, the Transportation department said Tuesday.
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.