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Transfer pricing reminders post ITR filing

Kudos to all taxpayers and their finance teams who successfully finalized and filed their income tax returns (ITRs) on time! To all accountants, you deserve hearty congratulations for a job well done. Take a much-deserved break to recharge and relax.

However, when you return to work and regain your energy and enthusiasm, I would like to remind all finance teams about some important transfer pricing reminders post-ITR filing.

FILING OF RELATED PARTY TRANSACTION FORM
The filing of the Related Party Transaction Form or RPT Form (BIR Form No. 1709), is mandatory for those taxpayers enumerated in Revenue Regulations (RR) No. 34-2020. The form is due for filing on April 30th for taxpayers based on the calendar year, which is the same deadline as the submission of the attachment to the ITR. So, mark your calendars to avoid the penalty of P1,000 for late filing.

I wish to emphasize the importance of performing an annual verification to determine whether taxpayers qualify as one of those required to file the RPT Form. Circumstances from previous years may no longer be applicable in the current and succeeding years, making this annual verification crucial.

For example, a taxpayer who was not classified as a large taxpayer last year was not required to file the RPT Form. However, if they are now registered as a large taxpayer this year, they are required to file the RPT Form for the current year. Similarly, a taxpayer who was not enjoying tax incentives last year did not have to file the form but if they are now enjoying tax incentives this year, they must file the form for the current year.

Another example is a taxpayer who reported net operating losses on the ITR for the immediately preceding two consecutive years. If, after finalizing the ITR, the taxpayer reported another net loss for the current taxable year, they are required to file the RPT Form for the current year.

Additionally, if a related party has transactions with another related party that is required to file the RPT Form, the former is also required to file.

ADDITIONAL NOTES TO FINANCIAL STATEMENTS DISCLOSURE
Taxpayers not required to file the RPT form are required to disclose in the Notes to Financial Statements that they are not covered by the requirements and procedures for related party transactions.

TRANSFER PRICING DOCUMENTATION
The preparation and maintenance of transfer pricing documentation (TPD) are mandatory for those taxpayers required to file the RPT Form and meet the conditions set forth in RR No. 34-2020. However, the Bureau of Internal Revenue (BIR) highlighted that nothing prevents any taxpayer from preparing a TPD and presenting the same during a tax audit to prove that its related party transactions were conducted at arm’s length. Though it is not required for some taxpayers to prepare a TPD, they still need to reasonably assess and prove whether their dealings with related parties adhere to the arm’s length principle. After all, the burden of proof rests upon the taxpayer.

The TPD prepared by the taxpayer should be contemporaneous, meaning it should have been prepared prior to or at the time of the transaction or no later than the time of completing and filing the tax return for the taxable year in which the transaction takes place, as it ensures the integrity of the taxpayer’s income tax position.

For taxpayers who have completed their TPD, great job! For those who are required to prepare one but have not started yet, it’s not too late to comply. Remember, the TPD must be submitted to the BIR within 30 calendar days upon receipt of a request during a tax audit (subject to a non-extendable period of 30 days based on meritorious grounds). Ensure that you have your TPD ready, as well as the relevant documents, before the BIR conducts its tax audit to avoid any compliance issues.

UPDATING THE TPD
Over time, as businesses conduct their operations, various internal and external factors that were considered in preparing the TPD in the previous year may change or become irrelevant in the current year and subsequent years.

Changes in internal factors include shifts in business strategy, operations, development, acquisition, or transfer of intangible assets, and business restructuring, among others. On the other hand, changes in external factors include amendments to laws and regulations, shifts in economic conditions, changes in trade policies between countries, evolving industry practices and standards, and technological advancements, among others.

As a result of these changes, the current TPD needs to be updated. Therefore, taxpayers should occasionally revisit their current TPD and reassess whether it needs updating.

Moreover, updating the benchmarking analysis on an annual basis is necessary because the availability and relevance of comparable companies or transactions can change over time, and regular updates help identify the most appropriate comparables and ensure that the analysis is based on the most recent and relevant data. Keeping the benchmarking study up to date helps mitigate the risk of transfer pricing adjustments and penalties during tax audits.

ALIGNING THE CONTRACT WITH ACTUAL CONDUCT
It’s crucial that the contracts or agreements between related parties, which serve as the basis for preparing the TPD, align with the actual conduct of the parties.

If the BIR identifies inconsistencies between the terms of the contract and the actual conduct during its review, it may disregard and re-characterize the controlled transaction. This can occur if the economic substance of a transaction differs from its form or if the arrangements deviate from what independent parties would adopt in a commercially rational manner, thereby impeding the BIR from determining an appropriate transfer price.

What the taxpayers may do is to conduct regular internal audits and reviews of all related party transactions to ensure that the terms of the contracts accurately reflect the actual conduct and economic substance of the transactions. Additionally, update any agreement promptly to reflect changes in business practices or circumstances.

Another to-do list item is to regularly review and update your transfer pricing policies to ensure they reflect current business operations and economic conditions.

Although the ITR season has concluded, monitoring compliance, especially for transfer pricing, should be a continuous and proactive process, not just performed at year’s end. Regular reviews ensure that taxpayers meet reporting requirements and that the documentation in the TPD aligns with existing transfer pricing rules and regulations.

Let’s Talk TP is an offshoot of Let’s Talk Tax, a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

Christian Derick D. Villafranca is a senior manager from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

business.development@ph.gt.com

MPTC Tour of Luzon: Javiniar rules 160.6-km Stage 5

THE 24-YEAR-OLD Joseph Javiniar came by his lonesome in the Acacia Drive finish line in Filinvest Mimosa in topping the 160.6-kilometer Stage Five that started and ended in this former American Airbase in three hours, 29 minutes and 20 seconds.

CLARK, PAMPANGA — From waiting tables to winning cycling races.

That’s how Excellent Noodles skipper Joseph Javiniar transitioned six years after taking up the bike and, just on Monday, claimed his first stage triumph in the MPTC Tour of Luzon: Great Revival here.

The 24-year-old Mr. Javiniar came by his lonesome in the Acacia Drive finish line in Filinvest Mimosa in topping the 160.6-kilometer (km) Stage Five that started and ended in this former American Airbase in three hours, 29 minutes and 20 seconds.

Jonel Carcueva of MPT Drivehub and Marc Ryan Lago of Go for Gold took second and third, respectively, after they both checked in 42 seconds behind.

It was the first lap triumph and second major feat after ruling the criterium race of the national championship in Tagaytay early this year for Mr. Javiniar, who was making ends meet as a waiter in his hometown in Pagsanjan, Laguna before finally deciding to go full time in cycling.

“I worked as a waiter in Pagsanjan before I focused on cycling,” said Mr. Javiniar, whose ambition was to become a policeman but wasn’t able to pursue it due to poverty. “All of us in cycling are dreaming to become champions, and I’m one of them,” he added.

It was a total show of force by Mr. Javiniar, who was part of the early 10-man breakaway that was eventually trimmed down to eight approaching the Sacobia bridge in Pampanga — or the first 7-km mark.

When he saw an opportunity, he broke loose in the final 5-km stretch inside Clark and was met by loud cheers from adoring fans, including a proud Excellent Noodles team owner Alex Billan, at the finish.

For the fifth straight stage, there were no changes in the overall general classification race as South Korean Joo Dae Young of Gapyeong Cycling Team intelligently kept pace with his pursuers including the closest in Standard Insurance’s Ronald Oranza and finished in the 59-man peloton that checked in at eighth with identical times of 3:30:28.

After six grueling stages, the 29-year-old two-time Korean national champion, who seized the lead via his spectacular Stage One conquest in Paoay, Ilocos Norte on Thursday, remained untouchable at the helm of the overall individual race with an aggregate time of 14:07:40.

He will continue to wear the yellow jersey in Tuesday’s 174.5-km Stage Six where they will be flagged off here and finish in front of the provincial capitol in Lingayen, Pangasinan, a province considered a cycling hotbed after producing heaps of Tour champs in the past.

Still four and a half minutes behind with a clocking of 14:12:10 was Mr. Oranza while Go for Gold’s Aidan James Mendoza (14:12:16), Exodus Army’s Dominic Perez (14:12:23), MPTD’s Mervin Corpuz (14:12:24), Standard’s George Oconer (14:12:26), MPTD’s Rustom Lim (14:12:34) and Jonel Carcueva (14:12:37), Standard’s Jeremy Lizardo (14:12:45) and Go for Gold’s Marc Ryan Lago (14:12:50) rounded out the top 10.

Standard also remained atop the team race with a 56:50:50, 19 seconds ahead of No. 2 MPT Drivehub, who had 56:51:09 with Go for Gold, Exodus Army and 7-Eleven Cliqq Roadbike Philippines at third to fifth with times of 56:51:45, 56:52:10 and 56:52:42, respectively. — Joey Villar

Meralco’s Philippine Cup title-retention bid veering off course

MERALCO BOLTS — FACEBOOK.COM/PBAOFFICIAL

COACH Luigi Trillo admitted Meralco has the urgent need to make a course correction with its PBA Philippine Cup title-retention drive veering off track lately.

After hurdling their first two assignments, the Bolts have stumbled to back-to-back-to-back 12-point losses to plummet in the standings.

“We have a lot to figure out,” Mr. Trillo said after Rain or Shine extended Meralco’s skid with a 128-116 verdict.

“Are we better than that? Of course we are, but we’ve got to be more precise in what we’re doing,” he added.

Prior to the setback to ROS, the Bolts bowed to San Miguel Beer in their “retro” finals rematch last April 9, 110-98, and fell to an ambush from erstwhile winless Phoenix four days later, 109-97.

“Any team can beat anyone like Phoenix beat us, we beat Terrafirma, Terrafirma beat Phoenix. So at this point, every game is important, every quarter is important,” he said.

“We look like we’re not there. We look a little bit slow, a little bit hesitant in what we’re doing. It’s tough to watch because we’re better than that, we’re better defensively, we’re better offensively,” he added.

Meralco has a lot of time to do its soul-searching and make amends as it will return to action on May 9 yet against NorthPort.

“We should be better,” said Mr. Trillo. — Olmin Leyba

Liverpool thrashes Tottenham to secure Premier League title

LIVERPOOL’s Mohamed Salah celebrates after winning the Premier League. — REUTERS

LIVERPOOL, England — Liverpool roared back from a goal behind to thrash Tottenham Hotspur 5-1 and wrap up the Premier League title in style on a momentous day at a sun-drenched Anfield on Sunday.

Needing only a point to ensure a record-equalling 20th English title with four games remaining, Liverpool was rocked in the 12th minute as Dominic Solanke headed Tottenham in front.

But the title party was only temporarily silenced as Liverpool struck back with a Luis Diaz tap-in, an Alexis Mac Allister thunderbolt and a Cody Gakpo shot before halftime.

A one-sided second half saw Mohamed Salah end a six-match scoring drought by firing a low shot past Guglielmo Vicario in the 63rd minute — celebrating his 28th league goal of an outstanding season by snapping a selfie with a fan.

Tottenham’s Destiny Udogie then bundled in an own goal to complete a miserable afternoon for the visitors who have lost 19 Premier League games this season.

Liverpool, who has now matched arch-rivals Manchester United’s English titles record, has 82 points from 34 games played with Arsenal a distant second on 67.

A rendition of “You’ll Never Walk Alone” — the club’s beloved anthem — boomed out after the final whistle with the likes of club greats Kenny Dalglish and Ian Rush joining in.

“This is difficult to put into words,” Liverpool manager Arne Slot, who replaced Juergen Klopp last year and is the first Dutch coach to win the Premier League, said on the pitch.

“It’s more than what I can describe… Everyone said we had already won it but you still feel pressure to get the point over the line.”

Slot is only the fifth manager to win the Premier League title in his debut season in English soccer and while it was a formality before kickoff, there was still the small matter of Liverpool ensuring the cake was iced in front of their fans.

Five years ago, when Klopp’s Liverpool ended a 30-year wait for a 19th title, the COVID pandemic meant a rather anti-climactic finale inside an empty Anfield.

Sunday more than made up for that as the fans went through their choir book of club anthems long before kickoff.

Sixteenth-placed Tottenham, who made eight changes to their starting line-up with one eye on Thursday’s Europa League semifinal, arrived as sacrificial lambs, but momentarily gate-crashed the party as former Liverpool player Solanke headed in James Maddison’s corner.

Liverpool was only behind for four minutes though.

Diaz, appearing in his 100th Premier League game for the club, tapped in Dominik Szoboszlai’s low cross and while it was initially disallowed for offside, the decision was overturned after a VAR check to sighs of relief all round.

UNSUNG HERO
Eight minutes later the party was in full swing as Liverpool took the lead with a special goal by Mac Allister — one of the real unsung heroes in Liverpool’s midfield engine room.

Tottenham gave possession away trying to play out from the back and when the ball arrived at the feet of the Argentine World Cup winner he thumped a left-footed shot high beyond Vicario.

With the visitors now fully complying with their role as props in Liverpool’s parade, the hosts began to run riot as Gakpo slammed in his side’s third goal after 34 minutes.

All that was left to complete a perfect day was a goal for Egyptian Kop idol Salah, and he duly obliged after the break with a trademark finish after cutting in from the right and belting a shot past Vicario.

“It’s special and something we don’t ever take for granted,” captain Virgil van Dijk said. “Lots of emotions today, we are truly the deserved champions.”

After a season of domination in which Liverpool has suffered two defeats in 34 league games, no one was arguing. — Reuters

Torrid Anthony Edwards paces Timberwolves over Lakers

ANTHONY EDWARDS scored 43 points on 12-for-23 shooting, and the Minnesota Timberwolves rallied late for a 116-113 win over the Los Angeles Lakers in Game 4 of their Western Conference quarterfinals series on Sunday afternoon in Minneapolis.

Edwards grabbed nine rebounds and dished six assists for Minnesota, which seized a 3-1 lead in the best-of-seven series. Julius Randle scored 25 points, and Jaden McDaniels recorded a double-double with 16 points and 11 rebounds.

Luka Doncic bounced back from a stomach bug in Game 3 to finish with 38 points on 13-for-28 shooting. LeBron James scored 27 points, grabbed 12 rebounds and had eight assists, and Rui Hachimura finished with 23 points.

The Timberwolves outscored the Lakers 32-19 in the fourth quarter.

Lakers guard Austin Reaves had a chance to even the score at the buzzer, but his 3-point attempt from the right corner clanked off the rim.

“I felt like they were gassed going down the stretch,” Edwards said of the Lakers. “Just trying to keep my foot on the pedal and keep going.”

The Lakers led 113-111 after Dorian Finney-Smith knocked down a 3-pointer with 1:29 remaining. That prompted a timeout by Minnesota to regroup.

The Timberwolves pulled ahead 114-113 on a three-point play with 39.5 seconds left. Edwards passed the ball to Naz Reid, who dished a bounce pass to McDaniels for a dunk and a foul against Reaves.

McDaniels stole James’ inbound pass moments later. Edwards drove to the rim and initially was ruled to have lost the ball out of bounds, but Minnesota coach Chris Finch challenged the ruling on the court.

A video review showed that James hit Edwards on the wrist before the ball popped loose. Officials corrected the call and awarded two free throws to Edwards, who made both attempts to give the Timberwolves a 116-113 lead with 10.7 seconds to go.

“That play happens all the time, you know,” James said. “Hand is part of the ball, that’s what they say.

“I felt like a hand was a part of that ball. I was able to get his hand on top of the ball, the ball stripped down, and out on him. Seen that play over and over before, but it is what it is.”

Doncic brought the ball up the court on the final possession and passed it to James, who forwarded a pass to Reaves for a good look at a 3-pointer.

The Lakers opened the second half on a 14-0 run to grab a 72-61 lead. Doncic made a layup to start the run, which ended with four consecutive 3-pointers from Hachimura, Doncic and lastly two in a row from Reaves.

Los Angeles maintained the lead for the rest of the third quarter, which it concluded with a 94-84 advantage.

Timberwolves center Rudy Gobert was called for a flagrant foul in the final minute of the third quarter. James boxed out Gobert on a free-throw attempt, and Gobert responded by shoving his forearm into the back of James’ neck.

Minnesota led 61-58 at the half. — Reuters

Suspect charged with murder for attack on Filipino festival

POLICE OFFICERS work at the scene, the morning after a vehicle was driven into a crowd at a Filipino community Lapu-Lapu Day block party, in Vancouver, British Columbia, Canada on April 27, 2025. — REUTERS

VANCOUVER — Canadian prosecutors have charged a 30-year-old Vancouver resident with murder for killing at least 11 people aged between 5 and 65 and injuring dozens after he rammed an SUV through a crowd at a Filipino community festival in the western Canadian city, police said on Sunday.

The man, Kai-Ji Adam Lo, was charged with eight counts of second-degree murder by prosecutors in British Columbia and “further charges are anticipated,” according to a post on X by the Vancouver Police.

Mr. Lo appeared in court on Sunday, hours after police arrested him at the scene of the incident on Saturday evening. Court documents seen by Reuters did not show a plea.

Authorities described Mr.  Lo as having had a “significant history” of interactions with authorities involving mental health. They said there was no evidence of terrorism.

“This is the darkest day in our city’s history,” Vancouver Interim Chief Constable Steve Rai told reporters at a Sunday press conference.

Police said two dozen people were injured, some critically, and warned that the death toll could rise in coming days and weeks. As of Sunday afternoon, Mr. Rai said he did not believe there were any ongoing threats to the community.

More than 100 police officers joined the investigation, as local officials worked with provincial and federal authorities to provide support services. Messages of condolence and support came from across the globe.

“The community will feel this for a long time,” RJ Aquino, chair of the community advocacy group Filipino BC, told reporters. “We want to tell everybody that we’re grieving. We want to tell everybody that we see and hear the support from around the world at this point.”

The attack on Saturday evening took place two days before Canada’s federal election on Monday.

Canadian Prime Minister Mark Carney interrupted his campaigning and traveled to Vancouver on Sunday, where he knelt in front of candles and flowers laid at the scene of the car ramming to pay his respects to the victims. He also attended a church where he lit a candle and observed a moment of silence.

Mr. Carney earlier released a statement in which he expressed his condolences to the country’s Filipino community.

“Last night, families lost a sister, a brother, a mother, a father, a son or a daughter. Those families are living every family’s nightmare,” he told reporters in Hamilton, Ontario.

“I join all Canadians in mourning with you. I know that Canadians are united with you,” he said.

British Columbia Premier David Eby said at a press conference near the site of the attack on Sunday afternoon that it was hard not to feel rage towards the man who “murdered innocent people” for reasons that were not yet known.

“I want to turn the rage that I feel into ensuring that we stand with the Filipino community, that we deliver what they need, that we stand with those families who have lost loved ones,” he told reporters.

“I know it’s hard to believe it in this moment, but I know we will come back stronger.”

More than 12 hours after the incident, police still did not have a motive for the attack at the festival, which took place without a dedicated police presence or heavy vehicle barriers.

“There were no known threats to the event or to the Filipino community,”Mr. Rai said.

The suspect was initially chased down and held by festival-goers until police arrived, witnesses said. The injured were taken to multiple hospitals, police said.

The incident happened shortly after 8 p.m. (0300 GMT) in Vancouver’s Sunset neighborhood, an area known for its large Asian population, where the Lapu-Lapu Day Block Party, celebrating a Philippine national hero, was taking place.

One witness told CTV News he saw a black vehicle driving erratically in the area of the festival just before the crowd was struck. A photo of the aftermath posted online showed a dark Audi SUV with both front fenders crumpled and the hood pushed up toward the vehicle’s windshield.

While mass casualty attacks are far less common in Canada than in the United States, such incidents have occurred with some regularity north of the border.

At least two of those attacks involved motor vehicles. In 2021, a man killed four members of a Muslim family by running them over with a pickup truck. In 2018, a man drove a rented van into a lunch-hour crowd in Toronto, killing 10 people and injuring 15 along a sidewalk thronged with pedestrians.

 ‘HORRIFIC’
Online images from the scene in Vancouver showed the bodies of victims on the pavement alongside a row of colorful food trucks as others attended to them on a roadway littered with debris including what appeared to be a motorized scooter.

A witness who did not wish to be identified said he had seen about 15 people lying on the ground after the SUV plowed into the crowd. The witness said the driver tried to run but was chased down and held against a fence for about 10 minutes until police arrived.

“I didn’t get to see the driver, all I heard was an engine rev,” Yoseb Vardeh, co-owner of food truck Bao Buns, said in an interview with Postmedia.

“I got outside my food truck, I looked down the road and there’s just bodies everywhere,” said Mr. Vardeh, his voice breaking with emotion. “He went through the whole block, he went straight down the middle.”

The attack came at the end of the festival, following a concert headlined by Filipino-American rapper Apl.de.ap of the Black Eyed Peas, according to Mable Elmore, a member of the British Columbia Legislative Assembly, who attended the event.

“Everybody was happy and getting ready to go. And that’s when, that’s when the incident happened,” Elmore told reporters through tears.

“We are in incredible pain,” she said. “We will come together out of this catastrophe through the support and the love from the broad community.”

The festival, celebrated especially in the central Philippines, honors Datu Lapu-Lapu, a Filipino chieftain who defeated Spanish forces led by Ferdinand Magellan in the Battle of Mactan in 1521.

The government of British Columbia officially recognized April 27 as Lapu-Lapu Day in 2023, acknowledging the cultural contributions of the Filipino-Canadian community, one of the largest immigrant groups in the province.

The centerpiece of the festival is a multi-block street party featuring Filipino food and traditions, live performances and cultural displays. — Reuters

North Korea confirms troop deployment to Russia, hails ‘heroes’

REUTERS

SEOUL — North Korea confirmed for the first time on Monday that it had sent troops to fight for Russia in the war in Ukraine under orders from leader Kim Jong Un and that it had helped regain control of Russian territory occupied by Ukraine.

The victorious end of the battle to liberate Russia’s Kursk region showed the “highest strategic level of the firm militant friendship” between North Korea and Russia, KCNA state news agency cited the North’s ruling party as saying.

Russia said last week that Ukrainian forces had been expelled from the last Russian village they had been holding, although Kyiv denied the claim and said their troops were still operating in some parts of Russian territory.

The Central Military Commission of the North’s Workers’ Party said leader Mr. Kim Jong Un made the decision to deploy troops under the comprehensive strategic partnership treaty he signed with Russian President Vladimir Putin last year.

Under Mr. Kim’s orders, North Korean military units fought with the same heroism and bravery they would have shown if they were fighting for their own country, KCNA cited the Commission as saying.

“They who fought for justice are all heroes and representatives of the honor of the motherland,” KCNA quoted Mr. Kim as saying.

North Korea “regards it as an honor to have an alliance with such a powerful state as the Russian Federation,” KCNA said.

The US State Department demanded North Korea’s deployment to Russia and any support by Russia in return must end, adding Russia had violated UN Security Council resolutions by training North Korean soldiers.

Countries such as North Korea, whose support has “perpetuated the Russia-Ukraine war, bear responsibility,” a State Department spokesperson told Reuters.

South Korea said Monday’s confirmation of the troop deployment was an “admission of criminal act,” and condemned the North for the “inhumane and immoral” decision to send its young people to battle with the intention of propping up its regime.

‘AT THE COST OF BLOOD’
The timing of the confirmation, after more than six months of silence, and highlighting the sacrifice of North Korean troops “at the cost of blood” was meant to amplify Mr. Kim’s partnership with Putin as equals, an analyst said.

“It now became necessary to put on a diplomatic performance for the North Korean and Russian leaders to pledge stronger ties,” Hong Min of the Korea Institute for National Unification in Seoul said, calling the confirmation “a build-up” to a summit meeting in Russia.

North Korea sent an estimated total of 14,000 troops, including 3,000 reinforcements to replace its losses, Ukrainian officials have said. Lacking armored vehicles and drone warfare experience, they took heavy casualties but adapted quickly.

Ukraine’s Special Operations Forces said on April 24 that they had killed a unit of 25 North Korean soldiers in Kursk. They released a video showing one of the slain soldiers and their possessions, which included a note written in Korean.

North Korea has also supplied weapons including artillery munitions and ballistic missiles, South Korean officials have said.

Russia confirmed on Saturday for the first time that North Korean soldiers have been fighting alongside Russians in Kursk. — Reuters

Iran repels large cyberattack on its infrastructure

Miniatures of people with computers are seen in front of binary codes and words “cyber attack’ in this illustration taken July 19, 2023. — REUTERS

DUBAI — Iran repelled a large cyber attack on its infrastructure on Sunday, said the head of its Infrastructure Communications Company, a day after a powerful explosion damaged its most important container port and another round of talks with the US over Tehran’s disputed nuclear program.

“One of the most widespread and complex cyberattacks against the country’s infrastructure was identified and preventive measures were taken,” Behzad Akbari said on Monday, according to semi-official Tasnim news agency, without giving more detail.

Tehran and Washington concluded a third round of nuclear talks on Saturday in Oman, on the same day Iran’s biggest port of Bandar Abbas was rocked by a large explosion whose cause remains unknown.

Chemicals at the port were suspected to have fueled the explosion, but the exact cause was not clear and Iran’s Defence Ministry denied international media reports that the blast may be linked to the mishandling of solid fuel used for missiles.

Iran has in the past accused its arch-foe Israel of being behind cyber attacks. Israel’s Prime Minister Benjamin Netanyahu said on Sunday that Iran’s nuclear infrastructure should be entirely dismantled—not just limited to prevent the development of nuclear weapons.

In 2021, a large cyber attack on Iranian petrol stations was said by Tehran to likely be caused by Israel. In 2023, a similar but larger cyber attack disrupted about 70% of petrol stations, with a group called “Predatory Sparrow” claiming the attack as retaliation to “the aggression of the Islamic Republic and its proxies in the region.” — Reuters

China is confident of achieving 2025 growth target, says state planner

A WOMAN walks across the street during morning rush hour in Chaoyang District, Beijing, China Nov. 21, 2022. — REUTERS

BEIJING — The vice head of China’s state planner said on Monday he was “fully confident” the world’s second-largest economy would achieve its economic growth target of around 5% for 2025, pledging new policies to be rolled out over the second quarter.

Zhao Chenxin, vice chair of the National Development and Reform Commission, told a press conference that the foundation for China’s economic recovery needed to be consolidated as external impacts rise, and said that further policies would be implemented based on changes in the economic situation.

While US President Donald J. Trump’s tariffs have darkened China’s economic outlook, Chinese policymakers remain confident that the White House will relent first, analysts say. This would allow Beijing to proceed with its planned stimulus measures intended for release throughout the remainder of the year.

China’s deputy central bank governor Zou Lan, speaking at the same press conference, affirmed the continuation of a moderately loose monetary policy and increased support for the economy, while maintaining yuan stability.

The impact on China’s foreign assets from volatility in the US bond market is limited, Mr. Zou said, adding that the People’s Bank of China would stabilize market expectations on the yuan and deal with market-distorting behaviors. — Reuters

Philippine Blockchain Week 2025 seeks to debunk crypto myths, spotlight real-world innovation

The global conversation around blockchain and cryptocurrencies continues to evolve. An industry challenged by myths and misconceptions, Philippine Blockchain Week (PBW) 2025 hacks the discourse on blockchain, AI, and cybersecurity in an engaging and intensive week-long event from June 10 to 11 at SMX Convention Center.

Knowing that Philippines is an emerging player in the global Web3 space, PBW 2025 brings together global thought leaders, developers, regulators, investors, and innovators to provide clarity, credibility, and herald the future of blockchain in Southeast Asia and beyond—setting the stage not just for progress but for meaningful understanding.

While headlines often highlight volatility, scams, and speculation, Philippine Blockchain Week 2025 seeks to shift the conversation, showcasing blockchain’s real-world applications such as financial inclusion, transparent governance, supply chain integrity, and digital identity. It even explores how blockchain can be applied to everyday experiences, like buying fishballs.

PBW 2025 welcomes educators, students, and curious newcomers to join in and experience blockchain technology firsthand through demos, exhibits, and interactive sessions, showing access points to blockchain and web3 through arts, music, gaming, and tech.

Here are the key themes of the conference:

  • Demystifying Crypto: Panels and keynotes that break down blockchain fundamentals and separate hype from reality.
  • Regulation with Impact: Dialogues between government agencies and Web3 leaders to shape balanced policies that protect users without stifling innovation.
  • Blockchain for Good: Case studies on how blockchain is already helping address real issues from remittance costs to disaster relief.

Why is the Philippines built for blockchain?

The Philippines offers a uniquely fertile environment for blockchain adoption, driven by several key factors:

  • Digital-First Population: Over 117.4 million active mobile cellular users, high mobile penetration, and a young, tech-savvy population.
  • Remittance Powerhouse: As one of the top recipients of overseas remittances, the country stands to benefit from blockchain’s ability to reduce fees and improve access.
  • A Thriving Creator Economy: Filipino creators, gamers, and developers are early Web3 adopters from NFT art to play-to-earn platforms.
  • Community-Driven Culture: Grassroots adoption, community education, and online collaboration come naturally to Filipinos.
  • Government Openness: Ongoing dialogues with regulators and industry leaders are creating balanced, innovation-friendly blockchain policies.

Blockchain more than just crypto

Philippine Blockchain Week 2025 puts a spotlight on how blockchain technology goes beyond financial speculation, serving as a transformative tool across multiple sectors. It’s being used to:

  • Improve financial inclusion by providing the unbanked with access to digital wallets and decentralized finance (DeFi) platforms
  • Secure land titles and medical records with tamper-proof digital documentation
  • Streamline government services using transparent and auditable data systems
  • Empower creators and entrepreneurs with NFT ownership, smart contracts, and access to global digital marketplaces
  • Enable new models of community ownership, from cooperatives to decentralized autonomous organizations (DAOs)

Bridging tech and culture: Web2 adoption to Web3

One of the most exciting elements of Philippine Blockchain Week 2025 is its approach to demystifying blockchain through music, gaming, arts, and entertainment as accessible entry points to Web3.

The event will feature live performances, meme coin trend showcases, and immersive experiences that make blockchain feel familiar, fun, and inspiring.

As one of the most active Web3 markets in the world, the Philippines is uniquely positioned to lead this cultural shift. PBW 2025 is not just a tech conference, it’s a national movement for digital empowerment.

One-of-a-kind ‘Fishblock’

One of the initiatives that PBW started to make blockchain more accessible and relatable, is the creation of Fishblock, a limited-edition fishball experience crafted by celebrity chef and restaurateur Marvin Agustin. These limited-edition Fishblocks are available for purchase exclusively through crypto payments at Cochi and Kondwi.

Each Fishblock order comes with a free NFT (non-fungible token) minted on Bayanichain, the Philippines’ homegrown blockchain platform. Designed by emerging Filipino artists, the NFT serves as a digital certificate authenticating each Fishblock as a blockchain-backed limited edition, effectively turning a beloved street snack into a digital collectible. While eating fishballs is an everyday Filipino experience, Fishblock blends food, art, and technology to make blockchain tangible, enjoyable, and less intimidating for newcomers.

About Philippine Blockchain Week

Philippine Blockchain Week is the country’s flagship blockchain event, uniting global and local ecosystems in one platform to drive education, innovation, and inclusion through Web3.

Now in its fourth spectacular year, PBW remains the Philippines’ premier event where global visionaries converge to explore emerging trends, share insights, and drive meaningful collaborations that shape the future of blockchain.

For more information, check the highlights page at the official PBW 2025 website.

Philippine Blockchain Week 2025 is made possible in partnership with Blockchain Council of the Philippines, PBW 2025 Co-Hosts 9CAT Group of Thailand and Tier One Entertainment for the collaboration and dedication. Event Partners–DVCode, EON, EXOAsia Innovation Hub, Tony&, and World Supremacy Battlegrounds.

BusinessWorld and The Philippine STAR are among the media partners of the Philippine Blockchain Week.

 


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Migrants living on shoestring in Cyprus risk abuse, watchdog says

NICOSIA — Migrant workers in Cyprus should have the same rights as all other Cypriot and EU workers, a European human rights watchdog said on Monday, warning that the poorly paid and overworked labourers were vulnerable to abuse and trafficking.

More than 20,000 domestic workers are employed in the east Mediterranean island, which has a population of 930,000 in its southern, government-controlled areas, experts from the Council of Europe, a Strasbourg-based body, said in an assessment.

The migrant workers are mainly from the Philippines, Sri Lanka, Nepal and Vietnam.

They earn considerably less than the state-sanctioned minimum wage which applies to other workers, experts from the Council of Europe, a Strasbourg-based body, the report said.

“(This) renders these workers vulnerable to exploitation and trafficking,” the assessment panel, known as GRETA, said in a five-yearly report on the member state’s compliance with anti-trafficking.

The report cited findings from the Cyprus Ombudsman’s office in 2020 that the average hourly wage received by a domestic worker could be as low as 1.29 euros ($1.47). Many worked an average of 58 hours a week, far exceeding the 42 hours in their contracts.

By law, gross salaries for domestic workers are set at a minimum of 460 euros monthly before deductions for food and accommodation, which can lop off up to 25% of earnings, as opposed to a starting minimum salary of 1,000 euros which applies to other individuals.

“GRETA urges the Cypriot authorities to take measures to ensure migrant workers enjoy the same rights and protections, including the same minimum wage, as Cypriot and EU workers,” the Council of Europe report said.

While noting improvements in its legislative framework, Cyprus needed to be more proactive in identifying exploitation victims, providing access to legal aid and improving conditions for migrant workers in general, the report said. — Reuters

[B-SIDE Podcast] Upskilling for a green economy: The crucial mindset shift

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As the Philippines transitions towards a green economy, the need to upskill its workforce to fill green jobs becomes even more important.

Designing green is the easiest part, according to Christopher C. de la Cruz, an architect and chief executive officer of the Philippine Green Building Council (PHILGBC). “It’s staying green that’s the biggest problem.”

In this B-Side episode, he talks to BusinessWorld about how companies can ensure the success of their sustainability efforts, as well as the mindset shift necessary to transition all jobs into green jobs.

Interview by Patricia Mirasol
Audio editing by Jayson Mariñas

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