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Deloitte Philippines set to host inaugural tax summit

Deloitte Philippines is set to host its inaugural Tax Summit, “Tax Reforms Unlocked: Opportunities and implications for taxpayers,” on Nov. 19, 2024 at Shangri-La The Fort, Bonifacio Global City, Taguig.

The event will bring together policy makers, regulators, industry leaders, and tax specialists to unlock the implications of and opportunities presented by local and global tax reforms, providing actionable insights for businesses.

The Summit will feature a keynote address from Department of Finance Undersecretary for Revenue Operations Group Charlito Mendoza, who will provide insights into the government’s current fiscal policy framework, recent and upcoming tax reforms, anticipated regulatory changes, and the intended impact of these policies in promoting economic growth.

Participants can also look forward to hearing directly from regulators as they share their perspectives on the evolving tax landscape and engaging with panelists who will provide real-world insights on how to navigate the shifting tax paradigm and uncover opportunities.

The event will cover the following topics:

  • Keynote address: Fiscal policy and the future of taxation in the Philippines
  • The state of taxation: Current reforms and what lies ahead
  • Taxpayer playbook: Surviving tax audits
  • CREATE Law: Making the case for MORE incentives
  • Global tax trends: Pillar 2 and the shifting tax paradigm
  • The growth agenda: Strategic tax policies for economic gains
  • Keeping up with Taxes: RPVARA, VAT on digital services, and other updates
  • Tax tech talks: Leveraging technology for compliance

This one-day event will offer participants a comprehensive analysis of key tax reforms, providing actionable insights for businesses to adapt to the changing tax environment. To learn more and secure your spot, visit Deloitte Philippines’ website: https://deloi.tt/3Nj8D6M.

 

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CMB Film Services, Inc. partners with Puregold CinePanalo to support Filipino filmmakers with equipment grants

CMB Film Services, Inc. signs partnership with Puregold CinePanalo Film Festival (L-R Festival Director Chris Cahilig; Puregold Senior Marketing Manager Ivy Hayagan-Piedad, CMB Film Services Inc. Managing Director and President Jaime Baltazar; CMB Film Services Inc. Operations and Special Projects Head Jem B. Santos Quiambao).

CMB Film Services, Inc., a widely recognized provider of cutting-edge lighting and camera equipment in the Philippine film and television industry, has partnered with Puregold CinePanalo in granting equipment rental to the eight (8) selected film projects for the 2025 iteration of the festival.

Aimed at empowering aspiring and seasoned directors, this partnership will give grant recipients access to top-tier resources, and spur them to take their creative visions into new heights.

With over thirty years in the industry, CMB Film Services, Inc. achieved its status as a trusted name in film and television by consistently providing the tools and the expertise required to make local productions reach international stature.

The noteworthy alliance will thus allow CMB Film Services, Inc. to further pursue its goal of supporting Filipino filmmakers and enthusiasts, specifically benefitting Puregold CinePanalo’s full-length grant recipients through state-of-the-art equipment and expert technical assistance.

In carrying out this collaboration, CMB Film Services, Inc. will work closely with festival organizers and filmmakers to finalize the equipment to be rented—and the rental terms. This includes certifying that all provided equipment meets the necessary quality and safety standards, is delivered on time to the film locations, and is properly maintained.

Moreover, CMB Film Services, Inc. will offer technical support and equipment repair services throughout the rental period, ensuring a seamless production experience.

“We were thrilled with the success of last year’s Puregold CinePanalo Festival and are incredibly excited to partner with Puregold this year,” said Jaime G. Baltazar, President and Managing Director of CMB Film Services, Inc. “As part of the industry, we believe in helping Puregold attain its goals. We know that Puregold CinePanalo is making history in film, and we want to be part of that.”

Puregold and CMB Film Services, Inc. executives finalize their partnership for Puregold CinePanalo 2025, providing equipment grants to support Filipino filmmakers.

Meanwhile, Ivy Hayagan-Piedad, Senior Marketing Manager of Puregold, expressed her gratitude for partnerships that drive Puregold CinePanalo Films to achieve the highest quality. “Such collaborations are crucial in sharing our vision of excellence,” Piedad asserts. “We laud CMB for their commitment to bring forward exceptional cinematic experiences.”

The second edition of Puregold CinePanalo returns with its theme “Mga Kwentong Panalo ng Buhay.” Aspiring participants and movie enjoyers are delighted to know that the festival is now offering an increased grant of P3,000,000 to eight full-length films from professional and amateur directors, and P150,000 for twenty-five promising short films by student filmmakers.

Submissions for this year’s festival concluded in July and August, and the deliberations for selected film projects are currently underway. With Puregold CinePanalo Awards Night set for March 19, 2025, Filipino filmmakers will once again be recognized and celebrated for their outstanding works.

The inaugural Puregold CinePanalo, held in March 2024, featured full-length films from celebrated directors such as Kurt Soberano, Sigrid Bernardo, and Joel Ferrer, along with student shorts from institutions like the University of the Philippines Diliman, Polytechnic University of the Philippines, and the University of Santo Tomas. The festival’s mission to uplift Filipino storytellers continues to inspire and support the next generation of filmmakers, and feature the beauty and strength of Filipino culture.

 

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Philippines braces for typhoon Man-yi as Usagi weakens

MANILA – Typhoon Usagi weakened sharply on Friday after bearing down on the Philippines’ northern towns, blowing away houses in its path as authorities brace for another storm that could hit the capital Manila over the weekend.

Usagi, known locally as Ofel, intensified into a super typhoon as it made landfall in the town of Baggao in Cagayan province on Thursday afternoon.

Philippine meteorological agency Pag-asa said that Usagi has since weakened and is now headed towards Taiwan.

Usagi is the 15th cyclone to hit the Philippines this year. Officials are already bracing for another typhoon, Man-yi, which could hit eastern towns and the capital region over the weekend as it continues to intensify in the western Pacific.

Man-yi could become a supertyphoon on early Sunday, Pag-asa said.

No casualties have yet been reported from Usagi, even as thousands of families living in vulnerable communities fled ahead of its arrival.

Rueli Rapsing, head of the Cagayan disaster relief office, said town officials are still probing the extent of the damage from the storm.

“There were more homes that were partially or totally blown after Marce (Typhoon Yinxing). Currently, we’re moving around assessing the damage,” Rapsing said on Friday.

Preemptive evacuations of vulnerable residents in Typhoon Man-yi’s path will begin on Friday.

Pag-asa said Man-yi’s center was last estimated around 795km (494 miles) east of the central town of Guian in Eastern Samar province, and warned of a storm surge of up to 3 metres (10 feet) in coastal towns of the central provinces.

The Philippines is dealing with its sixth storm in a month, mainly hitting the main island of Luzon.

Tropical Storm Trami and Typhoon Kong-rey brought heavy flooding and triggered landslides, killing 162 people with 22 still missing, according to government data.

Four storms churned in the western Pacific ocean at the same time this month, the first time it has happened since records began in 1951, the Japan Meteorological Agency said.

About 20 tropical storms strike the Philippines each year on average, bringing heavy rains, strong winds and deadly landslides. — Reuters

Philippine cash remittances up 3.3% in September

JCOMP-FREEPIK

MANILA – Cash remittances increased 3.3% in September from a year earlier to $3.01 billion, the Philippine central bank said on Friday.

In January to September, cash remittances through banks rose 3% from the same period in 2023 to $25.23 billion.  — Reuters

China says Philippines sent supplies to disputed shoal

CARLOS DE SOUZA-UNSPLASH

BEIJING – China said on Friday the Philippines had sent supplies to a beached warship on Second Thomas Shoal, a disputed atoll in the South China Sea.

In a separate statement, the Phlippine Coast Guard said it had rotated personnel staffing the Sierra Madre and sent supplies to the vessel.

China’s Coast Guard said the supply run had proceeded “with permission” to what it considers an “illegally” beached ship. The Philippine Coast Guard had no immediate response to China’s claim, which it has previously made, that it had allowed the mission to proceed.

China and the Philippines have traded barbs for months over manoeuvres at the Second Thomas Shoal, an atoll within Manila’s 200-nautical-mile Exclusive Economic Zone (EEZ) in the South China Sea.

“It is hoped the Philippines will honour its commitments, work with China in the same direction, and jointly manage the maritime situation,” Liu Dejun, a spokesman for China’s Coast Guard said in a statement about Thursday’s re-supply run by the Philippines.

China claims almost the entire South China Sea, despite overlapping claims by Brunei, Indonesia, Malaysia, the Philippines and Vietnam.

In 2016 the Permanent Court of Arbitration in the Hague said China’s claims had no legal basis, a ruling Beijing rejects. — Reuters

Smart unveils amazing Holideals Promo

Mobile services provider Smart Communications, Inc. (Smart) is pulling out all the stops to delight customers this Christmas season as it unveils its Smart Holideals Promo, which gives subscribers data freebies daily; 5G smartphones, Viu, and Foodpanda vouchers in weekly raffles; and a brand-new Toyota Land Cruiser ZX in the grand raffle.

Running from Nov. 13, 2024 to Jan. 31, 2025, the Smart Holideals promo is open to all new and loyal Smart Prepaid, Smart Bro Prepaid, and Smart Postpaid subscribers, who can earn and accumulate raffle entries with their Smart transactions.

A big way of giving back to subscribers

“Our Smart Holideals Promo is our big way of thanking and giving back to all our new and loyal subscribers for their continued trust in our services,” said Kristine A. Go, Senior Vice-President for Smart Consumer Wireless Business.

“With more than 600 lucky winners every week, this is definitely one of our biggest promos in recent years, so we encourage everyone to join and not miss the chance to win amazing prizes,” she added.

Earn and accumulate raffle entries

New Smart Prepaid and Smart Bro Prepaid subscribers activating their account instantly get 1 raffle entry.

On the other hand, current Smart Prepaid and Smart Bro Prepaid customers instantly get 1 raffle entry for every registration to PowerAll 99, and 2 raffle entries for every registration to PowerAll 149.

Meanwhile, new Smart Postpaid customers activating Plan 599 will instantly earn 6 raffle entries, while those activating or renewing Plan 999 and above will instantly earn 10 raffle entries.

Smart Postpaid customers will also earn 1 raffle entry for every subscription to Data Booster+ 1GB.

Get instant data daily and win amazing prizes in weekly raffles

Subscribers get 1GB of free data for every PowerAll top-up or Postpaid 1GB Data Booster+.

Meanwhile, weekly winners will take home a new 5G smartphone, such as the iPhone 15 Pro Max, Samsung Galaxy S24, or a ZTE Blade A75 5G phone.

Hundreds of lucky Smart customers will also win a one-year subscription to the popular streaming platform Viu as well as P200 discount vouchers from the online delivery platform FoodPanda.

Raffle entries can be earned and accumulated until Jan. 31, 2025. All these prizes and giveaways will lead to the grand draw happening on Feb. 4, 2025, where one lucky Smart subscriber will drive home a brand-new Toyota Land Cruiser ZX.

Don’t miss your chance to win amazing prizes from the Smart Holideals Promo. Earn and accumulate raffle entries with your Smart Prepaid, Smart Bro Prepaid, and Smart Postpaid transactions now!

To learn more about Smart Holideals promo, visit smart.com.ph/holideals.

 

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Salmon named Leading Fintech Group Philippines at World Business Outlook Awards 2024

Salmon, the fintech leader driving financial inclusion in Southeast Asia, has been recognized as the Leading Fintech Group Philippines at the esteemed World Business Outlook Awards 2024. This accolade highlights Salmon’s ongoing innovation and dedication to modernizing the financial services sector in the Philippines.

The World Business Outlook Awards celebrates excellence across global industries, with Salmon honored for its groundbreaking use of technology, particularly in addressing the needs of underserved communities. This recognition underscores Salmon’s significant contributions to enhancing financial access and empowering Filipinos.

Since its inception, Salmon has focused on bridging gaps in the Philippine financial ecosystem. By utilizing AI and cutting-edge technology, Salmon has enabled faster, more inclusive credit decisions, particularly benefiting Filipinos without formal credit histories. This approach has positioned the company as a major player in the fintech space, with strong potential to scale its impact across Southeast Asia in the near future.

Salmon’s flagship product, the Salmon App, continues to redefine the customer experience by offering streamlined loan applications, financial management, and payment solutions. With a consistent 4.7-star rating, the app exemplifies Salmon’s mission to provide accessible and user-friendly financial tools.

Salmon Co-Founder Pavel Fedorov reflected on the award: “Being named Leading Fintech Group Philippines 2024 fuels our commitment to making modern financial services accessible to everyone. This recognition highlights the impact we’ve made so far and strengthens our resolve to expand our services throughout Southeast Asia.”

Salmon’s recent oversubscribed US$30-million funding round further reinforces investor confidence in its growth strategy. Raffy Montemayor, Chairman of Salmon’s Bank subsidiary, added, “This funding enables us to scale even faster and introduce more products that bridge the gap between traditional banking and fintech, empowering more Filipinos in their financial journey.”

With its focus on financial inclusion and technological innovation, Salmon is poised to play a pivotal role in shaping the future of financial services across the region.

 

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Japan’s economy expands 0.9% in Q3 on tepid capex

STOCK PHOTO | Image by Josh Soto from Unsplash

TOKYO – Japan’s economy expanded by an annualized 0.9% over the July-September quarter, government data showed on Friday, slowing from the previous three months due to tepid capital spending.

The slower growth data highlights Japan’s frail economic recovery, as domestic demand has not fully picked up while a growing risk of a slowdown in the U.S. and further weakness in China’s economy could weigh on exports ahead.

The increase in gross domestic product compared with a median market estimate of a 0.7% gain, and followed a revised 2.2% growth in the previous quarter, the data showed.

The reading translates into a quarterly rise of 0.2%, versus a 0.2% increase expected by economists in a Reuters poll.

Private consumption, which accounts for more than half of the economic output, rose 0.9%, compared with a market estimate of a 0.2% increase.

It picked up slightly from the revised 0.7% rise of the previous quarter, indicating that rising wages are prompting households to spend more.

Capital spending, a key driver of private demand-led growth, fell 0.2% in the third quarter, matching a decrease of 0.2% in the Reuters poll.

Net external demand, or exports minus imports, knocked 0.4 point off growth, reversing a 0.1 point negative contribution in the April-June period.

The Bank of Japan maintained ultra-low interest rates last month and said risks around the U.S. economy were somewhat subsiding, signalling that conditions are becoming conducive to raise interest rates again. — Reuters

Global crypto market tops $3 trillion on hopes of Trump-fuelled boom

REUTERS

SINGAPORE – The global cryptocurrency market’s value has topped $3 trillion as the election of Donald Trump as U.S. president spurred bets that friendlier U.S. regulation could usher in a new boom for all corners of the asset class.

The sum market value of cryptocurrencies touched a high of nearly $3.2 trillion early on Nov. 14 in Asia, based on analytics and data aggregator CoinGecko, and was last just shy of that level.

That puts it above the heady days of 2021, when pandemic-era stimulus pumped up speculative investments, and marks a revival from just a few months ago when crypto prices and turnover had flatlined.

Bitcoin dominates the crypto market and the market value milestone coincided with the token’s rise to a record $93,480 BTC=.

“Generally the way this market goes is bitcoin will break out and then the rest of the altcoins will follow,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

“So there is that gradual rotation of capital…and then we can expect the total market cap to increase.”

Trump’s election, and that of several pro-crypto lawmakers to U.S. Congress, has driven the wave of euphoria by potentially clearing some uncertainty around U.S. regulations.

Bitcoin, last trading around $91,500, has doubled this year and is up 30% since the U.S. election on Nov. 5 to $90,000. Smaller cryptocurrency ether ETH= is up about 33% since the vote to $3,220.
Dogecoin DOGE=KRKN, an alternative and volatile token promoted by billionaire Trump-ally Elon Musk, has gained 140%.

Crypto exchange-traded funds have also been snapped up, possibly an indicator of buying by financial institutions which tend to shy away from directly holding cryptocurrencies.

Spot bitcoin ETFs have attracted about $4.05 billion in net flows since Nov. 6, based on Refinitiv Lipper data, around 15% of the total inflows since they launched in January.

“People wanted more exposure to crypto, clearly, from the Trump presidency and they wanted more risky asset exposure in general,” said David Glass digital assets strategist at Citi.

“From the crypto front, there’s the story of removing regulatory headwinds, and the potential strategic bitcoin reserve.”

Trump has made reference to a U.S. “strategic bitcoin reserve”, similar to that of gold, which would be held by the U.S. government, but the details are unclear.

The current upsurge could have further to run.

“Bitcoin enthusiasts are known for bold predictions, but hitting $100,000 by year-end seems feasible,” said Carl Szantyr, founder and managing partner at Blockstone Capital.

DEJA VU
The explosive rally is the latest in the boom-bust roller coaster that had bitcoin below $20,000 at the start of last year, in the depths of the “crypto winter” that followed the collapse of brokerage FTX and other crypto projects.

To be sure, cryptocurrencies’ market value is dwarfed by traditional asset classes. At current prices, the value of the 209,000 tonnes of gold the World Gold Council says has been mined in history is worth nearly $19 trillion.

The market capitalization of the S&P 500 index is $50.6 trillion.

Some parts of the ecosystem do also not show signs of recovery and others point to a degree of caution. Average sales prices for non-fungible tokens have been around $2,000 since May, according to NonFungible.com, which tracks the Ethereum and Ronin blockchains, and have kicked up, but only to about $2,700.

In Singapore DBS Bank, which operates a digital exchange, said while trading had surged and it had executed more than one-third of last year’s total volume in the first ten days of November, investors were not yet heading into the more obscure parts of the market.

“We’ve not seen our clients shift their assets towards more exotic platforms or decentralized exchanges,” said David Hui, chief commercial officer of DBS Digital Exchange.

Still, those in the industry say the renewed attention will bring momentum.

“There’s increased interest and willingness to look at DeFi and other possibilities associated with blockchain,” said Danny Chong, a co-founder of decentralized asset tracking platform Tranchess.

“The heightened market capitalization, which if sustained for a longer period, would likely also invite deeper interest into new and existing themes,” he said, including tokenization of real world assets and blockchain-based payment services. — Reuters

Powell says no need for Fed to rush rate cuts given strong economy

FEDERAL RESERVE

DALLAS – Ongoing economic growth, a solid job market, and inflation that remains above its 2% target mean the Federal Reserve does not need to rush to lower interest rates, Fed Chair Jerome Powell said on Thursday in remarks that may point to borrowing costs remaining higher for longer for households and businesses alike. Powell affirmed that he and his fellow policymakers still consider inflation to be “on a sustainable path to 2%” that will allow the U.S. central bank to move monetary policy “over time to a more neutral setting” that isn’t meant to slow the economy.

But what that neutral rate might be in the current environment and how quickly the Fed might try to reach it all remain up in the air, particularly as central bankers assess both the ongoing strength of the economy and the impact the incoming Trump administration’s policies, from higher tariffs to less immigrant labor, may have on economic growth and inflation.

Powell largely deflected questions about how new tariffs on imports or running the economy with fewer workers might alter the path of inflation the central bank has been trying to lower.

“We can do the arithmetic. If the are fewer workers there’ll be less work done,” Powell said, before adding “this is getting me into political issues that I really want to stay as far away from as I possibly can.”

As of now, he said the economy was sending no distress signal that might prompt the Fed to accelerate rate cuts, and to the contrary “if the data let us go a little slower, that seems a smart thing to do.”

“The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully,” Powell said in prepared remarks delivered at a Dallas Fed event.

Fed officials and investors are taking stock of how continued U.S. economic strength and the uncertainty around the economic agenda of President-elect Donald Trump’s administration, particularly regarding tax cuts, tariffs and an immigration crackdown, may affect economic growth and inflation.

After Powell’s prepared remarks yields on shorter-term Treasury bonds rose, and traders pared bets about how far the Fed might cut rates in this cycle. The central bank cuts its benchmark overnight right to a 4.5% to 4.75% range at a meeting last week. As of September officials saw the rate dropping as far as 2.9% in 2026, but investors now see it remaining as high as 3.9%.

“We still think the FOMC is likely to cut at December but think today’s speech opens the door to dialing down the pace of easing as soon as January,” wrote JP Morgan chief U.S. economist Michael Feroli.

NO OBVIOUS ANSWER
During a question-and-answer session, Powell said that while Fed staff may begin puzzling through the possible impact of tariffs and other campaign proposals from Trump, it will take time to understand, and won’t become clear until new laws or administrative edicts are approved or issued.

“The answer is not obvious until we see the actual policies,” Powell said. “I don’t want to speculate…We are still months away from a new administration.”

Still, he noted that economic conditions are different now than when Trump began his first term eight years ago, when there was lower inflation, lower growth and lower productivity.

A recent surge in immigration, for example, “made for a bigger economy” at a time of post-pandemic labor shortage, Powell said.

More broadly, following an election last week that may have turned on voter perceptions of the nation’s economic ills, Powell said the current situation was actually “remarkably good.”

The economy’s strengths include a still-low 4.1% unemployment rate, growth at what Powell called a “stout” 2.5% annual pace that remains above Fed estimates of its underlying potential, consumer spending driven by rising disposable income, and growing business investment.

Yet key measures of inflation remain above target.

The personal consumption expenditures price index for October has not been released yet, but Powell said recent data that feeds into it indicates the PCE excluding food and energy costs rose at a 2.8% rate last month – which would mark a fourth consecutive month in which progress on inflation by that measure has stalled.

The Fed uses the headline PCE reading to set its 2% inflation target – Powell said that figure likely was around 2.3% in October – while the “core” measure is considered a guide to the direction of underlying inflation.

Traders still expect the Fed to cut interest rates by another quarter of a percentage point at its Dec. 17-18 meeting, and Powell said the central bank still has faith in continued disinflation.

But policymakers also remain on guard.

Major aspects of inflation “have returned to rates closer to those consistent with our goals … We are watching carefully to be sure that they do … Inflation is running much closer to our 2% longer-run goal, but it is not there yet,” he said. — Reuters

Malaysia to protest to Philippines over its new maritime laws

REUTERS

KUALA LUMPUR – Malaysia will send a protest note to the Philippines over its new maritime laws due to their overlapping claims in the South China Sea, its deputy foreign minister said on Thursday.

The protest will follow a complaint also from China over the Philippines’ Maritime Zones Act and the Archipelagic Sea Lanes Act, which Manila said was intended to strengthen its maritime claims and bolster its territorial integrity.

Malaysia’s Deputy Foreign Minister Mohamad Alamin said the government has reviewed the reference documents related to the Philippines’ laws and found that they touch upon claims to the Malaysian state of Sabah on Borneo island.

“We will send a protest note today to demonstrate our commitment to defending Sabah’s sovereign rights and the sovereignty of our country,” Mohamad told parliament.

The Philippines’ foreign ministry did not immediately respond to request for comment.

The Philippines has a dormant claim to the eastern part of Sabah dating back to colonial times, but official statements on the issue are rare. Its Supreme Court in 2011 ruled that the claim has never been relinquished. — Reuters

Cebu Pacific to launch direct flights between Manila and Sapporo

Cebu Pacific (PSE: CEB), the Philippines’ leading carrier, is set to launch the only direct flights between Manila and Sapporo in January next year, making air travel to the City of Snow much more exciting and affordable with the airline’s signature low fares.

Starting Jan. 16, 2025, CEB will operate flights between Manila and Sapporo three times weekly — every Tuesday, Thursday, and Saturday. CEB will be the only airline to offer direct flights between these two cities.

“We are thrilled to be the only carrier to offer non-stop flights between Manila and Sapporo. The launch of this route is a testament to Cebu Pacific’s mission of expanding its international network and making air travel accessible to a wider range of passengers. We are excited to offer more Filipinos the opportunity to experience the winter charm of Sapporo,” said Xander Lao, CEB President and Chief Commercial Officer.

With the launch of CEB’s direct Manila-Sapporo flights, travelers can cut their travel time to only around five hours compared to up to 10 hours on other airlines with layovers.

Filipino travelers can also now look forward to participating in the world-renowned Sapporo Snow Festival in February, snowboarding in the Teine Ski Resort, or visiting the Jozankei Onsen for its relaxing baths and natural views.

Passengers may use their existing Travel Funds to book flights and avail themselves of other add-ons. CEB also offers other payment options, including credit or debit cards and e-wallets.

CEB operates in 35 domestic and 27 international destinations spread across Asia, Australia, and the Middle East.

Book your flights now at bit.ly/CebuPacificSale.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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