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Peso sinks to near 3-week low on Fed cut view

BW FILE PHOTO

THE PESO fell to a near three-week low against the dollar on Monday amid market expectations of slower rate cuts by the US Federal Reserve next year.

The local unit closed at P58.671 per dollar on Monday, weakening by 20.1 centavos from its P58.47 finish on Friday, Bankers Association of the Philippines data showed.

This was the peso’s weakest finish in nearly three weeks or since its P58.71-per-dollar close on Nov. 27.

The peso traded lower than its Friday close throughout the session, opening sharply weaker at P58.60 against the dollar, which was already its intraday best. Its worst showing was at P58.74 versus the greenback.

Dollars exchanged decreased to $1.48 billion on Monday from $1.57 billion on Friday.

The peso weakened amid broad dollar strength as the market digested the possibility of the Fed cutting rates slower than initially expected next year, a trader said by phone.

However, cautiousness ahead of various central bank meetings scheduled this week kept the dollar-peso in a tight trading range throughout the session, the trader added.

The Fed will hold its policy meeting on Dec. 17-18, while the Bank of Japan (BoJ) is scheduled to meet to review policy on Dec. 18-19. The Bangko Sentral ng Pilipinas will hold its own policy meeting on Dec. 19, along with the Bank of England. In Asia, the central banks of Thailand, Indonesia, and Taiwan are also set to meet to review their policy stance this week.

Higher US Treasury yields and global crude oil prices also dragged the peso down, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Tuesday, the trader sees the peso moving between P58.50 and P58.80 per dollar, while Mr. Ricafort expects the local unit to range from P58.55 to P58.75.

The dollar hovered close to a three-week peak versus major peers on Monday amid expectations the Federal Reserve will cut interest rates this week but then signal a measured pace of easing for 2025, Reuters reported.

Bitcoin soared above $105,000 for the first time, buoyed by signs President-elect Donald J. Trump will go ahead with a potential strategic bitcoin reserve.

The yen struggled to recover following its worst week since September after Reuters and other news outlets reported that the Bank of Japan is leaning towards forgoing a rate hike on Thursday.

The dollar got additional support from climbing US Treasury yields. Traders are confident of a quarter-point Fed rate reduction on Wednesday but now expect officials to forgo a cut in January, according to CME’s FedWatch tool.

With inflation running above the central bank’s 2% annual target, Fed policy makers have stated that recent upticks are part of the bumpy path to lower price pressures and not a reversal of the disinflationary trend.

But analysts say they are also likely to be wary of renewed inflation with Trump set to take office in January.

“The US economy has been resilient in the face of high interest rates, which means the potential for inflation to rise if the economy overheats is a problem the Fed will need to address,” said James Kniveton, a senior FX dealer at Convera.

“There is concern that the incoming administration’s policies may be inflationary, but as the Bank of Canada Governor commented earlier this month, decisions cannot be based on potential US policy, and (Fed Chair) Jerome H. Powell may follow suit.”

The US dollar index — which tracks the currency against the euro, sterling, yen and three other top rivals — was steady at 106.80 as of 0605 GMT, after rising to 107.18 on Friday for the first time since Nov. 26.

The US currency added 0.1% to 153.87 yen, and earlier touched 153.91 for the first time since Nov. 26.

Bitcoin surged as much as 3.6% from Sunday’s close to reach an all-time high of $106,533.

Mr. Trump suggested in an interview with CNBC on Friday that he plans to go ahead with a plan to build a US bitcoin strategic reserve, similar to its strategic oil reserve. — A.M.C. Sy with Reuters

PSEi pares early losses to end flat before Fed, BSP

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE STOCKS closed nearly flat on Monday, recouping large losses seen intraday, as investors were cautious ahead of the policy meetings of the US Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).

The Philippine Stock Exchange index (PSEi) slipped by 0.02% or 1.35 points to close at 6,615.16 on Monday, while the broader all shares index declined by 0.22 point to end at 3,752.51.

The PSEi pared earlier losses after it sank to a low of 6,575.07 intraday.

“Philippine shares continued to trade flat as the market began its last full trading week ahead of the holidays. For this week, the spotlight in the US is on the Federal Reserve’s interest rate decision,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The local market inched down as investors took a cautious stance while waiting for the Federal Reserve and the Bangko Sentral ng Pilipinas’ policy meetings this week,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. The Fed will hold its last policy meeting for the year on Dec. 17-18, while the BSP’s Monetary Board will have its own review on Dec. 19.

“The PSEi exhibited softness for most part of today’s session as sluggish China economic data likely weighed on investor sentiment. Fortunately, we did see a pickup in demand late in the day, with market-on-close buying leading the index to trim most of its losses, and closing nearly flat,” Chinabank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail on Monday.

China’s industrial output growth quickened slightly in November, while retail sales disappointed, keeping alive calls for Beijing to ramp up consumer-focused stimulus as policy makers brace for more US trade tariffs under a second Trump administration, Reuters reported.

China’s industrial output in November grew 5.4% from a year earlier, faster than the 5.3% pace seen in October, data from the National Bureau of Statistics showed on Monday, beating expectations for a 5.3% increase in a Reuters poll. However, retail sales, a gauge of consumption, grew at its weakest pace in three months at 3% last month, much slower than a 4.8% rise seen in October. Analysts had predicted a 4.6% expansion.

Most sectoral indices declined on Monday. Mining and oil fell by 1.01% or 76.95 points to 7,526.34; industrials retreated by 0.88% or 80.57 points to 9,014.98; property dropped by 0.44% or 10.72 points to 2,424.22; and services went down by 0.25% or 5.26 points to 2,091.49.

Meanwhile, financials climbed by 0.86% or 19.55 points to 2,280.89 and holding firms went up by 0.27% or 15.62 points to 5,625.19.

Value turnover went down to P4.64 billion on Monday with 533.64 million shares exchanged from the P5.02 billion with 1.2 billion issues traded on Friday.

Decliners outnumbered advancers, 99 versus 87, while 65 names closed unchanged.

Net foreign selling went down to P495.9 million on Monday from P601.88 million on Friday.  — Ashley Erika O. Jose with Reuters

PHL ‘relatively immune’ to trade war impact — BSP

REUTERS

THE PHILIPPINES is “relatively immune” to the impact of a potential slowdown in China due to a trade war with the United States, the central bank said.

However, it may not benefit from the relocation of industries out of China due to its limited competitive advantage.

“When we take a look at the sensitivities of, say, a slowdown in the Chinese economy because of trade wars between the US and China, the Philippines is actually relatively immune,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila, Jr. said in the 3rd ASEAN+3 Economic Cooperation and Financial Stability Forum on Tuesday. 

Mr. Dakila, citing an Oxford Economics report, said every percentage point decline in China’s gross domestic product (GDP) growth leads to a slowdown in Philippine GDP growth of just two basis points in 2024 and five basis points in 2025.  

Economic managers trimmed their estimates for Philippine growth this year to 6-6.5% but widened the target band to 6-8% for 2025 to 2028.

In the third quarter, the economy expanded by a weaker-than-expected 5.2%, the Philippine Statistics Authority (PSA) said, indicating the need to grow by 6.5% in the fourth quarter to meet the lower end of the target range.

In addition, Mr. Dakila also called the Philippine predicament a “two-way challenge,” noting that industry is not poised to take advantage of the relocation of industries out of China.

US President-elect Donald J. Trump, who is set to assume office in January, has been threatening to impose 60% tariffs on Chinese goods.

“If we look at the comparative advantage of the Philippines, I think it’s mostly in the services sector. So that means Vietnam has been able to exploit much of the relocation rush. That is something that is not yet felt in the Philippines,” Mr. Dakila said.

The PSA said the service sector accounted for 65.8% of the total GDP in the third quarter.

He added that the BSP projects a balance of payments (BoP) surplus for 2024 and 2025, while describing the current account deficit to be “manageable.”

The BSP reported a BoP surplus of $3.526 billion in September, against $88 million in August. 

The semiconductor industry, which accounts for 10% of the Philippines’ GDP, faces electricity and logistics constraints that affect the attractiveness of the Philippines for further investment, the Organisation for Economic Cooperation and Development said in a report. 

Krishna Srinivasan, director of the Asia and Pacific Department at the International Monetary Fund, said trade tensions have risen significantly, with countries imposing around 3,000 trade restrictions in 2023, against 1,000 in 2019.

“These measures often provoke retaliatory actions. Indeed, IMF analysis shows that when countries are hit with tariffs or other protectionist measures, there’s a 74% probability that they will retaliate,” he said.

However, he said several ASEAN economies have found ways to capture export opportunities generated by Chinese and US tariffs, at least in the short term.

“What we find is that countries that were better integrated into global value chains and applied fewer FDI restrictions before 2018 have been especially successful in raising the exports of products targeted by US and China tariffs,” he said.

Mr. Srinivasan said countries that are better integrated and have fewer foreign direct investment restrictions have benefited from these trade restrictions between China and the US.

However he warns that in the short term, “some countries may benefit from the trade restrictions, but over the long run, any kind of fragmentation…leaves all of us in poor shape, and Asia in particular, which is highly integrated in global supply chains, risks losing more.” — Aubrey Rose A. Inosante

US chipmakers exploring PHL investments, Go says

REUTERS

THE Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) said US semiconductor companies are exploring possible local partnerships and were briefed on the government’s plans to transform the Philippine semiconductor industry into an investment destination.

“Our government has identified the semiconductor industry as the priority sector for investment. This reflects its vital role in driving economic growth, technological innovation, and job creation,” Secretary Frederick D. Go, who heads OSAPIEA, said in a statement.

OSAPIEA said President Ferdinand R. Marcos, Jr. recently met with representatives of the US semiconductor industry, including Semiconductor Industry Association President John Neuffer.

“The visit aligns with our efforts to position the country as a premier investment destination in the region and the global stage,” Mr. Go added.

Among the companies in the delegation were Allegro Microsystems, Amkor Technology, Analog Devices, Microchip Technology, and OnSemi.

“Both sides are optimistic about forging partnerships that will drive technological advancements and economic growth,” OSAPIEA said.

In 2023, the Philippines generated about $50 billion in exports, with the industry supporting about 3 million direct and indirect jobs, according to OSAPIEA.

OSAPIEA said the government is encouraged by opportunities under the US CHIPS and Science Act, which features a $500-million International Technology Security and Innovation Fund to be allocated to seven countries over five years, as the US moves to de-risk its technology supply chains.

“This funding aims to promote semiconductor supply chain security and diversification, potentially bolstering investments in manufacturing and innovation and enhancing the Philippines’ competitive edge in this critical industry,” OSAPIEA added.

“The engagement signifies a strategic move towards solidifying the Philippines’ role in the global semiconductor supply chain while fostering local talent and infrastructure development,” it added.

The Semiconductor and Electronics Industries in the Philippines Foundation, Inc. has said that exports of semiconductor and electronic products are likely to be flat in 2025. — Adrian H. Halili

Senate approves bill extending foreigner land leases to 99 years

PHILSTAR FILE PHOTO

THE SENATE approved a bill on Monday extending the maximum term for land leases entered into by foreign investors, and another measure reorganizing the socio-economic planning agency.

Senate Bill No. 2898, which seeks to amend the 31-year-old Investors’ Lease Act, extends the term for foreign leases to 99 from 75 years.

Under the current setup, foreign investors may lease private land for an initial period of 50 years, renewable for a further 25 years.

The latest bill, which is among the measures that Congress seeks to pass before the midterm elections, also allows foreign investors to sublet properties unless barred by contract.

The proposal will also allow foreign investors to lease land for agriculture, agroforestry and ecological conservation.

Senate President Francis Joseph G. Escudero said the bill is in line with government efforts to attract foreign investment, which he called “critical in realizing socio-economic objectives such as increasing employment levels, creating decent work, infusing technology into domestic businesses, and improving the integration of local enterprises with the global market.”

“This bill seeks to address this economic roadblock by strengthening the legal framework for long-term leases provided under Republic Act No. 7652,” he said in a statement.

The Senate also passed on third and final reading a bill seeking to reorganize the National Economic and Development Authority into the Department of Economy, Planning and Development (DEPDev). 

The bill positions DEPDev “as the government’s primary policy, planning, coordinating and monitoring body for economic development.” — Kyle Aristophere T. Atienza

Gov’t urged to harness ‘transformative’ tools to meet PDP goals

BW FILE PHOTO

THE National Economic and Development Authority (NEDA) said government agencies must embrace the transformative potential of the monitoring and evaluation (M&E) process and its role in developing sound policy.

NEDA Secretary Arsenio M. Balisacan urged participants at the 11th M&E Network Forum on Monday to harness evidence-based policy as a means of achieving the objectives of the Philippine Development Plan (PDP).

“Monitoring and evaluation are not just technical processes; they are transformative tools,” he said.

“When embedded into our decision-making frameworks, they bridge knowledge, action, insight, and impact, ensuring that every policy and program we undertake is effective and responsive to the needs of the people we serve.”

Mr. Balisacan said NEDA’s partnership with the M&E Network was a key component of its efforts, and cited the Network’s role in the Strengthening Evaluation for Evidence-based Development (SEED) Project.

SEED is a partnership with the Australian Department of Foreign Affairs and Trade and the United Nations Development Program (UNDP) Philippines that seeks to enhance government evaluation practices through capacity building and technical assistance.

It also includes impact evaluations of critical livelihood and training programs offered by the Department of Labor and Employment and the Technical Education and Skills Development Authority.

“Our partnership with UNDP Philippines through the SEED Project continues to provide valuable insights through the evaluation of key initiatives of the Department of Health, the Philippine Health Insurance Corp., and the Department of Agriculture,” he said.

This project will seek to guide updates and improvements to programs that, among other desired outcomes, seek to expand healthcare access and strengthen farm-to-market supply chains.

“As we navigate the midpoint of the Philippine Development Plan 2023- 2028, we find ourselves at a crucial moment for retrospection and recalibration,” he said.

Mr. Balisacan noted the opportunity to assess the country’s progress, spot gaps, and realign strategy.

The Philippine Development Plan 2023-2028 outlines the strategy to deepen economic and social transformation, laying down targets for job creation and reducing poverty rates. — Aubrey Rose A. Inosante

Meat processors seek review of ban on Indian buffalo meat

REUTERS

THE Philippine Association of Meat Processors, Inc. (PAMPI) has asked the Department of Agriculture (DA) to review its order banning imports of buffalo meat from India.

In a letter addressed to Agriculture Secretary Francisco P. Tiu Laurel, Jr., it said shipments have already been contracted for use in January and February production.

According to the Bureau of Animal Industry (BAI), cases of foot and mouth disease (FMD) were found in the Indian states of Bihar, Maharashtra, and Telangana.

The issuance of sanitary and phytosanitary  (SPS) clearances of buffalo meat were subsequently halted for products from the three states.

“The SPS ban will leave us with virtually no raw material inventory to process into canned goods by then,” PAMPI added.

The group said that the ban could lead to the loss of India as a source for buffalo meat.

“The SPS ban on the three states will set a disastrous precedent as it will result in our industry losing India as the only source of buffalo meat raw material,” it added.

The BAI had earlier confirmed the FMD cases after conducting an inspection mission to the Indian states.

“We would like to request your office to conduct a circumspect and more thorough review of the matter so that the interest of our industry as well as the nation’s food security is not compromised,”  PAMPI said.

“Pending the outcome of such review, we respectfully suggest that the status quo ante be maintained,” it added.

The Federation of Free Farmers (FFF) had asked the DA to immediately suspend imports of buffalo meat from areas in India affected by FMD.

The FFF said that banning the imports would protect the livestock industry from the spread of the disease. — Adrian H. Halili

Potential bidders invited to rehab Basilan port

FACEBOOK.COM/P/PHILIPPINE-PORTS-AUTHORITY-TMO-ISABELA

THE Philippine Ports Authority (PPA) said it issued an invitation to interested parties in the rehabilitation and expansion of Isabela port.

The port regulator is allocating P546.22 million for the works at the Port of Isabela in Isabela City, Basilan.

The auction format will be open competitive bidding, the PPA said, noting that all bidders must have taken on a project of similar type beforehand.

Bids in excess of the amount allocated for the project will be automatically rejected at the bid opening on Jan. 21, the PPA said.

The PPA said it will start accepting bids for the project on or before Jan. 21.

The winning bidder will have 720 calendar days from the receipt of the notice to proceed to complete the project.

Earlier this month, the PPA said that at least two more port upgrade and rehabilitation contracts  will go up for auction by year’s end.

In separate bid notices posted on the PPA’s website, the regulator is seeking interested parties to rehabilitate and improve Virac port in Catanduanes for P120.07 million and to improve San Carlos port in Negros Occidental for P351.93 million.

Over the next four years, the PPA plans to allocate about P16 billion for infrastructure projects, including 14 flagship projects. — Ashley Erika O. Jose

Agri, Trade departments to jointly push for expanded farm exports

REUTERS

THE Department of Agriculture (DA) said on Monday that it is collaborating with the Department of Trade and Industry (DTI) to boost farm exports.

“The agencies signed a Memorandum of Agreement (MoA) aimed at increasing export sales of key commodities, including bananas, mangoes, and seaweed, while promoting high-value crops like coffee and cacao,” the DA said in a statement.

The MoA focuses on trade promotion, strategic investment, empowering small and medium enterprises, and resolving issues like market access and tariffs.

The effort will also involve the Philippine Exporters Confederation, Inc., and the Philippine Food Processors and Exporters Organization, Inc.

“We’re proud to formalize this partnership with the DTI… Combining the resources and expertise of both agencies will unlock the full potential of Philippine agriculture,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said.

The DA will also establish an Agri-Export Help Desk to manage export-related concerns.

The DA is also planning to organize agricultural commodity councils starting in January to enhance coordination between government and private businesses.

“By improving market access and fostering innovation, the DA and DTI aim to position the Philippines as a global leader in food exports, benefiting farmers, fisherfolk, and other stakeholders across the value chain,” the DA added.

The DA’s Export Development Office has implemented programs to boost exports of bananas, mangoes, seaweed, coconuts, and durian. Crops like coffee and cacao are also being prioritized.

According to the Philippine Statistics Authority, agricultural exports rose 21.8% to $1.97 billion during the third quarter, accounting for about 10.3% of total exports. — Adrian H. Halili

2024 BIR issuances Wrapped, plus year-end compliance reminders

It’s the most wonderful time of the year; not only do we have Christmas and New Year to look forward to, it’s also time to explore our music year in review via Spotify Wrapped 2024! Who else looked forward eagerly to our respective Wrapped stories? I believe we’re all excited for the music app to encapsulate our favorite artists, genres, and songs.

“You listened to 13,463 minutes and played over 478 songs this year,” according to my own summary. These statements dominated the first two weeks of December. How was your own music evolution? Did you start the year with some “Pink Pilates Princess Strut Pop” and transition to “After Hours Pop” or “Heatwave Beach Reggaeton” in July? How about your top artists and genres? Are they what you expected after locking in your music preferences?

Just as Spotify wrapped up the evolution of our music taste for the year, let’s also take a moment to look back at the ever-changing tax landscape as we review several important regulations and clarifications issued by the BIR this year, primarily focused on the implementation of the Ease of Paying Taxes (EoPT) Act.”

EASE OF PAYING TAXES (EOPT) ACT
The EoPT Act is a significant tax reform law aimed at improving the ease and efficiency of the tax compliance process for businesses and individuals. Below is a summary of the key highlights of the EoPT Act:

• Simplification of tax filing and payment procedures

• Removal of certain documentary requirements when substantiating invoices for the purpose of claiming input VAT

• Enhancements to taxpayer services

• Introduction of electronic tax payments to remit taxes, promoting cashless transactions and reducing errors in manual processes

• Modernization of tax systems, including the automation of tax assessments, collections, and the enforcement of tax compliance

• Tax rate reductions for small and medium enterprises (SMEs) in an effort to promote business growth and sustainability

• Stricter penalties for non-compliance with tax filing deadlines or failure to use the digital systems established under the law

• Strengthened Taxpayer Education Programs to ensure that businesses and individuals are aware of their tax obligations and the available digital tools for compliance

• Revised Taxpayer Identification System (Small, Medium, and Large Taxpayers)

These highlights reflect the main objectives of the EoPT Act, which are to streamline and simplify tax compliance, enhance taxpayer services, and modernize the tax collection system to make it more efficient and accessible for businesses and individuals.

VAT ON DIGITAL SERVICES
The VAT on digital services is a tax imposed on digital services that are supplied over the internet or other electronic networks with the use of information technology, where the supply of the service is essentially automated. This includes those digital services provided by non-resident digital service providers (NDSPs) to consumers in the Philippines. The law aims to equalize the tax obligation of digital service providers located overseas, particularly those engaged in entertainment, content creation, marketplaces, and cloud services. To meet this objective, the law imposes 12% value-added tax (VAT) on digital service providers (DSPs).

The law also introduced the registration with the Bureau of Internal Revenue (BIR) of NDSPs who provide digital services consumed by Philippine customers. If the customers of NDSPs are VAT-registered, the customer is liable to withhold and remit the VAT via reverse charging mechanism (withholding VAT) to the BIR. On the other hand, if the customers are not VAT-registered, the NDSPs have an obligation to remit the 12% VAT on their digital services.

This move aims to ensure fairness in the tax system, improve revenue collection as the government targets additional billions in revenue over the next five years, and address the growing digital economy.

CREATE MORE
The CREATE MORE Act (Corporate Recovery and Tax Incentives for Enterprises – Maximize Opportunities for Reinvigorating the Economy) is a continuation of the tax reforms introduced under the CREATE Act (Corporate Recovery and Tax Incentives for Enterprises Act). The law seeks to further promote economic growth, improve tax incentives, and encourage investments by enhancing the tax system for businesses and industries. Below is a summary of the key highlights of the CREATE MORE Act:

• Enhanced tax incentives for registered business enterprises

• Reduction in Corporate Income Tax Rates

• Incentive rationalization and streamlining

• Further VAT exemptions

• Enhanced tax administration on improving tax collection efficiency and automation of tax filing

• Tax relief for new and expanding businesses

• Strengthening incentive-granting agencies

• Support for MSMEs (Micro, Small, and Medium Enterprises)

• A more competitive business environment by encouraging foreign investment

The CREATE MORE Act builds on the reforms of the CREATE Act, offering enhanced tax incentives, reducing the corporate income tax rate, rationalizing tax breaks, and simplifying tax administration. It aims to further drive investment and boost economic recovery.

BIR YEAR-END TAX COMPLIANCE REMINDERS
As the end of the year approaches, taxpayers need to be mindful of several key compliance requirements set by the BIR. Here are some important reminders for 2024:

1. Submission of Annual Information Returns and Alphalists, together with the Annual Alpha List of Employees/Payees

• BIR Form 1604-C (Compensation) and the Annual Alphalist of Employees must be submitted by Jan. 31.

• BIR Form 1604-F (Final Withholding Taxes) and the Alphalist of Payees are also due on Jan. 31.

• BIR Form 1604-E (Expanded Withholding Taxes) and the Alphalist of Payees need to be filed by March 1, 2025.

2. Submission of Certificate of Compensation Payment/Tax Withheld (BIR Form No. 2316)

Employers must provide BIR Form 2316, which details the income earned and taxes withheld for each employee, by Jan. 31. Signed copies must be submitted to the BIR by Feb. 28.

3. Submission of Inventory List and other reporting requirements

Taxpayers maintaining inventory are required to submit soft copies of the annual inventory list and applicable schedules, accompanied by a notarized and signed sworn declaration, within 30 days following the close of the taxable year.

Taxpayers are advised to prepare a reconciliation of the inventory list and other applicable schedules with their records so that they can explain any differences to the BIR upon tax audit.

4. Submission of Books of Account

Depending on the taxpayers’ registered books of account, the following shall be observed for subsequent registration:

a) Manual Books of Account

• New businesses must register their manual books of account before the deadline of the first quarterly or annual income tax return, whichever is earlier.

• Existing businesses must register new sets of manual books before fully consuming the pages of previously registered books.

Further, please note that the registration does not need to be completed annually unless the old set of books is fully consumed.

b) Loose-Leaf Books of Account

These must be submitted annually, within 15 days after the end of each taxable year or within 15 days from the closure of business operations.

c) Computerized Accounting System (CAS)

These must be submitted annually, within 30 days from the end of each taxable year or from the closure of business operations.

Further, in compliance with the EoPT Act, the BIR set a deadline of Dec. 31, 2024, for taxpayers to update their CAS to comply with the latest changes, including the issuance of invoices and generation of necessary reports in the format prescribed by the BIR.

In 2024, all books of account must be registered online via the BIR’s Online Registration and Update System (ORUS). The registration process now involves generating a QR code, which serves as proof of registration instead of manual stamping. The QR code includes various taxpayer details, such as TIN, registered name, and type of book.

These updates aim to streamline the registration process and ensure compliance with the BIR regulations.

In conclusion, we can say that the BIR’s incremental actions in 2024 include a variety of impactful issuances aimed at modernizing the tax system, improving compliance, and addressing the challenges of a growing digital economy. Taxpayers have felt a substantial improvement. As we look forward to 2025, we expect that the BIR continues to build rapport on the significant advancements and reforms it achieved this year.

 

Neymhel Marie I. Obedencio is a senior in charge of the Tax Advisory & Compliance Practice Area at the Cebu office of P&A Grant Thornton.

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Quiambao exits La Salle to chase NBA dream with stint in S. Korea

KEVIN QUIAMBAO — UAAP/JULIUS DOMONDON & NICOLE HERNANDEZ

THE King Archer is signing off.

Most Valuable Player (MVP) Kevin Quiambao on Monday bid goodbye to Taft to chase his NBA dream starting with a stint for the Goyang club in the Korean Basketball League (KBL) after an illustrious career with the De La Salle University Green Archers in the UAAP.

“My college career comes to an end,” said Mr. Quiambao on the heels of a tough exit as La Salle surrendered its throne with a 66-62 defeat against the University of the Philippines (UP) Fighting Maroons in Game 3 of the UAAP Season 87 men’s basketball finals.

“I will pursue my NBA dream and start my journey by playing professional ball in Goyang Sono Sky Gunners and developing my game even more.”

Mr. Quiambao, 23, has two years left in his playing eligibility but opted to turn pro with nothing more to prove after towing the Archers to their first title in eight years last season and winning back-to-back MVP and Mythical Team citations along with a Finals MVP award.

La Salle came close to completing a back-to-back feat in the thrilling Game 3 but to no avail as UP stormed back with a sweet vengeance for its second title in four years witnessed by 25,248 fans — the highest in attendance in UAAP basketball history — at the Smart Araneta Coliseum.

Still, the Gilas Pilipinas forward will head to Korea — and hopefully to the NBA down the road — with a bevy of lessons learned and awards to show in a bid to fly the flag high.

And he’s confident that the Archers would be just fine without him, especially with the eligibility of his Gilas teammate Mason Amos and NCAA juniors MVP Luis Pablo along with the backcourt duo of Kean Baclaan and Jacob Cortez.

In the end, Mr. Quiambao thanked his La Salle community, bosses, coaches and teammates led by head coach Topex Robinson in molding him into a ready and fully-equipped professional basketball player from here on.

“Thank you for three wonderful seasons, a lot of sweat, tears and sacrifices. Thank you for making me a great student-athlete. First of all, thank you God and my whole family. I can’t thank you enough for unwavering support. Thank you for believing in me and pushing me to reach my potential. I am so grateful and blessed to have you guys,” he beamed. — John Bryan Ulanday

Unheralded Hernandez rules National Juniors chessfest

LEXIE GRACE HERNANDEZ

BEING the reigning women’s champion and an Olympiad veteran, everybody was looking at teenage sensation Ruelle Canino to handily rule the girls’ side of the National Juniors Chess Championships.

They were all mistaken.

Delivering one of the most shocking victories in the history of the annual tournament, unheralded Lexie Grace Hernandez crawled her way back from the grave to snatch the crown nobody believed she’d win.

From a stinging first-round defeat, the 19-year-old Ateneo de Manila University standout fought her way back by scoring 5.5 points in the last six rounds including a snappy 46-move win over second seed Jersey Marticio in the last round.

The rampage sent her tied for first with Daren dela Cruz, who also had 5.5 points after beating Karol Josef de Guia in the final round, but emerged as the new junior girls champion after getting the higher tiebreaker.

Her effort booked her a trip to the World Juniors Championships slated for February next year in Petrovac, Montenegro and earned her a P15,000 purse courtesy of the National Chess Federation of the Philippines and the Philippine Sports Commission.

“I didn’t expect it,” said Ms. Hernandez, who was also a former standard and blitz Eastern Asia Youth gold winner.

Ms. Dela Cruz wound up No. 2 while Ms. Canino struggled and finished just third with five points.

The tournament was Ms. Canino’s for the taking but, in the end, couldn’t find her rhythm and missed out badly on the crown that many believed was hers.

It went to Ms. Hernandez instead. — Joey Villar

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