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Bill cutting stock transaction tax to also lower tax on lotteries, horse racing bets

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THE House Ways and Means committee has included amendments to the proposed Capital Markets Efficiency Promotion Act which will lower taxes on lottery winnings as well as the documentary stamp tax imposed on horse racing bettors.

 The unnumbered substitute bill included a provision to reduce the tax on winnings above P10,000 awarded by the Philippine Charity Sweepstakes Office (PCSO), as well as lotto winnings, to 10% from the current 20%. Winnings below P10,000 will be exempt.

The Documentary Stamp Tax (DST) on PCSO lottery tickets and horse race bets will also be reduced to 10% from the current 20%.

“The reasonable rates of taxes on lottery winnings and on PCSO tickets will help raise funds for the Universal Health Care Program under Republic Act No. 11223 and other priority health programs of the National Government,” Committee Chairman and Albay Rep. Jose Ma. Clemente S. Salceda told the panel.

The committee approved the Capital Markets Efficiency Promotion bill on Sept. 6.

The measure seeks to lower the stock transaction tax to 0.1% from the current 0.6%.

It also aims to reduce the tax on dividends for non-resident investors to 10% from the current 25%. Mr. Salceda said the provision will help enhance the Philippines’ competitiveness with its neighbors.

“We expanded the definition of ‘shares of stock’ to include warrants, options to buy and sell shares of stock excluding employee stock option plans, other types of derivatives, and transactions representing short selling of securities. This amendment serves to address the uncertainty in tax treatment of secondary transfer or sale through a stock exchange,” Mr. Salceda said.

The Securities and Exchange Commission is tasked by the bill to draft rules governing the market for short sales. 

If signed into law, the measure will also eliminate the debt transaction tax, which featured in an earlier version of the bill.

Mr. Salceda has said that the Philippines’ 0.6% stock transaction tax is the highest within Association of Southeast Asian Nations.

“Vietnam and Indonesia only impose 0.1% while other neighboring countries exempt the sale of shares of stock (from tax). This keeps the Philippine bond and equity markets small relative to our regional peers,” he said during last week’s committee meeting.

The Philippine Stock Exchange has 283 listed companies, while other stock exchanges in the region have between 425 and 963, Mr. Salceda said last week. — Beatriz Marie D. Cruz

Debt moratorium for some ARBs extended further

THE moratorium on debt payments by agrarian reform beneficiaries (ARBs) first declared via executive order in September 2022 has been extended by two years, the Department of Agrarian Reform (DAR) said.

The extension of the moratorium to Sept. 13, 2025 was announced to coincide with the presentation at the Palace on Monday of the Implementing Rules and Regulations (IRR) for the New Agrarian Emancipation Act, or Republic Act No. 11953.

The law is expected to benefit an estimated 129,059 ARBs tilling 158,209.94 hectares of land “whose land awards did not reach the cut off period of July 24, 2023,” the DAR said in a statement.

President Ferdinand R. Marcos, Jr., in his original moratorium declaration last year via Executive Order No. 4, had frozen ARB amortization and interest payments for one year.

“As we chart a path towards a more self-sufficient and equitable Philippines, this administration reaffirms its commitment to enrich the lives of our farmers, ensure the rapid industrialization of our farmlands and promote sustainable and inclusive growth in the countryside,” the President said at the presentation of the IRR. RA 11953 had been passed by Congress in July 2022.

Agrarian Reform Secretary Conrado M. Estrella III has said that condoning the debt of ARBs will cost P57.57 billion and provide relief to over 600,000 beneficiaries tilling 1.17 million hectares.

He said the government will also take over the outstanding obligations of more than 10,000 ARBs tiling agrarian reform land surrendered under the voluntary land transfer and direct payment scheme.

“I call upon the beneficiaries to utilize your land not only to cater to your families but also to the rest of the nation,” Mr. Marcos said. — Kyle Aristophere T. Atienza

Budget release rate hits 95.3% at end of August

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THE Department of Budget and Management (DBM) said it had released P5.02 trillion of the 2023 national budget by the end of August.

The DBM’s Status of Allotment Release report indicated a release rate of 95.3%, behind the year-earlier pace of 96.5%.

This leaves P248.3 billion in undistributed releases from the budget.

At the end of August, the release rate of government agencies and departments stood at 97.1%, equivalent to P3.4 trillion of their allotments.

Special Purpose funds released P351.55 billion or 68.1% of their allocations.

Meanwhile, Automatic Appropriation releases amounted to P1.36 trillion or 84.6%.

These include the P887.52 million for retirement and life insurance premiums of various National Government agencies and P10 billion for the Rice Competitiveness Enhancement Fund. — Luisa Maria Jacinta C. Jocson

Proposed CREATE amendments seek to clear up VAT refund rules

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THE chairman of the House Ways and Means committee is proposing to amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law to address conflicting provisions regarding the value-added tax (VAT), among others.

“This reform aims to reconcile the disparities between the CREATE Act and its implementing rules and regulations, primarily on VAT-related transactions,” Albay Rep. Jose Ma. Clemente S. Salceda said in a Ways and Means hearing on Tuesday.

“The Department of Finance’s (DoF) changes to the implementing rules and regulations were okay, but they placed a conditionality with respect to the refund system. We took that as an opportunity to further enhance our incentive system,” he added.

Mr. Salceda said he filed the “CREATE MORE” bill on Aug. 29. On Sept. 8, the DoF submitted its comments on the proposal. The Board of Investments (BoI) likewise submitted initial comments.

Under the draft substitute bill, the corporate income tax (CIT) rate for the enhanced deduction regime will be set to 20%, from 20-25% previously.

“Essentially, now for those after the 10-year transitory period or new entrants after expiry of the income tax holiday, if you choose enhanced deduction, instead of 25% as CIT on taxable income it will just be 20%. It will be lower than the gross income earned (GIE). We are definitely biased towards enhanced deductions because we want performance,” Mr. Salceda said.

The proposal also places the enhanced deduction for power costs at 200% from 150% previously.

“It’s a way of reducing your power costs by financial engineering. If you’re paying P6 or P4 (per kilowatt-hour), then it will be deducted from taxable income at P8,” he added.

It also allows enhanced deductions for expenses related to trade fairs, missions, or exhibitions of 200%, from 100% previously.

Meanwhile, Mr. Salceda also noted that local taxes of registered business enterprises (RBEs) will be collected by investment promotion agencies from those granted income tax holidays (ITH) and enhanced deductions.

“For those under ITH, your host local government units are providing services (for which) of course they will ask for some form of (payment). Right now, it’s between 1-2%. It will be the IPA (that will) collect and distribute (the proceeds). It will be simplified, no need to contact the LGU,” he said.

“Our only problem is those approved by BoI that are not within the Philippine Economic Zone Authority (PEZA) or the Clark Development Corp. zones. (For those cases) we are asking the BoI to merely appoint BIR to collect,” he added.

“For those that are BoI-registered… the LGUs will be allowed to waive their share under the law… Instead of 1-2%, we’re making it 1.5% (to) standardize national and local business tax to reduce any form of negotiation between LGUs and RBEs,” he added.

The proposal also seeks to “harmonize” VAT-related issues.

“We are replacing the ‘directly and exclusively used’ condition (for transactions to qualify for VAT exemption) with ‘directly attributable (to export operations)’, which is I think acceptable to most chambers,” Mr. Salceda said.

It also empowers the President to grant incentives, “thereby allowing the motu proprio grant of incentives packages.”

“The President is allowed by this law to match any package that will be offered by any of our competitors,” he added.

The proposed amendments also allow the Fiscal Incentives Review Board to grant VAT-zero rating and VAT exemptions to domestic market enterprises with investment capital of over P500 million. — Luisa Maria Jacinta C. Jocson

ERC: Revised CSP guidelines expected by end of September

THE Energy Regulatory Commission (ERC) said on Tuesday that the review of draft rules for the competitive selection process (CSP) is ongoing and is due for completion by the end of the month.

“We’re targeting to release the new revised draft within the week, so we can have a [public consultation] again next week; by the end of September, we can finalize the guidelines,” ERC Chairman and Chief Executive Officer Monalisa C. Dimalanta told reporters on the sidelines of Giga Summit 2023.

The draft implementing guidelines governing the procurement, execution, and evaluation of power supply agreements (PSAs) entered into by distribution utilities (DUs) for the supply of electricity to their captive markets was published on Aug. 14.

The ERC notified the Department of Energy (DoE) on Aug. 25 of the necessity to consider the results of various consultations and the need to revise the draft CSP guidelines further.

The ERC seeks to revise the guidelines set by Department Circular No. DC2018-02-0003, which outlines policy on procurement by DUs for their captive markets in both on-grid and off-grid areas.

“We’re going through the draft again on the points that (were raised in consultations) …so we’re revisiting that,” she said.

In CSP, a competitive bid is conducted to obtain a supply of electricity, with winning bids evaluated by a standard set of criteria.

In 2019, the Supreme Court affirmed its decision requiring all PSAs submitted by DUs to the ERC beginning June 30, 2015 to undergo CSP, rendering prior agreements ineffective as a basis for determining rates. — Sheldeen Joy Talavera

Rice tariff removal seen benefiting broader segment of PHL society

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THE Philippine Chamber of Commerce and Industry (PCCI) said that the removal of tariffs on rice imports will help the broader population deal with rising prices, though it warned that prolonging the free entry of rice imports will ultimately harm farmers.

“The world price of rice is going up. So, to help our general population who are having a hard time because other food prices are (also rising), we hope that the import duties can be removed,” PCCI President George T. Barcelon told reporters on the sidelines of the 21st International CEO Conference.

However, Mr. Barcelon said that the government should weigh how long the import duties should be removed.

“We don’t want it (to run) too long because this will impact our farmers as the price of palay will be cheaper,” he said.

Reports have emerged of traders offering farmers less for their palay (unmilled rice) because of the expected availability of fresh shipments of cheap rice imports, which domestic rice will need to compete with.

“There has to be a balancing act. But in the meantime, since we›re short of rice, when we import, I hope it doesn’t have taxes for now so that we can lower the cost of rice,” he added.

The Department of Finance proposed last week to temporarily reduce the 35% rice import tariff to 0% or a maximum of 10%.

Mr. Barcelon also said the price controls on rice will be temporary.

“From what I heard from Finance Secretary Benjamin E. Diokno, (the caps) will not last very long… According to some projections, our harvest in the next few months will be good, (which will) mean more supply,” he said.

He added, however, that consumers must not aggravate the situation by buying more than they need.

“We have enough rice (for) many months … The public should just buy enough for their needs. They should not be part of the problem,” he said.

In a statement issued on Tuesday, the Department of Trade and Industry (DTI) said it was able to sell a total of 1,371 sacks of well-milled rice through its Rice on Wheels for Retailers program.

“The program started on Sept. 8 and is set to run as long as demand is present in the market,” the DTI said.

“The rice millers and retailers who are working with us initially committed 30,000 sacks, which will be sold in the coming weeks, as previously mentioned, (while) demand is present,” it added.

The program, which is carried out in collaboration with Bulacan rice millers and traders, is part of the DTI’s efforts to implement Executive Order (EO) No. 39, which set price ceilings for regular-milled and well-milled rice at P41 and P45, respectively, starting Sept. 5.

“For now, the program serves as a mitigating measure for those affected by the implementation of EO 39. We will adjust the timeline of the program depending on the result of our monitoring in the coming weeks,” the DTI said. — Justine Irish D. Tabile

NFA loss of import function gave private traders too much control over rice supply — AgriNurture

THE removal of the National Food Authority’s (NFA) rice import function effectively handed control over the rice supply to private traders, AgriNurture, Inc. (ANI) President and Chief Executive Officer Antonio L. Tiu said in an interview with ANC.

“The private sector will only step when there is profit to be made… I do not agree (with the removal of) the NFA’s power to import rice,” he said.

The Rice Tariffication Law of 2019 (Republic Act No. 11203) privatized the function of importing rice formerly carried out by the NFA. Instead, private traders were allowed to bring in their own shipments but had to pay a tariff of 35% on Southeast Asian grain.

The law was intended to relieve the government of having to pay for rice imports. The tariff also generated revenue for the government and helped finance the Rice Competitiveness Enhancement Fund, which is tasked with modernizing the rice industry.

Mr. Tiu said parts of the law “are not advantageous to the country as a whole” and need to be reviewed.

“For example, you are not supposed to restrict the NFA from importing rice because the NFA is supposed to be the agency in charge of the food security, particularly the rice buffer stock,” Mr. Tiu added, referring to the NFA’s role of maintaining a reserve for release during calamities and shortages.

The NFA is now restricted to buying domestic rice to meet its buffer stock quota.

Mr. Tiu said limiting the NFA to buying domestic rice causes “seasonal problems in rice availability every year.”

“This seasonality problem can only be addressed by importing for the short term for the foreseeable future, because attaining rice self-sufficiency may take years if not decades to achieve,” he added.

The Philippines imported 2.19 million metric tons of rice in the eight months to August, down 42.8% year on year as international rice prices rose after major producers like India announced restrictions on exports.

“This rice problem is more on the macro side; we have neighbors suffering from a shortfall in terms of harvest as well. We have neighbors aggressively buying for their buffer stock program, and we have neighbors preparing for war,” he said.

“So, we have to look at long-term solutions (beyond) the price controls on rice,” he added.

Last week, the government issued Executive Order No. 39, which temporarily imposed price caps on rice at P45 per kilo for well-milled rice and P41 for regular-milled. — Adrian H. Halili

Senate vows to fund South China Sea defenses

PHOTO FROM ARMED FORCES OF THE PHILIPPINES

By John Victor D. Ordoñez and Kyle Aristophere T. Atienza, Reporters

THE PHILIPPINE Senate expressed support for the country’s defense agencies, along with the Philippine Coast Guard (PCG), vowing to increase their budgets to sufficiently upgrade maritime security capability amid tensions with China in the South China Sea .

“The Senate is one and united in assisting your budgets and increasing your funds for proper equipment for the West Philippine Sea situation,” Senate President Juan Miguel F. Zubiri said at Tuesday’s joint committee hearing on matters of the South China Sea.

Mr. Zubiri gave the Senate’s commitment to back funding requirements for the PCG and the Armed Forces of the Philippines (AFP) “whether it be confidential, intelligence funds or funding that will give you proper equipment for your needs in the West Philippine Sea.”

He noted that senators had already planned to transfer the confidential funds of government agencies that do not need them to the National Security Agency and other intelligence-gathering bodies of the state.

Senator Francis T. Tolentino said a newly formed Senate Maritime and Admiralty Zones Committee on Sept. 14 would tackle proposals establishing Philippine maritime zones, archipelagic sea leans, and boosting the country’s archipelagic defense.

Meanwhile, Jay L. Batongbacal, director of the University of the Philippines Institute for Maritime Affairs and Law of the Sea, told the same hearing that a United States aircraft did not violate international law when it was deployed to monitor a Philippine resupply mission last week.

JOINT FILIPINO-US TROOPS MUST BE STATIONED IN SCS — ANALYST
An international security analyst is urging the Philippine government to replace the BRP Sierra Madre — the rusty World War II-era ship grounded at Second Thomas Shoal (Ayungin Shoal) to serve as a military outpost in the South China Sea (SCS) — with a permanent structure that will be manned by Filipino and American troops.

Blake Herzinger, a research fellow in the Foreign Policy and Defense Program at the United States Studies Center, noted that China might exploit the deteriorating condition of BRP Sierra Madre, which was intentionally run aground in the shoal in 1999.

“The United States and the Philippines should act before being forced to react to deteriorating conditions aboard the ship,” he said in analysis published by Texas National Security Review, noting that failure to do so would create conditions “for loss of Philippine sovereignty, a reenactment of China’s seizure of the Philippines’ Scarborough Shoal in 2012.”

A possible conflict in the shoal in the future could also create a crisis within the bilateral US-Philippine alliance, he added.

“The Philippines should remove the Sierra Madre and replace it with a permanent structure manned by combined rotational forces from both the Philippines and the US Marine Corps,” Mr. Herzinger said, noting that a combined outpost could deter Beijing’s efforts to block resupply missions in the West Philippine Sea.

He said that while a more muscular approach could lead to increased tension “given the Chinese military’s considerable force presence in the area,” “the coercive tactics long employed against littoral states in the region would be less effective against the US Navy, which could dispel the image of Chinese forces enjoying unchallenged dominance in the region.”

Mr. Herzinger said the best structure to replace the World War II-era vessel would be “a repurposed oil platform, oil rig, or accommodation platform.”

“Development of a combined facility would require a ready-made structure able to quickly replace the Sierra Madre immediately following its removal,” he said.

“Or, alternatively, the new facility could be emplaced as an upgraded living structure for the marines living aboard it, with the Sierra Madre to be disassembled after the new outpost is installed,” he added.

Meanwhile, the security expert said Beijing will likely physically challenge the emplacement of a platform with elements from its navy, coast guard, or maritime militia.

But a significant show of US naval and air power during the emplacement of the facility “would force Beijing to shoulder risk and be a step toward reversing years of unimpeded aggression,” Mr. Herzinger said.

2nd round of capital aid to rice retailers unlikely

PHILIPPINE STAR/EDD GUMBAN

THE GOVERNMENT is unlikely to implement a second round of capital aid to retailers affected by the imposition of price ceilings on rice, the Department of Social Welfare and Development (DSWD) said on Tuesday.

Reporters at the Palace briefing asked Social Welfare Secretary Rexlon T. Gatchalian about the possibility of a second tranche of aid for small-scale rice retailers, to which he replied that price capping was only a temporary solution to the surge in rice prices.

“The price cap is not meant to last long so that is why we are sticking to that,” Mr. Gatchalian said.

The price cap order, which became effective on Sept. 5, imposes a maximum price of P41 per kilo for regular milled rice and P45 for well-milled rice. The government said the order aims to address a spike in prices, amid alleged hoarding and price manipulation by cartels.

An industry association had said a rice retailer loses around P7,000 a day due to the price ceiling, or around P49,000 a week.

“That is why he (President Ferdinand R. Marcos Jr.) told us earlier when we met to ramp up the distribution of livelihood grants to shore up their capital,” Mr. Gatchalian said, referring to a Cabinet meeting earlier in the day.

He said the government aims to finish the distribution of P15,000 capital assistance to rice retailers by Sept. 14 with a focus on those from highly urbanized cities, in light of the impending election spending ban.

“The President instructed us to finish this at the soonest possible time. He likes the idea of finishing it by the 14th… but we told him that we have applied for an exemption (from the election spending ban) in the eventuality that there’ll be unforeseen circumstances that will cause some delays,” said Mr. Gatchalian.

The DSWD vowed to ensure that those who have not been prioritized will receive the livelihood grant. “That’s the basis of our appeal,” Mr. Gatchalian said of their intention in filing for an election period exception from distributing the aid.

The imposition of price control has been heavily criticized by economists, who said the order could limit the supply of the food staple and lead to black-market trading.

They also emphasized that traders might hesitate to buy rice from farmers, who will be left with no choice but to lower farmgate prices.

Mr. Marcos and his Cabinet officials have said the price cap order is only temporary, but without providing details as to when it will be lifted.

In a television interview on Monday, Trade Secretary Alfredo E. Pascual said the government may lift the price ceiling on rice in two weeks when the local harvest starts, and more imports arrive.

“Within September, we are looking at 2 million metric tons of harvest and entry of some imported rice,” Mr. Pascual said.

Mr. Marcos’ economic team has been eyeing to cut the tariff for rice imports to as low as 0% from 35% to manage market prices. — Kyle Aristophere T. Atienza

House panel approves bill to develop country’s blue economy

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By Beatriz Marie D. Cruz, Reporter

A HOUSE panel on Tuesday has approved a measure creating a framework to utilize and preserve the Philippines’ ocean-based resources, a priority measure expected for Congress approval this year.

Negros Occidental Rep. Jose Francisco B. Benitez, who headed the technical working group (TWG) that fine-tuned the bill, said the proposed Blue Economy Act seeks to “redefine our relationship with our marine waters and create a path to sustainable and inclusive development of our marine resources.”

Blue economy is an economic model seeking the sustainable utilization of ocean resources through green infrastructure and technology. Vietnam, Indonesia and China have been “aggressively developing” their blue economies.

Under the measure, the National Coast Watch System, which is currently limited to coordinating maritime security policies and patrols, will be renamed into the National Maritime Monitoring System that will have the National Maritime Council, National Maritime Office, and the National Maritime Coordination Center as its attached offices to harmonize policies.

“It is necessary to reorganize and strengthen the National Coast Watch System and reorient government policy towards sustainable development of our marine and coastal resources and ensure the health of our aquatic ecosystems,” Mr. Benitez said.

Mr. Benitez told the House Committee on Economic Affairs that reclamation activities, oil and gas exploration and extraction, and submarine mining have been excluded from the list of priority maritime activities.

“But considering that these activities become necessary to a certain extent, we included a clause that provides for a mechanism for the National Maritime Council to evaluate the environmental impact of such activities,” he said. A clause was added for the integration of environmental-economic accounting in the assessment.

Negros Occidental Rep. Gerardo P. Valmayor, Jr., who heads the committee, acknowledged that “the Philippines, being the world’s second largest archipelagic state with extensive maritime domain, should pursue ocean-based and ocean-related activities that are economically sustainable.”

The Philippine territory is approximately 88% maritime waters and maritime industries account for 3.6% of the gross domestic product (GDP), latest data from the Philippine Statistic Office show.

Last month, Environment Secretary Maria Antonia Yulo-Loyzaga said the Philippines produces 163 million plastic sachets, 48 million shopping bags, and 45 million thin-film bags daily, with 35% leaking into oceans and open environments.

Stressing the need to improve coastal and marine resource management, Mr. Benitez said: “If we do not act now, our marine wealth will be lost due to damage from overexploitation and pollution.”

The bill is included in the Legislative-Executive Development Advisory Council’s (LEDAC) list of priority measures. A similar measure is pending in a Senate committee.

Ressa, Rappler Holdings beat tax evasion raps anew

MARIA A. RESSA — PHILIPPINE STAR/MICHAEL VARCAS

A PASIG City court has cleared Rappler Holdings Corp. and its founder and Chief Executive Officer Nobel Peace Prize laureate Maria A. Ressa of tax evasion, four months after the country’s tax court acquitted her of the same charge.

“This is a victory not just for Rappler but for everyone who has kept the faith that a free and responsible press empowers communities and strengthens democracy,” Rappler said in a statement, citing the ruling handed down by the Pasig City Regional Trial Court Branch 157 on Tuesday.

The Bureau of Internal Revenue (BIR), during the presidency of Rodrigo R. Duterte, accused Ms. Ressa and her company of evading taxes by failing to declare Philippine depositary receipts it sold to foreign investment firms North Base Media and Omidyar Network Fund LLC in their income tax returns in 2015.

A Philippine depositary receipt is a security that gives its holder the right to the sale of the underlying shares of stock, according to the Philippine Stock Exchange. It is not evidence or certificates of ownership in a company.

The court said Rappler had not gained taxable income from the receipts. Under the country’s Tax Code, income tax may be imposed on ventures that yield profit.

In May, the Court of Tax Appeals stood by its decision to acquit Ms. Ressa and her media organization’s holdings company, citing a lack of evidence. — John Victor D. Ordoñez

PCSO combats illegal gambling

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THE PHILIPPINE Charity Sweepstakes Office (PCSO) revealed on Tuesday that it uses its confidential funds to curb the proliferation of illegal gambling in the country.

Appearing before the House Committee on Appropriations, PCSO Board Secretary Reymar H. Santiago confirmed that they have P100 million in confidential funds for 2023, of which P25M has already been utilized to “gather information regarding illegal gambling activities in the provinces.”

“We considered those illegal number games [bookies, jueteng, small-town lottery] as a competitor of PCSO, that’s one of the challenges we are facing for the ops of our gaming,” PCSO Assistant General Manager Lauro A. Patiag told the committee.

However, none of the resource speakers explained details on utilization of the confidential funds, which is under the control of the PCSO general manager. The effort to arrest illegal gambling is coordinated with law enforcement agencies, said Mr. Santiago.

Both PCSO General Manager Melquiades A. Robles and Chairman Junie E. Cua were not present in the hearing, criticism from some legislators.

“I feel insulted that the big bosses of the government-owned and controlled corporation known as PCSO wouldn’t attend the budget hearings,” Antipolo Rep. Romeo M. Acop told the committee.

Surigao del Norte Rep. Robert Ace S. Barbers blamed the PCSO’s “laxed policy” as the reason why illegal gambling remains rampant. “If they have a confidential fund purposely to help assist in the eradication of illegal gambling, they’re probably not performing very well,” Mr. Barbers said.

The House panel suspended the August 14 hearings on the PCSO’s budget after errors were noted in its accounts.  — Beatriz Marie D. Cruz

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