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Alaska Milk targets 20% revenue growth this year

ALASKA Milk Corp. (AMC), a local milk product manufacturer, is aiming for a robust recovery of its business this year, a company official said.

Maria Angela N. Esquivel, AMC corporate affairs director, said the milk product manufacturer is targeting a revenue growth of 20% for the current year.

“(We are aiming for a) minimum of 20% growth in turnover (revenue), with strong recovery on profitability by the end of the year,” she told reporters.

According to Ms. Esquivel, the 2023 growth target is higher than the 6% increase in revenue posted by the AMC last year driven by the sales of its products in the culinary, ready-to-drink, and coffee creamer categories.

“The growth drivers include the strong start of FrieslandCampina Professionals overachieving its target for the first quarter of the year, and continuous recovery of the creams category and increasing demand of our core sweet condensed milk shelf keeping units (SKUs),” she said.

The AMC also targets to continue the growth of its core products and support the market distribution of its new products year.

“We are driving our core products especially on evaporated milk, sweetened condensed milk, and milk powders,” Ms. Esquivel said.

“We have launched new products in 2022 to aid our objective of driving distribution focusing on penetration SKUs. We had the successful launch of Frutti Yo yoghurt milk drink and Sakto Pack sweetened condensed milk which have helped drive our distribution,” she added.

At the same time, she said that the AMC will continue to invest in the country for the coming years as part of efforts to boost its market presence amid the challenging business environment.

“We continue to invest behind our FrieslandCampina Professionals business unit as one of the key sources of growth in the coming years,” Ms. Esquivel said.

AMC is a subsidiary of multinational dairy cooperative FrieslandCampina based in Netherlands. Some of the company’s products include evaporated milk, condensed milk, culinary creams, powdered milk, ready-to-drink milk, and coffee creamer. — Revin Mikhael D. Ochave

Picodi: Filipinos will need to work for 270 years to earn $1 million

FILIPINO WORKERS will need to work in the next 270 years to earn $1 million (P55 million), based on the country’s minimum wages, according to research firm Picodi.com. Read the full story.

Picodi: Filipinos will need to work for 270 years to earn $1 million

David Bussau, microfinance and the poor

WITH the economy opening up and COVID-19 no longer a major threat, Tulay sa Pagunlad, Inc./Mutual Benefit Association, Inc. (TSPI MBAI) held its strategic planning session in Cebu Shangri-La before Holy Week. TSPI MBAI, organized in 2005, is the microinsurance arm of TSPI that provides benefits to employees, clients and their dependents in times of death, accident and sickness. TSPI, formed in 1981, is a Christian, nonstock, nonprofit microfinance firm whose mission is to deliver the poor from the bondage of poverty with the vision to see people live Christ-centered lives with dignity and hope.

Joining the Cebu trip were TSPI MBAI Chair Luz Planas with other board members; President Alice Cordero; advisers Ric Lazatin, Power Source President, Ricky Dagelet, eScience CEO, TSPI Chairman Emeritus David Bussau, and staff. It was a delight to see David join us as he was diagnosed with cancer before the COVID-19 pandemic and now, he is back to his normal activities. At 82, David is fit, travels by himself and still plays squash and tennis. David is “just” the founder/chairman emeritus of TSPI and a pioneer of microfinance. He founded Opportunity International Network, one of the world’s largest aid organizations. He was one of Australia’s’ Ten Most Creative Minds in 2000 and the Social Entrepreneur of the Year 2003 by Ernst and Young.

David’s’ story is remarkable and inspiring. He was an abandoned child who grew up in a New Zealand orphanage where he experienced poverty. He was entrepreneurial and by age 35, he owned construction companies and became a self-made multi-millionaire. He is known for his innovative approach to solving world poverty by challenging the conventional wealth distribution model of development, confronting the root cause of poverty through responsible wealth creation. Soft spoken David , a deep thinker, doesn’t impose his ideas and is quiet in his ways. I’m amazed with what he has done and continues to do to make a difference and alleviate poverty.

While enjoying lechon and seafood and island hopping in Cebu, I asked David his thoughts on TSPI and what direction we should be taking. He instead asked: “Do you think God is impressed with what you’re doing in helping those with less in life? Is God impressed?” Well, God is in control and owns everything — surely there is no way we can impress God.

Microfinance loans were really meant to empower the women, often marginalized but known to be more diligent in paying loans. President Alice reported that 95% of TSPI loans were to women microentrepreneurs. Then David continued, “In giving loans to women, the women become empowered, but what about the men, are the men dis-empowered?” Wow, thought provoking.

This reminded me of a discussion years ago with Tony Jalandoni, ex-Citi Philippines Treasurer, who commented that microfinance, in giving loans to women, had made the husbands lazy and dependent. Alice immediately responded that in TSPI, loans are not simply for women, but the husband-and-wife team are now invited to the weekly “Sambayanihan” center meetings and work together in the family enterprise. She was quick to add as evidence, in the TSPI MBAI Board is “Tatay” Randy dela Peña, client representative for South Luzon. The two other client representatives are women with zero past due.

Alice reflected: “There’s more to be done. While we have consciously performed our tasks to provide livelihood loans, we should also focus on developing core values and keeping the families whole.”

Davids’ question: “Do you think God is impressed with you and with your life?” was timely to reflect on the Holy Week just passed. Food for thought: there is no longer success, not even significance, but to live a life pleasing to Him according to His will.

The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld.

 

Flor G. Tarriela was former chairman of Philippine National Bank, former Undersecretary of Finance and the First Filipina vice-president of Citibank N.A. She is a trustee of FINEX, TSPI , and TSPI MBAI. A gardener and an environmentalist, she founded Flor’s Garden in Antipolo.

Harry Potter series, another Game of Thrones prequel coming to Max streaming service

DANIEL RADCLIFFE in a scene from 2005’s Harry Potter and the Goblet of Fire.

LOS ANGELES — Boy wizard Harry Potter is headed to streaming television in a new series based on the beloved books by author J.K. Rowling.

Warner Bros Discovery announced the series on Wednesday as part of the company’s plans for its Max streaming service, which combines HBO Max with unscripted programming from Discovery.

The seven Harry Potter books have sold more than 600 million copies worldwide. They were adapted into blockbuster movies starring Daniel Radcliffe that grossed $7.7 billion globally from 2001 to 2011.

The upcoming series will feature a new cast, and each season will be devoted to one of Ms. Rowling’s books. The plan is for the series to unfold over 10 years.

Ms. Rowling will serve as an executive producer on the show.

“I’m looking forward to being part of this new adaptation which will allow for a degree of depth and detail only afforded by a long-form television series,” Ms. Rowling said in a statement.

Ms. Rowling has stirred controversy in recent years for comments that were criticized as trans-phobic. Harry Potter fan blogs and actors including Mr. Radcliffe objected to her remarks.

Other new shows coming to Max include a new Game of Thrones prequel, titled A Knight of the Seven Kingdoms: The Hedge Knight, with author George R.R. Martin serving as executive producer.

The series will be set 100 years before the events of Game of Thrones, a time when the Targaryen line holds the Iron Throne. The story will focus on a “young, naive but courageous knight” and his squire, the company said.

Warner Bros Discovery did not announce release dates for either show. — Reuters

My worst critic is a fellow manager

Marlon (not his real name) is a manager from another department who is always critical, even for trivial things that don’t affect his department’s operations. Yesterday, he reported to our boss that my workers are habitually tardy when our attendance records show that their alleged violations are within allowable limits. I don’t know how to deal with him. What’s the cure? — Rainbow Connection.

“You can’t solve a problem without eliminating its cause,” says Ann Latham in Forbes (2017). Knowing the cause or reason for such problem is your first step. There are many possible reasons that are not apparent from your narration.

Could you be seen as a potential competitor for a plum position within the organization? Is Marlon working hard to rule you out from being selected? Does he not like you personally or does your management style contradict his own? Is there a personality conflict known only to Marlon?

Perhaps at some point you made Marlon look bad in the eyes of top management. Now, he’s trying to get even. He could also be building an empire and wants your job and department.

If you still have no clue about Marlon’s motives, the best thing is for you to discuss your problem with your boss.

If your boss has confidence in you and your ability to perform your job, then there’s nothing to worry about. But what if your boss doesn’t believe in you? That’s a bigger problem. It’s only a matter of time before you lose your job to Marlon or to another manager.

Even if you’re in good graces with your boss, there’s no assurance that he’ll take your side indefinitely. Marlon may be playing a long game whose impact will only be apparent later, the way concrete is eroded by constant exposure to drops of water.

What are the possible remedies? Much depends on how brave you are. Do you have the capacity and strength to tackle Marlon head-on, at least one-on-one where you can discuss all the things that are bothering you? If so, then the first thing to do is to seek the permission of your boss.

Your boss must be informed of your work challenges with Marlon, and the first one to tell you what to do or not to do. He’s on top of almost everything in your department. He should know if your plan to initiate direct confrontation with Marlon will do more harm than good.

If the boss is dissuading you from talking to Marlon, then you have no recourse but to follow his advice. Ask for other options to resolve the issue, such as having your boss act as an objective mediator. If he offers to intercede for you, accept right away.

You must understand that your boss needs to have a productive and an enjoyable workplace. He relies on you and Marlon to achieve organizational goals.

What if the boss tells you to settle the issue without his help? You may have heard some bosses encourage workers to show leadership and solve problems on their own.

If he tells you that, don’t be alarmed. Instead, prepare to meet Marlon to understand his concerns. Take heed of the following considerations:

Find the right time and situation. Ask Marlon to set aside time to discuss your concerns. If he’s asking for the agenda, cite a neutral topic that gives you sufficient flexibility to inject the issues that are bothering you. Be careful, however, not to give him the impression that he is being set up for an “ambush.”

Be diplomatic. Be tactful. Accept your own mistakes and apologize — that is sometimes a good approach to take against a chronic complainer. Be warm and positive at all times, even if Marlon’s body language turns awkward.

Specify your perceived issues. Talk about how Marlon views the tardiness issue and how it adversely affects his work or that of his own people. This way, you can zero in on the issue and at the same time counter it by raising the argument that your tardy workers enjoy a grace period before being considered officially late.

Don’t be emotional. You may hear things you don’t like during the meeting. Just the same, maintain your composure. If you lose your cool, you may be unable to act and think logically. If that happens, you’ll be on the losing end. If Marlon continues to act emotionally, propose to adjourn the meeting right away.

Offer assistance, if needed. Perhaps you may have ignored a request for assistance from Marlon in the past. This is a difficult situation. It could be misinterpreted as you thinking he can’t do his job properly.

 

Bring Rey Elbo’s leadership program called “Superior Subordinate Supervision” to your management team. Or chat with him on Facebook, LinkedIn, Twitter or e-mail elbonomics@gmail.com or via https://reyelbo.com

How PSEi member stocks performed — April 13, 2023

Here’s a quick glance at how PSEi stocks fared on Thursday, April 13, 2023.


Stuff to do (04/14/23)


New dance closes Ballet Philippines season

TO close this season, Ballet Philippines (BP) presents a debut performance: Carlo Calma’s Diyosa, a full-length contemporary ballet adaptation of Philippine mythology’s gods and goddesses alive in nature. This BP world premiere is a fantasy set in a dreamy, mythical world but rooted in strong Filipino culture and heritage and even a bit of Pinoy humor. It will fuse fashion, art, music, and architecture with dance. The ballet will be presented from April 14 to 16 at The Theatre at Solaire. Tickets are available at TicketWorld.


K-pop acts at Araneta City

TOP Asian acts are coming to Smart Araneta Coliseum and New Frontier Theater in Araneta City, Cubao, Quezon City. There will be back-to-back-to-back K-pop performances from April to June. A Korean celebrity coming to the New Frontier Theater to meet his fans is Kim Mingue, who rose to stardom after his role on The Heavenly Idol. He is meeting his Pinoy fans at the Heavenly Moment: Kim Mingue 1st Fanmeet in Manila on April 14. Meanwhile, EXO-SC, the sub-unit of EXO composed of Sehun and Chanyeol, is coming to Manila for the Back to Back Fancon Tour. It will be held on May 20 at the Smart Araneta Coliseum. Lastly, it’s The Prom Queens: IVE The First Fan Concert on June 17 at the Smart Araneta Coliseum. For more information about these events, visit the Ticketnet website at ticketnet.com.ph.


Free webinar tackles Moro resistance during WWII

A FREE webinar presented by the Ayala Foundation, Inc. and Filipinas Heritage Library as part of The Roderick Hall Memorial Lectures, “Unsung Heroes of Mindanao: The Moro Resistance Fighters of World War II” will be held on April 15, 10 a.m., online via Zoom and Facebook Live. Just weeks after the Japanese attacked Pearl Harbor, as General Douglas MacArthur’s forces evacuated Manila and withdrew to Bataan, Moro volunteers stopped the invasion of Mindanao. Armed only with swords and machetes, they bested Japanese assault troops in jungle warfare. What made the Moro guerilla resistance movement successful despite limited resources? Anthropologist Thomas McKenna, Ph.D. will discuss their heroic exploits during World War II. For inquiries, e-mail asklibrarian@filipinaslibrary.org.ph


DickTalk opens this weekend

DickTalk, a series of monologues “about dicks, for those who have dicks, for those who want to have dicks, and those who love them,” will make its debut on April 15 at the RCBC Theater. DickTalk is a funny yet thought-provoking exploration of masculinity and manhood issues starring Archi Adamos, Gold Aceron, Mikoy Morales, Nil Nodalo, and Jake Cuenca, and directed by Phil Noble. DickTalk shines the spotlight on the male perspective and the social issues surrounding “masculinity” while at the same time opening a deeper understanding and sparking reflective conversations among women, gay men, gay women, and the entire LGBTQIA+ community on the true essence of manhood. DickTalk will have a limited run from April 15-23 at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati. Tickets are available on Ticketworld via https://premier.ticketworld.com.ph/, with prices ranging from P2,000 to P3,650.

PSEi extends slide amid fears of recession in US

REUTERS

LOCAL SHARES continued to drop on Thursday amid fears of a possible recession in the United States after the release of the minutes of the US Federal Reserve’s March policy meeting.

The Philippine Stock Exchange index (PSEi) declined by 20.55 points or 0.31% to close at 6,448.87 on Thursday, while the broader all shares index fell by 8.75 points or 0.25% to end at 3,466.52.

“Philippine shares notched lower as investors weighed recession risks following the latest meeting minutes from the Fed. The FOMC (Federal Open Market Committee) meeting minutes showed that the central bank expects the recent banking crisis to cause a recession later this year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“This overshadowed the fact that inflation cooled in March as the Fed’s interest rate increases showed more impact. The CPI (consumer price index) rose 0.1% in March and 5% from a year ago, below estimate,” Mr. Limlingan added.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said investors mostly stayed on the sidelines.

“With a lower CPI announcement last night, investors were still mixed since the ball is with the Fed,” Mr. See said in a Viber message.

Several Federal Reserve policy makers last month considered pausing interest rate increases after the failure of two regional banks and a forecast from Fed staff that banking sector stress would tip the economy into recession, Reuters reported.

“Several participants… considered whether it would be appropriate to hold the target range steady at the meeting” to assess how financial sector developments might influence lending and the path of the economy, according to the minutes of the FOMC’s March 21-22 meeting, which were released on Wednesday.

Fed staff assessing the potential fallout of banking sector stress projected a “mild recession” starting later this year, with a recovery in 2024-2025, the minutes showed.

Back home, almost all sectoral indices closed lower on Thursday, except for services, which rose by 2.67 points or 0.16% to end at 1,602.25.

Meanwhile, property went down by 25.44 points or 0.94% to 2,673.10; holding firms decreased by 24.70 points or 0.39% to 6,275.49; industrials declined by 35.66 points or 0.38% to 9,226.40; mining and oil fell by 38.11 points or 0.34% to 10,867.87; and financials lost 0.15 point to close Thursday’s session at 1,811.33.

Value turnover fell to P5.31 billion on Thursday with 967.74 million shares changing hands, from the P7.22 billion with 1.01 billion issues traded on Wednesday.

Decliners outnumbered advancers, 124 versus 65, while 44 names closed unchanged.

Net foreign selling stood at P35.99 million on Thursday versus the net buying worth P666.60 million seen on Wednesday.

Mercantile Securities’ Mr. See placed the PSEi’s support at 6,368, 6,215, and 6,000 and resistance at 6,500 and 6,678. — Adrian H. Halili

Peso hits new one-month low as Fed minutes spur recession fears

BW FILE PHOTO

THE PESO dropped to a fresh over one-month low against the dollar on Thursday due to renewed recession fears following the release of minutes of the US Federal Reserve’s March meeting.

The local currency closed at P55.26 versus the dollar on Thursday, depreciating by four centavos from its P55.22 finish on Wednesday, data from the Bankers Association of the Philippines’ website showed.

This is the peso’s weakest close in over a month or since its P55.32 finish on March 8.

The local unit opened Thursday’s session stronger at P55.15 per dollar. It logged an intraday best of P55.13, while its worst showing was at P55.40 versus the greenback.

Dollars traded rose to $1.198 billion on Thursday from $935.98 million on Wednesday.

“The peso continued to weaken after the latest Fed minutes hinted at a likely mild US recession this year,” a trader said in an e-mail.

The peso was also dragged lower by bets of another 25-basis-point (bp) hike by the Fed despite slower consumer inflation in March, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message on Thursday.

Several Federal Reserve policy makers last month considered pausing interest rate increases after the failure of two regional banks and a forecast from Fed staff that banking sector stress would tip the economy into recession, Reuters reported.

But even they concluded high inflation remained so paramount they pressed on with a rate hike despite the risk.

After an unexpectedly complex debate that reshaped some policy views in real time, the dramatic developments after the March 10 failure of Silicon Valley Bank ultimately did little to derail the Fed’s rate-hike campaign, with officials convinced they could battle inflation with one set of tools and stabilize financial markets with others.

“Several participants … considered whether it would be appropriate to hold the target range steady at the meeting” to assess how financial sector developments might influence lending and the path of the economy, according to the minutes of the Federal Open Market Committee’s March 21-22 meeting, which were released on Wednesday.

Fed staff assessing the potential fallout of banking sector stress projected a “mild recession” starting later this year, with a recovery in 2024-2025, the minutes showed.

Even so, those several Fed policy makers who debated a pause ended up supporting the central bank’s quarter-percentage-point rate increase, agreeing along with other policy makers that actions taken by US financial regulators and the Fed had “helped calm conditions in the banking sector and lessen the near-term risks to economic activity and inflation,” the minutes said.

Inflation, meanwhile, “remained well above the Committee’s longer-run goal of 2%,” and Fed officials “concurred… that the recent data on inflation provided few signs that inflation pressures were abating at a pace sufficient to return inflation to 2% over time.”

The minutes showed a committee forced by the failures of Silicon Valley Bank and Signature Bank into an unexpectedly complex debate, but ultimately moving forward with higher interest rates.

Most Fed policy makers since the March meeting, with the notable exception of Chicago Fed President Austan Goolsbee and San Francisco Fed President Mary Daly, have concentrated their remarks on the need to bring down inflation rather than the risk of tightening credit conditions.

Meanwhile, the US consumer price index (CPI) climbed 0.1% last month after advancing 0.4% in February, data released on Wednesday showed.

In the 12 months through March, the CPI increased 5%, the smallest year on year gain since May 2021. The CPI rose 6% on a year on year basis in February.

For Friday, the peso could rebound against the dollar on the back of “potentially weaker US producer inflation report tonight,” the trader said.

The trader expects the peso to trade between P55.05 and P55.30 per dollar, while Mr. Ricafort sees it moving from P55.15 to P55.35. — AMCS with Reuters

CREATE incentives attract investments of over P414B

PHILIPPINE STAR/KRIZ JOHN ROSALES

PROJECTS benefiting from incentives offered by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law have generated investment valued at P414.3 billion, Finance Secretary Benjamin E. Diokno said.

“From August 2021 to December 2022, total investment capital from approved priority activities with incentives under CREATE has reached P414.3 billion. This covers priority activities above P1 billion,” Mr. Diokno said in a statement after conducting an economic briefing in Washington, DC.

Mr. Diokno and other economic managers are in Washington for the spring meetings of the International Monetary Fund and World Bank Group.

“We invite you to take a look at our Strategic Investment Priority Plan, which identifies priority industries, projects, and activities that can be granted fiscal incentives under the CREATE Act,” Mr. Diokno told potential investors at the briefing.

The plan lists activities eligible for tax incentives under the CREATE Act.

Mr. Diokno said that infrastructure spending is “front and center” of the government’s growth strategy.

“We are committed to reverse the decades-long underinvestment in infrastructure: from 2001 to 2015, average infrastructure spending was only at 2% of gross domestic product (GDP),” he said.

The government is planning to spend 5-6% of GDP on infrastructure.

In March, the National Economic and Development Authority Board, chaired by President Ferdinand R. Marcos, Jr., approved 194 flagship infrastructure projects worth P9 trillion.

The bulk of the 194 projects are related to physical connectivity as well as irrigation, water supply, and flood management.

“The government is determined to sustain high infrastructure investment for the next six years through the public-private partnership (PPP) mechanism, which will enhance energy, logistics, transportation, telecommunications, and water infrastructure,” Mr. Diokno said.

“Now, the spectrum of industries that foreign investors can participate in has grown wider than ever before. The economic liberalization measures that the Philippine government has enacted in recent years have opened up key high-growth sectors to international participation,” he added.

Mr. Diokno noted that solar, wind, hydro and tidal energy projects are now open to full foreign ownership. — Luisa Maria Jacinta C. Jocson

LRT-1 Cavite Extension delays cost up to P4 billion

PHILIPPINE STAR/EDD GUMBAN

THE Light Rail Transit Line 1 (LRT-1) Cavite Extension is estimated to have incurred up to P4 billion in additional costs due to delays imposed by the pandemic, Light Rail Manila Corp. (LRMC) said.

LRMC President and Chief Executive Officer Juan F. Alfonso said, “the cost will definitely be higher …  because of the pandemic … I think around P2-P4 billion additional cost.”

On Thursday, LRMC said that the 6.6-kilometer first phase of the Cavite Extension project was 82.7% complete as of March 31.

“We remain optimistic that we can start commercial operations of Phase 1 by the fourth quarter of 2024,” Mr. Alfonso said in a briefing on Thursday.

The company started building the 11.7-kilometer, three-phase project in September 2019, Mr. Alfonso said.

“Despite the challenges we have encountered, we remain focused and committed to deliver on our promise of upgrading the commuter experience,” he said.

The construction progress for the five stations in the first phase of the Cavite Extension are as follows: Redemptorist Station 56%, Manila International Airport 61%, Asia World 51%, Ninoy Aquino Station 55%, and Dr. Santos Station 60%.

LRMC said that it has invested P30 billion in capital improvement projects since it took over the operations and maintenance of the LRT-1.

For 2023, LRMC plans to complete the civil works and equipment installation for the first phase of the LRT-1 Cavite Extension project.

“The target this year is to complete all civil and equipment installation works so we can focus on commissioning the entire line by next year,” Mr. Alfonso said.

LRMC said that it has achieved a progress rate of 83% on the civil and rail system works for the first phase.

Mr. Alfonso said that LRMC has spent over P29 billion for the first phase of the project. Total cost for the entire 11.7-kilometer line is estimated at P64.9 billion. — Justine Irish D. Tabile

Key senator expects ease of paying taxes legislation to hurdle panel this year

People line up to file their income tax returns at the Bureau of Internal Revenue office in Intramuros, Manila, April 18, 2022. — PHILIPPINE STAR/ RUSSELL A. PALMA

THE proposed Ease of Paying Taxes Act may be approved on second reading before the end of the year, a senator who chairs the committee evaluating the measure said.

“We are currently finalizing the committee report on the proposed Ease of Paying Taxes Act, and we are hopeful that the measure will be approved on second reading before the end of the year. This measure, envisioned to put in place a tax administration system that is effective and expedient, is particularly important as the government endeavors to enhance its revenue collection efforts to finance programs and projects necessary to sustain economic growth,” Senator Sherwin T. Gatchalian, who chairs the Committee on Ways and Means, said in a Viber message.

“I am confident that once enacted, this measure will establish mechanisms that would streamline and improve tax administration to further encourage our taxpayers to fulfill their obligations,” he added.

House Bill No. 4125, or the proposed Ease of Paying Taxes Act, was passed by the House of Representatives in September and is currently pending at committee level in the Senate.

The bill aims to modernize tax administration and improve collection efficiency by encouraging proper and easy compliance on the taxpayers’ part.

The bill calls for an overhaul of taxpayer classifications by the Secretary of Finance, upon the recommendation of the Commissioner of Internal Revenue.

The bill also calls for the filing of returns and payment of taxes through electronic channels or authorized agent banks, as well as the removal of the annual registration fee.

“I am fully committed to supporting measures that would improve tax administration and boost revenue collection efforts of the government,” Mr. Gatchalian said.

“Moreover, we aim to simplify the process of paying taxes in the hope of enhancing tax compliance and strengthening taxpayers’ rights,” he added. — Luisa Maria Jacinta C. Jocson

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