How PSEi member stocks performed — October 6, 2025
Here’s a quick glance at how PSEi stocks fared on Monday, October 6, 2025.
Shares slide as market turns cautious before CPI
PHILIPPINE STOCKS slid anew on Monday, snapping a three-day climb as investors pocketed their profits and took a cautious stance before the release of the September consumer price index (CPI).
The benchmark Philippine Stock Exchange index (PSEi) sank by 1.77% or 108.54 points to close at 6,000.32, while the broader all shares index dropped by 1.13% or 41.90 points to 3,643.95.
“The PSEi declined after three consecutive days of gains last week as profit taking influenced today’s trading session. Investors remain cautious ahead of the inflation rate release tomorrow, which could influence the BSP’s (Bangko Sentral ng Pilipinas) next policy move,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
The Philippine Statistics Authority will release September inflation data on Tuesday (Oct. 7), while the BSP’s policy-setting Monetary Board will hold its review on Thursday (Oct. 9).
A BusinessWorld poll of 12 analysts yielded a median estimate of 1.9% for September inflation, within the BSP’s 1.5-2.3% forecast for the month.
If realized, the CPI would have accelerated from 1.5% in August but steadied from the 1.9% clip in September 2024. This would also be the fastest print in six months or since the 2.1% in February.
Meanwhile, the market is divided on the BSP’s next move, with 10 of 16 analysts in a separate BusinessWorld poll expecting the central bank to pause this week due to emerging inflation risks following three consecutive cuts that brought its policy rate to 5%.
The remaining six said the BSP is likely to deliver a fourth straight 25-basis-point (bp) reduction to support the economy amid weaker growth prospects.
The central bank has lowered rates by a cumulative 150 bps since it began its rate-cut cycle in August 2024. BSP Governor Eli M. Remolona, Jr. has left the door open to one last cut this year that could end this easing cycle.
“The market slumped anew back to 6,000 levels in a broad-based decline that saw all but two index stocks ending in the red, as risk-off sentiment continues to prevail,” AP Securities, Inc. said in a market note.
The majority of sectoral indices ended in the red on Monday. Holding firms declined by 2.02% or 100.57 points to 4,868.22; financials fell by 1.97% or 41.15 points to 2,042.04; industrials went down by 1.63% or 147.82 points to 8,868.57; property sank by 1.42% or 32.72 points to 2,261.87; and services dropped by 0.78% or 17.78 points to 2,252.48.
Meanwhile, mining and oil rose by 2.61% or 346.07 points to 13,605.29.
Decliners overwhelmed advancers, 139 to 64, while 58 names closed unchanged.
Value turnover surged to P12.12 billion on Monday with 2.07 billion shares traded from the P4.57 billion with 798.67 million stocks that changed hands on Friday.
Net foreign selling increased to P341 million on Monday from P80.56 million on Friday. — A.G.C. Magno
Motorcycle sales up 11.8% in first 8 months
MOTORCYCLE SALES hit 1.23 million units in the first eight months, up 11.8% from a year earlier, the Motorcycle Development Program Participants Association, Inc. (MDPPA) said in a statement.
The MDPPA, an association of major motorcycle brands like Honda, Kawasaki, Suzuki and Yamaha, and TVS, said August sales amounted to 133,689 units, up 18.4% year on year.
The association described Philippine demand as “sustained” due to their products’ affordability and practicality in the face of increasingly congested roads.
The MDPPA’s forecast for full-year sales growth, issued earlier in the year, was 5%.
The leading product segments in August were automatic motorcycles with sales of 106,382 units, up 24.8%; mopeds (21,805 units, up 3%).
Sales of motorcycles purchased for business amounted to 26,399 units in August 2025, up 14.4%.
“Despite declines in some segments, the industry as a whole remains in a healthy position, and we are confident that the broad appeal of motorcycles will continue to drive demand moving forward,” according to Alexander A. Cumpas, MDPPA president. “This positive growth trajectory is a testament to the enduring relevance and growing importance of motorcycles in the everyday lives of Filipinos, underscoring a resilient and evolving industry.”
MDPPA’s advocacies include road safety and environmental protection.
Rice import suspension, tariff hike called harmful to PHL’s poorest 30%
THE Foundation for Economic Freedom (FEF) said the proposals put forward by the Department of Agriculture (DA) to address weak prices of palay (unmilled rice) reflect short-term thinking that erode competitiveness and harm the poorest third of the population.
In a position paper, the FEF, whose membership consists of former government technocrats, said measures like freezing rice imports, raising import tariffs from the current 15%, and price caps are potentially inflationary and at any rate have failed to raise palay farmgate prices since the import freeze took effect at the start of September.
The 60-day rice import freeze is currently under study for a possible extension to the end of the year. It had been imposed to provide relief to farmers, who had been receiving lowball offers for their grain by traders.
Meanwhile, tariffs are being considered for restoration to 35%.
The FEF called for the immediate lifting of the import freeze and maintaining rice tariffs at 15%. It supports investment in research, irrigation, infrastructure, and extension service to increase farmer productivity.
It also called for the government’s rice reserves to be managed by the Department of Social Welfare and Development (DSWD), to make emergency distribution more efficient.
It said the private sector should take the lead in stabilizing prices, leaving the DA with the main responsibility of distributing cash assistance to the 2.2 million rice farmers, which will require a robust farmers’ registry to minimize fake claims. — Andre Christopher H. Alampay
Shift to 10% VAT could signal more borrowing, taxes Metrobank says
THE GOVERNMENT could raise borrowing and other taxes to offset billions in foregone revenue should it decide to reduce value-added tax (VAT) to 10% from the current 12%, Metropolitan Bank & Trust Co. (Metrobank) said.
“One thing is clear: reducing the VAT rate would result in a substantial loss of government revenue,” Metrobank said in a commentary attributed to Marian Monette Q. Florendo, a research and business analytics officer, and James Nathan Ang of the bank’s research and market strategy departments.
Any resulting hike in borrowing or taxes could outweigh the expected benefits of lowering VAT.
Last month, Batangas Rep. Leandro Antonio L. Leviste filed House Bill (HB) No. 4302 seeking to reduce VAT to 10% from 12% to make the country’s tax system more “progressive.”
According to the measure, however, the government may opt to return the VAT rate to 12% for a year if the projected deficit is expected to surpass the programmed deficit.
The Department of Finance, which has said that it does not support new taxes, warned that HB No. 4302, if signed into law, could lead to foregone revenue averaging P330 billion annually, which is equivalent to 1% of gross domestic product (GDP).
The Bureau of Internal Revenue posted VAT collections of P467.04 billion by the end of July, below its P473.41-billion target but 9.17% higher than its year-earlier total.
VAT is imposed on the sale, barter, exchange or lease of goods or property and services and on imported goods.
Metrobank’s Ms. Florendo and Mr. Ang cited three potential scenarios in the event of a VAT reduction, including “the government (offsetting) the revenue loss through increased borrowing.”
At the end of June, the debt-to-GDP ratio was 63.1%, the highest since 2005 and a ratio that Metrobank said “provides limited space for further debt accumulation.”
The Metrobank analysts also noted that the measure could prompt the National Government to increase its levies on other goods and services.
“The second is that the government will seek alternative sources of revenue to offset the losses,” they said. “This could involve raising taxes on specific goods or services, which may, in turn, lead to higher prices on these items, potentially undermining the intended relief from the VAT reduction.”
They added that it could boost household consumption if businesses lower their prices to reflect the reduced VAT.
Household final consumption grew 5.5% in the second quarter, outpacing the 4.8% from a year earlier.
“With more disposable income, consumers might spend more on goods and services, which in turn could expand the overall tax base. While this may not fully cover the shortfall, it could soften the revenue impact by boosting economic activity,” Ms. Florendo and Mr. Ang said.
“The challenge, however, is that the scale of this effect would depend heavily on consumer response and whether businesses pass on the tax savings to their customers,” they added.
Metrobank said the government’s analysis of the potential impact of a VAT adjustment and other tax measures must be data-driven to show potential benefits to economic competitiveness while demonstrating fiscal prudence. — Katherine K. Chan
Redevelopment deal signed for John Hay Mile Hi complex
THE Bases Conversion and Development Authority (BCDA) said it tapped the consortium of the Istana Development Corp. (IDC) and Meridian Commercial Centers, Inc. (MCCI) to lead the P560-million redevelopment of the Mile Hi commercial center in Camp John Hay.
In a statement on Monday, the BCDA said the deal was signed on Oct. 6. The concession holders are tasked with upgrading the 6,647-square-meter Mile Hi into an upscale commercial center, “while preserving its historical significance and enhancing the natural and built environment of the surrounding area.”
Istana-Meridian’s brief includes incorporating sustainable design features to reduce greenhouse gas emissions, water and energy consumption, and waste generation.
The complex is envisioned to maximize access to natural light and ventilation, implement thermally efficient building designs, and use solar power.
“Mile Hi will once again be a place that welcomes visitors, strengthens local livelihoods, and sustains the spirit of Baguio for generations to come,” BCDA President and Chief Executive Officer Joshua M. Bingcang said during the signing.
The BCDA took over the Camp John Hay property after the previous management, CJH Development Corp. (CJHDevCo), was ordered to vacate in the wake of a Supreme Court ruling. — Beatriz Marie D. Cruz
Sept. WESM rates decline on higher supply margins
THE average electricity price on the spot market fell in September due to a higher supply margin, according to the Independent Electricity Market Operator of the Philippines (IEMOP).
Power prices on the Wholesale Electricity Spot Market (WESM) system-wide declined 33.8% to P3.04 per kilowatt-hour (kWh) compared to August.
Arjon B. Valencia, manager for corporate planning and communication at IEMOP, said the September average was the lowest in seven months.
Between Aug. 26 and Sept. 25, available supply rose 0.5% month on month to 20,712 megawatts (MW). Demand declined 2.9% to 13,640 MW.
“In Luzon, prices dropped significantly due to lower demand and higher supply, even with increased power exports,” Mr. Valencia said.
The WESM rate in Luzon fell 31.7% to P2.57 per kWh, with supply increasing 0.2% to 14,681 MW and demand dropping 2.9% to 9,595 MW.
IEMOP said that spot prices in the Visayas fell 37.1% month on month to P4.02 per kWh.
Supply rose 1.5% from a month earlier to 2,440 MW while demand dropped 4% to 1,945 MW.
A yellow alert was declared over the Visayas grid after several power plants tripped because of the earthquake that hit northern Cebu on Sept. 30.
Power rates in Mindanao rose 37.1% month on month to P4.19 per kWh.
Available supply on the grid was up 0.9% month on month to 3,592 MW. Demand declined 2.1% to 2,100 MW.
IEMOP operates the WESM, where energy companies can purchase power when their long-term contracted power supply is insufficient for customer needs. — Sheldeen Joy Talavera
US shutdown impact on PHL to be ‘mild’
THE US government shutdown is “nothing new,” and can result in some disruption to the Philippine economy, analysts said.
“A US government shutdown could mildly impact the (Philippine) economy depending on its duration,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, told BusinessWorld via Viber.
The Federal government shut down at the start of the month after the US Senate failed to pass a continuing resolution that would have funded government operations for a few more weeks. One of the sticking points is the Democrat insistence on continuing the subsidies to the Affordable Care Act, which are set to expire. Democrats are also calling for the restoration of cuts to Medicaid.
A shutdown means some government services will be temporarily unavailable and no US economic data, including employment and payrolls, will be released.
US President Donald J. Trump has also threatened to sack thousands of federal workers and began freezing funding for Democrat-held cities and states.
If the shutdown continues, Mr. Rivera said remittances from overseas Filipino workers (OFWs) and Philippine businesses reliant on US markets could take a slight hit.
“Remittances may dip slightly if some US-based OFWs are affected, and Philippine businesses tied to US demand, such as exporters (and) business process outsourcing, could see temporary disruptions,” he added.
OFW remittances amounted to $3.179 billion in July. OFW in the US are usually the top source of remittances.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort, called the shutdown’s impact on remittances “negligible” if Filipino federal workers are eventually paid.
“US government shutdowns are nothing really new… lasting for a few days or weeks,” he said via Viber.
The main result overall might be the impact on investor confidence, analysts said.
“Market volatility could increase, with investor confidence momentarily shaken,” Mr. Rivera said.
In terms of currency impact, “This may cause confidence in the dollar to fall, potentially causing peso appreciation in the short term,” according to Reinielle Matt M. Erece, economist at Oikonomia Advisory & Research, Inc., speaking via Viber.
Meanwhile, RCBC’s Mr. Ricafort said the delayed release of US economic data could affect the Federal Reserve’s monetary policy decisions and potentially that of the Bangko Sentral ng Pilipinas (BSP) as well.
“Delayed release of some US economic data, especially the latest US employment data, could delay processing or assessment and future Fed rate decisions that, in turn, could affect future BSP rate decisions,” he said.
Mr. Rivera also noted that the shutdown may cause the Fed to take a less aggressive stance on easing, “giving the BSP more flexibility.”
“However, prolonged uncertainty may influence the BSP to act cautiously if the peso comes under pressure,” he added.
Last month, the Fed delivered its first 25-basis point (bp) cut since December 2024, bringing its policy rate to the 4%-4.25% range.
Fed Chairman Jerome H. Powell signaled a gradual easing cycle in response to growing labor market concerns.
On Aug. 28, the BSP cut its benchmark interest rate by 25 bps to 5%. It has so far lowered borrowing costs by a total of 150 bps since it began its easing cycle in August last year.
The Monetary Board will meet again on Thursday before its last meeting this year on Dec. 11. — Katherine K. Chan
‘Dinosaur egg’ artisanal salt wins GI mark
THE Intellectual Property Office of the Philippines (IPOPHL) said it approved the registration of Bohol’s Alburquerque Asin Tibuok as a geographical indication (GI), which is expected to enhance the artisanal salt product’s marketability.
In a statement, IPOPHL Acting Director General Nathaniel S. Arevalo said the approval “supports the preservation of culture and the way of life while also bolstering branding, market access and revenue opportunities for communities.”
IPOPHL issued the certificate to officials representing the municipality of Alburquerque, Bohol, it said.
A GI links goods to their geographic origin and serves as a form of intellectual property protection for cultural practices.Asin Tibuok is made by filtering seawater in charred coconut husks. The concentrated brine is cooked for hours in large clay pots until it solidifies into shapes described as “dinosaur eggs.” The salt contains halite, a natural form of sodium chloride, and is unrefined and additive-free.
Making Asin Tibuok, which dates back to the pre-colonial period, has declined in recent years due to modern salt production methods and the lack of interest among younger generations.
“The inclusion of the Alburquerque Asin Tibuok into our growing list of geographical indications further underscores IPOPHL’s efforts to safeguard the country’s cultural icons, likewise potential economic drivers, under a strengthened intellectual property framework,” Mr. Arevalo said.
A GI registration is thought to deter imitation products or false claims about the geographical origin of the goods.
GIs are issued to agricultural products, foodstuffs, wines, spirits, textile/clothing, handicrafts, and industrial products.
Alburquerque Asin Tibuok joins products like Guimaras mangoes and Aklan piña on the Philippine GI list. — Beatriz Marie D. Cruz
Fil-Chinese chamber backs Customs rules vs conflicts of interest
THE Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) expressed support for new conflict-of-interest rules imposed on Bureau of Customs personnel, saying the rules are expected to minimize corruption within the agency.
In a statement on Monday, the chamber said the new policy “sends a clear message of accountability, ensuring that both accurate revenue collection and trust in the institution are strengthened.”
The bureau recently introduced an Anti-Conflict of Interest Policy, a “No Take” Policy; and comprehensive disclosure rules for its personnel.
Commissioner Ariel F. Nepomuceno said these reforms go hand-in-hand with the agency’s full digitalization and will restore public trust in its operations.
The reforms “create a competitive and business-friendly environment for business people,” according to FFCCCII President Victor Lim.
“The FFCCCII… is ready to partner with the Bureau of Customs in sustaining these reforms, confident that continued collaboration will not only strengthen the fight against smuggling but also contribute significantly to national economic progress,” it said. — Beatriz Marie D. Cruz
Tobacco helps excise tax revenue beat target for first eight months
EXCISE TAX collections came in ahead of target in the first eight months, driven by higher volumes of tobacco and vapor products, according to the Bureau of Internal Revenue (BIR).
The BIR said in an e-mail that excise tax collections amounted to P222.65 billion during the period, beating the target by 0.75%.
The eight-month total was also 13.55% higher than the year-earlier tally.
“Excise taxes also contributed to BIR collection growth, with the additional deposits and increased volumes of tobacco and vapor products,” the BIR said.
The tally at the end of August was equivalent to 64% of the full-year excise tax target of P343.10 billion.
Excise taxes are imposed on the production, sale or consumption of tobacco, alcohol, and non-essential goods, among others.
Tobacco products accounted for P109.98 billion of the excise tax haul, exceeding the target by 14.71%. Year on year, tobacco tax collections were up 30.38%.
Taxes generated by alcohol products hit P75.88 billion during the period, missing the target by 9.37% though it exceeded the year-earlier tally by 1.81%.
Miscellaneous excise taxes, generated from automobiles, sweetened beverages, cosmetic procedures, and other non-essential goods — were 13.56% below target at P28.52 billion, and 5.15% lower than the year-earlier total.
Excise taxes on sweetened beverages (P24.55 billion) and automobiles (P3.74 billion) were also short of their targets.
Taxes generated by non-essential goods (P213.77 million) and cosmetic procedures (P15.21 million) both beat targets.
Excise tax collections generated by mining and mineral products amounted to P8.17 billion at the end of August, beating the target by 2.20%. They were up 16.20% from a year earlier.
Petroleum excise tax collections totaled P95.23 million, up 7.52% from a year earlier.
Overall, excise taxes accounted for 10.41% of the BIR’s revenue of P2.14 trillion at the end of August.
Meanwhile, the Development Budget Coordination Committee’s (DBCC) 2025 Midyear Report be equivalent to 16.8% of gross domestic product or P7.13 trillion in 2030, from 16.7% or P4.42 trillion in 2024.
The DBCC also said the BIR is expected to collect P5.51 trillion in 2030, while the Bureau of Customs to generate P1.29 trillion by that year.
“From 2025 to 2030, BIR collections are expected to rise by an average of 11.6% annually, while BoC collections are projected to grow by an average of 5.8% every year,” it said.
With the full-year impact of recently enacted tax reforms, the BIR and BoC are expected to post revenue growth rates of 11.2% and 5.7%, respectively, in 2026.
Meanwhile, the National Government (NG) is projected to spend P2.20 trillion on infrastructure by 2030, equivalent to 5.2% of GDP. The current ratio is 5.3% on expected spending of P1.51 trillion. — Aubrey Rose A. Inosante
Domestic market enterprises regain their VAT zero-rating privileges
Have you ever wondered what goes through someone else’s mind when they wish to turn back time? You might say that you want to rectify past mistakes or explore whether their current circumstances might have turned out differently. More often than not, people tend to imagine themselves going back in time to somehow alter their present. Personally, I tend to advise against these ideas, as dwelling on what-could-have-beens often leads to frustration and prevents us from appreciating the beauty and value of one’s current life.
Still, if you were given the chance to revisit the past to clarify certain matters, would you take it? Would you turn back time?
Just as in the case of Subic Bay Freeport Chamber of Commerce, Inc. vs. Department of Finance, etc. (Subic Bay Freeport Case), the entitlement of Registered Business Enterprises (RBEs), specifically Domestic Market Enterprises (DMEs), to VAT-zero rating for local purchases has been revisited by the Supreme Court to provide clarity in the application of the law.
In this case, petitioners Subic Bay Freeport Chamber of Commerce (SBFCC) and Benjamin Antonio, as taxpayers, filed a Petition for Declaratory Relief with an Application for Writ of Temporary Restraining Order and/or Preliminary Injunction against respondents the Departments of Finance (DoF) and Trade and Industry (DTI), the Bureau of Internal Revenue (BIR), Revenue District Office No. 19 (RDO 19) of the Subic Bay Freeport Zone, and the Subic Bay Metropolitan Authority (SBMA), collectively referred to herein as respondents.
The petitioners alleged that the Implementing Rules and Regulations of Republic Act (RA) No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE IRR), particularly Rule 18, Section 5, Revenue Regulation (RR) No. 21-2021, Revenue Memorandum Circular (RMC) No. 24-2022, and RMC No. 49-2022, are invalid and unconstitutional after the issuances unjustly excluded DMEs from availing of tax incentives. Specifically, it effectively limited the application of VAT zero-rating for local purchases only to Registered Export Enterprises (REEs), excluding DMEs, such as SBFCC, making a distinction between DMEs and REEs when in fact there is none under the CREATE Act. Mainly, the petitioners contend that so long as an enterprise is a registered business, like SBFCC, it is entitled to VAT-zero rating on local purchases.
Now, before we proceed with the Supreme Court’s (SC) decision, let us first walk down memory lane and recount the creation and nature of SBFCC.
As outlined in the case, the Subic Special Economic Zone was created pursuant to Section 12 of RA No. 7227, or the Bases Conversion Development Act of 1992, to be operated and managed as a separate customs territory. Pursuant to SBMA’s issued Certificate of Registration and Tax Exemption, it granted tax incentives and exemptions to these entities, subject to certain conditions. Due to these incentives, SBFCC registered with the SBMA as a freeport enterprise to conduct business within the Subic Bay Freeport Zone (SBFZ).
It should be noted that upon passage of the CREATE Act, SBFCC has been classified as an RBE, specifically a DME, being an enterprise registered with the IPA, such as the Philippine Economic Zone Authority (PEZA). This finds support under the CREATE Act, which defines RBEs as corporations or other entities organized and existing under Philippine law and registered with an Investment Promotion Agency (IPA). Further, an RBE may be classified as a Registered Export Enterprise (REE) or a DME. DME refers to any enterprise registered with the IPA apart from export enterprises.
Under the CREATE Act, SBFCC, being an RBE, should be entitled to VAT exemption on imports and VAT zero-rating on local purchases of goods and services directly and exclusively used in the registered project or activity of the RBEs.
However, the DTI and the DoF, on implementing the CREATE IRR, limited the entitlement to VAT zero-rating on local purchases to REEs. As provided under Rule 18, Section 5 of the CREATE IRR, which implements Section 311 of the CREATE Act, VAT zero-rating on local purchases only applies to goods and services directly attributable to and exclusively used in the registered project or activity of REEs located inside ecozones and freeports. Additionally, Revenue Regulations (RR) No. 21-2021, implementing Sections 294(E) and 295(D), Title XIII of the National Internal Revenue Code (Tax Code), as amended by the CREATE Act, RMC No. 24-2022, and RMC 49-2022, further provided that the VAT zero-rating incentives apply only to REEs, excluding DMEs.
DMEs claimed irreparable injury by virtue of the law and BIR issuances because of their exclusion from the VAT zero-rating incentive. In effect, the VAT passed on to the DMEs by local suppliers was to be absorbed as part of their costs or expenses. Further, the petitioners contended that their sales were subject to the regular 12% VAT rate. These effects conflicted with the nature of DMEs as belonging to a separate customs territory, by virtue of which they should be exempt from VAT.
The SC likewise revisited CREATE Act and RA No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN Law) and found that under Sections 294(E) and 295(D) of the CREATE Act, all RBEs, which include REEs and DMEs, are entitled to VAT zero-rating on their local purchases of goods and services directly and exclusively used in the registered project or activity. The SC concluded that the rule is consistent with the nature of SBFZ as a separate customs territory.
Also, the SC made mention of the time-old Cross Border Doctrine and Destination Principle, which states that no VAT may be imposed to form part of the cost of goods destined for consumption outside of the territorial border of the taxing authority. Thus, the sales made by suppliers from a customs territory to a purchaser located within the freeport zone are considered exports; hence, they are subject to zero percent VAT.
As a further argument, the court held that, pursuant to TRAIN, sales by VAT-registered persons to registered enterprises within a separate customs territory are subject to a zero percent rate.
Thus, the court ruled that Rule 18, Section 5 of the CREATE IRR and RR No. 21-2022, RMC No. 24-2022, and RMC No. 49-2022, insofar as they limited the VAT zero-rating on local purchases of goods and services to REEs, are ultra vires, or exceeding their legal authority. They altered the provisions of the underlying law — the CREATE Act — by carving out DMEs from those entitled to the VAT zero-rating incentive. Hence, the relevant provisions of the law and BIR issuances were declared void and unconstitutional.
If we are to consider the case above, reevaluating the past — such as previously implemented laws — can often lead to greater clarity and justification. However, there still exists the element of risk. In fact, this case came close to being dismissed for failure to exhaust administrative remedies. Therefore, if you were given the chance to turn back time, knowing the risk involved, would you still take it?
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Justine Bea D. Alano is an associate from the Tax Advisory & Compliance practice area of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.