Tax perks of favored companies cost gov’t P482B foregone revenues in 2019

FISCAL incentives enjoyed by favored enterprises have cost the government P481.7 billion in foregone revenues in 2019 alone, or a year before the landmark congressional approval of the law that finally introduced bold reforms in the corporate income tax system. This substantial amount already represents a decrease from the P518.7 billion in tax perks given […]

PH exports post 29.8% growth in May

THE Philippine exports have led the way to the continued expansion of global trade, spurred on by the gradual opening of major economies abroad as it contributed US$5.89 billion to total trade, or a 29.8 percent growth for May 2021, over the previous year’s $4.54 billion. This effectively shrunk the balance of trade by $329.9 […]

Inflation decelerates in June

POLICY interventions to stabilize commodity prices have begun to take effect as headline inflation decelerated in June 2021, said the National Economic and Development Authority (Neda). The Philippine Statistics Authority (PSA) reported Tuesday, July 6, 2021, that headline inflation rate slowed down to 4.1 percent. This comes after three months of a steady 4.5 percent […]

Editorial: A shift in focus

Another one million doses of the Sinovac vaccine against coronavirus disease 2019 (Covid-19) arrived Thursday, June 10, 2021, at the Ninoy Aquino International Airport. The new deliveries form part of the 11,058,000 doses that the Philippines expects to arrive this month alone. As of Thursday noon, the total number of doses delivered to the country […]

Private schools protest BIR’s new tax regulation

THE Coordinating Council for Private Educational Associations (Cocopea) has urged the Bureau of Internal Revenue (BIR) to recall its Revenue Regulations (RR) 5-2021, which increases the tax of proprietary educational institutions from 10 percent to 25 percent. The Cocopea, an umbrella organization of five major private education institutions in the country, also appealed to President […]

DA secretary lauds ‘Sugbusog’ campaign

DEPARTMENT of Agriculture (DA) Secretary William Dar believes that the “Sugbusog” campaign of Cebu Provincial Governor Gwendolyn Garcia can help the nation in its fight against the pandemic. He made this statement during his visit at the Brgy. Subangdaku Community Garden in Mandaue City on June 3, 2021, before awarding the winners of the “Sugbusog,” […]

High demand for chips pushes exports up

WITH the Covid-19 vaccinations in full swing globally, the Philippine merchandise exports in March 2021 rebounded strongly, jumping 31.6 percent from the same month last year. The promising performance was attributed to the global economic recovery arising from the ongoing Covid-19 vaccinations. “Philippine merchandise exports in March set an encouraging pace by posting a hefty […]

Toyota Global Sales and Production Secures 90 Percent Level Year-on-Year in FY2021

Toyota City, Japan, Apr 28, 2021 – (JCN Newswire via – Toyota Motor Corporation (TMC) announces its sales, production, and export results for March 2021 as well as the cumulative total from January to April 2021, and the fiscal year from April1, 2020 to March 31, 2021, including those for subsidiaries Daihatsu Motor Co., […]

Tax Notes: Corporate Recovery and Tax Incentives for Enterprises Act (Part 2)

On March 31, 2021, the Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) 42-2021 in relation to Republic Act 11534, or the Corporate Recovery and Tax Incentives for Enterprises (Create) Act signed by President Rodrigo Duterte on March 26, 2021 with line-item vetoes. The following are the salient provisions of the Create Law, […]

March inflation eases to 4.5%

THE country’s inflation rate has eased to 4.5 percent in March 2021 after five consecutive months of acceleration. This brings the average inflation of the country for the first quarter of 2021 at 4.5 percent, the Philippine Statistics Authority on Tuesday, April 6, 2021, said. The slowdown in inflation at the national level was primarily […]

Opav to send nurses, doctors to NCR Plus

THE Office of the Presidential Assistant for the Visayas (Opav) will deploy 100 nurses to assist in hospitals and medical facilities in the National Capitol Region Plus (NCR Plus). NCR Plus covers the National Capital Region and the provinces of Bulacan, Cavite, Laguna, and Rizal. The Opav has coordinated with the three regions in the […]