THE recently passed Ease of Paying Taxes (EoPT) law is expected to help the government improve its revenue performance by streamlining tax compliance, the Department of Finance (DoF) said. “Hopefully, especially with this new law, we will be able to simplify tax compliance and therefore generate additional revenues for the government,” Finance Undersecretary Charlito Martin R. Mendoza told reporters on Monday. “The taxpayers, we hope, will voluntarily comply with their tax obligations and therefore avoid tax evasion,” he added. In January, President Ferdinand R. Marcos, Jr. signed into law the ..read more

The passage of the Ease of Paying Taxes (EoPT) Act, or Republic Act No. 11976, sparked hope among taxpayers, who envisioned a smoother journey in navigating tax-related complexities. The Bureau of Internal Revenue (BIR) deserves commendation for its receptiveness to public feedback and ongoing efforts to simplify tax processes. With the recent issuance of the Implementing Rules and Regulations (IRR) for the EoPT Act that took effect on April 27, clarity in its provisions has emerged, marking a positive step towards enhancing tax compliance. Considering these advancements, it is imperative for ..read more

THE Maharlika Investment Corp. (MIC) said it is considering investing in five projects of the Bases Conversion and Development Authority (BCDA). On Monday, the MIC and BCDA signed a partnership to “explore investment opportunities within BCDA properties.” The five projects are the Clark International Airport expansion; the New Clark City affordable housing project; the Clark Integrated Public Transport System; the Poro Point Seaport Modernization Program; and Clark Central Business District. “Of course, we most definitely welcome MIC participation because… it’s a show of confidence in our proj ..read more

THE National Water Resources Board (NWRB) of the Department of Environment and Natural Resources said they agreed on a full allocation of water from Angat Dam for irrigation ahead of the harvest. “For May, full allocation was given by the NWRB to the National Irrigation Administration (NIA) because May is the last month of the cropping season. Farmers will soon harvest their crops,” Environment Undersecretary Carlos Primo C. David said in a briefing on Monday. He added that NIA will be allocated 24 cubic meters per second (cms), following an adjustment in the wet-season crop calendar to start ..read more

THE Department of Agriculture (DA) asked legislators on Monday for a P513-billion budget to import farm products that it plans to tap as a reserve to bring under control the widening gap between farmgate and retail prices. The DA proposed maintaining a reserve equivalent to 10 days’ worth of demand for key commodities. “Our problem is not only a short-term issue but a long-term, systemic issue,” DA Policy Research Service Director Jerome D. Bunyi told in a House Trade and Industry Committee hearing. “We have a proposal allowing us to have a buffer fund, allowing us to procure and import (goods ..read more

PHILIPPINE meat imports declined 16% in 2023 in the face of higher domestic production, according to the Food and Agriculture Organization (FAO), an agency of the United Nations. In a report, the FAO said that imports last year amounted to 1.05 million metric tons (MT), against 1.25 million MT in 2022. “The import drop in the Philippines was driven by higher inventories and an upturn in domestic output, despite the extension (of favorable) tariff rates on pig meat imports,” it added. Last year, the President signed Executive Order No. 50, which extended the lower tariff regime on pork, rice, a ..read more

THE Philippines and other Southeast Asian markets are being targeted by startups from Taiwan for expansion, according to the head of Taiwan’s startup branding organization. Amanda Liu, founder and managing director of Startup Island TAIWAN, said Taiwan startups are now looking for other markets apart from the US and China. “There is a need to have a second market… And I think Southeast Asia is likely the most (viable) option for Taiwan startups,” Ms. Liu told reporters last week. Asked what makes the Philippines attractive, she said: “I think one of the important points is that the Philippines ..read more

AJINOMOTO Philippines Corp. is hoping to run its Cebu plant on 100% renewable energy by 2025 to achieve energy savings and reduce carbon emissions as it expands production in the Philippines. “Our target is to transition our Cebu factory to 100% renewable energy by 2025. Now, we are negotiating with suppliers,” according to Koichi Ozaki, president of Ajinomoto Philippines. He said that the initial target for the transition of the Cebu plant was 2024, but since negotiations are still ongoing, the target was moved to 2025. “Once this is realized, our business operations will be at almost zero em ..read more

THE GOVERNMENT must lower production costs for farmers, who face increased competition from imports with the streamlining of the import process, analysts said. “It is clear that our domestic prices are inflated by policy when you compare these with the production costs of Vietnamese or Thai farmers,” Monetary Board member V. Bruce J. Tolentino said via Viber. He said the only “sustainable” way to raise farmer incomes is to improve their productivity and lower their cost of production. “To strike a balance (between imports and local production,) we should make sure that we don’t import during h ..read more

IN BRIEF:  • The EY 2023 Work Reimagined Survey, which sourced data from 17,050 employees and 1,575 employers across 25 sectors and more than 20 geographies, highlights key workforce trends that are defining the “next normal” in the workplace.   • Employers and employees have distinctly different perspectives on the “next normal” of work, resulting in differences between employer and employee priorities.  • Leaders navigating the way forward will see the Great Rebalance as an opportunity to re-energize their workforce strategy, making it technologically ..read more