Councils to endorse national government projects starting in 2021

BW FILE PHOTO THE Department of Budget and Management (DBM) said it will start requiring agencies to obtain certifications from regional development councils (RDCs) for 2021 budget items, to ensure that projects have local support. Budget Secretary Wendel E. Avisado said that he ordered the certifications ahead of the budget call for 2021 this month, which officially directs agencies to start drafting their spending plans. “We will be issuing the budget call this year, within…

"Councils to endorse national government projects starting in 2021"

Palace weighs in on taxing POGOs in rebuff to Calida; seen generating P45 billion a year

JOSE C. CALIDA — PHILSTAR THE President has asserted the government’s right to tax Philippine Offshore Gaming Operators (POGO) should be taxed, rebuffing his own Solicitor General Jose C. Calida, who had stated that POGOs cannot be taxed. In a statement Tuesday, the President’s Spokesman Salvador S. Panelo said the government is authorized to tax POGOs by the National Internal Revenue Code (NIRC), which will generate up to P45 billion in additional revenue each year,…

"Palace weighs in on taxing POGOs in rebuff to Calida; seen generating P45 billion a year"

No firm budget set for national ID system, to depend on gov’t generating extra revenue

Sample of the national ID THE National ID rollout next year has not been allocated specific funding in the 2020 Budget and financial support will depend on any fresh revenue or loans raised by the government. Senate President Pro-Tempore Ralph G. Recto said the proposed 2020 General Appropriations Act (GAA) does not provide “programmed funds” for the Philippine Identification System ID (PhilSys ID). “There is zero funding for the project in the programmed portion of…

"No firm budget set for national ID system, to depend on gov’t generating extra revenue"

Agri dep’t targets further P3-billion cash assistance to rice farmers

PHILSTAR THE Department of Agriculture (DA) said it hopes to add another P3 billion to its unconditional cash assistance fund for more rice farmers severely affected by falling palay prices. “We are looking at another P3 billion for this coming year,” Agriculture Secretary William D. Dar said in a news conference Tuesday in Quezon City, adding that this was agreed upon by agencies involved in implementing the Rice Tariffication Law. This will supplement the initial…

"Agri dep’t targets further P3-billion cash assistance to rice farmers"

Gov’t wavering on rice tariffs could weaken farmers’ market position

PHILSTAR/MICHAEL VARCAS ACTION for Economic Reforms (AER), a non-government organization, warned the administration against sending any signals that would call into doubt the future of the Rice Tariffication Law, saying that its repeal will give rice traders even more leverage to depress the price they pay to farmers. “While the falling prices of palay (unmilled rice) is a growing concern, any policy pronouncements which imply the erosion of the Rice Tariffication Law creates uncertainty over…

"Gov’t wavering on rice tariffs could weaken farmers’ market position"

No reversal in rice import policy, NEDA’s Pernia says

SOCIOECONOMIC Planning Secretary Ernesto M. Pernia said Tuesday that the government has no plans to halt rice imports as reversing this policy could cause a renewed spike in inflation. On the sidelines of an event in Ortigas district yesterday, Mr. Pernia said that opening up the market to cheaper imported rice has helped the “bigger majority” of the population after inflation felt by low-income families eased to 0.9% in September. If the Philippines stops importing…

"No reversal in rice import policy, NEDA’s Pernia says"

An overview of accounting and tax perspectives for financial instruments

Most companies will have financial instruments in their portfolios. Their purpose is solely for capital appreciation and income. Let us look into the accounting and tax treatment of these financial instruments. This article is the first part of a two-part discussion on this topic. WHAT IS A FINANCIAL INSTRUMENT?A financial instrument (FI) is any contract that gives rise to a financial asset for the holder and a financial liability or equity instrument for the issuer.…

"An overview of accounting and tax perspectives for financial instruments"

House bill seeks public smoking ban for vaping products

A bill regulating the sale and distribution of e-cigarettes and vaporizers and their use in public places was filed on Monday. — REUTERS A PARTY-LIST legislator filed a bill on Monday regulating the sale and distribution of e-cigarettes and vaporizers and their use in public places, due to unresolved questions over their safety. Rep. Bernadette Herrera-Dy of the Bagong Henerasyon Party List said she filed House Bill 5510, citing the potential hazards from second-hand inhalation…

"House bill seeks public smoking ban for vaping products"

Salary accounts touted for boosting financial inclusivity

PHILSTAR SALARY accounts are viewed as a potential channel for broadening financial inclusion by discouraging employees from paying cash wages, thereby helping workers develop a banking history. The Department of Labor and Employment (DoLE) become the latest agency to take part in the financial inclusion steering committee led by the Bangko Sentral ng Pilipinas (BSP) and declared its intent to help workers, especially those in the agricultural sector, gain access to formal banking services. “In…

"Salary accounts touted for boosting financial inclusivity"

PHL defends bans on European pork

REUTERS THE Philippine delegation to the World Trade Organization (WTO) defended Manila’s ban on pork imports from parts of Europe, citing the need to guard against pork from countries affected by African Swine Fever (ASF). According to a statement forwarded by the Department of Agriculture (DA) to reporters, the Philippine WTO delegation said the import ban was based on ASF outbreaks duly reported to animal health authorities. “Philippine officials review the scientific publications on ASF…

"PHL defends bans on European pork"