business – Page 29 – Author Carlo Carrasco

New deadline for business permit renewal in Muntinlupa City is on January 31, 2024

January 27, 2024January 23, 2024carlocarrasco

To those of you who own or manage business in Muntinlupa City, be reminded that the new deadline for renewing your business permits is on January 31, 2024, according to a Manila Bulletin news report. Renewal of permits can be done online or on-site at the Muntinlupa Sports Center in Barangay Tunasan.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

The Muntinlupa City government is offering an online business permit processing for the convenience of taxpayers.

The Business Permits and Licensing Office (BPLO) encouraged people, especially those who are unable to visit the Business Permit Renewal Hub at the Muntinlupa Sports Center in Barangay Tunasan, to avail of the Business E-Payment System (BESt) as a more convenient alternative to the renewal process.

In addition, the Muntinlupa City Council passed a resolution granting the request of BPLO officer-in-charge Engr. Allan Cachuela to extend the business permit renewal deadline to Jan. 31 to give business owners the chance to comply and avoid penalties.

Mayor Ruffy Biazon welcomed these developments and urged Muntinlupeños to beat the deadline by taking these opportunities that support grassroots businesses–a key component of his economic agenda.

Entrepreneurs who wish to renew their permit may visit the Muntinlupa City government website (https://muntinlupacity.gov.ph/). They must first send their business account details and active company email address to bplo.muntinlupa@yahoo.com or through a personal message to the BPLO Muntinlupa Facebook page. For security, entrepreneurs must send their details via message and not put them in the Facebook comments.

An official notification will be sent to the provided email address. Afterwards, the applicant must create a BESt account and undergo verification through email. Once verified, entrepreneurs must sign into the BESt portal, choose the business permit renewal option, and provide the necessary details and business information. Payment fees can then be settled via Development Bank of the Philippines or Landbank.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you consider the deadline extension essential for the city’s economy? If you manage a business within the city, have you been able to renew your business permit?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram at https://www.instagram.com/authorcarlocarrasco

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New SBMA chief Aliño eyes more hotels and infrastructure projects to make Subic Bay freeport more attractive to investors

January 26, 2024January 26, 2024carlocarrasco

Recently a local businessman who has extensive experience of doing business inside the Subic Bay Freeport Zone took office as the new head of the Subic Bay Metropolitan Authority (SBMA) and made clear his plan to make the zone more attractive to investors, according to a Philippine News Agency (PNA) news article. His predecessor served for last than one year.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Businessman Eduardo Aliño officially assumed post on Monday as chairman and administrator of the Subic Bay Metropolitan Authority (SBMA).

During his first press conference as SBMA head, Aliño noted the vast potential of Subic which should be given priority for development.

“We have so many potentials here in Subic and we may be putting more hotels, more infra projects to attract more investors,” he said, adding that together with his management team, they will study everything to determine what is lacking.

Citing his experience as a locator himself, he also expressed his desire to give investors who are experiencing difficulties in paying their financial obligations to SBMA, a chance or consideration to recover.

He said these businessmen had invested so much money and it would be so painful to lose the business they dreamed of in Subic, so giving them a chance to recover would be like giving them a new lease on life.

Earlier on Monday, Aliño attended the flag ceremony in front of the SBMA Administration Office with his family, and was welcomed by senior officers, members of the board, and employees of the agency.

In his message, he revealed having some apprehensions when President Ferdinand R. Marcos Jr. offered him the position.

He said he consulted his family and thought about it for a while before saying “yes” to the President.

“How can I say no to your President?” he said. “Because if you always refuse to help our leaders, who else would? So, I said yes.”

Aliño said his acceptance of the post was also driven by his desire to repay for all the help that SBMA people had given him and his business over the past 20 years.

“It is because of you, other than us, that made our terminal into what it is right now. Hindi po namin magagawa ang lahat ng ito kung wala ang tulong ninyo (We won’t be able to accomplish all of these without your help)”, he said.

Aliño is the former president and chairman of the S.T.A.R. Group of Companies and former chairman of the Subic Bay Yacht Club. The S.T.A.R. Group of Companies is engaged in integrated supply chain services and port operations.

He is also the former president and chairman of the Subic Bay Freeport Grain Terminal Services Inc. and Mega Equipment International Corp. which is now being managed by one of his sons.

Addressing the employees of SBMA, the new administrator and chairman assured fairness and honesty in serving the people, while asking for their support.

“I promise you that I will be fair. I promise you to be honest,” he said, adding that he has no agenda other than to help and to serve SBMA as a gesture of love for the country, God and the President.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the new SBMA head Aliño and his team will succeed in revitalizing business in the Subic Bay Freeport over the next six months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines targets economic growth of 6.5% to 7.5% for 2024

January 25, 2024January 18, 2024carlocarrasco

Even though there are still uncertainties ahead, the national authorities here in the Philippines forecast economic growth of 6.5% to 7.5% this year, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The government is sticking to its gross domestic product (GDP) target of 6.5 to 7.5 percent for 2024 despite many organizations forecasting the economic expansion this year will miss the administration’s goal.

National Economic and Development Authority (NEDA) Undersecretary Rosemarie Edillon on Wednesday said the government has remained optimistic about achieving its target GDP growth for 2024.

“Of course, it’s a target. So, theirs is a forecast, meaning they are looking at what has been the trajectory before. But in our case, we have drivers for growth that we are pushing for,” Edillon told reporters on the sidelines of a joint economic briefing of foreign chambers in Makati City.

Among these sectors that would support economic expansion are international tourism, the Build Better More program of the administration, and the mass housing projects under the Pambansang Pabahay Para sa Pilipino or the 4PH Program.

“Then that will be a big factor actually in accelerating the growth,” she said.

Most of the forecasts of multilateral organizations and banks on Philippine GDP this year were below the government’s target.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the economy of the Philippines has enough momentum to grow at least 6.5% this year? What do you think will become the biggest obstacle for the Philippine economy with regards to external or overseas developments?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Department of Tourism (DOT) hopes to surpass P1.5 trillion in domestic tourism revenue this year

January 23, 2024January 15, 2024carlocarrasco

While 2023 turned out successful for Philippine tourism in terms of foreign tourist statistics, the Department of Tourism (DOT) recently started focusing on domestic tourists hoping to attract a massive amount of revenue coming from them this year, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the report of GMA Network. Some parts in boldface…

Due to the performance of various tourism sectors last year, Tourism Secretary Christina Frasco is confident of the Philippines prospects for 2024, as shared in an interview over Super Radyo dzBB on Sunday.

‘“Yung sa international visitor receipt, lumagpas tayo sa ‘P482.5 billion pesos na napunta sa ating ekonomiya because of our foreign visitors… We hope to be able to surpass the P1.5 trillion pesos domestic visitors receipt na napunta sa ating ekonomiya noong 2022”, Franco said.

Tourism-related employment created 5 million jobs nationwide, Frasco said.

For the new year, the tourism secretary said her marching orders from President Ferdinand ‘Bongbong’ Marcos, Jr. is the enhancement of overall tourist experience.

“Gusto natin na masaya ang mga turista. Maramdaman nila ang love, warmth of the Filipino people at tsaka ‘yung convenience sa pag-travel,” said the secretary who hails from Cebu, a major travel destination.

Based on feedback, one concrete step is the construction of 18 tourist rest areas that will provide clean public restrooms.

The DOT head’s confidence is buoyed by the combination of numbers resulting from both international and domestic tourists.

“‘Yung domestic tourism natin has been massively successful especially in our regions, provinces, cities and municipalities across the country”, she said.

In 2023, the DOT announced that 5.45 million international tourists visited the country, exceeding its targets.

For preferred tourist destinations, Frasco said Cebu has always been a favorite as well as Palawan, Boracay, Siargao Metro Manila and Batangas.

On top of the tourism staples, the DOT chief said her agency will also work to promote and develop emerging and lesser known destinations to provide opportunities under the Philippine Experience Program. The approach would be to highlight an area’s heritage, culture and arts as well as the discovery of delicacies, festivals and communities.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the DOT will be able to motivate people around the country to engage in domestic tourism and spend a good amount of money on accommodations, travel, restaurants, gifts and the like? Do you think the DOT should cooperate more with local government units (LGUs) as well as provincial governments to emphasize local tourism?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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VAT exemption in sale of residential properties hiked to P3.6 million

January 20, 2024January 17, 2024carlocarrasco

Those of you who own residential properties should be aware that the Bureau of Internal Revenue (BIR) formally announced that it has hiked the value-added tax (VAT) exemption in the sale of residential properties to P3.6 million (over P400,000 higher than previous), according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The Bureau of Internal Revenue (BIR) has increased the threshold for value-added tax (VAT) exemption for the sale of house and lot as well as other residential dwellings from nearly PHP3.2 million to PHP3.6 million.

This, as BIR Commissioner Romeo Lumagui Jr. has issued Revenue Regulations 1-2024, compliant with Section 109 (P) of the National Internal Revenue Code.

The adjustment reflected the commitment to align the threshold with present values every three years using the consumer price index as published by the Philippine Statistics Authority.

“This timely increase in VAT exemption shows our commitment to Excellent Taxpayer Service. This increase in the selling price threshold, for VAT exemption purposes, of the sale of house and lot, and other residential dwelling from PHP3,199,200 to PHP3,600,000 gives testament to the BIR’s improved and updated services,” Lumagui said.

The BIR said its focus on Excellent Taxpayer Service aligns with President Ferdinand R. Marcos Jr.’s recent signing of the Ease of Paying Taxes Act.

The enactment of the legislation pushes for a modernized tax system, aiming to assist taxpayers in fulfilling their obligations, Lumagui said.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a property owner, does the BIR’s act affect you? Do you think the raised VAT exemption will make a strong impact on many residential properties?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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First Metro Investment Corp. and University of Asia and the Pacific expect Philippine economy will grow by 6% this year

January 19, 2024January 13, 2024carlocarrasco

Recently, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) expressed expectation that the economy of the Philippines will achieve 6% growth for the year 2024, according to a BusinessWorld news article.

To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface…

THE PHILIPPINES’ gross domestic product (GDP) is projected to grow faster this year as easing inflation will help boost “revenge spending,” analysts said.

First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said they expect GDP growth at 6% this year, still below the government’s 6.5-7.6% target.

“I think they will not be able to make the 6.5% unless foreign investments come in. And so far, if we look at 2023, foreign investments were actually down significantly… but we have to see how things pan out in the coming months,” Victor A. Abola, an economist at UA&P, said at a briefing in Makati City on Thursday.

FMIC and UA&P projected full-year GDP to average 5.5% in 2023, still below the government’s 6-7%. The economy grew by 5.5% in the nine-month period.

The Philippine Statistics Authority (PSA) is set to release full-year 2023 GDP data on Jan. 31.

“Growth will accelerate from 5.5% (in 2023) to 6% (in 2024), driven by the services sector, particularly, transport, accommodations, and food services, which are experiencing revenge spending,” Mr. Abola said.

Filipino consumers are expected to continue to splurge this year, which will help drive growth.

“We’re just seeing the beginning of (revenge spending) because high inflation has sort of toned down that expansion. So, I think that we’ll see faster GDP growth in 2024,” Mr. Abola said.

Improved employment will also boost the economy this year, Mr. Abola said, citing the record low jobless rate seen in November.

The country’s unemployment rate fell to 3.6% in November from 4.2% in the previous month and a year ago, marking an 18-year low. In November, the number of employed people also rose to 49.64 million from 47.8 million in October and 49.7 million in November 2022.

FMIC Executive Vice-President Daniel D. Camacho said the BSP will likely keep rates steady for the first half.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think internal and external economic factors will somehow become favorable for the Philippines and allow better economic growth along the way? Do you think there is too much attention paid on so-called revenge spending?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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World Bank sees Philippine economy growing at 5.8% this year

January 18, 2024January 11, 2024carlocarrasco

While local economic managers predict the Philippine economy growing between 6.5% to 7.5% this year, the World Bank (WB) itself forecasts a 5.8% growth for 2024, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE WORLD BANK (WB) expects the Philippines to be among the fastest-growing economies in Southeast Asia this year.

In its latest Global Economic Prospects, the multilateral lender projected Philippine gross domestic product (GDP) to expand by 5.8% in 2024, same as its forecast in December.

The Philippine growth projection is the fastest among Southeast Asian economies, tied with Cambodia (5.8%), and ahead of Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.1%), Timor-Leste (3.5%), Thailand (3.2%) and Myanmar (2%).

However, this is below the Development Budget Coordination Committee’s (DBCC) 6.5-7.5% growth target for 2024.

The World Bank’s growth forecast for the Philippines is also higher than its 4.5% projection for East Asia and the Pacific.

The multilateral lender sees slower growth in the region due to the “anticipated deceleration in economic activity in China.”

Other risks to the growth outlook include geopolitical tensions in the Middle East that could lead to higher oil prices, dampened global trade, tightening financial conditions and climate-related disasters, it said.

“Extreme weather events, the frequency of which has increased in recent decades as a result of climate change, also pose a downside risk to the regional outlook,” it added.

In the Philippines, the government is preparing for the potential impact of the El Niño weather event this year.

The latest bulletin from the state weather bureau showed that El Niño will likely persist from March to May, when dry season crops are often harvested.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan earlier said El Niño would likely affect the agriculture sector and drive food prices higher, which could threaten the inflation downtrend.

On the other hand, the multilateral lender said resilient domestic demand could spur growth drivers in the East Asia and Pacific region.

“Modest inflation, and in many cases robust labor markets supported by buoyant service activity, are anticipated to sustain household spending,” it said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow better this year than the WB’s prediction of 5.8%?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Withholding tax on online sellers could address revenue leakages

January 18, 2024January 12, 2024carlocarrasco

With the 1% withholding tax on online sellers already in effect, there is potential that the said tax could address revenue leakages, according to a BusinessWorld news article.

To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface…

THE GOVERNMENT should ensure that it will be able to properly implement and monitor the collection of withholding tax on online sellers.

The Bureau of Internal Revenue (BIR) recently issued Revenue Regulations (RR) No. 16, which imposes a withholding tax on the gross remittances made by electronic marketplace operators and digital financial service providers to merchants.

Analysts said that the implementation of the withholding tax on online sellers will allow the BIR to better track transactions in the digital economy.

“The implementation of a 1% withholding tax on online sellers is intended to expand the tax base by addressing potential revenue leakages in the growing online retail industry,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

“Ideally, the withholding tax system should streamline the tax payment process for online sellers and should have no substantial impact on prices under the assumption that retailers are paying correct taxes,” she added.

Eleanor L. Roque, tax principal of P&A Grant Thornton, said that the measure provides the BIR an additional mechanism to “ensure that taxes are paid by the business owners since their income will also be reported by their withholding agents.”

Ms. Velasquez noted that the imposition of the withholding tax may also mitigate some instances of noncompliance by online sellers.

“This measure is expected to increase government revenues and promote transparency among companies engaged in online retail trade,” she added.

Ms. Roque said that the tax will be an “additional administrative burden” on electronic marketplaces.

“These entities will have to put controls in place to identify remittances to online sellers that are subject to withholding taxes,” she said in a Viber message.

Under BIR regulation, a withholding tax of 1% will be imposed on one-half of the gross remittances by e-marketplace operators and digital financial service providers to the sellers or merchants for the goods and services paid or sold through their platforms or facilities.

However, the tax is not imposed if the annual total gross remittances to an online seller for the past taxable year has not exceeded P500,000; if the cumulative gross remittances to an online seller in a taxable year has not yet exceeded P500,000 or if the seller is duly exempt from or subject to a lower income tax rate pursuant to any existing law or treaty.

The regulation covers marketplaces for online shopping, food delivery platforms, platforms to book lodging accommodations, and other similar online service or product marketplaces.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the withholding tax on online sellers will solve government revenue leakages?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Ten early bird taxpayers of Muntinlupa City for 2024 recognized

January 15, 2024January 9, 2024carlocarrasco

Recently in the City of Muntinlupa, the City Government formally recognized the first ten early bird taxpayers who settled their dues when they had their respective business permits renewed this year (2024), according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

The Muntinlupa City government recognized 10 early bird taxpayers who renewed their business permits for this year.

Mayor Ruffy Biazon led the recognition on Jan. 8 of the business owners who were first in line at the Business Permit Renewal Hub located at the Muntinlupa Sports Center in Barangay Tunasan under the supervision of the Business Permits and Licensing Office (BPLO), applauding them for avoiding the rush and the possibility of late penalties.

The first 10 early bird taxpayers are Mama Nene Store, Mini-Mini Store, Beecube Inc., Bob Garon & Vandervoort Consultancy Inc., Chaulameir Enterprises, Erchie Appliance Parts, Oost & Voort Inc., Russel Ramos T-shirt Services; People’s Choice Apartment, and Aurelio Alquiros Tailoring Shop.

Each of them received a certificate of recognition from the BPLO and a basket of groceries.

Business permit renewal in Muntinlupa is ongoing from Monday to Friday until Jan. 20 at the Muntinlupa Sports Center.

BPLO offers free daily shuttle service to and from the venue for business owners, with pickup and drop off at the Muntinlupa City hall.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City who also manages a local business, do you find the business permit renewal process fast and efficient?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines unemployment rate falls to 3.6% (as of November 2023)

January 15, 2024January 14, 2024carlocarrasco

Based on the latest findings of the Philippine Statistic Authority (PSA), the national unemployment rate fell down to 3.6% as of November 2023, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The country’s unemployment rate fell to its lowest level in November last year, while employment reached its highest since April 2005, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a briefing, National Statistician Dennis Mapa said results of the PSA’s latest Labor Force Survey (LFS) showed that unemployment rate further went down to 3.6 percent during the month, down from the 4.2 percent recorded in November 2022 and October 2023.

It was the lowest recorded unemployment rate since the PSA introduced a new methodology for measuring the LFS in 2005.

In terms of magnitude, the number of unemployed Filipinos was estimated at 1.83 million, down from 2.18 million in November 2022 and 2.09 million last October.

The Labor Force Participation Rate (LFPR), meanwhile, was registered at 65.9 percent or about 51.47 million Filipinos aged 15 and above who were either employed or unemployed.

The LFPR during the month was lower than the 67.5 percent recorded in November last year.

In a statement, the National Economic and Development Authority (NEDA) said the decline was mainly due to reduced participation of young people (34.4 percent from 40 percent) and women (55.4 percent from 57.8 percent) in the labor force, influenced by family responsibilities, schooling, and age-related factors.

The country’s employment rate was estimated at 96.4 percent, also the highest recorded since April 2005.

The number of employed Filipinos was estimated at 49.64 million.

Underemployed persons or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work was recorded at 5.6 million, lower than last year’s 7.16 million.

NEDA Secretary Arsenio Balisacan said there is a need to expand the digital economy, including the digitalization of Micro, Small, and Medium Enterprises and startups, to address the declining labor force and increase labor market gains in 2024 and beyond.

“Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector. This will help address the declining labor force,” Balisacan said.

“We will take full advantage of the liberalization reforms intended to attract investments in the Philippines, especially in digital infrastructure. Upgrading our infrastructure will attract investments that generate high-quality jobs,” he added.

Balisacan said the government will further support a more productive, agile, and adaptive workforce by passing and implementing crucial regulatory reforms, such as the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines has enough momentum to grow and open up new job opportunities for more Filipinos?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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