commerce – Page 9 – Author Carlo Carrasco

Foreign tourist arrivals in the Philippines about to reach 2023 target

November 28, 2023November 26, 2023carlocarrasco

Philippine tourism is back in the spotlight once again as the Department of Tourism (DOT) headed by its secretary Cristina Frasco announced that the 2023 foreign tourist arrivals target of 4.8 million is about to reached and the tourism sector has contributed more than P400 billion to the national economy, according to a Philippine News Agency (PNA) news article.

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

The tourism sector is the second highest driver for economic growth during the first half of the year, a result of President Ferdinand R. Marcos Jr.’s focus on the industry.

Department of Tourism Secretary Cristina Frasco said on Saturday that tourism has so far contributed PHP404 billion to the economy and has reached 99 percent of its goal of 4.8 million international arrivals for 2023.

The improving employment rate is the top contributor to the economy while the increase in investment registration activities and students coming back to school follow tourism.

“I am also here to deliver the good news under the President’s focus of prioritizing tourism. Tourism has emerged as one of the strongest pillars of our economy. According to our national economic managers, tourism is the second top highest driver for economic growth in the first six months of this year,” Frasco said during the opening of the 2nd North Luzon Tourism Expo at Camp John Hay in Baguio City.

She said for Marcos, tourism is a priority “and for that very reason, we have seen the strides we have accomplished in a year.”

Among the government support for the tourism industry are at least 158 kilometers of roads rehabilitated and in 2024, there will be more improvements in airports, Frasco said.

“The flight portfolio of our major international gateways is gradually recovering and we have increased the tourism experience across the country by building tourist rest areas (TRA) across Luzon, Visayas, and Mindanao,” Frasco said.

She said the TRA is one of the ways the government wants to extend its welcome to tourists by giving them a special experience.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that the DOT has done a good job making tourism a more vibrant and more economic sector this year? Has the increase of foreign tourist arrivals this year benefited your business? Do you think that the foreign tourist arrivals will reach 5,000,000 by the end of 2023?

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 athttps://www.instagram.com/authorcarlocarrasco

Over P170 million deposited into BSP coin machines as of October 30, 2023

November 23, 2023November 22, 2023carlocarrasco

Recently, the Business Mirror published a news article revealing that more than P170 million worth of coins have been deposited in the many coin deposit machines (CODMs) of the Bangko Sentral ng Pilipinas (BSP) nationwide as of October 30, 2023. Based on recent findings, more people and business representatives have been lining up at their local CODM to deposit their excess coins and turn it into added value into their GCash accounts or PayMaya accounts, or use the value for shopping vouchers (accepted by The SM Store). Previously the figure was revealed at P115 million and this major project by the BSP launched this past June.

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

THE coin deposit machines (CoDMs) have collected an average of a million pesos per day since June, according to the latest data from the Bangko Sentral ng Pilipinas (BSP), which rolled out the program four months ago to ease the coin shortage and cut government losses in minting coins.

As of October 30, the CoDM collections have reached P171.09 million since June 20. This means an average of P1.29 million worth of coins every day for a period of 133 days.

As of October 20, only 10 days prior, collections already reached P146.78 million. This means, in just 10 days, some P25.31 million or an addition of P2.53 million worth of coins were collected per day.

The data obtained by BusinessMirror also showed that a total of 59.8 million coins were deposited in CoDMs as of October 30.

This means an average of 449,607 coins were deposited into the 25 CoDMs located in various malls and groceries in Metro Manila. This translates to about 17,984 coins per machine everyday.

These coins include the P20, P10, P5, P1, 25 centavo, 10 centavo, 5 centavo, and 1 centavo. These are converted into e-wallets and shopping vouchers.

Based on the data, more than half of the coins deposited in CoDMs are P1 and 25 centavo coins. A total of 22.96 million P1 coins were deposited between June 20 and October 30 while 13.79 million 25 centavo coins were received by the machines during the period.

This was followed by the P5 coin with 12.89 million pieces; P10 coin, 3.02 million pieces; 5 centavo coin, 2.73 million pieces; P20 coin, 2.49 million pieces; and P10 centavo coin, 1.88 million pieces. The lowest was the 1 centavo coin with only 47,496 pieces.

In the data as of October 20, the largest sum ever deposited in a single transaction was P105,818. This was deposited on September 30 in an SM-owned location.

The highest volume of coins deposited during the period reached 33,794 pieces which was received in a CoDM in another SM-owned property last September 3.

The data as of October 20, also showed almost all or 97.63 percent of the amount of the coins collected by CoDMs were converted into GCash credits. The total amount converted into GCash reached P142.33 million as of October 20.

In terms of coin volume, GCash also converted the most into credits with 51.13 million coins or 97.63 percent of the total. This covered a total of 50,225 transactions or 97.04 percent of all CoDM transactions.

In June, BSP rolled out the CoDMs to alleviate the coin shortage in the country and cut the government’s losses in minting coins.

Former BSP Governor Felipe M. Medalla said the Philippines currently has a problem with coins, given that its coins per capita have more than doubled in less than a decade.

There are 39 billion pieces of coins in circulation in the country. At 110 million Filipinos, this translates to around 355 coins per capita which is a 195 percent growth from the 120 coins per capita eight years ago.

Let me end this piece by asking you readers: What do you think about this recent development? Were you able to deposit your excess coins into a BSP cash deposit machine in your city? Was there a time when you had to wait long in the line at a BSP cash deposit machine because one of the customers ahead of you brought several jars full of coins with them for deposit? Do you think having one BSP CODM per shopping mall is sufficient to meet local customers’ need for coin depositing? When waiting for your turn at the BSP CODM takes too long, do you take your coins with you to the bank to deposit into your personal account?

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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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagements, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

President Marcos tells American business community that Philippines is ready to take off as Asia’s leading investment destination

November 20, 2023November 16, 2023carlocarrasco

Recently in the United States, President Ferdinand “Bongbong” Marcos, Jr., met with members of the American business community and enticed them to invest in the Philippines stating that a wealth of opportunity awaits them and the country is set to take off as a major Asian investment destination, according to a news article published by the Philippine News Agency (PNA).

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

The Philippines is all set to become the “leading” investment destination in Asia, President Ferdinand R. Marcos Jr. said Thursday (Manila time).

“With a solid reform agenda and unabating growth amid headwinds, the Philippines is ready to take off as a leading investment hub in Asia,” Marcos said during the Philippine Economic Briefing (PEB) in San Francisco, California, as he enticed the business community in the United States (US) to invest in the Philippines.

“A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years,” he added.

Marcos assured the US businesses of a favorable business environment in the Philippines, adding that his administration is committed to promoting high-value investments.

He said an influx of highly-desirable investments in strategic sectors of the Philippine economy is expected, considering the amendments to the Public Service Act, Foreign Investments Act, Retail Trade Liberalization Act and the Implementing Rules and Regulations of the Renewable Energy Act.

He noted that the government has also introduced reforms to the Philippines’ fiscal incentives structure through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract both domestic and global firms to invest in strategically important sectors.

“Investments in rural areas and highly-advanced and technology-enabled projects and activities are given top priority and, consequently, greater and longer incentives,” Marcos said.

“Investments in the digital space are also highly prioritized. Incentives are given to projects covering research and development and those adopting advanced digital production technologies such as, for example, artificial intelligence, additive manufacturing, data analytics, cloud computing, and nanotechnology,” he added.

Marcos said the public-private partnerships (PPP) framework has also been modified to simplify the approval processes, ensure the viability and bankability of PPP projects, cut red tape, and pave the way for quality infrastructure development.

“These reforms support the Philippines’ massive infrastructure drive. We are prioritizing the implementation of 197 infrastructure flagship projects worth around USD155 billion, with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy,” he said.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think a huge amount of investments from American businesses into the Philippines will be realized in due time? What do you think the government should do to keep attracting more foreign investors as the Philippines is now in the post-pandemic age?

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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Visit Mardi Gras Bazaar (2023) at Madison Galeries now!

November 18, 2023December 4, 2023carlocarrasco

NOTE: Shortly after the launch of Mardi Gras Bazaar, Madison Galeries renamed it into Mardi Gras Warehouse Sale which had its last sale on December 2 and 3, 2023. The previous announced schedule of Mardi Gras Bazaar set for November 18 to December 31, 2023, no longer matters.

It has finally happened and already a lot of people have joined in for their shopping needs or purposes. I’m talking about the latest Mardi Gras Bazaar which officially started this morning at the 3^rd floor of Madison Galeries along Don Jesus Boulevard, Alabang Hills, Barangay Cupang, Muntinlupa City, and I personally visited and bought some nice things with the Christmas season in mind.

*Mardi Gras Bazaar this year is happening at the 3rd floor of Madison Galeries. If you go further in, there is a lot of space inside with all the products for sale.*

Also taking place right now is the Christmas Sale of Oriental Merchants at the 4^th floor of the same mall.

For the newcomers reading this, the Mardi Gras Bazaar this year will last until December 31, 2023 with a schedule of 10AM to 8:30 PM. In my personal experience, this is my 2^nd time to attend the bazaar at Madison Galeries and it also marked the first time in four years since I last attended it (read my 2019 Mardi Gras Bazaar experience by clicking here).

More on the ongoing Mardi Gras Bazaar, check out the pictures I posted below and may these be a reference for you all…

*A wide shot of the venue of the bazaar. There is a lot more products not seen in this image.*

*Looking for a new bicycle? Mardi Gras Bazaar has it!*

*The return of Mardi Gras Bazaar is indeed special. So many products with attractive prices around.*

*In the background are the counters where shoppers lineup with their selected products. Payments by cash, GCash (e-wallet) and credit cards are accepted.*

*In my experience, the process has been orderly.*

For those of you who need directions to get to Madison Galeries for the bazaar, posted below is a screenshot from the social media post of the mall…

As we now live in the post-pandemic age, the newest Mardi Gras Bazaar is an important event not simply because it offers shoppers opportunities to acquire good items at discounted rates but also because it contributes to the normalization of life after the depression of COVID-19.

That being said, I encourage you my readers to take the opportunity to come to Madison Galeries and join the Mardi Gras Bazaar while there is still time. I encourage you also tell your neighbors and friends in our communities about it.

*For your reference, this was at the ground floor of Madison Galeries along Don Jesus Boulevard.*

For more information about Mardi Gras Bazaar (2023) and other activities at Madison Galeries, visit their Facebook page at https://www.facebook.com/MadisonGaleries

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Philippine economy grew by 5.9% in the 3rd quarter of 2023

November 13, 2023November 9, 2023carlocarrasco

The economy of the Philippines grew almost 6% in the 3rd quarter (July-September 2023) which is a huge improvement over the 2nd quarter growth of 4.3%, according to a GMA Network news report.

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

The Philippine economy regained its footing in the third quarter of 2023, following a slowdown seen in the previous quarter, the Philippine Statistics Authority (PSA) reported on Thursday.

The economy, as measured by gross domestic product (GDP) or the total value of goods and services produced in a period, grew by 5.9% during the July to September 2023 period, PSA chief and National Statistician Claire Dennis Mapa said at a press conference.

This is faster than the 4.3% growth rate seen in the second quarter of the year —its slowest pace in nine quarters since the country entered the positive territory in the middle of 2021 following a pandemic-induced recession.

“We are pleased to announce that the Philippine economy continues to grow despite several major headwinds that we have experienced and continue to experience,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.

“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,” the NEDA chief said.

The third quarter economic performance brought the year-to-date or the January to September 2023 GDP growth rate to 5.5%.

Let me end this piece by asking you readers: What do you think about this recent development? Do you think there is still a chance for the Philippine economy to accelerate in the 4th quarter and achieve a full-year economic growth of at least 6%?

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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Madison Galeries’ Mardi Gras Bazaar set for November 18 to December 31, 2023

November 10, 2023December 4, 2023carlocarrasco

Madison Galeries, the nice open-air shopping mall located along Don Jesus Boulevard in Barangay Cupang, Muntinlupa City, recently announced the return of their popular Mardi Gras Bazaar which is all set to take place from November 18 up to December 31, 2023 at the 3^rd floor.

*The official image and details that Madison Galeries posted through social media.*

For the newcomers reading this, the Mardi Gras Bazaar is a well-known special event of Madison Galeries’ with an emphasis on shopping as well as a wide variety of products that buyers can choose from for gift-giving or for the use of their respective households. It should be noted that several products will be offered at discounted rates which should easily attract bargain hunters as well.

In 2019, I published two posts about the Mardi Gras Bazaar which you can read by clicking here and here. My post-event article has some pictures which should you give an idea of what to expect at the next edition of the Mardi Gras Bazaar.

For the 2023 edition of the Mardi Gras Bazaar at Madison Galeries, the announced schedule of November 18-December 31 is pretty extensive and it should give people a lot of time and opportunities to shop. The schedule of the bazaar for each day is 10AM to 8:30 PM.

What to expect at this year’s bazaar? Based on the official image from Madison Galeries, there will be clothing, toys, appliances, electronics, hardware and other items that can be ideal for gift-giving this Christmas season. As with the past editions of the Mardi Gras Bazaar, a discount of up to 80% will be applied on certain items for sale.

Still on Madison Galeries, it should be noted that The Madison Events Place Facebook page shared the 2023 Mardi Gras Bazaar post which suggests that the 3^rd floor venue (The Madison Events Place itself) will be the place to go to. Going back to 2019, I personally attended the Mardi Gras Bazaar and the Village Food Fair 2 (click here) on separate occasions and both special events utilized The Madison Events Place as the main venue. The said venue is a really nice and spacious indoor facility that is also comfortable, secure and fully air-conditioned.

Personally, I am eager to attend this upcoming event. For those of you who have yet to visit Madison Galeries in Alabang, the mall has sufficient parking spaces (note: there are elevated indoor parking levels inside).

Watch out for Mardi Gras Bazaar at Madison Galeries on November 18 to December 31, 2023. Visit the mall along Don Jesus Boulevard in Barangay Cupang, Muntinlupa City. The said boulevard is accessible through Alabang Hills Village (for those who have AHVA car stickers) and the West Service Road. Visit Madison Galeries’ official FB page at https://www.facebook.com/MadisonGaleries

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Imposition of withholding tax on online sellers could happen before December 2023

November 2, 2023October 31, 2023carlocarrasco

Those of you who have been engaging with online selling, you better brace yourselves as the Bureau of Internal Revenue (BIR) hopes to begin imposing a creditable withholding tax before December 2023, according to a BusinessWorld news report. Specifically, this move applies on partner-merchants of online platforms.

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

THE BUREAU of Internal Revenue (BIR) is hoping to start imposing a creditable withholding tax on partner-merchants of online platforms before the start of December, an official said.

“The process could be shorter, and we might just come up with it before the start of December. It will not be unreasonable to expect it before the start of December,” BIR Assistant Commissioner Jethro M. Sabariaga told reporters on the sidelines of the SGV Tax Symposium last week.

“The longer you withhold this release, you’re hobbling a significant portion of today’s economic transactions,” he added.

The BIR last week released the final draft of the amendments to Revenue Regulation No. 2-98 which currently does not cover income payments by online platform providers.

Under the final draft, the BIR would impose a withholding tax of 1% on one half of the gross remittances by domestic e-marketplace operators to the online merchants for the goods or services sold through their facility.

However, the withholding tax will not apply if annual total gross remittances to an online merchant for the past taxable year has not exceeded P250,000, or if the cumulative gross remittances to an online merchant in a taxable year has not yet exceeded P250,000.

Also exempted are online merchants who are part of a cooperative duly registered with the BIR with a valid Certificate of Tax Exemption.

Mr. Sabariaga said the BIR took note of the suggestions and objections to the draft rules raised by affected sectors. The BIR’s deadline for comments from stakeholders on the final draft ended on Oct. 27.

“This will all be taken into consideration and then be studied and then the final draft will be released and exposed,” he said.

Since then, Mr. Sabariaga said the agency consulted with various industries to come up with the latest version of the draft.

“It’s the first exposition of the draft, you have to consider the various industries, the applicability of the withholding (tax) on the various industries, the rates, the economic provisions of it,” he added

The BIR has been seeking ways to tax the digital economy, particularly as e-commerce surged during the pandemic.

In 2022, the digital economy contributed P2.08 trillion, equivalent to 9.4% of gross domestic product. Of this, e-commerce had the highest growth at 26.5%, with its share to the economy reaching 20% or P416.12 billion.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been regularly selling online, do you think you will be covered by the planned withholding tax by the BIR? Do you have all financial and legal records prepared?

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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Filinvest and Hitachi to establish state-of-the-art water recycling facility in Alabang

October 25, 2023October 22, 2023carlocarrasco

There is no doubt that water is essential for families, businesses and all other sectors of local society. That being said, Filinvest’s corporate entities has partnered with Hitachi, Ltd., to construct a state-of-the-art water recycling facility and upgraded sewage treatment plant (STP) in the Alabang business district in Muntinlupa City with a completion target set for March 2026, according to an official press release published through Hitachi online.

To put things in perspective, posted below is an excerpt from the Hitachi press release. Some parts in boldface…

Seated from L-R, FDCWUI President & CEO **Johnny Roxas**, FDC Vice Chair Josephine Gotianun Yap, FAI President & COO Catherine Ilagan, Hitachi Ltd. GM of Envi. Sol. Div. **Okito Kakudo**, and Hitachi Asia Ltd. COO **Tang Chay Wee**. Standing from L-R, PMI’s Chief Investment Officer **Jan Michael Lim** and President **Alfredo Comendador Jr.**, ASCOF’s Design Manager **Allan Villanueva** and Project Manager **Ricky De Castro**, FLOW’s BD and Marketing AVP **Sundy Bergado** and CTO **Tatsuya Sasuga**, Hitachi Asia Ltd. Philippine Branch GM **Hiroshi Katagiri** and FLOW’s Engineering and Projects AVP **Alfred Ables**. (source – Hitachi.Asia)

Filinvest City, together with its partners FDC Water Utilities Inc. and Hitachi Ltd, will soon begin the construction of a state-of-the-art water recycling facility and upgraded sewage treatment plant (STP) that promises to innovate urban water management in the Alabang business district. This reflects the Filinvest Group’s commitment to sustainability through the implementation of efficient and technology-driven water operations across all of its developments.

“We aim to make Filinvest City the first sustainable and smart central business district in the Philippines. By implementing advanced technologies and solutions to treat wastewater, we are moving towards a future where local ecosystems are protected and our ecological footprint is reduced,” said Filinvest Development Corporation (FDC) Vice Chairperson Josephine Gotianun Yap during the construction commencement ceremony held recently.

FDC Water Utilities, Inc. (FDCWUI), a subsidiary of FDC Utilities, Inc., will lead in developing the project that is set to begin in December this year and is expected to be completed by March 2026.

“This project will revolutionize how Filinvest approaches wastewater treatment and water production. Its seamless integration of sewage treatment and production of high-quality recycled water technologies sets a new standard for environmentally responsible development. Only two other projects in the country implement similar processes, but none on this scale,” said Juan Eugenio L. Roxas, President and CEO of FDWUI.

Hitachi Ltd is the project’s technical partner, one of Japan’s largest and most influential corporations spanning sectors such as IT, telecom, power, infrastructure, and industry. Together with Filinvest, Hitachi aims to focus on social and sustainable innovations through data and technology.

“Our advanced water treatment technology, combined with digital solutions, is designed not only to improve water quality but also to enable remote plant monitoring and streamline operations. We are honored to work with Filinvest as we address the pressing issue of water shortages in the Philippines and promote water sustainability together,” said Okito Kakudo, General Manager of Hitachi Ltd.’s Environmental Solution Division, Water and Environment Business Unit.

The upgraded STP will be capable of processing up to 15 million liters of wastewater daily. It will utilize Membrane Bioreactor (MBR) technology for biological nutrient removal, which complies with the stricter regulations on nitrogen and phosphorus removal in the country that cannot be effectively removed by the conventional activated sludge method.

Meanwhile, the new water reuse facility is designed to efficiently produce high-quality recycled water for household use. Capable of producing a capacity of at least 10.5 million liters per day, the facility utilizes a combination of Brackish Water Reverse Osmosis (BWRO) and Advanced Oxidation for its water production.

The initiative will reduce the environmental footprint of Filinvest City and effectively mitigate pollution in waterways. Moreover, the water produced by the reuse facility will be available to local businesses and residents, conserving valuable freshwater sources and ensuring a more reliable supply of clean water.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, how do you think this upcoming water recycling facility of Filinvest and Hitachi will help you? Do you think there is a need for more private sector players to be more involved in the water supply and water recycling within Muntinlupa City? Do you own a home or a business property in Filinvest City in Alabang?

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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Two ladies and a man arrested for shoplifting in Alabang

March 23, 2023March 21, 2023carlocarrasco

What would you do if you had so many containers of sunblock lotion? I had to ask that question because the Manila Bulletin reported a recent incident that happened in Alabang, Muntinlupa City in which three people got arrested for shoplifting inside a popular retailer. They were caught carrying over fifty units of expensive sunblock lotion and had no proof of purchase with them as they attempted to leave.

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

Three persons were arrested by the police for allegedly shoplifting 55 sunblock lotions at a popular membership-only warehouse club in Muntinlupa.

The Muntinlupa police identified the suspects as Zamuel Campo, 50; Riza Cuatro, 46; and Fatima Cuatro, 39.

According to the police, the shoplifting incident happened at the S&R Membership Shopping branch at Westgate Alabang on March 19.

The three allegedly posed as customers and put 55 pieces of Beach Hut sunblock lotions in a bag and immediately walked out of the store. Each sunblock lotion cost P492 for a total of P27,060.

At the S&R exit, they were searched by the guards and when they failed to show a receipt for the sunblock lotions, they were prevented from leaving.

Let me end this piece by asking you readers: If you are a Muntinlupa City resident, what is your reaction to this development? Do you think the arrested suspects could be working together or could they be working for a crime syndicate?

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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BIR targeting online sellers

March 20, 2023March 13, 2023carlocarrasco

If you have been engaging on selling items or services online, you should be aware that the Philippines’ authority on taxation the Bureau of Internal Revenue (BIR) is constantly watching you and it is seeking ways to tax you, according to a BusinessWorld news report. Already the BIR has been communicating with the e-commerce platforms.

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

THE BUREAU of Internal Revenue (BIR) is looking to collect taxes from online sellers on e-commerce platforms more efficiently.

BIR Commissioner Romeo D. Lumagui said it is difficult to monitor taxes on individual online sellers on e-commerce platforms.

“We’re in constant communication with the platforms, because it’s a challenge to monitor. We’re thinking of ways to approach it because if we look at individual online sellers, it’s a bit difficult. It’s a challenge,” he told reporters on Thursday evening.

Mr. Lumagui said the BIR is prioritizing ways to better collect taxes from online sellers and other new platforms this year.

The pandemic forced many entrepreneurs to shift to online selling using e-commerce platforms like Shopee and Lazada, as well as social media platforms such as Facebook, Instagram and Tiktok.

As of 2022, the Department of Trade and Industry (DTI) estimated there are around two million entities doing business as online sellers.

In 2021, the digital economy contributed 9.6% to the country’s gross domestic product (GDP), or about P1.87 trillion. DigiPinas, the multi-sectoral initiative led by UBX Philippines Corp., earlier said the Philippine digital economy can grow to as much as $150 billion or about P8.3 trillion in the next decade.

Meanwhile, Mr. Lumagui said the BIR will tap social media influencers to help educate the public on the importance of paying taxes.

“They have reach and I think that one way of making people comply with tax obligations is to educate the people since tax is a very complicated topic not easy to understand,” he said, adding the BIR will schedule a dialogue with them.

Mr. Lumagui said the BIR will continue its efforts to collect taxes from social media influencers, since they’re earning income. He noted there are already some who are undergoing tax audits.

“What we want is to dialogue with them that these are your obligations as social media influencers, you’re earning from whatever you’re doing, so this is your responsibility as income earners,” he said.

The BIR said it collected around P44.6 billion worth of tax from online content creators and retail sales at the end of 2021.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been selling products or services online for the last twelve months, do you think the BIR’s move with taxing your business will negatively affect Philippine e-commerce as a whole? Have you set aside enough money for potential taxation by the BIR? What is the one thing about online selling that made you stay away from selling through physical establishments like a store?

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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