Economy of the Philippines – Page 27

BIR expecting to collect billions from online sellers with withholding tax

August 9, 2024August 2, 2024carlocarrasco

With the 1% withholding tax on online sellers already in effect, Bureau of Internal Revenue (BIR) expects to collect billions of Pesos from the said sellers although they could not give an estimate on how much could be collected, according to a GMA Network news report.

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

The Bureau of Internal Revenue (BIR) is expecting to collect billions of pesos in taxes from the growing e-marketplace industry after it subjected online sellers under the withholding tax system.

“Itong withholding tax on online transactions, dahil effective na ‘yan, inaasahan natin na malaki rin ang maitutulong nito,” BIR Commissioner Romeo Lumagui Jr. told reporters at the sidelines of the agency’s 120th anniversary celebration in Pasay City on Thursday.

(The withholding tax on online transactions, since this has been effective, we expect it could help immensely.)

Lumagui said the BIR cannot yet give an estimate how much it can collect from imposing withholding tax on online sellers.

“But, we’re expecting that ‘yung revenues natin diyan would be in the billions,” he said.

The BIR’s plan to impose withholding tax to merchants in e-marketplaces took effect on July 15, 2024.

Under its Revenue Regulation (RR) No. 16-2023, one-half of the gross remittances of e-marketplace operations and digital financial services providers to the sellers or merchants for goods or services paid through their platform shall be subject to a 1% creditable withholding tax.

The BIR, however, said the 1% withholding tax shall not be collected “if the annual total gross remittances to an online seller for the past taxable year has not exceeded P500,000” and “if the cumulative gross remittances to an online seller in a taxable year has not yet exceeded P500,000.”

The withholding tax is the amount withheld by a business in payments of goods or services directly remitted to the government on behalf of suppliers or employees.

The BIR defines “gross remittances” as the total amount received by an e-marketplace operator or digital financial services provider from a buyer or consumer for the goods and services sold by or paid to the seller or merchant through the platform of the e-marketplace operator.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the 1% withholding tax on online sellers will help the BIR collect tens of billions of Pesos more by the end of this year?

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 2024 2nd quarter economic growth at 6.3%

August 9, 2024August 8, 2024carlocarrasco

The economy of the Philippines grew at a fast 6.3% in the 2^nd quarter (April to June 2024) according to a Philippine News Agency (PNA) news article. The declared quarterly growth rate placed the Philippines ahead of Malaysia, Indonesia and China.

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

Philippine economic growth accelerated to 6.3 percent in the second quarter of the year from 4.3 percent in the same period last year, National Statistician Dennis Mapa said in a briefing on Thursday.

Mapa said economic growth during the period was also higher than the 5.8 percent gross domestic product (GDP) growth recorded in the first quarter of the year.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the latest economic growth makes the Philippines one of the fastest-growing economies in the region.

“This performance keeps our position as one of Asia’s best-performing major emerging economies. For East Asia’s economies that have released their second quarter 2024 GDP growth, we follow behind Vietnam at 6.9 percent while leading Malaysia at 5.8 percent, Indonesia at 5.0 percent, and China at 4.7 percent,” said Balisacan.

Among major economic sectors, industry and services grew by 7.7 percent and 6.8 percent, respectively. Agriculture, forestry, and fishing, however, contracted by 2.3 percent due to the effects of the El Niño phenomenon.

Household final consumption expenditure grew by 4.6 percent while government final consumption expenditure expanded by 10.7 percent.

Balisacan said the increase in government final consumption expenditure was driven by the timely implementation and expanded coverage programs of various social protection, health, and education programs, and preparatory activities for the 2025 national and local elections. Gross capital formation went up by 11.5 percent.

Public construction sustained double-digit growth of 21.8 percent as the government’s infrastructure agencies expedited the rollout of the Marcos Jr. administration’s construction and rehabilitation projects.

Exports of goods and services rose by 4.2 percent while imports of goods and services went up by 5.2 percent.

On track to meet target – “This significant development brings our real GDP growth to 6.0 percent for the first half of the year, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024,” said Balisacan.

He said the economy would need to grow by at least 6 percent in the second half to attain the lower end of the target for 2024.

Balisacan assured that the government would ensure the benefits of economic growth would be shared equitably.

“President Marcos began his 2024 State of the Nation Address with one of our most urgent priorities: the government will continue its push for food security by managing food inflation with appropriate supply-side measures,” he said.

He said the government was committed to utilizing strategic trade policy to augment insufficient domestic food supplies to meet rising demand.

The government will also expedite the rollout of social protection programs for the poor and vulnerable sectors, including enhancements to the Department of Social Welfare and Development’s Food Stamp Program and the 4Ps Program.

Aside from these, the government will also focus on raising agricultural productivity and improving farmers’ incomes and competitiveness.

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 achieve a growth rate of at least 6.5% for the entire year?

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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More than P831 million deposited through BSP’s coin machines

August 6, 2024July 29, 2024carlocarrasco

More than P831 million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of July 15, 2024, as published on their website.

Based on the latest statistics, a total of P831,774,151.23 (6.1% higher than the previous month’s count of P783,628,810.29) in coins got deposited into BSP machines on 202,110 transactions (5.4% higher than the previous month’s 191,804 transactions) from customers. In terms of physical quantity, 223,021,306 in coins were deposited. The previous count of deposited coins was 211,689,731.

Doing the math on the latest statistics, customers averaged P4,115.45 per transaction (versus the previous month’s P4,085.57 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.7296 per coin deposited (versus the previous month’s average of P3.7018 per coin deposited).

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality recently? Has the BSP coin deposit machine near your been breaking down a lot in recent times?

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

BIR’s withholding tax on online sellers in effect

July 23, 2024July 16, 2024carlocarrasco

With the extension of the deadline over, the Bureau of Internal Revenue’s (BIR) withholding tax on online sellers who conduct business on electronic marketplaces (example: Lazada) came into effect recently, according to a Manila Bulletin business new report.

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

The Bureau of Internal Revenue (BIR) has started implementing the withholding tax requirement for online sellers who conduct business on electronic marketplaces like Lazada and Shopee.

In a statement, BIR Commissioner Romeo D. Lumagui Jr. said there will be no further extensions for online merchants to comply with the new withholding tax system outlined in Revenue Regulations (RR) No. 16-2023.

Under the BIR regulations, e-marketplace operators are mandated to withhold one percent creditable tax on half of the total payments sent to sellers or merchants for products or services sold through their platform.

“Electronic Marketplace Operators will begin imposing Withholding Tax against their sellers/merchants starting July 15, 2024. We have already extended this by 90 days. No further extensions will be given,” Lumagui said.

Last April, the BIR extended the RR No. 16-2023 deadline until July 14, 2024.

“No more extensions will be given after the previous 90-day extension under [Revenue Memorandum Circular] RMC No. 55-2024,” the BIR noted.

The previous extension was given to allow e-marketplace operators to comply with the requirements of the BIR and adjust to the provisions of RR 16-2023 before the withholding tax is imposed.

Lumagui also clarified that withholding tax is not a new tax, noting it is a system where taxes are collected in advance and later offset against the seller’s total income tax liability.

“The BIR aims to level the playing field between brick-and-mortar stores, which are regularly complying with their tax obligations, and online marketplaces,” Lumagui said.

“Whether their business is operated online or through physical stores, sellers and merchants have to pay their taxes,” he added.

Meanwhile, the BIR has given digital financial services providers more time to switch to the new withholding tax system.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you have been selling through the electronic marketplaces, do you think the 1% withholding tax will be a big challenge in the long-term? Have you prepared your business for the withholding tax?

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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US-Philippines Civil Nuclear Cooperation Agreement (123 Agreement) enters into force

July 18, 2024July 9, 2024carlocarrasco

The Philippines moved some steps forward into a nuclear-powered future as the United States-Philippines Civil Nuclear Cooperation Agreement (also referred to as the 123 Agreement) came into force recently, according to a Philippine News Agency (PNA) news article. This means that the legal framework for potential nuclear projects with American providers has been laid down. It is recalled that the 123 Agreement has been progressing since last year.

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

The United States-Philippines Civil Nuclear Cooperation Agreement, or the 123 Agreement, entered into force on July 2, the US Department of State’s Office of the Spokesperson announced on Tuesday (Manila time).

Signed in November last year, the 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

The agreement lays the legal framework for potential nuclear power projects with US providers and aims to facilitate Philippine-US cooperation in the safe and secure use of nuclear energy, taking into full account the standards and safeguards set by the International Atomic Energy Agency, as well as in accordance with respective national laws, international agreements, and regulations.

Upon entry into force, the 123 Agreement will allow the transfer of information, nuclear material, equipment, and components directly between the Philippines and the US or through persons authorized by their respective authorities to engage in transfer activities, which will support potential nuclear power projects with US providers.

It will also pave the way for streamlining the licensing requirements for the private sector with respect to investments in nuclear-related intangible transfers of technology.

“Energy security is an increasingly critical global challenge requiring deliberate collaborative efforts, and together, our two countries can make a significant contribution to our shared clean energy goals,” the US Department of State said.

Nuclear energy, it said, could help achieve these global climate change and energy security targets.

The US Department of State said the agreement is part of its efforts to develop the Philippines’ civil nuclear sector.

“Creating a safe, secure, and modern sector requires a skilled workforce, robust regulations, and strong commercial partnerships. Our government is committed to working with the Philippines to advance each of these areas and we look forward to further building our partnership together,” the US Department of State said.

President Ferdinand R. Marcos Jr. earlier said the administration would be glad to pursue nuclear energy as part of the country’s energy mix by 2032 through the partnership forged with American providers.

His administration seeks to increase the country’s renewable energy mix to 35 percent by 2030 and 50 percent by 2040.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think that nuclear power will be more beneficial for the Filipino people and the national economy than solar and wind power? Are you aware that solar and wind power will cost too much money to create abundant energy for the Philippines?

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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Memorandum of Agreement (MOA) between Las Piñas City Government and Emapalico Homes HOA signed

July 15, 2024July 4, 2024carlocarrasco

Recently in the City of Las Piñas, a memorandum of agreement (MOA) between the City Government and the Emapalico Homes Inc. homeowners association (HOA) was formally signed which will pave the way for commercial development of a key property, according to a Manila Bulletin news report.

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

Las Piñas City Mayor Imelda Aguilar and the officers of the Emapalico Homes Inc. homeowners’ association signed a Memorandum of Agreement (MOA) for the commercial development of their property.

Aguilar said that during the signing of the MOA held last June 19 at the City Hall, the homeowner’s association agreed in converting part of their property into a commercial area while maintaining a portion for use as a tricycle terminal to ensure that essential local transportation remains available.

She said the MOA also highlighted the city government’s commitment to promoting balanced urban development and stimulating economic growth by creating new business opportunities which are expected to enhance the livelihood of residents in Barangay Talon Uno.

Aguilar explained that the plan reflects the city’s broader strategy of promoting sustainable development and in addressing the needs of the community.

She said the project also aligns with the city’s vision of improving infrastructure and living standards through collaborative efforts between the local government and community stakeholders.

The mayor added that the project is anticipated to be a significant step forward in enhancing both the economic and social aspects of Barangay Talon Uno, showcasing a model of sustainable urban development in Las Piñas City.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think the MOA signing will open up a lot of new economic opportunities for Barangay Talon Uno residents within the first twelve 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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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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

I Love Israel: Israeli startups see Philippines as a viable gateway to Southeast Asian markets

July 11, 2024July 2, 2024carlocarrasco

As some of you are already aware, I fully stand with Israel which is very connected with my uncompromising faith in the Lord. I keep on praying to Him for Israel to overwhelm its enemies, rescue the hostages and recover from the effects of the October 7, 2023 terrorist attacks committed by the Palestinian terrorist group Hamas. I can assure all of you that nobody from the evil Islamo-Leftist mob, nobody from the pro-Palestine radicals and nobody from any evil society would stop me from supporting and loving Israel.

Now, on with the news…

Recently, Israel’s Ambassador to the Philippines Ilan Flus confirmed that startups from the Jewish state view the Philippines as a viable gateway to Southeast Asian markets, according to a BusinessWorld news report.

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

ISRAEL companies, particularly startups, view the Philippines as a viable gateway to Southeast Asian markets, according to the Israeli Ambassador and the head of Israel’s economic mission in Manila.

“Asia is a growing market, and Israeli companies are becoming more and more interested in the markets here,” Ambassador Ilan Fluss told BusinessWorld on the sidelines of an Israeli tech startup pitch event at his residence in Makati City.

“The Philippines is also an entry point to the Association of Southeast Asian Nations,” he added.

He said the embassy is working closely with the Anti-Red Tape Authority to find ways to make it easier to do business in the Philippines.

“I think the important thing for an Israeli company is to have a good Filipino partner that will be able to guide them (in navigating) the economy,” Mr. Fluss said, noting the difficulties posed by bureaucracy.

Tomer Heyvi, head of the Israel Economic Mission to the Philippines, said more Israeli startups are showing interest in seeking investors from the Philippines.

“The Philippines is a rising star and there is a lot of interest from the Israeli companies in trade, commerce, but also, of course, in investment,” he told BusinessWorld.

Mr. Heyvi said there are more than 9,000 startups in Israel that are seeking partnerships to help them break through in various global markets, including the Philippines.

“Every year, we see an increase in the interest of Israeli companies. So, for me, it’s already an indication that they find this market interesting.”

According to the Central Bureau of Statistics of Israel, trade between the Philippines and Israel amounted to $532 million last year.

Israel’s Ministry of Economy and Industry said on its website that business services between both countries last year were mostly provided by Israeli startups and tech companies engaged in artificial intelligence-based platforms, cybersecurity, and financial technology solutions.

Very clearly, the ties between Israel and the Philippines remain intact and are in fact gradually gaining strength. The future of economic cooperation between the two nations looks bright even though there are lots of uncertainties happening overseas (armed conflicts with Hamas and Hezbollah, anti-Israel rallies in America and Europe, and so on).

To my fellow Filipinos reading this, I encourage you to accept the truth that Israel is the land God designated specifically for the Jewish people (read Genesis 35:10-12) and His command must be followed without hesitation. If you want to be blessed further by the Lord, do so by loving and blessing the Jewish people (Genesis 12:1-3). I did my part when I was in Israel. Also, let me remind you all that the ties between the Jews and Christians are truly biblical!

We live in a very divided world. Around the world, Leftist forces have been supporting evil forces like the current regime of Iran which is known for supplying and arming the Palestinian terrorists, Hezbollah and other terrorist groups around the Middle East. The Leftists and terrorists always go together and their anti-Semitism is clearly obvious. Hamas, which has long been supported by terrorist state Iran, is purely evil and they are being protected by not only their fellow terrorists but also by mainstream news media outlets who are linked with Leftist forces and people who hate Israel and the Jewish people. Iran even has Hezbollah in Lebanon doing their evil works for them. Beware of the evil union of the Islamo-Left which is wicked deep within.

With all that said, I encourage you all to pray to the Lord God in support of Israel and believe that He will guide the Israeli forces to another victory which means finishing off Hamas, crushing Hezbollah and forcing Iran and its terror proxies to give up. Read Joshua 11:1-20 in the Holy Bible for relevance and truth. Pray to the Lord to support Israel, its government officials, the Israel Defense Forces (IDF) and other stakeholders.

If you truly believe in Lord Jesus, the Holy Spirit and God the Heavenly Father wholeheartedly and you continue to be faithful, you should be aware that Christians are meant to stand united with Israel and love the Jewish people no matter what. You can do your part supporting Israel by donating to Christians United for Israel (CUFI). Do not forget to read the Holy Bible, then pray in tongues to the Lord in the privacy of your room with the door shut.

Always be the fearless and aggressive church of Lord Jesus! Always stand in support of Israel and pray for the peace of Jerusalem.

In ending this I Love Israel piece, posted below are Israel-related videos for your enlightenment.

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More than P783 million deposited through BSP’s coin machines

July 4, 2024June 26, 2024carlocarrasco

Over P783 million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of June 23, 2024, as published on their website.

Based on the latest statistics, a total of P783,628,810.29 (10.7% higher than the previous month’s count of P707,661,554.41) in coins got deposited into BSP machines on 191,804 transactions (9.8% higher than the previous month’s 174,656 transactions) from customers. In terms of physical quantity, 211,689,731 in coins were deposited. The previous count of deposited coins was 193,901,254.

Doing the math on the latest statistics, customers averaged P4,085.57 per transaction (versus the previous month’s P4,051.74 per transaction) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.7018 per coin deposited (versus the previous month’s average of P3.6496 per coin deposited).

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality recently? How long did you have to wait in line before depositing your coins at the BSP machine?

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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New hotel in Parañaque City inaugurated

July 3, 2024June 23, 2024carlocarrasco

Recently in the city of Parañaque, the newly opened Grand Westside Hotel located in Entertainment City was inaugurated with the presence of President Ferdinand “Bongbong” Marcos, Jr., who expressed confidence about its tourism and economic prospects, according to a Philippine News Agency (PNA) news article.

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

President Ferdinand R. Marcos Jr. on Saturday said the newly opened Grand Westside Hotel in Paranaque City, tagged the biggest hotel development in the country yet, would be a major economic and tourism boost.

During the inauguration of Megaworld’s Grand Westside Hotel, Marcos said the 19-story establishment with over 1,500 rooms would not only strengthen the government’s tourism campaign but would also generate more jobs and business opportunities for Filipinos.

Marcos said the hotel’s addition to Philippine tourism is particularly noteworthy in light of the sector’s “remarkable” growth, which contributed 8.6 percent to the country’s gross domestic product in 2023.

“Thanks to this hotel, we can do more. Not only can we accommodate the resurging number of local and international tourists coming to this side of Metro Manila, but we can also expect our Entertainment City to become better known and even more distinguished, elevating its status to more potential visitors in the coming years,” the President said in his speech.

Marcos disclosed that other developments from the real property giant are underway, including the 1,500-seater Grand Opera House also in Paranaque, more theaters and a gaming complex, among other things.

“With all these, we foresee not only the entry of more tourists but also the generation of more jobs, of new businesses and greater opportunity. In fact, [while] many have benefitted from the actual construction of these [properties], around 20,000 direct and indirect jobs will still be created throughout the operation of this hotel in the years to come,” he said.

The President said he is looking forward to Megaworld’s triumphs that will “undoubtedly contribute to the new Philippines, ang Bagong Pilipinas.”

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you delighted with the Grand Westside Hotel operating in the city?

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 engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

37 Chinese nationals arrested in Parañaque City over illegal retail

June 13, 2024June 5, 2024carlocarrasco

Recently in the city of Parañaque, immigration agents arrested almost forty Chinese nationals over alleged involvement in illegal retail, according to a GMA Network news report.

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

The Bureau of Immigration (BI) on Wednesday announced that it has arrested 37 Chinese nationals allegedly involved in illegal retail in Paranaque.

The BI said that the seven females and 30 males from Multinational Village were found to be illegally involved in food retail, groceries, and restaurants. They were arrested on Tuesday, June 4, 2024.

“We received credible information about foreign nationals engaging in illegal retail activities, and our team acted swiftly to address these violations,” Immigration Commissioner Norman Tansingco said in a statement.

The Chinese nationals are detained at the BI’s facility inside Camp Bagong Diwa pending the resolution of their deportation cases.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you concerned that there could be more Chinese nationals secretly committing crime or violating local regulations within the city? What do you think would stop Parañaque from being a hot spot of crime involving Chinese nationals? Are there lots of Chinese nationals living in your village by groups per household?

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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