House panel eyes tax relief for middle class [Philippine Daily Inquirer, July 27, 2026] “The current personal income tax brackets took effect in 2018. Since then, inflation has significantly eroded purchasing power,” the lawmaker said, noting that middle‑income Filipinos have borne the brunt of the current tax structure under the Tax Reform for Acceleration and Inclusion Act (Republic Act No. 10963). BIR clarifies rules for one-time tax abatement program for micro taxpayers [Manila Standard, July 27, 2026] The circular uses a question-and-answer format to address taxpayer qualification, documentary requirements, filing procedures, payment of the one-time abatement fee, covered tax liabilities and penalties, application timelines and other implementation issues. It also provides illustrative examples to help taxpayers determine their eligibility under the program. Corporate regulator updates financial reporting standards [The Manila Times, July 27, 2026] Under SEC Memorandum Circular 22, Series of 2026, issued on July 23, the regulator adopted new and amended the Philippine Financial Reporting Standards (PFRS) and Philippine Interpretations Committee Questions and Answers (PIC Q&As). Group pushes bid to include PH in visa-free Guam-CNMI travel [The Manila Times, July 27, 2026] A Northern Mariana Islands lawmaker with Filipino roots joined other Marianas officials in renewing calls to include the Philippines in the Guam-CNMI Visa Waiver Program, saying the proposal would not only boost tourism and businesses but also reconnect families separated by immigration barriers. DOE chief eyes keeping Semirara coal for domestic use [Philippine Daily Inquirer, July 27, 2026] Energy Secretary Sharon Garin is eyeing the allocation of all or most of the coal produced from Semirara Island to local power plants, as new export rules of top supplier Indonesia pose risks to the domestic electricity situation. Concepcion Industrial H1 income plunges 74% [The Manila Times, July 27, 2026] CONCEPCION Industrial Corp.’s first-half net income dropped 74 percent in the first six months of 2026 compared to a year ago, a result the company blamed on elevated operating costs, supply chain disruptions, softer retail demand and foreign exchange losses arising from a weaker peso. China hits Trip.com with $765M penalty [The Manila Times, July 26, 2026] China’s State Administration for Market Regulation (SAMR) had opened an investigation in January into Trip.com Group for “suspected abuse of its dominant market position in violation of the Anti-Monopoly Law.” Lucio Co Group allots P6.7B for Primewater rehabilitation [Inquirer.Net, July 26, 2026] Lucio Co-led Crystal Bridges Holdings has earmarked over P6.7 billion for the first phase of Primewater Infrastructure’s rehabilitation and expansion after acquiring the water utility in May. Philippines seals landmark trade pact with Chile [The Philippine Star, July 26, 2026] At present, the Philippines exports electronics products, coconut products and personal care products to Chile. It imports copper ores and concentrates, salmon and other key products from Chile. Filipino ideas can become next economic powerhouse, says IPOPHL chief [ABS-CBN News, July 25, 2026] The Philippines’ next innovation breakthrough should not be measured by the number of patents, trademarks, or copyrights it produces, but by whether Filipino ideas can become investable businesses, globally competitive brands, and engines of jobs and economic growth, according to the Intellectual Property Office of the Philippines (IPOPHL). BIR files complaint vs. Sunwest, execs over P22.7B tax liability [GMA News Online, July 24, 2026] It said it reconciled the company’s records with third-party information from the Department of Public Works and Highways, National Power Corporation, and Philippine Ports Authority, which disclosed undeclared income totaling P6.29 billion for taxable years 2019 to 2024. US slaps Philippines with 12.5% tariff over forced labor concerns [Manila Bulletin, July 24, 2026] The USTR earlier included the Philippines in its investigation into the US’ top 60 trading partners as it sought to crack down on imports made with forced labor that were found to be harmful to American commerce. SC: Errors in deed of sale may be corrected to reflect parties' true agreement [GMA News Online, July 24, 2026] According to the Court, a contract may be reformed or corrected if the parties agreed on the transaction, the written document does not express their true agreement, and the error was caused by a mistake, fraud, accident, or unfair conduct. DHSUD OKs P870-M land loans for 8K families under Expanded 4PH [Philippine News Agency, July 24, 2026] At least 8,100 low-income and informal settler families nationwide have secured land ownership through a land acquisition loan worth PHP870.6 million under the Enhanced Community Mortgage Program (ECMP). SEC fines Inclusive Credit P1M for loan, collection violations [Inquirer.Net, July 24, 2026] The FLCD said the 38-percent upfront charge translated to a seven-day EIR of 61.29 percent, or 262.67 percent a month, far exceeding the 15-percent monthly cap under MC No. 3. Legarda hails signing of GIDA Schools Act into law [Inquirer.Net, July 24, 2026] Recognizing these persistent hurdles and inequities, Senator Loren Legarda hailed the signing of Republic Act No. 12321, or the Geographically Isolated and Disadvantaged Areas (GIDA) Schools Act, on July 23, 2026. Legarda principally authored and co-sponsored the measure, which institutionalizes a whole-of-government approach to ensuring that children in remote communities have equitable access to quality education. Only 2 of 53 Marcos priority bills enacted a year into 20th Congress [GMA News Online, July 24, 2026] The number of enacted priority measures in the first year of the 20th Congress was significantly lower than the 40 LEDAC-backed bills in the 19th Congress. Of the figures, 27 measures were aligned with the legislative agenda under the Philippine Development Plan (PDP) 2023-2028 and 21 were SONA priority bills of the Marcos administration. SBCorp scales up for global standards with massive modernization drive [The Manila Time, July 23, 2026] This modern shift gained major momentum through a direct partnership with the World Bank Group. In the first half of the year, the corporation underwent an exhaustive 360-degree institutional diagnostic mission designed to audit and reinforce internal operations. This collective evaluation scrutinized everything from overall corporate governance and long-term financial sustainability to internal risk management parameters and baseline operational efficiency. By matching its institutional machinery with international development finance practices, the state firm is positioning itself to absorb and distribute much larger pools of development capital securely. Slated for 2028 opening: Villar donates land for LRT-1 Cavite Extension to clear right-of-way hurdle [Bilyonaryo, July 23, 2026] Phase 1 of the project, which connects Pasay City to Parañaque City across five operational stations, is already open. The remaining section covers the final three stations: Las Piñas, Zapote, and Niog in Cavite. Legarda files tax reform bill for bigger take-home pay, fairer taxes [Inquirer.Net, July 21, 2026] The measure — Senate Bill No. 2255, or the proposed Keeping Incomes Tax-relieved and Augmented (Kita) Act — aims to amend the National Internal Revenue Code of 1997 to raise exemptions, remove unfair taxes on ordinary workers’ earnings, and keep take-home pay in step with the cost of living. BIR clarifies rules on withholding tax [GMA News Online, July 21, 2026] RMC 79-2026 clarifies the implementation of Revenue Regulations (RR) No. 24-2025, which gives Top Withholding Agents (TWAs), manufacturers, direct importers and other taxpayers guidance on CWT application. Regional wage hike reviews on schedule [The Manila Times, July 21, 2026] Labor Secretary Francis Tolentino said the Regional Tripartite Wages and Productivity Boards are conducting evaluations and are expected to issue new wage orders within the prescribed review cycle. Palace: Gov't pursuing water service improvements, legal remedies vs. erring water districts, partners [GMA News Online, July 21, 2026] Last year, in his 2025 SONA, Marcos directed the LWUA to resolve problems involving water districts and their joint venture partners following complaints over unreliable water supply and high water rates in several parts of the country. C5-Libis estate competition heats up with Ayala-Eton Parklinks mall opening in 2027 [Manila Bulletin, July 20, 2026] Competition is heating up among estate developers along the C5-Libis corridor in Quezon City, with Parklinks, a joint venture (JV) between Zobel-led Ayala Land Inc. (ALI) and Lucio Tan’s Eton Properties Philippines Inc., set to open its mall next year. SEC allows paperless filing for select corporate amendments [Inquirer.Net, July 20, 2026] Under Memorandum Circular (MC) No. 21, Series of 2026, issued on July 17, corporations may now file select amendment applications electronically through the eAMEND portal’s optional paperless lane. | 2. BIR CIRCULARIZES EO NO. 117 STREAMLINING THE ACCREDITATION OF DONEE INSTITUTIONS & DESIGNATING THE DSWD AS THE SOLE ACCREDITING ENTITY | Revenue Memorandum Circular (RMC) No. 83-2026, issued on July 22, 2026, circularizes Executive Order (E.O.) No. 117 (S. 2026), which streamlines the accreditation system for donee institutions by designating the Department of Social Welfare and Development (DSWD) as the sole accrediting entity for social welfare and development agencies. Signed on May 7, 2026, the Executive Order amends E.O. No. 720 (S. 2008) to simplify the accreditation process. | 3. BIR PRESCRIBES WORKAROUND PROCEDURES FOR CLAIMING 5-YEAR NOLCO IN TAXABLE YEAR 2020 & 2021 IN OFFLINE & EFPS | Revenue Memorandum Circular (RMC) No. 81-2026, issued on July 22, 2026, prescribes workaround procedures for taxpayers claiming the five-year Net Operating Loss Carry-Over (NOLCO) incurred in taxable years 2020 and 2021 under Revenue Regulation (RR) No. 25-2020. It may be recalled that under RR No. 25-2020, businesses incurring net operating losses in 2020 and 2021 (excluding those with fiscal year ending July 31, 2020 or after June 30, 2022), may carry over such losses as deductions for the next five (5) consecutive taxable years. However, current Offline eBIRForms Package and eFPS only allow NOLCO input for three (3) years, preventing proper reflection of 2020/2021 losses in later filings (e.g., TY 2025). Thus, this circular prescribes interim workaround procedures to ensure accurate declaration. | 4. SEC LEGAL OPINION ON CORPORATE LIQUIDATION | [A DISSOLVED CORPORATION RETAINS LIMITED LEGAL PERSONALITY FOR THREE YEARS SOLELY FOR LIQUIDATION PURPOSES] [CORPORATE LIQUIDATION MAY CONTINUE BEYOND THE THREE-YEAR PERIOD THROUGH TRUSTEES OR DIRECTORS ACTING AS TRUSTEES BY LEGAL IMPLICATION] [REDEMPTION OF FORECLOSED CORPORATE PROPERTY MAY CONSTITUTE A VALID LIQUIDATION ACT] N Golf Club, Inc. is requesting an opinion on the effects of the expiration of corporate term on the corporation’s legal personality and the authority of its President to deal with corporate property after such expiration. In reply, Section 139 of the Revised Corporation Code (RCC) provides that a dissolved corporation continues to exist for three (3) years solely to wind up affairs, dispose of property, and distribute assets, but not to conduct new business. After three (3) years, juridical personality is extinguished, but liquidation may still proceed through trustees or assignees until completion. As such, the redemption of foreclosed property is a valid liquidation act when done to preserve assets for creditors and stockholders. However, if no trustee is appointed within the three‑year period, the Board of Directors may act as trustees by legal implication, and surviving directors or interested parties may continue liquidation, subject to court oversight. On the issue of whether a stockholder may independently redeem property under the Local Government Code (LGC), the Commission declined to rule, noting that redemption is a statutory privilege strictly governed by law and outside its jurisdiction. [SEC OFFICE OF THE GENERAL COUNSEL LEGAL OPINION NO. 26-09, JUNE 30, 2026] | | [FOR LOCAL TAX CASES UNDER SECTIONS 195 & 196 OF THE LGC, THE DETERMINATION OF THE PROPER TRIAL COURT IS GOVERNED BY THE JURISDICTIONAL AMOUNTS UNDER B.P. BLG. 129, OR THE JUDICIARY REORGANIZATION ACT OF 1980 AS AMENDED] [JURISDICTION DEPENDS ON THE AMOUNT OF THE CLAIM OR ASSESSMENT INVOLVED, NOT ON THE CHARACTERIZATION OF THE ACTION AS ONE QUESTIONING THE VALIDITY OF THE ASSESSMENT] Petitioner Tricor Management & Development Corporation filed a Petition for Review seeking to reverse the CTA First Division's Decision and Resolution, which affirmed the Regional Trial Court of Cebu City (RTC-Cebu)'s dismissal of Civil Case for lack of jurisdiction. Petitioner argued that the RTC had jurisdiction because its action was not a suit for the recovery or payment of money but a challenge to the legality of the assessment, making it an action incapable of pecuniary estimation. Further, the ruling in China Banking Corporation v. City Treasurer of Manila was inapplicable since that case involved a tax refund, whereas its case involved a tax assessment. Petitioner also asserted that it was merely a Holding and Management Company, not a Real Estate business, and therefore its sale of property should not be subject to Local Business Tax (LBT). On the other hand, the Respondent Cebu City Government contended that jurisdiction in local tax cases is determined by the amount involved and that the assessment fell within the monetary jurisdiction of the first-level courts. In ruling, the Court agreed with the Respondent and held that the case was a local tax case involving a definite tax assessment. It ruled that under China Banking Corporation, Yamane, and related jurisprudence, jurisdiction over local tax disputes depends on the amount of the assessment or claim rather than the label assigned to the action. Since the basic LBT assessed amounted only to Php 218,400, which was below the RTC jurisdictional threshold, jurisdiction properly belonged to the first-level courts. The Court rejected Petitioner’s claim that the action was incapable of pecuniary estimation, emphasizing that the assessment involved a specific monetary amount. Hence, the Petition is DENIED for lack of merit. [TRICOR MANAGEMENT & DEVELOPMENT CORPORATION VS CEBU CITY GOVERNMENT & OFFICE OF THE CITY TREASURER, CTA EN BANC CASE No. 3100, JULY 3, 2026] NEA-REGISTERED ELECTRIC COOPERATIVES ARE PERPETUALLY EXEMPT FROM INCOME TAX UNDER PRESIDENTIAL DECREE NO. 269 Petitioner Commissioner of Internal Revenue (CIR) filed a Petition for Review assailing the earlier Decision and Resolution of the Court’s 2nd Division, which nullified its Final Decision on Disputed Assessment (FDDA) issued to Respondent Misamis Oriental Rural Electric Service Cooperative I, Inc due to its tax exemption. In ruling, the Court held that the Respondent, as an electric cooperative duly registered with the National Electrification Administration (NEA), is permanently exempt from income tax under Section 39(a) of Presidential Decree (P.D.) No. 269 or the NEA Decree. Republic Act (R.A.) No. 9520 {Philippine Cooperative Code of 2008) expressly preserved the provisions of P.D. No. 269, thereby maintaining the Respondent's income tax exemption despite the earlier withdrawal of tax incentives under P.D. No. 1955 withdrawing the duty and tax privileges granted to private business enterprises and individuals engaged in economic activities, as part of the national economic recovery program and Executive Order (E.O.) No. 93. Consequently, the Petition is DENIED, and the earlier Decision and Resolution are AFFIRMED. [COMMISSIONER INTERNAL REVENUE VS. MISAMIS ORIENTAL RURAL ELECTRIC SERVICE COOPERATIVE I, INC., CTA EN BANC CASE NO. 3038, JUNE 22, 2026] | |
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