TAX & BUSINESS-RELATED NEWS [MARCH 30-31] BIR CLARIFIES THE TAXABILITY OF PAGCOR, ITS CONTRACTEES & LICENSEES BIR REQUIRES ATTACHMENT OF CERTIFICATE OF ENTITLEMENT TO TAX INCENTIVES (CETI) IN THE ANNUAL ITR TO BE FILED BY REGISTERED BUSINESS ENTERPRISES (RBEs) BIR ITAD RULING DIGEST BIR RULINGS DIGEST TAX & BUSINESS-RELATED NEWS [MARCH 26-29] COURT OF TAX APPEALS CASE DIGEST ON REAL PROPERTY TAX EXEMPTION TAX & BUSINESS-RELATED NEWS [MARCH 22-25]
| 1. TAX & BUSINESS-RELATED NEWS [MARCH 30-31] | | PH-Norway bilateral trade jumped 120% in 2021 SSS extends proof-of-life compliance deadline to June 30 4-day work week now permanent in gov't agencies: CSC Globe Telecom flags new phishing scams 'First in Southeast Asia': DTI says SpaceX's Starlink registration 'underway' Megaworld takes over prime Manila property In landmark ruling, SC allows nonmarital children to inherit from direct ascendants DepEd eyes taller school buildings SSS eyes global investment opportunities PSE penalizes Union Bank for falling below minimum public float MEDTECS plans $1.9-B industrial town in Bataan BIR: Deadline to file, pay 2021 income taxes moved to April 18 Construction of 3 ADB-funded bridges to begin in first half of 2022: Dominguez FedEx founder Fred Smith to step down as CEO ‘Compromise’ Sought Between Gov’t, BPOs Over WFH Issue SC revises 4-day workweek starting April 4
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | PH-Norway bilateral trade jumped 120% in 2021 [Manila Bulletin, March 31, 2022] Bilateral trade between the Philippines and Norway jumped 120 percent in 2021 buoyed by improved economic relations following the implementation of free trade agreement with the European Free Trade Association (EFTA) where Norway is a member. SSS extends proof-of-life compliance deadline to June 30 [Philippine Daily Inquirer, March 31, 2022] Instead of today’s (March 31) deadline, the cut-off date for 2021 compliance with the annual confirmation of pensioners’ program (Acop) was moved to June 30, SSS president and chief executive Michael Regino said in a statement. 4-day work week now permanent in gov't agencies: CSC [ABS-CBN News, March 31, 2022] The Civil Service Commission (CSC) said Thursday government agencies will permanently adopt a 4-day work week scheme, even after the COVID-19 pandemic. Globe Telecom flags new phishing scams [Inquirer.Net, March 31, 2022] Globe Telecom sounded the alarm on scammers exploiting the Russia-Ukraine conflict by launching phishing attacks disguised as humanitarian aid initiatives. 'First in Southeast Asia': DTI says SpaceX's Starlink registration 'underway' [ABS-CBN News, March 31, 2022] Starlink is SpaceX's low earth orbit (LEO) satellite broadband technology that is capable of bringing connectivity even in remote areas. Megaworld takes over prime Manila property [Philippine Daily Inquirer, March 31, 2022] Billionaire Andrew Tan’s Megaworld Corp. is taking over a prime 2.2-hectare property in Sta. Cruz, Manila, as it prepares to build more integrated real estate developments, or townships, across the country. In landmark ruling, SC allows nonmarital children to inherit from direct ascendants [Rappler, March 31, 2022] In another landmark ruling, the Supreme Court has allowed “nonmarital” children to inherit from direct ascendants, setting aside what used to be called the “iron curtain rule” between illegitimate and legitimate children. DepEd eyes taller school buildings [Philippine Daily Inquirer, March 31, 2022] The scale model of the buildings varies from five to 12 stories as these are designed to be built in cities or urban areas “where we have a growing population brought about by urban dwellers and because of the limited land area of the school site,” Del Pascua said. SSS eyes global investment opportunities [Inquirer.Net, March 31, 2022] Under Republic Act (RA) No. 11199 or the Social Security Act of 2018, the SSS can invest up to 15 percent of its investment reserve fund. Prior to RA 11199, which amended the SSS’s charter in 2019, the foreign investment cap was at only 7.5 percent of the fund. PSE penalizes Union Bank for falling below minimum public float [Bilyonaryo, March 30, 2022] The PSE said UBP failed to meet the 10 percent minimum public ownership requirement. MEDTECS plans $1.9-B industrial town in Bataan [Manila Bulletin, March 30, 2022] Taiwanese-headquartered Medtecs International Corporation has revealed plans of expanding its face mask production in the country by developing an industrial town with projected foreign direct investments of $1.9 billion, approximately P99 billion, that would address gaps in the Philippine textile supply chain and as hub for electric vehicle manufacturers. BIR: Deadline to file, pay 2021 income taxes moved to April 18 [Inquirer Mobile, March 30, 2022] The Bureau of Internal Revenue (BIR) will allow filing and payment of 2021 income tax returns (ITRs) until April 18, as the annual April 15 deadline to do so fell on a holiday — Good Friday — this year. Construction of 3 ADB-funded bridges to begin in first half of 2022: Dominguez [ABS-CBN News, March 30, 2022] The Marcos Highway-Saint Mary Avenue Bridge, Homeowever's Drive-A Bonifacio Bridge, and the Kabayani Street-Matandang Balara Bridge are due for completion in 2026, the Department of Finance said in a statement. FedEx founder Fred Smith to step down as CEO [The Manila Times, March 30, 2022] FEDEX Corp. said on Monday (Tuesday in Manila) that Frederick Smith will step down on June 1 as chief executive officer (CEO) of the package-delivery company that he founded and be succeeded by its president and chief operating officer (COO). ‘Compromise’ Sought Between Gov’t, BPOs Over WFH Issue [One News, March 30, 2022] “[The hybrid work ratio] should be somewhere between 30 percent and 50 percent of the total footprint,” David Leechiu, CEO and founder of Leechiu Property Consultants, said in an interview on “BusinessWorld Live” on One News on Tuesday, March 29. SC revises 4-day workweek starting April 4 [Manila Bulletin, March 30, 2022] The Supreme Court (SC) revised its four-day workweek at 10 hours daily after the work schedule “has caused inconvenience to many employees” and “is counter-productive.” | 2. BIR CLARIFIES THE TAXABILITY OF PAGCOR, ITS CONTRACTEES & LICENSEES | Revenue Memorandum Circular (RMC) No. 32-2022, issued on March 29, 2022, clarifies the tax treatment of the Philippine Gaming Corporation (PAGCOR), its Contractees and Licensees. Highlights of the circular are as follows: 1. PAGCOR's income from its operations and licensing of gambling casinos, and other similar recreation or amusement places are subject to the 5% Franchise Tax, in lieu of all taxes, pursuant to Presidential Decree (P.D.) No 1869. 2. Income from "other related operations/services" shall be subject to regular corporate income tax, VAT, and other applicable taxes under the 1997 Tax Code, as amended. 3. Contractees and licensees shall be exempt from the payment of corporate income tax realized from the operation of casinos upon payment of the 5% Franchise Tax since the law is clear that said exemption inures and extends to their benefit. 4. For value-added tax (VAT) purposes, the tax exemption of PAGCOR extends only to those individuals or entities that have contracted with PAGCOR (PAGCOR Contractees and not Licensees) in connection with PAGCOR's gaming operations. 5. For Licensees that are in Ecozones/Freeports, Their income realized from other related services/operations shall be subject to the tax regime applicable to said Licensees, that is, 5% Gross Income Tax (GIT) or Income Tax Holiday (ITH), as the case may be. If they are under 5% GIT, then, they are exempt from Regular Corporate Income Tax (RCIT) and VAT. On the other hand, if they are under ITH, then, they are also exempt from RCIT but subject to VAT.
On their income realized from related services/operations which are not covered with their registered activity or activities with the concerned Investment Promotion Agencies (IPA), the same shall be subject to RCIT, VAT, and other applicable taxes under the 1997 Tax Code, as amended.
6. Gaming operations revenues of PAGCOR Contractees shall be exempt from RCIT upon payment of the 5% Franchise. However, the goods they provided and/or services performed to PAGCOR in relation to such gaming operations are subject to 0% VAT. 7. The license/regulatory fees paid by Licensees to PAGCOR is different and distinct from the 5% Franchise Tax payable to the BIR. | 3. BIR REQUIRES ATTACHMENT OF CETI IN THE ANNUAL ITR TO BE FILED BY RBE | Revenue Memorandum Circular (RMC) No. 28-2022 issued on March 16, 2022, requires Registered Business Enterprises (RBEs) under Investment Promotion Agency (IPA) to apply for Certificate of Entitlement to Tax Incentives (CETI) with their respective IPA, to submit and to attach the same with the Annual Income Tax Return (AITR) in order to avail of the Income Tax Holiday (ITH) or preferential rate granted by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. | 4. BIR ITAD RULING DIGEST ON TAXABILITY OF SERVICES RENDERED IN THE PHILIPPINES BY FOREIGN CORPORATION THROUGH ITS PERSONNEL SENT IN THE PHILIPPINES | [THE PROFITS OF AN ENTERPRISE OF A CONTRACTING STATE SHALL BE TAXABLE ONLY IN THAT STATE UNLESS THE ENTERPRISE CARRIES ON BUSINESS IN THE OTHER CONTRACTING STATE THROUGH A PERMANENT ESTABLISHMENT SITUATED THEREIN] [FURNISHING OF SERVICES BY A RESIDENT OF A CONTRACTING STATE THROUGH EMPLOYEES OR OTHER PERSONNEL WITHIN THE OTHER CONTRACTING STATE FOR A PERIOD OR PERIODS AGGREGATING MORE THAN 183 DAYS, ALSO CONSTITUTES A PERMANENT ESTABLISHMENT] N. Co is seeking confirmation whether the transactions between AF Co. and AM Co. are exempt from income tax and VAT. As represented, AF Co. is a domestic corporation engaged in providing money and government securities, and specialized and independent brokering services. On the other hand, AM Co. is a foreign corporation organized and existing under the laws of Singapore, which is also engaged in providing money and government securities brokering services. In reply, transactions between AF Co. and AM Co. shall be subject to income tax due. As noted, AM Co. has deployed its employees in AF Co and has exceeded the duration of 183 days. Consequently, this has created a permanent establishment in the Philippines in accordance with PH-Singapore Treaty. Thus, the compensation of the employees of AM Co. who are in the Philippines for the fulfillment of services, may also be subject to tax for the third requisite in Article 14 of the PH-Singapore treaty (i.e., the remuneration or income is not borne directly by a permanent establishment) was not fulfilled. For VAT purposes, non-resident persons who perform services in the Philippines are deemed to be rendering services in the course of trade or business, even if the performance of services is not regular. Hence, the services shall also be subject to 12% VAT. [BIR ITAD RULING NO. 050-21, DECEMBER 27, 2021] | 5. BIR RULINGS DIGEST ON TAXABILITY OF LIFE INSURANCE BUSINESS, TRANSFER OF TITLE FOR SOCIALIZED HOUSING & EXEMPTION OF TRANSFER OF SHARES BY PCGG PURSUANT TO EXECUTIVE ORDER | COMPANY DOING LIFE INSURANCE BUSINESS IN THE PHILIPPINES ARE SUBJECT TO 5% PREMIUM TAX ON GROSS RECEIPTS FROM ITS INSURANCE SERVICES AND HEALTH INSURANCE, BUT GROSS RECEIPTS FROM THE SAME COMPANY’S INSURANCE SERVICES ARE NOT SUBJECT TO VAT L Co. is seeking confirmation that its gross receipts from its insurance services, which include providing health insurance coverage, are not subject to VAT, but to premium tax under Section 123 of the 1997 Tax Code, as amended. In reply, the Bureau first delved into the taxability of the gross receipts from the insurance services of L Co. by discussing first whether the group medical insurance, which L Co. offers, specifically MedProtect and MedProtect Plus, are indeed health insurance products. Citing the elements of an insurance contract, the Bureau agreed that MedProtect and MedProtect Plus meet the elements of an insurance contract. In connection therewith, the Bureau cited Revenue Memorandum Circular (RMC) No. 30-2008 which confirmed that the service of life insurance companies also includes the sale group insurance. MedProtect and MedProtect Plus are considered health insurance products, because L Co. provides coverage to a certain number of people as a group and such coverage are embodied in master agreements or policies. Moreover, L Co. assumes a risk by undertaking to indemnify the insured for the medical expenses it incurred in consideration of the premium paid. Thus, the gross receipts from L Co.’s health insurance products are subject to 5% premium tax as provided under Section 124 of the Tax Code, as amended. RMC No. 30-2008, as amended by RMC No. 59-2008, further states that the taxability of life insurance companies shall be subject to the 5% premium tax. Thus, L Co. which is doing business as a life insurance corporation is subject to payment of 5% premium tax on the gross receipts from its insurance services, including health insurance, as provided in Section 123 of the Tax Code, as amended. Moreover, such gross receipts from L Co.’s insurance services are not subject to VAT. [BIR RULING NO. OT-068-2022, JANUARY 28, 2022] TRANSFER OF TITLE FOR SOCIALIZED HOUSING EXEMPT FROM CGT/CWT, DONOR’S TAX, AND DST P Association is seeking tax exemption on the transfer of titles of land in favor of its qualified member-beneficiaries, under Republic Act (R.A.) No. 7279 or the Urban Development and Housing Act of 1992. In ruling, no capital gains tax (CGT) or creditable withholding tax (CWT), donor’s tax, and documentary stamp tax (DST) shall be imposed on transfer of subdivided lots in favor of the qualified socialized housing member-beneficiaries. Considering that the association is merely transferring the ownership of the property to member-beneficiaries who actually bought and own the same, such transfer shall not be subject to either CGT or CWT. Further, since there is no donative intent on the part of the association, the transfer is not subject to donor’s tax. [BIR RULING NO. 630-18, JANUARY 21, 2022] TRANSFER OF SAN MIGUEL CORPORATION’S (SMC) SHARES UNDER THE NAME OF “PCGG IN TRUST FOR CARP” TO REPUBLIC OF THE PHILIPPINES IS EXEMPT FROM CGT, DONOR’S TAX, AND DST PCGG is seeking confirmation whether transfer of SMC’s shares under the name of “PCGG In Trust for CARP” currently under the custody of the Bureau of the Treasury (BTr), to the name of the Republic of the Philippines pursuant to the directives of Executive Order (E.O.) No. 179, Series of 2015 and Republic Act No. 11524 is exempt from Capital Gains Tax (CGT), Donor’s Tax, and Documentary Stamp Tax (DST). In reply, the Bureau referred to the similar pronouncement in BIR Ruling No. OT-0205-21 dated June 15, 2021 and opined that the cancellation of the CIF shares maintained by UCPB and its re-issuance thereof to the Republic of the Philippines pursuant to several Supreme Court decisions is exempt from CGT, Donor’s Tax, and DST. Provision under Section 27 (D) (2) of the 1997 Tax Code finds no application in this case since it does not involve sale, barter or exchange of shares contemplated under the said provision, thus, not subject to CGT. Likewise, stock transfer tax provided under Section 127 of the Tax Code, is not applicable in the facts provided since stock transfer tax applies only to sale of shares listed in the stock exchange. Moreover, there is also no intention to donate on the part of PCGG as the transfer was made in compliance with the mentioned laws, thus, not subject to donor’s tax. Lastly, it is not subject to DST, considering that there is no sale, agreement to sell or memorandum of sale, or delivery or transfer contemplated under Section 175 of the Tax Code, amended. This will, therefore, serve as authority for the concerned Revenue District Officer to issue the corresponding CAR so that PCGG can transfer the subject shares of stock under the account name “PCGG In Trust for CARP” to the name of the Republic of the Philippines. [BIR RULING NO. OT-016-2022, JANUARY 17, 2022] | 6. TAX & BUSINESS-RELATED NEWS [MARCH 26-29] | | Manny Villar joins REIT bandwagon ACEN registers first set of customers who opt to source power from RE resources SC adopts new rules to expedite resolution of civil, criminal cases before lower courts BDO to infuse P2B into rural bank unit No fare hike for commercial airlines- CAB Mobile wallets to drive PH crypto adoption Vote of confidence: Sy-blings want Nestor Tan to stay as BDO president, CEO for five more years SEC warns influencers pushing illegal online lenders DTI acts to stop misleading ads Works on Upper Wawa Dam secure IP approval Residential property prices rose 4.9% in Q4 2021 Dennis Uy shipping firm sees savings due to tax incentives Diocese of Pasig opposes ‘detrimental’ PAREX Fines for data privacy breach capped at P5 million
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | Manny Villar joins REIT bandwagon [Inquirer Mobile, March 29, 2022] Billionaire Manuel Villar Jr.’s VistaREIT Inc. is joining other property tycoons in the growing real estate investment trust (REIT) sector, filing an initial public offering (IPO) to raise as much as P9.2 billion in April this year. ACEN registers first set of customers who opt to source power from RE resources [Bilyonaryo, March 29, 2022] The first batch of ACEN customers was enrolled with the Independent Electricity Market Operator of the Philippines (IEMOP), operator of the electricity market. SC adopts new rules to expedite resolution of civil, criminal cases before lower courts [Manila Bulletin, March 29, 2022] Aside from the expeditious resolution of cases, the new rules would put a stop to “endless litigations” since certain rulings in civil cases by the first level courts are final and executory with only some rulings in both civil and criminal cases are appealable before the regional trial courts (RTCs) whose decisions are final. BDO to infuse P2B into rural bank unit [The Manila Times, March 29, 2022] LISTED BDO Unibank Inc. on Monday announced its plans to infuse up to P2-billion more capital in its rural banking arm, BDO Network Bank (BDONB). No fare hike for commercial airlines- CAB [Manila Bulletin, March 29, 2022] As the prices of petroleum products continue to rise and remain unstable, the Civil Aeronautic Board (CAB) assured the public that there is no immediate reason for any fare hike on commercial flights. Mobile wallets to drive PH crypto adoption [Inquirer Mobile, March 28, 2022] Mobile wallets are expected to drive cryptocurrency transactions as more Filipinos have adopted digital platforms in accomplishing banking and other financial needs, according to Fintech Alliance.ph. Vote of confidence: Sy-blings want Nestor Tan to stay as BDO president, CEO for five more years [Bilyonaryo, March 28, 2022] The board of BDO Unibank chaired by ultra bilyonaryo Tessie Sy has granted Tan a five-year extension as president and CEO of the Philippines’ largest lender up to March 2028. SEC warns influencers pushing illegal online lenders [Inquirer Mobile, March 28, 2022] The six firms found in violation of the law were PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash and East Cash. DTI acts to stop misleading ads [The Manila Times, March 28, 2022] The Department of Trade and Industry (DTI), through its Consumer Protection Group, has renewed its partnership with the Ads Standard Council (ASC) to protect consumers from false, deceptive and misleading advertisements. Works on Upper Wawa Dam secure IP approval [The Philippine Star, March 27, 2022] Wawa JVCo Inc., a subsidiary of Prime Infrastructure Holdings Inc., has obtained the approval from concerned indigenous peoples (IPs) for the development of the Upper Wawa Dam, the second phase of the Wawa Bulk Water Supply project. Residential property prices rose 4.9% in Q4 2021 [Inquirer Mobile, March 26, 2022] Residential property prices went up by 4.9 percent year-on-year across the Philippines in the fourth quarter of 2021 as consumers preferred to buy during the period. Dennis Uy shipping firm sees savings due to tax incentives [Inquirer Mobile, March 26, 2022] Earlier this month, the Fiscal Incentives Review Board granted the Davao-based Dennis Uy-led shipping line a four-year income tax holiday, followed by five-year enhanced deductions. It was also given an 11-year duty exemption from its date of registration on importation of capital equipment, raw materials, spare parts or accessories. Diocese of Pasig opposes ‘detrimental’ PAREX [Philippine Star, March 26, 2022] The Roman Catholic Diocese of Pasig has come out against the construction of a 19.37-kilometer elevated expressway running along the banks of Pasig River, calling the project by conglomerate San Miguel Corp. “detrimental” to the river, its surrounding communities and Metro Manila. Fines for data privacy breach capped at P5 million [The Philippine Star, March 26, 2022] The National Privacy Commission (NPC) has set a ceiling of P5 million on fines imposed on data privacy violators, following a revision of its penalty system based on public consultations. | 7. CTA CASE DIGEST ON REAL PROPERTY TAX EXEMPTION | [THE QUESTION OF WHETHER AN ENTITY IS A GOVERNMENT INSTRUMENTALITY EXEMPT FROM PAYMENT OF RPT IS A QUESTION OF LAW] [UNLESS THE GOVERNMENT INSTRUMENTALITY IS ORGANIZED AS A STOCK OR NON-STOCK CORPORATION, IT REMAINS A GOVERNMENT INSTRUMENTALITY EXERCISING NOT ONLY GOVERNMENTAL BUT ALSO CORPORATE POWERS] [NATIONAL FODD AUTHORITY IS A GOVERNMENT INSTRUMENTALITY, THUS, EXEMPT FROM RPT] Petitioner National Food Authority filed a Petition for Review seeking reversal of the Regional Trial Court’s earlier decision denying its Petition for failure to prove its right to be exempt from real property taxes (RPT) since it is a government-owned and controlled corporation (GOCC). Petitioner argued that it is created by virtue of Presidential Decree (P.D.) No. 1770 or the “National Food Authority Act” and it is considered a government instrumentality not a GOCC, as affirmed in Republic Act (R.A.) No. 11203 or the “Act Liberalizing the Importation, Exportation and Trading of Rice”, and its related Implementing Rules and Regulations. Petitioner also asserted that it cannot be a GOCC because it is neither a stock nor non-stock corporation, it does not compete with the private sector, and it is not required to meet the test of economic viability which is required for GOCCs. Petitioner averred that it has sufficiently proven its claim that it is a government instrumentality, hence, exempt from RPT. In ruling, pursuant to Manila International Airport Authority Supreme Court decided case and Section 3(n) of R.A. No. 10149 or the “GOCC Governance Act of 2011”, to be classified as a government instrumentality, the government entity must: not be a stock or non-stock corporation; not integrated within the department framework; be vested with special functions or jurisdiction by law; be endowed with some if not all corporate powers; administer special funds; enjoy operational autonomy, usually through a charter; and perform "essential public services for the common good, services that every modern State must provide its citizens. On the other hand, to be considered a GOCC, the government entity must be a stock or non-stock corporation and must pass the twin tests of common good and economic viability. Scrutiny of PDs and RAs related to the operations of Petitioner, led to a conclusion that Petitioner is an instrumentality of the government performing as it does “essential public services for the common good, services that every modern State must provide its citizens”. Considering that Petitioner is a government instrumentality, it is exempt from payment of all taxes, including RPT. Thus, the Petition was GRANTED. Consequently, the earlier Decision was REVERSED and SET ASIDE. The Notices of Realty Tax Delinquency were declared NULL and VOID. [NATIONAL FOOD AUTHORITY Vs. CITY ASSESSOR AND CITY TREASURER OF MALOLOS, BULACAN, CTA AC NO. 241, MARCH 16, 2022] | 8. TAX & BUSINESS-RELATED NEWS [MARCH 22-25] | | Robinsons Offices welcomes back employees with a modern and hip office setup Signed, sealed and delivered: Palafox to help make SMC’s Pasig River Expressway a sustainable infrastructure PHL remains ‘favored destination’ for outsourcing BSP-licensed Uno Digital Bank rebrands ahead of Q2 rollout Media empire expanding: Fred Elizalde buys P135M Taft property from Aboitiz’s Union Bank SEC issues cease and desist order against LMB Football Ramon Ang promises safe, reliable, sustainable Pasig River Expressway [Bilyonaryo, March 25, 2022] Limited DFA slots force applicants to line up at night SEC revokes Cashtrees lending license for defying ban on new lending apps P418 daily pay hike sought for Davao Region workers SSS to stop pension release to non-PESONet accounts starting May Development Academy of the Philippines no longer a GOCC Entrepreneur turns college thesis into P 4.5-B meat shop IPO Australian firms 'keen to invest' as PH economy bounces back: envoy Ayala Land drops shopping mall expansion in QC, Cavite, and Makati from AREIT funding plan Hackers hit authentication firm Okta, customers ‘may have been impacted’ It’s complicated: Grab PH explains difficulty in refunding P1 to customers
| We saw these tax and business-related news on various news sites, and we thought you should see them. DMD is not responsible for the content of these news, and anything written thereon does not necessarily reflect DMD views or opinions. | Robinsons Offices welcomes back employees with a modern and hip office setup [Inquirer.Net, March 25, 2022] As offices have begun admitting returning staff, and employees relearn how to walk in sensible work shoes dressed in prescribed office attire, the work-from-home setup is slowly retreating into the distant past. In order to shake off the lethargy and boldly move forward, a spanking new office could be the shot in the arm needed to jumpstart operations. Signed, sealed and delivered: Palafox to help make SMC’s Pasig River Expressway a sustainable infrastructure [Bilyonaryo, March 25, 2022] Renowned architect and urban planner Felino “Jun” Palafox has agreed to help integrate green, sustainable and disaster-resilient architecture into San Miguel Corp.’s P95 billion Pasig River Expressway (PAREX). PHL remains ‘favored destination’ for outsourcing [BusinessWorld, March 25, 2022] Heads of global outsourcing firms agreed that the Philippines remains a “favored destination” as they outlined the pandemic’s positive outcomes at the 2022 Asia CEO Forum. BSP-licensed Uno Digital Bank rebrands ahead of Q2 rollout [ABS-CBN News, March 25, 2022] Uno Digital Bank is backed by Singapore-based fintech company UNOAsia Pts Ltd. The digital bank is among the 6 licensed by the BSP to operate in the country. Media empire expanding: Fred Elizalde buys P135M Taft property from Aboitiz’s Union Bank [Bilyonaryo, March 25, 2022] Bilyonaryo Fred J. Elizalde has found the future headquarters of his Manila Broadcasting Corp., which runs DZRH and Love Radio. SEC issues cease and desist order against LMB Football [Mindanao Times, March 25, 2022] LMB FOOTBALL, its operators, directors, officers, representatives, salesmen, agents and any and all persons claiming and acting for and in their behalf are likewise directed to IMMEDIATELY CEASE their internet presence relating to the transactions and investment scheme covered by the Order. Ramon Ang promises safe, reliable, sustainable Pasig River Expressway [Bilyonaryo, March 25, 2022] Ang said the 19.37-kilometer road that will link the eastern and western sections of Metro Manila–from Rizal province to the City of Manila- would be a hybrid green infrastructure that can be used by motorists, public transport, cyclists, and pedestrians. Limited DFA slots force applicants to line up at night [Philippine Daily Inquirer, March 24, 2022] Since the Philippines’ accession to the Apostille Convention in 2019, those who want to submit Philippine documents abroad need only apply for an apostille certificate instead of having the documents authenticated in a foreign embassy or consulate. SEC revokes Cashtrees lending license for defying ban on new lending apps [ABS-CBN News, March 24, 2022] The SEC said its Enforcement and Investor Protection Department (EIPD) found that Cashtrees launched and operated eight unrecorded OLPs, namely Rush Loan, Easy Money, Good Pocket, Lucky Start, Swipe Cash, 365 Cash, Mega Loan, and Gold Peso, after the moratorium on new OLPs took effect on November 2, 2021. P418 daily pay hike sought for Davao Region workers [Philippine Star, March 24, 2022] The Trade Union Congress of the Philippines (TUCP) filed a petition seeking to improve wages in the Davao Region to P814 from P396 currently. SSS to stop pension release to non-PESONet accounts starting May [Philippine Daily Inquirer, March 24, 2022] After giving pensioners a longer time to change their bank accounts to PESONet-participating banks, the Social Security System (SSS) will suspend the May pension disbursements of those still using non-PESONet accounts. Development Academy of the Philippines no longer a GOCC [Inquirer Mobile, March 23, 2022] The Development Academy of the Philippines (DAP) is no longer considered a state-run corporation, hence would lose national government support such as subsidy, net lending and equity infusion. Entrepreneur turns college thesis into P 4.5-B meat shop IPO [Inquirer Mobile, March 23, 2022] A meat shop that started over two decades ago as a thesis project of business school student Anthony Mark Ng is ready for primetime. Australian firms 'keen to invest' as PH economy bounces back: envoy [ABS-CBN News, March 23, 2022] Many Australian companies are keen to invest in the Philippines after the passage of economic reforms that are geared towards attracting foreign investments, an ambassador said on Wednesday. Ayala Land drops shopping mall expansion in QC, Cavite, and Makati from AREIT funding plan [Bilyonaryo, March 23, 2022] Ayala Land Inc. (ALI) has completely changed its mind on how to spend the P1.408 billion it raised from the sale of AREIT shares in April 2021. Hackers hit authentication firm Okta, customers ‘may have been impacted’ [BusinessWorld, March 23, 2022] Okta Inc OKTA.O, whose authentication services are used by companies including Fedex Corp FDX.N and Moody’s Corp MCO.N to provide access to their networks, said on Tuesday that it had been hit by hackers and that some customers may have been affected. It’s complicated: Grab PH explains difficulty in refunding P1 to customers [Bilyonaryo, March 22, 2022] Grab Philippines has blamed its failure to release some P19.3 million in unclaimed refunds to its customers’ absence of e-wallets after action was demanded by the Philippine Competition Commission. | Thank you and best regards, WILLIE B. SANTIAGO Lawyer & Certified Public Accountant Tax & Corporate Services Division TL : (+632) 8 894-5892 Loc. 703 Website: www.dmdcpa.com.ph Don Jacinto Building De la Rosa corner Salcedo Streets Legaspi Village, Makati City 1229 Philippines | | |
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