House bill seeks to simplify VAT refund scheme for firms B J M N. D C @joveemarie
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HE House Committee on Ways and Means is now working on a proposal that will address challenges as well as “enhance” the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. While CREATE has achieved “notable successes,” Albay Rep. Joey Sarte Salceda admitted that challenges and opportunities for improvement have emerged during the implementation of the law, which aimed to tackle tax uncertainty, provide relief to businesses adversely affected by the Covid-19
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
UST TOPS OFF HENRY SY SR. HALL AT MANILA CAMPUS UST celebrated the
topping off ceremony of the Henry Sy Sr. Hall at its Manila campus on October 7, 2023. The seven-story building, a collaborative effort of the Sy family, the SM Group and UST, pays tribute to SM founder Henry Sy Sr., honoring his lifelong commitment to education. The UST Research and Endowment Foundation Inc., Anargyroi: FMS Foundation Inc. (AFI), and the UST Faculty of Medicine and Surgery (FMS) aim to elevate medical education through this project. The Henry Sy Sr. Hall will house the Sts. Cosmas and Damian Simulation and Research Center, serving as a hub for simulation in medical education, interactive learning, multidisciplinary research, and interprofessional education. FMS Dean Dr. Ma. Lourdes Maglinao highlighted its state-of-the-art design, catering to the digital landscape of medical education. UST Rector Very Rev. Fr. Richard G. Ang, OP, emphasized the importance of keeping up with medical education advances, ensuring students’ competence and preparedness. The completion of the Henry Sy Sr. Hall, designed by C.A. Ventura & Partners, is expected by June 2024. Heads of the UST and HSFI, led by Very Rev. Fr. Richard Ang, O.P. FMS Dean Dr. Ma. Lourdes Maglinao, and Debbie Sy, attended the topping-off ceremony. SM SUPERMALLS
pandemic, and streamline the country’s complex tax incentives system. Members of the Ways and Means Committee are set to meet on November 7 to discuss Salceda’s House Bill (HB) 8968, which seeks to establish a simplified VAT refund system for registered business enterprises, providing them with a more predictable and efficient process for claiming refunds. “With the passage of the law, despite headwinds and the thenongoing global health emergency, the country recorded its highest ever foreign direct investment S “VAT,” A
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BUDGET GAP NARROWS TO P983.5B IN JAN-SEPT ‘Bumper www.businessmirror.com.ph
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Thursday, October 26, 2023 Vol. 19 No. 15
P. | | 7 DAYS A WEEK
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@jearcalas
crop will temper inflation’
HE state’s budget deficit in January to September narrowed by nearly 3 percent to P983.5 billion but it missed its programmed deficit as national government spending slowed during the period.
Manila’s budget deficit from January to September was 11.11 percent, or about P123 billion, short of its programmed amount of P1.106 trillion as expenditures fell below target. “The Year-to-Date [YTD] NG [national government] deficit figure is only 66 percent of the P1.5 trillion full-year program due to higher revenue and lower expenditure performance than programmed for the period,” the Bureau of the Treasury (BTr) said in its latest report. The national government’s revenues during the nine-month period rose by 6.79 percent year-onyear to P2.837 trillion from P2.657 trillion, according to the Treasury. The year-to-date earnings was nearly 3 percent higher than the P2.755 trillion programmed by the national government. Meanwhile, the state’s expenditures fell behind its nine-month target by P40.9 billion despite growing 4.12 percent year-on-year. The national government’s total expenditures from January to September went up by P151.1 billion to P3.821 trillion from P3.67 trillion a year ago. The state’s spending in the reference period was below its intended expenditure level of P3.862 trillion, Treasury data showed. Treasury data also showed that the state is falling behind both in terms of operating expenses and interest payments during the ninemonth period. Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the “budget defi-
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A DECADE OF NASDAQ IN THE PHILIPPINES
Nelson Griggs, president of Capital Access Platforms at Nasdaq, engages in a discussion with Philippine Stock Exchange (PSE) COO Roel Refran (right) during the commemoration of Nasdaq’s 10th anniversary of operations in the Philippines. The event, marked by the symbolic ringing of the bell at the PSE trading floor on October 24, 2023, showcased the collaborative spirit between Nasdaq and the Philippine financial landscape. In a subsequent news conference, Nasdaq unveiled its ambitious plan to bolster its Manila workforce, targeting approximately 400 employees by 2024. The company has set its sights on attracting top-tier talent in the Philippines, with a keen focus on finance, business, data engineering, HR, and talent recruitment. This move underlines Nasdaq’s commitment to nurturing growth and innovation in the local market. NONIE REYES
@andreasanjuan
HE National Economic and Development Authority (Neda) said inflation may start easing this month as it is seeing less pressure on domestic prices because of the availability of certain food items and the “timely” arrival of imports. Socioeconomic Planning Secretary Arsenio M. Balisacan said the decline in the prices of some commodities in the past few weeks due to the ongoing harvest season should ease inflationary pressures. “At least for the Philippines, our agriculture people are telling us that there is good production and recovery from the floods, recent floods and so we are likely to have a good harvest and harvest is now ongoing. That could reduce the pressure on domestic prices,” Balisacan told reporters on the sidelines of the 2023 Arangkada Philippines Forum held on Wednesday in Pasay City. “The inflation that we saw in September was a bit on the high side but we hope that inflation in the coming months is much more improved,” he added. Among the main drivers for inS “I,” A
MANILA KEEN ON FORGING DEFENSE PACT WITH TOKYO
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OLLOWING the recent incident involving Chinese ships within the country’s maritime territory, the Philippines will push for the signing of a new bilateral defense agreement with Japan during the visit of Prime Minister Fumio Kishida to the country next week, according to the Department of Defense (DND). “I am optimistic on the progress of the way forward on the reciprocal access agreement between Japan and the Philippines,” DND Secretary Gilberto C. Teodoro said in a television interview last Wednesday. A reciprocal access agreement is a security and defense pact, which will allow Japan to have shared military training and operations
with another signatory country. Teodoro made the remark when asked about the expected agreements to be discussed related to the West Philippine Sea during Kishida’s visit. The DND chief said he is optimistic that some accords will be signed during the event, but he did not go into detail. According to news reports from Japan, Kishida is scheduled to start his three-day visit in the Philippines and Malaysia on November 3.
Special session
THE House of Representatives is gearing up to host a special session on Saturday, November 4. As communicated in a media
advisory, the lower chamber has announced that the House of Representatives will convene a special session for an “important event.” This gathering is scheduled to commence at 9 a.m. within the House of Representatives Plenary Hall. In light of this impending special session, the House has issued guidelines for media personnel covering the event. Sources have revealed that the Japanese Prime Minister is set to visit the House of Representatives on Saturday. The 19th Congress took a break on September 30 and is scheduled S “M,” A
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PESO EXCHANGE RATES US 56.7520 ■ JAPAN 0.3788 ■ UK 69.0388 ■ HK 7.2544 ■ SINGAPORE 41.4824 ■ AUSTRALIA 36.0716 ■ SAUDI ARABIA 15.1290 ■ EU 60.1174 ■ KOREA 0.0423 ■ CHINA 7.7641 Source: BSP (October 25, 2023)