World Bank: Carbon tax to help secure additional revenue

The imposition of a carbon tax in the Philippines will help the cash-strapped government secure additional revenue needed to recover from the pandemic and address long-term risks of climate change, the World Bank said......»»

Category: financeSource: philstar philstarMay 26th, 2021

'UndoingDuterte | World Bank educ report proves government abandonment

By LUISA SANDOVAL Additional research by Gabryelle Dumalag Graphics by Dawn Peña MANILA – Grade 7 student Carmela Garcia often runs out of internet load or data for her online classes. And on days that she has internet load, a stable connection is another story. “It is still different when you are attending classes… The post #UndoingDuterte | World Bank educ report proves government abandonment appeared first on Bulatlat......»»

Category: newsSource:  bulatlatRelated NewsJul 13th, 2021

Cebu City expects IRA of P3.2B in 2022

CEBU CITY, Philippines — Cebu City expects a larger internal revenue allotment (IRA) from the national government in 2022 as the Mandanas Ruling by the Supreme Court takes effect. The Mandanas Ruling increases the share of national government tax revenue transferred to local government units (LGUs), which was among the recommendation of the World Bank. […] The post Cebu City expects IRA of P3.2B in 2022 appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJul 6th, 2021

World Bank: Time For PH to Tax Online/Digital Business Transactions

World bank urges the Philippines to start processing the collection of value-added tax (VAT) on online businesses and other digital transactions. Countries in asia like the Philippines, Vietnam, Thailand, Singapore, Malaysia and Indonesia have lost $5 billion potential revenues due to the failure of applying VAT on digital transactions. Potential revenue losses may increase to […].....»»

Category: newsSource:  metrocebuRelated NewsMar 27th, 2021

Cooperation, not competition

SPEAKING OUT Ignacio R. Bunye The Ayala Group is widely recognized in the Philippines and in Asia as a pioneer in ESG (Environment, Social, and Governance) with its formal adoption of the Ayala Sustainability Framework. In a recent webcast conversation with ATR Asset Management’s Julian Tarrobago, Jr., Jaime Augusto Zobel de Ayala (JAZA), Chairman and CEO of Ayala, explained the genesis of this corporate philosophy. In a nutshell, this is about using the economic engine and for-profit discipline of enterprises to address social issues – not as a philanthropy but as an integral part of doing business. This is a new philosophy designed to foster an environment where there is inclusive growth. This is achieved by engaging disenfranchised sectors and going beyond just the financials. This is reflected in how Ayala purposively evolved over the years and how it has operated during the crisis. This explains how and why Ayala Land continues to make urban centers more livable and more friendly, why Ayala Land projects aim to become carbon-neutral a few years down the road, why AC Energy continues to improve its mix of energy sources, consistently increasing reliance on renewables, why Ayala has ventured into health and into education, and why BPI has dramatically upsized its microfinance. This explains why during the crisis, Ayala’s first concern was to ensure both the physical and financial well-being of its stakeholders. This includes Ayala’s employees and those of the various eco-systems (read that as 250,000 SMEs) which support Ayala. This meant P10 billion, to date, of foregone revenue, to help in their recovery and fostering sustainable growth beyond the crisis. Finally, JAZA explains why “this is a time for us to learn to cooperate rather than be at odds with each other. Our modern capitalist system is massively integrated in a way that it wasn’t in the past. And because we have an integrated system, we are tied to each other in ways that we either all succeed together, or not. If one component of that system is allowed to fail, then you start to break up what makes modern capitalism so strong. The supply chain, the integration, the way we work off each other, each person providing their own component of the system. If we don’t help each other, particularly in the public-private sector to reenergize and restart that great engine, then we will fail. Perhaps, this is a period in time where cooperation is being demanded more from all of us both in the private sector alone and in the private-public interaction, to see how we can all work together to address the many pain points that we will face as a nation if we are to get out of this pandemic.” Change your passwords often Even prior to the pandemic, incidents of unauthorized ATM withdrawals by third parties have been reported on the rise. It is perhaps opportune to issue this reminder. Essentially, it is about keeping our User IDs and passwords safe. One normally reads this reminder on our bank’s website. This is what the bank usually tells us. The bank will never ask you to provide your User IDs or Passwords through e-mail or SMS so don’t fall for unsolicited messages that your account has been temporarily disconnected and that you have to change your password. Never click on links from suspicious e-mails and SMS. Hackers can gain access to your account, plant malware, and steal your identity. Monitor your accounts regularly and immediately report any discrepancies. If I may just add, don’t ask anybody to withdraw money from the ATM for you. For added protection, you may want to use Code Red, an RFID and NFC Anti-Scanning Card. It is a smart card that provides protection from identity theft by manipulating the radio signals using E-field technology. Simply put it inside your wallet and it will make your personal data invisible to electronic thieves and hackers. (Thanks BPI EVP Mon Jocson for this last tip.) Note: You may wish to share the foregoing article via Facebook, Twitter and/or Linked-In......»»

Category: newsSource: NewsOct 18th, 2020

DA asks NEDA approval for additional P14-B funding

The Department of Agriculture (DA) is seeking the approval from the National Economic and Development Authority-Investment Coordination Committee (NEDA-ICC) for the additional P14-billion funding to extend the Philippine Rural Development Project (PRDP), the largest World Bank-funded project in the country. PRDP National Deputy Project Director Shandy Hubilla said that even ... The post DA asks NEDA approval for additional P14-B funding appeared first on Manila Bulletin......»»

Category: newsSource: NewsSep 11th, 2020

Damian Lillard emerges from shutdown ready for playoff push

By ANNE M. PETERSON AP Sports Writer PORTLAND, Ore. (AP) — Grieving the death of a cousin and missing his mother, Damian Lillard struggled emotionally after the NBA shut down because of the coronavirus. But he also found inspiration in his activism for Black Lives Matter and his flourishing music career. The Trail Blazers were just out of the playoff picture, sitting ninth in the Western Conference standings on March 11 when the league was shuttered. The team will be among 22 that will depart next week for Orlando as part of the re-start. Portland will have eight games to secure a playoff berth, starting on July 31 with Memphis. “We don’t have time to ease our way in, we don't have time to try and figure stuff out, we’ve got to come in assertive and aggressive and just go after it,” he said. “And if we fail, we fail, but we gotta at least come out there with that mentality of we don’t have time to kind of ease into it.” Lillard welcomes the chance to resume playing after a difficult few months. He admittedly had no idea how serious the virus was when the league closed down. He went to Phoenix with his family, intent on finding a gym to stay in shape during the layoff. But the NBA said players couldn't go to third-party facilities or trainers because of health concerns. While grateful that he had his fiance and son with him, Lillard essentially sheltered in place once he got back to Portland. He didn't see his mom for more than a month. And then his cousin and personal chef, Brandon Johnson, suddenly passed away. “It was tough, man. I think that was when I got to the point where I was like, if I was waking up and it wasn’t a sunny day, it was messing with my mood. It was just tough,” Lillard said. “I got through it, just from having a lot of my family around. That really helped. So I can see why somebody who is with one person or by themselves would have a really hard time. Definitely a tough few months.” Always diligent about his fitness, Lillard found a way to train. Then George Floyd was killed in Minneapolis, touching off nationwide protests over police brutality. Lillard marched in Portland. He also released a powerful rap "Blacklist,'' under his music persona, Dame D.O.L.L.A. “I grew up with Oscar Grant, who was killed at a BART station while handcuffed facedown. I’ve been racially profiled by cops, before I was in the NBA. So I have thoughts and feelings about this stuff. That’s what Blacklist was about,” he said. Lillard was averaging 28.9 points and 7.8 assists this season. In January he scored 61 points in a game against the Warriors and he had seven games with 40 or more points. He'll be among those sequestered at Disney's Wide World of Sports Complex for games, but the resumption of the season comes as cases of COVID-19 are spiking in Florida. Some players have opted out, including Portland's Trevor Ariza and Caleb Swanigan. But Portland will see the return of big men Jusuf Nurkic, now recovered from a broken leg last season, and Zach Collins, who was sidelined with a shoulder injury. One thing that's not a concern for the Blazers is fitness. “They’ve been very diligent about taking care of themselves, both in the weight room and on the court, and treatment. So I’ve been very impressed with all of their conditioning," Blazers coach Terry Stotts said. “They’re not an NBA game shape yet, but I think with a month to go, with the practices that we’re going to have, and the way they’ve taken care of themselves so far, I don’t think it’s a stretch that they’ll be more than ready.” Lillard is confident in his own ability to stay healthy, but he doesn't quite trust everyone else. The NBA announced this week that nine additional players had tested positive for the virus, bringing the total of league players who have contracted it to 25. “I feel like it’s still a possibility for something to spread within that bubble, just with there been so many people and so many different things that we’ve got to follow to be safe, even though we’re not exposed to the public,” he said. “So for me, it’s gonna be, `What time is practice? What time can I get in the weight room, What time can I get some shots up? What’s the plan for game day?' I’m going to be in the room. I’m going to have my PS3, my PS4. I’m going to have my studio equipment, my mike, my laptop. I’m going to have all my books. I mean, that’s it. I’m going to be in the room, chillin'.”.....»»

Category: sportsSource:  abscbnRelated NewsJul 6th, 2020

Backed by IFC, UnionBank to issue Philippines second social bonds

Aboitiz-led Union Bank of the Philippines would sell “social” bonds to finance loans for small companies that were badly hit by the pandemic, with World Bank’s private sector arm investing in the planned issuance......»»

Category: financeSource:  philstarRelated NewsJul 23rd, 2021

Duterte adds P100K on Olympian’s games allowance

While the whole world prepares for the Tokyo Olympics opening ceremony, Malacañang Palace announced that President Rodrigo Duterte has approved an additional P100,000 games allowance to all 19 Tokyo Olympians “as a token and to celebrate the achievement” of the athletes qualified for the Olympics and Paralympics. Philippine Sports Commission (PSC) Chairman Butch Ramirez is […] The post Duterte adds P100K on Olympian’s games allowance appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJul 23rd, 2021

BIR defers VAT collection from exporters& rsquo; purchases

Economic zone locators found relief after the Department of Finance and the Bureau of Internal Revenue temporarily deferred the collection of value added tax on local purchases of exporting companies......»»

Category: newsSource:  inquirerRelated NewsJul 22nd, 2021

BIR suspends 12% VAT on exporters’ purchases

The Bureau of Internal Revenue has agreed to suspend the imposition of the 12 percent value-added tax on local purchases of raw materials and packaging products of exporters, according to the Philippine Economic Zone Authority and House ways and means committee chairman Rep. Joey Salceda......»»

Category: financeSource:  philstarRelated NewsJul 22nd, 2021

Next government to benefit from proposed reforms

Finance Secretary Carlos Dominguez said the passage of the remaining priority measures of the Duterte administration on tax reform and foreign ownership would secure the fiscal stability of the next government......»»

Category: newsSource:  philstarRelated NewsJul 22nd, 2021

To strengthen Phl economic recovery, World Bank cites need for more FDIs

Appearing recently before the economic press for the East Asia and Pacific Region, officials of the World Bank made an assessment of recent economic recovery among countries in the region......»»

Category: financeSource:  philstarRelated NewsJul 20th, 2021

Forgone VAT revenues hit P283 billion in 2019

As industry groups clamor to regain their VAT exemption on local purchases, the Department of Finance has reported that the government lost nearly P283 billion in revenue from extending the tax perk to exporters......»»

Category: financeSource:  philstarRelated NewsJul 19th, 2021

Philippines Dismal Education Ranking Is Due to DepEd s Mismanagement, Not the World Bank

Rather than demand an apology from the World Bank, Education Secretary Leonor Briones should instead resign and admit her inability to raise the country's dismally low education standards. As we noted in a previous editorial, Philippine education is so woefully behind we are now an embarrassment to our Southeast Asian neighbors as well as to ourselves.....»»

Category: newsSource:  philnewsRelated NewsJul 19th, 2021

Is Leni Robredo the Only One Who Realizes the Philippines Has a Crisis in Education?

Vice President Leni Robredo wants the government to declare a "crisis in education." We believe that is the right thing to do. The World Bank (WB) may have issued an apology for its objective assessment of the country's education system—given Education Secretary Leonor Briones and the Duterte administration's hysteria when the report first appeared—but the facts in that report remain true. Compared to other countries, the Philippines ranks at or near the bottom in education......»»

Category: newsSource:  philnewsRelated NewsJul 19th, 2021

BPI not interested in foreign partner

Ayala-led Bank of the Philippine Islands has no plans to take in a foreign strategic partner and tap the debt or capital markets for additional funding this year......»»

Category: financeSource:  philstarRelated NewsJul 19th, 2021

Syria eyes Olympic success in Tokyo despite huge challenges

Syria is aiming to secure the war-battered country's fourth-ever Olympic medal in Tokyo, but one of its few world-class athletes is less optimistic after struggling to access coaching and facilities for the past four years......»»

Category: newsSource:  thestandardRelated NewsJul 18th, 2021

World Bank: Philippines needs reforms on FDI

The Philippines should expedite the passage of key reform measures that would boost foreign direct investments (FDIs) and aid the country in its long-term recovery from the pandemic, the World Bank said......»»

Category: financeSource:  philstarRelated NewsJul 15th, 2021

Focusing on educational reform

Early this month, the World Bank released the results of its assessment of the Philippine education system. The assessment was done pre-COVID. The report revealed that many students in the country “do not know what they should know.” Since the release of the report, the Department of Education (DepEd) has claimed that the assessment failed to reflect the improvements and reforms it had introduced......»»

Category: newsSource:  thestandardRelated NewsJul 14th, 2021

DepEd in denial

Education Secretary Leonor Briones cried foul over the publication of a World Bank report saying that more than 80 percent of Filipino students don’t meet the standards for their grade level......»»

Category: newsSource:  philstarRelated NewsJul 13th, 2021