29 C
Makati City
Friday, June 23, 2017
LAST week I read a front-page article in this newspaper that Pinoys waste 28,000 hours in “traffic.”  That translates to more than three whole years of your life wasted!  If you consider that the average productive life of an individual is 30 years, this means more than 10 percent of...
Davao City Mayor Rodrigo R. Duterte, who consistently campaigned for radical changes in government and who also threatened the status quo of the country’s rich and powerful oligarch with his confrontational stance, has trumped all his rivals in the presidential race, with 37 percent in the final platform-based survey...
The Department of Finance (DOF) is pushing for the restructuring of the excise tax on automobiles to help deal with the worsening traffic crisis in Metro Manila and other urban centers, aside from generating funds to support the government’s 10-point socioeconomic agenda. Finance Secretary Carlos G. Dominguez III said under...
THE Philippines is the country to watch out for in 2016 as it draws business process outsourcing (BPO) services into the country due to its low cost of living and a workforce which composed mostly of young, educated and English-speaking people.  This is based on the list of outsourcing trends...
A former high-ranking Filipino bank executive recently won a constructive illegal dismissal case at the arbitration court of the National Labor Relations Commission (NLRC) against Standard Chartered Bank, the oldest international banking institution in the country. In her grievance, the Filipino executive complained she was allegedly pressured into resigning to...
THE insurer Pru Life UK claimed the lead spot in the industry based on premium income as of end-2015. Citing the Tentative Ranking of Life Insurance Companies released recently by the Insurance Commission (IC), Pru Life UK President and CEO Antonio Manuel de Rosas said the local subsidiary of UK-based...
Microfinancial giant Cebuana Lhuillier offers a new service that allows clients to remit cash directly to their bank accounts. The service applies to domestic remittance to accounts in Security Bank, Metrobank and all Bancnet member-banks. The remit-to-account service utilizes Cebuana Lhuillier’s large network of more than 1,700 branches, where clients can...
INTERNAL Revenue Commissioner Kim Jacinto-Henares has issued Revenue Memorandum Circular 57-2015 prescribing new reporting requirements of companies maintaining inventories of stock-in-trade, raw materials, goods and other supplies to track these inventories which are used in computing a company’s net income “This is in line with the bureau’s objective of implementing an...
BUDGET Secretary Florencio B. Abad has increased the maximum registration fee to be shouldered by the government for state employees participating in conventions, seminars and other conferences. Under National Budget Circular 563, the maximum registration fee the government will shoulder was increased to P2,000 per day for each participant, from...
MICROFINANCE operations in the country continued to expand in the Philippines, reflecting the country’s need for specialized financial services to lower-income individuals. However, millions of clients still shy away from borrowing from microfinance services of banks and microfinance institutions. This despite the larger outstanding loans and client base of microfinance...
ALMOST everyone may have encountered already the article regarding a lotto winner who blew his P14-million jackpot in just three months and ended up with almost half a million in debt. Although this kind is the only story that surfaced, a lot of similar stories appeared in other countries. In the...
IT is such a disheartening scene for family members to quarrel over inheritance. That some even result in lawsuits, “word wars,” and worse, violence. The final stage and the most neglected part of wealth management is estate planning. It is the orderly process of arranging the disposal or distribution of...
ASSET manager and banking solutions provider Northern Trust Corp. formally opened on Tuesday its new Manila back office. Northern Trust Chairman and CEO Frederick H. Waddell said the office in Bonifacio Global City in Taguig will support processing and back-office functions for Northern Trust’s global clients. Waddell said the Manila office is Northern...
INTERNAL Revenue Commissioner Kim Jacinto-Henares has softened her stand against nonstock, nonprofit  entities claiming tax exemption, issuing another memorandum which states that tax-exempt entities under the Constitution do not need to secure a tax-exemption ruling to enjoy such exemption. Henares issued Revenue Memorandum Order (RMO) 34-2014, clarifying her earlier memorandums regarding...
IT is a fact that businesses are affected by the availability of transport vehicles to take people from one place to another.  The majority of the workers in businesses take the public transport, since, in most offices, only officers and executives can afford private vehicles.  It is also a...
PHILIPPINE Savings Bank (PSBank), the thrift-banking arm of the Metrobank Group, was ranked fifth strongest bank by balance sheet and the strongest thrift-banking institution in the Philippines. In The Asian Banker 500 annual ranking, PSBank was included in the top 5 strongest banks in the country. BDO Unibank took first place, followed...
By Dave Anthony Tan Monter ‘Your parents are not your emergency fund. Your children are not your retirement fund. Build your own wealth.” With regards to building wealth, a man’s financial life goes through three different stages, which most of us don’t bother to realize. Stage One: Man at Work Stage Two: Man and...
JOSELITO S. ALMARIO, “Itoy” to friends and colleagues at the Department of Finance (DOF), posted a Twitter message on July 4 on how microinsurance works. It would be his last because, two weeks later, in the early-morning hours of Monday, he would be dead of suspected cancer and leave behind...
The Philippine Health Corp. (PhilHealth) is requiring employers to submit a Statement of Premium Accounts (SPA) before accepting premium contributions starting July 1 of this year. In line with PhilHealth Circular 2016-0008 issued on June 4, PhilHealth will replace its premium payment slips with the SPA for the filing of...
THE Court of Appeals (CA) has affirmed the resolutions issued by the Insurance Commission (IC)putting the preneed firm Prudentialife Plans Inc. (PPI) under receivership, and subsequently ordering its liquidation after  the company’s total liabilities ballooned to P12.36 billion in 2011. In a decision written by Associate Justice Ramon Cruz,...
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