Philippines Business News
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170 articles from BusinessWorld Economy
Gov’t trying to fix jurisdiction overlaps in marine resource management — DEPDev
THE GOVERNMENT is seeking to resolve overlapping jurisdictions in the management of marine resources, the Department of Economy, Planning, and Development (DEPDev) said. The unified Philippine Blue Economy Framework will align agency mandates, jurisdictions, and initiatives, Economy Undersecretary for Legislative Affairs Glenda R. Rumohr said. “The harder part is that we’ve each been stewarding pieces […]
Read more →Chasing a refund, finding an exemption
As tax practitioners, we are quite used to encountering transactions with non-resident foreign corporations (NRFCs). We regularly assist corporate clients, both foreign and local, in securing tax rulings or treaty relief confirmations from the Bureau of Internal Revenue (BIR) to avail of tax exemptions or preferential tax rates under the National Internal Revenue Code, as […]
Read more →PEZA approves Tokai Electronics expansion
THE Philippine Economic Zone Authority (PEZA) said it signed a supplemental agreement (SA) with Tokai Electronics Philippines, Inc., which would allow the Japanese locator to proceed with an expansion in Batangas. In a social media post on Tuesday, PEZA said the agreement would clear the way for Tokai Electronics to build a warehouse at the […]
Read more →India’s Wipro Consumer buys PHL’s S Brands, signals intent to explore international markets
INDIA’s Wipro Consumer Care said it acquired the Philippines’ S Brands Consumer Care, Inc., citing its potential to expand to international markets. Nagender Arya, Wipro Consumer president for East Asia and chief operating officer for the group’s international business division, said it is looking to bring S Brands’ products to markets like the Middle East. […]
Read more →Port users call for more transparent BoC fee structure, speedier refunds
THE United Portusers Confederation of the Philippines, Inc. (UPC) said the Bureau of Customs (BoC) needs to make port fees more transparent while ensuring faster processing of refunds. In a position paper, the group cited the need to ensure that information on charges by shipping lines and cargo truck operators are accessible to port users. […]
Read more →AC Logistics, Robinsons Logistix agree to help ease bottlenecks for MSMEs
THE Department of Trade and Industry (DTI) said the logistics arms of the Ayala and Gokongwei groups have agreed to help ease bottlenecks faced by micro, small and medium enterprises (MSMEs). The DTI was welcoming nine additional logistics providers to its Supply Chain and Logistics Center (SCLC) Network. Network firms committed to lower their logistics […]
Read more →Agri, food products top list of goods seized by BoC
AGRICULTURAL and food products, including tobacco and cigarettes, accounted for most of the P18.11 billion worth of commodities seized by the Bureau of Customs (BoC) in 691 operations in the year to date ending July 12. Tobacco and cigarettes alone accounted for P9.88 billion across 219 seizures, representing more than half of the total value. […]
Read more →PHL seeking bilateral air talks with Oman
THE Department of Transportation (DoTr) said it wants to expand flights between the Philippines and Oman, and hopes to enhance the current air service agreement. “We are committed to expanding our air links with Oman to give our fellow Filipinos, especially our OFWs (overseas Filipino workers), more options for direct, convenient, and affordable travel between […]
Read more →Most APAC companies not ready for new US product safety rules — FedEx
ABOUT 64% of businesses in the Asia-Pacific (APAC) are not fully prepared for the transition to mandatory electronic filing (e-filing) for imports of regulated consumer products entering the US, Federal Express Corp. (FedEx) said. In a survey conducted across 12 Asia-Pacific markets, including the Philippines, 28% of businesses understand the new requirements but have not […]
Read more →BIR issues CWT rules for certain wholesale goods
GROSS PAYMENTS made by top withholding agents to manufacturers or direct importers for covered goods intended for wholesale are subject to a preferential 0.5% creditable withholding tax (CWT), the Bureau of Internal Revenue (BIR) said. The BIR issued Revenue Memorandum Circular No. 79-2026 on Monday seeking to clarify when top withholding agents should apply the […]
Read more →Dualtech tapped for ecozone worker training
THE Philippine Economic Zone Authority (PEZA) said it signed a partnership with the Dualtech Training Center Foundation, Inc. (Dualtech) to training workers employed in PEZA-registered economic zones (ecozones). In a statement on Monday, PEZA said the memorandum of understanding (MoU) seeks to improve the technical skills of workers employed by PEZA-registered business enterprises (RBEs). The […]
Read more →DTI renews MSME financing partnership with First Circle
THE Department of Trade and Industry (DTI) said it renewed its partnership with online lending firm First Circle Growth Finance Corp. (First Circle) to fund micro, small and medium enterprises (MSMEs) through 2028. This marks the fourth renewal of the company’s partnership with the DTI since their collaboration began in 2018, First Circle said in […]
Read more →Order implementing new standards for earthquake-resistant steel due soon
THE Department of Trade and Industry (DTI) said it will release a memorandum circular (MC) for new steel standards in August, which is intended to upgrade earthquake resistance in construction materials. “We’re focused on that, especially because of the earthquake,” Trade Secretary Maria Cristina A. Roque told reporters on the sidelines of the Go Negosyo […]
Read more →When tax audits meet BIR organizational reform
Taxpayers often focus on tax laws and regulations that directly affect their liabilities and compliance obligations, while administrative issuances are generally viewed as having limited impact. However, the recent organizational reforms of the BIR, part of the broader efforts to improve audit administration, illustrate how internal BIR restructuring can have practical implications for taxpayers. As […]
Read more →Aurora ecozone to tap PPP Center for seaport, airport feasibility studies
THE Aurora Pacific Economic Zone and Freeport Authority (APECO) is tapping the Public-Private Partnership (PPP) Center to fund feasibility studies for four priority projects that will support its Casiguran economic zone (ecozone). Gene Angelo P. Ferrer, officer-in-charge at APECO’s Business Development and Marketing Division, said the PPP Center’s Project Development and Monitoring Facility (PDMF) will […]
Read more →Asiatel Outsourcing to expand PHL workforce
ASIATEL OUTSOURCING, INC., is looking to add up to 250 seats in its Manila operations in the next two years to support global demand. “One of the things that we want to have is build satellite offices around Metro Manila,” Asiatel Outsourcing Chief Executive Officer Jasjit Singh Anand said at a briefing on Thursday. “We […]
Read more →Marcos assures potential investors of PHL resilience
PRESIDENT Ferdinand R. Marcos, Jr. told regional business leaders in Singapore that the Philippine economy remains resilient despite global trade and geopolitical challenges, the Palace said on Thursday. Speaking at a roundtable discussion during his working visit hosted by the Milken Institute at the Philippine Embassy in Singapore, Mr. Marcos presented the Philippines as an […]
Read more →World Bank: Lending unaffected by PHL elevation to UMIC status
THE World Bank said the Philippines’ recent reclassification as an upper-middle income economy will not affect its lending program or broader engagement with the Philippines, reaffirming its commitment to support education, job creation and climate resilience through 2031. Zafer Mustafaoğlu, World Bank Division director for the Philippines, Malaysia and Brunei, said the bank’s engagement and […]
Read more →Singapore firm’s AC Health tie-up expected to support 10,000 jobs
AYALA HEALTHCARE Holdings, Inc.’s (AC Health) partnership with Singapore’s ABC Impact is expected to create 10,000 jobs in healthcare and retail by 2027, the Department of Trade and Industry (DTI) said. In a statement on Thursday, the DTI said ABC Impact’s investment in AC Health will expand the latter’s footprint in hospitals, multi-specialty clinics, and […]
Read more →BIR updates rules for one-time transactions
THE Bureau of Internal Revenue (BIR) said it updated the rules for processing one-time transactions (ONETT) as it moves to standardize procedures and improve the issuance of computation sheets and electronic Certificates Authorizing Registration (eCAR). In Revenue Memorandum Order No. 17-2026, the BIR revised the ONETT processing guidelines involving the sale and donation of real […]
Read more →Palay farmgate price up 28.2% in June
THE farmgate price of dry palay (unmilled rice) rose 28.2% year on year in June to a national average of P21.78 per kilogram, the Philippine Statistics Authority (PSA) reported. Farmgate prices were down 0.7% compared with May levels. Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) posted the largest year-on-year jump in farmgate price in June […]
Read more →GAC Philippines joins CAMPI
GAC International Philippines, a wholly owned subsidiary of Chinese automaker GAC Group, said it was admitted as a member of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI). In a statement on Monday, the company said its membership will allow it to contribute to the development of national policies to advance the automotive […]
Read more →Navigating the timing changes for VAT refund claims
One of the most overlooked assets on a company’s balance sheet is an unutilized Value-Added Tax (VAT) input balance. For export-oriented businesses and other taxpayers entitled to VAT refunds, these amounts can represent significant cash recovery opportunities. However, many refund claims are delayed, reduced, or denied not because the taxpayer lacks entitlement, but because of […]
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