GOVERNMENT ROLLS OUT SMALL BUSINESS WAGE SUBSIDY PROGRAM + RESUMPTION OF POGO OPERATIONS OPPOSED + APPLE PLANS TO SELL MACS WITH ITS OWN CHIPS FROM 2021-BLOOMBERG
Other Relevant Tax Updates:
- Highlights of small business wage subsidy (SBWS) program
- BIR updates format of certificate of entitlement to 5% tax credit in relation to Personal Equity Retirement Account (PERA) act of 2008
- Philhealth extends deadline of premium payment
- SEC issuances on rules on sale of corporate assets of publicly-listed company, new guidelines on posting of securities deposit under Enhanced Community Quarantine (ECQ), and extended period to file general or special form for financial statements (GFFS or SFFS) and guidelines on submission by electronic mail
- Tax & business-related news [April 18-24]
I. HIGHLIGHTS OF SBWS PROGRAM
Employers may apply for SBWS Program from April 16 to April 30, 2020 which grants monthly cash assistance from Php 5,000 to Php 8,000 based on the monthly regional minimum wage for two months to qualified employees.
The program discusses those eligible and not eligible business entities and workers, conditions, application process and documentary requirements, as well as disbursement process. The first tranche of disbursement will be from May 1 to 15, 2020 while the second tranche will be given from May 16 to 31, 2020.
II. BIR UPDATES FORMAT OF CERTIFICATE OF ENTITLEMENT TO 5% TAX CREDIT IN RELATION TO PERA ACT OF 2008
Revenue Memorandum Order (RMO) No. 11-2020, issued on April 20, 2020, amends certain provisions of RMO No. 28-17 relative to the format of Certificate of Entitlement to 5% Tax Credit for Employee Contributor (BIR Form No. 2339) prescribed for the implementation of Republic Act (R.A.( No. 9505, otherwise known as PERA Act of 2008. In compliance with the Data Privacy Act of 2012, the form is amended into two separate forms for Employee without Qualified Employer’s Contribution and Employee with Qualified Employer’s Contribution.
III. PHILHEALTH EXTENDS DEADLINE OF PREMIUM PAYMENT
Philhealth Advisory No. 2020-21 extends the deadline of payment of premium contributions for the first quarter of 2020 for Self-Earning Individuals, Professional Practitioners and Members under the Group Enrolment Schemes from March 31, 2020 to April 30, 2020, in view of the currently implemented ECQ.
IV. SEC ISSUANCES ON RULES ON SALE OF CORPORATE ASSETS OF PUBLICLY-LISTED COMPANY, NEW GUIDELINES ON POSTING OF SECURITIES DEPOSIT UNDER ECQ, AND EXTENDED PERIOD TO FILE GFFS OR SFFS AND GUIDELINES ON SUBMISSION BY ELECTRONIC MAIL
SEC ADOPTED RULES ON SALE OF CORPORATE ASSETS OF PUBLICLY-LISTED COMPANY
SEC Memorandum Circular No. 12, Series of 2020, published on April 15, 2020, provides rules on the sale of corporate assets of publicly-listed company, pursuant to the provisions of the Revised Corporation Code.
Highlights are as follow:
- Sale or disposal amounting to at least 51% of the corporation’s total asset shall be considered as sale of all or substantially all of corporate property and assets;
- Requirement of vote of the stockholders prior to the execution of the sale transaction;
- Requirement of shareholder approval in an aggregate sale transactions;
- Computation to determine whether or not the sale amounts to at least 51% of the corporation’s assets.
NEW GUIDELINES ON POSTING OF SECURITIES DEPOSIT UNDER ECQ
SEC Memorandum Circular (MC) No. 11 Series of 2020, published on April 12, 2020, extends the deadline for submission or filing of securities deposit of branch offices of foreign corporations to give relief to the business sector amidst COVID-19 outbreak. A 30-day extension from the lifting of ECQ shall be given to entities filing for initial securities deposit, entities required to post additional securities, and entities with matured securities deposit.
EXTENDED PERIOD TO FILE GFFS OR SFFS AND GUIDELINES ON SUBMISSION BY ELECTRONIC MAIL
SEC has issued an advisory dated April 16, 2020 extending the period to file GFFS or SFFS as well as guidelines on submission by electronic mail in the light of ECQ implementation. It may be recalled that under SEC Memorandum Circular No. 6, Series of 2006, the electronic format of the GFFS or SFFS shall be submitted within thirty (30) days from the last day of submission of the Audited Financial Statements
V.TAX & BUSINESS-RELATED NEWS [APRIL 18-24]
- SEC orders shutdown of 4 online lending ventures
- NEDA dangling tax-free perks for 6 development projects
- ADB approves record $1.5 billion loan to Philippines for coronavirus fight
- Port authority offers 30-day reprieve for rent, concession dues
- 80 countries limiting exports of face masks, other goods: WTO report
- Resumption of POGO operations opposed
- Chua: Tax reforms must proceed to fund health crisis response
- DOF backs 2 state-run banks as lending conduits in post-coronavirus stimulus package
- PEZA investment pledges shrink 28% in Q1
- Pogo exec donates thousands of COVID-19 test kits, PPE sets, says more coming
- Unilever sees pandemic changing consumer demand
- Apple plans to sell Macs with its own chips from 2021 – Bloomberg
- UP economists bat for selective opening of industries, random COVID-19 testing
- DPWH: Construction of major infra projects to resume with new protocols
- Philippine economy’s twin engines reboot, seek state support
- Eurozone economy suffers ‘unprecedented’ collapse
- Ayala Group, AFP open World Trade Center quarantine facility
- Zoom users top 300 million as ban list grows
- Philippine economy’s twin engines reboot, seek state support
- ‘Zoombombers’ raid business leaders’ video conference
- BPI raises provision for bad loans due to COVID-19, Q1 net income falls
- Legarda questions entry of Chinese vessels in Antique amid lockdown
- Zoom raises encryption level with upgraded meeting app
- Philippines’ biggest firms shell out billions in aid for COVID-19 fight
- Virus-hit rice farmers to get P5,000 cash aid each: agri chief
- Nation-backed hackers tune attacks to COVID-19 fears: Google
- Dennis Uy: 2GO waiving P35-M rental fee for quarantine ships
- ‘A disaster’: Roche CEO’s verdict on some COVID-19 antibody tests
- Araneta Group gives P100K to viral Pizza Hut delivery boy
- Letter of apology from Sen. Alvarez’s daughter to ABS-CBN: Dad’s hospital bill not P8 million
- Hontiveros wants China to pay for Philippines’ COVID-19 expenses
- Globalization as we know it is ‘over’ due to COVID-19, says billionaire Razon
- DOTr eyes partial operations for buses, trains as COVID-19 crisis persists
- Billionaire Razon says Philippines should allow some businesses to reopen
- COVID-19 test kits, lab tools from China arrive in Clark
- Ships, trains, caves: Oil traders chase storage space in world awash with fuel
- Netflix adds 15.8 million customers during quarantine
- Trump immigration ban to last 60 days, targets those seeking ‘green cards’
- US state sues China’s leaders over virus
- Spain loosens lockdown for housebound youngsters
- Some US states begin to reopen despite objections from health experts
- Google to make online shopping service free to merchants
- SEC to relax incorporation requirements
- DOF: Easing of ‘sin’ products restrictions hinges on IATF
- ‘Build Build Build’ to help restart Philippine economy: NEDA chief Chua
- Virus upends outsourcing as firms ‘reshore’ and embrace AI
- Mindanao’s Auro ships cacao beans to Europe, a first for Philippines
- Late Sen. Heherson Alvarez’s hospital bill reached almost P5 million: daughter
- US oil futures plunge below $0 as COVID-19 forces supply glut
- Dominguez on raising funds vs COVID-19: Pogos maybe but alcoholic drinks no
- Cigarette transport restrictions may ease as smuggling rampant amid COVID-19 lockdown
- SEC easing local business registration requirements
- Ayala sets Qualimed Sta. Rosa as COVID-19 referral hospital
- SSS extends Q1 contribution payment deadline
- Tax collections shrink in March
- ‘High tech, low touch’ is new normal as banks see economy through COVID-19
- Philippines revises 2019 GDP growth to 6 percent
- Small bakery sales explode as lockdown drives hunger for ‘tasty,’ pan de sal
- Unilab releases P665 million for COVID-19 response
- Australia to force Google, Facebook to pay for news content
- Novartis, U.S. regulators agree to malaria drug trial against COVID-19
- Tax deadlines pushed back further due to lockdown: finance dept
- Philippine plastic industry to make protective gear for frontliners
- McKinsey predicts near doubling of unemployment in Europe
- Director of Wuhan lab denies virus link
- Imee Marcos wants tax relief for ‘good Samaritans’ in COVID-19 crisis
- Australia calls for independent probe into global virus response
- Ex-NEDA chief Pernia: ‘Better coordination’ needed between gov’t, private sector
- ‘We still have a lot of bullets in our arsenal,’ BSP says on fight for economy
- Pernia: Resignation not ‘directly’ due to COVID-19 crisis, but ‘general’ differences with Cabinet
- Why not borrow money to ‘jumpstart’ economy after lockdown, Pernia suggests
- Economist suggests ‘selective quarantine’ in barangays after lockdown ends
- Britons warned to avoid unapproved coronavirus tests
- DOT creates online program to help businesses cope with COVID-19 fallout
- Palace thanks Pernia for efforts as NEDA chief; expects successor to continue economic ‘momentum’
- Trade chief: Supplies in supermarkets enough even if gov’t extends lockdown again
SEC orders shutdown of 4 online lending ventures [Philippine Daily Inquirer, April 24, 2020]
The Securities and Exchange Commission (SEC) has ordered the shutdown of four online lending platforms that had been operating without the proper permits, imposing “unreasonable” terms and using “abusive” practices.
Source: https://business.inquirer.net/295545/sec-orders-shutdown-of-4-online-lending-ventures#ixzz6KVI7pRv0
NEDA dangling tax-free perks for 6 development projects [Philippine Daily Inquirer, April 24, 2020]
The state planning agency National Economic and Development Authority (Neda) is dangling tax incentives to private individuals and firms that will donate money to six programs under this year’s National Priority Plan (NPP).
ADB approves record $1.5 billion loan to Philippines for coronavirus fight [ABS-CBN News, April 24, 2020]
The Asian Development Bank said Friday it approved a $1.5 billion (P76 billion) loan to help the Philippines fight the coronavirus pandemic.
Port authority offers 30-day reprieve for rent, concession dues [ABS-CBN News, April 24, 2020]
The Philippine Ports Authority said Friday qualified lessees and operators would be given a 30-day extension on rent and concession payments without penalties to help ease the impact of the coronavirus pandemic.
80 countries limiting exports of face masks, other goods: WTO report [ABS-CBN News, April 24, 2020]
Eighty countries and customs territories have banned or limited the export of face masks, protective gear, gloves and other goods to mitigate shortages since the coronavirus outbreak began, the World Trade Organization reported on Thursday.
Resumption of POGO operations opposed [Philippine Daily Inquirer, April 23, 2020]
Government must first resolve the issues hounding the Philippine offshore gaming operators (POGO) industry before allowing it to resume operations in the midst of the coronavirus pandemic, House Minority Leader and Manila Rep. Bienvenido Abante Jr. said on Wednesday.
Source: https://business.inquirer.net/295460/resumption-of-pogo-operations-opposed#ixzz6KVIVqaV6
Chua: Tax reforms must proceed to fund health crisis response [Philippine Daily Inquirer, April 23, 2020]
Acting Socioeconomic Planning Secretary Karl Chua on Wednesday said the government must pursue its tax reform program or it might be forced to borrow more money to finance its response to the new coronavirus pandemic.
DOF backs 2 state-run banks as lending conduits in post-coronavirus stimulus package [Philippine Daily Inquirer, April 23, 2020]
The Department of Finance (DOF) is supporting the pitch of state-run lenders Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) to serve as the government’s lending conduits in the middle of the fight against COVID-19.
PEZA investment pledges shrink 28% in Q1 [Manila Bulletin, April 23, 2020]
Investment pledges approved by the Philippine Economic Zone Authority (PEZA) in the first quarter this year steeply declined by 27.98 percent amid the imposition of the Enhanced Community Quarantine in Luzon.
Source:https://business.mb.com.ph/2020/04/22/peza-investment-pledges-shrink-28-in-q1/
Pogo exec donates thousands of COVID-19 test kits, PPE sets, says more coming [Philippine Daily Inquirer, April 22, 2020]
Online gaming executive Kim Wong has donated thousands of COVID-19 rapid test kits and personal protective gear to build up government supplies for frontline workers, promising more donations in the weeks ahead.
Unilever sees pandemic changing consumer demand [ABS-CBN News, April 23, 2020]
Anglo-Dutch consumer giant Unilever reported Thursday a slight rise in first quarter sales and said the coronavirus has caused hygiene product sales to rocket while those of ice cream melted.
Source:https://news.abs-cbn.com/business/04/23/20/unilever-sees-pandemic-changing-consumer-demand
Apple plans to sell Macs with its own chips from 2021 – Bloomberg [ABS-CBN News, April 23, 2020]
Apple Inc plans to sell Mac computers with its own main processors by next year based on the chip designs currently used in its iPhones and iPads, Bloomberg reported on Thursday.
UP economists bat for selective opening of industries, random COVID-19 testing [ABS-CBN News, April 23, 2020]
Several economists from University of the Philippines said the government should consider allowing selected industries to resume operations when the Luzon lockdown ends, and implementing random testing for COVID-19 to get a more accurate view of the spread of the virus and prevent a second wave of infections.
DPWH: Construction of major infra projects to resume with new protocols [ABS-CBN News, April 23, 2020]
The Department of Public Works and Highways (DPWH) is preparing new guidelines when construction of select big-ticket infrastructure projects resumes after the lifting of the Luzon-wide enhanced community quarantine, Secretary Mark Villar said Thursday.
Philippine economy’s twin engines reboot, seek state support [ABS-CBN News, April 23, 2020]\
Outsourcing and construction, two of the Philippines’ economic drivers, are seeking a gradual easing into the new normal due to the COVID-19 pandemic, as they sought state support for a restart.
Eurozone economy suffers ‘unprecedented’ collapse [ABS-CBN News, April 23, 2020]
The eurozone economy is suffering an “unprecedented” collapse according to a PMI index released Thursday by analysis firm IHS Markit.
Source:https://news.abs-cbn.com/business/04/23/20/eurozone-economy-suffers-unprecedented-collapse
Ayala Group, AFP open World Trade Center quarantine facility [ABS-CBN News, April 23, 2020]
The Ayala Group of Companies and the Armed Forces of the Philippines opened on Thursday the COVID-19 quarantine facility at the World Trade Center.
Zoom users top 300 million as ban list grows [ABS-CBN News, April 23, 2020]
Zoom video conferencing app’s user base grew by another 50 percent to 300 million in the last three weeks, as the company fought to quell a backlash around security and safety that has seen a number of governments and firms ban its applications.
Source:https://news.abs-cbn.com/business/04/23/20/zoom-users-top-300-million-as-ban-list-grows
Philippine economy’s twin engines reboot, seek state support [ABS-CBN News, April 23, 2020]
Outsourcing and construction, two of the Philippines’ economic drivers, are seeking a gradual easing into the new normal due to the COVID-19 pandemic, as they sought state support for a restart.
‘Zoombombers’ raid business leaders’ video conference [ABS-CBN News, April 23, 2020]\
A Zoom video conference hosted by the Office of the Presidential Adviser on Entrepreneurship whose participants included some of the country’s top business leaders was disrupted by “zoombombers” not once, not twice, but at least five times on Thursday morning.
Source:https://news.abs-cbn.com/business/04/23/20/zoombombers-raid-business-leaders-video-conference
BPI raises provision for bad loans due to COVID-19, Q1 net income falls [ABS-CBN News, April 23, 2020]
Bank of the Philippine Islands said Thursday net income in the January to March period fell 5 percent as consumers squeezed for cash led it to double provisions for loan losses.
Legarda questions entry of Chinese vessels in Antique amid lockdown [ABS-CBN News, April 23, 2020]
Antique Rep. Loren Legarda on Wednesday said Semirara Mining and Power Corporation should shed light on alleged Chinese vessels coming to Semirara Island in Caluya, Antique despite the lockdown in place.
Zoom raises encryption level with upgraded meeting app [ABS-CBN News, April 23, 2020]
Zoom Video Communications Inc said on Wednesday it was upgrading the encryption features on its video conferencing app to better safeguard meeting data and offer protection against tampering.
Source:https://news.abs-cbn.com/business/04/22/20/zoom-raises-encryption-level-with-upgraded-meeting-app
Philippines’ biggest firms shell out billions in aid for COVID-19 fight [ABS-CBN News, April 23, 2020]
As the Luzon lockdown due to COVID-19 left millions of Filipinos unable to work and earn, the country’s largest corporations and conglomerates stepped up with billions in pesos in aid for the most vulnerable sectors of society.
Virus-hit rice farmers to get P5,000 cash aid each: agri chief [ABS-CBN News, April 23, 2020]
Some 591,000 rice farmers affected by the COVID-19 pandemic may avail of P5,000 cash aid from government, Agriculture Secretary William Dar said Thursday.
Nation-backed hackers tune attacks to COVID-19 fears: Google [ABS-CBN News, April 23, 2020]
Google on Wednesday warned that nation-backed hackers are exploiting the coronavirus pandemic to target health care organizations and those working to fight the pandemic.
Dennis Uy: 2GO waiving P35-M rental fee for quarantine ships [ABS-CBN News, April 23, 2020]
2GO Group chairman Dennis Uy said Wednesday night he is waiving the P35-million rental fee for 2 ships that the government will use as floating quarantine facilities for coronavirus disease 2019 (COVID-19) patients.
‘A disaster’: Roche CEO’s verdict on some COVID-19 antibody tests [ABS-CBN News, April 23, 2020]
Some blood tests being marketed to tell people if they have had the new coronavirus are a “disaster”, Roche Chief Executive Severin Schwan said on Wednesday as he prepares to launch the drugmaker’s own antibody test next month.
Araneta Group gives P100K to viral Pizza Hut delivery boy [ABS-CBN News, April 22, 2020]
The Araneta Group of Companies (AGC) recently gave a cash bonus to a pizza delivery boy after going viral on social media for buying bread to share with the homeless amid the lockdown.
Source:https://news.abs-cbn.com/life/04/22/20/araneta-group-gives-p100k-to-viral-pizza-hut-delivery-boy
Letter of apology from Sen. Alvarez’s daughter to ABS-CBN: Dad’s hospital bill not P8 million [ABS-CBN News, April 22, 2020]
ABS-CBN News is publishing the letter of apology from the daughter of the late Sen. Heherson Alvarez, Xilca Alvarez-Protacio, rectifying what her brother, Hexilon, said in an interview with DZMM on April 21, 2020 that their father’s hospital bill had reached P8 million.
Hontiveros wants China to pay for Philippines’ COVID-19 expenses [ABS-CBN News, April 22, 2020]
Sen. Risa Hontiveros on Wednesday said China should shoulder the Philippine government’s expenses in responding to the crisis wrought by the coronavirus disease, saying this is a way for Asia’s largest economy to pay for destroying Philippine reefs in the disputed South China Sea.
Globalization as we know it is ‘over’ due to COVID-19, says billionaire Razon [ABS-CBN News, April 22, 2020]
Globalization as we know it is “over” because of the coronavirus pandemic, billionaire port magnate Enrique Razon said Wednesday, as lockdowns and travel restrictions put businesses on pause.
DOTr eyes partial operations for buses, trains as COVID-19 crisis persists [ABS-CBN News, April 22, 2020]
The Department of Transportation said Wednesday it is studying the partial resumption of some modes of mass public transportation even as the coronavirus crisis continues.
Billionaire Razon says Philippines should allow some businesses to reopen [ABS-CBN News, April 22, 2020]
Billionaire Enrique Razon said Wednesday businesses that can test their employees for COVID-19 and bring them to work should be allowed to reopen, as the government weighs the “tough choice” between saving lives and keeping the economy from dying.
COVID-19 test kits, lab tools from China arrive in Clark [ABS-CBN News, April 22, 2020]
Some $2.5 million (P127 million) worth of laboratory equipment and 45,000 COVID-19 testing kits from China arrived at Clark International Airport, authorities said Wednesday.
Source:https://news.abs-cbn.com/business/04/22/20/covid-19-test-kits-lab-tools-from-china-arrive-in-clark
Ships, trains, caves: Oil traders chase storage space in world awash with fuel [ABS-CBN News, April 22, 2020]
Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis.
Netflix adds 15.8 million customers during quarantine [ABS-CBN News, April 22, 2020]
Netflix Inc on Tuesday reported a surge in new sign-ups as audiences stayed in their homes to help fight the novel coronavirus and binged on series such as “Tiger King,” but the company predicted a weaker second half of the year if quarantine orders are lifted.
Source:https://news.abs-cbn.com/business/04/22/20/netflix-adds-158-million-customers-during-quarantine
Trump immigration ban to last 60 days, targets those seeking ‘green cards’ [ABS-CBN News, April 22, 2020]
President Donald Trump said on Tuesday his new U.S. immigration ban would last 60 days and apply to those seeking ‘green cards’ for permanent residency in an effort to protect Americans seeking to regain jobs lost because of the coronavirus.
Source:https://news.abs-cbn.com/overseas/04/22/20/trump-says-immigration-suspension-to-last-60-days
US state sues China’s leaders over virus [ABS-CBN News, April 22, 2020]
The US state of Missouri on Tuesday sued China’s leadership over the COVID-19 coronavirus, seeking damages over what it described as deliberate deception and insufficient action to stop the pandemic.
Source:https://news.abs-cbn.com/overseas/04/22/20/us-state-sues-chinas-leaders-over-virus
Spain loosens lockdown for housebound youngsters [ABS-CBN News, April 22, 2020]
Spain on Tuesday said children — who have been housebound for nearly six weeks — can go out for walks from the weekend, further easing a virus lockdown.
Source:https://news.abs-cbn.com/overseas/04/22/20/spain-loosens-lockdown-for-housebound-youngsters
Some US states begin to reopen despite objections from health experts [ABS-CBN News, April 22, 2020]
Governors of about half a dozen U.S. states pushed ahead on Tuesday with plans to partially reopen for business despite warnings by some health officials that doing so prematurely could trigger a surge of coronavirus cases.
Google to make online shopping service free to merchants [ABS-CBN News, April 22, 2020]
Google is opening its online shopping service to merchants free of charge as it competes with Amazon in precious e-commerce and digital ads.
Source:https://news.abs-cbn.com/business/04/22/20/google-to-make-online-shopping-service-free-to-merchants
SEC to relax incorporation requirements [Manila Bulletin, April 21, 2020]
The Securities and Exchange Commission (SEC) is aiming to further relax the requirements for the registration of new domestic corporations, particularly for the authentication of articles of incorporation.
Source:https://business.mb.com.ph/2020/04/20/sec-to-relax-incorporation-requirements/
Ayala sets Qualimed Sta. Rosa as COVID-19 referral hospital [Philippine Daily Inquirer, April 20, 2020]
An agreement was signed on April 20 between Qualimed and AC Health to expand the capabilities of the hospital to manage more COVID-19 patients by building a triage holding area adjacent to the main hospital structure and a biosafety level 2 laboratory for COVID-19 testing.
Source:https://business.inquirer.net/295161/ayala-sets-qualimed-sta-rosa-as-covid-19-referral-hospital
DOF: Easing of ‘sin’ products restrictions hinges on IATF [Manila Bulletin, April 21, 2020]
As national government’s disappointing tax collection performance in March is expected to further worsen this month, the Department of Finance (DOF) is studying the easing of restrictions on some fast-moving items, like cigarettes.
Source:https://business.mb.com.ph/2020/04/20/dof-easing-of-sinproducts-restrictions-hinges-on-iatf/
‘Build Build Build’ to help restart Philippine economy: NEDA chief Chua [ABS-CBN News, April 21, 2020]
President Rodrigo Duterte’s P8 trillion infrastructure program will be an “important part” of the Philippines’ recovery from the COVID-19 pandemic, his new socioeconomic planning chief said Tuesday.
Virus upends outsourcing as firms ‘reshore’ and embrace AI [ABS-CBN News, April 21, 2020]
Coronavirus is permanently shaking up the global outsourcing industry as lockdowns from Bangalore to Manila prompt firms to “reshore” jobs and, with AI, to move further away from needing humans at all.
Source:https://news.abs-cbn.com/business/04/21/20/coronavirus-bpo-ai-india-philippines
Mindanao’s Auro ships cacao beans to Europe, a first for Philippines [ABS-CBN News, April 21, 2020]
Mindanao-based Auro Chocolate has become the first Filipino company to supply cacao beans to Europe with the first shipment completed last week, the Trade Department said.
Late Sen. Heherson Alvarez’s hospital bill reached almost P5 million: daughter [ABS-CBN News, April 21, 2020]
The “tentative” hospital bill of former Sen. Heherson “Sonny” Alvarez, who succumbed to COVID-19 on Monday, amounted to almost P5 million, his daughter said Wednesday.
US oil futures plunge below $0 as COVID-19 forces supply glut [ABS-CBN News, April 21, 2020]
US crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.
Dominguez on raising funds vs COVID-19: Pogos maybe but alcoholic drinks no [Philippine Daily Inquirer, April 20, 2020]
Extended tax deadlines will delay revenues much needed for the fight against COVID-19, which could prompt the government to allow Philippine offshore gaming operators (Pogos) to resume operations, according to the country’s top economic manager.
Cigarette transport restrictions may ease as smuggling rampant amid COVID-19 lockdown [Philippine Daily Inquirer, April 20, 2020]
Restriction on transport of legal tobacco products may be lifted following reports that cigarette smuggling, mostly through Mindanao, has become rampant while the entire country is waging war on COVID-19.
SEC easing local business registration requirements [Philippine Daily Inquirer, April 20, 2020]
The Securities and Exchange Commission (SEC) is set to ease the requirements for the registration of new domestic corporations, particularly when it comes to authenticating the articles of incorporation.
SSS extends Q1 contribution payment deadline [Manila Bulletin, April 20, 2020]
State-run Social Security System (SSS) has extended the deadline for the first quarter payment of monthly contributions of its members and employers until the first day of June this year.
Source:https://business.mb.com.ph/2020/04/19/sss-extends-q1-contribution-payment-deadline/
Tax collections shrink in March [Manila Bulletin, April 20, 2020]
Collections of the government’s two main tax agencies shrunk by 17.4 percent in March following the implementation of the enhanced community quarantine (ECQ), the Department of Finance (DOF) reported.
Source: https://business.mb.com.ph/2020/04/19/tax-collections-shrink-in-march/
‘High tech, low touch’ is new normal as banks see economy through COVID-19 [ABS-CBN News, April 20, 2020]
A self-confessed “old fashioned” boss, Bank of the Philippine Islands President Cezar Consing admits to working in the office instead of at home every other day during the COVID-19 lockdown, as he looked ahead to the new normal when most transactions are done digitally.
Philippines revises 2019 GDP growth to 6 percent [ABS-CBN News, April 20, 2020]
The Philippines hit its growth target last year after the government revised its calculations using 2018 as base year instead of 2000, official data released Monday showed.
Source:https://news.abs-cbn.com/business/04/20/20/philippines-revises-2019-gdp-growth-to-6-percent
Small bakery sales explode as lockdown drives hunger for ‘tasty,’ pan de sal [ABS-CBN News, April 20, 2020]
Scores of people 5 feet apart queued up outside Quezon City’s Kamuning Bakery one hot Wednesday for fresh supplies to ride out the coronavirus lockdown, in the process giving an unexpected sales boost to neighborhood bread shops.
Unilab releases P665 million for COVID-19 response [ABS-CBN News, April 20, 2020]
Pharma giant Unilab Inc said it released P665 million for its COVID-19 response effort and the amount could top the P1 billion mark in the coming weeks.
Source:https://news.abs-cbn.com/business/04/20/20/unilab-releases-p665-million-for-covid-19-response
Australia to force Google, Facebook to pay for news content [ABS-CBN News, April 20, 2020]
Australia said Monday it would begin forcing Google and Facebook to pay news companies for content, in a landmark move aimed at shielding traditional media from the tech giants’ digital dominance.
Novartis, U.S. regulators agree to malaria drug trial against COVID-19 [ABS-CBN News, April 20, 2020]
Novartis has reached an agreement with U.S. regulators to hold a randomized trial of generic malaria drug hydroxychloroquine against COVID-19 disease in 440 hospitalized patients, the Swiss drugmaker said on Monday.
Tax deadlines pushed back further due to lockdown: finance dept [ABS-CBN News, April 20, 2020]
The Department of Finance said Monday it pushed back the deadlines for filing and payment of taxes in line with the extension of the Luzon lockdown to April 30 to contain COVID-19.
Philippine plastic industry to make protective gear for frontliners [ABS-CBN News, April 20, 2020]
Philippine plastic manufacturers will produce protective gear for frontliners as the country grapples with a shortage of personal protective equipment (PPEs), an industry group said.
McKinsey predicts near doubling of unemployment in Europe [ABS-CBN News, April 19, 2020]
Unemployment in Europe could nearly double in the coming months, with up to 59 million jobs at risk from permanent cutbacks as well as reductions in pay and hours because of the coronavirus pandemic, estimates from consultancy McKinsey said.
Source:https://news.abs-cbn.com/business/04/20/20/mckinsey-predicts-near-doubling-of-unemployment-in-europe
Director of Wuhan lab denies virus link [ABS-CBN News, April 19, 2020]
The director of a maximum-security laboratory in China’s coronavirus ground-zero city of Wuhan has rejected claims that it could be the source of the outbreak, calling it “impossible.”
Source:https://news.abs-cbn.com/overseas/04/19/20/director-of-wuhan-lab-denies-virus-link
Imee Marcos wants tax relief for ‘good Samaritans’ in COVID-19 crisis [ABS-CBN News, April 19, 2020]
Sen. Imee Marcos said Sunday that “good Samaritans” responding to the COVID-19 pandemic through their donations should be accorded “tax benefits” by the government. Marcos has filed Senate Bill 1429, which seeks to “cut out the red tape” of applying with the Department of Finance (DOF) for certificates of tax exemption on donations by institutionalizing “full tax benefits for donors.”
Australia calls for independent probe into global virus response [ABS-CBN News, April 19, 2020]
Australia on Sunday called for an independent investigation into the global response to the coronavirus pandemic, including the World Health Organization’s handling of the crisis.
Ex-NEDA chief Pernia: ‘Better coordination’ needed between gov’t, private sector [ABS-CBN News, April 19, 2020]
Former Socioeconomic Planning Secretary Ernesto Pernia said Sunday there should be “better coordination” between the government and the private sector in the fight against COVID-19.
‘We still have a lot of bullets in our arsenal,’ BSP says on fight for economy [ABS-CBN News, April 19, 2020]
Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday there was still room to cut the benchmark interest rate and banks’ reserve requirement to save the economy from the coronavirus pandemic.
Pernia: Resignation not ‘directly’ due to COVID-19 crisis, but ‘general’ differences with Cabinet [ABS-CBN News, April 19, 2020]
Former socio-economic planning secretary Ernesto Pernia on Saturday said the reason he relinquished his post was the “general” differences he had with other Cabinet members.
Why not borrow money to ‘jumpstart’ economy after lockdown, Pernia suggests [ABS-CBN News, April 19, 2020]
The Philippines needs to borrow money if it hopes to “jumpstart” its economy after the lockdown in Luzon is lifted, a former government official said Saturday.
Economist suggests ‘selective quarantine’ in barangays after lockdown ends [ABS-CBN News, April 19, 2020]
An economist on Saturday suggested placing some barangays in “selective quarantine” should the lockdown in Luzon be lifted on April 30.
Britons warned to avoid unapproved coronavirus tests [ABS-CBN News, April 18, 2020]
Britons should not purchase unapproved antibody tests to find out if they have had the coronavirus, the official in charge of the government’s testing program said on Saturday, warning that they could not be relied upon and may put people at risk.
Source:https://news.abs-cbn.com/overseas/04/18/20/britons-warned-to-avoid-unapproved-coronavirus-tests
DOT creates online program to help businesses cope with COVID-19 fallout [ABS-CBN News, April 18, 2020]
The Department of Tourism (DOT) has launched an online training program to help the tourism sector cope with the fallout of the coronavirus disease 2019 (COVID-19) pandemic, a high-ranking government official said Saturday.
Palace thanks Pernia for efforts as NEDA chief; expects successor to continue economic ‘momentum’ [ABS-CBN News, April 18, 2020]
Malacañang on Saturday “expressed its sincerest gratitude” to economist Ernesto Pernia following his resignation as chief of the National Economic and Development Authority (NEDA), as it said his replacement was expected to help steer the economy under a “new normal” in light of the coronavirus pandemic.
Source:https://news.abs-cbn.com/business/04/18/20/pernia-resignation-palace-thanks-ex-neda-chief
Trade chief: Supplies in supermarkets enough even if gov’t extends lockdown again [ABS-CBN News, April 18, 2020]
There is enough supply of goods in supermarkets even if authorities decide to again extend the lockdown in Luzon, the country’s trade chief said Saturday. Trade secretary Ramon Lopez said in an interview on DZMM radio that manufacturers produce supplies “on an everyday basis” to ensure that stocks in supermarkets are replenished.
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