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Thursday, August 09, 2007 |
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BIR, Customs
scramble to plug tax leaks |
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By Angelo S. Samonte Reporter
THE Philippines’ two main
revenue-generating agencies are scrambling to implement new measures
to turn the tide of slipping tax collections around.
In a memorandum, the Bureau of
Internal Revenue (BIR) said it will impose a higher value-added tax
(VAT) on primary producers of nonfood agricultural, marine and
forest products as well as cotton and cotton seeds.
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Shortfall in rice
foreseen
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THE Department of Agriculture
said that Philippines’ rice output for this year may fall short of
target due to a prolonged dry spell that hit key producing-regions
in main island of Luzon.
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No inflation spike
seen from wage hike
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THE National Economic and
Development Authority (NEDA) said the increase in minimum wage would
have a “minimal” impact on consumer prices this year.
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SM Prime profit
increases on mall rentals, expansion
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THE Philippines’ largest
shopping mall developer and operator said its first-half earnings
rose on the back of higher revenues from space rentals and mall
expansion.
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Court orders BPI
to compensate GMA
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THE Philippines’ second-biggest
lender has been ordered by a local court to compensate the
country’s leading broadcast company.
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Int’l biz boosts
ICTSI net
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INTERNATIONAL Container Terminal
Services, Inc., (ICTSI) said its net income rose by nearly a fourth
in the first semester, boosted by strong revenue growth of its new
subsidiaries.
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Anchor land fails
to take off in market debut
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Share prices of condominium
builder Anchor Land Holdings, Inc., failed to take off on the listed
firm’s first trading day even as the market started to climb after
a weeklong losing streak due to credit shakeout abroad.
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Robinsons Land’s
net income surges
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Robinsons Land Corp. registered
increased profits on the back of rental increase and strong rental
income from almost all its malls in the first nine months of fiscal
year 2007,...
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IPVG raises
add’l capital for expansion
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IPVG Corp. has stepped up its
capital raising activity with fresh funds sourced from local
financing institutions.
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Fees, trading
push up Metrobank’s earnings
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METROPOLITAN Bank & Trust Co.
reported a jump in earnings during the first six months of the year
due to efficient use of funds, favorable mix of low cost deposits,
higher trading gains and improved fee income.
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Keeps US interest rates on hold
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Fed worried over
tightening credit mart
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WASHINGTON: The Federal Reserve Tuesday kept US
interest rates unchanged at 5.25 percent but it acknowledged
concerns about tightening credit and a persistent housing market
slump dogging the US economy.
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Lenovo in talks
to buy Packard Bell
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SHANGHAI: China’s Lenovo Group,
the world’s third-largest personal computer maker, said Wednesday
it was in discussions to buy Packard Bell, one of the biggest
players in the European computer industry.
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Oil
prices weaker as speculators exit on weak US growth concerns
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SINGAPORE: Oil prices weakened in
Asian trade Wednesday as speculative funds dashed for the exit amid
concerns that problems in the US housing market could slow US
growth, dealers said.
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BIZZFIZZ
By Rene Martel
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Platinum joy from
Standard Chartered Bank
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SINCE Standard Chartered Bank
Chief Executive Officer for the Philippines Eugene Ellis is a man of
impeccable taste it was hardly surprising that he picked the
Mandarin Oriental’s ultra-elegant Tivoli...
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