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INDUSTRY NEWS

BIR, Customs start cutting red tape

http://www.philstar.com/business/2016/08/05/1610044/bir-customs-start-cutting-red-tape
Philippine Star (Business)
05 August 2016
Prinz Magtulis

Five weeks after the new administration took over, there is no stopping revenue agencies from heeding President Duterte’s order of cutting red tape. In separate orders, the Bureaus of Internal Revenue (BIR) and Customs announced a fresh string of reforms concerning tax payments processing by banks and BIR offices as well as tax refund for traders.

Philippines seen to benefit from Taiwan’s ‘Go South Policy’

http://www.philstar.com/business/2016/08/05/1610059/philippines-seen-benefit-taiwans-go-south-policy
Philippine Star (Business)
05 August 2016
Richmond Mercurio

Taiwan is eyeing the Philippines as its next big trade and investment partner in the region following the former’s recent implementation of a “Go South Policy”. Trade Undersecretary Nora Terrado said a 100-member delegation from Taiwan is gearing for a business mission to the Philippines to explore trade and investment opportunities.

Ongpin resigns from gaming firm after Duterte’s tirade

http://www.philstar.com/business/2016/08/04/1610028/ongpin-resigns-gaming-firm-after-dutertes-tirade
Philippine Star (Business)
04 August 2016
Staff

Businessman Roberto “Bobby” Ongpin resigned from his post as chairperson of PhilWeb Corp. Ongpin, a former Trade secretary, resigned from the publicly listed online gaming firm through a letter to its board of directors. The resignation follows President Rodrigo Duterte’s naming of Ongpin as among the powerful he vows to quash.

MSMEs get help from friends

http://business.inquirer.net/212952/msmes-get-help-from-friends
Philippine Star (Business)
05 August 2016
Amy Remo

Go Negosyo recently partnered with the Department of Trade and Industry to set up the “Kapatid” Project—an initiative aimed at encouraging large corporations, or the “Big Brother”, to help the micro and small enterprises through Inclusive Business (IB) models. Trade Secretary Ramon Lopez, who was executive director of Go Negosyo before he was appointed head of the DTI, explained that under the Kapatid project, the DTI and its partners will help convince large companies to develop and implement their respective inclusive business models similar to what firms like Jollibee, Coca Cola, and Nestle have been doing.

PesoPay directs e-commerce for start-ups and SMEs

http://www.mb.com.ph/pesopay-directs-e-commerce-for-start-ups-and-smes/
Manila Bulletin (Business News)
04 August 2016
Staff

In a bid to accelerate local e-commerce growth, PesoPay, the leading online payment gateway in the country, now offers a new payment plan that allows start-ups and SMEs to easily apply for a merchant account and process card payments online. A merchant account is a type of business bank account that enables businesses to accept credit and debit card transactions online.

Tax reform: Kinder to poor, just to rich

http://www.malaya.com.ph/business-news/business/tax-reform-kinder-poor-just-rich
Malaya Business Insight (Business News)
05 August 2016
Angela Celis

The Duterte administration plans to reform the revenue system to be “kinder to the poor and just to the rich,” the country’s finance chief said. Carlos Dominguez, finance secretary, said in a few weeks, the government should be able to find the proper rebalancing between lower tax rates and a broader tax base. Among the tax measures being reviewed for inclusion are the increase in excise tax on petroleum products, lowering of the personal income tax and corporate tax rates, the all-in P1 million income tax exemption, fiscal incentives rationalization, and the easing of the bank secrecy law.

How life’s lemons gave these first time entreps a big break

http://www.entrepreneur.com.ph/franchising/how-life-s-lemons-gave-these-first-time-entreps-a-big-break-a746-20160728?ref=article_aside_popular
Entrepreneur.com (Franchising)
28 July 2016
Elyssa Lopez

The article features Citrus Zone, a new business stall selling lemon juice in SM Megamall. The business has garnered success in less than one year of operations, pushing the owners to open up a second branch at SM North Edsa. They are now also offering to franchise the brand for P280,000 to P330,000 which includes trademark usage, staff training and a week’s worth of inventories, to name a few.

INDUSTRY NEWS

DTI seeks FOI exemption for FTA talks
http://www.philstar.com/business/2016/07/27/1606933/dti-seeks-foi-exemption-fta-talks
Philippine Star (Business)
27 July 2016
Richmond Mercurio

While transparency has been promoted following President Duterte’s executive order allowing freedom of information (FOI), the Department of Trade and Industry (DTI) hopes to keep private details of its trade negotiations with other economies. Trade Secretary Ramon Lopez said they are hoping the country’s position before any trade negotiations would remain private as spewing it out to the public may “jeopardize our deal.” Nonetheless, he said the DTI would have no problem in disclosing details of other transactions.

Inflation likely at 1.5-2.4% in July – BSP
http://www.philstar.com/business/2016/07/27/1606945/inflation-likely-1.5-2.4-july-bsp
Philippine Star (Business)
27 July 2016
Lawrence Agcaoili

The Bangko Sentral ng Pilipinas (BSP) expects the July inflation to stand between 1.5 and 2.4 percent this month on the back of more expensive electricity rates as well as higher rice prices. BSP Governor Amando Tetangco Jr. said upside risks to inflation outweigh downside risks in July particularly due to higher rates imposed by electricity distributor Manila Electric Co. (Meralco). Inflation kicked up to a 14-month high of 1.9 percent in June from 1.6 percent in May on the back of higher food prices, tuition hikes, and rising electricity rates. This was the highest since averaging 2.2 percent in April last year.

Tax reform in SONA opens door to early implementation
http://www.philstar.com/business/2016/07/27/1606936/tax-reform-sona-opens-door-early-implementation
Philippine Star (Business)
27 July 2016
Prinz Magtulis

The inclusion of tax reform in President Duterte’s first State of the Nation Address (SONA) could fast-track its realization early in his term, the government and the tax industry said. Finance Secretary Carlos Dominguez said this will let the new government put on the fast lane its 10-point socioeconomic agenda for a genuinely inclusive growth. The agenda, unveiled during the transition period, included plans to amend the nearly two-decade-old National Internal Revenue Code of 1997 to achieve a “progressive” tax system.

PSE optimistic Duterte policies will boost market
http://www.mb.com.ph/pse-optimistic-duterte-policies-will-boost-market/
Manila Bulletin (Business News)
27 July 2016
James Loyola

The Philippine Stock Exchange, Inc. (PSE) welcomed the statement of President Rodrigo Roa Duterte in his State of the Nation Address to maintain current macroeconomic policies that will facilitate stable inflation and manage the fiscal environment. PSE President Hans B. Sicat said the President’s major economic pronouncement should be good for the capital markets as investors are always looking for stability in policies.

Labor chief tells companies: ‘Endo’ not good for business
http://news.abs-cbn.com/business/07/27/16/labor-chief-tells-companies-endo-not-good-for-business
ABS-CBN Online (Business)
27 July 2016
Trishia Billones

Labor Secretary Silvestre Bello III has belied claims that employees will lose jobs if ‘endo’ is stopped, saying regularization of employees should not cause a drop in hiring. He said it’s a “very wrong notion on the part of management” that once the employees are regularized, they will become unruly and may join unions, or be more costly as the company will have to pay for more benefits. This comes as Bello assured companies they have no reason to fear the government’s memorandum that mandates the investigation on companies that practice ‘endo.’ And while they do not want to go to the extent of penalizing companies that practice ‘endo,’ the labor chief said they will be ready to impose sanctions on those that refuse to comply. Meanwhile, he also clarified that the memo released by the department covers only the ‘endo’ system and not legitimate contracting or outsourcing.

Gardenia allots P1-B for first-ever Mindanao facility
http://news.abs-cbn.com/business/07/27/16/gardenia-allots-p1-b-for-first-ever-mindanao-facility
ABS-CBN Online (Business)
27 July 2016
Cathy Yang

Gardenia Bakeries Philippines plans to invest P1 billion to construct its first-ever facility in Mindanao and its seventh plant in the country. The new plant forms part of its plans to serve the growing consumption of bread in the Philippines. Gardenia’s president Simplicio Umali said the firm is considering to set up its facility in Davao, but that it’s also open to put it elsewhere in the south. Umali said the power supply in the island remains a concern, but he is confident the Duterte administration will address this soon, along with its push to improve infrastructure that would help in the distribution of its breads across the country.

Business leaders express optimism for Duterte’s leadership
http://news.abs-cbn.com/video/business/07/27/16/business-leaders-express-optimism-for-dutertes-leadership
ABS-CBN Online (Business)
27 July 2016
Staff

Amid stricter and tighter regulations from the new administration, business leaders are hopeful that President Rodrigo Duterte’s seeming iron hand will help guide the country to economic growth that will finally be felt by all Filipinos. [Watch video on link]

AFFI NEWS (LOCALLY GENERATED)

Filipino CEOs share keys to entrepreneurship success
http://thenewsmakers.info/2016/07/filipino-ceos-share-keys-to-entrepreneurship-success/
Philippines     |    The Newsmakers   |    July 21, 2016     |

Owners and leaders of top Filipino homegrown brands will take up teaching posts in a professional development course developed by the Association of Filipino Franchisers Inc. for new and aspiring entrepreneurs.

The Certificate Program on Practical Entrepreneurship is a mini-MBA program made up of courses to be personally taught by seasoned Entrep-Mentors who are expert in various areas of discipline, making it a much more intimate method of learning for the participants.

Spokesperson: Jerry Ilao, President, AFFI
INDUSTRY NEWS

Duterte sets out growth focus in first big speech
http://www.mb.com.ph/duterte-sets-out-growth-focus-in-first-big-speech/
Manila Bulletin (Business News)
26 July 2016
Staff

Philippine President Rodrigo Duterte promised to keep the economic policies of his predecessor “and even do better,” outlining policies he said would boost growth and create jobs to lift people out of poverty. The former mayor, who took office June 30, vowed Monday in his first state of the nation address to relax economic restrictions and make it easier to do business, in a bid to attract more foreign investment. Duterte pledged to lower personal and corporate income taxes and relax rules protecting the secrecy of bank deposits.

Duterte’s SONA: Music to businessmen’s ears
http://www.mb.com.ph/dutertes-sona-music-to-businessmens-ears/
Manila Bulletin (Business News)
26 July 2016
Bernie Magkilat

The first State off the Nation Address of President Rodrigo Duterte generated strong support from the business community, calling the President’s directives and policy pronouncements music to every businessman’s ears. PCCI President George Barcelon said that businessmen reacted very positively on the President’s directive to reduce income taxes because the Philippines has one of the highest income tax rates in the region. This will not only mean higher income but will also improve the competitiveness of businesses, he said.

Tax experts laud Duterte’s proposed reforms
http://www.mb.com.ph/tax-experts-laud-dutertes-proposed-reforms/
Manila Bulletin (Business News)
26 July 2016
Chino Leyco

The country’s tax experts lauded President Rodrigo R. Duterte’s formal call for Congress to pass a comprehensive tax reform plan, while the government’s finance chief believes the programs of the new chief executive would harness the nation’s inclusive growth. The Tax Management Association of the Philippines (TMAP) said they were “very pleased” with Duterte’s pursue for tax reforms, including simplification of the tax system, lowering of income tax rates, and lifting of the bank secrecy law.

Duterte asks Congress to cut personal, corporate taxes
http://www.mb.com.ph/duterte-asks-congress-to-cut-personal-corporate-taxes/
Manila Bulletin (Business News)
26 July 2016
Chino Leyco

President Rodrigo R. Duterte yesterday urged the House of Representatives and the Senate to pass a comprehensive tax reform package seeking to lower personal and corporate income taxes. In his first State of the Nation Address (SONA),  Duterte also asked lawmakers to ease the restrictions in the bank secrecy law and foreign ownership rules on certain businesses.

Report bares vulnerability of SMEs to gov’t corruption
http://www.mb.com.ph/duterte-asks-congress-to-cut-personal-corporate-taxes/
Daily Tribune (Business News)
26 July 2016
Ed Velasco

Small- and medium-enterprises (SMEs) in the Philippines encounter several forms of corrupt practices in their private-to-public and private-to-private transactions that play a big role in hindering their growth and competitiveness, a new report said. The vulnerability of SMEs to corruption comes from within (company level) and without (macro level), according to “SME Associations Towards Business Integrity and Compliance,” published by the Asian Institute of Management’s Ramon del Rosario Sr. Center for Corporate Responsibility.

High prices top Filipino concern
http://business.inquirer.net/212421/high-prices-top-filipino-concern
Inquirer.net (Business)
25 July 2016
Staff

ECONOMIC concerns top the Filipinos’ list of issues that should be dealt with immediately by the administration of President Duterte, who won the May 9 elections on a campaign anchored on fighting crime, drugs and corruption. The top three concerns are inflation (68 percent), employment (56 percent) and propoor programs (55 percent), according to results of a nationwide Pulse Asia survey conducted on July 2-8. Just a near majority of Filipinos (48 percent) would like the Duterte administration to immediately deal with criminality. Rounding the top concerns are providing loans to small entrepreneurs and the self-employed (23 percent), preparing a program addressing the government’s debt problem (17 percent) and pursuing  peace talks with different armed groups (17 percent).

SONA 2016: Duterte hopes to hand over stronger economy
http://www.rappler.com/business/economy-watch/140870-duterte-sona-2016-economy
Rappler (Economy Watch)
25 July 2016
Chrisee Dela Paz

Six years from now, President Rodrigo Duterte hopes to hand over a stronger economy that is backed by strong dollar reserves, stable inflation, and robust fiscal position. The country’s tough-talking chief executive promised to prioritize infrastructure spending, lower corporate and personal income taxes, ease the process of doing business, and heavily invest on human resources in his first State of the Nation Address (SONA) last Monday.

Duterte’s ‘action-oriented’ style seen to boost business
http://news.abs-cbn.com/business/07/26/16/dutertes-action-oriented-style-seen-to-boost-business
ABS-CBN Online (Business)
26 July 2016
Staff

President Rodrigo Duterte’s affirmation of his “action-oriented” leadership style during his first State of the Nation Address will likely boost investor confidence in the Philippines, an international fund manager said Tuesday. Duterte pledged to drive economic growth higher, lower personal and corporate income tax rates, solve crippling traffic jams through “emergency powers” and relax bank secrecy rules in his first policy speech to Congress on Monday.

Business group seeks clarity on traffic ’emergency powers’
http://news.abs-cbn.com/video/business/07/26/16/business-group-seeks-clarity-on-traffic-emergency-powers
ABS-CBN Online (Business)
26 July 2016
Staff

The Philippine Chamber of Commerce and Industry is seeking more details on proposed emergency powers for President Rodrigo Duterte to tackle paralyzing traffic jams in the capital, its President George Barcelon says. (Watch video on link)

 

Duterte vows shorter process time for licenses, permits
http://news.abs-cbn.com/video/business/07/25/16/duterte-vows-shorter-process-time-for-licenses-permits
ABS-CBN Online (Business)
25 July 2016
Staff

President Rodrigo Duterte said he would reduce the processing time for issuing business permits and licenses “to the barest minimum,” as he cracked down on red tape. “In my city, it is always three days for local governments, that will bind the Office of the President down to barangay level,” he said in his first State of the Nation Address. (Watch video on link)