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Philippines: SEC reopens today

MANILA, Philippines — The Securities and Exchange Commission (SEC) will reopen today to address business applications after closing its offices in mid-March as a result of the Luzon-wide enhanced community quarantine. Specifically, the SEC would cater to company registration and monitoring applications that have already been assessed and approved through online processing. Starting today, the […]

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Philippines: DOF lauds 500 early taxpayers

MANILA, Philippines — The Department of Finance (DOF) has lauded the top 500 corporations that have settled their 2019 income taxes as of May 19, about one month ahead of the extended deadline set by the Bureau of Internal Revenue (BIR). In a statement, Finance Secretary Carlos Dominguez said the taxpayers “deserve recognition” as the […]

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Philippines: More banks keen on digitalization

MANILA, Philippines — More banks are keen on using technology-enabled solutions and are exhibiting strong interest in participating in the digital finance ecosystem, according to the results of a survey conducted by the Bangko Sentral ng Pilipinas (BSP). According to the survey, about 87.4 percent of respondent banks have plans to use technology in banking […]

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Philippines to benefit from global trade redirection

MANILA, Philippines — The Philippines is likely to benefit from global trade redirection and relocation of production sites as a result of the coronavirus pandemic and the still unresolved trade spat between the US and China, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno. In a text message to reporters, Diokno said the […]

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Philippines alcohol imports seen to rise despite higher tax

MANILA, Philippines — The country’s consumption and importation of alcoholic beverages are expected to rise further despite the higher excise tax on the commodities due to the government’s tax reform program. In a report, the United States Department of Agriculture-Foreign Agricultural Service (USDA) said traders are expecting sales to continue growing by five to 10 […]

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Philippines: DOF studies proposal to tax digital economy

MANILA, Philippines — The Department of Finance (DOF) is studying “very carefully” Albay Rep. Joey Salceda’s proposal to tax the digital economy, a measure seen more crucial now with more Filipinos seen shifting toward online transactions due to the coronavirus disease 2019 or COVID-19 pandemic. According to Finance Secretary Carlos Dominguez, the DOF is looking into […]

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