Banks expand network reach
By Kathleen A. Martin (The Philippine Star) | Updated March 24, 2015 - 12:00am
MANILA, Philippines - The number of banks dropped last year but the lenders’ operating network continued to expand during the period, Bangko Sentral ng Pilipinas data showed.
BIR to fine taxpayers who fail to file ITRs electronically
By Zinnia B. Dela Peña (The Philippine Star) | Updated March 24, 2015 - 12:00am
MANILA, Philippines - The Bureau of Internal Revenue will start penalizing taxpayers who are mandatorily required to electronically file income tax returns (ITRs) but fail to do so.
PAL to acquire 5 new airplanes for $280 M
By Lawrence Agcaoili (The Philippine Star) | Updated March 24, 2015 - 12:00am
MANILA, Philippines - National flag carrier Philippine Airlines Inc. (PAL) is spending $280 million for its capital expenditures this year primarily to finance the acquisition of five brand new Airbus aircraft.
Maynilad awards construction of sewage plant
By Czeriza Valencia (The Philippine Star) | Updated March 24, 2015 - 12:00am
MANILA, Philippines - Maynilad Water Services Inc., the service provider in Metro Manila West Zone, has awarded the construction of its P1.044 billion sewage treatment plant (STP) in Cupang, Muntinlupa City to J.E. Manalo-Degremont Consortium.
SLEx extension to Quezon ready by 2019
San Miguel to start project within a year
12:13 AM | Tuesday, March 24th, 2015
TIAONG, Quezon–President Aquino on Friday said that after several administrations, dating to the time of deposed President Marcos, a new highway linking Quezon province to the South Luzon Expressway (SLEx) would become a reality in 2019.
Major Asian markets mostly up after US, Europe gains
Agence France-Presse 12:06 AM | Tuesday, March 24th, 2015
HONG KONG–Major Asian markets mostly advanced Monday following rallies on Wall Street and in Europe, while the dollar continued to struggle after the Federal Reserve dampened expectations for an early interest rate rise.
200 foreign brands entered
PH retail sector in past 7 years
12:10 AM | Tuesday, March 24th, 2015
Close to 200 mid-range and luxury foreign retail brands have entered the local market over the last seven years as international retailers seek growth opportunities in fast-emerging Asia-Pacific economies such as the Philippines.
Tax Assessments: The burden might not be on you
Business World Posted on March 23, 2015 08:57:00 PM
Tax investigations are burdensome affairs. This is primarily because tax assessments arising from deficiencies are presumed correct and made in good faith. This means that, once you are issued a tax assessment, there is a prima facie presumption that you owe the tax as assessed. And the burden of proof is on you to rebut this presumption, otherwise, the Bureau of Internal Revenue (BIR) wins and you pay, or your assets get levied. Simply put, you are guilty, until proven innocent.
Korea’s Shinhan Bank set to enter PHL market
Business World Posted on March 23, 2015 08:34:00 PM
By Imee Charlee C. Delavin, Reporter
SEOUL’S Shinhan Bank is set to open a branch in Manila in the third quarter after securing approval from the Bangko Sentral ng Pilipinas (BSP).
Malaysian glassmaker rides high on PHL’s booming construction business
Business Mirror by Manuel Cayon - March 23, 2015
DAVAO CITY—A Malaysian glass manufacturer is riding high on the booming infrastructure and property development activities in the Philippines, citing a steady grip on the construction market and growing acceptance of its regular and high-performance glass materials among Filipino contractors.
Carmudi taps private-vehicle sellers to push car-industry sales online
Business Mirror by Catherine Pillas - March 23, 2015
CARMUDI Philippines, the online car-classifieds site, is giving an extra push to the already aggressive sales of the automotive industry as it aims to tap more private-vehicle sellers in addition to its commercial clients.
Rio Tuba lime plant completed
Manila Standard By Anna Leah E. Gonzales | Mar. 23, 2015 at 11:05pm
Unichamp Mineral Philippines Inc. has completed the construction of a $24-million lime manufacturing plant on an eight-hectare site at the Rio Tuba Economic Processing Zone in Rio Tuba, Bataraza, Palawan province.
Ayala spent P9b for infra
Manila Standard By Darwin G. Amojelar | Mar. 23, 2015 at 10:45p
The infrastructure unit of conglomerate Ayala Corp. has invested P9 billion in Philippine rail projects under the government’s public private partnership program.
Philippine Daily Inquirer 2:09 AM | Tuesday, March 24th, 2015
The botched police operation to arrest international terrorists in Mamasapano has serious implications on business sentiment and the subsequent flow of investments particularly in Mindanao. The perception of risk weighs heavily on the decision-making process of investors. This is the reason no capitalist would put money in troubled places. In fact, the decades-long conflict in Mindanao has been cited as a major factor why the Philippines’ second-biggest island has failed to attract investors and lagged in terms of economic development.