Bureau of Internal Revenue Commissioner Romeo Lumagui, Jr. led the filing of criminal complaints before the Department of Justice against four “ghost” corporations causing the government to lose an estimated P25.5 billion of taxes. They are in violation of Sections 254, 255, and 267 of the National Internal Revenue Code of 1997, as amended (Tax Code). “We are just getting …
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The Securities and Exchange Commission (SEC) has successfully prosecuted a falsification case against officers, directors, and shareholders of a lending company who were found to have submitted falsified documents for registration with the Commission. In a decision dated March 8, 2023, the Pasay Metropolitan Trial Court Branch 47 found nine incorporators and officials of Phil86 Gurunanak Lending and Trading Corp. …
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The Securities and Exchange Commission (SEC) is granting corporations and other regulated entities an amnesty on the late and non-filing of certain reportorial requirements. The Commission on March 15 issued SEC Memorandum Circular No. 2, Series of 2023, or the Grant of Amnesty for Non-filing and Late Filing of the General Information Sheet (GIS) and Annual Financial Statement (AFS), and …
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Seeking to inspire and encourage more women to break barriers as they take the path towards STEM learning and careers, the Austrian Embassy in Manila, the Department of Information and Communications Technology, and UP National Institute of Science and Mathematics Education and EURAXESS ASEAN successfully held the Women in Science, Technology, Engineering, Arts and Mathematics (STEAM) summit on 08 March …
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The business matching event held during President Ferdinand R. Marcos Jr.’s official working visit to Tokyo, Japan in February 2023 generated USD 620.72 million and USD 22.67 million in trade and investment leads, respectively, based on the submitted reports of the private sector participants. Companies from manufacturing, construction and infrastructure, real estate, communication and information technology, energy, and other fields …
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Supporting the call from the Metropolitan Waterworks and Sewerage System (MWSS) to ensure water supply during the dry months, Manila Water has begun implementing measures to maximize production of its treatments plants and water sources, as it prepares for the expected increase in demand in summer. The water concessionaire started carrying out initiatives to meet demand while ensuring adequate water …
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Local assemblers of automotive vehicles sold 30,905 units in February this year, 27.2 percent higher than the same month in 2022 with sales of 24,304 units, the Chamber of Automotive Manufacturing of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported Monday. Year-on-year, both sales of passenger cars and commercial vehicles recorded increments. Passenger car sales increased by …
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Department of Energy (DOE) Raphael Lotilla has urged Filipinos to observe efficient use of electricity to help ensure the availability of sufficient power in preparation for the dry season when higher temperature triggers increase in demand. On the sidelines of Makati Business Club’s event in Makati City Monday, Lotilla told reporters that based on the available supply and the scheduled …
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Vintage car enthusiasts, industry stakeholders, and various government agencies gathered at the historic Presidential Car Museum at the Quezon City Memorial Circle, as the Land Transportation Office (LTO) officially signed the Implementing Rules and Regulations of RA 11698, also known as the Vintage Vehicle Law (VVL). With the IRR completed and published, the law (which was passed last April 2022), …
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Three municipalities in the province of Cagayan became the latest beneficiaries of the Philippine Amusement and Gaming Corporation’s (PAGCOR’s) Multi-Purpose Evacuation Center (MPEC) project after the state-run gaming agency inaugurated the newly constructed facilities on March 10 and 11, 2023. The PAGCOR-funded basketball-court type multi-purpose facilities worth P12.7 million each were formally unveiled in the towns of Amulong, Solana and …
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The Market Monitor Minding the Nation's Business