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Local firms are asking the government to simplify the method for tax refunds and to revoke a circular issued by former Internal Revenue Commissioner Kim Henares that made it cumbersome to appeal a denial by the Bureau of Internal Revenue (BIR) of an application for refunds.

The failure of government agencies to recover bulk of the $81 million stolen from Bangladesh Bank (BB) in an online heist that was laundered in the country has resulted in a legal tangle between the Bangladesh government and the Yuchengco group’s Rizal Commercial Banking Corp (RCBC).

By Luis Leoncio The mall culture among Filipinos continues to thrive, as listed property giant SM Prime Holdings Inc. (SM Prime) opened last Friday its 60th mall in the country called SM City East Ortigas.

State-owned lottery firm Philippine Charity Sweepstakes Office (PCSO) will introduce a new and improved small town lottery (STL) scheme as part of the government’s campaign against illegal gambling.

Singapore-headquartered investment bank DBS expects a strong expansion in the Philippine economy to be sustained in the coming years as it continues to see major contribution of investments.

The Philippine Amusement and Gaming Corporation (Pagcor) has allocated P22.4 million for its traditional Pamaskong Handog this year to benefit some 13,000 people in a 13-day gift-giving activity from December 6 to 21.

By Luis Leoncio Despite the rise in public spending due to the costly infrastructure buildup of the Duterte administration, the share of debt to the country’s economy slid further as of September this year.

The United Kingdom (UK) plans to hold another business mission in the Philippines in the first quarter of next year, said British Chamber of Commerce of the Philippines (BCCP) chairman Chris Nelson.

The full effects of Brexit on Britain’s trading relations may not be resolved for a further 20 years, a leading economics commentator has claimed.

By Luis Leoncio Congress must approve the tax-reform pro­gram as a package— the popular compo­nent, which is the income-tax reduction, and the reve­nue-enhancement measures, which are considered the “bit­ter pill”—in order to achieve the desired balance, Finance Secretary Carlos Dominguez III said in a statement.