By Junex Doronio
NOTICING THE BOOMING ONLINE BUSINESSES, the Bureau of Internal Revenue (BIR) is eyeing to impose a 1% tax withholding on the gross sales of online vendors generating at least P250,001 in annual revenue.
Maharlika NuMedia gathered that the scope of this rule will also encompass food delivery services like Food Panda and GrabFood.
Airbnb and other online booking services for accommodations will also be included.
The BIR has also proposed to restrict unregistered online sellers from leading platforms like Lazada and Shopee.
Under this new BIR directive, the 1% withholding tax serves as a creditable tax against the merchant’s tax obligations, regardless of the mode of payment, including electronic wallets, cash, or credit cards. (ai/mnm)
INVESTMENT OPPORTUNITIES. President Ferdinand R. Marcos Jr., with Speaker Martin Romualdez, Trade and Industry Secretary Alfredo Pascual and Finance Secretary Benjamin Diokno, faces Saudi business leaders during a round table meeting on the sidelines of the 2023 Association of Southeast Asian Nations-Gulf Cooperation Council Summit (Asean-GCC) Thursday afternoon, Oct. 19, 2023 (Saudi time), at St. Regis Hotel Riyadh, Saudi Arabia.The President informed the Saudi business community about his plans and programs related to economic development of the Philippines as well as various investment opportunities in the country,including the Maharlika Investment Fund (MIF). (Presidential Communications Office photo)
MANILA — With President Ferdinand R. Marcos Jr.’s continued pitch for the Maharlika Investment Fund (MIF), Speaker Martin Romualdez on Friday said several Saudi Arabian business leaders are keen on investing in the country’s newly created sovereign wealth fund.
Citing the roundtable meeting between Saudi Arabia’s business leaders and the President at the St. Regis Hotel in Riyadh, Kingdom of Saudi Arabia, Romualdez expressed confidence that the business leaders would accept Marcos’ invitation to invest in the MIF.
“This invitation represents an exciting opportunity for our nation, and I believe it will receive a positive response from the Saudi business community,” Romualdez said. “It aligns perfectly with our vision of fostering international partnerships and diversifying our sources of investment for the benefit of our people.”
Among the Saudi firms represented during the roundtable meeting were Public Investment Fund (PIF), Hassana Investment Company (HIC), Saudi Arabian Investment Company (Sanabil), and the Saudi Fund for Development (SFD).
Romualdez noted that during the roundtable discussion, Mulhan Albakree, Executive General Manager of PIF, expressed his interest in the MIF.
The Kingdom’s PIF is the 6th largest sovereign wealth fund (SWF) in the world, with assets worth USD607.42 billion.
It currently owns 71 companies in 10 different sectors and has created more than 500,00 direct and indirect jobs.
Sanabil, formed by the Saudi government in 2009 and taken over by PIF, invests about USD2 billion per year in venture, growth capital and small buyouts.
Bandar Al Hamali, the CEO of Jada, one of Saudi Arabia’s biggest investment companies, also expressed interest in the MIF, Romualdez said.
He said the Philippines has an “immense potential” to become a haven for foreign investments due to the country’s robust and dynamic economy, young and skilled workforce, and strategic geographical location that offers access to growing markets in the Asia-Pacific region.
He pointed out that Saudi investors may be interested in funding flagship infrastructure projects in Mindanao, especially those that would benefit the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
He particularly cited the PHP10.19-billion hydromechanical and electro-mechanical rehabilitation of the Agus IV, V, VI, VII hydroelectric power plants in Lanao del Norte to restore their respective rated capacities.
The Agus hydroelectric plant rehabilitation, with a total rated capacity of 471 megawatts, is envisioned as a Public-Private Partnership (PPP) project.
Romualdez said Saudi investors may also be interested in participating in the Mindanao Railway Project, also through PPP.
A PHP100-million feasibility study of the Mindanao Project Phase 3 is expected to start within the year, according to Department of Transportation officials.
Transparency, accountability
Romualdez, meanwhile, welcomed President Marcos’ announcement that the implementation of the MIF will push through before the year ends.
He said the President’s efforts to improve the MIF’s organization demonstrate the administration’s commitment to transparency, accountability, and responsible fiscal management of the fund.
“While we embrace the potential of this endeavor, we must ensure that the MIF and investments into it adhere to stringent regulations, safeguarding our national interests, and aligning with our commitment to good governance,” he said.
Romualdez said the potential benefits of this partnership with Saudi Arabian business interests are substantial and include economic growth, job creation, and infrastructure development.
“We look forward to working closely with our international partners to turn this vision into reality,” he said.
Finance Secretary Benjamin Diokno said the MIF is to quicken the implementation of the country’s USD153 billion worth of infrastructure projects, to upgrade physical and digital connectivity in the transportation, agriculture, health, and energy sectors, as well as in climate resilience. (With reports from PNA)
Globe continues to strengthen its commitment to adapt to the impacts of climate change such as more violent typhoons, releasing an enhanced Business Continuity Management (BCM) policy to ensure dependable connectivity even during disasters and other catastrophic events.
“Recognizing the impacts of climate change and using innovative technologies to manage them makes Globe operationally resilient,” said Yoly Crisanto, Chief Sustainability and Corporate Communications Officer at the Globe Group. “Our commitment to our customers is to ensure that they stay connected especially in times of crisis. This updated BCM policy reaffirms our resolve to provide continuity of critical operations and delivery of key products and services to our customers whatever the situation may be.”
The BCM is part of a bigger Integrated Management System (IMS), which brings together the organization’s approach to energy, environment, health, and safety management. This alignment allows the consistent delivery of top-quality services, which contributes to Globe’s resilient network. The company’s ISO 22301 – Business Continuity Management is subject for recertification in 2024.
With the World Risk Index 2022 ranking the Philippines as the country most at risk from natural disasters, Globe’s role in ensuring uninterrupted connectivity is more critical than ever and reaffirms its commitment to providing reliable services to its customers.
The company is focused on strengthening its network infrastructure to be ready for disasters and prevent network disruptions. Its climate adaptation strategies include fitting key facilities with backup power generators with fuel enough for three to four days of operations, backup batteries that last four to eight hours, and backup communication devices such as satellite phones and radio networks.
It has also improved its infrastructure such as the installation of flood control gates, elevating base pads above typical flood levels, and designing towers to withstand high wind speeds as aligned with the National Structural Code of the Philippines (NSCP) 7th edition.
Globe also created G-Climate, an internal service that uses data to predict how typhoons might affect its cell sites. This tool allows it to prevent potential issues, keeping services running smoothly even during a storm. Plans are in place to roll this out across the nation by the end of the year.
The company also supports the National Disaster Risk Reduction and Management Council (NDRRMC), the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), and the Philippine Institute of Volcanology and Seismology (PHIVOLCS) by sending out disaster-related SMS alerts in line with Republic Act No. 10639, otherwise known as “The Free Mobile Disaster Alerts Act.” Its Regional Crisis Management Team is ready to jump in and help with recovery operations when necessary.
As part of its post-disaster or recovery response, Globe deploys Cell Site on Wheels (COW) and Tower on Wheels (TOW) used for Libreng Tawag at Libreng Charging (LTLC) stations in disaster-hit areas, especially in those placed under a state of calamity.
“Without doubt, climate change is one of the biggest challenges of our time. We will keep innovating and investing to ensure our network is most reliable for our customers, especially during disasters, when connectivity is crucial,” said Crisanto.
To learn more about Globe, visit https://www.globe.com.ph/.
HANGZHOU – Gilas Pilipinas meant business right away and routed Bahrain, 89-61, to kick off its 19th Asian Games campaign on a rousing note Tuesday at the HOC Olympic Stadium.
Justin Brownlee and Ange Kouame presided over a second quarter breakaway that paved the way for the national team to sit on a 51-33 lead at the break.
Brownlee finished with 20 points and 10 rebounds in his first stint in the continental meet, while Ange Kouame came through with 15 in the 28-point victory that put Gilas on top of Pool C along with Jordan, a 97-63 winner over Thailand on the same day.
Coach Tim Cone was quick to put behind the victory, stressing the need to prepare for Tyler Lamb and the rest of the Thais, who will be Gilas’ next opponent on Thursday.
“We didn’t play Thailand in the Southeast Asian Games. But we saw them in the SEA Games, but we’re not matched up against them. They were knocked out by Cambodia,” said Cone of the Thais.
Gilas led by as much as 34 points late in the game.
CJ Perez, one of five replacement players finally given the go-signal to play hours before game time, finished with 15 points, and Calvin Oftana was the other player in double figure for Gilas with 14.
Along with Perez, Cone opted to put on the floor the four other last-minute inclusions in Kevin Alas, Marcio Lassiter, Chris Ross, and Arvin Tolentino when the game was already in the bag in order to give them a feel of the Gilas system after just joining the team a week heading to the Asiad.
“That was important for us to get that extra time. The five guys are still feeling their way around. And again, those are the guys who we’re gonna depend on as they decide how far we go,” said the Gilas coach.
Former PBA import Wayne Chism was held to just five points as Jameel Almoathin showed the way for Bahrain with 14 points. (ai/mnm)