Thursday, 13 February 2020

In an interview with The Manila Times

In an interview with The Manila Times, Trade Secretary Ramon Lopez stated his department become working to cozy tax perks for outbound shipments to Britain that are corresponding to the EU’s Generalized Scheme of Preference Plus (GSP+).

GSP+ outlines trade incentives of nations exporting to the nearby bloc. The Philippines has been taking part in zero-responsibility tax perks on extra than 6,000 export products in view that 2014.

“We need to have a continuation of what we loved in GSP+ — as an example, in [the] EU — to be replicated by using our future bilateral agreement with [the] UK,” Lopez stated.

“From our [most recent] dialogue, we remember the fact that [the] UK would also try to preserve this arrangement with extraordinary buying and selling companions that they've as part of [the] EU before,” he added.

The Trade leader hopes for FTA talks to begin this 12 months.

His statement comes after the United Kingdom formally started out its departure from the EU — a circulate higher referred to as Brexit, a portmanteau of “Britain” and “exit” — on January 31, extra than three years after most of the people of Britons voted for it. A transition length lasting till the cease of December is in region.

While the Philippines has tax incentive on numerous exports, Lopez said the DTI would like to add more to maximize its market within the UK.

For its part, the British Chamber of Commerce of the Philippines (BCCP) confident that Brexit might not have an effect on alternate members of the family between Manila and London.

“I suppose buying and selling will keep as is,” BCCP President Chris Nelson instructed The Manila Times.

According to him, the Philippines would still enjoy GSP+ privileges with the UK until the transition length ends. He said another trade deal between the 2 countries might be negotiated and inked later on.

The BCCP leader stated his institution would really like to recognition on micro, small and medium enterprises; the retail zone; and services, among others.

“The new agreement will very tons reflect the cutting-edge settlement. This offers get admission to to marketplace of Philippine items,” Nelson introduced.

Meanwhile, the European Chamber of Commerce of the Philippines (ECCP) said Brexit would allow the UK to enlarge its attain in Southeast Asia.

“Given this, the ECCP looks forward to the advent of a more strong business environment within the Philippines, in addition to the maximization of its benefits in phrases of market size and demographic,” ECCP President Nabil Francis informed The Manila Times.

“Ultimately, [this] will help boost the united states’s elegance to overseas players and boom its competitiveness specially inside the Asean (Association of Southeast Asian Nations) vicinity,” he brought.

For now, Francis urges the Philippines to boom its GSP+ utilization price in 2020 from last yr’s 25 percentage.

‘FTA is the following step’
Analysts agree that signing a free alternate cope with the UK ought to be the Philippines’ next move after Brexit.

“This could be useful for the Philippines, inside the feel that we can negotiate immediately with the United Kingdom for our very own change offers. However, if we cannot utilize GSP+, then we’ll should transform these deals, as well,” ING Bank senior economist Nicholas Antonio Mapa stated.

According to him, the u . S . Need to screen what could happen for the duration of the transition duration.

For his part, UnionBank leader economist Ruben Carlo Asuncion said FTA negotiations have been the “maximum logical thing to do” after Brexit, noting that the transition duration supplied a window of possibility for British traders to check out the Philippines.

“UK investors and businessmen are going to inspect other commercial enterprise and alternate possibilities outdoor of the [EU],” he brought.

RCBC leader economist Michael Ricafort shared the same view.

“There can be extra opportunities for investments, exchange (exports and imports), and the hiring of extra OFWs (distant places Filipino employees) after Brexit, as the [departure] might encourage greater trade and investments with different nations out of doors the EU,” he defined.
Funa also stated Prime Care Kaagapay

Funa also stated Prime Care Kaagapay, headed through chairman Moryula Geru Oliveros and president and leader government officer Pio Gubatana, carried out for a license to sell memorial plans in 2018.

The IC issued a display reason order in opposition to Prime Care Kaagapay in line with the continuing investigation by using the regulator into the company’s compliance with the minimal paid-up capital of P100 million when it comes to its application for its license renewal to behave as a preneed organisation.

“Upon investigation, it became located that Prime Care Kaagapay has submitted bank certifications to the Commission bearing the equal serial range concerning the equal account, but with exceptional amount of available balances,” the IC leader stated.

He mentioned the submission of financial institution certifications is extraordinarily vital in serving as proof that a enterprise possesses the required capitalization below Republic Act 9829 or “The Preneed Code of the Philippines.”

Prime Care Kaagapay submitted a bank certification when it implemented for an unique license to behave as a preneed employer. However, this grew to become out to be spurious, as certified through the bank manager of the employer’s depository financial institution, Funa delivered.

“Upon verification with the depository bank of Prime Care Kaagapay, it turned into revealed that the bank certification, which changed into presupposed to prove that it has the desired P100 million minimal capitalization beneath the Preneed Code, changed into spurious,” the IC chief stated.

Based on the certification issued via the depository bank, Funa harassed the actual financial institution certification genuinely displays an notable balance under the minimum required paid-up
capital for new preneed corporations.

“Upon similarly verification, it changed into likewise found that the stated bank account has already been closed,” he added.

That said, Funa emphasized the regulator already made the vital communique to the depository bank informing it that the bank certification it issued turned into false.

The IC is calling into all feasible instances, both administrative and criminal, towards the accountable officers of Prime Care Kaagapay with regards to its misrepresentation on its software for issuance of license and submission of files which appear to be faux, he brought.

“While we cannot expose the information of the ongoing investigation till its of entirety, we assure the general public that we're carefully looking into all possible violations of the responsible officers and preserve them accountable,” Funa said.NOW is the time to pursue free change agreement (FTA) negotiations with the United Kingdom — which currently left the European Union (EU) — to keep preferential marketplace get admission to fame, consistent with the Department of Trade and Industry (DTI).
BUSINESS procedure outsourcing

BUSINESS procedure outsourcing (BPO) companies and Philippine offshore gaming operators (POGOs) may find it difficult to increase thier operations because of loss of economic zones and the coronavirus journey ban, Colliers International Philippines said.

Colliers Senior Research Manager Joey Roi Bondoc, in a briefing on Friday in Makati City, stated BPO customers and POGOs were seen to preserve using the office marketplace this year, but warned of the demanding situations both sectors would face.

The outsourcing companies, as an instance, lack Philippine Economic Zone Authority (PEZA)-permitted areas to occupy, Bondoc stated, noting that 490,000 rectangular meters (square) out of the 564,six hundred square of to be had lands in Metro Manila are already pre-leased.The final 74,six hundred square “will be taken in a single 12 months,” the researcher said.

“The government ought to take a greater competitive stance in approving initiatives out of doors of Metro Manila,” he said, noting that this would also be consistent with the administration’s imaginative and prescient of spurring financial sports inside the countryside.

So some distance, Cebu, Iloilo, Metro Clark and Bacolod have available PEZA spaces of ninety five,000 sq., 96,000 sq., seventy seven,000 square and 18,000 square, respectively.

BPOs have occupied a total office area of one.Seventy seven million sq. Seeing that 2016, or a median of 39 percentage of total transactions.

For POGOs, Bondoc said that their operations might be hampered as a travel ban for passengers coming from China became imposed as a protection precaution amid the 2019-novel Coronavirus outbreak.

He said that this would also prevent Chinese personnel, who typically perform POGOs, from operating here.

The vacancy price ought to shoot up as excessive as 7.6 percent must the outbreak definitely save you POGOs from taking up office space this year, Bondoc said.

The Colliers researcher, meanwhile, clarified that it become no longer an alarming charge as it turned into still below 10 percentage.

At the equal time, Bondoc stated the Makati City government currently ordered a moratorium on POGO license issuance which has also affected the office takeup.

Metro Manila office stock rose by eight percentage to eleven.Nine million square 12 months-on-year, the majority of which might be in the Makati Central Business District and Bonifacio Global City, Taguig City.THE Insurance Commission (IC) has ordered the closure of preneed organisation Prime Care Kaagapay Life Plan Inc. And located it beneath conservatorship over questions about its compliance with the capitalization requirement.

In a statement on Friday, Insurance Commissioner Dennis Funa said underneath conservatorship, the regulator could take over the property of the employer to ensure that it might stay focused on imparting services and persevering with to protect the interests of the enterprise’s planholders.

This is a preventive measure to make certain that the corporation’s property would be completely used for legitimate commercial enterprise functions, he delivered.
Be a web seller.

Be a web seller. Online shopping has come to be a hobby for Filipinos who purchase almost the whole thing online nowadays. The cause many startup proprietors pick to begin their entrepreneurial goals online is because it’s almost hazard-loose. Besides the convenience of starting one, Facebook and Instagram are free, or even in case you select to boost your web page, costs are reasonably-priced.

We all know that we Filipinos love to buy the excellent of what every u . S . Has to offer, which gives OFWs an advantage. You can effortlessly promote online and thanks to the quantity of transport alternatives, you may ship your products globally.

Start a fee save. While there are many structures that serve to provide comfort in paying your payments on-line, there are still millions of Filipinos unable to pay their payments on-line, and a charge store or bayad center can provide the tons-wished convenience for paying payments, especially in rural regions.

Run a automobile wash. With the step by step increasing sales of the automobile industry, you can bear in mind complimenting its increase by beginning a automobile wash business. Take into account the quantity of motors that get delivered each 12 months and also you’ll have a very good concept as to why buying a franchise of a vehicle wash commercial enterprise might be the big destroy you’ve been awaiting.

Open a gasoline station. As greater vehicles are bought each year, demand for gasoline would also continue to grow. Despite being at the pricey quit of small commercial enterprise alternatives, as gasoline stations could set you back at the least P3 million to P14 million, a gas station installation in a high traffic region has a tendency to be very lucrative.

Just a few things to look at out for are proper hiring and education of your personnel, in particular service masters or those pumping gas into customers’ cars, because it calls for each protection and customer service competencies. As quickly as you and your control are capable of hack the everyday operations of the station, expand your property to include a convenience save, lube bay, and so on., depending at the policy and rules of the franchise you pick out to accomplice with.

Where to get cash for unexpected running expenses?

When doing the math, you would possibly derive an quantity this is sufficient for capital costs or for starting a business and get you thru six months to a yr for daily operations. This shouldn’t discourage you as it’s a recognized mystery for entrepreneurs to depend on commercial enterprise financing to keep their agencies running and developing. Should your enterprise enjoy cash float gaps, there are lots of options to prevent that.

First Circle is one of the most important economic generation groups inside the Philippines today. We provide short-term commercial enterprise financing offerings to assist business proprietors who want to fill temporary capital gaps. Through our commercial enterprise financing products, commercial enterprise proprietors are given extra opportunities to make bigger their operations and aid their growing customers. To understand more approximately how First Circle’s investment services, visit www.Firstcircle.Ph.
OVERSEAS Filipino workers

OVERSEAS Filipino workers (OFWs) ship over P147 billion each yr on common. These remittances are usually used to pay for his or her families’ every day bills and youngsters’s lessons, amongst others, leaving people with slightly any savings for retirement. Many OFWs turn out to be operating overseas for many years to ensure their economic balance after they sooner or later pass home to retire. Unfortunately, some nevertheless turn out to be with little or no financial savings and find themselves seeking out employment again after setting foot within the Motherland.

These “modern-day-day heroes” deserve to revel in the culmination of their difficult paintings. That means supporting their goals of acquiring a better existence with a very good savings plan, complemented through right execution. They need to avoid the urge to send 70 to ninety percentage of their salaries back home, splurge on luxurious gadgets as soon as a yr — or under no circumstances — and open a savings account. Of path, money doesn’t truely grow exponentially in the bank, however it facilitates to kick off and keep the good dependancy of placing apart at the least 10 percentage in their monthly salaries.

The purpose here is to save enough to have capital for an funding or feasible enterprise to preserve their cash go with the flow healthful once they decide to head lower back home. If you’re an OFW making plans on returning soon or are seeking out a business back home, examine on.Why start a business?

You get to head home sooner and make exquisite recollections along with your family, buddies and loved ones. If you’re married with kids, you get to play the crucial role of elevating your kids and being energetic in their lives. If that’s now not an amazing enough reason, being on top of things of your very own business might be sufficient to tempt you to store up and find a suitable business prospect.

If the life of an entrepreneur isn't always your cup of tea, you don’t ought to be the only at once dealing with your commercial enterprise. You can hire someone with a knack for handling the identical form of business you're setting up and changed into successful at it. However, you do have to ensure you get to reveal budget and are part of putting in place and approving the groundwork and operations of your commercial enterprise.

In the case of a few successful OFW commercial enterprise proprietors, their small agencies advanced to come to be family businesses. They were able to employ their siblings, helping them develop their acumen and percentage their wealth.

There are five correct enterprise options within the usa:

Your own laundromat or a franchise laundromat carrier. If you stay in a extraordinarily urbanized community, putting in place your own laundromat will be moneymaking. Demand is typically high in these regions from busy yuppies who need a short and convenient laundry carrier.

Of route, it’s not important for you to set up save in your community. But if installed in your network, it might reduce your commuting hours and therefore prevent time, and permit you to manage the enterprise extra by using being present for any troubleshooting wished. Nonetheless, any strategic region that guarantees a constant call for in your provider should suffice.
JAPAN-BASED

JAPAN-BASED debt watcher Rating and Investment Information Inc. (R&I) upgraded its credit rating for the Philippines to “BBB+” from “BBB” on the back of the country’s continued economic growth, and affirmed its foreign currency short-term debt rating of “a-2.”


In a statement on its website, the credit rating agency said the revised rating signified the sufficiency of the country’s creditworthiness, “though some factors require attention in times of major environmental changes.”The a-2, on the other hand, indicates that the “certainty of the fulfillment of a short-term obligation is high, though some factors require attention,” it added.

In explaining the upgrade, R&I noted that “the Philippines’ economy continues to grow, driven by aggressive public investment under President Rodrigo Duterte’s administration. Although this has led to wider fiscal deficit, the government keeps its commitment to fiscal discipline and is confident of achieving the downward trend of the debt ratio.”

“With the steady progress of the government’s reforms to modernize the tax system and socioeconomic agenda, the level of national income is also rising,” it said, adding that the security situation in Mindanao improved after the Bangsamoro Transition Authority was launched.

“In addition to robust private consumption, backed by remittance inflows from overseas Filipinos, investment is increasing its contribution to the economy,” the credit rater said. “Led by the government, which promotes accelerated infrastructure investment, aggressive investment projects are being implemented, notably for a transportation network of roads and railways.”

“These projects are expected to serve as a platform for medium- to long-term growth, in R&I’s view,” it added.

‘Overdue’
Government officials welcomed the upgrade.

“We welcome the credit rating upgrade from R&I that, in our view, was overdue in light of the positive trends under the Duterte administration that have deepened investor confidence in the Philippine economy,” Finance Secretary Carlos Dominguez 3rd said.

Given that a sovereign credit rating is an assessment of a country’s ability and willingness to pay debts on time and in full, Dominguez said “the Philippines’ strong macroeconomic fundamentals, plus the Duterte administration’s aggressive investment strategy, while maintaining fiscal discipline, show that we deserve the higher rating.”

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the upgrade kept the country on course to attain its desired “A” rating.

“Given significant improvements in the country’s macroeconomic conditions, which are made possible in part by a favorable inflation environment and a sound financial system, hitting an A-scale rating from R&I and the other debt watchers within the next two years is achievable,” he added.

“On the part of the BSP, we will continue to adhere to the sound conduct of monetary policy and banking supervision. We will also vigorously pursue our additional mandates of supervising the country’s payments and settlements system and spearhead efforts to ensure a stable financial system.”

In an interview with The Manila Times In an interview with The Manila Times, Trade Secretary Ramon Lopez stated his department become wor...