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A broader look at today’s business Friday, July 19, 2024 Vol. 19 No. 276
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BIR VOWS TO FLUSH OUT ‘BIG FISH’ WITH SEC DOCS T T
PCCI backs Pogo ban, but calls for planning
By Reine Juvierre Alberto @reine_alberto
HE drive to flush out perpetrators of “large-scale tax fraud activities” is seen to get a big boost with the datasharing agreement forged by the Bureau of Internal Revenue (BIR) with the Securities and Exchange Commission (SEC).
The agreement, which allows BIR to access documents of corporations for auditing or tax fraud investigation, will widen the net against “big fish” tax evaders. Internal Revenue Commissioner Romeo D. Lumagui Jr. said the BIR will maximize its partnership with the SEC by running after big-time corporate tax evaders. “This sharing of information between the agencies will be used to investigate large-scale tax fraud
activities perpetrated by companies such as that of Ghost Receipts and corporate tax evasion,” Lumagui said. Earlier story: https://businessmirror.com.ph/2024/07/17/sec-bir-data-exchange-deal-to-boost-tax-admin/ Lumagui and SEC Chairman Emi l io B. Aqu ino sig ned a m e m o r a n d u m o f a g r e e m e nt and data-sharing agreement on Wednesday to allow the BIR as the first agency to access the web portal
Swift Corporate and Other Records Exchange (Score) Protocol. Lumagui told reporters on the sidelines that the protocol will speed up the BIR’s investigation and verification of all corporate officers and directors. The Score Protocol will enable the SEC to share its electronic database of corporate records with partner regulatory and enforcement See “BIR,” A
DA chief eyes extension of cheaper rice scheme By Ada Pelonia
A
GRICULTURE Secretary Francisco Tiu Laurel Jr. wants to extend the trial period of the government’s cheaper rice program to one year. The agriculture chief said this is to gather sufficient data to create a strategy that would keep the cost of the staple down for a larger number of Filipinos while sustaining farmers’ income. “This program is a targeted intervention. It’s a large-scale trial to determine if we can sell rice at these low levels for an extended period with government subsidy. We will assess the data comprehensively, backtrack to the farm level, and determine what needs to be done to make this program sustainable,” Laurel said in a statement. “This large-scale trial will gather data from farm to retail, that's why this cannot be done in a month or two months. This will be a oneyear program so we can review the entire chain—from buying seeds, planting them, utilizing fertilizer, sourcing fertilizer, harvesting, warehousing, up to the retailing stage—and determine where we could save on costs to lower prices to consumers,” he added. The Department of Agriculture (DA) recently launched its P29 program in 10 Kadiwa centers in Metro Manila and Bulacan wherein P29 per kilo of rice would be sold to vulnerable sectors, such as indigents, senior citizens, persons with disabilities, solo parents and See “DA,” A
‘WELCOME TO THE CHAOS’ Senator Edgardo “Sonny” Angara resigned from the Senate on Thursday, July 18, 2024, ahead of his assumption of the post of Education Secretary. He vowed to build on the initiatives started by his predecessor, Vice President Sara Z. Duterte. During the turnover at the Bulwagan ng Karunungan, DepEd Central Office in Pasig City, Duterte handed over the DepEd Seal and Flag to Angara. Angara recognized Duterte and her team for their efforts over the past two years and committed to continuing their work under the Matatag Agenda. Duterte humorously welcomed Angara, “Welcome to the chaos, Sec,” drawing laughter from the audience. He is now the country’s 37th Education Secretary. Story in A3 Nation. DEPARTMENT OF EDUCATION
By Andrea E. San Juan @andreasanjuan
HE Philippine Chamber of Commerce and Industry (PCCI) has joined other business groups in the call to phase out Philippine Offshore Gaming Operators (POGOs) in the country, saying their operations were exploited as breeding grounds for crime and scams, among others. In a statement on Thursday, PCCI President Enunina V. Mangio pointed out that these Pogos pose “immense social threats as they were exploited as breeding grounds for crime, scams, and human rights violations.” Some of these were issued licenses by the Philippine Amusement Gaming Corporation (Pagcor) after it applied a stringent vetting system and weeded out hundreds, calling those allowed to stay on as internet gaming licensees (IGLs). The business group also expressed concern over the “wideranging” impact on other sectors especially the commercial property sector, noting that many investors constructed office buildings to house the Pogos. PCCI said it is also worried over the “spillover effects” of the Pogo closures on the financial institutions who funded new office buildings to accommodate the Pogos and the collateral damages for ancillary industries such as real estate and communication services. See “PCCI,” A
A GROUNDBREAKING ceremony was held on Thursday (July 18, 2024) for the City of Sto. Tomas Government Center. Gracing the ceremony were: (L-R) Mr. Cesar Reyes, City of Sto. Tomas Vice Mayor Catherine Jaurige-Perez, City of Sto. Tomas Mayor Arth Jhun Marasigan, Senator Loren Legarda, Batangas Governor Hermilando Mandanas, AnaKalusugan Party-list Rep. Ray Reyes, Batangas Vice Governor Mark Leviste, and Leandro “Lean” Leviste. A copy of the July 18, 2024 issue of BUSINESSMIRROR was included in the time capsule for the groundbreaking. CONTRIBUTED PHOTO
PESO EXCHANGE RATES Q US 58.3470 Q JAPAN 0.3737 Q UK 75.9094 Q HK 7.4733 Q CHINA 8.0328 Q SINGAPORE 43.5393 Q AUSTRALIA 39.2500 Q EU 63.8316 Q KOREA 0.0423 Q SAUDI ARABIA 15.5563 Source: BSP (July 18, 2024)