Economist sees 6% GDP growth in Q2 2023

THE PHILIPPINE economy is likely to have grown by 6 percent in the second quarter of the year, driven by the growth in consumer spending, an economist said on Friday.

Pay taxes correctly, religiously: BIR

KIDAPAWAN CITY – The Bureau of Internal Revenue here urged business owners and tax payers to continue and correctly pay their obligations to the government as it intensify collections to help fund various infrastructure and health programs of President Duterte’s administration that largely benefit the Filipinos.

Revenue District Officer Eddie Castillo also praised and lauded businessmen and traders who religiously pay their taxes which resulted to a spike in revenue collections.

Many business owners closed shops

MANY BUSINESS owners in Zamboanga City had closed shop due to the high cost of space rentals and government taxes due to the TRAIN Law or the Tax Reform for Acceleration and Inclusion Act signed into law by President Rodrigo Duterte in 2017.

Because of the TRAIN Law, higher taxes have been imposed in personal income tax, estate tax, donor's tax; value added tax, documentary stamp tax and the excise tax of tobacco products, petroleum products, mineral products, automobiles, sweetened beverages, and cosmetic procedures. 

BIR sa Kidapawan City, hataw sa koleksyon ng buwis

KIDAPAWAN CITY – Doble-kayod ngayon ang Bureau of Internal Revenue sa Kidapawan City sa North Cotabato matapos na bumaba ng halos 33 porsyento ang koleksyong buwis ng ahensya simula na ma-ipatupad ang Tax Reform for Acceleration and Inclusion (TRAIN) law.

 

Revenue District Officer Maca-angcos Ampuan 

Ayon kay Revenue District Officer Maca-angcos Ampuan sa panayam ng dxND-Radyo BIDA, base sa nasabing batas, hindi mapapatawan ng buwis ang mga manggagawang sumasahod ng P22,000 pababa.

Inihalimbawa nito ang Department of Education kung saan dati ay nakaka-kolekta sila ng P22 milyon kada buwan, ngunit sa ngayon ay nasa P6 milyon lamang ang nakuha ng BIR at hahabulin pa ng ahensya ang P16 milyong kula sa koleksiyon.

Target ng BIR Kidapawan District na makalikom ng P1.9 bilyon halaga ng buwis ngayong taon.
Dagdag pa ni Ampuan na P40 milyon ang nawawala sa kanilang koleksiyon kada buwan dahil sa TRAIN law. Gayunpaman, ang kulang na koleksiyon ay napupunan naman ng BIR Central Office na mas malaki ang naku-kolektang buwis dahil sa pagpapatupad ng excise tax.

Nanawagan rin si Ampuan sa mga negosyante na magbayad ng kaukulang buwis upang makadagdag sa iba’t-ibang proyekto ng pamahalaang Duterte na mapapakinabangan naman ng mga mamamayan sa pamamagitan ng Build, Build, Build program at iba pang paguukulang ng salapi tulad ng kalusugan, edukasyon at iba pa. (Rhoderick Benez)

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PUJ fare now P10

THE LAND TRANSPORTATION Franchising and Regulatory Board (LTFRB) has approved a P2 fare increase for public utility jeeps.

LTFRB granted the petition filed by various transport groups seeking for a permanent fare hike for jeeps from P8 to P10. “The Board hereby resolves to grant the petition for a fare increase, to make permanent the provisional increase of P1 granted on July 6, 2018 and an additional P1 for the first four kilometers or a minimum fare of P10 from the original fare of P8,” LTFRB decision reads.

The decision shall be effective 15 days after publication in a newspaper of general or local circulation. However, the Board clarified that drivers must not impose the new jeepney fare yet as it has yet to release an official copy of the decision.

“Please be informed that the LTFRB will release an official copy once the document is signed by the LTFRB Executive Director and marked as docketed. We request drivers to wait until the LTFRB releases the official document on the fare hike before charging any additional fare,” the LTFRB said.

LTFRB Chairman Martin Delgra III said they will decide on the jeepney fare hike which is aimed at mitigating the impact of a series of oil price increases in the country. He said they strive to come up with a fare structure that will balance the welfare of the riding public and ensure sustainable income for jeepney operators and drivers. (Aerol John Pateña)

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Letters from Davao: Sustaining Manila’s Food Supply by Jun Ledesma

PHILIPPINES, JUST LIKE most countries in the world, are affected by the impact of the spike of oil prices and the decline of productivity on account of immense weather disturbances. We are not immune from these iniquities and there seems to be no adequate and quick solutions for these problems.

Let’s face it. We have no control on oil commodities, although considering the suspension of excise tax is an option. But tinkering with the Tax Reform for Acceleration and Inclusion Act (TRAIN) which is now in full force may impact on many government programs which could just complicate matters. Additional revenues from TRAIN are earmarked for the Build, Build, Build program. This comprehends of big ticket infrastructure projects that would address gargantuan problems and opportunities mostly in Metro Manila and balance Luzon. Increase of salaries in government bureaucracy starting with the military and police forces, free education in state colleges and universities and tax exemptions of nearly 80% of the country’s wage earners to name just a few.

The problem here is that we are a whole basket of “talangka” pulling each other so we stay like wretched and bellyaching nation not to mention the penchant of our students for radicalism. We want to control inflation and bring this to the level of 3% forgetting or stonewalling some hard realities that we are a net-importer of oil and shutting off the hard reality that the price of oil had increased by over $32/barrel in just about one year since Venezuela stop pumping oil and Iran closing the spigots of their oil wells on account of embargo imposed by the Western power. I am sure that the critics know about this but conveniently leave this issue to put all the blame on the present administration.

Add to this equation the lack of rice supply and we have a situation ripe for inflation and the Duterte administration open to an organized assault of salivating opposition that can deal with the devil to oust Duterte. But surprises can from where it is least expected. Before they scooted to Hong Kong for a weekend respite, I had this interesting conversation with SAP Bong Go. Just like many of us “taga bundok”, as Jim Paredes would dub Mindanaoans, Bong saw the abundant harvests of various crops from Davao. “Hindi ko ma-intindihan kung bakit napakamahal ng bilihin sa Metro Manila. I-santabi muna natin yong bigas, pero yong gulay, isda at yong mga karaniwang binibili natin sa araw araw nating kinakain ay napakamahal sa Maynila.

Our conversation led to a more serious exchanges. I didn’t know SAP Bong Go has been internalising so many suggestions that he said was passed on to him. He recalled that once, Sen. Dick Gordon had proposed to send, on regular basis, the military’s C130 not for a combat mission but to ferry marine products and fruits from Jolo. Of late, he said, Agriculture Sec. Manny Pinol did just that - ferrying vegetables from Bukidnon to San Andres market in Malate. Bong said that this should be institutionalised. He said that it is time a permanent food terminal like the one established by Marcos in Taguig before be restored. He said that it is unfortunate that the Cory government virtually disregarded that food terminal. Bong said that the last time he knew of what happened to that food terminal was that some of its real estate assets were sold and its cold storage and processing facilities were just leased.

Secretary Bong is correct. I remembered that Marcos set the Food Terminal Inc. to help vegetable farmers and fruit growers, fishermen and even hog raisers from Mindanao to sell their products at better prices in Metro Manila which is the biggest consumer market in the country. It was also meant to augment supply in the capital region which relied mainly on vegetable producers in Benguet, Batangas and Tagaytay. Bong said, “ngayon maliit na lang ang taniman ng gulay samantalang lumalaki ang population sa Metro Manila. Pagkata-on ito na kumita naman ang mga magbubukid sa Mindanao at Sulu”. Farmers in Mindanao can maximise their production if they are motivated by profits and assurance of markets, he said.

Bong explained that he hopes that some investors can look into this opportunity. In the meantime he said, during calamity situations military cargo planes maybe used. He said that later President Duterte may be able “persuade” Philippine Airlines and Cebu Pacific to allocate in every flight cargo space for perishable products from Mindanao in special freight rates. Bong Go, who is a business graduate, said that possibly the Bureau of Internal Revenue may also exempt from tax agricultural products that are for human consumption that will be airlifted to Manila. “It is about time we help our farmers and at the same flood markets in Metro Manila to bring down the prices of basic consumer’s products which are being manipulated by unscrupulous traders,” Bong said.

Sometimes, solutions to problems need simple and out-of-the-box solutions. SAP Bong Go speaks from where he came from - Davao City and Davao Oriental. And I can attest to this. Your favorite lakatan bananas that sells beyond P150 per hand in Manila supermarkets and in public markets are actually sold in Barangay Tambobong, Davao City to middle men for P10 pesos. Vegetables from the farmers’ bagsakan in Marilog sell from P2/kg but are sold in Manila at astronomical price. Longkong lanzones variety are sold in farmers’ gate at P25/kg and sells in Davao sidewalk for P50/kg. In Rockwell Mall, it is sold at P900/kg! Fish, shellfish are incredibly cheap in Davao Oriental, Davao City and General Santos City. Mangosteen in Jolo, I heard sells at P5-15/kg in Jolo and P160/kg in Manila and 7-yuan a piece in Beijing.

Indeed a one man idea is sometime better than what all the bright boys in congress combined. By the way, there is now a direct Cathay Pacific flight from Davao to HK. I don’t know if Bong and his boss, the President, are there to look for buyers of Davao products. Come to think of it... why not? (Jun Ledesma)

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BSP expects inflation to hover around

THE BANGKO SENTRAL ng Pilipinas (BSP) said it considers as temporary the elevated domestic inflation rate this year which is expected to “be around the high-end” of the government’s 2-4 percent target range for 2017-2019.

BSP Governor Nestor A. Espenilla Jr. said monetary officials expected inflation “to be around the high-end of the National Government’s target rate of 3.0 percent ± 1.0 percentage points in 2018 before settling above the midpoint of the target range in 2019.” “The higher inflation in 2018, due largely to the immediate impact of the TRAIN Law, is seen to be temporary,” he said.

The Philippine Statistics Authority (PSA) reported that rate of price increases registered a faster rate of four percent in the first month this year, up from the 3.3 percent in December 2017 and the 2.7 percent in January 2017. Core inflation, which excludes volatile food and oil, registered at 3.9 percent, faster than the three percent last December and 2.5 percent in January last year.

PSA traced this development primarily to faster inflation rate of the heavily-weighted food and non-alcoholic beverages to 4.5 percent from the previous month’s 3.5 percent and the double-digit rate of the alcoholic beverages and tobacco index to 12.3 percent from 6.4 percent last December.

The first package of the Tax Reform for Acceleration and Inclusion (TRAIN ), which took effect January 1 this year, gave workers’ first P250,000 annual income a tax-free rate but hiked excise taxes on fuel and sugar-sweetened beverages. Some analysts also attribute the faster inflation rate last January to the impact of the tax reform.

Amid the expected high inflation rate this year, Espenilla said, “Potential expansion of the economy’s productive capacity due to infrastructure spending would temper prices pressures in the long run.”
He cited that the planned one-year subsidies for the lower 50 percent of the society and the transport sector, which were targeted to help the poor cope with the increase of some commodity prices as a result of the tax reform, “could help mitigate the reduction in purchasing power of low-income households, and may help prevent further price increases.”

“Nevertheless, the BSP during its 8 February 2018 monetary policy meeting will evaluate carefully potential elevated risks to the inflation outlook, such as those coming from second-round effects of TRAIN and higher energy prices, to ensure that inflation expectations are well-anchored and remain consistent with the inflation target,” he said. (Joann Villanueva)

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