‘Faster CIT reduction to expand budget gap’A shorter time frame for the proposed reduction in the corporate income tax (CIT) rate could widen the Philippines’ budget deficit, Finance Secretary Carlos Dominguez 3rd warned on Tuesday. During the 14th Philippine Forum of The Asset publication in Taguig City, Dominguez called the time frame a “long period,” and said “[i]f we drop the [CIT rate] too quickly, we are going to balloon our deficit, and ballooning our deficit is going to probably mean a credit downgrade.” “If a credit downgrade happens, everybody’s interest rate goes up, so what’s the use of it?” he added.The reduction is proposed in House Bill 4157, or the “Corporate Income Tax and Incentives Rationalization Act” (Citira). The second package of the government’s Comprehensive Tax Reform Program (CTRP) and formerly known as Tax Reform for Attracting Better and High-quality Opportunity measure, the … [Read more...] about ‘Faster CIT reduction to expand budget gap’
Budget concrete cutting
Teachers' groups hope Duterte delivers on pay hike promise MANILA, Philippines — Manila-based teachers marched Monday from Derham Street to Cuneta Astrodome in Pasay as part of their continued call for a more substantial salary increase. Alliance of Concerned Teachersfound Duterte's recent guarantee of a pay hike "unsatisfactory," ACT National Chairperson Joselyn Martinez said in a press release. The group called for clarity from Malacañang in the face of what they said is another vague and empty promise from Duterte who mentioned in passing a pay hike of "35 or more." “Thirty-five percent is not enough to allow us a decent living and dignify our profession. It certainly will not placate teachers who have been reasonably restless in the demand for the Duterte administration to grant us a 30K basic pay. We teachers deserve no less from this government and we are committed to fighting for what is due us,” … [Read more...] about Teachers’ groups hope Duterte delivers on pay hike promise
UNITED NATIONS – Global warming has continued to accelerate in the past five years, with extreme weather events feared to be more destructive if the world fails to commit to ambitious solutions to stop climate change, scientists warned over the weekend. The United in Science report, produced by leading climate science organizations across the world, revealed that climate change has continued to accelerate despite global efforts to curb carbon emissions that contribute to temperature increase. “Climate change causes and impacts are increasing rather than slowing down,” said Petteri Taalas, secretary-general of the World Meteorological Organization (WMO) and co-chair of the United Nations Climate Action Summit. “Sea level rise has accelerated and we are concerned that an abrupt decline in the Antarctic and Greenland ice sheets will exacerbate future rise. As we have seen this year with tragic effect in the Bahamas and Mozambique, sea level rise and intense … [Read more...] about Global warming accelerates; worst impact feared
“Mas mahusay siya kaysa akin, sa totoo lang. Oo, may nakita ako na mas mahusay ang resolve niya kaysa akin. Plus two ako sa kanya,” President Duterte said about Manila Mayor Isko Moreno. Mas mahusay ang resolve. That’s the key in addressing Metro Manila’s horrendous daily traffic gridlock. Sure, emergency power can help, but even without emergency power Isko showed a big difference can be made in less than a month. How did the proposal to give President Duterte emergency power start? I confess I had a part in hatching the idea. Just before the Duterte administration took office, I attended a series of meetings at the Makati Rotary Club office called by Ed Yap, the club president. Ed was also chairman of the transportation committee of the Management Association of the Philippines (MAP). The meeting was to help Ed craft a position paper on traffic management for the MAP. Among others, former transportation secretary Ping de Jesus was … [Read more...] about Emergency power or political will?
KUALA LUMPUR: Bursa Malaysia closed higher today, joining most of its regional peers in a rally amid the ceasefire in the US–China trade war. However, the implementation of the “sugar tax” that kicked off today has been catastrophic for sweetened beverage–linked counters, including Nestle, Dutch Lady and F&N. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 11.49 points, or 0.69%, to close at the day’s high of 1,683.62 after opening at the intra–day low of 1,674.91. The barometer index opened 2.78 points higher at 1,674.91 compared with 1,672.13 at Friday’s closing. Market breadth was positive with gainers outpacing losers 679 to 214, while 351 counters were unchanged, 584 untraded and 18 others suspended. Turnover surged to 3.31 billion units worth RM2.18 billion from 2.22 billion units valued at RM1.84 billion last Friday. Rakuten Trade Sdn Bhd said in a note today that the simmering trade war between the US and China … [Read more...] about Bursa Malaysia ends higher amid US–China trade ceasefire