Category: Finance

The Arroyo-Dominguez conflict

Published by Ellen on December 18, 2018

House Speaker Gloria Arroyo and Finance Secretary Carlos Dominguez III

Observing the simmering conflict between Finance Secretary Carlos “Sonny” Dominguez III and House Speaker Gloria M. Arroyo, I recall an article in the Sept. 15, 2001 issue of the Philippine Star that featured the narration of Justin R. Phillips, general manager of The Linden Suites located at San Miguel Avenue of the dramatic three days of January 2001 when the self-proclaimed members of the “civil society” succeeded in cutting short the presidency of Joseph Estrada and installed in Malacañang the vice president.

Linden Suites which is owned by Dominguez, served as the war room for the operations to oust Estrada following the breakdown of Estrada impeachment trial in the Senate. The anti-Estrada forces called for “People Power 2” on Edsa.

Here’s the article that confirmed the role of the Dominguez hotel in Arroyo’s power grab: “I just happened to look out my third floor window,” relates Justin R. Phillips, general manager of The Linden Suites which is located at San Miguel Avenue at the Ortigas Center, not far from where all the action was taking place, “and I saw this motorcade coming down San Miguel Ave. That was as much warning as we had and next thing we knew, the vice president and her group were here. Suddenly, we found ourselves catering to at least a hundred in the function rooms which were instantly transformed into a high-level operations center. It just went on all night. Then, at about 7 a.m., she retired to her room. Then, she was back down by about 9 a.m. She couldn’t have had much sleep. By mid-day, she was being sworn in.”

Yasay as BSP governor?

Published by Ellen on December 8, 2016

• Foreign Secretary Perfecto Yasay Jr is being considered to be governor of Bangko Sentral ng Pilipinas.

• Former President Gloria Macapagal Arroyo is being eyed to be foreign secretary but she really wants to be speaker of the House of Representatives.

• Businessman and Philippine Star columnist Jose Manuel “Babes” Romualdez will be the Philippine ambassador to the United States.

Good rapport.Pres. Duterte and Foreign Secretary Perfecto Yasay, Jr.

These are impending movements in the Duterte administration being talked about which on the surface seem far removed from President Duterte’s brutal and bloody anti-illegal drug campaign. They are actually related especially the plan to put Yasay as BSP governor.

The term of BSP Governor Amando M. Tetangco, Jr., who has held that position since July 2005, ends in July 2017. The spokesperson of the Finance Department, Paola Alvarez, said on Nov. 22 that President Duterte has authorized Finance Secretary Carlos Dominguez III to ask Tetangco to stay for another term.

There’s a hitch, however. The charter of the BSP allows only two terms for the governor. Congress has to amend the charter for Tetangco to serve another term.

Alibaba’s Jack Ma in APEC

Published by Ellen on November 10, 2015

Aside from President Xi Jinping, another APEC guest from China is stirring interest.

He is Jack Ma, founder and chairman of the Alibaba Group, the largest marketplace in the world which is expected to be worth over $150 Billion by next year, according to Forbes.com.

Ma is the second richest man in China (Forbes: $28.7 billion) and is the 18th richest man in the world.

He will be one of the speakers in the APEC2015 CEO Summit to be held on Nov. 16 to 18 at the Makati Shangrila in Makati.

Hacking negates convenience credit card offers

Published by Ellen on January 20, 2015

I don’t do online purchases for fear that information about my credit card would be mis-used.

That’s why I was surprised and outraged when I got a notice by email the other night that I was being charged two purchases, $39.99 each totalling $79.98 almost $80.00 or P3,600.00.

The items downloaded were both Disney story time from ITunes.

I don’t do business with I Tunes and definitely not with my credit card.

My BDO visa was hacked!

Ways and Means committee:pitfall for two Batangueño legislators

Published by Ellen on October 16, 2012

In a period of one year, the Ways and Means committees of both legislative chambers claimed two Batangueños.

Last Monday, Sen. Ralph Recto resigned as chair of the Senate Ways and Means committee after he found himself a target of criticisms for his committee report and his own version of the Sin Tax bill which groups pushing for higher taxes say is Philip Morris-friendly.

December last year, Batangas Rep. (2nd district) Hermilando Mandanas, a member of the Liberal party just like Recto, was removed as chairman of the ways and means committee. He was replaced by another LP member, Davao City Rep. Isidro Ungab.

The Ways and Means committees are most coveted and are given to senior legislators. The committees have jurisdiction on all matters relating to revenue which include taxes and fees, tariffs, loans and other
sources and forms of revenue.

I know of a legislator who had held that position for many years he became so rich that last election, money flowed like water in his province. He won, of course, together with his son who also ran for another elective post.

HB5727: more revenues, less poison for the people

Published by Ellen on May 7, 2012

Update: Last Wednesday, the House Ways and Means Committee, voting 46-14, passed HB5727.

Don't kill yourself and us too — Use money to kill yourself to improve lives of less fortunate.

The fact that House Bill 5727 has reached this far at the House Ways and Means Committee bodes well for the legislation that aims to raise sin taxes making it more expensive for Filipinos to ruin their health.

The Ways and means committee, chaired by Davao City (3rd district) Rep. Isidro T. Ungab , tackles a legislations and related matters concerning fiscal, monetary and financial affairs of the national government including tariff, taxation, revenues, borrowing, credit and bonded indebtedness. All revenue- related bills emanate from the House of Representatives.

Lobbying in that committee by alcohol and tobacco manufacturers is known to be intense. That’s why many congressmen want to be in that committee. It’s a lucrative committee. That’s also why bills like HB5727, an Act restructuring the excise tax on alcohol and tobacco products authored by Cavite Rep. Joseph Emilio “Jun” Abaya, is difficult to pass. In Tagalog, we say, kabangga mo ang pader.

Making consumption of sin products expensive

Published by Ellen on May 1, 2012

If you have not yet signed the manifesto for HB 5727, it’s time you take a look at it.

There’s one in Facebook: http://www.facebook.com/note.php?note_id=260011474082380

HB 5727, authored by Cavite Rep. Joseph Emilio Abaya, calls for the restructuring of the excise tax on alcohol and tobacco products. The rationale is that, if prices for what we refer to as sin products were to be increased, it would become less affordable to many people, especially the poor. They would then be saved from the ill effects of alcohol and cigarettes. We would then become a healthier nation.

The manifesto explains the financial advantage to the government and to the Filipino of higher taxes for alcohol and cigarettes. It says, “ On the first year of implementation, the government is expected to raise additional revenues worth P60 billion, of which, P30 billion is from cigarettes, P11 from distilled spirits and P19 billion is from beer.”

No peace in PEACe bonds

Published by Ellen on October 18, 2011

kim henares — Kim Henares: will she be able to hold her ground?

How would you feel if you lent someone P100 with the agreement that he would pay you back P350 after ten years and when payment time comes, he will tell you he will pay only P300 because he had to deduct tax although when he borrowed the money he told you that the transaction was tax free?

That’s of course, oversimplification of the complicated case of the Poverty Eradication and Alleviation Certificates (PEACe) bonds which became due yesterday.

Ten years ago the Caucus of Development Non-Government Organization ( CODE-NGO) whose members actively participated in the ouster of an elected president, Joseph Estrada, and the installation of Gloria Arroyo in Malacañang in January 2001, concocted the PEACe bonds to raise money for projects for the poor.

CODE-NGO stalwarts include Social Services Secretary Dinky Soliman, Peace Process Adviser Ging Deles, and former DBP Director Dan Songco.

8 banks ask SC to stop gov’t from imposing tax on PEACe Bonds

Published by Ellen on October 18, 2011

Let’s see how President Aquino will resolve this because it involves people who helped him in his bid for the presidency.

Lorenz Neil Santos, InterAksyon.com

Dinky Soliman, Code -NGO — Who's going to pay the tax now?

Eight banks on Monday asked the Supreme Court to stop the government from imposing a 20-percent final withholding tax on P35 billion worth of the controversial Poverty Eradication and Alleviation Certificates (PEACe) government bonds, which will mature on Tuesday, October 18.

In their 65-page petition, the banks urged the high tribunal to stop the government – particularly the Bureau of Internal Revenue (BIR) and the Bureau of Treasury – from implementing BIR ruling 370-2011, which would impose a 20-percent final withholding tax on PEACe bonds sold in 2001.

The eight banks that filed the petition are Banco De Oro, Bank of Commerce, China Banking Corporation, Metropolitan Bank and Trust Company, Philippine Bank of Communications, Philippine National Bank, Philippine Veterans Bank and Planters Development Bank.

BIR finds Code-NGO liable for P4.86B tax for PEACe Bonds

Published by Ellen on October 16, 2011

By Luz Rimban and Yvonne T. Chua VERA Files The Bureau of Internal Revenue has found the Caucus of Development NGO Networks (Code-NGO) liable to…