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Tag: Code-NGO

No peace in PEACe bonds

Published by Ellen on October 18, 2011

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.

Continue readingNo peace in PEACe bonds

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

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.

Continue reading8 banks ask SC to stop gov’t from imposing tax on PEACe Bonds