Tax reform package faces hurdles

IT MIGHT appear pro-poor on the surface but the tax reform package submitted by the Department of Finance (DOF) before Congress recently could actually be carrying some anti-poor venom beneath it.

As a result, some lawmakers would not give assurance to the DOF that the proposed measure will have a smooth sailing during its deliberations at the Lower House.

Quirino Representative Dakila Carlo Cua, who chairs the House committee on ways and means however said it might be difficult to pass the package especially those concerning raising excise taxes on oil and other products.

At the core of the proposed…

Read more: Tax reform package faces hurdles

Telco duopoly leads to poorer connectivity

WHEN San Miguel announced late last year that it was partnering with Telstra of Australia to form a local telecommunication firm, consumers were delighted that at last they had another choice for service provider.

But the euphoria was too short as San Miguel aborted the deal despite a franchise granted it by Congress.

The official reason given on the termination of the deal was a disagreement over the terms for return on investment for Telstra but the real cause was actually the pressure exerted by telecom giants PLDT and Globe to block their entry in the market.

The telecom giants…

Read more: Telco duopoly leads to poorer connectivity

Luckier starlet

Incredible!!! Nauseating if true!!! That’s my personal sentiment on the ongoing Lower House inquiry on the drug traffic inside the National Bilibid Prison. 

That something very bad and criminal was happening inside our most important jail is now a fact, if these inmates are to be believed.

The only problem in this inquiry is the actors in this crime were given immunity from suit. 

The object of this Department of Justice initiative in “demolition” can hardly be pinned down from these testimonies. This was pointed out by Rep. Ching Veloso of Leyte’s third district, when he said their…

Read more: Luckier starlet

A worrisome PH peso

WHEN the Philippine Dealing System closed last September 26 at P48.26 to $1-- said to be a 7-year low-- mixed reactions filled the air. The plunge is expected to be beneficial to the exporters and remittances of overseas Filipinos to their loved ones, but this would cripple the country’s growth and investment potential as investors would find the dollar more attractive.

This early, however, Finance Secretary Carlos G. Dominguez was quick to defend that the currency plunge was not exclusive to the peso but is affecting other currencies as well. “You know that when (Federal Reserve Chair Janet) Yellen…

Read more: A worrisome PH peso

“Bank on It”

CITIBANK Philippines told me my checks were only good in Citibank Philippines.  I cannot deposit it to any of my other bank accounts to transfer funds.  I have to go to my Citibank home branch or ATM.  

The minimum amount for the Citibank Everyday Checking account is 1,000,000 pesos.  Nice name for the account, “Everyday Checking Account.”  My guess (because I don’t have the original docs) is that four years ago the only minimum balance was 100,000 pesos.  

Hold on though, back then I could cash a Citi Everyday Check in the USA.  That’s worth the 100,000…

Read more: “Bank on It”

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