One of the items in the ten-point socio-economic agenda of the Duterte administration speaks of the development of rural tourism, a variant of ecotourism that gives “the country experience.” As more and more tourists are lured to the beauty of our countryside related jobs and livelihood should also filter down to rural people.
Discretion is a power which makes someone powerful even more powerful. Administrative bodies like the Bureau of Internal Revenue (BIR) and the Bureau of Customs, were given discretionary powers in order to carry out their tasks to implement laws. The grant of discretion recognizes that the agency has the knowledge, experience and specialization on a particular field to make judgments. Discretionary powers facilitate efficient implementation, upholds the law, curbs the evils the laws seek to avoid and achieves the higher interest of the State, its citizens and those who sojourn its territory, equity. However, discretion is double-edged in that it impacts negatively when it is abused, performed in manifest partiality and favored one’s own interest.
School opening last week again highlighted the terrible traffic in Metro Manila, said to be among the worst in the world. It took me during the Wednesday rush hour, one hour and forty-five minutes for the three-kilometer distance to my business meeting. While I have emotionally accepted my fate of being stuck in Manila, let me share you some of my thoughts in a listicle, on how we can ease the traffic in our own little ways
When the new Bureau of Internal Revenue (BIR) Commissioner, lawyer Cesar Dulay, formally assumed office on July 1, it appeared to many that he intended to make an impression. Wasting no time, the Commissioner took many by surprise with three new issuances.
At some point or other along the life cycle of your technology business, it is likely you will need access to additional capital to help realise your growth plans. This funding may be required for sales and marketing, developing your technology, growing your team or other strategic ambition.
I attended a seminar last week where one of the topics was about integrity. The speaker presented a slide showing a public survey that placed bankers among the bottom ranks in terms of perceived integrity, just above politicians and below lawyers. It is, indeed, a strange state of affairs when the people you trust with your money are perceived by many to be lacking in integrity. Perhaps, there is too much focus on profit and return-on-investment rather than on building trust.
With few days before BIR Commissioner Kim Henares steps down, one can expect the surge of last-minute revenue circulars, orders and issuances from the Bureau of Internal Revenue (BIR). Just recently, two revenue orders were issued laying down the guidelines and procedures in the conduct of investigation on the financial capacity of parties to acquire properties.
In September 2015, the Cooperative Development Authority (CDA) issued a memorandum circular covering the Philippine Financial Reporting Framework for Cooperatives (Reporting Framework). This Reporting Framework, which will only be effective for financial statements ending on December 31, 2016, is based largely (except for certain accounting treatments incorporated or revised by CDA which it deemed distinct and unique for cooperatives) on the Philippine Financial Reporting Standards for Small and Medium-Sized Enterprises (PFRS for SMES).
