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Manila RTC: Courts have no authority to prevent collection of sin taxes

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A vendor sells cigarettes at a supermarket in Quezon City. AFP FILE PHOTO

The Manila City Regional Trial Court Branch 17 refused to restrain the Department of Finance and the Bureau of Internal Revenue (BIR) from enforcing the rules and regulations of Republic Act 10351, or the Sin Tax Law of 2012.

Posted: January 17th, 2013 in Latest Business Stories | Read More »

SC stops BCDA from bidding out P13.3B property in Taguig

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FAVORED PROJECT  The Bases Conversion and Development Authority recommends Metro Pacific Tollways Corp.’s unsolicited proposal to build a 13-kilometer elevated road connecting the North and South Luzon Expressways.

The Supreme Court stopped the Bases Conversion Development Authority (BCDA) from bidding out the P13.3-billion property in Bonifacio South area in Taguig City.

Posted: January 11th, 2013 in Latest Business Stories | Read More »

Phoenix Petroleum reduces price of diesel, increases that of premium gas

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PHOTO FROM PHOENIXPHILIPPINES.COM

Phoenix Petroleum Philippines on Monday announced that it will reduce the price of diesel by 15 centavos per liter but increase the price of premium gasoline by the same amount per liter.

Posted: January 7th, 2013 in Latest Business Stories | Read More »

PDIC files estafa complaint vs. 88 depositors of shuttered Legacy banks

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PDIC logo

The Philippine Deposit Insurance Corp. (PDIC) on Thursday filed before the Department of Justice (DOJ) a complaint for estafa against 88 depositors for allegedly defrauding the government by P9.73 million.

Posted: January 3rd, 2013 in Latest Business Stories | Read More »

13 DBP execs dismissed over behest loan fiasco

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Ombudsman Conchita Carpio Morales. INQUIRER FILE PHOTO

Ombudsman Conchita Carpio Morales dismissed from service 13 officials from the Development Bank of the Philippines (DBP) for granting P660 million in behest loans to Deltaventures Resources, Inc. (DVRI) in 2009.

Posted: December 6th, 2012 in Latest Business Stories,Photos & Videos | Read More »

DOJ dismisses smuggling case vs Phoenix Petroleum

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PHOTO FROM PHOENIXPHILIPPINES.COM

The Department of Justice (DoJ) dismissed the smuggling case against a leading independent oil industry Phoenix Petroleum Philippines Inc.

Posted: November 28th, 2012 in Latest Business Stories | Read More »

DoJ to probe Okada bribery scandal

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Kazuo Okada (left) and Steve Wynn during happier days.  Wynn Resorts called on shareholders Monday, Feb. 4, 2013, to eject the Japanese tycoon from the Wynn board of directors in a special vote scheduled on Feb. 22.  AP FILE PHOTO

The Department of Justice (DoJ) will conduct an investigation on the alleged $5 million bribe given by a company led by Japanese gaming tycoon Kazuo Okada in connection with the $2 billion entertainment city project.

Posted: November 22nd, 2012 in Latest Business Stories | Read More »

Appeals court denies Ongpin appeal on Philex short-swing profit case

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Businessman Roberto Ongpin  INQUIRER FILE PHOTO

The Court of Appeals has ordered the Pasig City Regional Trial Court to proceed with the hearing of the derivative suit seeking to compel businessman and former Trade Minister Roberto Ongpin to return P412 million in “short swing profits” he had allegedly earned from the sale of shares of Philex Mining Corp.

Posted: November 15th, 2012 in Latest Business Stories | Read More »

Manila North Tollways Corp loses P8.4-M tax refund case

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Image from http://www.mntc.com/

The Court of Tax Appeals (CTA) dismissed the appeal by the Manila North Tollways Corporation that sought a P8.64-million tax refund it paid on behalf of one of its stockholders Egis Project SA (Egis), a sociedad anonima incorparted in France.

Posted: November 6th, 2012 in Latest Business Stories | Read More »

Angat Power Plant sale to Korean firm valid, says SC

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The Supreme Court  building PHOTO BY NIÑO JESUS ORBETA

The Supreme Court declared as valid the government sale of the 246 megawatt Angat Hydro-Electric Power Plant (AHEPP) in Bulacan to Korea Water Resources Corporation (K-Water).

Posted: October 24th, 2012 in Latest Business Stories | Read More »

PLDT given chance to correct foreign ownership cap violation

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FILE PHOTO

Public utilities like the Philippine Long Distance Telephone Company (PLDT) which allegedly violated the constitutional cap on foreign ownership can still correct their deficiencies, the Supreme Court said Monday.

Posted: October 15th, 2012 in Latest Business Stories | Read More »

SC holds firm in ruling on PLDT foreign ownership

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pldt-logo

The Supreme Court stood pat on its June 28, 2011 decision that changed the calculation in determining foreign ownership of public utilities particularly the Philippine Long Distance Telephone Company (PLDT)

Posted: October 11th, 2012 in Latest Business Stories | Read More »

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