The Court of Appeals has dismissed the writ of kalikasan case slapped against the planned 600-megawatt coal-fired power plant of Redondo Peninsula Energy Inc. (RP Energy), effectively allowing the power firm to finally push through with the $1.28-billion project.
US President Barack Obama was set to make a televised statement within minutes on Tuesday, after Congress finally passed a bill to avert a “fiscal cliff” budget crisis.
Legislation to block the “fiscal cliff” is headed to the White House for President Barack Obama’s signature. The bill will avoid, for now, the major tax increases and government spending cuts that had been scheduled to take effect with the new year.
Legislators on Tuesday lauded the upgrade of the country’s credit rating to a notch below investment grade by Moody’s Investors Service, saying that this indicated an improvement in the way global investors perceive the Philippine economy.
The Philippine Amusement and Gaming Corporation (Pagcor) expects to gain revenues up to P42 billion this year and around P45 billion in 2013.
The House of Representatives has approved on second reading the controversial bill that would raise taxes on tobacco and alcohol products.
The House of Representatives will investigate the Land Bank of the Philippines (LandBank) to determine whether the state-owned bank was lax for losing around P500 million in loans to cooperatives and financial institutions in the provinces.
Lawmakers on Wednesday urged the government to deny the proposal by the International Monetary Fund (IMF) which seeks to impose excise tax on mobile telecommunication services.
A lawmaker said that he has formalized a proposal for exempting from value added tax the sale and importation of petroleum products.
House Bill 5727, otherwise known as the “sin tax” bill, which proposes the adoption of a unitary tax system for tobacco and liquor and indexation of taxes to inflation, is now pending before the House ways and means committee.
The House of Representatives is accelerating the approval of bills and the amendment of existing laws that will make the country’s business environment more attractive to investors.
The House of Representatives will slash fiscal incentives and jack up sin taxes to boost government revenues and ensure stable economic growth. In his opening speech at the second regular session of the 15th Congress, Speaker Feliciano Belmonte Jr. said: “We must drastically improve tax administration and plug leakages in our tax system if we [...]
