Businessmirror December 19, 2018

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DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

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Wednesday, December 19, 2018 Vol. 14 No. 70

PHL presses no-subsidy rule for fisheries in WTO

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines is insisting that World Trade Organization (WTO) member-countries, including China, should remove subsidies for fishing operations conducted in disputed waters to level the playing field for poor nations. Manila pointed out in a recent WTO meeting that its position, which it put forward in 2017, would benefit its fellow WTO membercountries, particularly those that

are “financially challenged.” Under its proposal, the Philippines acknowledged that the WTO should not rule on the matter of territoriality but only on the mere

existence of subsidy for fishing operations in disputed waters. This, Manila said, is less politically challenged and would prevent tension. See “WTO,” A2

...the Philippines is hardly subsidizing its fishing sector and yet our seas are at the center of marine biodiversity in the world, which are under serious threat of overexploitation and depletion.” —The Philippines’s statement to the WTO

Angkas weighs options amid ‘arrest’ order by Tugade By Lorenz S. Marasigan @lorenzmarasigan

& Rene Acosta

@reneacostaBM

E

XECUTIVES of ride-hailing app Angkas—popular among traffic-weary commuters despite its legal problems on account of an outdated law—are currently deliberating on their options with lawyers amid a crackdown sparked by a temporary restraining order (TRO) issued by the Supreme Court. The Angkas officials held marathon meetings with counsel after Transportation Secretary Arthur P. Tugade ordered the Land Transportation Franchising and Regulatory Board (LTFRB) to enforce a massive crackdown on Angkas drivers who defy the court order. He said all defiant Angkas bikers and riders must be arrested. He said it is only lawful and fair for Angkas to abide by the stay order, as what the department did when a local court decided in favor of the company in a previous legal match. See “Angkas,” A2

LOCAL FIRMS: R.M.B. TRADING NETWORK BOOSTS BUSINESS L OCAL companies on Tuesday lauded the country’s move toward the establishment of the Philippine RMB Trading Community (PRTC), citing business benefits of direct conversion between the Chinese and local currency. Earlier this year, various financial stakeholders moved to launch the PRTC in an effort to facilitate and streamline the direct conversion of the Chinese renminbi (RMB) against the Philippine peso. The establishment, which commenced in October, aimed to cater to the increasing demand for RMB among local companies, especially those with trading partners in China. “As a distributor of farming equipment, we seek to serve and empower the many Filipino farmers across the Philippines. And with our RMB transactions with

our suppliers from China, we are able to enjoy increased savings and pass that on to our customers,” Ford Tractors Philippines Inc. (FTPI) President Samuel Uy said. FTPI is an impor ter and distributor of farming machinery, implements and spare parts. FTPI imports from all over the world, with a big chunk of those imports coming from China. “As with many companies today, our materials and contractors are indirectly and directly from China. With the large amount of supplies we source from the Mainland, settling in RMB has allowed us to be more efficient in our transactions,” Daiichi Properties President Salvador Uy also said. Daiichi Properties Inc. is involved in the construction of buildings in the Ortigas Center and See “RMB trading,” A8

Freeze on new mineral agreements still in place

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PESO EXCHANGE RATES n US 53.0080

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 6 sections 28 pages | 7 DAYS A WEEK

By Cai U. Ordinario

BUMPER-TO-BUMPER traffic on Edsa on Tuesday reflects the miserable state of the Metro Manila commuter as Christmas Day draws near. With thousands of people seen stranded on the streets daily in search of that precious ride, regulators have ordered the arrest of bikers and riders of the popular bike-hailing app Angkas, saying their desperation does not justify risking their lives. NONOY LACZA

2017 EJAP JOURNALISM AWARDS

@caiordinario

HE Mining Industry Coordinating Council (MICC) has deferred a recommendation to lift the moratorium on the issuance of new mineral agreements, according to the Department of Finance (DOF). In a statement on Tuesday, the DOF said this is despite the increase in the excise taxes for mineral products to 4 percent, from 2 percent under the Tax Reform for Acceleration and Inclusion (TRAIN) law or Republic Act 10963. Executive Order (EO) 79 imposed a moratorium on new mineral agreements “until a legislation rationalizing existing revenuesharing schemes and mechanisms shall have taken effect.” “The DOF clarified that the

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The number of mining companies that will be subject of an MICC review in 2019 TRAIN only increased the excise taxes and did not cover the implementation of a new fiscal regime for mining. The new fiscal regime proposed by the DOF covers other taxes and fees, such as royalty, windfall, profit and incentives,” the finance department said in a statement. The DOF said a new revenuesharing scheme and mechanism for mining will be covered in Package 2 plus of the Comprehensive Tax Reform Program (CTRP). See “Mineral agreements,” A8

n JAPAN 0.4702 n UK 66.8696 n HK 6.7856 n CHINA 7.6851 n SINGAPORE 38.6159 n AUSTRALIA 38.0332 n EU 60.1482 n SAUDI ARABIA 14.1336

Source: BSP (18 December 2018 )


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