The Philippine Chamber of Commerce and Industry (PCCI) said that the imposition of value-added tax (VAT) on non-resident digital service providers creates a fairer competitive landscape for local businesses. In a statement, Enunina Mangio, PCCI president, said the recent signing of the VAT on...
Albay 2nd district Rep. Joey Salceda (Rep. Salceda's office) Albay 2nd district Rep. Joey Salceda underscored on Wednesday, Oct. 2 that the Philippine creatives sector--which covers artists, artisans, producers--were "the biggest winners" in...
The Department of Finance (DOF) expects to generate P102.12 billion over the next five years from a new law that imposes a 12-percent value-added tax (VAT) on both local and foreign digital service providers (DSPs). According to the DOF, the estimated revenues to be collected from 2025 to 2029 will...
President Marcos has signed into law Republic Act (RA) No. 12023 or the Value Added Tax (VAT) on Digital Services Law which imposes a 12-percent VAT on digital service providers (DSPs) to level the playing field for local providers and generate additional revenue that will be used to build more...
Senate President Francis “Chiz” Escudero expressed confidence that the bill imposing a 12-percent value-added tax (VAT) on digital transactions would shore up government coffers by at least P80 billion in revenues. Escudero said that this would level the playing field for local and foreign...
Go Negosyo founder Joey Concepcion believes that the Philippines’ fast-rising digital economy offers significant opportunities for micro, small, and medium-sized enterprises (MSMEs). Concepcion highlighted how digital technology has leveled the playing field for MSMEs, providing them with access...
Hundreds of digital devices are set to be delivered to more than 600 public schools under the computerization program of the Department of Education (DepEd). (DepEd file photo) With assistance from the Armed Forces of the Philippines (AFP), DepEd announced that hundreds of learners and teachers in...
Once its "Project Agila" ends in January 2025, the Bangko Sentral ng Pilipinas (BSP) will craft a three- to five-year roadmap in preparation for a possible central bank digital currency (CBDC), a top official said. During a breakout session at the Philippine Institute for Development Studies'...
Aboitiz-led UnionBank of the Philippines has landed among the world's top issuers of digital bonds, according to the ranking of economic think tank Official Monetary and Financial Institutions Forum (OMFIF). In the OMFIF Digital Monetary Institute's Digital Assets 2024 report launched on Sept. 17...
The Philippine Statistics Authority (PSA) issued a stern warning reminding the public that printing their Digital National ID (PhilID) on polyvinyl chloride (PVC) cards, or any other physical format, is strictly prohibited. The PSA said that only the official National ID cards printed by the Bangko...
The Philippines is experiencing a significant surge in the digital payment sector, according to digital and physical financial solutions provider UnaCash. In a statement, UnaCash revealed that the country ranks second in Southeast Asia for the number of point-of-sale (POS) users aged 15 and older,...
The Bureau of Internal Revenue (BIR) has introduced the Digital TIN ID, an online tool that simplifies and secures the process of obtaining a Tax Identification Number (TIN) ID, replacing the need for a physical card. Taxpayers can now easily acquire their TIN ID through the BIR's Online...
