With new solar and wind farm capacities coming on stream, the net income of international project developer ACEN Corporation climbed 49% to P6.3 billion in this year’s first half from the year-ago level of P4.23 billion. The Ayala-led firm indicated that its earnings factored in P1.4 billion...
With its cash stream boosted by the entry of new capacities from its solar plants, the net income of listed firm Citicore Renewable Energy Corp (CREC) climbed 9.0% to P910 million in 2023 versus P834 million in the prior year. The company’s earnings before interest, taxes, depreciation and...
Despite robust outcome at its top line, the consolidated net income of leading oil player Petron Corporation posted a slight downturn in the first half to P6 billion from last year’s P6.14 billion in the same period. On the company’s operating income, this logged more favorable result with 8.0...
It isn’t a rosy year for Consunji-led Semirara Mining and Power Corporation (SMPC), as its first half income suffered 34 percent downswing to P12.6 billion from a record P19.2 billion within the same six-month stretch in 2023 – and that was mainly precipitated by the apparent weakening of coal...
Having posted record sales of roughly 9.0% in the first half and with cash stream from additional generated capacities, power utility giant Manila Electric Company (Meralco) has scaled up its profit goal to P43 billion for the entire year from its initial target of P40 billion. Meralco Chairman...
Online marketplaces like Facebook and Shopee may be shut down if unregistered online sellers are still able to sell on their platforms, Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui Jr. said. Lumagui told reporters on Wednesday, July 17, that online sellers whose businesses are not...
By CZARINA NICOLE ONG KI The Court of Tax Appeals (CTA) has denied the P262 million tax refund claimed by Ford Group Philippines, Inc. for the firm's alleged excess and unutilized creditable withholding taxes (CWT) for 2018. Ford filed its Application for Tax Credits/Refunds before the Bureau of...
The Department of Finance (DOF) said the decrease in the unemployment rate in May shows that the country is making progress towards its goal of becoming an upper-middle-income country by 2025. In a statement, Finance Secretary Ralph G. Recto said the year-on-year decrease in the number of...
Filipino individuals had a higher total income last year, exceeding the target range set in the government’s Philippine Development Plan 2023-2028, the National Economic and Development Authority (NEDA) said. Based on the World Bank report, NEDA stated that the country’s gross national income...
National Economic and Development Authority Secretary Arsenio M. Balisacan said that the country's gross national income (GNI) per capita must have a 6.7 percent growth to be able to reach the upper middle-income status. On the sidelines of the launch of National AI Strategy Roadmap 2.0, Balisacan...
For lack of jurisdiction, the Court of Tax Appeals (CTA) has dismissed the petition filed by Friendlycare Foundation, Inc. which challenged the P10.3 million deficiency income tax and value-added tax assessed by the Bureau of Internal Revenue (BIR) for taxable year 2014. The petition was filed by...
The Department of Finance (DOF) has projected that the average yearly income of Filipinos is on track to almost double in the next six years to around P378,000, propelled by the expanding middle class. Currently, Finance Secretary Ralph G. Recto revealed that the average income per person in the...
