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Category: Accounting & Taxation

  • New Rates of Monthly Savings of Pag-IBIG Fund is effective on February 2024

    New Rates of Monthly Savings of Pag-IBIG Fund is effective on February 2024

    Home Development Mutual Fund (HDMF) recently issued a Press Release dated January 19, 2024 with regards to the new rates of Monthly Savings of Pag-IBIG Fund starting February 2024.

    The monthly savings of Pag-IBIG Fund members for both the employee’s share and the employer’s counterpart shall increase to two hundred (P200) each from the current one hundred pesos (P100). In relation with, an adjustment of the maximum monthly compensation to be used in computing the required two percent (2%) employee savings and two percent (2%) employer share for Pag-IBIG Fund members was increase to ten thousand pesos (P10,000) from the previous five thousand pesos (P5,000).

    But the members of the Pag-IBIG Fund will enjoy doubled savings and higher cash loan entitlements while continuing to have access to affordable home loans despite of the new rates of Monthly Savings of Pag-IBIG Fund.

    Recently settled the monthly Pag-IBIG contributions at Pag-IBIG Fund ILOCOS NORTE located at Robinons Place Ilocos, Barangay 1 San Francisco, San Nicholas, Ilocos Norte.

    Please refer: rel=”nofollow”https://www.pagibigfund.gov.ph/2024news.html# of the full text of the Press Release.

  • Guidelines on the Computation of PHILHEALTH Premium for the Members Under the Formal Economy

    All employed members in the Formal Economy and all employers in the government and private sectors are encourage to know and understand the guidelines, legal bases and rationale of the PHILHEALTH CIRCULAR No. 2018-001 in relation with the Clarificatory Guidelines on the Computation of Premium for the Members Under the Formal Economy.

    This circular emphasizes the Guidelines on the Reporting of Employees’ Monthly Basic Salary and the Computation of Premium for the Members of both government and private sectors.

    GUIDELINES

    The term Monthly Basic Salary (MBS) shall be understood to mean as the fixed basic rate of an employee which shall not include sales commissions, overtime pay, allowances, thirteenth month pay, bonuses or other gratuity payments. For to this, those deductions to the employee’s pay occasioned by his/her undertime, tardiness, leave(s) without pay, absences, or other similar circumstances shall also be excluded in this computation.

    For the monthly-paid and daily-paid employees, the MBS shall be computed based on the estimated Equivalent Monthly Rate (EMR) consisted with the 2010 Edition of the Department of Labor and Employment-Bureau of Working Condition’s Handbook on Worker’s Statutory Monetary Benefits wherein the MBS is clarified as follows:

    In addition with, all government and private employers are required to register their employees and their qualified dependents by submitting a list of their employees complete with their salary base and other dependents by submitting a list of their employees complete with their salary base and other documents as may be required. No exemptions will be granted as this is a mandatory disclosure demanded from all government and private employees to ensure that they remit their employees’ premiums in accordance with the prescribed rates.

    Relative to employees with no earnings due to a lengthy leave without pay for more than six (6) months, provisions of PHILHEALTH Circular No. 32, s-2003 shall still be in effect.

    To read the full text, please refer PHILHEALTH CIRCULAR No. 2018-001.

  • Guidelines on Short-Term Member Loans (Addendum)

    Guidelines on Short-Term Member Loans (Addendum)

    The President and CEO of the Social Security System (SSS) has issued SSS Circular No. 2022-015 in relation with Social Security Commission (SSC) Resolution No. 369-s 2022 dated June 08, 2022 approving the Additional Guidelines on Short-Term Member Loans of individually paying Self-Employed, Voluntary (including Non-Working Spouse), and Overseas Filipino Worker members who are land-based.

    The individually paying members must have at least six (6) posted monthly contribution under their current coverage/membership type prior to the month of loan application to be eligible to Salary, Calamity and other Short-Term Member Loans.

    Other terms and conditions in the existing short-term member loan guidelines not inconsistent with the above shall remain applicable.

    Please refer to SSS Circular No. 2022-015.

  • CY 2022 PHILHEALTH Premium Contribution Schedule for All Direct Contributors

    CY 2022 PHILHEALTH Premium Contribution Schedule for All Direct Contributors

    The President and CEO of Philippine Health Insurance Corporation (PHIC) has issued an Advisory ID# 45 dated May 1, 2022 that pursuant to Philhealth Circular No. 2019-009 on the Premium Contribution Schedule in the National Health Insurance Program (NHIP) Pursuant to R. A. No. 11223 Known as the Universal Health Care Act, is pleased to advised to all Direct Contributors that the adjusted premium rate of 4% with a floor of PHP10,000.00 and ceiling of PHP80,000.00 shall take effect in the EPRS starting the applicable month of June 2022.

    In relation with, Employers who have already paid their contribution at 3% are advised to generate the corresponding Statement of Premium Account for the paid periods so they can settle the 1% differential payments/remittances until December 31, 2022.

    If you have further inquiries, please contact the PHIC Corporate Action Center at (0917) 898-7442 or through actioncenter@philhealth.gov.ph.

    Please refer: https://www.philhealth.gov.ph/advisories/2022/adv2022-0010.pdf of said advisory.

  • PDRF gets latest technological support from SAP Customer Experience Solutions and SGV & Co. for COVID-19 Logistical Operations and Response

    PDRF gets latest technological support from SAP Customer Experience Solutions and SGV & Co. for COVID-19 Logistical Operations and Response

    The Philippine Disaster Resilience Foundation (PDRF), one of the country’s major private sector vehicles and coordinators for disaster response improvement, has received technological support on COVID-19 logistics and response. SGV & Co., the Philippine member firm of EY Global,  developed the specific application in collaboration with SAP, which was donated to PDRF as support.

    The SAP Customer Experience solutions, which include SAP Sales & Service Cloud (aka C4C) aim to provide optimum logistical support and responses to organizations  assisting the PDRF in supplying personal protective equipment (PPE) and medicines to partner hospitals and other health-related organizations.

    The application will also be instrumental in channelling donations from private institutions and individuals to continue providing these much-needed supplies to hospitals via an integrated platform.

    PDRF Chief Resilience Officer Bill Luz expressed appreciation for the technological assistance given by SAP and SGV & Co. “Our COVID response has required us to send a wide of variety of items such as PPEs, ventilators, as well as providing meals to a large number of healthcare institutions all over the country. This technology enables us to manage our supply and deploy the resources in a timely manner to different organizations.”

    Meanwhile, SGV & Co. Chairman and Managing Partner Wilson Tan asserts the firm’s commitment to the development and implementation of the much-needed application.

    COVID-19 cases continue to rise in the Philippines which drive the continuing need for hospital supplies, medicine and PPE. Due to this, the PDRF continues to manage donations to address this need via its website.

    SAP Philippines Managing Director, Edler Panlilio expressed the importance of technology’s role in assisting in the country’s COVID-19 relief efforts. “SAP Customer Experience solutions go beyond the back-end to support NGOs such as the PDRF with intelligent technologies that can drive efficiency in facilitating the donations and providing access to necessary supplies,” Panlilio said. “This is an example of how we remain true to our purpose of helping Filipino enterprises including NGOs to run better and, thus, improve the lives of Filipinos.”

    About SAP

    SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.

    SGV | Assurance | Tax | Strategy and Transactions | Consulting

    About SGV & Co.

    SGV is the largest professional services firm in the Philippines. We provide assurance, tax, strategy and transaction, and consulting services. In everything we do, we nurture leaders and enable businesses for a better Philippines. This Purpose is our aspirational reason for being that ignites positive change and inclusive growth.

    Our insights and quality services help empower businesses and the economy, while simultaneously nurturing our people and strengthening our communities. All this leads to building a better Philippines, and a better working world. SGV & Co. is a member firm of Ernst & Young Global Limited.

    About EY

    EY is a global leader in assurance, tax, strategy, transaction and consulting services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

    EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. For more information about our organization, please visit ey.com.

    This news release has been issued by SGV & Co., a member of the global EY organization.

    Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
    © 2020 SAP SE. All rights reserved.
    SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices.

    Note to editors:
    To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels. To view video stories on diverse topics, visit www.sap-tv.com. From this site, you can embed videos into your own Web pages, share video via email links, and subscribe to RSS feeds from SAP TV.

    For customers interested in learning more about SAP products:

    Global Customer Center: +49 180 534-34-24
    Phone: 1800 16510761 (within Philippines), International Phone: +63 2705 2460

    For more information, press only:

    Virna Venturanza, virna.naomi.venturanza@sap.com, SAP Corporate Affairs (ID, MY, PH), GMT +8

    Alvin Marayan, alvin.marayan@teamprcinc.com.ph

    SAP News Center press room; press@sap.com

    Please consider our privacy policy. If you received this press release in your e-mail and you wish to unsubscribe to our mailing list please contact alvin.marayan@teamprcinc.com.ph and write Unsubscribe in the subject line.

  • BDO posts P44.2 billion net income in 2019

    BDO posts P44.2 billion net income in 2019

    Do you consider to continue investing, buying and doing transactions related to the products and services of BDO Unibank, Inc. (BDO) in your daily activities as part of its success in the community?

    BDO recorded a net income of P44.2 billion in 2019 from P32.7 billion in 2018 on the strong performance of its core recurring income sources. The results exceeded the Bank’s P38.5 billion guidance and translate to a Return on Common Equity (ROCE) of 12.8 per cent from 10.7 per cent the year before. The news was announced last February 27, 2020.

    Net interest income went up to P119.9 billion from P98.3 billion. Net Interest Margin (NIM) improved on continued CASA growth and improving loan mix in favor of consumer and middle market customers. Customer loans rose by nine (9) per cent to P2.2 trillion on broad-based growth across market segments. Total deposits grew by three (3) per cent to P2.5 trillion, bolstered by the eight (8) per cent increase in low-cost Current Account/Savings Account (CASA) deposits that comprised 73 per cent of total deposits.

    Non-interest income reached P60.6 billion, led by fee-based income with P35.3 billion and insurance premiums with P14.8 billion. Trading and forex gains settled at P5.7 billion. Overall, gross operating income went up to P180.5 billion.

    Operating expenses amounted to P115.2 billion, in line with the Bank’s continuing business and network expansion, as well as higher volume-related expenses (specifically, taxes and licenses and policy reserves at BDO Life). The Bank maintained its conservative credit and provisioning policies, setting aside P6.2 billion in provisions, even as gross non-performing loan (NPL) ratio was steady at 1.2 per cent and NPL cover remained high at 164.7 per cent.

    Total capital base increased to P370.6 billion, with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) ratio at 14.2 per cent and 12.7 per cent, respectively, both comfortably above regulatory levels.

    Moving forward, BDO’s robust business franchise, extensive distribution network, solid balance sheet and focused growth strategy place the Bank in an advantageous position to tap growth opportunities and development thrusts in line with government priorities while remaining resilient to domestic and external challenges.

    About BDO

    BDO is a full-service universal bank which provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards and credit card services.

    BDO has the country’s largest distribution network, with over 1,400 consolidated operating branches and more than 4,400 ATMs nationwide. It also has 22 overseas remittance and representative offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East.

    BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of December 31, 2019. For more information, please visit www.bdo.com.ph.

    REFERENCE:

    Chesca Ortega
    PR and Events Specialist
    Roar Agile Communicators Corp
    roar.ph chesca.roar@gmail.com

  • BDO Raises P40.1 Bn in Fixed Rate Peso Bonds

    BDO Raises P40.1 Bn in Fixed Rate Peso Bonds

    The Philippine banking company, BDO Unibank, Inc. (BDO) was successfully raised Forty-Billion One Hundred Million pesos (P40.1 billion) of fixed rate bonds, or eight (8) times the original offer of Five Billion pesos (P5.0 billion) on strong demand from retail and institutional investors. The one-week offer period ended last January 24, 2020, with issue date set on February 3, 2020.

    The bonds have a tenor of 2.5 years with a yield of 4.408 per cent per annum. Interest will be paid quarterly, calculated on a 30/360 count basis.

    In fact, the bond issuance was part of BDO’s continuing efforts to diversify its funding sources and support its lending activities, and follows the P35 billion fixed rate of bonds issued in February last year.

    The Hong Kong and Shanghai Banking Corporation Limited (“HSBC”) was the Sole Lead Arranger for the issue, while BDO Unibank, Inc., BDO Private Bank, Inc., and HSBC were the Selling Agents.

    To give you an idea about a fixed rate bond with regards to finance matters, is a type of debt instrument bond with a fixed coupon (interest) rate. It is a long term debt paper that carries a predetermined interest rate. In addition with, the interest rate is known as coupon rate and interest is payable at specified dates before bond maturity.

    About BDO

    BDO is a full-service universal bank which provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust and investments, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, credit card services and stock brokerage services.

    BDO has one of the largest distribution networks, with more than 1,400 operating branches and over 4,400 ATMs nationwide. It also has full-service branches in Hong Kong and Singapore as well as 20 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.

    BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of September 30, 2019. For more information, please visit www.bdo.com.ph.

    REFERENCE:

    Chesca Ortega
    PR and Events Specialist
    Roar Agile Communicators Corp
    roar.ph chesca.roar@gmail.com

  • Revised IRR of R. A. No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009

    Why it is necessary to know and learn about the Revised Implementing Rules and Regulations (IRR) of Republic Act No. 9856, Otherwise known as the Real Estate Investment Trust (REIT) Act of 2009? These Rules shall be referred to as the “Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009” or the “REIT Rules” which recently issued by the Security and Exchange Commission (SEC) under SEC Memorandum Circular No. 1 Series of 2020.

    The objectives of these Rules are consistent with the declared policy of the State to promote the development of the capital market, democratize wealth by broadening the participation of Filipinos in the ownership of real estate in the Philippines, use the capital market as an instrument to help finance and develop infrastructure project, and protect the investing public.

    Besides, the implementation and application of these Rules shall adhere as closely as possible to the attainment of the foregoing policy objectives.

    The Rules also mention about the Definition of Terms Used in the Rules and other terms need to consider related to REIT.

    To learn more about the “REIT Rules”, consider to read http://www.sec.gov.ph/wp-content/uploads/2020/01/2020MCNo01-1.pdf of the full text of SEC Memorandum Circular No. 1 Series of 2020.