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Kick start your day, May 27: PH to host British Colombia’s ASEAN trade office

Plus, Aquino's DOF proposes a comprehensive tax reform plan to incoming Duterte administration.
By Entrepreneur Staff |

 

MATCH MAKING. British Colombia opened in the Philippines its first trade and investment representative office in the ASEAN region, citing the latter as "familiar" with the rich Filipino community in the Canadian province. Photo by Elyssa Lopez / Entrepreneur Philippines

 

 

Manila, Philippines – British Colombia opened in the Philippines its first trade and investment representative office in the ASEAN (Association of Southeast Asian Nations) region, banking on the country's growing economy to attract its other neighbors.

 

“British Colombia like the Philippines is a trading nation, and seeing it’s one of the fastest growing economies in the world, this will create more jobs and opportunities on both sides,” British Colombia Premier Christy Clark said in a press conference on Thursday, May 26.

 

Related: PH exceeds expectations, posts 6.9% GDP growth in Q1

 

Its strategic location in Manila will serve as a “match-making office” for the different companies in the region who wish to do business in the Canadian province.

 

Already starting on a high note, British Colombian institutions signed six agreements with different Filipino institutions from various industries during the presser.

 

Among them are the signed collaboration of Incognito Software Inc. with Globe Telecom; University of British Colombia (UBC) and University of the Philippines; UBC and De La Salle University; Pharma Canada Inc. and Hi-Precision Diagnostics Inc.; Xanatos Marine Ltd. and the Government of Palawan; and signed donation of the Rotary World Help of British Colombia to the Rotary of the Philippines.

 

British Colombia is Canada’s westernmost province with a population of less than 5 million. The sixth most spoken language in the province is Filipino (Tagalog).

 

 

DOF proposes income tax reform to Duterte admin

Outgoing Finance Secretary Cesar Purisima proposed a comprehensive tax reform to the incoming Duterte administration which may rake in up to P351 billion ($7.53 billlion) in revenues, the Department of Finance (DOF) said in a statement on Thursday, May 25.

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Related: Duterteʼs 8-point economic plan revealed

 

The recommendation includes increasing the value added tax from 12% to 14% and decreasing the top tax rates from 32% to 25% in the next five years.

 

Related: Tax expert to candidates: Reform than just cut taxes

 

The DOF also recommended reducing income tax brackets from seven to four for wage earners coupled with an all-in income tax exemption of P1 million ($21,453.25).

 

The Department said this will earn the government from at least P158 billion ($3.39 billion) in the first year of implementation to as much as P316 billion ($6.77 billion) by 2022. - Elyssa Christine Lopez

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