President Rodrigo Duterte has finally signed into law yesterday the proposed national budget for 2019, while vetoing the ₱95.3 billion budget allocation for the programs/projects of the DPWH (Department of Public Works and Highways). The total budget allocation is estimated to be ₱3.757 trillion.
Health Secretary Francisco Duque III assures that the Department of Health (DOH) has enough funds to implement the Universal Health Care (UHC) Law this year. He stated that P254.8 billion has been allotted for the first year of implementation of the new law, a slight shift from his initial estimate of P257 billion last February 21.
Back in December 2016, the Department of Labor and Employment (DOLE) expressed their desire to abolish the practice of contracting and sub-contracting, better known as “Endo.” The “Endo” practice has been strongly opposed by President Rodrigo Duterte, whose 2016 campaign promise to prohibit “Endo” remains to be seen.
The Department of Labor and Employment’s (DOLE) DO 174 was a massive disappointment for workers who were seeking an end to contractualization, or what’s commonly known as “Endo.” While “Endo” practice, which has been around for decades, is not written into the outdated Labor Code, it’s a widely accepted practice that places workers in situations where their rights and benefits aren’t protected by the law.
Tax Reform is high on the Duterte Administration’s agenda. In a near unanimous majority, and after the consolidation of 55 separate bills, House Bill 5636, or the Tax Reform for Acceleration and Inclusion or “TRAIN” was approved by Congress on May 15. House Bill 5636 is not the law, yet.
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After months of consultation and research, the Department of Labor and Employment of the Philippines through Secretary Silvestre Bello III signed the new contractualization order which hopes to regulate contractualization and protect workers rights in the country.
The approval of the 2017 Philippine Investment Priorities Plan (IPP) by President Rodrigo Duterte has prompted investors to revisit opportunities in establishing and expanding businesses within and outside Metro Manila. It would be to any business’ advantage to consider maximizing the incentives provided by the BOI and DTI through the 2017 Investment Priorities Plan.
The Bureau of Internal Revenue has issued new procedures to claim preferential tax treaty benefits for nonresidents covered by tax treaties signed by the Philippines with other countries. Non-residents may now enjoy preferential withholding tax rates for dividends, interest, and royalty earnings from domestic sources.
The new law, RA10881, approved and enforced in the third quarter of 2016, has allowed foreign investors to have full ownership of finance companies in the Philippines.