Concerns raised over potential investors being driven away by higher real property tax (RPT) in Cebu City. Business entities seek discounted fair market value, staggered implementation, and sustainable solutions. Impact on BPO industry highlighted. City Assessor explains basis for higher values. Calls to maintain discounted market value to support businesses. Proposal not yet final, subject to City Council deliberation. Ayala Land emphasizes need for sustainable increases. Clarifications on RPT revision provided. Updates to fair market value expected due to development. Forum attended by key entities.
THE Insurance Commission (IC) is closely watching the compliance of the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Crop Insurance Commission (PCIC) in adopting the current Philippine accounting standards. This, after Finance Secretary Carlos G. Dominguez III directed PhilHealth, the Social Security System (SSS) and the Government Service Insurance…
MANILA - State pension fund Government Service Insurance System (GSIS) is not affected by its recent shift to Philippine Financial Reporting Standard (PFRS) 4 and is capable of paying its financial obligations to members and pensioners. PFRS 4 requires the reporting of future social benefit liabilities in its financial statement. GSIS president and general manager Rolando Macasaet said in a statement on Friday that there will be no disruption in the payment of benefits to its members and pensioners as "the new accounting standards "will not adversely affect our capability to provide their benefits, as and when they fall due." In its audited 2020 financial statements, GSIS posted a strong cash position in 2020 at PHP26 billion. "Our cash flow projection for the next five years shows that we can cover all our obligations," Macasaet said. "PFRS 4 offers an understanding of the longer-term financial sustainability of GSIS that involves projections and economic
NEARLY a month after meeting with executives of the Philippine Crop Insurance Corp. (PCIC), PCIC Board Chairman and Finance Secretary Carlos G. Dominguez III expressed dismay on the risk-seeking tack of the state-run insurer. “The PCIC is the perfect example of how not to manage risks,” Dominguez was quoted as…