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Revised RPT Code in Cebu City: Concerns Raised as Higher Fair Market Values 'Might Drive' Investors Away

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. ....

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IC closely watching compliance of PhilHealth, PCIC with PFRS 4

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… ....

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SSS gets highest audit rating for 2020 financial statements

SSS gets highest audit rating for 2020 financial statements ....

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GSIS assures continued release of benefits

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 ....

Government Service Insurance System , Rolando Macasaet , Commission On Audit , Philippine Financial Reporting Standard , Policy Guidelines , Assistance Loan , Manila State Pension Fund Government Service Insurance System Gsis Is Not Affected By Its Recent Shift To Philippine Financial Reporting Standard Pfrs 4 And Capable Of Paying Obligations Members Pensioners Requires The Future Social Benefit Liabilities In Statement President General Manager Rolando Macasaet Said Ina On Friday That There Will Be No Disruption Payment Benefits As Quot New Accounting Standards Adversely Affect Our Capability Provide Their , S And When They Fall Due Quot In Its Audited 2020 Financial Statements , Sis Posteda Strong Cash Position In 2020 At Php26 Billion Quot Our Flow Projection For The Next Five Years Shows That We Can Cover All Obligations , Uot Macasaet Said Quot Pfrs 4 Offers An Understanding Of The Longer Term Financial Sustainability Gsis That Involves Projections And Economics , Hich Is Beyond The Scope Of Financial Statements Ultimately , Embers And Pensioners Should Be More Interested In The Pension Fund 39s Existing Obligations , Projected Income , Rojected Cash Outflow , Funding Gap , Nd What The Current Administration Plans To Do Address Such Issues , Uot He Added The Stable Cash Flow Position At End 2020 Stems From Practices That Gsis Has Been Implementing , Llowing It To Manage The Level Of Social Benefit Liabilities And Maintaina Healthy Actuarial Life For Its Funds Based Ona 2020 Study , Sis Hasa Fund Life Of 32 Years Or Until 2053 Good Standing The State Pension 39s Investment Performance In 2020 Was Even Recognized By Commission On Audit , Hich Cited In The Observation Memo That Gsis 39s Performance On Sale Of Traded Stocks Is Quot Commendable Has Adopted And Applied Sound Investment Strategies Trading Disposal Its Investments Publicly Listed Philippine Corporations Exchange Funds Pursuant To Policy Guidelines , Uot The State External Auditor Said Consequently , Sis Generateda Quot Remarkable Income From The Sale In Amount Of Php2 Billion , A 65 Percent Increase Over The Previous Year 39s Php1 22 Billion At Same Time , Sis Reported That It Released Php145 Billion In Loans To Members And Pensioners This Year Quot While Private Banks Other Financial Institutions Have Tightened Lending Standards During The Pandemic , Sis Seized The Opportunity To Aggressively Respond Pressing Financial Needs Of Our Members And Pensioners Through Various Loan Programs , Specially Amid The Covid 19 Health Crisis ,

Government crop insurer cited as risk seeker | Bernadette D. Nicolas

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… ....

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