Latest news with #EJAPEconomicForum2025
GMA Network
4 days ago
- Business
- GMA Network
BSP chief Remolona wants online gambling beyond reach of ayuda beneficiaries
"No one who receives ayuda, I think, should be allowed to gamble," Remolona said. Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Monday called for measures that will prevent beneficiaries of government financial aid or ayuda from gambling online. Remolona also called for stricter implementation of know-your-customer (KYC) rules among online gaming platforms. He said it should be more difficult to access online gambling platforms, given their social impact of the industry, which the Department of Health (DOH) has flagged as a 'public health concern.' 'We basically want sand in the wheels. You can't just go to your phone and then press one icon and you're in a gambling site. You want it to be more difficult,' he said in a panel during the EJAP Economic Forum 2025 in Manila City. 'No one who receives ayuda, I think, should be allowed to gamble. Gambling leads to social harm. It's not just harming the individual, it's harming his family or her family,' he added. The BSP last week said it is finalizing new rules for banks, e-wallets, and other financial service providers regarding gambling, including biometric checks and daily limits on related transfers. The central bank earlier released a draft circular, which previously required payment service providers (PSPs) to create a facility that would allow users to create a separate online gambling transaction action (OGTA), which would then be placed under stricter rules in a bid to protect clients from risks associated with the industry. President Ferdinand 'Bongbong' Marcos Jr. has said he would study calls to ban online gambling. –NB, GMA Integrated News
GMA Network
4 days ago
- Business
- GMA Network
PH to seek exemption from US 100% tariff on semiconductors
The Philippines will seek an exemption from the United States' planned 100% tariff on semiconductors, citing similar exemptions other countries claim to have received, Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick Go said Monday. According to Go, the announcement of US President Donald Trump that the United States will impose a 100% on imports of semiconductors is still in a 'gray space,' and officials are awaiting further guidance on the matter. 'We've also noted that some countries are claiming that their semiconductor exports will be exempted, so we are still seeking clarification from the USTR side,' he said in a panel during the EJAP Economic Forum 2025 in Manila. 'We are lobbying that our semiconductor exports likewise be exempted if there is such, but we still have to schedule a call or meeting with them to clarify this matter,' he added. Trump last week announced a 100% tariff on semiconductor imports, but said it will not apply to companies that are manufacturing in the US or have already committed to do so. 'So far, everything, let's just say almost everything you hear is a media announcement, so whatever you hear in media, we're reading at the same time… To my knowledge up to today, I don't know if any country has actually signed an agreement,' Go said. Prior to Trump's latest announcement, Go said electronics and semiconductors are not covered by Trump's reciprocal tariff directive. Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) president Dan Lachica earlier warned that a 100% tariff could have a 'devastating' impact on the Philippines' semiconductor manufacturing sector. Data from the Philippine Statistics Authority (PSA) showed the US was the country's top export destination in 2024, accounting for 16.6% or $12.14 billion of the total export receipts of $73.27 billion. Meanwhile, electronic products were the Philippines' top export, accounting for 53.4% or $39.09 billion of the total. Of this amount, the share of semiconductors to the total was 39.8% or $29.17 billion. — BM, GMA Integrated News
GMA Network
4 days ago
- Business
- GMA Network
DOF working on General Tax Amnesty
The Department of Finance (DOF) is now looking into the possibility of implementing a General Tax Amnesty program, and another measure to curb e-gambling through preventing government-owned and -controlled corporations (GOCCs) from investing in online gaming firms. According to Finance Secretary Ralph Recto, the DOF is now working on drafting a bill for the possible General Tax Amnesty, with a similar measure vetoed by former President Rodrigo Duterte in 2019 for being 'overgenerous and unregulated.' 'While no new tax proposals are on the table, refined measures—such as the Rationalization of the Mining Fiscal Regime—are awaiting enactment, we are also studying the possibility of enacting General Tax Amnesty and Online Gambling Tax laws,' he said in a speech during the EJAP Economic Forum 2025. 'It's not gonna be the same bill as passed by Congress then that was vetoed. Ito, just general tax amnesty, simple — simple Amnesty Bill lang 'to,' he told reporters in Manila. Sought for the timeline, Recto said the measure could be passed this year, but it will still have to undergo consultations with the Office of the President, and other Cabinet Secretaries. 'We'll have to have it approved with the President and with the Cabinet,' Recto said, adding that he bill is expected to be pushed within 2025. To recall, former President Rodrigo Duterte in February 2019 rejected the general tax amnesty for all unpaid internal revenue taxes including income tax, withholding tax, capital gains tax, donor's tax, value added tax, documentary stamp tax, and other percentage taxes and excise taxes collected both by the Bureaus of Internal Revenue (BIR) and Customs (BOC) for taxable year 2017 and prior years. Recto said the measure could also possibly include provisions on the estate tax amnesty, given appeals to have this extended. Under Republic Act 11956, which amended the original Estate Tax Amnesty law, heirs of those who died on or before May 31, 2022 were allowed to pay a flat 6% estate tax rate without surcharges, penalties, or interest. This program expired on June 14, 2025. Online gambling Meanwhile, Recto said the DOF is also working with other agencies for a whole-of-government approach to address online gambling, which the Department of Health (DOH) flagged as a 'public health concern.' According to Recto, government employees should also be banned from online gambling, as they are in brick and mortar casinos. 'Dapat lang (It should be), and the reason for that is simple — when you enter a brick and mortar casino, bawal 'pag below 21, bawal pagka government employees (prohibited if below 21 and if one is a government employee) … Similar, I think we should do that for online gambling,' he said. Recto said GOCCs should also be prevented from investing in online gambling firms, as seen when the Government Service Insurance System (GSIS) was reported to have invested P1 billion into online gambling platform DigiPlus. 'We'll look into it. I agree. Ang Maharlika hindi magiinvest doon (Maharlika won't invest there),' he said, referring to the country's sovereign wealth fund Maharlika Investment Fund (MIF). Recto earlier said the government is looking to increase revenues from the industry, with the possibility of charging firms up to 45% of their gross gaming revenues (GGR), from the current 25%. A number of lawmakers have pushed for a ban given worries that addiction is soaring, with more gamblers drawn to online, even accelerated further by advertisements on social media and e-wallet platforms. Several lawmakers have also proposed stricter regulations for online gambling, as they said a total ban would only lead to the public heading to illegal operations. — RSJ, GMA Integrated News
