Defense corruption: Phl gets low mark Created on January 30, 2013, 2:06 am Posted by nup

MANILA, Philippines - The Philippines is among the countries where risk of corruption in the defense sector is “very high” due to lack of transparency and weak congressional oversight, an international watchdog said.

A study by Transparency International UK showed that the Philippines belongs to “band E” – countries with “very high risk” of corruption in the defense sector.

With the Philippines in the group are Afghanistan, Bahrain, Cote d’Ivoire, Indonesia, Iran, Iraq, Morocco, Nigeria, Oman, Qatar, Saudi Arabia, Sri Lanka, Tunisia, Uganda, Uzbekistan, Venezuela and Zimbabwe.

Senate OKs add’l income tax breaks Created on January 30, 2013, 1:49 am Posted by nup

MANILA, Philippines - The Senate has approved on third and final reading a bill granting qualified taxpayers additional deductions in their income tax.

Senate Bill 2855, which was approved by the Senate with a vote of 14-0, aims to provide additional relief to families, particularly taxpayers who carry the responsibility of looking after their children, parents, and even persons with disabilities by reducing their tax burden.

Section 35, paragraph B of the National Internal Revenue Code of 1997, as amended by Republic Act 9504, would be amended further with the removal of the four-dependent limit that a taxpayer may claim for deductions.

PSEi hits 10th record high Created on January 29, 2013, 4:27 am Posted by nup

The Philippine Stock Exchange neared the uncharted 6,200 territory, ending Monday's trade at a fresh all-time high.


The PSEi ended Monday up 24.78 points or 0.40 percent at 6,192.42, its tenth all-time high for this year.

Monday's close overshadowed the last all-time high at 6,171.70 notched on Jan. 21.

Education Reform Measure Seen Passed Created on January 29, 2013, 4:25 am Posted by nup

MANILA, Philippines --- One of co-authors of the K- to-12 measure expressed confidence yesterday that the education reform bill will be signed into law before 15th Congress ends in June 2013.
Agham party-list Rep. Angelo Palmones said he is optimistic that President Benigno S. Aquino III will sign the measure into law since it is one of his administration's flagship projects.
"I'm confident that it will be signed into law this 15th Congress. The K to 12 is an essential element for the realization of Pnoy's long term economic plans," he said in an interview.

DOTC Expanding Airports Amid Tourism Boom Created on January 28, 2013, 4:19 am Posted by nup

MANILA, Philippines --- The steadily increasing local and foreign tourist arrivals and passenger traffic in Tagbilaran, Puerto Princesa, Tacloban, and Pampanga have convinced the government to expand the existing check-in and pre-departure areas in local airport facilities.
According to the Department of Transportation and Communications (DOTC), Palawan, Bohol and Leyte are rapidly growing as tourist destinations while Clark International Airport has been emerging as a national gateway for international low-cost carriers.

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