News

Regulations Implementing the VAT Provisions under the TRAIN Law Amending RR No. 16-2005

Photo from: Inquirer News

The Bureau of Internal Revenue has recently issued Revenue Regulations (RR) 13-2018 dated March 15, 2018 relative to the implementation of the Value-Added Tax (VAT) provisions of Republic Act No. 10963, otherwise known as the “Tax Reform for Acceleration & Inclusion” TRAIN Act. RR 13-2018 Areas of amendments include: -Expansion & removal of certain items under zero-rated sale of goods, ...

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Sales of taxed sugary drinks dip further as consumers alter spending amid price hikes

sweetened beverage

(Source: Nielsen Press Release | April 18, 2018) While sales of sugar-sweetened beverages have been weakening in the past years, the accelerated rate of decline in sales in February or a month after the implementation of excise taxes reflects consumers’ typical reaction after a price increase, according to performance management company, Nielsen. Nielsen  Retail Index data shows more pronounced sales ...

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Asian online shoppers least happy–UPS Pulse

Asian online shoppers

(Source: Inside Retail Asia | April 12, 2018) Nearly half of online shoppers in Asia are dissatisfied with the experience, according to the latest UPS Pulse of the Online Shopper study. With negativity from 43 percent of Asian shoppers surveyed, they again emerged the least satisfied of shoppers internationally. The rate of 57 percent satisfaction was actually an improvement on ...

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Visa, SM partners for nationwide contactless payments

visa payment

(Source: Manila Bulletin | April 16, 2018) Consumers are given yet another option for a seamless shopping experience as Visa and SM Supermalls collaborated to promote contactless payments nationwide. Officially commenced last April 5, the said partnership allows consumers to pay for their purchased goods and products under PhP 2,000 by just tapping their Visa cards on 5,000 contactless payment ...

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SSI group rebounds with P275-M profit

Women Shopping

(Source: Manila Bulletin | April 13, 2018) SSI Group, Inc., the country’s largest specialty store retailer, reported a 19 percent improvement in net income to P275 million last year from the P232 million earned in 2016. In a disclosure to the Philippine Stock Exchange, the fim said it generated core recurring income of P652 million in 2017, an increase of ...

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Discounting clampdown boosts Tesco Asia profits

tesco asia

(Source: Inside Retail Asia | April 12, 2018) Actively reducing coupons and heavy bulk discounting programs has boosted Tesco Asia’s bottom line. Tesco, headquartered in the UK, has reported a global profit of £1.644 billion, up a solid 28.4 per cent as it continues its turnaround strategy under the leadership of CEO David Lewis. Tesco Asia sales fell in every ...

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H&M breaks silence on $4.3-billion unsold inventories

1280px-H&M-Logo.svg

(Source: Philstar.com | April 12, 2018) The March 27 New York Times story titled, “H&M, a Fashion Giant, Has a Problem: $4.3 Billion in Unsold Clothes,” sent shock waves across an industry still reeling from a “retail apocalypse,” when one known fashion label after another is filing for bankruptcy. In response to the New York Times article, the Philippine office ...

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Brand-new Greenhills mall to rise in 2021

07-23 Ortigas spruces up Greenhills with P60B upgrade

(Source: Inquirer.net | April 11, 2018) Upscale property developer Ortigas & Co. has broken ground for a new regional mall that will rise in Greenhills shopping complex by 2021, becoming the centerpiece of the prime mixed-use estate which is undergoing a P60-billion redevelopment. Ortigas is investing P6.3 billion for the new seven-storey shopping mall, which will feature over 150 global ...

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Globe myBusiness, Lazada partner to boost retail sales via DigiMall

digimall

(Source: Business Mirror | April 11, 2018) Globe myBusiness and Lazada Philippines recently entered into a partnership, showcased by the introduction of the future of retail in the 21st century via the DigiMall. The DigiMall, a reimagination of the marketplace using a “digital” shopping mall, will display local quality products from Lazada merchants through an interactive set-up. The partnership aims ...

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Megaworld net income rose 13% to P13.3 billion in 2017

Megaworld

(Source: Business Mirror | March 26, 2018) The property-development arm of businessman Andrew Tan reported a double-digit growth rate in its income last year, while income of his gambling business fell mainly due to the loss of its gambling facilities in the middle of last year. Megaworld Corp. said its net income grew 13 percent to P13.3 billion, from last ...

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