THE head of the Senate economic affairs panel said the Arroyo administration needs an additional P15.6 billion to adjust the government’s 2008 spending program to prevailing high prices triggered by double-digit inflation.
This, even as Socioeconomic Planning Secretary Ralph Recto said the proposed P1.4-trillion budget for 2009 would be enough to attain growth targets for that [...]

THE Bangko Sentral ng Pilipinas (BSP) and the Department of Trade and Industry have agreed to harmonize their reporting systems on the business process outsourcing (BPO) industry to ensure proper measurement of the sector’s economic contribution.
In a statement, the BSP said the synchronization would include data on revenues, exports, foreign investment, employment and compensation.
“The agreement [...]

BEGINNING January 1, 2009, a new accounting interpretation will be in effect, changing the scenario of how real-estate companies worldwide recognize their revenues on projects.  From the current practice of booking the income from real-estate sales using the percentage of completion method, the International Financial Reporting Interpretations Committee (Ifric) has ruled that contracts to sell [...]

Tax analyst: ‘Tens of thousands of people could be in line for a refund’
WASHINGTON - It took seven years, but Charles Ulrich did something many people dream about, but few succeed at: He beat the IRS in a tax dispute.
Not only that, but tax experts say potentially millions of other taxpayers could benefit from his [...]