Bureau of Internal Revenue Issuances
REVENUE MEMORANDUM ORDERS
REVENUE MEMORANDUM CIRCULARS
RMC No. 55-2025
June 10, 2025
Clarifying Section 24 of Republic Act No. 12214, entitled “An Act Amending Section 22, 24, 25, 27, 28, 32, 34, 38, 39, 42, 51, 52, 56, 57, 127, 149, 174, 176, 179, 190, 199, and 258 of Republic Act No. 8424, Otherwise Known as the National Internal Revenue Code of 1997, as Amended, and for Other Purposes”.
RMC No. 56-2025
June 10, 2025
Amending certain provisions of Revenue Memorandum Circular No. 92-2024 on the payment and affixture of loose documentary stamps to taxable documents prior to notarization to align with Sections 188, 193 and 201 of the National Internal Revenue Code of 1997, as Amended (Tax Code).
RMC No. 58-2025
June 11, 2025
Further extending the deadline for registration of Non-Resident Digital Service Providers.
REVENUE DELEGATION AUTHORITY ORDERS
RDAO No. 31-2025
June 9, 2025
Designates the OIC-Assistant Commissioner of the Collection Service as Officer-in-Charge of the Operations Group in view of the official travel of the Operations Group’s Deputy Commissioner.
RDAO No. 32-2025
June 11, 2025
Delegates to the Chief of the Assessment Division of RR 17-Butuan City the authority to sign documents specified in the Order in view of the approved leave of RR 17’s Assistant Regional Director.
BANK BULLETINS
Bank Bulletin No. 2025-05
June 4, 2025
Extension of Banking Hours up to 5:00 P.M. for the Period June 4-16, 2025 Relative to the Estate Tax Amnesty Deadline.
TAX ADVISORY
BIR eSales: May 2025 MIN Report Deadline
June 9, 2025
The submission of BIR monthly sales reports per machine with a Machine Identification Number (MIN) for the month of May 2025 through eSales System shall be made within three (3) working days from the issuance of an Advisory on System Availability.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/20250609%20Tax%20Advisory.pdf
Deadline for Estate Tax Amnesty Applications
All concerned taxpayers are advised that the deadline for the filing, approval, and payment of Estate Tax Amnesty applications is on Monday, June 16, 2025.
Click the link below to read the full news from the source:
https://bir-cdn.bir.gov.ph/BIR/pdf/Advisory_eta06162025.pdf
TAX LAW
REPUBLIC ACT No. 12214 – Capital Markets Efficiency Promotion Act (CMEPA)
BIR Website / signed May 29, 2025
AN ACT AMENDING SECTIONS 22, 24, 25, 27, 28, 32, 34, 38, 39, 42, 51, 52, 56, 57, 127, 149, 174, 176, 179, 190, 199, AND 258 OF REPUBLIC ACT NO. 8424, ОТHERWISE KNOWN AS THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
REPUBLIC ACT No. 12079 – A VAT Refund for Non- Resident Tourists
Official Gazette / December 9, 2024
AN ACT CREATING A VAT REFUND MECHANISM FOR NON-RESIDENT TOURISTS, ADDING A NEW SECTION 112-A TO THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, FOR THE PURPOSE
REPUBLIC ACT No. 12066 – CREATE MORE
Official Gazette / November 13, 2024
AN ACT AMENDING SECTIONS 27, 28, 32, 34, 57, 106, 108, 109, 112, 135, 237, 237-A, 269, 292, 293, 294, 295, 296, 297, 300, 301, 308, 309, 310, AND 311, AND ADDING NEW SECTIONS 135-A, 295-A, 296-A, AND 297-A OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES.
REPUBLIC ACT No. 12023 – VAT on Digital Services
Official Gazette / October 2, 2024
AN ACT AMENDING SECTIONS 105, 108, 109, 110, 113, 114, 115, 128, 236, AND 288 AND ADDING NEW SECTIONS 108-A AND 108-B OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
REPUBLIC ACT No. 11976 – Ease of Paying Taxes (EOPT)
Official Gazette / January 5, 2024
AN ACT INTRODUCING ADMINISTRATIVE TAX REFORMS, AMENDING SECTIONS 21, 22, 51, 56, 57, 58, 76, 77, 81, 90, 91, 103, 106, 108, 109, 110, 112, 113, 114, 115, 116, 117, 118, 119, 120, 128, 200, 204, 229, 235, 236, 237, 238, 241, 242, 243, 245, 248, AND 269; AND REPEALING SECTION 34(K) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES
TAX AND BUSINESS RELATED NEWS
BIR WEEKENDER BRIEFS
Volume No. 16 Issue No 23 Week ending June 6, 2025 – (BIR Website)
BIR regional office and district office file criminal complaints and tax cases under BIR’s Run After Tax Evaders (RATE) Program against erring taxpayers between May 29 and June 3, 2025.
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https://bir-cdn.bir.gov.ph/BIR/pdf/v16n23.pdf
BIR WEEKENDER BRIEFS
Volume No. 16 Issue No 24 Week ending June 13, 2025 – (BIR Website)
BIR regional office and district office file criminal complaints and tax cases under BIR’s Run After Tax Evaders (RATE) Program against erring taxpayers between June 5 and June 10 2025.
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https://bir-cdn.bir.gov.ph/BIR/pdf/v16n24%20hr%20web.pdf
BIR publishes VAT-exempt medicines under RMC No. 25-2025
BIR Website / June 9, 2025
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, Jr. has issued Revenue Memorandum Circular (RMC) No. 25-2025 on April 4, 2025 to circularize the updates to the List of VAT-Exempt Medicines issued by the Food and Drug Administration (FDA) of the Department of Health (DOH). Said List includes the following VAT-Exempt medicines for diabetes, hypertension, high cholesterol, and mental illness.
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https://bir-cdn.bir.gov.ph/BIR/pdf/PR25JUN0925.pdf
Lumagui: BIR wins pioneering NPC public sector award for championing data privacy; BIR is a public sector benchmark in Data Privacy Compliance as per NPC
BIR Website / June 9, 2025
Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui has received a Plaque of Commendation from the National Privacy Commission (NPC) in recognition of the agency’s unwavering commitment to safeguarding personal data and aligning its operations with the Data Privacy Act of 2012 (Republic Act No. 10173). This prestigious award—the first of its kind to be conferred by the NPC to a government agency—acknowledges the BIR’s pioneering efforts in integrating data privacy across its tax collection and administrative systems. It sets a benchmark for public sector compliance and reinforces the Bureau’s role as a model of responsible and transparent governance.
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https://bir-cdn.bir.gov.ph/BIR/pdf/PR24JUN0925.pdf
CTA affirms denial of P3.8-M tax refund sought by Avaloq Philippines
Manila Bulletin / Jeffrey Damicog / June 6, 2025
The Court of Tax Appeals (CTA), as a full court, has upheld the denial of the P3.8-million input value-added tax (VAT) refund sought from the Bureau of Internal Revenue (BIR) by Avaloq Philippines, an affiliate of a Swiss-based firm. Appealed by Avaloq Philippines was the ruling of the CTA’s third division which denied the firm’s petition. In a 19-page decision issued last June 3 and penned by Associate Justice Lanee S. Cui-David, the CTA’s full court said: “After a judicious review of petitioner’s arguments and the records of the case, the Court En Banc finds no reason to modify, much less reverse, the assailed Decision and Resolution of the Court in Division.” The decision also stated that the arguments raised by Avaloq Philippines “have already been thoroughly discussed and passed upon by the Court in Division.” Its website states that Avaloq Philippines is “a provider of wealth management technology and services for financial institutions around the world, including private banks and wealth managers, investment managers, as well as retail and neobanks.” The case stemmed from the petition of Avaloq Philippines’ regional operating headquarters (ROHQ) which sought a tax refund of P3,880,796.01 for “excess and/ or unutilized input VAT arising from its zero-rated sales during the 1st and 2nd quarters of CY (calendar year) 2018.” “The Court in Division denied petitioner’s VAT refund claim on the ground that it failed to establish that it was engaged in zero-rated sales of services under Section 108(B)(2) of the NIRC (National Internal Revenue Code) of 1997, as amended,” the decision stated.
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/06/cta-affirms-denial-of-p38-m-tax-refund-sought-by-avaloq-philippines
JBC opens application, recommendation to post of CTA presiding justice
Manila Bulletin / Rey G. Panaligan / June 7, 2025
The Judicial and Bar Council (JBC) has opened the application or recommendation to the post of presiding justice of the Court of Tax Appeals (CTA). Incumbent CTA Presiding Justice Roman G. Del Rosario will retire mandatorily on Oct. 6. Members of the judiciary retire automatically at age 70. The deadline for application or recommendation is at 4:30 p.m. on July 21. The JBC is a constitutional office that accepts, screens, and nominates appointments in the judiciary, the Office of the Ombudsman and its deputies and special prosecutor, and members of the Legal Education Board. It is headed by Supreme Court Chief Justice Alexander G. Gesmundo as ex-officio chairperson. In its announcement, the JBC said “interested applicants must visit the official JBC website – www.jbc.judiciary.gov.ph – for the complete details and guidelines on application requirements, access the JBC Online Registration and Application System (JBC O.R.A.S.) through the Philippine Judiciary Platform –www.portal.judiciary.gov.ph – and accomplish the necessary steps therein in order to formally submit an online application….”
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https://mb.com.ph/2025/06/07/jbc-opens-application-recommendation-to-post-of-cta-presiding-justice
FIRB approves P20.9B in tax subsidy applications
Business World / Aubrey Rose A. Inosante / June 8, 2025
GOVERNMENT institutions have obtained approvals for P20.9 billion worth of tax subsidies from the Fiscal Incentives Review Board (FIRB), the Department of Finance (DoF) reported. In a statement on Sunday, the DoF said an FIRB technical committee approved 10 applications covering the years 2024 and 2025, as of May 21. “This move is in line with President Ferdinand R. Marcos, Jr.’s commitment to delivering more responsive public services. These tax subsidies will help accelerate and expand the services of government agencies for the people,” Finance Secretary Ralph G. Recto said.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/08/677841/firb-approves-p20-9b-in-tax-subsidy-applications/
CTA denies Jollibee refund appeal
Business World / Chloe Mari A. Hufana / June 8, 2025
THE Court of Tax Appeals (CTA) dismissed Jollibee Foods Corporation’s (JFC) petition, in relation to its P1.5-million refund claim, citing incorrect legal remedy in the proper forum and within the prescribed timeframe. The tax court’s second division, in a decision penned by Associate Justice Corazon G. Ferrer-Flores, said it lacked jurisdiction over JFC’s Petition for Certiorari, noting the three requisites for certiorari to prosper, particularly focusing on the third: whether there is “no appeal or any plain, speedy, and adequate remedy in the ordinary course of law.” The CTA concluded that JFC had a plain, speedy, and adequate remedy, through the filing of a Petition for Review before the CTA. JFC’s immediate resort to certiorari was thus deemed improper. JFC filed the Petition for Certiorari after a lower court affirmed the decision to dismiss its refund claim.
Click the link below to read the full news from the source:
https://www.bworldonline.com/the-nation/2025/06/08/677848/cta-denies-jollibee-refund-appeal/
CMEPA: An active improvement to passive income taxes ‘Let’s Talk Tax’
Business World / John Alexis S.B. Sumulong / June 9, 2025
With the introduction of the Republic Act (RA) No. 12214, otherwise known as the Capital Markets Efficiency Promotion Act (CMEPA), signed into law on May 29, taxpayers can expect an improved, simpler, and more equitable tax system as regards their passive income. The goal of the new law is to promote and develop the competitiveness of our capital markets. The reforms are designed to encourage investors, be they small or large, to invest more. The law highlighted amendments to the Tax Code, as follows:
SIMPLER, STANDARDIZED TAX ON INTEREST INCOME AND ROYALTIES
Previously, interest income was subject to various tax rates, ranging from exempt to 20%. This created confusion for some taxpayers. With the implementation of CMEPA, the tax system has been simplified. All interest income from any currency bank deposit, deposit substitutes, trust funds, and similar financial instruments is now uniformly taxed at a 20% final rate. This change simplifies compliance and promotes fairness. The above includes interest income from foreign currency deposits, which is now subject to a higher final tax rate of 20%, up from the previous 15%. This change aims to support Philippine banks and eliminate the preferential tax treatment granted to foreign currency deposit accounts.
REDUCTION OF STOCK TRANSACTIONS TAX
The stock transaction tax (STT) on the sale or exchange of listed shares of domestic corporations has been significantly reduced from 0.6% to 0.1% of the gross selling price or gross money in value. In addition, the STT now clearly applies to transactions in both Philippine and foreign stock exchanges.
CAPITAL GAINS TAX ON THE SALE OR DISPOSITION OF SHARES OF STOCK OF FOREIGN CORPORATIONS
Under CMEPA, a 15% final capital gains tax is now imposed on net gains from the sale, exchange, or transfer of shares in foreign corporations — aligning them with the current tax treatment of domestic shares.
REDUCED DST ON ORIGINAL SHARE ISSUES
Under the same law, the Documentary Stamp Tax (DST) on the original share issues by corporations has been reduced from 1% to 0.75% of par value, lowering the cost of capital formation.
ENHANCED DEDUCTIONS FROM GROSS INCOME IN RELATION TO THE PERA ACT
Under CMEPA, employers who contribute an amount equal to or greater than their employees’ contributions to a Personal Equity and Retirement Account (PERA), as established under RA No. 9505, are entitled to an additional tax deduction equal to 50% of their actual contributions. This is still subject to the maximum allowable contribution of P100,000, or its equivalent in any convertible foreign currency, for local employees. This incentive encourages private employers to actively support their employees’ retirement savings while benefiting from reduced taxable income.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/09/678123/cmepa-an-active-improvement-to-passive-income-taxes/
PEZA focusing on greater China to hit FDI goals
Business World / Justine Irish D. Tabile / June 9, 2025
THE Philippine Economic Zone Authority (PEZA) said investors from China, Taiwan, and Hong Kong are expected to be among the top sources of foreign direct investment (FDI) this year. “PEZA counts the Chinese investors, including those from Taiwan and Hong Kong, among our best bets for FDI attraction for this year and for succeeding years to come,” PEZA Director General Tereso O. Panga said in a statement Monday. “With the Philippines as the new ‘plus one’ destination for China-based manufacturers wanting to export to the US and EU, our partners will play a major role in our quest to actively engage Chinese enterprises and to promote the Philippines’ competitive edge as the emerging investment hub in the region,” he added.
Click the link below to read the full news from the source:
https://www.bworldonline.com/economy/2025/06/09/678124/peza-focusing-on-greater-china-to-hit-fdi-goals/
Cybercrime law tweaks, tax for content creators among House tri-comm recommendations
Manila Bulletin / Joseph Pedrajas / June 10, 2025
The House tri-committee (tri-comm) that investigated the spread of fake news and misinformation in the country has recommended on Tuesday night, June 10 amending the current law on cybercrime, regulating social media platforms, and taxing content creators, among others, based on its committee report. Ending its months-long inquiry that exposed social media personalities’ non-confirmation of facts before posting them online as well as social media platforms’ failure to regulate themselves, the House tri-comm made a dozen recommendation “to effectively address” the matter. Five of the 12 recommendations are related to either amending or creating laws. They are the following:
• Republic Act No. 10175 or the Cybercrime Prevention Act of 2012 – According to lawmakers, the new measure will address challenges posed by emerging technologies and harmful online content “by explicitly defining social media platforms, prescribing penalties for their participation in content-related offenses and incorporating provisions on disclosure of data”.
• A new law establishing the responsibilities of social media platforms and other platform providers as avenues through which user-generated content is exhibited
• A new law establishing a comprehensive legal framework to protect the public and penalize the creation, publication and financing of false or harmful online content
• Legislation on artificial intelligence (AI) with provisions for related cyber threats like automated phishing, deepfake-driven misinformation, and AI-powered intrusions
• Legislation a multi-stakeholder Digital Council of the Philippines to function similarly as the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) and the NUJP (National Union of Journalists of the Philippines) to regulate social media actors
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/10/cybercrime-law-tweaks-tax-for-content-creators-among-house-tri-comm-recommendations
New SEC chief Francis Lim vows ‘no-nonsense’ but fair regulation
Manila Bulletin / James A. Loyola / June 10, 2025
New Securities and Exchange Commission (SEC) Chairman Francis Ed. Lim President aims to transform the commission into “a no-nonsense regulator—firm when necessary, but always fair, efficient, reliable, and professional.” Lim officially took over on June 10, 2025, from Emilio B. Aquino after the end of his seven-year term. President Ferdinand R. Marcos, Jr. named Lim to the top position of the country’s company registrar and securities regulator on June 3.
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https://mb.com.ph/2025/06/10/new-sec-chief-francis-lim-vows-no-nonsense-but-fair-regulation
A guide to navigating software licenses in light of recent tax developments ‘Taxwise Or Otherwise’
Business World / Adriel Joshua Zaki Sim / June 11, 2025
Software is a cornerstone of modern business innovation and efficiency. From streamlining operations to enhancing the customer experience, it enables organizations to scale, adapt, and thrive. The dynamic nature of software — whether through cloud-based solutions, enterprise applications, or specialized tools — has transformed industries and redefined how businesses operate. However, as software becomes increasingly integral to business strategy and continues to expand, so does the complexity of its taxation. This article revisits the taxation of software licenses in light of recent tax developments, specifically Revenue Memorandum Circular (RMC) Nos. 5 and 38-2024, which covers cross-border transactions, and Republic Act (RA) No. 12023, or the VAT on Digital Services Act, along with its implementing rules and regulations (IRR). To arrive at the correct taxation, it is crucial to first determine whether payments for software licenses qualify as business profits or royalties, according to guidelines established in RMC No. 44-2005. A common mistake by software purchasers is categorizing the payments as royalties even when no copyright rights are transferred — only the “right to use” the software is granted. This distinction is vital because, in the Philippines, cross-border royalty payments are typically subject to a 12% VAT and 25% Final Withholding Tax (FWT), unless a lower rate is applicable under a tax treaty. Conversely, business profits may be exempt from Philippine taxes.
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https://www.bworldonline.com/economy/2025/06/11/678724/a-guide-to-navigating-software-licenses-in-light-of-recent-tax-developments/
FDA endorses 10 more medicines for VAT exemption
Philippine News agency / Ma. Teresa Montemayor / June 11, 2025 – MANILA
The Food and Drug Administration (FDA) has endorsed 10 additional drug products to be included in the list of medicines that are exempt from value-added tax (VAT). In a public advisory on Wednesday, the FDA said the newly endorsed drugs address conditions representing significant public health concerns that require long-term and costly treatment. FDA Advisory No. 2025-0510 noted that these include a drug for high cholesterol, two for cancer, two for diabetes, two for hypertension, and three for mental health disorders. Removal of the 12 percent VAT on these medicines reduces healthcare costs and improves access to quality medication for Filipinos dealing with chronic and critical illnesses, the FDA said. It is also in accordance with Section 12 of Republic Act 11534 or Corporate Recovery and Tax Incentives for Enterprises Act, which aims for lower taxes on health products. The Bureau of Internal Revenue, Bureau of Customs, and Department of Trade and Industry are urged to ensure the appropriate and immediate implementation of such benefits for all Filipinos.
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https://www.pna.gov.ph/articles/1251916
Agusan Sur feted for P171-M tax remittance
Philippine News agency / Alexander Lopez / June 11, 2025 – BUTUAN CITY
The Bureau of Internal Revenue District 104 (BIR District 104) in Bayugan City on Wednesday recognized the Agusan del Sur provincial government for collecting PHP171 million in withholding taxes in 2024. Revenue district officer Lisa Tomaneng, representing BIR District 104, presented a plaque of appreciation to Governor Santiago Cane Jr., commending the provincial government’s achievement.
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https://www.pna.gov.ph/articles/1251917
Estate tax amnesty deadline moved to June 16, says BIR
Philippine News agency / Anna Leah Gonzales / June 12, 2025 – MANILA
The Bureau of Internal Revenue (BIR) issued a tax advisory extending the period to avail the estate tax amnesty law to June 16 from June 14. “This is to remind all concerned taxpayers that the deadline for the filing, approval, and payment of estate tax amnesty applications is on Monday, June 16, 2025,” BIR said in an advisory released late Wednesday. The BIR, however, encouraged taxpayers to file their estate tax amnesty applications on or before June 16 taking into consideration the standard processing time and bank cut-off time. The estate tax amnesty covers the estate of decedent/s who died on or before May 31, 2022, with or without assessments duly issued, whose estate tax or taxes have remained unpaid or have accrued as of May 31, 2022.
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https://www.pna.gov.ph/articles/1252002
Registration for 12% digital VAT extended
The Philippine Star / Louise Maureen Simeon / June 13, 2025 – MANILA, Philippines
The Bureau of Internal Revenue (BIR) has extended the registration of all non-resident digital service providers (NRDSPs) to July 1 in line with the imposition of the 12-percent value-added tax (VAT). In its latest revenue memorandum circular, the BIR said the deadline for the online or electronic registration of all NRDSPs is July 1. The original deadline was set on June 1. The BIR said the extension was due to the unavailability of the VAT on the digital services portal and the online registration and update system. The systems remain offline as a result of ongoing system migration activities. NRDSPs are digital service providers that have no physical presence in the Philippines. According to the BIR, existing NRDSPs already registered with the agency but not yet classified as NRDSP taxpayers should update their registration information accordingly. Failure to register for VAT does not exempt NRDSPs from their obligation to file the required tax return and pay the corresponding tax due. It also does not exempt buyers or customers engaged in business from filing the appropriate remittance return and withholding and remitting the VAT due on their purchase of digital services. NRDSPs can register with the BIR directly or through a third-party service provider. NRDSPs who fail to register for VAT will be slapped with applicable penalties, appropriate criminal, civil and administrative charges under the Tax Code, and the possible suspension of business operations.
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https://www.philstar.com/business/2025/06/13/2450102/registration-12-digital-vat-extended
Reduction in stock tax starts July
Business World / Revin Mikael D. Ochave / June 13, 2025
THE Philippine Stock Exchange, Inc. (PSE) is set to implement the lower stock transaction tax (STT) starting July 1 following the recent signing of Republic Act No. 12214 or the Capital Markets Efficiency Promotion Act (CMEPA). “On the premise that publication of CMEPA will be completed before July 1, the STT of one-tenth of 1% shall apply to transactions through the exchange made on July 1 onwards,” PSE President and Chief Executive Officer Ramon S. Monzon said in a document dated June 11 uploaded on the market operator’s website. Under Section 29 of CMEPA, the law will take effect on July 1, following its complete publication in the Official Gazette or in at least one newspaper of general circulation. The CMEPA lowers the stock transaction tax to 0.1% (one-tenth of 1%) from 0.6% (six-tenths of 1%) of the gross selling price or gross value in money of the shares of stock sold, exchanged or disposed.
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https://www.bworldonline.com/top-stories/2025/06/13/678933/reduction-in-stock-tax-starts-july/
Double taxation talks with Hong Kong likely completed by October
Business World / Aubrey Rose A. Inosante / June 13, 2025
NEGOTIATIONS between the Philippines and Hong Kong on a double taxation agreement (DTA) are expected to close in October, the Bureau of Internal Revenue (BIR) said. “It looks like the negotiations will move quickly. We’re optimistic that by October, most of the substantial parts will be completed, and the next step will be the signing,” BIR Commissioner Romeo D. Lumagui, Jr. told BusinessWorld on June 11. The agreement aims to eliminate double taxation on income earned in the two countries.
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https://www.bworldonline.com/top-stories/2025/06/13/678932/double-taxation-talks-with-hong-kong-likely-completed-by-october/#google_vignette
BSP orders banks to go beyond OTPs
Philippine Daily Inquirer / Ian Nicolas P. Cigaral / June 3, 2025 – MANILA, Philippines
The Bangko Sentral ng Pilipinas (BSP) has ordered banks to supplement one-time pins (OTPs) with more secure authentication methods to curb cybercrimes like scams and fraud. While the ultimate goal is still to eventually shift away from OTPs, Deputy Governor Elmore Capule said the BSP was cognizant of the fact that such an undertaking can be very expensive for financial institutions. BSP Circular No. 1213 ordered banks to limit the use of authentication mechanisms that can be shared with, or intercepted by, third parties unrelated to the transaction. The central bank said there was an increasing prevalence of social engineering attacks aimed at obtaining the login credentials of victims. Additional methods – The BSP said regulated entities, especially those engaged in “complex” digital products and services, must go beyond OTPs and adopt additional methods like biometric authentication, behavioral biometrics and password-less authentication such as hardware tokens and cryptographic keys.
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https://business.inquirer.net/530380/bsp-orders-banks-to-go-beyond-otps
SEC approves AboitizPower’s ₱100-billion bond registration, ₱30-billion offering
Manila Bulletin / James A. Loyola / June 13, 2025
The Securities and Exchange Commission (SEC) has approved the shelf registration of Aboitiz Power Corp.’s (AboitizPower) ₱100-billion worth of fixed rate bonds and its ₱30-billion offering for the first tranche. In a statement, the SEC said the Commission en banc has considered favorably the debt securities program of AboitizPower, subject to the company’s compliance with certain remaining requirements. For the first tranche, AboitizPower will offer up to ₱20 billion in fixed-rate bonds, with an oversubscription option of up to ₱10 billion.
Click the link below to read the full news from the source:
https://mb.com.ph/2025/06/13/sec-approves-aboitizpowers-100-billion-bond-registration-30-billion-offering
LGU budget rises to P1.2 trillion in 2026
The Philippine Star / Louise Maureen Simeon / June 13, 2025 – MANILA, Philippines
Budget allocation for local government units (LGUs) will rise by 15 percent to P1.2 trillion in 2026 as government revenues continue to recover from the pandemic. In its latest local budget memorandum, the Department of Budget and Management (DBM) released the indicative national tax allotment (NTA) shares of LGUs for 2026. The higher allocation came as state agencies and LGUs prepare their budget proposals for the record P6.793 trillion proposed National Expenditure Program (NEP) for 2026. According to the DBM, NTA for LGUs for 2026 will increase by 15 percent to P1.19 trillion from this year’s level of P1.03 trillion.
Click the link below to read the full news from the source:
https://www.philstar.com/business/2025/06/13/2450100/lgu-budget-rises-p12-trillion-2026
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