FEBRUARY 27, 2017
Philippine stories you need to know this Monday
News Briefs: February 27, 2017
NPA attacks power plant, burns down trucks in Bukidnon
BUKIDNON – The New People's Army (NPA) attacked two private companies in Bukidnon on Saturday, February 25.
The first attack was on the construction compound of the proposed 10.6 megawatt Pulanai Hydroelectric Power Plant at Zone 11, Hangaron, Barangay Lumbayao. They confiscated the cellular phones of workers, and ordered them to leave the compound. They then planted some improvised explosive devices inside the compound.
On the same evening, another NPA group burned down two spray trucks owned by the Davco Agri Venture Corporation of Barangay Merganiran, Quezon, Bukidnon. A police investigation showed the company refused to give in to NPA extortion attempts. – Bobby Lagsa
Customs turns over P74M worth of confiscated rhino horn stockpile to DENR
MANILA – The Bureau of Customs (BOC) on Monday, February 27, turned over a seized stockpile of rhinoceros horns worth around P74 million to the Biodiversity Management Bureau (BMB) of the Department of Environment and Natural Resources (DENR).
BMB Director Theresa Mundita Lim received the seized horns from the BOC, represented by its Environmental Protection Unit head Lieutenant Angelito Cruz.
The BMB will coordinate with the country of origin, Mozambique, for the possible return of the specimens or, should Mozambique refuse to accept the seized horns, the proper disposal of the horns.
The rhinoceros is the world’s second largest land mammal next to the elephant, and is ranked as one of the planet’s most endangered species. – Rappler.com
Microfinance NGOs get special tax treatment under latest BIR regulation
The Bureau of Internal Revenue said on Monday, February 27, duly registered and accredited microfinance non-governmental organizations (NGOs) shall pay a 2% tax based on its gross receipts from microfinance operations, instead of paying all national taxes.
Revenue Regulation 3-2017 implements the tax provisions of Republic Act 10693, the Microfinance NGOs Act, which was signed into law on November 3, 2015.
This preferential tax treatment shall only be given to NGOs whose primary purpose is microfinance and only on their microfinance operations catering to the poor and low-income individuals in alignment with the goal of alleviating poverty.
"All other income by the Microfinance NGOs which are not generated from the lending activities and insurance commissions shall be subject to all applicable taxes," the BIR clarified.
Duly registered and accredited microfinance NGOs must update their registration with their concerned Revenue District Offices to reflect their accreditation as Microfinance NGOs. – Rappler.com