Saturday, September 30, 2006

Filipinos blogs the devastation of Milenyo

Filipino bloggers are a godsend for visual news of typhoon Milenyo.
Some photos and amusing storytelling in this...
I was in Valero, Makati that morning. Since my appointment was cancelled, I headed towards Buendia walking amidst the howling winds and horizontal rains that opening an umbrella seems a futile effort. I was in a sidewalk when two ladies was heading opposite my way, one had an un-opened umbrella over her head but continued to totter along but not looking ahead, then suddenly in front of me she bumped on a sign pole. Okay I almost laughed which is mean of me really but it was a funny sight. But good thing she laughed as well finding she’s alright. I guess in the midst of the storm laughter can be a relief.

More photos on this and this...
Thank you

Friday, September 29, 2006

Major typhoon in Luzon including M.Manila

Filipinos call this typhoon 'Milenyo' but it is called 'Xangsane' in this US base news article.
From Manila Bulletin Online...
Strong winds, rains lash Metro
Billboards, lampposts, windows destroyed
Strong winds accompanied by intermittent rains brought by typhoon "Milenyo’’ lashed Metro Manila yesterday and toppled lamp posts, uprooted trees and destroyed windows in many areas.

Thursday, September 28, 2006

Philippine Banking sector weak

According to this Business World Online news article, click here.

BofA & DtPhp, LLC

BofA was one of the first major bank in NJ that had a comprehensive application process for money remittance small business when local and national law enforcers strongly implemented the USA Patriot Act, Bank Secrecy Act(BSA)and Anti-money Laundering (AML)laws.
After being asked to take our small business account somewhere by VNB, Chase and Wachovia, BofA accepted our small all check deposits checking account. Our mutually beneficial banking relationship lasted until December, 2005.
Today, most major bank in NJ do not accept accounts from small money remittance like me. Not Citi, PNC,North Fork,BofNY...
This news article in Business World Online do not explain why BofA close all their money remittance accounts except maybe Western Union.
Bank of America settles money-laundering probe
New York -- Bank of America Corp., the no. 2 US bank, has agreed after years of investigation to pay $7.5 million to settle charges that it had failed to prevent money laundering, the Manhattan District Attorney’s Office said on Wednesday.
Bank of America failed to detect that Brazilian companies were using a money transfer business’ bank account to launder money, Manhattan District Attorney Robert Morgenthau said in a statement.

This add misery to our small money remittance business on top of Western Union fines in Arizona.

Monday, September 25, 2006

Keeping Family Business Meetings Productive

Keeping business meetings productive is always challenging, but for family businesses the task can be even more daunting. Here are some suggestions to make sure the next family business meeting you organize stays on track:
1. Always schedule the meeting for a fixed period of time, use an agenda, and stick to it. The meetings should be held in a comfortable, neutral location, away from work and everyday demands.
2. Appoint someone to take notes.
3. Use a formal set of ground rules to guide the interaction. You can distribute the ground rules during the meeting. These ground rules should include an agreement to listen closely to each other, refrain from interrupting, and demonstrate respect toward others even though you may not agree with them.
4. Understand the difference between consensus and agreement. I have seen many misunderstandings develop from the incorrect belief that everyone must agree in order to pursue a course of action. To the contrary, people don't have to see things the same way (agreement) in order to concur on a course of action (consensus).
5. In order for the meeting to be valuable, there must be considerable trust and positive intentions among the family members in attendance. One way to establish trust is to make the first meeting an opportunity for everyone's voice to be heard. If attendees can leave the first meeting feeling listened to, you are on the way to building trust.
These guidelines for structuring a meeting are simple and straightforward, but do not underestimate the value that structure brings. While the initiative for having a family business meeting should come from members of the group, the structure must come from the organizer—it takes discipline to stick to your guidelines, but straying from them will reduce the likelihood of accomplishing the goals that you set for yourself.
David Lansky, Ph.D., Founder, Family Business Innovations, Highland Park, Ill.
Courtesy tip from Business Week

The Growth of a United States of America, a model for all nations

The Growth of a Nation by Michael Barone
Demography is destiny. The framers of the Constitution recognized this when they mandated for the first time in history that a census be conducted at regular intervals, and that representation in the lower house of Congress be based on its results. The growth that the Census Bureau has reported over the ensuing two centuries has been unique among nations: from 3.9 million in 1790, mostly clustered along the Atlantic coastline, to 50 million in 1880, 100 million in 1915, 200 million in 1967 and now 300 million in October 2006.

Bill Clinton, potential despot in any other country

If Bill Clinton had been a president of another country with a shaky constitution he would have been despotic or dictatorial - ala Ferdinand & Imelda Marcos.
George Will said it best.
BECAUSE of his political monomania, and because he is a perpetual preener who can strut even while sitting, Bill Clinton relished being president. The pomp, the cameras, the microphones make that office a narcissist's delight. But other than by soiling the office, he was a remarkably inconsequential president, like a person who walks across a field of snow and leaves no footprints.
It is axiomatic: Some people want public office in order to do something, others in order to be something. Clinton was the latter sort. Which is why he never seriously considered dealing with America's most serious policy problem, and why he was an unserious president.
Perfect description of Marcos too.

Sunday, September 24, 2006

Economic Freedom Index 2006

From Heritage Foundation, the Philippines is 'Mostly Unfree' category!
Wealth comes from the actions of people, not the actions of government, and the freer people are to direct their efforts to where they are most productive, the greater the wealth created.

Summary analysis:
The government is slow in promoting privatization, as the state still owns a majority of Filipino corporations. The chief obstacles to stable growth remain high tax rates, poor infrastructure, extensive government ownership of business, low foreign investment, and entrenched government corruption.

Social Security Benefit calculator...

For Social Security benefit calculator click here.
55 years old and younger, click on image below...
Federal Social Security Calculator

Economic Freedom more important than...

In a democracy, economic freedom is important for peace and prosperity.
From Cato Institute...
Economic Freedom of the World
The foundations of economic freedom are personal choice, voluntary exchange, and open markets. As Adam Smith, Milton Friedman, and Friedrich Hayek have stressed, freedom of exchange and market coordination provide the fuel for economic progress. Without exchange and entrepreneurial activity coordinated through markets, modern living standards would be impossible.
Potentially advantageous exchanges do not always occur. Their realization is dependent on the presence of sound money, rule of law, and security of property rights, among other factors. Economic Freedom of the World seeks to measure the consistency of the institutions and policies of various countries with voluntary exchange and the other dimensions of economic freedom. The report is copublished by the Cato Institute, the Fraser Institute in Canada and more than 70 think tanks around the world.

Saturday, September 23, 2006

Filipino Muslims led the way

Filipino Muslim leaders led the way to peace and understanding through 'Faith and Reason' advocated by Pope Benedict XVl.
"It is our honest belief that it was never the intention of His Holiness, Pope Benedict XVI, to hurt or offend the feelings of Muslims like us," the Muslim leaders said in their manifesto.
They said that they made their manifestation after consultation with their religious leaders and further "manifest our support for further inter-faith dialogue instead of recriminations so that we can attain peace that Islam and Christianity like to obtain all over the world."
Courtesy of Manila Times Online.

Friday, September 22, 2006

Citgo boycott going on...

Not buying any gasoline from any Citgo dealer. Citgo locator here.

Tuesday, September 19, 2006

49.60, Sept 19, 2006

Pope Benedict & Third Secret of Fatima, my interpretation

My own interpretation of current events.
One of the Pope's title is Bishop of Rome.
Today's Bishop of Rome, Benedict XVl, is the 'Bishop dressed in White' with other Bishops, Priests, men and women Religious going up a steep mountain'in the Third Secret of Fatima visions of Lucia in 1917 and revealed by Pope John Paul in '00.
The steep mountain is Western civilization who ignore, deny and nullify God with Islamic fascist as their soldiers who fires bullets and arrows at him and his men and women religious.
This is the Third Secret in Sister Lucia's words.
The third part of the secret revealed at the Cova da Iria-Fatima, on 13 July 1917.
I write in obedience to you, my God, who command me to do so through his Excellency the Bishop of Leiria and through your Most Holy Mother and mine.
After the two parts which I have already explained, at the left of Our Lady and a little above, we saw an Angel with a flaming sword in his left hand; flashing, it gave out flames that looked as though they would set the world on fire; but they died out in contact with the splendour that Our Lady radiated towards him from her right hand: pointing to the earth with his right hand, the Angel cried out in a loud voice: ‘Penance, Penance, Penance!'. And we saw in an immense light that is God: ‘something similar to how people appear in a mirror when they pass in front of it' a Bishop dressed in White ‘we had the impression that it was the Holy Father'. Other Bishops, Priests, men and women Religious going up a steep mountain, at the top of which there was a big Cross of rough-hewn trunks as of a cork-tree with the bark; before reaching there the Holy Father passed through a big city half in ruins and half trembling with halting step, afflicted with pain and sorrow, he prayed for the souls of the corpses he met on his way; having reached the top of the mountain, on his knees at the foot of the big Cross he was killed by a group of soldiers who fired bullets and arrows at him, and in the same way there died one after another the other Bishops, Priests, men and women Religious, and various lay people of different ranks and positions. Beneath the two arms of the Cross there were two Angels each with a crystal aspersorium in his hand, in which they gathered up the blood of the Martyrs and with it sprinkled the souls that were making their way to God. Tuy-3-1-1944.

Monday, September 18, 2006

Jihadist among peace loving Filipinos

Manila Bulletin Online reports today, Tues, Sept 19, 2006

1,000 kilos bomb chemicals seized
ZAMBOANGA: Philippine police Monday intercepted a 1,000-kilogram (2,200-pound) shipment of chemicals believed to be intended for bombing attacks by the al-Qaeda-linked Abu Sayyaf militants.
The shipment of ammonium nitrate was divided into 20 sacks and hidden in the hold of a ferry that docked in the southern port city of Zamboanga from the nearby island of Jolo, an Abu Sayyaf stronghold, police said.
Ammonium nitrate is a highly volatile chemical compound largely used in making fertilizer. It is the main ingredient used by the Abu Sayyaf to produce powerful bombs, an official said.
“We had received information that the chemicals would be used by the Abu Sayyaf for their terrorist attacks,” said the port police chief, Maj. Frank Clavencillas.
He said there had been fears that the Abu Sayyaf could stage bombings on October 12, when the largely Catholic enclave of Zamboanga is to mark an annual festival.

Thank you, LORD, for alert Filipino police.

Pope Benedict XVl said...

The Heart open to God, purified by contemplation of God, is stronger than guns and weapons of every kind.

Saturday, September 16, 2006

Pope Benedict will not, should not apologize...

From this article by Samir Khalil Samir, S.J., Egyptian Jesuit who is very familiar with both the pope and the Muslim religion,written for and published by Asia News.
When Civilizations Meet: How Joseph Ratzinger Sees Islam
Yes to reciprocity, no to “do-goodism”
The pope’s position never falls into the justification of terrorism and violence. Sometimes, even when it comes to Church figures, people slip into a generic kind of relativism: after all, there’s violence in all religions, even among Christians; or, violence is justified as a reply to other violence… No, this Pope has never made allusions of this kind.
But, on the other hand, he has never fallen into the behaviour found in certain Christian circles in the West marked by “do-goodism” and by guilt complexes. Recently, some Muslims have asked that the Pope ask forgiveness for the Crusades, colonialism, missionaries, cartoons, etc. He is not falling in this trap, because he knows that his words could be used not for building dialogue, but for destroying it. This is the experience that we have of the Muslim world: all such gestures, which are very generous and profoundly spiritual, to ask for forgiveness for historical events of the past, are exploited and are presented by Muslims as a settling of accounts: here, they say, you recognize it even yourself: you’re guilty. Such gestures never spark any kind of reciprocity.

Friday, September 15, 2006

Pray for Pope Benedict XVl today and everyday on...

These news articles are very disturbing...
Religious Leaders Across Mideast Rage Against Pope's Comments on Islam

German Chancellor Angela Merkel is right. Pope Benedict's message is Faith and Reason.
"It is an invitation to dialogue between religions and the pope has explicitly urged this dialogue, which I also endorse and see as urgently necessary," she said Friday. "What Benedict XVI makes clear is a decisive and uncompromising rejection of any use of violence in the name of religion."
In the United States, a Muslim group, the Council for American-Islamic Relations, asked for a meeting with a Vatican representative and urged more efforts at improving understanding between Muslims and Catholics.

Muslims worldwide are wrong to assume Christians, Pope Benedict XVl in particular do not understand Islam. The fact that he quoted a conversation in a book about 14th century displays the depth of his research and thought process to convey his message that reason is important to understand faith, not the sword.
Pray for Pope Benedict XVl today and everyday.
Our Lady of Fatima intercede for the Bishop in white, thrown with darts as he climb the mountain of faith.

Tuesday, September 12, 2006

Corrupt Filipinos!

This Business World Online article today implied by World Bank...
Anti-corruption drive lagging - World Bank
The Philippines needs to step up its anti-corruption campaign if it intends to keep sourcing financial assistance from international lending organizations, World Bank’s, Mr. Daboub, warned. Philippines must step up anti-corruption campaign and push ahead with dramatic economic reforms.

World Bank suggested solutions...
Eliminate red tape and nontransparent regulations...
World Bank propose sharing corruption blacklists and crackdown on erring governments in an anti-graft strategy...
Reducing size of state, reduce chance of funds misuse while raising activity of private sector and civil society.
Government and the people must improve governance, increase transparency and accountability of state institutions.

Amen, amen, amen...

Monday, September 11, 2006

Path to 9/11, Reminder for Filipinos...

Path to 9/11, Philippine connection. Click here for Al Qaeda's Global context...
1994-1995 - Ramzi Yousef, suspected mastermind of the 1993 WTC attack, hides out in the Philippines with Khalid Shaikh Mohammed, believed to be his uncle. The two reportedly plan a number of potential terrorist attacks.
Details in this 2002 London Times article.

December 1994 - Bojinka Plot - A Test Run
Ramzi Yousef plants a small bomb on a Philippine Airlines plane. The bomb explodes during the second leg of the trip and kills a Japanese businessman. Authorities later discover the bombing is a test run for the planned Bojinka attack.

January 1995 - Bojinka Plot Discovered
Following an explosion in a Manila apartment, Philippine police uncover a plot -- code-named Bojinka or “Big Bang” -- to blow up 12 airplanes bound for the U.S. Authorities arrest Abdul Hakim Murad, a Pakistani who is an associate of Ramzi Yousef. Yousef flees to Pakistan. Investigators also discover that Khalid Shaikh Mohammed had visited the apartment frequently. His name is found on documents inside a computer that contain details of the Bojinka plot.

Jan. 20, 1995 - Planes as Weapons
In the Bojinka investigation, Manila police interview Abdul Hakim Murad. According to their report, Murad describes his discussions with Ramzi Yousef about hijacking a commercial aircraft and flying it into the headquarters of the CIA. Yousef and Murad also reportedly discuss the idea of using a small airplane loaded with explosives to bomb targets in the U.S.
Hambali. Indonesian. Learned radical Islam in Malaysia. Co-planned Bali resort bombing (200 killed); financed Jakarta Marriott bombing; tried to assassinate Philippine ambassador; involved in bombing 30 Indonesian churches on Christmas eve.

Sunday, September 10, 2006

CPR has easier rules now!

Just renewed my several years expired BCLS.
No more hard to push and hard to ventilate Annie dummy, no more chest thump, many no more! Simple, simple and easier to remember! Everyone who can should take CPR.
Call 911 or tell someone else to call 911 and get AED (Defibrillator)
Tilt head, lift chin, check breathing, give 2 breaths if not breathing.
Position hands in the center of the chest, firmly push down 15 times.
Continue 2 breaths and 15 pumps until...
CPR new guidelines from American Heart Association 'Push hard, push fast'

Saturday, September 09, 2006

Western Union paid $3M penalty to Arizona regulators

According to this article.
Concerned about illegal immigration and other smuggling activities, Arizona officials in recent years have stepped up their scrutiny of financial institutions.
In 2004, a new state law made it easier for state prosecutors to seize money paid to migrant smugglers through money transfers.
Rotellini said the department, working with attorney general's investigators, found that Western Union and its agents collected hard-to-read or otherwise unusable information on the identity of senders or receivers of money transfers at some locations.
Also, Western Union's record-keeping was lax and the company did not properly supervise its agents as required by the state.
"We will have a zero tolerance for those transmitters who are facilitating illegal immigration by failing to comply with the GTO and Arizona law," Rotellini said in a statement.

Update: Western Union fighting back Arizona regulators, Bloomberg news reports:
The seizure warrant mandated the funds be held in a ``detention account'' for review before being sent on to recipients in Sonora, according to Western Union's Sept. 22 filing with the U.S. Securities and Exchange Commission. The company said in a Sept. 19 federal court complaint that Arizona had seized money before, and then ``interrogated'' senders and recipients.
Customers Fingerprinted
First Data said in July that U.S. proposals to tighten immigration rules cut Western Union's revenue from migrant workers, who feared authorities might use money-transfer records to track them down. Gold said today customers in Arizona who received $500 or more from nine states were fingerprinted by authorities at the company's stores, under a previously issued warrant by Goddard's office.
``The real issue is they have put a seizure on any transaction over $500, and that's assuming that something is wrong with every transaction,'' Gold said. ``It's really problematic for us, because our brand is all about trust, convenience and reliability. Our consumers really don't understand why if you send a transaction from California to Mexico, you'd have to call the attorney general in Arizona first.''

Friday, September 08, 2006

Grand Canyon photos

atr's received 2 free round trip tickets to Las Vegas for a week stay at his sister. They took us for a day trip to Grand Canyon, AZ. Here's some photos. I prefer to take pictures so I don't have to stand and pose with my back facing the Canyon, standing at the ledge or a railing.

Baby Shower for my favorite daughter...

Sent out invitations today for those that live in the tri-state area. The rest can wait until a week before the Baby Shower date.
What else do I have to prepare? Give away gifts for guest? Games?
Gosh, the baby I last give a baby shower is now 15 years old.

45 days to Register Property in Manila...

According to this World Bank study. Cost over 7% of property market value and almost 15% of capital gains tax, just to register a property. Who can afford time and pesos to register a property? Not the poor and the middle class. Upper middle class, those who can afford and those who must register, bribe and corrupt the person involve in registering property to facilitate transactions.
Registering Property in Philippines
Property value: 3,477,427
City: Manila
Registration Requirements:
1. Prepare deed of sale and ratification by Notary Public
Time: 1 day. Cost: 3% of property value.
Comment: Seller obtains a certified true copy of latest tax declaration from Assessor’s Office (Manila).
2. Obtain a certified true copy of latest tax declaration from Assessor’s Office, (Manila).
Time: 1 day. Cost: PHP 10 (per copy)
Comment: Seller files Documentary Stamp Tax return and Capital Gains Tax return with Authorized Agent Bank in Revenue District (Manila).
Done within 5 days after close of the month when taxable document was signed or within 30 days after sale, whichever is earlier.
Taxes are paid at authorized bank to account of BIR.
Capital Gains Tax is 6% of capital gains based on selling price, fair market value or zonal value, whichever is higher.
Documentary Stamp Tax is 1.5% based on selling price or fair market value, whichever is higher.
Documentation shall include:
Original copy and photocopy of notarized Deed of Sale of Building (obtained in 1)
Certified true copy of Transfer Certificate of Title (in the name of seller)
Certified true copy of latest tax declaration (in name of seller)(obtained in 2)
3. Payment of Documentary Stamp Tax and Capital Gains Tax at an authorized bank
Time: 1 day. Cost: 1.5% of property value (Documentary Stamp Tax) + 6.5% of capital gains (Capital Gains Tax)
Comment: After paying taxes (in 3), Seller must obtain tax clearance (or Certificate Authorizing Registration) from BIR.
Certificate will authorize registration of property.
Documentation shall include:
Certified true copy of Transfer Certificate of Title (in name of seller)
Certified true copy of latest tax declaration (in name of seller)(obtained in 2)
Tax Identification Numbers
4. Obtain tax clearance (or Certificate Authorizing Registration) from BIR.
Time: Up to 14 days. No cost
Comment: Seller, after paying any due amounts, obtains a certificate of updated payment of taxes from Treasurer’s Office of Local Government Unit (Manila).
Documentation shall include:
Original of official receipt evidencing payment by seller of realty taxes.
5. Obtain a certificate of updated payments of Real Estate Taxes from Treasurer’s Office (Manila).
Time: 1-3 days. Cost: PHP 50
Comment: Transfer tax must be paid at Treasurer’s Office (Manila).
Documentation shall include:
Certificate Authorizing Registration from BIR (obtained in 4)
Realty tax clearance from Treasurer’s Office of Manila (obtained in 5)
Official receipt of BIR (for documentary stamp tax) (obtained in 4)
6. Payment of transfer tax at Treasurer’s Office of Manila
Time: 1 day. Cost: 0.75% of property price
Comment: Apply with Assessor’s Office (Manila) for issuance of new tax declaration over building in name of buyer.
Documentation shall include:
Photocopy of notarized Deed of Sale of Building (obtained in 1)
Certified true copy of latest tax declaration (in name of seller)(obtained in 2)
Certificate Authorizing Registration from BIR (obtained in 4)
Realty tax clearance from Treasurer’s Office of Manila (obtained in 5)
Photocopy of official receipt of transfer tax payment (original copy to be presented) (obtained in 6)
7. Apply with the Assessor’s Office of Manila for issuance of new tax declaration over building in name of buyer
Time: 3 days. Cost: PHP 100
Comment: Buyer applies for registration with Register of Deeds (Manila).
Following internal steps take place after application is submitted:
1. Entry clerk receives and enters all documents in primary Entry Book (Judicial form No. 39) and notes therein day, hour and minute of reception of all instrument in the order in which they are received.
2. Documents are then brought to Registrar of Deeds (RD) or Deputy Register of Deeds for assignment.
3. Documents/Titles are assigned by RD to Land Registration Examiner (LRE) who prepares computation, order of payment of registration fees.
4. Pay registration fee to Cashier, who shall issue Official receipt. Fixed fees are computed based on a schedule of Fees approved by the Department of Justice.
5. Upon payment of Fees, document is forwarded to LRE who reviews the same and determines whether or not it is ready to register. The Owner’s copy of title is compared to title on file, produced by Records Officer/Vault keeper.
6. If instrument is not ready to be registered, LRE recommends its denial to RD. If instrument is ready, LRE likewise recommends to RD registration of document through a routing slip.
7. RD reviews examination, and once same is approved, assigns documents to clerk for action, with instruction on route slip.
8. If transaction involves issuance of title, records Officer/Judicial Form Custodian records transaction in logbook releases sets of title forms (judicial form) and assigns corresponding title control number to set of titles issued to action clerk.
9. Assigned employee acts on documents, as instructed.
10. Final registration – RD signs titles and documents.
11. Release of documents – by releasing clerk to buyer who should be armed with ID and copy of Official Receipts of registration fees.
Documentation shall include:
Articles of Incorporation and By-Laws of buyer
Secretary’s Certificate containing resolution of board of directors of buyer approving sale
Original copy of Owner’s duplicate of Transfer Certificate of Title (in Seller's name)
Certificate Authorizing Registration from BIR (obtained in 4)
Realty tax clearance from Treasurer’s Office of Manila (obtained in 5)
Official receipt of transfer tax payment (obtained in 6)
Official receipts of BIR (for capital gains tax and documentary stamp tax)(obtained in 3)
8. Apply for registration with Register of Deeds of Manila
Time: About 10 days. Cost: PHP 8,796 for properties with a value up to PHP 1,700,000 + PHP 90 for every PHP 20,000 (or fraction thereof) in excess of PHP 1,700,000 (=PHP 8010)
Comment: Seller must obtain an extract from Land Registry, which will be presented to the notary later. The extract discloses owner or perpetual usufructor of real estate. Also discloses whether there are any mortgages or other encumbrances over real estate.
According to new legislation, Property Registry shall be maintained in electronic form. Process of migration of registry into computer system (started in Sept '04) is pending. The request will eventually take 1 day (if the real estate is registered within the computer system) or up to 7 days (if the real estate is registered within hardcopy documents only). So far, 7 days is the most appropriate time period.

Something, someone has to change for peace and prosperity.

Thursday, September 07, 2006

Expensive & Time Intensive to be an Entrepreneur in PI

According to recent study by World Bank. Click this for details. Those figures and timeline are just for Starters. Money and time spent before the doors are open for business for the entrepreneur.
Starting a Business in Philippines
Minimum Capital Requirement: 5,000
City: Manila
Registration Requirements:
1. Obtain bank certificate of deposit of the paid-in capital.
Time to complete: 1 day
Comment: Fees vary from bank to bank. Some banks in Manila do not charge any fee, some banks charge up to P105 for each certificate.
2. Register incorporation with the Securities and Exchange Commission
Time to complete: 3 days
Cost to complete: PHP 40 reservation fee of company name (30 days) + filing fee for articles of incorporation: 1/5 of 1% of the authorized capital stock, no less than PHP 1,000, plus Legal Research fee of 1% of filing fee, no less than PHP 10 + PHP 210 bylaws fee + PHP 150 - stock and transfer book registration fee + PHP 75 - membership book registration fee
Comment: Documents to be submitted: corporate name verification slip, articles of incorporation and bylaws, treasurer's affidavit, statement of assets and liabilities, bank certificate of deposit, authority to verify bank account, tax account number of incorporators, registration data sheet defining personal information regarding directors, officers, stockholders etc, and written undertaking to comply with the reporting requirements of the SEC.
SEC provides online registration through SEC-iRegister, the web-based Company Registration System. One can reserve a company. Forms for registration may be downloaded from the SEC website. One can search and research company name and register the company with the SEC on-line but payment must be made at the SEC itself. Same day payment is not possible.
3. Apply for a Barangay (district) clearance
Time to complete: 2 days
Cost to complete: PHP 800
Comment: No city or municipality may issue any license or permit for any business or activity unless a clearance is first obtained from the barangay where such business or activity is located or conducted. Some barangays collect a fee for the issuance of a barangay clearance. The fee is based on the area (size in sq. meters) of the place of business and the location of the place of business.
The fee charged by the barangay depends on the paid-up capital of the corporation and the land area it occupies—P500 minimum plus P300 for the barangay clearance plate.
4. Obtain mayor’s permit/municipal license to operate at the Licensing Section of the Mayor's Office
Time to complete: 11 days
Cost to complete: The fees vary depending on the local government unit (city/municipality) issuing the mayor’s permit (PHP 300, sanitary permit fee + 0.2% of capital for license fee + PHP 2000, permit fee for businesses engaged in retail + PHP 1,500 garbage collection fee + PHP 360, occupational tax + PHP 705, occupational police clearance/health clearance + PHP 750, plumbing inspection fee + PHP 100, electrical inspection fee + PHP 100 building permit fee + PHP 100 sign board permit fee)
Comment: Required documents: accomplished application for business permits and licenses in duplicate copies with sketch of location of building at the back; certification issued by the corporate secretary to the effect that the company has been duly authorized to engaged in the business; amount of paid-up capital; certificate of registration; receipts of payment of due fees; lease contract; Barangay Clearance/Permit.
5. Buy special books of account at bookstore
Time to complete: 1 day
Cost to complete: PHP 200-300
Comment: Special books of account are required for the purpose of registering VAT. The books of account are sold at bookstores nationwide. One set of journals consisting of four books, namely, the cash receipts account, disbursements account, ledger and the general journal, may cost about P200, or about US$4.
Procedure 6. Secure a tax identification number, register for VAT
Time to complete: 2 days
Cost to complete: PHP 500
Comment: After the taxpayer obtains the TIN, the company is required to pay the annual registration fee of P500 at any duly accredited bank by using the payment form (BIR Form 0605)
A Tax Identification Number (TIN) must be obtained from the nearest Revenue District Office having jurisdiction over the head office. Need to have "Barangay" clearance, mayor's permit, and copy of SEC registration certificate. Other documents may be required, e.g. homeowner’s clearance, contract of lease. There is a community tax, a local tax, VAT, and income tax. When a company registers as a taxpayer, it must indicate in the application for registration the types of taxes it expects to be liable for, including VAT. The Authority to Print Receipt/Invoices must be secured by the printer before the sales invoices/receipts may be printed. Philippine law does not require a company to have its official invoice forms printed at designated print shops. If a company has secured an Authority to Print Receipts and Invoices, it can ask any authorized printing company to print its official invoice forms. However, if a company wants to print its own invoice forms (i.e., it uses its computers to print loose-leaf invoice forms), the company must obtain a special permit from the Bureau of Internal Revenue for this purpose.
7. Payment of Documentary Stamp Taxes
Time to complete: 1 day
Cost to complete: no charge
Comment: Section 174 of the National Internal Revenue Code, as amended, requires the payment of documentary stamp taxes on the original issuance of shares of stock at the rate of P1.00 on each P200 or a fractional part thereof, of the par value of such shares of stock, within 5 days after the close of the month when the registration certificate is issued by the SEC or the shares are issued by the corporation.
8. Obtain the Authority to Print Receipt/Invoices with the Bureau of Internal Revenue
Time to complete: 14 days
Cost to complete: included in procedure 6
Comment: The Authority to Print Receipt/Invoices must be secured by the printer before the sales invoices/receipts may be printed. Philippine law does not require a company to have its official invoice forms printed at designated print shops. If a company has secured an Authority to Print Receipts and Invoices, it can ask any authorized printing company to print its official invoice forms. However, if a company wants to print its own invoice forms (i.e., it uses its computers to print loose-leaf invoice forms), the company must obtain a special permit from the Bureau of Internal Revenue for this purpose
9. Print receipts and invoices at the print shops
Time to complete: 1 day
Cost to complete: PHP 2250 (median of PHP 1,500 and PHP 3,000)
Comment: The minimum number to print is 25 booklets.
10. Submit receipts and invoices to the BIR for approval, have receipts/invoices and books of accounts stamped by BIR
Time to complete: 1 day
Cost to complete: no charge
Comment: In practice, the books of accounts are presented for stamping right after the application is filed. Books can be obtained from BIR. To register books of account and invoices, present the following documents: all the required books of accounts, VAT registration certificate, SEC registration certificate and BIR Form W-5.
11. Register with the Social Security System (SSS) and enroll with the government healthcare benefits system
Time to complete: 11 days
Cost to complete: no charge
Comment: For the social security application, file employer's Data Record, report of Employee-Members (those are 2 standard forms), and articles of incorporation, copy of SEC registration certificate. Obligatory for firms with 50 or more workers to register with the Department of Labor and Employment. The Philippine government healthcare system is administered by the Philippine Health Insurance Corporation ("PHIC"). Enrollment with the PHIC is done through the Social Security System ("SSS"). If a company is enrolled with the SSS, it is automatically enrolled with the PHIC, but contributions for participation in the government healthcare system must be remitted to the PHIC. Enrollment with the SSS normally takes one to two weeks.

Our personal experience establishing a corporation is 100% more expensive and time intensive than this study.
In the name of the LORD, we plod on.

Saturday, September 02, 2006

Tiger Woods in the lead again

on the first round of Deutsche Bank Championship.
Good Tiger Woods stats here.
Woods speeds past Singh to capture fifth straight title Sep. 4, 2006
GolfWeb Wire Services
NORTON, Massachusetts -- Tiger Woods matched the lowest final round of his career Monday and won the Deutsche Bank Championship for his fifth straight victory.

Europe here comes Tiger Woods in one week...