Category Archives: Economy

Economy, Religion, Science and Environment

Filipino Cardinal Criticizes Gown Donations To Hurricane Victims

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Lastimosa and her controversial evening gown
Lastimosa and her controversial evening gown

CEBU CITY, Philippines (The Adobo Chronicles) – The “throw-away culture” has been prevalent among Filipinos even during disasters, according to Manila Archbishop Luis Antonio Cardinal Tagle.

After the supertyphoon Yoland (Haiyan) hit the Philippines two years ago, Tagle recalls how someone donated a wedding gown to the relief efforts.

Yolanda was the strongest typhoon recorded to hit land, which claimed more than 6,000 lives and displaced hundreds of thousands of Filipinos in Central Visayas.

“Imagine, during the time of Haiyan or Yolanda, as we were unpacking some of the donations, there was a wedding gown. Who would use a wedding gown? They were just throwing unused clothes to the poor,” he said.

Apparently, it wasn’t just a wedding gown that was donated to the typhoon victims.

The Adobo Chronicles just learned that the evening gown worn by Miss Philippines MJ Lastimosa at a previous Miss Universe pageant was also donated.

Lastimosa’s gown resembled a giant wedding cake and many believed that the Colombian-designed gown cost her the crown.

 

Economy, Government, International

Philippine Congress Wants to Tax Income Of Overseas Filipino Workers

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(Photo credit: Inquirer.net)

MANILA, Philippines (The Adobo Chronicles) – The Philippines’ Congress is at it again. Members want to exempt Pia Alonzo Wurtzbach from paying taxes on her income as Miss Universe.  But Wurtzbach has declined, saying she will continue to pay her taxes just like she always did in the past.

This is not the first time that such a proposal has been filed in Congress. There have been several attempts to put forward a similar bill exempting Filipino champion boxer Manny Pacquiao from paying taxes.  (Incidentally, Pacquiao is facing a P3.2 billion tax evasion case before the Court of Tax Appeals. The case was filed by the Bureau of Internal Revenue after assessing that Pacquiao had incurred “deficiency income and value-added tax” from 2008 to 2009, worth P2.2 billion. Penalties and surcharges caused the deficiency to balloon to P3.2 billion.)

Congress wanted to grant the tax exemptions, arguing that Wurtzbach and Pacquiao are the “pride of the Philippines, putting the country on the world map, and considering them as “heroes.”

Well, what about the true heroes of the Philippines — the overseas Filipino workers (OFWs)? They are the backbone of the Philippine economy, infusing more than $26 Billion in remittances to the country annually?

Currently,  the wages or income of OFWs arising out of their overseas employment are exempt from income tax. Since OFWs usually already pay income taxes in the country they are working in, the Philippines exempts those taxable income of Filipinos through the virtue of tax reciprocity. With the tax reciprocity rule, Filipinos working abroad are taxed for incomes received there and are exempt from paying income taxes in the Philippines, in the same way that foreigners working in the Philippines are taxed here for incomes sourced within the Philippines and are also not required to pay income taxes anymore to their home country.

But now, some smart members of Congress want to lift that exemption, and the Aquino administration — especially Bureau of Internal Revenue Commissioner Kim Henares — favor the proposal.

“Sure, it would be a case of double taxation,” Henares said, “but think about the huge tax revenue that the Philippine government will earn from taxing OFW income abroad.”

It’s more fun in the Philippines!

 

 

 

Business, Economy

Filipinos Flocking To Walmart Stores After Retail Giant Announces Closures

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imageSAN JOSE, California (The Adobo Chronicles) – From California to Texas, from Florida to New Jersey — Filipinos are lining up in droves at Walmart stores for the final chance to stock up on discounted bulk items to send back home to their loved ones. This, after the retail giant announced it will soon close hundreds of its stores in the U.S. and elsewhere. The lines were reminiscent of those seen on Black Friday.

Yesterday, The Adobo Chronicles reported that thousands of Filipino Americans were shocked and upset that their go-to source for goods to pack into their balikbayan boxes was closing for good.

Our i-Reporters have confirmed that among the first items to disappear from Walmart store shelves were Nike and Adidas shoes, designer shirts and socks, canned goods like Spam, corned beef and Vienna sausage, bath soap and shampoo,  as well as rolls and rolls of toilet tissue.

Walmart store managers had to employ additional security personnel to help maintain order and prevent chaos or injury to customers and employees.

To find a Walmart store near you, just ask Google or Siri.