As you may already be aware, one significant amendment introduced by the Ease of Paying Taxes Act (EOPT) is the uniform use of VAT invoice for both sale, barter, exchange, or lease of goods or properties, and for every sale, barter or exchange of services. So, for VAT compliance and for the purpose of claiming input tax credit, only VAT invoice is the acceptable proof to substantiate the claim for input tax credit, whether it is a purchase of goods or purchase of services.

As defined under Revenue Regulations (RR) 7-2024, invoice is a written account evidencing the sale of goods and/or services issued to customers in the ordinary course of trade or business. This includes Sales Invoice, Commercial Invoice, Cash Invoice, Charge/Credit Invoice, Service Invoice, or Miscellaneous Invoice. It is also referred to as a principal invoice.

900 CalculatorVAT Invoice is a written account evidencing the sale of goods, properties, services, and/or leasing of properties subject to VAT issued to customers or buyers in the ordinary course of trade or business, whether cash sales or on account or charge sales. It shall be the basis of the output tax liability of the seller and the input tax claim of the buyer or purchaser.

Non-VAT Invoice is a written account evidencing the sale of goods, properties, services, and/or leasing of properties not subject to VAT issued to customers or buyers in the ordinary course of trade or business, whether cash sales or on account or charge sales. It shall be the basis of the percentage tax liability of the seller, if applicable.

While invoice is now the primary document supporting sale of both goods and services, the taxpayer is not precluded from issuing supplementary document other than sales or commercial invoice. This includes but is not limited to official receipt, delivery receipt, order slip, debit and/or credit memo, purchase order, acknowledgment or cash receipt, collection receipt, bill of lading, billing statement, statement of account, and any other document, by whatever name it is known or called, whether prepared manually or pre-printed/pre-numbered loose leaf or computerized as long as they are used in the ordinary course of business and being issued to customers.
.
But for purposes of VAT, supplementary documents are not valid proof to support the claim of input taxes by the buyers/purchasers of goods and/or services. All VAT-registered persons and those required to register for VAT are now required to issue VAT invoice as the principal document and are required to comply with the amended invoicing requirements under the EOPT Act.

Under RR 7-2024, during the transitory period, all unused or unissued Official Receipts may still be used as supplementary document until fully consumed, provided that the phrase “THIS DOCUMENT IS NOT VALID FOR CLAIM OF INPUT TAX.” is stamped on the face of the document. The Official Receipt, along with other equivalent documents such as Collection Receipt, Acknowledgement Receipt, and Payment Receipt will serve as proof of payment that cash has been received or that payment has been collected.

Taxpayers shall be allowed to strikethrough the word “Official Receipt” on the face of the manual and loose leaf printed receipt and stamp “Invoice”, “Cash Invoice”, “Charge Invoice”, “Credit Invoice”, “Billing Invoice”, “Service Invoice”, or any name describing the transaction, and to be issued as primary invoice to a buyer/purchaser until December 31, 2024. These documents shall be valid for claim of input tax by the buyer/purchaser for the period issued from January 22 to December 31, 2024, provided that the invoice to be issued bears the stamped “Invoice” and contains information required under RR 7-2024.

The converted invoice can serve as proof of sales transaction and proof of payment at the same time. Any Official Receipts, whether stamped with “Invoice” or unstamped, issued after December 31, 2024, will be considered supplementary document only and shall no longer be eligible for input tax claims. – Atty. Rodel C. Unciano, Du-Baladad and Associations Law Offices (BDB Law)

The Philippines and Korea aim to launch a free trade agreement (FTA) information portal in the fourth quarter of the year, which is part of a project they are developing to optimize their FTA and other FTAs of the country.

Francis Lopez, president and chief executive officer of InterCommerce Network Services, Inc., said another component of the Philippines-Korea FTA project is the origin management system for exporters.

Lopez said the FTA information portal is “user-friendly” where exporters can login, input their product and then determine the best country to target and which FTA to utilize.

“There may be two or more FTAs that would be applicable and the exporters would be able to check which one would be more advantageous for the exporter to use in terms of FTA,” he said during the recent general membership meeting of the Philippine Exporters Confederation Inc. 

Lopez said the origin management system for exporters, on the other hand, is targeted to be implemented or launched by the third or fourth quarter of 2025.  

“This will be together with the automated processes for the product evaluation report (PER) of the BOC (Bureau of Customs) and also the enhancements of the electronic certificate of origin issuance. Currently, as you know, the PER is manually processed by the BOC, it takes about 20 days for the processing of the PER,” he said.

Lopez said that under this project, the certificates of origin are targeted to be issued in five minutes similar to what Korea is doing.

“In Korea, it takes them about 20 minutes to do the origin determination and just another five minutes for the issuance of the certificate of origin. This is possible mainly because they have an automated system on the issuance of certificate of origin,” he added.

He said there will be a module that will be provided to the exporters so they can integrate their system to the origin management system, and this will facilitate the process.

Lopez said a version called FTA Korea Plus is being developed, which currently has more than 32,000 exporters as subscribers, generating 7.8 million origin determination and leading to issuance of 60,000 certificates of origin.

He said the Philippines-Korea FTA project aims to enhance the competitiveness of Philippine export products to target markets where the country has FTAs, reduce the time and cost of preparation and submission of documents for PER and certificate of origin, and facilitate the conduct of origin determination.

The Korea Institute for Advancement of Technology (KIAT) and InterCommerce conducted the pre-feasibility study for the FTA Philippines project in 2021. KIAT accepted the study and allocated official development assistance funds for the project for implementation in 2023 to 2025.

External Affairs Division PPAO

LUNGSOD NG MALOLOS — Ginunita ng Pamahalaang Panlalawigan ng Bulacan ang International AIDS Candlelight Memorial kahapon sa The Pavilion sa Hiyas ng Bulacan Convention Center dito sa pamamagitan ng pagtataas ng kamalayan at paghihikayat ng suporta sa paglaban sa HIV at AIDS.

Isang mensahe ng pagkakaisa ang ibinigay ni Provincial Health Officer Annie Balingit mula sa Provincial Health Office – Public Health at iprinisinta sa libu-libong dumalo sa Lingguhang Pagtataas ng Watawat ang simbolikong pulang laso na sagisag ng patuloy na laban sa HIV at AIDS.

Binigyang diin ni Balingit ang dedikasyon ng Bulacan sa pagbibigay ng accessible healthcare services, partikular na sa pamamagitan ng mobile healthcare services, at pagsusulong ng karapatan ng mga indibidwal na nabubuhay at apektado ng HIV.

Pinagtibay ring muli ni Gob. Daniel R. Fernando ang pangako ng lalawigan na magkaroon ng lugar ng trabaho na malaya sa kadena ng HIV-related stigma at diskriminasyon.

Nagsisilbing taunang pagpupugay para sa mga buhay na nawala dahil sa AIDS, hinimok nito ang mga kalahok na magtipon at mag-alay ng panalangin hawak ang mga kandila na may pulang laso.

Gayundin, nagsisilbi ang memorial bilang paraan upang kilalanin ang walang katulad na dedikasyon ng mga taong walang sawang sumusuporta sa mga indibidwal na apektado ng HIV na naglalayong pagbuklurin ang mga komunidad.

Sa humigit-kumulang 38 milyong taong nabubuhay na may HIV sa buong mundo, layon ng aktibidad na buwagin ang stigma at diskrimasyon, alok ay pag-asa para sa mga bagong henerasyon.

Maaaring kumalat ang HIV sa pamamagitan ng pagpapalitan ng ilang body fluids kabilang ang dugo, gatas ng ina, semilya, at vaginal secretions, ayon sa World Health Organization.

Samantala, maaaring mabawasan ang panganib ng impeksyon ng HIV sa pamamagitan ng paglimita sa risk factors kabilang ang tama at palagiang paggamit ng condom at regular na pagpapasuri para sa HIV at iba pang sexually transmitted infections (STIs). 

STRATEGIC COMMUNICATION DIVISION

The Commission on Human Rights (CHR) expresses grave concern over the reported cases of strip searches of political prisoners’ wives and other visitors of persons deprived of liberty (PDLs) at the New Bilibid Prison (NBP). The CHR has launched its own investigation, led by the Investigation Office and the Prevention Cluster, to look into the case and take appropriate action.

The group KAPATID issued a statement outlining three different complaints about strip searches among PDL visitors. The description of “humiliating, degrading, and traumatic” brought by these strip searches experienced by victims was emphasised.

It should be noted that on 19 January 2023, the CHR issued a similar statement concerning the alleged strip search of PDL visitors at Metro Manila District Jail Annex 4. CHR affirms that the Bureau of Jail Management and Penology’s (BJMP) search guidelines should not be applied arbitrarily and that searches should not be directed at the families of political prisoners. https://bit.ly/3JP752H

With these continuing acts of concerned security officers, we reiterate Rules 51 and 52(1) of the United Nations Standard Minimum Rules for the Treatment of Prisoners, or the Mandela Rules, which state that security searches “shall not be used to harass, intimidate, or unnecessarily intrude upon a prisoner’s privacy” and that “intrusive searches shall be conducted in private and by trained staff of the same sex as the prisoner.”

Furthermore, we urge the NBP administration, BJMP, the Bureau of Corrections (BoC), and other relevant agencies to take cognisance of the situation. It is critical for these security personnel to strictly enforce their own guidelines when conducting body searches on jail visitors, particularly to ensure that such searches are reasonable and carried out with the utmost respect for human dignity.

While we recognise the importance of maximum security inspection to ensure the safety and security of correctional facilities, it is vital that these security measures do not jeopardise visitors’ fundamental human rights. Inspections must be conducted in a way that respects the dignity, privacy, and rights of all individuals involved

Manila, May 8, 2024– VRITIMES, a leading media technology startup specializing in press release distribution, today announced a strategic partnership with News 247 Asia, a premier digital news platform in the Philippines. This collaboration aims to empower businesses and organizations across the Philippines to amplify their press release reach and gain greater visibility within the region.

Through this collaboration, VRITIMES will leverage its user-friendly platform to empower companies to create and distribute press releases efficiently. News 247 Asia, known for its commitment to delivering timely and accurate news, will integrate VRITIMES’ RSS feed to provide its audience with valuable press releases from Philippine, Singaporean, and Malaysian businesses.

News 247 Asia, known for its commitment to delivering timely and accurate news content, will integrate VRITIMES’ press releases into its platform. This will ensure wider dissemination of valuable news and information to a geographically diverse audience across the Asia-Pacific region.

“We are thrilled to partner with News247Asia, a trusted source of news known for its commitment to accuracy and fresh perspectives,” said Ferry Bayu, CEO of VRITIMES. “This collaboration will provide our clients with unparalleled access to the Philippine media landscape, ensuring their news reaches the right people at the right time.”

The collaboration between VRITIMES and News 247 Asia presents a win-win situation for businesses and the Filipino public. Businesses gain a powerful platform to amplify their stories, while readers receive access to a wider range of relevant and informative news content.

About VRITIMES Inc.

VRITIMES (https://www.vritimes.com/ph) is a media technology startup established in Tokyo in August 2022. The company functions as both a press release creation platform and a distributor to its media partners. VRITIMES empowers users to create, distribute, and analyze the performance of their press releases, all within a single, user-friendly solution. By simplifying and streamlining press release distribution, VRITIMES aims to facilitate a more efficient flow of information, ensuring valuable news reaches media outlets and consumers effectively. About News247Asia News247 Asia (https://www.news247asia.com/) is a premier news website at the forefront of digital journalism in the Asia-Pacific region. Owned by IBS Media Group, the platform delivers timely, accurate, and engaging news content to a global audience with an emphasis on search engine optimization. News247Asia is a trusted source for news and information with a fresh perspective, committed to informing, inspiring, and empowering readers through in-depth reporting and innovative storytelling.

Contact

VRITIMES Media Relations Email: marketing@vritimes.com News247Asia – IBS Media Group Email: info@worldibs.com

The Government Service Insurance System (GSIS) is providing a debt relief program to help borrowers who are currently struggling to make payments under its housing loan program. GSIS President and General Manager Wick Veloso said that the program is aimed at quickly providing relief to the worst hit among its members.

“The GSIS envisions to help thousands of families under the debt-restructuring program, to lessen the pressures from other financial obligations. This will remove a large amount of stress for many, many families,” said Veloso.

As of the first quarter this year, GSIS has processed debt relief for about 1,143 housing loan borrowers under its Housing Accounts Restructuring and Condonation Program (HARCP). The program has forgiven Php1.6 billion worth of penalties and provided Php121 million in interest discounts, directly offering relief to homeowners struggling to meet overdue payments.

“Our priority at GSIS is to ensure the well-being of our members and our pensioners. We are fully committed to help our members successfully manage their housing loans and secure their homes. Our mission is to offer support — eviction is not our goal. We continuously support them and ceaselessly provide viable solutions in times of need,” Veloso stressed.

This condonation program is part of the broader 4PH initiative of the Marcos administration under the Pabahay para sa Bagong Bayaning Manggagawa ng Pamahalaan (PBBM), which includes constructing high-rise residential buildings — making home ownership more accessible and affordable for every government worker.

“This move will help these families secure their homes during the most difficult of times. We are here to listen, understand and help them find the best way forward.” Veloso added.

The HARCP allows borrowers to lower their monthly payments by restructuring their loans, extending their repayment periods up to 10 years, and securing a 50% discount on the remaining interest if they pay their debt in full. Borrowers can also simply pay off their arrears to bring their accounts up to date. Four payment options are available for borrowers: payroll deductions, monthly cash or manager’s checks, post-dated checks, or through the GSIS Housing Online Payment system.

Another program of the GSIS is the Lease with Option to Buy (LWOB), where GSIS makes it easier for those looking for homes. This is a program where the GSIS leases more than 13,000 available housing units nationwide with the lessee given the priority to buy the unit with no down payment.

For more information about the GSIS housing programs, interested parties may visit the GSIS website, check the official Facebook page, @gsis.ph, email gsiscares@gsis.gov.ph, or call the hotline at 8847-4747.

Mother’s Day is coming up, and SM malls in Marilao, Baliwag, and Pulilan have some fantastic culinary options for you to treat your mom to. Whether she loves sweets, comfort food, or global cuisine, we’ve got you covered. Here are a few highlights:

1. Mother’s Day Sur-fries. Start your day with Potato Corner’s famous thick-cut fries. They have signature dips that will satis-fry your mom’s cravings. Visit their newly opened branch at SM Center Pulilan.
2. Tea-rrific Pair. Enjoy fries with tea while spending quality time with your mom. You can customize your drink at Coco to perfectly match your taste. Visit their branches at SM City Marilao and SM Center Pulilan.
3. Go-to Filipino Restaurant. If your mom craves Filipino dishes, head to Kuya J Restaurant at SM malls in Marilao and Baliwag. Treat her to a hot meal of Kare Kare, Grilled Scallops, Pinakbet, Crispy Pata, and Lechon Kawali. Don’t forget to try their crowd favorite, Kuya J Halo Halo Espesyal.
4. Ultimate K-food Delight. After shopping, indulge in Korean cuisine at Ssamjang Korean Grill Restaurant in SM City Baliwag. They serve a variety of K-foods made with love and passion. From Chap Chae to Gimbap, every bite is a celebration of flavors.
5. Healthy and Refreshing. End the day on a sweet note by visiting Koomi and Yowell. Treat your mom to guilt-free goodness with yogurt from Koomi and a cup of froyo topped with fresh fruits and granola from Yowell. These healthy options are available at SM City Marilao.

Head on to SM malls in Marilao, Baliwag, and Pulilan to make this Mother’s Day a truly memorable celebration for the incredible women in our lives.

Engr. Herman M. Lagon, Ph.D.

To give more opportunities to student-aspirants for the College of Fisheries and Aquatic Sciences (CFAS)—the flagship program and Center of Development (COD) of the Iloilo State University of Fisheries Science and Technology (ISUFST)—we are pleased to announce a third opportunity for prospective fisheries and marine biology students to join its academic community for the School Year 2024-2025. 

The additional batch for the ISUFST University Entrance Exam (UEE Batch 3) that is exclusive for the courses Bachelor of Science in Fisheries (BSF) and Bachelor of Science in Marine Biology (BSMB), is slated to accommodate further aspiring Senior High School or Transfer students and their families eager to be part of a department that has been consistently producing topnotchers in the field of fisheries technology. 

The application period for the special batch opens from Thursday, May 9, to Thursday, May 16, 2024, and is available both online and in person. Interested candidates must submit their applications on or before 5 p.m. on Thursday, May 16. The test permits shall be released on Friday, May 17, while the entrance examination is set on Saturday, May 18, at the Main Campus-Tiwi Site. Students who will pass in the BSF area, a board program, will undergo an aptitude test and interview phase in soon-to-be scheduled dates. 

Initial requirements for the application include a 2×2 ID picture with a white background and a photocopy of academic records or certificates from previous educational institutions. Interested parties are highly encouraged to apply onsite at ISUFST Main Campus-Tiwi Site through the Office of Students Affairs and Services (OSAS). To apply online, click the link: Main Campus Tiwi Site – https://forms.gle/PzwDnbfGuXfQ53cf8 

For further details on the university entrance exam and other admission guidelines, potential applicants for BS in Fisheries and BS in Marie Biology are invited to contact the OSAS or visit the ISUFST’s official Facebook page at https://www.facebook.com/ISCOFMainOSAS or osasmaintiwi@isufst.edu.ph. 

This third batch of examinations, exclusive for CFAS only, underscores ISUFST’s commitment to its flagship program. Note that the first historic paper-and-pencil entrance exam of the school was held April 6 with about 4,000 registered applicants, while the second institutional exam was held May 4 with 1,000 registered applicants. A little over 1,200 students shall only be accepted by the university in the next school year.

ISUFST traces its roots back to 1957. Over the decades, it has expanded significantly, transitioning through several milestones, including introducing various collegiate and postgraduate programs. It has also expanded into five campuses and sites in Barotac Nuevo, Dingle, Dumangas, and San Enrique, fostering expertise in fisheries, agriculture, education, management, and other fields. This evolution culminated in its conversion to university status in 2013, following the approval of Republic Act No. 10604, making it the 10th university in Iloilo. Today, ISUFST, the only fisheries university in the country, continues to adhere to its commitment to academic excellence and social responsibility, serving as a pivotal educational institution in the region. (Herman Lagon/PAMCO)

EmergeLocal, Inc. / Emerge

EmergeLocal Inc. (Emerge) empowered businesses and individuals to leverage content and influencer marketing strategies at its second “Unwrap Your Potential” masterclass event, held with JG Worldwide on April 19, 2024. The event, titled “From Blah to Bam! Content and Influencer Marketing Workshop,” provided attendees with hands-on experience in crafting impactful content and influencer marketing campaigns.

EmergeLocal Inc. (Emerge) empowered businesses and individuals to leverage content and influencer marketing strategies at its second “Unwrap Your Potential” masterclass event, held with JG Worldwide on April 19, 2024. The event, titled “From Blah to Bam! Content and Influencer Marketing Workshop,” provided attendees with hands-on experience in crafting impactful content and influencer marketing campaigns.

Sharing Insights and Expertise

The workshop featured presentations from JG Worldwide co-founders Vinze Montero and Gian Eduard. Mr. Montero’s “Brand Pop: Cultural Impact on Content Creation” session explored leveraging cultural trends for content strategy. Mr. Eduard followed with “Adsthetic: The Art of Creating Content,” focusing on the visual aspects of impactful content.

Emerge’s Director of Marketing and Client Services, Jim Merino, concluded the workshop with “The Ten Commandments of Content and Influencer Marketing,” outlining a framework for successful content marketing campaigns.

“Part of the omnichannel marketing approach is getting to your customers’ heads wherever they are on the internet,” said Director Merino. “Leveraging and elevating content with different aspects like the aesthetic, the core message, and use of influential personalities can all contribute to achieving your business goals,” he added.

Putting Knowledge into Action

Participants actively engaged in the workshop, creating content based on the experts’ insights. Each group presented their work, and participants received valuable feedback and advice for improvement.

Attendees of From Blah to Bam! Content and Influencer Marketing Workshop

Director Jim Merino added, “We hope the participants will go home, sleep on it, go to work, and finally think, “Oh, so this is why I joined that masterclass.” Because it was something they needed.”

Expanding the Reach of Unwrap Your Potential

This workshop marks the second event in Emerge’s ongoing “Unwrap Your Potential” campaign, designed to empower businesses and individuals with the skills needed to thrive in the digital landscape.

“Building on the impactful results of the initial Unwrap Your Potential Masterclass series, Emerge is expanding the program to reach businesses across the country,” said Emerge Co-Founder Carissa Noromor. “This national expansion reflects our dedication to empowering a wider audience and fostering digital growth.”

For more information about Emerge and its award-winning digital marketing solutions, you may reach their Revenue Operations team at sales@emergelocal.com. Discover how Emerge can elevate your business’s digital presence.