OROCHAMBER conducts accounting series

OROCHAMBER conducts accounting series

The Cagayan de Oro Chamber of Commerce and Industry Foundation, Inc. (Oro Chamber) in cooperation with the Misamis Oriental Filipino Chinese Chamber of Commerce and PICPA Region 10 will be conducting a workshop series on “ACCOUNTING” to commence on April 28 (Thursday) at 1:00-5:00pm at the Grand City Hotel, this city.

“Upon noting that accounting and recording are major areas for improvement, we deemed it necessary to implement a practicum-type of learning the fundamentals of Accounting,” OroChamber President Antonio Uy shared.

More than taxation, proper recording of business transactions will help traders plot their growth performance and potentials.

“This is a collective effort along the goal of enhancing the competitiveness of local businesses,” quipped Efren Uy who acts as the Chamber’s Vice President for Trade and Commerce.

“We are lucky that we have partner organizations— PICPA, MOFCCCI, Syntactics and member accounting firms which believe in the same vision we have and commit to continually improve the way traders do business,” he said.

Relatedly, BPR Accounting Company and PILGRIM Christian College will also conduct a whole day seminar on Financial Accounting on April 27 at the Pilgrim College Executive Hall.

OROCHAMBER, COC-PHINMA offer scholarships

OROCHAMBER, COC-PHINMA offer scholarships

The country’s Hall of Fame Most Outstanding Chamber of Commerce (OROCHAMBER) in partnership with the COC-Phinma Education Network will extend 50% discount on tuition and miscellaneous fees to deserving elementary and high school students.

To qualify to the said scholarship grant, applicants should:

1. Be Grade 2-5 level pupils or 2^nd-3^rd year High School students
2. Have an average grade of 85%

Qualified students will have the option to renew for the next school year provided that they do not have failing grade and no disciplinary record.

For those who are interested, please call the ORO CHAMBER Office thru telephone numbers (088) 309-0951 or Telefax (088) 859-1426 or email us at orochamber@yahoo.com / orochamber@gmail.com and look for Ms. Mozell Nabua.

Philippine Markets: 27 April 2011

27 April 2011

USD/PhP: 43.215 - 0.065 PSEi: 4321.32 + 15.75
USD/JPY: 81.75 PFINC: 961.70 + 1.36
EUR/USD: 1.4658 BDO: 54.60 - 0.15
GBP/USD: 1.6446 BPI: 59.00 + 0.50
PDSTF3M: 0.8142 MBT: 69.75 unch
Prices as of 4:00pm Source: Bloomberg, Reuters

Philippine Deficit Narrowed as Revenue Rose, Spending Fell
By Clarissa Batino

April 27 (Bloomberg) -- The Philippines’ budget deficit
shrank in March as tax revenue rose and spending declined,
taking the first-quarter shortfall to less than a quarter of the
government’s ceiling.
The gap was 18.13 billion pesos ($420 million) last month
from 63.87 billion pesos a year earlier, the government said in
an e-mailed statement today. The first-quarter deficit was 26.2
billion pesos, less than both the administration’s limit of 112
billion pesos and the shortfall of 134.18 billion pesos in the
three months through March 2010. Revenue climbed 10.6 percent in
March while spending fell 22.1 percent.
President Benigno Aquino is going after tax evaders,
smugglers and corrupt officials to increase revenue and narrow
the budget deficit from a record 314.4 billion pesos in 2010,
even as he plans to boost public spending on roads, schools and
airports. Philippines beat its target for tax collection in the
first quarter and more people have filed returns this year, the
Bureau of Internal Revenue said April 16.
“It’s good that tax collections are improving but at this
point, I would rather see the government take the preventive
action of spending to preserve gains in the economy,” Jonathan
Ravelas, a strategist at Banco de Oro Unibank Inc. in Manila,
said before the report. “The government has so much leeway to
do targeted spending, kickstart the economy and provide a boost
to consumption that may be slowing due to inflation and as the
value of remittances are threatened by peso gains.”
The peso has climbed about 3 percent in the past year.
Consumer prices increased 4.3 percent from a year earlier in
February and March, the fastest pace since May 2010.
Moody’s Investors Service in January raised its outlook on
the nation’s debt rating to positive from stable and maintained
the rating at Ba3, three levels below investment grade. The $161
billion economy grew 7.3 percent last year, the fastest pace in
34 years.
The government expects revenue to improve because of
“better economic prospects” and the fight against corruption,
Finance Secretary Cesar Purisima said in a statement today.

BDO UNIBANK, INC.

Jonathan Ravelas
Chief Market Strategist
(632) 858-3145

Rhys Cruz
Junior Researcher
(632) 858-3001