DOE to Validate Excise Tax Imposition of Retail Outlets

Wazzup Pilipinas!

The Department of Energy (DOE), through its Oil Industry Management Bureau (OIMB), continues to monitor retail outlets, particularly those that have already implemented the second tranche of excise tax under the Tax Reform for Acceleration and Inclusion (TRAIN) Law. 

“We are ensuring that our consumers do not become subjects of profiteering. We are issuing Show-Cause Orders (SCOs) to the concerned retail outlets for them to explain their implementation of the second tranche of excise taxes. In addition, we are also validating the prices of their fuel products whether they have already imposed the second wave of excise taxes.” Energy Secretary Alfonso G. Cusi said.

Today (10 January), two teams from DOE-OIMB visited various retail outlets in Caloocan, Quezon City and Malabon to serve the SCOs and validate their documents relative to the imposition of excise tax and its corresponding additional Value Added Tax.

To date, the DOE-OIMB has already received 444 reports on those retail stations implementing second tranche of excise tax.

There are 369 outlets from Petron Corp., 46 from Pilipinas Shell Petroleum Corp. and 29 from Flying V. 

The DOE-OIMB notes that a retail outlet’s imposition of excise tax depends upon the exhaustion of the 2018 existing inventories. Only new inventories in 2019, directly imported or locally produced by refineries, are covered by the second tranche of excise tax.

Moreover, the DOE-OIMB emphasized that the level of inventories varies depending on the status of individual depots and retail outlets and product turnover i.e, diesel, gasoline, kerosene, and liquefied petroleum gas (LPG).

The DOE supports the tax law since its wisdom is anchored on the national vision for progress,Ambisyon Natin 2040.

Sec. Cusi shared, “The funds to be raised from these collections will be invested to the people through key infrastructure projects, intensified social development and other priority projects of the government.” 

“I hope that every Filipino will be supportive of government causes. Also, let us remain vigilant and work together for utmost consumer welfare promotion,” he concluded.

CEZA Grants License to Singapore-based Exchange 6x.com

Wazzup Pilipinas!

Expanding 6X services in fintech solutions and offshore virtual currency exchanges


Singapore, the Philippines 7 Jan 2019 – 6x.com, a leading digital trading asset exchange secures a license by the Cagayan Economic Zone Authority (CEZA) to conduct financial technology solutions and offer offshore virtual currency exchange services.

Having undergone a series of stringent probity and integrity check, 6x.com is one of the leading cryptocurrency exchange operators to be granted the license. As pioneers in developing a trading exchange based on blockchain technology, 6x.com will contribute to the economic development of CEZA in the area of blockchain, crypto and financial technology solutions.

International Vice-President, Vanessa Koh said, “We are happy to be granted the license to offer financial solutions and offshore virtual currency exchange services to our global customers. We are glad to have the support in the Philippines and be part of the government’s master plan to establish a clear cryptocurrency ecosystem in the country.


6X Digital Asset Trading Platform is registered in Singapore, with over one million global users in more than 100 countries. 6X handles daily transaction volume of more than USD$200 million. 6x.com platform has the ability to support two million transaction-per-second and accommodates 20 million concurrent users. The trading platform supports multiple languages including English, Chinese and Thai.

6x.com empowers users to buy and sell unlimited cryptocurrencies, like Bitcoin, Litecoin, Ethereum, Ripple and others. Today, it is one of the top twenty digital asset exchanges worldwide.

For more information, please visit www.6x.com.

Pista ng Pelikulang Pilipino 3 Celebrate Ph Cinema's Centennial Year

Wazzup Pilipinas!

It's official! The Pista ng Pelikulang Pilipino (PPP)'s third year will be held this 2019 from September 11 to 17 which will mark the official celebration of the One Hundred Years of Philippine Cinema.

A flagship program of the Film Development Council of the Philippines (FDCP), PPP is a week-long celebration that exclusively screens quality Filipino films of different genres in all theaters nationwide. These are films which have compelling narratives and elevated storytelling that are appealing and can engage the most diverse of audiences.

 

"We are excited to involve the entire nation in the celebration of our One Hundred Years [of PH Cinema] and what better way to do it than to engage our audience to support our quality genre films especially made for them. What we are looking for are films which have original narrative and unique storytelling but accessible to a wide audience and we cannot wait to showcase another amazing lineup this September,” said FDCP Chairperson Liza Diño.

The One Hundred Years of Philippine Cinema was recognized through the Presidential Proclamation 622 Series signed last November and assigning FDCP as lead agency for the celebration. This historic milestone was declared in honor of Dalagang Bukid by Jose Nepomuceno that was released on September 12, 1919, which is considered the first Filipino-produced and directed feature film.

Details on the mechanics and further information about the call for entries will be announced soon.