Covering the week’s most noteworthy business news impacting the Filipino-American and Global Filipino community.
MANILA – Thousands of small and medium enterprise business owners and aspiring entrepreneurs gathered at the country’s largest business-2-business expo, conference, and networking event dedicated to empower the Small and Medium Enterprises (SMEs), the 8th Philippine SME Business Expo & Conference (PHILSME) held last May 02-03, 2019 at the Hall 3 of the SMX Convention…
SIX Philippine companies are included on the 2019 Forbes Global 2000 list, comprising of the world’s biggest, most powerful and most valuable companies. The Filipino companies considered among the largest public companies in the world are BDO Unibank, SM Investments Corporation, Top Frontier Investment Holdings, Ayala Corporation, Metropolitan Bank & Trust Corporation and JG Summit…
THE first client is 48, married, and has a good job that pays $80,000 a year. His wife makes another $40,000 a year. Together, they make $120,000 gross a year. They have 3 children aged 5 to 12. The wife has no credit card debt, but the client has about $30,000 of credit cards left…
ERIC Hazard worked for 17 years for Raley’s as a pharmacy manager. Eric’s son, Andrew, is 32 years old and disabled with hydrocephalus, a buildup of water on the brain, and scoliosis that has left him permanently paralyzed. Due to his son’s health, Eric requested leave under the Family Medical Leave Act (FMLA) and the…
Estate and gift tax exemption: The Tax Cuts and Jobs Act (the “Act”) increased exemptions (nice) for estates and gifts to $11.2 million ($22.4 million for married couples). Before tax reform, few estates were subject to the estate tax, which applies to the transfer of property after someone dies. Now, even fewer people have to deal…
THE right place at the right time bodes good things for the right endeavor. PNB puts itself right smack dab in the heart of the Filipino American community. This is wonderful news. It is, by and large, a terrific calculated business move to be closer and be accessible to the people that PNB serves. PNB’s…
“So now I say to you, if you have accumulated debt, take it easy, we can get rid of those burdensome debts that weigh you down every day of your life with Chapter 7 or Chapter 13. Don’t even think of killing yourself, it’s not worth it.” A HIGH-income earner only pays $400 per month…
IT is often said that running your own business is like raising another child. Entrepreneurship is already a massive undertaking, and for some mothers, there’s an extra layer of being a single parent on top of all these responsibilities. Juggling multiple roles, however, hasn’t detracted this group of mompreneurs from recognizing their expertise and creating…
Not getting enough B vitamins in your diet can cause fatigue; the last thing someone with a busy lifestyle wants. Fatigue may be caused by so many factors out of our control: environment, social, professional, and personal. And the scary thing is fatigue can continue to cause a myriad of problems from an unhealthy work…
The Philippines’ recent credit rating upgrade from Standard and Poor’s (S&P) is due to the economic reforms under the Duterte administration, Malacañang asserted on Thursday, May 2. S&P upgraded the Philippines’ credit rating to BBB+ with a stable outlook, citing the country’s consistent growth, solid fiscal accounts, and the economy’s sound external settings. According to…
WHILE nearly all articles relate to change, let’s depart from that norm and discuss a few deductions that won’t change. 1. Student Loan Interest Deduction: The Tax Cuts and Jobs Act (TCJA) allows student loan borrowers to deduct up to $2,500 on the interest paid for student loans every year. Student loan interest is interest you pay…
ROSARIO Contreras-Velazquez worked for Family Health in its medical records department when she suffered a work-related repetitive strain injury to her right upper extremity. After surgery, she developed complex regional pain syndrome. She also suffered from a frozen shoulder, as well as inflammation in her right hand, which prevented her from being able to fully…
CLIENT is 72. He still works his normal job and makes about $3K a month. He also receives social security of $1K. So, his total income right now is $4K. He tells me that he is tired of working. His wife doesn’t want him to work anymore. His wife retired ahead of him at age…
DONOVAN Sebastian worked in sales for Sprint/United Management Co. Sprint provided him and other employees with vehicles for them to travel between stores. Sebastian, on behalf of himself and other employees, sued Sprint for withholding wages purportedly because the employees drove the company vehicles for personal use. The employees also claimed that they were improperly…
THE first client is 48 and got married in the last four years. Her husband was a foreigner who professed his love for her in so many ways. Unfortunately, his love for her was actually for her U.S. citizenship. The client, who had never been married before, fell head over heels for her newfound…
GENE3RALLY, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return. What used to be deductible under old law has been suspended (meaning not deductible for the current year) with the exception of federally declared disasters. Old law: Under old rules, you were able…
ARE you debts growing faster than your income every month? Trying to pay what you can but feel like you’re running on a treadmill and not getting anywhere? Do you have that sick feeling in your stomach after realizing that you have gotten yourself in more debt than you can actually pay back? If it’s…
Finance Secretary Carlos Dominguez III on Thursday, April 11, said the Philippines is set to become an ‘upper-middle-income’ economy this year with the assistance of the World Bank (WB). According to him, the generous support of the World Bank for the Philippines’ sustainable development programs is a “key factor” in achieving its goal of becoming…
The Department of Trade and Industry (DTI) on Tuesday, April 23, said the Philippines is expecting to seal at least $10 billion worth of investment and trade deals when President Rodrigo Duterte concludes his visit to China this week. Duterte arrived in Beijing on Wednesday, April 24, to attend the second Belt and Road Forum…
Q: I was diagnosed with herniated disc and severe anxiety. I want to request leave but want to keep my privacy at work. Do I need to tell my employer about my medical or psychological condition? A: No. The employee is not required to disclose the nature of the employee’s medical condition or disability (i.e.,…
THIS week is Holy Week again. The whole Christian world observes the passion of Jesus Christ. In many countries, the faithful reenact the passion and suffering of Jesus. They wear a crown made from thorns, flagellate themselves, and some even carry a heavy wooden cross on which they may be tied or nailed to it,…
THERE are two types of income tax – regular tax that you are familiar with, and an Alternative Minimum Tax (AMT) that you may not have encountered. If you had experienced a bout with AMT, you’d not forget it. It hurts like a Pacquiao punch to your gut. What exactly is AMT? AMT is a…
CLIENT no. 1 is 50 years old and is the manager of a big retail store. He’s been working there for 30 years. His spouse got into an accident and is now on disability. He owns a house with $200,000 of equity. He has, believe it or not, 11 children from age 2 to 18….
* * * Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California. * * * He has 50 years of experience in defending…
CLIENT no. 1 is 50 years old and is the manager of a big retail store. He’s been working there for 30 years. His spouse got into an accident and is now on disability. He owns a house with $200,000 of equity. He has, believe it or not, 11 children from age 2 to 18….
OUR client, Teresa,* has always lived with a serious lung condition since childhood. Although Teresa knew that her condition limited her activities, she did her best to live a productive work life. She finished her schooling in the Philippines and worked in several skilled jobs there before she came to the U.S. with her two…
SLEEPLESS nights… Stressed out… Worried about the future.. Always broke no matter how hard they work…Feeling hopeless about their situation. This is what most people are going through when they are considering bankruptcy in order to get out of debt. The word “bankruptcy” often produces negative feelings because some people equate it with failure. They…
APRIL 15 is an annual anniversary of sort – tax deadline for some, a date to file extensions for most. It has become a habit for those who procrastinate like you. I see the same taxpayers come to my office to file after April 15 year after year. It’s against their religion to break tradition….
Freak accident liability I want to discuss the client with the freak accident first. The first client is 45. This is really a very unusual case. In fact, I have never encountered a case like this before in the last 30 years. The client has a rental condo that needs plumbing repair because of a…
AS a cellphone owner, you have most likely experienced unwanted calls from telemarketers, robocallers, and spammy text messages. There are common measures you can take to minimize unwanted calls. CNN Business detailed a list of free applications and software available from major cellphone carriers that you can download to your phone (or that may already…
