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  Articles from & Manila Sunstar Online  
  The Praying Begins

With the Christmas holidays over, takers of the 2015 Bar Examinations and their families, begin the New Year by undergoing a new phase in the bar candidatesí rite of passage: watchful waiting for the outcome of the years of preparation and buckets of perspiration that they had all put in, just to become members of the Philippine bar.

What to do between now and the release of the results which is expected, on account of the record number of those who took the exams last November, no earlier than a week before Palm Sunday, is a difficult question.

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Beware the sale below book value

The Supreme Courtís decision in the case of The Philippine American Life and General Insurance Company v. The Secretary of Finance and The Commissioner of Internal Revenue, G.R. No. 210987 promulgated on November 24, 2014 gave me the creeps. Out of the blue, we now learn that a sale just might be in part also a gift; you could, Janus-like, turn out to be a two-faced monster,--- both a seller and a donor, even if giving was not at all, in your mind.

The antecedent facts, as culled from the ponente, Associate Justice Presbiterio J. Velasco, Jr., are not complicated. In 2009, The Philippine American Life and General Insurance Company ("Philamlife") decided to divest itself of its interests in the health maintenance organization industry and accordingly offered all its shareholdings in Philam Care Health Systems, Inc. ("PhilamCare") for sale through competitive bidding. The highest, and therefore the winning, bidder turned out to be STI Investments, Inc. ("STI"). The necessary documentary stamp and capital gains taxes imposed by the National Internal Revenue Code ("NIRC") were accordingly paid.

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speech of Atty. Ricardo J. Romulo


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Directory of Members of the Trust Officers
Association of the Philippines- 2008

The Living Trust is Alive and Well
powerpoint presentation

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Wealth Magazine articles:
Give to tax credit certificates their credit due?
A lean harvest of tax cases
VAT -erred BIR
From the Trust Guru of Sunstar and Rappler (more)

o The Prayings Begins (04/17/2015)
o Beware the sale below book value (04/17/2015)
o Why Enrile's bail efforts were to no avail (08/22/2014)
o The show is over; bow now to justice (08/06/2014)



  For the full text of articles that appeared at the trust guru's column in MANILA STANDARD TODAY, click on The Trust Guru Articles  
  For the full text of articles that appeared at the trust guru's column in TODAY, click on TRUST AND ESTATES  
For the full text of articles that appeared at the trust guru's column in THE MANILA METEOR, click on geronimo@tax
To effect true banking reform...we have to cede back...prerogatives we have learned to enjoy.
rjrsmla.jpg (1654 bytes)"Excoriating BSP officials for not preventing the misuse of the banking system is pointless, unless Congress passes the necessary legislation empowering BSP to enact and enforce the relevant regulations," says Atty. Ricardo J. Romulo, Chairman of the Makati Business Club, before the Rotary Club of Manila during its regular meeting on 22 February 2001.  Reflecting on his brief but stressful experience as Chairman of the Board of Equitable PCI Bank from December 19, 2000 to January 31, 2001, Atty. Romulo observed that the shortcomings in the banking sytem in the areas of governance, transparency and discipline are primarily the result of the demands of the banking public.  Thus, he maintained that in order to effect true banking reform, those who avail themselves of banking services must be prepared to give up some of the "creature comforts" customarily extended the banks to its favored clients.  The full text of his address is found in News and Views.







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