AFP chief: Defense spending should be 1% of Phl budget

MANILA, Philippines - Armed Forces chief Gen. Gregorio Catapang Jr. is pushing for greater military spending, saying this would enable the country to defend its territory.

Catapang said military expenditures should be increased to 1 percent of the national budget to enable the government to buy more equipment for territorial defense.

“What is important now is for our country to become prosperous because our argument is maybe at least we increase our expenditure for our defense and military,” Catapang said in a press briefing on Monday.

“What I’m proposing is that at least 1 percent of the approved national budget will go to the improvement of the capabilities of our defense and military units, to include the Office of Civil Defense,” he added. 

Catapang made the statement when asked what Filipinos can do to counter China’s aggressive expansion in the West Philippine Sea (South China Sea).

The Asian superpower has been occupying disputed areas to assert its expansive territorial claim, including some areas that are well within the Philippines’ exclusive economic zone.

The 2015 national budget stands at P2.6 trillion. In 2012, President Aquino signed a law that allotted P75 billion for the military’s modernization program from 2013 to 2017.

The modernization program will be given P15-billion each year from the national budget. The annual outlay of P15 billion is equivalent only to about 0.57 percent of the 2015 budget.

Because of its poorly equipped military, the Philippines cannot stop China’s construction activities in its West Philippine Sea territories namely Mabini (Johnson South) Reef, Calderon (Cuarteron) Reef, Burgos (Gaven) Reef, Kagitingan (Fiery Cross) Reef, Kennan (Hughes) Reef, Zamora (Subi) Reef and Panganiban (Mischief) Reef.

When reminded that China would have been finished with its construction projects by the time the Philippines becomes a prosperous country, Catapang merely stressed the need to boost territorial defense capabilities.

“Reclaiming the areas is one side of the story but putting up a strong credible deterrence for our country, ensuring that our territory will be defended from any foreign country that intends to harm us, will be a very big boost to our territorial defense,” the military chief said.

 “I don’t know the intention of China for doing this, but what is important is we are prepared to defend the country,” he added. -philSTAR

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Want to trade old iPhone for the iPhone 6?

MANILA - If you're looking to trade your old iPhone for the new iPhone 6 or iPhone 6 Plus, then you're in luck.

Local electronics store GetGadget Shop is offering its first trade-off promotion on March 31, which is open for all iPhone 4s, iPhone 5, iPhone 5s, and iPhone 5c units.

The trade-off prices are as follows:

All gadgets, however, are subject to further assessment to determine the exact amount of the discount. Once the seller has agreed on the actual value of the unit, a cash check will be given as a mode of payment for the chosen unit.

To qualify for the promotion, one must present two valid IDs and proof of purchase of the unit such as a receipt.

For more info, visit the store's Facebook page. - ABS-CBN

 

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Pacquiao is now top taxpayer in Philippines

Manny Pacquiao - ABS-CBN

MANILA, Philippines - Boxing champ Manny Pacquio emerged as the top taxpayer in the country, according to a list released by the Bureau of Internal Revenue.

The BIR's list of top individual taxpayers for 2013 was based only on regular income tax payments made as of November 24, 2014.

Pacquiao, who is battling a tax case filed by the BIR, paid ₱163.84 million in regular income taxes in 2013. The tax evasion case against Pacquiao stemmed from his ₱2.2-billion tax liability based on an assessment by the BIR.

In second place was Juanito Pornuevo Alcantara, whose business has yet to be ascertained, who paid P99.61 million in income taxes.

Top lawyer Estelito Mendoza was in third place with ₱73.18 million.

A certain Reynaldo Benoza Chico, Jr. was in fourth place with ₱67.34 million.

Megaworld Corp. founder and chairman Andrew Tan ranked fifth on the list with income tax payment of ₱67.18 million. Tan, fourth richest man in the Philippines, is the top businessman taxpayer on the list.

Rizal Commercial Banking Corp. president Lorenzo Tan was sixth on the list with income tax payment of ₱60.89 million, followed by Palawan Governor Jose Alvarez with ₱55.62 million.

Ranked 8th, Mercury Drug president Vivian Que Azcona was the top individual taxpayer for 2012. She paid ₱51.61 million in income tax.

Ninth on the list is Meralco president Oscar Reyes with ₱51.44 million. Rounding out the top 10 is Insular Life chairman and CEO Vicente Ayllon with P50.08 million.

Celebrities

Actor Piolo Pascual ranked 14th on the list with an income tax payment of ₱42.53 million, followed by actor John Lloyd Cruz with ₱41.97 million.

"Queen of All Media" Kris Aquino, who was the top taxpayer in 2011, ranked 16th with an income tax payment of ₱40.48 million.

Actress Sharon Cuneta-Pangilinan was 19th on the list with P39 million, followed by comedian Willie Revillame with ₱38.3 million.

Actress and host Anne Curtis-Smith ranked 36th on the list, paying ₱28.23 million in income taxes in 2013.

In 44th place, actress Judy Ann Santos paid ₱24.32 million in income taxes.

Actor Coco Martin ranked 52 with ₱22.49 million, followed by comedian and host Vic Sotto on 53rd place with ₱22.4 million.

Pop princess Sarah Gerononimo placed 99th on the list with income tax of ₱16.12 million.

Actor Dingdong Dantes finished just outside of the top 100 list, ranking 101 with ₱15.7 million.

Businessmen

The country's top businessmen and executives also made it to the top taxpayers' list.

San Miguel Corp. president Ramon S. Ang ranked 12th, paying P46.47 million in income tax.

Federico R. Lopez, chairman and CEO of Energy Development Corp., ranked 17th on the list with income tax payment of ₱39.89 million.

Erramon Aboitiz, CEO and president of Aboitiz Equity Ventures Inc., was in 22nd place with P35.81 million in income tax payment.

Jaime Augusto Zobel de Ayala, CEO and chairman of Ayala Corp. ranked 26th place with P32.22 million in income tax payments. His brother Fernando was in 32nd place with ₱29.69 million

Metro Pacific Investments Corp. chairman Manny Pangilinan was in 27th place, paying ₱31.63 million.

Oscar M. Lopez, chairman Emeritus of First Gen Corporation, ranked 34th with ₱28.54 million in income taxes.

Tycoon George Ty ranked 40th with ₱26.28 million in income tax payments, while ports billionaire Enrique Razon Jr. was in 50th place with ₱22.87 million.

Henry Sy, Sr., the country's richest man, paid income tax of ₱18.5 million, which placed him on 85th spot. His son Henry Jr. was in 71st place with P19.86 million, while daughter Teresita Sy was in 97th place with ₱16.2 million.

ABS-CBN Corp. president and CEO Charo Santos Concio ranked 121th with an income tax payment of P14.56 million.

In 275th place is ABS-CBN chairman Eugenio Lopez III who paid ₱9.49 million in income tax in 2013. - ABS-CBN

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