FinLit for Every Cebuano

𝐅𝐑𝐄𝐄 𝐋𝐄𝐆𝐀𝐋 𝐀𝐒𝐒𝐈𝐒𝐓𝐀𝐍𝐂𝐄!
Karong adlawa, Sabado, Mayo 23, 2026, 1-5pm
9th Floor Executive Building Cebu City Hall

See poster for the services!
Dont forget to bring all available documents related to your concerns!

The peso risks sinking to an all-time low of ₱65 against the United States (US) dollar over the next three years if the government maintains its passive stance toward escalating global tensions. Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said during a Pandesal Forum on Wednesday, May 20, that the widening current account deficit and surging energy prices—both driven by geopolitical friction—are poised to exacerbate pressure on the local currency.

The peso remains highly vulnerable to global shocks, Ravelas said, noting that without decisive state intervention to mitigate these external spillovers, the currency is likely to sustain deep losses in the near term, having already been battered to historical lows recently.

Read the full article in the comments section below.

𝗕𝗜𝗥 𝗟𝗔𝗨𝗡𝗖𝗛𝗘𝗦 “𝗘𝗔𝗦𝗘 𝗢𝗙 𝗖𝗟𝗢𝗦𝗜𝗡𝗚 𝗕𝗨𝗦𝗜𝗡𝗘𝗦𝗦” 𝗚𝗨𝗜𝗗𝗘𝗟𝗜𝗡𝗘𝗦 𝗙𝗢𝗥 𝗧𝗔𝗫 𝗥𝗘𝗚𝗜𝗦𝗧𝗥𝗔𝗧𝗜𝗢𝗡 𝗖𝗔𝗡𝗖𝗘𝗟𝗟𝗔𝗧𝗜𝗢𝗡; 𝗧𝗔𝗫 𝗖𝗟𝗘𝗔𝗥𝗔𝗡𝗖𝗘 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗 𝗔𝗦 𝗙𝗔𝗦𝗧 𝗔𝗦 𝗧𝗛𝗥𝗘𝗘 𝗗𝗔𝗬𝗦

The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 47-2026 on May 19, 2026, prescribing new guidelines to simplify the process for closing businesses and cancelling tax registration, as part of the implementation of Republic Act No. 11976, otherwise known as the “Ease of Paying Taxes Act.”

“This is our ‘Ease of Closing Business’ reform,” Commissioner Charlito Martin R. Mendoza said. “In line with President Ferdinand R. Marcos Jr.’s directive to make government services faster, better, and more responsive, and Finance Secretary Frederick D. Go’s push to make tax administration more investor-friendly and business-friendly, the BIR is making it easier for taxpayers who have already ceased operations to properly close their business and cancel their registration.”

“From improving the ease of doing business and the ease of paying taxes, this reform completes the BIR’s support for businesses through every stage of the business life cycle. If we make it easier to start and operate a business, then the government must also make it easier to properly close BIR registration once operations have already ceased,” he added.

Under RMC No. 47-2026, taxpayers who have already ceased operations may now apply for the closure or cancellation of their registration, either manually or electronically, through the Revenue District Office where their head office or branch is registered.

The Circular simplifies and standardizes documentary requirements. Together with the application form and the surrender of original BIR registration documents and permits previously issued to the business, taxpayers will only be required to submit two other document sets for closure: the list of ending inventory of goods and supplies, including capital goods for VAT-registered taxpayers, and the unused invoices, supplementary documents, and other unutilized accounting forms, together with their inventory.

Under the new guidelines, penalties for non-filing of tax returns shall no longer accrue once the taxpayer submits the complete documentary requirements for the closure or cancellation of registration. To prevent the further accumulation of open cases, the taxpayer’s registered form types shall likewise be placed under “deregistered” status upon submission of the complete requirements. Filing an application for the closure or cancellation of registration, however, does not preclude the Bureau from conducting an audit to determine any outstanding tax liabilities.

In addition, micro taxpayers shall not be subject to mandatory audit for closure and/or cancellation of business registration. Hence, tax clearances will be issued within three (3) working days from submission of complete documentary requirements for those with no open cases or outstanding liabilities. For micro taxpayers with open cases, tax clearance will be issued within three (3) working days from the submission of the complete documentary requirements and the payment of outstanding liabilities, including penalties.

Commissioner Mendoza encouraged taxpayers who have already ceased operations to avail themselves of the streamlined process to avoid the continued accumulation of penalties and to properly update their registration records with the Bureau.

Read the full RMC here:https://bir-cdn.bir.gov.ph/BIR/pdf/RMC%20No.%2047-2026.pdf

Magtipid na gyud sa kuryente kay Red Alert na ang Luzon ug Visayas

EXPECT TIGHT POWER SUPPLY IN THE VISAYAS

The National Grid Corporation of the Philippines (NGCP) has placed the Visayas Grid under:

🔴 Red Alert — 4 p.m. to 9 p.m.
🟡 Yellow Alert — 3 p.m. to 4 p.m., 9 p.m. to 11 p.m.

Peak demand is expected to reach 2,541MW, higher than the available capacity of 2,413MW.

According to NGCP, several power plants remain on forced outage while others are operating at reduced capacity, leaving 866.7MW unavailable to the grid.

A Red Alert means power supply is insufficient to meet consumer demand and grid requirements, while a Yellow Alert indicates thin operating reserves.

Consumers are advised to conserve electricity, especially during peak hours. | via NGCP