TITLE: CREATE exempts COVID vaccine from VAT

MANILA BULETIN
URL : https://mb.com.ph/2020/12/11/create-exempts-covid-vaccine-from-vat/
DATE: December 11, 2020, 7:00 AM

SUMMARY
The Trade and Industry Secretary Ramon M. Lopez, imports of essential drugs, including vaccines, 
Are exempted from value added tax under the Corporate Recovery and Tax Incentives for Enterprises
(CREATE) Act from January 1, 2021 onwards. 
At the virtual forum on Health and the Economic Outlook for 2020, 
Lopez said the exemption was in view of the current health crisis. 
"The VAT-exempt transaction coverage under Establish has been extended to include cancer drugs
 And medicines, Furthermore under Establish, for 4 to 7 years, export companies and domestic enterprises 
Engaged in activities listed as essential industries can enjoy an Income Tax Holiday. 
In both national and local taxes for 10 years, there will also 
Be a 5 percent Special Corporate Income Tax Rate (SCIT) based on Gross Income Received. 
He said the Investment Board would draw up a Strategic Investment 
Priorities Plan (SIPP) to identify the coverage of sectoral levels and sectors.
In addition to Develop, the signing of the RCEP would give trade and investment opportunities for the
 Philippine manufacturing sector to the ASEAN Member States, Australia, New Zealand, Japan, Korea and
 China. In particular, he said that the Philippines will benefit from the RCEP in four main areas: lower prices, 
comfort, productivity and complementation.The RCEP is expected to increase the movement with regard to che
aper prices, Of products in the entire country. Our MSMEs, with regard to convenience,
With regard to competitiveness, Lopez noted that the RCEP offers a more secure 
and predictable market climate, which is expected to draw more investment in the Philippines. 
RCEP supports the production and involvement with regard to complementation, In chains 
With global value. For example, many of the country's local products would benefit from substantial tariff 
concessions to China, Japan and Korea in terms of improved market access for goods. 

REACTION

My reaction to the news it was a good news particularly for the people who 
Are affected by COVID 19 virus who are not financially stable to buy a vaccine to cure this disease. 
And as we all know that drugs and medicines are very costly, particularly if a tax is applied. 
It was a great job for the government to implement a VAT exemption for COVID 19 vaccines 
And to distribute it free of charge to those who really need this vaccine if  possible.

3 WORDS
1. Vaccines - a substance used to stimulate the production of antibodies and provide immunity against
one or several diseases, prepared from the causative agent of a disease, its products, or a synthetic
substitute, treated to act as an antigen without inducing the disease.
2. Tax Rate:  is the percentage at which an individual or corporation is taxed. The United States (both
the federal government and many of the states) uses a progressive tax rate system, in which the
percentage of tax charged increases as the amount of the person's or entity's taxable income
increases.
3. Strategic Investment Priority Plan (SIPP),- which essentially spells out the business activities
eligible for tax perks under the second tax package, or the Tax Reform for Attracting Better and High-
quality Opportunities (Trabaho) bill
TITLE: Banks prepare for further COVID-19 fallout

INQUIRER.NET
URL : https://business.inquirer.net/313648/banks-prepare-for-further-covid-19-fallout
DATE: 05:12 AM December 11, 2020

SUMMARY
The Philippine banking industry will have to plan for lower sales, narrower margins and
 Higher credit costs from this prolonged COVID19 pandemic, said veteran banker Eugene Acevedo. 
The change in consumer behavior during the pandemic, as locked-down consumers learned to rely on 
their cell phones for banking transactions, was phenomenal and exciting, said Acevedo, president of Ri
zal Commercial Banking Corp. (RCBC). His goal is for the 
RCBC toBut I have to be mindful that the future remains unclear,' he said at Thursday's 
conference of the Yuchengco Group of Companies. 
Acevedo, for instance, said that the recent interest rate limit on credit card loans was already a big obs
tacle acknowledged by bankers.
Market lending, which provides banks with high margins, is seen to rise slowly.
He added that to rebound to pre-COVID-19 levels, a 
range of corporate and business sectors would take longer. RCBC will distinguish itself by offering the b
est customer service and reengineering conventional goods to solve certain challenges, removing unne
cessary steps. For uncomplicated goods, this means optimizing the mobile channel.
Now, he noted, one can do private investing and Deposit checks from other banks using just the
 mobile app. A check scanning service for corporate clients has also been rolled out by the bank. Cost-
cutting steps are often seen to be unavoidable, such as rationalizing service branches and ATM
 networks. 

REACTION
My response to this news is that we are already in a new world order where in technology is present. This is also
already introduced the cashless transactions. We can conveniently use mobile cash for payment using mobile
 application that will help us prevent the spread of the Covid 19 virus. The downside to a cashless transaction is 
we are not sure if the data and information given are highly secured,  But this sort of payment 
system has been very beneficial to us.

3 WORDS
1. Revenue is the total amount of income generated by the sale of goods or services related to the
company's primary operations. Revenue, also known as gross sales, is often referred to as the "top
line" because it sits at the top of the income statement. Income, or net income, is a company's total
earnings or profit.
2. Automated teller machines an electronic banking outlet that allows customers to complete basic
transactions without the aid of a branch representative or teller.
3. Digital Banking, - is the digitization (or moving online) of all the traditional banking activities and
programs services that were historically were only available to customers when physically inside of
a bank branch. This includes activities like. Money Deposits, Withdrawals, and Transfers
Title: Priest Who, As Architect, Designed Iconic PH Churches Dies
INQUIRER.NET
URL : https://newsinfo.inquirer.net/1304607/priest-who-as-architect-designed-iconic-ph-
churches-dies
DATE: 05:12 AM December 11, 2020

SUMMARY

An architectural priest Fr. Alex Bautistahere who built many iconic churches died of a muscle
 Weakening disease on Thursday. He was diagnosed with Myasthenia gravis, a neuromuscular disorder that
Contributes to muscle weakness, and died at 2 a.m. 
At the Cardinal Santos Hospital in San Juan City while undergoing treatment. 
He's been 50.Bautista was a native of Tondo in Manila, but worked as a parish priest in Gerona,
 Tarlac province. For the visit of Pope Francis in 2015, Bautista designed the altar at the Quirino Grandstand. For 
the same case, he also designed the papal chair. He also designed the San Josemaria Escriva Shrine in Gerona to
wn, which included a "drive through with a glass window for visits to the Blessed Sacrament at the back of the 
main Tabernacle. The priest, who would have turned 51 in August, also suffered.
He also helped design and rebuild other churches, such as the Basilica of Our Lady of Piat in Cagayan, the interio
r of the Basilica of Our Lady of Penafrancia 
Minor in Naga City, the Sacristy of Our Lady of Manaoag, the interior of the Cathedral of San Sebastian in this cit
y, and a number of churches in Batangas. 
Bautista also served as the Executive Secretary of the Cultural Heritage Commission 
of the Philippine Catholic Bishops' Conference, and later became an architectural consultant there
He is the chair of the chair as well,
According to his friend, Fr., he had tested negative for the coronavirus disease. 
Melvin Castro, a parish priest of Mater Dolorosa.But Castro said that by Friday,

REACTION
My reaction to the news here. For the architects, it was also a very encouraging news for the aspiring
architects because Father Alex bautista was a servant of God and architect at the same time he was
very committed to the people and contributed greatly to the history. I’m looking forward to the future
For the architects to designed a place of worship

3 WORDS
1. Architectural- relating to the art or practice of designing and constructing buildings.
2. Myasthenia gravis is a chronic autoimmune, neuromuscular disease that causes weakness in the
skeletal muscles that worsens after periods of activity and improves after periods of rest. These
muscles are responsible for functions involving breathing and moving parts of the body, including the
arms and legs.
3. Church, - a building for public and especially Christian worship
Title: New design for NAIA 1 takes inspiration from Banaue rice terraces

ABS CBN NEWS

URL:https://news.abs-cbn.com/business/12/15/20/look-new-design-for-naia-1-takes-
inspiration-from-banaue-rice-terraces?
fbclid=IwAR3y7DetdLatwttIJ_6FGLCYhAPNimDaUfH6zQtcTmP4weTt8k3rjejDouU
DATE: Dec 15 2020

SUMMARY
The consortium that won the Ninoy Aquino International Airport rehabilitation bid 
Has unveiled its proposed design for Terminal 1, inspired by the Banaue Rice Terraces. "Megawide-GMR said th
ey want NAIA to leave "a positive, unforgettable experience that people can match with their stay," which is wh
y they have chosen a landmark of national heritage that many refer to as the "8th World Wonder. 
"Louie Ferrer, Megawide Executive Director for Infrastructure Development, he said that we are not 
Just rehabilitating an airport, we are creating a new symbol for the country.
"A number of proposals were presented, the Filipino-Indian consortium said but when we saw the design 
For the Banaue Rice Terraces, we knew it was the best fit for the new NAIA. Ferrer said we want the reputation 
of NAIA to change from The Worst Airport' to An Airport Wonder’. “Mega wide GMR said that the central
 Landscape, called the "Hagdan" ("Steps"), features a sunken garden reminiscent of terraces. 
These terraces are continued in the upper floors of the new parking and commercial building in front of the exis
ting terminal designed by National Artist Leandro Locsin, the consortium added.
The new feature was designed by the Hong Kong Integrated Design Associates (IDA), the same architectural firm 
that designed the Mactan Cebu International Airport (MCIA) Terminal 2 and the new Clark International Airport 
Passenger Terminal Building. MCIA, in particular Terminal 2, recently beat 
Singapore's Changi Airport at the World Architecture Festival. The consortium proposes that
 NAIA's current capacity be increased from 30 million to 65 million annual passengers.

REACTION
My reaction to the news. It is a great news for the architects and designers for their proposed
project. To create an iconic NAIA airport trademark and a new symbol for the nation as well. I would like to than
k the architects or the designer for their intention to turn the worst airport before
into an environmentally friendly new airport wonder. In order to become a better world, we must
give importance to the architects' profession.

3 WORDS
1. Consortium- association of two or more individuals, companies, organizations or governments
with the objective of participating in a common activity or pooling their resources for achieving a
common goal.
2. Ninoy Aquino International Airport- also known as Manila International Airport or simply
Manila Airport, is one of the two international airports serving the Metro Manila Area and the
main international gateway to the Philippines.
3. Banaue Rice Terraces - The Banaue Rice Terraces are terraces that were carved into the
mountains of Banaue, Ifugao, in the Philippines, by the ancestors of the indigenous people. The
terraces are occasionally called the "Eighth Wonder of the World". It is commonly thought that
the terraces were built with minimal equipment, largely by hand.