#Bureau of Internal Revenue (BIR)

[carlocarrasco]

Withholding tax on online sellers could address revenue leakages

With the 1% withholding tax on online sellers already in effect, there is potential that the said tax could address revenue leakages, according to a BusinessWorld news article. To put things in perspective, posted below is an excerpt from the BusinessWorld news article. Some parts in boldface… THE GOVERNMENT should ensure that it will be able to properly implement and monitor the collection of…

[onenettvchannel]

FLASH REPORT: Cebuano Kiddie Representative 'MakMak' loses Grand Finale battle of "The Voice Kids: PH" (Season 6) [#OneNETnewsEXCLUSIVE]

QUEZON, MANILA -- The journey of Cebuano kiddie representative 'Mark Anthony C. Punay', more popularly known as "MakMak" from 'Borbon, Cebu' ended in an emotional, nail-biting performance Sunday night (December 15, 2024 -- Manila local time) during last night's Grand Finale of The Voice Kids: Philippines (Season 6). Despite his heartfelt performances and a remarkable run in the competition, MakMak fell short of claiming his coveted title of Grand Champion in not-so-first place.

MakMak's journey started with a serious dramatic twist in the Blind Auditions last mid-September this year from Episode 1, when he was bluntly chosen first by SB19 team coach 'Stellbound' (Stellvester Quitales Ajero) before switching to SB19's Tropa ni Pablo, also known as 'John Pablo Bagnas Nase'. However, he ended up with 'Julesquad', a known talent especially in her voice actress work of the Filipino anime 'Barangay 143', of which she was the voice artist of 'Vicky', wherein she stole him for the singing competition.

The final face-off produced four (4) exceptional young contenders were named 'Wincess Jem Gaviola Yana' from Team Bilib (which is named 'Billy Ledesma Crawford'), Jan Hebron Bitancur Ecal from 'Team Stellbound', Nevin Adam Garceniego from SB19 team coach 'Tropa Ni Pablo', and MakMak of Borbon in 'Team Julesquad'. Each brought powerful renditions of their best songs that left the audience, viewers, and across the world, leaving on the edge of one's hottest seats.

The evening's final round was determined by the contestants' renditions of the iconic ones. Wincess shone with "Defying Gravity" by Idina Kim Menzel. MakMak poured his heart in "Himala" from Rivermaya. Hebron inspired with "Lipad ng Pangarap" by Sharon Gamboa Cuneta. And to top all that, Nevin closes last, with a stirring rendition of 'May Bukas Pa' by late-Rico de Jesus Puno. The night also included a group performance of Owl City and Carly Rae Jepsen's hit "Good Time", which kept the audience energized before the close of the nationwide voting and tallying it at exactly 8pm sharp.

The winner was given PHP1M (or approximately U$D17,300), a brand new house and lot from 'Vista Land', and a recording & management contract with 'Universal Music Group' (UMG) Philippines. Runner-ups received PHP100,000 each (or U$D1,706), subject to a 20% withholding tax of more than PHP10,000 (or U$D173) by the tax financial regulator 'Bureau of Internal Revenue' (BIR).

After much anticipation that night, the primetime king and announcer host of the show 'Dingdong Gonzalez Dantes' disclosed the official and final results that had been voted for by online votes nationwide. Nevin was proclaimed Grand Champion of this season and took home a prize amounting to PHP1M Philippine pesos. 'MakMak' and the other finalists didn't win the top prize, but got all its consolations prizes as runner-ups for their good performances.

MakMak was bittersweet, and even smashed up our Negrosanons, out of the lost Mabinay and Guihulngan kiddie contestants Elijah Jane Burdios and Jhon Lawrence Bulandres. Under a new mentorship of Julesquad, he showed immense growth and resilience in reaching the final stage of the competition. His rendition "Himala" captures many hearts to the studio audience, as he showed his vocal depth and storytelling prowess. But the night belonged to Nevin, whose steady shows throughout the season really resonated with the audience.

MakMak may not have reached the peak of ultimate triumph. Still, his true story, during "The Voice Kids: Philippines" is an inspiring one of perseverance and talent. How close he is to becoming a future superstar proved how he performed under the utmost care of 'Julesquad'.

Fans of the young singer from Cebu are keeping their fingers crossed that this is just a start for him. Despite not winning, his journey into "The Voice Kids: Philippines" is remarkable in showing one what he can do with dedication. He gave all and almost reached the finish line.

PHOTO COURTESY: TheVoiceOfPH via FB PHOTO BACKGROUND PROVIDED BY: Tegna

SOURCE: *https://www.youtube.com/watch?v=PV9Ie8YfEHw *https://www.youtube.com/watch?v=5huVnrnjQIE *https://www.youtube.com/watch?v=mqpgJ2ydhfI *https://www.youtube.com/watch?v=V_aAiB7rVsY *https://www.youtube.com/watch?v=8wFq3U2zeUU *https://www.facebook.com/100090634157873/posts/530072730023861 and *https://www.gmanetwork.com/entertainment/tv/the_voice_kids/22333/nevin-adam-garceniego-wins-the-voice-kids/photo/

-- OneNETnews Online Publication Team

[wenikhilkumar]

Forming a company in the Philippines

Forming a company in the Philippines involves several steps, with the most common entity being a Corporation. This requires at least two incorporators and directors, who may be foreign or Filipino, depending on the business activity and ownership limits. For certain industries, foreign ownership is restricted under the Foreign Investment Negative List.

The process begins with verifying and reserving the company name through the Securities and Exchange Commission (SEC). Afterward, the Articles of Incorporation and Bylaws must be prepared and submitted to the SEC, along with a minimum paid-up capital depending on the business type and ownership.

Once approved, the company must secure a Tax Identification Number (TIN) from the Bureau of Internal Revenue (BIR) and register with local government units for permits, such as the Mayor’s Permit. Additional registrations for VAT, social security, and employee welfare are also required.

Engaging legal and accounting professionals can ensure compliance and expedite the registration process.

[ykgglobal]

Top Tips for a Smooth Company Registration Process in the Philippines

Since 1981, YKG Global has been a trusted partner for entrepreneurs seeking efficient business solutions. The Philippines is a vibrant hub for business opportunities, but navigating the registration process can be challenging without proper guidance. Here are top tips to help you register a company in Philippines smoothly and efficiently.

1. Choose the Right Business Structure

Decide whether you want to establish a sole proprietorship, partnership, or corporation. For foreign investors, a domestic corporation is a popular choice when planning to register a company in Philippines.

2. Reserve Your Company Name

Secure a unique and compliant company name through the Securities and Exchange Commission (SEC) to avoid delays during registration.

3. Prepare Complete Documentation

Key documents include your articles of incorporation, by-laws, and proof of paid-up capital. Accurate and thorough preparation is critical for a smooth process.

4. Register with Relevant Authorities

File your company with the SEC, then register for a Taxpayer Identification Number (TIN) with the Bureau of Internal Revenue (BIR). Additionally, ensure compliance with local government units for necessary permits.

5. Open a Corporate Bank Account

Set up a local bank account for depositing the required minimum paid-up capital, a crucial step for completing your registration.

6. Stay Compliant

Post-registration compliance, such as monthly tax filings and annual report submissions, is mandatory for ongoing operations in the Philippines.

Why Choose YKG Global?

With over four decades of expertise, YKG Global simplifies the process to register a company in Philippines. From document preparation to post-registration compliance, our tailored services ensure your success.

Start your journey with confidence. Partner with YKG Global for hassle-free company registration in the Philippines today!

[liborodanadrian]

Week 9 - 10 (5th Company Interview)

Techno Blast Computer Trading

This business is situated at Rizal street and owned by Sir Jose, it was opened in 2013 this business operates to 8 hours in a day. At the moment, the company has 26 employees and one branch only. They include repair of personal computers and selling of new full sets of personal computer, spare parts of personal computers and other computer related accessories. The have business permits such as the Bureau of Internal Revenue (BIR). They supply the public which always require PC part or Pc repairs they have usual customers including dealers from the Cagayan de Oro (CDO). They are direct competitors to other stores that sell computer repair and computer parts within the same market area. One of the issues is added expenses are paid in case in building or repairing Pcs the wrong thing was done.

Ferma

Ferma Printing Station owned by Shienna Maramba is limed in Corrales Extension in front of Capitol University. Their main services are printing as well as photocopying, more so targeting students since they are close to a school. Corona Agencies Limited started in 2010 and is licensed and operates with all necessary permits.

Gadget Pro Repair Services

Gadget Pro is under Sir Argo and situated at Corrales Street near Nuda and opens from 8 to 10 hours in a day. Founded in 2022 but the former is a different division with a business partner for some reasons, they decided to go different ways and Sir Argo is the sole owner of Gadget Pro and has an additional branch in Uptown. Currently, they are using 4 employees and provide services in gadget repair, particularly targeting iOS gadgets. They all possess legal documents and legal procedures, and have the necessary certificates. Even though they do not serve any niche market, they have the ever green ‘suki’ clientele.

Borj Buko House

This business is owned by Boborgs, started eight years ago and is having a numbers of branches mostly situated in campuses such as MOGCHS and Kauswagan High school and Villa School. Selling their most requested buko juice for just 10 pesos per cup, they have their own special branding. They carry all legal papers that could be needed. Big competitors are nearby the Divisoria area where other vendors also sell buko juice. An important weakness is that their offices are located in new areas, rent costs a lot of money and customers are not numerous initially in the new outlets.

Always Coffe

Owned by Justin Schwartz and Metzti Amaya branch near in Xavier University, with 24 hour operation through 12 hour shift of the employee. Basically their main revenue stream is beverages and more so beverages that include coffee. They have many competitors in their area since majority of the pabayo st is composed of coffe/milktea shop. They also have the legal documents though as much as I would have loved to take a picture of it, I couldn’t. The owner also has a vision that the business will still expand, the problem that the business has faced is that the customer felt that, it bitter and not sweet enough.

[jessadaloro]

Week 7-8 of Interviewing Different Businesses

Me and my groupmates, Angel Jean Obsioma, Ian Gariel B. Ramas, and Francen P. Sellote, roam around the city to look for businesses that we can go to and ask the business owner or staff if we can ask a few questions regarding their business, so that we can gain knowledge and in-depth understanding about how business works, and we also asked permission if it is okay to take a picture.

Here is the list of the businesses we interviewed and the key information we gathered for week 7.

AdTech Computer Sales & Services

AdTech Computer Sales & Services is owned by Ms. Anne. They are selling computer parts and printers, and they also do computer and printer repairs. The business has two branches: the main branch located in Iligan City, which has been established for about 17 years, and the branch in Cagayan de Oro (CDO), which was established around 14 years ago. The CDO branch has shifted locations a few times, with its current physical store on Corrales Avenue open for the last two years. They operate from Monday to Saturday, from 9:00 A.M. to 6:00 P.M.

During our interview, Mr. Cuenca, who is the one in charge of the CDO branch, shared that AdTech sources its supplies mainly from Manila, with those suppliers importing directly from the United States or China. AdTech also has legal requirements for their documents, like the BIR registration, DTI certificate, and barangay permit. These documents ensure AdTech operates legally and maintains a trustworthy reputation in the community.

2. Zeemart Convenience Store

Zeemart Convenience Store, located in Nazareth, Cagayan de Oro City, is a newly established 24/7 business that opened in May of this year. Owned by Mr. Zoren Jacob Jardin, the store has legal documents, including a DTI registration, business permit, and barangay clearance, to ensure full compliance with legal requirements. Zeemart operates with two staff members who work day and night shifts. Ms. Patty, the one who we interviewed at the time, shared with us that they get their supplies from Palaña, keeping shelves stocked with their products.

3. PawsThru Pet Supplies

PawsThru Pet Supplies, located on FJCW+XC2, 6th St. in Cagayan de Oro City, has been providing pet essentials like cat food, dog food, and other pet necessities, established in 2012. Owned by Ms. Marianne Sistoso Carreon, the store operates with two staff members at the Nazareth branch and is open from Monday to Saturday, from 8:00 A.M. to 5:00 P.M. PawsThru has expanded significantly over the years and now has four branches, with its main branch located in SM Downtown Recto. Although each branch operates under a different name, they are all owned by Ms. Carreon.

To operate responsibly and legally, PawsThru has permits and licenses. These include a sanitary permit, a business permit, and a license to operate issued by the Bureau of Animal Industry, which certifies that they meet industry standards for pet products. They are also registered with the Bureau of Internal Revenue (BIR). Together, these documents reflect the store’s commitment to providing safe and reliable products for pet owners in the community.

4. Loretta's Empanada

Loretta’s Empanada, located at Pabayo, Gaerlan St. in Cagayan de Oro City, is known for its freshly baked empanadas and coffee. Owned by Ms. Dawn Dy, the business first started online in 2019, but the empanada recipe has been passed down through three generations, dating back to the 1960s. The empanadas are all handmade, keeping the tradition alive with each batch. The physical store is set up in the former maid’s quarters of Loretta’s old house, an area that’s been carefully expanded to have their store.

The shop has four staff members, including Ms. Dawn herself, who actively helps in making empanadas. Loretta's Empanada is open from Monday to Saturday, 9:00 A.M. to 6:00 P.M., and offers catering services in addition to in-store purchases and ordering in Grab. And to operate smoothly, it has documents, these are DTI registration, business permit, Bureau of Fire certification, and sanitary permit. Though the CDO has a pork ban, their meat supplier has a certificate, allowing them to legally sell pork, and that is why they can still use pork in their empanadas.

5. GadgetPro Repair Services

GadgetPro Repair Services, owned by Mr. Arjo E. Bayer, has been doing repair services for three years, with the current name and location, which is located at Goking Building, Corner Jr. Borja, Corrales Ave., Cagayan de Oro City, established just a year ago this coming November. The business have two branches, the main branch, which is in Corrales, and another located in Uptown. They have a total of seven staff members, with five working at the main branch and two at the Uptown location. They are open Monday to Friday from 9:00 A.M to 6:00 P.M. and on Saturday from 10:00 A.M. to 7:00 P.M.

GadgetPro focuses mainly on repairing Apple products, including iPads, MacBooks, and iPhones, but they also handle repairs for selected Android smartphones. Their expertise lies in level 3 repairs, which cover complex issues such as motherboard problems, low power, no signal, data recovery, and other intricate repairs. And to ensure compliance, GadgetPro holds various important documents, including a DTI registration, BIR registration, city hall permits, SSS documentation, and TESDA NCIII certification.

Here is the link for you to access my insights.

- J

[enterslices]

Partnership Business Formation in Philippines

Starting a partnership business in the Philippines involves several key steps. First, draft a partnership agreement detailing roles and profit-sharing. Verify and register your business name with the Securities and Exchange Commission (SEC), submitting necessary documents like the Articles of Partnership. Obtain Tax Identification Numbers (TINs) for the partnership and partners from the Bureau of Internal Revenue (BIR) and register for applicable taxes. Secure a business permit from the local government unit (LGU). Finally, ensure compliance with labor laws by registering employees with SSS, PhilHealth, and Pag-IBIG Fund.

[cyanissimo]

Entry 6:

Data Breaches in the Philippines: A Rising Concern

In the digital age, data breaches have become a significant concern worldwide, and the Philippines is no exception. Various sectors, including businesses, government agencies, and universities, have been affected. This blog post will delve into some notable incidents that have occurred in the country.

Sephora Data Breach (2019)

The beauty retailer Sephora experienced a critical data breach in 2019. Malicious users parsed data from customers’ previous purchases, acquiring encrypted passwords, contact information, email addresses, and even data logs regarding their purchasing behavior. This incident highlighted the vulnerability of e-commerce platforms and the need for robust cybersecurity measures.

Voter Registration System Breach (2016)

Often cited as the country’s worst data breach in digital history, the voter registration system cyberattacks in 2016 resulted in the theft of millions of fingerprint records. This incident not only compromised the personal information of millions of Filipinos but also raised serious questions about the security of government databases.

Data Breach in Philippine Businesses (2022)

In 2022, Philippine businesses experienced over 1 million data breaches, resulting in hundreds of millions of pesos in damage. These breaches exposed the sensitive information of countless individuals and businesses, underscoring the urgent need for improved data protection measures in the private sector.

Data Breach in Government Agencies (2023)

A massive data hack in 2023 exposed 817.54 gigabytes of both applicant and employee records under multiple state agencies, including the Philippine National Police (PNP), National Bureau of Investigation (NBI), Bureau of Internal Revenue (BIR), and Special Action Force. This breach underscored the vulnerability of government databases and the need for stringent cybersecurity measures.

Data breaches pose a significant threat to both individuals and organizations. As these incidents in the Philippines illustrate, no sector is immune. It is crucial for all entities, whether private businesses, government agencies, or universities, to prioritize data security and invest in robust cybersecurity measures. Only then can we hope to safeguard our digital assets and protect ourselves from the damaging effects of data breaches.

[justanother-fanficwriter]

NCIA Agent Part 2 Trese Fanfic.

I finally managed to find the bar. I pass by this place all the time but never went in. Yet, I never knew it was the place of my long lost cousin?

"need anything?"

The bartender asked.

"I need to talk to the owner of this bar."

I say to him in a serious manner, while showing him my fake BIR (Bureau of Internal Revenue) ID."

"Pero, she just paid her taxes!"

"we just need to talk!"

Suddenly Alexandra appeared.

"Hank! Let him up!"

Alexandra scolded Hank.

"Ay, sorry bossing..."

He apologized.

"Who are you to just approach a crime scene like that, then stop my job?"

"That information is confidential. We just need to inspect you."

I replied to her in a similarly serious stone.

"I'm an asset of the Manila Police! Tell me who you work for!"

She demanded.

"That information, is also confidential."

I replied before standing up and checking her stuff. They all seem to be legit.

"Have some privacy!"

I checked and almost knocked over a bottle of dragons blood.

"Hey!!!"

She complained.

"That's all for now!"

I say before walking out.

Her bodyguards blocked me.

"You think I'm scared?"

I say looking at them dead in the eyes.

They suddenly moved aside before I got into my car.

Later at night, I snuck into their window with the ladder in my Mitsubishi L300 disguised as a PLDT (a telecommunications company) van.

I managed to put a bug/microphone in her vent.

I managed to sneak out.

I drove off.

The following day. I was listening to their conversations.

"That man had the audacity to talk to me like that? Doesn't he know who I am?"

"Who are you anyway?"

Basilio said as a joke.

I suddenly heard him grunt. Probably because he got pinched or maybe flicked.

"I am an asset of the police in solving unexplained cases!"

I knew it was her! I found my cousin. But suddenly.

"That vent seems to be upside down!"

Crispin says out of the realisation.

"ugh! Kuya!! You're so stupid!"

My sister reacts.

"Sorry na!"

I angrily apologised.

The sliding door of the van suddenly opened.

"You're eavesdropping on us?"

I saw alex standing in front of the door.

"No"

I simply said before she suddenly handed me a box of pizza.

"it's obvious! You have a laptop and headphones! Why are you so obsessed with me!"

"I don't wanna say it again, but, It's confidential..."

I say before sliding the door closed. And starting the engine of my 2018 Hiac Electro Magnetic Pulse Van (E.M.P.V.).

I drove off and I got prepared for a Job the next day. That way, I can lure Alex.

[carlocarrasco]

More cancer, diabetes and mental illness medicines exempted by BIR from Value-Added Tax (VAT)

Some good news for those who need medicine but have limited financial resources. The Bureau of Internal Revenue (BIR) announced that several more medicines for cancer, diabetes and mental illness have officially been declared exempted from the Value-Added Tax (VAT), according to a GMA Network news report. To put things in perspective, posted below is an excerpt from the GMA news report. Some…

[untitledai]

DiviMart located at Lokal Molino, Molino Blvd. is temporarily closed due to tax violation.

Since the 13th of October, Divimarts from different parts of  Cavite are currently suspended due to tax violations.

Divimart is a retail industry business owned by entrepreneurs, Harry Uyand Vivian Ong Juanitas, that aims to bring products sold at Divisoria prices close to Filipinos. 

The Bureau of Internal Revenue (BIR) has ordered to temporarily close all Divimarts because of violating Section 115 of National Internal Revenue Code of 1997: (3) Understatement of taxable sales or receipts by thirty percent (30%) or more of his correct taxable sales or receipts for the taxable quarter.

As required by the BIR Commissioner, Divimarts' suspension will only be lifted when they settle their tax obligation as required by the BIR Commissioner.

Gilyanne C | October 19, 2023, Thursday

[wenikhilkumar]

Forming a company in the Philippines is governed by the Securities and Exchange Commission

Forming a company in the Philippines is governed by the Securities and Exchange Commission (SEC) for corporations and the Department of Trade and Industry (DTI) for sole proprietorships. Foreign investors usually opt for a Domestic Corporation or a Foreign-Owned Corporation, depending on the business structure and industry regulations. Foreign ownership is capped at 40% in most sectors unless the business qualifies under the Foreign Investments Act (FIA) or enjoys special incentives from PEZA or the Board of Investments (BOI).

Key steps include registering the business name with the SEC or DTI, drafting and notarizing the Articles of Incorporation, and obtaining a Certificate of Incorporation from the SEC. A Barangay Clearance and Mayor’s Permit are required to operate, along with a Tax Identification Number (TIN) from the Bureau of Internal Revenue (BIR). Companies must also register with the Philippine Health Insurance Corporation (PhilHealth) and the Social Security System (SSS) for employee benefits.

[tokyoconsultingfirms]

What are the requirements for incorporating a company in the Philippines?

Incorporating a company in the Philippines involves several steps and requirements. The process can vary depending on the type of business entity you want to establish (e.g., corporation, partnership, sole proprietorship) and the specific industry or sector you plan to operate in. Here are the general requirements and steps for incorporating a corporation in the Philippines:

Decide on your business structure:

Choose between a stock corporation or a non-stock corporation, depending on whether you plan to issue shares of stock to investors or not.

Reserve a business name:

Check the availability of your desired business name with the Securities and Exchange Commission (SEC) and reserve it. You can do this online through the SEC's website or in person.

Prepare the necessary documents:

Draft the Articles of Incorporation and Bylaws of the corporation. These documents should outline the company's purpose, capital structure, governance structure, and other essential details.

Prepare a Treasurer's Affidavit confirming the legality and sufficiency of the capital stock.

Appoint the initial directors and officers of the corporation.

Minimum capitalization:

Ensure that the minimum paid-up capital required for your business, if applicable, is satisfied. The required minimum capital varies depending on the type of industry or business activity.

Notarize documents:

Have the Articles of Incorporation, Bylaws, and Treasurer's Affidavit notarized by a notary public.

Submit documents to the SEC:

File the required documents with the SEC, including the Articles of Incorporation, Bylaws, Treasurer's Affidavit, and other necessary forms.

Pay the necessary filing fees and documentary stamp taxes.

Pay registration fees:

Pay the registration fees at the SEC.

Obtain a Tax Identification Number (TIN):

Apply for a TIN with the Bureau of Internal Revenue (BIR) for the corporation and its employees.

Register with the BIR:

Register the corporation with the BIR for tax purposes. This includes securing a Certificate of Registration (COR) and complying with tax-related requirements.

Register with other government agencies:

Depending on your industry, you may need to register with other government agencies, such as the Department of Trade and Industry (DTI), Food and Drug Administration (FDA), or the Bangko Sentral ng Pilipinas (BSP), among others.

Secure business permits:

Obtain local business permits and licenses from the city or municipality where your business is located.

Register with the Social Security System (SSS), Pag-IBIG Fund, and PhilHealth:

Register your employees and the corporation with these government agencies to ensure compliance with social security, housing, and health insurance requirements.

Open a corporate bank account:

Open a bank account in the corporation's name and deposit the required capital.

Post-registration requirements:

Fulfill annual reporting and compliance requirements, such as filing annual financial statements, conducting regular board meetings, and submitting required reports to government agencies.

It's essential to consult with a lawyer or a professional with expertise in Philippine corporate law to ensure that you meet all the legal requirements and obligations specific to your business. The steps and requirements can change over time, so it's important to stay updated with the latest regulations from relevant government agencies.

[ttagrain]

The Key Features for POS Software in Retail Business in the Philippines 2023-24

In the dynamic landscape of the retail industry, Point of Sale (POS) software plays a pivotal role in enhancing operational efficiency, customer satisfaction, and overall business success. As we step into 2023-24, the retail businesses in the Philippines are experiencing significant transformations, with technology at the forefront. To stay competitive and meet the evolving needs of both retailers and consumers, it's crucial to adopt POS software with advanced features tailored to the local market. In this blog, we will explore the key features that will be essential for POS software in the retail business in the Philippines in the coming year.

1. Localization for the Philippine Market

To cater to the unique demands of the Filipino market, it's imperative for POS software to offer localization features. This includes support for the Philippine peso (PHP), tax regulations, and compliance with local business practices. Retailers should look for software that provides customizable receipt formats to accommodate the specific requirements of the Philippines, such as BIR (Bureau of Internal Revenue) compliance.

2. Cloud-Based Solutions

The adoption of cloud-based POS software has been on the rise globally, and the Philippines is no exception. Cloud-based solutions offer real-time data accessibility, remote management, and scalability. Retailers can access sales data, inventory information, and customer data from anywhere, facilitating better decision-making and seamless business operations. This feature is especially beneficial for businesses with multiple locations.

3. Mobile POS Integration

Mobile POS integration allows retailers to serve customers more efficiently by enabling sales associates to complete transactions from anywhere in the store. In 2023-24, Filipino retailers should prioritize POS software that supports mobile devices like tablets and smartphones. This feature not only speeds up the checkout process but also enhances customer engagement on the sales floor.

4. Inventory Management

Effective inventory management is a critical aspect of retail business success. POS software should offer advanced inventory tracking capabilities, including real-time stock updates, automated reordering, and the ability to manage multiple suppliers. This helps retailers minimize stockouts, reduce excess inventory, and improve overall profitability.

5. Customer Relationship Management (CRM)

In the competitive retail landscape, building and maintaining strong customer relationships is essential. Modern POS software should include CRM features that enable retailers to collect and analyze customer data, such as purchase history and preferences. This data can be used to create targeted marketing campaigns and loyalty programs to enhance customer retention.

6. Multi-Store Management

For retail chains and businesses with multiple locations, multi-store management features are indispensable. This includes centralized control over inventory, pricing, and promotions across all stores. Additionally, it should allow for consolidated reporting and analytics to gain insights into overall business performance.

7. E-commerce Integration

In the era of omnichannel retailing, the integration of online and offline sales channels is crucial. Retailers should seek POS software that seamlessly integrates with e-commerce platforms. This integration enables a unified view of inventory, orders, and customer data, providing a consistent shopping experience for customers whether they shop in-store or online.

8. Payment Options

To cater to the diverse payment preferences of customers, POS system should support various payment methods, including credit cards, mobile wallets, and digital payment options specific to the Philippines, such as GCash and PayMaya. Furthermore, ensuring secure and PCI-compliant payment processing is paramount to protect customer data.

9. Analytics and Reporting

Data-driven decision-making is becoming increasingly important in the retail industry. Advanced analytics and reporting features in POS system provide retailers with valuable insights into sales trends, customer behavior, and inventory performance. Retailers can use these insights to optimize pricing, marketing strategies, and inventory management.

10. User-Friendly Interface

Ease of use is a fundamental aspect of any POS softwares. Retail employees should be able to quickly learn and navigate the system to provide efficient customer service. A user-friendly interface reduces training time, minimizes errors, and enhances overall productivity.

11. Security

As cyber threats continue to evolve, retail businesses need robust security features in their POS software. This includes data encryption, user authentication, and regular software updates to patch vulnerabilities. Ensuring the security of customer and financial data is non-negotiable.

12. Customer Support and Training

Excellent customer support and training options are essential for retailers adopting new POS software. Look for software providers that offer comprehensive training resources and 24/7 customer support to address any issues promptly.

13. Scalability

Retail businesses should invest in POS software that can grow with them. Scalability is crucial for accommodating expansion, whether opening new stores or diversifying into different retail sectors.

14. Compliance with Regulatory Changes

The retail industry in the Philippines is subject to regulatory changes and updates. Ensure that the chosen POS software provider commits to keeping the system compliant with new regulations and industry standards.

15. Customization and Integration

Lastly, POS software should be customizable to meet the unique needs of your retail business. It should also have the capability to integrate with third-party applications, such as accounting software or marketing tools, to streamline operations.

In conclusion, as the retail landscape in the Philippines evolves in 2023-24, it's imperative for businesses to adopt POS software that offers a comprehensive set of features to stay competitive and meet customer expectations. Choosing the right POS software in Philippines with localization, cloud capabilities, mobile integration, and robust inventory and CRM features can set your retail business on a path to success in the coming years. Investing in technology that supports growth, efficiency, and customer satisfaction will undoubtedly pay off in the highly competitive retail market of the Philippines.

[jessadaloro]

Week 3-4 of Interviewing Different Businesses

Me and my groupmates, Angel Jean Obsioma, Ian Gariel B. Ramas, and Francen P. Sellote, roam around the city to look for businesses that we can go to and ask the business owner or staff if we can ask a few questions regarding their business, so that we can gain knowledge and in-depth understanding about how business works, and we also asked permission if it is okay to take a picture.

Here is the list of the businesses we interviewed and the key information we gathered for week 3-4.

1. Greens and Sweets

Greens and Sweets was established in the year 2021 when she was still a student, but the physical store was built around May in the year 2023, which is their main branch that is owned by Ms. Regina Jandoc. This business offers healthy foods, like salad, sandwiches, and rolls, and also cookies, which are sweet foods; that is why it is called Greens and Sweets. They also do catering and joined some food bazaars. Their other branch is located at Barra, which just opened recently, in July 2024. Their overall number of staff for both branches is 5.

During the process of starting her business, she initially began selling online, specifically through Instagram. She registered with the Department of Trade and Industry (DTI), as she informed us that it is acceptable to register a business with the DTI even if it only operates online without a physical store. She added that she opted for nationwide registration, as she was hoping and dreaming for her business to expand nationally. She also secured her business permit, registered with the Bureau of Internal Revenue (BIR), and obtained official receipts (OR), and they have a bookkeeper to handle these matters. And she mentioned that having a business location is crucial since it’s required to obtain a business permit.

2. Cuadro Ocho Incorporated

Cuadro Ocho Incorporated was established on August 8, 1988, specializing in retailing and wholesale hardware and construction materials. This business is a corporation that is owned by a group of friends who are business-minded. They started first in Iligan, selling lumber, then eventually expanded into hardware and construction materials. Today, Cuadro Ocho Inc. boasts 11 branches, with the main branch located in Cebu. They have 10 staff only for the Max Y. Suniel Street, Corner Ipil Street branch alone and 300 staff for the entire branches.

The process that they go through to establish the business is to first get proper documents. Since this business is a corporation, they are required to have it SEC registered. Next is the BIR registered so that their business can legally issue official receipts (OR), file taxes, and even avail of tax credits or deductions. Another document is General Information Sheet (GIS), so as a SEC registered corporation, they are required to file GIS to maintain transparency and ensure compliance with the legal regulations. And lastly are the Articles of Incorporation, whose purpose is to outline basic details of the corporation, like its name and purpose, and are filed with the government, and the Bylaws are the set of internal rules as to how the corporation runs, like their meetings and decision-making.

The manager also shared with us that when deciding where to put the physical store, like any other business, they need to think and consider the foot traffic, as it helps assess if how many people will pass by that location or area. Also, think of the parking area, especially that their business can somehow involve the use of a car or a truck for their supplies, and the same goes to their customers.

3. FMN Agricultural Supply Inc.

FMN Agricultural Supply Inc. is a feeds, fertilizers, and pesticides seller. This business is a corporation, so they are SEC registered, and their president is Ms. Nunez F. Concepcion. The brfanch that is in FJJP+6HP, V. Neri St., Cagayan de Oro City, was established on May 18, 2006, and has 5 staff. They have a total of 11 branches, and the main branch is in the Osmeña Extension, Cagayan de Oro City, which is their main supplier as this branch will only distribute their supplies to the other branches. And their warehouse is located in Baloy.

For their business to operate, the supervisor that we interviewed, who is Mrs. Guanita H. Tato, said that they have to register it as a SEC, also to DTI, and business permit. She also added that since they are selling fertilizers and pesticides, they need to have an FPA (Fertilizer and Pesticide Authority) license, as it is to assure that their products meet safety and quality standards set by the government. This license is also to ensure that the fertilizers and pesticides that they are selling are properly registered, tested, and approved to protect the environment and the health of farmers and consumers.

Additionally, they need to obtain a Fire Safety Inspection certificate and a Sanitary permit. They are also required to attend some seminars, like those conducted by the Red Cross and BOSH (Basic Occupational Safety and Health). She also informed us that their documents need to be renewed annually, but as for the FPA, it is every 3 years.

4. Color Mix Paint Center

Color Mix Paint Center is a paint business that is owned by Mrs. Teresita Cabutad and was established in 2012. Her business is DTI-registered since it is a sole proprietorship. The paint center is located at Castro Street, Cagayan de Oro City, where she and her other staff operate. Their operating hours are from 8:00 AM to 5:00 PM, Monday through Saturday. Mrs. Cabutad also mentioned that her supplies come all the way from Manila.

In terms of compliance, she emphasized that her business is not only DTI-registered but also has the necessary permits to operate. This includes registration with the Bureau of Internal Revenue (BIR), securing a barangay clearance, and maintaining a Sanitary Permit to ensure they meet health and safety standards. These requirements are to ensure that her business operates and adheres to the regulations.

5. Jay-Q Grains Rice Trading

Jay-Q Grains Rice Trading is a rice business owned by Mr. Garciano Baldelamar. It is located at Castro St., Cagayan de Oro City, and has 2 staff. Their operating hours are from 8:00 AM to 4:30 PM every day. Their supplier of rice is from Cotabato, and they also have imported. 

As for their compliance to operate the business, they are DTI and BIR registered. They also have barangay clearance, Sanitary permit, and Business Permit Certificate. And the all around staff that we interviewed, who is Ms. Analya Tagaro, also showed us the official receipt from the Philippine Red Cross, which is where a staff member was a participant for training in Occupational First Aid and Adult Basic Life Support with CPR, which is intended for non-medical personnel. She also mentioned that they also have to renew their documents every year.

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