Share Your Cooperative Ideas at Teachavenue.com

Image courtesy: Teachavenue.com

There are a lot of Cooperative practitioners out there that are stuck in the ECQ or GCF or the lockdown of their respective Cities. You have the full potential to share your hidden knowledge or you simply would love to share what you know but do not have the medium at the moment.

Here's my challenge:

Why not create an online course or an online cooperative course for your constituents?

I would like to introduce Teachavenue.com. 

Here's the few benefits they offer:

1. Create your own profile and build your reputation as a lecturer in teachavenue.com
2. Create your own course using a template provided 
3. Communicate to your online course student directly
4. Earn from your courses or simply offer it for free

Discover many more benefits from sharing what you already know and are an expert of. 

Register with Teachavenue here

Bureau of Customs Issued CAO 07-2020 under the “Bayanihan to Heal as One Act"

The Bureau of Customs (BOC) on Wednesday issued the guidelines for the implementation of tax and duty-exempt importations of personal protective equipment (PPEs) and other emergency medical supplies, under the “Bayanihan to Heal as One Act.”

BOC said Customs Administrative Order (CAO) 07-2020 will serve as the guidelines for  Section 4(o) of Republic Act No. 11469 which states that importation of equipment and supplies for COVID-19 response shall be exempt from impost duties, taxes, and other fees.

Importations Related to COVID-19 Declared Tax Exempt

IMPORTED GOODS, supplies and equipment, including test kits and protective equipment needed for containing the coronavirus disease 2019 (COVID-19) outbreak, as well as imported materials needed to manufacture these products have been declared exempt from all taxes, duties and fees, the Bureau of Customs said.

In Customs Administrative Order (CAO) 07-2020 released Wednesday, the BoC said such imports are exempt from value-added tax (VAT), excise tax and other fees.

The exemption was also outlined in Revenue Regulations (RR) No. 6-2020, which was also issued Wednesday.

BIR RR NO. 6-2020 March 30, 2020 Tax Exemption (RA) No. 11469 (Bayanihan to Heal as One Act)

REVENUE REGULATIONS NO. 6-2020 issued on March 30, 2020 implements the Tax Exemption provision of Republic Act (RA) No. 11469 (Bayanihan to Heal as One Act).

Under the said law, the President has been given the power to liberalize the grant of incentives for the manufacture or importation of critical or needed equipment or supplies, which include healthcare equipment and supplies: Provided, That importation of these equipment and supplies shall be exempt from import duties, taxes and other fees.Based on the said provision, the following declarations are made in the regulations:

a. The importation of critical or needed healthcare equipment or supplies intended to combat the COVID-19 public health emergency, including personal protective equipment; laboratory equipment and its reagents; medical equipment and devices; support and maintenance for laboratory and medical equipment, surgical equipment and supplies; medical supplies, tools, and consumables; common medicines; testing kits, and such other supplies or equipment as may be determined by the Department of Health and other relevant government agencies, shall be EXEMPT from Value Added Tax, Excise Tax and other fees;

Impacts of COVID-19 in the Philippines

Image from: heywood.org

 Impact on the Economy (Economic Impact)

The hit to global growth is imminent, with a global recession possibly on the horizon. The Philippines will not be exempted from it.

Average global gross domestic product (GDP)  forecasts are around 0.9 percent for 2020, with the latest forecasts from  S&P  and  Capital  Economics at  1.0 percent and -1.0  percent, respectively.1  Bloomberg likewise presented four (4) scenarios for global growth —

1. China shock in which global GDP growth is at  2.9  percent; 
2. more outbreaks  with  2.3 percent global  GDP  growth;  
3. widespread contagion  with  1.2 percent global GDP growth; and 
4. global pandemic with 0.1 percent global GDP growth. 

Scenario 2 also assumes that there will only be “mild” recessions in Japan and the Euro Area. Similarly, in a March 2 report, the Organisation for  Economic Co-operation and  Development  (OECD)   suggested a  worst-case scenario of 1.5 percent global GDP growth for 2020. Global growth is seen to be primarily dragged down by direct effects of reduced demand and heightened uncertainty. They likewise estimated world trade to be significantly weaker, with a decline of 3.75 percent

Risks remain tilted to the downside,  with  Capital  Economics seeing a longer downturn for the global economy due to the following factors: (a) direct virus-related disruption that lasts longer than expected; (b) risk of lengthier recession or even another financial crisis as companies turn insolvent while central banks have limited monetary space,  resulting in higher unemployment and a further downturn in consumer spending.

COVID 19 Changes in the Business in the Philippines

Coronavirus Disease (2019) COVID-19 now poses a more serious downside risk to the global economy.  The World  Health  Organization  (WHO) declared  the  COVID-19  outbreak  a  pandemic  on  March  11  to signify  its  severity  and  global  coverage  and  urged  countries  to  take  ‘urgent  and  aggressive  action.’  On  March 13, Europe was declared the new epicenter of the virus, as its confirmed cases and deaths surpassedthose  of  the  rest  of  the  world  (except  China).  New  cases  in  Europe  even  surpassed  those  of  China  at  its peak. As  of  March 19,  globally  confirmed  cases  reached218,823 and 8,810 deaths.  In  the  Philippines, there are now217 total confirmed cases, 17 deaths, and 8 recoveries.

As a result, several countries have taken a variety of measures from mass testing, travel/border restrictions, to lockdowns in a bid to contain the virus. Governments and central banks have likewise been adjusting the monetary  and  fiscal  policy  to  mitigate  the  economic  impact.  This  means  that  we  are  now  in  the  second  chapter of the crisis where the pandemic has translated into an economic crisis.  In a way, the second chapter is inevitable since part of the response to address the pandemic is to slow down economic activity. If we are  unsuccessful  in  navigating  through  this  pandemic-induced  economic  crisis,  then  we  enter  the  third  chapter: social and political crisis.

Here's a complete PDF copy of the NEDA's Plan.
Addressing the Social and Economic Impact of COVID-19 Pandemic.

VAT Exempt Transactions in the Philippines

Value Added Tax is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services.

Section 109 of the Tax Code enumerated the following transactions to be exempted from Value Added Tax:

1. Sale or importation of agricultural and marine food products in their original state, livestock and poultry of or king generally used as, or yielding or producing foods for human consumption; and breeding stock and genetic materials therefor. Products classified under this paragraph shall be considered in their original state even if they have undergone the simple processes of preparation or preservation for the market, such as freezing, drying, salting, broiling, roasting, smoking or stripping. Polished and/or husked rice, corn grits, raw cane sugar and molasses, ordinary salt and copra shall be considered in their original state; 
2. Sale or importation of fertilizers; seeds, seedlings and fingerlings; fish, prawn, livestock and poultry feeds, including ingredients, whether locally produced or imported, used in the manufacture of finished feeds (except specialty feeds for race horses, fighting cocks, aquarium fish, zoo animals and other animals generally considered as pets);

Inventory Management System Using Google Sheets

Learn how to create an inventory management system template in Google Sheets.

This video is presented by Learn Google Spreadsheets youtube channel. In this video a comprehensive creation of the Inventory System by spreadsheets.

Either your company or store is maintaining small or bulk inventories with frequencies of of purchases and sales and inventory movements with price variations. This inventory system can help in maintaining an inventory system.

There’s a little technicality on the spreadsheet functions but they are understandable and can easily be learned.

We are posting this to give our readers a very good overview on how an inventory should be created using google spreadsheets.