To get the best prices, the Social Security System and Government Service Insurance System should submit to a Swiss challenge all unsolicited offers to purchase their marketable securities, the Trade Union Congress of the Philippines said in a press release.

“A Swiss challenge will allow the discovery of other potential investors who may be willing to acquire at higher prices the securities held by SSS or GSIS,” said TUCP president and former Sen. Ernesto Herrera said.

In a Swiss challenge, upon receiving an unsolicited bid, SSS and GSIS would publish the offer and openly invite third parties to match or exceed the original tender, the press release said.

Entrepreneurs, taxpayers told
to pay dues or face penalties

Tax payers are being reminded to renew their business permits and pay their taxes before the February 29, 2012 deadline to avoid being imposed penalties of 25 percent, by acting Bacolod City Permits and Licensing Division head Vicente Petierre III.

Pettiere said those who pay their taxes in full will be entitled to 10 percent discount if they pay on time.

Petierre said they have extended the one-stop-shop from February 15 to 29 as directed by Mayor Evelio Leonardia due to requests from taxpayers and businessmen.

Bacolod BIR exceeds
collection by 17.93%

The Bureau of Internal Revenue, Revenue Region 12, Bacolod City exceeded its tax collection goal by P4,300,509.90 last month, up by 17.93 percent from the P420,352,309.29 collection of the same month last year.

Revenue Director Perfecto Aranas said they collected P495,725,509.90 last month, which is 0.88 percent higher than their goal.

He said they need to double their efforts in collecting taxes as the national goal collection for 2012 has been increased to P1.066 trillion, and the goal for RR12 has also been raised to P6,147,388,000 billion.