Security Bank Corporation (PSE:SECB) held its 2024 Business Forum in collaboration with SyCip Gorres Velayo (SGV) & Co. to assist clients in understanding the newest tax laws and rules, including the recent Ease of Paying Taxes (EOPT) Act, or Republic Act No. 11976, as well as learning about macroeconomic and foreign exchange trends. This seminar was the first of a series to inform and empower Security Bank stakeholders.
Hosted at the Security Bank Centre in Makati City, the seminar featured Atty. Jules R. Riego, SGV Tax Principal, explained the details of EOPT. “The purpose of the Ease of Paying Taxes Act is to protect and safeguard the taxpayers’ rights, to modernize tax administration, to enhance and promote convenience of tax compliance, and to be able to enact policies and procedures for different types of tax payments,” said Riego.
Signed into law on January 5, 2024, the EOPT Act introduced reforms to ease tax compliance with improved efficiency, reduced administrative hurdles, and simplified tax withholding rules. Major changes under the implementation of the EOPT Act, Riego noted, will be the classification of taxpayers based on gross income level, the ability to file and pay anywhere, and the issuance of a sales invoice in lieu of an Official Receipt (OR).
During the second half of the seminar, Security Bank’s Chief Economist, Robert Dan Roces, also delved into global and regional macroeconomic updates and foreign exchange trends to help attendees optimize financial strategies, hedge against currency risks, and make informed investment decisions. “Local economic outlook remains favorable, driven by robust demand across various sectors. While inflation poses a risk, there are indications it may ease enough to allow for a more accommodative monetary policy stance. A robust economy typically translates into a strong job market and positive consumer sentiment, providing a solid foundation for continued growth. Thus, actionable strategies in today’s rapidly evolving economic—and cautious—landscape should include embracing digital transformation, talent development, and market expansion to remain competitive and drive sustainable growth,” said Roces.
Security Bank regularly hosts events and forums to provide clients with valuable insights for their everyday business and investment decisions as an extension of its BetterBanking brand promise. “Our commitment at Security Bank extends beyond compliance and helping our clients make informed decisions. We strive to empower businesses with knowledge and curative solutions and products. Our thrust is to help our clients navigate the intricacies of the evolving economic landscape and headwinds. We stand by your side, providing clarity, guidance, and innovative financial services and solutions,” said Cirilo P. Noel, Interim Chairman, Security Bank.
Previous seminars have included guest speakers from the Bangko Sentral ng Pilipinas (BSP), the Department of Economic Research, independent research organizations, economic think tanks, and other industry organizations and leaders.