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Diamonds and drones: Pakistan tax unit scans social media for evasion

Business World Philippines

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September 25, 2025

Diamonds, drones, DJs, and databases

Diamond sets and a drone light show at a near-million-dollar wedding have become evidence for Pakistan’s tax authorities under a new “Lifestyle Monitoring Cell” tasked with scanning social media for lavish spenders, officials said.

A team of 40 investigators from the country’s Federal Board of Revenue (FBR) has started scouring Instagram, TikTok and YouTube posts this week, to match influencers, celebrities, realtors and businesspeople with disproportionate filings.

“It’s open-source — their Instagram accounts are a public declaration,” one senior FBR official said, adding tax evasion cases can be opened up ina matter of hours. The FBR did not respond toa Reuters request for comment.

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Business World Philippines

Business World Philippines

Peso breaches P58 amid flood probe, Fed signals

THE PHILIPPINE PESO slumped past the P58-a-dollar mark on Thursday as a widening corruption scandal over state flood control projects weighed on sentiment and hawkish signals from the US Federal Reserve supported the greenback.

time to read

1 mins

September 26, 2025

Business World Philippines

BSP’s P500,000 cash withdrawal limit ‘not foolproof’ — analysts

THE BANGKO SENTRAL ng Pilipinas' (BSP) new P500,000 cap on daily cash withdrawal may make money laundering more difficult but unlikely to completely deter it, analysts said.

time to read

4 mins

September 26, 2025

Business World Philippines

Business World Philippines

Redeeming the Philippines

The Trillion Peso March last Sunday was no street carnival, no fleeting tantrum. It was a thunderclap, a warning shot across the bow of a ship of state drifting into dangerous waters. It was the people proclaiming, with unmistakable clarity: the Republic does not belong to politicians, contractors, and their accomplices. It belongs to its citizens — the millions who work, pay taxes, and cling still to the promise of democracy.

time to read

4 mins

September 26, 2025

Business World Philippines

Green equity tag requires over 50% green revenues, investments

THE SECURITIES and Exchange Commission (SEC) has released the country’s first green equity guidelines, requiring companies to derive over half of their revenues from environmentally sustainable activities and allocate most of their investments toward such initiatives to qualify for the label.

time to read

1 mins

September 26, 2025

Business World Philippines

Beyond collection:

Reforming tax systems for inclusive growth in ASEAN+3

time to read

3 mins

September 26, 2025

Business World Philippines

BSP says no bank runs as AMLC freezes 700 assets linked to flood scam

THE BANGKO SENTRAL NG PILIPI-NAS (BSP) said there has been no sign of bank runs despite the freezing of more than 700 accounts and assets linked to the multibillion-peso fraud in government flood control projects.

time to read

1 mins

September 26, 2025

Business World Philippines

Infrastructure spending slumps in July amid flood control mess

STATE INFRASTRUCTURE spending declined by 25% in July, amid sluggish disbursements by the Department of Public Works and Highways (DPWH), the Budget department said.

time to read

3 mins

September 26, 2025

Business World Philippines

Digital transparency for a cleaner Philippine budget

Corruption in public spending isn’t an abstraction for Filipinos; we see it every time a “completed” project turns out to be a patch of mud or a slab that cracks after the first rain.

time to read

4 mins

September 26, 2025

Business World Philippines

BSP open to October cut if growth slows

THE BANGKO SENTRAL ng Pilipinas (BSP) could lower borrowing costs as early as October if the economy shows signs of losing momentum, BSP Governor Eli M. Remolona, Jr. said, suggesting that policymakers are not ruling out further easing even after cutting rates for three straight meetings.

time to read

2 mins

September 26, 2025

Business World Philippines

NG to borrow P437B locally in Q4

THE NATIONAL GOVERNMENT (NG) is looking to borrow P437 billion from the domestic market in the fourth quarter, the Bureau of the Treasury (BTr) said on Thursday.

time to read

3 mins

September 26, 2025

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