The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Order (RMO) No. 22-2026, prescribing the consolidated and revised policies, guidelines, and procedures for the BIR Audit Program. This follows the suspension of audit works in November 2025 after public outcry, private sector complaints, and Senate investigations into widespread systemic abuse of Letters of Authority (LOAs).

Among the salient provisions of the order is that the issuance of Electronic Letters of Authority (eLAs), Tax Verification Notices (TVNs), and Mission Orders (MOs) shall generally be governed by a system-assisted, risk-based taxpayer selection process. This process utilizes defined criteria, verifiable data, and risk indicators derived from filed tax returns, third-party information, and other relevant data available within BIR systems. Also, BIR cases shall be assigned through an anonymized process where the taxpayer's identity remains concealed during the selection and assignment stages until the audit case is finalized. (Read more)

GMA Network reported a net income of PHP110 million for the first half of 2026—a steep 94% drop compared to the same period in 2025. This translates to a thin 1.67% net profit margin, a stark departure from the company’s decade-long average of over 10% (see Figure 1). While the broadcast industry frequently faces macroeconomic and technological headwinds, Philippine TV networks have historically proven resilient. However, when the country’s leading network reports near-record-low profitability with risks of slipping into net losses, it signals a structural shift in a once-dominant pillar of Filipino entertainment. (Read more)