In the business environment post-global economic and financial crisis, new risks beset companies. And with the constant demands on the way business is conducted, many companies struggle to cope with the pace of their customers and competitors, particularly those who ascribe to a “one size fits all” or “all-in-one” mentality.

As the year comes to a close, we are hopeful that the Philippines will fare better in terms of world competitiveness in 2011.

Over time, the meaning of the word, “steward,” has evolved to encompass several characteristics given a particular situation. Whatever the situation may be, the one, true basic characteristic that defines a steward is responsibility with focus on “others,” and being role models for future generations. In essence, stewards are caretakers.

Under the current import valuation (Transaction Value System) rule enshrined under Republic Act (RA) Nos. 8181 and 9135, royalty payments made by importers to their foreign suppliers may not only be subject to final withholding tax and value-added tax (VAT), but they may also be subject to customs duties. This is due to the Transaction Value (TV) system, which became effective on Jan. 1, 2000. Various customs issues have then arisen, particularly on how to properly value imported goods for duty purposes.

Entrepreneurs are often seen as today’s economic heroes.

Given the challenges facing the oil and gas industry today, there is greater need for effective risk management and controls. After the recent global financial crisis and the Gulf of Mexico oil spill, financial challenges, regulatory pressure and long-term risks pose significant threats. Recent local events have also drawn public scrutiny.

Telecommunications is one of the few industries that was able to create and protect shareholder value during the recent economic crisis. However, the shift of the global economy from defense to growth brings new challenges to the industry.