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Philippine electronics exports regaining strength

Philippine electronics exports regaining strength

MANILA: After finishing flat in 2016, Philippine electronics exports are seen regaining their strength this year. Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) president Dan Lachica said the group is maintaining its five to six percent growth forecast for electronics exports for 2017 despite a disappointing finish last year. “2016 was an off year,” Lachica said, referring ... Read More »

Philippines woos Qatari investors to SEZs


MANILA: Philippine Economic Zone Authority (PEZA) presented range of investment opportunities to prospective Qatari investors during a conference yesterday at The Ritz-Carlton Doha which marked the conclusion of its week-long Middle East Roadshow. The three-country roadshow held in preparation for the visit of President Rodrigo R Duterte which will likely be in April, took the Philippine delegation headed by PEZA ... Read More »

Cancellation of mining contracts based on law says Duterte


MANILA: Philippine President Rodrigo Duterte on Wednesday (15/02) supported his environment minister’s decision to cancel nearly a third of contracts for undeveloped mines, saying it was based on law. Duterte has backed Environment and Natural Resources Secretary Regina Lopez’s tough stance against miners she says have damaged the environment, warning shortly after taking office in June that the country can ... Read More »

Philippines’ minister extends mining crackdown, cancels 75 contracts


MANILA: The Philippines’ environment minister on Tuesday (14/02) ordered the cancellation of 75 mining contracts, stepping up a campaign to stop extraction of resources in sensitive areas after earlier shutting more than half of the country’s operating mines. The contracts are all in watershed zones, with many in the exploration stage. They cover projects not yet in production and the ... Read More »

Philippines Bureau of Internal Revenue expects P15b revenue from cigarette

Philippines Bureau of Internal Revenue expects P15b revenue from cigarette

MANILA: The Bureau of Internal Revenue (BIR) expects to generate up to P15billion revenue from cigarette tax stamps to meet its P1.82 trillion target for the current fiscal year. “We are estimating it at P10-P15 billion and, with proper enforcement, maybe we can increase the collection, especially when we have to meet the demands of the P1.8 trillion target,” BIR ... Read More »

Philippines Department of Trade targets $118m in trade deals at exhibition


MANILA: The Center for International Trade Expositions and Missions (Citem) said it is aiming to attract 770 exhibitors and total export sales of $118.61 million for this year’s edition of the International Food Exhibition (Ifex) in the Philippines. The Department of Trade and Industry (DTI) said the event plans to increase exports and grow market reach in the Asean region. ... Read More »

Mines ruling to cost gov’t P654m in taxes


MANILA: oregone local and national tax revenues from communities hosting mines ordered shuttered by the Department of Environment and Natural Resources were estimated to reach P653.6 million a year, Finance Secretary Carlos G. Dominguez III said. As for DENR Secretary Gina Lopez’s “solution” of generating ecotourism jobs to compensate for job losses due to mine closures, Dominguez said this might ... Read More »

BoC seizes P20m smuggled iPhones


MANILA: Bureau of Customs (BoC) agents uncovered Sunday misdeclared shipments of hundreds of iPhone worth R20 million at the Manila International Container Port (MICP). The shipment, according to Customs Commissioner Nicanor Faeldon, came from China and was bound for Fairview, Quezon City. But upon arrival at the MICP, BoC agents confirmed the alert they received a week ago about the ... Read More »

Philippine groups call for rise in tobacco tax


MANILA: Civil society groups in the Philippines called for significant increase in tobacco tax every year starting 2018 to discourage the Filipino youth from smoking. The HealthJustice Philippines, National Anti-Poverty Commission’s Youth and Student Sectoral Council, Philippine Cancer Society, Center for Empowerment and Development of the Elderly and Seniors (CEDES), National Anti-Poverty Commission’s Senior Citizen’s Sectoral Council, EcoWaste Coalition, ANG ... Read More »

Some mines need to be shut on eve of green audit results: Philippine minister


MANILA: “We’ll be really, really strict,” Environment and Natural Resources Secretary Regina Lopez told radio station DZMM. “There’s some really that have to be closed,” Lopez said, without identifying which mines she meant in the review to be published on Thursday. “That’s what I see, because it’s too much, it’s extreme” Lopez said on the destruction some mines have caused. ... Read More »

Philippines Customs seizes Indian onion worth $300,000 at Manila Port

Indian onions

MANILA: The Bureau of Customs (BOC) seized fresh (red) Indian onions worth millions of pesos in an operation in Manila. The red onions totaled around P15 million worth of imported fresh red Indian onions. Reportedly, the goods were contained in eleven 40-footer container-vans lodged for processing at the Manila International Container Port (MICP). In a statement from the BOC, eight ... Read More »

PSBank raises P3.4b notes


MANILA: Philippine Savings Bank successfully raised P3.375 billion through the issuance of 2022 notes. The lender listed the Series 1 Long Term Negotiable Certificates of Time Deposit at the Philippine Dealing and Exchange Corp. (PDEx) Monday. PSBank’s listing brought the total level of tradable corporate debt instruments to P646.91 billion, comprising 113 securities. The LTNCTDs have an interest rate of ... Read More »

Metal output sinks 8% in 2016


MANILA: MGB said metal mineral production dropped eight percent to P100.56 billion last year from 2015’s P109.84 billion, blaming “[p]oor base metal price, a string of mine suspension and… non-operation due to unfavorable weather conditions” for the sector’s “lackluster performance.” Increases in gold and silver production, the agency noted, were not able to make up for declines in output of ... Read More »

Cigarette excise tax take drops to P163b


MANILA: Excise tax collection from cigarettes and other tobacco products recorded a decrease in 2016 due to lower consumption, as well as illicit trade and tax evasion, the Bureau of Internal Revenue (BIR) said. During a Senate hearing on the proposed Comprehensive Tax Reform Program, BIR deputy commissioner Nestor Valeroso said initial data showed that excise tax collection in products ... Read More »

Philippines’ Duterte says police corrupt but extends drug war


MANILA: Philippine President Rodrigo Duterte on Monday admitted widespread corruption in the police force that is waging his deadly war on drugs, but extended the crackdown until the last day of his term in 2022. Duterte announced plans to “cleanse” the police force, including suspending anti-drug units, after a series of scandals in which officers were caught committing murder, extortion ... Read More »

4,000 Customs employees up for mass promotion


MANILA: The Bureau of Customs (BOC) is implementing a mass promotion of its roughly 4,000 employees for the first time in decades as Customs commissioner Nicanor Faeldon recognizes the work of the BOC staff. Promoting employees would also pave the way for entry-level vacancies that would allow BOC to hire new people in the bureau as part of its package ... Read More »

PH, Indonesia work out details of shipping line to boost trade


MANILA: The Philippine envoy in Indonesia met recently with members of an inter-agency task force on maritime connectivity to iron out details on the maiden voyage of a roll-on/roll-off (RoRo) ship that will strengthen trade between the two countries. Ambassador Maria Lumen Isleta and members of the Philippines and Indonesia inter-agency task force for the operalization of the Davao-General Santos ... Read More »

Philippines posts growth rates


MANILA: The Philippines has reported some of the fastest growth in the world according to figures published today, shaking off the Trump effect and fears that the radical views of president Rodrigo Duterte might hamper the economy. Some had thought the president’s anti-US rants and brutal crackdown on drugs combined with US president Donald Trump’s protectionist outlook could derail growth, ... Read More »

Philippine economy grows 6.8% in 2016


MANILA: Philippine economy grew at a pace of 6.6 percent in the fourth quarter of 2016, bringing the full-year growth of 6.8 percent, the government announced Thursday. Socioeconomic Planning Secretary Ernesto Pernia said that the 6.6-percent growth in the last quarter of 2016 is a testament that the country’s economy remains robust and grows at a steady rate. “Economic growth ... Read More »

Philippines ahead in ASEAN bank sector integration: Fitch


MANILA:  Member countries of the Association of Southeast Asian Nations (ASEAN) have made slow and uneven progress toward regional banking-sector integration,” the debt watcher said in a statement sent yesterday. The credit rater was referring to the planned ASEAN Banking Integration Framework (ABIF) that is programmed to be in place by 2020. The ABIF, first endorsed in December 2014, seeks ... Read More »