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Philippines Supreme Court junks BOC bid to collect P1 B from Shell

Pilipinas-Shell-logo

MANILA: The Supreme Court (SC) has rejected with finality the bid of the Bureau of Customs (BOC) to collect almost P1 billion in import taxes from oil giant Pilipinas Shell Corp. In an eight-page resolution released yesterday, the high court denied the BOC’s motion for reconsideration and instead affirmed its December 2016 decision that barred the agency from imposing tax ... Read More »

Philippines put no blanket ban on Brazilian meat imports

MEATSTOLEN

MANILA: The Philippines is not contemplating a blanket ban on meat importations from Brazil despite the salmonella outbreak in that country, because it has identified the single supplier that was the source of the tainted meat, the Agriculture department said. “We have discussed this and the salmonella tainted meat actually came from just one supplier so we will ban that ... Read More »

A $500 million Philippine tax deal may be hard to resist

Dollars

MANILA: A $500 million tax settlement offer by a tobacco maker may be difficult for the Philippine government to refuse as it struggles to raise funds. Caesar Dulay, head of the tax agency responsible for 80% of revenue, said he is keen on accepting a 25 billion-peso (16.7 billion baht) compromise offer from Mighty Corp. to settle three complaints for ... Read More »

Philippines sets $451.08/tonne price ceiling for rice imports

A worker carries a sack of rice at the National Food Authority warehouse in Quezon City, suburban Manila on July 27, 2010.  The Philippines, once the world's largest rice importer, is now overstocked with the grain and will sharply cut its importation, a senior government rice official said. Lito Banayo, recently-appointed head of the government's National Food Authority (NFA), said there had been excess importation of the grain and hinted that corruption may be involved. AFP PHOTO/NOEL CELIS

MANILA: The Philippines’ state grains agency said on Thursday it set a price ceiling of $451.08 a tonne for the 250,000 tonnes of rice it was seeking from international suppliers, and identified 11 prospective bidders from Vietnam, Thailand and Singapore. The Philippines, one of the world’s biggest rice importers, usually buys from major sellers Vietnam and Thailand, where export prices ... Read More »

Philippines posts record trade deficit in May; imports surge

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MANILA: The Philippines posted its biggest trade deficit since data became available, fuelled by a rapidly expanding economy. The currency slumped to its weakest level since 2006. The trade gap widened to $2.8 billion (96 billion baht) in May, the Philippine Statistics Authority said in a statement Tuesday. That’s the highest since at least January 1980. The median estimate in ... Read More »

Philippines complains again to WTO over Thai cigarette trade

Philippines vs Thailand

MANILA: The Philippines has made a new complaint to the World Trade Organization in a nine-year-old dispute over Thailand’s treatment of cigarette imports, alleging Thailand was failing to comply with a 2011 judgment against it, the WTO said on Friday. The Philippines originally went to the WTO in 2008 to complain that Thailand was illegally discriminating against imports to protect ... Read More »

Philippines’ organic rice exports to US, UAE rise

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MANILA: The Philippines has sent another 13.5 million metric tons of organic rice to the United States and the United Arab Emirates. The bulk of the exports or 10 million metric tons supplied by the Don Bosco Multipurpose Cooperative went to Dubai, while 3.5 million was taken in by the United States. The cooperative has been exporting to the United ... Read More »

Philippines’ president wants to see govt spending up by 12.4%

HOUSING MARKET UPBEAT

MANILA: Philippine President Rodrigo Duterte plans to hike state spending 12.4 percent next year to a record 3.77 trillion pesos ($74.6 billion), his spokesman said on Tuesday, in line with his aim to spend heavily on infrastructure to keep growth robust. Duterte, who has been in office one year, has vowed to usher in the “golden age of infrastructure” and ... Read More »

Philippines economy to grow 6.8% this year: World Bank

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MANILA: The Philippine economy is expected to expand by 6.8 percent this year, the World Bank said Saturday. The organization attributed the country’s expected growth to strong exports, high private consumption, and robust remittance flows. The forecast was slightly lower than the 6.9 percent growth rate the organization had projected in April. “In the medium-term, supporting higher investment levels will ... Read More »

Philippines’ tax reform program will not tax remittances from abroad

Swiss Federal Council Approves WHT Reforms

MANILA: The Department of Finance clarified on Wednesday that the money being sent home by Filipinos abroad will not be taxed under the tax reform package being pushed by the government but said the transfer fee for local remittances might be imposed with a levy. DOF Undersecretary Karl Kendrick Chua said that the Philippines cannot tax money sent by Filipinos ... Read More »

Philippinese, Chinese customs in talks to enforce anti-smuggling agreement

epa02889822 The Philippines' and China' national flags are seen as Philippine President Benigno Aquino III (L) and his Chinese counterpart Hu Jintao stand in the background during a signing ceremony in the Great Hall of the People in Beijing, China on 31 August 2011. Aquino is on a state visit to China to improve trade relations between the two countries.  EPA/HOW HWEE YOUNG

MANILA: The Bureau of Customs (BoC) has started talks with its Chinese counterparts to enforce an agreement to streamline the exchange of trade information, in a bid to deter smuggling, amid multiple seizures of counterfeit products from China. According to BoC spokesperson and Office of the Commissioner Chief of Staff Mandy Therese M. Anderson, the agreement was to streamline information ... Read More »

Philippines customs raid fake goods warehouse in Bulacan

The Bureau of Customs (BOC) Philippines

MANILA: Operatives of the Bureau of Customs (BOC) confiscated billions of pesos worth of fake products during a raid at a warehouse in Guiguinto, Bulacan. According to a report, the BOC confiscated fake shoes, shampoo, soap, cigarettes, and medicines. BOC Commissioner Nicanor Faeldon led the inspection at the warehouse. Authorities are still investigating the people behind the fake products, who ... Read More »

Philippines’ May tax collections fall short of target

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MANILA: The collections of the Bureau of Internal Revenue (BIR) fell below target in May, reaching only P157.36 billion or 10.12 percent lower than the P175.09 billion target for the month. It was, however, higher by 3.44 percent than the P152.14 billion collections in the same period in 2016, according to the BIR. Broken down, P154.19 billion of the total ... Read More »

Indonesia seizes pangolins, scales worth $190,000

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MEDAN: Indonesian authorities have seized hundreds of critically endangered pangolins and scales in a haul worth $190,000 after uncovering a major smuggling operation, an official said Wednesday. Two men were also arrested after navy officers raided a warehouse near a port on Sumatra island late Tuesday, acting on a tip-off that it was being used to store the creatures which ... Read More »

Philippines’ Customs warned on surge in car smuggling

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MANILA: Sherwin Gatchalian, chairman of the Senate committee on economic affairs, has warned the Bureau of Customs to prevent the possible surge in car smuggling when additional excise taxes are imposed on the sale of luxury vehicles. Gatchalian said some players in the automobile industry are likely to engage in the underground trading of high-end vehicles to dodge paying exorbitant ... Read More »

Philippines’ GDP nearing 7% in Q2 – NEDA

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MANILA: The National Economic and Development Authority (NEDA) is upbeat that the country’s economy would grow at a much faster pace in the second-quarter of the year as exports and the agriculture sectors have started to improve. Socioeconomic Planning Secretary Ernesto M. Pernia said the economic expansion, as measured by the country’s Gross Domestic Product (GDP), may “approach 7.0 percent” ... Read More »

Philippines Customs exceeds collection target in May

employement rises

MANILA: The Bureau of Customs (BOC) collected P39.34 billion in May, exceeding the P38.28-billion target for the month, the Department of Finance (DOF) said yesterday. Citing Customs Commissioner Nicanor Faeldon’s report to Finance Secretary Carlos Dominguez, the DOF said the bureau’s collection in May rose by 23.52 percent from the P31.85 billion recorded in the same month last year. Total ... Read More »

Philippine’s exports jump 12% in April to USD4.8b

Ukraine’s international reserves rise in February

MANILA: Philippine merchandise export revenues in April 2017 increased 12.1 percent year on year to USD4.8 billion from USD4.28 billion. The double-digit expansion of exports in April was brought by the robust growth performance of nine of the country’s top 10 exports, led by outbound shipments of gold surging by 2,740 percent valued at USD122.81 million. Out of the top ... Read More »

Top Philippine fund cuts cash as Duterte tax plan boosts stocks

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MANILA: The best stock fund in the Philippines is putting its cash to work, betting the rally in local shares isn’t done yet. The Philippines Stock Exchange Index has climbed toward a record set in 2015, rising 16 percent this year. Gains accelerated in the second quarter amid optimism President Rodrigo Duterte will be able to push through a delayed ... Read More »

PhilExport welcomes exports ‘enhanced VAT refund system’

Stacks of coins with the letters VAT isolated on white background

MANILA: Philippine Exporters Confederation Inc. (PhilExport) has welcomed the inclusion of an “enhanced value-added tax (VAT) refund system” for export sales in the Lower House-approved comprehensive tax reform package. In a statement on Friday, PhilExport said it was pleased with the system as provided under House Bill (HB) 5636. The tax reform bill was approved on the third and final ... Read More »