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Philippines’ key fiscal indicators improve in Q1

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MANILA: The country’s key fiscal indicators improved in the first three months of the year as the rise in state tax collections continued to outpace growth, while the national government’s budget gap and outstanding debt remained very well managed. The proportion of public debt to the country’s gross domestic product (GDP) as of March this year reached 41.87 percent, an ... Read More »

Rice import restriction extended

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PHILIPPINE: The Philippines is keeping the quantitative restriction on rice purchases in place for three more years, limiting supplies from major sellers like Thailand and Vietnam, according to an executive order released on Monday. The maximum volume of rice that private traders can ship in annually will remain at 805,200 tons until 2020, with the tariff also kept at 35%, ... Read More »

Philippines’ tax reform would plug VAT leakages: DoF

DoF dof DOF Philippines

MANILA: The Philippines hopes to rein in value-added tax breaks, which are costing the Government an estimated PHP90.7 billion (USD1.82 billion) a year, the Department of Finance has said. Speaking at a recent tax forum, Finance Undersecretary Karl Kendrick Chua said the Philippines’ antiquated tax code, which contains 59 lines of exemptions from VAT and 84 special VAT-related laws, has ... Read More »

Philippines Govt media says over 74,000 ‘live’ drug suspects caught so far

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MANILA: The ongoing crackdown on the drugs trade in the Philippines has seen the arrests of 74,650 suspects so far, according to state media. The Philippine News Agency, a web-based newswire service of the government, also revealed in its Friday report that a total of 2,999 drug suspects have died in police operations, while 41 others died “on the side ... Read More »

House to approve bill imposing taxes on fuel

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MANILA: The House of Representatives will approve on second reading next week the bill imposing a P6 tax on diesel, kerosene, cooking gas and bunker oil, which is used for electricity generation. Critics claim the new levy will result in higher transportation costs, increased fares and higher consumer prices and power rates. Emerging from a majority caucus called by Speaker ... Read More »

GT Capital’s core income rises 12% to P3.2b in January-March

PHILIPPINES

MANILA: GT Capital Holdings, Inc. achieved a core net income from January to March 2017 of P3.2 billion from P2.8 billion in the same period last year, representing a 12 percent increase. The company’s consolidated net income reached P3.1 billion, growing five percent from P2.9 billion in the previous year. GT Capital’s consolidated revenues rose 32 percent to P48.8 billion ... Read More »

Philippines BOC seizes rice from Thailand worth P237m at Cebu Port

The Bureau of Customs (BOC) Philippines

MANILA: At least 118,500 bags of rice from Thailand valued at P237 million not covered by import permits were apprehended at the Cebu International Port. Of this number, 80,000 were found in a cargo vessel while 38,500 were found in 77 container vans. It was Verne Enciso, officer in charge of the Customs Intelligence and Investigation Service-Cebu, who recommended to ... Read More »

Philippines’ foreign reserves rise to USD81.82b in April ‘17

Dollars

MANILA: The Philippines’ foreign exchange reserves rose to USD 81.82 billion in April 2017, which the central bank traced partly to its foreign exchange operations and the net foreign currency deposits by the national government. Data released by the Bangko Sentral ng Pilipinas (BSP) Friday showed that the gross international reserves (GIR) in the fourth month this year was higher ... Read More »

Philippines Customs seizes non-duty paid mobile phones worth P400,000

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MANILA: The Bureau of Customs (BOC) seized a hundred units of Nokia 3310 (2017) phones along with chargers at the Ninoy Aquino International Airport (NAIA) Terminal 2 after their carrier failed to show the necessary importation documents. The carrier, Chinese national Chen Haibi, flew from Guangzhou, China to Manila last Monday, May 1. He failed to show documents such as ... Read More »

Philippines exports goods worth €1.7b to European Union

EXPORTS

MANILA: The Philippines has exported 1.7 billion Euros worth of goods to the European Union (EU) last year under a trade perk that allowed zero tariff for various local products, a nearly 10-percent increase from 2015 that raised the stakes for the trade benefit, which the country might lose due to the government’s anticrime efforts. The Generalized System of Preferences ... Read More »

Philippines BOC seizes 3 Korean cars worth P10m

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MANILA: Three high-end used cars shipped from Korea were seized by the Bureau of Customs (BOC) in Subic, Zambales. Customs Commissioner Nicanor Faeldon said the cars – a used BMW 745 Sedan, one used BMW 745 Li Sedan and a Hyundai Equus JS350 Sedan estimated to worth around P10 million were taken after its shippers were found to have violated ... Read More »

Philippine growth to ride ‘short-lived’ export boost

PHILIPPINES

MANILA: The Philippines economy can be expected to grow faster than initially projected on the added boost of an export recovery that, nevertheless, may taper off Asia-wide next year, Nomura Group said in a report e-mailed to journalists on Friday. In an Apr. 27 Asia Special Report, titled: “Asia’s steep but short-lived export upcycle”, Nomura said it raised its Philippine ... Read More »

Customs files complaint against builder of INC’s Philippine Arena

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MANILA: A complaint has been initiated by the Bureau of Customs against the builder of Iglesia ni Cristo’s (INC) Philippine Arena, real estate developer New San Jose Builders Company (San Jose) for failing to settle their tax obligations with the agency, Customs said. Also included in complaint are San Jose’s three surety companies. Customs said its Legal Service transmitted the ... Read More »

Indonesia-Philippines talks to fortify new trade route

Indonesia Philippines

JAKARTA: President Joko “Jokowi” Widodo is expected to try and fortify maritime security cooperation with the Philippines during bilateral talks this week, ahead of the launch of a lucrative trade route that aims to boost connectivity along the borders of the neighboring countries. Jokowi will embark on a state visit to the Philippines on April 28 and will meet with ... Read More »

Philippines exporters urge govt. to help boost exports

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MANILA: The government should help local mango producers ramp up their production and go into value adding if it is keen on increasing their share in export receipts, according to the Philippine Mango Exporters Foundation Inc. (PMEFI). PMEFI President Roberto C. Amores said local mango producers remain uncompetitive as they continue to grapple with high production and freight costs. “We ... Read More »

Canada export bank eyes Philippine

BOC

OTTAWA: As offers of development funding from China and Japan pour in, Canada also wants a bigger piece of the Philippine growth story as its export credit agency Export Development Canada (EDC) seeks more opportunities to fund infrastructure projects and other key industries. In an e-mail interview with the Inquirer, EDC regional vice president for Asia international business development William ... Read More »

Philippines BIR files tax evasion case against Richard Gutierrez’s R Gutz Productions

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MANILA: The Bureau of Internal Revenue filed tax evasion complaint before the Department of Justice against actor Richard Gutierrez and his production company for allegedly owing the government of nearly PHP38.57 million in unpaid taxes. Based on the complaint filed by BIR, Gutierrez and his production company, R Gutz Production Corporation, where he sits as president, faces two counts of ... Read More »

Philippines Customs holds rice worth P289m due to lack of NFA permit

bocPhilippines customs

MANILA: An estimated P289 million worth of rice shipments from Vietnam, Pakistan, and Thailand were held by the Bureau of Customs at the Cebu International Port for lack of permit from the National Food Authority. Verne Enciso, officer-in-charge of the Customs Intelligence and Investigation Services-Cebu, said the shipments were consigned to Pilmico Foods Corporation; Hutchison 1 Logistics Inc.; Awards Cargo ... Read More »

Philippines exports continue to grow, up 11% in 2017

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MANILA: The Department of Trade and Industry (DTI) is optimistic on seeing a continued recovery of the country’s exports this year and expects a strong growth finish for 2017. “We see a trend of recovery among economies in the first two months of 2017. For us in the Philippines, the numbers are healthy. This is a signal of a robust ... Read More »

Philippines, Denmark signs MoU to establish mechanism for bilateral consultations

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MANILA: Philippines’ Acting Secretary of Foreign Affairs Enrique Manalo and Danish Permanent Secretary of State for Foreign Affairs Ulrik Vestergaard Knudsen signed early this month a Memorandum of Understanding (MoU) between the government of the Republic of the Philippines and the government of the Kingdom of Denmark on the establishment of a mechanism for bilateral consultations. The MOU will be ... Read More »