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Philippines BIR files P80.3-M tax evasion cases against 4 firms

Philippines BIR

MANILA: Criminal charges have been filed by the Bureau of Internal Revenue (BIR) with the Department of Justice (DOJ) against four companies for their alleged combined tax liability of P80.36 million. Charged for violating the Tax Code were CWS Philippines, Inc. and its president Jacqueline Lane and treasurer David Lane for failure to pay P5.51 million in taxes in 2008. ... Read More »

Philippines consumer confidence slips in Q1

Philippines consumer confidence slips in Q1

MANILA: Filipino households’ optimism about the Philippine economy eased slightly in the first quarter of 2017 from the preceding quarter, but sustained its turnaround from the pessimism that prevailed a year earlier, the latest Consumer Expectations Survey by the central bank shows. Respondents to the CES cited increased incomes, more jobs, and even improved peace-and-order situation in the country for ... Read More »

Philippines’ BOC, BIR recovers P3.2b worth fake stamps cigarettes

Philippines’ BOC, BIR recovers P3.2b worth fake stamps cigarettes

MANILA: Revenue officials raided two warehouses in Bulacan and found P3.2 billion worth of Mighty Corporation cigarettes with fake tax stamps. The Bureau of Customs (BOC), in coordination with the Bureau of Internal Revenue, (BIR), local police, and barangay officials, raided the warehouses in Barangay Matimbubong in San Ildefonso town after receiving a tip that the facilities stored cigarettes with ... Read More »

Philippines BOC seizes non-duty paid cigarettes worth P15m

boc

MANILA: The Bureau of Customs in Region 10 (BOC-10) has seized P15 million worth of cigarettes illegally imported from Singapore. The shipment of the cigarettes, which were in a 40-foot container van from Singapore, was consigned to Black Petal Commercial, Purok 10, Baloy Highway Tablon, Cagayan de Oro City. Lawyer Teddy Raval, BOC Deputy Commissioner for Intelligence Group (IG), supervised ... Read More »

PAGCOR set $1.3b revenue target for year 2017

PAGCOR set $1.3b target for year 2017

MANILA: Philippine Amusement and Gaming Corporation (PAGCOR) chairman Andrea Domingo has painted a rosy picture of the country’s gambling industry, saying that the introduction of its new licenses for online gambling will propel the state regulator’s revenue to PHP65 billion (US$1.3 billion) in 2017. In her keynote speech before the gambling executives attending the inaugural ASEAN Gaming Brief Summit, Domingo ... Read More »

Philippines wants to abolish VAT to counter tax leakage

no-vat_box

MANILA: The leader of the House of Representatives is keen on replacing the value-added tax (VAT) with the goods and services tax (GST) being implemented in a number of Asian countries to improve revenue collection. Speaker Pantaleon D. Alvarez said the GST will increase the Bureau of Internal Revenue’s (BIR) VAT collection, which currently stands at 4.3 percent of GDP. ... Read More »

Philippines BOC seizes used clothing in raids

The Bureau of Customs (BOC) Philippines

MANILA: Tons of used clothing, popularly known as ‘ukay-ukay’, worth millions of pesos and fake high-end goods have been recovered by intelligence operatives of the Bureau of Customs (BOC) in simultaneous raids on four buildings on Cuneta Avenue in Pasay City (Metro Manila). Seized during the raids, Customs Intelligence and Investigation Service (CIIS) Director Neil Estrella said, were the used ... Read More »

Japan wants to import 20m boxes of bananas from the Philippines

banana

MANILA: The government of Japan is interested in importing Cavendish bananas from the Philippines, provided that it comes from the acknowledged areas of the Moro Islamic Liberation Front (MILF). This was revealed by Agriculture Secretary, Emmanuel Piñol, who visited the camp this week. Piñol revealed the interest of Japan to import 20 million boxes of Cavendish bananas yearly, resulting from ... Read More »

Philippines remittances rises 13.5% in January

Filipino-Peso

MANILA: Money sent home monthly by overseas Filipinos workers (OFWs) in January grew sharply year-on-year, marked by notable annual increases in remittances by land-based workers with longer contracts, central bank data showed. However, remittances in January fell from the December level. The central bank did not give an explanation for the month-on-month decline but an analyst said it was due ... Read More »

Philippines’ PETRON Corp. net income increase 73% in 2016

Philippines’ PETRON Corp. net income increase 73% in 2016

MANILA: PETRON Corp. reported its consolidated net income hit P10.8 billion in 2016, a 73 percent increase from the P6.3 billion recorded in 2015. PETRON Corp. is Philippines’ largest oil refining and marketing company attributed the earnings growth to record sales volumes, operational efficiency, and effective risk management. Combined sales from Petron’s Philippine and Malaysian operations hit a record 104.3 ... Read More »

Philippines’ oil imports decline 13.5% in 2016

oil imports decline

MANILA: A decline in import costs of crude and petroleum products allowed Philippines to have a lower oil import bill in 2016, the Department of Energy (DoE) said in a report. DoE data showed the country’s import bill was down 13.5 percent at $7.451.9 billion last year from $8.612.0 billion in 2015. The import bill includes 55.4 percent finished products ... Read More »

Philippines’ trade deficit widens month-on-month, shrinks Y-o-Y

fiscal deficit

MANILA: The Philippines’ trade deficit narrowed in January from a year earlier, but continued to widen month-on-month as inbound shipment remained higher than the country’s exports, official data showed. “The balance of trade in goods (BOT-G) for the Philippines in January 2017 registered a deficit of $2.314 billion, lower than the $2.638 billion trade deficit in the same month last ... Read More »

Philippines Jan. exports rise at fastest pace in 3 years

Philippines Jan. exports rise at fastest pace in 3 years

MANILA: Exports from the Philippines grew at their fastest clip in three years in January as shipments of electronics took off. Exports from the Philippines jumped 22.5 percent year on year to $5.1bn in January, coming in above a median forecast from economists compiled by Bloomberg of 10.5 percent growth. Shipments of electronics, the country’s top export accounting for 46.1 ... Read More »

Philippines’ NFA mulls import of rice as buffer stock

Philippines’ NFA mulls import of rice as buffer stock

MANILA: Philippines’ state-run National Food Authority (NFA) is mulling the importation of around 800,000 metric tons (MT) of rice via government-to-government scheme that will serve as the country’s buffer stock in preparation for the start of the lean months. This comes after the NFA decided to reject the extension of the private sector-led importation under the minimum access volume (MAV) ... Read More »

Philippines’ inflation rises to 3.3% in February

Inflation

MANILA: Philippines’ inflation rose in February due to a much heavier food basket, hitting a 27-month high, according to the National Economic and Development Authority (NEDA). Preliminary data released by NEDA showed that inflation hit 3.3% in February, up from the 2.7% seen at the start of the year. The inflation outlook for 2017 remains within the government’s target of ... Read More »

Philippines to ban raw minerals, encourage domestic processing

ban

MANILA: The Philippines may consider banning exports of raw minerals to encourage domestic processing and boost the value of shipments, an environment official said, as the government looks to extract more from its mining sector after a crackdown. Nickel prices rose more than 1% on the potential for supply disruption from the world’s top nickel ore exporter, but miners said ... Read More »

Philippines tagged as major money laundering hub by US

money laundering

MANILA: In a report provided by the US State Department, the Philippines is tagged as a major hub for money laundering and a gateway for transnational drug trafficking due to the loopholes and limitations in the banking system and the lack of jurisdiction of the Anti-Money Laundering Council over financial transactions. In the 2017 International Narcotics Control Strategy Report by ... Read More »

Philippines Customs seizes goods worth P200m

The Bureau of Customs (BOC) Philippines

MANILA: The Bureau of Customs (BOC) seized some P200 million worth of counterfeit apparel and other products in simultaneous raids on two buildings located along Cuneta Avenue in Pasay City. Customs Commissioner Nicanor E. Faeldon said that the operations were part of BOC’s stringent counter-measures against all forms of smuggling of fake products into the country in grave violation of ... Read More »

Philippines Bureau of Customs seizes fake cigarettes worth P2b

Philippines Bureau of Customs seizes fake cigarettes worth P2b

MANILA: Philippines Bureau of Customs (BOC) agents seized P2 billion worth of fake cigarettes in five warehouses at the San Simon Industrial Park in Pampanga. According to details, the fake Mighty and Marvel brand cigarettes were already packed in boxes. The cigarettes also had fake stamps and were all identical, the source said. The warehouses were located in different blocks ... Read More »

South Korea raises its demand for Philippines’ banana

South Korea raises its demand for Philippines’ banana

SEOUL: South Korea will import more Cavendish bananas from the Philippines this year to satisfy the increasing demand of Korean consumers for it, according to Agriculture Secretary Emmanuel F. Piñol. Piñol said South Korea needs about 35 million boxes more of Cavendish bananas valued at $280 million (P14 billion). The 35 million boxes of bananas would be equivalent to 455,000 ... Read More »