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Navy seizes P12-M smuggled rice off Basilan

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The Naval Forces Western Mindanao (Navforwem) has intercepted a shipment of some PHP12 million worth of smuggled rice off Basilan province, a top Navy official said. Rear Adm. Erick Kagaoan, Navforwem commander, said the smuggled riced was intercepted by Naval Task Force 61 in the vicinity of Lampinigan Island, Basilan. Kagaoan said a ship belonging to Navforwem’s special operation unit ... Read More »

DBhd’s renewed parking management contract in the Philippines valued at RM62mil

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DBhd) has estimated the renewal of its parking management contract at the Madrigal Business Park (MBP) in southern Manila to be worth RM62 million. This is based on the renewal of 702 existing parking bays at the park, it said in a statement today. The 20-year contract secured by its unit Metro Parking Management Philippines Inc would also include the ... Read More »

Gov’t intensifying crackdown on cigarette smuggling: finance official

Philippines Bureau of Customs seizes fake cigarettes worth P2b

MANILA: The government is strengthening efforts against cigarette smuggling, a finance official said, as lawmakers rush to pass a bill that will increase tobacco taxes. The House of Representatives passed the Senate version of the measure, which cigarette manufacturers said could give rise to smuggling as consumers shift to cheaper alternatives. “Smuggling is also a very important issue that we ... Read More »

Peso gains ground, local shares slip

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MANILA: The Philippine peso improved against the US dollar Tuesday, ending stronger at the 51-level, but the Philippine Stock Exchange index (PSEi) closed in the red territory. The local currency finished the trade at 51.85 from 52.1 close a day ago, which BPI Research attributed to the Philippine Statistics Authority’s (PSA) trade report for April 2019, which saw a 0.4 ... Read More »

Gov’t urged to intensify crackdown vs. oil smuggling

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MANILA: The government should intensify its efforts against the rampant smuggling of petroleum products in order to generate revenues for infrastructure projects under the Build, Build, Build Program as well as the implementation of the Universal Health Care (UHC) program. Federation of Philippine Industries (FPI) Chairman Jesus Arranza urged various government agencies such as the Bureau of Internal Revenue (BIR), ... Read More »

PSEi closes near 7,800-level, peso weakens

Traders work at the Philippine Stock Exchange in Manila on May 7, 2012. Asian markets and the euro slumped on May 7 after voters in France and Greece voted out their ruling parties in a backlash against austerity measures aimed at battling the eurozone crisis.  AFP PHOTO / Jay DIRECTO

MANILA — Local stocks continued to gain, ending near the 7,800 level at the close session, as investors extended their buying position but the peso weakened further against the US dollar. The benchmark Philippine Stock Exchange index (PSEi) increased 36.46 points or 0.47 percent to 7,797.75. “As regional markets grappled with the 10-year UST (US Treasury) yield at 19-month low ... Read More »

DTI expects $5 billion in signed deals from Duterte’s Japan trip

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MANILA, Philippines: The Department of Trade and Industry (DTI) said the Philippines may get around $5 billion from over 20 business deals that may be signed on the sidelines of President Rodrigo Duterte’s trip to Japan this week. The DTI said in a statement on Monday, May 27, that the expected agreements could generate around 80,000 jobs for Filipinos as ... Read More »

Canada hires company for $1.14M to bring trash back home from the Philippines

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Canada is spending more than a million dollars to bring dozens of containers of rotting garbage back to Canada from the Philippines in the coming days. Environment and Climate Change Minister Catherine McKenna announced on Wednesday that her government has awarded a contract to Bolloré Logistics Canada to remove the garbage by the end of June. According to the tender, ... Read More »

PH’s overall BOP position posts $467-M surplus in April

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MANILA: The country’s overall balance of payments (BOP) position posted a surplus of USD467 million last April, a reversal of the USD270 million BOP deficit recorded in the same month last year, the Bangko Sentral ng Pilipinas (BSP) disclosed in a statement on Monday. Inflows in April stemmed mainly from the BSP’s foreign exchange operations and income from its investments ... Read More »

DOF: Government tax, revenue effort improved in Q1

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THE tax and revenue effort of the government improved for the first quarter of this year to 14.6 percent and 15.8 percent, respectively, due to the continuous implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law, as well as tax administration initiatives, the Department of Finance (DOF) has reported. An economic bulletin of the DOF said the revenue ... Read More »

Agency uses technology for tax cheats

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The Revenue Department is warning corporate taxpayers that it has already adopted data analytics and a risk-based auditing system that can better track the accuracy of tax payments. The tax-collecting agency is using high-tech software to evaluate the financial position of operators relative to their industry peers, using data analytics and a risk-based auditing system to create a balanced scorecard ... Read More »

Philippine GDP growth drops to 4-year low in Q1 2019

Construction workers carry on with their work on the eve of the Labor day celebrations as different labor groups around the country push for an increase in the minimun wage to 750 pesos. The government has yet to decide on the proposal by labor groups. April 30, 2019

MANILA, Philippines: Analysts and experts expected economic growth to slow down, but not as slow as this. The Philippines’ gross domestic product (GDP) growth for the 1st quarter of 2019 plunged to a 4-year low of 5.6%, said the Philippine Statistics Authority (PSA) on Thursday, May 9. The 1st quarter growth is the lowest since the 5% recorded in the ... Read More »

Philippine peso risks losing ‘best Asian currency’ title

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Manila: A sense of caution is gripping peso bulls as markets approach the Philippine central bank’s interest-rate decision. Increased speculation that the Bangko Sentral ng Pilipinas (BSP) will ease monetary policy is threatening to break the peso’s Asia-beating rally this quarter. A reduction in the benchmark rate could give foreign investors — who already don’t seem too keen on buying ... Read More »

BSP eyes April inflation between 2.7-3.5%

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MANILA: Higher domestic fuel and electricity prices are seen as upside risks to the country’s April 2019 inflation, which is projected to stay between 2.7-3.5 percent. “However, these pressures may be partly offset by the continued decline in rice prices and by the peso appreciation,” the Bangko Sentral ng Pilipinas (BSP) said in a statement Tuesday. “Moving forward, the BSP ... Read More »

Philippines warns diplomatic relations with Canada could be at risk amid garbage dispute

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The Philippines is not really going to start a war with Canada over garbage but it is warning that Canada’s inaction to take back its trash is threatening 70 years of diplomatic relations between the two nations. President Rodrigo Duterte threatened to “declare war” on Canada earlier this week, saying that Canada had one week to take back the shipping ... Read More »

Personal remittances hit $5.3-B in first 2 months of 2019

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MANILA: Personal remittances from overseas Filipinos (OFs) amounted to USD2.56 billion in February 2019, higher by 1.2 percent from USD2.53 billion in February 2018. This brought the cumulative remittances for the first two months of the year to USD5.30 billion, representing a 2.3 percent year-on-year growth, BSP Governor Benjamin E. Diokno announced on Monday. Personal remittances from sea-based and land-based ... Read More »

Exports down, imports up in February

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MANILA, Philippines: Merchandise exports declined for the third straight month while imports posted growth for two consecutive months in February, further widening the trade-in-goods deficit to $6.708 billion at the end of the first two months. Preliminary Philippine Statistics Authority (PSA) data released Thursday showed that sales of Philippine-made goods overseas fell 3.9 percent year-on-year to $10.456 billion as of ... Read More »

Customs exceeds Customs exceeds collection target in Q1collection target in Q1

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The Bureau of Customs (BOC) exceeded by more than a tenth its first-quarter target collection of import duties and other taxes as the total take from January to March reached P155.3 billion. The latest BOC data showed that the combined collections of the country’s 17 ports during the first three months surpassed by 11.7 percent the P143.6-billion goal for the ... Read More »

Spider surprise: Philippines seizes 750 smuggled tarantulas

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Philippine authorities said Wednesday they cracked open a gift-wrapped package shipped from Poland to discover 757 tarantulas crammed into plastic containers. The illicit payload found at a mail facility near Manila’s airport was the latest seizure in a nation that is a major source and transit point of wildlife trafficking. Customs thought the package suspicious and after opening it found ... Read More »

World Bank cuts Philippines’ growth forecast amid budget delay, El Niño

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MANILA, Philippines: The World Bank has downgraded its growth forecast for the Philippines to 6.4 percent for 2019 as the government operated on a reenacted budget in the first quarter and amid a looming prolonged dry spell due to El Niño. In a press conference Monday, World Bank senior economist Rong Qian said the updated 2019 forecast – lower than ... Read More »