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Philippines car sales soar 24.6% in 2016

MANILA: New car sales in the Philippines peaked last year, as the entry of new models spurred more auto purchases in Southeast Asia’s fastest-growing economy, industry groups said Tuesday. Total sales rose by 24.6% to 359,572 units, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Incorporated and the Truck Manufacturers Association. Sales of Hyundai ... Read More »

Philippine exports decline 7.5% in Nov

MANILA: Philippine exports declined 7.5 per cent in November from a year earlier as the country’s major shipments posted annual declines due to sputtering demand from some its major markets. Exports to the country’s top trading partners – Japan and the US – fell 21.8 per cent and 13.5 per cent, respectively. But shipments to Hong Kong and China grew ... Read More »

Economic zone investments decrease 26% to P218b in 2016

MANILA: Investment pledges approved by the Philippine Economic Zone Authority dropped 26 percent last year to P218.2 billion from P295 billion in 2015. Peza director-general Charito Plaza said the uncertainties of the recent presidential election affected the economic zones’ performance in 2016. “Adding to this were the pronouncements of US President-elect Donald Trump that dampened the interest of American companies ... Read More »

Philippines in talks to import Iranian crude

MANILA: Philippines’ state oil company is in negotiations with the National Iranian Oil Company to resume crude imports, said a member of the Philippines National Oil Company (PNOC) board of directors. “Plans are in place to buy 130,000 barrels of oil per day, or nearly 4 million barrels per month, from the NIOC as soon as talks come to fruition,” ... Read More »

Philippines to buy Iranian crude

MANILA: A fresh round of talks between Iran and the Philippines has kicked off over signing a long-term agreement for daily sales of 130 thousand crude oil barrels. Following the signing of the first contract with Pertamina Company of Indonesia for a sing-cargo crude sale, the Philippines, as the second most populous country in Southeast Asia, has also voiced readiness ... Read More »

Philippine govt bent on imposing P6 diesel tax: Diokno

MANILA: With oil prices recovering and going up in the world market, the Duterte administration is bent on imposing additional taxes on fuel products on top of the 12 percent value-added tax (VAT). Among the products covered by the plan are diesel, used by most passenger buses and jeepneys, which will be imposed a tax of P6 per liter, as ... Read More »

Diokno likens tax incentives to pork barrel

MANILA: Budget Secretary Benjamin Diokno has likened redundant fiscal incentives to “pork barrel” as he cited the need to review tax perks that have led to significant losses of state revenues.   Diokno said tax incentives have resulted in revenue losses equivalent to 1 to 2 percent of the country’s gross domestic product (GDP). The GDP is the sum total ... Read More »

Philippines agriculture to grow 2.8% in 2017

MANILA: According to Minister of Agriculture and Rural Development Nguyen Xuan Cuong, 2017 is a pivotal year in the 2016-2020 development plan in the context of the sector still battling many difficulties. “The sector continues to implement the overall objective of building agriculture into a modern and sustainable sector,” Minister Cuong said, adding that safe agricultural products are a priority ... Read More »

Bureau of Customs plan to build world-class port facilities in Manila

MANILA: The Bureau of Customs is planning to build world-class port facilities in Manila to be at par with other countries in the Asia-Pacific region in terms of trade facilitation, Customs Commissioner Nicanor Faeldon said. “Right now, we are working with some engineers and developers to come up with a conceptual framework or concept on how to build world-class port ... Read More »

DBS sees Philippine GDP growth easing this year

MANILA: DBS Bank Ltd. said the economic expansion of the Philippines is set to slow down this year due to some moderation in private consumption that was boosted by last year’s presidential elections. In its latest Economics Markets Strategy report on the Philippines titled “Phl: Still strong,” DBS economist Gundy Cahyadi said the country’s gross domestic product (GDP) growth would ... Read More »

Philippines manufacturing growth slows in Dec PMI

MANILA: The Nikkei Philippines Manufacturing Purchasing Managers’ Index, or PMI, fell to 55.7 in December from 56.3 in November. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. December’s PMI shows the country’s manufacturing conditions improved at a slower pace than November. In December, the sub-component Suppliers’ Delivery Times Index marked below the neutral ... Read More »

Customs plan to build world class port facilities in Manila

MANILA: Bureau of Customs is planning to build world-class port facilities in Manila to be at par with other countries in the Asia-Pacific region in terms of trade facilitation, Customs Commissioner Nicanor Faeldon said. “Right now, we are working with some engineers and developers to come up with a conceptual framework or concept on how to build world-class port facilities, ... Read More »

SBMA chair foils smuggling of P8-B sugar

MANILA: The Subic Bay Metropolitan Authority (SBMA) has prevented the smuggling of sugar imported from Thailand amounting to PHP 8 billion after it found that the shipment appeared suspicious and lacked proper documents. SBMA said the shipment of some 200,000 metric tons of refined white sugar from Thailand is scheduled to arrive December 23, at the Subic Bay Freeport. SBMA ... Read More »

Philippines’ Customs finds box of stolen diamonds sent from Malaysia

MANILA: The Bureau of Customs (BOC) on Monday said it had found 22 stolen diamonds when it opened a “balikbayan” (gift) box sent from Malaysia. In a press statement, BOC Commissioner Nicanor Faeldon said the diamonds were contained in a plastic resealable pouch that was neatly hidden in a wallet inside the box sent by one Arturo R. Rivera from ... Read More »

Philippine Police arrest 6 during massive manila meth seizurei

MANILA: Philippine authorities arrested six people and seized $67 million worth of methamphetamine on Friday (23/12), in one of the biggest narcotics hauls of a nationwide drugs war that has focused heavily on eliminating street-level dealers. Agents from the National Bureau of Investigation swooped down on a quiet neighborhood in San Juan City in the capital Manila and found 560 ... Read More »

Philippine Petron buys San Miguel power plant for $400m

MANILA: Listed oil refining and marketing company Petron Corp has acquired for over $400 million (P20.29 billion) the 140-megawatt solid fuel-fired power plant of SMC PowerGen Inc. The Ang-led company informed the Philippine Stock Exchange that it purchased on December 23 the power plant’s assets located in the Petron Bataan Refinery, meant “to lower the power and steam costs” of ... Read More »

Customs seizes P700M in smuggled fuel from 2 tankers

MANILA: The Bureau of Customs seized P700 million in smuggled fuel from two tankers in Limay port, Bataan province, the Department of Finance said Wednesday. The M/T Alpine Magnolia and M/T Malolos were intercepted following a tip from an informant, the department said in a statement. The vessels, worth an estimated P300 million, were also seized, said deputy commissioner Edward ... Read More »

Customs to hire 1,000 new employees in first quarter 2017

MANILA: The Bureau of Customs (BoC) is hiring new employees to fill more than a 1,000 positions next year to augment reforms in the agency, its spokesperson said Tuesday. The hiring will begin in the first quarter of 2017 “to fill up positions that were left vacant for years, as a result of rationalization policies and freeze on hiring of ... Read More »

Customs seizes fuel oil, tankers in Bataan port

MANILA: The Bureau of Customs on Monday announced the seizure of 45,000 metric tons of misdeclared fuel oil worth P700 million loaded in foreign oil tankers M/T Alpine Magnolia and M/T Malolos docked at the vicinity of Harbor Bulk Terminal here. Customs Commissioner Nicanor Faeldon said the fuel oil was declared as industrial oil on board the oil tankers with ... Read More »

Philippines’ 2017 electronics exports to record modest gains

MANILA: The Philippines’ electronics exports are likely to increase by between 5 per cent and 6 per cent next year, supported by robust demand for gadgets and internet-connected equipment, a group representing the country’s key semiconductor industry said on Monday. For 2016, the Semiconductor and Electronic Industries in the Philippines Inc (Seipi) has forecast an increase of 6 per cent. ... Read More »