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Customs, PDEA join forces to stop drug smuggling in Mindanao

CAGAYAN DE ORO CITY: To stop prohibited drugs from entering the country through its ports, the Bureau of Customs in Northern Mindanao is partnering with the Philippine Drug Enforcement Agency (PDEA) and is using the latter’s expertise and its sniffing dogs in its anti-drug campaign. The BOC, in a statement, said aside from its primary functions of keeping the country’s ... Read More »

Cirtek earns $3.5m in 2Q

MANILA: Laguna based electronics manufacturer Cirtek Holdings Philippines Corp. grew its net profit in the first six months by 8 percent year-on-year to $3.5 million, driven by strong growth in the broadband and antenna systems business in the second quarter. Bulk of the profits was generated in the second quarter alone, during which net earnings rose by 10 percent year-on-year ... Read More »

Philippines finance secretary says no tax on yearly personal income worth P1m

MANILA: The Department of Finance (DOF) is looking at exempting individuals who are earning not more than R1 million annually from paying income tax. Finance Secretary Carlos G. Dominguez III said yesterday that the government will include an all-in income tax exemption of P1 million in its proposed comprehensive tax reform package to help the growing Filipino middle class. “The ... Read More »

Philippine’s profit plunges

MANILA: Philippine Long Distance Telephone Co’s profit fell 33 percent in the second quarter as the nation’s largest phone carrier booked losses for its investment in Germany-based Rocket Internet SE and as earnings from its mobile-phone, data and landline businesses were little changed. Net income was 6.25 billion pesos (US$133 million) in the three months that ended in June, compared ... Read More »

Nestle Philippines invests P2b on new chocolate product

MANILA: The Philippine unit of Nestle SA, the world’s largest food and drink company, said on Tuesday it is investing P2 billion to build a new plant to make a key ingredient in its Milo chocolate and malt drink. Nestle Philippines Chief Executive Officer Jacques Reber said the new facility, located in Batangas province south of the capital, will start ... Read More »

Philippines customs faces hurdles after Lina dropped ball

MANILA: Former commissioner Alberto Lina has left the Bureau of Customs in bad shape, failing to hit any of its revenue targets for the six months of the year, records show. All ports under the bureau’s supervision were also unable to hit their respective goals in April and May this year. For the first half of the year, the bureau ... Read More »

Imports rise to 3-month high in May

MANILA:  Philippines – Heightened demand for capital and consumer goods pushed imports to grow at the fastest pace in three months. The PSA said imports rose 39.3 percent to $6.74 billion in May, from $4.83 billion in the same period last year. The National Economic and Development Authority (NEDA) said the sustained increase in imports shows favorable economic conditions for ... Read More »

Philips profit beats estimates

MANILA: Royal Philips NV, the Dutch healthcare equipment maker, reported second-quarter profit that rose more than expected on cost savings and said earnings would improve in the second half of the year. Adjusted earnings before interest, taxes and amortization rose 8.6 percent to 544 million euros (US$596 million), the Amsterdam-based company said in a statement yesterday. That beat the 519 ... Read More »

Customs bureau wants to auction off sunken ship

MANILA: The Bureau of Customs (BOC) wants to auction off a sunken Panamanian ship as the government has spent for its safekeeping an amount bigger than the estimated value of the vessel’s cargo seven years ago as well as its current valuation. In a statement over the weekend, the Department of Finance (DOF) said that Customs Commissioner Nicanor E. Faeldon ... Read More »

Chinese smuggling P6M shabu at airport: Contacts named

MACTAN: Philippines – Central Visayas Police Regional Office Director Noli Taliño ordered his men yesterday to look into the possible contacts of an alleged Chinese drug mule caught trying to smuggle in 4.5 kilos of shabu worth P6 million at the Mactan-Cebu International Airport Wednesday. Taliño said Zhou Liming, 27, had already been to Cebu twice before and might have ... Read More »

Ex-Customs chief Lina sued for graft

MANILA: Philippines – Claiming injury suffered by his firm, a businessman has filed graft charges against former Bureau of Customs (BOC) commissioner Alberto Lina before the Office of the Ombudsman. In his complaint, Mannage Resources Trading Corp. (MRTC) president Lawrence Daniel Sy also named Run After the Smugglers program executive director Erwin Mendoza, Revenue Collection Monitoring Group deputy commissioner Arturo ... Read More »

GIR hits 41-month high of $83.97B

MANILA: The country’s foreign exchange reserves hit a more than three-year high of $83.97 billion at the end of the first half, preliminary Bangko Sentral ng Pilipinas (BSP) data released late Thursday showed. The end-June gross international reserves (GIR) level was higher than the $82.93 billion recorded a month ago as well as the highest since January 2013’s $85.27 billion. ... Read More »

P900-M shabu seized, 19 suspects killed

MANILA: Law enforcers seized close to P1 billion worth of shabu, while at least 18 suspected drug dealers and users were killed and around 800 surrendered since Saturday as the war on drugs continued The police and Philippine Drug Enforcement Agency (PDEA) unearthed P900 million worth of shabu from an abandoned house in Barangay Culao, Claveria, Cagayan last Sunday. 
Law ... Read More »

Philippines slides in competitiveness of ports, logistics businesses

MANILA: The marching order given by President Duterte to government agencies to honor contracts is seen to improve the global competitiveness of the country’s port and logistics businesses. The country’s ranking in the Logistics Performance Index (LPI) of the World Bank plunged 14 places to 71st this year from 57th in 2014. The WB report ranks 160 countries based on ... Read More »

JG Summit buys 30% of Global Power for P11.8B

MANILA: Gokongwei-led conglomerate JG Summit Holdings Inc. has cemented its partnership with the group of businessman Manuel V. Pangilinan by buying into Global Business Power Corporation (GBPC), a leading independent power generation firm in the Visayas. JG Summit has agreed to buy 577.21 million common shares or 30 percent of GBPC from GT Capital Holdings Inc. and MERALCO PowerGen Corp. ... Read More »

Faeldon: No firing at customs, just reforms

MANILA: Philippines new Customs chief former Marine captain Nicanor Faeldon gave assurances on Thursday, June 30, that he is giving all personnel in the graft-ridden agency a “clean slate.” “This is not about me, not about the president of the Republic of the Philippines. This is about the rank and file. I will not come here and start firing people,” ... Read More »

Bank lending up 17.7% in May

MANILA: Commercial banks’ lending activities grew by a faster 17.7 percent year-on-year to P5.3 trillion in May, Bangko Sentral ng Pilipinas (BSP) data released Thursday showed. The increase in total loans net of reverse repurchase (RRP) placements with the BSP in May was higher than the 15.6 percent growth the previous month. Outstanding loans stood at P5.2 trillion in April. ... Read More »

Philippines posts budget surplus of $1.17bln in April

MANILA: The Philippine government has posted a surplus of 55 billion pesos(1.17 billion U.S. dollars) in April on the back of strong revenue collections, a senior government official said Wednesday. Year-to-date, the budget deficit hit 57.5 billion pesos(1.22 billion U.S. dollars), said outgoing Finance Secretary Cesar Purisima. “Year-to-date, total revenues rose 7 percent year-on-year, amounting to 725.6 billion pesos (15.44 ... Read More »

Mitsubishi plans to develop PH into an export hub

TOKYO: Mitsubishi Motors Corp. of Japan is betting big on its operations in the Philippines as it targets to make the country one of its export hubs in the region. MMC chair and CEO Osamu Masuko  told reporters here that the company wanted to ramp up the factory output of Mitsubishi Motors Philippines Corp. to about 100,000 units yearly to ... Read More »

Strong growth sustained in Q2 – NEDA

MANILA: Robust economic growth was likely sustained in the second quarter, driven by consumer and infrastructure spending, Socioeconomic Planning Secretary Emmanuel Esguerra said yesterday. He said while they are still waiting for hard indicators to come in, gains from election-related spending are expected to contribute to growth in the April to June period. “In the second quarter, I think infrastructure ... Read More »