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Philippines

Customs misses its target by P43.25b

MANILA: Customs Commissioner Alberto Lina missed the revenue collection target in the past five months by P43.25 billion, which translates to close to P300 million a day that President-elect Rodrigo Duterte said is lost due to rampant smuggling and corruption. Records show that in May 2016 alone Customs recorded a deficit of P8.85 billion or P295 million in losses per ... Read More »

Outgoing Customs chief wants to be traffic czar

MANILA: After serving twice as head of the Bureau of Customs (BOC), outgoing Commissioner Alberto Lina bared that he is now interested in managing Metro Manila traffic. Lina said yesterday that if his services are still needed in government, his expertise in logistics could be useful as a traffic czar or as head of the Metropolitan Manila Development Authority (MMDA). ... Read More »

PPA, Customs at odds over North Harbor status

MANILA: A turf war erupted between the Philippine Ports Authority and Bureau of Customs, after the latter allowed Manila North Harbor Port Inc. (MNHPI), operator of the Manila North Harbor, to handle foreign cargo. The BOC granted Manila North Harbor international port status, citing sections of the Republic Act 10668 that amended the 50-year-old Cabotage Law. This allows the Romero-controlled ... Read More »

PHL imports surge 29.2% in April – statistics office

MANILA: The Philippines imported $6.529 billion worth of goods in April, surging by 29.2 percent from $5.053 billion a year earlier, the Philippine Statistics Authority (PSA) reported Friday. “The continued strength of merchandise imports, buoyed by purchases of capital goods and durable goods, hints of a robust economic performance in the second quarter,” said outgoing National Economic Development Authority (NEDA) ... Read More »

Metrobank plans P20B fund-raising

MANILA: TY family-led Metropolitan Bank and Trust Co. (Metrobank) plans to raise as much as P20 billion from a new offering of high-yielding long-term deposits, taking advantage of ample liquidity in the financial system. The board of Metrobank had approved the issuance of these long-term negotiable certificates of deposits (LTNCDs) in one or more tranches worth at least P10 billion, ... Read More »

Philippines Customs loses P300M each day

MANILA: President-elect Rodrigo Duterte  on Tuesday  said rampant smuggling from all 17 ports nationwide is costing the country P300 million daily in foregone revenues, prompting him to order “zero tolerance” on corruption at the graft-ridden Bureau of Customs. “In the Bureau of Customs, we are losing an estimated P300 million daily [due to smuggling] in all ports all over the ... Read More »

BSP jacks up term deposits offering

MANILA: The Bangko Sentral ng Pilipinas will offer more term deposits at the first auction in the second half of the year amid strong demand from banks. The term deposit facility (TDF) auction Wednesday, the third since the interest rate corridor (IRC) was launched this month, was again oversubscribed with bids hitting almost P165 billion for the P30-billion offering. The ... Read More »

Incoming customs chief Faeldon bares plans on reforms in BOC

DAVAO: The incoming chiefs of the country’s two biggest revenue-collection agencies plan reforms not only to shore up collections but also improve services. Incoming Bureau of Customs (BOC) chief Nicanor Faeldon said they will fast-track computerization of customs processes, as well as remove compulsory utilization of brokerages, citing that “some unscrupulous brokers are using their services to smuggle commodities to ... Read More »

Government sets Q3 domestic borrowing at P135B

DAVAO CITY: The government would be borrowing P135 billion from the domestic market in the third quarter through the sale of Treasury bills and bonds, National Treasurer Roberto B. Tan said. Tan told reporters the Treasury does not expect any changes in the borrowing program for the rest of the year since the implementation of the 2016 national budget was ... Read More »

Pernia expects GDP growth to reach 6.5% in 2016

DAVAO CITY: The economic team of President-elect Rodrigo R. Duterte sees the economy expanding by at least 6.5 percent this year, a more conservative outlook than the target set by the outgoing Aquino administration. Incoming Socioeconomic Planning Secretary Ernesto M. Pernia said in a briefing here on Monday that the prevailing economic growth target range of 6.8-7.8 percent for 2016 ... Read More »

Philippines imports likely to grow on higher demand of capital goods

MANILA: Philippines imports data, due to be released late this week, is expected to rise, indicating continued robust demand. This is primarily due to surge in imports of capital goods during the first quarter of this year, driven by the frontloading of investment ahead of the elections. Overall import growth is expected to come in at seven percent this year, ... Read More »

Customs upholds alert order on imported steel bars

MANILA: The Bureau of Customs recommended to uphold the alert order on the shipment of  5,000 metric tons of deformed reinforcement steels bars from China. A Customs memorandum order issued on June 6 showed the Race Against The Smugglers group headed by the Customs legal department recommended to commissioner Alberto Lina that the alert be maintained until the case was ... Read More »

Group asks Customs to seize China steel brought into Subic

SUBIC BAY FREEPORT: Insisting that the importation was irregular, a steel industry group petitioned the Bureau of Customs (BOC) to seize the 4,929 metric tons of deformed steel bars from China that had been granted a provisional import commodity clearance (ICC) by the Department of Trade and Industry (DTI). In its 13-page position paper released on June 7, the Philippine ... Read More »

May ‘hot money’ inflows jump by 40%

MANILA: More foreign portfolio investments or “hot money” entered the country than the amount that was brought out in May, reversing the net outflows registered a month ago and in May last year. Bangko Sentral ng Pilipinas (BSP) data released on Thursday showed that in May this year, $1.78 billion in foreign portfolio investments flowed into the country— the highest ... Read More »

Bureau of Customs partner Microsoft to deliver seamless services to Filipinos

MANILA: The Bureau of Customs (BOC) has partnered with Microsoft Philippines to deliver seamless service to Filipinos. According to BOC Commissioner Alberto D. Lina, the partnership is focused on achieving three core factors – including customs administration, security of data, and transparency – which are critical in effectively delivering public service. “We are committed to annihilate alleged controversies and corruption ... Read More »

Remittances growth slowed in first 4 months

MANILA: The growth in cash sent home by Filipinos overseas through banks slowed to 3.1 percent year-on-year as of end-April even as the Bangko Sentral ng Pilipinas (BSP) said there was sustained demand for overseas workers despite a weak global economy. BSP data released Wednesday showed that cash remittances in the first four months rose to $8.7 billion from $8.4 ... Read More »

Philippines targets up to 25% share of $200bn halal market

MANILA: The Philippine government is determined to get a share of 20 to 25 percent of the $200bn global Halal market and the authorities have accelerated efforts to achieve this target as part of the ‘Halal Tourism Project’ launched recently by the Philippine Department of Tourism (PDOT). The project aims at attracting more tourists and visitors from the GCC and ... Read More »

Dominguez readies Customs reforms

MANILA: The incoming administration will initiate reform measures at the Bureau of Customs to rid the agency of corrupt practices, incoming finance secretary Cesar Dominguez said yesterday. “The public is telling us something and we better listen. Are we going to change? Otherwise we will have to force it,” Dominguez said. “The perception of Customs as the most corrupt agency ... Read More »

Bank deposits up 11%

MANILA: Philippine banks’ deposit liabilities at the end of the first quarter reached a total of P9.39 trillion, higher by 11 percent compared to the same period last year, according to the Philippine Deposit Insurance Corp. (PDIC). Of the total amount, insured deposits reached P2.09 trillion, higher by 10 percent year-on-year. All of these answer to a total of 51.85 ... Read More »

Customs chief told of tough anti-corruption policy

MANILA: Nicanor Faeldon, the incoming customs commissioner, and the Carlos Dominguez, the incoming finance secretary, have asked the incumbent customs chief, Alberto Lina, to warn all in the customs department that the new Administration will tolerate corruption. The policy was made clear during transition meeting on Monday. Faeldon spoke of several reform measures—like the United States trade transparency unit as ... Read More »