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EFTA abolishes all customs duties for PHL products with new free trade pact

MANILA: Philippine products, including industrial goods as well as fish and other marine products, can access European Free Trade Association (EFTA) States duty-free after the two parties signed a free trade agreement (FTA). “With the entry into force of the Agreement, the EFTA States abolish all customs duties on imports of industrial products, including fish and other marine products, originating ... Read More »

Philippines police seize shabu worth P375 million

MANILA: Authorities seized an estimated PHP375 million worth of methamphetamine hydrocloride or ‘shabu’ from two Chinese and two Taiwanese nationals, in an anti-drug operation in Quezon City. National Capital Region Police Office (NCRPO) Chief Police Director Joel Pagdilao identified the suspects as Wei Chang Lee, Henry Go Sy, both Chinese nationals; Chu Cheng Chu and Shan Wen Lee both Taiwanese ... Read More »

Vehicle imports zoom 151% in Q1

MANILA: Philippine Sales of vehicle importers and distributors in the country registered a triple digit growth in the first quarter of the year on continued robust demand across vehicle segments. The Association of Vehicle Importers and Distributors (AVID) said yesterday the group’s sales in the first three months of 2016 zoomed 151 percent year-on-year to 21,160 units. “As the Philippines ... Read More »

StanChart sees Philippines hitting export growth target

MANILA: Despite weak global demand, the Philippines is capable of achieving its exports growth target of eight to nine percent this year on the back of strong services sector, Standard Chartered Bank said. Jeff Ng, regional economist for Asia at Standard Chartered Bank, told The STAR the Department of Trade and Industry’s ambitious exports growth target this year is attainable, ... Read More »

Philippine Imports grow 1.2% in February

MANILA: Philippine imports rose 1.2 percent in February from a year ago on higher purchase of capital goods. Payments for imports in February rose to $5.41 billion, up from $5.35 billion in the same period last year. This annual growth rate, however, was slower than the 10.2 percent in February 2015 and 30.8 percent in January. Increased imports of the ... Read More »

Philippines Customs bureau will revive fuel marking as smuggling deterrent

MANILA: The Customs bureau will go ahead with a fuel-marking scheme as part of an initiative to curtail smuggling. Oil companies have raised no opposition to the fuel-marking scheme, but asked for the strict and effective enforcement of the program. At least two companies have expressed interest to provide the technology for the marking of imported fuel, Customs Commissioner Alberto ... Read More »

PHL imports advance by significantly slower 1.2% in February

MANILA: Philippine imports advanced at a much slower pace in February than in January, reflecting sharp drops in mineral fuels and electronic imports. “The total imported goods by the country for the month of February 2016 amounted to $5.414 billion, an increase of 1.2 percent from $5.351 billion recorded during the same period a year ago. Imports grew by 30.8 ... Read More »

Philippines Customs seize 15,000 sacks of Thai rice at Subic

MANILA: The Bureau of Customs (BOC) recently seized 15,600 sacks of rice from Thailand that were shipped here without the necessary import permit from the National Food Authority (NFA). The sacks of Thai White Rice were inside 30 container vans that were seized on April 15, said lawyer Ernelito Aquino, district collector of the Port of Subic, on Monday. Aquino ... Read More »

Customs seize 15,000 sacks of Thai rice at Subic

SUBIC: The Bureau of Customs (BOC) recently seized 15,600 sacks of rice from Thailand that were shipped here without the necessary import permit from the National Food Authority (NFA). The sacks of Thai White Rice were inside 30 container vans that were seized, said lawyer Ernelito Aquino, district collector of the Port of Subic, on Monday. Aquino said the shipments ... Read More »

Ex-Customs head Biazon faces graft, malversation, bribery charges

MANILA: The Office of the Ombudsman on Friday formally brought criminal charges in the Sandiganbayan against former Bureau of Customs chief Ruffy Biazon for allegedly receiving P1.95 million in kickbacks from alleged pork barrel scam mastermind Janet Lim-Napoles when he was still a Muntinlupa City congressman in 2007. In separate complaints, the Ombudsman said Biazon assigned P3 million in his ... Read More »

Philippines targets huge gain in doing business

MANILA: The Philippines is targeting to leap to 63rd place in this year’s World Bank Ease of Doing Business Report, a 50-notch jump from last year’s ranking of 103. National Competitiveness Council (NCC) co-chairman for the private sector Bill Luz said yesterday the target is achievable following measures implemented by government agencies in streamlining process for starting a business and ... Read More »

Philippines seeks to collect P3T revenues in 2017

MANILA: The government aims to collect more than P3 trillion in taxes next year. Based on projections made by the Department of Budget and Management, revenue agencies, principally the Bureau of Internal Revenue (BIR), will have a collection target of P3.04 trillion. This is bigger than the entire budget for this year, which amounts to P3.002 trillion. It will be ... Read More »

Tax, smuggling cases languish in Philippines courts

MANILA: Tax authorities have filed more than 600 cases against alleged tax evaders and smugglers but only a handful have been convicted as most of the cases languished in courts. In a speech at the High-Level Dialogue on Fiscal Transparency hosted by the Open Society Foundation in the US last week, Finance Secretary Cesar V. Purisima said the Aquino administration ... Read More »

Philippines’ tax bureau taps mobile payment for tax collection

MANILA: The Philippines’ Bureau of Internal Revenue (BIR) has partnered with Globe Telecom’s GCash mobile money service for its tax collection effort. It said the goal is to improve tax collection and administration, curb corruption, and strengthen business climate in the country. “The continuous payment of right taxes will continue and sustain the growth of the Philippines,” said BIR Commissioner ... Read More »

Customs turns over 300,000 car plates to LTO

MANILA: License plates are now with the Land Transportation Office (LTO), but their release to vehicle owners remains uncertain. The Bureau of Customs turned over to the LTO yesterday 300,000 pairs of vehicle license plates that have languished at the Manila International Container Port (MICP) for about a year, with the BOC deferring the collection of about P73 million in ... Read More »

PNP nab over 11,000 linked to illegal drugs in Q1

MANILA: The Philippine National Police (PNP) said here the other day that it arrested more than 11,000 people linked to illegal drug operations during the first quarter of 2016. PNP spokesman Chief Supt. Wilben Mayor said that authorities, with the help of other law enforcement agencies, nabbed a total of 11,405 people in its “One time, Big Time” (OTBT) operations ... Read More »

Pepsi-Cola’s net income reaches P810m as revenues rise 7%

MANILA: Softdrinks maker Pepsi-Cola Products Philippines Inc. said Tuesday net income in 2015 stood flat at P810 million, on higher sugar prices and increased expenses when it diversified into snack foods. PCPPI said in a filing with the stock exchange gross revenues increased 7 percent in 2015 to P27.33 billion from P25.35 billion in 2014. Revenue growth was ahead of ... Read More »

Philippines finmin backs tax cut plan if part of wide overhaul

MANILA: The Philippines finance minister said here the other day that he backed the tax-cut plans of candidates in the country’s presidential race, with the caveat that they should be part of an overhaul of the wider tax system. “I believe it is important that we align our tax rates with the rest of Asean,” Finance Secretary Cesar Purisima, who ... Read More »

New VAT increase on the cards

ATHENS: Thousands of goods and services will suffer fresh hikes in prices and fees as a result of the increase in the top value-added tax rate by one percentage point that sources say has been agreed between the government and the representatives of the country’s creditors. The plan is for the 23 percent rate on most commodities to be raised ... Read More »

Philippines exports drop 4.5% in Feb

MANILA: The Philippines exported a total $4.31 billion worth of goods in February, lower by 4.5% from the year-earlier period, dragged by double-digit declines in the shipments of copper, furniture and ignition wiring sets for vehicles. The Philippine Statistics Authority said the shipments of goods in February brought total exports in the first two months of 2016 to $8.50 billion, ... Read More »