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Philippines GDP increases to 15.6%, revenue generation still unsatisfactory  

MANILA: Data released earlier this year showed the government’s revenues relative to gross domestic product (GDP) improved to 15.6 percent in the middle of 2014 from 15.3 percent the year before. For the whole of 2014, the government is targeting a tax-to-GDP ratio of 14.7 percent and a revenue to GDP ratio of 15.7 percent. The Philippines’ “investment grade” is ... Read More »

Philippine National Police seize illicit firecrackers

LEGAZPI: The Philippine National Police in Albay has seized and destroyed an unspecified number of smuggled firecrackers worth of P20,000 and P25,000 in simultaneous crackdowns on firecracker vendors in the cities of Legazpi and Tabaco and the towns of Guinobatan and Polangui. With the confiscation of these illegal firecrackers, the safe celebration of New Year in Albay has been assured, ... Read More »

Philippines’s GDP inched to 15.6%: Revenue generation still unsatisfactory  

MANILA: Data released earlier this year showed the government’s revenues relative to gross domestic product (GDP) improved to 15.6 percent in the middle of 2014 from 15.3 percent the year before. For the whole of 2014, the government is targeting a tax-to-GDP ratio of 14.7 percent and a revenue to GDP ratio of 15.7 percent. The Philippines’ “investment grade” is ... Read More »

Philippines to set up 17 coal stations by 2020

LUZON: The Philippines government has planned to set up 34 new power projects including 17 coal projects in Luzon from 2014 to 2020, which would help in enhancing the power sector of the country. Prospective coal power plants, according to the data, will generate over 10,000 megawatts of electricity until 2020. Around 14 committed coal plants with a total capacity ... Read More »

P2 million recovery: Philippines govt urged to tax rich entities

MANILA: Wilson Fortaleza a Partido Manggagawa spokesman has urged the government to maintain the subsidies provided to the local public and tax the rich persons and compines to recover its P2 million loss. “Subsidy is a good social policy.  It is a right, an entitlement of poor people while corruption and fraud are privileges enjoyed by the rich and powerful.  ... Read More »

Philippines Internal Revenue Bureau loses P15.6b: Cigarette firms urged to pay tax differential before year-end

MANILA: The Bureau of Internal Revenue had lost P15.6 billion in the last financial year and due to the change in tax rate for cigarette firms the Customs has asked them to pay the tax difference before the end of financial year 2014 . The BIR issued Revenue Memorandum Circular 89-2014, in light of the impending increase of excise tax ... Read More »

Philippine National Police seize 400 banned firecrackers, 4 arrested

MANILA: The Philippine National Police (PNP) arrested four individuals and confiscated more than 400 banned firecrackers in line with its Oplan Ligtas Paskuhan. The PNP said that it also recorded 17 incidents, including firecracker and indiscriminate discharge of firearms cases. Four others were also reported injured due to firecracker blasts in Regions 1, 4, 7 and Autonomous Region in Muslim ... Read More »

Philippines: 660 out of 6000 clear Customs test

MANILA: Only 660 of more than 6,000 examinees, mostly outsiders, passed the initial tests for supervisory and nonsupervisory positions at the bureau. The passers have been undergoing personal interviews by members of the bureau’s Personnel Selection Board. Those who qualified for jobs in the Customs Intelligence and Enforcement Groups will also undergo physical tests. It’s going to be a bleak ... Read More »

Philippines BDO Bank sells 2% stakes to Malaysia    

MANILA: The BDO Unibank Inc of Philippines has sold it two percent stakes to the Malaysian Khazanah Nasional Bhd. Which make Malaysia to enter in the economy of Philippines. SM, owned by the Philippines’ richest man, Henry Sy, said in a statement on Tuesday the transaction involved its unit, Multi-Realty Development Corp, selling 2 percent of BDO’s total common shares ... Read More »

Rising global demand: Philippines electronics growth up by 11%  

MANILA: The rising demand of electronics in the world helped the electronic growth of Philippines to show a rapid growth rate of 11 percent, however, it could slow down to about 5 to 7 percent next year, the Semiconductor and Electronics Industries in the Philippines Inc. (Seipi) reported Thursday. According to Seipi chair Arthur Tan, the growth in electronics exports ... Read More »

Manila Port: Philippines Customs busts 360kg mercury worth $40,277

MANILA: The Bureau of Customs (BOC) seized 7 container vans from China misdeclared as paper utensils and T-shirts, but apparently contained 360 kilos of mercury estimated to cost P1.8 million ($40,277.47), and various painkillers, apart from knock-off footwear and apparel. “Almost all the items in the shipments are illegal importations. Mercury and all medicines are regulated items that require permits ... Read More »

Manila: Sugar group’s net income increases by 30pc

MANILA: The Sugar group Roxas Holdings showed net income after tax reached P615 million, up 30 percent from last year’s P473 million for its fiscal year ending September 30, 2014. RHI president and CEO Renato C. Valencia said the group’s sugar business margins dropped by 70 percent due to operational challenges. RHI Chairman Pedro E. Roxas attributed the higher profit ... Read More »

Manila Port fails to hit target by $2.65b, 7 ports outside capital shows $2.33b growth 

MANILA: Manila ports continue to fail hitting revenue targets by P44.13 billion ($989.28 million),  while seven ports outside the Philippine capital surpassed revenue collection targets by P13.96 billion ($312.95 million)* for the first 11 months of this year, data from the Bureau of Customs (BOC) showed. The ports of Subic, Batangas, Aparri, Iloilo, Cebu, Cagayan de Oro, and Davao had ... Read More »

Philippines Customs collects P31.22bn revenue, shows 10% growth

MANILA: The Bureau of Customs (BoC) missed its collection target for a 22nd straight month in November even as its haul grew at double- digit pace, prompting the agency’s head to concede that the full-year goal will not be met. The BoC data showed collections in November amounted to P31.224 billion, 10.5% more than last year’s P28.254 billion but still ... Read More »

Smuggling, tax evasion biggest hurdles in tax collection: Senator Alan

MANILA: Smuggling and tax evasions were the biggest hurdles in the collection and completion of tax targets which badly effect the economy of the country, said Senator Alan Peter Cayetano to focus on tax collection and the Bureau of Customs (BOC). Cayetano said the bigger corruption problem isn’t the ghost employees or ghost projects, through which about 20% of the ... Read More »

 GSP-Plus status to Philippines: Exporters hope 12pc rapid progress in 2015  

MANILA: After being given the (Generalized Scheme of Preferences Plus) GSP-Plus status the exporters of the Philippines hope for the rapid growth in next year which stands at 9.2 percent annually at present with $51.769 billion in the 10th month of this year. SEIPI said that it expects overseas sales of electronics — which make up more than half of ... Read More »

Philippines Customs exempts PEZA-registered importers from revenue clearance

MANILA: The Philippines Customs Department has given exemption to all the importers, who have been registered with Philippine Economic Zone Authority (PEZA) from the Revenue clearance by Bureau of Revenue (BIR) as amended by DO 18-2014, and shall be eligible for accreditation as importers with the Bureau of Customs Account Management Office (BoC-AMO). “PEZA locators that will import goods into ... Read More »

GDP declines to 508%: Philippines unable to achieve tax target of P1.456tr  

MANILA: The Bureau of Internal Revenue’s (BIR) failed to get P1.456-trillion goal for the year, which was based on a 6.5-7.5% economic growth assumption that is now probably out of reach. But the Gross domestic product grew just 5.8% in the nine months to September. The BIR exceeded its monthly targets only twice this year: in September when it collected ... Read More »

Excise tax collection grows 40%: Philippines tobacco revenue reaches P91.64bn

MANILA: Excise tax collections from tobacco and alcoholic beverages grew 40 percent in the nine months through September this year, reflecting the success of the sin tax reform measure that jacked up the taxes of the so-called sin products. Based on a report from the Department of Finance, collection of excise tax on cigarettes and alcohol reached P91.64 billion from January to ... Read More »

Philippines to start e-filing of taxes through E-FPS facility from Jan 1

MANILA: Philippines has decided to start electronic filing of tax from January 1, 2015, when the RR is expected to take effect for all their filed returns, e-FPS will have to be utilized by taxpayers included in the Taxpayer Account Management Program (TAMP). The Philippines’ Bureau of Internal Revenue (BIR) has issued a Revenue Regulation (RR) that makes it mandatory ... Read More »