Maniolas

THE inflation rate in Davao Region is seen to go down to three percent this year brought about by the continuing reduction in the prices of gasoline, an official from National Economic and Development Authority (Neda)-Davao said Tuesday. In a press briefing at the Philippine Information Agency (PIA)-Davao office, Neda-Davao Director Maria Lourdes Lim said the oil price adjustments in the world market, which triggered local gas prices to go down, will favor mostly the importers who will pay less for the transport cost of goods. Last year, Davao Region noted 3.7 percent inflation rate, higher by .5 percentage point as compared to 3.2 percent registered in 2013. The region’s inflation rate has remained lower than 4.2 percent in 2014 recorded on a national level. “There are sectors that are favored, such as importers who will pay less, and (consumers who) can utilize more of (products and services) because of lower prices,” she said. Also, Lim sees the players engaged in the logistics to benefit from the reducing oil prices as well as the transport sector. In her presentation, the official reported that the region posted a total of US$1.768 billion worth of exports as of third quarter in 2014, as compared to US$1.535 billion in 2013. Exports, meanwhile, took a leap from US$767 million in 2013 to a whopping $US1.168 billion. On the region’s top export crops, all but two recorded an increase in the production volume last year. Among these crops, corn reported the highest production increase at Read More …

ABOUT P12.54 billion in investments were poured into Davao Region in 2014. The investments were in logistics, real estate, agriculture, air conditioning, manufacturing, storage, and services, the Board of Investments (BOI) Mindanao Field Office said. The biggest single investment came from the operation of seaports — the P2.65-billion Davao International Container Terminal (DICT) of the San Vicente Terminal and Brokerage Services, Inc. in Panabo City, and the P5.72 billion Hijo International Port (HIP) of the Hijo International Port Services Inc. (HIPSI) in Tagum City. The DICT will have an annual capacity of 400,000 40-foot equivalent unit (FEU), while the HIP has a capacity of 450,000 20-foot equivalent unit (FEU). The bulk of the region’s investments is from the real estate sector, with a combined investment of P2.489 billion, mostly in Davao City. The company with the largest real estate investment is 8990 Housing Development, which has five projects worth P1.56 billion, all in Davao City. The company invested P521.73 million to add 1,341 units to the Deca Homes Resort Residences Phase 9 in Tugbok; P234.65 million 544 unit Deca Homes Indangan Phase 1 in Buhangin; the P145 million 207 unit expansion of Deca Homes Resort Residences Phase 12 in Tugbok; P266.58 million 421 unit expansion of Deca Homes Resort Residences Executive in Tugbok; and the P391.89 million 662 unit expansion of Deca Homes Indangan Phase 2 in Indangan. Other real estate investments in the region are the P656.14 million housing development of Steward Home Development Corp. in Buhangin, Davao City; Read More …

FILING SEASON for income taxes has begun, a BIR official said.  (SUN.sTAR FILE) THE Bureau of Internal Revenue 13 has been given a collection target of P25.9 billion this year, about 25 percent higher than last year’s target. BIR-13 Director Hermeno Palamine admitted that he is anxious about the amount, noting that even last year’s goal was difficult to achieve. While he believes they have met last year’s target, he could not furnish Sun.Star Cebu with the official collection report as some payments made through the banks have not yet been reflected in their system. The BIR-13 shutdown their system from Dec. 16 to Jan. 5 for routine maintenance and clearing of unused files. However, unofficially, they are sure that the collection target has been met. Palamine, though, said that whether or not they hit the target, goals set by the central office are always much higher than the previous year’s goal. Palamine also met with his revenue district officers Tuesday and has instructed them to pay close attention to income taxes filed by establishments that have a tendency to draw large crowds during the holidays and the Sinulog. He explained that when they checked taxes paid for the months of January, some establishments did not show significant increases in incomes. He said that just roaming around Cebu City in the run up to the Sinulog would show otherwise. He pointed out that restaurants, cafés and bars are mostly full while hotels, resorts, inns and pension houses are fully booked. Palamine Read More …

CEBU. Maria Teresa Borja (above left) of the Philippine Trade and Investment Center based in Brussels, Belgium says the Philippines had to meet the EU’s vulnerability criteria and ratify 27 core international conventions on human rights, labor, environmental protection and good governance.  Export Development Bureau Director Senen Perlada (above right)said that it is important for exporters to also ensure their products pass European standards. “The EU-GSP+ is just gravy on the steak. Ultimately, it is the quality that will determine your marketability.” (Arni Aclao) ALTHOUGH the Philippines’ inclusion in the European Union’s Generalized Scheme of Preferences Plus (EU-GSP+) means it has an edge over other countries in the tariff lines, the Department of Trade and Industry wants exporters to know that it is in the quality of their goods that ensures their products are successfully traded in this region. In yesterday’s information session, Export Development Bureau Director Senen Perlada said that it is important for exporters to also ensure their products pass European standards. ‘Just gravy on steak’ “The EU-GSP+ is just gravy on the steak. Ultimately, it is the quality that will determine your marketability. While we can take advantage of these preferential trading agreements. We should not put all our eggs in there,” Perlada said. The EU has three types of GSP arrangements–the regular GSP, the GSP+ and the Everything But Arms (EBA) arrangement. Before its inclusion into the GSP+, the Philippines was already a beneficiary of the regular GSP, which offers zero duties for selected non-sensitive products Read More …

IMPROVING process efficiency is Customs Commissioner John Phillip Sevilla’s top priority for 2015. Customs Commissioner John Phillip Sevilla identified five priorities for the country’s second largest revenue-generating agency for 2015 even as he let on last year’s biggest disappointments. In a press conference late last month, Sevilla also reviewed the BOC’s performance in 2014, noting in particular that the agency made “major headway” in reducing smuggling in the country. He said the BOC was able to stop rice smuggling two months ago, but that “unfortunately” the practice has resumed, although not in the usual ways or places. He noted the “record amounts” of seized smuggled rice, rice auctions as well as cases filed against some customs officials involved in seizing smuggled rice. From January to November, BOC collected P739.33 million representing proceeds from auctions of seized shipments of mostly smuggled rice.Sevilla said the agency has likewise reduced significant amounts of smuggling in fuel, backed by increasing volumes of imports in crude oil, diesel and gasoline by 17%, 25%, and 10%, respectively, compared with the volume in 2013. “These are abnormally high rates of growth,” Sevilla noted, adding “there are amounts of fuel that were being smuggled in the past which are now coming in through legal channels.” Another indicator of reduced smuggling, Sevilla said, is that the undervaluation of resins, a “hot item” until recently, has stopped. “On the technical smuggling side, I think we have successfully ended the undervaluation of resins,” he pointed out. To prove this, he said Read More …