(Third of 5 parts) In last week’s article, we discussed some of the changes introduced under the new Customs Modernization and Tariff Act (CMTA), particularly the new threshold value of those considered as small value importations, the rules on relief consignments, and personal and household effects (including appliances and durables) brought in by returning residents and Overseas Filipino Workers (OFWs).
THE PHILIPPINES is set to remain among the best-performing economies in the region, with a qualified set of incoming managers seen to step up the already strong fiscal footing laid out by the Aquino administration.
THE BUDGET department has extended the period for local government units (LGUs) to comply with requirements set in order to tap funds allocated under the government’s bottom-up budgeting (BuB) program.
THE ENERGY Regulatory Commission (ERC) has issued a resolution to divide itself into two core groups when it hears anti-competition cases in order to speed up their disposition.
SUN LIFE of Canada (Philippines), Inc. (Sun Life) expects Philippine economy to grow at a modest 5.9% this year as it awaits the plans and programs of the incoming administration to further take shape.
ELECTRONIC EXPORTS are still on track towards reaching its growth target of 2-5% for 2016, as the industries aim to reclaim its peak of $31 billion which was achieved in 2010, according to Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Dan C. Lachica.
With days counting away in his term, outgoing President Benigno S. C. Aquino III recently signed into law Republic Act No. 10844 creating the Department of Information and Communications Technology (DICT). As a necessary effect, all operating units of the Department of Transportation and Communications (DoTC) with functions and responsibilities dealing with communications will be transferred to the newly-created DICT. Henceforth, the DoTC will be renamed as the Department of Transportation.
AN international bank has raised the country’s growth forecast for the next two years in light of increased domestic activity and a faster economic growth expected during the second quarter.
THE DEPARTMENT of Budget and Management (DBM) has released P864.723 million to towns and provinces as their share of revenues from taxes levied on the use of natural resources within their jurisdictions.
OFFICIALS of the Bureau of Customs (BoC) have started formal transition talks this week, which comes as they are putting together a draft of implementing rules that will carry out reforms detailed under the new Customs law signed in May.