Maniolas

Embassy of the Philippines to Belgium and Mission of the Philippines to the European Union Ambassador Victoria Bataclan (right) and staff BRUSSELS, Belgium – The Philippines is hopeful to get on December 18 the European Union’s (EU) approval on its application to the Generalised System of Preferences (GSP) +, a trade regulation where a number of Philippine exports will benefit from duty-free treatment on EU market.  The country is a current beneficiary of GSP where 23 percent of all Philippine exports are duty-free while some enjoy reduced tariff. Under the new GSP+ scheme, EU shall provide additional trade preferences where from the existing 23 percent, some products will enjoy tariff cuts down to 0 percent. “We have been lobbying for the country’s application in the EU Parliament and we need not more than 376 votes among the 751 Parliament members in order to be approved,” Mission of the Philippines to the European Union head, Ambassador Victoria Bataclan, said in an interview. Once granted, GSP+ is expected to generate 600 million euros for the Philippines in the next three years and shall largely benefit our export products from the fisheries and garment industries.  The government and EU also estimates that GSP+ could expand exports to EU by 12 period and generate around 200,000 additional jobs. Additional 6,000 product lines are also expected to be generated, added Bataclan. Zafrullah Masahud, commercial counselor privy to the ongoing negotiation, said this trade agreement is one-way and is therefore not reciprocal. Once approved, the Philippines’s Read More …

THE GOVERNMENT plans to further extend the deadline for new petroleum contract applications under the fifth leg of the Philippine Energy Contracting Round (PECR 5) to give investors more time to prepare their bids, the Energy chief said yesterday.

TO AID in the speedy conduct of tax investigations, the Commissioner of Internal Revenue and its duly authorized officers are empowered to issue a Subpoena Duces Tecum (SDT) to taxpayers who deliberately refuse or ignore the request of the Bureau of Internal Revenue (BIR) to submit books of accounts and/or other documents and records. In case of non-compliance, the BIR may also invoke the authority of the courts by filing a criminal case against a taxpayer. However, is there any available recourse to the taxpayer, in case the issued SDT does not comply with the prescribed guidelines and procedures?

MANILA, Philippines – Inflation in the Philippines could ease to  4.1 percent this month as prices of oil in international markets continue to fall, UK-based investment bank Barclays said. In a report, the bank said “lower oil prices will lead to a further moderation in inflation.” Data showed that the price of Dubai crude, a benchmark for oil trading in Asia, fell to an average $79.77 per barrel from Nov. 3 to Nov. 26 as against the $86.65 per barrel average last month. The government will release the official November inflation data on Dec. 5. The Bangko Sentral ng Pilipinas last week forecast the rate to settle within 3.5 percent to 4.3 percent for November, a further deceleration from the 4.3 percent pace in October. The central bank said stable food prices, dropping oil prices, and lower power rates should dampen any upside risks to inflation. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As a result, BSP Governor Amando M. Tetangco Jr. said there is room for the central bank to keep its policy settings unchanged should inflation continue on a decelerating trend. Inflation has averaged 4.3 percent in the 10 months to October, above the midpoint of the BSP’s three to five percent target range. The central bank last month kept key policy rates steady on expectations the inflation will remain within the goals for this year until 2016. Earlier, the BSP hiked the overnight borrowing and overnight lending rates by a total of 50 basis points Read More …

MANILA, Philippines – Asian Bankers Association (ABA) chairman Lorenzo V. Tan has urged bankers to open up the region’s economies through innovative yet segmented financial services. Speaking at the 31st ABA General Meeting and Conference in Muscat, Oman, Tan underscored the important role of ABA in addressing issues that impact the whole banking industry with special focus on the requirements of Asian banks. “Our Oman gathering is designed to provide another platform for ABA members, and our invited experts, to discuss matters of significant interest to Asian banks on our journey in the modern-day silk route towards economic growth and increased prosperity for our people,” Tan, who is also the president of Bankers Association of the Philippines (BAP), said. ABA’s membership includes over 100 of the leading banks from 25 countries in the Asia-Pacific region. “The challenge is to help unlock further the potential of the region’s economies through excellence in segmented financial services to customers, from the largest conglomerates to the smallest enterprises and even to microfinance,” Tan said. He said it could be through innovative products that help the movement of debt and equity from markets with excess funds to markets with demand for development such as in infrastructure, manufacturing equipment or other long term needs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This could be through the efficient and low-cost cash management and distribution systems, enabled by the use of innovations in technology. Asian banks are also urged to keep abreast with risk management expertise, Read More …