BOC conducts audit of luxury car distributors

 Economy
May 052013
 
BOC conducts audit of luxury car distributors

MANILA, Philippines – The Bureau of Customs (BOC) expects to release  the result of the audit of imports of luxury car distributors soon. Customs commissioner Rozzano Rufino Biazon told reporters in a chance interview the BOC is conducting an audit of all luxury car importers to check possible undervaluation of vehicles brought in to the country. The results of the audit, he added,  are expected to be out soon. “We’re just waiting for the report from the post entry audit group of the BOC,” he said. In March, he said a post-audit entry of vehicles imported by PGA Cars Inc. was being conducted amid uncertainties over declarations made by the firm. PGA Cars is the distributor of Porsche and Audi vehicles. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Biazon said PGA Cars has already submitted its books of accounts to the agency. “They had to comply, otherwise we can suspend their import license,” he said. He noted that books of accounts are needed for the audit as such provide more information compared to documents presented at the port of entry which only show the declared value of the units being brought in. “Remember, we signed up to the WTO (World Trade Organization) agreement on adopting the transaction value method. The price agreed upon by buyer and seller, that is the transaction value. But the books of accounts show more data, for example, what costs they reported to the Bureau of Internal Revenue,” he said. Apart from PGA Cars, Read More …

PAL flights to New York to start once US lifts ban

 Economy
May 012013
 
PAL flights to New York to start once US lifts ban

MANILA, Philippines – Philippine Airlines will soon be able to mount flights to New York once the United States Federal Aviation Administration lifts its ban on additional flights from the Philippines. The ban comes after the US FAA downgraded the country’s standing as a member of the International Civil Aviation Organization, placing the Philippines in Category 2 or unsafe status. After a five-day audit early this year, ICAO found out that the country managed to address and resolved its safety concerns, seen to bring the Philippines back to Category 1 status. “With the lifting of the US FAA sanction, we can go to New York already,” PAL President and Chief Operating Officer Ramon Ang said. PAL currently flies to Honolulu, San Francisco, Los Angeles and Las Vegas. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Ang said that according to a meeting of civil aviation authorities in Brussels, Belgium, the 27-nation European Union, which also imposed a similar sanction, is likely to lift its own three-year ban on Philippine air carriers “within the year.” 

Measure on anti-gender bias in workplace eyed

 Economy
Apr 302013
 
Measure on anti-gender bias in workplace eyed

MANILA, Philippines -Lawmakers vowed to reintroduce in the 16th Congress a measure expanding the prohibited acts of discrimination against women on account of sex. Rep. Emil Ong (2nd District, Northern Samar), chairperson of the House Committee on Labor and Employment, said amending Articles 135 and 137 of Presidential Decree 442, as amended, also known as the Labor Code of the Philippines, will level the playing fields of women in all areas of employment and job opportunities. “House Bill 4643 will secure equal opportunities and fair treatment for female employees vis-a-vis their male counterparts in the workplace,” Ong said. “The measure was extensively discussed then approved by the House during the 14th and 15th Congress; and transmitted to the Senate,” he added. Rep. Magtanggol Gunigundo I (2nd District, Valenzuela City), author of the bill, said there has been a marked increase in the number of women now working in a variety of jobs in which, at times, their entry and subsequent opportunities are dampened, if not altogether stopped, by discrimination. “This situation makes it imperative to institute mechanisms that will provide equal employment opportunities for all, regardless of sex, which is one step towards departing from the prevailing social and economic inequity in the country,” Gunigundo said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Gender bias, both in the recruitment and in the conditions of the workplace, bolsters the traditional perception of society that a woman’s proper place is at home, a view that has become an obstacle to Read More …

Slower inflation projected in Q2

 Economy
Apr 302013
 

INFLATION could fall below 3% in the second quarter with commodity and fuel prices likely to ease on the back of better inventories and continued slow demand due to the weak global economic environment, according to First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P).

Philippines suspends live shrimp imports

 Economy
Apr 302013
 
Philippines suspends live shrimp imports

MANILA, Philippines (Xinhua) – The Philippine government today suspended the import of all live shrimps and susceptible crustaceans to prevent the entry and spread of shrimp diseases such as Early Mortality Syndrome (EMS) in the country. The Philippine Department of Agriculture (DA) said it issued the suspension on the recommendation of shrimp disease expert Dr. Donald Lightner and after local shrimp operators expressed concern over the possible entry of infected shrimps from heavily-affected countries The DA said the Philippines remains free from EMS, a disease characterized by massive mortalities during the first 30 days. Infected shrimp samples show slow growth, corkscrew swimming, and pale coloration.   The government said it will closely monitor airports and seaports to ensure that infected shrimps from heavily-affected countries such as Thailand, Vietnam, and Malaysia will not enter the country.

Philippines to buy 187,000 tons of rice from Vietnam

 Economy
Apr 302013
 
Philippines to buy 187,000 tons of rice from Vietnam

MANILA, Philippines (Xinhua) – The Philippine government announced today that it had decided to  import 187,000 tons of milled rice from Vietnam to beef up stocks before the onset of the typhoon season in July. State-run National Food Authority (NFA) said Vietnam had given the “best offer” for the supply of 187,000 tons of 25 percent broken rice grade. NFA administrator Orlan A. Calayag said Vietnam’s Southern Food Corp. offered the best bid at $459.75 per ton. Vietnam and Thailand submitted bids for the right to supply the volume during a government-to-government tender held on April 3.   The Philippines may no longer need to import more rice as it expects another record harvest this year. For 2013, Philippine paddy rice output is projected to go up by 11 percent on year to 20 million tons. 

Liquidity expands 11.4 pct in March

 Economy
Apr 302013
 
Liquidity expands 11.4 pct in March

MANILA, Philippines (Xinhua) – Demand for money in the Philippines grew by 11.4 percent on year to P5.1 trillion ($123.9 billion) in March, the local central bank said today. On a monthly basis, seasonally-adjusted domestic liquidity or M3 also expanded at a faster pace of 1.5 percent compared with the 0.2 percent month-on-month growth in February. The central bank said the sustained expansion in net domestic assets (NDA) was the main driver in the growth of money supply. The Philippine government said the continued expansion in domestic liquidity in March indicates sufficient liquidity to sustain the growth momentum of the economy. 

Phl bourse sustains rally on strong corporate earnings

 Economy
Apr 302013
 
Phl bourse sustains rally on strong corporate earnings

MANILA, Philippines (Xinhua) – The local index climbed to the upper band of the 7,000-mark today as investors started buying stocks with promising corporate earnings. The bellwether Philippine Stock Exchange index gained 0.61 percent, or 42.64 points, to 7,070.99, while the broader all-share index rose by 0.41 percent, or 17.85 points, to 4,409.73. Trading volume reached 4.1 billion shares worth P10.83 billion ($263.35 million) with 91 stocks advancing, 82 declining, and 39 were unchanged. Of the six counters, only the mining and oil sector bucked the trend. “The composite index advanced for the fourth consecutive session, driven by strong corporate earnings,” DBP-Daiwa Securities, Inc. said in its daily stock market comment. 2TradeAsia.com said sessions will continue to “stay light” until new developments in China unfold. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “For now, local equities may track developments abroad, especially if reaffirmed support for monetary stimulus measures is made,” the online brokerage said. The brokerage said financials and interest rate-sensitive sectors might take the lead, as well as second and third tier stocks that have breached oversold levels.   Stocks in the 30-company index closed mixed. Among those picked up were Ayala Land, Inc., heavyweight Philippine Long Distance Telephone Co., and SM Investments Corp.

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