PERISHABLE GOODS may not be stored for more than three months in customs bonded warehouses, if the draft customs administrative order (CAO) for the implementation of the Customs Modernization and Tariff Act (CMTA) is approved.
Oct 142016
Oct 132016
DOMESTIC trade grew nearly 40% by value in the second quarter on the back of increasing local consumption, with the growth track seen continuing for the remaining of the year.
Oct 132016
A REVISED anti-red tape bill that would criminalize local government units (LGUs) for sitting on business permits beyond one month is being prepared in the Senate.
Oct 132016
THE estimate for ”leakage” arising from value-added tax (VAT) exemptions extended to senior citizens is as much as P9.6 billion, according to the Department of Finance (DoF), citing a World Bank study.
Oct 132016
Let us hope that President Duterte is not running into the arms of China simply because he is pissed with Obama and the EU’s kibitzing in his war on drugs. He must be careful. Rebound romances after a tumultuous break-up are often problematic. I want to assume that by this time, the President is preparing for his China trip by talking to experts on the geopolitical implications of his pivot to China. We are part of a drama over control of the South China Sea but not a principal actor. Someone once observed that when elephants fight, it is the ants that get trampled upon. I find it worrisome that recent statements from the President telegraphed his intention to seek a lot of Chinese assistance. That puts him in a compromised begging position when he gets to Beijing because he cannot go home empty handed. Luckily for Duterte, China seems to be in a giving mood. It found common cause with the new Philippine President in their desire to show the US who is boss in this part of the world. After six cold years with the Aquino government, China would be stupid to let this golden opportunity to get the sunshine back with Duterte. Winning back the Philippines would help solidify China’s capture of ASEAN’s major members. Thailand and Malaysia are already in China’s orbit and it will only be Indonesia and Singapore among the original five that need to be convinced about a Chinese-led Southeast Asian Co-Prosperity Sphere. China needs Duterte. They almost made it with then president Arroyo who attempted a similar pivot Read More …
Oct 132016
MANILA, Philippines – Oil refiner giant Petron Corp. has rolled out Blaze 100 Euro 5 to the Philippine motoring market, the first Euro 5 standard fuel in the country. The announcement comes barely a year after government directed oil companies to produce and market Euro 4-compliant fuels at the start of 2016. Petron announced yesterday Blaze 100 Euro 5 is now available nationwide, which contains significantly less sulfur with 10 parts per million (ppm) compared to other Euro 4 fuels with 50 ppm. It also has less than one percent of benzene – a known carcinogen – in terms of volume compared to the Philippine standard of up to two percent by volume in gasoline. With significantly low sulfur content and advanced additives technology, the high-performance Blaze 100 Euro 5 delivers optimal power and acceleration, exceptional engine cleanliness, better fuel economy and lower emissions. The new product is tagged by Petron president and CEO Ramon Ang as “another revolutionary fuel specially formulated for Philippine driving conditions.” “With the highest octane rating but the lowest sulfur content, Petron Blaze 100 Euro 5 is the best gasoline in the market by far in terms of power, efficiency, and reduced emissions,” he said. The Blaze 100 Euro 5 was “road-tested” recently as the official fuel of the Philippine Leg of the 2016 Formula 4 South East Asia (F4/SEA) Championship at the Clark International Speedway in Pampanga. Petron said Blaze 100 Euro 5 is recommended for high-end, high-performance vehicles but other vehicles will get Read More …
Oct 132016
Data released by the Bangko Sentral ng Pilipinas (BSP) showed total outflows reached $2.08 billion in September, 23 percent higher than the $1.69 billion withdrawn in the same month last year. File photo MANILA, Philippines – More than $2 billion worth of foreign portfolio investments or “hot money” were pulled out from the Philippines in September amid the uncertainties brought about by the impending interest rate hike in the US and the increasingly worrisome presidential pronouncements that add to investor jitters. Data released by the Bangko Sentral ng Pilipinas (BSP) showed total outflows reached $2.08 billion in September, 23 percent higher than the $1.69 billion withdrawn in the same month last year. This was the highest monthly withdrawal since June last year when $2.21 billion worth of foreign portfolio investments were pulled out by investors from the economy. Inflows declined 7.3 percent to $1.27 billion in September from $1.37 billion in the same month last year due to negative investor sentiment, lingering uncertainty on the timing of the next interest rate hike in the US, the bombing in Davao, and the decision of the European Central Bank to discontinue its bond-buying program. This translated to a net outflow of $807.15 billion last September, 150 percent higher than the $323.98 million net outflow booked in the same month last year. This was the highest since the Philippines booked a net outflow of $1.84 billion in January 2014. The BSP traced the outflows in September to profit taking. Foreign portfolio investments or Read More …
Oct 132016
NANNING CITY – Construction and manufacturing equipment whir non-stop in Guangxi, China as the autonomous region speeds up projects in line with the implementation of the One Belt, One Road OBOR is an initiative of Chinese President Xi Jinping aimed at building massive infrastructure – the land-based economic belt and the 21st century maritime Silk Road – that will connect China to the Eurasian region and increase global trade exchange, economic cooperation and cultural ties. A majority of Guangxi’s initiatives for OBOR are located in this capital city, being an important junction of the Silk Road and a gateway of cooperation between China and the ASEAN (Association of Southeast Asian Nations). At present, Nanning has developed into a transfer station and production base for the ASEAN import and export sector. The Nanning-Zhonguancun Double Demonstration Base, launched in July this year, created an innovation ecosystem that is powered by information technology and advanced industrial equipment. Twelve leading enterprises, including Google, iResearch Capital and HIT Robot Group, are among the first investors at the innovation base. Investors enjoy tax exemptions and free lease for the first six months of operation. The Nanning Creative Industries (NCI) and the Nanning New and High-tech Industrial Development Zone (NNHITECH) are open not only to China’s aspiring entrepreneurs, but also to innovators from ASEAN member-states. Among the innovations featured at the NNHITECH are robots that can be used in crime investigation, defuse bomb and fight fire; an irrigation system that mixes water and fertilizer and an unmanned Read More …
Oct 132016
MANILA, Philippines – More airlines and charter operators have signified their interest to fly Chinese visitors to the Philippines, the Department of Tourism (DOT) said yesterday. Erwin Balane, head of the DOT route development team, told The STAR some airlines and charter operators from China were planning to mount more flights to the Philippines, while some were looking at entering market. “Because there is a really big volume of leisure travelers from China, it’s easier to invite airlines to fly here,” he said over the phone. According to the United Nations World Tourism Organization (UNWTO), China was the top source of the global tourism market in 2015. It was also the world’s top tourism spender last year, recording a total of $292 billion in tourism receipts, up 25 percent from 2014. Chinese arrivals to the Philippines, meanwhile, reached 490,841 in 2015, 24.28 percent higher than the 394,951 arrivals reported a year earlier. From January to July 2016, a total of 422,801 Chinese tourists went to the Philippines. The DOT expects a new set of Chinese tourists from Xiamen who will be traveling to Davao via Xiamen Airlines this Chinese New Year. The airline earlier conducted two trial flights last Sept. 20 and Oct. 7 to test the reception of the market in Xiamen. Balane said he considered it a good sign that the travelers did not cancel their trip despite the recent bombing incident in Davao. “So far the market is okay, so maybe they are already preparing for another Read More …
Oct 122016
THE Department of Finance (DoF), which plans to impose new taxes on sugary drinks, said its considerations for the politically sensitive measure include the potential impact on health policy and the effect on poor people who depend on soft drinks for “energy.”