B.O.C. TO PROBE JAN-JUNE RICE IMPORTS By Rea Cu
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HE Bureau of Customs (BOC) said on Thursday that it will look into rice imports that arrived in the country from January to June, to determine if the shipments were undervalued. BOC Assistant Commissioner for the Post Clearance Audit Group Vincent Philip C. Maronilla told the BusinessMirror in an interview that the values declared by traders were inconsistent. Maronilla made the announcement after the BusinessMirror reported on July 9 (See,“Undervalued rice
imports may have caused P5-billion gap in tariff collection,” Banking and Finance page) that the Federation of Free Farmers Inc. suspected the undervaluation of rice shipments by importers and traders. “In terms of volume, [the shipments] look consistent [with the trend]. But in terms of value, we’ll have to admit, when we looked at the initial evaluation for the first half of the year, the values were inconsistent,” Maronilla said. “And there were a lot who did not declare their transaction value, that is on a par with our reference, which is based on established and reputable publications on prices,” he added.
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Friday, July 12, 2019 Vol. 14 No. 275
Growth target of 6-7% still doable, says Diokno D
By Bianca Cuaresma
@BcuaresmaBM
ESPITE the sluggish growth of the Philippine economy in the first three months of the year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno is optimistic the country will still hit its growth target for the year, as the economy is expected to “fire on all cylinders” in the remaining months of 2019. Diokno bared his rosy growth prospects of the local economy in a recent speaking engagement, brushing off the below-6 percent
growth numbers of the country as a one-off occurrence for the year. “Let me outline why we expect the economy to continue to fire on
all cylinders over the medium term, and what makes the Philippine economy an attractive investment destination,” Diokno said.
“We expect that the government’s commitment to accelerate public spending will take the driver’s seat on the supply side, while household spending, supported mainly by cooling inflation and remittance inflows, will spur growth on the demand side.”—Diokno
“Prospects for the Philippine economy continue to be favorable. Despite the lower-than-expected growth in the first quarter of 2019, we remain optimistic about meeting the GDP growth target of 6 to 7 percent for this year,” he added. See “Growth,” A2
By Jovee Marie N. dela Cruz @joveemarie
SENIOR lawmaker has filed bills separately amending the outdated provisions of the Public Service Act, Foreign Service Investments Act and Retail Trade Liberalization Act. C a m a r i ne s Su r R e p. L u i s Ray Villafuerte, in a statement, said the three business-friendly measures aim to open wide the economy to more foreign direct investments (FDI). The three bills are among the congressional measures that the Executive Department has asked the 18th Congress to approve this year to fulfill the President’s goal of further revving up the economy, creating more jobs and significantly lowering poverty incidence by 2022.
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According to Villafuerte, these bills seek to separately amend the outdated provisions of the said laws, which are all more than 15 years old, to make the country’s business climate more conducive to big, long-term investments that could supercharge the domestic economy and generate hundreds of thousands of decent-paying jobs for the country’s young, skilled labor force. “We need to relax the restrictions in doing business in the country that have become deal-breakers for foreign investors despite the Philippines’s emergence as one of the fastest-growing economies in Asia,” Villafuerte said. He said these amendments should serve as the “opening act” for Congress’s eventual move to amend the 1987 Charter by paving the See “Bills,” A4
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‘JOB SEEKERS LAW TO SHED P3B FROM GOVT’S COFFERS’ By Samuel P. Medenilla @sam_medenilla
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HE government is set to lose P3 billion in revenues with the implementation of a new law that seeks to boost the chances of some 1.3 million first-time job seekers to land a job. The Department of Labor and Employment (DOLE) said this is the expected outcome of Republic Act (RA) 11261, or the First Time Jobseekers Assistance Act, once it is fully enforced after its implementing rules and regulations (IRR) was signed on Thursday. Despite the projected revenue loss from implementing the new law, Labor Assistant Secretary Joji V. Aragon said the government considers the provision of free documents a “critical investment” to beef up the country’s work force.
3 key business-friendly, amendatory bills filed
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Maronilla said he may recommend to the BOC commissioner the issuance of audit notification letters to traders and firms. The audit will be conducted by his office. “If ever there was undervaluation of shipments, [the BOC] can recover the deficient duties and taxes plus, of course, the corresponding penalties and interests. It’s an instruction actually coming from the [BOC] commissioner to look into it and recommend if it’s warranted,” he added. Maronilla said the audit notification letters may be sent out by the first week of August, after the bureau has collated and verified the data it collected. See “BOC,” A2
“ The government looks at this [as an] investment that can double or triple returns in terms of having a productive human capital and work force for the nation,” Aragon said. Citing studies from the World Bank, Asian Development Bank and the International Labour Organization, she said the cost of pre-employment documents required by firms is a major constraint that discourages the poor and those in the provinces from applying for a job. “For the first time in history I think, this administration has addressed this particular constraint,” Aragon said. Under RA 11261, total fees for several pre-employment government documents, ranging from P1,800 to P2,400, will be waived for first-time job applicants. See “Job seekers,” A2
BOC ‘strike team’ guards vs waste from abroad
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THOUSANDS of applicants flock to the Senior High School Job Fair at TriNoma in Quezon City on Thursday, July 11, 2019. A new law exempts first-time job seekers from paying government fees for documents they need. The government is set to lose P3 billion in revenues but the DOLE said this will boost the chances of some 1.3 million first-time job seekers to land a job. The implementing rules and regulations (IRR) was signed on Thursday. NONOY LACZA
HE Department of Finance (DOF) has ordered the Bureau of Customs (BOC) to look into the creation of a strike team that will guard the country’s borders against the possible entry of waste materials from other countries. In a statement issued on Thursday, the DOF quoted Finance Secretary Carlos G. Dominguez III as saying, after issuing the directive to Customs Commissioner Rey Leonardo B. Guerrero, “It’s time we put up something like an environmental unit in the Customs [bureau] to really act on this garbage issue.” The directive was issued at a
US 51.4080 n JAPAN 0.4740 n UK 64.2703 n HK 6.5755 n CHINA 7.4776 n SINGAPORE 37.8557 n AUSTRALIA 35.7645 n EU 57.8494 n SAUDI ARABIA 13.7080
See “Waste,” A4
Source: BSP (11 July 2019 )