Pag-IBIG Fund unveils online portal
State-run Pag-IBIG Fund on Thursday unveiled its online portal, which seeks to make it easier for its members to avail of loans, make their monthly payments and inquire about its other services.
PDIC releases amended rules on banks’ use of agency signs
THE Philippine Deposit Insurance Corp. has released regulations amending the Regulatory Insurance (RI) on the use of its official signs in banks following the launch of the new PDIC logo.
Pact boosts PHL-Japan tie-up to develop Subic, nearby areas
Japan is expected to continue to provide technical support for the Philippines’s formulation of a regional development master plan designed to maximize the economic potentials of the Subic Bay Freeport and its surrounding environs.
Youth groups back higher taxes to fund health care
SEVERAL youth groups called on Congress to urgently pass significantly higher taxes on alcohol, heated tobacco products and e-cigarettes to help ensure sufficient funding for the Universal Health Care (UHC) program.
PHL, Japan execs hold ninth ‘BBB’ meeting in Hakone on Friday
The country’s top economic officials, together with Dr. Hiroto Izumi, special adviser to the Prime Minister of Japan Shinzo Abe, are set to hold a high-level meeting in Hakone, Japan, to discuss the progress of the national government’s infrastructure projects that are being implemented with funding support from Tokyo.
Government borrows P15.24 billion from WB for cash transfer for poor program
THE national government borrowed $300 million (P15.244 billion) from the World Bank purportedly to provide additional funding for the program that gives cash to poor families that meet education and health goals.
BIR shutters POGO for failing to register Parañaque branch
THE Bureau of Internal Revenue (BIR) has padlocked a Philippine Offshore Gaming Operator (POGO) service provider’s Parañaque City branch for having failed to register this.
Mapfre Insurance paid-up capital raised to P900 million
Nonlife insurance company Mapfre Insurance has announced that it raised its paid-up capital to P900 million, and was able to comply with the minimum net worth requirement set for 2019 by the Insurance Commission.
BOC seizes P12.9-billion smuggled goods, mostly illegal drugs, in January-October period
OVER P12.92 billion worth of smuggled goods, mostly illegal
drugs, were seized by the Bureau of Customs (BOC) from January to October this
year.
Japan pledges assistance in crafting of Subic devt master plan
The Philippines has welcomed the Japanese government’s commitment to provide technical assistance for crafting a development master plan for the Subic Bay Freeport and its surrounding areas.
Customs calls on oil companies to comply with government’s fuel marking initiative by Feb. 2020
The Bureau of Customs (BOC) has called on fuel companies to comply with the government’s fuel marking initiative before February 2020 under the pain of an “unwanted prosecution.”
IC helps quake-hit insurance claimants
INSURANCE claimants affected by destructive earthquakes in Mindanao will be assisted by the Insurance Commission (IC), which mobilized the “Agarang Proseso, Benepisyo ay Sigurado” program.
Customs launches online tracking system for ‘balikbayan’ boxes as Christmas nears
FILIPINOS may now track their parcels and balikbayan boxes online as the Bureau of Customs (BOC) has launched a tracking system, which promotes transparency and ease of doing business.
PCSO donates 45 ambulances to state-run hospitals, PNP
The Philippine Charity Sweepstakes Office (PCSO) has donated over 45 emergency transport vehicles to several state- run health facilities.
BIR and Customs intensify drive vs contraband cigs
The Bureau of Customs has reported the seizure of 2,727 master cases of smuggled Cannon and Fort cigarettes with an estimated value of P95 million.
BOC seizes P3.7-million misdeclared stainless angle bars from China
TWO containers of misdeclared stainless angle bars from China with an estimated worth of P3.7 million have been seized by the Bureau of Customs (BOC) at the Port of Manila.
PDIC sets November bidding for P81-million closed banks’ assets
THE Philippine Deposit Insurance Corp. (PDIC) is set to release a total of 46 closed banks’ assets consisting of residential and commercials lots with aggregate minimum disposal price of P80.9 million through a public bidding in November.
World Bank prods PHL on use of tech to expand financial inclusion
THE World Bank is prodding the Philippines to use innovations like digital technology to expand financial inclusion in the country.
DOF supports Senate bid to hike alcohol excise tax
THE Department of Finance (DOF) on Tuesday expressed its support on higher alcohol excise tax as forwarded by Senate Ways and Means Committee Chairman Pilar Juliana S. Cayetano.
Top ADB nominee cites social-inclusion plans in talks with DOF chief
THE leading nominee for the Asian Development Bank (ADB) Presidency has bared his plans to enhance the institution’s capability in ensuring social inclusion.
SSS releases more than P84-M unemployment benefits to 6,900 members
MORE than P84 million worth of unemployment benefits has been released two months after the implementation of Republic Act 11199 or the Social Security Act of 2018.
Customs bureau supports PACC probe on two ports
THE Bureau of Customs (BOC) has expressed its support on the investigation served by the Presidential Anti-Corruption Commission (PACC) against the Port of Manila (POM) and the Manila International Container Port.
PHL ranking in EODB seen improving with pending law
THE Department of Finance (DOF) believes a new law expanding the access of micro, small and medium enterprises (MSMEs) to lending facilities may improve the country’s current ranking in the latest World Bank’s Doing Business Report.
BOC creates legal team to coordinate with Ceza
THE Bureau of Customs (BOC) has created a legal team to coordinate with the Cagayan Economic Zone Authority (Ceza) on duties on imported luxury vehicles.
Roque eyes new raps vs PhilHealth
FORMER Presidential Spokesman Harry Roque on Tuesday said he is preparing to file another case against officials of the Philippine Health Insurance Corp. (PhilHealth) officials for allegedly paying benefits to “ghost beneficiaries.”
Proposed 5% franchise tax on Pogos gets DOF support
THE proposed imposition of an additional 5-percent franchise tax on revenues generated by Philippine Offshore Gaming Operators (Pogos) has gained support from the Department of Finance (DOF).
Shuttered Pogo vows paying BIR so it can resume business
A Philippine Offshore Gaming Operator (Pogo) firm agreed to pay tax liabilities so that it can resume operations of its shuttered branches in Pasay and Parañaque cities, the Bureau of Internal Revenue (BIR) reported last Tuesday.
Dominguez lures businesses from US for infrastructure projects
FINANCE Secretary Carlos G. Dominguez III said the Philippines is looking forward to hosting American business delegation as it noted the lack of participation of US firms in government’s infrastructure projects.
SSS not issuing checks, all payouts go through banks
THE Social Security System (SSS) will no longer disburse benefit payouts to its members through checks and will release payouts through accredited banks.
Customs bureau forms unit to audit offices, PHL’s ports
THE Bureau of Customs (BOC) has announced that it launched an interim unit that will audit its offices and ports aimed at strengthening the agency’s efficiency.
BIR exec suspects Pogo workers using work-from-home schemes
The Bureau of Internal Revenue (BIR) is looking into the possibility of work-from-home jobs linked to the Philippine Offshore Gaming Operators (POGO) businesses after the agency discovered numerous quantities of laptops during a raid on Thursday.
Why grant tax perks? Expert cites market failure test
A MARKET failure test is the most conventional justification for granting tax incentives, a UP Economics professor said, as lawmakers and economic managers continued discussions on game-changing legislation to rationalize numerous perks worth billions in forgone revenue.
BIR told to step up co-ops’ audit amid tax-perk abuse
THE Department of Finance (DOF) has ordered the Bureau of Internal Revenue (BIR) to step up its ongoing audit of registered cooperatives in the country to weed out tax-incentive abusers.
First-half revenue from TRAIN hits P56 billion
THE Department of Finance (DOF) confirmed on Monday that revenue drawn from implementation of Republic Act 10963, or the Tax Reform for Acceleration and Inclusion Act (TRAIN), exceeded the government’s target in the first half of 2019.
Asean nations to exchange trade documents via ASW by year-end
The Philippines and seven other members of the Association of Southeast Asian Nations (Asean) will exchange customs and trade-related documents over a platform that is intended to facilitate cargo clearance and economic integration of Asean countries by year-end.
BIR raid yields P206.6M worth of fake cigarette tax stamps, printing machines
The Bureau of Internal Revenue (BIR) has seized P206.6 million worth of counterfeit tax stamps and printing machines in a joint operation with police and local government officials in a factory in Villasis, Pangasinan.
Chemical refrigerants worth P4 million seized at MICP
Customs authorities have seized P4 million worth of chemical refrigerants at the Manila International Container Port (MICP).
DOF chief: BSP backing us on bank secrecy law
THE Department of Finance (DOF) on Wednesday said that it got the support of the Bangko Sentral ng Pilipinas (BSP) on the proposed general tax amnesty law which will enable the government to break the walls of bank secrecy in fraud cases.
Shorter time frame for Citira to hike deficit–DOF
FINANCE Secretary Carlos Dominguez III on Tuesday warned that a shorter time frame for the proposed reduction in corporate income tax may widen the country’s budget deficit.
Unable to meet higher net worth rule, AFPGen yields license to IC
THE Armed Forces and Police General Insurance Corp. (AFPGen) surrendered its license to regulators on Tuesday, saying it could no longer raise the required net worth by the end of 2019.
DOF promises to help other agencies for TradeNet rollout
THE Department of Finance (DOF) together with the Department of Information and Communications Technology (DICT) will work closely with the Department of Agriculture (DA) on the full rollout of TradeNet.
BIR closes warehouses; rice stocks smuggled?
THE Bureau of Internal Revenue (BIR) on Thursday padlocked 11 warehouses in Guiguinto, Bulacan, for various tax violations, including non-registration and failure to pay the annual registration fee. Authorities, meanwhile, are also checking if the rice was smuggled into the country.