The Bureau of Customs (BOC) implements an alternative Prepayment System (BPS) to pay duties, taxes and other charges for all goods declaration lodged through the Electronic to Mobile (E2M) system. The BPS in compliance with the Customs Modernization and Tariff Act (CMTA), will only allow Exporters and importers to register an account for transaction payment purposes. Funds in the said account cannot be withdrawn but can be transferred to other prepayment accounts of the same holder’s name. Continue reading BOC implements alternative Prepayment System in addition to PASS5
The Bureau of Customs (BOC) extends the use of existing prepaid accounts until 15 June 2021. Said account is used in paying duties, taxes, and other charges for all goods declaration lodged through the Electronic to Mobile (E2M) system. Accountholders are still allowed to deposit and consume balance in existing prepaid accounts within the said period.
This initiative will also avoid delays on cargo release and give ample time for the stakeholders to comply with the new regulations on prepayments accounts. This announcement is stated in BOC Memorandum issued on 26 May 2021. Continue reading Use of existing Broker’s prepaid accounts allowed until 15 June 2021
Dr. Enrico Basilio, Chairman of the Export Development Council’s Networking Committee on Transport and Logistics (EDC-NCTL), called for support for bareboat chartering by the Filipino Shipowners Association (FSA) to address the issue of lack of vessel spaces.
Bareboat chartering is defined as leasing an entire vessel under an agreement whereby the lessor only provides the bare vessel. The vessel’s operation is not included in the lease; hence the charterer must arrange for the staffing of the Ship’s Captain and its crew. Continue reading Bareboat chartering possible to address lack of vessel spaces
The Micro, Small, and Medium Enterprises (MSMEs) continue to thrive amidst the problematic economic landscape brought about by the ongoing Covid-19 Pandemic.
BDO Network Bank, the rural banking subsidiary of BDO Unibank, Inc., is offering financing opportunities for MSMEs that aim to expand, and at the same time, offer them easy loan payments. Continue reading BDO Kabuhayan loan to aid MSMEs amidst the pandemic
The bill amending the Public Service Act is aimed to be passed within the remaining term of the Duterte Administration.
Department of Finance (DOF) Secretary Dominguez reported during his Sulong Pilipinas 2021 speech that to fully liberalize the Philippine economy, amendments to the Foreign Investments Act, The Public Service Act, and the Retail Trade Liberalization Act will be pushed through as these three bills are certified as urgent by the President. Continue reading Amendment of Public Service Act aimed to be passed in Duterte administration
The House Committee on Transportation pushes house bills as URGENT to regulate international shipping line charges in the Philippines.
The issue of high shipping cost has been a long-standing problem in the country, and house bills 4462 and 4316 acknowledge that it has been prevailing since not one agency once stepped in and addressed it.
House Bill 4462 sponsored by Rep. Ong, once passed, will vest the Maritime Industry Authority (MARINA) the power to promote fair and transparent destination and other shipping charges among forwarders and agents of international shipping lines. Continue reading House Committee on Transportation pushes bills urgent to address high international shipping cost
The Global Islamic economy adapts to the new normal in the global market, which involves Halal food, modest fashion, media & recreation, Muslim-friendly travel, Halal pharmaceuticals, Halal cosmetics, and Islamic finance.
The Halal food industry continues to grow even if the meat supply chain has been disrupted by the pandemic. Consumers were exposed to the consumption of alternatives to animal protein (e.g., plant-based burgers). Halal cosmetics were also affected, but the industry remains resilient and adapted to the trend in the new normal, which created the opportunity for new product lines such as hand and face creams and sanitizers. Continue reading The Global Islamic Economy adapts to the new normal
President Rodrigo Duterte created the Office of the Presidential Adviser on Streamlining of Government Process (OPASGP) through Executive Order (EO) no. 129 signed 13 April 2021. Secretary Leoncio “Jun” Evasco Jr., as the newly appointed Presidential Adviser to streamline government processes will work closely with the Anti-Red Tape Authority (ARTA).
EO no. 129 aims to ensure harmonization, integration, and non-duplication of all government initiatives on ease of doing business which heighten the mandates stipulated under the Republic Act (RA) no. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act.
Moreover, the EO shall “advise and recommend to the President or the ARTA, evidence-based policies, programs, measures and strategies that will further simplify processes and cut red-tape in the Executive branch as well as Local Government Units (LGUs) and expedite the delivery of public goods and services to the Filipino people.”
With this, exporters may look forward to better governance and ease in doing business in the country.-MRJ
Continue reading Duterte empowers streamlining initiatives by creating a Cabinet-Level Office to cut red tape
The Center for International Trade Expositions and Missions (CITEM), the export promotion arm of the Department of Trade and Industry (DTI) will promote PH products for export in its signature events. However, this time the exhibits will be digital as the pandemic prevents buyers from physically experiencing the products.
Continue reading PH export products in digital international exhibitions