The Export Development Council (EDC) in its Joint Council and Executive Committee Meeting on 20 January 2021, adjusted the export targets in the Philippine Export Development Plan (PEDP) 2018-2022. The new targets are US$91.7B in 2021 and US$105.3B in 2022.
The adjustments were recommended by the Export Marketing Bureau after a thorough review and simulation considering the world economic situation due to the COVID 19 pandemic, the assumptions of the Development Budget Coordination Committee (DBCC) and the data from the Philippine Statistics Authority (PSA). Continue reading EDC sets new export targets amidst pandemic
The Tourism Infrastructure and Enterprise Zone Authority (TIEZA) promotes the online release of the Travel Tax Exemption Certificate (TEC). This initiative makes it easier for the traveling exporter to get their TEC online.
Once TIEZA approves the online application, exporters can print the TEC at the convenience of their home or office. The following requirements are to be observed by exporters in applying for the online release of TEC:
1. 2×2 ID Picture (taken within the last six months in JPEG format)
2. Passport Identification and Signature page
3. Airline Ticket or Confirmed Flight Booking
4. Endorsement from the EDC (Approved travel tax exemption application form) Continue reading TIEZA promotes the online release of the Travel Tax Exemption Certificate
All shippers will be directed to observe the Verified Gross Mass (VGM) on all packed containers. The shipper will be responsible for obtaining and documenting the VGM of the packed container cargoes under the Philippine Port Authority (PPA) proposed revised guidelines on the implementation of mandatory weighing of export containers.
The shippers referred to in the revised policy is the “legal entity or person named on the bill of lading or sea waybill or equivalent multimodal transport document (e.g. “through” bill of lading) as shipper and/or who (or in whose name or on whose behalf) a contract of carriage has been concluded with a shipping company”. Continue reading Shippers to observe the Verified Gross Mass on all packed containers
The Senate Bill No. 1357 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Bill, formerly known as Corporate Income Tax and Incentives Reform Act (CITIRA) was passed on its third and final reading by the Senate on 26 November 2020 with twenty out of twenty-one (20/21) senators voted in favor, and one (1) opposed.
Once it has been enacted into law, corporate income taxes (CIT) will be reduced from 30% to 25%, time-bound & performance-based incentives will be induced, and fiscal incentives will be rationalized to further attract necessary foreign direct investments.
Continue reading Senate passes the CREATE bill on final reading
In partnership with the Department of Trade and Industry – Export Marketing Bureau (DTI-EMB) and the International Trade Centre (ITC) virtually launched the first-ever SheTrades hub in Asia held on 03 December 2020. The Shetrades hub seeks to connect three million PH women entrepreneurs to the global market by 2021 and provide women entrepreneurs and women-owned Small and Medium Enterprises worldwide with a unique network and platform to connect to the global markets.
The Hub launch in the Philippines aims to bolster Filipino women’s international competitiveness in businesses in the country. It also seeks to provide members with the support to tap into regional and global value chains and expand trade and investment opportunities for Micro, Small, and Medium Enterprises (MSMEs). DTI-EMB Assistant Director Agnes Legaspi hopes that with this collaboration, the Philippines will contribute to the SheTrades’ 2021 goal with the Pinay-owned businesses at the forefront. Continue reading SheTrades Hub launch empowers PH women entrepreneurs to go global