BOC’s end-June fuel-marking collections hit ₧121.7B By Reine Juvierre Alberto
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SYNERGEIA’S GUEVARA WITH ROTARIANS Former Finance undersecretary and now President of Synergeia Foundation, Dr. Milwida M. Guevara, was guest speaker of the Rotary Club of Manila (RCM) at its weekly meeting at the Manila Polo Club, Makati City, on Thursday, October 3, 2024. She is flanked by Rotarian Francisco “Paco” D. Magsaysay and RCM Past President Felix Francisco “Chito” S. Zaldarriaga. NONOY LACZA
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TOTAL of P121.72 billion in duties and taxes were collected by the Bureau of Customs (BOC) as of the end of June 2024 under its Fuel Marking Program. In its midyear accomplishment report, the BOC said it raised P121.72 billion in duties and taxes from January to June 2024 -- 6.28 percent higher from the P114.53 billion collected in the same period in 2023. The BOC has marked 9.89 billion liters of diesel, gasoline and
kerosene in the first half of 2024. This is a 4.99-percent year-on-year increase from 9.42 liters. “This success is attributed to enhanced monitoring and strict regulation of petroleum movements, ensuring accurate revenue collection and reducing the risk of illicit activities,” it said. The fuel marking program began on September 4, 2019, as part of the Tax Reform for Acceleration and Inclusion (TRAIN) law, aimed to ensure that oil products available in the market comply with tax regulations. According to the law, petroleum products that are refined,
manufactured, or imported to the Philippines such as unleaded premium gasoline, kerosene and diesel, must be marked by an official marking agent after taxes and duties have been paid. A unique chemical marker is used in marking fuel that can be embedded at a molecular level in petroleum products—gasoline, diesel and kerosene—enabling authorities to test, identify, and distinguish petroleum products with paid excise taxes. In the first half of the year, the BOC has collected P455.518 billion from January to June 2024, exceeding its target by 2.91 percent
or P12.897 billion. The BOC attributed its valuation methods, various revenue streams, collections from the tax expenditure fund and ongoing digitalization and modernization of systems to its performance. Other revenues from audit findings and voluntary disclosures worth P1.7 billion, P88.1 million from public auction proceeds at various ports and P5.7-billion tax expenditures also contributed to reaching its target. For 2024, the BOC aims to generate P939.7 billion in tax revenues.
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GOALS FOR PUBLIC DEBT, FISCAL GAP AT RISK: BMI n
By Cai U. Ordinario
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PHL WINS BID TO HOST TERRA MADRE ASIA PACIFIC IN 2025
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HE national government may fall short of its aims to pare down the country’s public debt and narrow the fiscal deficit due to the expected increase in its budget, according to a United Kingdom-based research firm.
BMI Country Risk & Industry Research, a Fitch Solutions company, estimates that the public debt will recede more slowly, eventually reaching 58.8 percent of GDP in 2028 while the deficit is expected to widen to 5.9 percent of GDP. T he gover n ment u nvei led a P6.352-trillion budget for 2025, which marks an increase in public spending to 21.9 percent in 2025 from 21.7 percent of GDP in 2024. “This will reverse the country’s fiscal consolidation efforts. Admittedly, the Philippines fiscal recovery has already fallen behind regional counterparts and the latest budget certainly does not help this cause,” BMI said. BMI said the Marcos administration unveiled the national budget of P6.352 trillion for 2025 on July 29. This marked a 10.1-percent increase from the 2024 budget and accounts for around 22 percent of GDP. "The stark disparity between the official projection and ours lies within the numbers: the government based its calculations on P6.072 trillion, whereas we used the headline figure to draw our conclusion," BMI said. In order to attain the deficit target of the national government of 55.9 percent of GDP by 2028, the deficit should be maintained at 3.6 percent of GDP between 2026 and 2028. See “Goals,” A2
By Ma. Stella F. Arnaldo @akosistellaBM
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Special to the BusinessMirror
FTER making a big splash in a slow food event in Turin, the Philippines will have a chance to show its best foo(d) forward anew by hosting the Terra Madre Asia Pacific edition in 2025. The announcement of the Philippines’s winning bid to hold the major event in Bacolod City, Negros Occidental was made at the Philippine pavilion, before the close of the Terra Madre Salone del Gusto in Turin, Italy, a premier event for the global slow See “PHL,” A2
AMRO keeps ’24 forecasts for growth, inflation in PHL
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IGHER public spending and an increase in services exports will be the primary drivers of the country's GDP growth this year, according to the Asean+3 Macroeconomic Research Office (AMRO). On Thursday, AMRO maintained its growth forecast for the Philippines at 6.1 percent this year and 6.3 percent next year in the latest ASEAN+3 Regional Economic Outlook (AREO). The report also said inflation
is expected to remain within the Bangko Sentral ng Pilipinas (BSP) target of 2 to 4 percent. AMRO maintained its inflation outlook at 3.3 percent this year and 3.1 percent next year. “We didn’t change the forecast for the Philippines. This is mainly because we expect government investment spending to be higher this year, together with services exports,” AMRO Chief Economist Hoe Ee Khor said. See “AMRO,” A2
‘BER’ BARGAINS BRIGHTEN CARRIEDO In the heart of Manila’s Carriedo and Hidalgo streets, the holiday spirit is in full swing. While a vendor enjoys a pedicure during a break, shoppers are drawn to the bustling streets for unbeatable “Ber” month bargains. Despite the shift to online shopping, many still crave the scents and festive atmosphere only found in these iconic locations. Hidalgo, famous for its photography hubs, has become a hotspot for viral street food and vloggers, while streetwear sales keep the festive energy alive. BERNARD TESTA
PESO exchange rates n US 56.1780 n japan 0.3838 n UK 74.5538 n HK 7.2373 n CHINA 8.0127 n singapore 43.5083 n australia 38.6673 n EU 62.0711 n KOREA 0.0425 n SAUDI arabia 14.9689 Source: BSP (October 3, 2024)