PALESTINIAN men pray while mourning the victims of an Israeli bombardment, at the morgue of Al-Aqsa Martyrs hospital in Deir al-Balah, Gaza Strip on Sunday, December 8, 2024. AP/ABDEL KAREEM HANA
PHL to become ‘premier global shopping hub’
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RESIDENT Ferdinand Marcos Jr. said the country is now poised to become a “premier global shopping hub” after he signed on Monday Republic Act 12079, which provides Value Added Tax (VAT) refunds to foreign tourists. Leaders of both chambers of Congress hailed the signing and, like him, expressed confidence that the new law will boost even more the tourism industry. Under RA 12079, nonresident tourists can claim refunds on in-person purchases worth P3,000 per transaction in accredited stores, provided it is taken out of the country within
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60 days from purchase. The Department of Finance said the estimated revenue loss from the refunds can be “easily offset” by the projected boost in tourism spending from an increasing number of tourists. Related story in Banking, page B3. In his speech at the signing ceremony in Malacañang, Marcos said the measure is expected to stimulate economic growth by helping raise tourist spending by almost 30 percent. “This surge will benefit both large-scale industries and micro, small, and medium enterprises— an important pillar of our local economy,” he said.
“Tourists who have a positive shopping experience are more likely to return—with their friends and their families— supporting our goal to become a premier shopping destination in Southeast Asia,” he added. According to Tourism Secretary Christina G. Frasco, inbound tourism expenditure on shopping reached P134.4 billion in 2023. “Shopping remains a key driver of tourist activity, and this VAT refund scheme is expected to further elevate the country’s appeal,” Frasco said in a statement on Monday. Aside from its economic benefits, RA 12079 will also promote
Filipino encouragement abroad by encouraging more foreigners to purchase local handcrafted items abroad such as Marikina shoes, handwoven textiles from the northern provinces, and Filipino barong, according to Marcos. “This initiative opens a new chapter in our tourism landscape, allowing the country to compete with other tourism markets that attract tourists who are eager to take home authentic, high-quality Filipino products,” he said. “These products tell our stories, and now, with the VAT refund, they will be able to be more See “PHL,” A2
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LARGER-THAN-EXPECTED RATE CUTS IN ’25–ING By Cai U. Ordinario
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@caiordinario
LOWER inflation could lead the Bangko Sentral ng Pilipinas (BSP) to implement larger-than-expected rate cuts next year, according to Dutch financial services firm ING Bank N.V.
In its latest Marcoeconomic Outlook report, ING said Philippine inflation may average 3.4 percent this year; 2.8 percent next year; and 3.5 percent in 2026. Next year, inflation could average 2.4 percent in the first three months of the year; 2.5 percent in the April to June period; 3 percent in July to September; and 3.2 percent in October to December. Given this, the country’s GDP growth could average 5.7 percent this year; 6.1 percent next year; and 6 percent in 2026. For next year, GDP growth may average 5.5 percent in the first quarter; 6.6 percent in the second quarter; 6.3 percent in the third quarter; and 6 percent in the fourth quarter.
Lower rate differentials between Asia, US
“THE market consensus for Asia has moved towards fewer rate cuts, largely motivated by the Fed’s actions, resulting in lower interest rate differentials for Asia versus the US,” ING said. “However, we think a combination of strong disinflation and slower growth will open up room for larger rate cuts than what the market is pricing in, especially for the Philippines, Singapore, India and perhaps Indonesia,” it added. ING said disinflation is expected to continue on account of cheaper food and fuel prices. For the Philippines, food has a weight of 34.78 percent in the Consumer Price Index (CPI) while Electricity, gas and other fuels account for 6.74 percent of the basket of goods for all households. See “Larger,” A2
DANISH SUPPORT AT SEA H.E. Lars Løkke Rasmussen, Minister of Foreign Affairs of Denmark, was accompanied by Vice Admiral Robert Patrimonio, PCG Commander of Maritime Security Law Enforcement Command, during his visit
to the National Headquarters of the Philippine Coast Guard in Port Area, Manila. The visit included a detailed briefing on the West Philippine Sea and highlighted Denmark’s ongoing support for the Philippines in regional security matters. Following the discussions, Rasmussen was given a tour of a Philippine Coast Guard vessel, BRP Cabra, reinforcing the strengthening ties between the two nations. Full story in A14, “Denmark, PHL agree on new cooperation areas.” ROY DOMINGO
D.A. WANTS TO KEEP 15% RICE TARIFF TILL EARLY NEXT YR By Samuel P. Medenilla @sam_medenilla
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ESPITE the slowdown in price inflation of rice in November, the Department of Agriculture (DA) said it will push to maintain the 15-percent tariff for the country’s food staple until next year. “Our recommendation is not to hike just yet, since we are still trying to push it [rice price] down,” DA Secretary Francisco Tiu-Laurel Jr. told reporters at the sidelines of the signing ceremony of Republic Act 12078 and two other laws
in Malacañang on Monday. Last June, President Ferdinand Marcos issued Executive Order (EO) No. 62, slashing the tariff rate for rice from 35 percent to 15 percent to help bring down the high retail price of rice. The 15-percent rice tariff is scheduled to undergo another review from the National Economic and Development Authority (Neda) next February, according to Laurel. He said they will decide on whether to adjust or not the rice tariff, depending on the strength of the Philippine peso. See “D.A.,” A2
More of cheap Kadiwa rice to be sold with bigger RCEF
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ITH the extended duration and increased budget for the Rice Competitiveness Enhancement Fund (RCEF) as well as the new regulatory power and importation authority of the government from the newly signed Republic Act 12078, the Department of Agriculture (DA) said cheaper Kadiwa rice will be available by next year. In an interview with Palace reporters on Monday, DA Secretary Francisco Tiu-Laurel Jr. said the new piece of legislation is expected to help reduce by 10 percent the price of rice, which are sold in Kadiwa outlets—retail sites which are subsidized by the
government--through the Rice For All (RFA) program. When launched in August, RFA sites sold rice at P45 per kilo. This was reduced to P40 per kilo last week, but only in select public markets. “The Kadiwa ng Pangulo program started selling P40 [per kilo]. So next year, our target is to break the P40 [per kilo mark]. Hopefully by the end of January, P39 or P38,” Laurel said. Ferdinand Marcos signed RA 12078 in Malacañang to amend the Agricultural Tariffication Act as amended by RA 11203 to boost See “More,” A2
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS NO.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
9 DYNASTY GROUP INC. 10/f Ssk Building Block 7 Lot 3 To 5 D., Macapagal Boulevard, Don Galo, City Of Parañaque
CHEN, YAO Travel Consultant 1.
Brief Job Description: Oversee all support and clerical work within a company.
Basic Qualification: Excellent communication skills, both verbal and written. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A6-A9
PESO EXCHANGE RATES n US 57.7800 n JAPAN 0.3850 n UK 73.6059 n HK 7.4270 n CHINA 7.9441 n SINGAPORE 43.0231 n AUSTRALIA 36.9041 n EU 61.0330 n KOREA 0.0406 n SAUDI ARABIA 15.3813 Source: BSP (December 9, 2024)