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A broader look at today’s business
Thursday, February 13, 2025 Vol. 20 No. 124
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CHINA SEEN HIKING RICE IMPORTS AS PRICES FALL C
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By Ada Pelonia @adapelonia
HINA will secure larger rice shipments this year following the decline in quotations from Thailand and Vietnam—the Philippines’s top sources of the food staple. The United States Department of Agriculture (USDA) revised upward its projection for China’s rice imports this year to 2.2 million metric tons (MMT) as exporter quotes tumbled below domestic prices. This was higher than its previous forecast of 2 MMT, owing to expected bolstered demand spurred by lower global rice prices, the agency said. The USDA noted that India’s return to the export market continued to put downward pressure on world prices, prompting an acceleration of China’s total rice imports in the final quarter of 2024. The East Asian nation imported
around 1.6 MMT of rice last year, the lowest since 2011. China saw a sharp decline in foreign rice demand after India placed trade restrictions on milled rice exports last 2023, the agency said. “As global prices shot sharply higher, imported prices became uncompetitive relative to domestic rice, and Chinese buyers were noticeably absent from the market,” the USDA said. India, however, eased restrictions after lifting its ban on nonbasmati rice shipments last year. The South Asian nation is the world’s largest rice exporter. See “China,” A2
CTA JUNKS BIR BID TO IMPOSE P2.2-B TAX CASE ON PACQUIAO By Joel R. San Juan
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@jrsanjuan1573
HE Court of Tax Appeals (CTA) has junked the plea of the Bureau of Internal Revenue (BIR) to reverse its 2022 decision nullifying its P2.2-billion tax assessment on former senator and boxing icon Manny Pacquiao and his wife, Jinkee. In a 68-page decision penned by Associate Justice Jean Marie Bacorro-Villena, the CTA En Banc affirmed the September 29, 2022 decision and February 17, 2023 resolution issued by the CTA’s Special Third Division, declaring null and void the BIR’s tax deficiency assessment for violating their right to due process. The CTA division held that the BIR failed to notify the couple when it issued the preliminary and final assessment notices to settle their unpaid taxes. In upholding the ruling, the
CTA en banc denied the BIR’s argument that there was no violation of the couple’s right to due process as they received the notice for informal conference (NIC). The CTA noted that based on its thorough examination of the records, the BIR did not formally mark as evidence the NIC dated January 18, 2012 and that there was no proof of actual receipt by the respondents. The tax court stressed that due process requirements in administrative tax assessments are governed by Revenue Regulation No. 12-99, which mandates that “the taxpayer must be informed in writing of any discrepancies and be given the opportunity to explain and present evidence in an informal conference.” “In this case, respondents were deprived of this fundamental right, as the NIC was See “CTA,” A2
STEAKHOLDERS IN ACTION Agriculture Secretary Francisco Tiu Laurel, Trade and Industry Secretary Ma. Cristina Roque, and Quezon City Mayor Joy Belmonte inspect meat prices at Commonwealth Market in Quezon City during the DTI-DA Joint Market Monitoring on Wednesday, February 12, 2025. With food inflation and supply chain disruptions driving up costs, the joint market visit aims to ensure fair pricing, protect consumers, and promote transparency to maintain market stability. NONOY LACZA
Scam alert up as visa season peaks By Malou Talosig-Bartolome
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HE so-called peak season for visa application in the Philippines starts this month, and scammers are also working overtime and getting more creative in victimizing travelers who want to fast-track their application or are desperate to get their visas approved. This is the warning issued by VFS Global, the company tapped by 28 embassies or consulates in the Philippines to handle the visa application of Filipinos. One way to prevent being victimized by scammers is to plan for visas ahead and apply as soon as possible. “We strongly encourage all trav-
elers to apply for their visas well in advance of their intended travel dates. Waiting until the last moment not only increases the risk of delays but also exposes applicants to fraudulent entities seeking to exploit their urgency,” Bernard Vijaykumar, Head of VFS Global North Asia & Philippines, said in a media conference. For instance, the embassies issuing Schengen visas can now accept visa applications for trips six months ahead of trip. The Australian Embassy in Manila also suggests applying for visas at least two months before the trip. However, most countries accept visa applications up to 90 days (3 months) before the date of travel. The VFS Global handles adminis-
trative tasks in visa processing such as collecting application forms, ensuring documents submitted are complete, and if applicable, enrolling biometrics of applicants. They cater to the following embassies or consulates in the Philippines: • Australia • Austria • Belgium • Bulgaria • Canada • Croatia • Czech Republic • Denmark • Finland • Germany • Greece (represents Portugal) • Hungary • Ireland
• Italy • Lithuania • Malta • New Zealand • Nigeria • Norway (represents Iceland) • Saudi Arabia • Slovenia • South Africa • Sweden • Switzerland • The Netherlands • UAE (Dubai visa and Attestation Services) • Ukraine • United Kingdom VFS Global stressed they have no role in the decision-making process of granting or refusing a visa. They are also not involved in job placeSee “Scam,” A2
PESO EXCHANGE RATES n US 58.1850 n JAPAN 0.3816 n UK 74.7229 n HK 72.4345 n CHINA 7.9640 n SINGAPORE 43.0044 n AUSTRALIA 36.6216 n EU 60.2971 n KOREA 0.0401 n SAUDI ARABIA 15.5160 Source: BSP (February 12, 2025)