Govt overshoots tariff collection goals–BOC
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ETERNAL IN MISAMIS Eternal Gardens celebrated the groundbreaking of its 12th memorial park in Barangay Patag, Opol, Misamis Oriental on March 18, 2023. Present at the event were local government officials: 2nd District of Misamis Oriental Rep. Yevgeny “Bambi” B. Emano (sixth from left), Opol Mayor Jayfrancis D. Bago (eight from left), Assistant Director of Rep. Lordan Suan, Roberto “Bert” Amplayo Jr. (fifth from right), former Cagayan de Oro Mayor and Rep. Constantino “Tinnex” Jaraula (fourth from right), Sangguniang Bayan member and chairman of the Land Development Committee Danilo Daroy Sr. (second from right) and Brgy. Patag, Opol chairman Hermito B. Laid (third from right). Also in photo are: Eternal Gardens Executive Officers: Chairman and CEO D. Edgard A. Cabangon (seventh from left), Vice Chairman Benjamin V. Ramos (first from right), President Numeriano B. Rodrin (third from left), VP for Finance Marvin C. Timbol (fourth from left), VP for Sales & Marketing Jose Antonio V. Rivera (first from left), Assistant VP for Engineering & Project Development Engr. Niño S. Sayco (second from left), and Cagayan de Oro Branch Manager Amor Leodones (fifth from left). Full story on A12.
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HE national government exceeded its tariff collection targets for the first quarter of 2023, according to the Bureau of Customs (BOC). The BOC reported over the weekend that tariffs collected by the government exceeded the target by P13.951 billion during the January 1 to March 13 period. Total collection reached P166.973 billion. The government’s goal was to collect P153 billion. “Of (this amount), P68.6 billion was garnered in the first month of Commissioner (Bienvenido) Rubio’s term,” the BOC said. Finance Secretary Benjamin Diokno earlier expressed his support for the BOC but he also challenged the agency to set “loftier targets.” “I challenge the Bureau of Customs to set a fresh vision and even loftier targets. I believe that you have what it
takes to become a modern and worldclass institution,” Diokno said in a statement. Because of this, Rubio said the agency will implement five priority programs led by efforts to digitalize customs processes and hit or even surpass its targets. The programs will also include simplifying procedures and facilitate secure trade; curbing smuggling in all forms; and uplifting employee welfare and development. Rubio bared these programs at the Stakeholders’ Night event to recognize their contributions to fulfilling the BOC’s mandates and present his plans and programs for the agency. “The Five-Point Priority Program is the testament of our commitment to improving efficiency, upgrading systems and processes, and promoting integrity and professionalism,” he said. The BOC also announced the creation
of an Advisory Council, which will be the official forum for communications and consultations between the Bureau and the business community. Among its intended functions is to assist the Commissioner in achieving excellent delivery of customs policies and services and identifying obstacles in trade facilitation that result in delays and unnecessary costs. Aside from plugging revenue leakages, the BOC attributes its success to its importers, who had fully complied with their payable duties and taxes, contributing to the positive collection performance of the agency. The BOC awarded its 2022 top importers during the event. Among those recognized were Petron Corporation, Pilipinas Shell Petroleum Corp., Toyota Motor Philippines Corp., Unioil Petroleum Philippines Inc., and Seaoil Philippines Inc., to name a few. Cai U. Ordinario
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PHL ‘22 DEBT PAYMENTS REACH P1.293T—REPORT w
By Cai U. Ordinario
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Monday, March 20, 2023 Vol. 18 No. 156
P25.00 nationwide | 2 sections 20 pages |
@caiordinario
‘Inflation, war pose risks to supply chain’
HE country’s debt service payments last year amounted to P1.293 trillion, the highest in 36 years, based on data from the Bureau of the Treasury (BTr).
The BTr data indicated the country’s debt service payments in 2022 were 7.4 percent higher than the P1.2 trillion posted in 2021. Prior to 2022, the largest debt payment was recorded in 2021 while the lowest was posted in 1986, when it reached P34.813 billion, based on existing government data. However, the debt service payments last year were slightly lower than the initial target of the government. For 2022, the government programmed debt payments to reach P1.298 trillion. BTr data indicated that amortizations rose 2.02 percent to P790.32 billion in 2022 from P774.64 billion in 2021. However, the data showed that interest rates posted a 17.1 percent growth to P502.858 billion in 2022 from P429.432 billion in 2021. In December, debt service payments soared 331.67 percent to P302.125 billion in 2022 from the P69.989 billion posted in 2021. The surge in debt service payments was driven by the 505.97 percent growth in amortization payments which reached P258.52 billion in 2022 from P42.662 billion in 2021. Interest payments also rose 59.57 percent to P43.605 billion in December 2022 from P27.327 billion in December 2021. The BTr earlier reported that the Philippines ended 2022 with an outstanding debt of P13.418 trillion, 14.4 percent higher than the P11.728 trillion recorded in end-2021. Historical Treasury data showed that it was the highest end-December outstanding debt recorded by the Philippines. However, the country’s outstanding obligation at the end of last year was below the national government’s (NG) projected debt stock level of P13.43 trillion for 2022. See “PHL,” A2
By Andrea E. San Juan
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SEAFOOD FEST Various marine animals are on sale in the fish port of Punta Taytay, Negros Occidental. The Bureau of Fisheries and Aquatic Resources has assured consumers that the country will have enough fish supply during the Holy Week despite various "supply chain challenges," including the oil spill in Oriental Mindoro. NONIE REYES
SOLON: TAX RACKETEERING RESULTS IN REVENUE LOSS OF P100B By Jovee Marie N. dela Cruz @joveemarie
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LAWMAKER is pushing for the passage of a bill making tax racketeering non-bailable as P100 billion in revenues are being evaded due to the padding of deductions and input tax credits through the systematic and fraudulent use of fake receipts and other records. House Committee on Ways and Means
Chairman Joey Sarte Salceda has recently filed House Bill 7653, which criminalizes tax racketeering on top of “usual tax evasion,” as a “means of empowering the Bureau of Internal Revenue in prosecuting more systematic cases of tax fraud.” Salceda describes the scheme as “largescale use” of fraudulent or fictitious tax receipts to pad deductions or input tax credits. On March 17 alone, Salceda said the Bu-
reau of Internal Revenue (BIR) announced the filing of charges for evasion of taxes worth P25.5 billion against corporations using fictitious receipts, following a December 2022 raid on the corporations Buildforce Trading Inc, Crazykitchen Foodtrade Corp., Decarich Supertrade Inc., Redington Corporation. BIR alleged that these corporations have been operating for more than three years. See “Solon,” A2
USINESSES and logistics providers will continue to grapple with rising consumer prices as well as the Ukraine-Russia conflict, according to officials from top local firms. Of f icia ls f rom companies, inc lud ing Ace Hardware and United States-based multinational conglomerate Honeywell, and the Procurement and Supply Institute of Asia (PASIA) spoke about the impact of geopolitical tensions on the supply chain during a forum held last March 15 in Taguig City. Arnel Gamboa, Vice President for Logistics at Ace Hardware, said geopolitical tensions, such as the war between Russia and Ukraine led to a sudden halt in the movement of goods, including rare earth metals, flour, oil and fuel. This, he said, had an immediate impact on supply chains and inventories. “If you look at strategic sourcing, that’s also going to be quite a problem because we cannot readily shift to alternative sources when you have something happening immediately,” Gamboa said. He noted that it is also difficult to enforce contracts because during a war, “contracts are not enforced anymore.” “So if you have an artificial shortage of supply…what happens to your supply chain? You will have some scarcity and thereafter you see an increase in prices which I think all of us have experienced since last year,” he added. See “Inflation,” A2
PESO EXCHANGE RATES n US 54.9720 n JAPAN 0.4115 n UK 66.5876 n HK 7.0030 n CHINA 7.9672 n SINGAPORE 40.8350 n AUSTRALIA 36.5674 n EU 58.3528 n KOREA 0.0423 n SAUDI ARABIA 14.6362 Source: BSP (March 17, 2023)