BOC implements alternative Prepayment System in addition to PASS5

The Bureau of Customs (BOC) implements an alternative Prepayment System (BPS) to pay duties, taxes and other charges for all goods declaration lodged through the Electronic to Mobile (E2M) system. The BPS in compliance with the Customs Modernization and Tariff Act (CMTA), will only allow Exporters and importers to register an account for transaction payment purposes.  Funds in the said account cannot be withdrawn but can be transferred to other prepayment accounts of the same holder’s name. 

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Use of existing Broker’s prepaid accounts allowed until 15 June 2021

The Bureau of Customs (BOC) extends the use of existing prepaid accounts until 15 June 2021. Said account is used in paying duties, taxes, and other charges for all goods declaration lodged through the Electronic to Mobile (E2M) system. Accountholders are still allowed to deposit and consume balance in existing prepaid accounts within the said period. 

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Bareboat chartering possible to address lack of vessel spaces

Dr. Enrico Basilio, Chairman of the Export Development Council’s Networking Committee on Transport and Logistics (EDC-NCTL), called for support for bareboat chartering by the Filipino Shipowners Association (FSA) to address the issue of lack of vessel spaces.

Bareboat chartering is defined as leasing an entire vessel under an agreement whereby the lessor only provides the bare vessel. The vessel’s operation is not included in the lease; hence the charterer must arrange for the staffing of the Ship’s Captain and its crew.

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BDO Kabuhayan loan to aid MSMEs amidst the pandemic

The Micro, Small, and Medium Enterprises (MSMEs) continue to thrive amidst the problematic economic landscape brought about by the ongoing Covid-19 Pandemic.
 
BDO Network Bank, the rural banking subsidiary of BDO Unibank, Inc., is offering financing opportunities for MSMEs that aim to expand, and at the same time, offer them easy loan payments.

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New JMC prompt LGUs NOT to Impose Fees and Taxes on the transport of goods and products

A Joint Memorandum Circular (JMC) was issued to prompt local government units (LGUs) not to impose fees and taxes relative to the transport of goods and products. It is a tripartite effort by the Anti-Red Tape Authority (ARTA), with the Department of the Interior and Local Government-Bureau of Local Government Supervision (DILG-BLGS), and Department of Finance-Bureau of Local Government Finance (DOF-BLGF).

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Amendment of Public Service Act aimed to be passed in Duterte administration

The bill amending the Public Service Act is aimed to be passed within the remaining term of the Duterte Administration.

Department of Finance (DOF) Secretary Dominguez reported during his Sulong Pilipinas 2021 speech that to fully liberalize the Philippine economy, amendments to the Foreign Investments Act, The Public Service Act, and the Retail Trade Liberalization Act will be pushed through as these three bills are certified as urgent by the President.

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House Committee on Transportation pushes bills URGENT to address high international shipping cost

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 The House Committee on Transportation pushes house bills as URGENT to regulate international shipping line charges in the Philippines.
 
The issue of high shipping cost has been a long-standing problem in the country, and house bills 4462 and 4316 acknowledge that it has been prevailing since not one agency once stepped in and addressed it.
 
House Bill 4462 sponsored by Rep. Ong, once passed, will vest the Maritime Industry Authority (MARINA) the power to promote fair and transparent destination and other shipping charges among forwarders and agents of international shipping lines.

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The Global Islamic Economy adapts to the new normal

The Global Islamic economy adapts to the new normal in the global market, which involves Halal food, modest fashion, media & recreation, Muslim-friendly travel, Halal pharmaceuticals, Halal cosmetics, and Islamic finance. 

The Halal food industry continues to grow even if the meat supply chain has been disrupted by the pandemic. Consumers were exposed to the consumption of alternatives to animal protein (e.g., plant-based burgers). Halal cosmetics were also affected, but the industry remains resilient and adapted to the trend in the new normal, which created the opportunity for new product lines such as hand and face creams and sanitizers.

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Duterte empowers streamlining initiatives by creating a Cabinet-Level Office to cut red tape

President Rodrigo Duterte created the Office of the Presidential Adviser on Streamlining of Government Process (OPASGP) through  Executive Order (EO) no. 129 signed 13 April 2021. Secretary Leoncio “Jun” Evasco Jr., as the newly appointed Presidential Adviser to streamline government processes will work closely with the Anti-Red Tape Authority (ARTA). 

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