DOF approves new tax stamps on cigarettes

In a move to combat the smuggling of tobacco products, the Department of Finance has approved the Bureau of Internal Revenue’s proposed revenue regulation mandating the affixture of internal revenue stamps on imported and locally manufactured cigarettes. The revised regulation also prescribes the use of the Internal Revenue Stamp System (IRSIS) for the ordering distribution, and monitoring of cigarettes.


Customs earns P393M from seized rice auction

From the Bureau of Customs BOC to continue to uphold ‘no permit, no entry’ policy for rice in court cases The Bureau of Customs (BOC)-Manila International Container Port (MICP) Collection District generated revenues of P393.13 million from the sale of about 163,775 sacks of rice through a public auction last Thursday (September 11). This is […]


Customs cracks down on imported car dealers

The Bureau of Customs (BOC) begins its crack-down on automobile dealers selling imported vehicles in various auto exchanges and other establishments nationwide following allegations that many of these cars were smuggled into the country. Personnel from the Bureau’s Enforcement Group and Customs Police began inspection operations last August 27 at two auto dealers in Makati.


Statement: The Secretary of Finance on WEF’s latest Global Competitiveness Report

I am pleased to note that the Philippines continues its climb up the World Economic Forum’s Global Competitiveness Report Rankings for 2014-2015, jumping seven places to the 52nd ranking out of 144 countries from the 59th ranking out of 148 rankings in the previous year. This signifies our highest ranking yet and a gain of more than thirty places from the 85th spot back in 2010.


Customs cracks down on Baguio ukay-ukay

The Bureau of Customs seized almost 2,800 bales of used clothing, comforters, and other garments worth at least P22 million in nine separate warehouse units in Baguio City on Tuesday (September 2, 2014). The used clothing, mostly branded apparel from the United States and Canada, are believed to have entered the country through locators at the Subic and Clark Freeport zones as well as the Cavite Export Processing Zone in Rosario, Cavite, as scrap fabric intended for manufacture and subsequent export as rags.


FAQs on Customs hiring and selection

The Bureau of Customs has released a set of frequently asked questions for those aspiring to be under the employment of the newly reformed bureau. Further information is posted in the websites of the Bureau of Customs www.customs.gov.ph; the Department of Finance (www.dof.gov.ph); and the Official Gazette (www.gov.ph). Applicants can also visit the Facebook page of the Department of Finance for updates.


National Government fiscal deficit for July 2014 narrows to P1.8 billion

The National Government (NG) recorded a P1.8 billion fiscal deficit in July as revenue generating agencies ramped up collection efforts. The July deficit is down 97% from the same period last year, resulting to a lower cumulative budget shortfall of P55.7 billion for the first seven months of 2014 compared to P104.5 billion in 2013.