PNA – Page 4 – Author Carlo Carrasco

America sets 20% tariff on Philippine goods and will take effect on August 1, 2025

July 11, 2025July 10, 2025carlocarrasco

Starting August 1, 2025, the United States of America (USA) will impose a 20% tariff on all and any Philippine-made products coming into their shores as stated in US President Donald Trump’s official letter to President Ferdinand “Bongbong” Marcos, Jr., according to a Philippine News Agency (PNA) news article. In response, the Philippines wants to renegotiate with America while there is still time.

For the newcomers reading this, America previously set a 17% tariff on the Philippines when Trump unveiled last April the many tariff rates on many nations. The Philippines was confident about the negotiations they had with their American counterparts.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Philippine government is looking to renegotiate the 20 percent tariff imposed by the Trump administration on Philippine goods, according to Philippine Ambassador to the US Jose Manuel Romualdez.

In a letter dated July 9 addressed to President Ferdinand R. Marcos Jr., US President Donald Trump announced that beginning Aug. 1, 2025, the US will raise tariffs on Philippine goods to 20 percent—up from the previously announced 17 percent rate.

In a text message to the Philippine News Agency on Thursday morning, Romualdez said Manila would formally request a review of the tariff hike from Washington D.C.

Trump, in his letter, recognized the Philippine-US trade relations and said the latter has “agreed to continue working with the Philippines, despite having a significant trade deficit.”

“Starting on August 1, 2025, we will charge the Philippines a Tariff of only 20 percent on any and all Philippine products sent into the United States, separate from all Sectoral Tariffs,” it read.

Trump said there would be “no tariff if the Philippines, or companies within” the country decide to build or manufacture products within the US.

The US, he added, is also open to “reconsider an adjustment” if the country opens its “closed trading markets to the United States,” and eliminates its “tariff, and non-tariff policies and trade barriers.”

“These tariffs may be modified, upward or downward, depending on our relationship with your country,” he said.

Trump, meanwhile, warned Manila against reciprocating the move with a tariff increase.

“If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the 20 percent that we charge,” he said.

For transparency, posted below is the 2-page letter of Trump to Marcos regarding tariffs.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines fell short in its recent negotiations with the United States which resulted in a higher tariff at 20%? Do you think the economic managers of the Philippines can convince America to delay, if not lower, the declared tariff? Do you think a 20% tariff rate by America will hurt the economy of the Philippines this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Philippines Inflation Rate Rises to 1.4% in June 2025

July 10, 2025July 4, 2025carlocarrasco

After back-to-back months of shrinking, the headline inflation of the Philippines inched up to 1.4% for the month of June 2025, according to a news article by the Philippine News Agency (PNA). By comparison, May 2025 inflation rate was 1.3%.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Headline inflation continued to remain below the lower end of the government’s target range in June, despite a slight uptick due to a faster increase in non-food prices.

In a briefing on Friday, National Statistician Dennis Mapa said headline inflation settled at 1.4 percent in June from 1.3 percent in May.

This brings the year-to-date average inflation to 1.8 percent, well within the government’s target range of 2 percent to 4 percent for the year.

Mapa said the slight uptick in headline inflation was driven by higher non-food inflation (1.9 percent from 1.5 percent), with faster price increases observed in electricity (7.4 percent from 2.8 percent) and education (5.4 percent from 4.2 percent). Food inflation, however, eased to 0.1 percent during the month from 0.7 percent in May.

Mapa said the deceleration of food inflation in June was mainly due to the annual decrease in the prices of vegetables, tubers, plantains, cooking bananas, and pulses at 2.8 percent from an annual increase of 3.4 percent in the previous month. Rice deflation also hit a record low of 14.3 percent in June.

Mapa said the rollout of the government’s PHP20 per kg. rice program also contributed to the decline, especially in regular-milled rice prices.

In a separate statement, the Department of Economy, Planning, and Development (DEPDev) said government measures to stabilize food supply, boost agriculture, and improve logistics helped ease food inflation during the month.

“The sharp decline in food inflation over the past year underscores the continued progress in our coordinated efforts to boost local production, improve logistics, and implement calibrated trade and biosecurity measures,” DEPDev Secretary Arsenio Balisacan said.

“We will sustain these interventions and complement them with targeted initiatives to ensure a continuous, stable supply and shield consumers from future price pressures.”

To further strengthen food supply chains, DEPDev said the Department of Agriculture (DA) would intensify the implementation of industry recovery and expansion programs, such as the Swine Industry Recovery Project and Livestock Economic Enterprise Development, to accelerate the rehabilitation of the hog industry and restore the pre-African Swine Fever hog population levels.

The DA will also establish the country’s first Onion Research and Extension Center in Bongabon, Nueva Ecija for the development of effective methods to combat pests and diseases, enhance seed quality, and increase farm yields.

The Department of Energy, meanwhile, has partnered with private oil companies to offer fuel discounts to motorists affected by oil price fluctuations amid geopolitical uncertainties.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think inflation rate of the Philippines will be able to settle below 2% per month until the end of the year? If you are managing a local business, how much of an impact did inflation have on your business?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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NBI Arrests 9 in Parañaque Over Car Financing Scam

July 7, 2025July 3, 2025carlocarrasco

Recently in the city of Parañaque, National Bureau of Investigation (NBI) agents arrested a group of nine people – six foreigners and three locals – for their involvement in a car financing scam, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The National Bureau of Investigation (NBI) has arrested three Filipinos and six Indian nationals for their alleged involvement in an “assume balance-talon” scheme.

In a statement on Friday, NBI Director Jaime Santiago identified the suspects as Teotima Batutay, Rose Torion and Michael Castulo, and Indian nationals Sajjan Sarkar, Sai Charan, Kulvatnh Thati, Gayatri Sarma, Ray Anand, and Nithin Kamepalli.

They were arrested on June 24 in Parañaque City and charged with carnapping and syndicated estafa.

According to the NBI, the complainant said he failed to pay the monthly amortization of the subject vehicle to a bank and offered it for sale on the “assume balance” process.

The said vehicle was assumed by a car dealer, which passed it to Batutay who allegedly sold the vehicle to Castulo. Castulo together with Sarkar, mortgaged it to Anand for PHP120,000.

The bank chased after the complainant after the amortizations fell due, and sought the recovery of the vehicle through Castulo.

However, Castulo demanded PHP450,000 from the complainant and even threatened to tear the car into parts if the money, which was later reduced to PHP250,000, was not given.

The complainant filed a report with the NBI, leading to the suspects’ arrest and the recovery of the vehicle.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, do you think that there are still gangs of both foreigners and locals who are committing scams and have yet to be caught? Do you think there will be more financial scams that will take place in Parañaque over the next six months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Nineteen More Medicines VAT-Exempt in the Philippines

July 5, 2025July 4, 2025carlocarrasco

Following the recent announcement of several medicines declared exempted from the value-added tax (VAT), nineteen more medicines became VAT-exempt as a result of the recommendation of the Food and Drug Administration (FDA) to the Bureau of Internal Revenue (BIR), according to a news article by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Nineteen maintenance and lifesaving medicines have been included in the list of those exempted from value added tax (VAT), benefiting more people.

Bureau of Internal Revenue (BIR) Commissioner Romeo Lumagui Jr., during the Bagong Pilipinas Ngayon briefing on Thursday, said nine medicines were included under Revenue Memorandum Circular (RMC) 59-2025 issued on June 11, 2025 while the other 10 are covered by RMC 62-2025.

He said the inclusion of the medications for VAT exemption was based on the recommendation of the Food and Drug Administration (FDA).

Of the total, seven of these medicines are for cancer treatment; three each for diabetes, hypertension and mental illness; one each for high cholesterol, kidney disease, and tuberculosis.

“Ang mga ito ay mga maintenance at lifesaving medicines na ngayon ay hindi na papatawan ng VAT. Isang kongkretong hakbang para mas mapagaan ang gastuhin ng mga pasyente (These are maintenance and lifesaving medicines that will now be exempt from VAT. This move is a concrete step to lower patients’ expenses),” Lumagui said.

The BIR chief said both the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law and the Tax Reform for Acceleration and Inclusion (TRAIN) law provide VAT exemptions on certain health products.

He said BIR coordinates with the FDA and the Department of Trade and Industry (DTI) among others to monitor compliance among pharmaceutical companies and drugstores regarding this price changes.

Let me end this post by asking you readers: What is your reaction to this recent development? Were you surprised that a lot more medicines were declared VAT-exempt?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines Lowers Economic Growth Target Amid Global Uncertainty

July 2, 2025June 27, 2025carlocarrasco

As there are more signs of weakness and uncertainty, the economic managers of the Philippines officially lowered their economic growth target this year, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Economic managers on Thursday revised the economic growth target for this year amid mounting global uncertainties.

At a briefing after the 191st Development Budget Coordination Committee (DBCC) meeting, Budget Secretary and DBCC Chair Amenah Pangandaman said the economic growth assumption for 2025 was revised downward to 5.5 to 6.5 percent from the previous 6 to 8 percent.

For 2026 to 2028, the Philippine economy is projected to expand by 6 to 7 percent, reflecting a more cautious and resilient economic outlook amid global headwinds.

“The revisions take into account heightened global uncertainties, such as the unforeseen escalation of tensions in the Middle East and the imposition of U.S. tariffs,” Pangandaman said.

She said that despite these challenges, the DBCC remains “vigilant and ready to deploy timely and targeted measures” to mitigate their potential impact on the Philippine economy.

The budget chief said the country continues to be one of the fastest-growing economies in ASEAN driven by robust domestic demand.

To maintain this momentum, she highlighted the administration’s focus on structural reforms, including the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act and the Public-Private Partnership (PPP) Code, both designed to enhance the country’s trade and investment competitiveness.

Pangandaman said the government will also pursue the approval and implementation of other reforms recently ratified by Congress, such as the Liberalizing the Lease of Private Lands by Foreign Investors Act, Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, Accelerated and Reformed Right-of-Way (ARROW) Act, and Konektadong Pinoy Act.

The DBCC also revisited the medium-term macroeconomic assumptions to take into consideration recent global and domestic developments.

The inflation assumption for this year was cut to 2 to 3 percent from the previous 2 to 4 percent. For 2026 to 2028, the inflation assumption was retained at 2 to 4 percent.

For 2025 to 2028, crude oil price assumptions were reduced to USD60 to USD70 per barrel from USD60 to 80 per barrel, despite escalating geopolitical tensions.

The foreign exchange rate is assumed to remain stable, averaging at PHP56 to PHP58 per US dollar from 2025 through 2028, supported by lower domestic inflation.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines is lacking momentum to achieve 6% growth this year? Do you think that inflation and unemployment will eventually rise before the year ends? Are you convinced that foreign investors are staying away from the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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10 More Medicines Now VAT-Exempt in the Philippines

June 28, 2025June 23, 2025carlocarrasco

Some good news for Filipinos struggling with buy medicine for their respective health-related needs. The Bureau of Internal Revenue (BIR) officially announced that ten more medicines are exempted from the value-added tax (VAT), according to a news article by the Philippine News Agency (PNA).

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Bureau of Internal Revenue (BIR) said 10 more medicines for cancer, high cholesterol, hypertension, and mental illness are now exempted from value-added tax (VAT).

In a statement on Monday, the BIR said Commissioner Romeo Lumagui Jr. issued Revenue Memorandum Circular No. 62-2025 on June 20 further expanding the list of VAT-exempt medicines.

The BIR said these changes aim to enhance access to critical medications by reducing treatment costs for patients and their families.

Some medicines on the list are Tegafur + Gimeracil + Oteracil Potassium for cancer, Metformin Hydrochloride + Teneligliptin for diabetes, Atorvastatin (as calcium) + Fenobribrate for high cholesterol, Metoprolol tartrate + Ivabradine (as hydrochloride) for hypertension, and Lamotrigine for mental illness.

The VAT exemption, pursuant to Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) Law, and Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, is intended to be responsive and adaptive to current public health needs, guided by the latest evaluations from the Food and Drug Administration.

“The BIR has issued an additional VAT-exemption of 10 medicines for cancer, diabetes, high cholesterol, hypertension, and mental illness,” Lumagui said.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are on medication, does this new development from the BIR look helpful to you?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Two traffic violators with history of extortion arrested in Parañaque City

June 19, 2025June 16, 2025carlocarrasco

Recently in the city of Parañaque, two traffic violators were apprehended by the Highway Patrol Group (HGP) of the Philippine National Police (PNP) and seized from them a gun, ammunition and even bullet-proof vests to name a few, according to a news article by the Philippine News Agency (PNA). It turns out, the suspects were previously involved in extortion.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Two persons arrested for traffic violations by the Philippine National Police-Highway Patrol Group (PNP-HPG) were later found to be behind an extortion scheme using the name of First Lady Liza Araneta-Marcos.

HPG Director Brig. Gen. Eleazar Matta said “Joselito” and “JJ Café” failed to present documents when their car was stopped for illegal use of a blinker and protocol plate number “12” (Cabinet undersecretary) along Filipinas Avenue in Parañaque City on Friday.

The HPG operatives also seized a 9mm pistol, ammunition, handheld radios, three bulletproof vests and a C-4 explosive.

“We are investigating because they appear to be ready for any armed confrontation, and why were they carrying C-4?” Matta said in a press conference at Camp Crame in Quezon City on Sunday.

“We are also conducting a follow-up operation because the report we received was that there was another vehicle that was able to flee.”

Ambassador Markus Lacanilao, Special Envoy on Transnational Crime, said Joselito was among the three arrested in an entrapment in Pasay City in March last year but later posted bail.

Joselito’s group allegedly threatened to shut down an emission testing business if the owner would not give PHP5 million. Lacanilao said the apprehended vehicle was the same car used by three suspects.

He also confirmed that JJ Café was the same person who introduced himself as Office of the President undersecretary and a relative of the First Lady to get government contracts.

“They were asking money in exchange for the approval of business lime medicine and emission. And they were showing a video of the man posing as undersecretary at the Office of the President,” Lacanilao said.

Lacanilao advised the public not to yield to extortion demands using the name of the First Family and instead report the matter to authorities.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you concerned that armed extortionists and fraudsters could be lurking around? Do you know anyone who was extorted over the past twelve months? Was there a business joint in your local community that got harassed by extortionists?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Department of Agriculture backs legal action against those involved in P3.5 million illicit sale of unregistered fertilizer and pesticide in Las Piñas City

June 16, 2025June 11, 2025carlocarrasco

Recently it was discovered in Las Piñas City that the illicit sale of P3.5 million worth of unregistered fertilizer and pesticide took place and already the Department of Agriculture (DA) supports legal action against those who were involved, according to a Philippine News Agency (PNA) news article. The local authorities successfully pulled off an entrapment operation at a Las Piñas City warehouse.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The Department of Agriculture (DA) on Tuesday backed the legal action against those involved in the illicit sale of PHP3.5 million worth of unregistered fertilizers and pesticides in Las Piñas City.

The Fertilizer and Pesticide Authority (FPA) and the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG) nabbed four individuals for the illegal sale of unlicensed agricultural chemicals in an entrapment operation at a warehouse in Las Piñas City on May 30.

In a news release, DA Secretary Francisco Tiu Laurel Jr. supported the recommendation of the Las Piñas City prosecutor to file charges for violation of the Fertilizer and Pesticides Act.

“We welcome this decisive action by the Las Piñas City prosecutor to pursue charges against individuals whose illegal activities not only harm our farmers and agricultural productivity but also undermine President Ferdinand R. Marcos Jr.’s vision of a food-secure Philippines,” he said.

The four respondents, who posed as representatives of WLEX Co. Philippines Inc., will face charges for violation of Section 8(a) and 9 of Presidential Decree No. 1144, which both prohibits the “production, importation, distribution, storage, and sale” of unlicensed agricultural inputs, fertilizers, and pesticides, according to the inquest resolution.

FPA Executive Director Glenn Estrada warned individuals involved in agricultural smuggling that it will intensify its actions against illicit trade.

“We cannot allow unscrupulous traders to shortchange our farmers by selling substandard products that compromise their ability to increase yields,” he said.

In an earlier report, the DA said the entrapment operation resulted in the seizure of 641 one-liter bottles of Axonic pesticide, 748 one-liter bottles of Sapphire pesticide, 220 one-liter bottles of Chlonil pesticide, four sacks of Welzeb, and bio-stimulant Nutrinaro SC, with multiple variants of 5,590 sachets (10g), 345 sachets (50g), and 90 sachets (5g).

The Axonic, Sapphire, Chlonil, and Welzeb brands are unregistered and illegal, according to the FPA.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? What do you hope the incoming Mayor will do for the members of your local community once she takes office? What kind of service do you want to see from the City Government over the next three years?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines inflation rate settles at 1.3% in May 2025, the lowest since November 2019

June 10, 2025June 5, 2025carlocarrasco

Once again, inflation in the Philippines went down as the Philippine Statistics Authority (PSA) recently confirmed that the headline inflation landed at 1.3% for the month of May 2025, according to a news article by Philippine News Agency (PNA). The said inflation result is the lowest since November of 2019.

To put things in perspective, posted below is an excerpt from the news article of PNA. Some parts in boldface…

Headline inflation further slowed to 1.3 percent in May this year from 1.4 percent in April, the lowest recorded since the 1.2 percent in November 2019, the Philippine Statistics Authority (PSA) said Thursday.

In a briefing, National Statistician Dennis Mapa said this brought the year-to-date average inflation to 1.9 percent which is at the lower end of the government’s 2 to 4 percent target range.

Mapa said the downtrend was primarily brought about by the slower increase in the index of housing, water, electricity, gas, and other fuels at 2.3 percent from 2.9 percent in April. Restaurant and accommodation services also recorded a slower inflation of 2 percent from 2.3 percent in April.

Mapa said the faster annual decline was likewise recorded in the transport index, at 2.4 percent in May from 2.1 percent in the previous month. Food inflation meanwhile remained at 0.7 percent. Mapa, however, said rice inflation was at -12.8 percent from -10.9 percent in April.

According to Mapa, the rollout of the PHP20 per kilogram rice program in line with the directives of President Ferdinand R. Marcos Jr., the “Benteng Bigas Meron Na” helped lower rice prices.

In May, the average price of regular milled rice declined to PHP43.19 per kg from PHP51.11 in May 2024. The average price of well-milled rice likewise fell to PHP49.45 per kg from PHP56.06 per kg while special rice also declined to PHP59.80 from last year’s PHP64.41 per kg.

The bottom 30 percent income households experienced zero percent inflation in May 2025, a sharp decline from 5.3 percent in the same month last year.

The National Capital Region also posted a slower inflation rate of 1.7 percent in May, down from 2.4 percent the previous month while other regions maintained a low average inflation rate of 1.2 percent.

More stable cost of living – In a separate statement, the Department of Economy, Planning, and Development (DEPDev) said the continued decline in the country’s headline inflation shows progress toward easing price pressures and achieving a more stable cost of living for Filipinos.

“We are encouraged by this development. It reflects the success of our sustained efforts to protect the purchasing power of Filipinos and ensure a more affordable cost of living,” said DEPDev officer in charge and Undersecretary for Policy and Planning Rosemarie Edillon.

To sustain this downward trend, DEPDev said the Marcos administration is committed to implementing targeted policies aimed at mitigating inflationary pressures and safeguarding the purchasing power of Filipino families.

The Food and Drug Administration (FDA) and the Department of Agriculture (DA) are strengthening their collaboration to ensure the availability of safe and effective animal vaccines amid ongoing African Swine Fever (ASF) and Avian influenza outbreaks.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is possible for Philippines inflation to fall below 1% by the end of the year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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New rules streamlining VAT refund processes will make Philippines more attractive to foreign investors

June 6, 2025June 3, 2025carlocarrasco

In the view of the Bureau of Internal Revenue (BIR), the Philippines will become a more attractive destination for foreign investors due to the new rules streamlining the value-added tax (VAT) refund process, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The Bureau of Internal Revenue (BIR) expects the new rules streamlining the value-added tax (VAT) refund process — a key reform under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act – will make the Philippines a more attractive destination for foreign investors.

In a televised interview, BIR Commissioner Romeo Lumagui Jr. said the new regulations are consistent with President Ferdinand Marcos Jr.’s broader goal of making the country more business-friendly.

“Ang expectation natin, makikita ng mga dayuhang investors na seryoso ang pamahalaan na pagbutihin ang pagnenegosyo at papadaliin ang pagnenegosyo dito sa ating bayan (Our expectation is that foreign investors will see that the government is serious on business and in easing the doing of business in our country),” Lumagui was quoted as saying in a news release on Saturday.

“So, we’re hoping that it will encourage foreign investors to do business here in the Philippines,” he added.

According to the BIR chief, the main objective of CREATE MORE, as well as other BIR efforts, is to ease the doing of business and payment of taxes.

Republic Act No. 12066 or the CREATE MORE Act amended the National Internal Revenue Code to provide greater tax relief and incentives for businesses, particularly exporters.

To implement this, the BIR issued Revenue Memorandum Circular No. 37-2025 on April 10, which reduces the documentary requirements for VAT refund claims.

Under the new guidelines, certified true copies of invoices or receipts may now be submitted in place of original documents.

There was also a reduction of three documentary requirements, particularly the proofs of registration with the Securities and Exchange Commission or Department of Trade and Industry (DTI), whichever is applicable, and the copies of Import Entry and Internal Revenue Declarations/Informal Import Declaration and Entry or Single Administrative Document.

For claims involving amortized input VAT on capital goods, prior certifications from the Bureau of Customs may be reused if already submitted in past filings.

Furthermore, for VAT refund claims starting April 1, exporters are no longer required to submit actual proof of shipment, such as bills of lading.

Instead, the BIR will rely on a certification from the Export Marketing Bureau of the DTI, following a newly signed agreement between the two agencies.

“Ngayon pinadali natin ang proseso sa pakikipag-coordinate sa DTI. So, may kanya-kanyang role ang bawat isa para hindi na rin magdoble-doble ang mga requirements at pag-iimbestiga kung talagang merong mga inexport ang isang entity (We made the process easier through our coordination with the DTI. Each agency now has specific roles to prevent duplication in the submission of requirements and in investigating the goods exported by a business entity,” Lumagui explained.

“Patuloy din ang pag-e-examine natin kung ano ang pwede nating i-streamline na mga proseso para mas mapadali pa ang pagnenegosyo sa ating bayan (We also continue to examine what other processes we can streamline to make doing of business in our country easier),” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Are you convinced that the changes made will help the Philippines attract more foreign investors?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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