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Archive for May, 2016

PH Customs modernization act signed into law

PH Customs modernization act signed into law

May. 30 | The Customs Modernization and Tariff Act should address many of the issues involving tedious and complex customs processes, according to Bureau of Customs deputy commissioner Atty Agaton Teodoro Uvero. Philippine President Benigno Aquino III on May 30 signed...

Myanmar crafting foreign investment law; Laos economy seen to grow 7%

Myanmar crafting foreign investment law; Laos economy seen to grow 7%

May. 30 | Growing Southeast Asian economy Myanmar is now drawing up a foreign investment law that will mandate tax reductions in a bid to woo more investments into the country, particularly in less developed regions. “Less developed regions in Myanmar could...

Asia-North Europe freight demand inches up

Asia-North Europe freight demand inches up

May. 30 | Since the middle of April, the Asia-North Europe westbound trade has taken a turn for the better with many carriers reporting full ships with cargo roll-overs occurring, igniting hopes of the start of a sustained recovery in demand and rates on this key...

Singapore, HK exports hurting as global economic activity remains low

Singapore, HK exports hurting as global economic activity remains low

May. 30 | Both Singapore and Hong Kong, whose economies are heavily dependent on external trade, continue to be affected by the global economic inertia. Singapore’s non-oil exports (NOX)—comprised of both non-oil domestic exports (NODX) and non-oil re-exports...

New PH law tags agricultural smuggling as economic sabotage

New PH law tags agricultural smuggling as economic sabotage

May. 28 | Smuggling of rice with a minimum amount of P10 million, as valued by the Bureau of Customs, is considered an act of economic sabotage under Philippine Republic Act 10845. Philippine President Benigno Aquino III on May 23 signed into law a measure that...

‘Makeup’ parcel yields over 200 ecstasy pills

‘Makeup’ parcel yields over 200 ecstasy pills

May. 28 | The Philippine Bureau of Customs (BOC) busted another attempt to bring illegal drugs into the Philippines with its latest catch of 95 grams of ecstasy pills having an estimated value of P378,000. The parcel containing 252 of the banned drugs, which had...

IMO gives 3-month leeway in implementation of VGM

IMO gives 3-month leeway in implementation of VGM

May. 28 | The International Maritime Organization (IMO) Maritime Safety Committee (MSC) is allowing governments and port authorities to take a “practical and pragmatic approach” in the first three months of implementation of the Safety of Life at Sea (SOLAS)...

Timor Leste to join ASEAN as 11th member in 2017

Timor Leste to join ASEAN as 11th member in 2017

May. 28 | The Democratic Republic of Timor Leste will become a member of the Association of Southeast Asian Nations by 2017, Indonesian Ambassador to ASEAN Rahmat Pramono said. “In 2011, when Indonesia was the head of the ASEAN, Timor Leste submitted an application...

BOC forms public assistance unit

BOC forms public assistance unit

May. 27 | The Philippine Bureau of Customs (BOC) has created an internal customer assistance unit that will resolve inquiries and concerns of stakeholders and the transacting public, including those on airport and seaport operations, valuation, and imports and...

Indonesia to create monitoring task force on deregulation packages

Indonesia to create monitoring task force on deregulation packages

May. 26 | Indonesian President Joko Widodo is planning to form a task force to ensure that the dozen economic stimulus packages issued by his administration are carried out properly and without delay. “I want the Coordinating Minister for Economic Affairs...
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