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Archive for November, 2004

CAO 4: New Rules on Customs Valuation, Audit and Record Keeping

CAO 4: New Rules on Customs Valuation, Audit and Record Keeping

Nov. 22 | As we have mentioned time and again, the rules at the customs border have rapidly changed and the same continues to evolve. To implement these changes, the Bureau of Customs normally issues customs memorandum orders or circulars containing the new rules...

BIR Audit of VAT on Importations

BIR Audit of VAT on Importations

Nov. 8 | SINCE the middle of last year, the Bureau of Internal Revenue (BIR) has been issuing letter notices to numerous importers for VAT discrepan-cies based on the import records furnished by the Bureau of Customs (BoC) to BIR. In addition, numerous customs...

Intra-Asia rate restoration not as successful as in other trades

Intra-Asia rate restoration not as successful as in other trades

Nov. 1 | THE implementation of the rate restoration program in the intra-Asian trade is relatively “weak” compared with those in other markets such as the United States, Europe and Japan. Some shipping lines – mostly members of the Intra-Asia...

Foreign carriers seek additional fuel surcharge

Foreign carriers seek additional fuel surcharge

Nov. 1 | FOREIGN carriers have once again filed with the Civil Aeronautics Board (CAB) for additional fuel surcharge in view of the continuous increase in fuel prices. As of October 22, aviation fuel averaged $61.05 per barrel compared to the $55.30 per barrel...

NOL enjoys continued growth and profitability in Q3 2004

NOL enjoys continued growth and profitability in Q3 2004

Nov. 1 | NEPTUNE ORIENT LINES (NOL) has reported net profit of $234 million for the third quarter (3Q), taking net profits for the year-to-date to US$588 million, almost double the earnings over the same period last year. Core Earnings Before Net Interest Expense,...

Maritime Equity Corp. feasible by yearend

Maritime Equity Corp. feasible by yearend

Nov. 1 | THE Maritime Industry Authority (MARINA) is positive it will be able to put up the Maritime Equity Corporation (MEC) by year-end before the Japanese government pulls out its P6-billion grant as initial funding for the loan facility. The amount, which...

New Central Nautical Highway to develop Masbate

New Central Nautical Highway to develop Masbate

Nov. 1 | The new link to the Strong Republic Nautical Highway (SRNH) will open up the market of Masbate to the rest of Visayas and other nearby provinces, according to the Philippine Ports Authority (PPA). The livestock-rich and agricultural province will be...

Consumer and Oil Price Watch demands transparency in shipping rates

Consumer and Oil Price Watch demands transparency in shipping rates

Nov. 1 | THE Consumer and Oil Price Watch (COPW) is urging the Maritime Industry Authority (MARINA) to present the basis for the recent rate increases imposed by interisland shipping operators. COPW chairman Raul Concepcion said shipping and freight rates must...

COSCON expands fleet

COSCON expands fleet

Nov. 1 | CHINA OCEAN SHIPPING COMPANY (COSCO) Container Lines Co., Ltd. (COSCON) is investing on a fleet expansion program to better serve its major markets and accommodate the continuously swelling volume in these areas. COSCO Philippines Shipping Inc., the...

Metro Pacific to provide P127M for NENACO

Metro Pacific to provide P127M for NENACO

Nov. 1 | NEGROS NAVIGATION COMPANY (NENACO) does not have to scout for a third party to obtain the remaining P127-million funding required for rehabilitation, according to Metro Pacific Corporation. In a disclosure to the Philippine Stock Exchange (PSE), Metro...
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