MB places Cooperative Rural Bank of Bulacan under PDIC receivership All valid insured deposit claims will be paid The Monetary Board (MB) placed the Cooperative Rural Bank of Bulacan under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 823.A dated May 23, 2013. As Receiver, PDIC took over the bank on May 24, 2013. Cooperative Rural Bank... read more

PhP 12 Million Smuggled Rice and Cars Seized in Davao   No matter how often they try to smuggle rice into the country, our operatives will always be there to stop them. This was the strong message of Customs Commissioner Ruffy Biazon to rice smugglers as he led Customs officials today (May 23, 2013) in inspecting 22 container vans of rice worth PhP 12 million and one forty-container van with... read more

BOC Slaps Smuggling Charges Against Five Traders   For attempting to illegally slip into the country PhP 25 million worth of fake, about to expire and expired drugs from South Korea, the officials of the Binondo, Manila based Mountain Glory Agri Sales were today formally charged by Bureau of Customs (BOC) officials led by Deputy Commissioner for Revenue Collection and Monitoring Group (RCMG) ... read more

PhP 25 M Fake Medicines Seized by BOC   Had it not been for the alert operatives of the Bureau of Customs Intellectual Property Rights Division under Customs Deputy Commissioner for Intelligence Group Danilo Lim, millions of counterfeit and about to expire, if not expired, illegally imported medicines could have flooded the local market. In inspecting the seized illegally imported... read more

DOF: Profitable hotels should pay income tax Income tax payments to increase investments in tourism infra and marketing THERE is no need to grant an Income Tax Holiday (ITH) incentive to hotels and resorts in the country’s hottest tourist destinations, Finance Secretary Cesar Purisima said in response to the Open Letter to the President from The Philippine Hotel Federation, Inc.... read more

DOF Questions TRO on Oil Smuggling Case   THE Department of Finance strongly questioned the Court of Appeals' issuance of a Temporary Restraining Order (TRO) effectively blocking the smuggling case against the President and CEO of Phoenix Petroleum Philippines (Phoenix) as well as its Customs Broker, Jorlan Cabanes, and multiple John Does last week. "TROs like this one effectively... read more

PDIC files criminal raps vs. ex-bank President The Philippine Deposit Insurance Corporation (PDIC) filed with the Department of Justice on May 9, 2013 a criminal complaint against the former President of the closed First Country Rural Bank, Inc. (First Country Bank) for conducting business in an unsafe and unsound manner, in violation of the PDIC Charter. The PDIC’s complaint alleged that... read more

BOC Bodega Swoop Nets PhP 25 M Worth of Smuggled Goods   Customs Commissioner Ruffy Biazon today  (May 17, 2013) led the raid on two storage areas in Tondo which yielded PhP 25 million worth of goods and merchandise believed to be illegally imported from China.   According to Biazon, the raid which was conducted by Bureau of Customs Intelligence Group (BOC-IG) operatives under Deputy... read more