The unrelenting campaign of the Bureau of Customs (BOC) to flush out smuggling has once again caused the seizure of P31.8 million worth of misdeclared and undervalued candies, outboard motors, motor oils, kilowatt hour meters and equipment for setting-up an illegal drugs manufacturing laboratory by operatives of the Bureau’s Enforcement Group (EG) under Deputy Commissioner Horacio P. Suansing, Jr. at the Manila International Container Port (MICP).
Read MoreThe Finance department is looking at increasing pre-need companies’ capitalization five times more than the prevailing amount, a Cabinet official said, in light of the Prudentialife Plans, Inc.’s present financial woes.
Read MoreTRANSCRIPT: Speech [As delivered], Finance Sec. Cesar V. Purisima, February 10, 2012. *First 8 minutes inaudible Interest rates are shrinking. In fact, bank will have challenging times also making money. You have to be truly efficient to squeeze that intermediation margin. In the case of your industry, you need bigger capital basis so that 1) you can reduce your overhead; you reduce your costs per client serve; 2) you increase the breadth of investment opportunities available to you with size, youre able to spread the risk across many more clients, many more products and maybe across more geographic boundaries. This business is about scale, this business is about efficiency and its a trust business.
Read MoreTRANSCRIPT: (Reuters) Purisima, CVPs residence, February 10, 2012. On inflation Purisima: The main drivers of inflation in the Philippines are food and oil prices. On the part of the food, its been well maintained. Harvest has been good. In fact, the biggest part of the food component is rice. As you know, last year was a very good year for Philippine rice harvest. Its a priority of the president to improve productivity and reduce the vulnerability of our rice production by diversifying the areas of rice plantation to areas that are less prone to typhoons. For example, DA has started planting in the Iwahig colony in Palawan. Thats just an example of the moves of the president so that has kept rice prices in the Philippines stable.
Read MoreFor the second time, an employee from a government financial institution flunked the lifestyle investigation conducted by the Revenue Integrity Protection Service (RIPS).
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