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BOC struggling with peso upsurge |
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Written by Edu Punay, Reinir Padua, Paolo Romero, Christina Mendez
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Monday, 10 December 2007 |
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 The tax collection of the Bureau of Customs (BOC) is suffering from the peso’s appreciation against the US dollar.
Customs Commissioner Napoleon Morales said the BOC’s target revenue of P223 billion this year was based on the exchange rate of P48 to a dollar.
"We are trying our very best, but things get harder and harder every day for us at the bureau as the peso continues to grow stronger," he said.
"This aspect is very vital for the Customs because the first step in tax collection is converting the invoice value (in dollar) to peso.
"The realization of assumption of our target is very important. Right now, it’s already P41 to P42 to a dollar. Our collection will definitely be affected since we collect in dollars and remit to government in pesos."
Morales said the BoC’s poor tax collection can also be attributed to the "decline in value and volume of imports in the past months."
"The assumption of volume is also not being met," he said. "There
were more imports in this same period last year."
The Department of Finance said every P1 appreciation against the dollar would have an impact of P2.7 billion in the BoC’s monthly collection.
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Last Updated ( Monday, 10 December 2007 )
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Peso bucks decline of other Asian currencies |
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Written by Gerard S. dela Peña
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Wednesday, 28 November 2007 |
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THE PESO yesterday strengthened against the dollar, bucking the decline on Wall Street, the local bourse and other Asian currencies.
It closed at P42.805, five-and-a-half centavos stronger than Monday’s finish of P42.86. It opened at the day’s low of P43.05 following Wall Street’s dip on Monday night. The dollar also strengthened against the yen, which put pressure on Asian currencies.
But the peso reached an intraday high of P42.76 before it firmed at the day’s close as investors were convinced of the peso’s strength in the medium term, a currency trader said.
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Last Updated ( Wednesday, 28 November 2007 )
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Stocks extend fall as credit worries persist |
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Written by Lovely Nica P. Lee
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Wednesday, 28 November 2007 |
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 SHARE PRICES continued their decline yesterday as the market followed Wall Street’s fall due to worries about the US credit crisis.
Investors were not making aggressive moves as they await government announcement of third-quarter economic growth on Thursday, dealers said.
The benchmark Philippine Stock Exchange index (PSEi) lost 0.37% or 13.1 points to close at 3,524.19, off the day’s low of 3,506.95. The broader all-share index also fell by 0.4% or 8.58 points to 2,148.27.
Trading volume reached 8.07 billion shares worth P61.44 billion. Losers beat gainers 70 to 32, while 55 stocks were unchanged.
Jose Vistan, of AB Capital Securities said the local bourse had tracked Wall Street’s 240-point decline overnight, but managed to limit its losses in anticipation of better growth data.
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Last Updated ( Wednesday, 28 November 2007 )
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Written by AFP
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Tuesday, 27 November 2007 |
 SINGAPORE: Oil prices hovered near $99 in Asia trade on Monday as traders continued to fret over tight supplies globally, dealers said.
In afternoon trade, New York’s main contract, light sweet crude for January delivery, was up 34 cents at $98.52 a barrel from $98.18 in late US trades Friday.
Brent North Sea crude for January delivery rose 29 cents to $96.05.
“The market is fundamentally tight and one of the factors at present supporting prices is the tight market,” said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.
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Last Updated ( Tuesday, 27 November 2007 )
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Stock market climbs on Wall Street rebound |
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Written by AFP
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Tuesday, 27 November 2007 |
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LOCAL share prices closed higher Monday as bargain-hunters took their cue from Wall Street’s Friday rebound amid a strong start to the US holiday shopping season, dealers said.
The composite index added 42.85 points to 3,537.29, off a high of 3,556.78.
The broader all-share index rose 29.14 points to 2,156.85. There were 80 advancers and 23 decliners, while 50 stocks were steady.
A total of 2.7 billion shares worth P3.8 billion changed hands.
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Last Updated ( Tuesday, 27 November 2007 )
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