12 BUSINESS NEWS PHILIPPINE ASIAN NEWS TODAY June 16 - 30 , 2018
CAB to hear PAL fuel surcharge petition
A regulatory filing showed PAL and PAL Express are seeking to impose fuel surcharge for domestic flights .
The Civil Aeronautics Board ( CAB ) is set to hold a hearing on the petition of flag carrier Philippine Airlines ( PAL ) and sister carrier PAL Express to impose a fuel surcharge amounting to P158 up to P405 on domestic flights next month .
A regulatory filing showed PAL and PAL Express are seeking to impose fuel surcharge for domestic flights .
In particular , PAL and PAL Express want to impose fuel surcharge for each way for flights from Luzon to Luzon or Visayas ( P282 ); Luzon to Mindanao ( P405 ); Visayas to Visayas ( P158 ); and Mindanao to Visayas or Mindanao ( P222 ). The case is said to be scheduled
Government spending turned to deficit in May , reversing the surplus that was recorded a month ago .
The national government said the deficit hit P32.9 billion , slightly lower , by 2 percent , than last year ’ s level and is 32 percent lower than programmed .
On a year-to-date basis , the government posted a P138.7-billion deficit , more than double the level posted a year ago .
The lower-than-expected deficit was achieved on account of higher revenue collections which exceeded the program by P81.5 billion , up 7 percent , outpacing the 1 percent or P15.2 billion increase in spending .
Revenue collections in May hit P259 billion , up 13 percent , bringing the year to date collection to P1,186.3 billion , up 19 percent .
Tax collection by the Bureau of Internal Revenue ( BIR ) raised P174.7 billion in May , up 10 percent .
The government said the BIR was able to sustain double-digit growth for the first five months of the year leading to a 15 percent increase in January to for hearing on July 10 .
While PAL filed a petition with the CAB last December to impose fuel surcharge worth P51 to P207 to recover higher costs of fuel , company president and chief operating officer Jaime Bautista said earlier the carrier would update the figure and amend its petition as fuel prices continued to rise .
He said the price of fuel rose by $ 13 from January to April .
As PAL is set to consume 11 million barrels of fuel this year , the $ 13 increase in fuel price would result in $ 143 million worth of additional cost to the carrier . ●
- L . Desiderio , PS
Gov ’ t swings back to deficit in May
The Government Service Insurance System ( GSIS ) starting October 1 will start collecting penalties and surcharges on past due loan accounts of members still in active service .
The GSIS is urging its members to settle their past due loan accounts until September 30 this year to avoid further penalty charges .
Jesus Clint Aranas , GSIS president and general manager , said one way of settling their loan accounts is by availing of the Enhanced Consoloan Plus program which waives all penalties and surcharges on their existing salary loan accounts including additional interests .
“ Paying off your loan will also
May collections at P830.5 billion .
“ Deducting tax refunds resulted in a net collection of P172.0 billion for May with YoY ( year-on-year ) growth of 8 percent , bringing year- todate collections and growth to P827.7 billion and 15 percent , respectively ,” the Department of Finance said in a statement
Collections by the Bureau of Customs ( BOC ) meanwhile hit P53.6 billion , up 35 percent . On a year to date basis , cumulative collections hit P230.7 billion up 31 percent . Net of tax refunds , BOC collections for the month settled at P52.7 billion , up 33 percent YoY while the January to May level of P229.3 billion improved by 31 percent over the same period in the previous year . The increase was due to the combined effects of the weaker peso , higher oil price , and higher import volumes
The Bureau of the Treasury meanwhile posted an income of P21.4 billion , up 19 percent due to higher dividends on shares of stocks held by the government and remittance of shares in the Philippine
WWW . PHILIPPINEASIANNEWSTODAY . COM
PNT Foreign Exchange
$ 1.00 Cdn = P 40.31 Php
$ 1.00 US = P 53.64 € 1.00 EUR = P 62.38 D1.00 BHD = P 140.42 R1.00 SAR = P 14.30
¥ 1.00 JPY = P 0.49
Amusement and Gaming Corp . and the Manila International Airport Authority profits .
“ The year-to-date BTr income of P58.4 billion has increased by 22 percent from the same period last year ,” the DOF said .
“ Non-tax revenues from other offices grew 12 percent year-on-year to reach P10.6 billion for the month , resulting to a 28 percent growth in year-to-date collections of P61.1 billion ,” it added
Disbursements by the government meanwhile hit P291.9 billion , up 12 percent .
For the first five months of the year , disbursements hit P1.325 trillion , up 25 percent .
Meantime primary expenditure
GSIS to lift waiver on penalties
enable you to avail of other GSIS benefits which you could not otherwise enjoy if you have defaulted on your loans ,” Arenas said .
“ If you will restructure your salary loan accounts through the Enhanced Conso-Loan Plus , you will avoid the unfailing predicament of having your retirement pay eaten up by your loan balance in due course ,” Aranas said
He explained that when GSIS members fail to pay their amortization for more than six months , their loan accounts will become in default .
Starting October 1 , this will automatically set off the computation of pro-rated surcharges and penalties .
These charges , which are
( total disbursements net of interest payment ) reached P1.183 trillion , 28 percent higher .
Interest payments totaled P21.1 billion . Foreign interest payments hit P2.5 billion generated the uptick , mainly due to peso depreciation and an increase in rates for outstanding floating rate loans .
“ This was partially offset by lower domestic payments worth P18.6 billion owing to maturities of various fixed rate and retail bonds in 2017 ,” the government said .
The cumulative interest payment however hit P141.4 billion , up 7 percent due to domestic coupon payments for RTBs ( retail treasury bonds ) issued in April and December last year . ●
- R . Castro , Malaya
originally intended to discourage borrowers from defaulting on their loans , will add up to their bill which may further swell if not abated early enough .
At present , GSIS is not collecting penalties and surcharges on past due loan accounts if the member is in active service .
In the long term , according to Aranas , this “ automatic waiver ” for penalties and surcharges will compound the forgone interest income from the pension fund ’ s loan investments which will eventually be disadvantageous to the social insurance fund . ●
- Malaya