Category Archives: Business

FILAM SHIPPING COMPANIES SUSPEND BALIKBAYAN BOX SERVICE IN PROTEST OF PHILIPPINE CUSTOMS NEW REGULATION

Contents of a typical balikbayan box
Contents of a typical balikbayan box

SAN FRANCISCO, California  (The Adobo Chronicles® ) – The Pilipino American Shippers’ Association (PASA) announced today that its members are suspending the shipping of all balikbayan boxes to the Philippines effective immediately. That could mean less corned beef, SPAM, chocolates and designer shoes or clothing for the families of Overseas Filipino Workers (OFW). PASA includes top shippers like Forex, Atlas and LBC.

The move is in protest of the Philippine Bureau of Customs’ recent announcement that it will be inspecting balikbayan boxes arriving in the country from OFWs.

Until recently, OFWs could send balikbayan boxes to their loved ones in the Philippines, free of inspection or taxes.

New customs regulations require that the contents of a balikbayan box must not exceed US$500.00 in value. Canned goods, grocery items and other household effects must not exceed a dozen a kind, while apparel, whether used or new, must not exceed 3 yards per cut. Only one consignment per sender during a one-month period is allowed,” Customs Commissioner Bert Lina reminded Filipinos abroad.

Lina gave the reminder to warn smugglers who exploit the use of balikbayan boxes to circumvent the law. He also said that the BOC is allowed by law to check the boxes.

“Home appliances are not allowed unless these are consigned to returning Filipino residents and overseas contract workers….We will seize these prohibited shipments and revoke registrations of forwarders or consolidators if we find any violations,” Lina said.

OFWs used social media to express their anger over the announcement by BOC.

In the meantime, the Bureau of Internal Revenue (BIR) is reportedly preparing to issue new regulations that would impose a 30% tax on dollar remittances from OFWs.

“The BIR needs to find new ways to raise revenue and taxing dollar remittances from Filipinos living abroad would be a great way to meet the agency’s revenue goals,” BIR Commissioner Kim Henares said.

WORLD RECORD FOR MANILA: CITY WITH MOST NUMBER OF SHOPPING MALLS

Uptown Place: new mega mall opening in Manila later this year
Uptown Place: new mega mall opening in Manila later this year

MANILA, Philippines (The Adobo Chronicles® ) – The Philippines has added a new feather to its cap by claiming yet another world record: its capital, Manila (and surrounding areas), has just been declared the city with the most number of shopping malls per capita.

Metro Manila (which is about the size of Arizona) is home to about 12 Million people.  With its 153 existing shopping malls, there’s one mall per 78,000 people.

And there’s no stopping Metro Manila from building more and bigger shopping malls.

Property leasing giant Megaworld Corporation is opening 21 more malls and commercial spaces in the next five years to more than triple its gross floor area from the current 304,000 square meters to 1.4 Million square meters by 2020.

Two of these malls will open in the last quarter of 2015.  They have a combined value of 4 Billion pesos.

So when in Manila, shop till you drop!

 

AS PESO LOSES VALUE, PHILIPPINE CITY REINSTATES BARTER SYSTEM

imageBAGUIO CITY, Philippines (The Adobo Chronicles® ) – Baguio City, with its San Francisco-like weather, is known as the summer capital of the Philippines. Soon it will also be named “Barter Capital.” Yes, barter as in exchanging goods for goods.

Already, one can go into a boutique shop and pay for a nice blue dress with a leather handbag. Parking tickets can now be paid with a basket of fresh strawberries. Live chicken can now  be used to bribe politicians. No money for your jeepney fare? No worries, just hand the driver a fresh banana.

The city is leading the way for the return of the centuries-old barter system, the method of commerce before currency was invented.

Other cities throughout the country are now also looking to follow in Baguio’s footsteps, especially with recent developments in which the Philippine peso is losing value against the U.S dollar.

Even some members of congress are proposing that school education be provided free to all Filipino citizens in exchange for an unpaid employment in one of the call centers after they graduate.

Dollar remittances from overseas Filipinos are rapidly declining, while shipment of goods via balikbayan boxes are on the rise.

So who needs money when you have goods and services that you can use to maintain a happy, stress-free and comfortable lifestyle?

Thank you, Baguio City!