Philippine news CKN 407 Cebu City losing P1B a year to tax evaders

Cebu City losing P1B a year to tax evaders

 

 

 

THE Cebu City Government loses at least a billion on revenues every year because of business establishments that do not pay their taxes.

Mayor Tomas Osmena earlier said there are over 10,000 establishments in the city that do not have business permits and are not paying their taxes to the city.

In his news conference yesterday, Osmena said business establishments can operate in the city even if they don't have business permits, provided they pay taxes.

Osmena said there are business owners who don't apply for a business permit because of the requirements that they need to secure from other government agencies.

He warned establishments that if they are caught operating without a business permit and do not pay taxes, they will be blacklisted.

 

 

 

 

Philippine news CKN 406 PH, Sokor sign loan pact for Cebu Port Project

PH, Sokor sign loan pact for Cebu Port Project

 

 The Philippines and South Korea signed on Monday a USD 172.64 million loan agreement for the construction of a new international container port in Cebu that aims to free up the existing seaport in the province; and provide a more efficient and reliable transport infrastructure for the unimpeded flow of goods and services in the Visayas. The agreement was signed by Finance Secretary Carlos Dominguez III on behalf of the Philippine government, and Sung-Soo Eun, chairman and president of the Export Import Bank of Korea (KEXIM).

 A new Cebu International Container Port with a total estimated project cost of PHP 10.1 billion (approximately USD 199.25 million) will be built on a 25-hectare reclaimed land in the town of Consolacion in Cebu.

 

 Aside from the construction of physical structures, the loan also covers the procurement of cargo handling equipment and consulting services.

 

 KEXIM-EDCF will extend USD 172.641 million (approximately PHP8.8 billion or 186.97billion Korean won) for the Port project with a preferential interest rate of 0.15 percent per annim for non-consulting services and zero percent for consulting services.

 

 The loan has a maturity period of 40 years, inclusive of a 10-year grace period.

 

 

 

 

Philippine news CKN 406 Terminal Fee rising for international flights in new Cebu airport

Terminal Fee rising for international flights in new Cebu airport

Passengers must expect a higher additional terminal fee for international flights, as the Terminal 2 of the Mactan-Cebu International Airport (MCIA) opens, an official said.
Steve Dicdican, MCIA General Manager, said the administration is bent on increasing the terminal fee to P850 from the current P750.
The P100 increase will help in the maintenance of the "resort-themed" terminal, said Dicdican. Dicdican, however, clarified that the fee for domestic flights will remain at P200.
The new airport terminal, which was inaugurated Thursday, is slated to be operational in July 1, with more international flights expected to open in the coming months. The opening of Terminal 2 is ween to boost the airport's physical capacity, ccommodating up to 12 million domestic and foreign passengers.
In 2017, MCIA recorded 11 million passengers.

Philippine news CKN 406 ANOTHER SCHOOL YEAR, MORE TRAFFIC JAMS

ANOTHER SCHOOL YEAR, MORE TRAFFIC JAMS

Cebu City Transportation Office (CCTO) Chief Francisco Ouano advised commuters on Sunday to brace for possible traffic gridlocks on the city's roads.
Ouano identified the Gov. Cuenco Avenue in Banilad to Talamban area in the northern part of the city, and the Barangay Mambaling part of N.Bacalso Avenue, Cebu City's southern gateway to the south, as major traffic choke points.
There are two big universities that lie in Gov. Cuenco Avenue in Banilad and Talamban, while most students from the southern part of Cebu traverse through N.Bacaiso Avenue in going to the heart of the city where most colleges and universities are located.
In the Banilad-Talamban areas, Ouano said that one contributor to the heavy traffic flow is the lack of functional traffic lights.
Another cause of traffic jams, he said, is the large volume of vehicles from Mandaue City and Consolacion, two of the most densely populated areas in northern Cebu, that converge ar the Banilad-Talamban area.
Ouano added that an ongoing road repair near a private school in Talamban is also contributing to the traffic situation.
"We already gave a warning to the contractor because of their delay. They should have started working in summer and end this August but (they replaced their) engineer," Ouano said.
According to Ouano, about 2,000 vehicles are expected to ply the road heading to the privatd school in the area.