Category: Business Mirror

THE prolonged temporary import ban on rice will have only a minimal impact on the government’s tariff take, according to the Bureau of Customs (BOC).

Customs Assistant Commissioner Vincent Philip C. Maronilla said the rice import ban extension will have an impact, but the revenue shortfall the BOC will suffer will be ‘very minimal.’

‘Based on our analysis, we can make do. We’re talking about a three-month sacrifice for better stabilization of the prices and helping out our farmers,’ Maronilla told reporters on the sidelines of a convention last week organized by the Philippine Tax Academy (PTA).

President Ferdinand R. Marcos Jr. has ordered the extension of the rice import ban, which began on September 1 and is supposed to end on November 2, to support Filipino farmers and stabilize rice pricesMaronilla said the BOC will put in additional work to search for other sources of revenue to cover any deficiencies in its collections caused by the rice import ban.

This year, the BOC is tasked to collect P958.7 billion, which makes up 21.20 percent of the government’s full-year revenue target of P4.520 trillion.

‘We look into tightening our assessment procedures so that certain loopholes can be plugged and maybe help out in the deficiencies that we will experience because of the rice importation ban,’ he said.

The BOC is also anticipating collections to improve during the ‘ber months,’ when demand for food, not only rice but also alternatives such as corn and bread, typically rises, Maronilla added.

‘Every time you plug one item, an alternative item comes up,’ she said, explaining that it may lead to increased consumption or importation of alternatives, offsetting the impact on revenues.

Finance Secretary Ralph G. Recto said earlier that collections on rice tariffs are going down because world market prices are also declining.

Theoretically, Recto said the government suffers a loss of about P2 billion every month from the rice importation ban.

‘Last year, we reduced the tariff, but the volume of imports went up. So we almost had no losses last year,’ Recto said.

To recall, President Marcos signed Executive Order 62 in June 2024, reducing the rice tariffs from 35 percent to 15 percent starting July 2024.

The lowering of the rice tariff rate has already resulted in around P14 billion in revenue loss for the BOC as of July this year.

Customs Commissioner Ariel F. Nepomuceno said earlier that excise taxes on petroleum products and pick-up trucks will drive the BOC’s collections this year to meet its revenue target.

THIS here is a familiar story. The salary comes in and, for a moment, there is relief. Bills can be paid, the pantry can be restocked and, maybe, enjoying even a small treat or two. But before the next payday arrives, the money is gone; sometimes disappearing faster than expected.

Why does this keep happening even when we know the basics of personal finance? Why do so many of us feel like we are always catching up, never ahead?

The payday high

THE days right after payday often feel like a celebration. The stress of waiting is over and, finally, there is money to spend. Psychologists call this the ‘payday high,’ a temporary sense of relief that can quickly turn into overspending.

It feels good to buy the things we postponed during the tight days before payday. A meal out, a new gadget, or a flash sale on an app suddenly feels justified. We tell ourselves, ‘I deserve this.’ Some even joke that payday is the one time of the month when they feel ‘rich.’ The problem is, that feeling does not last long. By the time bills, obligations, and savings goals catch up, the budget is already stretched thin.

Why does money slip away so fast

SEVERAL common patterns make this cycle repeat:

Front-loading expenses. Rent, utilities, loan payments, and tuition often fall right after payday. What looks like a full paycheck on day one can shrink dramatically after a few transactions.

Impulse spending. Discounts and sales are everywhere, and marketing is designed to make us buy quickly. Having fresh cash makes it easier to give in to those flash deals.

Family obligations. Many Filipinos feel a strong responsibility to send money to parents or siblings first. While this comes from love and gratitude, it often leaves little for personal savings.

Untracked daily spending. Delivery fees, coffee runs, rideshares, and small ‘add to cart’ buys slowly eat away at what is left. Because they seem harmless in the moment, we only notice the impact when the account balance is nearly empty.

These habits are not just financial issues. They are also behavioral and emotional.

The hidden triggers

RUNNING out of money before payday is not always about income. Even people with higher salaries experience it because of lifestyle creep, social pressure, or stress spending. The truth is, the more we earn, the more tempted we become to increase our spending. Without limits, expenses rise to match income.

Money is also tied to emotions. We spend to celebrate, to relieve stress, or to show love. For many, generosity is expressed through treating family or friends. Cultural expectations add another layer. Saying no to a family request can feel like turning our back on our values. Declining an invitation with friends can feel like rejecting the people we care about. These triggers make it difficult to stretch the budget until the next payday, even when the math seems simple on paper.

How to break the cycle

ESCAPING this cycle does not happen overnight. It takes small, practical steps that address both the numbers and the behaviors behind them.

Pay yourself first. Set aside a portion of your income for savings before paying bills or spending. Even a small amount builds the habit of prioritizing your future.

Automate good habits. Schedule a savings transfer or an investment top-up as soon as you get paid. If money leaves your account immediately, you are less tempted to use it on non-essentials.

Limit variable spending. Allocate a fixed amount for food, transport, or leisure using cash or a separate e-wallet. Having a boundary makes it easier to see where your money is going and stops overspending before it happens.

Track the little things. A few pesos for delivery fees or snacks may not seem much, but over weeks they create holes in the budget. Writing them down or using a simple app helps you see patterns and adjust.

Build a cushion. Even P500 a week in savings creates breathing room and reduces the anxiety of running out before the next paycheck. Small wins build confidence, and confidence builds momentum.

Create a plan for fun. Overspending often comes from feeling deprived. Instead of avoiding all wants, include a ‘fun fund’ in your budget. Having a small, guilt-free allowance helps control bigger splurges later.

Toward financial wellness

THE struggle of running out of money before payday is not about intelligence or effort. It is about habits, triggers, and the way we relate to money. Financial wellness means managing not just the technical side of budgeting, but also the emotional and cultural factors that influence our choices.

When we begin to shift small behaviors, we move closer to balance. And when money becomes less about stress and more about security, we discover that the true goal is not just making it to the next payday, but building peace of mind in between.

Acting Philippine National Police (PNP) chief Lt.. Gen. Jose Melencio Nartatez Jr. has ordered local police units to coordinate with concerned agencies in the conduct of search and rescue missions for all the missing persons as a result of the series of weather disturbances that hit the country last week.

He also said that he understands what it feels to have missing relatives and family members and emphasized the need to show them that the national government, including the PNP, will exhaust all the measures to locate their kin.

‘I have already ordered our territorial forces to assist in the operations to locate those in the missing list,’ Nartatez said.

Based on the latest National Disaster Risk Reduction and Management Council (NDRRMC) situational report, 12 of the missing persons were in Eastern Visayas, two in Oriental Mindoro, and one each in Bicol Region and Western Visayas.

Meanwhile, Nartatez said the PNP remains in full coordination with the NDRRMC and local government units in relation to the post-disaster response in Masbate, the Mindoro provinces and other areas severely affected by ‘Opong.’

He said the coordination includes deployment of personnel and PNP resources needed in relief distribution and rehabilitation programs of affected areas.

Filipino domestic workers in Hong Kong will get a 2.2-percent increase in their monthly allowable wage in the special administrative region of China, according to Department of the Migrant Workers (DMW).

The Hong Kong government decided to raise the monthly salary of foreign domestic workers from HK$4,990 (equivalent to P37,329.64) to HK$5,100 (equivalent to P38,152.64).

The new salary adjustment will apply to employment contracts, which were signed starting September 30, 2025. However, contracts, which were signed under the previous wage level will still be accepted by the Hong Kong Immigration Department until October 27, 2025.

DMW Secretary Hans J. Cacdac lauded the development since it exceeded DMW’s proposed new monthly minimum wage for domestic workers.

‘The wage increase surpasses the Philippines’ US$500 [equivalent to P29,098.75] z minimum wage standard for domestic workers as outlined in DMW Advisory No. 25, Series of 2025,’ he said in a statement.

The new wage adjustment will cover majority of the over 190,000 overseas Filipino workers (OFW) in Hong Kong, who are mostly domestic workers.

DMW said its Migrant Workers Office (MWO) in Hong Kong will assist OFWs in enforcing contracts and reporting any cases of non-compliance.

It said it will continue to push for better benefits for Filipino domestic workers in Hong Kong such as raising their food allowance, which remained at HK$1,236 (equivalent to P9,246.40).

‘The DMW stressed the importance of ongoing discussions to address additional issues, like the unchanged food allowance despite rising living costs,’ the agency said.