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Jump to full article: ABS-CBN Broadcasting Corporation (ph), 2009-11-20
Author: Iris C. Gonzales, The Philippine Star
Intro: The proposal of Swiss firm SICPA Product Security SA to provide security stamps on cigarettes is not a done deal, Finance Secretary Margarito Teves said yesterday, assuring lawmakers that there was nothing final yet.
"It must be clarified that the SICPA (proposal) is merely an unsolicited proposal under the BOT (Build-Operate-Transfer) Law. It's not a done deal yet," Teves said.
He said that even if the Bureau of Internal Revenue (BIR) is already in negotiations with SICPA for its stamp-tax technology project, it would still be sent back to the National Economic and Development Authority (NEDA) for its board approval and subsequently, be subjected to a "Swiss Challenge."
"Processes must be observed before a decision on SICPA is made," he told reporters yesterday.
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