Philam Football League: Mondo International upsets Ghana FC

September 17, 2019 | 8:28 pm

TAGUIG CITY — Match Day 2 commenced with an upset victory of Mondo International over the defending champions Ghana FC. Laro FC, Real Amigos and Bohemian Sporting Club remain undefeated while Super Eagles and Tondo FC score their first wins of the season.

Ghana FC tasted their first defeat of the Season 4 in the hands of Mondo International, 2-1. Both teams were tied at 1-1 at full time and Mondo’s Jangobah Johnson scored the golden goal in extra time for the victory.

“All our hard work paid off. Our first game, we weren’t very tuned in yet. We weren’t synced in but we proved our worth. Today was worth it. We played our hearts,” said Mondo International Academy founder and coach Butch Mondenedo.

“The key thing is we played our tactics, we played our game. That is the one thing that we didn’t implement on the first game. The first game was very difficult because we are feeling out each player. Now, that the players are training more often, we are connecting much better,” shared Mondenedo on how they overcame Ghana FC.

In another extra-time thriller, Laro FC’s Kevin Skinker scored the lone goal of the match to defeat Matu Deportivo. Laro FC is one of the teams that still have an unblemished record after Match Day 2.

“The good energy of the team, that was important. We got good coaching, good experience and the young guys stepped up today,” said Laro’s Aly Borromeo. “It is good to come off with a clean sheet today at the same time we can’t be too overconfident. We look forward to play with the big boys like Super Eagles and Ghana in the next few rounds.”

On the other hand, Real Amigos and Super Eagles dominated their opponents. DMatsunaga experienced their first loss of the season against Real Amigos, 5-1, while Monte Manila falls to 0-2 after losing to the Super Eagles, 1-6. Both winning teams want to make a statement in their Match Day 2 wins.

“Two wins, it is very important for our confidence but moving forward, we want the teams to talk about us. We want them to talk if we are the team to beat or not,” said Real Amigo’s head coach Lerche on the statement win.

“We just needed to make a statement today,” said Super Eagles head coach Danny Cross who lost their opening day game against Ghana FC. “From now on, the momentum is on. Last weekend, was disappointing but that is football. Today, we got the victory, we are happy and good to go.”

Tondo FC registered their first win of Season 4 with a tough match against Futbol Funatics, 2-1. Roberto Corsame and Leonardo Kabalungan each scored goals for Tondo FC before the Futbol Funatics scored one late in the end but time ran out for a comeback.

“We addressed the stamina. For the past three training sessions, we build up our stamina,” said Dennis Balbin of Tondo FC. “This win is important because it will bring more momentum for our team and brings more motivation.”

Bohemian Sporting Club is still undefeated after Match Day 2 with Hajime Hajimehdi scoring a hat-trick over Superbad FC, 3-1.

Steelers quarterback Roethlisberger lost for season

September 17, 2019 | 8:28 pm

PITTSBURG — A painful Sunday led to a sobering Monday for some of the NFL’s biggest names, and nowhere was the news more sobering than in Pittsburgh, where the Steelers learned starting quarterback Ben Roethlisberger will miss the remainder of the season.

While the team did not disclose the exact nature of the injury, coach Mike Tomlin said through a statement that an MRI exam on Roethlisberger’s right elbow Sunday night revealed an injury that would require surgery — a surgery which will happen this week and end the quarterback’s season.

Roethlisberger left the game against the Seattle Seahawks in the second quarter, grabbing his right elbow after a throw. The Steelers lost 28-26 at home and are 0-2 to start the season for only the second time in Roethlisberger’s 16-year career.

Mason Rudolph entered the game and completed 12 of 19 passes for 112 yards and two touchdowns. He will now start in Roethlisberger’s place.

The other major quarterback injury was to New Orleans’ Drew Brees, who sustained an injury to a thumb ligament when his hand was hit by Los Angeles defensive tackle Aaron Donald as he threw a pass.

The NFL Network reported Monday that Brees will undergo surgery to repair the ligament in his right thumb and could miss six weeks, but Saints coach Sean Payton said on a conference call later in the day that Brees was seeking a second opinion and the Saints had no news to report on his status.

Teddy Bridgewater replaced Brees and will start this weekend in Seattle. He was 17 of 30 for 165 yards in the 27-9 loss.

IN OTHER INJURY NEWS
Jets quarterback Trevor Siemian sustained an ankle injury and exited the field midway through the second quarter of New York’s Monday night game against the Cleveland Browns. Third-stringer Luke Falk took his place. Steelers starting running back James Conner told 93.7 The Fan in Pittsburgh that he was confident he would play next Sunday in San Francisco after injuring his knee against Seattle.

Dallas Cowboys wide receiver Michael Gallup reportedly needs arthroscopic surgery to trim the meniscus in his left knee and will miss 2-4 weeks.

Los Angeles Rams tight end Tyler Higbee sustained a chest injury that resulted in his coughing up blood in a hospital, Rams coach Sean McVay confirmed to reporters. McVay said Higbee has a lung contusion and is day to day.

Los Angeles Chargers safety Adrian Phillips will go on injured reserve and be lost for a “significant amount of time” because of a broken right forearm, coach Anthony Lynn said.

Kansas City running back LeSean McCoy was reportedly set to undergo an MRI exam on his ankle after suffering an injury late in a 28-10 win in Oakland.

Philadelphia defensive tackle Tim Jernigan reportedly suffered a foot injury, with NFL Network saying the injury could cost him “roughly a month” while Pro Football Talk said the foot is broken and Jernigan could be out for the year.

New England Patriots left tackle Isaiah Wynn will reportedly have an MRI exam for a toe injury suffered after playing just 11 snaps. — Reuters

Milliam, Maneja rule Cebuana Lhuillier Girls’ Tennis Challenge

September 17, 2019 | 8:28 pm

ALEXA Joy Milliam and Justine Hannah Maneja will represent the country in the Women’s Tennis Association (WTA) Future Stars Tournament, after clinching finals victories in the Cebuana Lhuillier Girls’ Tennis Challenge Under 14 and Under 16 Qualifying Tournament, held at the Makati Sports Club in Makati City.

Displaying championship composure, top-seed Milliam completely dominated Jufe-Ann Cocoy, 7-5, 6-3, in a fast-paced finals match to capture the 14-under title in the tournament sanctioned by Unified Tennis Philippines (UTP) and supported by AXA Philippines, Standard Insurance, Dunlop, and the Makati Sports Club.

Third-seed Maneja, meanwhile, pulled off an upset in disposing of top-ranked Jenaila Rose Prulla, 6-4, 1-6, 10-2, to win in the 16-and-under category.

“Thank you and congratulations to all the participants, most especially our two champions, Alexa Milliam and Justine Maneja. This competition has brought out the best in both of you and I hope you will showcase the talents and skills that we have witnessed here as you vie for that WTA Future Stars Tournament title. Good luck and make your country proud,” said Jean Henri Lhuillier, UTP president and Cebuana Lhuillier president and CEO.

Milliam outclassed Mica Ella Emana, 6-2, 6-3, while Cocoy recovered just in time to beat third ranked Tiffany Claire Nocos, 1-6, 6-3, 10-8, to arrange the 14-under finals match. Maneja held off Sydney Ezra Enriquez, 6-2, 6-3, while Prulla ousted 2^ndseed Amanda Gabrielle Zoleta, 6-1, 6-2, in the 16-under semi-finals duel.

Milliam and Maneja will compete against other top junior players from across the Asia Pacific region in the WTA Future Stars Tournament to hold from Oct. 20 to 28 in Shenzhen, China.

Fortified Milkmen

September 17, 2019 | 8:27 pm

When the season-ending Philippine Basketball Association Governors’ Cup unfurls later this week, a new-look Alaska Aces will be competing after they made changes during the in-between conference break.

Alaska has a new coach manning the sidelines in erstwhile deputy Jeff Cariaso, who replaced Alex Compton, the man who handled the team for five years.

The team also has new players in Maverick Ahanmisi and Abu Tratter whom it acquired in different trades with the Rain or Shine Elasto Painters and Blackwater Elite, respectively.

In exchange the Aces lost stalwarts Ping Exciminiano and a draft pick in the next rookie draft to ROS and Carl Bryan Cruz to Blackwater.

Considering how things were going for the Aces of late, a shake-up at this point might not be a bad track to take.

To be fair, they have been competing but simply just could not get the needed push to go deeper in tournaments.

It remains to be seen whether Cariaso will do a better job than Compton, who took the Aces to a number of trips to the finals during his term as coach, the last one in the Governors’ Cup last season, but just could not hand that elusive 15^th league title to the team.

But having had a chance to talk to him in the past, Cariaso is very driven to succeed in coaching much like how he approached the game during a highly successful PBA career.

Cariaso respects the game and wants to win, something the Aces could take positive cue from for the now and future.

He has been with Alaska for majority of his PBA life both as a player and part of its coaching staff, has seen its highs and lows, and is fully aware of what the team wants to accomplish which should guide him now as the main man on the bench of the Aces.

Ahanmisi and Tratter should also be a boon to the Alaska roster with the skills sets they bring.

Exciminiano is a solid player on both ends on the court and was a valuable part of the guard rotation of the Aces but Ahanmisi would be an upgrade.

Ahanmisi is bigger in built and taller and has more range offensively which would go a long way for the Aces as they make their push.

He is also a PBA champion and has played in big games and delivered.

Ahanmisi is coming off an injury but when he gets his groove back and familiarize with the Alaska system it is going to be a partnership that would highly likely to bear much fruit.

Tratter, meanwhile, may not have the offensive range of Cruz but he is going to be a presence for the Aces’ frontline.

He is a wide body who can complement fellow big men Noy Baclao, Vic Manuel and Sonny Thoss as well as Governors’ Cup reinforcement Justin Watts both offensively and defensively.

While with Blackwater, rookie Tratter has shown the ability to make things happen without necessarily creating a play for himself, adding further dimension to the Aces’ thrust.

Needing to shake things up and fortify its makeup, the Aces went for it and actually did a good job. It is still going to be tough battle for the team in the PBA but with the moves they had made they put themselves with better leverage to compete.

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Jordan’s tequila venture

September 17, 2019 | 8:27 pm

It’s a testament to the continued pull of Michael Jordan that he continues to command top billing even when mentioned alongside other marquee figures. Anything he does becomes fodder for hoops habitues, never mind that he hasn’t played competitively since April 2003, and that his transition to the front office as the principal investor of the Hornets has been far from smooth and successful. Not that it’s surprising; after all, he’s the best of the best of all time, and his image and likeness adorn the Jordan Brand line of Nike gear that netted close to $3 billion in revenues last year.

In this regard, seeing Jordan hog headlines for selling a minority stake in the Hornets was nothing out of the ordinary. Neither was finding his name first in a short list of National Basketball Association franchise owners dabbling in the tequila business. A simple dinner with the Celtics’ Wyc Grousbeck, the Lakers’ Jeanie Buss, and the Bucks’ Wes Edens three years ago — during which a bond for the blue agave beverage was formed — thereafter found him engaged in mapping the future of Cincoro Tequila. So involved was he that he even tapped Nike Innovation creative director of special projects Mark Smith to help design the bottle in which the four blends would be distributed.

From the looks of things, the newly launched Cincoro Tequila is well on its way to success. As Emilia Fazzalari, Grousbeck’s wife and founding partner of Cinco Spirits, noted, the aim is to make available the four flavors, which range from the unaged $70 Blanco to the 44-month $1,600 Extra Anejo, in all 50 states, and then outside North America. “We cannot wait to share Cincoro to the world,” she said, even as she revealed sellouts in a handful of the 12 markets they are currently in. Not coincidentally, Cincoro — “five gold” in Spanish — references the partners and the venture’s aim to be “the gold standard in tequila.”

Needless to say, the attachment to Jordan figures to be a boon as Cincoro Tequila widens its presence. It has widely highlighted his participation, and his high Q Score and status as the highest-paid athlete of all time should help it in its aim to be top of mind in the category. Competition is fierce, but it’s already off to a fast start. And if he, Grousbeck, Buss, and Edens continue to devote time and effort to its growth, the safe bet is that it won’t just survive, but thrive.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Partnership for power consumers’ gain

September 17, 2019 | 5:41 pm

Manila Electric Company signed power supply agreements (PSA) with partners First Gen Hydro Power Corp., Phinma Energy Corp. and South Premiere Power Corp. (SPPC) for the supply of 500 MW mid-merit capacity for five years starting December 2019. The PSAs were awarded to the three winning bidders in accordance with the Department of Energy Circular which required distribution utilities (DUs) to procure power through Competitive Selection Process. According to Meralco President & CEO Ray Espinosa, “The resulting prices from the CSP are significantly lower than average generation cost today and are expected to save consumers PhP 4.4 billion annually for the next five years.” This is Meralco’s second successful round of CSP, after successfully signing 1,200 MW of baseload capacity last September 13. During the signing, Department of Energy Director Mario Marasigan said, “Indeed the winners for this activity are actually the Meralco consumers,” also expressing optimism that the success of the Meralco CSPs will be replicated to subsequent biddings.

You can win the world’s biggest jackpot from the Philippines

September 17, 2019 | 10:04 am

If you wondered what’s the biggest lottery jackpot in the world today, there would be two answers. The American Mega Millions lottery offers a $192 million jackpot while the leading lottery in Europe, EuroMillions, offers a €173 million top prize. Depending on how you do your currency conversions, these two huge jackpots are nearly the exact same prize.

Amazingly, you don’t need to travel to America to play Mega Millions and there’s no need for you to get on a plane to Europe to play EuroMillions. It’s possible to play both of these lotteries, with official lottery tickets, without leaving your home in the Philippines.

Here’s how to play from the Philippines:

Sign up at theLotter.com, the world’s leading online lottery ticket purchasing service.
Select either Mega Millions, or EuroMillions, or even both of them from over 50 lotteries available on the site.
Fill out your tickets with your favorite numbers, or use a computer-generated random selection.
Indicate how many lines you want to play, or choose to play with a lottery syndicate to increase your chances of winning.
Confirm your ticket purchase and you’re eligible to win prizes in the upcoming draw.

How theLotter works

As a lottery ticket messenger service, theLotter uses local agents in America to buy official Mega Millions and local agents in Europe to purchase EuroMillions lottery tickets on behalf of its customers from all over the world. A small surcharge is added to ticket prices in order to cover the cost of this service.

Tickets are scanned and uploaded to a customer’s account before the draw. With these scanned versions of the tickets and email confirmation, customers can rest assured that they have full ownership of their tickets. TheLotter provides a dedicated support team, available 24/7, to help customers with any concerns.

What happens when you win?

When you win a lottery jackpot prize at theLotter, the entire amount is yours! No commissions are deducted from winning tickets. Winnings are transferred to your secure, private account and you can withdraw them at any time.
Over the years, theLotter has paid out more than $95 million in prizes to over 5 million winners from across the globe. The biggest winners include a woman from Panama who won $30 million playing the Florida Lotto and a man from Iraq who won a $6.4 million Oregon Megabucks jackpot.

The Mega Millions and EuroMillions jackpots could be won at any time and the next draw is coming up soon. It is totally possible for the next big lottery prize winner to be a resident of the Philippines!

For more information on how to play lotteries online from the Philippines, visit theLotter.com.

EDITOR’S NOTE:

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POGOs now top property demand driver

September 17, 2019 | 12:33 am

PHILIPPINE Offshore Gaming Operators (POGOs) have displaced the information technology-business process management (IT-BPM) sector as the single biggest source of demand for office space in the country, real estate service firm Leechiu Property Consultants (LPC) reported on Monday.

LPC noted that POGOs have accounted for 375,000 sq.m., or 38%, of total Metro Manila office space take-up of 990,000 sq.m. year-to-date, as “[t]he Philippine offshore gaming industry surged ahead of the IT-BPM sector for the first time as the country’s top demand driver for office space…”

“They did not stop negotiating for more office space despite China’s crackdown,” LPC President David Leechiu said in a press briefing in Makati City.

The Department of Finance (DoF) last week said it would take its crackdown on tax-dodging POGOs a step further by closing down those that still refuse to pay personal income tax withheld from their foreign workers even after being notified of such liabilities, and haling them to court.

The government estimates POGOs’ tax liabilities at a cumulative P21.62 billion, so far, and that it foregoes about P2 billion in monthly revenues for every 100,000 unregistered POGO workers in the country.

Philippine Amusement and Gaming Corp. (Pagcor) Chairperson and Chief Executive Officer Andrea D. Domingo backed the DoF’s move, telling reporters in a mobile phone message on Monday that the “BIR (Bureau of Internal Revenue) has the legal authority to close down establishments that evade taxes.”

“Pagcor supports this move. We are issuing a letter to all POGO operators and service providers to this effect.”

Traditional office tenants were the second biggest demand driver, taking up 320,000 sq.m., while IT-BPM firms occupied around 294,000 sq.m.

By the end of 2019, LPC estimates total office take-up to reach 1.2 million sq.m. in Metro Manila, about 450,000 sq.m of which will be by POGOs. IT-BPM locators are projected to occupy 350,000 sq.m., while the rest will be taken up by traditional offices.

Should the crackdown against POGOs prompt several of these businesses to leave the country, Mr. Leechiu said that IT-BPM — also known as business process outsourcing (BPO) — will be able to fill the gap.

“The POGO footprint is in four geographies, so if they disappeared today, the BPO sector will just backfill that requirement,” Mr. Leechiu explained.

POGOs currently operate in the so-called Bay area — land reclaimed from Manila Bay, Makati City, Alabang and Quezon City.

Mr. Leechiu also noted that 60-70% of POGOs are from China, while others hail from other markets like Australia, Europe and Japan.

Citing data from the Bureau of Immigration and IT and Business Process Association of the Philippines, LPC said POGOs spend about $9 billion in annual salaries for their employees, bigger than the estimated $7.5-billion cumulative annual pay for BPO workers.

POGOs are also seen as a key driver for the residential market, generating annual housing rental income of $680 million.

At the same time, the property consultancy maintained its stance that the Philippine Economic Zone Authority (PEZA) should continue declaring more economic zones in Metro Manila to drive the expansion of the IT-BPM sector, notwithstanding a moratorium imposed in June by Malacañan Palace under Administrative Order No. 18. “We would continue to encourage signing of more PEZA zones in Metro Manila because we need the BPO sector to keep growing in Manila if we want them to grow in the provinces,” Mr. Leechiu said.

AO 18 forms part of government efforts to push development further away from Metro Manila.

LPC noted that out of the 1.2-million sq.m supply pipeline until 2022, 86% are still applying for PEZA accreditation. Delays in their approval could lead to a deficit in PEZA space in the next five years, causing a slowdown in IT-BPM expansion in that period.

Mr. Leechiu said further that IT-BPM firms are likely to accelerate expansion in the Philippines over the next 12 months, in the face of expected recession in several major economies such as Italy, Germany, Mexico, Brazil, China, the United States and some Middle East countries.

“The Philippines is one of only two places in the world where BPOs can scale at the level they need to scale globally and quickly. Only India and the Philippines can give them the scale of talent they need to be able to have a meaningful impact on their bottom line.” — Arra B. Francia

What sectors drive demand for office space?

September 17, 2019 | 12:33 am

Energy dep’t taking stock of Saudi oil attack’s impact

September 17, 2019 | 12:32 am

THE DEPARTMENT of Energy (DoE) on Monday downplayed the impact of the attack on Saudi Arabia’s oil production sites on Saturday, saying it was “premature” to speculate on its effect on local petroleum prices even as television reports quoted department and industry sources as saying the incident could jack up pump prices by as much as P3-5 per liter.

However, the department said it was meeting with local oil companies this week and that it had convened an emergency meeting on Sunday after the attack on the facilities of Saudi Arabian Oil Co. (Aramco).

“We are seeking to ensure that the energy family will be sufficiently prepared to face the potential impact of this unfortunate incident, if any, on the country,” Energy Secretary Alfonso G. Cusi said in a statement.

The DoE was reacting to the attack by explosive-laden drones on Aramco’s crude processing plants, setting them on fire. The incident is estimated to have halved Saudi Arabia’s production — reducing it by 5.7 million barrels per day — and clipped world supply by five percent. The US is blaming Iran for the strike on the world’s biggest crude producer, with US President Donald Trump tweeting that the superpower was “locked and loaded” to deliver a response.

Bloomberg reported that Brent oil posted its biggest ever intraday jump to more than $71 a barrel before paring gains.

“It is premature at this moment to say that the Saudi Aramco incident would have an adverse impact on the country. The DoE is closely monitoring developments in the international markets until the last trading day on Friday to fully assess any impact on the prices,” Mr. Cusi said.

In an online message sent to reporters, the DoE said Mr. Cusi had directed a meeting this week with oil companies “to look into the sufficiency of inventory levels.”

“The impact on prices, if any, may be felt by Tuesday next week; that is, if there will indeed be an adverse impact. To date, the DoE reiterates that [estimating] the impact of the incident is still premature.”

The emergency meeting on Sunday afternoon was attended by representatives of the DoE’s Electric Power Industry Management Bureau and Oil Industry Management Bureau, as well as of the National Electrification Administration, National Power Corp., Philippine National Oil Co. (PNOC) and PNOC Exploration Corp.

“Rest assured that the DoE, together with the entire energy family, is closely monitoring the situation and will keep the public properly informed of developments on the matter,” the department said.

Petron Corp., the country’s biggest oil company, said that it does not expect any immediate supply disruption after the attack, even as it “regrets the recent attacks made on Saudi Aramco’s refinery facilities, affecting oil output on an international scale.”

“We wish to assure the public that there will be no supply disruption from our end. We have adequate supply to support our domestic requirements,” it said in a statement.

“Meanwhile, we are closely monitoring the situation and hoping that normalcy will be restored soon.”

Separately, Senator Sherwin T. Gatchalian said the surge of global oil prices as a result of the drone strike underscores the need for the DoE to put energy security at the forefront of its energy direction by diversifying the country’s oil supplier portfolio.

“Doing so would insulate consumers from price volatility,” Mr. Gatchalian said.

“Unforeseen external disruptions on the oil supply chain, such as what happened in Saudi Arabia, can create massive disruptions in our local transportation and power sector. In fact, the Philippines had been importing 33.7% of its crude oil from Saudi Arabia as of 2018, making [it] the top supplier of crude oil in the country.”

Mr. Gatchalian, who heads the Senate’s energy committee, said the DoE and local oil industry suppliers should formulate a contingency plan to replace Saudi oil in the short term until supply from that country normalizes.

He said the department should also ensure that oil companies and refiners are complying with the required minimum inventory of 15 days and 30 days, respectively, to cushion the impact of this disruption. — Victor V. Saulon

Senate to go through corporate tax reform with a ‘fine-toothed comb’

September 17, 2019 | 12:31 am

THE MEASURE that will reduce the corporate income tax rate to 20% by 2029 from 30% currently and overhaul fiscal incentives will go through a “fine-toothed comb” in the Senate, Majority Leader Juan Miguel F. Zubiri said on Monday, following the bill’s approval in the House of Representatives late last week.

“We will go through it with a fine-toothed comb. It’s going to be different from the House of Representatives, where it’s a numbers game. Here, each and every one of the Senators will have to look into these provisions,” Mr. Zubiri told reporters.

The House of Representatives on Friday approved on third and final reading House Bill No. 4157, or the “Corporate Income Tax and Incentives Rationalization Act (CITIRA).” The bill forms part of the administration’s comprehensive tax reform program (CTRP).

Mr. Zubiri said that amendments eyed by the Senate includes extending the “sunset” period for all incentives by five to seven years as opposed to the two to five years provided under the House version.

He also said the Senate plans to increase the gross income earned (GIE) rate to seven percent from the current five percent.

“As far as I’m concerned we will push for a longer time for transition because, apparently, the House mentioned only between two to five years. We’re going to push between five to seven years, a longer transition period which is requested by different chambers of commerce,” Mr. Zubiri said, citing among others the European Chamber of Commerce of the Philippine, Japanese Chamber of Commerce and Industry of the Philippines and the American Chamber of Commerce of the Philippines.

“We’re also looking at raising the gross tax payment from five percent to seven percent.”

The House bill provided a two-year transition period for locators already enjoying the five percent GIE for over 10 years, three years for those who have availed it for five to 10 years and five years for those below five years.

“Let’s just review first what’s mentioned in the CITIRA. We’re having a few hearings on the CITIRA this week. Maybe after those hearings, we can be clarified on what were the issues, what were taken out, and what were left behind,” he said.

“We have to strike a balance between companies that may leave the country due to the loss of these incentives, at the same time revenue for government and income generated by other industries because of the lowering of the income tax from 30% to 20%.”

The Senate Ways and Means committee begins on Tuesday tackling the second CTRP package which is the proposed CITIRA, and expects to conclude committee deliberation on package two-plus, which will increase excise tax rates on alcohol products and e-cigarettes.

Other remaining CTRP packages include proposals to provide a single framework for real property valuation and assessment and to simplify the tax structure for financial investment instruments, which were all among the measures mentioned by President Rodrigo R. Duterte in his July 22 fourth State of the Nation Address.

The government has so far enacted Republic Act No. 10963, which slashed personal income tax rates and increased or added levies on several goods and services; RA 11213, the Tax Amnesty Act, which grants estate tax amnesty and amnesty on delinquent accounts left unpaid even after being given final assessment; and RA 11346, which will gradually increase excise tax on tobacco products to P60 per pack by 2023 from P35 currently.

Sought for comment, Trade Secretary Ramon M. Lopez told reporters on Monday that “there is a bit of revenue contribution or improvement if we are going to extend the transition which we are working on with the DoF (Department of Finance) as a relief.”

“We can consider adjusting the GIE in the meantime kasi ang pinu-push is two to five years. I heard also from Senator Zubiri there that they’d like to push for a longer transition to soften the landing.”

The CITIRA is also among the measures proposed in July by 14 local and foreign business groups to the Office of the President and the 18^th Congress. — Charmaine A. Tadalan

Remittances recover in July to grow fastest in nine months — BSP data

September 17, 2019 | 12:30 am

By Luz Wendy T. Noble

MONEY SENT HOME by overseas Filipino workers (OFW) recovered in July from June’s drop to post the fastest growth in nine months, according to data the Bangko Sentral ng Pilipinas (BSP) released on Monday.

OFW cash remittances jumped 7.5% to $2.581 billion in July from $2.401 billion a year ago, and by 12.71% from June’s $2.290 billion, BSP data showed.

These inflows’ 7.5% growth pace in July was the fastest since October 2018’s 8.7% rise.

Personal remittances, which include inflows in kind, bore a similar picture, increasing by 7.2% year-on-year to $2.867 billion in July which was also the fastest since October 2018’s eight percent.

Sought for comment, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion described the latest remittance performance as a “welcome result” due to its impact on gross domestic product (GDP).

“We were expecting a 4.9% growth year-on-year for July and $2.5 billion total inflow. This is positive for household spending for the beginning month of Q3 2019,” he said in an e-mail.

“As a largely domestically driven economy like the Philippines, this bodes well for how GDP for the third quarter of this year will turn out. More remittances inflow just means more domestic demand, and increasing domestic demand induces more economic expansion.”

GDP growth clocked in at a disappointing 5.5% last semester against the government’s 6-7% target for full-year 2019, due largely to late enactment of the P3.662-trillion national budget that left new projects unfunded.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort cited the stronger peso — at P50-51 to the dollar — for the bigger remittances as it required “more US dollars or foreign currencies to be sent to the Philippines by OFWs to their families/dependents.”

“Furthermore, improved/increased deployment of OFWs, especially diversification of OFW deployment to more host countries, especially in major/developed countries around the world (especially those countries that experience ageing population and requiring more labor from overseas) may have also partly supported the latest stronger growth in OFW remittances,” Mr. Ricafort added.

The seven months to July saw cash remittances growing 3.9% to $17.219 billion and personal remittances increasing by 3.6% to $19.119 billion.

The same comparative seven-month periods saw cash remittances from land-based and sea-based OFWs increase by 2.5% to $13.4 billion and by 8.9% to $3.8 billion, respectively.

US continued to top all sources of OFW remittances with a 36.8% share year-to-date, followed by Saudi Arabia, Singapore, United Arab Emirates, the United Kingdom, Japan, Canada, Hong Kong and Kuwait.

“The combined remittances from these countries [sic] accounted for 78.1% of total cash remittances from January to July 2019,” the central bank said.

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