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OFWs remittances increase markedly for Mother’s Day — WorldRemit

ONLINE MONEY transfer service WorldRemit said remittance activity from Overseas Filipino Workers (OFWs) tends to increase in the run-up to Mother’s Day.

WorldRemit Managing Director for Asia-Pacific Michael Liu said Filipino customers tend to increase their remittance activity shortly before Mother’s Day.

“We do see remittance activity increase during events like Mother’s Day. Last year, WorldRemit saw an increase of remittances in the week leading up to Mother’s Day of 13%,” he told BusinessWorld on Friday.

According to a WorldRemit survey, 99% of OFWs observe Mother’s Day and 82% celebrate the holiday by sending money to their mothers. More than half of WorldRemit’s OFW customers have transferred money online for Mother’s Day.

“We conducted a survey of our Filipino customers in connection to Mothers Day activities — 62% said they send money to their Mothers for Mother’s day… Our conclusion (is that) Mother’s day is an important day for our OFWs,” he added.

The survey also shows that 78% call their mothers on the phone to mark the occasion and 52% send gifts. Mr. Liu added that WorldRemit also observes “an increase in value” in money sent during Mother’s Day from the usual amount OFWs typically send.

“We see an increase in average amount sent. Not only do OFWs send on a more regular basis in the period leading up to these events but they do send more. We do see an increase in transaction value, transaction output (during these periods),” he said. — Gillian M. Cortez

US EPA proposes hike in biofuel mandate to 20.04 B gallons in 2020

WASHINGTON/NEW YORK — The US Environmental Protection Agency (EPA) has proposed increasing the volume of biofuels refiners must blend into their fuel annually to 20.04 billion gallons in 2020, from 19.92 billion gallons in 2019, according to two sources familiar with the matter.

The proposed mandate, now under review by other government agencies before being finalized, includes 15 billion gallons of conventional biofuels like ethanol, unchanged from 2019. It also includes 5.04 billion gallons of advanced biofuels, like those made from agricultural wastes, up from 4.92 billion in 2019, the sources said.

The EPA is charged with setting biofuel blending requirements for the refining industry as part of the Renewable Fuel Standard (RFS), a more than decade-old regulation that is aimed at helping farmers and reducing US dependence on oil.

The policy has helped farmers by creating a huge market for ethanol and other biofuels, but oil refiners say compliance can cost a fortune.

EPA spokesman Michael Abboud confirmed the agency submitted a proposal for review, but did not comment on its contents.

“The proposal is currently under interagency review, which places the Trump administration on track to release the Renewable Fuel Standard Renewable Volume Obligations (RVOs) on time for the third consecutive year,” he said.

As part of the advanced biofuel proposal, the agency set mandates for cellulosic fuel at 540 million gallons and non-cellulosic at 4.5 billion, according to the sources.

It also proposed a biodiesel mandate of 2.43 billion gallons for 2021, unchanged from 2020, they said. The EPA sets biodiesel mandates a year in advance.

Small refineries can be exempted from biofuel blending if they prove that complying would cause them financial strain, and the Trump administration made extensive use of such exemptions in the last two years.

That has saved refiners money but angered the corn lobby, which argues the practice erodes biofuel demand. — Reuters

Ford Motor Co. appoints PK Umashankar as Ford Philippines managing director

FORD MOTOR COMPANY last Monday announced the appointment of PK Umashankar (‘Uma’) as managing director, Ford Philippines, effective July 1. Umashankar is currently serving as director, Customer Service Division, Ford ASEAN, based in Bangkok.

Umashankar will relocate to Manila, and will continue to report directly to Yukontorn ‘Vickie’ Wisadkosin, president, Ford ASEAN. He will replace Bert Lessard, who will repatriate to his home country of Canada.

In his new role, Umashankar will be responsible for continuing to drive Ford’s momentum in the Philippines, including sustaining the success of Ford’s nearly fully refreshed vehicle lineup in the market, continuing the ongoing expansion of the Ford dealership network, and further enhancing the after-sales experience including driving a more competitive cost of ownership structure for Ford customers.

“Uma’s leadership and real hands-on approach, coupled with his extensive experience across the business, will help us continue to grow our business and further strengthen our brand in the Philippines,” said Wisadkosin.

In his current regional customer service role, Umashankar has been working with both the Ford dealer networks and Ford customer service teams across the ASEAN markets to implement a number of successful initiatives aimed at improving and enhancing the overall Ford customer experience.

This includes leading efforts to streamline parts sourcing and delivery across the Ford network, the appointments and launch of the Ford Authorized Parts Distributor Network in Thailand, as well as the launch of the Ford-owned Quick Lane brand in Thailand.

From 2015-2017, Umashankar served as brand manager, Ford Asia Pacific, based in Shanghai, where he oversaw the region-wide launch of the new EcoSport compact SUV, as well as the new Ford Figo compact car in India and the Middle East and Africa.

Prior to his regional postings, Umashankar served for nearly 19 years at Ford India in roles of increasing responsibility, including leadership positions across Customer Service, Marketing, and Operations.

This includes nearly four years as vice-president, Customer Service Operations, where he led efforts to implement a new nationwide parts distribution center and set up a new modification center connected to Ford’s Chennai manufacturing facility.

Prior to this, Umashankar served for almost four years as general manager, Product Marketing, during which time he helped to launch the all-new Figo, Ford’s first vehicle designed and built for the India market.

As general manager, Customer Service Operations from 2005-2008, Umashankar led process improvements in customer service across the organization, which helped drive observed customer satisfaction improvements.

From 2002-2005, Umashankar served in various roles that included divisional operations manager, North and East, which represented more than 40% of Ford India’s sales; national parts operations and service marketing manager, where he led the company’s spare parts operations and business development of service operations; and national service planning and marketing manager, where he helped deliver service marketing initiatives to improve customer service.

From 2000-2002, Umashankar served Ford India as a Six Sigma Master Black Belt, during which time he helped promote and support improvement activities for the business, most notably in the area of parts distribution.

Umashankar earned a Bachelor’s degree in Mechanical Engineering from the University of Madras, and an MBA in Finance from the Loyola Institute of Business Administration (LIBA).

Yields on T-bills, bonds likely to drop this week

RATES OF government securities on offer this week will likely decline on the back of the recent policy rate cut from the local central bank as well as anticipation of a possible reduction in banks’ reserve requirement ratio (RRR).

The Bureau of the Treasury (BTr) is offering P15-billion worth of Treasury bills (T-bill) on Tuesday, broken down into P4 billion and P5 billion via three- and six-month papers, respectively, and P6 billion from the one-year debt papers.

The BTr will also offer on Wednesday reissued seven-year Treasury bonds (T-bond) worth P20 billion. The bonds have a remaining life of six years and nine months.

Bond traders said rates of the T-bills to be auctioned off on Tuesday will likely decline by 5-10 basis points (bp) from rates fetched the previous offering.

Last week, the government made a full award of the debt notes it placed on the auction block, borrowing P15 billion as planned. Yields on the three-month, six-month and one-year papers slid to 5.438%, 5.825% and 5.977%, respectively.

At the secondary market on Friday, the 91-, 182- and 364-day securities were quoted at 5.691%, 5.962% and 6.102%, respectively, according to the PHP Bloomberg Valuation (BVAL) Service Reference Rates published on the Philippine Dealing System’s website.

“Rates of T-bills for auction will move lower from previous auction. Demand may be evident across all three tenors in response to Monetary Board’s (MB) decision to cut policy rates,” Robinsons Bank Corp. trader Kevin S. Palma said in a phone message on Friday.

The Bangko Sentral ng Pilipinas (BSP) on Thursday trimmed benchmark interest rates by 25 bps to a 4-5% range, taking into consideration the “manageable” inflation outlook on the back of a “decline in food prices amid improved supply conditions.”

Headline inflation continued to ease for the sixth straight month in April to 3%, slower than the 3.3% recorded in March and beating market consensus.

At its Thursday policy review, the central bank also adjusted its inflation forecast to 2.9% this year and 3.1% in 2020, from the previous 3% for both years.

“Of course, the market will price in the recent policy rate cut of the BSP. Yields will be lower because it will be aligned with the BSP rates,” another trader said in a phone interview.

Meanwhile, for the reissued seven-year bonds, both traders expect the average rate to settle between 5.7% and 5.8%.

The government made a full award of the seven-year T-bonds when they were last offered on March 26, borrowing P20 billion as planned versus bids totalling P73.685 billion.

The bonds fetched an average rate of 5.934%, lower than the 6.087% fetched when the debt papers were previously issued the month prior and the 6.25% coupon.

Based on the PHP BVAL Service Reference Rates, the yield on the seven-year bonds ended at 5.741% last Friday.

“Yields [on] the seven-year paper…would be much lower versus the last time it was auctioned in March. A lot of bond-friendly catalysts have already happened since the last seven-year auction which caused local bond yields to ease down,” Mr. Palma said.

Both traders added that the market is anticipating a reduction in big banks’ RRR.

Although the central bank made no reduction in reserve ratio last Thursday, BSP Governor Benjamin E. Diokno said it will be “on the agenda” of the MB’s meeting this week.

Currently, universal and commercial banks are required to keep at least 18% of their total deposits with the BSP. Trimming the RRR is expected to unleash about P90 billion into the financial system, which can used for loans or investments.

Mr. Diokno previously described big banks’ RRR, which was already reduced by a total of two percentage points last year, as “really high.” He also cited “room for…one percentage point (cut) every quarter for the next four quarters.”

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion through Treasury bonds.

It is looking to raise some P1.189 trillion in funds this year from local and foreign sources to finance its budget deficit, which is expected to widen to as much as 3.2% of the country’s gross domestic product. — Karl Angelo N. Vidal

BCDA sees Filinvest Clark project eventually generating 1 million jobs

THE Bases Conversion and Development Authority (BCDA) said the completion of Filinvest Land, Inc.’s (FLI) project in New Clark City (NCC) will generate up to a million jobs.

BCDA President and Chief Executive Officer Vivencio B. Dizon told reporters in Capas, Tarlac last week, however, that the employment estimate will be realized after some 25 years after the 288-hectare project is completed.

The project, which will be developed jointly by FLI and the BCDA, is intended for locators in the logistics and industrial segments, and will feature mixed-use development.

Another employment generator in the Clark corridor is the 500-hectare Chinese industrial park slated for groundbreaking this year, according to Mr. Dizon.

BCDA and China Gezhouba Group Co. Ltd. signed a partnership deal in November during the visit of Chinese President Xi Jinping to develop the industrial park which will be used by light to medium manufacturers.

The completion of the first phase of the FLI projects and that of the China-based firm, both expected next year, can immediately generate 100,000 jobs.

Mr. Dizon said employers in Clark will “predominantly” hire locals.

Elsewhere, Mr. Dizon noted that the BCDA is negotiating with over ten firms interested in developing areas within the NCC but declined to identify them, pending completion of the talks.

“Madami, may foreign may local, halos equal (There are many, foreign and local, almost equal),” Mr. Dizon added.

NCC is approximately 9,450 hectares, of which around only 4,000 hectares have been secured for development.

Among the projects of the BCDA in the NCC are the 220-hectare National Government Administrative Center, developed in partnership with MTD Philippines, Inc.; its joint venture agreement with the PrimeWater consortium for water and wastewater services; and its joint partnership with the Meralco-Marubeni Consortium composed of Manila Electric Co, Marubeni Corp., Kansai Electric Power Co., Inc., and Chubu Electric Power Co., Inc. — Janina C. Lim

Weaving new life into Iloilo’s hablon

By Emme Rose S. Santiagudo
Correspondent

ILOILO CITY — Connie M. Atijon, a master weaver of Iloilo’s hablon cloth, believes that the younger generation can be enticed to appreciate and keep alive the fading tradition.

Her son Franco is living proof.

The mother-and-son team, along with other weavers mostly from the town of Miagao, recently conducted lectures and hands-on demonstration of hablon — a Hiligaynon word that refers to both the weaving process and the finished fabric — organized by the National Museum Western Visayas in Iloilo City.

The event was attended by students of different age groups from public and private schools and universities, men and women from public and private institutions, and even tourists.

“Mostly, the teenagers want to play rather than learning hablon weaving. I hope they give time to learn how to weave,” Ms. Atijon said in an interview.

Her son Franco, who assists in the family’s weaving business, stressed that the tradition need not only be for women.

“Anyone can learn hablon weaving. It’s not only for women, even us men can learn weaving,” he said.

One of the participants, tourist and local product enthusiast Yeti T. Arbiz, said experiencing the actual weaving process on the terol (loom) deepens one’s appreciation of culture and tradition.

“It’s a bit complicated at the start, but it gets easy later (on). The experience is fulfilling because you get to go back in our own heritage and culture,” she said.

“Not all teenagers could be able to experience hablon weaving, but they should know the culture of hablon at least. Usually, most of them lack the basic idea on various Ilonggo cultures,” Ms. Arbiz added.

Historical records show that traditional weaving in Iloilo, which used to be a major industry in the province, started to fade in the late 1800s when sugarcane production became highly profitable.

Efforts to revive the tradition are growing, with Miagao town receiving various grants for projects to support the textile industry.

Among these is the Cotton Development Program initiated by the Philippine Fiber Industry Development Authority, while the Department of Science and Technology-Philippine Textile Research Institute, together with the Iloilo Science and Technology University, is building a P41.6-million Regional Yarn Production and Innovation Center.

At the 5th Quanzhou Maritime Silk Road International Brand Expo (MSREXPO) held on April 18 to 21, Iloilo was the only Philippine representative and showcased food, lace and embroidery products, and the hablon collection of designers Jackie Peñalosa, Girlie Flores of Balai Hablon, and Hector Gellangarin.

Asian economies set to dominate 7% growth club during 2020s

SINGAPORE — The 2020s are set to be the Asian decade, with the continent dominating an exclusive list of economies expected to sustain growth rates of around 7%.

India, Bangladesh, Vietnam, Myanmar and the Philippines should all meet that benchmark, according to a research note Sunday from Madhur Jha, Standard Chartered’s India-based head of thematic research, and Global Chief Economist David Mann. Ethiopia and Côte d’Ivoire are also likely to reach the 7% growth pace, which typically means a doubling of gross domestic product (GDP) every 10 years. That’ll be a boon to per-capita incomes, with Vietnam’s soaring to $10,400 in 2030 from about $2,500 last year, they estimate.

The South Asian members of the group should be GDP standouts as they’ll together account for about one-fifth of the world’s population by 2030, Standard Chartered reckons. The demographic dividend will be a boon for India, while Bangladesh’s investments in health and education should juice productivity.

The Asian dominance of the list is a change from 2010, when the bank first started tracking the economies it expected to grow by around 7%. Back then, there were 10 members evenly split between Asia and Africa: China, India, Indonesia, Bangladesh, Vietnam, Nigeria, Ethiopia, Tanzania, Uganda, and Mozambique.

China is a notable absence from the latest ranking after being a member of the club for almost four decades — reflecting both a slowdown in economic growth and a progression toward higher per-capita incomes that makes faster growth rates more difficult to sustain. Standard Chartered estimates the world’s No. 2 economy will keep up a 5.5% economic growth pace in the 2020s.

Sub-Saharan African countries also have faded, which the analysts attribute to “waning reform momentum, despite a slowdown in commodity prices.”

While faster economic growth isn’t a panacea — think income inequality, crime, pollution — it tends to come with a lot of positive knock-on effects, Jha and Mann wrote.

“Faster growth not only helps to lift people more quickly out of absolute poverty, but is also usually accompanied by better health and education, as well as a wider range of — and better access to — goods and services,” they say in the report. “Higher incomes resulting from faster growth also usually reduce socio-political instability and make it easier to introduce structural reforms, creating a virtuous cycle.”

In addition, 7% club members tend to have savings and investment rates of at least 20-25% of GDP, according to the report. — Bloomberg

EU says agriculture not on agenda for US talks

TOKYO — The European Union intends to keep agriculture off the agenda in its trade talks with the United States and continues to support rules-based, open and predictable international commerce, the EU’s agriculture commissioner said on Friday.

A free trade agreement between the European Union and Japan is the “benchmark and ceiling” for the EU’s negotiations with the United States for a trade pact, Phil Hogan said.

Hogan, a former Irish government minister, also urged the United States to reverse tariffs on goods from China and the EU and return to a more “benign” system of global trade.

“Agriculture should be excluded from negotiations with the United States,” Hogan said.

“The fact that the European Union and Japan have a very good agreement will operate as the benchmark … to what is achievable between the EU and the United States.”

Hogan, who spoke to journalists at a press conference, is in Japan for a Group of 20 agriculture ministers’ meeting.

The EU indicated last month it is ready to start talks with the United States on only two areas: cutting tariffs on industrial goods and making it easier for companies to show products meet EU or US standards.

This stance puts Brussels at loggerheads with Washington, which has insisted on including farm products in the talks.

US President Donald Trump’s administration is seeking better terms of trade with the EU, as well as China, Japan, Canada and Mexico.

In some cases the US has raised tariffs on goods in response to trade practices it considers unfair, which has roiled financial markets and slowed the global economy.

The EU is already facing US tariffs on its steel and aluminum exports and the threat of higher US tariffs on products ranging from large commercial aircraft and parts to dairy products and wine.

The US will also increase duties on $200 billion of Chinese goods to 25 percent from 10 percent later on Friday as it negotiates with China for a trade pact.

In response to questions about US-China talks, Hogan said cooperation is better than confrontation for global trade.

Earlier this year, a trade pact between the EU and Japan went into effect, creating the world’s largest open market. — Reuters

Subaru offers special package for the Forester XT

MOTOR Image Pilipinas, Inc., the exclusive distributor of Subaru vehicles in the Philippines, lets you take the turbocharged Subaru Forester 2.0 XT as an adventure buddy for a sportier summer.

The Forester XT is the extraordinary SUV that does it all. With a turbocharged boxer engine and Subaru’s signature Symmetrical All Wheel Drive, it’s built to handle any type of terrain, be it city driving or off-roading.

A sportier iteration is now made available for the remaining few units this whole month of May: P150,000 cash discount plus a sport kit worth approximately P150,000, a sport grille, front and rear underspoilers, daytime running lights, STI leather shift knob, and a sport emblem.

Designed for performance and versatility, the Forester XT is made even sportier for those who seek adrenaline-pumping adventures this summer. This offer lasts only until the end of this month, so hurry and visit your nearest Subaru showroom today and find other amazing deals on the Forester XT.

Founded in Japan in 1955, Subaru has since grown to become one of the world’s leading car makers. In 1972, Subaru became the first in the world to market an All-Wheel Drive (AWD) passenger car and pioneered the market in Japan for high-performance station wagons by combining a turbocharged engine with an AWD system.

Subaru has improved and refined its AWD system, to create a Symmetrical AWD system that enables optimal driving pleasure and safety. Subaru is well-known by motoring organizations worldwide for its engineering, design, functionality, safety and reliability.

The Subaru range of vehicles includes the BRZ, Forester, Impreza, Legacy, Levorg, Outback, WRX, WRX STI and XV. Collectively, they have been known to be “driver’s cars” offering superb handling because of the core technologies, such as the Symmetrical All-Wheel Drive and Subaru Boxer engine, built into every model.

Gov’t securities rally on BSP rate cut, euro bonds

GOVERNMENT SECURITIES extended their rally last week following the Bangko Sentral ng Pilipinas’ (BSP) interest rate cut and the Treasury’s euro bond sale.

On average, debt yields fell by 5.95 basis points (bp) week-on-week, according to PHP Bloomberg Valuation (BVAL) Service Reference Rates as of May 10 published on the Philippine Dealing System’s website.

“Philippine benchmark interest rates (PHP BVAL) mostly declined for the third straight week…after the latest cut in the key local policy rates by 0.25% on May 9…though already partly priced in/expected already in the markets, as triggered by the surprise slower-than-expected 1Q 2019 GDP (gross domestic product) growth…,” Rizal Commercial Banking Corp. (RCBC) Economist Michael L. Ricafort said in an email, noting that the slower headline inflation print reported last Tuesday was “another major catalyst.”

Mr. Ricafort added that the government’s euro bond sale may have also affected yield movements as the successful fund raising “fundamentally reduces the need for the government to borrow from the local market.”

The central bank’s Monetary Board (MB) on Thursday cut benchmark interest rates by 25 basis points in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at 5.6% — the slowest clip in four years — last quarter and two days after the PSA said inflation eased to 3% in April — the slowest pace in 16 months.

The MB’s decision, which it said was due to a “manageable” inflation outlook, brought the interest rate on the BSP’s overnight reverse repurchase facility to 4.5% effective last Friday. The rates on the overnight lending and deposit facilities were also reduced accordingly to 5% and 4%, respectively.

This partially dialled back the cumulative 175-bp in hikes implemented by the BSP through five meetings last year as it sought to rein in inflation, which hit a peak of 6.7% in September and October.

Following its review, the BSP also lowered its 2019 inflation forecast to 2.9% from 3% in the previous meeting, but upped next year’s outlook to 3.1% from 3%. Inflation averaged at 3.6% in the first four months.

BSP Governor Benjamin E. Diokno said that a potential cut in big banks’ reserve requirement ratio (RRR), currently at 18%, will be on the table at the MB’s meeting this week.

Meanwhile, the government on Friday said it raised €750 million ($842.33 million) via eight-year euro-denominated bonds in an offering that was six times oversubscribed.

The euro bond issuance, which was the country’s first in 13 years, had a coupon of 0.875% and offers 70 bps over benchmark, National Treasurer Rosalia V. De Leon said.

The government raised more than the original target of €500 million after orders reached almost €3 billion, Ms. De Leon added.

With the exception of the 25-year Treasury bonds (T-bond), all tenors rallied at the secondary market last Friday.

At the short end, the 91-, 182- and 364-day Treasury bills went down by 8.8 bps, 7.7 bps, and 0.7 bp to yield 5.605%, 5.865%, and 6.067%, respectively.

At the belly of the curve, the rates of the two-, three-, four-, five-, and seven-year T-bonds declined by 10.1 bps (5.798%), 10.4 bps (5.745%), 9.2 bps (5.721%), 7.1 bps (5.718%), and 3.8 bps (5.741%), respectively.

Meanwhile, at the long end, the 10- and 20-year T-bonds saw their yields go down by 5.9 bps (5.746%) and 2.7 bps (5.954%). On the other hand, the rate of the 25-year debt paper went up by around a basis point to 6.109%

“For [this] week, most local interest rate benchmarks could still continue to ease as the markets will be anticipating the discussion of large banks’ reserve requirement ratio by the BSP’s Monetary Board,” RCBC’s Mr. Ricafort said, noting that a 100-bp cut in the RRR would inject around P90 billion in additional liquidity into the financial system.

For his part, ATRAM Trust Corp. president and managing director Deanno J. Basas expects yields to go down further.

“We could see yields continue to move down the next few weeks with the market starting to expect further rate cuts from the BSP this year on lower inflation and to support growth,” Mr. Basas said in a separate e-mail, noting that the BSP’s RRR review would “also put downward pressure on rates in the short term.” — Marissa Mae M. Ramos

The 10 Best Swim Trunks

SWIMSUITS are the workhorses of summer, pulling extra shifts as underwear, sportswear, shorts, and balmy evening attire. Trunks must be stylish, well-constructed, and, above all, flattering — may we remind you, the less you wear the more impact it has. There are general guidelines on inseam and style to find the right fit for your body type, but beyond that it’s a category of clothing most men don’t want to think much about.

Luckily, we have some experts on-call whose job it is to do that thinking for you. So, whether you’re a minimalist, an exhibitionist, or a traditionalist, here are 10 stylish pairs in which to soak in the sun.

THE PERFECTLY ON-TREND TRUNKS
Bather Printed Swim Trunk, $85; eastdane.com

Recommended by: Megan Collins, of the lady-led men’s fashion website Style Girlfriend. “These Bather trunks combine two of my favorite trends for summer: technical fabric and tie-dye,” says Ms. Collins. “The shorts are super-crazy quick-drying, making them perfect for a ‘beach to boardwalk’ situation.” Plus, she adds, they’re also one of the more affordable brands you’ll find out there, with everything clocking in under a hundred bucks.

THE FORGIVING, SOPHISTICATED TRUNKS
Onia Swim Trunks, $130; onia.com

Recommended by: Justin Berkowitz, fashion director at Bloomingdale’s. “This pair of trunks from Onia is deceptively simple,” says Berkowitz, but don’t be fooled. “Solid navy, yes, but my love for them is all about the little details. They have a flat front, with a snap, but the back is gloriously finished with elastic” — which makes for a better fit as you move from pool to lounge chair to pickup game of beach volleyball. “They are quite literally a translation of ‘business in the front, party in the back’ and one of the most democratically forgiving options on the market.”

THE PAIR FOR ATHLETES, REAL OR IMAGINED
Neil Barrett Slim-Fit Printed Swimsuit, $270; mrporter.com

Recommended by: Garrett Munce, a freelance fashion and grooming writer and editor. “I am not going to pretend I’m athletic, but I can’t resist an athletic-inspired swimsuit,” says Mr. Munce of the slim-cut pair with punchy lightning bolt pattern. “These are cut like a retro running shirt to show off those gams.”

THE DESIGNER TRUNKS
Dries Van Noten Phibbs Trunks, $350, mohawkgeneralstore.com

Recommended by: Kevin Carney, owner of Mohawk General Store. “This season Dries Van Noten went above and beyond with a very limited collaboration with design legend Verner Panton,” says Mr. Carney, who, as proprietor of a small group of very cool shops in Los Angeles, should know a thing or two about good swim trunks. This pair, in subtle but trippy gradated wave patterns (also available in blue), has a comfortable elastic waist with a drawstring and matching pouch for storage.

THE HERITAGE TRUNKS
Birdwell 310 Beach Shorts, $89; birdwell.com

Recommended by: Jack Sachs, owner of Drama Club. Despite being an East Coaster, or perhaps because of it, Mr. Sachs loves the story behind Birdwell Beach Britches, his go-to for days and nights by the beach, lake, or pool. “They’re born of the homegrown inspiration of a California surf family and still proudly made in the Golden State and backed by a lifetime guarantee,” he says. “Plus, the price makes it right to grab a fun color or two extra for when your basic black shorts are still drying on the dock.”

THE PAIR FOR FUN DADS
Chubbies Old Timers 5.5-inch Stretch, $65; chubbiesshorts.com

Recommended by: Justin Ocean, deputy luxury editor, Bloomberg Pursuits. “Even if their bro-centric marketing verges on obnoxious, I appreciate that Chubbies is in on the joke,” says Mr. Ocean, “and that their models are giving us dad bod realness instead of beach bod fantasy.” The swimsuits’ three inseam lengths complement a variety of thigh shyness levels, while bright, busy patterns such as flamingos, florals, and Star Wars fan-service are fun-in-the-sun conversation starters — all at a price point to allow you to step outside your comfort zone.

THE SUPER-VERSATILE TRUNKS
Orlebar Brown Bulldog Trunks, $175; bergdorfgoodman.com

Recommended by: Bruce Pask, men’s fashion director at Bergdorf Goodman and Neiman Marcus. Mr. Pask’s rule when it comes to swimwear: Be prepared. Even if you’re going someplace chilly, there’s always a hotel sauna or a workout class to take. Orlebar Brown’s classic Bulldog fit (“Not too long but not too short”) offers maximum versatility, especially in a conservative color like navy — although if you want something flashier the brand is famous for its photo transfers and jaunty prints. “I always keep a pair of trunks in my carry-on, you just never know where you’re going to go.”

THE QUICK-DRY OPTION
Frescobol Carioca Tailored Shorts, $250; frescobolcarioca.com

Recommended by: Stylist Andrew Weitz, The Weitz Effect. For Mr. Weitz, these trunks check three very important boxes: “Comfort, style, and they take very little time to dry out.” A button fly and tailored cut make them read less as swimwear and more as shorts that you happen to be able to get wet — and then wear anywhere.

THE LIFEGUARD PAIR
Catch Surf Waikiki 16-inch Heritage Trunk, $75; catchsurf.com

Recommended by: Victoria Hitchcock, an image consultant for the tech titans of Silicon Valley. “I gravitate to trunks that sit above the knee,” says Ms. Hitchcock, who grew up on the beaches of California and became accustomed to the lifeguard look. The style, although more associated with Europe or South America than the US, will flatter most guys perfectly, while a cool block print logo like this one, conjures some serious retro California vibes.

THE NO-NONSENSE BASIC
Acne Perry Mid-Length Swim Shorts, $150; mrporter.com

Recommended by: Steve Dool, trend forecaster and style guide author. “Are plain back swim shorts the most exciting thing a guy can wear to the beach? No,” says Mr. Dool, “but I’m not here to entertain. I’m here to enjoy a crisp drink, go for a swim, and, vitally, get a little color on parts that have been hidden underneath layers of denim and wool for the past nine months.” To that end, Dool prioritizes length over prints or bright colors that could clash with other clothes; the shorter the better, up until you start verging on Speedo territory. “Summer comes but once a year, and I don’t have time to think about these things too much.” — Max Berlinger, Bloomberg

Iligan City power plant purchases not subject to withholding tax, CTA rules

THE Court of Tax Appeals (CTA), sitting en banc, affirmed the cancellation of the P292-million tax deficiency assessment against energy firm Conal Holdings Corp. (CHC) arising from its 2013 purchase of two diesel power plants from the Iligan City government.

In a 13-page decision, the court denied for lack of merit the appeal of the Bureau of Internal Revenue (BIR) and upheld the July 2017 decision and October 2017 resolution of its second division, saying CHC’s acquisition of diesel power plants from Iligan City is not subject to withholding tax as stated in Revenue Regulation (RR) No. 2-98.

“(P)ursuant to Section 2.57.5(A) of RR No 2-98, implementing Section 57 (B) of the NIRC of 1997, as amended, income payments made to the City Government of Iligan (are) exempt from the payment of creditable withholding tax,” the court said.

“Consequently, petitioner is not liable to the deficiency EWT (expanded withholding tax) assessed by respondent on its income payments made to the City Government of Iligan,” it added.

The Court noted that under Section 2.57.5(A) of RR No. 2-98, withholding of creditable withholding tax shall not apply to income payments to national government including provincial, city or municipal governments and barangays.

The CTA also ruled that the Iligan government is “exercising its governmental functions when it sold the power plants.”

It said the local government foreclosed on the Northern Mindanao Power Corp. (NMPC) power plants for failure to pay real property tax. It then sold the power plants to CHC to recover the taxes from NMPC and “increase power supply in Mindanao.”

“The findings of fact by the CTA in Division are not to be disturbed without any showing of grave abuse of discretion considering that the members of the Division are in the best position to analyze the documents presented by the parties,” it added.

The decision was written by Associate Justice Ma. Belen M. Ringpis-Liban and concurred in by Presiding Judge Roman G. Del Rosario and Associate Justices Juanito C. Castañeda, Jr., Erlinda P. Uy, Esperanza R. Fabon-Victorino, Cielito N. Mindaro-Grulla, and Catherine T. Manahan. — Vann Marlo M. Villegas

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