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SEC clears Iloilo healthcare provider’s IPO plan

An Iloilo City-based company that manages hospitals and healthcare facilities has secured approval of the Securities and Exchange Commission (SEC) to sell its shares through an initial public offering (IPO).
Allied Care Experts (Ace) Medical Center Iloilo, Inc. plans to sell 36,000 common shares at an offer price ranging from P25,500 to P40,000 each, or gross proceeds of up to P1.44 billion.
Based on documents released by the SEC on Friday, the IPO’s net proceeds — after taxes and fees — is expected at P956,927,865, the bulk of which or 40% is for construction of facilities at P382,771,146, with 30% going to medical equipment at P287,078,359.50.
Pre-operating expenses will corner 20%, with the rest shared by fees for architects and engineers, as well as hospital and office furniture and fixtures.
The IPO shares are equivalent to 3,600 blocks or 10 shares per block.
Ace Medical Center-Iloilo has registered a total of 240,000 common shares with the SEC, of which 203,400 are issued and outstanding and 600 the founder’s shares all at P1,000 apiece. The latter shares are not part of the public offering.
The company was established to maintain, operate, own and manage hospitals, medical and related healthcare facilities and businesses. These businesses include clinical laboratories, diagnostic centers, ambulatory clinics, condo hospitals, scientific research and allied undertakings and services.
Amado Manuel C. Enriquez Jr. is chairman of the board, while Ferjenel G. Biron is president and Amado M. Lavalle Jr. is vice-president of the La Paz, Iloilo City-based company.
In its prospectus, the company said it is its mission to set up a tertiary health care facility with an organized, systematic, cost-effective and holistic approach to its goal of providing the best quality and justifiable medical services to its clients and shareholders.
Upon construction, it will operate initially as a secondary hospital. It will then seek accreditation for residency training of its doctors and accomplish its purpose of setting up a tertiary hospital.
“It will operate a complete and world-class facility, manned by medical specialists who are competent and fully qualified in their line of work, and have equally efficient well motivated employees and management staff,” the company said in its prospectus.
The SEC memorandum on the the company’s IPO states that the major stockholders of the company are committed to fund the construction, development, pre-operations and start-up costs of the hospital. The company is backed with a credit line facility.
As of Nov. 30, the company’s hospital building was 75% constructed and estimated to be completed by July next year. The building is targeted to be inaugurated in September 2019. — Victor V. Saulon

PSE pursues Shenzhen tie-up

THE PHILIPPINE STOCK EXCHANGE (PSE) has taken further steps to explore potential avenues for cooperation with the Shenzhen Stock Exchange (SZSE), visiting that Chinese city late last month to learn about the Chinese bourse’s listing and disclosure regulations and other market-related functions.
PSE President and Chief Executive Officer Ramon S. Monzon said in a statement on Friday that the visit was “a productive one for us as we gained valuable insights on the processes and technologies” of the SZSE.
“PSE and SZSE agreed to collaborate on market development initiatives in the near future,” the statement read.
The delegation from the Philippines visited SZSE on Nov. 29-30. Officials of the Securities and Exchange Commission (SEC) and of the PSE were joined in the visit by representatives of PSE subsidiaries Securities Clearing Corp. of the Philippines (SCCP) and Capital Markets Integrity Corp., as well as its affiliates Philippine Dealing Exchange Corp. and Philippine Depository Trust Corp.
Those involved in the meetings included SEC Chairman Emilio B. Aquino, SEC Commissioner Ephyro Luis B. Amatong, PSE President and Chief Executive Officer Ramon S. Monzon, PSE Chief Operating Officer (COO) Roel A. Refran, SCCP COO Renee D. Rubio, China Securities Regulatory Commission Shenzhen Branch Deputy Commissioner Zuo Ding, SZSE Chairman Wu Lijun, SZSE Executive Vice-President Peng Ming; SZSE Vice-Chairman of Listed Company Regulatory Committee Fu Binghui; SZSE Vice-Chairman of Product and Participant Management Committee and Director of Membership Supervision Department Tang Rui and SZSE International Department Director Liu Fuzhong.
The statement said members of the Philippine delegation learned more about SZSE’s regulations, market services and connectivity, market data products, as well as trading, surveillance and clearing and depository systems.
The visit comes about a year after representatives of SZSE visited the PSE to explore potential areas for cooperation between the two exchanges.
The two signed a memorandum of understanding in 2009 to undertake sharing of information on various market-related matters.
In October 2017, Mr. Monzon announced that the PSE was wooing its counterpart in China to invest in the local stock market. The move was seen to set the stage for the creation of a Manila-Shenzhen trading link that could give Chinese investors access to shares listed in the Philippines and vice versa. — V. V. Saulon

UNHRC-WGAD refers De Lima case to 3 rapporteurs

THE UNITED Nations Human Rights Council (UNHRC) Working Group on Arbitrary Detention (WGAD) has referred Senator Leila M. De Lima’s case to three special rapporteurs for investigation on her alleged unjust detention.
In a statement issued by Ms. De Lima’s camp on Friday, the formal referral of her case was part of the recommendations officially adopted by the UNHRC-WGAD in its opinion during its 82nd session last Aug. 24 and published on Nov. 30
The UN Working Group referred the case to the UN Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression David Kaye, UN Special Rapporteur on violence against women Dubravka Simonovic, and UN Special Rapporteur on the independence of judges and lawyers Diego Garcia-Sayan.
According to the UN body, the case was referred to the special rapporteurs after it found sufficient grounds that Ms. De Lima’s rights were violated as a duly-elected senator and a human rights defender.
“The Working Group concludes that the violations of Ms. De Lima’s rights to a fair trial are of such gravity as to render her deprivation of liberty arbitrary,” the Opinion stated.
The office of Ms. De Lima also noted that the special rapporteurs will look into the alleged violations committed against the senator for her statements on extrajudicial killings in the Philippines, gender-discrimination against the senator, the violations of the senator’s rights for a fair trial.
Sought for comment, presidential spokesperson Salvador S. Panelo said the UNHRC-WGAD is already intruding into the sovereignty of the country.
“They have been saying that and we’ve been saying that the problem with you people is you’re listening to the critics of this administration… There is a process in this country and we follow that process. They are there because probable cause was found. That’s why information was filed against this accused,” Mr. Panelo said at a televised press briefing at the Palace on Friday. — Camille A. Aguinaldo

Angkas asks Supreme Court to lift TRO

MOTORCYCLE-HAILING firm Angkas asked the Supreme Court (SC) to lift the temporary restraining order (TRO) it issued last Dec. 7, which allows authorities to apprehend Angkas drivers.
In the petition filed Dec. 13 and released to the media on Thursday, Angkas claimed that the SC erred in issuing the TRO sought by the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulation Board (LTFRB) as DOTr has already admitted that DBDOYC, Inc., the app provider of Angkas, is not within its jurisdiction.
Under Department Order (DO) No. 2015-11, DOTr recognized “pre-arranged transportation service using internet-based technology application or digital platform technology and that statutory law is yet to keep up with technological change.”
The DO also stated that a “Transport Network Company” is only required to get accreditation from the LTFRB “while waiting guidance from the legislature regarding regulation of the new industry and to promulgate the guidelines for their accreditation.”
Angkas also claimed that the LTFRB regulates public transportation services while the DBDOYC cannot be considered as public utilities or common carriers as the SC previously ruled that the determination whether one is a business of public utility depends on the nature of the service.
“DBDOYC is a software application provider and does not operate a transportation service,” the company said.
“Even the Angkas-accredited drivers are likewise not common carriers or public utilities as they do not hold out their services generally to the public and they may refuse at any time any legitimate demand for service,” it added.
It also pointed out that the TRO issued by the SC does not have definite period, which consequently means it serves as a preliminary injunction.
“(T)he restraining order thus effectively operates as a writ of preliminary injunction, which as stated may not be granted without prior notice and hearing,” Angkas said.
A preliminary injunction “may not be granted without hearing and prior notice to the adverse party” while a TRO is issued for matters of extreme urgency and is effective for 72 hours.
Angkas also claimed that the petition violated the hierarchy of courts for directly appealing to the SC the decision of a Mandaluyong regional trial court.
Although there are exceptions in defying the hierarchy of courts on the grounds of “special and important reasons clearly stated in the petition” and cases of national interest and of serious implications, the ride-hailing service claimed that the petitioners failed to justify in their complaint the jurisdiction of the high court.
“In short, by petitioners’ own presentation, there was no valid reason to skip the Court of Appeals in the hierarchy, much less forego the filing of a Motion for Reconsideration with the trial court,” Angkas said in the petition. — Vann Marlo M. Villegas

PHL, US revitalize alliance with Locsin as foreign affairs chief

FOREIGN AFFAIRS Secretary Teodoro L. Locsin, Jr. and United States Secretary of State Michael R. Pompeo reaffirmed the US-Philippines alliance in a meeting on Thursday at the US Department of State in Washington D.C.
US Department of State Deputy Spokesperson Robert Palladino, in a statement on Thursday, said Mr. Pompeo reaffirmed US commitments under the 1951 Mutual Defense Treaty.
The two secretaries also discussed “ongoing efforts to address regional issues, such as the South China Sea, North Korea, and counterterrorism.”
“Secretary Pompeo and Secretary Locsin also explored opportunities to increase people-to-people ties between our two countries, our longstanding commitment to human rights, and our cooperation to strengthen the Philippines’ energy security,” Mr. Palladino said.
The 1951 Mutual Defense Treaty mandates both countries to support each other in case the Philippines or United States come under attack in the Pacific region.
This agreement has been cited in the South China Sea issue as to whether it will be enforced if Philippine troops or vessels are attacked in the disputed waters.
The Philippines has long depended on the US for military hardware and support.
For its part, the Department of Foreign Affairs (DFA) said in a statement on Friday that Mr. Locsin also expressed “Manila’s appreciation for the recent return of the Balangiga Bells.”
Mr. Locsin was accompanied by Philippine Ambassador to the US Jose Manuel G. Romualdez during the Washington D.C. meeting, according to the DFA.
International studies professor Renato C. De Castro of De La Salle University said the meeting was “a normal getting-to-know-you bilateral exchange,” given the recent appointment of Mr. Locsin to the Foreign Affairs portfolio.
“It’s just a normal getting-to-know-you bilateral exchange between Pompeo and the new Foreign Secretary. Binabasa lang din ng US kung paano ba si Locsin (The US is also assessing how Mr. Locsin works),” he said in a phone interview.
“I think he’s (Mr. Locsin) different, he’s mature. I don’t think he will not take the Chinese position en toto. He knows how to balance. His approach will be a more balanced, more nuanced foreign policy approach in contrast to the previous Foreign Secretary who was simply mouthing Chinese positions in a number of international issues,” he added.
He also noted that President Rodrigo R. Duterte could not ignore US-Philippines relations due to the alliances relating to the Armed Forces of the Philippines (AFP) and the strong people-to-people ties between the two countries.
“He’s accepting it for better or for worse. He’s accepting the fact that we have alliance (with the US) and he could not simply abrogate the alliance,” he said.
“We have a structured relationship with the (US) that makes it difficult for us to abrogate or break that alliance,” he added. — Camille A. Aguinaldo

MIAA working with US agency improve security at NAIA

THE MANILA International Airport Authority (MIAA) is working with the US Department of Homeland Transportation Security Administration (TSA) to boost security measures at the Ninoy Aquino International Airport (NAIA), the country’s main gateway, by 2019.
“We were informed by the TSA about their observation regarding procedures, processes, equipment and personnel posting at the NAIA following an assessment period from Sept. 26 to Dec. 5 this year, during which time the MIAA and the Office for Transportation Security (OTS) have implemented measures to rectify and make improvements on security issues that were identified,” MIAA General Manager Ed V. Monreal said in a statement issued by the Department of Transportation (DoTr).
“Procurement for the necessary equipment are ongoing, but we need to understand that we cannot have these instantly. These are not items off the shelves and manufacturing time after we place the orders may take six months, but as instructed by DOTr Secretary Arthur Tugade, we will make sure there will be no delays in the process so we can make use of these equipment within 2019,” Mr. Monreal added.
According to DOTr, the new background check procedures for newly-hired airport personnel will include the neighborhood, and National Intelligence Coordinating Agency (NICA) checks for those implementing security control.
Submission of new clearances from the National Bureau of Investigation (NBI) for all MIAA access pass holders will also be required.
“Secretary Tugade is monitoring our progress on a day to day basis to ensure that even the smallest concern is being addressed. He doesn’t want us to just wait and do nothing, so while we are waiting for the delivery of these equipment such as standalone alarm systems, manual interventions have been put in place, for instance, the posting of additional MIAA-contracted guards 24/7,” Mr. Monreal said.
Mr. Monreal said that there is already an ongoing procurement for walk-through metal detectors, X-ray machines and alarm systems.
Meanwhile, Mr. Monreal said that both MIAA and OTS had satisfactorily complied with the standards of the International Civil Aviation Organization (ICAO), according to ICAO’s latest security audit findings.
However, some comments and suggestions were given on implementing the corrective action plan crafted by the two agencies.
“Strict measures are being put into place in terms of personnel manning security checkpoints. In case of delinquency report, the concerned personnel will be immediately pulled out from the line and will undergo re-training before being sent back on line. But if a second delinquency incident occurs, then that personnel is out,” Mr. Monreal said. —Reicelene Joy N. Ignacio

Comelec, BTC, OPAPP ink pact for credible Bangsamoro plebiscite

THE Commission on Elections (Comelec) on Friday signed an agreement with the Bangsamoro Transition Commission (BTC) and Office of the Presidential Adviser on the Peace Process (OPPAP) for the voter education and information campaign on the Bangsamoro Organic Law (BOL) plebiscite.
In a press conference, BTC Chairperson Ghazali B. Jaafar said the memorandum of agreement (MOA) will guarantee the “credibility” of the BOL referendum.
“The signing of MOA in the conduct of plebiscite for the BOL between the Comelec, the OPPAP, and BTC is another milestone we are guaranteeing the credibility, orderliness, and acceptability of the plebiscite” Mr. Jaafar said.
When ratified, the BOL will form the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM), which will replace the existing ARMM.
Comelec spokesperson James B. Jimenez, for his part, said the MOA is necessary to strengthen “ongoing voter education campaign” as the plebiscite draws closer.
“Meron pa tayong mga pulong-pulong na nagaganap sa (We have ongoing meetings in the)… plebiscite areas. (But) as we get closer to the plebiscite day itself, we need to augment these efforts,” he said.
Mr. Jimenez added that the focus of the MOA is to ensure that all sectors are reached in the Bangsamoro area.
“I-augment natin ‘yan by talking to siguro what others would call ‘multipliers’, ‘yung mga taong mag-e-echo nung ating message nung atin turo sa kani-kanilang community (We would augment these by talking, probably, to what others would call multipliers, the people who would echo our message to their respective communities),” he said.
The BOL plebiscite is scheduled on Jan. 21, 2019 in the “core areas” of the provinces under the ARMM, along with the cities of Isabela and Cotabato.
Another round of voting will be held on Feb. 6, 2019 in six municipalities in North Cotabato, and Lanao Del Norte except for Iligan City.
Two petitions seeking to stop the implementation of the BOL over constitutionality issues are pending before the Supreme Court. The first one was filed by Sulu Gov. Abdusakur Tan II and the other was by the Philippine Constitution Association.
Reacting to these legal challenges, Mr. Jaafar said they have full confidence and trust in the judiciary, especially the Supreme Court.
“If we would not trust the Supreme Court, then who else could we trust?” he said in Filipino. — Vann Marlo M. Villegas

4 new diplomats appointed

MALACAÑANG ON Friday announced the appointment of three new ambassadors and a special envoy, whose appointment papers were signed by President Rodrigo R. Duterte on Dec. 19.
Former Department of Foreign Affairs spokesperson Raul S. Hernandez has been designated Ambassador to Turkey.
He will also have concurrent jurisdiction over Georgia and the Republic of Azerbaijan.
Former Ambassador to Lebanon Leah B. Ruiz is the new Ambassador to Poland, and will also be handling the Republics of Ukraine, Estonia, Latvia and Lithuania.
Former Ambassador to Myanmar Alex G. Chua will serve as Ambassador to Kenya with concurrent jurisdiction over the Republics of Burundi, Congo, Malawi, Rwanda, Seychelles, Uganda and South Sudan.
Also within Mr. Chua’s jurisdiction are the Union of the Comoros, the Federal Republic of Somalia and the United Republic of Tanzania.
Mr. Chua will also be the representative for the United Nation (UN) Environmental Programme and the UN Human Settlements Programme.
Edward L. Fereira, meanwhile, is appointed Special Envoy of the President to Kazakhstan. His term will last for six months. — Charmaine A. Tadalan

Coal producers enlisted as excise collecting agents

THE BUREAU of Internal Revenue (BIR) has instructed coal producers to withhold the excise tax payable from buyers of coal products such as power generators.
Revenue Memorandum Circular (RMC) 105-2018, dated Dec. 17 and signed by Commissioner Caesar R. Dulay, clarifies procedures for the payment of excise tax on domestically-produced coal.
It authorized coal producers to serve as collecting agents of the excise tax and remitting the collections to the BIR.
The BIR added that the circular was issued for the “ease of collection,” and “for the purposes of control.”
Currently, it is coal producers who pay the excise tax at the place of production before the coal is sold to buyers — who then absorb the tax burden passed on to them. The circular effectively eases the burden for coal producers by allowing them to pay tax only after securing orders.
“The excise tax on coal is a tax levied on the product, rather than on the performance, carrying on or the exercise of an activity, such as mining of coal. The general rule is that the producer is the one liable for the excise tax thereon. However, since the excise tax is attached to the product itself, if the tax is unpaid and possession is transferred to the buyer, the buyer/possessor of the product can be made liable for the excise tax,” the BIR said.
Coal producers are still asserting their excise tax-exempt privilege in coal operating contracts under Presidential Decree 972, which was repealed by the Tax Reform for Acceleration and Inclusion (TRAIN) Act, or Republic Act No. 10963.
BIR Deputy Commissioner Arnel SD. Guballa said in a mobile phone message that the circular just clarifies that the “tax attaches to the product not to the company.”
Semirara Chief Executive Officer Isidro A. Consunji floated a proposal in March that is consistent with the RMC, which was touted as a “win-win” solution for the government and industry.
Section 16 of Presidential Decree 972 issued in 1976 states that domestic coal operators and producers are exempt from all national taxes such as excise and value-added tax, but not income tax.
TRAIN currently subjects both domestic and imported coal to a P50 per metric ton excise tax, up from P10 previously and will rise further to P100 per metric ton in 2019, and P150 in 2020. However, domestically-produced coal is still VAT-exempt.
P&A Grant Thornton’s Tax Advisory & Compliance head Eleanor L. Roque meanwhile said that while the RMC may enhance tax administration, it does not spell out who will be liable for non-compliance.
“Shifting the tax burden to the buyer/possessor and making the producer a collecting agent will hopefully make the tax collection more efficient. It ensures that proper taxes are collected at the point of first sale. Since the producers are merely collecting on behalf of the BIR, we assume that they will be more diligent in collecting and remitting the taxes,” Ms. Roque said in a mobile phone message.
“However, the RMC did not mention the penalties for the producer who fails to collect the tax. It would have been better if the RMC clearly stated applicable penalties for failure for collect the taxes to ensure full compliance,” she added. — Elijah Joseph C. Tubayan

Meralco consortium is low bidder for New Clark City power deal

A MANILA Electric Co.-led consortium offered the lowest power distribution rate for New Clark City, according to the Bases Conversion and Development Authority.
In a statement on Friday, the BCDA said the consortium, which includes Marubeni Corp., Kansai Electric Power Co., Inc., and Chubu Electric Power Co., Inc., submitted a tariff bid of P0.6188 per kilowatt hour.
This bested the P0.9888/kwh proposal put forward by the Aboitiz-KEPCO consortium of Olongapo Energy Corp.
Both bids were below the P1.25/kwh tariff limit set by the BCDA.
The result from the opening of technical and financial proposals held Tuesday will bring the Meralco consortium with the Japanese firms to the post-qualification process prior to awarding.
BCDA hopes to sign the joint venture agreement with the winning partner by early next year.
New Clark City is being positioned as the Philippines’ first smart, green and sustainable metropolis with low utility rates.
The first phase of the New Clark City’s development covers the construction of the so-called National Government Administrative Center and sports facilities which host the Southeast Asian Games next year. — Janina C. Lim

DoTr orders study of motorcycle transport regulation

TRANSPORTATION Secretary Arthur P. Tugade has ordered the creation of a technical working group (TWG) to study a regulatory framework for motorcycles used in public transportation.
“It is my understanding that may Filipinos use motorcycles for public transport but do remember that it’s against the law and there is also a temporary restraining order (TRO) against their use issued by the Supreme Court,” Mr. Tugade said in a statement issued by the Department of Transportation (DoTr) on Friday.
“The law is the law, and the executive will not be the first to violate it, but the DOTr is listening to the people, and even before the Supreme Court has decided on the matter, we are creating a TWG to study the possibility of allowing motorcycles for public transport,” Mr. Tugade added.
The SC has ordered the Angkas motorcycle ride-sharing service to stop transporting passengers, after a Mandaluyong court allowed it to operate in September.
The DOTr said that the TWG will include rpepresentatives from the Land Transportation Office (LTO), Land Transportation Franchising and Regulatory Board (LTFRB), Philippine National Police Highway Patrol Group (PNP — HPG), Metro Manila Development Authority (MMDA), the Senate, the House of Representatives, commuter welfare groups, motorcycle manufacturers and organizations, as well as law schools.
According to the DoTr, the TWG will identify motorcycle types eligible to be licensed, taking into consideration factors like engine displacement, carrying capacity, operating speeds, routes, seat and helmet requirements, and training requirements for drivers, who will eventually need to obtain a public utility vehicle (PUV) registration.
The LTFRB has established a Drivers’ Academy which requires all PUV drivers to undergo training, on a per batch basis.
Mr. Tugade said that it is necessary to ensure the safety of passengers and to establish accountability in case of accidents. — Reicelene Joy N. Ignacio

NEA appoints acting GM for Palawan power co-op

STATE-RUN National Electrification Administration (NEA) said on Friday that it intervened in the management and operation of Palawan Electric Cooperative (Paleco) to help resolve the province’s power problems.
NEA Administrator Edgardo R. Masongsong issued an order on Dec. 10 designating engineer Nelson Lalas as project supervisor and acting general manager of Paleco “effective immediately,” the agency said in a statement.
“In the exigency of the service and pursuant to Sections 4 (e) and (j) of Presidential Decree No. 269 as amended by Section 5 of R.A. 10531, Engr. Lalas is hereby designated as Project Supervisor/Acting General Manager of Palawan Electric Cooperative (Paleco) effective immediately,” the NEA office order stated.
Mr. Lalas’ designation will cease upon the appointment of a regular general manager, which is subject to NEA confirmation.
As indicated in the order, he will manage the day-to-day operations of Paleco to ensure the efficient delivery of electric service to its consumers.
He is also authorized to approve or disapprove board resolutions in consultation with concerned departments in the agency, and to sign or countersign checks, withdrawal slips, and other banking transactions, as well as perform other tasks that may be assigned.
The NEA intervention comes a month after President Rodrigo R. Duterte issued a warning to local officials to solve the energy issues in Palawan. He gave Paleco until the end of the year to address the frequent brownouts or he will find a new electricity provider for Palawan.
Paleco is the lone power distributor for Puerto Princesa City and 18 municipalities, serving 137,277 consumers or 57% of the 240,700 potential connections as of June 2018.
“We will exercise the agency’s inherent jurisdiction over Paleco as it has the technical capability to turn things around in Palawan and for Palawan member-consumer-owners,” Mr. Masongsong said.
NEA supervises 121 electric cooperatives as called for by Republic Act 10531, or the National Electrification Administration Reform Act of 2013. — Victor V. Saulon

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