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Animals, food, cars, and more at Discovery Festival

THE Discovery Festival returns to BGC’s Bonifacio High Street on Dec. 8.
Last year’s festival attracted some 100,000 visitors. This year, fans can “certainly look forward to a freshly curated concept” says a press release on the event, as “there will be more brands, more excitement, and so much more to love… showcasing our expanded portfolio — from food, travel, lifestyle, culture to adventure.”
Among the participating celebrities from Animal Planet, TLC, and Asian Food Channel will be are Animal Planet’s Amanda Giese, who will talk on how she rehabilitates and rehomes animals in Amanda To The Rescue. In connection with this, visitors can adopt a pet at the adoption booth done in partnership with PAWS.
TLC star Whitney Thore will hold a dance workout in celebration of female body positivity and self-love; and there will be a cook-off between mother-and-son pair Sherson and Ann Lian, and Anton Amoncio from the Asian Food Channel.
Janet Hsieh returns to team up with gourmet personality Sarah Huang Benjamin to whip up a salted egg dish together on stage.
Discovery Channel will set up the Gas Monkey Garage featuring a line-up of classic vintage cars
Visitors can get a henna tattoo on their arm — but the design is the artist’s choice.
Pet can get a complimentary massage and check-up by a veterinarian at the Animal Planet booth
There will be workshops on latte art and watercolor Christmas card making at the TLC Zone.
HGTV will hold an artisanal Home Bazaar which will include a Christmas wreath workshop.
The Asian Food Channel will be behind a number of food booths.
Admission is free. Details on the event are available on http://www.discoveryfestival.net/.

China among bright spots as Asia outlook darkens, Goldman says

CHINESE stocks should outperform in Asia as a dimming economic outlook forces Beijing to take more aggressive measures to boost growth, according to Goldman Sachs Group, Inc.
While Asian equities have overshot to the downside this year, returns in 2019 will be “fairly subdued,” Goldman Sachs’ chief Asia-Pacific equity strategist Timothy Moe told reporters in Hong Kong. Any rebound in the region’s stocks next year will likely be moderate as estimates on corporate margins were “too optimistic,” Mr. Moe said.
Goldman recommends buying beaten-up Chinese A-shares on the expectation that policy easing measures will start to lift markets in the first or second quarter of next year.
“Given quite a challenging global macro and growth environment we expect policy to be quite supportive and China to ease policy more aggressively in 2019,” said Goldman’s China strategist Kinger Lau.
The bank upgraded its recommendation on the Philippines to overweight and lifted Australia, Thailand and Malaysia to market weight, while cutting Hong Kong, South Korea and Taiwan to underweight.
It expects US-China trade concerns to intensify further, but there’s a good chance of a “pause” in the tariff dispute, Mr. Moe said — Bloomberg

TLDC, Dusit sign management agreement for Dusit Princess hotel in Lipa City

LIPA CITY will soon have its first international hotel chain, when the Dusit Princess Lipa opens by 2021.
Torre Lorenzo Development Corporation (TLDC) and Dusit International signed the professional management agreement for the latter to manage the hotel in Lipa City.
Tomas P. Lorenzo, president and chief executive officer of TLDC, said the Dusit Princess Lipa will cater to the growing tourism market in Batangas.
“Batangas is no longer the province beside Laguna, or the province beside Cavite, or the province near Metro Manila. People really go there and they stay… to visit their relatives or for tourism purposes,” he said during an event at the Dusit Thani hotel in Makati City on Nov. 21.
Suphajee Suthumpun, group chief executive officer of Dusit International, said the project will be the first international brand hotel in the city of Lipa.
“The city of Lipa has so many new to offer… but what is still missing is a city hotel with international standard with all kinds of experience that we can offer,” Ms. Suthumpun told reporters.
Dusit Princess Lipa will have 152 rooms, as well as an all-day dining restaurant, a fully-equipped gym, swimming pool, and function rooms. The hotel is set to be completed by 2021.
“When you add the Filipino to the mix, it come out with a very winning formula because, especially Batangas where people are not used to an international brand hotel opening in their backyard. They finally get what they deserve, which is an upgrade to the standard of hotels of leisure and travel to Batangas province. For them to experience it on their own province, it will really be a game-changer,” Mr. Lorenzo said.
According to the company’s website, the Dusit Princess brand caters to the “no-nonsense traveller who appreciates value and practicality.”
The Dusit Princess Lipa is located within a complex that will also host two residential condominiums.
The first phase of Tierra Lorenzo Lipa will be completed by the first quarter of 2019. Homeowners can also enjoy the hotel amenities.
“We started with our premium university residences, and today, we have really branched out into other kinds of developments including the condominiums in provinces and also we’re now in the leisure market. That’s why our partnership with Dusit has proven to be very timely, especially with growth of Philippine tourism industry Right now, Dusit is the fastest growing hotel brand in the Philippines… We’re really looking for a brand that Filipinos recognize for quality and service, of course,” Mr. Lorenzo explained.
TLDC has previously tapped Dusit Thani for the Dusit Thani Residence Davao and dusitD2 Hotel in Davao in 2014.
The Lipa project marks Dusit Thani’s twelfth project in the Philippines. In total, the company has four brands namely Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana.
On the other hand, TLDC is a real estate developer that pioneered the concept of Premium University Residences. Currently, they have Torre Central in Sampaloc, Manila, 3Torre Lorenzo in Malate, Manila, Torre Sur in Las Piñas, and 2Torre Lorenzo in Taft, Manila to name a few. — V.M.P.Galang

Universal, commercial banks’ NPLs rise in September

SOURED DEBTS held by big banks rose further in September, but its share in their total loans remained modest despite bigger credit lines extended during the period, latest central bank data showed.
Non-performing loans (NPLs) held by universal and commercial banks grew to P112.762 billion as of end-September, up by seven percent from the P105.36 billion problem loans held as of September 2017.
However, the amount declined from P112.936 billion in bad loans held as of August, according to the Bangko Sentral ng Pilipinas (BSP).
NPLs refer to loans left unpaid least 30 days past due date. These are considered as risky assets given a slim chance for borrowers to actually pay for their outstanding balances, which would mean losses for lenders.
Past due loans, which cover all types of loans which missed the payment deadline, surged faster by 28% to hit P159.479 billion. However, restructured debts — or those which were enrolled for a longer repayment period — slipped by 12.5% to P31.151 billion as of September.
The climb in bad debts is modest compared to the 16.5% increase in total lending. Outstanding loans granted by banks reached P8.659 trillion, compared to the P7.436 trillion loan portfolio a year ago.
Still, the share of NPLs in banks’ total loans dropped to 1.3% from 1.42% in September 2017.
Lenders also hiked the allowance they set aside for potential credit losses to P155.904 billion, 8.7% higher than the P143.486 billion of loan loss reserves a year ago.
On the other hand, non-performing assets held by banks was steady at P69.793 billion, representing the value of properties seized from non-paying clients. Lenders can recover the loan principal by forfeiting assets which were posted as collateral from defaulting borrowers.
Banks also saw a sustained rise in total assets in September. Deposits rose by a tenth to hit P11.265 trillion, according to BSP data.
Big banks also enjoyed bigger profits so far this year, as they reported a cumulative net income of P116.074 billion for the first nine months, 9.2% higher than the P106.26 billion which they booked during the comparable year-ago period. — Melissa Luz T. Lopez

How PSEi member stocks performed — November 26, 2018

Here’s a quick glance at how PSEi stocks fared on Monday, November 26, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — November 26, 2018

House hearing bills on P40-P60 per pack increase in cigarette tax

THE HOUSE WAYS and Means Committee on Monday continued deliberations of the bills raising excise taxes on tobacco products to P40 to P60 per pack from P35, which is intended to fund Universal Health Care (UHC).
“We support this important reform to raise tobacco excise taxes so we can do two things: number one, fund the Universal Health Care (act), which is an important upcoming law, which remains underfunded; and second, to prevent the youth and the poor from wasting their lives in the future,” Finance Undersecretary Karl Kendrick T. Chua told the panel.
The Committee was tackling House Bills 4575 and 6648, written by Albay 2nd district Rep. Jose Maria Clemente S. Salceda and Quezon 4th district Rep. Angelina D.L. Tan, M.D., respectively.
House Bill 4575 proposed to increase excise tax to P40 to 60 within five years of implementation and a 5% annual increase thereafter; while House Bill 6648, which embodies the DoF proposal, proposed to increase it to P60 with an annual increase of 9%.
Mr. Salceda’s version calls for 80% of the incremental revenue to be earmarked for the UHC and 20% to provide assistance to farmers.
Ms. Tan proposed to allocate 75% of the revenue for the UHC; with the remaining 25% to be divided between a government program to eliminate tuberculosis, which is to receive 10%; another program to prevent and control HIV/AIDS, receiving 10%; and a third program of health promotion, receiving 5%.
Stakeholders, meanwhile, asked the panel as well as the Finance and Health Departments to reconsider the additional excise taxes on tobacco products, taking into account that enactment of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which imposed higher taxes on tobacco products.
“The PMFTC (Phillip Morris Fortune Tobacco Corp. Inc.) supports the retention of the current excise tax rates which were passed only last December 2017. We believe before new proposals increasing excise tax rates are entertained the government must give an opportunity to first review the implementation of the existing rates,” Patrick Muttart of PMFTC told the panel.
“We believe that such a review would show an additional increase in excise rates at this time would create a challenge that would have a profound impact on the entire tobacco value chain,” he added.
Universal Leaf Philippines Inc. President Wynston P. Uy said: “I think it’s only fair that the government collects properly from the tobacco but… (we’re) forgetting other sin products that also do have harm to society.” — Charmaine A. Tadalan

NFA expected to survive under rice tariffication regime as keeper of buffer stock

SENATOR Cynthia A. Villar, chair of the committee on food and agriculture, said on Monday that the National Food Authority (NFA) will not be abolished with the implementation of the rice tariffication bill.
Ms. Villar said that only the regulatory and importation functions of the NFA will be removed, but the agency will remain, to solely focus on buffer-stocking with its inventory acquired from domestic farmers.
“There is no provision in the rice tariffication on the abolition of the NFA. We think it will limit its role to buffer-stocking, buying from the local farmers, but no abolition,” Ms. Villar told reporters after the Senate budget hearing for NFA on Monday.
“We want to keep the buffer-stocking except that now the NFA is required to buy it from local farmers, not importing,” Ms. Villar said.
According to Ms. Villar, the budget for the NFA should be pegged at around P7 billion, strictly for the maintenance of a buffer stock to stabilize the rice supply and allow it to sell subsidized rice to the poor and to release emergency supplies during periods of calamity.
Ms. Villar added that with the NFA committed to buying domestic rice at P17 per kilo, with an additional P3 incentive, the price of NFA rice might be P33 per kilo, a level seen sufficient to achieve break-even.
“If it is purchased at P17, the break-even price is P30. If it is purchased at P20, the break-even is P33,” Ms. Villar said.
Ms. Villar said that the senate committee will discuss in plenary session on Monday, Dec. 3, the NFA budget for 2019.
“We go plenary on Monday… There is a prediction that the budget will be re-enacted for one month. I don’t think we can finish the budget from Dec. 3 to Dec. 12, two weeks. I think we’ll finish sometime in January so that means the budget will be re-enacted for one month and then we pass the 2019 budget in January,” Ms. Villar said.
The rice tariffication bill is due for submission to President Rodrigo R. Duterte for enactment into law.
“We will forward it to the President as soon as we ratify the bicameral report,” Ms. Villar said.
The bicameral conference committee approved last week the rice tariffication bill which aims to lift quantitative restrictions on importation of rice, and impose a tariff on importers, to be used for the rice competitiveness enhancement fund. — Reicelene Joy N. Ignacio

Senate panel opens hearing on raising tobacco tax

THE Senate ways and means committee on Monday opened its inquiry into the bills increasing the excise tax of tobacco products, especially cigarettes.
The proposed measures hope to find additional funding for the universal health care program, which is set to be rolled out in 2019 with the expected enactment of the UHC bill this year. However, other stakeholders raised concerns that raising taxes might further cripple the tobacco industry.
Senate Bill No. 1599, introduced by Senator Emmanuel D. Pacquiao, proposes to increase the cigarette tax to P60 per pack by 2018. Meanwhile Senate Bill No. 1605, written by Senator Joseph Victor G. Ejercito, sets the tax at P90.
During the hearing, Department of Finance (DoF) Assistant Secretary Teresa S. Habitan expressed support for the Senate bill and proposed some amendments to improve the measure.
“Among which is to broaden the coverage of the bill to include not only cigarettes but also other tobacco products. And also to dedicate the entire proceeds or the incremental proceeds from the Senate bill if it’s passed into law to funding universal health care,” she said.
Philippine Health Insurance Corp. (PhilHealth) Independent Director Anthony C. Leachon said raising tobacco taxes would help address the estimated P164 billion funding gap in the implementation of the universal health care program. He said about P257 billion is needed to fund reforms under the program with the current budget funding only P93 billion.
“Hopefully, the increase in tobacco and alcohol taxes will fund the gap for UHC and decrease the health burden. It’s a twin bill addressing health issues and generating revenue to fund the illnesses brought about by smoking and alcohol drinking,” he said.
However, the National Tobacco Administration’s Deputy Administrator Mel John I. Versoza warned that any further increase to the present taxes imposed on tobacco products may lead to job losses in the industry.
“Tobacco farmers are fewer. More than 2,000 employees in the tobacco manufacturing sector have been terminated… The consecutive tax increases since 2004 have taken their toll on the industry so it means the industry is dying,” he said.
Officials from tobacco-producing provinces also raised concerns about the possibility of lost livelihoods with the imposition of increased taxes on cigarettes.
Both Misamis Oriental governor Yevgeny Vicente Emano and La Union Sangguniang Panlalawigan chairperson Christian Rivera said the national government must ensure livelihood alternatives are provided for tobacco farmers if the proposed measure is signed into law.
“If, right away, we will increase taxes, if the company (buying from the farmers) leaves the province of Misamis Oriental or the municipality of Claveria, will the Department of Agriculture (DA) have alternative sources of livelihood? Or will the national government help us?” he said.
Senator Juan Edgardo M. Angara, chair of the Senate committee on ways and means, said the challenge was finding the “sweet spot” that would balance the interests of stakeholders.
“I don’t want to prejudge it. We’ll hear everybody out. We’ll consult with the members of the committee, the authors and see what’s the best solution,”he told reporters after the hearing.
“We’re committed to finding funding for UHC. That’s one thing I can say with certainty,” he added. — Camille A. Aguinaldo

Net work force turnover rises to 1.7% in 2nd quarter

By Jochebed B. Gonzales
Senior Researcher
NET WORK FORCE turnover at large firms rose to 1.7% in the second quarter from 1.6% a quarter earlier due to hiring activity in the industry and services sectors, the Philippine Statistics Authority (PSA) said.
According to the PSA’s Labor Turnover Survey for the three months to June period, labor turnover rate — or the difference between accession and separation rates within firms — accelerated between quarters.
The indicator means that for every 1,000 persons employed, large firms hired an additional 17 workers on a net basis during the second quarter.
The accession rate, or the rate of hiring by employers to either replace former employees or expand their work force, increased to 11% from 9.3% in the preceding quarter.
The rate of separation — which covers terminations and resignations — was 9.3%, rising from 7.7% previously.
The net labor turnover rate was highest in the industry segment, at 3.9%, following an accession rate of 13.3% and a separation rate of 9.4%.
Net hiring was also seen in services, where the net work force turnover rate was 1.1%. This sector posted accession and separation rates of 10.5% and 9.4%, respectively.
Asked for comment, Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UnionBank), attributed the positive turnover in industry and services to their “robust and solid” expansion in the second quarter as a result of increased expenditures from the private and public sectors.
“Overall, each of the said sectors is continuously expanding due to increasing government spending and rising private investment,” he said.
“The continued interest in the Philippine economy by foreign and local investors has fueled labor demand for both the industry and services sectors.”
Rizal Commercial Banking Corp. (RCBC) economist Michael L. Ricafort, concurred: “The positive labor turnover in industry and services sectors may be attributed to the continued pick up in manufacturing and export activities and also amid the continued growth in real estate and construction, partly due to the sharp increase in government spending on infrastructure since the start of 2018.”
However, more people left their jobs in agriculture, forestry and fishing which posted a negative turnover rate of 1.3% after recording a separation rate of 6.4%, compared to its 5.1% accession rate.
RCBC’s Mr. Ricafort pointed to higher wages offered particularly in the construction sector.
“The negative labor turnover in the agriculture sector of some agriculture jobs over the years to industry and services may partly reflect higher pay in construction jobs amid some tightness in construction jobs especially over the past 2-3 years, the conversion of some agricultural areas/farmlands to industrial areas, residential, and commercial areas (that also reduced employment in adversely affected agricultural areas),” Mr. Ricafort said.
UnionBank’s Mr. Asuncion added: “Neglect and the lack of political will to deal with market inefficiencies, I think, have rendered the (agriculture) sector helpless and languishing in weakness amidst meager expansion and the threat of climate change.”
Data from the survey also showed 219,022 job vacancies in the three months to June, 2.2% lower than the first quarter level.
These vacancies were highest in the services sector with a 76.1% share equivalent to 166,713 openings. The share of the industry sector stood at 19.9% (43,536) while that of agriculture, forestry and fishing was 4% (8,773).
In terms of major occupation group, employers mostly looked to fill in positions for service and sales workers (accounting for 18.4% of job vacancies), technicians and associate professionals (16.3%), elementary occupations (16%), professionals (15.9%) and clerical support workers (15.7%).
Meanwhile, out of the 9.3% separation rate, 5.6% were employee-initiated while 3.7% were employer-initiated. Being “hired by another company” was the top reason for employee-initiated separations, as cited by 32.6% of the respondents who left their employers on their own initiative.
Some 18.3% left due to “family considerations,” 14.4% said they would work overseas while 10.7% went absent without official leave (AWOL).
On the other hand, project completion accounted for 44.8% of employer-initiated separations. It was followed by those who went AWOL, at 20.5%, while those who were separated from the company because of retirement, reorganization/downsizing and termination comprised 8.0%, 4.7% and 3.6%, respectively.
Moving forward, the economists are optimistic that hiring will be sustained in the next quarters.
“I still see positive numbers from the industry and services sectors, while agriculture will remain the growth laggard,” UnionBank’s Mr. Asuncion said.
RCBC’s Mr. Ricafort said, “Philippine hiring/employment growth could still improve amid continued growth in both local and foreign investments, as a major economic growth driver in recent years, especially new record high foreign direct investments (FDIs), with the shift of more FDIs from China to other ASEAN countries such as the Philippines amid the trade war (i.e. higher tariffs) between the US and China.”
“The pick up in manufacturing, including exports (as some investments/FDIs are completed/become operational), would also help create more job opportunities.”

Alcohol tax hike hurdles House committee on 2nd reading

A BILL imposing higher excise taxes on alcohol products was approved on second reading at the House of Representatives on Monday.
House Bill 8618, approved by voice vote, is expected to generate P60 billion within five years of implementation.
The measure will generate “P60 billion for five years, P7 billion for the first year,” House Ways and Means Committee Chair Estrellita B. Suansing told reporters in a chance interview after the hearing on Monday.
She noted that revenue from the measure will also be used to fund the proposed Universal Health Care (UHC) act. “Everything will go to the UHC,” Ms. Suansing confirmed.
The bill provides for distilled spirits to be levied a 22% ad valorem tax on the net retail price (NRP) per proof from the current 20%, in addition to a specific tax of P30 per liter in 2019, up from P23.40. The specific tax rates will be increased to P35 in 2020, P40 in 2021, P45 in 2022 and shall increase by 7% annually beginning 2023.
The Committee Report on House Bill 8618 noted the annual increase of specific taxes was raised to 7% from 4% “to account for inflation.”
The measure also proposed to levy a 15% ad valorem tax per liter, which is currently not imposed; and a P650 specific tax per liter for Sparkling Wines in 2019, which shall increase by 7% annually, regardless of price. This compares with the present system of a P316 per liter tax on sparkling wines costing P500 or less per 750 ml bottle in 2019, with an P885.7 per liter levy on bottles costing more than P500.
For still wines and carbonated wines with 14% alcohol or less, the excise tax will be increased to P40 per liter in 2019 from P37.9, which shall also increase by 7% every year beginning 2020.
Still wines and carbonated wines with more than 14% alcohol, meanwhile, will be taxed P80 per liter in 2019 with an annual 7% increase thereafter. Currently, taxes on still wines with more than 14% alcohol are as follows:

• P75.9 per liter in 2019 for still wines with 14% to 25% alcohol per liter of volume capacity

• P23.4 per liter in 2019 for fortified wines or still wines with more than 25% alcohol per liter of volume capacity.

For fermented liquors, the excise tax will rise to P28 per liter from P25.40 in 2019;. It is scheduled to increase to P32 in 2020; P34 in 2021; and P36 in 2022. It was provided also that the rates will be increased by 7% every year beginning 2023. — Charmaine A. Tadalan

Makati surpasses 2018 revenue target in October

MAKATI City said it hit its 2018 revenue target with two months left in the year, raising P16.19 billion in the 10 months to October to beat the full-year goal by 3%.
City treasurer Jesus Cuneta announced the 10-month collection level in a report.
According to the report, business tax accounted for P8.9 billion of the total, up from 8.2 billion a year earlier. Meanwhile, real property tax totaled P5.2 billion, down from P5.4 billion a year earlier.
The city raised P720 million from fees and charges. Other income sources, including the internal revenue allotment from the national government, accounted for P948 million, while interest income generated P213 million.
Mayor Abigail Binay-Campos said in the report that new business registrations hit 3,762 as of the end of September, citing the records of the Business Permit Office (BPO). The registrants made combined capital investments of over P24.5 billion.
The number of permit renewals at the end of the third quarter was 33,781, it said. — Vince Angelo C. Ferreras

NEDA, PRA sign agreement to prevent ‘indiscriminate’ reclamation project approvals

THE NATIONAL Economic and Development Authority (NEDA) and the Philippine Reclamation Authority (PRA) signed a joint memorandum circular on Thursday firming up supervision of reclamation project proposals before they are approved.
The directive aims “to foster heightened compliance with the approval of reclamation projects” and “prevent indiscriminate illegal reclamation activities which lack prior NEDA Board approval.”
It states that “completed staff work by the PRA and the corresponding PRA Board endorsement, through a PRA Board Resolution, of a reclamation project and reclamation component of a development or infrastructure project should be obtained before submission to the NEDA Board Investment Coordination Committee (ICC) and/or NEDA Board, as the case may be.”
It also noted the “strict implementation” of Executive Order 146, series of 2013, which delegates to the NEDA Board, chaired by President Rodrigo R. Duterte, the power to approve reclamation projects.
The joint memorandum circular was signed by Socioeconomic Planning Secretary Ernesto M. Pernia and PRA General Manager and Chief Executive Officer Janilo E. Rubiato.
The joint circular will be endorsed to the Office of the President for notation, NEDA said.
Mr. Pernia said in a statement that the new circular will balance economic and environmental interests in the implementation of reclamation projects.
“Reclamation projects can be good or bad for sustainable development depending on how, and to what ends, they are done. So we must strike a balance between the twin goals of economic growth and environmental sustainability,” Mr. Pernia said.
In 2017, the Davao city government cancelled the P40-billion Davao Sasa port reclamation project due to negative environmental implications. However it is seeking the revival of the project for 2019.
There is also a proposal from Davao-based businessman Dennis A. Uy for a P62-billion reclamation project in Pasay City.
Solar Group’s Wilson Y. Tieng and the SM Group’s Henry T. Sy, Sr. have also submitted an unsolicited proposal for a $12-billion airport in Sangley, Cavite, which involves land reclamation work. — Elijah Joseph C. Tubayan

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