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Restaurant Row (11/15/18)

Thanksgiving at Diamond


CELEBRATE Thanksgiving at the Diamond Hotel Philippines from Nov. 22-25 at Corniche restaurant. A buffet of traditional dishes like roast turkey with cranberry sauce served with trimmings, hearty stuffing and thick buttery mashed potatoes. The buffet will go for P2,880. Toast to another abundant season made twice as special with a Buy 1 Take 1 offer on a glass or bottle of wine. Save room for a wide selection of desserts. And to mark its 8th year, Corniche, the restaurant is giving an online offer on the lunch and dinner buffet, which can be availed for P888 nett per person from Nov. 19-21. Vouchers can only be purchased via onlineshopping.diamondhotel.com. Meanwhile, at Bar27 (which has a view of the Manila Bay skyline) raise your glass to the good life in the company of friends, with Thanksgiving side dishes to share. Make a reservation and use the code THANKSBAR27 to get a free pica pica. One code per table only. For restaurant reservations, call 528-3000 ext 1121.

Thanksgiving at Crimson

ON Nov. 22, the Crimson Hotel’s Café Eight will be serving a Thanksgiving dinner buffet from 6-10 p.m. The table will feature the classic Thanksgiving menu including roast turkey, honey roasted ham, and baked wrapped whole grouper. The buffet costs P1,600 net per person. Meanwhile, Christmas afternoon tea is being served every afternoon until Dec. 31 at The Lobby Lounge. A holiday-inspired afternoon tea menu inclusive of beef bresaola palmiers, Santa Claus cookies, mini pudding, pistachio macaroon tree, gingerbread caramel, and pear trifle. The rate for two persons is P750 net. Crimson Hotel is at Filinvest City, Alabang, Muntinlupa.

Bottomless Fridays

EASTWOOD RICHMONDE Hotel’s Eastwood Café+Bar marks the end of the week with Bottomless Bar Fridays, featuring unlimited quality bar drinks, and bar chow buffet from 8:30 p.m. to midnight for P600 nett. Presented in partnership with Emperador Distillers, this drink-all-you-can offer features popular bottled drinks that include Smirnoff Mule, Andy Cola, and Raffa Sparkling Wine, and cocktails created from a variety of spirits like Zabana Rum, The Bar Gin, and Whyte & Mackay Whisky. Beer drinkers won’t be left out because they can also down all the local beers they can for P750 nett. And because drinking sprees are more enjoyable with tasty bites, an eat-all-you-can spread consisting of familiar pica-pica items and innovative new dishes is also served. For inquiries and reservations, call 570-7777.

How PSEi member stocks performed — November 14, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 14, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — November 14, 2018

How does the Philippines compare with other economies in terms of ‘quality of growth?’

How does the Philippines compare with other economies in terms of ‘quality of growth?’

DoF to pursue bank secrecy easing alongside tax amnesty bill

THE DEPARTMENT of Finance (DoF) said it will find other means to offset the removal of provisions in the tax amnesty bill that would have authorized it to look into bank accounts and exchange data with foreign regulators.
The House ways and means committee approved the tax amnesty bill on Monday, but removed provisions on the automatic exchange of information and the easing of the bank secrecy law due to constitutional constraints. The Senate did the same in its counterpart bill approved on second reading on Tuesday.
The legislation as drafted was found to have violated Section 26 of the 1987 Constitution, which states: ”Every bill passed by the Congress shall embrace only one subject which shall be expressed in the title thereof.”
The House and Senate bills deal with tax amnesty. The DoF’s planned administrative measures to effect the exchange of information and penetrate bank secrecy are effectively amendments to the 1997 tax code.
“That’s double subject matter. That’s not allowed,” House ways and means committee chair Estrellita B. Suansing of Nueva Ecija’s first district said in a phone interview.
She said that her committee will pursue the measures “if they (Department of Finance) will draft a bill. Rep. [Makmod D.] Mending [Jr.] is willing to sponsor the bill as he said in the hearing.”
Finance Secretary Carlos G. Dominguez III said in a mobile phone message: “Yes, we will push to reinstate.”
“We trust that the Legislature will recognize the necessity of strengthening the law to enhance the Administration’s ability to enforce the tax laws which were passed by them in the first place,” he added.
Mr. Dominguez said that both provisions are expected to help generate P15 billion in additional revenue.
The tax amnesty bill seeks to put non-compliant individuals and businesses on the government’s radar by offering them an amnesty on unpaid estate taxes, all other internal revenue taxes, and on delinquencies. A participating taxpayer will pay a percentage of total assets as of December 2017 — depending on the type of amnesty — in exchange for immunity from civil, criminal, and administrative penalties concerning tax payments.
The DoF expects the tax amnesty legislation to yield up to P26 billion in additional revenue, but said the main objective is to grow the tax base.
Tax experts however said that the exchange of information (EOI) and bank secrecy measures are necessary to attain the tax amnesty’s goal of curbing tax evasion.
Isla Lipana & Co. Tax Managing Partner Maria Lourdes P. Lim said via text: “While we support the intention of government to cooperate in the global initiative on EOI and compliance with international commitments, we believe there is legal infirmity as such inclusion in the tax amnesty bill would violate the Constitutional prohibition on riders.”
“If we are really serious about these, then they may include in TRABAHO (Tax Reform for Attracting Better and High-quality Opportunities) or other packages amending the Tax Code or maybe even sponsor a separate bill specifically on these items and have the same certified by the President as an urgent measure,” added Ms. Lim.
The automatic exchange of information and easing of bank secrecy rules were originally part of the DoF’s first tax reform program that amends the tax code — Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) law — but these components were removed during bicameral committee deliberations.
The principal, and head of P&A Grant Thornton’s Tax Advisory & Compliance business Eleanor L. Roque said in a separate mobile phone message: “Those two things are definitely important and should be pursued.”
“The repeal of the bank secrecy law has long been pushed by some sectors as an important measure to improve tax collections and curb corruption. It is time for Congress to tackle it head on and not as a rider to a tax amnesty law,” she added. — Elijah Joseph C. Tubayan

$400-M ADB loan for Marawi rehab seen approved by Dec.

THE ASIAN Development Bank (ADB) said it is preparing a $400-million emergency assistance loan to support Marawi City’s rehabilitation.
“ADB is committed to helping rebuild the city of Marawi into a thriving economic center where people live in peace and prosperity. We are preparing a comprehensive assistance package that seeks to help ease the adverse social impact of the armed conflict on the city and its residents,” ADB Vice-President Stephen P. Groff was quoted in a statement as saying.
The ADB said that it expects the loan package to be approved by its Board of Directors in “early December.” It said that the assistance “seeks to help provide flexible and immediate financing for the city’s rebuilding and rehabilitation, including the improvement of the city’s connectivity through better public infrastructure.”
“ADB is preparing to help restore water utilities and health infrastructure, improve the delivery of social services, and provide livelihoods to affected residents of Marawi in Lanao del Sur province. Lanao del Sur is the poorest province in the country, with nearly three-fourths of its population living below the poverty line,” the ADB said.
Mr. Groff, ADB Country Director for the Philippines Kelly Bird, ADB Director for Transport and Communications Hiroaki Yamaguchi, and other ADB staff, visited Marawi on Nov. 13 to consult with Task Force Bangon Marawi (TFBM) Field Office Manager and Housing and Urban Development Coordinating Council Assistant Secretary Felix J. Castro , Jr., Marawi City Mayor Majul U. Gandamra, and Lanao del Sur provincial administrator Juraira M. Alonto, among others.
Aside from the ADB, the Department of Finance (DoF) said that it will tap funds from the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP) worth $200 million, a $241 million retail bond float, and a 2 billion yen grant from the Japanese government.
The DoF plans to hold a pledging session with development partners this month. The United States, Spain, Australia, and the World Bank have expressed interest in providing financing support. — Elijah Joseph C. Tubayan

Banana industry lobbying South Korea for tax-free imports

THE PILIPINO Banana Growers and Exporters Association (PBGEA) said that it is in talks with its buyers in South Korea to lobby Seoul to reach a bilateral agreement with the Philippines that allows for tax-free imports of Philippine bananas, from 30% currently.
“We only want a level playing field in South Korea, Japan and other markets where our bananas are taxed heavily. We have long been urging our government officials to be more vigorous in seeking fair treatment for our banana exports. But it seems their efforts are not enough so we are also doing our part by talking to our business counterparts and foreign officials as well before we lose our share in these markets,” PBGEA executive director Stephen A. Antig said in a statement.
Mr. Antig is set to go to South Korea for the discussions with stakeholders end-November then to Japan for a similar discussion with their business partners there.
Another PBGEA team is preparing to go to Canberra on Nov. 27 to meet with the Australian government in a bid to open up that market during lean months that would not compete with the Australian banana cop.
“The high import tariffs remain the sector’s most pressing concern. Something has to happen soon, which is why we are taking the initiative ourselves to talk to our business partners and government officials overseas to present our case for a more favorable treatment for Philippine bananas,” PBGEA president Victor S. Mercado said.
Alberto F. Bacani, PBGEA chairman, said that other countries tend to compete with the Philippines by negotiating lower tariffs and subsidized freight rates.
“Unfortunately, we are facing so many challenges in the Philippines, while other banana-producing countries are doing everything to take away our markets from us by reducing prices through means like negotiating for reduced duties and subsidizing freight rates,” Mr. Bacani said.
“We, as an industry, should cooperate to ensure that we do not price ourselves out of the market. Our government also should take notice of this fact and find means to help the local banana industry survive and thrive amidst intense world competition and political hurdles,” Mr. Bacani added.
The Philippine Statistics Authority (PSA) reported that fresh bananas were a top-four export in September, behind on electronics products, machinery and transport equipment, and other manufactured goods.
PSA data showed that fresh bananas exported in September 2018 urged 189.2% to $174.72 million from the previous year’s $60.42 million.
The PSA also reported on Monday that agricultural exports rose 27.6% to $6.58 billion in 2017. Agricultural imports meanwhile came in at $11.76 billion, up 4%.
According to PSA, the Philippines’ major trading partners, Japan and the European Union (EU) posted trade surpluses of $756.10 million and $265.76 million respectively in 2017.
Edible fruits and nuts, and peel of citrus fruits or melon topped the country’s list of commodities exported, rising 38.9% to $1.76 billion in 2017.
Asked for comment on the export and import ratio, Rolando T. Dy, University of Asia and the Pacific (UA&P) Center for Food and Agribusiness executive director and professor said: “This is a good sign but Philippines agri export is still barely one fourth of Malaysia and Vietnam and one sixth of Thailand and Vietnam.”
Mr. Dy noted that there is a “disproportionate focus on rice self-sufficiency (affecting) trade and high rural poverty of 30%.”
“The Philippines has only $2 billion worth of exports of coconuts and bananas,” he added. — Reicelene Joy N. Ignacio

NFA adjusts reference price for rice imports after failing to draw bids

THE National Food Authority (NFA) Council has authorized an adjustment in the reference price for the import auction covering 203,000 metric tons (MT) of rice, in the hope that the new price will be more acceptable to key government-to-government suppliers Vietnam and Thailand.
Agriculture Secretary Emmanuel F. Piñol said on Wednesday that the initial reference price of $447.88 was well below the Thai and Vietnamese offers because it incorporated estimates of prices that suppliers from India or Pakistan might find acceptable.
“We included the prices of India and Pakistan which are lower than Vietnam and Thailand,” Mr. Piñol told reporters in a briefing, without disclosing the new reference price.
“Yesterday, following the observation made by members of the council, the reference prices were (adjusted to incorporate) the prices of Vietnam and Thailand,” Mr. Piñol said.
The NFA rejected most offers from Thailand and Vietnam in the first round of bidding, at which only 47,000 MT worth of contracts was awarded. The re-bid for the remaining 203,000 MT attracted no offers, endangering the import timetable for rice and threatening a supply crunch in low-cost rice during the yearend holidays.
The NFA Council authorized the import of 750,000 MT of rice in 2018, divided into three equal batches of 250,000 MT each. The initial 250,000 MT was initially scheduled for arrival in Philippine ports by Dec. 15, which many suppliers were said to have considered difficult to comply with.
“Yesterday, during the NFA Council meeting, the reference price was reviewed which I am not in liberty to disclose because it will compromise our bidding process,” Mr. Piñol said. Another bidding will be conducted next week, according to Mr. Piñol.
Mr. Piñol said that the terms of reference were not changed, with the date of arrival still Dec. 15 in various Philippine ports.
He added that there is enough low-cost NFA rice to meet demand.
“As of the moment, in the warehouses, we have stocks for about 33 days and we have another 43,000 metric tons (MT) coming by the end of November,” according to Mr. Piñol. — Reicelene Joy N. Ignacio

Tourism dep’t studying possible privatization of Duty Free stores

THE Department of Tourism (DoT) said that it is undertaking a review of Duty Free Philippines’ (DFP) operations to improve the retailer’s performance, with a decision on privatization possible.
At the department’s budget hearing at the House of Representatives on Wednesday, Undersecretary Arturo P. Boncato, Jr. said changes to DFP’s business model, an attached agency, are being studied.
“Duty Free is in the process of conducting a study to look for the best model in terms of moving it forward,” he said.
He added that the study will take several months and will evaluate all store sites.
“The study is going to take several months but this is going to be a comprehensive study that will take a look if the Duty Free is best for franchise or for privatization and the like,” he stressed.
Mr. Boncato said visitor arrivals totaled 5.9 million in the nine months to September, up 10% from a year earlier, highlighting the need to make DFP more competitive.
“This is in addressing the concern not only the quality of our stores but the continued increase in arrivals so it should follow that we have a continued increase in revenue from Duty Free,” Mr. Boncato said.
The DoT said it is seeking to increase the local content of stores for departing passengers.
“We noticed there’s a lack of local products sold for people leaving the country. There are fewer local items at the departure sites. We have started with local chocolates and they are strategically placed in our departure sites,” he said.
Last month, DFP opened its newest site, Luxe Duty Free in Pasay City. — Gillian M. Cortez

BIMP-EAGA eyed as pilot area for ASEAN energy link

By Carmelito Q. Francisco
Correspondent
DAVAO CITY — The Mindanao-Visayas power grid interconnection project is expected to pave the way for the pilot testing of the Philippines’ link to the energy network within the Association of Southeast Asian Nations (ASEAN).
The proposed ASEAN power grid is a component of the Master Plan for ASEAN Connectivity (MPAC).
“Mindanao seeks to pilot the country’s integration into the ASEAN power grid,” Romeo M. Montenegro, a deputy executive director who is in charge of power development at the Mindanao Development Authority, told BusinessWorld.
This will be undertaken through the Borneo-Mindanao Power Interconnection as proposed under the sub-grouping Brunei-Indonesia-Malaysia-Philippine-East ASEAN Growth Area (BIMP-EAGA).
Power interconnection facilities “such as submarine cable” will be set up between Mindanao and the Malaysian part of Borneo.
“Therefore, regional economic integration is not just confined to goods and services but also includes cross-border trade of electricity to achieve diversification,” Mr. Montenegro said.
Mr. Montenegro said continuing discussions on power sector issues within the BIMP-EAGA and the ASEAN, such as the Philippines’ higher rates due to the absence of energy subsidies, will eventually make the country a capable participant in the industry.
The P52-billion Mindanao-Visayas interconnection project will connect the southern to the central islands, which are already linked to Luzon.
In October, the National Grid Corp. of the Philippines (NGCP) broke ground on both landing sites of the 92-kilometer submarine cable project — in Dapitan City on the Mindanao side, and Santander, Cebu on the Visayan end.
The project is designed to carry about 450 megawatts of power between the two grids.

French gov’t to fund feasibility study for cable car system

THE Department of Transportation (DoTr) said it started working on a feasibility study for a cable car system in Metro Manila, funded by a 450,000-euro grant from France.
In a statement, the DoTr said it will now scout for areas in Metro Manila where the cable car may be built. The feasibility study is expected to last 10 months.
Transportation Secretary Arthur P. Tugade, who led the program launch in Clark, Pampanga, said possible routes being evaluated include a La Union to Baguio link and another from Caticlan on Panay island to Boracay, noting that cable has the potential “to boost tourism in those areas.”
“France was engaged in the process given that it has one of the best urban cable car systems in the world. Please note that this grant is merely for a feasibility study. The implementation phase will proceed based on the results of this study,” it said.
In July, Transportation Undersecretary for Administration and Finance Garry V. de Guzman said the French government offered a grant for the cable car feasibility study. France said it wants to look into urban centers and find locations that would connect the cable car to major thoroughfares for the transportation system’s pilot implementation.
Mr. Tugade has said that if the cable car plan goes ahead, he wants fares to be competitive against those of jeepneys, buses, taxis and trains.
He said when he first presented the cable car project in 2016 that cable cars have the potential to augment the government’s efforts at improving the flow of traffic in congested areas like Metro Manila. — Denise A. Valdez

NGCP readying Taguig-Baras transmission line

NATIONAL GRID Corp. of the Philippines (NGCP) is upgrading its network in Metro Manila by setting up a 500-kilovolt (kV) transmission line between Taguig and Baras, Rizal to help accommodate growing power demand.
“With the growing load and steadily increasing demand in Metro Manila and nearby provinces of Luzon, the reliability of power transmission is something that NGCP needs to secure,” it said in a statement on Wednesday.
The new line will run between Taguig City and Taytay, Binangonan, Baras, and Morong in the province of Rizal. The line will help decongest other substations serving Metro Manila and improve the reliability of the transmission system.
The country’s sole transmission network operator said initial ground work is underway for the project, which has an estimated cost of P9.5 billion.
“The new Taguig-Baras 500kV line is one of the major transmission network developments for Metro Manila to ensure that the power requirements of the country’s load center will be adequately and reliably served in the long term,” NGCP said.
Along with the new 500-kV line, a new Taguig 500-kV substation will be built plus another 230-kV transmission line traversing Taguig towards Taytay.
NGCP said the route survey for the project has been completed, but with the construction of the new Skyway portion along C-6, coordination meetings are set for the re-routing of a segment of the Taguig-Baras line.
The company said it was also working closely with local governments and various agencies on the initial stage of implementation, which includes the acquisition of right-of-way, securing of permits, and submission of required documents.
“We are hoping for the cooperation and support of the public as we aim for the timely completion of the project which will greatly benefit our customers in Metro Manila, Rizal, and nearby provinces,” it said.
The project is awaiting approval from the Energy Regulatory Commission. It is set to start construction by February 2019 and is targeted for completion by August 2020. — Victor V. Saulon

SMEs cite competition, product quality as top challenges

SMALL and medium-sized enterprises (SMEs) cited intense competition as their biggest challenge, topping other factors the need to offer quality products and corruption, according to a study conducted by a Philippine think tank.
The Asian Institute of Management’s (AIM) Rizalino S. Navarro Policy Center said its 2018 SME survey found that 34.4% of 480 respondents identified competition as a “severe obstacle.”
In a briefing Wednesday discussing the survey results in Makati City, the policy center issued a report called “Drivers of SME Competitiveness in the Philippines.”
In it the policy center said: “On average, SMEs reported that they have experienced above-medium intensity of competition during the current year.”
Some 68.5% of SMEs reported that they have five competitors.
Competition was more frequently cited as a challenge than the need to deliver quality products, cited by 32.1% or respondents, and corruption, cited by 30.4%.
“Our findings show that low quality of products is more likely to be seen as a severe obstacle by medium firms, as well corruption,” said Maribell Daño-Luna, a senior researcher with the policy center.
Other challenges turned up by the study were lack of management skills and information on the industry; access to inputs and supplies and to market information; the cost of raw materials and other inputs; and access to markets, technology and credit.
Challenges associated with the government aside from corruption were regulation; lack of projects for SMEs; low quality of infrastructure; and political instability.
The 480 randomly selected respondents were from 12 cities in the National Capital Region and five in nearby Calabarzon region — the two areas accounting for 48% of the country’s SMEs.
The study also identified factors that were viewed by SMEs as enablers, including management skills (80.2% of respondents), employee skills (69%) and product quality (64.4%).
“Small firms are more likely to rate as very important enabler those that are related to good management skills. For medium firms, what matters most is the good quality of product,” Ms. Daño-Luna added.
Other enablers at the enterprise level were software and other information and communications technology tools; use of the Internet in selling and marketing products; credit access; and export markets.
Based on these findings, the policy center recommends strengthening government institutions, promoting a mind-set geared toward growth and increasing SMEs’ awareness of tools that can spur their growth.
“Strengthening institutions is crucial to curb inefficiency caused by corruption, poor infrastructure and complicated export processes — which hamper capacity of SMEs to compete,” it said.
“Increasing awareness of SMEs of the benefits of access to technology, finance, government programs, and linkages with large and foreign firms can allow them to take advantage of available opportunities,” the report added.
In 2016, about 99.6% of operating firms in the Philippines were micro, small and medium enterprises.
Under Republic Act 6977 or the Magna Carta for Micro, Small and Medium Enterprises, a company is considered micro if it has assets not exceeding P3 million; small, if above P3 million and not exceeding P15 million; and medium if above P15 million and not exceeding P100 million. — Janina C. Lim

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