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San Beda back in the finals anew after ousting Perpetual Help

By Michael Angelo S. Murillo, Senior Reporter

THE two-time defending National Collegiate Athletic Association champions San Beda Red Lions are backn n the finals following their 83-72 victory over Season 94 hosts Perpetual Help Altas in their semifinals on Friday at the FilOil Flying V Centre in San Juan City.

Struggled to get their gane humming early in the match, the top-seeded Lions, holding a twice-to-beat edge in the semis, stood firm amid a tough challenge from the Altas and answered everything threw at them down the stretch to make their way back to the NCAA Big Dance.

The contest got off to a slow start as both teams struggled to get their offense going.

Perpetual Help held a 7-6 lead by the 4:09 mark of the first period before San Beda turned things around with a 6-4 run the rest of the way to hold a 13-11 lead after one quarter.

The snail’s pace of the match carried over to the second quarter as the teams grappled to hit the mark.

The Lions were on top, 18-17, midway into the frame.

Then the two teams slugged it out thereafter, fighting to a 27-24 count, and the Lions on top, at the half.

In the third period, the Altas picked up the pace, going on a 15-9 run, led by Jelo Razon and Rey Peralta, to take a 39-36 advantage with four minutes left in the quarter.

But triples from Robert Bolick and AC Soberano after would reestablish order for San Beda.

The Lions still held the advantage, 46-41, at the two-minute mark.

Perpetual Help tried to narrow the gap as the frame ended but San Beda would hang tough to stay ahead, 53-48, after three quarters of play.

Soberano opened the final quarter with back-to-back three-pointers to extend the Lions’ lead to 59-48 early on.

Prinze Eze and Kim Aurin pushed the Altas to with six points, 59-53, with a little over eight minutes to go in the game.

San Beda though would nip the rally on the bud, answering with a 12-7 run to build a 71-60 lead by the halfway point of the final canto.

Undeterred, Eze and Peralta pulled the Altas to within five points, 71-66, with 2:22 remaining.

Javee Mocon kept the Lions’ head above water with a basket with 1:30 left to make it a seven-point lead, 75-68.

Two free throws from Donald Tankoua with 34 seconds to go made it 77-68 and from there the Lions were never threatened and went for the win.

Bolick finished with 23 points and six assists to lead San Beda.

Mocon had 14 points and 15 boards with Tankoua adding 13 and Soberano 12.

Razon and Peralta each had 16 points for Perpetual Help.

Eze, meanwhile, had 13 points and 13 rebounds.

“We struggled to hit our shots in the first half but we got it going in the second half with AC and Robert finding their mark,” said San Beda coach Boyet Fernandez.

“Our job is not yet over though as we still have a title to defend against Lyceum. But we’re happy to be back in the finals,” he added.

The Lions will face the Lyceum Pirates in the finals beginning on Nov. 6, which is a rematch of last year’s championship duel.

Lyceum beat the Letran Knights, 109-85, earlier in the day in their own semifinals.

Lyceum beats Letran, 109-85, to make finals return

By Michael Angelo S. Murillo, Senior Reporter
THE Lyceum Pirates will make their National Collegiate Athletic Association finals return after beating the Letran Knights, 109-85, in their seminal match on Friday at the FilOil Flying V Centre in San Juan City.
Held a twice-to-beat advantage in their semis pairing, the Pirates made sure not to use it by rising to the challenge when needed and pulled away to book their place in the finals of Season 94.
The Pirates sped early in the contest, building a 16-6 lead in the opening five minutes of the first quarter.
They would continue to build on it as reigning league most valuable player CJ Perez waxed hot from beyond the arc.
Lyceum held a 26-13 advantage with two minutes to go in the frame, before eventually settling for a 29-16 cushion at the end of the first 10 minutes.
The Pirates showed no let-up to begin the second period, with Mike Nzeusseu and Spencer Pretta making their presence felt on offense.
Lyceum stretched their lead to 16 points, 38-22, with seven minutes left.
But the Knights would make a run after, led by Christian Fajarito, Larry Muyang and Jeremiah Taladua.
Letran narrowed the gap at 38-32 at the 5:14 mark.
It kept the pressure on Lyceum but the latter would survive the charge back, bringing with it a 51-47 lead at the halftime break.
The start of the third period was abruptly halted in the opening seconds when Letran guard JP Calvo got hurt in a loose ball scramble when Nzeusseu landed on his ankle.
Calvo had to be carried off the court by teammates after because he could not put much weight on his ankle.
When play resumed, the Knights inched closer, coming to within a point, 52-51, with eight minutes left.
They overtook the Pirates momentarily, 56-55, before Lyceum reclaimed the lead, 58-56, with a triple from Jaycee Marcelino with 5:40 remaining in the period.
The Pirates created another separation, 66-56, at the 4:28 mark.
Cranking up its defense some more, Lyceun continued to pull away, piecing together an 81-64 advantage heading into the final canto.
Built much momentum at the end of the preceding quarter, the Pirates went for the early finish to begin the fourth.
They made it a 30-point separation, 98-68, with 6:23 to go in the game as Prietta and Marcelino propelled their team.
From there the Knights tried to reclaim some real estate but they would have litte success and saw their season come to an end.
Nzeusseu led Lyceum with 23 points and 17 rebounds while Perez had 19 markers.
Pretta and Marcelino each had 15 points with MJ Ayaay adding 11 points.
Muyang, meanwhile, paced the Knights with 21 points and 12 boards.
Graduating player Bong Quinto had 12 points and seven assists while Fajarito and Taladua finished with 11 and 10 points, respectively.
“It’s really a blessing to be back in the finals. We are not looking at it as revenge but more of an opportunity to inspire others,” said Lyceum coach Topex Robinson, whose wards lost to the San Beda Red Lions in the finals last year.
The Pirates face off in the finals with the winner between San Beda and the Perpetual Help Altas in the other semifinal pairing later yesterday.

Second chances

By Menchu Aquino Sarmiento
Movie review
Hintayan ng Langit
Directed by Dan Villegas
THE Hollywood film genre of the too-soon departed and basically decent soul, on a temporary reprieve to take care of unfinished business back on earth is a favorite since many of us pass on with an uncertain peace. Closely allied to this, is the deux ex mundi (not machina) variant where God or guardian angels (even Santa Claus) take on ordinary human form and mingle with mere mortals for the express purpose of helping out a deserving but clueless individual with a celestial fix that guarantees a miraculously happy ending.
Its latest local iteration is Hintayan ng Langit, an adaptation by the unofficial millennial poet laureate Juan Miguel Severo of his award-winning 45-minute one-act, single scene play with just two characters, the former lovers: Lisang and Manolo. On-stage, they were played by the real-life couple Edna Vida and Nonoy Froilan.
In the movie version, Lisang is a potty-mouthed, prickly, snarky, snarly Gina Pareno whose many mild misbehaviors have caused her to remain stranded in the Hintayan, which is a pale, pleasant purgatory. Lisang’s punishment of detention in a dinky hotel room, with community service, just require her to serve refreshments at support group meetings to help the newly deceased adjust to being dead. Eddie Garcia as a lumbering Manolo reprises his familiar “manay” schtick.
The film’s eccentric setting is a welcome expansion from the original, somewhat claustrophobic play. The holding area for heaven is a cavernous, run-down post office-like building with crudely lettered signs, worn out door jambs, cluttered cabinets, much like any Philippine government office. There is an air of being trapped in the not-so-distant past, which is still within living memory. It is the pre-digital era in which Lisang and Manolo came of age, when memories were kept in cardboard file boxes, and information had to be verified from typewritten lists tacked up on wooden bulletin boards. Whimsically, the records of significant events in their lives are on VHS tapes, to be viewed on a convex screen TV with a flickering picture tube.
It is a welcome conceit that the waiting area for heaven is wonderfully, cheesily secular. The staff could be any budget airline’s workforce, with their ridiculous gold buttons, mock military braid and epaulets. The Taga-Suri (Joel Saracho as the evaluator) is as objective and professional as any Human Resources specialist. His clients gossip about his sexual orientation and about each other, during Happy Hour. The Bantay (Kat Galang as the housekeeping staff/room custodian) has the perky efficiency of an AB Tourism and Hotel Administration OJT, definitely pang-export as an OFW in the living world.
Pareno’s pacing is staccato while Garcia is adagio molto. Although they are former lovers who’ve supposedly kept the fires burning for decades, their continuous back and forth grows tiresome after the third repetition. Only in their early 70s and both apparently robust, there is a surprising lack of sexual frisson now that they share a room with but a flimsy lattice-work screen in between. Just as it was in the stage play, their respective, reliable spouses are only known to the audience as invisible, inaudible phone callers. Perhaps this is why the reason for Lisang’s overstaying and the choices they make at the film’s end, have little emotional resonance. We don’t get a genuine sense of what they are giving up by ditching their devoted (but dull?) spouses who are never seen nor heard anyway. There was no passion, just a plot device.
A pity, as their sort of forbidden or “courtly love” (versus domestic affection, friendship, fraternity, parent-child bonds etc.) was considered by the Romance minstrels of medieval times, as the most beautiful form of love, because it was doomed. Think Tristan and Isolde, Guinevere and Lancelot, today’s suicide pact lovers. But what we have here, instead is a normally nasty old woman and a once-womanizing now doddering old man, coming back together after all these years. Perhaps they do deserve each other, just as their faithful spouses who had gone on to heaven ahead, deserve to be where they are. As David Byrne of the Talking Heads sang: “Heaven is a place where nothing ever happens.”
MTRCB Rating: PG

Twisted sister

By Menchu Aquino Sarmiento
Movie Review
Oda sa Wala
Directed by Dwein Baltazar
THIS is the realism of dreams, not of mundane reality. It makes as much sense as the illogic of longing and inexplicable desire, the obverse sides of which are primal fear and uncontrollable rage at random fate. In the humble life of Sonya (Marietta Subong a.k.a. Pokwang) these fears, desires, longing, and rage which make up the human condition are oddly manifest: she is bereft of her parents’ love, without friends, unworthy of anyone’s lust. A merciless moneylender Theodor (Dido Dela Paz) turns up without warning, even in the middle of the night, like a demoniacal bangungot squeezing the life out of her by taking all her earnings and later, even her home.
Sonya makes a sparse living running a discount mortuary all by her lonesome from the entresuelo of her moldering ancestral home. She does it all: embalmer, makeup artist, florist, hearse driver. Her busy hands also fry up burnt offerings of tocino for her distant father Mang Rudy (Joonee Gamboa). He ignores her, except to stingily switch off the light in her room, after she has gone to bed. Sonya likes to keep the light on, as do those who fear death, against that thief who comes in the night. She might as well be dead to her father and to the rest of the world as well. It has passed her by, an apathetic spectator at her window, seeing but unseen.
Sonya who makes her living off the dead, struggles to survive. In seeming desperation, she keeps biting off and violently spitting out the edges of her fingernails, the dry skin at the corners of her lips—dead tissue she must discard, to be truly alive. Marietta Subong gives a tour de force performance, self-aware of how painfully ridiculous Sonya is, but imbuing her with innate dignity nonetheless. When the object of her unrequited affections, Elmer (Anthony Falcon) the magtataho turns his back and walks away from her, Sonya’s bravely insistent but futile cries of Taho! fail to bring him back. It is pathos without bathos, a very hard thing to do, but Subong manages to do this and much more throughout the film.
The director Dwein Baltazar was partly inspired by Jim Libiran’s poem with its biblical cadences of Genesis:

bago ang Lumikha
ay wala. ang lahat-lahat, nagmula
sa wala. pero di pa rin mawawala
ang wala. naririyan bago ka dumating,
pag-alis mo’y naririyan pa rin.

Before the Creator
Was the void; the source of All Things
was the NO THING. Forever eternal and
everywhere existing. All being was
before you be coming
with you gone, All will BE still

(English translation by Menchu Aquino Sarmiento)

The coming of a nameless old woman’s corpse is transformative. Sonya finds companionship. Mang Rudy rouses himself to make a pallet of scrap wood, enshrining the strange visitor as a vertical Santa Entierra with her place of honor at the head of their dining table. With this Every Wife or All-Mother as a foil, he talks to his daughter once more. Poignantly, Sonya dances for her father to the Chinese folk song she plays like a lullaby at bedtime, just as she might have danced as a schoolgirl forty years ago. Maybe the only time he ever really loved her or approved of her was when she was that little. In his eyes, it is her tragedy that she has lived on for so long.
In Sonya’s psychic stew of mixed emotions—love, fear, longing, rage—we sense bits and pieces of our selves or of those whom we know too. What could be more terrible and yet more usual, than to have the ones whom you love and who love you best die on you? That’s life, but then, there’s death too. It’s enough to drive one mad, and yet it is what makes us most fully human. We can relate to Sonya. She could be us. We could be her. She is family.
MTRCB Rating: PG

Toward a more robust and transparent consumer lending

In 2017, consumer loans in the Philippine banking system reached P1.49 trillion, up 17.3% from the P1.27 trillion worth of consumer loans recorded by the end of 2016, according to data from the Bangko Sentral ng Pilipinas (BSP). Also by the end of last December, the nonperforming consumer loans to performing consumer loans ratio stood at 3.86%, the lowest recorded ratio that year.

“After enjoying significant growth in 2017 thanks to the favorable economic background,” the market research firm Euromonitor International said, “in 2018 consumer lending in the Philippines showed signs of stabilization amidst regulatory changes.”

One important change the firm highlighted in its report about consumer lending in the Philippines is the Tax Reform for Acceleration and Inclusion (TRAIN) law, which came into effect at the start of the year. Because of TRAIN, personal income taxes are now lower for many Filipinos (those earning P250,000 or less are exempted). But taxes on sugar-sweetened beverages, petroleum products and automobiles are now higher.

Euromonitor International noted that while banks and nonfinancial institutions were improving their consumer lending offers, the willingness of the consumers to grab those offers was tempered by the drastic change in the income tax regime and the adjustment of several excise tax rates TRAIN entailed.

“The disruptive changes that resulted from this law led to increased caution among lenders, consumers and businesses across all industries,” the firm said.

Still, consumer loans as of June 2018 amounted to P1.57 trillion, while the ratio of nonperforming consumer loans to performing consumer loans was 3.97%.

According to Oxford Business Group (OBG), which publishes business reports about different economies, particularly the emerging ones, “[c]apitalizing on growth opportunities in the relatively untapped consumer lending segment will be an important priority for the banking system.”

In an online article, OBG explained that boosting consumer lending will be important because the consumer segment, compared with low-risk corporate lending, offers higher interest margins. And for that reason, it can help improve bank profitability significantly.

Earlier this year, a central bank official said that consumer lending will be a main battleground for banks over the next few years.

“I think the battle would really be on the retail banking. Given advances in technology right now, it’s really more on the digitization — that’s where the battle will be in the next couple of years,” BSP Deputy Governor Chuchi G. Fonacier was quoted as saying in a BusinessWorld report. “The name of the game would really be digital over the next couple of years.”

The report went on to say that an openness to new technology would help local players maintain a comparative advantage over foreign banks that are looking to penetrate the local market and capture a slice of it.

“I think they (local banks) are well-positioned when it comes to competition, but what’s critical is for domestic banks as well to embrace digital transformation because that’s where the future is leading us when it comes to banking,” Ms. Fonacier said. “For as long as a domestic bank would embrace such kind of advancement and development in that space, then they are well-positioned to compete.”

Meanwhile, Euromonitor International noted that emerging players that target unbanked Filipinos are expected to perform well.

“Lenders actively targeting the unbanked population in the Philippines with easily accessible loans that offer attractive terms have the potential to perform strongly over the forecast period. This is especially true of those utilizing mobile apps and online platforms, as Filipino consumers tend to be quite tech-savvy,” the firm said.

It added that attractive offers from fintech companies are set to boost small-ticket loans. Some of these companies offer loans that are as small as P5,000, that are subject to an interest of less than 3%, and that borrowers can pay within 45 days.

An S&P Global Ratings report released in May of this year noted that the Credit Information Corporation (CIC), which is a partnership between the Philippine government and the private sector tasked with collecting credit-related data from financial institutions and other sources, will help strengthen the underwriting standards in the consumer lending segment in the country to achieve better transparency, which will lower banks’ nonperforming consumer loans.

That May, the credit rater upgraded its Banking Industry Country Risk Assessment score for the country’s domestic banking industry to “6” from the previous “7.”

“We revised our Banking Industry Country Risk Assessment (BICRA) on the Philippines to group ‘6’ from group ‘7’ due to the sector’s improved credit fundamentals,” S&P said.

The debt watcher said the credit risk in the country had declined owing to “the establishment of credit bureaus and the banks’ improving underwriting practices in the consumer loans segment.”

“Better data availability of credit history is positive for this segment where credit quality has historically been constrained by lack of information,” S&P said, which added that clarity on creditworthiness should also foster risk-based pricing.

Preparing to take out a mortgage

Buying a new car or property can be a daunting task, especially for those who have never done it before. Very few people are lucky enough to be able to make such purchases with cash. Odds are most Filipinos would need to take out a mortgage, and this can only increase the stress for first-time buyers, as applying for loans brings a new level of complexity to the process.

Questions like, “Where should I apply for a home or car loan?”, “Which of these banks has the lowest interest?”, “How much should I borrow?”, or “What happens if I get rejected?” could be difficult to answer, depending on one’s situation, and might scare off would-be buyers altogether. But it doesn’t have to be a stressful experience. As with all things, a little preparation goes a long way.

Know your financial situation

The simplest way to start is to consider where you stand financially before you apply for a loan. This involves knowing your net worth, or the value of your money-making assets and income minus debts and other liabilities. Having a strong fundamental knowledge of money will not only help you put your best foot forward when approaching potential lenders, it will also make it easier for you to understand how the mortgage might impact your financial future. Needless to say, you shouldn’t take out a loan if you cannot afford to pay it back.

Lenders usually look for clients who are financially stable, with good income and minimal debt. Make sure that you have a steady income, and try to stick with your current occupation during the loaning process.

For those who are unsure about the state of their finances, it won’t hurt to review your credit history before submitting a loan application. Check if you have any record of missed or overdue payments, even if it’s from a different bank than the one you plan to borrow from. Banks and lending institutions typically share information on delinquent and defaulting borrowers. Even one instance can be a red flag.

While it might not be impossible to get approved for a loan with a bad record, it will make it significantly harder. Not to mention that lenders might hit you with higher interest rates if they deem you an untrustworthy creditor. Before applying for a loan, double check if you’ve paid your bills on time, and eliminated any standing credit card balances. If you have unpaid loans, it might be best to finish paying them off first before getting a new one. The less you owe, the better.

When you approach your chosen lender, have an honest conversation about your goals and financial history. Most banks would interview clients about their projected down payment, their assets and properties, if they have any, cash flow, monthly income, liabilities, and credit history. Most importantly, they would look at their debt service ratio, or how much of their income would go to the monthly amortization. They would then evaluate applications and other necessary details based on those factors.

Have a clear goal in mind

The other thing you should know when applying for a home or car loan is how much you would actually need. One easy way of doing this is by using mortgage calculators. Many banks offer such tools free of charge for potential borrowers so they can check if their finances can handle the payment schemes on offer. Calculators can show you how much your monthly amortization would be under different loan amount, interest rates, loan tenure, and annual income scenarios.

Using tools like calculators also have the benefit of giving you an idea of how much you should pay in cash for downpayments. If you’ve already readied a hefty savings account to finance your planned purchase, banks would be happier to lend a helping hand in making the difference.

After that, it’s only a matter of completing the required documents and submitting your application. At minimum, you would need to provide valid, government-issued IDs with photos, proof of income such as employment certification and income tax returns, and other relevant collateral documents. Make sure they are all up-to-date.

As mentioned before, having an honest conversation with your lender is crucial towards getting into their good graces and getting your loan approved. This extends even after submitting your application. Keep your lines of communication open. Should your lender request any additional information from you and you were unable to respond, your application could be on the line. At the very least, it might cause a delay in the processing. After all that effort at making the best impression, it would be foolish to risk ruining it all for something so easily avoidable.

Buying a new car or property is a big step towards financial security. It’s best to be prepared. — Bjorn Biel M. Beltran

Funding a start-up through a business loan

Many people see debt as a bad thing; there is even a pervasive myth that “no debt is a good debt.” But, here comes the paradox: For business-minded individuals, debt is far less ominous. Businesses, especially start-ups, consider borrowing money to open new doors and stay afloat until realizing a profit. They use debt to gain leverage, rather than getting weighed down.

According to Victoria Duff, a start-up facilitator who specializes in entrepreneurial subjects, the machine of commerce does not run without money.

“Money is the lubricant and the fuel. It makes possible the smooth design, production and marketing of a product; and it keeps the administrative functions efficient. Money also moves the company forward by fueling growth and expansion,” Ms. Duff wrote in an article posted on bizfluent.com.

She added that an entrepreneur can perform a lot of business model development without funding, but when it comes to building the company, funding is necessary.

“Start-up funding pays for incorporation, business licenses, insurance, facilities, equipment, marketing collateral and the hiring of necessary talent. It funds the manufacture of products and the marketing and distribution of services. It also pays for marketing activities that attract customers,” Ms. Duff said.

Borrowing money is one of the various options available for start-ups to meet the working capital requirements.

Borrowed funds help pay upfront expenses. According to Fora Financial, one of the leading providers of small business loans and business funding in United States, if the business requires a large initial investment, such as inventory or equipment, a start-up loan may be one way to get needed funds.

“Depending on your business’s industry, you may need more than you can borrow from savings, family, or credit cards to get off the ground,” Fora Financial said.

Borrowing money to start an enterprise is also a good option to retain business ownership. A start-up business loan may be the best alternative to seeking investors, who, in the succeeding years, may ask for a share of equity in the company.

“By funding their venture with a loan, entrepreneurs have more leeway when considering potential partnerships. For example, they have the option to choose investors based more on strategy, rather than monetary value,” the lending institution explained.

Moreover, borrowing money to start a business can help individuals protect their personal wealth.

Just as Fora Financial said, every new enterprise comes with risk, and even the most well-planned venture may face obstacles out of the founder’s control. “Entrepreneurs should therefore think twice about pledging personal wealth such as the equity on their home, retirement savings, or money they need to live.”

Through the years, the owner may eventually need a large cash infusion to further grow the business. In such cases, a history of responsible credit use is one important factor to qualify for a bigger loan.

“As with personal loans, having a strong credit history indicates reliability as a borrower, and lower investment risk for the lender. By taking out and paying back a smaller loan first, owners increase the chance of their business being approved for a bigger loan in the future. It may also help secure lower interest rates,” Fora Financial said.

Over the several advantages of borrowing money to start a business, there are also some downsides to consider.

First, not all businesses may qualify for a loan due to the strict rules and requirements laid out by financial institutions. From a lender’s perspective, start-up loans are a risky venture.

“New companies fall short in all the metrics banks use to determine loan eligibility: revenue, financial records, credit history, or proof of business longevity. The difficulty of obtaining a start-up business loan is perhaps its biggest caveat. This is especially true when the applicant lacks strong personal credit, assets for collateral, and large down payments,” Fora Financial said.

Also, borrowing money to start a business restricts cash flow to grow the business. Borrowers need to pay the interest and principal depending on the agreed payment schedule, and missing loan payments can mean irreparable damage to business and personal credit.

“Small business owners should consider how regular loan payments factor into their budding organization’s finances. Having monthly payment obligations could restrict cash flow to run or grow the business,” Fora Financial said.

While the lending institution said that borrowing money to start a business can help individuals protect their personal wealth, it also noted that having a business loan does not guarantee a protected one. It explained that: “Given the extra risk of lending to small businesses, many financial institutions may require a personal guarantee, which means banks can come after you for repayment if the business defaults.” This only means that even the personal credit score and assets of the borrowers may be impacted.

“There are pros and cons to pursuing a start-up loan, including issues concerning ownership, eligibility, risk to personal credit, and the cost of repayment. However, qualifying for a start-up loan could mean money to start a business unattached to family and friends, who may expect repayment, or investors, who may want ownership for their investment. Small business owners should weigh all considerations before deciding to move forward with a start-up loan,” Fora Financial concluded. — Mark Louis F. Ferrolino

When Boracay Island regains its charm

The world-famous Boracay Island has started to regain its natural beauty after a six-month cleaned up and environmental restoration. Starting today, October 26, tourists all over the globe can once again enjoy the island’s immaculate shoreline and clear blue waters. As the idyllic island reopened its door to visitors, new rules meant to maintain its pristine condition are being implemented.

Boracay is a tiny yet fascinating island located approximately 315 kilometers south of Manila and two kilometers off the northwest tip of Panay Island in Western Visayas region. This paradise island only stretches up to seven kilometers with a width of only one kilometer at its narrowest.

With its fine, white sand beaches and exceptional culture, Boracay was able to captivate countless tourists all over the world. It has become the face of Philippine tourism for a long time, experiencing a surge in visitors that later on resulted to overcrowding.

Due to poor government planning, insufficient environmental regulations, and the lax enforcement of the law, Boracay faced a sad fate; it was abused, battered, and overburdened.

Prior to closure, Boracay was accommodating around two million visitors every year — a number that’s simply unsustainable in the long run.

To meet the growing demand of tourists, many hotels and other establishments, which do not comply with local environmental laws, were established on both sides of the island in the past years. Many structures in the island were built without permits, and were erected on protected areas or under the 30-meter distance from the beach.

Moreover, due to establishments that discharged their sewage right onto the beach, algal bloom — a rapid increase in the population of algae in an aquatic system — has also expanded in size and duration.

There was also an escalating solid waste problem in the island. According to former Tourism Secretary Wanda T. Teo, Boracay generates 90 to 115 tons of trash a day, of which only 30 tons are shipped out regularly to a landfill on a nearby island.

In view of the various issues surrounding the island of Boracay, three government agencies, composed of the Department of Environment and Natural Resources (DENR), the Department of Tourism (DoT), and the Department of the Interior and Local Government (DILG), unanimously recommended the closure of the island from entry of local and foreign tourists.

President Rodrigo R. Duterte then approved the recommendation. Thereafter, the six-month closure of Boracay started on April 26.

Prior to Boracay’s reopening today, the government had a 10-day dry run from Oct. 15 to 25. Residents of Aklan and other parts of Western Visayas had the chance to have a sneak preview of how the island looks like now.

The once damaged island is now exhibiting its old-world charm. Tourists can now enjoy a wider view of the beachfront after structures that fell inside the 30-meter border were cleared. For proper disposal of wastes, trash bins are located around the island.

Last September, the DENR declared that the waters on Boracay are now safe and clean. The coliform levels at the white beachfront and the east side of the island are now far below the 400mpn (Most Probable Number) per 100 millimeters maximum tolerable level.

In terms of security, the Philippine National Police assured that the agency is all set for the reopening of Boracay today. In a press briefing last Monday, Chief Superintendent John Bulalacao, regional director for Western Visayas regional police office, said that there will be enough personnel to be deployed around the island.

Meanwhile, the DILG said that the anti-littering ordinance in the island will be strictly enforced. Violators may face a fine or imprisonment.

Under the Municipal Ordinance Number 311, series of 2012, the Malay local government prohibits the following acts: littering in public spaces, waterways, and recreational areas; urinating, spitting, defacating in public spaces, waterways, and recreational areas; vandalizing the walls or surfaces of public places, or private properties upon complaint of the owner; and dumping of trash along roads that may impeded flow of pedestrian traffic.

New set of rules are also being observed, including the no booking, no entry policy; no eating, smoking and drinking on the beach; no partying on the beachfront; and no beach beds, chairs, tables or umbrellas in the sand or within 30 meters of the beachfront.

Despite its remarkable progress, the island is still undergoing a lot of work, especially when it comes to road construction. In fact, rehabilitation works on the island are set to continue. There will be a second and third phase rehabilitation, which projected to last until mid-2019 and until the end of 2019, respectively. — Mark Louis F. Ferrolino

TAITRA holds Discover Advanced Trends in E-commerce Expo 2018 in Taiwan

With the Asia-Pacific having the largest population of Internet users and its e-commerce market achieving the highest growth rate in 2017 compared to other regions, the Taiwan External Trade Development Council (TAITRA), Taiwan’s premiere nonprofit trade promoting organization, hosted the Discover Advanced Trends in E-commerce Expo (DATE) 2018 last Sept. 27 to 29 in Taipei World Trade Center (TWTC) in Taiwan with the aim to “inspire cross-border opportunities through the expo’s diverse display and events.”

DATE 2018, co-organized by the Taiwan Internet and E-Commerce Association, Chinese Non-Store Retailer Association, Taiwan Association of Logistics Management, and Taiwan e-commerce & Startup Association (TeSA), featured eight exhibit themes and categories: smart retail, cross border & e-tailing, social media and digital marketing, mobile commerce, logistics, FinTech, Big Data, and start-ups.

According to Walter M. S. Yeh, president and CEO of TAITRA, more than 60 big-name e-commerce enterprises joined the event to provide solutions and help visitors solve problems related to the mentioned themes. Among the 64 featured exhibitors are Flashaim Inc., Insider Pte. Ltd., Payoneer, Inc., Tiki Corporation, urAD Co., Ltd., Zipcar Taiwan, FIISER, TeSA, and TransBiz.

Flashaim Inc. offers professional e-commerce tool applications and solutions and supports thousands of SMEs through creating exclusive marketing strategies and network brand integration to improve the brands’ competitiveness. It recently developed FANSbee shopping-chat robot that gives users the ability to book, shop and chat exclusively on LINE application.

Insider Pte. Ltd. is the world’s first fully-integrated growth management platform that helps marketers achieve cross-channel growth optimization goals. It has the capability to segmentize online users and personalize user experiences in real time and across different touch points.

Payoneer, Inc., a cross-border e-commerce service provider and highly experienced global business developer, boasts of its innovative financial technology that can provide goods and services for small and medium enterprises and professionals.

Tiki Corporation is the fastest and most trusted B2C e-commerce platform in Vietnam. It is popular for its unique TikiNow service that offers two-hour fast delivery service, world-class customer service, more than 80 NPS scores, and 100% reliable and diverse products from more than 6,500 brands.

A digital agency based in Taiwan, urAD Co., Ltd. provides comprehensive one-stop shop digital advertising solutions and intelligent marketing strategies that deliver results effectively and efficiently. It has helped more than 300 domestic and foreign brand customers fulfill marketing tasks.

Zipcar, the world’s leading car sharing network, gives multi-vehicle self-service car solution in more than 500 cities, towns and universities worldwide. It offers the most comprehensive, convenient and flexible shared car network.

FIISER believes that live broadcast is currently a very popular way to do business because it is instant, stimulative and interactive. FIISER’s main products include Community LiveAds, E-commerce Live Artifact EasyLive, Broadcast, Picture Broadcast, Pocket Broadcast, Chatter, PipiLive, and PocketLive, among others.

With more than 80,000 e-commerce members, TeSA offers the advantages of integrating cross-border e-commerce resources and talent cultivation to help companies enter Southeast Asian markets and build international-scale e-commerce brands.

TransBiz is a professional agency for Amazon growth hacking, omni-channel digital marketing, planning & strategizing, and operations. It is also the go-to cross-border eCommerce consultancy created to transform Asian/Taiwan brands into global giants.

This year’s DATE also featured events such as the eCommerce Salon, eCommerce Seminar, Startups Seminar, and New Southbound and Chinese e-Commerce Procurement Meetings.

DATE show manager Ming Li, publicity manager Jessica Cheng, and event manager Tiffany Huang announced that the next DATE will be held on May 29 to 31, 2019 in TWTC, Taiwan and will focus on smart retail.

Things to know before setting off for Boracay Island

Boracay Island is reopening today after several months of rehabilitation. But there are some things one must be mindful of before heading for one of the top tourist destinations in the country.

One is that the island may not be able to accommodate a lot of people than it used to. In September, President Rodrigo Duterte, during a visit in Cebu, stressed the importance of limiting Boracay’s carrying capacity.

“Not all Filipinos and all tourists can go to Boracay. It cannot accommodate everyone,” the President was quoted as saying in a report by the Philippine News Agency (PNA), the official news outlet of the government.

“If it’s a house, it would be similar to having just one comfort room for a thousand people.”

It was earlier reported by various news outlets that the carrying capacity of Boracay would be limited to 19,215 people a day and 6,405 tourists a day.

In another PNA report published last month, it was noted that the number of visitors entering Boracay would be strictly monitored so that it would not exceed the proposed carrying capacity of the island.

“We have to enforce the carrying capacity because if we don’t, Boracay will return to what it was before. We want it to be sustainable and to be always open,” Bernadette Puyat, Secretary of the Department of Tourism (DoT), was quoted as saying in the aforementioned report, adding that several airlines had agreed to “only one flight a day.”

The Department of Environment and Natural Resources (DENR) has advised those who would liketo visit the island to avoid making reservations in establishments without clearance to operate from the government.

Establishments that will be caught operating without said clearance will be shuttered, according to Roy Cimatu, DENR Secretary.

“We will be monitoring a lot of things, from managing the entrance, exit, and stay of the tourists, to enforcing rule of law on establishments that have been found to be noncompliant to laws and regulations,” he said. “We will not hesitate to close hotels and other establishments that would operate without clearance from the BIATF (Boracay Inter-Agency Task Force).”

Early this October, DENR made known that it had already issued Certificates of Conditional Approval or CCAs to 159 establishments in Boracay. These establishments had to go to the Department of Interior and Local Government for the assessment of their permits and then to DoT for final accreditation and clearance.

One reason why Boracay Island was closed for rehabilitation starting last April was that several business establishments were found to be violating environmental laws by, among other things, dumping untreated waste water into the sea and erecting structures on protected areas.

And another thing visitors must know: The rehabilitation of the island is far from over. “While much has been gained already, still a lot remains to be done and we still ask for your extended patience, support, and understanding,” Mr. Cimatu said last week, adding that all projects will continue past Boracay’s soft opening today.

He noted that the interagency taskforce he was heading “lost about 30 to 40 days of work” because of the typhoons that had afflicted the country in recent months.

Inflation elevated till yearend — BSP

WAGE and transport fare hikes will likely keep inflation high for the rest of 2018, the central bank said, adding that overall price increases are expected to moderate only next year.
“The risks to future inflation remain on the upside in 2018, but downside risks to the outlook are seen to dominate in 2019-2020 due largely to the projected impact of rice tariffication,” the policy-setting Monetary Board of the Bangko Sentral ng Pilipinas (BSP) said in deciding to raise interest rates last month.
Monetary policy makers fired off another tightening move amounting to 50 basis points (bp) in their Sept. 27 meeting, matching a similar interest rate increase announced in August.
That marked the fourth straight meeting wherein the BSP raised rates. The key policy rate is now at 4.5%, the highest since March 2009.
The central bank cited four factors that will likely push prices up further in the remaining months of the year.
“Additional wage adjustments and transport fare hikes, higher electricity rates and faster-than-expected monetary policy normalization in advanced economies are the main upside risks to inflation,” the BSP said in the four-page meeting highlights published yesterday.
The Land Transportation Franchising and Regulatory Board has approved a higher P10 minimum jeepney fare in Metro Manila, Central and southern Luzon, while provisional fare increases have been granted for Metro Manila and provincial buses effective November.
BSP Deputy Governor Diwa C. Guinigundo has said that the central bank has factored in an P18-20 increase in daily minimum wages in its inflation forecasts, based on the average increments approved in previous years.
So far, 12 of the country’s 17 regions have adopted increases in daily minimum wage for private sector workers — ranging from P8.50 in Western Visayas to as much as P56 in Davao Region — and a decision on Metro Manila’s floor pay is expected as soon as next week.
Labor Secretary Silvestre H. Bello III has said Metro Manila’s increase will be no less than P20 — an amount some employers have said could be tolerable — though the Associated Labor Unions-Trade Union Congress of the Philippines is seeking a P335 hike while the Association of Minimum Wage Earners and Advocates is asking for a P688 increase.
In wage consultations on Wednesday, representatives of various business groups warned that a wage hike at this time of multiyear-high inflation rates could drive micro, small- and medium-scale enterprises — which account for 99% of companies and 60% of employment but contribute only 36% of gross value added — to lay off workers or go out of business altogether, while most businesses will likely pass on the higher labor cost to customers through even higher prices.
On the other hand, slower global economic growth due to increasing trade protectionism and geopolitical tensions, as well as liberalization of rice importation should help temper price increases, the BSP said.
The BSP estimates 2018 inflation to settle at 5.2% before easing to 4.3% next year, both still higher than the 2-4% target range for 2018 and 2019.
However, Monetary Board Member Felipe M. Medalla has said that the proposed rice tariffication law — which wold remove rice import quotas set by government and allow any private firm to source the crop abroad — will shave 0.7 percentage points (ppt) of the headline inflation print.
The measure still awaits approval by the Senate, which is expected to approve it after lawmakers return from their Oct. 13-Nov. 11 break.
The proposal to suspend the scheduled P2 per liter fuel excise tax in 2019 would also reduce inflation by 0.2 ppt, according to BSP Assistant Governor Francisco G. Dakila, Jr.
Inflation hit a fresh nine-year-high 6.7% in September, pushing the year-to-date pace to five percent. — Melissa Luz T. Lopez

BIR may defer notice of foreign tax probe

By Elijah Joseph C. Tubayan
Reporter
THE BUREAU of Internal Revenue (BIR) may now notify taxpayers that their information was sent to a requesting foreign tax authority as investigation reaches the final stages.
Revenue Regulation No. 22-2018 states that the Commissioner of Internal Revenue can opt to notify the taxpayer in writing that a foreign tax authority has requested sensitive information “after receipt of communication from the requesting jurisdiction that the investigation has already attained finality.”
This applies to “cases where notification is likely to undermine the chance of success of the investigation conducted by the requesting jurisdiction” and where the requesting authority “has made a substantiated request for a deferment of the notification,” based on the said grounds.
Previously, the BIR Commissioner was required to notify the taxpayer within 60 days following the BIR’s transmittal of information to the requesting party.
The BIR said that the regulation was issued to “effectively and fully comply with the provisions on exchange of information contained in international conventions or agreements on tax matters.”
The regulation was signed by Finance Secretary Carlos G. Dominguez III on Oct. 9 and made public on Oct. 17.
The new rules take effect 15 days after publication in a newspaper of general circulation.
Sought for comment, P&A Grant Thornton’s Tax Advisory & Compliance head Eleanor L. Roque said that the new rule will prevent erring taxpayers from thwarting investigations.
“Pag nag-notify na, baka the taxpayer can do something like removing his bank account, take it out, prepare for the eventual case being filed against him,” she said in an interview yesterday. “It’s still in the investigation portion, so the taxpayer will still be notified that there’s a case developed against him. It’s not a violation of due process since investigation pa lang. You’ll still be given a chance to refute it.”
The Philippines has existing tax treaties with about 43 countries to exchange such information as parts of efforts to curb tax fraud and money laundering.
The Department of Finance is currently pushing for the automatic exchange of such information with treaty partners as part of its tax reform program.

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