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The dawning of DAY6


By Cecille Santillan-Visto
Concert review
DAY6 1st World Tour “Youth” in Manila
Oct. 6; Kia Theater, Quezon City
IN AN ocean of Korean pop idols whose main selling point is pulsating dance moves, an honest-to-goodness rock band is very hard to come by. One can only name a few — CNBLUE, FTIsland, and newbies N Flying and Honeyst. All of them are under FNC Entertainment’s umbrella and of these, only CNBLUE has performed in the Philippines. CNBLUE is on hiatus with all four members undergoing mandatory military service.
When MyMusicTaste, a “fan-initiated concert making platform,” posted an online survey to check the interest for a local concert of Korean band DAY6, it was deluged with requests, and soon the show was set. Tickets sold out.
The five-member group — comprised of Jae (lead guitarist, rapper), Sungjin (leader and main vocalist), Young K (bassist), Wonpil (keyboardist), and Dowoon (drummer) — has built a solid following in the Philippines since its debut three years ago. Not initially familiar with their music, this writer took a serious dive into the group’s discography which led to an inevitable conclusion — DAY6 is a truly talented bunch of 20-something musicians with a respectable body of work.
And during their first Manila concert, held at the Kia Theater, DAY6 showed that with a little more experience, they can fight neck-and-neck with the more established Korean bands on the world stage.
DAY6 is the only band under JYP Entertainment, one of the biggest Korean talent agencies. As part of JYP’s unique marketing scheme last year, DAY6 had monthly “comebacks,” releasing two new songs (a title track and a side track) from January to November. The year-long promotion culminated with a launch of the group’s second full album, Moonrise, in December 2017. Since DAY6’s songs were chart-toppers, they were regulars in Korean music shows. They were constantly in the consciousness of K-music enthusiasts, resulting in the broadening of its global fan base.
DAY6 gave their Filipino My Days, the group’s fandom, a treat by singing all the title tracks in the Every DAY6 compilation.
They opened with “Smile,” followed by “First Time,” and the “Better Better,” from Moonrise. It was impressive that all members sing and, notably, they sound better live than in their recordings.
Their vocals were crisp and consistent even as they played their respective instruments.
The members took turns in saying the “energy here is amazing,” “you are great, Manila,” “we’ve never seen such an enthusiastic crowd.” DAY6 was visibly surprised at the reception that they received.
“Sorry it took us a long time to come,” said Young K, to which the audience replied “Gwaenchanha” (“It’s alright”).
There were other concert highlights. Jae, wanting to see their fans in the balcony and lodge sections up close, stunned them by going up the second floor during the performance of “Free,” the second to the last song. The crowd appreciated the unexpected fan service. Towards the end, the band thanked the fans and the sincerity of the message was evident.
DAY6 sang in Korean but the audience was singing along in most, if not all, songs. In at least two instances, the band accompanied the crowd as they sang to their heart’s content.
They sang 25 songs — ranging from hard rock to slow tunes and danceable numbers — during the nearly three hour show. VVIP ticket holders had a hi-touch session with the band after the show.
It was good for DAY6 to start small. Kia Theater was a perfect testing ground for the group, which is a newbie to the Philippine K-pop scene. After dipping their feet into what they initially thought was a just puddle of water, they are ready to make a splash by taking on bigger venues such as the Mall of Asia Arena or even the Araneta Coliseum upon their return.
Their time has come.

Your Weekend Guide (October 19, 2018)

Akapela Open

THE Cultural Center of the Philippines (CCP), in cooperation with the Music School of Ryan Cayabyab, presents the Akapela Open International finals night at the CCP Main Theater on Oct. 20, 7 p.m. Akapela Open International is a movement and competition for contemporary a cappella ensemble singing. The finalists are Astrafellas (Baguio), Calafellas (Pangasinan), ConChords (Quezon City), KNKTD (Manila), Mvibe (Quezon Province), PhiSix (Makati City), PSquare (Davao), Sayil (Bulacan), Syncofellas (Bulacan), and Vocalmyx (Cagayan de Oro). Tickets are P200 and are available the CCP Box Office at 832-3704, and log on to www.akapelaopen.com for details.

Healing workshop

FEELING stuck in love, feeling unloved, feeling not beautiful enough, or feeling undeserving of love? Learn how to keep the spark of love alive at The Love Path workshop on Oct. 20. 1 p.m., at Carewell Wellness Center, 6F S&L Bldg., Dela Rosa corner Esteban Sts., Legazpi Village, Makati. Tickets are priced at P4,500 per person. For information, call 0918-888-9198.

INKFest 2018

CHILDREN’S illustrators group Ang Ilustrador ng Kabataan (Ang INK) will hold this year’s INKFest 2018 on Oct. 20 at Fully Booked Bonifacio High Street, Bonifacio Global City, Taguig. The festival is a one-day event featuring talks, artist merchandise, a live art demo, the annual INK exhibit, portrait sessions, and portfolio reviews. For information, visit www.facebook.com/events/163929400980568/ or contact hello@ang-ink.org.

Grand Pet Gala

ROBINSONS Novaliches presents the Grand Pet Gala on Oct. 20. Pet services such as the anti-rabies vaccinations, pet checkup, and pet blessing will be available. Get chance to attend seminars and trainings, join the pet costume contest, and check out the event’s photo booth. Pre-registration is at the mall’s Info Booth located at Level 1, Expansion Bldg. Admission is free. For more information, visit www.robinsonsmalls.com.

Mossimo Kids Fashion Show

FESTIVAL Mall presents “Shop. Play. Party” the Mossimo Kids Exclusive Party and Fashion Show on Oct. 20, 3 p.m., at the Expansion Hall. The event follows the recent Mossimo Kids Casting Call where children aged three to 12-years-old were given the opportunity to take part in a special model shoot and become the next Mossimo Kids ambassadors. Get free invitations, guaranteed seats, and special treats at the Mossimo Kids fashion show for a minimum single-receipt purchase worth P1,500 of Mossimo Kids apparel.

Pinoy Playlist

THE BGC Arts Center and Sun Life Foundation present Pinoy Playlist from Oct. 18-20 at the Maybank Performing Arts Theater in BGC, Taguig City. A celebration of Filipino musical talent across all genres and decades, the show is co-curated by Ryan Cayabyab, Moy Ortiz and Noel Ferrer. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Mamma Mia!

MAMMA MIA!, the popular jukebox musical featuring songs by ABBA, returns to Manila at the Theater at Solaire until Oct. 20. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Rep’s Rapunzel

REPERTORY’s THEATER for Young Audiences and the City of Makati present Rapunzel: A Very Hairy Fairy Tale until Jan. 27 at Onstage Theater in Greenbelt 1, Makati. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Sembreak workshops

THE G-FORCE Project 2018 Sembreak Dance Workshop will be held at the G-Force Dance Center, Expansion Wing of Festival Mall on Oct. 20 and 21 for Batch 2. The workshops from all participating G-Force branches will culminate in a dance concert on Oct. 31 in The Theatre at Solaire.

Farewell performance

BALLET MANILA’s resident guest principals and multi-awarded dance partners Katherine Barkman and Joseph Phillips will perform at the opening gala of Le Corsaire, 6 p.m., on Oct. 20, at the Aliw Theater, CCP Complex. This special show also serves as their farewell performance, as Barkman returns to the US to join The Washington Ballet and Phillips pursues his as an international guest artist. Le Corsaire, one of the most thrilling classic ballets, follows the story of Conrad and his band of pirates as they rescue harem girls from slave traders and the sleazy Sultan Pasha. Le Corsaire will also have a performance on Oct. 21 at 3 p.m. Details on the shows, including ticket prices and schedules are available at www.balletmanila.com.ph. Tickets are also available through all TicketWorld outlets (891-9999, www.ticketworld.com.ph).

Facebook ordered to help Filipino victims of data breach

THE National Privacy Commission (NPC) wants Facebook, Inc. to provide identity theft and phishing insurance for over 750,000 Philippines-based users affected by a data breach last September.
In an Oct. 17 order, the NPC said Facebook’s measures in addressing the effects of the data breach in its website were not sufficient to notify the affected Filipino users in the depth of its impact.
The NPC ordered Facebook to submit a more comprehensive Data Break Notification Report; and notify the affected users.
“(NPC orders Facebook to) provide identity theft and phishing insurance for affected Filipino data subjects, or in the alternative, establish a dedicated help desk/help center for Filipino data subjects on privacy related matters concerning Facebook, located in the Philippines and with a local number, within six months from receipt of this Order,” the commission said.
The NPC also told Facebook to roll out a program to increase awareness on identity theft and phishing among Filipino users.
On Sept. 28, Facebook first reported about 50 million accounts on the website have been affected by a security breach.
The NPC said Facebook informed the commission last Oct. 13 that a total of 755,973 Philippine-based Facebook user accounts may have been compromised.
Information such as e-mail address, phone number, hometown, places recently visited and recent search queries were among those that may have been compromised.
“From the tenor of the document, we now understand that the breach exposed the personal information of persons with accounts… to different degrees. Be that as it may, Facebook contends… there is no material risk of more extensive harm occurring. This Commission does not agree,” the NPC said.
It said Facebook argued the effects of the data breach are only expected to influence a user’s likelihood of getting targeted for professional “spam” operations. But the NPC said Filipinos are not as aware of spam, phishing and identity theft as Facebook users in other developed nations.
Facebook is expected to comply with the demands of NPC in accordance with NPC Circular No. 16-03, which said the full report on the breach should be provided within five days. It also said affected users should be notified within 72 hours. — Denise A. Valdez

What to see this week

3 films to see on the week of October 19-October 26, 2018
Air Strike

Air Strike

SET during World War II, Chinese aviators are trained by a US Army colonel to fight against the Japanese. Meanwhile a hotheaded pilot begs to fly a powerful bomber, and a team of refugees and spies must bring a decoder device through the war-torn countryside. Directed by Xiao Feng, the stars Bruce Willis, Ye Liu, Seung-heon Song, William Chan, Wei Fan, Adrien Brody, and Gang Wu.
MTRCB Rating: R-13
I Still See You

I Still See You

TEN years after an apocalypse leaves a world haunted by ghosts, Ronin receives a mysterious message. She is joined by her classmate as she enters a world that blurs the boundary between the dead and living. Directed by Scott Speer, the film stars Bella Thorne, Richard Harmon, Amy Price-Francis, and Hugh Dillon. The Hollywood Reporter’s Frank Scheck writes, “The ensuing plot machinations involving a murdered young girl, a crazy scientist (is there any other kind?) and a government conspiracy are too convoluted and tiresome to fully relate. Suffice it to say that when one of the major characters is revealed to be a villain, the only thing surprising is that it was apparently intended to be a surprise.” Rotten Tomatoes gives it a measly 13% rating.
MTRCB Rating: R-13
First Love

First Love

RESERVED businessman Nick meets an optimistic photographer Ali who is living with congenital heart disease. Ali challenges Nick’s life decisions and slowly they find themselves fall in love with each other. Directed by Paul Soriano, the film stars Aga Mulach and Bea Alonzo.
MTRCB Rating: G

Management protocols for employee resignations

I was surprised and a bit disappointed when informed of the resignation of my hardworking assistant who has been my executive support for the past 10 years, who joined the company immediately after his college graduation. I thought he was satisfied with the company and our work relationship even though he was not given a chance to advance his career advancement due to certain company policies. It appears he was given a lucrative job offer that we find hard to match in our industry. I’m ready to lose him, but what can I do to make everything smooth for the transition? – Flabbergasted.
A man called the church secretariat and asked if he could speak to the Head Hog at the Trench. The secretary asked: “Who?” The man replied: “I want to speak to the Head Hog at the Trench!” Certain that she had heard it correctly, the secretary said: “Sir, if you mean our Parish Priest, you will have to treat him with more respect and ask for the “Reverend.” But you cannot refer to him as the Head Hog of the Trench!”
At this time, the man responded: “I’m sorry about that because I’m excited to meet him once again after a long time. We were friends in high school. That was a term of endearment given to him by our common friends. Anyway, I have P1 million here that I’d like to donate to the church.” The secretary exclaimed: “Please hold the line. I think the big, fat pig just walked into the office.”
Many times, we forget about respect for people because we believe that material things can make everything possible. While material comfort is a valid concern, success or failure depends to a large extent on relationships.
Sadly, 10 years is a long time for your assistant not to be given any opportunity to advance his career. But I will not dwell on this. Instead, let’s focus on your question which is how to make everything smooth for his transition. But first things first. There’s one major rule that you can’t ignore:
Avoid burning the bridge because you’ll never know when you’ll meet again.
There’s no reason for you to make the terminal days of a resigning employee difficult. You don’t have to have the best boss-subordinate relationship, but you don’t have to be rude. People move around from job to job all the time. For this reason alone, there’s always that chance of meeting your former employee, either face-to-face, if not through social media.
When that time comes, I’m sure that your former executive assistant will know how to reciprocate. Now, here are some suggestions to manage the expectations of your resigned employee:
One, accept the resignation in accordance with company policies. But not until his last day in office. Sometimes, it’s better not to sign any acknowledgment at all. This gives enough time for the resignation to simmer for both of you during the terminal 30-day period. Allow the person to think it over and accept him back if he changes his mind. Otherwise, if you accept the resignation right away, it may leave the impression that you really don’t like him.
Two, congratulate the resigning employee for his new job elsewhere. But not to the extent of giving a left-handed compliment as it’s easy for the receiving person to tell if the congratulations are sincere or not. Demonstrate good faith and without any hard feelings. Being the boss, it’s your responsibility to remain on good terms with all resigning employees, whether they’re good or bad.
Three, acknowledge all the things that he has done for the company. But do not make it appear that recognition was delayed. Don’t make up for any lapses, even if acknowledgements are overdue. It’s too late for that, anyway. A farewell lunch or dinner on the last day of the employee and with other key workers in attendance might go a long way toward easing the pain of the transition and keep the channels of communication open.
Four, ask for assistance for a smooth turnover of his job. Appoint a replacement and require this replacement to be mentored by the resigning worker during the 30-day period as required by company policy. Anticipate any temporary difficulties that may take place during the training as the resigned worker may have his mind focused on his new job. Just the same, agree with the resigned employee that he may be contacted from time to time on extreme cases.
Last, fast-track the release of his clearance and terminal pay. This is one of the most common irritants between a resigning employee and his former employer. If at all possible, ensure that everything is facilitated within a reasonable time line. Also, if requested by the resigning employee, you may issue a favorable recommendation by giving a specific letter that does not sound like it was taken from a template.
With all of this in mind, the challenge is what to do in case your resigned worker comes back to you to reclaim his post. What would you do? There are certain things that you may want to explore, even if the company has a rehiring policy: What would loyal employees think? And what hot skill or talent does the boomerang employee bring back that is not available in your organization?
ELBONOMICS: A resignation letter must contain a hint of “see you soon.”
 
Send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting
Guaranteed anonymity is given for those who seek it.

Ethics: Black, White (or Gray)?

IN celebration of the Golden Jubilee Year of Financial Executives Institute of the Philippines, FINEX launched an ethics book entitled Ethics: Black White (or Gray)? which gathered essays and actual cases from 50 well-known personalities from the government, banking and private sectors.
Last May, Zondie Garcia, FINEX Ethics Committee Chair, asked me to sub-chair the committee of the Ethics book. I immediately accepted because I believe in the project, more so that conflict of interest as a topic was hugging the headlines at that time. Ethics, instead of being simply black (wrong) or white (right) was getting blurry or even gray. And so, an ethics book is relevant and timely.
The book has articles from the Bangko Sentral ng Pilipinas (BSP) — no less than BSP Governor Nestor Espenilla, Jr. (“Continuity Plus Plus: BSP’s Strategic and Ethical Bedrock”), Monetary Board Member Jun de Zuniga (“Rising Above Conflict of Interest”) and Deputy Governors Chuchi Fonacier (“Managing Conflict of Interest: Walking on a Thin Line”) and Diwa Guinigundo (“The Ethics of Being Ethical”); former Securities and Exchange Commission Chairs Tess Herbosa and Fe Barin; from the Institute of Corporate Directors, Dr. Jesus Estanislao who also wrote the preface, and Francis Estrada; from banks: Bankers Association of the Philippines President Nestor Tan, former BSP governor and Philtrust Head Jimmy Laya, ING Head Hans Sicat, Ding Pascual, RPT committee chair of PNB; FINEX members led by 2008 CFO of the year Baby Nuesa (“When Ethics Collide with Culture, We Must Rediscover Shame”); and SharePHIL Chair Evelyn Singson (“The Protection of Minority Shareholders’ Rights”).
Writers from the academe include Miriam President Charito Lapus, UA&P Professor Bernie Villegas and former UP president Fred Pascual; from the insurance industry, Allianz PNB Life President Olaf Kliesow and Sunlife’s Riza Mantaring (“When Doing Right by the Client Hurts”); from former government officials, Communications Secretary Sonny Coloma (“Is There a Right Time to be Ethical?”), Agriculture Secretary William Dar (Ethics and Agriculture — the Right to Food), former Finance Secretary and now Philippine Stock Exchange Chair Jose Pardo (“A Heart for Doing What is Right”).
As most articles were pretty serious, we also have an article from Laurie Jimenez (“When No One is Looking”), GMA 7 director, about when she was still in school and didn’t go with the flow of cheating. From the Filipina circle of CEOs, we have Carol Dominguez, social entrepreneurs Chit Juan (“Can You Do Business with the Poor and Get Rich?”) and Chiqui Escareal Go and accounting head Sharon Dayoan.
A section on the digital space titled Ethical Views on Technology was coordinated by Reynaldo C. Lugtu with articles from PLDT’s FINTQ Lito Villanueva (“Ethical Imperatives in Transformation”), Amihan’s Winston Damarillo, and Urban Chair Tito Ortiz, now a reinvented blockchain advocate. These are just some of the writers and more.
The Ethics book was launched at the BSP (thank you to our dear Governor Nesting!) with DG Chuchi Fonacier as guest speaker. Attendees were mainly the writers/contributors of the book.
Ethics: Black White (or Gray)? hopes that through the stories, examples, and experiences of the writers, it will be a good guide to all of us to decide on what is black or white, what is right or wrong, and not fall in the gray area.
The book, to be distributed to FINEX members and school partners, is dedicated “to everyone who wants to be ethical and do the right things right.”
Of the Ethics book, Dr. Jess Estanislao writes, “the battle for the observance of proper ethical standards is a continuing task of a lifetime. This volume is an invitation to bring integrity and ethics into our daily decisions and actions.”
Bro. Armin Luistro says: “During these turbulent times when our moral compass seems to be misled, the FINEX book on ethics is a must-read.”
 
Flor G. Tarriela is the Chairman of Philippine National Bank. She is former Undersecretary of Finance and the First Filipina Vice President of Citibank N.A. She is Go Negosyo 2018 Woman Intrapreneur Awardee. She is a FINEX Foundation Trustee and an Institute of Corporate Directors (ICD) Fellow.

Where is Dubai crude headed?

Where is Dubai crude headed?

How PSEi member stocks performed — October 18, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, October 18, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — October 18, 2018

NFA import deals face rebid as sellers hold out

THE National Food Authority (NFA) awarded only three rice import contracts on Thursday accounting for 47,000 metric tons (MT), a small fraction of the 250,000 MT it was authorized to order, as most of the 14 bidders made offers far above the agency’s reference price.
Thai Capital Crops Co. Ltd. was awarded 18,000 MT at $426.30 per MT to be landed in Batangas. Vietnam Southern Food Corp. (Vinafood II) won the bid for 15,000 MT at $427.68 MT per MT, to be landed in Tabaco, Albay; and Vietnam Northern Food Corp. (Vinafood I) obtained an order for 14,000 MT at $427.50 per MT to be landed in Iloilo and Bacolod.
NFA’s reference price was $428.18 per MT, while most offers were at $458 to $478.48.
According to NFA Deputy Administrator Judy Carol L. Dansal, the agency will rebid the remaining contracts, subject to discussions by the governing NFA Council.
“We have to report to the Council to address this. We need rice and we need to act immediately. We will have to rebid for the remaining volume,” Ms. Dansal told reporters.
The government has authorized the import of 750,000 MT of rice this year in three batches of 250,000 MT to help bring down rice prices and after typhoon Ompong (international name: Mangkhut) damaged rice-producing areas in Regions I to IV-A and the Cordillera Administrative region.
“It is not a failed bidding. It’s just that not all the volume was taken,” Ms. Dansal said.
The NFA was allocated a total of P6.1 billion to procure 250,000 metric tons of rice earlier this year but in April it rejected bids from Vietnam for 50,000 metric tons of the 15%-broken variety $540/MT, and Thailand for 120,000 MT of 25% brokens at $530/MT.
The NFA reference price was $483.63 for 15% brokens, and $474.18 for 25% brokens.
The rejection of bids depleted the NFA rice inventory, emboldening sellers of more expensive commercial rice. Subsidized NFA rice is typically sold to poorer consumers in order to keep their expenditure on food under control.
Meanwhile, Agriculture Secretary Emmanuel F. Piñol announced that the suggested retail price (SRP) scheme for rice will be implemented by Oct. 23.
Mr. Piñol said 15% brokens will be capped at P40; 25% brokens at P37; domestic regular-milled rice P39; domestic well-milled at P44. The price for so-called premium rice is still under discussion while special rice will have no SRP.
“We really have to rationalize the whole thing and it is really for the protection of the consumers,” Mr. Piñol said.
“There will be no more use of Sinandomeng, no more Dinorado, no more Super Angelica,” according to Mr. Piñol, referring to some names of rice varieties on sale.
An SRP on chicken and pork is also expected to be imposed, but remains under discussion.
“The standard will be farmgate price plus P70 for pork regular cut,” according to Chester Warren Y. Tan, chairman and president of the National Federation of Hog Farmers Inc (NFHFI), noting that the SRP for choice cuts will be determined on Friday.
“The implementation will follow after we agreed to one common SRP to regular cut and choice cut. DA and private sector will also have a meeting with DTI (Department of Trade and Industry) for finalization,” Mr. Tan added.
United Broiler Raisers Association (UBRA) President Elias Jose M. Inciong said: “Our position is farmgate plus P50. It may be implemented next week.”
Chicken farmgate prices currently range from P77 to P84. — Reicelene Joy N. Ignacio

BoI-registered investments rise 19% in first 9 months

PROPOSED projects registered with the Board of Investments (BoI) were up 19% in the first nine months, led by energy projects, Trade Secretary and BoI Chairman Ramon M. Lopez said in a statement on Thursday.
BoI-registered investment during the period totaled P455 billion, against P381 billion a year earlier.
Mr. Lopez said the investment climate received a boost from the upcoming release of the implementing rules and regulations (IRR) for the expanded Ease of Doing Business Act of 2018 and investment road shows in support of the Strategic Investment Priorities Plan (SIPP).
Power projects accounted for P168 billion, up 49% from a year earlier.
Manufacturing followed with P104 billion, up from P36 billion a year earlier.
Transport and logistics projects accounted for P102 billion, up from P15 billion previously.
“Investor confidence in the country remains high. The Philippines continues to attract more investments because the economy is strong enough to withstand challenges on both the domestic and international fronts,” Mr. Lopez said.
The BoI said it remains confident it will achieve its target of 10% investment growth after a record 2017.
“After the record-breaking investment approval figure of P617 billion in 2017, the agency is still pretty confident of hitting its investment target of P680 billion for this year,” Mr. Lopez said.
He added that September investment pledges are at two-thirds of the 2018 target “and the rest of the year should be pretty exciting and challenging due to the deluge of big projects in the pipeline.”
Another measure of investment, foreign direct investment, totaled P37 billion during the period, up from P12.5 billion a year earlier.
The British Virgin Islands accounted for P15.2 billion of the total. This was followed by Indonesia at P6.4 billion; Malaysia, P2.9 billion; Japan, P2.6 billion; and China, P1 billion.
“Our FDIs are clearly feeding off on the momentum of actual FDIs as monitored by the Bangko Sentral ng Pilipinas (BSP),” Undersecretary and BoI Managing Head Ceferino S. Rodolfo.
According to the BSP, actual FDI totaled $6.7 billion in the seven months to July up, 52% from a year earlier.
Pulangi Hydro Power Corp.’s P38 billion project proposal led the power sector. It involves the construction of a 250-megawatt hydroelectric power plant in Bukidnon.
The manufacturing sector’s totals were boosted by Petron Corp.’s P82 billion investment in a condensate processing complex at its refinery in Limay, Bataan. Another major project is the P62.6 billion Liquefied National Gas terminal project of FGEN LNG Corp. in Batangas City with a capacity of 5 million tons per year.
Other manufacturing projects include Bio Renewable Energy Ventures’ P1.8 billion coconut methyl ester and glycerin facility in Misamis Oriental; Biotech Farms, Inc.’s P151 million fiber egg tray project in South Cotabato; and Conibo Organics, Inc.’s P60 million coconut coir project in Camarines Sur.
Totals for the transportation and logistics segment were boosted by Philippine Airlines, Inc.’s purchase of six Airbus A321NEO aircraft worth P19 billion.
The P11.8 billion investment of Cebu Air, Inc. also invested P11.8 billion for five Airbus A321NEOs.
Meanwhile, new hospitals and expansions received strong investment “on the back of strong wellness demand in the provinces.”
Among these are Allegiant Regional Care Hospitals, Inc.’s new P710 million facility in Lapu-Lapu City; Allied Care Experts (ACE) Medical Center’s new P1 billion hospital in Bohol; Healthcaremax Inc.’s P658 hospital unit in Batangas; and Good Shepherd Hospital’s P362 million project to expand its hospital in Panabo City, Davao del Norte.
Central Luzon accounted for P163 billion worth of investment during the period. Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) followed with P126.3 billion and the National Capital Region was third with P61 billion. — Janina C. Lim

Suspension of fuel excise hike still on, but doubts creep in

THE GOVERNMENT will continue with its plan to suspend the scheduled increase in the fuel excise tax in 2019, the Department of Finance (DoF) said, although volatility in the oil futures market is strengthening the hand of officials who want the tax increase to go ahead.
Tax reform legislation permits the suspension of the fuel excise tax hike if Dubai crude, the price benchmark for Asia, averages $80 per barrel or higher for three months.
The benchmark was exceeded starting late September, prompting the government to call for the suspension of the increase even before the three-month trigger period, an indication that it was under pressure to act on rising inflation. Since the suspension was first proposed, futures contracts for Dubai, crude, the benchmark for Asia, have occasionally dipped below the $80 level.
The DoF presented data on Wednesday showing the Dubai futures contracts for November and December delivery falling below $80 per barrel, an indicator of possible price trends for the commodity. The spot price was above $80 at mid-October.
Socioeconomic Planning Secretary Ernesto M. Pernia said on Thursday that in light of the price movements, economic managers are now looking to review the decision to suspend the fuel tax hike.
“Maybe it’s better if we don’t suspend it. We really have to study it seriously first,” he told reporters in a chance interview on Thursday in Manila when asked whether the government will rethink its decision.
“We’ll talk about it,” he said.
Finance Assistant Secretary Antonio G. Lambino II said on Thursday that the decision still stands, although Malacañang has yet to announce the suspension formally.
“The recommendation to suspend stands. We are anticipating a formal announcement from OP (Office of the President). The review will happen at some point next year after the suspension is implemented,” he said in a mobile phone message
Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act (TRAIN), which took effect in January, raised fuel excise taxes by P2.50 per liter this year and is scheduled to add P2/liter and P1.50/liter in 2019 and 2020, respectively, totaling P6/liter. — Elijah Joseph C. Tubayan

DoF says profitable firms enjoyed P86B worth of incentives in 2015

THE Department of Finance (DoF) said profitable companies availed of tax incentives worth P86.3 billion in 2015 while smaller companies paid the full 30% corporate income tax, as the department built its case for rationalizing incentives as proposed in pending legislation.
The DoF said companies that received a total of P86.3-billion worth of tax incentives in 2015 also paid out dividends worth P141.8 billion to their shareholders, based on data from the Securities and Exchange Commission (SEC) and the various investment promotion agencies (IPAs).
“This means that while SMEs (small and medium enterprises), which employ about 65% of Filipino workers in the country, have to pay the steep CIT of 30%, the favored big corporations get sizeable tax breaks that enable them to award huge dividends to their stockholders,” Finance Undersecretary Karl Kendrick T. Chua said.
“Filipino taxpayers are, in effect, subsidizing the lion’s share of the profits earned by a select group of corporations that enjoy already redundant incentives under our convoluted CIT (corporate income tax) system,” he added.
“Such data showing that certain enterprises declared dividends that are way above the incentives they receive from the government prove that many of them are inherently profitable and no longer need such perks for their businesses to prosper here in the Philippines,” he said.
The DoF said in a statement that about 90,000 small and medium-scale enterprises (SMEs) and hundreds of thousands micro enterprises pay the 30% corporate tax rate, which is the highest in Southeast Asia.
It noted that SMEs in the services sector received P31 billion in income tax incentives but only paid out P47 billion in dividends to their shareholders during the same period.
The DoF said that about 645 registered enterprises continue to receive tax incentives after more than 15 years, “proving that investment perks given usually to big or multinational firms — many of them are inherently profitable — have become redundant and unnecessary.”
The DoF is backing the Tax Reform for Attracting Better and High-quality Opportunities (TRABAHO) bill, which rationalizes the incentives regime. It was approved by the lower House on final reading on Sept. 10 but pending at committee-level in the Senate.
The bill seeks to cut the corporate income tax rate gradually to 20% by 2029 via a two-percentage-point reduction every other year starting 2021.
Fiscal incentives will be limited to industries identified in the Strategic Investments Priority Plan (SIPP) and will make them subject to performance benchmarks. Incentives will be harmonized into a single menu, including: a three-year income tax holiday, after which, a special net income tax rate of 17% will be charged starting 2021; deductions for labor, research and development, training, and infrastructure development expenses; and some customs duty exemptions for up to five years. Following this, companies will be taxed at the prevailing corporate tax rate.
Currently, income tax holidays can be as long as nine years, with locators enjoying a 5% tax on gross income earned in lieu of all other taxes in perpetuity.
The DoF said that only 43% of the firms registered with IPAs are “worthy” of receiving tax incentives.
In 2016, the government estimates P178.56 billion in forgone revenue from tax incentives given out to 3,102 firms registered with various IPAs, according to the DoF, a total which is expected to rise 9.77% to P196.02 billion in 2017. — Elijah Joseph C. Tubayan

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