Home Blog Page 11891

Your Weekend Guide (October 12, 2018)

Giant mall sale


ROBINSONS Malls hosts free live shows to be held in time with its Robinsons Malls Giant Sale from Oct. 12 to 17, with a wide array of stores and outlets offering up to 50% off. On Oct. 12, stars from the Kapuso shows My Special Tatay and The Stepdaughters will visit Robinsons Place Pangasinan. At Robinsons Place Lipa, the cast of Halik top-billed by Gab Lagman, Yen Santos, Sam Milby, Yam Concepcion, Jane de Leon and JC Alcantara will be coming over on Oct. 13. At Robinsons Place Palawan, Ika-5 Utos stars Migo Adecer, Inah de Belen, Jake Vargas, Jeric Gonzales and Klea Pineda will be entertaining their fans on Oct. 13. They will also be visiting Robinsons Place Malolos together with actress Marika Sasaki on Oct. 14. At Robinsons Starmills Pampanga, a Kapuso Mall Show with the stars of My Special Tatay will be held on Oct. 14, with a special performance from JBK The Millenial Trio. There will also be the ABS-CBN Star Hunt: The Kapamilya Grand Auditions at Robinsons Place Ilocos from Oct. 13 to 14. On Oct. 13, December Avenue will be performing at Robinsons Place Antipolo while Silent Sanctuary will be at Robinsons Place Naga. The latter will again perform Robinsons Metro East on Oct. 14. For details on Robinsons Malls’ latest offerings and promos, visit www.robinsonsmalls.com.

Breast Cancer Awareness

ARANETA Center goes pink this month to raise awareness about breast cancer and show support to patients and survivors. Since October is Breast Cancer Awareness Month, Araneta Center has painted its pedestrian lanes pink. There will also be a breast cancer awareness event, Beauty and Bravery: Empowering Women Against Breast Cancer, on Oct. 14 at the Gateway Mall activity area featuring inspirational and self-care talks. Dr. Claire Soliman, president of Philippine Society of Medical Oncologist, will talk about breast cancer, its causes, prevention, and treatment, while breast cancer survivor Gertrudes Calderon will share her story. Meanwhile, Kundalani Yoga teacher Tet Bachmann will discuss techniques on managing daily stress and resisting illness. Aside from the talks, the Philippine Cancer Society will offer free breast exams. Attendees can have their hair colored with washable pink dye for free at the event. For more information and other Araneta Center updates, follow @TheAranetaCenter on Facebook.

Weekends at Shang

THE EDSA Shangri-La Manila will hold a Travel Voucher Sale at the Level 4 hallway fronting Muji on Oct. 12 to 14 and one can visit the Thai Airways Travel Fair at the Grand Atrium for special offers on trips to Thailand and other destinations. Rising local star and former IV of Spades member UNIQUE will also be performing on Oct. 13, 7 p.m., at the East Atrium.

Bridal fair

SHANGRI-LA at the Fort, Manila hosts the Bridal Lounge, a wedding pop-up display at the hotel lobby’s Level 2 which will be open from Oct. 13 to 26, 9 a.m. to 6 p.m. daily. Couples who confirm their wedding at the Bridal Lounge from Oct. 13 to Nov. 8 will receive exclusive privileges applicable to their event.

Pinoy Playlist

THE BGC Arts Center and Sun Life Foundation present Pinoy Playlist until Oct. 20 at the Maybank Performing Arts Theater in BGC, Taguig city. A six-day 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).

Guadalupe The Musical

JULIE Borromeo’s Performing Arts Foundations presents Guadalupe The Musical at the Meralco Theater until Oct. 14. With book and lyrics by Joel Trinidad and direction by Baby Barredo, the story is based on the apparition of the Virgin Mary to peasant Juan Diego in Mexico in 1531. For tickets and schedules, contact TicketWorld (www.ticketworld.com.ph, 891-9999).

Mamma Mia! returns

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. 13, 14, 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.

Habi Trade Fair

SOME of the finest examples of Philippine-made textile products take center stage at this year’s HABI trade fair. The three-day trade Woven Voyages: 8th Likhang Habi Textile Fair 2018 will take place at the Activity Area of the Glorietta Mall in Ayala Center, Makati City on Oct. 12 to 14. It is open to the public. More than 80 exhibitors will take part this year, making it HABI’s biggest trade fair to date. And for the first time, the show will include textile exhibitors from the ASEAN region, namely, the weaving communities of Brunei, Indonesia, Myanmar, Malaysia, and Vietnam. The fair includes a fashion show highlighting the woven fabrics in designs by Patis Tesoro, Len Cabili of Filip+Inna, LARA Samar, Jor-el Espina, Boy Guino-o of Alfonso Davao, Twinkle Ferraren, Malaysian designer Edric Ong, and Laura Fontan of Vietnam fashion house Chula. There will also be an exhibit featuring the textile art of Filipina-French artist Olivia d’Aboville, and the works of the winners of the Lourdes Montinola Weaving Competition. There will also be workshops and lectures on sustainability, and a tribal food lounge. On Oct. 12, there will be a talk on Junknot Upcycling: Building a Sustainable Future at 2 p.m., followed at 3 p.m. by The Starving Artist: Building a Neighborhood through Public Art, Food and Culture, and a performance by KontraGapi at 5 p.m. On Oct 13, the events are Learn the Art of Lumban Piña Embroidery at 11 a.m.; a performance by the St. Scholastica School at noon; Learn the Art of T’boli Embroidery at 1 p.m.; Manila Seed Kit: How to Grow Philippine Cotton at 2 p.m.; Tarduguk Sama Cultural Troup performance at 3 p.m.; the Lourdes Montinola Piña Weaving Competition Award at 4:45 p.m. followed at 5 p.m. the the Woven Voyage fashion show. On Oct. 14, at 11 p.m., there will be two simultaneous events at two stages, the Learn the Art of T’boli Embroidery talk and Fashion Revolution. At 1 p.m. there will be a show, Dita Sandico: Journey Beyond Fashion, at 2 p.m.; Cold Dye Shibori, 3 p.m.; Learn the Art of Lumban Piña Embroidery; 4 p.m. Tarduguk Sama Cultural Troup performance followed at 5 p.m. with a workshop on Sama dance; and also at 5 p.m., Clothes Styling with Twinkle Ferraren.

Prudential Guarantee opens in Davao

Prudential Guarantee and Assurance, Inc. (PGA), the leading non-life insurance company in the Philippines, recently inaugurated its new branch office in Davao City, led by PGA Chairman Robert Coyiuto, Jr. (second from right) with brand ambassador Sebastian “Baste” Duterte (third from right). Also in photo are (from left to right): PGA President and CEO Atty. Celestino L. Ang, PGA Vice-President Prudencio T. Coyiuto, PGA Senior Vice-President Samuel G. Coyiuto, PGA AVP-Davao Branch Nellida K. Dalapo and PGA Vice-President Anthony G. Sy.

Food and sin products continue to weigh on inflation

Food and sin products continue to weigh on inflation

How PSEi member stocks performed — October 11, 2018

Here’s a quick glance at how PSEi stocks fared on Thursday, October 11, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — October 11, 2018

PHL missing out on investment amid US-China tensions — PEZA

THE Philippines is missing out on the opportunity to attract investors during a period of trade tensions between the United States and China, due to uncertainty surrounding the country’s tax incentive regime, the head of the economic zone regulator said.
“TRAIN 2 (or package two of the Tax Reform for Acceleration and Inclusion law) is really badly timed. You know why? Because of the trade war between US and China,” Philippine Economic Zone Authority (PEZA) Director-General Charito B. Plaza told reporters on the sidelines of an awards event in Makati City on Wednesday evening.
“I have received many expressions of intent from companies in China looking to transfer to the Philippines so they can export to the US and Europe,” she added.
The Philippines benefits from US and European Union generalized system of preferences programs or preferential tariffs allowing selected developing countries to pay reduced or zero duties on exports, making it an attractive export base for manufacturers taking cover from the trade war, she said.
The potential relocators that have approached PEZA are engaged in manufacturing, information technology-business process outsourcing, and other industries. She said they remain wary of the Philippines pending the passage of the second phase of tax reform, which is known in Congress as the TRABAHO bill.
She said the investors are also considering other Southeast Asian countries like Indonesia and Vietnam which enjoy similar GSP privileges and offer lower costs for power and labor.
In a mobile message, Trade Secretary Ramon M. Lopez said his department had received at least four inquiries to relocate here, including a bag manufacturer a manufacturer of bags.
The Confederation of Wearable Exporters of the Philippines confirmed receiving such interest at midyear, losing out to Myanmar.
“There was one that was supposed to come here in the fourth quarter of the year They pulled out and they went to Myanmar. That’s about 2,500 workers,” Teresita Jocson-Agoncillo, executive director of CWEP, said in a phone interview.
“It did not go through because of all our uncertainties,” she added.
Ms. Jocson-Agoncillo said the Philippines is currently unable to compete with Myanmar, whose apparel exports are about $3 billion annually, against the $1.02 billion posted by the Philippines last year.
Ms. Plaza said incentives are one way for the Philippines to make up for its infrastructure deficiencies.
“We have a lot of deficiencies on infrastructure, it infrastructure. Our power costs are one of highest. The thing that attracts investors now is incentives,” Ms. Plaza added.
She added that some PEZA locators are preparing to move operations out of the Philippines once the tax reform bill rationalizing incentives is passed.
“They are now preparing to transfer because they are multinationals, they have other branches. It’s easy for them to transfer,” Ms. Plaza said, without naming any companies.
During her speech at the 27th Business Journalism Awards of the Economic Journalists Association of the Philippines, Inc., Ms. Plaza also revealed her plan to take the matter up with President Rodrigo R. Duterte.
“Enough of the scolding, enough of the bullying from other leaders of government… I am now very vocal (about) not pushing through with TRAIN 2,” Ms. Plaza said.
On the sidelines, Ms. Plaza said PEZA has given up trying to plead its case to the Cabinet’s economic managers.
“The technocrats like the DoF (Department of Finance) people see it differently… All they are thinking is where to get taxes,” Ms. Plaza said.
She said Finance Undersecretary Karl Kendrick T. Chua’s “exposure to the realities on the ground is not credible.”
Ms. Plaza has sought an appointment with President Rodrigo R. Duterte.
“I still hope the President will understand, especially now with inflation,” which she claims was caused by excise taxes imposed under TRAIN 1. “The President, I think will listen,” Ms. Plaza said. — Janina C. Lim

Sin tax hike may fund universal healthcare law

SENATOR Joseph Victor G. Ejercito is looking to increase so-called “sin taxes,” particularly on tobacco products, as a source of funding for the implementation of the universal healthcare (UHC) bill in the next years.
During the Kapihan sa Senado media forum on Thursday, Mr. Ejercito said the budget for the program’s first year of the implementation was sufficient but he is worried about funding in succeeding years as more Filipinos register under the program. The proposed measure seeks to provide automatic health insurance coverage to all Filipinos whether as direct or indirect contributors to the Philippine Health Insurance Corp. (PhilHealth).
“Maybe in the first year, it looks like the budget could cover it but I would think in the second or third year, it may be inadequate. That’s why I will still push for additional possible revenues, particularly this sin tax. Maybe we can raise it, particularly the tobacco tax,” he said in a mix of English and Filipino.
“I still feel that we have room to increase because we raised the sin tax in 2012. If we compare prices of tobacco products with the rest of Asia, ours is the lowest and the cheapest. As chairman of the committee on health, I would want to hit two birds with one stone so let’s do this as a revenue generating measure to raise (sin taxes),” he added.
Mr. Ejercito estimated the funding required for the program’s first year of implementation at P200 billion. PhilHealth has said 93% of Filipinos are already covered by health insurance.
The UHC bill was approved on third and final reading in the Senate on Wednesday while its counterpart measure in the House of Representatives was passed on Sept. 6, 2017.
Under the bill, the funds collected from the Philippine Charity Sweepstakes Office (PCSO), the Philippine Amusement and Gaming Corp. (PAGCor), the incremental sin tax collections from tobacco and alcohol products, and the sugar tax will be pooled for the universal healthcare program.
In a statement, Senate President Pro Tempore Ralph G. Recto, principal author of the bill, said the funds collected from various sources come on top of the regular annual appropriations for the Department of Health (DoH), PhilHealth as well as the mandates and programs under the UHC.
“The bill earmarks a raft of funding sources… It cannot be reduced. We are benchmarking the minimum funding requirements,” Mr. Recto said.
Several measures have been filed in Congress seeking to raise sin taxes, especially on tobacco. Senate Bill No. 1599, introduced by Senator Emmanuel D. Pacquiao, proposes to increase the unitary cigarette tax to P60. Meanwhile Senate Bill No. 1605, authored by Mr. Ejercito, sets the excise tax to P90. Both measures remain pending at committee level.
Following the passage of the health care bill in the Senate, Mr. Ejercito said both chambers of Congress plan to hold their bicameral conference committee discussions next week, after the filing period for certificates of candidacy (CoCs) for the 2019 midterm elections. — Camille A. Aguinaldo

ADB backs move away from ‘paper-based’ SALN administration

THE ASIAN Development Bank (ADB) called for more automation in monitoring officials’ wealth in coordination with banks and land registries, and affirmed the need to maintain the requirement for civil servants to file Statements of Assets, Liabilities and Net Worth (SALN).
“While the SALN administration in the Philippines has an enormous paper-based workload associated with it, and the rate of prosecution is low, it is better to have it than not. Within the existing framework, improvements to the system could be made through automation and data matching with banks, property registries, and other third parties, much like a tax administration does to detect risk in taxpayers,” it said.
“If such systems’ functionality within a tax authority already exists for taxpayers’ wealth checks, it could be extended to the financial affairs of tax officials,” the ADB added.
It added that technical training packages for Philippine revenue officials should also address management skills, apart from upgrading their core revenue-generating skills.
“Corporate services such as human resources and training within a tax authority are often overlooked when technical assistance is provided, with emphasis on revenue-producing areas such as audit, collection, ICT (information and communications technology), or indeed, tax policy areas such as expanding the tax base, rationalizing incentives/exemptions, and changing rates,” the ADB said in a report, “Tax and Development Challenges in Asia and the Pacific.”
“Apart from technical skills, it is equally important to pay attention to ‘soft skills,’ such as communication, leadership, and strategic planning, which are vital to the success of a tax authority,” it added.
The regional lender provided a $1 million technical assistance loan in 2013 to help raise tax revenue.
The program, which ADB described as “successful,” helped the Bureau of Internal Revenue (BIR) establish a new staff training system for newly-recruited officials.
It provided assistance on international best practices for staff training and tax administration; a training strategy and medium-term training plan; the training of lecturers, and new training courses for recruits.
“There is considerable value to be realized from investment in the training function, in terms of domestic revenue mobilization,” it said.
It also noted the training function can “promote messages of anti-corruption, desired behavior, and ethics,” which could be incorporated into management training and existing courses.
The government in February launched the Philippine Tax Academy (PTA) for tax collectors and administrators and selected applicants from the private sector.
Republic Act No. 10143 of 2009 states that all existing officials and personnel of the Bureau of Internal Revenue, Bureau of Customs, and the Bureau of Local Government Finance shall be required to undergo the “re-tooling and enhancement seminars and training programs to be conducted by the Philippine Tax Academy” and that all applicants to these bureaus should “pass the basic courses before they can be hired whether on contractual or permanent status.” — Elijah Joseph C. Tubayan

DENR’s Boracay inspectors to be equipped with US-backed technology

THE Department of Environment and Natural Resources (DENR) said it will adopt a US-funded system to track the activities of environmental inspectors on the resort island of Boracay.
It said the system is known as the Lawin Forest and Biodiversity Protection System.
Lawin was introduced to the Philippines through the Biodiversity and Watersheds Improved for Stronger Economy and Ecosystem Resilience (B+Wiser) Program of the DENR, in partnership with the United States Agency for International Development (USAID), which is about to be completed this year.
According to DENR Assistant Secretary Corazon C. Davis, the program will be continued by the national government as it is funded under the P800 million appropriation for forest protection under the 2019 General Appropriations Act (GAA).
“The program will not end because it has gone mainstream. It will be continued and in fact, it has been adopted by the Department,” Ms. Davis told reporters in Pasay City.
“We are looking at the technology not only for biodiversity and forest protection, but also for pollution control. We are reviewing how to apply the system,” Ms. Davis added.
Boracay is scheduled to re-open on Oct. 26, after it was closed for six months for rehabilitation due to severe water pollution.
Alongside upgrades to the system of removing solid waste from the island, the government imposed limits on tourist numbers and required beachfront hotels to have their own water treatment systems.
Lawin allows inspectors to use tablets or smart phones to directly record geo-referenced observations on habitat, wildlife, trees, threats and illegal activities, which will be uploaded for data analysis and mapping.
Lawin also records the number of hours inspectors are on patrol, the effort exerted and the distance covered.
“We, the national government through the DENR, decided to mainstream and institutionalize this technology in all the programs of the DENR,” Ms. Davis said.
According to Ms. Davis, every foreign-assisted project is an opportunity for the Philippines to improve its systems by transferring technology from other countries.
“We look at foreign-assisted projects as an opportunity to innovate in terms of policies… Protecting natural resources, our natural heritage, is the greatest value of this program,” Ms. Davis said.
“We are thankful to USAID for providing this partnership primarily because it is trailblazing in a sense that we use technology to enhance forest protection activities,” according to Ms. Davis. — Reicelene Joy N. Ignacio

New threats and old making life difficult for network security

CYBERCRIMINALS are rolling out new methods of penetrating data systems associated with the growing popularity of cryptocurrency mining, though older methods linked to decades-old work software remain relevant threats, network security firm Trend Micro Inc. said.
The Japanese company said a recent study found that while cryptocurrency mining malware has emerged to accompany the spread of digital currencies, but some of the threats remain old and familiar, like worms or macros, increasing the scope of vulnerabilities that information technology (IT) professionals need to protect against.
“According to the Frost and Sullivan study… we need (more) cybersecurity engineers to help address the growing challenge of cybercrime more than ever because as you know we are becoming more and more… interconnected… It means a lot of opportunity for us, but at the same time those opportunities are seen by cybercriminals and threat actors as well,” according to Paul J.S. Oliveria, Trend Micro’s technical communications lead for core technology.
Some threats have been around for a while, like macros, which are typically used in Microsoft Office documents. Mr. Oliveria associated their resurgence with Microsoft’s redesign of Office which no longer enabled macros by default.
“What they are trying to do is… ask people to enable them… It’s not necessarily detectable because it arrives in your computer as a Word document.”
Fileless malware is one of the biggest current challenges, the company said. In this scenario, hackers penetrate a system and leave no trace behind, leaving the target totally unaware.
Mr. Oliveria said vulnerabilities need to be addressed by regularly updating devices, changing default credentials and stay updated on common attacks.
“As we become more and more connected… the challenge now is to how to become more intelligent when an attack happens… How can we address these challenges in order for us to secure the information?” Mr. Oliveria said. — Vincent Mariel P. Galang

Japanese firm evaluating possible new applications for Philippine banana fiber

THE Philippine Fiber Industry Development Authority (PhilFIDA) said it will deliver a trial shipment of banana fiber to a Japanese company looking to order as much as 2,000 metric tons from the Philippines.
It said the trial shipment is 10 kilos and will be evaluated at the company’s facilities.
“The 10 kilos of banana fiber they requested from Region 10 will be sent within the month for lab tests/research,” PhilFIDA Executive Director Kennedy T. Costales said in a text message on Thursday.
According to Mr. Costales, the company, which he did not identify, is looking for a lighter fiber for various applications including papermaking.
He said the company has expressed interest in a possible volume order of 2,000 MT of banana fiber. The prevailing prices for fiber are about P50-P70 per kilo.
Mr. Costales, in a Facebook post, said the country has the capacity for servicing any new banana fiber applications because it is home to many banana varieties, which are known by their market names of saba, lacatan, latundan, bungulan, Cavendish, morada, pitog Los Baños, señorita, tindok, gloria, ganda and tumok.
“The country has nearly 447,000 hectares of land under banana plantations, majority of which is in Northern Mindanao, North and South Cotabato, Bukidnon, and the Bicol region. This can generate 307,000 tons of banana fiber or an average of 686.80 kilos per hectare per year,” according to Mr. Costales. — Reicelene Joy N. Ignacio

FoI compliance being pushed on local government units

THE Department of Interior and Local Government (DILG) and the Presidential Communications Operations Office (PCOO) have instructed local government units (LGUs) to implement freedom of information-compliant practices in accordance with Executive Order No. 2, citing the need to better deter corruption.
“Let us be a part of the movement to eliminate corruption at the local level. Freedom to access information in the LGUs is freedom from corruption,” said DILG Secretary Eduardo M. Año in a statement released Thursday.
Mr. Año said the two government agencies issued a joint memorandum circular to that effect.
“If a local government has nothing to hide, opening up local information for public consumption would not be an issue,” he added.
The FoI Executive Order was issued on July 23, 2016, requiring more comprehensive disclosure from members of the executive branch.
The joint memorandum circular instructs local executives to initiate procedures for the processing of requests for access to information, and remedies in case of requests that are denied, among others.
It also instructed them to look into a fee structure for FoI requests, record-keeping and protecting the privacy of applicants.
Mr. Año said the joint memorandum also calls on LGUs are encouraged to adopt the “disclose to one, disclose to all” policy for information released through the observance of FOI and proactively disclose information not included in their inventory of exceptions.
“It is important we get a positive response from local governments to adopt FoI because it is an opportunity to safeguard the national treasure and to monitor the wealth of officials,” he said. — Vince Angelo C. Ferrera

Finance dep’t sees 2018 GDP up 6.5%

FINANCE Secretary Carlos Dominguez said the economy will sustain growth exceeding 6% this year, as investment and infrastructure spending help counter the impact of higher interest rates.
“We’re confident that we can weather the storms but we’re not complacent,” Dominguez said in an interview with Bloomberg Television in Bali on Thursday, when asked about inflation. “Definitely, rising interest rates will have a detrimental effect on our growth prospects but we’re still expecting around 6.5% growth for the whole year.”
Economic growth slowed to a three-year low of 6% in the second quarter, with the government set to report third-quarter data on Nov. 8. The Philippines is battling surging prices and a weakening currency that’s forced the central bank to raise interest rates by 150 basis-points since May.
Mr. Dominguez, a member of the central bank’s Monetary Board, said future actions will depend on the data. Deputy Governor Diwa C. Guinigundo on Wednesday said policy makers are ready to tighten monetary policy further if needed.
“We will act appropriately depending on what the data shows,” Mr. Dominguez said. “If more aggressive actions are required, we will take it. If not, we will ease off.”
Higher tax revenue and “a tremendous amount” of loans from China, Japan and South Korea will help the Philippines fund its infrastructure program that’s counted on to cushion the economy from risks such as the trade war, Dominguez said. The Philippines had aspired for a 7% to 8% growth this year, which is no longer attainable, according to at least two economic officials.
Inflation accelerated to 6.7%in September, the fastest pace in more than nine years. The peso has lost about 8% this year, among the worst performers in Asia. The benchmark stock index is heading for its lowest level since December 2016 after a record streak of foreigners’ withdrawals.
The government is comfortable with the current level of the peso as it absorbs shocks, Mr. Dominguez said. “We don’t want these pressures to build up and not be reflected in the interest rates or the exchange rate,” he said.
The government has enough funds and can afford to continue rejecting bids from investors seeking higher rates on bills and bonds, Mr. Dominguez said.
The Bureau of the Treasury sold just about half of the 90 billion pesos ($1.7 billion) of government securities offered in September, as banks sought higher yields. The government is turning to global investors with a plan to sell $1.5 billion of dollar bonds and up to $500 million of debt denominated in euros or Swiss francs. — Bloomberg