Home Blog Page 12639

Peso rebounds amid BSP rate hike bets

THE PESO strengthened slightly against the dollar on Tuesday as the faster inflation print last month increased the probability of a rate hike by the Bangko Sentral ng Pilipinas (BSP).

The local currency ended yesterday’s session at P51.46 against the greenback, five centavos stronger than Monday’s P51.51-per-dollar finish.

The peso opened weaker at P51.65 against the dollar, which was also its worst showing yesterday. Its close was also its intraday high.

Dollars traded slid to $920.3 million from the $981.1 million that switched hands in the previous session.

“The peso recovered slightly [yesterday] amid mixed signals domestically and abroad,” Guian Angelo S. Dumalagan, market economist of Land Bank of the Philippines (Landbank), told BusinessWorld in an e-mail, adding that the peso initially strengthened in the morning session on the back of faster inflation print. 

Data from the Philippine Statistics Authority showed inflation in January quickened to 4%, faster than the 3.3% reading in December and the 2.7% print in the comparable year-ago period.

The January figure was also the fastest reading in more than three years or since October 2014’s 4.3%.

BSP Governor Nestor A. Espenilla, Jr. said the faster January inflation was driven by the recently passed tax reform law as well as higher food and oil prices.

Meanwhile, Mr. Dumalagan added that the faster inflation print in January “[increased] the possibility of some hawkish moves from the BSP on Thursday during its monetary policy meeting.”

“The likelihood of a tightening move at Thursday’s meeting has increased significantly,” Jose Mario I. Cuyegkeng, senior economist at ING Bank-Manila branch, also said.

However, Ruben Carlo O. Asuncion, chief economist of UnionBank of the Philippines, said: “I do not think that BSP will tweak monetary policy until first half of 2018.”

Landbank’s Mr. Dumalagan noted that the peso’s gain was, however, “partly erased by…better-than-expected US non-manufacturing data and last Friday’s upbeat US labor reports.”

In a report from Reuters, the US non-manufacturing activity index jumped 3.9 points to 59.9, the highest reading since August 2005. A print above 50 indicates expansion in the services sector, which comprise more than two-thirds of the US economy.

In addition, US created 200,000 jobs last month, higher than the market consensus of 180,000 jobs and the 148,000 jobs booked in December.

“These strong US reports increase the chances of another US rate hike next month,” Mr. Dumalagan added.

For today, UnionBank’s Mr. Asuncion sees the peso moving between P51.20 and P51.50, while Landbank’s Mr. Dumalagan said the local currency “will continue to move sideways.”

“Bets of a hawkish BSP policy meeting are expected to support the peso, but expectations of some hawkish signals from Fed Bullard and Fed Dudley may prevent any massive peso appreciation,” Mr. Dumalagan said. — Karl Angelo N. Vidal

Pence signals openness to talks with North Korea at Olympics

ANCHORAGE, ALASKA — US Vice-President Mike Pence declined to rule out talks with North Korean officials while attending Winter Olympics events in South Korea, even as he urged the isolated regime to abandon its nuclear program.

“I haven’t requested any meeting, but we’ll see what happens,” Mr. Pence told reporters at Elmendorf Air Force Base, Alaska, before departing for Tokyo. “My message — whatever the setting, whoever’s present — will be the same. And that is that North Korea must once and for all abandon its nuclear weapons program and ballistic missile ambitions.”

Mr. Pence said the purpose of his trip to Japan and South Korea was to make sure North Korea didn’t use the event to paper over truth about its regime, adding that the US would “be telling the truth about North Korea at every stop.”

He will be ready with some counter-programming when the two Koreas enter the Olympic opening festivities together under one flag. Beside the vice president in the stands will be the father of Otto Warmbier, the American student who died last year after being jailed in North Korea — a stark reminder of the cruelty undergirding Kim Jong-Un’s regime, an administration official said.

POLITICAL OLYMPICS
The televised stare-down Friday will add to the drama at the opening ceremony for the Winter Olympics in South Korea, as President Moon Jae-in tries to manage tensions between Washington and Pyongyang. During Mr. Pence’s week-long trip to Asia, Mr. Pence will also encounter friction between Tokyo and Seoul on North Korea and historical issues, as he seeks to counter the isolated regime’s provocations and propaganda.

While South Korea has eagerly engaged in talks with Mr. Kim’s regime, the White House has remained skeptical. The ongoing talks — and the decision by both countries to march together under a single flag during the opening ceremony — could be used by Mr. Kim to spread propaganda, officials have said.

North Korea’s athletes came to South Korea on Feb. 1, with the rest of the delegation arriving later this week. Pyongyang will also send a cheering squad, reporters and an art troupe.

“They do want to send out strong messages to counter North Korea’s propaganda arm,” said Patrick Cronin, director of the Center for a New American Security’s Asia-Pacific security program. “North Korea is made for propaganda — it’s a propaganda state in many ways. Look at the delegation that they’re sending — it’s not filled with athletes. It’s filled with celebrities and orchestras.”

EAST ASIAN TENSIONS
The North Koreans have sought to portray themselves as a rational nuclear power pursuing diplomacy while the US stokes the flames of war. Foreign Minister Ri Yong Ho sent a letter to the United Nations last week asking the body to recognize “improved inter-Korean relations,” North Korea’s state-run news agency reported.

The letter accused the US of seeking to make a preemptive military strike against North Korea, even as the country pursues diplomacy with South Korea and prepares to compete alongside its southern neighbor in the Olympic games.

Mr. Pence will also have to balance the delicate relationship between Mr. Moon and Japanese Prime Minister Shinzo Abe, who approach the North Korea threat differently. While South Korea has dubbed the Olympics the “peace games,” Japanese officials have said they are skeptical of Kim’s motives.

“In general we welcome such atmosphere of the dialogue but at the same time our position is that we should be more realistic,” Takehiro Shimada, minister for Communications and Cultural Affairs of the Japanese Embassy in the US, said in an interview. “Because towards North Korea we have a long history of negotiations and we have experienced lots of betrayal from the North Korean side.” — Bloomberg

Beijing holds successful missile defense system test

BEIJING — China said Tuesday it successfully conducted a test of a ground-based missile defense system amid rising tensions on the Korean peninsula.

Concern over a potential conflict with nuclear-armed North Korea is growing following a series of bellicose statements between Washington and Pyongyang.

Monday’s test of the mid-range missile system “achieved its anticipated goal” according to a brief statement by the Chinese defense ministry.

“This test was defensive. It does not target any country,” it added.

The US has deployed a missile defense system, known as THAAD, in South Korea to guard against threats from North Korea, despite objections from Beijing, which considers the installation a threat to its own security.

Secretary of State Rex W. Tillerson and Defense Secretary Jim Mattis have been pushing a diplomatic strategy to convince North Korean leader Kim Jong-Un to come to the table and negotiate away his nuclear weapons.

But other senior figures in the Trump Administration have reportedly endorsed the idea of a “bloody nose” strike to damage Mr. Kim’s nuclear sector and show the US means business, hopefully without provoking a wider war.

Mr. Trump’s pick for ambassador to South Korea, Victor Cha, was dropped after refusing to endorse the idea, according to a recent article in the Washington Post.

During last week’s State of the Union address, Mr. Trump warned that Pyongyang’s weapons program “could very soon threaten our homeland.” — AFP

Indonesia declares Papua measles outbreak over

JAKARTA — A deadly measles-and-malnutrition outbreak that killed scores of children in Indonesia’s remote Papua province is over, authorities said. Official figures showed a total of 72 children died while hundreds more were sickened as a result of the “extraordinary” outbreak, which hit several isolated communities in Papua’s Asmat district between September 2017 and Feb. 4, local officials said.

No new measles cases had been identified following the deployment of military and medical teams to the region last month. “The extraordinary status of the measles event has been revoked and is over,” Asmat district chief Elisa Kambu said in a letter dated Monday. No figures were given for the number of children sickened but earlier official figures said the number topped 800. The statement marks a de-escalation of a health crisis first made public in mid-January that highlighted a severe lack of medical care and other basic services in a far-flung island region. — AFP

Body part after army helicopter crash found

TOKYO — Japanese authorities said Tuesday they had recovered a body part during the search for a crew member missing in a deadly military helicopter crash in the country’s southwest. The Apache helicopter crashed Monday in a residential area in Saga province, killing co-pilot Hiroki Takayama and leaving lead pilot Kenichi Saito missing. “We were informed that a body part was found. But we’re still confirming the identity of the body part,” a defense ministry spokesman told AFP. The helicopter crashed in Saga prefecture seven minutes after takeoff, slamming into and setting on fire a house that was completely destroyed in the accident. An 11-year-old girl was in the house at the time, but survived with minor injuries. Video footage captured by a camera in a nearby car showed the helicopter dropping from the sky almost vertically, with its nose pointing directly towards the ground. The AH-64 Apache attack helicopter was conducting a test flight after routine maintenance at the time of the accident, and had taken off from a Self-Defense Forces (SDF) base, according to the defense ministry. There has also been a string of accidents involving US military helicopters that have fueled opposition to their presence in the country. — AFP

UK court to rule on Assange arrest warrant

LONDON — A British court is to decide Tuesday whether to lift a UK arrest warrant for Julian Assange, potentially paving the way for the WikiLeaks founder to leave the Ecuadorian embassy in London where he has spent the last five years. If the court rules in Mr. Assange’s favor, allowing him to leave the embassy in the British capital without fear of arrest, it would be the first time that he has stepped outside embassy grounds since seeking asylum there in June 2012. Mr. Assange entered the Ecuadorian embassy to dodge a European arrest warrant and extradition to Sweden over a 2010 probe in the Scandinavian country into rape and sexual assault allegations. Sweden dropped its investigation last year, but British police are still seeking to arrest Mr. Assange for failing to surrender to a court after violating bail terms during his unsuccessful battle against extradition. Mr. Assange only very rarely emerges on the balcony of the embassy building, citing concerns for his personal safety, but frequently takes part in media conferences and campaigns via video link. Earlier this month, Ecuador said it had granted citizenship to Mr. Assange, born in Australia, and asked Britain to recognize him as a diplomat in an unsuccessful attempt to provide him with immunity and usher him out of its embassy without the threat of arrest. But London swiftly rejected the move. “Ecuador knows that the way to resolve this issue is for Julian Assange to leave the embassy to face justice,” the British government said. — AFP

Trump lawyers want him to refuse Russia interview

WASHINGTON — US President Donald J. Trump’s lawyers have urged him to refuse to sit down with Special Counsel Robert Mueller as part of the probe into his campaign’s ties with Russia, The New York Times reported Monday. However, Mr. Trump himself has repeatedly stated that he would like to speak with Mr. Mueller about the ongoing investigation, which is examining his campaign’s possible collusion with Russia over election interference, and possible obstruction of justice. “I’m looking forward to it, actually,” Mr. Trump told reporters at the White House last month, though adding: “subject to my lawyers and all of that.” The president said he would even testify under oath. While Mr. Mueller’s questioning would not be under oath, it is a crime to lie to federal investigators. The New York Times cited four people briefed on the matter as saying the president’s lawyers are concerned that he could be charged with lying to investigators, as he has previously made false statements and contradicted himself. A refusal could lead Mr. Mueller to issue a subpoena for the president to testify before a grand jury, with a court fight that would be decided by the US Supreme Court. — AFP

PHL stocks extend decline, joining global sell-off

By Arra B. Francia, Reporter

SHARES continued to tumble on Tuesday as global markets continued their sell-off on fears of faster rate hikes from the United States Federal Reserve.

The bellwether Philippine Stock Exchange index (PSEi) dropped to the 8,500 level yesterday, shedding 0.76% or 65.58 points to 8,550.42. The market fell by more down 200 points intraday, hitting a low of 8,379.83 before paring losses at the closing bell. 

With this, the index has already wiped out more than 500 points from its record high of 9,058.62 last Jan. 29.

The broader all-shares index likewise lost 0.83% or 42.51 points to 5,027.91.

“PSEi followed global markets’ decline on continued risk-off sentiment. Rising bond yields continued to fuel the sell-off as hints of inflation pickup prompted that the pace of Fed rate hikes may not be gradual,” First Metro Securities Brokerage Corp. Equity Research Associate Royce Christopher A. Aguilar said in a text message.

The sell-off prevailed in international markets, with the Dow Jones Industrial Average plunging 4.6% or 1,175.21 points to 24,345.75. Meanwhile, the S&P 500 index dropped 4.1% or 113.19 points to 2,648.94 and the Nasdaq Composite Index gave up 3.78% or 273.42 points to 6,967.53.

“Philippine markets could do little to withstand another round of sell-off regionally, with the US recording its worst-one day point drop in history,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.

All sectoral indices remained in negative territory at the session’s end, with the mining and oil sector posting the largest decline, closing at 11,509.38, 2.18% or 256.71 points lower. Holding firms followed with a decrease of 1.11% or 97.66 points to 8,689.61. Financials gave up 1.09% or 24.16 points to 2,179.92; services went down 0.67% or 11.51 points to 1,685.76; while industrials declined by 0.50% or 58.42 points to 11,513.58.

Some 1.89 billion issues switched hands on Tuesday, for a value turnover of P10.42 billion. This is higher than the P8.51-billion turnover in the previous trading day.

Declining stocks prevailed for the day at 159 against the 52 that advanced and the remaining 44 which closed flat.

Foreign investors were sellers for the eighth consecutive day, disposing of a net P1.44 billion worth of funds on Tuesday, albeit lower than the previous session’s P1.95-billion net outflow. 

Despite the market’s three-day losing streak, First Metro Securities’ Mr. Aguilar noted that fundamentals remain unchanged, providing opportunity for investors to buy more stocks.

“Investors may try to start accumulating at current levels as global growth is still strong and the local market’s fundamentals are intact,” Mr. Aguilar said.

Customs demolishes P61.63-M worth of smuggled luxury cars

THE Bureau of Customs (BoC) destroyed P61.63 million worth of luxury cars on Tuesday, Feb.6, as ordered by President Rodrigo R. Duterte.

Twenty smuggled cars, including Lexus, BMW, Benz, Audi, Jaguar, and Corvette models, were destroyed in the Port of Manila. Not included were the Lamborghini, Ferrari, and McLaren models that the BoC seized in November.

The vehicles destroyed were worth less than the P150.47-million worth of smuggled vehicles the Customs seized in 2017.

The BoC also said that seven smuggled cars were destroyed in the Port of Davao, and three in the Port of Cebu. — Elijah Joseph C. Tubayan with multimedia report from Santiago Jose J. Arnaiz

When the CCP encouraged taking selfies

The hallowed halls of the Cultural Center of the Philippines (CCP) is often cold and intimidating—here lie the works that are considered acceptable by the learned scholars and critics of Filipino arts and culture. One of the pet projects of then‑First Lady Imelda Marcos, the CCP holds a selective collection of Filipino beauty, keeping it safe and unfortunately and unintentionally distant to the common Filipino.

But the CCP is actually open to the people, and there is no larger celebration of Filipino art and culture than the Pasinaya. This year, from February 3 to 4, the CCP held Pasinaya 2018: Pusuan ang Sining (Like the Arts), named after the Filipino slang for liking something on social media. Every once in a while, in between the simultaneous art exhibits and presentations in every nook and cranny in the building, a commercial would be played telling the festival goers that they encourage taking photos and videos of the presentations—an act often banned and frown upon at the prestigious theater—to be uploaded in the largest public forum of all: the internet.

One can barely feel the air‑conditioning when falling in line with the festival goers—mostly millennials and centennials—in hopes that you could get into the exhibit or show that you want. While there are no audience cut‑offs for the folk dance and music presentations held outside the building, seating inside the CCP’s many theaters are limited, leading to much rushing and pushing by the younger festival audience who were adamant about seeing a particular show at a particular time. Ushers have even started advising people to arrive thirty minutes early to their chosen show. Some have given up on checking their maps and schedules, opting to go with the flow. Every room in the CCP is like a portal to another world, leading to different stories told through different art forms. And if that wasn’t enough, there were vans outside to take you museum hopping in Manila.

A majority of the crowd were high school and college students who came for different reasons, some because it was a school field trip, some for extra credit for a particular subject, and some just for the fun of it. Most of them carried with them a mobile device or camera of some sort, taking photos, videos, and selfies. There were families from grandparents who had to be wheeled up and down the ramps and the toddlers who hopped around to the beat of the kulintang like they would during a Hi‑5 concert.

With the Pasinaya’s theme clearly catering to the selfie generation, suddenly art felt exciting and attainable to all. No longer were you pressured to stay the silent and polite member of the audience. Art was participatory. Art was something that you save not just in your heart but in the cloud, to be retrieved through the internet every time you want to recall it.

 

Art as an Infestation

On the wall of the third floor of the CCP were several Garapata (ticks), the tag of street artist Dex Fernandez, modified into different characters using different art materials. For example there was Garapata Pikachu, Garapata Batman, skull Garapata, bahay kubo Garapata, and whale Garapata getting eaten by a fanged monster. These were all the works of the people who participated in the workshop given by Fernandez, where he gave people printed bases of his Garapata character for them to personalize however they want.

Photo Lucia Edna P. de Guzman

The Garapata was a character Fernandez created based on an experience he had as a child, when ticks spread all over his house when his dog came home with an infestation. It has since became his tag when he became a graffiti and street artist in 2006. You might have seen it outside the walls of Today x Future in Cubao or the PETA Theater in New Manila. (“These were legal tags,” Fernandez told SparkUp, as opposed to the secretive and often “illegal” ways graffiti artists spread their art.)

“The Garapata fit the theme of street art well,” Fernandez told SparkUp at the sidelines of the GC:1,2,3 (Garapata Chapter 1,2,3) exhibit, where participants got to make their own Garapatas. “They’re just there, pakalat‑kalat (lying around), and looking for a host.”

But travel to other countries has opened Fernandez’ eyes to a less personal aspect of his Garapata metaphor. “You can relate it to the Filipino. No matter you went you’d find another Filipino, in every nook and cranny of the world.”

Photo Lucia Edna P. de Guzman

Now Fernandez plans to expand his work to infest others. “Painting is my medium but I don’t want my art to end with just painting walls. Now I’m working on an animation project, and projects that require audience participation,” said Fernandez. “I provide the main image and they provide the background. Nape‑peste ko silang gumawa ng sariling garapata. (I’m infecting them to make their own Garapata.”

Fernandez’ future projects include a “GaraParty,” a one night rave party of Garapata visuals (and inflatable balloons!) and featuring several DJs. He hopes to hold this in the CCP so he can rain Garapata inflatables down the chandeliered balconies of the arts center. He will also be participating in the Manila Biennale on February 23.

Fernandez found a new fan in Kenneth, a 17 year old student from Dagupan City National High School, who took a selfie with Fernandez after his exhibit. Dagupan City National High School takes its students from Pangasinan to Manila every year for Pasinaya. “I was amazed because I’m also a painter, and I appreciate what he has done. I was inspired by how he conceptualized the Garapata, taking it from his childhood,” said Kenneth. “I appreciate his painting very much.” Kenneth’s Garapata will be one among the many that will infest the CCP’s halls until March 4, when Fernandez’ exhibit will end.

 

Rise of Contemporary Romance

One of the shows held in the CCP Library was a dramatic reading of contemporary Filipino novels from Romance Class. It was again fully booked, this time with students and art fans who might have never heard of them before.

Romance Class is a collective of Filipino romance authors that started from a Facebook group by romance novelist Mina V. Esguerra in 2013, when she decided to take a break from writing to teach about writing romance. It has since become a place for Filipino romance authors, aspiring authors, and fans to connect and help each other with their work. Every once in a while, to promote their work, Romance Class holds live readings of excerpts of their novels, which has become super effective in drawing out all the kilig feelings from the audience that they probably wouldn’t get from merely reading the blurb written behind the novel.

This is the first time that Romance Class has ever performed in CCP.

“I didn’t realize how big a deal it was going to be until we showed up and there were like a zillion people,” Esguerra told SparkUp after several members of the audience took selfies with her, the other authors, and the actors who did the live reading.

“It’s an entirely new group,” Esguerra said about their CCP audience. “I don’t think most of them have ever been to any of our events. But it seems that it gone well. They were reacting to the same lines that most audiences react to.”

While art snobs might feel skeptical about the inclusion of contemporary Filipino romance novels in CCP performances, Esguerra believes that they do have a place among the so‑called high art.

“We had the same audience for the CCP audience and our romance reader audience,” Esguerra said. “I think we have a place here, based on the audience’s reaction to it, people are ready for it.”

“People know what to do when they see the performance and they react to the same thing that romance readers react to.” It seems that kilig, like the love between the snooty rich leading man and the down‑to‑earth working student leading lady, knows no boundaries.

Renzo, a 22 year‑old communications student from the Colegio de San Juan de Letran Calamba, encouraged by his teachers to go to Pasinaya, found strength in experiencing the works of Romance Class. “I’m a frustrated writer, before I started writing and I somewhat failed,” Renzo told SparkUp while his friends cheered him on. “I interviewed one the authors of one of the books that were presented and I asked for motivation.” SparkUp was not privy to the conversation between Renzo and Esguerra but the growth of Romance Class is testament to her strength as a teacher and motivator.

 

The Old Dances Made New

The students and teachers of the Ligao National High School from Ligao City, Albay danced under the noontime sun on the hot concrete road that was closed down for the Pasinaya. With their costumes, props, and loud chanting, they told the story of the epic of Ibalong—how the ancient Bicolano heroes Baltog, Handyong and Bantong defeated several monsters to keep their people safe.

Photo Lucia Edna P. de Guzman

While the audience at first were a little skeptical of the dance, some laughing at the over the top performance of it all, they were soon drawn to the battles told through dance and wonderful craftsmanship. It was exciting to see the heroes defeat Tandayag the wild boar, Oryol the serpent, various other monstrous creatures, and finally, the gorgon‑like Rabot, who can turn its enemies to stone. This is the tale of how Bicolanos came to be, and is celebrated to this day during the Ibalong Festival.

“It’s important for us to show the rich culture and tradition of a certain province,” said John Michael Monares, a teacher from Ligao National High School, who danced the role of Baltog. “We have to show them what kind of lives the people of Albay and the Bicolanos led before and even after.”

“The reception was overwhelming. I guess this was the first time the people saw Ibalong in Manila,” he added. And it was, there was an audible gasp when Monares, as Baltog, ripped the jaw from Tandayag the Boar. It was a realization that we too, as Filipinos, have epic stories that rival those that we hear from India, China, and Europe.

Photo Lucia Edna P. de Guzman

SparkUp also spoke to Camille, a 20 year‑old student from Rizal Technical University, who went with her barkada to Pasinaya and took several selfies with folk dancers in their sparkling costumes. She had heard of Pasinaya from her humanities teacher, who encouraged them to come for extra credit and to inspire them as a part of their performance arts class.

“This was optional, but we chose to go,” she said. “The selfie was a requirement, to prove that we went here.”

“But I had fun. It’s important that people go here so that they’ll know how beautiful the Filipino culture is, and to encourage people to enjoy and participate in the arts,” said Camille.

Perhaps it’s a little disheartening to know that the CCP, and the so‑called “high art” is so intimidating that the youth have to be encouraged or required to go to events like Pasinaya. But with an overwhelming postive reception from the youth, maybe there will come a time when more Filipinos will actively seek out to enjoy and create art.

January inflation highest in three years

Inflation rose in January, the government reported Tuesday morning.

The Philippine Statistics Authority said that the headline inflation jumped by 4% last month from 3.3% logged in December and 2.7% recorded in January 2017.

The preliminary result is higher than the 3.5% median estimate in a BusinessWorld poll of 14 economists and analysts conducted late last week and matching the top end of the Bangko Sentral ng Pilipinas’ (BSP) 3.5%-4% range seen for January as well as higher than the Department of Finance’s 3.3% forecast.

The January print was also the fastest reading since October 2014’s 4.3% clip.

BSP expects full-year inflation to average 3.4% this year, higher than the 3.2% finish in 2017 but still within the 2%-4% target range.

Excluding volatile food and energy items, core inflation increased by 3.9% last month compared to December’s 3% and higher than 2.5% in January last year. — Mark T. Amoguis

Tax bureau suspends mission orders

THE BUREAU of Internal Revenue (BIR) has suspended investigations of taxpayers, saying yesterday it needs to review policies and procedures in this regard after its head said last month that the practice has not improved collections.

The BIR said in a statement that it has recalled all mission orders (MOs) issued by its National Investigation Division (NID) and ordered the unit’s revenue officers to submit a list of all outstanding MOs, including those already cancelled and terminated.

“The order also suspended and/or terminated any further investigation, field audit, or any form of business visitation pursuant to the said MOs unless otherwise authorized in writing,” the statement read.

In a separate order, the BIR also directed the NID to submit a status report on all letters of authority (LAs).

An LA authorizes a revenue officer to examine a taxpayer’s books of accounts and other business records in order to determine if he has paid appropriate taxes.

“The bureau aims to improve current audit guidelines, policies and procedures — including reporting requirements governing tax audits/investigations — within the context of a responsive system of tax collection/enforcement measures,” the BIR said in its statement.

BIR Commissioner Caesar R. Dulay told reporters on Jan. 25 that LAs have not made significant contribution to collections.

“Because I feel personally that the letters of authority — they’re supposed to contribute to our collection efforts. But I don’t see much improvement. And some like the first time I came in, I had an inventory… matagal (the audit takes too long),” Mr. Dulay had said.

Matagal hinahawakan (Revenue officers take too long to investigate). There’s a certain limit there: 180 days. That’s six months, then you come out with your report. Then you should assess if you feel that there is a deficiency tax for the tax payer.”

Tax Management Association of the Philippines President Raymund S. Gallardo welcomed the order when sought for comment. “That’s okay, since if it goes beyond 180 days, some have to explain to the Commissioner [why it is taking them long to audit a taxpayer],” Mr. Gallardo said in a telephone interview yesterday. “Mapapa-speed up ‘yung collections, since the BIR is asking for reasons why hindi natapos ang investigations…”

The BIR raked in P1.779 trillion last year, 12.92% more than 2016’s P1.576 trillion. That was 97.27% of an original P1.829-trillion collection goal but bigger than the downward-revised P1.763 trillion target.

This year, the BIR has been tasked to collect P2.039 trillion. — Elijah Joseph C. Tubayan