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Iran says US has failed to undermine nuclear deal

ANKARA — Iran’s president said on Sunday the United States had failed to undermine a nuclear deal between Tehran and major powers, and hailed the accord as a “long-lasting victory” for Iran, state television reported.

US President Donald J. Trump on Friday delivered an ultimatum to European signatories of the deal to fix the “terrible flaws” of the agreement with Iran, or the United States would pull out.

“The American administration has failed to undermine the nuclear deal … Trump, despite his repeated efforts, has failed to undermine the accord … The deal is a long-lasting victory for Iran,” President Hassan Rouhani said in a speech, broadcast live on state TV.

On Friday, Mr. Trump agreed to waive sanctions against Iran for the last time to give the United States and European allies a final chance to amend the pact.

Iran says the nuclear deal is not renegotiable and it will stick to the accord as long as the other signatories respect it but will “shred” the deal if Washington pulls out.

Under the deal, Iran agreed to curb its nuclear program, in exchange for lifting of most sanctions. — Reuters

Organizations with happy, passionate and tireless people

Many of us dream of becoming a hero when we grow up. We want to make a difference. As we grow older, we realize that we do not have superpowers. But, we also realize that we can still make a real difference. Doctors heal the sick; lawyers defend the oppressed; CEOs guide their companies to help solve problems; CFOs ensure businesses are financially sound; CHROs make sure people are taken care of; auditors and consultants can, according to Ernst and Young’s (EY’s) purpose, help build a better working world. The list goes on.

What sets apart successful organizations with highly motivated talent pool? In one word: purpose.

SGV and EY define purpose as “The aspirational reason for being that is grounded in humanity and inspires and calls to action.”

Particularly in today’s business environment where professionals have changing personal and professional goals, it becomes even more crucial for an organization to discover its purpose. Organizations with a clearly defined and disseminated purpose can better inspire their people to connect their own personal purpose with the company’s, guided and sustained by leaders who lead by example, and who make an effort to embed purpose in the way the company does business. More and more, leaders are seeing how providing employees with an environment where they can make a difference clearly leads to having happier people who find real fulfillment in their work.

We can see some examples of how purpose has helped some very successful companies. For example, the purpose that drives one of the world’s largest social media sites is “To give people the power to share and make the world more open and connected.” One airline company states its purpose is to “Connect people to what’s important in their lives through friendly, reliable and low-cost air travel.” One of the world’s largest chain of cafes likewise communicates that its purpose is “To inspire and nurture the human spirit — one person, one cup and one neighborhood at a time.”

A global survey of business executives conducted by the Harvard Business Review Analytic Services and sponsored by EY titled The Business Case for Purpose showed that:

1) Corporate purpose goes beyond financial results;

2) Purpose-driven organizations are believed to have better results;

3) Purpose is viewed as a driver of innovation and transformation; and

4) Purpose is being underleveraged.

This is one of the reasons why SGV/EY embarked on its own purpose journey and is now helping organizations discover and live out their purpose through Purpose-Led Transformation (PLT), which is believed to be vital for an organization to last.

PLT is important not only for the success of the organization, but also to help people enjoy their work lives. Considering how much time most people spend at work each day, it becomes even more important to help employees feel that they are making the most out of their effort beyond basic compensation, and that their hard work is contributing significantly to something bigger than themselves. This is why purpose-driven organizations usually have happy, passionate, and tireless people who are more than glad to go the extra mile in order to make a difference. PLT also inspires people to ignite long-lasting positive change and fuels sustainable growth and innovation, which, in turn, have a positive and cumulative impact on the community.

For most companies, the first step is to clearly define the organization’s purpose. Once defined, the company should then align the organization’s vision, mission, values and behaviors with purpose, which must be communicated to all levels of the organization. This “idea” can be as simple as a call-to-action or as complex as a full manifesto. The important thing is to have a message and purpose that resonates with people, exemplified by the company’s leaders, and clearly integrated into the business model. PLT focuses on behavioral change, on engaging at a human level to influence desired behavior with employees, customers, suppliers, regulators, investors, and the broader public.

The Harvard Business Review survey also indicated that purpose is still being underleveraged by many companies. While 70% of the respondents believe that it is important to integrate purpose into core business functions, only 37% say that their business model and operations are well-aligned with their purpose.

Company leaders are encouraged to realize the importance of having a clear reason for existence beyond the pursuit of market share and profit. This is how management can inspire their people to go beyond their call of duty, and sincerely believe that they are making a difference for the company, the community, the country, and even the world.

With a successful Purpose Led Transformation, your people may find the capacity, opportunity, and drive to become the heroes they may have once aspired to be.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinion expressed above are those of the authors and do not necessarily represent the views of SGV & Co.

Marnelli Eileen J. Fullon is a Partner of SGV & Co.

Calata files cases vs Austrian trader

THE CHAIRMAN of delisted agribusiness firm Calata Corp. last week filed criminal cases against Austrian trader Alfred Reiterer over the latter’s statements maligning the company.

In a statement issued over the weekend, Calata said extortion and cyber libel charges were filed against Mr. Reiterer for his attacks against Calata Chairman Joseph H. Calata’s businesses despite not owning shares in the company.

“We reiterate again for the record that Reiterer does not own a single share in Calata Corp. and has no legal basis for him to claim or designate himself as representatives of the minority shareholders of the company,” the company said.

Calata is now coordinating with the National Bureau of Investigation and the Bureau of Immigration to discuss on how to proceed with the cases. The company previously filed reports with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) against Mr. Reiterer to clarify that it is not connected with the trader.

“Further, please be advised that in the coming weeks, additional criminal, civil and administrative cases shall be filed against Reiterer as a result of a continuous and thorough investigation against him and his disruptive and/or illegal actions not only against Calata Corp., Black Cell Technology Limited (HK) and also against (Mr.) Calata,” the company said.

To recall, Mr. Reiterer has acted as the representative of some small shareholders of Calata during PSE’s hearings on the company’s involuntary delisting in 2017. Mr. Reiterer joined in the effort to elect a new set of directors to lead Calata, supposedly for the sake of the shareholders.

Replying to Calata’s statement, Mr. Reiterer argued he now holds shares in the company after buying out shareholders following the delisting procedures.

“I bought 6,000 shares of Calata Corp. with stock certificate number 000093. The Deed of Sale was executed in December 2017 and the seller already paid all taxes and fees last year and we are only waiting for BIR (Bureau of Internal Revenue) to release the Certificate Authorizing Registration before we will forward all documents together to the Corporate Secretary to issue a new stock certificate in my name,” Mr. Reiterer said in a statement released on Sunday.

Mr. Reiterer said he bought the shares when the company failed to conduct a tender offer after getting delisted from the PSE. The tender offer would have provided shareholders the option to exit the company and regain their investment.

Aside from Calata, the company claimed Mr. Reiterer has also been attacking online agricultural marketplace Krops, a separate business headed by Mr. Calata that seeks to provide farmers better market access to their products.

“Reiterer has also been maligning Krops, which is a business totally unrelated to Calata Corp.,” the company said.

Krops describes itself as an agribusiness based application, owned by Hong Kong-based firm Blackcell Technology Limited. Its operations are currently limited to the Philippines, with the goal of expanding to the Southeast Asian market in the coming months, according to its Web site.

In his statement, Mr. Reiterer emphasized that some officials of Calata are also working under Krops. For instance, Calata Corporate Consultant Jason Mullings is cited as the innovation director of Krops, based on the company’s Web site. — Arra B. Francia

14 communist rebels surrender — WesMinCom

FOURTEEN COMMUNIST rebels operating in the hinterlands of this province surrendered to the military early Friday, the Western Mindanao Command (WesMinCom) said in a statement over the weekend. “In our initial debriefing, it was found that the CTs (communist terrorists, as the rebels are so categorized) are members of Platoon TELEGO of the Guerilla Front 73, FSMR,” MGen Arnel B. Delavega, commander of the Joint Task Force Central said in the statement “The surrenderees(-)CTs had also turned over their firearms which consist of two caliber 30 garland rifles, one M14 rifle, one caliber 5.56 homemade tongram, and one caliber 45 pistol,” he added. Two days before the surrender, another group of nine rebels had also surrendered to the government forces WesMinCom said it has recorded at least 31 surrenderers since the start of the year. For his part, Lt. Gen. Carlito G. Galvez, Jr, WesMinCom commander, said, “We anticipate a surging number in the coming days.” — Albert F. Arcilla

Yields end week mixed ahead of US CPI report

LOCAL DEBT YIELDS ended mixed last week as market players stayed on the sidelines in anticipation of leads from the release of US key economic data and today’s Bureau of the Treasury auction.

Yields on government securities, which move opposite to prices, fell by an average of 2.19 basis points (bps) week on week, data from the Philippine Dealing & Exchange Corp. as of Jan. 12 showed.

“For the week, yields are down on the short-end of the curve by up while closing just mixed for the medium to long ends. Prospects of multiple rate hikes in the year from the Bangko Sentral ng Pilipinas and Federal Reserve likely put investor demand mostly just on the short-end,” Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc. (UnionBank), said in an e-mail.

“A bit of buying interest was seen, especially on the 5-year RTB (retail Treasury bond), pushing yields slightly lower. Some players may be bargain-hunting and still putting excess liquidity to work on the jumbo securities. The RTB 5-11 traded as low as 3.5 bps to 4.695% from 4.73% before some profit-taking pulled its yield back up to 4.7125%. The market registered P13.9 billion worth of trades in the day’s sessions.”

A bond trader said that the trading volume remained “anemic“.

“Bond traders enjoyed some shallow relief as Treasury yields were pushed lower briefly but trading volume remained anemic as dealers kept the sidelines.”

At the close of trading at the secondary market last Friday, in the short end of the yield curve, yields on the 91-day Treasury bill (T-bill) went down by 88.56 to 2.2819%. The 182- and 364-day papers saw their rates increase by 76.34 bps to (3.2768%) and 28.79 bps to 3.1515%, respectively.

In the belly, yields on the three-, four-, five- and seven-year Treasury bonds (T-bond) dropped 3.84 bps to 4.232%, 10.5 bps to 4.8232%, 1.26 bps to 4.7129%, and 1.07 bps to 5.3179% respectively, while the two-day T-bond climbed to 4.24 bps to yield 3.9535%.

In the long end of the curve, the 10-year security saw its rate go up 0.04 to 5.795%, while the rate of the 20-year T-bond went down by 26.09 bps to 5.7752%.

Looking forward, UnionBank’s Mr. Asuncion said: “Aside from US consumer price inflation (CPI) data scheduled for release Friday night, another source of lead for [this] week would be the T-bill auction on Monday. Indicative rates for the 91-day 182-day, and 364-day bills are at 2.1-2.3%, 2.5-2.6%, and 2.7-2.9%, respectively.”

“We may expect more of the same subdued activity as players await more leads as the US releases its CPI and retail sales data. On the local front, we have the T-bill auction on Monday, the first in over four weeks,” Mr Asuncion added.

Underlying US consumer prices recorded their largest increase in 11 months in December amid strong gains in the cost of rental accommodation and health care, bolstering expectations that inflation will gain momentum this year.

The US Labor Department said its Consumer Price Index excluding the volatile food and energy components rose 0.3% last month also as prices for new motor vehicles, used cars and trucks and motor vehicle insurance increased.

That was the biggest advance in the so-called core CPI since January and followed a 0.1% gain in November. Core CPI increased 1.8% in the 12 months through December, picking up from 1.7% in November. Economists polled by Reuters had forecast core CPI rising 0.2% month-on-month and holding steady at 1.7% on an annual basis.

Weak import and producer price reports this week had raised concerns about the inflation outlook, although the two reports do not have a strong correlation with the CPI data.

Economists are hoping that a tightening labor market, rising commodity prices and a weak dollar will lift inflation toward the Federal Reserve’s 2% target this year.

The US central bank’s preferred inflation measure, the personal consumption expenditures price index excluding food and energy, has undershot its target since May 2012.

The US central bank is forecasting three rate hikes this year. It increased borrowing costs three times in 2017.

Meanwhile, the bond trader said the local debt market will be taking its cue from global bond movements and the Bureau of the Treasury’s first T-bill auction for this year scheduled today. — Lourdes O. Pilar

Nike NBA City Edition uniforms hit local stores

AS THE National Basketball Association hits the midway point of the 2017-2018 season, global sports apparel brand Nike has released the fourth and final set of its Uniform edition — the City Edition Jerseys — which are now being made available in local stores.

Following the releases of the Association, Icon, and Statement jersey editions, the City Edition is designed to further enhance fan experience while watching the games, including building on the appreciation they have for their favorite teams.

The Nike NBA City Edition uniforms presents a unique way to capture each team and its city in a way that respects the past and present of the clubs while also positioning them for the future.

In the case of the Los Angeles Lakers, for instance, Nike City Edition uniforms celebrate the winning tradition of one of the Association’s more popular and successful teams, honoring some of the players that have helped the purple and gold become the team it has become as part of the “Lore Series.”

Kobe Bryant, whose jerseys No. 8 and 24 were retired recently by the team, is the first Laker legend to inspire the team’s City Edition design. The uniform features a signature Black Mamba print and LA/24 on the belt buckle. The organization’s winning tradition is referenced by the inclusion of 16 stars on the uniform’s side panels to represent every NBA Championship the Lakers have won.

For the Boston Celtics, the NBA’s winningest team with 17 world championships, the parquet floor of “The Garden” that has become synonymous with the green and white is honored.

The Celtics City Edition uniform pays tribute to this unique hardwood floor and the man credited with starting the dynasty, Red Auerbach. The belt buckle is accentuated with the iconic banner design to match the crowded TD Garden rafters and highlights the Celtics’ most recent NBA Championship in 2008. Gray, the color of unity, was incorporated in the uniform to signify the large regional fan base spread across New England that rallies behind the Celtics year in and out.

The 28 other teams in the NBA have their own City Edition uniforms, with influences coming from a myriad of places, but always focused on the fans and city that supports them.

Nike NBA City Edition uniforms are available at Nike Park branches in Cebu, Ermita, Glorietta, The Fort, North Triangle, the NBA Store, Toby’s Arena Glorietta 2, Toby’s branches at EComm, Greenhills, Megamall, MOA, San Lazaro, SM Aura, SM NE City Main, The Block SM North EDSA, and Titan branches at Conrad, Digital, Fort, Shang and Vertis.

Swingman jerseys are sold for a suggested retail price of P3,595 while the authentic ones go for P7,895. — Michael Angelo S. Murillo

Systemic infirmities

For a while there, it looked like the Cavaliers were world beaters anew. Fresh off blowout losses to the Timberwolves and Raptors, Numbers Six and Seven in their last 10 matches, they sought to hit the ground running against the Pacers the other day. And they did, blitzing the hosts 34 to 12 in the first quarter and seemingly en route to an easy, if much-needed, victory. There was just one problem, however: Over the next three quarters, they set out to prove that, in their present incarnation, they don’t yet know how to get out of their own way.

Not that the Cavaliers didn’t try. As best they could, they moved to protect their lead by matching the Pacers point for point. Unfortunately, they wound up misfiring more often than not, a compounded concern given their penchant for being a sieve on defense. The result was predictable: Yet another setback that exposed them as all show and no substance. And it’s telling that not even the exertions of LeBron James, arguably in the midst of his best year since he won his fourth, and most recent, Most Valuable Player award in 2013, proved influential in arresting the slide.

For eternal optimists, the Cavaliers’ woes are nothing new; every year since James returned to the fold in 2014, they have had to endure regular-season funks that made them appear most suited to do battle for lottery slots. And so, the argument goes, this season presents more of the same; adversity on the trek to still another tug-of-war for the Larry O’Brien Trophy. The contention may well be right; if for nothing else than because of their past accomplishments, the wine and gold deserve the benefit of the doubt.

Then again, there seems to be something different about the Cavaliers as currently constructed. When their offense clicks, they’re a sight to behold; the passes are crisp, movement is coordinated, and, with James running the show, the baskets keep coming from just about any conceivable angle. It’s just that, given their shockingly poor showing on the other side of the court, there’s no other way for them to win. And throughout their swoon, they haven’t been able to run up the score enough to offset their inability to keep the competition from doing the same.

Yes, it’s official. The Cavaliers can’t guard anyone; advanced stats have them at or near the bottom of just about every key defensive category, and not just because they’re older than, and literally can’t keep up with, the rest of the league. The spirit is willing, but the flesh is decidedly weak. And while it’s true that they can and will likely improve in the second half of their 2017-18 campaign, their systemic infirmities set them up for long-game disappointment. Lest anybody forget, James is 33 — by pro hoops standards, an old 33 — and on the decline. As well as he has performed to date, he has clearly lost a step; he rests, and often, during live-ball situations, conserving his energy for bursts of athleticism, good for eye tests but bad for sabermetrics.

Were the playoffs to start today, the Cavaliers would be the third seed, armed with homecourt advantage and banking on James’ excellent record in best-of-seven affairs; not for nothing has he been to seven consecutive Finals series. Then again, they would also be extremely ill prepared; even assuming they get past their conference rivals, they have no chance against whomever emerges from the West, let along the reigning Warriors. And under this scenario, they’re slated to double down on their heartbreak; The King will most definitely change addresses once he becomes a free agent in June.

In other words, the Cavaliers should be in panic mode. Smoke and mirrors will get them only so far. Their reputation serves to coax the best out of their opponents; it also gives them a false sense of security. They need to improve, and fast. Else, heartbreak will come, first in trickles, then in droves.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

How PSEi member stocks performed — January 12, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, January 12, 2018.

Nation at a glance — (01/15/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

2016-2017 prosperity index ranking of select Asia-Pacific economies

On setting your intentions

By Raju Mandhyan

It’s an amazing thing — this trait called intention. I can’t really tell you where exactly it is born in the human mind. In the human brain, I suspect it begins as a spark through a neurological synapse deep within the amygdala, the part of the brain referred to as the heart of the brain or the beastly brain. I am slightly biased towards the term “beastly brain,” because once a desire is unleashed from there, it turns into a raging, screaming animal wanting to rip apart anything and everything that gets in the way to its goals.

Identity, intelligence, imagination, and integrity are traits that enable the entrepreneur to systemize, sympathize, and synergize with reality and nature towards attaining one’s goals and entrepreneurial ambitions. Intent integrates all these traits together to drive the entrepreneur into action and consequent success.

Dr. Wayne Dwyer, famous for his works on the Power of Intention and the Law of Attraction, claims that nothing happens unintentionally. Nothing can be conceptualized; nothing can be designed or built if there is no intention. Even the hair on our heads does not grow without intention, claims Dr. Dwyer in his book, the Power of Intention.

When one of my sons was seven years old, he claimed that he’d grow taller than me. We wagered my car. I took on the bet thinking his mother was quite short, and there was no chance our offspring would be any taller than us, especially me. Less than ten years later, he was the proud new owner of a humble old heap of metal, wires, and rubber. I guess my son, too, consciously or unconsciously, knew the power of intention.

So in all things you want to do, want to be, or want to have, first, ask this of yourself. Do you really, truly, and whole- heartedly want it? Do you want to become a business owner? Do you want to be independent, free, and rich? Do you want to do the things you want to do? Do you want to change your world and the world around you? Do you want to conceptualize, create, build, and sustain new worlds? Are you ready to expand your horizons? After having done what you have done, will you be happy and fulfilled by having what you get out of it? Is this the kind of life that you want to have?

Be absolutely certain of this because once you align and unleash the powers of your identity, intelligence, imagination, and integrity in the direction of your true intention, you will get what you asked for. Like they say, “be careful what you wish for, it may come true.”

An extremely crucial and critical word of caution ―if you unleash the power of your imagination and intelligence against the grain of your identity and in an unethical, dishonest, socially-irresponsible way, all your efforts will backfire and hurt not just you, but also those around you. Also, if you are unsure and unclear of what you really and truly want, then all the imagining, reasoning, analyzing, and discipline will acquire for you the wrong things with unhappy results.

SUGGESTIONS ON SETTING YOUR INTENTIONS
• Be totally clear about what you want from the bottom-up, top-down, outside-in, and inside-out of the organization. It must be something you, as the entrepreneur, and your team totally and truly want. Large corporations term this as their mission towards a vision.

• Rage and stay enthused. This rage, this passion will also help you acquire and master entrepreneurial skills and competencies for mastery and success. Make sure that the thing you want excites you to the bone again and again. It must make you jump out of your bed every morning and keep you thinking and planning about it way past your bedtime every night.

• Generate a culture of persistence and resilience among the members of your team to get up and go again, get up and go again, get up and go again.

• Recognize that success and failure are two sides of an endeavor called “event.” If you’ve got your intention, your intellectual work done right, your integrity intact and in alignment with your identity, then your success scores will be consistently high.

• Ignite others from your team and stakeholders, with the same passion that burns inside of you. There is always so much going on in everybody’s life and environment that the distractions can make you and your teams lose focus. As an entrepreneur, you need to also play the part of a chief who self energizes and also helps others refocus their energies again and again.

All this has been time tested. All this is powerful and true.

It is powerful and true because quantum science has put together the facts that our physiology, our psychology, our neurology, and the ecology are all closely, intricately, and powerfully interrelated. All our energies and the efforts are interrelated in one big universal bundle. Our thoughts, words, and actions are just but bits and bytes of that energy.

Ergo, walk with faith. Be intent on doing good, not just for yourself, but for everyone and everything around you as you walk, run, leap, soar towards all that your heart desires.

Raju Mandhyan is an author, coach, and a learning facilitator. (www.mandhyan.com)

DoF wants additional tax bills certified as urgent

By Melissa Luz T. Lopez, Senior Reporter

THE Department of Finance (DoF) is eyeing to certify as urgent the second set of tax-related measures in order to realize the P130 billion additional revenues expected from the first package of reforms, despite a looming legal battle on the new tax regime.

Finance Secretary Carlos G. Dominguez III said they will ask President Rodrigo R. Duterte to certify the remaining parts of the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) law as urgent, which will fast-track its passage in Congress.

The measures include the estate tax amnesty, general tax amnesty, the relaxation of the deposit secrecy law, and the automatic exchange of information. These are geared towards attracting more Filipinos to settle outstanding dues, while also giving tax collection agencies leeway to go after tax evaders.

“[O]nce the committee report is out then we can certify it, so we will get ready for that,” Finance Undersecretary Karl Kendrick T. Chua told reporters on Thursday afternoon.

To recall, Malacañang previously certified the TRAIN bill in May last year, which allowed the House of Representatives and the Senate to forgo the three-day waiting period to approve the measure on second and third readings.

Mr. Chua explained that the fresh round of discussions will take place in the Senate, as the House version of the TRAIN bill already included these provisions.

RA 10963 is expected to generate P89.9 billion in additional revenues in 2018, short of the P130 billion originally programmed under the national budget. It reduces personal income taxes for those earning below P2 million, alongside a simpler system for computing donor and estate taxes.

Foregone revenues will be offset by the removal of some exemptions to value-added tax; increased tax rates for fuel, automobiles, tobacco, coal, minerals, documentary stamps, foreign currency deposit units, capital gains for stocks not in the stock exchange, and stock transactions; and new taxes for sugar-sweetened drinks and cosmetic enhancements.

Passing the remaining tax measures — which have now been dubbed as Package 1B — will yield the P38.9 billion balance.

“Once they file the committee report, the Senate will tackle it in plenary and then it goes to the bicam,” Mr. Chua added, referring to the bicameral conference committee.

Another measure under the second batch is the increase in the Motor Vehicle Users Charge, which will mean higher registration fees for cars.

The DoF is holding on to a commitment made by chamber leaders to approve these bills within the first quarter.

For his part, Mr. Dominguez said it would be too early to tell which state programs would be left without funding if the second batch of measures are not implemented, noting current revenues can fund projects until the “third quarter of the year.”

“We won’t know which ones we will have to postpone until the latter part of this year so that we do not breach the 3 percent,” the Cabinet official added when asked whether government programs will be delayed in the absence of the full P130 billion collections.

Around 70% of the TRAIN proceeds will be spent on infrastructure, while the remainder will be used for social protection programs including cash transfers to the 10 million poorest families to help them cope with rising commodity prices.

Mr. Dominguez also said they do not expect the Supreme Court to heed the call to impose a temporary restraining order on the TRAIN law.

Three militant lawmakers in the House of Representatives asked the high court on Thursday to declare as unconstitutional and stop its implementation on the grounds that their fellow legislators “railroaded” its passage.

Their central argument has been that the House did not have a quorum and vote on the night the bicameral conference committee report on the tax bill was ratified.

DoF’s Mr. Chua said the chamber can “review and ratify” the minutes of the chamber’s Dec. 13 session to check the presence of a quorum and address the issue.

The TRAIN law took effect Jan. 1, and will be reflected on workers’ paychecks starting this month. Succeeding tax packages will also be submitted by the Executive to the legislative mill within the year.