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BIR slaps tax evasion raps vs six firms

THE BUREAU of Internal Revenue (BIR) filed separate tax evasion charges before the Justice departments against six firms on Friday ahead of the deadline of filing income tax returns.
These include:
• Maefer Gasoline Service and its sole proprietor Fernando Q. Fermin for a total of P17.71 million unpaid taxes;
• Mannasoft Technology Corp. and its president, Hans C. Dee, treasurer Rosalinda B. Dee, and assistant vice president for finance Alma L. Fernandez for a total deficiency of P199.59 million;
• Auto repair center Project S and its chairman Sherwin Harris T. Uy, President Jo-Anne T. Uy and treasurer Christopher T. Uy for P3 million unpaid taxes;
• C.M. Recto Auto Supply Co., with president Leonardo A. Lim and treasurer Wennie Y. Lee for a P2.99 million liability;
• B.R. Chua Enterprises, Inc. with the firm’s president Bonsuy R. Chua and treasurer Arlene Chua for a P16.63 million deficiency; and
• Merrysun Corp. and its chief executive officer Jasmine Tan, treasurer Arlene Yu Benitez, stockholders Sam Ramos Villa, Binbin Chen, Jing Xuan Xu, Sharly Cai Tan, as well as staff Albert Lopez, Arjay Lopez, and Reynaldo Samedra for a total unpaid P15.87 million excise taxes from counterfeit cigarettes.
The BIR said it sent out collection letters and final notices before the filing of charges, but the above firms failed to either pay or protest, hence making the said assessments final, executory, and demandable.
Friday saw the 158th complaint the BIR filed under Commissioner Caesar R. Dulay, through its Run After Tax Evaders program.
On April 12, the BIR also padlocked the operations of Z Lechon Global, Inc. after the company behind popular Elarz Lechon failed to pay value-added taxes worth P3.23 million.
The BIR is tasked to collect P2.039 trillion in revenues this year, 17.55% higher than the actual P2.473 trillion collections in 2017. — Elijah Joseph C. Tubayan

SBMA extends free accreditation program

THE SUBIC BAY Metropolitan Authority (SBMA) is extending its free accreditation initiative for container-port business until the end of 2018.
In a statement released on Friday, SBMA chairperson and administrator Wilma T. Eisma said the agency will waive the accreditation fee until Dec. 31 this year amid “positive feedback”.
“[W]e are bringing it back this year to encourage more business to make use of the Port of Subic’s container terminals,” she added.
The free accreditation was supposed to last only until April 13.
The extension will follow the old guidelines, meaning only the first 80 new business entrants and the first 20 accredited entities due for certificate renewal will not need to pay the $200 fee.
SBMA said in the same statement that these firms should bring in at least one container within a month from filing an accreditation certificate to be exempted from the fee.
The entities covered are brokerage firms, freight forwarders, ship agents and those that provide trucking services.
SBMA started the initiative to to help decongest ports in Metro Manila and increase its own port’s utilization rate.
The port’s two new container terminals are managed and operated by Subic Bay International Terminal Corp., which provides on and off-dock marine port cargo and container handling services.
Mr. Eisma said they are also targeting small and medium enterprises in this program. — AGAM

MJC Investments stock rights offer to service debt

MJC Investments Corp. is selling shares to existing stockholders to raise capital for debt servicing requirements.
In a disclosure to the stock exchange on Friday, MJC Investments said its board of directors approved a stock rights offer that will raise P1.58 billion from the sale of 1.58 billion shares at P1 each.
Stockholders are entitled to one rights share for every two common shares held. The company has yet to determine the record date for the offering.
“The rights offering shall be in lieu of the warrants issuance previously approved during the annual stockholders’ meeting held last June 29, 2017,” MJC Investments said.
MJC Investments owns and operates the Winford Hotel, a 22-story deluxe hotel which is part of the company’s P8-billion hotel and entertainment project within the San Lazaro Tourism and Business Park (SLTBP) in Sta. Cruz, Manila.
The hotel has 128 deluxe rooms, high-end restaurants, a column-less 1,000-seat capacity ballroom, over 900 parking slots, and over 9,000 square meters of internationally designed indoor entertainment space.
A group of Hong Kong-based investors owns a majority stake in MJC Investments after subscribing to shares to fund the development of the tourism hub.
The consortium holds a global investment portfolio and controls 62.96% of MJC Investments, according to a regulatory filing.
MJC Investments is the property development arm of racetrack operator Manila Jockey Club. The latter started as a racetrack operator for horse racing and eventually expanded into real estate.
Shares in MJC Investments added 28 centavos or 8.31% to close at P3.65 apiece. — Krista A. M. Montealegre

PNB gets SGX approval for term note program

PHILIPPINE National Bank (PNB) has secured approval from the Singapore Stock Exchange (SGX) for the listing of its $1-billion medium-term note (MTN) issuance.
The Tan-led lender said in a disclosure to the local bourse on Friday that it has “secured approval-in-principle from the [SGX]” for the listing of the notes and the MTN program to be issued there.
“PNB may from time to time issue, offer, or sell notes in the aggregate amount of up to [$1 billion] or its equivalent in other currencies,” the lender said.
The amount, tenor, number of tranches and other terms and conditions will be subsequently approved.
Citigroup Global Markets Limited, MUFG Securities EMEA Plc, Standard Chartered Bank and Wells Fargo Securities, LLC were tasked to act as lead arrangers and dealers for the issuance.
Earlier this month, the lender announced it was looking to raise $1 billion in fresh funds through a euro-denominated MTN, as confirmed by its board.
Banks usually employ a note facility to raise more capital to fund its programs and operations by issuing unsecured fixed rate notes.
Meanwhile, Moody’s Investors Service has assigned an investment-grade rating to PNB’s note issuance.
The credit rater said in a statement on Friday that it has assigned a (P)Baa2 long-term senior unsecured rating to the euro-denominated MTN program, a notch above the minimum investment grade.
Moody’s added that its rating to the note program “is underpinned by PNB’s baa3 baseline credit assessment (BCA) and a one-notch uplift to reflect Moody’s assumption that the bank will receive support from the [g]overnment of the Philippines (Baa2 stable) in times of need.”
Aside from this capital-raising note program, PNB said in January that it is planning to raise up to P20 billion by selling peso-denominated long-term negotiable certificates of deposit (LTNCD).
The bank said the proceeds will be used to extend the maturity profile of PNB’s liabilities and raise long-term funds to support its business.
LTNCDs are similar to regular time deposits which offer higher interest rates, but these cannot be pre-terminated. Being “negotiable” means these can be traded at the secondary market prior to maturity date.
PNB booked an P8.2-billion net income in 2017, 14% higher than the P7.2 billion it recorded the previous year on the back of the growth in its core operating income.
Shares in the bank closed unchanged on Friday. — Karl Angelo N. Vidal

PSEi falls below 8,000 amid Middle East uncertainty

PHILIPPINE stocks slipped below 8,000 on Friday as investors kept remained cautious amid rising tensions in the Middle East.
The bellwether Philippine Stock Exchange index (PSEi) dropped 143.09 points or 1.78% to 7,899.98 points. The broader all-shares index shed 64.17 points or 1.32% to 4,794.65 points.
“A bloodbath marked the end to an anaemic trading week for the Philippine markets as several developments kept investors in a cautious stance,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message on Friday.
US President Donald J. Trump on Wednesday spooked markets after he warned “missiles will be coming” to Syria, as a response to an alleged chemical attack by the Russia-backed government.
The following day, Mr. Trump said he has not made a “final decision” on how to respond to the situation in Syria.
Moscow has warned against any action that could create a conflict between the United States and Russia.
“However, the uneasiness continues overall given the ever changing developments has led to thinner volumes and with some uneasiness as well,” Mr. Limlingan said, noting Mr. Trump has hinted of possibly re-joining the Trans-Pacific Partnership amid a trade spat with China.
“I think investors are really rattled by the escalating tensions in the Middle East right now so they are probably shifting their funds from equities to the commodities market,” Timson Securities, Inc. equity trader Jervin S. de Celis said in a mobile message on Friday.
Mr. de Celis said investors may be on the lookout for potential disruptions in oil supply and may even take advantage of the conflict in the oil-producing region as concerns over lack of supply may lift prices.
Trading volume continued to expand at 3.18 billion on Friday which was valued at P6.09 billion, well-above Thursday’s 1.45 billion valued at P5.94 billion.
Losers trumped winners, 134 to 76, while 43 names were unchanged.
Foreigners turned sellers on Friday with net selling at P829.503 million versus Thursday’s net purchases at P152.80 million.
All counters ended Friday in negative territory.
Holding firms saw the biggest losses, slumping 233.30 points or 2.87% to 7,908.83 points; while the property counter fell 63.20 points or 1.72% to 3,604.93 points.
Industrials slid 95.06 points or 0.84% to 11,256.58 points; while services edged lower by 13.91 points or 0.84% to 1,635.66 points and mining and oil fell by 76.14 points or 0.68% to 11,168.81 points.
Financials dropped 5.21 points or 0.26% to 2,028.63 points. — Janina C. Lim

400 cops to be deployed in Boracay to prevent entry of tourists, petty crime

AT LEAST “400 policemen” will be deployed to Boracay “to prevent” local and foreign tourists from entering the island beginning April 26, incoming Philippine National Police (PNP) Chief General Oscar D. Albayalde announced on Friday.

The deployment is meant “to secure the area, to prevent the tourists from getting on the island,” Mr. Albayalde said in an interview with reporters at the Palace on Friday morning.
The police official said he also expects a possible outbreak of protests there. “We expect [protests], of course. Many will take offense because they will be losing their jobs and thousands of Filipinos are dependent on tourism [businesses there],” Mr. Albayalde added.
Following its closure, petty crimes in Boracay are also expected to increase, according to Mr. Albayalde.
“In every place where many are unemployed, even here in Metro Manila, we expect that petty crimes will sometimes increase,” he explained.
President Rodrigo R. Duterte approved last week the recommendation of the Department of Environment and Natural Resources (DENR), the Department of the Interior and Local Government (DILG), and the Department of Tourism (DoT) to close the island for six months to give way to its rehabilitation starting April 26. — Arjay L. Balinbin

Gov't to sue ride-sharing startup Arcade City if it fails to stop operations

By Janina C. Lim, Reporter
THE government has threatened to take legal action against ride-sharing startup Arcade City if it fails to halt operations and proceeds with its plan to launch its mobile application next week.
The Land Transportation Franchising and Regulatory Board (LTFRB) has directed Arcade City to cease and desist operations “as it was operating as another form of Transportation Network Company without coordinating with the agency.”
The LTFRB also “strongly” warned Arcade City to cease and desist from launching its mobile app slated on April 16 “and to stop all bookings made with this application/platform as those who are operating are considered illegal, the agency said in an advisory dated April 12 and sent to reporters on Friday.
Should the company fail to comply, the LTFRB said it will be “constrained” to file charges against Arcade City.
But the ride-sharing app is unfazed.
Asked if it will pursue its mobile app launch plans on Monday, Christopher David, Arcade City’s Founder and CEO replied in the affirmative while encouraging drivers “to sign up to provide service in their area” as the app will be launched nationwide.
The launch comes in the wake of Uber Technologies, Inc.’s exit from Southeast Asia after its operations in the region were acquired by Grab Holdings, Inc.
“In August 2017, Arcade City filled the void in the Philippines when Uber pulled out giving over 66,000 people jobs. Again in November 2017, Arcade City provided a platform available to over 300,000 drivers that were suspended on the Angkas service,” the Arcade City’s Friday statement read.
In an e-mail interview on Friday, Mr. David explained that the software is a platform for drivers to run their networks without taking any cuts of the driver profit. They will be visible and their services, made available, to the riding public once they sign up and create a profile with Arcade City which also serves drivers to connect with one another.
Mr. David said this was not the first time the LTFRB directed them to stop operating.
“Last time the LTFRB asked us to shut down, we said we are not a TNC/TNVS and asked them to explain what part of their law we weren’t complying with,” he said.
Under the LTFRB’s Memorandum 2015-015, a TNC is defined as an “organization whether a corporation, partnership, or sole proprietor, that provides pre-arranged transportation Services for Compensation using an internet-based technology application or digital platform technology to connect passengers with drivers using their personal vehicles.”
Instead, Mr. David advised the LTFRB to spend “more time processing applications of TNVS and drivers, less time on making threats to companies trying to help.”

Peso climbs amid continued overseas tensions

THE PESO strengthened against the dollar on Friday on the back of a slightly weaker dollar amid continued geopolitical tensions abroad.
The local currency closed at P51.95 against the greenback, eight centavos stronger than the P52.03-per-dollar finish on Thursday.
The peso opened the trading session slightly weaker at P52.04. It rose to as high as P51.935, while its intraday low stood at P52.045.
Dollars traded slid to $522.65 million from the $627.2 million booked the previous session.
A trader said the peso continued to trade within the P51.90-P52.10 range as it tracked the slight weakness of the greenback.
“We traded in the same range. We just closed stronger as we [tracked] a little bit of weakness in the US dollar across the board,” the trader said in a phone interview.
“We are seeing tensions rising again in the Middle East when [President Donald J.] Trump tweeted about Syria.”
Mr. Trump announced on Twitter on Wednesday a possible military action in Syria following a suspected chemical attack in the war-torn country, saying that missiles “will be coming” and that Russia “should get ready.”
“With that, we’re seeing a little bit of movement in oil prices,” the trader said, adding that dollar weakened despite the risk-off sentiments.
“Usually when there is risk-off, usually the dollar is going stronger. But in this case, parang hindi (it seems like it’s not).”
Meanwhile, another trader said: “The peso strengthened as investors took profit from the dollar’s strength following the hawkish Federal Reserve minutes released [on Thursday].”
In a report from Reuters, all of the US Federal Reserve officials felt that the American economy would firm and that inflation would rise in the coming months, minutes of the March meeting of the Federal Open Market Committee released on Thursday showed. — Karl Angelo N. Vidal

Japanese Navy destroyer arrives in Manila for goodwill visit

THE JS Akizuki, an Akizuki-class Destroyer from the Japan Maritime Self-Defense Force (JMSDF) arrived in Subic on Friday for a three-day goodwill visit until Monday, April 16, the Philippine Navy said.
“The visit aims to strengthen the relationship between the two navies.. it wil further enhance and sustain the promotion of peace, stability, and maritime cooperation of the two countries through naval diplomacy and camaraderie,” the Navy said in a statement.
It added: “This is the second visit of a JMSDF ship in the country this year,” the first being the JS Amagiri who arrived last February in Manila.
“…The Japanese Navy will engage in a series of confidence building activities with their PN (Philippine Navy) counterparts such as goodwill games followed by a boodle fight,” the statement read further.
The arrival of the Akizuki came at a time when the United States has intensified its Free and Open Indo-Pacific Strategy with Japan, India, and Australia to counteract China’s growing influence in the Pacific region, where various nations including the Philippines have contested claims on territory.
Japan, for its part, has also started to increase its military efforts in response to its neighbor’s aggressive movements, with the island nation recently activating an amphibious force — its first marines force since World War II. — Dane Angelo Enerio

Duterte apologizes to Suu Kyi for "genocide" remark

PRESIDENT Rodrigo R. Duterte on Friday apologized to Burmese State Counsellor Aung San Suu Kyi for describing the Rohingya crisis in Myanmar as a real “genocide.”

“I will apologize to you but if you have noticed, my statement was almost a satire,” the President said during a press briefing at the Davao International Airport upon his arrival from his participation to the Boao Forum for Asia in Hainan, China, and working visit to Hong Kong.
Mr. Duterte explained that “it was the Europeans” who said that the Rohingya Muslims continue to face rampant human rights violations in Burma.
“They keep attacking Burma, so I said there are a lot of human rights violations in [there]. So, what are you doing? Do you have any plans of providing a safe sanctuary even for a moment for those who are really the victims of war?”
He stressed that his intention was only to express his “sarcasm” towards the European Union (EU) that has been critical of his administration’s war on drugs.
“They keep on criticizing us, Aung [San Suu] Kyi…I was just adopting their findings that there are a lot of violations in your country. I am not ready to intervene in [the affairs of your country],”he added.
In his speech on April 5, the President said he was “willing to take in” Rohingya refugees.
“Don’t believe these human rights groups. They can’t even solve the Rohingya crisis. That’s genocide, if I may say so. I’m friends with the woman [referring to Myanmar leader Aung San Suu Kyi]),” he also said. — Arjay L. Balinbin

Duterte to order ICC prosecutor's arrest if she sets foot in Manila

PRESIDENT Rodrigo R. Duterte said on Friday that he will order the arrest of Fatou Bensouda, prosecutor of the International Criminal Court (ICC), if she sets foot in the Philippines to conduct an investigation against him.

“You cannot exercise any proceedings here without [any] basis. That is illegal, and I will arrest you,” Mr. Duterte said.
The President made his remarks during a press conference at the Davao International Airport upon his arrival from his participation to the Boao Forum for Asia in Hainan, China, and working visit to Hong Kong.
The President said the ICC has no basis to proceed with the investigation of the complaint filed by the camp of opposition senator Antonio F. Trillanes IV alleging that he has committed “crimes against humanity” in his war on drugs.
“There is no basis at all because the Philippines was not ever, ever a member of that ICC for the reason that there was no publication [of the Rome Statute],” the President said.
In August 2011, the Philippines ratified the Rome Statute, which the President withdrew from in March this year.
He likewise said that he is not “afraid” of the ICC. “You can never call me to the International Criminal Court simply because your position is flawed. It cannot be corrected anymore, so stop your nonsense,” he added. — Arjay L. Balinbin

Calida calls Sereno a "liar", out to mislead public

SOLICITOR-GENERAL Jose C. Calida on Thursday said that Chief Justice Maria Lourdes P.A. Sereno “again attempted to mislead the Filipino people” after her camp revealed they had recovered several Statements of Assets, Liabilities, and Net Worth (SALN) from her stay at the University of the Philippines as a law professor.

“Sereno claims to have recovered 8 of her SALNs.. except for her 1989 SALN, assuming it is not a fabrication, those Sereno supposedly ‘recovered’ were the same ones submitted by the OSG (Office of the Solicitor General) to the Supreme Court (SC),” Mr. Calida said on his Twitter account, before concluding his tweet with the word, “liar.”


Ms. Sereno’s spokerspersons, lawyers Anacleto A. Lacanilao III and Josalee S. Deinla, on Thursday told media they had recovered at least nine SALNs.
Mr. Calida is the author of the quo warranto petition seeking to void Ms. Sereno’s appointment as the top magistrate for not being able to fully submit her SALNs to the Judicial and Bar Council (JBC).
The Chief Justice and her camp, for their part, have argued only impeachment can oust an impeachable official like her and that granting Mr. Calida’s petition would set dangerous precendents for the judicial branch of the government.
Both camps were able to present their cases before the high court on Tuesday in the oral arguments that saw the Chief Justice being questioned by her own peers, most of which focused on her allegedly “irregular” SALNs.
During the arguments, Ms. Sereno told her fellow justices that the JBC could have removed her from the shortlisted nominees and that they could have asked for more SALNs since they acknowledged her SALN submission in several occasions.
Both camps were directed by the SC to submit their memoranda on or before April 20 before the case is submitted for resolution. — Dane Angelo Enerio

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