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Why strength training is good for women

Engaging in consistent strength training can yield significant benefits for women

Entering a gym can be intimidating, particularly if you lack knowledge about the necessary exercises to develop strength. However, with good coaching and determination, one may develop a strong body that will benefit you in the long run. The practice of women engaging in strength training has become more common. Various strength training methods can be performed utilizing a range of equipment, including a gym machine, dumbbells, barbells, kettle bells, and even own body weight. Cardiovascular exercise has been extensively advocated for women as a means of achieving weight loss and enhancing cardiovascular health, nevertheless, strength training has been found to yield various advantages for women across different life phases. Here are some of the advantages of strength training for women, ranging from muscular growth to improved sleep.

Muscle Mass Increase

As we progress in age, it becomes increasingly crucial to maintain adequate muscle mass in order to continue enjoying our physical activity as it will help prevent us from sustaining injuries. It is a widely held misconception that lifting weights will cause women to “bulk” up. “Bulking” up requires years of effort and a variety of lifestyle modifications, and women are genetically different from men in that they can create massive muscles with enough dedication.

Stronger Bones and Joints

Engaging in consistent strength training can result in increased bone density and provide support for aging joints. Strength training exercises can put enough tension on your joints and bones to help them grow stronger. Osteoporosis can occur in elderly women with compromised bone strength. Osteoporosis is more common in women, which is why increasing good posture and physical strength is vital in preventing it. Strong joints can also help to prevent injuries, particularly while participating in sports.

Aids in Weight Loss

Strength training has been shown to be highly effective in enhancing body composition. Unlike cardio, strength training causes the body to continue burning calories even you are at rest. The objective is to gain lean muscle mass, as this is associated with an increased resting metabolic rate, representing the overall caloric expenditure during periods of rest. And the best way to grow lean muscles is to engage in regular strength training and backed by proper diet.

Better Sleep Quality

Strength exercise will weary your muscles, and sleep is necessary for muscular recovery. The more you exhaust your muscles, the more likely your body is to sleep soundly. According to studies, strength training increases adenosine production. Adenosine is a chemical that causes drowsiness, allowing people to fall asleep more quickly and effectively. However, it is not recommended to perform strength training close to bedtime because it will have the reverse impact of improving sleep quality.

Improves Mood and Self-esteem

Any form of exercise can elevate your mood. Whenever strength training releases feel-good chemicals, your mood will be positive. Being disciplined in your strength training can produce positive physical benefits that will increase your self-esteem and confidence. Wearing the clothes you’ve wanted to wear and no longer feeling physically weak will help you with the mental health stability you deserve.

It’s never too late to start becoming physically strong. It’s great that there are gyms like Kinetix Lab that specialize on strength and conditioning training. If you’re not sure where or how to start, Kinetix Lab has highly qualified coaches who can help you begin with a program that is tailored to your goals. Kinetix Lab also has a Recovery Room where skilled physiotherapists can help you resolve knots in your body and recover from physical injuries with continuing therapy. You can visit Kinetix Lab in their locations at UP Town Center, Podium, and One Ayala. Follow Kinetix Lab on Instagram and Facebook. Your journey to strength starts now!

 

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Refund of excess input VAT clarified

It is a well-settled doctrine that tax refunds are in the nature of tax exemptions and, hence, are construed strictissimi juris against the taxpayer. A claim for a tax refund is a statutory privilege; thus, the rules and procedures for claiming a tax refund should be faithfully complied with by the taxpayer. However, due to the reforms of the tax system (TRAIN Law, CREATE Law, EoPT Act), changes in the processes and rules for the application for tax credits and refunds caused confusion as to the proper procedure and timelines in the value-added tax (VAT)-refund process.

Thankfully, the Bureau of Internal Revenue (BIR) issued Revenue Regulations (RR) No. 5-2024 clarifying the rules on tax refunds, which covers claims that are filed starting July 1, 2024 onwards, to give ample time for the tax-payers and the BIR to adjust to the new requirements and procedures prescribed.

RISK-BASED VERIFICATION OF VAT REFUND CLAIMS
The EoPT Act introduced the risk-based approach to verifying and processing VAT refund claims under Section 112(C) of the Tax Code. VAT refund claims filed pursuant to Section 112(A) of the Tax Code are to be classified into low, medium, and high-risk claims. For a low-risk claim, the scope of verification requires the submission of complete documentary requirements prescribed by the BIR, with no verification required for sales and purchases. On the other hand, a claim classified as medium or high risk is required to submit complete documentary requirements and be subjected to 50% and 100% verification of sales and purchases, respectively.

In establishing the risk level of each claim, the BIR will be considering risk factors such as, but not limited to, the size of the VAT refund claim, the frequency of filing VAT refund claims, tax compliance history, and other risk fac-tors that may be identified.

Note, however, that the classification and scope of verification may change, such as when the prior claim was denied in full. The succeeding claim will then be classified as high-risk. Also, claims filed by a first-time claimant are automatically considered high-risk and will remain as such for the succeeding three VAT refund claims. Further, for medium-risk claims, if the assigned revenue examiner finds at least 30% disallowance of the amount of the VAT refund claim, verification is to be adjusted to 100%, and finally, claims classified as low-risk for three consecutive filings of VAT refund claims are to be subject to mandatory full verification on the fourth VAT refund claim, regardless of risk classification.

SEPARATE REGULAR AUDIT, VERIFICATION AND PROCESSING OF VAT REFUND CLAIMS
What is the effect of the verification and processing of VAT refund claims on a regular audit that may be conducted by the BIR? The regulations state that the verification and processing of VAT refund claims are to be separate from the regular audit, if any, of internal revenue taxes, particularly VAT, conducted by the appropriate BIR office that has jurisdiction over the taxpayer-claimant. Any findings during the verification of the VAT refund claim that have no effect on the amount to be refunded are to be incorporated into the existing audit for the taxable year covered by the claim if processed within the same BIR office that has jurisdiction over the claimant, or endorsed for further verification and/or consolidation with the existing audit if the processing is conducted by an office other than the BIR office that has jurisdiction over the claimant.

90 DAYS TO PROCESS AND DECIDE VAT REFUND APPLICATIONS
The BIR is given 90 days to process and decide on VAT refund applications, starting from the filing of the claim with complete documentary requirements. This is a very welcome development for the taxpayers to ensure that their application is acted upon, since failure on the part of any official, agent, or employee of the BIR to act on the application within the 90-day period may subject the concerned party to administrative liability.

PERIOD AND VENUE OF APPEAL
Just like any other application, approval for a claim for a refund is not always guaranteed. The claim may be fully or partially denied, or worse, unacted upon. In the case of full or partial denial of the claim for VAT refund, the tax-payer affected may, within 30 days from receiving the decision denying the claim, appeal the decision to the Court of Tax Appeals (CTA).

In case the VAT refund is not acted upon by the Commissioner within the 90-day period, the taxpayer-claimant has two options: (i) appeal to the CTA within the 30-day period after the expiration of the 90 days required by law to process the claim; or (ii) forego the judicial remedy and await the final decision of the Commissioner of Internal Revenue on the application of the VAT refund claim.

When the BIR fails to render a decision within the 90-day period and the taxpayer-claimant opts to seek a judicial remedy within 30 days of such a period, the administrative claim for refund will be considered moot and no long-er be processed.

This provision in RR No. 5-2024 sheds light on the varying opinions in the interpretation of RR No. 13-2018 implementing VAT provisions in the TRAIN Law, which is silent as to the option of the taxpayer to file an appeal with the CTA within 30 days after the expiration of the 90-day period.

PRESCRIPTIVE PERIOD OF CLAIM FOR VAT REFUND
It is already settled that only the administrative claim (with the CIR) must be filed within the two-year prescriptive period. This is the ruling in the case of CIR vs. Aichi Forging Company of Asia, G.R. No. 183421, Oct. 22. 2024, which ruled that Section 112(A) of the Tax Code provides for a two-year prescriptive period after the close of the taxable quarter when the sales were made, within which a VAT-registered person whose sales are zero-rated or effectively zero-rated may apply for the issuance of a tax credit or refund of creditable input tax. The Court clarified that the two-year period refers to the filing of an administrative claim with the BIR and does not cover the judicial claim with the Court of Tax Appeals (CTA).

Further, CIR vs. San Roque Power Corp.(G.R. No. 187485, 196113, and 197156) and the recent case of Energy Development Corp. (G.R. No. 203367, March 17, 2021) clarified and reiterated the jurisdictional doctrines in Aichi. As held in these cases, failure to comply with the 120-day (now 90-day) waiting period violates a mandatory provision of law. It violates the doctrine of exhaustion of administrative remedies and renders the petition premature and thus without a cause of action, with the effect that the CTA does not acquire jurisdiction over the taxpayer’s petition. The phrase “within two years… apply for the issuance of a tax credit certificate or refund” in Section 112(A) of the NIRC, as amended, refers to applications for refund or credit filed with the CIR and not to appeals made to the CTA. This is apparent in the first paragraph of subsection (C) of the same provision, which states that the CIR has “120 days (now 90 days) from the submission of complete documents in support of the application filed in accordance with Subsections (A) and (B)” within which to decide on the claim. Thus, a taxpayer must wait for the expiration of the 90-day period before it may appeal to the CTA.

This should not be confused with the rule of prescription on refund of taxes erroneously or illegally collected under Section 204(C) and Section 229 of the Tax Code, which follows the Doctrine on Twin Prescription, meaning both the administrative (CIR) and judicial (CTA) appeals must be made within the two-year prescriptive period.

TAXPAYER-CLAIMANT, BIR LIABILITY IN CASE OF COA DISALLOWANCE
As provided in Section 112(D) of the Tax Code as amended, VAT refunds are subject to post audit by the Commission on Audit. RR No. 5-2024 mandates that in case of disallowance by the Commission on Audit (CoA), only the tax-payer is liable for the disallowed amount, without prejudice to the administrative liability on the part of any employee of the BIR who may be found to be grossly negligent in the grant of the refund.

Thus, as the rules are now clear, it is imperative for taxpayers to keep abreast of these changes. The success in the implementation of the recent legislation aimed at improving the tax system requires the support not only of the government agencies concerned but, more importantly, the cooperation of the taxpayers to fully attain the goal of ease of doing business in the Philippines. The improvements and clarity in the tax refund process could make our country a leading choice for investment by entrepreneurs and foreign investors, which would ultimately result in economic growth and development.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

FELIPE L. JUBAN, JR. is an associate from the Tax Advisory & Compliance division of P&A Grant Thornton Cebu Branch, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

DA told to ease agri import process

A vendor places sugar in plastic bags for sale. — PHILIPPINE STAR/EDD GUMBAN

PRESIDENT Ferdinand R. Marcos, Jr. ordered the Department of Agriculture (DA) to ease the importation process of agricultural products, including allowing industrial users to directly import sugar.

Signed by Mr. Marcos on April 18, Administrative Order (AO)No. 20, directed the DA, in coordination with the departments of Finance and Trade, to “undertake measures to further streamline administrative procedures and policies on the importation of agricultural products and remove non-tariff barriers.”

Non-tariff barriers are policy measures that restrict trade such as quotas, import licensing systems, regulations and red tape, among others.

“It is imperative to further streamline administrative procedures to foster transparency and predictability of policies on the importation of agricultural products in order to help ensure food security, maintain sufficient supply of agricultural products in the domestic market and improve local production,” Mr. Marcos said in the order.   

Mr. Marcos ordered the DA and departments of Trade and Finance  to streamline procedures and requirements in the licensing of importers. Licensed traders will be exempted from the submission of these requirements.

The departments should also facilitate importation of “certain agricultural products” beyond the authorized minimum access volume, and remove or reduce administrative fees, in consultation with the National Economic and Development Authority Committee on Tariff and Related Matters.

The Sugar Regulatory Administration (SRA) was also ordered to streamline and standardize existing guidelines within 30 days from the order’s effectivity. It was also directed to “allow more traders to participate in the sugar import program.”

“The guidelines shall provide for, among others, rules and regulations on the classification or automatic classification of imported sugar, as well as direct importation of sugar by SRA-registered industrial users,” the order stated.

House Ways and Means Committee Chair Jose Ma. Clemente S. Salceda said the order, if implemented fully, will  “open sugar imports to direct industrial users.”

“That could end the stagnation of the food manufacturing sector,” he said in a press release. “Right now, sugar prices in the Philippines are the highest in ASEAN (Association of Southeast Asian Nations).”

Under the order, the DA and its bureaus were to streamline the requirements for the issuance of sanitary and phytosanitary import clearances (SPSIC). All SPSIC applications not acted on within the prescribed period “shall be deemed approved,” the order read.

The DA was also tasked to review and revise rules and regulations on imports of frozen fish and fishery/aquatic products for wet markets during closed and off-fishing seasons or during calamities, “particularly the provisions that impose quantitative restrictions on fish imports, limit competition and participation in international trade, and restrict the species allowed for importation.”   

“The AO will also poke holes in speculative bubbles in the price of fish, which has high levels of non-tariff protection, such as the Certificate of Necessity to Import,” Mr. Salceda said.

The Bureau of Customs was also ordered to prioritize the unloading and release of agricultural imports.

A “surveillance team” was also created to monitor the import and distribution of agricultural imports and prevent price manipulation, among others. The team will be led by the DA, and include members from the departments of Finance, Interior and Local Government, and Justice as well as the Philippine National Police, National Bureau of Investigation, and Philippine Competition Commission.

Mr. Salceda said the Philippines has among the highest rates of protection for its domestic goods, with a protection level of around 27% as a share of farm receipts across all agricultural goods. 

Inflation accelerated to 3.7% year on year in March from 3.4% in February but slower than the 7.6% clip in the same month last year.

Food inflation rose to 5.7% in March, its fastest print in four months or since the 5.8% recorded in November 2023. Rice inflation climbed to 24.4% in March, also the fastest since the 24.6% print in February 2009. — K.A.T.Atienza

Debt service bill falls by 22% in Feb.

REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE NATIONAL Government’s (NG) debt service bill fell by 21.9% in February due to a drop in amortization payments, the Bureau of the Treasury (BTr) said.

Data from the BTr showed that the NG’s debt service bill declined to P293.615 billion in February from P375.714 billion in the same month a year ago.

Month on month, debt repayments surged by 84.8% from P158.898 billion in January.

The bulk (83.7%) of the total debt service bill in February went to amortization.

Principal payments during the month slipped by 28% to P245.788 billion from P341.605 billion a year earlier.

Domestic debt payments stood at P243.625 billion in February, lower by 19.7% from P303.461 billion in the same month in 2023.

Amortization on foreign obligations plunged by 94.3% to P2.163 billion from P38.144 billion a year ago.

Meanwhile, interest payments climbed by 40.2% to P47.827 billion during the month from P34.109 billion a year ago.

Broken down, interest on local debt jumped by 56.7% year on year to P34.35 billion from P21.924 billion.

Domestic interest payments consisted of P21.676 billion in fixed-rate Treasury bonds, P7.734 billion in retail Treasury bonds, and P3.264 billion in Treasury bills.

Interest paid on foreign debt went up by 10.6% to P13.477 billion in February from P12.185 billion in the same month a year ago.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the decline in debt payments was mainly due to the lower amount of maturing government securities in February compared with a year ago.

“Especially much larger Treasury bond maturities and principal payments a year ago, thereby resulting in a dramatic decline in the national debt servicing bill in February 2024,” he said in a Viber message.

“Payment of larger amount of principal payments a year ago also somewhat reduced interest payments for February 2024,” he added.

John Paolo R. Rivera, president and chief economist at Oikonomia Advisory & Research, Inc., said the annual drop in the debt service bill was also due to the weaker peso and wider fiscal deficit.

“This can be due to a mixture of several factors such as currency depreciation, lower amortization payments amidst higher interest payments, and greater funding requirements due to the persistent budget deficit,” he said in a Viber message. 

The peso depreciated to P56.20 as of end-February 2024, weakening by 87 centavos from its P55.33 close in end-February 2023.

Separate data from the BTr showed that the NG budget deficit widened by 54.81% to P164.7 billion in February from P106.4 billion a year earlier.

Meanwhile, the debt service bill in the first two months of the year rose by 6.8% to P452.513 billion from P423.545 billion in the same period a year ago.

The debt service bill consisted mainly of principal payments, accounting for more than three-fourths or 73% of the total.

In the January-February period, amortization payments slipped by 3.5% to P330.465 billion from P342.466 billion in 2023.

Principal payments made on domestic debt reached P243.763 billion, while payments for foreign obligations reached P86.702 billion during the period.

Meanwhile, total interest payments during the two-month period increased by 50.5% to P122.048 billion from P81.079 billion last year.

Foreign interest payments amounted to P38.875 billion in February.

In 2023, the NG’s debt service bill jumped to P1.604 trillion, up by 19% from P1.293 trillion in 2022.

Under the latest available Budget of Expenditures and Sources of Financing, the NG’s debt service program this year is set at P1.91 trillion.

Many Filipino PWDs still struggle to join the workforce, remain poor

PHILIPPINE STAR/EDD GUMBAN

By Patricia B. Mirasol, Reporter 

TRIVOR U. LATAYAN, 29, has been working as a bank accounting associate at Bayer Business Services Philippines, Inc. in Manila since 2019.

He’s the company’s first deaf employee, and having that disability has taught him resilience.

“It was tough on my first day at work because my colleagues didn’t know much about deaf culture or how to communicate with me,” Mr. Latayan, who lost his hearing at the age of two after going into a coma, said in an e-mail. “But that didn’t discourage me.”

Things improved over time as he mustered the courage to “talk” to his hearing colleagues about the basics of sign language and how important clear communication is.

Companies that lead in disability inclusion drive more revenue and profit, according to a 2023 study of the US workforce by Accenture and Disability:IN.

Accenture first documented the business case for hiring persons with disabilities (PWD) and offered guidance on how to advance inclusivity efforts in 2018, just before a global coronavirus pandemic.

“In the past five years, the business case for hiring persons with disabilities has become even stronger,” Accenture said in the 2023 report.

Companies that have led on key disability inclusion criteria have realized 1.6 times more revenue, 2.6 times more net income and two times more economic profit than other participants in Disability:IN’s annual benchmark survey.

They were also 25% more likely to outperform on productivity compared with their industry peers that have not participated in the survey, measured as revenue per employee.

Diversity in the workplace, including hiring PWDs, leads to innovation and boosts employee engagement, Michael G. Panlaqui, human resources head at Bayer Philippines, said in an e-mailed reply to questions.

“Innovation is fueled by diverse people and diverse perspectives,” he said. “When you have a mission like ours at Bayer… that includes hiring PWDs who can contribute their views, talent and skills in pursuit of that mission. The talent and drive to excel can be found in anyone, even if they have a disability.”

Everyone brings “unique skills and strengths” to the table, Ambe C. Tierro, country managing director and technology lead at Accenture Philippines, told BusinessWorld.

“Hiring PWDs in our company promotes an inclusive culture, enhances engagement among our people and drives innovation,” she said in a separate e-mail. “That’s why we work in removing boundaries to foster an inclusive and productive environment.”

Hiring persons with disabilities is not an act of charity, contrary to popular belief, Grant Javier, executive director at nonprofit group Project Inclusion Network, said in a Zoom interview.

“Companies themselves greatly benefit from hiring PWDs,” he said. “It’s a good business decision to hire them.”

PWD-friendly companies have invested in technology to make life easier for people with disabilities.

Accenture opened its Philippine Accessibility Center, where PWDs can interact with accessible technology, in 2019. Among the tools found in the center are a smart cane that detects above-ground obstacles with ultrasound, automated wheelchairs and software that translates voice responses into typed text during video calls. 

Bayer, meanwhile, had hallways and meeting room door widths adjusted in its Philippine office to accommodate wheelchair-bound employees. It also installed strobe lights to alert deaf employees in case of an emergency.

Team members of PWD co-workers likewise receive cultural sensitivity training, Mr. Panlaqui said.

“We even install the necessary supporting technology to help visually impaired colleagues do their work,” he said. Bayer’s town hall meetings and special events include deaf interpreters or live captions.

Having a deaf-driven business is easier than most people think, according to Francis Carl G. Reyes, chief executive officer and founder of Caravan Food Group Inc., which operates the Overdoughs and Elait food brands.

Customers can order through writing tablets available at all Overdoughs and Elait branches, he said in an interview. The menus are designed so patrons can easily point out the items they want.

The company also developed buzzers connected to watches, so “with just a touch of a button, the staff are alerted, and they know which table needs them,” Mr. Reyes said.

STILL POOR
There were 1.5 million registered PWDs in the Philippines as of April 12, according to the National Council on Disability Affairs website. 

“Most are living in poverty,” Billy Jay N. Pedron, a professor at the De La Salle Medical and Health Sciences Institute, said in the January 2024 issue of World Education Connect e-publication.

Decades after the enactment of the Magna Carta for Disabled Persons in the 1990s, PWDs still face challenges, particularly in getting decent jobs, he said.

People with disabilities face the major problem of job mismatch between their skills and the available jobs in the market, Mr. Pedron said.

The law also does not force private companies to hire PWDs. “Instead, the law only encourages private institutions to hire and employ PWDs with an incentive,” he said in the study.

Only 57% of PWDs in the Philippines were employed in 2020, as opposed to the 93.4% national employment rate at that time, according to the Technical Education and Skills Development Authority. The top two misconceptions about PWD employees are “they either can’t handle it, or they can only handle this much,” Mr. Javier said. “A third one is that it’s costly to hire them.” 

Employers can also have “attitudinal barriers.” “Oftentimes, people think that the barriers only exist in a physical sense, but the greater issue is with the mindset of people who hire.”

Philippine laws “encourage” private companies with more than 100 employees to reserve at least 1% of all positions for people with disabilities.

Bayer, which has three units in the Philippines — Bayer Philippines, Inc.; Bayer Crop Science Philippines, Inc.; and Bayer Business Services Philippines — said its 35 PWD employees account for almost 2% of its headcount. Accenture counts 4% of its Philippine staff as PWDs.

People should not put PWDs in a box, Mr. Javier said, citing the stereotypes of blind people working as massage therapists, or persons with autism who are overlooked in customer-facing roles.

Project Inclusion Network has placed blind people in information technology as programmers. “That was unthinkable before, but with the openness of companies and the technology available nowadays, this is highly possible.”

Some Filipinos with autism have found their way into HR. Hiring PWDs need not be costly either, Mr. Javier told BusinessWorld.

“We can come up with strategies that don’t require sign language interpreters. You can text to talk to each other, for example,” he said. “That alone is very cost-effective.”

Tax incentives are another corporate benefit for Philippine companies that hire people with disabilities, though most find the requirements too much of a hassle.

Under the law, private companies that employ qualified PWDs are entitled to an additional deduction from their gross income equivalent to 25% of salaries paid to PWDs.

“The Labor department and Bureau of Internal Revenue are not aligned,” Mr. Javier said. “There are so many procedures required by both agencies.”

Mr. Reyes, whose company’s deaf employees make up more than half of its staff, said they’ve tried several times to avail themselves of the tax incentives, to no avail.

“Every time we try to reach out [to a government agency], they always seem to be on vacation,” he said. “Now, we’re paying everything like a normal company.”

But for Caravan Food Group, it’s not about the incentives. “It’s helping us send a message that even without incentives, we are operating successfully. You can make a successful business without any of these benefits.”

Mr. Javier said policy makers seem to be aware of the needs of people with disabilities and lawmakers particularly have been trying to improve their lot.

In March 2022, a measure that ensures inclusive education for students with disabilities was enacted, even though it’s “not perfectly implemented,” he said. Both Houses of Congress have also recently held hearings on the PWD ID and its benefits.

Bayer Philippines plans to hire more people with disabilities, Mr. Panlaqui said. He added that Bayer employees know too well that an inclusive workplace is about people looking out for each other.

“Whenever we have a company-wide hybrid event and the deaf interpreter is not immediately on screen, many of our people will actively chat in the message section looking for them because they know their colleagues need them,” he said.

Mr. Reyes wants to give his staff career opportunities beyond manning a café.

“I want to give them more leadership training,” the PWD champion said. We already have deaf supervisors and deaf managers. It’s already starting.”

Mr. Latayan, the deaf accounting associate at Bayer, enjoys the opportunity to learn and grow in his job. “It feels great to be in a place where I can thrive and contribute, regardless of any challenges I may face.”

BoI says investment pledges reach P607B

Philippine flags line the road in the City of Dasmariñas in Cavite, June 2, 2023. — PHILIPPINE STAR/EDD GUMBAN

INVESTMENT COMMITMENTS approved by the Board of Investments (BoI) reached P607.22 billion as of April 17.   

BoI Director for Investment Policy and Planning Service Sandra Marie S. Recolizado said that the investment promotion agency approved a total of 117 projects, which mostly came from domestic investors.

“Our total approved investments increased by 15% because last year, from January to April, we recorded P527.24 billion worth of investment approvals, while for January to this week, we already have P607.22 billion,” Ms. Recolizado said during a media briefing on Friday.

Domestic investors accounted for 80% or P494.37 billion of the total approved investment pledges during the January to April 17 period.

Trade Secretary and BoI Chairman Alfredo E. Pascual said rising domestic investments signal the improving confidence of local investors in the economy.

“We should not belittle that most of the investments are domestic because that is really what we are encouraging, that our domestic investors commit their capital to projects in the Philippines rather than bringing out their money or capital outside the country,” Mr. Pascual said in mixed English and Filipino.

In his recent trips abroad, particularly in Vietnam, the Trade chief said he noticed that a lot of Philippine companies and enterprises are investing overseas.

“That is why we should celebrate that local investors are investing in the Philippines because foreign investors would also look into that,” Mr. Pascual said.

“They will question if the local investors, who know the innards of the country, do not invest in the Philippines. What I just want to highlight is that local investment is as important as foreign investment,” he added.

In terms of sectors, Ms. Recolizado said that the majority of the projects are in renewable energy.

“The biggest project that we have approved is Ahunan Power, Inc.’s project… and the second-largest project that we have approved is the Ivisan Windkraft Corp.’s project.

Ahunan Power will develop a P296.98-billion,1,400-megawatt (MW) hydropower resource and pumped storage hydroelectric power plant in Pakil, Laguna. It is 100% Filipino owned. 

Meanwhile, Ivisan is undertaking a P83.7-billion offshore wind project in Cavite. The project is 75% owned by Singaporean investors.

Investments in renewable energy projects increased after the Philippine government allowed full foreign ownership in the sector starting November 2022.

Asked if there are still projects set to be approved in the BoI’s management committee meetings this month, Ms. Recolizado said: “There are many projects that have filed applications with us but are still being evaluated.”

“These projects in the pipeline are for checklisting, which means that we have not accepted them yet, but we already have interaction with them,” she added.

Last year, the BoI approved P1.26 trillion in investments, 66% or P763.22 billion of which are foreign investments. For this year, the BoI has an internal target of approving P1.3 trillion to P1.5 trillion in investments. — Justine Irish D. Tabile

Around 15 PPP projects up for NEDA Board approval next year

PHILIPPINE STAR/MICHAEL VARCAS

AROUND 15 public-private partnership (PPP) proposals may be submitted to the National Economic and Development Authority (NEDA) Board for approval next year, the Public-Private Partnership (PPP) Center said.

“We’re hoping [that] under just the solicited and PDMF (Project Development and Monitoring Facility) funded projects [for] next year, maybe around 15 [will be sent to the NEDA Board],” PPP Center Executive Director Ma. Cynthia C. Hernandez told reporters on April 18.

She said the number of unsolicited proposals increased to around 30 since the PPP Code’s implementing rules and regulations took effect earlier this month.

Majority of the unsolicited proposals are National Government PPPs, covering key industries namely information technology, energy, and waste management.

“The [bulk of] unsolicited proposals are still National Government projects as its revenue potential is still bigger,” Ms. Hernandez said in mixed English and Filipino.

PPP projects need to be approved by the NEDA-Investment Coordination Committee before these are submitted to the NEDA Board, chaired by the president, for final approval. 

Meanwhile, European Chamber of Commerce of the Philippines (ECCP) Board Director Diana M. Edralin said that digitalizing the healthcare sector with the help of artificial intelligence is crucial to identify necessary PPP projects for local government units (LGU).

“[Through digitalization,] the LGU will have the data that will help them prioritize and understand what kind of public-private partnerships can potentially help address those issues,” Ms. Edralin, also the general manager of biotech company Roché Philippines, Inc., told BusinessWorld at the sidelines of a PPP and ECCP luncheon meeting on April 18.

British Chamber of Commerce of the Philippines Executive Director Chris Nelson said British companies are looking to participate in PPP projects on infrastructure, renewable energy, and sustainability.

“We think that’s a good direction and along with obviously wanting to see the economy further open up in many areas… and we’d like to see further development and use [the PPP Code] to encourage British interest,” Mr. Nelson said via telephone.

American Chamber of Commerce of the Philippines Executive Director Ebb Hinchliffe said more American investors are expected to participate in key infrastructure projects, such the North South Commuter Railway and emerging projects at the New Clark City.

There are currently 122 PPP projects valued at P2.52 trillion in the pipeline as of April 12. Of these, 100 are national projects while the rest are local. — Beatriz Marie D. Cruz

Startup trailblazers share tips on starting a business

From L-R: BUILD 2024 Host Joey Tekiko, Great Deals E-Commerce Corp. Founder & CEO Steve Sy, PayMongo Co-Founder & Chairman Luis Sia, Growsari Co-Founder & CEO Ed Rollan, Foxmont Capital Partners Managing Partner Franco Varona, and PayMongo CEO Jojo Malolos

From raising funds, to scaling operations efficiently to navigating market competition — the list of obstacles a startup faces is endless. Fortunately, starting a business in 2024 may not be as daunting as it was a decade ago when the Philippine startup ecosystem was young and startups lacked support.

This was the key takeaway in a panel discussion organized by PayMongo, a Philippine-based digital financial services solutions provider, as part of the BUILD Startup Festival held recently at Six/NEO in Bonifacio Global City, Taguig. The event was moderated by PayMongo CEO Jojo Malolos, with PayMongo Co-Founder and Chairperson Luis Sia, Growsari CEO and Co-Founder Ed Rollan, Great Deals E-Commerce Corp. Founder and CEO Steve Sy, and Managing Partner of Foxmont Capital Partners Franco Varona serving as panelists.

Throughout the discussion, the panelists shared tips on how Filipino entrepreneurs can survive the ever-growing startup ecosystem.

Mr. Sia, who co-founded PayMongo at the age of 23, advised aspiring entrepreneurs to know how much time it takes to build their business and stick it out. A startup’s journey to success is a long and bumpy road; hence, founders need to be patient when dealing with obstacles that are bound to come along.

Mr. Sia also encouraged entrepreneurs to have the persistence to see through these roadblocks and turn them into opportunities for success.

“A lot of great problems are solved over a long time,” he added.

Coming from his experience with Growsari, Mr. Rollan explained the importance of understanding investments, whether in warehousing, logistics, or staff hiring. He further expounds that startups, especially in their early stages, will always be bound with questions and challenges, but knowing which to focus on and your expertise as an owner will be vital to making your business thrive.

“Our business mindset is always, if I do this on my own, I should be the best person to do this in the industry otherwise, it’s better that someone else do it,” Mr. Rollan stressed.

Growing and scaling one’s business are two different matters but both are important in business development, Mr. Sy of Great Deals E-Commerce Corp. highlighted. Growing a business is when revenue increases as a result of expanding the organization through new hires, investing in new equipment, and so on. Meanwhile, scaling is when businesses manage their existing resources to efficiently sustain growth. Understanding the difference between these two concepts can help founders determine what they need to raise funds for and get to the next level.

“When you focus too much on growth, you tend to overlook important steps to be able to scale, so it’s important to know the right processes for your business to grow and then eventually be able to scale,” Mr. Sy underscored.

Mr. Varona, who engaged a number of entrepreneurs at Foxmont Capital Partners, emphasized that business owners need to have a reality check and ensure that they have a specific intention to raise capital rather than for vanity or increasing their business’ worth.

“Raising money should always be accompanied by very specific reasons, like growing or scaling,” he said.

Aside from these valuable tips, the trailblazers also highlighted the importance of establishing support systems such as mentorships to ensure a productive and encouraging environment for the development of local startups.

“The evolution of the Philippine startup ecosystem over the years has unlocked tremendous opportunities for local entrepreneurs. Support systems and mentorship programs have been critical components in helping these businesses succeed, especially at the early stages,” Mr. Malolos of PayMongo said. “Hopefully, through events like BUILD, we can continue to foster collaboration and innovation, driving the continued growth of the startup community,” he added.

BUILD, organized by Esquire Philippines and Sinigang Valley Association, with support by PayMongo this year, is an annual one-day event convening startup founders, executives, investors, incubators, and government regulators, showcasing the Philippines’ thriving startup networks. This year’s festival concluded with a strong call for entrepreneurship and innovation, encouraging Filipinos to continue solving old problems with new takes through their startups.

Young Filipino students win big in the 9th Philippine Robothon Competition

The country’s brightest, most tech-savvy young minds won big in the 9th Philippine Robothon Competition 2024 co-organized by First Eduspec, Inc. and Rex Education. The competition was recently held at St. Paul College Pasig.

The competition, the most prestigious robotics-related showcase in the country today, was aptly themed, “F.U.T.U.R.E.: Filipinos in Unified Technologies, Unveiling Robotics Excellence; Pagtanaw sa Ating Ambisyon Tungo sa Matatag na Edukasyon.” It gave young Filipino innovators a fitting platform to show their expertise in robotics, a field becoming increasingly important in today’s society. The ninth edition, like its predecessors, allowed the student participants not only to demonstrate their various technical skills when it comes to robotics but also their ability to create innovative solutions to pressing community issues.

St. Paul College Pasig (Primary), Las Piñas Montessori School (Middle), Brokenshire College Toril (Junior), and Grace Christian College (Senior) were adjudged champions in the different mini-robot challenge categories. De La Salle University Integrated School (Middle) and Immaculate Conception-Greenhills (High School), on the other hand, were hailed as the big winners in the two innovative open categories.

Aside from the contest proper, another highlight of the 9th Philippine Robothon Competition was the seminar-workshop titled “Unlocking Learner’s Potential through STEAM Education.” This conference gathered some of the country’s best, most innovative experts in the fields of science, technology, engineering, arts, and math (STEAM) — including Gino Luayon, school head at the Domuschola International School; Vilma Clerigo, principal at San Beda College Alabang; and Paolo Josef Blando, program and partnership development officer of the National Teachers College — to discuss the growing importance of STEAM education in the modern-day curriculum and how to unlock students’ potential in these fields.

STEAM is a critical component of 21st-century education because at its very core is the enhancement of vital future-proof skills like problem-solving, data gathering and analysis, evidence assessment, and technical and technological know-how. The same skills are expected to have premium value in this present-day context marked by rapid advancements in technology and heightened complexity.

To know more about the 9th Philippine Robothon and the winning entries, visit https://www.facebook.com/EduspecPhilippines?mibextid=ZbWKwL.

The greening of the Corolla Cross

The base variant of the Toyota Corolla Cross, the G grade, is now a hybrid as well. — PHOTO BY KAP MACEDA AGUILA

Toyota’s popular compact SUV is now exclusively available with a hybrid powertrain

THE HYBRID electric vehicle (HEV) space is a segment where Toyota Motor Philippines Corp. (TMP) is the first mover in. Before it even appeared as a blip on the automotive radar, the Prius appeared here back in 2009.

It was a very different scene back then, of course. Filipinos were largely not quite ready for the concept of a battery-powered motor appearing alongside an internal combustion engine (ICE). And despite Toyota’s earnest information campaign to clarify what a hybrid actually is, the idea simply didn’t catch on. Maybe it just wasn’t time then. Also, to be completely honest, the funky look of the Prius then didn’t do itself a favor either.

Today, we’re far removed from those tentative first steps, and the notion of electrification is now neither novel nor far-fetched. In fact, when TMP formally unveiled the face-lifted Toyota Corolla Cross recently, it did so with such a resolve and decisiveness that would not have been possible all those years ago.

Let me explain: Although not yet an all-new iteration, the Corolla Cross is now effectively bereft of a purely ICE-powered version. Yup, TMP is now exclusively offering hybrid versions of its crossover — going all in for the nameplate it debuted here in 2020.

In a release, TMP President Masando Hashimoto said, “The Corolla Cross, the first strong hybrid crossover in the Philippines, has been a key to accelerating electrification in the Philippines. TMP pioneered the hybrid in 2009, but (it was after) the Corolla Cross launch in 2020 when we started achieving three-digit annual sales figures of xEVs (electrified vehicles).”

Last year, consolidated xEV figures for Lexus and Toyota reached 7,203 units. By the end of February this year, TMP reported a sales total of more than “4,000 electrified Corolla Cross (units) on the road, part of the more than 13,000-strong customers who chose electrified Toyota and Lexus models since we started the electrified movement.”

I spoke exclusively to Mr. Hashimoto on the sidelines of the Corolla Cross launch, and he expressed bullishness about the prospects in the space. Check out our Q&A on this page.

Three trims of the Corolla Cross will remain: the entry-level G, the V, and the GR-S (Gazoo Racing Sport). But again, all of these will now boast hybrid electric powertrains. The G starts off at P1.498 million, which makes the hybrid crossover a lot more attainable — something that should serve the country’s perennial auto sales leader in good stead amid the influx of challenger brands, particularly those from China.

Aside from the hybrid powertrain universality, the Corolla Cross has other new things up its sleeve. The V and G variants boast a mesh-like grille with hexagonal outlines, even as the GR-S retains its familiar face. The V and GR-S variants now receive LED headlamps with automatic high beam and sequential turn lamps; the G’s headlights have been upgraded from halogens to LEDs.

A panoramic view monitor camera and panoramic moonroof are affixed on the GR-S, and buyers will also benefit (as with those opting for a V) from a powered liftgate with kick sensor. All variants now have LED interior lamps and a leather-wrapped steering wheel. The foot brake (which not a few commented as conveying a less-than-premium feel) has been supplanted with a more appropriate electronic parking brake.

In front of the driver, a 12.3-inch fully digital multi-information display is on the GR-S, a seven-inch thin-film-transistor display is on the V, and the G gets a 4.2-inch TFT. Meanwhile, all three grades have a 10-inch display audio with wireless Apple CarPlay and Android Auto, plus a wireless charger for smartphones.

Toyota Safety Sense (TSS) driver assistance features are available on the GR-S and V trims for enhanced protection. These include a pre-collision system, automatic high beam, lane tracing assist, lane departure alert, and dynamic radar cruise control. Active safety features are available on all grades: emergency brake signal, anti-lock braking system, electronic brake distribution, and vehicle stability control.

Under the hood is the same mill for all three: Toyota’s 1.8-liter 2ZR-FXE hybrid powertrain with VVT-i. Total system power is rated at 122ps, while torque is at 142Nm. Drivers access the performance via a CVT. “This hybrid engine combines the power of a conventional engine with the fuel efficiency of an electric motor for an eco-friendlier drive, giving customers the power to start their journey toward a carbon-neutral future,” stressed TMP.

The V is priced at P1.763 million, while the GR-S is tagged at P1.917 million.

“The Corolla is the best-selling Toyota nameplate in the world. Since the introduction of the brand in 1966, roughly 50 million units have been sold in 150 countries — and that includes the Philippines. The Corolla’s story continues today, and with its role in carbon neutrality, we are working on having the Corolla enjoyed by generations to come,” concluded Mr. Hashimoto.

Suffice it to say that the Corolla’s hybrid chapter has indeed opened.

Rustan’s garden party marks summer campaign

AN IMAGE from Rustan’s ‘State of Mind’ campaign.

This as company leadership makes smooth transition after passing of Nedy Tantoco

ALL five floors of Rustan’s Makati transformed into a giant party on April 17 at the launch of their summer campaign. The store’s windows had been dressed for summer, and guests walked around the store with drinks in their hands, and played games at different departments. All in all, a pretty great evening.

While there were several discounts only available during the evening, as well as a travel fair that ended last Sunday, the treats keep coming as the travel fair hops over to Rustan’s Shangri-La on April 27 to 28.

The fifth floor itself was transformed into a garden party, with “grass” everywhere, a DJ, and a wall with a bell you could ring for wine (a hand would pop up from behind the wall to hand you a glass).

Anton Huang, SSI Group, Inc.’s Chief Executive Officer talked about the store’s transformation, as well as the campaign, in an interview. “I want something to generate warmth within the shopping environment. I don’t want anything stiff; I want greenery, lushness, and the like, and that is the guiding peg for the whole campaign.”

Mr. Huang succeeded his mother Zenaida “Nedy” Tantoco after her death earlier this year (he shares leadership with his cousin, Bienvenido “Donnie” Tantoco III). “We definitely miss her presence,” Mr. Huang said. “She was always a driving force behind our companies. We’ve been set up with a very professional structure for many years now. The business goes on; the operations go on. We have a strong management foundation, and things have been in place for quite a while,” he said.

Last week, BusinessWorld reported that SSI Group, Inc. saw an increase of 34% in its net income to “an all-time high of P2.58 billion” last year.

“I think at this point, we remain focused on making sure that the customer experience in our stores is top-notch and exactly as our customers expect them to be,” he told BusinessWorld. “It’s an ongoing effort to keep on making sure that we have the products that our customers want, and the time that they want them.” — Joseph L. Garcia

Q&A: ‘We need to accelerate our electrified strategy’

Mr. Hashimoto speaks at the public launch of the Toyota Corolla Cross.

TMP President Hashimoto on the company’s bold direction

Interview By Kap Maceda Aguila

MASANDO HASHIMOTO’S first vehicle launch after taking the helm of Toyota Motor Philippines (TMP) was an especially important occasion as it veritably tied in with the giant automaker’s vaunted drive toward carbon neutrality. Toyota’s global push to lessen dependence on fossil fuel and its resulting ills has famously been a “multi-pathway approach,” which does not confine itself to a battery electric vehicle solution but, rather, a number of immediately deployable and viable forms. We talk exclusively to Mr. Hashimoto, who explained the company’s broad and fine strokes on greener mobility and more. Excerpts from our interview:

VELOCITY: What is the message of Toyota Motor Philippines with the stoppage in selling the pure ICE (internal combustion engine)-powered Toyota Corolla Cross?

MASANDO HASHIMOTO: When we launched this model four years ago, we were quite surprised by its sales performance. It’s been well appreciated and accepted by the market. This C-segment is a kind of volume mainstream category for us. We decided that in this main area, we need to accelerate our hybrid or electrified strategy more. That is why we decided to focus only on the hybrid lineup this time. That is the background.

TMP has been growing the number of models where there are only hybrid options like in the case of the RAV4, Camry, and Corolla Altis. Are you going to continue doing that, and how do you see the market reception? We of course have to remember that Toyota is the number-one brand here. Do you think that with the increased number of hybrid models, you can still realize the volume? This assumes that more Filipinos are going to choose hybrids.

That’s a very good question. After we (Lexus and Toyota) sold around 7,000 hybrid vehicles and battery electric vehicles last year, we want to double this figure this year, at least. That is our aim and ambition. So, considering those things, we need to expand our lineups like in the Corolla Cross. Probably, in the B-segment or small, compact segment we have to have more options to the customers. Some customers want to have more affordable (models); some are very interested in carbon neutrality. We have multiple options; that is our approach to the customer.

What do you say to customers who ask why Toyota isn’t releasing a battery electric vehicle (BEV) here?

At the moment, Toyota and Lexus are selling two models of BEVs which are the UX EV (see article on the right) and RZ EV. We are now making a kind of first step in this new area. I say new because in the case of the BEV, it needs the infrastructure first then the car later. We need to monitor and keep watching the momentum of the charging station infrastructure rollout, so that people can adapt, society can adapt to a wider range of the BEV product in the future. We have ICE-powered models, we have hybrid models, and we have battery electric models. TMP now is a full-lineup OEM brand we can have such a transition technology until the time we are fully and enjoying the infrastructure in the future.

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