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Jetour PHL previews T2 4×4 and limited-edition Dashing PHEV

Jetour T2 — PHOTO BY KAP MACEDA AGUILA

THE MANILA International Auto Show (MIAS), to open on Thursday, will undoubtedly again prove to be an appropriate venue for the growing number of brands in the Philippines to showcase their current lineup to an expectedly large number of eyeballs. Many of the participants have openly stated that they will publicly unveil new models.

One of these brands is Jetour. Local distributor Jetour Auto Philippines, Inc. (JAPI) recently previewed the two models it will unveil at MIAS: the Jetour T2 4×4 SUV, and the plug-in hybrid electric vehicle (PHEV) version of its popular Dashing crossover.

Said JAPI Managing Director Miguelito Jose at the preview recently held in Pasay for members of the media along with dinner partners, “Get ready to be amazed by the incredible vehicles we have in store for you today. They’re a celebration of innovation and sustainability.”

The Jetour Dashing PHEV, limited here to only 10 examples, is said to offer up to 1,000 kilometers of range on a single full tank of gas, owing to both “efficient hybrid propulsion system,” which features a 1.5-liter internal combustion engine supplemented by an electric motor powered by a Ternary lithium battery.

The system outputs 545Nm of torque, and nets a standstill-to-100kph time of under seven seconds, said JAPI. It can go in pure electric mode for up to 100 kilometers. The Jetour Dashing PHEV is priced at P1.95 million.

Meanwhile, the Jetour T2 is obviously the focal point of JAPI for its MIAS appearance. “This is not your ordinary SUV. It’s a powerful 4X4 beast that can conquer any terrain, and combines rugged capability with refined aesthetics,” remarked Mr. Jose. Powered by a 2.0-liter Kunpeng Turbo Gas Direct Injection mill mated to the Magna 7DCT third-generation wet dual-clutch transmission with intelligent execution system, the four-wheel-drive T2 has up to 251hp and 390Nm on tap.

JAPI said that T2 is the production version of Jetour’s T-X concept car, which strives to combine ruggedness and high technology. “The exterior touches give the T2 the ideal physique of an SUV that’s ready to play, and play hard, in any urban and outdoor setting,” said JAPI in a release.

The T2 has the services of a Qualcomm Snapdragon 8155 chipset, which leads to a responsive 10.5-inch LCD instrument cluster and the 15.6-inch central control touchscreen.

The chassis comes standard with metal underbody shields for stronger protection, and the T2 boasts an eight-point full-frame front subframe for better overall integrity. “Overall, the design safety factor of linkage-type parts has been ramped up by more than 20%. The exclusive off-road, high-performance tires deliver superior dry and wet traction, ensuring tire safety and control,” added JAPI. “These safety design qualities, combined with the Bosch 5+3 ADAS (Advanced Driver Assistance System) use fifth-generation radars/sensors and third-generation cameras that enhance the detection of objects within its surroundings.”

A full complement of some 17 intelligent, assisted driving functions are available to the driver for heightened convenience and safety.

The Jetour T2 is available in two variants, the T2 Beyond (P2.498 million) and the T2 Terrain (P2.598 million). The latter gets additional kitting such as a side cargo hold. For more information, visit Jetour at MIAS, or check out https://jetourauto.ph/ or any of JAPI’s 23 dealers. — Kap Maceda Aguila

PetroWind secures approvals to power Aklan wind project 

PETROWIND ENERGY, INC.

PETROWIND Energy, Inc. has secured approvals for the energization of its 13.2-megawatt (MW) Phase-2 of Nabas wind power project in Aklan, the company said on Sunday.

The Independent Electricity Market Operator of the Philippines Inc. (IEMOP) approved the registration of its facility with the Wholesale Electricity Spot Market (WESM), the company said in a statement.

PetroWind is a joint venture of PetroGreen Energy Corp., the renewable energy arm of Yuchengco-led listed company PetroEnergy Resources Corp., and Thailand’s BCPG Public Co. Ltd.

“This WESM registration approval authorizes Phase-2 as an additional facility of PWEI,” PetroGreen Assistant Vice-President for Power Markets Dave P. Gadiano said.

He added that the approval came after the successful testing by the Energy Regulatory Commission of the project’s metering equipment last February.

The National Grid Corp. of the Philippines (NGCP) also had a test for supervisory control and data acquisition of the project in March.

Following the WESM registration approval, the NGCP issued the certificate of approval to connect for Phase 2 as a load facility.

“With this approval, PWEI can now energize the new and dedicated 16 MVA (megavolt-amperes) Phase-2 substation with feedback power to start the internal technical tests of our VESTAS wind turbines,” PetroGreen Vice-President for Technical Operations Paul Elmer C. Morala said.

“Should all go well, grid compliance tests with power export to the grid will soon follow,” he added, referring to the Panay sub-grid.

The Nabas-2 project is located south of the existing 36-MW Nabas-1 wind power project, which would add six turbine generators to the existing 18 of the first phase.

The company is targeting to complete the second phase of the project by 2024. — Sheldeen Joy Talavera

A TikTok ban wouldn’t end influencers’ dreams. Maybe it should

MAY GAUTHIER-UNSPLASH

OF ALL the many kinds of TikTok users in the US — the casual consumer, the follower of viral content, the obsessed fan — the most famous is probably the influencer. And all the kids these days hoping to become famous on social media could be just the lobbying force TikTok needs as it implores its users to call their representatives in Washington to fight a ban: It’s their livelihoods, after all, that are on the line.

Of course, a ban of TikTok wouldn’t kill the influencer dream — they could just pivot to a different platform. But it might be better for everyone if it did.

I write as someone who made a portion of my living as an influencer years before TikTok existed. Obviously, to Gen Z — and certainly to Gen Alpha — I’m just an old millennial wagging my finger. (Granted, I did just use the phrase “kids these days,” so the charge isn’t entirely off base!) What gives me pause about the TikTok lobbying campaign isn’t the app itself — I don’t use it — but rather the notion that a career as an influencer, whatever that means, is something to strive for. I know the compromises that sometimes need to be made as you mine your personal life for content, and how hard it can be to draw boundaries with online followers who engage in parasocial relationships with you.

Opening the door to potentially millions of people to comment on your life choices is a vulnerable act, especially since you can’t take back what you’ve already shared. Electing to be public about your romantic relationships, finances, mental health, family dynamics and parenting style means allowing strangers to feel personally involved and affected by your choices. It can also lead to compromising your real-life relationships for the sake of your online content and leveraging other people’s lives and narratives without their explicit consent.

One life lesson that’s hard to fully embrace in your teens and 20s is just how much you will change with each passing decade. As your life unfolds, your interests, opinions and values will evolve. This isn’t to say your 33-year-old self will dislike the person you were at 23. But that 33-year-old will almost certainly cringe at some of what’s in the 23-year-old’s journal.

Now imagine that journal is a video — and it’s online for everyone to see, in perpetuity. And then think about what it would mean if your entire brand and business were built on the personality and opinions you had at 23.

If you have made your career as an influencer, evolution can be a difficult process. It can be hard to pivot and have your audience grow with you. When I built a brand in my early twenties called “Broke Millennial,” the label was basically true. It no longer is, but — thanks to social media profiles and a series of books — that name is still tied to my work more than a decade later.

It’s difficult to stay connected to the almighty influencer north star of “authenticity” if your life changes financially, socially, and emotionally because of your work. As your follower count rises and companies come knocking for brand partnerships, authenticity can be quickly put to the test. Many brand partnerships can be easy money in terms of workload, but they might require promoting a company or product to your followers that is not aligned with your values. Any promotional misstep can cause swift backlash among followers and be costly both socially and financially.

Then there is the issue of mental health. Burnout is common. The sudden lack of anonymity, or even fame, can be unnerving in a world in which everyone has a camera in their pockets. Being “canceled” is not so much a risk as an inevitability, as a seemingly small stumble can turn hordes of people against you. Some influencers have been known to give it all up to return to the 9-to-5 world, or at least move off social media and behind a paywall.

Beyond the scrutiny of commenters on social media, there is the hard work of running your own business. The safety net of a regular paycheck and a job that allows you to (mostly) unplug when you leave the office can be appealing to someone who has been tethered to social media 24/7 for years.

And not all influencers choose to “pivot” to a traditional job — some have one foisted upon them. Being an influencer, like many early careers, will probably only last for a short period of your working life. People lose cache as younger, shinier stars come along. Their content begins losing relevance with the demographic on a particular platform, or simply no longer gets boosted by the algorithm.

Then the question becomes how, or whether, to retain influencer status when you return to the 9-to-5 world. The latter could be an issue if you’ve built a brand with which potential employers don’t want to risk association.

None of this is to say you should ditch all your dreams of becoming an influencer. It’s simply a warning: If the life of an influencer is one to which you aspire, be judicious. Be conservative about how much of your personal life you post online. Be considerate to the people you care about who don’t want to be part of your platform. Be mindful of what your future self may think about the kinds of things you decide to make public. And remember that being authentic doesn’t mean sharing every nitty gritty detail.

BLOOMBERG OPINION

AREIT, Inc. to hold 2024 Annual Stockholders’ Meeting on April 23

 

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House prices up 6.5% in Q4 2023

Housing prices nationwide rose at a much slower pace in the fourth quarter of 2023, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

 

House prices up 6.5% in Q4 2023

Style (04/01/24)

Final Uniqlo/Ines de la Fressange collab out April 5

THE 10-YEAR collaboration between fast fashion brand Uniqlo and French designer Ines de La Fressange has run its course and will be marked with a final Spring/Summer collection which will be available on April 5. This range of LifeWear celebrates the effortless Parisian style of Ines de la Fressange, a symbol of French chic and a style icon for women around the world. The partnership began with the 2014 Spring/Summer collection, and over the last decade has delivered timeless French chic in a universal style. This collection is a return to French basics, suitable for the final chapter, and reflecting the designer’s penchant for styles that make the wearer feel comfortable. There are denim coveralls in light ounce denim with cotton for softness of the material, linen cotton skirts with a fluffy silhouette and classic cotton shirts are emblematic of the timeless items favored by the designer. Fast Retailing Group Senior Executive Officer Koji Yanai commented: “I am confident that our customers will enjoy our final collaboration line. Ines-san, thank you for the wonderful 10 years of our partnership.” The 2024 Spring/Summer Collection will be available at select stores in the Philippines and through uniqlo.com. There is also a special website: https://www.uniqlo.com/ph/en/contents/collaboration/ines/24ss/

Special K-Beauty Hangout will open at SM Aura

THE BEAUTY event K-Beauty Hangout will take place on April 12 at Level 3, Atrium, SM Aura. This event promises a day filled with beauty exploration, education, and hands-on experiences, running from 10 a.m. to 6 p.m. Admission is free, and participants are invited to immerse themselves in the world of K-beauty through various booths and a lecture by a makeup artist from Jenny House, Korea. Jenny House, a trailblazing beauty salon with over two decades of experience, is renowned for its comprehensive services in hair, makeup, and cosmetics. The salon’s clients include some of Korea’s most famous celebrities, including Son Yejin from the 2019-hit K-drama, Crash Landing On You, and Park Shin-hye from this year’s hit K-drama, Doctor Slump. The event is presented by the Korean Cultural Center in the Philippines (KCC) and Korea Tourism Organization Manila Office (KTO-Manila), in collaboration with Jenny House, AMOREPACIFIC Philippines, and SM Aura. K-Beauty Hangout is organized to celebrate the Korea Beauty Festival 2024, held in Seoul from May 31 to June 30. The beauty festival will showcase the best of K-Beauty, featuring experiential booths tailored for foreign tourists, tourism product sales, and a diverse array of K-culture events. Visitors to Seoul can participate in different showrooms and celebrity-inspired make-up experiences in Gwanghamun, Gangnam, Myeongdong, and Seongsu. For interested participants, day tour tickets can be purchased online.

Old Navy launches Family Matching Outfits collection

OLD NAVY is launching its Spring Family Matching Outfits collection, a way to showcase family togetherness with coordinated clothing. From vibrant florals to classic stripes, the collection offers an array of options to suit every taste and preference. Made from soft, high-quality fabrics, these outfits are perfect for lounging at home, running errands, or capturing family photos. With a range of sizes available for men, women, kids, and even babies, it is easy to find the perfect fit. The Spring Family Matching Outfits collection is now available at Old Navy Bonifacio High Street, Shangri-La, and the Glorietta Pop-up store and online at www.oldnavy.com.ph.

In Iraq, water crisis leaves farmers clinging to sidr trees

REUTERS

BASRA — Faced with a failing date palm business due to scarce resources, Iraqi farmer Ismail Ibrahim has planted “sidr,” or jujube, trees which require far less water during an irrigation crisis.

Iraq is part of the “Fertile Crescent,” arable land sweeping from the Mediterranean to the Gulf which has been farmed for thousands of years.

Today, the landscape has been devastated by upstream damming of the main two rivers, the Tigris and the Euphrates, lower rainfall trends and decades of armed conflict, leaving farmers such as Mr. Ibrahim facing the loss of their livelihoods.

As Mr. Ibrahim tended the soil, he explained that the medium-sized evergreen sidr trees native to the Middle East consume little water and are able to rely on salty groundwater.

The sidr bears fruit from its second year, while the palm takes at least five years, he added.

“I turned to sidr because I see its financial return is better than palm trees,” he said. “Even if you give it salty water, the fruit will be the same, and it may even be better.”

Palm trees are not as durable, he added. “If you give them salty water constantly, the taste will not be sweet, and it will not grow as much, and it may die, and it may not give you the same quality,” he said.

“Here we are on sandy land. Sidr here would be number one.”

Iraq has been trying to emerge from years of conflicts ranging from former President Saddam Hussein’s invasion of Kuwait in 1990 to the 2003 US-led invasion that toppled him to the violence wreaked by Islamic State militants who took over large swathes of the country, destroying its economy.

For farmers, the water shortage is the latest blow to their business.

After years of investment in his palm farm, Abbas Ali is coming to grips with the grim reality that his produce has fallen victim to the high percentage of salt in the water.

“The destruction of the palm tree, and the contamination of the soil in general, lead to most farmers to abandon palm cultivation due to the high percentage of salts,” he said.

“The high percentage of salts can continuously pollute the soil, it cannot be disposed of easily because if the salt tide comes, you cannot get rid of it in an instant.” — Reuters

Yields inch higher on borrowing plan

YIELDS on government securities (GS) inched up last week amid a shortened trading week and after the Bureau of the Treasury (BTr) announced its second-quarter borrowing program.

Debt yields, which move opposite to prices, rose by 1.36 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates data as of March 27 published on the Philippine Dealing System’s website.

Rates at the short end of the curve were mixed, with the 91- and 182-day Treasury bills (T-bills) going down by 4.91 bps and 0.06 bp week on week to 5.7254% and 5.9181%, respectively. Meanwhile, the 364-day T-bill rose by 0.95 bp to 6.0740%.

At the belly, the yield on the two-year Treasury bonds (T-bonds) fell by 0.91 bps to 6.0425%. Meanwhile, rates of the three-, four-, five-, and seven-year bonds went up by 0.12 bp (6.0918%), 0.96 bp (6.1404%), 1.71 bps (6.1830%), and 3.45 bps (6.2362%), respectively.

The long end of the curve also rose, with the 10-, 20- and 25-year debt papers going up by 3.30 bps (to 6.2322%), 5.03 bps (6.2623%), and 5.35 bps (6.2564%), respectively.

GS volume traded climbed to P17.29 billion on Wednesday from P10.12 billion on March 22.

The rise in the yield curve was primarily attributed to the release of the BTr’s borrowing plan for this quarter, ATRAM Trust Corp. Vice-President and Head of Fixed Income Strategies Lodevico M. Ulpo said in an e-mail.

“Local bond yields have trended higher week-to-date on the back of better selling interest seen over the last trading sessions, with market participants de-risking on the long end of the curve,” Mr. Ulpo said.

“Given the shortened trading week, market reaction to the duration-heavy borrowing schedule of the BTr was relatively muted, only increasing by 1 to 3 bps week-on-week,” he added.

The government is looking to borrow P585 billion from the domestic market in this quarter, the Treasury bureau said last week.

In a notice on its website, the BTr said it seeks to raise P195 billion from the issuance of T-bills and P390 billion from T-bonds in the April-to-June period. Based on its notice, the Treasury will offer more T-bonds with longer tenors in the second quarter.

The BTr announcement offset the initial decline in yields due to Bangko Sentral ng Pilipinas (BSP) policy signals, a trader said in a Viber message.

These signals led to “relatively weaker interest in the bond auction last Tuesday,” the trader said.

The trader added that the BSP will likely look at the March inflation figure to be released this week when they revisit their policy settings this month.

The government raised P30 billion as planned via the reissued seven-year bonds it offered on Tuesday as total bids reached P46.501 billion, above the amount on the auction block.

The bonds, which have a remaining life of six years and nine months, were awarded at an average rate of 6.237%, with accepted yields ranging from 6.15% to 6.274%.

BSP Governor and Monetary Board (MB) Chairman Eli M. Remolona, Jr. earlier said that while the MB closely monitors the Fed, its own policy decisions are not dependent on the US central bank.

He said the BSP will likely begin cutting “in the next few policy meetings.”

Meanwhile, MB member and Finance Secretary Ralph G. Recto said he expects the BSP to cut rates twice this year or by 50 bps, although policy easing is unlikely to begin at the April 8 meeting.

The BSP in February kept the policy rate steady at a near 17-year high of 6.5% for a third straight review. The Monetary Board raised borrowing costs by 450 bps from May 2022 to October 2023 to tame inflation.

The March inflation figure and the BSP’s policy meeting will be the primary catalysts for this week’s GS trading, analysts said.

“Rates are seen to move sideways to up as inflation for March is seen to rise close to 4% in line with the BSP’s risk-adjusted forecast of 3.9%,” Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said in a Viber message.

“For the month of April, the March inflation data release and the BSP Monetary Board meeting will be the primary catalysts to watch out for. Similar to the previous month, any upside surprise in inflation may be a non-event locally as elevated inflation going into the second quarter is largely expected by the market,” Mr. Ulpo said. — A.C. Abestano

It’s twice the fun as MIAS adds a new venue

PHOTO BY KAP MACEDA AGUILA

WHEN THE Manila International Auto Show (MIAS) opens this Thursday, it will be, for the first time, in two venues: its traditional haunt, the World Trade Center (WTC) Metro Manila, and the SMX Convention Center Manila. Themed “Bridging the Future,” organizer Worldbex Services International said in a release that “MIAS continues to raise the bar in the industry, and promises to keep its track record of record-breaking visitor count. MIAS will be showcasing world-class automotive technology for the Filipino market.” Last year’s staging drew more than 149,000 visitors and featured more than 200 car displays.

The 2024 MIAS is co-presented by BPI Auto Loans and Shell, and is supported by the Automobile Association Philippines (AAP) and Petron. Participating passenger car and commercial vehicle brands include BAIC, BAW, Bestune, Changan, Chery, Chevrolet, DAF, Dongfeng, Foton, GAC, GWM, Hongqi, Hyundai, Hycan, JAC, Jetour, JMC, Lynk & Co, Kinglong, MG, Mitsubishi, Nissan, Omoda & Jaecoo, Peugeot, Seres, Subaru, Suzuki, and Weichai.

Significantly, with the two venues at its disposal, MIAS 2024 will feature a combined exhibition floor space of 41,000 square meters throughout the four-day exposition. A single ticket (priced at P150) enables access to both MIAS venues.

Free shuttle service will be provided throughout the day at designated pickup and drop-off points. This promises to make parking and visiting both WTC and SMX on the same day easy and convenient. “With dual venues, this year’s MIAS promises to offer better insights into the latest automobile technologies. Car buyers can make well-informed vehicle choices by experiencing the latest models the automotive market has to offer,” continued the release.

As in years past, many of the country’s top car brands are expected to publicly debut their latest vehicles, and “offer show-stopping” performances. Visitors will also get to check out the country’s finest show cars at the MIAS-Petron Custom Classic Car Competition. Participants vie for “Best of Show” by displaying their well-restored and highly customized vehicles.

MIAS also features the Test Drive Zone, where people looking to browse the latest vehicles can get behind the wheel. And from big trucks, off-road and camping rigs, to reliable commercial vans, MIAS 2024 offers off-road and outdoor driving adventure at the Truck Zone.

In addition, British precision driver Russ Swift, holder of three Guinness World Records — parallel parking in the tightest space, J-turn in the tightest space, and the fastest donuts — will again make an appearance for the Russ Swift Stunt Show, featuring Subarus.

Manila International Auto Show 2024 will be open from 10 a.m. to 9 p.m. at the two venues. Promo tickets may be sourced through https://manilaautoshow.com/.

MIAS 2023 is organized by Worldbex Services International and is for the benefit of the ABS-CBN Foundation, Inc.

Halting the world’s top infectious killer

CDC-UNSPLASH

Every year, 10 million people fall ill with tuberculosis (TB). Despite being a preventable and curable disease, 1.5 million people die from TB each year — making it the world’s top infectious killer, according to the World Health Organization (WHO). The Philippines ranks fourth worldwide in tuberculosis (TB) incidence and is thus considered a high TB burden country. About 2 million Filipinos have TB, half of whom have the active disease. Sadly, nearly 85 Filipinos die every day from this disease.

TB is caused by Mycobacterium tuberculosis, a type of bacteria that usually attacks the lungs but can attack any part of the body such as the kidney, spine, and brain. Not everyone infected with the TB bacteria becomes sick. As a result, two TB-related conditions exist: latent TB infection (where the patient is infected with the TB bacteria but not ill) and active TB disease. If not treated properly, active TB disease can be fatal, according to the US Centers for Disease Control and Prevention (CDC).

Active TB disease in the lungs may cause symptoms such as a bad cough that lasts three weeks or longer, pain in the chest, and coughing up blood or sputum (phlegm from deep inside the lungs). Other symptoms of active TB disease are weakness or fatigue, weight loss, loss of appetite, chills, fever, and sweating at night. TB bacteria spread through the air from one person to another, the CDC stated. When a person with active TB disease coughs, speaks, or sings, the TB bacteria get airborne, and people nearby may breathe in these bacteria and thus become infected.

Active TB disease is curable with a standard six-month treatment course of four antibiotics, which usually include rifampicin and isoniazid. In patients with drug-resistant TB, the TB bacteria does not respond to the standard drugs. Treatment for drug-resistant TB is longer and more complex.

The TB treatment course is provided to the patient with information, supervision, and support by a health worker or trained volunteer. Without such support, treatment adherence can be difficult. If the treatment is not properly completed, the disease can become drug-resistant and can spread. For patients with latent TB infection, preventive treatment can be given to stop the onset of disease. This treatment uses the same drugs for a shorter time. Recent treatment options have shortened treatment duration to only one or three months, as compared to six months in the past, said the WHO.

March 24 of every year is World TB Day. This annual event commemorates the date in 1882 when Dr. Robert Koch announced his discovery of Mycobacterium tuberculosis. This year’s theme, “Yes! We can end TB!,” conveys a message of hope that getting back on track to turn the tide against the TB epidemic is possible through high-level leadership, increased investments, and faster uptake of new WHO recommendations. Efforts now shift to turning the commitments made by Heads of State at the UN High Level meeting in 2023 to accelerate progress to end TB into tangible actions. The most important of these commitments is ensuring that by 2027 at least 90% of those who develop tuberculosis are treated and at least 90% of those at risk of the disease are provided with preventive treatment.

Member States also agreed to roll out WHO-recommended rapid molecular tests. Over half of TB diagnoses are still made using microscope and clinical examination. Other targets include increasing global funding for TB to $22 billion by 2027, almost four times the $5.8 billion spent in 2022. A target of $5 billion by 2027 was assigned for research and innovation spending, which stood at $1 billion in 2022.

The National Tuberculosis Control Program (NTP) of the Department of Health (DoH) works closely with all stakeholders — National Government agencies, public and private sectors, nongovernmental organizations, professional societies, academe, patient groups, civil societies, and development partners — in the country’s fight against TB.

The NTP adopts a multistakeholder approach in addressing the complex TB problem. It collaborates with nongovernmental organizations, such as the Philippine Coalition Against TB (PhilCAT), a consortium of 60 groups, and the Philippine TB Society, Inc., among many others. Various developmental partners and their projects provide technical and financial support to the NTP, such as the WHO, United States Agency for International Development (USAID), the Global Fund Against AIDS, TB and Malaria, the Research Institute of TB/Japan Anti-TB Association, the Korean Foundation for International Health, the Korean International Cooperation Agency, and the KNCV Tuberculosis Foundation.

During the Asia Pacific Symposium on Tropical Diseases held in South Korea last February, the government of the Republic of Korea offered the DoH a grant of 30 innovation machines to support the NTP. The Korean Heart to Heart Foundation, Research Investment for Global Health Technology (RIGHT) Foundation, and Foundation for Innovative New Diagnostics (FIND) also expressed their intent to include the Philippines in the trial run of these new machines for diseases such as TB, dengue, and malaria.

The biopharmaceutical industry fully supports the NTP and is committed to working with all stakeholders to expand access to TB diagnosis, care, and treatment as well as to strengthen the country’s healthcare system. All sectors are needed to advance therapies and move health systems towards universal healthcare so that all individuals and communities receive the health services they need without suffering financial hardship.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

SEC hikes penalties for late, non-filing of corporate reports

ALEXANDER GREY-UNSPLASH

FINES and penalties for late and non-filing of reportorial requirements will be increased starting April 1 as part of efforts to improve compliance, the Securities and Exchange Commission (SEC) said.

One-person corporations (OPCs) and domestic stock corporations with retained earnings of not more than P100,000 will now pay a basic penalty of P5,000 for the late filing of their general information sheet (GIS) or annual financial statements (AFS), with an additional P1,000 for every month of continuing violation, the SEC said in a memorandum.

The same penalty applies to domestic nonstock corporations with a fund balance or equity of not more than P100,000.

The non-filing of GIS and AFS by OPCs, domestic stock corporations, and nonstock corporations with retained earnings and fund balance of not more than P100,000 will entail a penalty of P10,000, with an additional P1,000 per month of continuing violation. 

Foreign stock corporations with accumulated income/fund balance/members’ equity of less than P100,000 will now pay a P10,000 fine, and an additional P6,000 late penalty if their report is filed after 30 days, or an additional P12,000 penalty if filed after 60 days. 

The base penalty for foreign non-stock corporations with less than P100,000 accumulated income/fund balance/members’ equity is at P5,000, with an additional P6,000 penalty if filed beyond 30 days, or an additional P12,000 penalty if filed beyond 60 days. 

The non-filing of reports by both foreign stock and nonstock corporations with accumulated income/fund balance/members’ equity of less than P100,000 will entail a fine of P10,000, plus a penalty of P12,000. 

The penalty for noncompliance with Memorandum Circular (MC) No. 28 has been increased to P20,000 from the previous rate of P10,000.

The submission of reportorial requirements is mandated under Republic Act No. 11232 or the Revised Corporation Code.

The filing of OPCs and stock or non-stock corporations is deemed late if a report is filed after the due date, but still within a year after the prescribed deadline for filing. 

“If the report is filed more than one year from the prescribed period, the penalty shall be the base fine for non-filing, and the computation of the monthly penalty shall not exceed 12 months,” the SEC said. 

“For stock and non-stock foreign corporations, late filing means a report was filed after 30 days from the anniversary date of the issuance of the SEC license for GIS or from the prescribed deadline for AFS,” it added.

If a filing is made after 60 days, the fines will be based on the base fine of for non-filing and the computation of the monthly penalty shall not exceed 12 months.

The filing of the MC 28 report will be deemed late if it is done beyond 30 calendar days from the issuance of the certificate of registration, license, or authority for all types of corporations. — Revin Mikhael D. Ochave

Auto Sales (February 2024)

New vehicle sales jumped by an annual 23.2% in February, the fastest growth in seven months, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA). Read the full story.

 

Auto Sales (January 2024)

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