Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2410

Arts&Culture (11/15/23)

Jeanette Kamphuis art at Imahica Art

AT IMAHICA Art, visitors can explore the profound connection between art, nature, and the elements. Swedish artist Jeanette Kamphuis’ unique art show and book launch features over 20 artworks and the unveiling of the book Jeanette Kamphuis: Inspirations and Impressions. The exhibit runs from Nov. 11 to 22.

West PHL Sea exhibit on

WITH tension in the West Philippine Sea running high, the interactive exhibit “Not One Inch: Our Seas, Our Hope,” which will run from Nov. 13 to 23 at Robinsons Galleria’s Activity Center, aims to shed some light on the controversial territorial issue. Pilipino Aksyon for Governance and the Environment (Pinoy Aksyon), a volunteer-run non-profit organization behind the interactive exhibit, seeks to educate viewers by showcasing the historical, social, environmental, economic, and geopolitical aspects of the West Philippine Sea issue in one venue. It features photos, videos, and other narratives of the fisherfolk of the coastal community of Masinloc, Zambales, one of the communities benefiting from the sea and its unique biodiversity. There will also be a timeline on display explaining its history from pre-colonial times to the present.

Issay Rodriguez solo exhibit at AFM

THE SOLO exhibit of Issay Rodriguez, the Alliance Française de Manille’s (AFM) Philippine Artist Residency Program 2022 laureate, is an exploration of the Conidae family of snails. “Harpoon, Milky Way, Armour” is inspired by the artist’s unexpected journey into the world of cone snails during her artist residency in La Rochelle, France. It delves into the microscopic wonders of star-shaped foraminifera and a global collection of cone shells archived from over 40 years of Professor George Richard’s research. Guided by experts of the Muséum d’Histoire naturelle de La Rochelle, the multimedia experience celebrates the rich biodiversity of cone snails and the threats they face. The exhibition, curated by Sandra Palomar, runs from Nov. 14 to Dec. 4 at the AFM gallery in Makati.

Palanca awardee’s play on Filipino youth at DLS-CSB

A PLAY focusing on dilemmas confronting Filipino youth will be staged at the 5F Theater of the De La Salle-College of Saint Benilde’s (DLS-CSB) Design + Arts Campus starting Nov. 15. Bukas Na, written by Don Carlos Palanca Memorial Awardee Jay Crisostomo IV, centers on a group of friends who embark on an adventure to search for self-worth, purpose, and love by investing their savings in a dropshipping business. The two-hour production is directed by DLS-CSB Theater Arts graduating student Jack Denzel Gaza and features performances by student-actors Coleen Nika Aldana, Jang Baniasia, Kyle Confesor, Sam Dahilan, Ysabel Suaybaguio, and Ethan Wong. It is produced by Odd One Out Productions, a group of young thespians from Benilde’s Theater Arts Program. It runs from Nov. 15 to 21, with tickets costing P350. For more information, visit https://web.facebook.com/OddOneOutProductions.

Intramuros Evenings returns with a sarsuwela night

IN THE late 1990s, Intramuros hosted a series of cultural shows produced and curated under the management of the Intramuros Administration. Dubbed Intramuros Evenings, the program featured the best of Philippine artists and performing groups. This year, the Intramuros Administration is reviving the program, kicking off with the re-staging of the Cultural Center of the Philippines’ Out-Of-The-Box (OTB) Series, Isang Gabi ng Sarsuwela on Nov. 18, 6 p.m., at the Baluarte de San Diego, Intramuros, Manila. Isang Gabi ng Sarsuwela features excerpts and songs from classic and contemporary sarsuwela productions featuring classical and musical theater performers such as Nenen Espina, Franco Laurel, Ayen Munji Laurel, Reuben Laurente, Lorenz Martinez, Shiela Valderrama Martinez, Jonathan Tadioan, and Karylle Tatlonghari.  The show is free to the public. Entrance fee to Baluarte de San Diego is P75, with discounted price of P50 for students, senior citizens, and PWDs.

Filipino Christmas ballet at Metropolitan Theater

HAVING first premiered at the Cultural Center of the Philippines in 2022, the first full-length, all-Filipino Christmas ballet, Puso ng Pasko, presented by Alice Reyes Dance Philippines (ARDP), will again have performances on Dec. 1 and 2, this time at the Metropolitan Theater in Manila. The production is a collaboration between National Artists Alice Reyes and Ryan Cayabyab, featuring timeless Filipino Christmas carols and choreography. Directed and choreographed by ARDP artistic director Ronelson Yadao, the ballet tells the story of Lolo Val, now living abroad in New Jersey, as he tells his young granddaughter Angelita about the magical Christmases of his youth with his barkada in Tres Reyes. Following the performances at the Metropolitan Theater, Puso ng Pasko will go on a Luzon tour for the rest of the month, with performances at Angeles City, Pampanga; Muñoz City, Nueva Ecija; Tarlac City, Tarlac; and Iligan City, Isabela, followed by performances for the City of Makati and at Malacañan Palace.

CCP’s Kanto Kultura: Baraptasan extends deadline

THE CULTURAL Center of the Philippines (CCP) has extended the deadline for applications to Kanto Kultura: Baraptasan 2024 to Dec. 10. The competition — which revolves around the fusion of rap and the traditional spoken word art form, the balagtasan — is open to groups of three Filipinos aged 18 and above, it requires video submissions of Baraptasan performances. From the submissions, 10 finalists will be selected and invited to perform in the national competition, slated on April 6, 2024, in time for the celebration of the centennial anniversary of the first-ever Balagtasan. To know more, follow the official CCP social media account on Facebook.

Metrobank offers Christmas ballet discounts

THE MAGIC of Ballet Philippines’ Christmas Fairytales will be available at discounted prices for Metrobank credit card holders. Metrobank is offering 20% off on select seats at all Ballet Philippines shows until March 10, 2024, which includes the Christmas show which will run from Dec. 15 to 17 at the Theatre at Solaire. Set in a world of magic and dreams, Christmas Fairytales follows Little Tala, who is tasked by The Master of Time to fix lost fairytale characters in order to go home. Tickets to the show can be booked via TicketWorld or via Ballet Philippines at info@ballet.ph.

Miss Saigon extends its Manila run

DUE to overwhelming demand during pre-sale, Cameron Mackintosh’s globally acclaimed production of Boublil and Schönberg’s Miss Saigon will extend its run in Manila by two more weeks. The production, initially set to close on April 21, 2024, will now run until May 5. Miss Saigon has music by Claude-Michel Schönberg with lyrics by Richard Maltby, Jr. and Alain Boublil. The new production is directed by Laurence Connor with musical staging by Bob Avian and additional choreography by Geoffrey Garratt. Tickets are available exclusively through TicketWorld.

Fil-Am author introduces Pinoy kilig to the world

FILIPINO-AMERICAN author Anna Gomez has captured the hearts of readers around the world with her unique take on love. Her book, Moments Like This, which she co-authored with actor Kristoffer Polaha, is not only a major bestseller in the United States, but is also set to be adapted into a Hallmark movie. Ms. Gomez, born and raised in the Philippines, is the Global Chief Financial Officer of New York/Toronto-based advertising agency No Fixed Address, her LinkedIn profile defying expectations for a multi-awarded, bestselling romance novelist. Her books are available at Fully Booked, National Bookstore, and on Amazon and Kindle.

Metro Retail profit down on higher expenses 

METRO Retail Stores Group, Inc. recorded a third-quarter net income of P117.7 million, lower by 35.3% than the P181.8 million profit last year due to higher expenses.

The company recorded a three-month top line of P9.64 billion, 4.8% higher than the P9.2 billion posted in the same period last year.

Metro Retail saw its gross expense climb 5.5% to P9.41 billion from P8.92 billion a year earlier.

For nine months to September, the company recorded a net income of P254.6 million, down by 36.5% from the P400.7 million last year on higher operating expenses.

The company reported 0.19% higher revenues to P26.77 billion from P26.72 billion a year ago.

“Our last three quarterly results showed an improving trend quarter on quarter. Before the year concludes, we anticipate a lift in our performance as the holiday season draws in more robust consumer spending,” Metro Retail President and Chief Operating Officer Manuel C. Alberto said in a media release on Tuesday.

At the local bourse on Tuesday, shares in the company closed unchanged at P1.21 each. — Ashley Erika O. Jose

RCBC profit down 28%

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) saw its net income decrease by 28.35% in the third quarter as its interest expense more than doubled and as non-interest income declined.

The Yuchengco-led bank’s attributable net income stood at P2.81 billion in the three months through September, down from P3.92 billion in the same period last year, according to its quarterly report submitted to the local bourse on Tuesday.

The lender’s third-quarter performance brought its attributable nine-month net income to P9.03 billion, down by 10.2% from P10.06 billion in the same period last year.

This translated to a return on average equity of 9.8% and a return on average assets of 1.1% in end-September, down from 10.02% and 11.2% in end-2022, respectively.

RCBC’s net interest income grew by 11.62% year on year to P8.9 billion in the third quarter, with interest expense more than doubling at 122.95% to P8.4 billion. This compared with the 47.37% rise in interest income to P17.3 billion.

The bank’s net interest margin was at 3.4% at end-September, down from 3.7% at end-2022.

Other income decreased by 33.25% to P3.6 billion, while other expenses rose by 11.73% to P7.57 billion.

As a result, the bank’s cost-to-income ratio was at 60.9%.

Net loans rose by 11.16% to P621.25 billion at end-September from P558.87 in end-2022 amid continued growth in corporate and consumer loans.

Metrobank noted its net loans represented 51.8% of total resources.

Its nonperforming loan (NPL) ratio improved to 1.8% as of September from 2% a year prior.

On the funding side, deposit liabilities rose by 5.2% to P901.83 billion from P857.24 billion.

As a result, RCBC’s loan-to-deposit ratio was at 67.5%.

Total assets reached P1.2 trillion, up by 4% from P1.15 trillion.

Total capital funds hit P146.7 billion, up by 26.04% from P116.36 billion. RCBC said this was mainly due to a P26.7-billion capital infusion.

The bank’s capital adequacy ratio stood at 17.10% as of September, while its common equity Tier 1 ratio was at 14.4%. — Aaron Michael C. Sy

A less taxing chapter through estate tax amnesty

FREEPIK

As death signifies loss and grief, estate taxes are unsurprisingly the last thing on the minds of bereaved families. Estate tax is imposed on the right to transmit property at death and on certain transfers considered by law as testamentary dispositions. An estate tax rate of 6% is based on the net estate and the corresponding estate tax return must be filed within one year from the decedent’s death. The failure in the filing and payment gives rise to penalties and interest which further hinder the settlement of liabilities.

On Aug. 5, 2023, Republic Act (RA) No. 11956 was enacted extending the period of availment of the estate tax amnesty for another two years or from June 15, 2023 until June 14, 2025. RA 119656 covers the estates of decedents who died on or before May 31, 2022 whose estate taxes have remained unpaid or have accrued as of May 31, 2022. This allows estates who failed to settle their affairs to have a clean slate by settling unpaid estate taxes without penalty and interest. Revenue Regulations No. 10-2023 was issued amending previous issuances to align with RA 11956.

Representative Joey Salceda, the Chairperson of the Committee on Ways and Means, stated that the grant of estate tax amnesty is “to transfer estates more efficiently and more expeditiously so that their value can be unlocked for better economic use.” In Rep. Rosanna Vergara’s Sponsorship Speech, she mentioned that the extension “provides relief to families, generates revenue for the government, and promotes a more equitable distribution of wealth.”

To avail of the estate tax amnesty, the mandatory requirements are: a.) certified true copy (CTC) of the death certificate; b.) duly validated taxpayer identification number of the estate of and heir/s; c.) CTC of marriage certificate; d.) original certificate of residency; e.) original deed of extra judicial settlement or court order on the distribution of property; f.) notarized promissory note in case of “claims against the estate” arising from a contract of loan, if any; g.) proof of the claimed “property previously taxed”; and, h.) proof of the claimed “transfer for public use,” if applicable.

For real properties, the requirements are: a.) CTC of the transfer/original land or condominium certificates of title; b.) CTC of the tax declarations over real property and over the improvements issued at the time of death or the succeeding available tax declaration issued nearest to the time of death of the decedent, if none is available at the time of death; c.) certificate of no improvement, if applicable; and, d.) the location plan/vicinity map if zonal value is not readily determinable.

For personal properties, the requirements are: a.) certificate of deposit/investment/indebtedness owned by the decedent either individually or with another; b.) certificate of registration of vehicle and/or other proof showing the value; c.) stock certificates with evidence of book value; d.) proof of valuation of shares of stock at the time of death; or, e.) proof of valuation of other types of personal property.

If an authorized representative will process the application, a duly notarized original Special Power of Attorney must be submitted, and/or a sworn statement for heirs designated as executor/administrator. Documents executed abroad must be certified by the Philippine Consulate or apostilled.

In efforts to simplify the procedure, a significant inclusion is the electronic filing of the estate tax amnesty return and the payment of the amnesty tax. Currently, the filing and payment can be made electronically or manually, with any authorized agent bank, Revenue District Office, or authorized tax software provider. In addition, payment by installment is allowed within two years from the statutory date for its payment without civil penalty and interest.

Thereafter, the application should be processed in the Revenue District Office and there shall be issued Electronic Certificate Authorizing Registration (eCAR) for each real property. A separate eCAR shall be issued for personal properties included in the estate.

Taxes are the lifeblood of the government, but the State is also understanding of the struggles of the taxpayers. For this reason, leniencies extended by the government do not aim to prolong the families’ agony but to encourage voluntary compliance. While the period to avail of the estate tax amnesty has been extended multiple times, we hope that taxpayers will not miss this chance to start a less taxing chapter and leave behind traces of past burdens.

The views and opinions expressed in this article are those of the author. This article is for general information and educational purposes, and not offered as, and does not constitute, legal advice or legal opinion.

 

Pia Justine S. Rodulfo is an associate of the Tax department of the Angara Abello Concepcion Regala & Cruz Law Offices.

psrodulfo@accralaw.com

02-8830-8000

Hive Health opens HMO plans for SMEs and startups 

HIVE HEALTH, a digital health insurance startup, has acquired Health Plan Philippines, Inc. to open healthcare access for small- and medium-sized enterprises (SMEs), the company announced on Tuesday.

It offers health maintenance organization (HMO) plans for SMEs and startups with outpatient, inpatient, emergency, and dental care, Hive Health said in an e-mailed statement.

Hive Health also provides small business owners and human resource managers with an HR dashboard that streamlines onboarding, offboarding, and invoicing of employees, it added.

Benefits include mental health sessions, maternity care, preventive care, and medicine coverage, which are typically not offered to smaller teams and minorities such as the LGBTQIA+ and domestic partners.

“The goal is for all Filipinos to feel secure that their health is taken care of, and to give employers a sustainable way to take part in making that happen,” said Camille Ang, co-founder and chief executive officer of Hive Health.

Only around 2% of Philippine businesses, mostly large ones, provide healthcare coverage to their employees, according to the multichannel insurance platform Kwik.insure.

The Insurance Commission noted only 20,248 enterprises that provided healthcare coverage to their employees as of 2021. There were more than 1.08 million establishments in the country that year, according to the local statistics agency.

“We started Hive Health with the mission to make healthcare more accessible in the Philippines and in many other developing countries where social safety nets are capped,” Jiawen Tang, co-founder and president of Hive Health, said.

“Our goal is to leverage tech and data to make quality healthcare more affordable and easier to use, especially for the underserved SME segment,” she added.

Ms. Tang noted the company’s in-house electronic medical records system that enables its team of doctors to better accommodate the concerns of patients who book on-demand video teleconsultations with them.

Members can request approval letters, view plan benefits, find nearby providers, schedule physical exams, and access medical records through their phone or device, Hive Health said. For out-of-network reimbursements, it claims a duration of three to five days.

Hive Health said it has a nationwide network of 1,700 hospitals and clinics, with over 60,000 doctors. — Miguel Hanz L. Antivola

Filipinos remain ‘highly proficient’ in the English language

2023 EPI Scores and Ranks of Select East and Southeast Asian Countries

The Philippines climbed two places to rank 20th out of 113 countries in the 2023 edition of the English Proficiency Index (EPI) by international education company Education First (EF). The index is the world’s largest ranking of countries/regions by adult English skills, published annually, which also serves as an international benchmark for adult English proficiency. The country’s EPI score sits at 578 out of the 800-point scale and categorized as “high proficiency,” considered sufficient for tasks like making work presentations, understanding TV shows, and reading newspapers. It is even better than the Asian region’s average score of 485 and the global average score of 502. Among the Asian countries included in the report, the Philippines placed second after Singapore (2nd overall). Meanwhile, Manila leads the Asian cities after placing 24th out of 108 cities with a score of 587 having “high proficiency” in the English language.

Filipinos remains 'highly proficient' in the English language

How PSEi member stocks performed — November 14, 2023

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 14, 2023.

US urges Marcos gov’t to resolve de Lima case

PHILSTAR FILE PHOTO

By John Victor D. Ordonez and Kyle Aristophere T. Atienza, Reporters

THE US State Department on Tuesday urged the government of President Ferdinand R. Marcos, Jr. to resolve the last drug trafficking case against former Senator Leila M. de Lima, who was allowed to post bail on Monday after spending almost seven years in jail.

“The United States urges the Philippines to resolve the remaining case against her in a manner that is consistent with its international human rights obligations and commitments,” spokesman Matthew Alan Miller said in a statement.

A Philippine trial court on Monday ordered the release of Ms. de Lima, who was jailed in 2017 on drug trafficking charges that she said were fabricated to muzzle her investigation of then-President Rodrigo R. Duterte’s deadly war on drugs.

In a 69-page order Muntinlupa Judge Gener M. Gito reversed an earlier decision and granted her request for bail while being tried in a final drug case.

Ms. De Lima “should be allowed to post bail as the prosecution was not able to discharge its burden of establishing that the guilt of the said accused is strong,” the judge said in the order dated Nov. 10.

Four witnesses earlier retracted their testimonies against the former lawmaker, all of them claiming to have been coerced into giving false testimonies by the Duterte government.

Two of the three cases against Ms. De Lima have been dismissed and she had sought bail in the one pending case on health grounds.

Her first drug case was dismissed in 2021 and the Ombudsman cleared her of bribery charges for lack of evidence last year.

Another Muntinlupa trial court in May acquitted Ms. De Lima and her former aide in the second drug trafficking case. The court said the recantation by a former prison director who had testified against her created reasonable doubt.

In a post on the X social media platform late Monday, the United Nations (UN) Human Rights Office also called for Ms. de Lima’s remaining drug case to be dropped.

“We are relieved human rights defender and former Senator Leila de Lima has finally been granted bail after over six years in pre-trial detention,” the UN office said.

Amnesty International has said the government had deprived the ex-senator of her right to a fair trial through her arbitrary detention.

Last month, former police Major Rodolfo T. Magleo and former Sergeant Nonilo Arile took back their allegations against Ms. de Lima, saying they were “bothered by their conscience.” Before this, four witnesses recanted their testimonies against her.

Ms. De Lima, 64, faced various charges in 2017 within months of launching a Senate inquiry into Mr. Duterte’s anti-illegal drug campaign, in which thousands of drug users and dealers were killed in police drug raids.

She incurred Mr. Duterte’s ire when, as chairwoman of the Commission on Human Rights, she started a probe in 2009 into extrajudicial killings by the so-called Davao Death Squad in the tough-talking leader’s hometown, where he was the long-time mayor. Mr. Duterte later vowed to “destroy” her.

Mr. Duterte’s drug war is now being investigated by the International Criminal Court for possible “crimes against humanity.”

Political experts have said her detention showed how the government had abused the justice system.

The government estimates that at least 6,117 suspected drug dealers were killed in police operations. Human rights groups say as many as 30,000 suspects died.

IN-FIGHTING

Philippine civil society has stepped up efforts to hold into account perpetrators of human rights violations under the Duterte government, political analysts said.

But it’s too early to say whether Mr. Marcos has totally veered away from his predecessor’s policy direction since he has refused to cooperate with the International Criminal Court.

“This case is just one among many involving human rights defenders currently undergoing trial in our country,” Rommel Yamzon, secretary general of the Philippine Alliance for Human Rights Advocates, said in a Facebook Messenger chat.

“With over a hundred political detainees and prisoners across various facilities, there is still much work to be done to claim an improvement in the human rights situation under this present administration,” he added.

Ms. de Lima’s release comes at a time when the Philippines is boosting security ties with the US and other western democracies in a major shift from Mr. Duterte’s foreign policy.

Arjan P. Aguirre, who teaches political science at the University of the Philippines, said Ms. de Lima’s release does not mean Mr. Marcos is on a liberal path.

“This is more connected to the ongoing tensions within the coalition,” he said via Messenger chat. “The temporary release is part of the ongoing saga of this tension between the Marcos-Romualdez and Duterte-Arroyo factions.”

“After this we can expect another offensive, this time, seeing the Philippine government finally deciding to cooperate with the ICC on its case against Duterte.”

He was referring to the conflict between the camp of Speaker and presidential cousin Martin G. Romualdez and the faction of ex-President Gloria Macapagal Arroyo, who supports Mr. Duterte and his daughter Vice-President Sara Duterte-Carpio.

Mr. Marcos, 66, has veered away from some key policies of his predecessor including standing up to China.

“It is too much to expect President Marcos to support human rights or liberalism,” Maria Ela L. Atienza, who teaches political science at UP, said in a Viber message. But he appears to be trying to distinguish himself from Mr. Duterte in the areas of diplomacy and foreign policy, she said.

“While Duterte faces scrutiny by the ICC, Western countries and international human rights advocates, the Marcos government has been courting the international community and presenting itself as a good global nation,” she added.

Ms. de Lima’s eventual acquittal could bolster the Marcos image and prove that he’s different from Mr. Duterte, she said.

“This may just be a case of the Marcos camp making use of the cards available to them to gain an upper hand in the ongoing feud in the Marcos-Duterte coalition,” WR Numero Chief Executive Officer and President Cleve V. Arguelles said via Messenger chat.

In-fighting within the ruling coalition could even push Mr. Marcos to be an unusual ally in demanding accountability from the Duterte administration. “Admittedly strange, but not unprecedented.”

“After this we can expect another offensive, this time, seeing the Philippine government finally deciding to cooperate with the ICC in its case against Duterte,” he added.

NOTE: This story was corrected

Marcos told to prioritize coastline defense plan

THE BRP SIERRA MADRE, a marooned transport ship which Philippine Marines live in as a military outpost, is pictured in the disputed Second Thomas Shoal, part of the Spratly Islands in the South China Sea. — REUTERS

PHILIPPINE President Ferdinand R. Marcos, Jr. should prioritize coastline defense projects, political analysts said, as the country focuses on external threats and banks on a civilian strategy amid rising tensions with China.

“They should have the same prioritization as flagship infrastructure projects because coastline defense protects our territorial integrity and water resources,” Terry L. Ridon, convenor of infrastructure think tank InfraWatch PH, said in a Facebook Messenger chat.

The National Economic and Development Authority Board last week approved the third phase of the Philippine Coast Guard’s (PCG) P29.3-billion maritime safety capability project.

The project involves the design, construction and delivery of five units of multi-role response vessels to the coast guard.

The Marcos government should prioritize the project since the Philippines is pursuing a civilian strategy amid tensions in the South China Sea, Chester B. Cabalza, founder of Manila-based International Development and Security Cooperation, said in a Facebook Messenger chat.

“Coast guard diplomacy should prevail since maritime insecurity in the West Philippine Sea has a civilian tincture,” he added, referring to areas of the South China within the country’s exclusive economic zone.

The PCG was under the Department of National Defense before it was transferred to the Office of the President on March 30, 1998 through an order issued by the late President Fidel V. Ramos.

Less than a month later, Mr. Ramos transferred the coast guard to the Department of Transportation and Communications, which was split into two into separate agencies in 2016 through a 2015 law signed by the late President Benigno S.C. Aquino III.

The PCG has since been under the Transportation department.

The House of Representatives in October transferred P1.23 billion worth of confidential funds of five agencies to those involved in the protection of Philippine features in the South China Sea.

Among the agencies that will receive additional funding are the PCG, which is set to receive P200 million for its intelligence activities and ammunition, and the Transportation department, which will get 381.8 million more for the development and expansion of Pag-asa Island Airport.

“PCG’s mandate on maritime security advances the collective action of safeguarding our sea lines of communication and maintaining an intact maritime domain awareness since the country is an archipelagic state,” Mr. Cabalza said.

“The PCG offers a primordial platform for regional interoperability of coast guardians across the Indo-Pacific that includes allies and strategic partners through integrated logistics support,” he added.

The PCG’s Chinese counterpart is not civilian in nature because it is under the Central Military Commission, the highest national defense organization in China, Defense Undersecretary Ignacio Madriaga told a Senate hearing in September.

China has been blocking Philippine resupply missions to Second Thomas Shoal, which is about 200 kilometers from the Philippine island of Palawan and more than 1,000 kilometers from China’s nearest major landmass, Hainan Island. — Kyle Aristophere T. Atienza

Ill-gotten wealth lawsuit vs Marcos couple, Tan junked

SPEC. 4 DINO BARTOMUCCI

By Jomel R. Paguian

THE PHILIPPINE Supreme Court (SC) has upheld the dismissal of another ill-gotten wealth lawsuit against the late dictator Ferdinand E. Marcos, Sr., his estate and cronies including business tycoon Lucio C. Tan involving company stocks worth P41 billion.

In a 62-page decision, the tribunal said the anti-graft court Sandiganbayan correctly dismissed the case after the government failed to prove that the assets were state-owned.

by Mr. Marcos Sr. and his alleged accomplices was inadmissible.

“Even if we apply the comprehensive definition of ill-gotten wealth, the pieces of evidence relied upon by the republic failed to establish all its elements,” the High Court said in the Oct. 3 ruling written by Associate Justice Rodil V. Zalameda.

“It was not shown, through these pieces of evidence, if and how the respondents took undue advantage of their office, authority, influence, connections or relationship,” it added.

The Presidential Commission on Good Government (PCGG) filed the lawsuit in 1987, seeking to recover wealth that the late dictator, his wife Imelda and Mr. Tan allegedly obtained illegally through the liquidation of General Bank and Trust Co. and Mr. Tan’s acquisition of assets through Allied Banking Corp.

PCGG also accused the tycoon of delivering to the Marcos couple a substantial beneficial interest in shares of stocks in Asia Brewery, Inc. in exchange for concessions and privileges for his business ventures.

Mr. Tan also allegedly gave improper gifts, bribes, concessions and guaranteed dividends to the Marcos couple.

PCGG in 2020 estimated the money it sought to recover in the case at P41 billion.

President Ferdinand R. Marcos, Jr. and his sisters Imee and Irene were impleaded as representatives of their father’s estate.

The high court said the testimony of Marcos, Jr. in August 2007 and February 2018, which the state used as evidence, was hearsay.

The younger Mr. Marcos had recounted the meetings between his father and Mr. Tan regarding the alleged interest of the Marcoses in the tycoon’s businesses.

But the tribunal said he did not have personal knowledge of the supposed 60-40 business arrangement or share transfers between and among the various companies tied to the case.

“The court finds that Marcos Jr.’s testimony is hearsay and may not be used to prove the truth of the facts asserted,” the court said.

The affidavit of Rolando Gapud, the supposed financial executor of the Marcos couple, was also deemed hearsay.

“Gapud’s affidavit remains devoid of probative value for purposes of establishing the truth of Gapud’s claims on the alleged 60-40 business arrangement between Marcos and respondent Tan,” it said.

The court likewise dismissed Mr. Tan’s written disclosure in 1986 on the 60-40 business arrangement including the incorporation of holding companies and delivery of deeds of trust, which could not be admitted as evidence since Mr. Tan had not been cross-examined on its contents.

In the same ruling, the court affirmed the Sandiganbayan’s finding that the government failed to substantiate its claim that former Development Bank of the Philippines (DBP) executives Don Ferry and Cesar Zalamea had acquired ill-gotten wealth.

PCGG alleged in its lawsuit that the sale of the controlling interest in the state lender to Mr. Tan’s Sipalay Trading Corp. had caused significant financial losses to DBP because Sipalay Trading was severely undercapitalized.

“The pieces of evidence presented by the republic reveal that their complaint is still anchored on their allegation that respondents Ferry and Zalamea, as DBP officers, acted in bad faith and in conspiracy with respondents Tan, et al. in entering the Sipalay deal,” the court said.

Maharlika CEO dismisses criticisms about appointment 

Rafael D. Consing, Jr. has been named as the chief executive officer (CEO) and president of the Maharlika Investment Corp. (MIC). — COURTESY OF THE PRESIDENTIAL COMMUNICATIONS OFFICE

By Kyle Aristophere T. Atienza, Reporter 

THE NEWLY APPOINTED chief of the Philippines’ first sovereign wealth fund on Tuesday dismissed noise about his qualifications, saying lawsuits filed against him years ago had all been dismissed. 

“All cases filed against me have been dismissed,” Rafael D. Consing, Jr., chief executive officer (CEO) and president of Maharlika Investment Corp., said in a statement released by the presidential palace. 

Economists said a two-decade-old fraud lawsuit that the Supreme Court decided against him could tarnish the reputation of the sovereign wealth fund. 

“Mr. Consing will have to confront specific concerns on his fitness to lead the nation’s first sovereign wealth fund,” Terry L. Ridon, a lawyer who started InfraWatch PH, said in a Facebook Messenger chat. 

To protect the integrity of the multibillion-peso fund, he should say that the cases “clearly had no basis in both fact and law, as various court cases can be dismissed on mere procedural grounds,” he added. 

Mr. Consing in 2000 faced a lawsuit for estafa before an Imus, Cavite regional trial court. The case reached the Supreme Court, which in 2013 ruled against the former banker.

President Ferdinand R. Marcos, Jr. earlier named Mr. Consing, his adviser on investments and economic affairs, head of Maharlika Investment Corp. 

A Palace statement described Mr. Consing as “well-versed in global corporate governance and has had a successful transition from regional investment banking to senior corporate management and government advisory.” 

Under the law that created the Maharlika fund, people convicted of a crime punishable with more than six years in jail or those found administratively liable for offenses involving fraud are barred from becoming board members of the Maharlika fund.  

Also barred are people with a pending administrative, civil or criminal case involving fraud, plunder, corruption, money laundering, tax evasion, or similar crimes involving fund misuse. 

“If you were an investor, would you put your money in a place run by people who were accused of fraud?  Of course, not,” Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said in a Facebook Messenger chat. 

He said the President should not have been empowered to choose the composition of the Maharlika board. “Unlike the Supreme Court and the Bangko Sentral ng Pilipinas, the MIC is not part of the government.” 

Before Mr. Consing’s appointment, Mr. Marcos suspended the enforcement of the law supposedly to ensure there were enough safeguards. 

The revised implementing rules were released at the weekend, removing requirements for the holder of the post now assumed by Mr. Consing to have an advanced degree in finance, economics, business administration or a related field from a reputable university. 

Enrico P. Villanueva, a senior lecturer of money and banking at the University of the Philippines Los Baños, said it “would have been better from a corporate governance perspective if the board of directors had been selected and approved first.”

“From their ranks, a director or two can be recommended as CEO,” he said in a Facebook Messenger chat. “This way, the CEO is beholden to the board, as should be the case in corporations, and not to the President who directly appointed him.” 

Some economists have said the ruled had failed to address risks concerning the financial stability of contributing state banks — the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LANDBANK). 

Under the law that created the wealth fund, DBP and LANDBANK must contribute P25 billion and P50 billion, respectively, to the fund’s seed capital. The two state lenders remitted the funds to the Bureau of the Treasury in September. 

Marcos leaves for APEC Summit 

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE President Ferdinand R. Marcos, Jr. on Tuesday night left for the 30th Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit in California, where he is expected to bring up energy and food security issues. 

“We will be engaging with the leaders of economies of the Asia-Pacific region to agree on how we can achieve food and energy security,” he said in a departure speech. 

The summit will run from Nov. 15 to 17. 

Mr. Marcos said he would push economic inclusion for small businesses, women, indigenous groups and other segments “whose economic potential remains to be unlocked through digitalization and innovation.” 

Meanwhile, Mr. Marcos said he would witness the signing of a number of government-to-government, public-private and business agreements on the sidelines of the APEC summit. 

The deals, which have been under negotiation over the past several months, would cover priority sectors such as nuclear energy, artificial intelligence, health sciences, pharmaceutical manufacturing and satellite connectivity. 

Mr. Marcos said would meet with American business leaders to promote trade and investment opportunities in the Philippines. 

“My economic team and I will be joined by a high-profile business delegation in exploring new and expanding partnerships.” — Kyle Aristophere T. Atienza 

1...2,4092,4102,411...12,607Page 2,410 of 12,607
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube