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New evidence Baldwin was reckless with gun before Rust shooting, prosecutors say

ACTOR Alec Baldwin in a scene from Rust. — IMDB

NEW EVIDENCE shows that Alec Baldwin was reckless with a revolver before the weapon fired a live round that killed Rust cinematographer Halyna Hutchins in 2021, prosecutors alleged ahead of the actor’s July manslaughter trial.

The evidence, which includes images and video from crew and a set photographer, shows Mr. Baldwin pointed his gun at a crew member and fired a blank round, held his finger on the trigger when not supposed to and engaged in horseplay with the weapon, special state prosecutors said in a Monday filing. Mr. Baldwin’s legal team said in a Monday motion to dismiss charges that prosecutors had built their case around the unproven hypothesis the gun was properly functioning and could not have gone off unless he pulled the trigger, an act the actor denies.

Mr. Baldwin’s legal team argue the gun was modified, allowing it to fire without a trigger pull, an issue that has become central to the 17-month-old case. Ms. Hutchins died after Rust armorer Hannah Gutierrez mistakenly loaded a live round into Mr. Baldwin’s reproduction Colt .45 revolver during filming in a movie-set church near Santa Fe, New Mexico. Ms. Gutierrez in March was found guilty of involuntary manslaughter and was sentenced in April to 18 months in prison, the same term Mr. Baldwin will face if found guilty.

Mr. Baldwin, the star of 30 Rock, said he was directed to point the gun toward the camera, he cocked it, and it “went off” on its own.

Among apparently new evidence that prosecutors intend to show at the July 9 trial is an image by set photographer Karen Kuehn taken minutes before a 911 call on the shooting.

In the photo, Mr. Baldwin appears to have his finger inside the trigger guard and his thumb on the hammer, prosecutors Kari Morrissey and Erlinda Johnson said in the filing.

A video clip taken by script supervisor Mamie Mitchell a couple of hours prior to the shooting appears to show Mr. Baldwin cock the gun and possibly pull the trigger, the prosecutors said.

In a further unspecified video on the day of the shooting Baldwin is asked to point the revolver left of camera and cocks the gun, despite not being asked to. There is some evidence he also pulls the trigger of the gun, prosecutors alleged. Movie industry firearms safety guidelines tell actors never to put their finger on the trigger until ready to shoot, treat all firearms as though loaded, and not point a gun at anyone unless absolutely necessary, and then in consultation with a safety expert.

Some of the video evidence listed by prosecutors appeared to already have been shown at the March trial of Ms. Gutierrez. — Reuters

Vivant eyes P15 billion for RE projects until 2030

LISTED Cebu-based energy and water conglomerate Vivant Corp. said it plans to invest P15 billion for its renewable energy (RE) projects until 2030.

“To achieve our growth plans, our total equity investment requirement up to year 2030 is projected to reach P22 billion. Out of this, we target to earmark P15 billion for various renewable energy projects,” Vivant Energy President Emil Andre M. Garcia said in a disclosure on Thursday.

Vivant Chief Executive Officer Arlo Angelo G. Sarmiento said that the company sees a continued growth for 2024 after sustaining its revenue and operating income amounting to P2.3 billion in 2023.

“We are extremely proud of how we’ve been able to move the country forward with our significant investments in energy and water,” Mr. Sarmiento said.

The company’s water strategic business unit Vivant Infracore Holdings, Inc., with the brand name Vivant Water, recently had the first water out of the first skid or train of its utility-scale seawater desalination facility in Isla Mactan-Cordova Corp.

The Cebu desalination plant can produce 20 million liter per day of water. Its construction is now estimated at 90% and will be fully operational before the end of the year, Vivant said.

To date, Vivant Water has invested P2 billion in water infrastructure.

Vivant Water President and Chief Operating Officer Jess Anthony N. Garcia said that the company is expecting a total investment of about P8 billion over the next five years.

“While we remain focused in the near team to our home market of Cebu and other identified locations, we ultimately aim to be a major player in the water sector with operations in the country,” Mr. Garcia said.

At the local bourse on Thursday, shares in the company fell by P4.72 or 29.5% to close at P11.28 each. — Sheldeen Joy Talavera

How to take pride in your work

I’ve been in this job for more than five years without a promotion but have received an average of 4% in merit increases each year. Three days ago, my boss asked me if I’m enjoying my job. I said “yes,” and he smiled. Is he serious? What’s going on? — Blue Sky.

Don’t be fooled. The boss’s smile can mean many things. It could be a rictus or a fake smile that does not translate to genuine delight, but a horrified, involuntary grin that we see from like, an embarrassed stage actor who forgets his lines while performing. If that’s the case, then start worrying about your future in that organization.

Understand that having a good time at work and enjoying an annual pay increase are two different things. They are always a welcome development. Enjoying a job means you’re taking pride in what you’re doing even if there are occasional bad times, which are unavoidable.

This is best seen when you look forward to each day with genuine optimism and enthusiasm despite the rigors of daily commuting. A good sign of contentment is when you’re considered a candidate for a perfect attendance award, though there may have been some lapses due to circumstances beyond your control.

For some workers, having a good time means performing the minimum requirements of the job while spending much time doing unproductive things, engaging in office gossip or updating social media accounts during work hours. On the other hand, there are high achievers who are not happy doing the bare minimum, knowing that this does not serve their long-term career aspirations.

FIVE SOLUTIONS
So, which do you think is better? Having a good time doing the minimum requirements or exceeding expectations? At the end of each day, you’ll find out that doing the average thing is not sustainable. Sooner than later, your boss will make a decision that will make or break your career, and ultimately, your job security.

The basis of everything will be work performance. Therefore, if you’re enjoying your job for the wrong reasons, then think again. Repent right away. There are hundreds of solutions that you can consider. I’m listing here some of the most basic and practical approaches you can take right away:

One, have a reasonable performance plan and target. It must be consistent with your job description and performance standards agreed with the boss. Know your job well. Do it better than your colleagues. If necessary, or if you’re confused, better that you discuss things with your boss, who should be glad to assist you.

Two, create and showcase your big accomplishments. The best way to do this is by stepping outside of your work routine. Think of ways to become productive, cut costs, or be efficient all the time. Stop being a non-value proposition in your organization. If you’re successful, your reward or recognition will come in due time.

Three, volunteer for challenging assignments. That’s assuming you have the spare time to do them all. Before raising your hand, ask the following questions: Would this job make my image acceptable to all? Is this a dirty, demeaning, or difficult job that no one wants to do? Am I genuinely looking for acceptance? How will others look if I do the job?

Four, acquire a unique skill that others don’t have. How about becoming a technology wizard in ways that make your job easy? How about analyzing the future of your industry? Could you interpret the business pages and determine how your company will be affected? You should know what’s missing in your company — that’s where you enter the picture.

Five, show 100% commitment. That means working a lot harder, if not smarter than the rest of your team members. Don’t lose sight of your long-term goals, even for a second. If you’re fully committed, you’ll avoid personal downtime, mistakes, or deviation from your plan.

TAKING PRIDE
If you’re not enjoying your work, then that’s self-flagellation. If you’re not happy, then there’s no point in staying a minute longer in your job. You don’t have to be perpetually miserable trying to outdo other moaners. Conversely, if you’re happy because you’re getting paid for mediocre work, then that’s a shame.

Whatever the circumstances are, the ideal approach is to become happy with your work and make sure your boss and other people agree to that. Once you acknowledge that work is fun, you’ll find every step lighter. Having a good time at work and enjoying the pay is the ideal to shoot for in every workplace.

It means taking pride in what you do every step of the way.

 

Bring Rey Elbo’s “Kaizen Blitz Workshop” to your organization and discover how to solve problems with low-cost, practical solutions. Contact him on Facebook, LinkedIn, X or e-mail elbonomics@gmail.com or via https://reyelbo.com

Philippines: Balance of Payments (BoP) Position

THE COUNTRY’S balance of payments (BoP) position swung to a surplus in May, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

Philippines: Balance of Payments (BoP) Position

If China were a person, would it be a psychopath?

ALEJANDRO LUENGO-UNSPLASH

Time was when multinational corporations had such a bad rap — books early this century emphasized the alleged exploitive nature of companies, the apparent lack of accountability, or that they had become (allegedly) more powerful than nation states. But one interesting point made was that corporations have the nature of sociopaths or psychotics.

Thus, Psychology Today, for example, noted that “if corporations are indeed ‘persons,’ their mental condition can accurately be described as pathological. Corporations have no innate moral impulses, and in fact they exist solely for the purpose of making money. As such, these ‘persons’ are systemically driven to do whatever is necessary to increase revenues and profits, with no regard for ethical issues that might nag real people.” (“Why Corporations Are Psychotic,” March 2011)

What exactly is a psychopath? Again, Psychology Today: “The sociopathic and/or psychopathic pathology is often intertwined with other traits, including and not limited to bullying, narcissism, gaslighting, bigotry, and misogyny,” with such traits normally being:

1. Pathological Lying and Manipulation

2. Lack of Morality and Rule Breaking

3. Lack of Empathy and Cold-Heartedness

4. Narcissism and False Superiority Complex

5. Gaslighting and Psychological Bullying

6. Lack of Contrition and Self-Serving Victimhood

7. The “Situational” Sociopath or Psychopath

As to lack of empathy, such compels “the sociopath or psychopath to commit trespasses with little or no moral conflict. Knowing the suffering of their victims does not bring about ethical pause. Just the opposite — it may encourage the sociopath or psychopath to do more harm (for they feel like they’re ‘winning’).” Furthermore, “sociopaths and psychopaths often blame their victims for causing their own victimization.”

As to “false superiority complex,” in the “mindset of many sociopaths and psychopaths, being ‘better’ than others provides them with twisted justification to exploit and mistreat people at will. Those who are ‘inferior’ deserve their downtrodden fate, and should only be regarded with contempt” (“7 Characteristics of the Modern Psychopath,” Psychology Today, October 2018).

Enter Paul Midler, who has lived in East Asia for 20 years while working as a consultant to companies doing business in the region. His first book, Poorly Made in China, was widely acclaimed. But it is his second book, What’s Wrong with China, that is of interest to us here:

“The most controversial of Midler’s theories,” according to Anders Corr in a review of the book in the Journal of Political Risk*, “is in his suggestion that China is home to a higher percentage of sociopaths. ‘Checklists for sociopathy — referred to also as antisocial personality disorder — read like a description of every factory boss I ever met,’ he writes.”

Corr contacted Midler and asked “if there is indeed a higher sociopathic strain in China, why that feature is not also present in Chinese cultures such as Taiwan or Hong Kong? He answered that Hong Kong, Taiwan, and even Shanghai were all to a great extent driven by foreign investment and influenced by foreign culture. ‘Mainland China is culturally distinct from Hong Kong and Taiwan,’ he wrote in an e-mail. ‘Hong Kong was of course formerly a colony, built up by the British. The foreign influence there remains significant, despite the handover to Beijing.’” He goes on to point out that Taiwan and Shanghai also had considerable outside influences.

What’s Wrong with China reveals the profound problems besetting Chinese society and points out that the nation’s most intrinsic problem is social rather than governmental. As pointed out here previously (“Pro-China ‘independent foreign policy’ and other fallacies,” BusinessWorld, May 2024): That “China’s economic progress is proving to be ultimately unsustainable is rooted in the fact that it is anchored on a wholly unsuitable metaphysic.”

Midler himself writes in his book: “Whatever its actual rate of sociopathy, China is widely understood to be a more difficult place in which to do business, and my own experience in the country suggests this is due to a higher-than-average concentration of a certain bad element, but who knows? In any case, we do not need mountains of quantitative data to ask a potentially interesting qualitative question: Would we not see signs of societal strain in a population that has a higher concentration of sociopaths?”

Incidentally, “sociopath is an unofficial term to describe a person who has antisocial personality disorder (ASPD), whereas psychopathy describes a set of personality traits. However, ASPD and psychopathy can overlap” and people do tend to “use the terms sociopathy and psychopathy interchangeably, but they have different meanings. ASPD and psychopathy share some similar traits, including aggression and a lack of remorse. Additionally, both can occur due to genetic and environmental factors” (“What is the difference between sociopathy and psychopathy?,” Medical News Today, July 2021)

And indeed, China’s rates of personality disorder, depression, and suicide has been increasing (the latter particularly for those aged 5-14 and recently 15-24 years) or at least at disconcerting levels.

Bottom line is that, considering China’s insistent behavior of lying to the world about the West Philippine Sea, followed by constant gaslighting of everyone, its remorseless aggressive behavior towards our fishermen and Coast Guard, its obvious contempt for democracy and the rule of law, there may be a need to recalibrate our foreign policy from openness with a modus vivendi to outright containment of an amoral foreign player.

* “China’s Sociopathy, and its Cowardly Watchers,” Journal of Political Risk, Vol. 6, No. 2, February 2018

The views expressed here are his own and not necessarily those of the institutions to which he belongs.

 

Jemy Gatdula is the dean of the Institute of Law of the University of Asia and the Pacific and is a Philippine Judicial Academy lecturer for constitutional philosophy and jurisprudence. He read international law at the University of Cambridge.

https://www.facebook.com/jigatdula/

Twitter  @jemygatdula

Life cycle theory: Savings behavior of baby boomers

How much should a person save for his retirement? In 1976, Milton Friedman was awarded the Nobel Prize in economic science and one of his contributions was his theory that permanent income and not year-to-year income is the determining factor when assessing total consumption outlay. The present value of one’s future labor income is called human capital. Permanent income then is the constant level of consumption spending that has a present value equal to one’s human capital.

By understanding this model, one can consider possible approaches in computing how much to save for retirement. The first is to aim for a target replacement rate of preretirement income. This involves computing the amount you need to have accumulated in your personal retirement account when you reach retirement age. Then compute the annual amount of savings needed to reach that future value. The problem with this approach is it does not lead to your having the same consumption level after retirement as you did during your working years.

Here is where Friedman’s model comes into play. It is possible, in theory, to save as much so that one can spend the same amount on consumption before and after retiring. By computing for permanent income, one’s quality of life is preserved. Once a person can compute the present value of one’s lifetime resources, compute the annual constant level of consumption spending up to the expected life span.

All of these are simplification that gets muddled up when we consider inflation and the volatility of interest rates over time, especially over one’s lifetime. Likewise, the model should include initial wealth (representing inheritance) and desired bequests (for the next generation). Just the same, it is a framework that should guide any individual with a long-term view of life.

Complementing this is a life cycle hypothesis of household savings pioneered by Franco Modigliani, Nobel Prize winner in 1985. The simple model shows young people spending more than their incomes as they borrow for investment in education or their houses. The middle age is the time to accumulate money for retirement. And in the old age, one eats into savings as spending is generally higher than earnings. Assets can also be disposed of to support old age requirements and as one downsizes.

In a recent article by The Economist, the baby boomers — those born between 1946 and 1964 — have been cited as today’s generation that are either retired or retiring. Surveys show that this generation appears to own 52% of the net wealth in the US, even as they comprise 20% of the population. Not all are rich, but in the aggregate, they have amassed wealth. Because of medical and scientific advances, many remain strong and healthy. They are a big economic group with substantive purchasing power.

The Economist reports that the boomers are generally endowed and have saved enough, at least in developed countries like the US, Italy, Japan, England, Australia and Canada. For this reason, economists following the “life cycle theory” expect the boomers to shift from accumulating wealth to spending it. But the evidence says otherwise. Academics point to the “wealth decumulation puzzle,” where oldies spend less than what the theory predicts.

The data show retired households saving more today than in past years. The savings rate of people over 65 are in fact rising in the US, Canada, South Korea, Britain and Australia. Boomers are observed to be more miserly; hoarders, not bent on splurges.

Perhaps, improving health allows boomers to delay retirement and accumulate more wealth. The Economist, however, cites three phenomena affecting the observed puzzle: “bequest motives,” the pandemic and worries about care.

While boomers feel lucky about their fortune, they fear for the next generation who face more economic struggles. The response is they aim to leave more to pass on to their children as inheritance. The pandemic changed spending patterns and while the world has largely recovered, boomers are still spending less. With longer life expectations, the confidence that the savings will be enough with age is lower, especially with challenges of possible healthcare needs. This is called longevity risk or the risk of outliving your savings.

These studies are in developed countries with well-established pension and social security plans. In the Philippines, one wonders if the boomers have enough retirement savings at all. How much is the SSS benefit? Maintaining a comfortable lifestyle will likely be difficult for the many who have not planned for this life stage. Healthcare can be very expensive without health insurance.

With the higher likelihood that Filipino boomers have less savings than their developed country counterparts, the “bequest motive” and longevity risk add more pressure. Thus, the next generation must beware. Calculating one’s permanent income, no matter how rough, needs to be an exercise for all. Life spans are now generally longer, and young people must start early in thinking about their savings and retirement preparation.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

Benel Dela Paz Lagua was previously EVP and chief development officer at the Development Bank of the Philippines.  He is an active FINEX member and an advocate of risk-based lending for SMEs. Today, he is independent director in progressive banks and in some NGOs.

PSEi member stocks performed — June 20, 2024

Here’s a quick glance at how PSEi stocks fared on Thursday, June 20, 2024.


PSEi extends slide on weak economic outlook

BW FILE PHOTO

THE MAIN INDEX ended lower for the seventh straight session on Thursday after a global think tank said the Philippine economy is expected to grow slower than the government’s targets from 2024 to 2028.

The Philippine Stock Exchange index (PSEi) fell by 0.33% or 21.47 points to end at 6,344.56 on Thursday, while the broader all shares index rose by 0.05% or 1.85 points to close at 3,440.31.

“Economist Impact Asia Pacific’s projection that the Philippine economy will grow below the government’s target until 2028 weighed on sentiment,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Andrew J. Staples, Asia-Pacific head of thought leadership and public policy at global think tank the Economist Impact, on Wednesday said they expect the Philippine economy to expand by 5.4% this year, below the government’s 6-7% gross domestic product (GDP) growth target for the year. It will also be a tad lower than the revised 5.5% GDP expansion in 2023.

For 2025, Mr. Staples said Philippine GDP is expected to expand by 6.4%, slightly lower than the government’s 6.5-7.5% target. He expects GDP growth to ease to 5.6% in 2026 and 5.9% in 2027 and 2028, also below the 6.5-8% goal through 2028.

“The local stock market lost its early momentum, ending in negative territory for the seventh consecutive session. The lack of catalysts to boost investor sentiment contributed to the benchmark index’s decline,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The local bourse dropped amid a lack of fresh leads to drive the market upwards… Investors are seeking clear direction on interest rates amid mixed signals, making them wait for the next policy meeting despite expectations that the BSP (Bangko Sentral ng Pilipinas) won’t cut rates,” Ms. Alviar added.

The BSP will next meet to review policy on June 27.

The Monetary Board has kept its benchmark rate steady at a 17-year high of 6.5% since October 2023 following increases worth 450 basis points to bring down inflation.

Majority of sectoral indices closed lower on Thursday. Services dropped by 0.68% or 13.34 points to 1,945.59; financials declined by 0.68% or 13.33 points to 1,921.53; property retreated by 0.48% or 11.93 points to 2,426.32; and industrials went down by 0.3% or 27.48 points to 8,939.10.

Meanwhile, mining and oil rose by 1.6% or 140.48 points to 8,889.54, and holding firms increased by 0.37% or 21.19 points to 5,619.52.

Value turnover dropped to P3.94 billion on Thursday with 328.28 million shares changing hands from the P4.07 billion with 363.03 million issues traded on Wednesday.

Advancers beat decliners, 92 against 86, while 58 names closed unchanged.

Net foreign selling declined to P552.19 million on Thursday from P594.67 million on Wednesday. — R.M.D. Ochave

Peso inches lower on broad dollar strength

PHILSTAR FILE PHOTO

THE PESO declined slightly as the dollar was broadly stronger on Thursday amid signals from China’s central bank regarding the yuan.

The local unit closed at P58.78 a dollar on Thursday, inching down by 2.5 centavos from the previous day’s finish of P58.755.

The peso opened Thursday’s session weaker at P58.79 against the dollar. Its worst showing was at P58.83, while its intraday best was at P58.70 versus the greenback.

Dollars exchanged increased to $1.28 billion on Thursday from $930 million on Wednesday.

“Emerging market currencies, including the Philippine peso, experienced a decline after China’s central bank indicated a more relaxed stance on the yuan by setting its daily reference rate at the weakest level since November,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“The peso’s drop… suggests a broader downturn in Asian currencies, driven by anticipations of interest rate cuts by policy makers preceding actions from the US Federal Reserve,” Mr. Roces added.

China set the yuan’s daily reference rate at its weakest since November in a sign policy makers are loosening their grip on the currency, Bloomberg reported.

The People’s Bank of China set the so-called fixing at 7.1192 per dollar, an increase of 33 ticks, the most in about two months. The move comes as the dollar inches closer to this year’s peak, with traders betting on higher-for-longer interest rates in the US.

The onshore yuan was little changed around the 7.26 level, while the offshore currency slipped to its weakest this year. The fixing came as Chinese banks maintained their benchmark lending rate for a 10th straight month, as pressure on the yuan restricts policy makers’ space for easing.

The weakness in China’s currency is symptomatic of deteriorating sentiment toward the world’s second-largest economy, which is also experiencing a bond market rally as investors seek out haven assets. Yields have tumbled to or toward record lows amid mixed economic data and expectations of further stimulus.

Worsening capital outflows, seen in a surge in local firms’ purchase of foreign exchange and exporters’ hoarding of the dollar, have also added to the yuan’s woes. And from the dollar’s side, any delay to Federal Reserve rate cuts would likely add more pressure on the yuan as China’s wide interest-rate gap with the US favors the greenback.

China has maintained a strong hold on the yuan using its daily reference rate for most of the year. However, it has been gradually weakening its so-called currency fixing amid calls from former officials for relaxing its control over the yuan in order to open the room for more easing.

Higher global crude prices recently also caused the peso to weaken, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

For Friday, Mr. Ricafort said the local unit could move between P58.65 and P58.80 per dollar. — AMCS with Bloomberg

Initial demand estimate for P29 rice at 69,000 MT/month

PHILSTAR FILE PHOTO

THE Department of Agriculture (DA) said it initially estimates demand for subsidized P29 rice at 69,000 metric tons (MT) per month, though this total is expected to fluctuate depending on consumer response.

“Of course it will change, it not exact. It will really depend on how many will avail of the program. We will not force them to buy,” Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa told reporters on Thursday.

The National Food Authority (NFA) council on Wednesday approved the sale of ageing rice stocks to individuals classified as poor or otherwise vulnerable.

“We want to reach to as many members of our vulnerable sectors. We will be needing about 69,000 MT of rice every month,” he added.

The DA proposed to import about 363,697 MT to replace the ageing stocks that will be disposed of under the “Bigas 29” program.

“The priority is still to use the NFA stocks, because we don’t have the clearance to import yet,” Mr. De Mesa said.

The DA’s plan is estimated to cost the government between P1.39 billion and P1.53 billion per month.

Beneficiaries of the rice subsidy program are estimated at more than 34 million vulnerable individuals, which include persons with disabilities, solo parents, and senior citizens, apart from those below the poverty line. Each beneficiary is entitled to purchase about 10 kilograms per month. — Adrian H. Halili

ARTA: LGUs with automated permit systems now at 44

BW FILE PHOTO

THE Anti-Red Tape Authority (ARTA) said local government units (LGUs) with fully automated business permit processes now number 44, with seven awaiting commendation.

ARTA reported that the most recent LGU to be issued a commendation for full compliance was Pulilan, Bulacan on June 13.

Meanwhile, the LGUs awaiting commendations are Himamaylan, Negros Occidental, Tagbilaran and Ubay, Bohol, Valencia, Bukidnon, and Alubijid, Laguindingan and Manticao, Misamis Oriental.

ARTA reported that five more LGUs have declared they are compliant, which is subject to validation, and that 635 LGUs are partly compliant.

Some 606 LGUs have not implemented the electronic Business One-Stop Shop (eBOSS) system, while 344 LGUs have not reported.

ARTA Deputy Director General for Operations Gerald G. Divinagracia told reporters on Tuesday that the agency is confident of hitting the target of enrolling 200 LGUs in the eBOSS program.

“We are still on track. It is more about continuously validating, calling the LGUs out. But our target really for this year is for the seven remaining LGUs in the National Capital Region to be fully compliant,” Mr. Divinagracia said.

Metro Manila is composed of 17 LGUs, Caloocan, Malabon, Navotas, Valenzuela, Quezon City, Marikina, Pasig, Taguig, Makati, Manila, Mandaluyong, San Juan, Pasay, Parañaque, Las Piñas, Muntinlupa, and Pateros.

The onboarding of Caloocan, Pasig, Taguig, Makati, San Juan, Las Piñas, and Pateros is pending, he said.

“We want them to be fully compliant this year. And they promised,” he said.

“Meaning, in terms of trustworthiness and getting away from the old way of doing things, people still want the hard copy rather than the electronic version. So, they cannot move or transition to the digital world,” he added.

However, he said that ARTA is not asking LGUs to operate solely digitally and that they can still accept non-electronic submissions. — Justine Irish D. Tabile

IT-BPMs back amendments to CREATE, Cybercrime law

BW FILE PHOTO

THE information technology and business process management (IT-BPM) industry said it expects to benefit from amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and Cybercrime Prevention laws.

Jack Madrid, president of the IT and Business Process Association of the Philippines (IBPAP), told reporters on Wednesday that the proposed amendments to CREATE will help clarify uncertainties in the law.

“You know, until we see the final version, we will not really be able to make any definitive comments,” Mr. Madrid said at an online briefing. “But from all indications, the amendments of CREATE in CREATE MORE (to Maximize Opportunities for Reinvigorating the Economy) will certainly clarify some of the ambiguity of CREATE,” he added.

The CREATE MORE bill, which seeks to cut the corporate income tax to 20% from 25%, was approved by the House of Representatives on final reading in March and has been passed on to the Senate.

“We are quite optimistic and confident that the amendments that will be proposed in the latest draft of CREATE MORE will provide clarity and stability in the incentive regime for our investors and for our industry,” said Mr. Madrid.

“It will also provide more clarity as to remote work and work from home privileges across the investment promotion agencies. So while we have not seen the final version, all indications are that this will be a net positive for the IT-BPM industry,” he added.

Under CREATE MORE, registered business enterprises in the IT-BPM industry can enjoy the incentives under the law while implementing hybrid work arrangements as long as they are compliant with the on-site work requirements set by their respective investment promotion agencies.

This sets a ceiling for alternative work arrangements at 50% of the total workforce or total work hours.

“Aside from CREATE MORE, one of the priorities for the industry is really to amend, working together with the Department of Justice, some badly needed adjustments to the cybercrime law,” Mr. Madrid said.

“The law is still constraining our industry from taking action against specific employees who are performing certain actions,” he added.

In particular, he said the industry wants to adjust the Cybercrime Prevention Act of 2012 to make it easier for employers to take action against such employees.

“And once we can establish that the Philippines is serious about deterring cybercrime, then we are hopeful that this actually becomes a competitive advantage for the Philippine industry compared to other countries,” he added.

According to Mr. Madrid, the amendments to the Cybercrime Law are also important in protecting IT-BPM companies bottom line against fraud. — Justine Irish D. Tabile