THE GROWTH in wholesale and retail prices of building materials accelerated to the highest level in 14 years in 2022, as construction activity picked up, according to preliminary data from the Philippine Statistics Authority (PSA). Read the full story.
KENNY Rogers Roasters’ classic offerings are now infused with a most luxurious flavor with its Limited Edition Truffle Collection. Available in all Kenny Rogers Roasters stores nationwide, guests can enjoy the distinctive taste and flavor of truffle in its signature Roasted Chicken which is marinated in truffle extracts and buttermilk, topped with a drizzle of truffle oil and served with buttermilk sauce. It’s then wrapped in gold foil to heighten the flavors and seal in the truffle aroma. The Roasted Chicken can be ordered for one with the Truffle Roast Solo B plate (P300), which is a quarter truffle roast chicken, a choice of two side dishes, rice, and muffin; or shared with family and friends with the Truffle Roast Group Meal (P1,065) which includes a whole roast, four side dishes, four cups of rice, four muffins, and 1.5-liter soda. The Truffle Collection also offers the Truffle Mac & Cheese, a truffle pasta topped with creamy truffle sauce and freshly chopped parsley. It’s available in solo servings (P180) and platter (P539). For meat-lovers, there’s the Truffle Steak – grilled striploin steak paired with truffle sauce. Each Truffle Steak plate (P590) comes with the truffle steak, and a choice of two side dishes. Kenny Rogers Roasters’ all-new Truffle Collection is avialable for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.
THE LONG Christmas season is over and now it’s time for making resolutions and drawing up goals, the best ones are those filled with health-giving goodness. The new salads of Conti’s Bakeshop and Restaurant fit the bill — light but filling, tasty but healthy. The Signature Salad has fresh strawberry slices, candied walnuts, and crispy mixed greens tossed in Conti’s’ signature raspberry vinaigrette, and topped with lacey parmesan crisps for added taste and texture. For a bit more indulgence without the guilt, the new Homemade Caesar Salad serves up fresh greens with Southern-style chicken fillet, croutons, and Conti’s zesty homemade Caesar dressing. The bowl is topped with soft-boiled egg and anchovy to taste. The salad bowls are available for dine-in in all Conti’s branches throughout the Philippines, and are also available via Grab and Foodpanda.
THIS YEAR, Chowking is launching its Lazada Flagship Store to give customers a more convenient way to celebrate special occasions through Lazada-exclusive deals and bundles. Chowking is kicking off the Chinese New Year with a One Day Sale on Jan. 22, with up to 20% off on select bestsellers: two Siomai Chao Fan Family Platter Bundle, for P517 from P647, saving P129; Dimsum Chao Fan and Halo-Halo Combo Bundle for P156 from P195, saving P39; and, the two Fried Chicken Lauriat Combo Bundle for P348 from P435, saving P87. Twenty other bundles and promos are up for grabs all year round. Visit the Chowking Lazada Flagship Store to avail vouchers for different food bundles. Customers will receive vouchers in the form of digital codes via SMS, which they can present in all Chowking stores nationwide to redeem their orders for dine-in, take-out, and drive-through. The vouchers are also valid up to two months after purchase.
KRISPY Kreme is welcoming a new year with its Milk Choco Creations, in partnership with KitKat. Throughout the years, KitKat Choco doughnuts have been a staple in the American doughnut shop. There are now three new flavors made with the classic chocolate brand — Milk Choco Crisp, Choco Swirl Cake, and White Chocolate Kreme Filled. There is now also a Milk Choco Chiller made with KitKat. The Milk Choco Crisp is a ring doughnut hand-dipped in KitKat chocolate spread; the Choco Swirl Cake is a cake doughnut dipped in white chocolate, drizzled with a milk choco swirl, and topped with a KitKat chocolate bar; while the White Chocolate Kreme Filled is a shell doughnut filled with kreme and a KitKat chocolate bar, dipped in white chocolate topped with dark chocolate and caramel. The Milk Choco Chiller is an iced-blended drink made with kreme base, KitKat spread, and hazelnut syrup, topped with whipped cream and KitKat chocolate bits. The Milk Choco Creations start at P59 per piece and P550 for a dozen, while the Milk Choco Chiller starts at P150 for 12 oz. They are available at any Krispy Kreme stores nationwide. For delivery, call 888-79000 or order online through now.krispykreme.com.ph, GrabFood, Foodpanda, Pick.a.Roo, Mangan, OrderMo, and Groover.
WASHINGTON — When Benjamin Franklin fashioned the first lightning rod in the 1750s following his famous experiment flying a kite with a key attached during a thunderstorm, the American inventor had no way of knowing this would remain the state of the art for centuries.
Scientists now are moving to improve on that 18th century innovation with 21st century technology — a system employing a high-powered laser that may revolutionize lightning protection. Researchers said on Monday they succeeded in using a laser aimed at the sky from atop Mount Santis in northeastern Switzerland to divert lightning strikes.
With further development, this Laser Lightning Rod could safeguard critical infrastructure including power stations, airports, wind farms and launchpads. Lightning inflicts billions of dollars in damage on buildings, communication systems, power lines and electrical equipment annually while also killing thousands of people.
The equipment was hauled to the mountaintop at an altitude of about 8,200 feet (2,500 meters), some parts using a gondola and others by helicopter, and was focused on the sky above a 400-foot-tall (124-meter-tall) transmission tower belonging to telecommunications provider Swisscom, one of Europe’s structures most affected by lightning.
In experiments during two months in 2021, intense laser pulses — 1,000 times per second — were emitted to redirect lightning strikes. All four strikes while the system was active were successfully intercepted. In the first instance, the researchers used two high-speed cameras to record the redirection of the lightning’s path by more than 160 feet (50 meters). Three others were documented with different data.
“We demonstrate for the first time that a laser can be used to guide natural lightning,” said physicist Aurelien Houard of Ecole Polytechnique’s Laboratory of Applied Optics in France, coordinator of the Laser Lightning Rod project and lead author of the research published in the journal Nature Photonics.
Lightning is a high-voltage electrical discharge between a cloud and the ground, within a cloud or between clouds.
“An intense laser can generate on its path long columns of plasmas in the atmosphere with electrons, ions and hot air molecules,” Mr. Houard said, referring to positively charged particles called ions and negatively charged particles called electrons.
“We have shown here that these plasma columns can act as a guide for lightning,” Mr. Houard added. “It is important because it is the first step toward a laser-based lightning protection that could virtually reach a height of hundreds of meters (yards) or a kilometer (0.6 mile) with sufficient laser energy.”
The laser device is the size of a large car and weighs more than 3 tons. It uses lasers from German industrial machine manufacturing company Trumpf Group. With University of Geneva scientists also playing a key role, the experiments were conducted in collaboration with aerospace company ArianeGroup, a European joint venture between Airbus SE and Safran SA.
This concept, first proposed in the 1970s, has worked in laboratory conditions, but until now not in the field.
Lightning rods, dating back to Mr. Franklin’s time, are metal rods atop buildings, connected to the ground with a wire, that conduct electric charges lightning strikes harmlessly into the ground. Their limitations include protecting only a small area.
Houard anticipated that 10 to 15 years more work would be needed before the Laser Lightning Rod can enter common use. One concern is avoiding interference with airplanes in flight. In fact, air traffic in the area was halted when the researchers used the laser.
“Indeed, there is a potential issue using the system with air traffic in the area because the laser could harm the eyes of the pilot if he crosses the laser beam and looks down,” Mr. Houard said. — Reuters
Here’s a quick glance at how PSEi stocks fared on Wednesday, January 18, 2023.
PHILIPPINE STOCKS posted gains on Wednesday on positive market sentiment after the Finance chief said economic growth is expected to remain robust this year.
The bellwether Philippine Stock Exchange index (PSEi) went up by 80.82 points or 1.15% to close at 7,094.86 on Wednesday, while the broader all shares index added 34.59 points or 0.94% to end at 3,692.51.
“This Wednesday, the bullish sentiment in the market returned as the PSEi rose to 7,094.86, up by 80.82 points. This was brought by optimism towards the prospects of our economy this year,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
Finance Secretary Benjamin E. Diokno said in a statement that quoted his speech at an event in Davos, Switzerland on Tuesday that the Philippines will likely grow by around 6.5% this year, even with a potential global economic slowdown.
Economic managers are targeting 6-7% gross domestic product (GDP) growth this year.
The ASEAN+3 Macroeconomic Research Office sees Philippine GDP growing by 6.2%, while the World Bank expects a 5.4% expansion.
Mr. Diokno also said the economy in 2022 likely expanded “much faster” than the government’s 6.5-7.5% goal. Philippine GDP expanded by 7.6% in the third quarter of 2022, bringing the nine-month average to 7.7%.
The Philippine Statistics Authority is set to release fourth-quarter and full-year 2022 GDP data on Jan. 26.
“The market continued to stay strong despite the performance of the Dow Jones last night. A strong break of 7,150 can bring the index to 7,500,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message on Wednesday.
The Dow Jones Industrial Average fell 391.76 points or 1.14% to 33,910.85; the S&P 500 lost 8.12 points or 0.2% to 3,990.97; and the Nasdaq Composite added 15.96 points or 0.14% to 11,095.11.
Back home, all of the sectoral indices closed higher on Wednesday. Services went up by 58.16 points or 3.36% to close at 1,787.23; industrials climbed by 146.76 points or 1.48% to 10,019.33; mining and oil added 88.99 points or 0.78% to end at 11,482.89; financials increased by 10.95 points or 0.59% to 1,839.02; property gained 16.58 points or 0.53% to close at 3,114.83; and holdings firms rose by 22.24 points or 0.32% to 6,821.67.
Value turnover declined to P7.99 billion on Wednesday with 991.91 million shares changing hands from the P10.14 billion with 1.25 billion issues traded on Tuesday.
Advancers outnumbered decliners, 124 versus 82, while 47 names closed unchanged.
Net foreign buying declined to P532.16 million on Wednesday from P1.75 billion the previous trading day.
Philstocks Financial’s Ms. Alviar placed the PSEi’s support at 6,800 and resistance at the 7,000-7,100 range. — J.I.D. Tabile
THE PESO strengthened against the dollar on Wednesday following the Bank of Japan’s (BoJ) decision to keep rates ultra-low and amid expectations that the Philippines will be among one of the fastest-growing economies in the region this year.
The local unit closed at P54.62 per dollar on Wednesday, appreciating by 20 centavos from Tuesday’s finish of P54.82, according to data from the Bankers Association of the Philippines.
The peso opened Wednesday’s session at P54.80 versus the dollar. Its weakest showing was at P55.01, while its intraday best was at P54.57 against the greenback.
Dollars exchanged rose to $1.429 billion on Wednesday from $1.373 billion on Tuesday.
The peso climbed after the BoJ kept its monetary policy settings unchanged, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
“As a result, the benchmark 10-year US Treasury yield eased anew, now at 3.48%, among one-month lows and near 4-month lows, already lower by a total of -0.86 from the 15-year high of 4.34% posted on Oct. 21, 2023, thereby could help lower borrowing costs for some listed companies and also somewhat reduce the attractiveness of the US currency,” Mr. Ricafort said.
The BoJ on Wednesday maintained ultra-low interest rates, including a bond yield cap it was struggling to defend, defying market expectations it would phase out its massive stimulus program in the wake of rising inflationary pressure, Reuters reported.
At a two-day policy meeting, the BoJ kept intact its yield curve control targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote.
The central bank also made no change to its guidance that allows the 10-year bond yield to move 50 basis points either side of its 0% target.
The peso also strengthened as the local stock market posted gains, Mr. Ricafort added.
The benchmark Philippine Stock Exchange index gained by 80.82 points or 1.15% to close at 7,094.86 on Wednesday, while the broader all-shares index closed higher by 34.59 points or 0.94% to finish at 3,692.51.
“The recent gains in the local financial markets, including the peso, also supported by optimism over the country’s economic growth estimates… as the Philippines is expected to be one of the fasting-growing economies in the region for 2023,” Mr. Ricafort said.
The ASEAN+3 Macroeconomic Research Office (AMRO) trimmed its growth outlook for the Philippines this year amid deteriorating global economic conditions.
In its Regional Economic Outlook Update released on Tuesday, the Philippine economy is expected to expand by 6.2% this year, slightly lower than the 6.3% projection given in October.
The AMRO’s 6.2% forecast is within the government’s 6-7% growth target this year, and the second-fastest growth in the region behind Vietnam’s 6.8%.
“The peso appreciated ahead of a potentially weaker US producer inflation report for December 2022 tonight. The local currency might strengthen amid likely higher US initial jobless claims report,” a trader said in an e-mail on Wednesday.
US producer price index , retail sales, and manufacturing output data were set to be released overnight.
For Thursday, the trader sees the peso moving between P54.45 and P54.70 versus the greenback, while Mr. Ricafort gave a forecast range of P54.55 to P54.75. — Keisha B. Ta-asan with Reuters
THE Department of Agriculture (DA) is considering sugar imports of as much as 450,000 metric tons (MT) following an order from the President to maintain a two-month buffer stock of the commodity.
Rex C. Estoperez, DA deputy spokesman, said on Wednesday in response to a question about sugar import plans: “Our information is that 450,000 metric tons needs to be imported (because the) President ordered a buffer stock good for two months. We’ll update you on what the procurement plan is.”
It was unclear whether Mr. Estoperez meant the buffer stock will be built up solely from imports. If so, the sugar reserve will diverge from the practice of the National Food Authority (NFA), which is tasked with maintaining a rice buffer stock of at least 15 days.
The NFA maintains its rice reserve solely from palay (unmilled rice) purchased from domestic farmers.
President Ferdinand R. Marcos, Jr., said that the government must maintain a two-month buffer stock of sugar to keep price volatility in check.
The Sugar Regulatory Administration (SRA) has also said that it will recommend to Mr. Marcos the sale of 80,000 bags of sugar confiscated from smugglers at DA-operated Kadiwa stores.
Mr. Estoperez said such a sale will require inter-agency approval.
“It has to be cleared first by the Department of Finance, because the Bureau of Customs is under the (DoF). We need to check the seizure order and (the sale needs) to be cleared again by the SRA,” Mr. Estoperez said.
He said that the proposed Kadiwa sugar price is P70 per kilo.
According to the DA’s price monitoring as of Wednesday, refined sugar sells at retail for P87-P110 per kilo.
Pablo Luis S. Azcona, a member of the SRA board, said that selling the confiscated sugar at Kadiwa stores will not affect the farmgate price of sugar.
“80,000 bags, more or less, is the same amount of sugar that one small mill can produce in one week. I think it is not significant enough to affect the farmgate price,” he said.
Separately, planters’ federations said on Wednesday that they signed a memorandum of agreement to form a coalition.
In a statement on Wednesday, Enrique D. Rojas of the National Federation of Sugarcane Planters, Aurelio Gerardo J. Valderrama, Jr. of the Confederation of Sugar Producers Association and Danilo A. Abelita of the Panay Federation of Sugarcane Farmers established the coalition, to be known as the “Sugar Council.”
The council, whose members will account for the majority of sugar production nationwide, will be the venue for discussing policy recommendations to the government that will help “ensure the continued viability of the sugar industry.” — Ashley Erika O. Jose
THE head of the US Semiconductor Industry Association (SIA) is exploring the Philippines as a hub, noting that a recent US law encouraging tech companies to re-shore their operations will not rule out overseas production.
SIA President John Neuffer met with Board of Investments (BoI) Managing Head Ceferino S. Rodolfo on Jan. 16 to discuss the investment landscape after the US passed the CHIPS Act last year.
The CHIPS Act offers $500 million in incentives for producing microchips in the US.
“While the CHIPS Act aims to increase the capacity of the US semiconductor industry, we recognize that we cannot do it all in the US. And that’s where countries like the Philippines have an opportunity,” Mr. Neuffer said.
“Rather than reshoring all manufacturing activities, it is more of rebalancing the supply chain. The pandemic has forced global businesses to rethink their supply chain strategies and consider diversification of suppliers to mitigate disruptions in their business operations,” he added.
SIA accounts for 99% of the US semiconductor industry in terms of revenue and also counts among its members two-thirds of non-US chip companies. SIA members operating in the Philippines include Analog Devices, Onsemi, and Texas Instruments.
According to the BoI, the majority of industrial parts and components are still sourced from Southeast and East Asia.
Mr. Rodolfo said that the Philippines is ready to accommodate semiconductor investors from the US.
“We, in the Philippine government… promote partnerships and enhancing local capacities and competencies in semiconductor manufacturing to deepen the country’s role in the global semiconductor supply chain and be able to further support US companies in their endeavors under the CHIPS Act,” Mr. Rodolfo said.
At the end of November, the Philippines exported $45.63 billion worth of electronics products, or 62.36% of the total, according to the BoI. — Revin Mikhael D. Ochave
PRESIDENT Ferdinand R. Marcos, Jr. promised a corresponding effort to upgrade cybersecurity alongside his government’s push to digitalize the bureaucracy, the Palace said in a statement.
“Security has become a huge issue… that’s what we are trying to design now, a cybersecurity system for sensitive information,” he was quoted as saying in an open forum at the World Economic Forum by the Presidential Communications Office.
He told an open forum at the Swiss mountain resort of Davos that the government needs to do more to improve internet connectivity.
“Connectivity in the Philippines is still pretty low. And it’s unfortunate because… consumers (live) every facet of their lives through the internet,” Mr. Marcos said, adding that the government is lagging the people in going online.
The Philippines’ ranking in the Digital Quality of Life Index 2022 dropped seven places to 55th out of 117 countries. It recorded lower scores in internet connection affordability, quality, and stability, as well as cybersecurity.
Local governments have stepped in to establish internet connectivity infrastructure in the regions, according to Mr. Marcos.
“Local governments, and some agencies within the National Government, (have taken) the initiative and started their own systems,” he said. “So, this has now got to be consolidated and put together.”
“And that’s where we are right now: forming the databases for the government, forming the databases that can be used by the national ID.”
Mr. Marcos said the Philippines welcomes any assistance from overseas in improving its digitalization initiatives.
Before the Davos conference, Mr. Marcos issued an order to fast-track the digitalization of the national identification (ID) system.
The order was issued after a meeting with the Private Sector Advisory Council, where one of the agenda items was the Philippine Statistics Authority’s plan to pursue public-private partnership for its Digital PhilID App, which will serve as a digital alternative to the national ID. — Kyle Aristophere T. Atienza
GROWTH in the bulk prices of general goods eased to a nine-month low in November as supply stabilized.
According to preliminary data from the Philippine Statistics Authority (PSA), the general wholesale price index (GWPI) rose 7.2% year on year in November from 7.6% a month earlier. In November 2021, the GWPI rose 4.2%.
The November indicator was the lowest since the 5.6% reported in February 2022.
In the 11 months to November, GWPI was 7.4%, accelerating from 3% a year earlier.
In an e-mail, Security Bank Corp. Chief Economist Robert Dan J. Roces said that the GWPI was impacted by lower global commodity costs and improved supply, as well as a peso recovery in November.
“Moreover, the decrease in the mineral fuels commodity has a significant impact on the GWPI with it being a major component of the index. Other commodities that may have slowed the GWPI include industrial inputs and consumer goods where inventories may have been higher in the lead-up to the peak consumption season in December,” he added.
Among eight categories of commodity, five posted declines. Price growth in mineral fuels, lubricants and related materials eased to 25.9% from 28.6% in October. Other categories where price growth eased were chemicals including animal and vegetable oils and fats (2.5% in November from 3.4% in October), and food (12.3% from 12.9%).
On the other hand, price growth in miscellaneous manufactured articles accelerated to 3.8% in November from 3.3% in October. Price growth in manufactured goods classified chiefly by materials and machinery transport equipment commodities was unchanged at 4.2% and 1.2%, respectively.
The peso hit lows in October to the P59 level against the dollar. The peso recovered the P56 level, ending November at P56.56.
In a Viber message, Asian Institute of Management Economist John Paolo R. Rivera said GWPI reflected the reduced supply constraints on manufactured goods in the later part of the year. He added that growth in the GWPI would have been lower if not for the high demand during the holidays.
Luzon outpaced national GWPI growth with 7.4% in November, slowing from the 7.8% posted in October. The year-earlier price growth for the region was 4.3%.
November marked the lowest growth in GWPI since the 5.9% posted in February.
Mr. Rivera said Luzon GWPI reflects the island’s highly urbanized and industrialized nature, leading to higher demand compared with the Visayas and Mindanao.
Meanwhile, price growth in the Visayas and Mindanao eased to 6.5% and 4.8%, respectively in November from 6.6% and 4.9% in October.
The Visayas reading was the lowest since the 6.2% logged in August. Year-earlier GWPI growth came in at 1.4%.
Mindanao’s GWPI increase was the lowest since the 4% reading in September 2022. The year-earlier GWPI rise was 5%.
Mr. Roces warns of volatile prices in the coming months due to changes in supply and a post-holiday slowdown in demand.
“Price increases will slow down if supply constraints are addressed particularly in (agricultural) production,” Mr. Rivera said, adding that he sees the GWPI in the last month of 2022 picking up due to seasonal factors. — Bernadette Therese M. Gadon
THE long-term decline in domestic salt production has been blamed by Senators on a 1995 law promoting iodization, which they said opened the door to competition from imports.
“It is clear that since the passage of the ASIN (An Act for Salt Iodization Nationwide) law, local production of salt deteriorated further while imports of salt increased,” Majority Leader Emmanuel Joel J. Villanueva said at a hearing of the Senate during the agriculture and food committee hearing on Wednesday.
Republic Act 8172 sought to promote the use of iodized salt to address micronutrient malnutrition, particularly iodine deficiency disorders.
Senator Cynthia A. Villar, who chairs the committee, called salt “a dying local industry” due to imports of 850,000 metric tons (MT) a year, or 93% of the salt requirement, mainly from Australia and China.
Gerard Khonghun, president of the Philippine Association of Salt Industry Networks (PhilASIN), added that not all imported salt is iodized, particularly the shipments from Australia.
“The law demanded that local salt be iodized, and now you’re going to import salt that is not iodized? What kind of joke is this?” Ms. Villar said, adding that domestic producers could have continued as before while requiring domestic manufacturers to iodize. The law, she added, “created a bigger problem for the Philippines.”
Government agencies like the departments of Trade and Industry and Science and Technology should have introduced training and equipment to help salt producers iodize, Ms. Villar said.
Citing data from PhilASIN, Ms. Villar said that the Philippines produced less than 60,000 MT of salt from the 2,100 hectares of salt beds.
“In the 1960s and 1970s, we produced 240,000 MT of salt. Today, we only produce 42,000 MT of salt, which is 7% of demand,” she said. “42,000 MT is just 15% of what we were producing before. What happened?”
The committee was also trying to sort out which agency was in charge of overseeing the salt industry.
“Apparently, no one in the government is in charge of the salt,” Senator Maria Lourdes Nancy S. Binay said.
“The findings are that nobody is interested in the salt industry,” Ms. Villar said. “They said that it’s (under) DENR but DENR will just give the permit to use the shoreline.”
“Since it’s a kind of food then the DA should be concerned about the salt but you all keep pointing at each other when asked who’s in charge of the salt industry,” she added. “I would like to believe it’s the DA.”
Bureau of Fisheries and Aquatic Resources Officer-in-Charge Director Demosthenes R. Escoto said salt regulation was first budgeted for in 2022 from economic recovery stimulus funds.
“In 2023, we have a P100-million budget that was allocated for the salt development program, but everything started only from the 2022 Bayanihan funds,” he said, noting that the funds are directly downloaded from the DA to various regional directors. — Alyssa Nicole O. Tan
THE proposed tax on luxury goods risks the departure from the Philippine market of luxury-goods brands, possibly undermining the Philippines’ appeal as a shopping destination, the Philippine Chamber of Commerce and Industry (PCCI) said.
PCCI President George T. Barcelon said on the sidelines of an event in Taguig City on Wednesday that the government should have “reasonable” rules on which luxury goods will be taxed.
“They have to put some criteria (that) are within reason,” Mr. Barcelon noted, pointing to the role of luxury shopping as a draw for visitors in places like Singapore and Hong Kong.
“When some of these luxury brands find that it is not so attractive here, they may just pull out from the country. We need them also (for) the tourist business.”
Mr. Barcelon said the proposed luxury tax should be timebound.
“Whatever is helpful in the meantime to address the challenges that we are facing (but the luxury tax) cannot be in perpetuity. There must be a timeline… These are abnormal times (because the) government deficit is a major concern,” Mr. Barcelon said.
Albay Rep. Jose Ma. Clemente S. Salceda has said that the House Committee on Ways and Means is studying a plan to impose more taxes on wristwatches, bags, beverages, paintings, cars selling for more than P5 million, and residential property worth more than P100 million.
Under the Tax Code, a 20% tax is collected on jewelry, perfume, and yachts. — Revin Mikhael D. Ochave
