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Eala wins second professional crown in ITF W25 Chiang Rai

ALEX EALA FB
ALEX EALA beats Thailand Luksika Kumkhum, 6-4, 6-2, in finals of ITF W25 Chiang Rai at the Chiang Rai Sports Center in Thailand. — ALEX EALA FB

ALEX M. Eala captured her second professional title with a 6-4, 6-2 victory over seasoned home bet Luksika Kumkhum in the ITF W25 Chiang Rai at the Chiang Rai Sports Center in Thailand on Sunday.

After pulling away in the hard-fought opening salvo marked by a 4-all deadlock, Ms. Eala was on target in the second frame, racing to a quick 4-1 cushion en route to an emphatic conquest of the $25,000 tilt against the 28-year-old Thai.

It’s more than a year in the making for the 16-year-old Filipina ace, who bagged her breakthrough championship back in January 2021 in the W15 Manacor in Spain, where is also a scholar for the Rafael Nadal Academy.

Late last month, Ms. Eala had an early exit in the prestigious Miami Open featuring the top-ranked netters in the world that proved as a huge stepping stone to her Thailand domination.

She dropped only a single set in the first round against Serbia’s Katarina Kozarov, 4-6, 6-4, 6-1, before sweeping Thailand’s Patcharin Cheapchandej, 6-3, 6-4, Japan’s Momoko Kobori, 6-3, 6-3, and China’s YeXin Ma, 6-3, 6-4 all the way to the finale against Ms. Kumkhum.

Ms. Eala has recently climbed in the Women’s Tennis Association (WTA) rankings at No. 533 after six events with a pair of Round-of-16 finishes in France as her best performance prior to this Thailand championship.

In the International Tennis Federation (ITF) girls rankings, Ms. Eala is at No. 11 though she is yet to play a single tourney in the junior scene this season after bagging the French Open girls’ doubles Grand Slam last year.

A national team member, Ms. Eala will have little to break as she is also listed in the second leg of the Chiang Rai joust this week as part of her preparations for the 31st Southeast Asian Games next month in Hanoi. — John Bryan Ulanday

Suzuki extends ‘Triple Deal’ on XL7, Dzire and Carry

IMAGE FROM SUZUKI PHILIPPINES, INC.

SUZUKI PHILIPPINES, INC. (SPH) recently announced the extension of its “Triple Deal” promo to April 30. The campaign offers low down payment plans and cash discounts on the XL7, Dzire, and all Carry variants — available at all 72 Suzuki dealers nationwide.

The three-row XL7 can be acquired with a down payment of P120,000 and/or with a cash discount of up to P65,000. Any variant of the Carry workhorse is available with a down payment as low as P82,000 and/or with cash discounts of up to P23,000. Lastly, the econobox that is the Suzuki Dzire, promising comfort and efficiency, can be driven home with a down payment as low as P39,000 and/or with cash discounts of up to P60,000.

For more information, visit any authorized Suzuki Auto dealership nationwide or http://suzuki.com.ph/auto. For daily updates on Suzuki, like the company’s Facebook page at https://www.facebook.com/SuzukiAutoPh, follow https://twitter.com/SuzukiAutoPh and Instagram at @suzukiautoph.

Gilding the lily

DAY DATE 40

Rolex blings out its utilitarian Oyster Perpetual Collection

ROLEX is unveiling the latest lines in its Oyster Perpetual Collection, lending looks of luxury to the utilitarian watches, originally developed for divers.

First up is the Oyster Perpetual Yachtmaster 40, boasting of diamonds and pink, light blue, purple and dark blue sapphires along its bezel. The watch is cast from 18-karat white gold, and features a case back edged with fine fluting, hermetically screwed down with a special tool that allows only Rolex watchmakers to access the movement. The Triplock winding crown, fitted with a triple waterproofness system and protected by an integral crown guard, screws down securely against the case. The crystal, which is fitted with a Cyclops lens at 3 o’clock for easy reading of the date, is made of virtually scratchproof sapphire and benefits from an anti-reflective coating. The waterproof Oyster case provides optimum protection for the watch’s movement. The new version of the Yacht-Master 40 is equipped with Calibre 3235 watch movement, with a self-winding module via a Perpetual rotor. Thanks to its barrel architecture and the escapement’s superior efficiency, the power reserve of Calibre 3235 extends to approximately 70 hours.

Then there is the Oyster Perpetual Day-Date 40 which is made of 950 platinum, featuring an ice-blue dial and a fluted bezel. The 40 mm Oyster case of the new Day-Date 40 is guaranteed waterproof to a depth of 100 meters (330 feet). Its middle case is crafted from a solid block of 950 platinum. The case back, edged with fine fluting, is hermetically screwed down again with a special tool that allows only Rolex watchmakers to access the movement. The Twinlock winding crown, fitted with a double waterproof system, screws down securely against the case. The crystal, which is fitted with a Cyclops lens at 3 o’clock for easy reading of the date, is made of virtually scratchproof sapphire and benefits from an anti-reflective coating.

The waterproof Oyster case provides optimum protection for the watch’s movement. This runs on the Calibre 3255 watch movement which incorporates the patented Chronergy escapement, which combines high energy efficiency with great dependability. Made of nickel-phosphorus, it is also insensitive to magnetic fields. The movement is fitted with an optimized blue Parachrom hairspring, manufactured by Rolex in a paramagnetic alloy that makes it up to 10 times more precise than a traditional hairspring in case of shocks. The Parachrom hairspring is equipped with a Rolex overcoil, ensuring the calibre’s regularity in any position. The oscillator is fitted on the Rolex-designed, patented high-performance Paraflex shock absorbers, increasing the movement’s shock resistance. The power reserve of Calibre 3255 extends to approximately 70 hours.

Finally, we have the Oyster Perpetual Air-King, which takes the watch from the seas to the skies. Several pilots set records in the golden age of aviation in the 1930s while wearing an Oyster. The 40 mm Oyster case of the new-generation Air-King is guaranteed waterproof to a depth of 100 meters (330 feet). Its middle case is crafted from a solid block of Oystersteel, a particularly corrosion-resistant alloy. The new-generation Air-King is equipped with a Calibre 3230 movement, also with a power reserve of about 70 hours. — JL Garcia

PayMaya rolls out cryptocurrency feature in app

PAYMAYA Philippines, Inc. has rolled out a cryptocurrency feature in its mobile app, it said in a statement last week.

The new feature, which will allow its users to buy and trade digital currencies such as Bitcoin and Ethereum, will help make cryptocurrencies more accessible to the public, PayMaya said.

Other cryptocurrencies available for trading in the PayMaya app are Cardano, Chainlink, Uniswap, Solana, Quant, Polkadot, Polygon, and Tether, with more currencies coming in the future.

“We are very excited to launch this feature, a big step up in making crypto accessible to every Filipino through their PayMaya app,” PayMaya President Shailesh Baidwan said.

“Being at the forefront of digital payments and financial services, expanding into crypto is part of our roadmap as we build the Philippines’ most accessible end-to-end money platform… We see the rise in popularity of crypto, especially among our digital-first younger users,” he added.

The feature will be integrated into users’ main PayMaya account so there is no need for an upgrade or another application, the company said.

Users can trade cryptocurrency with no extra fees and directly from their PayMaya wallet, it added.

PayMaya’s crypto feature was developed in cooperation with Coinbase Institutional.

The company received its virtual asset service provider (VASP) license from the central bank in January.

As of December 2021, PayMaya, through their various platforms, had more than 44 million users.

Based on Statista Global Consumer Survey data from 2019 to 2021, the country ranked 3rd out of 56 in terms of cryptocurrency usage, with three out of 10 Filipinos saying they either owned or used digital currency.

The Bangko Sentral ng Pilipinas (BSP) in December said virtual currency transactions, which include cryptocurrencies, totaled P106 billion in the first half of 2021, with nearly 20 million transactions.

The BSP strengthened security measures for cryptocurrency in 2021 including those for VASPs, which are subject to the central bank’s licensing requirements and anti-money laundering obligations.

A VASP, based on Circular No. 1108 of the BSP, “refers to any entity that offers services or engages in activities that provide facility for the transfer or exchange of virtual assets” such as cryptocurrencies. — Tobias Jared Tomas

Sugar industry says import plan by SRA risks contempt of court

REUTERS

THE United Sugar Producers Federation (UNIFED) said on Friday that it will seek to prosecute officials for contempt if they implement the proposed Sugar Order (SO) No. 4, which calls for the import of 350,000 metric tons (MT) of raw and refined sugar.

UNIFED President Manuel R. Lamata in a statement said that the group will as the courts to declare Sugar Regulatory Administrator Hermenegildo R. Serafica in contempt if he signs the order.

“The moment Administrator Serafica signs and makes that draft SO No. 4 official, we will haul him to court… for contempt and seek his arrest” for acting on a matter currently being decided by the Regional Trial Courts seeking a freeze on SO No. 3, Mr. Lamata said.

The draft SO No. 4 calls for imports of 250,000 MT of refined sugar, of which 150,000 MT is to be premium grade or bottlers’ grade refined sugar. The remaining 100,000 MT will consist of raw sugar.

Estimated raw sugar production for crop year 2021-2022 was projected to drop further to 1.98 million MT from 2.07 million MT, according to the SRA.

“Sugar milling is slowly winding down… mill site prices of raw sugar have also gone up,” according to the draft order.

Mr. Lamata called the draft order “similar and in a bigger volume than the previous order that caused the filing of our case against him and the Sugar Regulatory Administration (SRA) last February.”

In February, the Sagay City and Himamaylan City Regional Trial Courts issued separate preliminary injunctions against the import of 200,000 MT as called for by SO No. 3.

“I will personally bring sugar for Mr. Serafica’s coffee in his jail cell when that happens. This proposed SO No. 4 is a slap in the face of the two regional trial courts here that issued rulings to halt any import program pending a final resolution to the cases that have been deemed to cause damage to the sugar industry,” Mr. Lamata said.

“The order is tantamount to a midnight deal that will obviously greatly benefit the industrial users, particularly the bottling companies. This proposed import program is clearly favoring a particular sector and that is what we are against. Notwithstanding the pending cases in our courts, the draft proposal is a clear indication that Administrator Serafica will go to any lengths to defy court orders just to accommodate the bottling companies,” he added.

The SRA was asked to comment on the UNIFED statement but had not replied at the deadline. — Luisa Maria Jacinta C. Jocson

PHL boxing team shifts focus to SEA Games, Women’s World Championships after successful Thailand Open campaign

THE Philippine boxing team won three gold and two silver medals in the 2022 Thailand Open. From left: Roel Velasco (coach), Mitchel Martinez (coach) Hergie Bacyadan, Aira Villegas, Riza Pasuit, Reynaldo Galido (coach), Rogen Ladon, Ian Clark Bautista, Don Abnett (coach), Marcus Manalo (ABAP secretary-general). — ABAP SECRETARY-GENERAL MARCUS MANALO

THE PHILIPPINE national boxing team seeks to fine-tune its game as it goes into the final stage of its rigorous preparations for the 31st Southeast Asian (SEA) Games as well as the 2022 AIBA Women’s World Boxing Championships next month.

This after a victorious campaign in the recently-concluded 2022 Thailand Open International Boxing Tournament held at the luxurious Angsana Laguna Phuket Resort Hotel where 14 Filipino pugilists joined, with five of them clinching podium finishes.

Rogen Ladon (men’s flyweight), Riza Pasuit (women’s light) and Hergie Bacyadan (women’s middle) snared gold medals while Ian Clark Bautista (men’s feather) and Aira Villegas (women’s fly) seized silvers, resulting in the country’s best finish in the tournament organized by the Thailand Boxing Association headed by its president and concurrent Asian Boxing Confederation chief Pichai Chunhavajira.

Association of Boxing Alliances in the Philippines (ABAP) secretary-general Marcus Manalo said the Thailand Open tested the Pinoy boxers’ current mettle and that gave them a clearer view of what to work on after a two-week pre-competition training camp in Muak Lek, just outside Bangkok.

“There’s some catching up to do particularly on the conditioning side. What happened here in this Thailand Open is really a feedback for us. Whether we won or we came up short, it’s feedback,” said Mr. Manalo, who led the Philippine delegation along with ABAP president Ed Picson and veteran boxing official Karina Picson.

The morning after the Thailand Open, the national pugs immediately went back to Muak Lek where they would resume their training for four to five weeks before flying straight to the Vietnamese capital of Hanoi for the SEA Games scheduled on May 12 to 23.

Meanwhile, Mr. Villegas flew back to the Philippines along with coach Reynaldo Galido to arrange visa requirements for the Women’s World Championships on May 6 to 21 in Istanbul, Turkey.

Head coach Don Abnett said the athletes’ base fitness is fine and they will make the most out of their limited time to bring them back to tip-top shape.

“They’ve done general training before they got here so the base fitness is okay. Next week, we’re gonna get into the boxing specifics. We’ll see what happens in the next few weeks,” said the Australian tactician, who is getting a lot of help from coaches Roel Velasco, Ronald Chavez, Mitchel Martinez and Mr. Galido.

“Would’ve liked to have it (training camp) four or five weeks longer. But we’ll do what we can with the time that we have,” he added.

Mr. Manalo lauded the Thailand Boxing Association for hosting the training camp as well as the Thailand Open that drew 14 boxing federations across Asia, Europe and Oceania, including the Philippines’ Southeast Asian rivals in Vietnam, Indonesia and Singapore, besides host nation Thailand.

“Good thing, our friends from the Thailand Boxing Association offered this opportunity to train in Muak Lek. That really provides us with the best challenge that can push our boxers to be at their best pagdating ng SEA Games and also the Women’s World Championships,” said Mr. Manalo.

Falken street-legal track tires roll out

JM Far East President Winston Manabat (left) and champion racer Luis Gono pose with the new Falken Azenis tires. — PHOTO FROM JM FAR EAST

TO MEET the growing demand of “serious car and track enthusiasts,” exclusive Falken Tires importer and distributor JM Far East, Inc. brings in 200 Treadwear tire models: the Azenis RT615K+ and RT660. Formally launched through an event at the Clark International Speedway (CIS) last weekend April 2, the Falken Azenis models were experienced by over 100 racers and car enthusiasts who converged at the circuit to do hot laps using the tires.

The Azenis RT615K+ is derived from the original competition-winning RT615K, and features a digitally engineered, nanotech-formulated compound enhancement for greater grip and handling. In a release, the company said that “aside from delivering exemplary performance, it offers a high tread life to allow longer usage.” Notably, the Azenis RT615K+ is also street-legal, so it can save racers the time and trouble of replacing tires before track day.

Meanwhile, the Azenis RT660 is positioned as “the only choice for drivers chasing the ultimate lap time.” A new rigid carcass construction maximizes steering response and vehicle stability, while a motorsports-inspired tread compound provides optimum grip. Like the RT615K, the RT660 is street-legal, for added convenience and usability.

Another highlight of the weekend event was the attempt of 2014 Toyota Vios Cup and 2018 Formula V1 Champion Luis Gono to set a new lap time record with his Toyota GR Yaris using Falken’s Azenis RT660 tires. He eventually succeeded in breaking his personal track mark, posting a time of 2:08.267.

JM Far East, Inc. President Winston Manabat said that the company brought in the 200 Treadwear tires also in response to automobile manufacturers offering vehicles with “more potent engines delivering higher horsepower and torque numbers.” The Azenis 200 Treadwear tires will allow enthusiasts to get the most out of their cars and enjoy their vehicles even more, both on and off the race track. Founded in 1960, JM Far East is said to be one of the oldest major stakeholders in the Philippine tire industry — engaged in the importation, distribution, and marketing of premium-quality tires for both the original equipment and replacement market segments. It also boasts a nationwide distribution network “multi-point warehouse locations and a highly experienced support team.”

The Azenis RT615K+ and RT660 tires are offered in popular sizes ranging from 15 to 19 inches and are now available for pre-order at all authorized Falken dealerships.

Shakey’s sees 2023 net profit to surpass pre-pandemic level

SHAKEY’s Pizza Asia Ventures, Inc. expects its net income in 2023 to exceed the pre-pandemic level as it describes this year as a “reopening play” after its return to profitability in 2021.

“With investments and acquisitions made even in the midst of the pandemic, barring any major disruptions, we see our 2023 bottom line exceeding pre-pandemic level,” said Shakey’s Chief Financial Officer Manuel T. Del Barrio in a statement.

The acquisitions include Potato Corner, which the restaurant operator recently disclosed. Along with its subsidiary Wow Brand Holdings, Inc. it acquired the assets and intellectual property of Potato Corner, including shares in an entity in Singapore.

“We are excited with what Potato Corner can bring to the Company, especially as the brand celebrates its 30th anniversary this year. Potato Corner fits perfectly with our vision to build and scale a portfolio of industry-leading WOW brands with strong brand equity and industry-leading margins,” said Mr. Del Barrio.

Shakey’s is allocating more than P650 million as its capital expenditure budget this year, which it plans to use mostly to accelerate its store network expansion. It is targeting to open at least 192 stores for the group, including 42 new stores for existing brands and 150 outlets for Potato Corner.

“Despite the crisis in 2020, we maintained our long-term view on sustainable growth. We made a bold decision to re-ignite our expansion plan, purposefully investing in our brands and our stores. We believe that these continuous investments amidst the pandemic will fuel our 2021 growth momentum toward a stronger 2022 reopening play,” said Vicente L. Gregorio, president and chief executive officer of Shakey’s.

In 2021, Shakey’s recorded a net profit of P121 million, reversing the net loss of P254 million the year before, on higher system-wide sales.

“The fourth quarter was quite significant for us. Quarantine restrictions were easing. The season was festive, and more guests were choosing to eat out with their families and friends to enjoy the complete dine-in experience. We took advantage of that to create momentum and were rewarded with a strong performance, a testament to the continued loyalty of our guests in our brands,” Mr. Gregorio said.

Meanwhile, fourth-quarter net income rose to P156 million, with no comparative figure given.

System-wide sales in 2021 were up 6% to P7.01 billion, of which P2.17 billion came in during the fourth quarter, or higher by 18%. Same-store sales growth was registered at 5%.

Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to P1.02 billion for the year, more than double that of 2020’s. EBITDA margins jumped to double-digit territory, improving from 8.8% to 18.6%.

The restaurant chain owner said it saw a surge in dine-in customers as the holiday season kicked in amid loosened quarantine restrictions in the fourth quarter.

Mr. Gregorio said that the company’s delivery service was a key factor in its growth during the pandemic.

“With the extensive investments in our digital infrastructure, we aim to exceed guest expectations and elevate the Shakey’s off-premise experience,” he added.

In the second half of 2021, the company launched the Shakey’s Super App and established its 31-minute delivery guarantee in Metro Manila.

In December, the company announced its acquisition of food kiosk brand Potato Corner.

At the stock exchange on Friday, Shakey’s shares were up 3.95% or 30 centavos to close at P7.90 apiece. — L.M.J.C. Jocson

Shein’s $100-billion value would top H&M and Zara combined

SHEIN.COM

A CHINESE fast-fashion company without a global network of physical stores of its own is seeking a valuation that could be more than the combined worth of high-street staples Hennes & Mauritz AB and Inditex SA’s Zara.

Shein, an online-only retailer of inexpensive clothes, beauty and lifestyle products that pumps out over 6,000 new items daily, is in talks with potential investors including General Atlantic for a funding round that could value the company at about $100 billion, Bloomberg News reported Sunday.

Should Shein succeed with the round, it would make the decade-old brand about twice as valuable as Tokyo-based Fast Retailing Co. — the owner of Uniqlo — which last year had more than 2,300 outlets in 25 countries and regions. It would also make Shein the world’s most-valuable startup after ByteDance Ltd. and SpaceX, according to data provider CB Insights.

While funding rounds indicate the value of a business broadly, initial public offerings (IPO) offer a sharper peek into whether a wider base of investors shares the same enthusiasm, especially after the books are thrown open to the public for scrutiny. Most manage to get the valuation they seek, if not better, but some fail. Shein hasn’t unveiled any plans for an IPO.

Since its launch in 2012, Shein has developed an extensive network of low-cost suppliers in southern China. During the pandemic, it worked with celebrities like Lil Nas X and Katy Perry to boost its profile among Gen Z shoppers outside China.

Early in the pandemic, Shein benefited from changes in consumer behavior, as shoppers made even more of their purchases on phones or computers. Sales more than tripled in 2020 to $10 billion, making Shein the biggest web-only fashion brand in the world.

The new investment round would reflect the impact of a surge in sales for Shein. At the time of a funding round in Aug. 2020, Shein had a valuation of $15 billion, according to PitchBook.

Shein’s potentially astonishing valuation also masks some of the adverse impact the fast-fashion industry has on the environment. Though the closely held company hasn’t commented on its carbon footprint, the sector is often blamed for its heavy reliance on petrochemicals derived from oil. Fashion accounts for up to 10% of global carbon dioxide output, according to the United Nations Environment Program. It also accounts for a fifth of the 300 million tons of plastic produced globally each year — a product that is the backbone of polyester, which has overtaken cotton as the primary material in textile production. — Bloomberg

Yields on gov’t debt mixed on inflation, Fed minutes

YIELDS on government securities (GS) were mixed last week after the release of March inflation data and minutes of the US Federal Reserve’s latest meeting.

Moving inversely to prices, GS yields climbed by a week-on-week average of 1.83 basis points (bps), PHP Bloomberg Valuation Service Reference Rates on April 8 as published on the Philippine Dealing System’s website showed.

“We are trapped within a range given that the inflation picture has a lag and will still rise from the 4% reported for March,” Security Bank Corp. Chief Investment Officer for Trust and Asset Management Group Noel S. Reyes said in an e-mail interview on Friday.

“Expectations remain cautious, hence most volume are for servicing client flows by traders as the latter remains under-positioned and tactically trading the curve versus client demand,” he said.

The demand was still focused on shorter maturities, Mr. Reyes added, but “green shoots could be sprouting for the longer tenors already.”

“US Fed’s hawkish statements poured cold water on excessive buying and tempered demand interests,” he said.

“Investors were seen repositioning in the belly of the curve, seeing interest up to the FXTN (fixed rate Treasury note) 10-67 which was yielding above 6% early in the week,” First Metro Asset Management, Inc. (FAMI) said in a separate e-mail interview, as the market have already anticipated the elevated March inflation print due to surging oil prices.

“Local bond yields have also been supported by the corporate maturities this month as well as the good turnout of BTr’s (Bureau of the Treasury) FXTN 3-27 auction which was priced at 4.25% coupon or at the lower end of the market’s indications,” FAMI said.

Headline inflation rose to six-month high of 4% in March as rising global oil prices due to the Russia’s invasion of Ukraine affected food, utilities, and transport costs, the Philippine Statistics Authority reported on Tuesday.

March’s inflation print matched the median forecast in a BusinessWorld poll and was near the upper end of the Bangko Sentral ng Pilipinas’ (BSP) 3.3-4.1% forecast for the month.

This brought the first-quarter inflation to an average of 3.4%, still within the central bank’s 2-4% target for this year and below its 2022 forecast of 4.3%.

Meanwhile, the Treasury partially awarded the freshly issued three-year papers it offered last week as investors wanted higher yields as they expect the BSP to raise its key rates by the second half of the year.

The BTr only borrowed P25.791 billion out of the P35-billion program from the fresh three-year notes even as offers totaled P53.578 billion.

The tenor fetched a coupon rate of 4.25%, 19.48 bps higher than the secondary market yield ahead of the auction. The Treasury capped bids at 4.37%.

On the other hand, minutes of the Fed’s March 15-16 meeting released last week showed it was planning to hike its rates by a more aggressive 50 bps but decided on a 25-bp increase after factoring in the Russia’s invasion of Ukraine, Reuters reported.

At the end of trading on Friday, rates of the 91- to 182-day Treasury bills (T-bills) went down by 1.41 bps and 1.82 bps week-on-week to 1.3352% and 1.5165%, respectively. The one-year paper, meanwhile, went up by 4.7 bps to 1.7904%.

On the other hand, at the belly of the curve, the majority of the Treasury bond (T-bond) rates dropped. Yields on the two-, three-, four-, and five-year T-bonds fell by 2.25 bps (to 3.3632%), 1.31 bps (4.0606%), 3.01 bps (4.6762%), and 2.61 bps (5.1468%), respectively. Meanwhile, the seven-year paper inched up by 0.13 bp to 5.6284%.

The long end of the yield curve rose as rates of the 10-, 20-, and 25-year bonds went up by 4.23 bps (to 6.001%), 17.50 bps (5.7355%), and 6.03 bps (5.6115%), respectively.

“We may see a respite in a further rise on the short-end of the curve,” Mr. Reyes said. “However, as inflation remains on the table, and Fed executes their hawkish position, we will remain in a range.”

FAMI also expects “external pressures” such as the ongoing Russia-Ukraine conflict to affect the local bond market.

“Market may destabilize given Fed’s signal to reduce its balance sheet at a maximum pace of $95 billion per month along with quick and substantial policy rate hikes in the coming months,” FAMI said.

“Faster clips of headline inflation are likely in the coming months as we see more significant pass-through effects of higher oil prices and peso depreciation,” it added. — Ana Olivia A. Tirona with Reuters

CTA denies review of tax ruling favoring gas firm

THE Court of Tax Appeals (CTA) has denied the appeal of the Internal Revenue commissioner to review its previous decision setting aside Montalban Methane Power Corp.’s alleged tax liabilities amounting to P3.6 million for the calendar year 2009.

In a decision on March 30 but made public on April 6, the CTA en banc affirmed the first division’s ruling, which said the tax assessment was void due to the lack of a letter of authority (LOA).

“The Commissioner of Internal Revenue or any person duly acting on his or her behalf is hereby enjoined from proceeding with the collection of the taxes assessed against petitioner,” the court said.

The petitioner is the head of the Bureau of Internal Revenue (BIR), an agency authorized to assess and collect excess revenue tax, fees, and charges, and to enforce penalties and fines.

The respondent company is engaged in a landfill gas generation project based in Rizal province.

The BIR commissioner argued that the court made an error in ruling that the assessment was void due to the lack of an LOA and added that it was only an administrative tool, not a statutory requirement.

The court disagreed with the argument, saying the revenue officer assigned to the case continued the audit of the company only based on a memorandum of assignment, not an LOA.

“There must be a grant of authority, in the form of an LOA, before any revenue officer can conduct an examination or assessment,” the CTA en banc said, citing previous jurisprudence. “The memorandum of assignment, referral memorandum, or any equivalent document is not proof of the existence of authority of the substitute or replacement revenue officer.”

In a separate concurring opinion, CTA Associate Justice Maria Belen M. Ringpis-Liban said that an LOA is not needed in a case of re-assignment of revenue officers as long as a document of authority is signed by the BIR commissioner or a duly authorized representative.

The associate justice noted that the assessment was still void because the memorandum of assignment was not issued by a duly authorized representative of the petitioner. — John Victor D. Ordoñez

Corn farming program seeking to propagate sustainable best practices

REUTERS

CORN FARMERS in the Cagayan Valley and the Cordilleras will receive training in sustainable farming practices like climate-smart soil management and regenerative agriculture.

Project SIBOL is organized by Asia Society for Social Improvement and Sustainable Transformation (ASSIST) and Syngenta Philippines, Inc. and hopes to reach 20,000 farmers.

“Corn is one of the most significant crops in the country but productivity in the region has been hampered by problems related to intensive farming practices, leading to significant soil erosion and degradation. Named after the Tagalog word for sprout, growth, or germinate, Project SIBOL aims to help farmers… improve productivity and double their corn yields within the next three years from current levels of four metric tons per hectare,” ASSIST said in a statement.

The program will establish two pilot farms, in which farmers will employ sustainable technology and practices. The pilot farms will be located in Isabela and Ifugao, for replication in other corn-growing areas around the Philippines.

“Farming should not only be profitable but sustainable as well, as the existence of our growing global population depends on it. The SIBOL project will bring better soil health, yield, and income to the farmers of Cagayan Valley, and for the Philippines, greater food security and climate resilience,”  Syngenta Philippines Business Sustainability Manager Ruby Eduarte said.

“As our population continues to grow, food scarcity and security are becoming an unavoidable problem. We believe that SIBOL not only addresses these issues but also helps our farmers boost agricultural productivity and yield in a sustainable manner while enhancing long-term soil health at the same time. Our farmers are faced with numerous challenges. They don’t have to face these challenges alone,” ASSIST Executive Director Francis Macatulad said.

Project SIBOL was created with the assistance of Ifugao State University; Isabela State University; various municipal Agricultural Offices; Bureau of Soils and Water Management, and local government units. — Luisa Maria Jacinta C. Jocson

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