THE NATIONAL Government’s outstanding debt stood at P13.42 trillion at the end of 2022, easing from the previous month’s record high and helped in part by the peso appreciation against the US dollar, the Bureau of the Treasury (BTr) said on Thursday. Read the full story.
Tommy (not his real name) is a customer service representative who has been with us for more than 12 years without being promoted. Recently, our chief executive officer (CEO) received a letter from an important customer citing Tommy’s work, which the customer says saved his organization millions over the years. The CEO passed on the letter to Tommy’s department head and to human resources (HR) for proper action. HR has recommended that Tommy be given an appreciation plaque. However, the department head opposed the idea as Tommy is not known for his hard work. He suspects that such a letter could be easily solicited from any customer. Also, he argued that Tommy’s last performance rating was “below average” due in part to at least two complaints from customers. How do we resolve the issue? — Yellow Submarine.
It’s possible that a commendation letter could be easily solicited from customers, especially by those employees who have long-standing and positive work relationships with them. So what can you do? If you’re the department head, don’t ignore the commendation letter. But take it with a grain of salt.
Trust but verify, because you don’t want to make a mistake that could lead to a serious workplace conflict.
First, let’s make clear what we mean by a solicited commendation letter. It’s a letter that did not arise from the sender spontaneously. It is meant to help another person who may have requested it to gain a possible reward or recognition, even when undeserved.
The employee may have not done anything monumental for the customer, who could be willing to help his contact person earn a reward. This is dangerous. It means that the employee-customer relationship has been compromised. It’s also a good reason for Tommy to be reassigned to another customer or to other tasks.
Conversely, what if the letter is valid and unsolicited? Surely, you would not want to ignore such a written commendation that attests that Tommy is an excellent worker. More importantly, you don’t want to ignore a commendation letter from a valuable customer.
TRUST BUT VERIFY
Once again, the perpetual lesson is — trust but verify. Don’t betray any doubts about the sincerity of the commendation letter. Offer an alibi, like trying to distill lessons from the episode that can be disseminated to other workers.
It’s important to not reveal your agenda or to allow your inner thoughts to surface in unguarded moments. Once the customer suspects something, the worst that could happen is the termination of the customer relationship. Therefore, consider the following options and weigh their short-term and long-term implications:
One, phone the customer immediately. Be happy and positive. Thank the customer right away for acknowledging Tommy’s assistance. Be careful not to sound insincere. Then propose to arrange a meeting with the customer to discover how exactly things happened. Explain that you want to learn more lessons from Tommy’s “exemplary” behavior to determine whether his example could be replicated with other customers.
Two, arrange for a meeting with the customer. If the customer accepts, bring Tommy to that meeting. The more details you can get from the customer, the better you can assess the commendation letter’s veracity without Tommy or the customer suspecting anything. The underlying idea is to find ways to do more business with the customer.
Consider a lunch meeting with the customer to learn more about how Tommy has helped. This is an opportunity to evaluate the letter sender’s body language. If circumstances require, you may need to bring Tommy along to the meeting.
Three, consider the letter-sender’s rank. How high is that person in their organizational hierarchy? Is he a department manager, a vice-president, or a more senior official? The higher the position, the greater the likelihood that the commendation letter was not solicited. The opposite may be likely if the sender is lower-ranking.
Still, allow for possible exceptions to this rule of thumb.
Last, assess Tommy’s work with the customer. Interpret his performance in the proper context. How much did sales increase by when Tommy handled the client? Plot Tommy’s performance vis-à-vis the gross revenue generated by the customer.
Is Tommy truly a hard worker? If average, then what makes his performance exceptional in the customer’s eyes? What were the specific reasons given by the customer for commending Tommy? What does Tommy do with this customer that can’t be found in other accounts he handles?
Whatever you do, perform your investigation in secret. This means keeping HR out of the loop as much as possible. Be optimistic but realistic, because you don’t want to be fooled by an insincere commendation letter. But even if you discover that it’s a solicited letter, don’t rock the boat too much.
Bring Rey Elbo’s popular leadership program called Superior Subordinate Supervision as an exclusive event for your line supervisors and managers. Chat your management issue on Facebook, LinkedIn or Twitter or e-mail elbonomics@gmail.com or via https://reyelbo.com
ACEN Corp., through its subsidiary ACEN Renewables International (ACRI) has fully acquired ACEN Australia.
In a regulatory filing on Thursday, ACEN said ACRI has completed the acquisition of UPC Renewables Asia Pacific Holdings Pte. Ltd. (UPCAPH) shares in ACEN Australia.
ACEN, the Ayala-led renewable energy firm, said the second and final tranche of ACRI’s acquisition of ACEN Australia was completed on Wednesday, making ACEN Australia a wholly-owned subsidiary of ACRI.
“Please be informed that on Feb. 1, ACRI and UPCAPH signed an Instrument of Transfer for the transfer to ACRI of UPCAPH’s remaining 4,766 ordinary shares in ACEN Australia, formerly UPC-AC Renewables Australia,” ACEN said in a statement.
ACEN Australia is the joint venture holding company of ACRI and UPCAPH for ACEN’s energy projects and investments in Australia.
The acquisition would also result in ACEN’s full ownership of the 521-megawatt (MW) New England solar farm project and the 520-MW direct current Stubbo solar farm in Australia.
The New England solar farm project is expected to start operating this year. Last month, ACEN announced the start of construction activities for the Stubbo solar farm project.
ACEN will also acquire ACEN Australia’s projects that are currently in the pipeline, including New South Wales, Tasmania, Victoria, and South Australia.
In March 2022, the first tranche of the share acquisition was completed after ACRI, UPCAPH, and Anton Rohner, chief executive officer of ACEN Australia, separately signed instruments of transfer. This, transferred UPCAPH’s 7,150 ordinary shares in ACEN Australia to ACRI.
Shares in ACEN closed 2.67% lower to end at P7.30 apiece on Thursday. — A.E.O. Jose
HOW is the Information Technology and Business Process Management (IT-BPM) industry and what are its prospects? I sought out Jack Madrid, president and CEO of the IT Business Processing Association of the Philippines (IBPAP), who talked passionately about the industry. He said in 2022, the industry employed 1.55 million Filipinos, contributed over $31 billion to the economy and was the second-largest source of foreign exchange earnings. In the next six years, the industry has the potential to add one million more new jobs and generate over $59-billion revenue, representing 8% of the Philippines’ gross domestic product. “Without a doubt, the industry is, and will continue to be an indispensable pillar of our economy,” he says.
And the basis for this positive outlook? The Filipino talent, he said, adding that aside from our excellent communication skills and English fluency, Filipinos are world-renowned for their adaptability, creativity, empathy, and resilience. These unique skill sets have allowed Filipino agents to deliver services globally across a wide range of industries, including financial services, healthcare, hospitality, animation, and IT technical support.
He also mentioned that among the silver linings of the pandemic was the business process outsourcing (BPO) industry showcasing the agility and resilience of the Filipino workforce, resulting in the addition of 255,000 new jobs from 2020-2022. Tonichi Parekh, Concentrix VP, who recently rejoined the BPO industry, said that in just a few months, some 5.000 new staff was added to her group alone. Wow!
The impressive growth trajectory was achieved, Jack said, despite rising inflationary pressures and confining regulatory frameworks. Preserving jobs, generating new opportunities, stimulating countryside development, driving investments, and creating demand for real estate are the added contributions of the industry. And, with the family intact, social issues must have been avoided or minimized too.
He explained that “the future is bright as a growing number of global business services are incorporating offshoring and outsourcing into their strategic initiatives to improve efficiencies and optimize costs in multiple geographies.” Lynette Ortiz of Standard Chartered Bank also advised that they plan to open a Global Business Center hub in the Philippines soon.
“The sustained growth will be spurred by next-generation business models and assets, the talent and skills supply-demand gap, and ongoing cost optimization. Expansion across select industry horizontals and verticals and increased digital adoption by traditional players will also be key drivers of growth in the coming years,” he said.
As for challenges, Jack says the following will be important in order to maximize the country’s growth potential and reinforce its global competitiveness.
• “Supply chain resilience from a talent standpoint will be critical amid the intensifying talent war that is exacerbated by higher attrition rates and growing requirements for emerging and niche skills such as automation, cloud, data and analytics, and cybersecurity.
• Integration of hybrid work models in business strategies. Globally, 70% of IT-BPM enterprises are saying that they have implemented hybrid work arrangements. Locally, 80% of Filipino IT-BPM employees expressed preference for a hybrid work model.
• Location diversity. Given this, companies will need to leverage off alternative locations and adopt small-scale centers or microsites to achieve more robust business continuity plans.”
The IT-BPM Industry Roadmap 2028 details the strategic imperatives that IBPAP will work on with industry and government partners. These include:
• improving the ease of doing business;
• addressing the talent demand vs. supply gap; and
• strengthening our digital infrastructure.
With the potential to add over one million new jobs by 2028, Jack highlighted that 56% will be in the countryside. The industry’s future will also be dependent on the country’s taking advantage of emerging trends and circumvening global mounting threats. Sustainable talent supply, predictable regulatory environment, and more enabling infrastructure are the critical considerations of potential investors that the Philippines needs to continue to establish.
Jack said the country, and the industry are at a precipice of a new age that will reimagine, rethink, and re-envision everything that we know about the IT-BPM sector. Jack, with his valuable experience in strategy, digital innovation, customer experience, and banking, is making sure that the Philippines remains competitive and relevant as the prime destination. More power to Jack, IBPAP Chairman Benedict Hernandez and the IT-BPM industry!
The views expressed herein are her own and does not necessarily reflect the opinion of her office as well as FINEX.
Flor G. Tarriela is a FINEX trustee, was former chairman of Philippine National Bank. former Undersecretary of Finance and the First Filipina Vice-President of Citibank N.A. A gardener and an environmentalist, she founded Flor’s Garden in Antipolo.
ENJOY two hours of music and laughter at Some Kind of Valentine on Feb. 3 and 4, 8 p.m., at the Newport Performing Arts Theater, Newport World Resorts. The concert features Christopher De Leon, Tirso Cruz III, and Edgar Mortiz, who will be joined by actress Lovi Poe. For tickets, visit https://premier.ticketworld.com.ph.
THE FILM Development Council of the Philippines (FDCP) has prepared a lineup of romantic Filipino films in Sine Sinta: Pag-ibig at Pelikula which will be screened for free on Feb. 3 to 5 and Feb. 8 to 10, at the Rizal Open Air Auditorium in Manila’s Luneta Park, Trinoma Cinema 3 in Quezon City, and in all the Cinematheque Centres across the country. Through the screenings, the FDCP aims to not only to celebrate the “love month” but also to encourage moviegoers to return to the cinemas and enjoy the communal experience of watching films on the big screen. The featured films are Hihintayin Kita sa Langit, Got 2 Believe, Rainbow’s Sunset, The Hows of Us, Labs Kita…Okey Ka Lang?, A Very Special Love, and Sana Maulit Muli. Register and reserve seats through the following links: Rizal open air auditorium and Trinoma (https://bit.ly/SineSintaRizalParkTrinoma), and Cinematheque screenings (https://bit.ly/SineSintaCinemathequeMNL).
Here’s a quick glance at how PSEi stocks fared on Thursday, February 2, 2023.
WHILE on vacation at a remote cabin, a young girl and her parents are taken hostage by four armed strangers who demand that the family avert the apocalypse or sacrifice one of their own. Directed by M. Night Shyamalan, the film stars Kristen Cui, Jonathan Groff, Dave Bautista, and Ben Aldridge. David Fear of Rolling Stone writes: “The fact that Shyamalan seems to be working out some issues onscreen doesn’t stop him from crafting a thriller, and one which goes about its job with steady determination in Cabin’s cryptic, superior first half.” Film review aggregate site Rotten Tomatoes gives the film a “fresh” Tomatometer score of 71%.
MTRCB Rating: R-13
DECADENCE, depravity, and outrageous excess lead to the rise and fall of several ambitious dreamers in 1920s Hollywood as the industry begins to transition from silent pictures to the world of sound. Directed by Damien Chazelle, the film stars Brad Pitt, Margot Robbie, Diego Calva, Jean Smart, Jovan Adepo, and Li Jun Li. The New York Times’ Manohla Dargis writes: “There isn’t much going on other than the spectacle of its busily spinning parts, which might be tolerable if the first two hours weren’t so unrelievedly unmodulated, with everything synced to the same monotonous, accelerated pace. This hyperventilated quality initially serves the story and Chazelle’s concept of the era’s delirious excess, but the lack of modulation rapidly becomes enervating. After a while, it feels punishing.” Film review aggregate site Rotten Tomatoes gives it a Tomatometer score of 56%, and an audience score of 52%.
MTRCB Rating: R-16
FANS do not have to go to an actual concert as the K-pop band BTS — composed of RM, Jin, SUGA, j-hope, Jimin, V and Jung Kook — has released a film of its concert BTS: Yet To Come in Busan. The show features hit songs including “Dynamite,” “Butter,” and “IDOL,” as well as the first concert performance of “Run BTS” from the group’s latest album Proof.
MTRCB Rating: G
THE JAPANESE animated sports film follows Ryota Miyagi, the point guard of Shohoku high-school’s basketball team. His love for basketball was inspired by his older brother. Ryota and his teammates challenge the inter-high basketball champions the Sanno school. Directed by Takehiko Inoue, the movie features the voices of Shugo Nakamura, Jun Kasama, and Shinichiro Kamio.
MTRCB Rating: G
THE FILIPINO adaptation of the top-grossing 2011 South Korean romantic-comedy film follows Yuri, a lady who has become a ghost magnet after she survived a car accident in high school. The constant presence of the ghosts in Yuri’s life stirs fear among people dear to her so she purposely distanced herself from other people. Then, Victor, a street magician, spots Yuri in the audience and eventually makes her his inspiration for his horror-magic show. Directed by Julz Zarate, it stars Bela Padilla, Marco Gumabao, and Rhen Escaño.
MTRCB Rating: R-16
THE MAIN INDEX closed below the 7,000 level on Thursday on profit taking after surging the day prior and as the US Federal Reserve raised rates by 25 basis points (bps) at its policy meeting this week.
The bellwether Philippine Stock Exchange index (PSEi) went down by 49.57 points or 0.7% to close at 6,986.19 on Thursday, while the broader all shares index inched down by 3.39 points or 0.09% to end at 3,683.78.
“The local bourse pulled back this Thursday by 49.57 points or 0.7% to 6,986.19 on the back of profit taking. Investors booked gains from the market’s steep rally yesterday,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“It is a sell on news kind of scenario due to news prior to the announcement of the Fed that they will be increasing 25 bps, which they did,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message.
Mr. See said investors were also preparing for the PSEi’s rebalancing.
“There are funds started buying or selling to adjust their fund composition to the index,” he added.
On Wednesday, the Fed raised the target interest rate by 25 bps or a quarter of a percentage point, with a promise of more increases in borrowing costs in its fight against inflation, Reuters reported.
The rate hikes imposed by the Fed since March 2022 have now totaled 4.5 percentage points, with the policy rate now in a range between 4.5% and 4.75%, the highest since 2007.
The Fed statement indicated that any future rate increases would be in quarter-percentage-point increments, dropping a reference to the “pace” of future increases and instead referring to the “extent” of rate changes.
Meanwhile, the local bourse operator announced last week that DMCI Holdings, Inc. and UnionBank of the Philippines, Inc. will replace Megaworld Corp. and Robinsons Land Corp. in the main board on Feb. 6.
Majority of the sectoral indices closed higher on Thursday, except property, which went down by 50.22 points or 1.65% to 2,985.19, and holding firms, which lost 109.59 points or 1.59% to end at 6,772.08.
Meanwhile, mining and oil climbed by 331.27 points or 3.04% to 11,226.07; services went up by 13.20 points or 0.74% to 1,779.30; industrials increased by 24.22 points or 0.24% to 9,948.82; and financials rose by 3.65 points or 0.19% to 1,843.15.
Value turnover went down to P8.93 billion on Thursday with 1.29 billion shares changing hands from the P8.99 billion with 1.06 billion issues traded on Wednesday.
Advancers outnumbered decliners, 114 versus 67, while 56 names closed unchanged.
Net foreign buying declined to P96.46 million on Thursday from the P763.97 million seen the previous trading day. — Justine Irish D. Tabile with Reuters
THE PESO surged to a seven-month high against the dollar on Thursday, returning to the P53 level, as a smaller rate hike and dovish statements from the US Federal Reserve caused the greenback to tumble.
The local currency closed at P53.845 versus the greenback on Thursday, appreciating by 63 centavos from Wednesday’s P54.475 finish, data from the Bankers Association of the Philippines’ website showed.
This was the peso’s best close and was the first time it closed at the P53 level since its P53.75 finish against the dollar on June 17, 2022.
The peso opened Thursday’s trading session stronger from Wednesday’s close at P54.20 per dollar, which was already its weakest showing for the day. Meanwhile, its intraday best was at P53.835 versus the greenback.
Dollars traded jumped to $1.62 billion on Thursday from $958.9 million on Wednesday.
The peso strengthened after the Fed hiked borrowing costs by 25 basis points (bps) at its Jan. 31 to Feb. 1 meeting, as expected by the market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
“The peso led Asian currencies against the dollar following the market’s dovish interpretation of Fed Chair Jerome H. Powell’s press conference,” a trader said in a Viber message.
The latest increase brought the fed funds rate to a 4.5% to 4.75% range, the highest since 2007. The US central bank has now hiked rates by 450 bps since March 2022.
Investors took a dovish cue from remarks by Mr. Powell, who referred repeatedly during a news conference to the “disinflationary” process that now appeared to be underway, Reuters reported.
“We can now say for the first time that the disinflationary process has started,” Mr. Powell told reporters after the end of the Fed’s latest two-day policy meeting, with goods prices slowing, pandemic-related shortages easing, and supply chains getting back to normal. “This is a good thing.”
With inflation still high and demand in the economy stronger than many anticipated, Mr. Powell said it remains unclear just how much higher rates will need to go.
The Fed statement indicated that any future rate increases would be in quarter-percentage-point increments, dropping a reference to the “pace” of future increases and instead referring to the “extent” of rate changes.
The dollar dived following Mr. Powell’s remarks. Against a basket of currencies, the US dollar index fell to a fresh nine-month low of 100.80 on Wednesday.
It was last 0.07% down at 100.88, having ended more than 1% lower on Wednesday.
Mr. Ricafort added that the Bureau of the Treasury’s announcement of a retail Treasury bond (RTB) offering also supported the local currency against the dollar.
No official details were available about the RTB issuance besides teaser images on the Treasury’s Facebook page that hinted the offering could begin on Feb. 7.
The trader said peso-dollar trading on Friday could take its cue from US data to be released overnight, with the market also expected to continue digesting the Fed chief’s statement.
The trader sees the peso moving from P53.50 to P54.25, while Mr. Ricafort expects it to trade at P53.70 to P54 per dollar. — A.M.C. Sy with Reuters
By Kyle Aristophere T. Atienza, Reporter
THE PHILIPPINES has given the United States greater access to its military bases, their defense chiefs said on Thursday, amid mounting concern over China’s increasing assertiveness in the disputed South China Sea and tension over self-ruled Taiwan.
The US would be given access to four more locations under the 2014 Enhanced Defense Cooperation Agreement (EDCA), US Defense Secretary Lloyd Austin and Philippines Defense Secretary Carlito Galvez said in a joint news conference at the Philippine military headquarters in Manila.
Mr. Austin, in the Philippines for talks as the US seeks to extend its security options as part of efforts to deter any move by China against self-ruled Taiwan, referred to the Philippine decision as a “big deal” as he and his counterpart reaffirmed their commitment to bolstering their alliance.
“Our alliance makes both of our democracies more secure and helps uphold a free and open Indo-Pacific,” said Mr. Austin, whose visit follows one by US Vice President Kamala Harris in November, which included a stop at Palawan island in the South China Sea.
“We discussed concrete actions to address destabilizing activities in the waters surrounding the Philippines, including the West Philippine Sea, and we remain committed to strengthening our mutual capacities to resist armed attack,” Mr. Austin said, referring to areas of the South China Sea within the Philippines’ exclusive economic zone.
“That’s just part of our efforts to modernize our alliance. And these efforts are especially important as People’s Republic of China continues to advance its illegitimate claims in the West Philippine Sea,” he added.
China said greater US access to Philippine military bases undermined regional stability and raised tensions. “This is an act that escalates tensions in the region and endangers regional peace and stability,” China’s Foreign ministry spokesperson Mao Ning told a news briefing.
“Regional countries should remain vigilant about this and avoid being used by the US.”
The additional sites under the EDCA bring to nine the number of military bases the US would have access to. It has announced it was allocating more than $82 million for infrastructure at the existing sites.
The EDCA allows US access to Philippine military bases for joint training, pre-positioning of equipment and the building of facilities such as runways, fuel storage and military housing, but not for a permanent presence.
Projects at five other Philippine military bases that the US can access under an Enhanced Defense Cooperation Agreement (EDCA) signed in 2014 were almost complete, they said in a joint statement posted on the Philippine Defense department’s Facebook page. These show that the enforcement of the military pact is being fast-tracked, they added.
“Expansion of the EDCA will make our alliance stronger and more resilient, and will accelerate modernization of our combined military capabilities,” they said.
The addition of new EDCA sites would also boost Washington’s humanitarian support for the Philippines during calamities and enable the two countries to “respond to other shared challenges.”
“The Philippine-US alliance has stood the test of time and remains ironclad,” they said. “We look forward to the opportunities these new sites will create to expand our cooperation together.”
Mr. Austin was part of the military under the Obama administration. He was responsible for military operations in the Middle East and Afghanistan and led the US and its allies in battling ISIS in Iraq and Syria. He retired from the army in 2016.
Mr. Austin and Mr. Galvez did not specify the sites that would be opened to US access. The former Philippine military chief had said the United States had asked for access to bases on the main northern island of Luzon, the closest part of the Philippines to Taiwan, and on Palawan in the southwest, near the disputed Spratly Islands in the South China Sea.
Outside the military headquarters, dozens of protesters opposed to a US military presence chanted anti-US slogans and called for the EDCA to be scrapped.
Before meeting his counterpart, Ms. Austin met Philippine President Ferdinand R. Marcos, Jr. and assured him of US support. “We stand ready to help you in any way we can,” he said.
Ties between the United States and its former colony were soured under the previous president, Rodrigo R. Duterte, who made overtures toward China and was known for anti-US rhetoric and threats to downgrade military ties.
‘STAGING GROUND’
Mr. Marcos has met US President Joseph R. Biden twice since winning a landslide victory in an election last year and reiterated he could not see a future for his country without its longtime treaty ally.
“I have always said, it seems to me, the future of the Philippines and for that matter the Asia-Pacific will always have to involve the United States,” Mr. Marcos told Mr. Austin.
After assuming his Defense post under the Biden government, Mr. Austin led Pentagon’s efforts to quash the rise of right-wing extremism and white supremacy in the military.
“The one selling point perhaps with Austin is he is nominally trying to combat right wing extremism in the US military,” Hansley A. Juliano, a political economy researcher, said in a Facebook Messenger chat. “It’s therefore not unreasonable for civil society groups to engage him in this vein vis-a-vis the US support for human rights and democratization.”
Political analysts have said it is strategic for the US to have EDCA sites in the country’s north due to tension between China and Taiwan, which is just 390 kilometers away from northern Philippines.
“Filipinos must not allow our country to be used as a staging ground for any US military intervention in the region,” Bagong Alyansang Makabayan said in a statement.
“The US is engaged in provocations with China using the issue of Taiwan,” it said. “Allowing US use of our facilities will drag us into this conflict which is not aligned with our national interests.”
The US had a naval base in Subic, Olongapo City until 1991, when the Philippine Senate rejected the renewal of the lease. The decision led to the dismantling of an American air base in Clark, Pampanga. The two sites, which are now economic hubs, are located north of the capital Manila.
Terry L. Ridon, a former lawmaker and public infrastructure expert, said the Philippine government should ensure that weapons of mass destruction are not stockpiled at EDCA sites.
“EDCA remains limited to agreed locations within Philippine military bases and should remain so until the agreement is jointly amended by Manila and Washington,” he said in a Messenger chat.
Mr. Juliano said Philippine authorities should ensure that EDCA would not enable any intervention in local security policy and would not tolerate any abuses by American forces.
Mr. Marcos’ father, the late dictator Ferdinand E. Marcos, fostered close ties with the US before he was ousted by a popular uprising in February 1986.
Former US president Ronald Reagan granted him asylum, allowing his family’s exile in Honolulu, Hawaii. — with Reuters
THE BUREAU of Internal Revenue (BIR) on Thursday filed 74 tax evasion complaints totaling P3.5 billion against several companies before the Department of Justice (DoJ).
“We want to remind the public to make sure that we pay our income tax returns correctly, especially since it is almost tax filing season,” BIR Commissioner Romeo D. Lumagui, Jr. told a news briefing.
He said most cases covered private companies and people with large tax liabilities.
Last month, the agency issued a memo that required Filipinos to file their value-added tax returns quarterly instead of monthly.
The 74 complaints were distributed across 11 revenue regions, the BIR said in a separate statement, with Makati accounting for 10 tax cases, Caloocan City with nine and Cavite, Batangas, Mindoro and Romblon with six.
The initiative is part of the tax agency’s Run After Tax Evaders (RATE) program, which requires revenue officials to go after delinquent taxpayers and help in their prosecution, the BIR said.
The BIR said in September it had filed 78 tax complaints involving P2.25 billion in the first eight months of last year.
“We would like to remind tax evaders that the BIR is serious in pursuing its enforcement activities on a national scale,” Mr. Lumagui said. “Let this serve as a warning to taxpayers who intend to fraudulently evade payment of taxes that they better file and pay the correct taxes.” — John Victor D. Ordoñez
THE PHILIPPINES could generate about 500,000 jobs after getting an investment commitment from Grab Holdings, Inc., according to the presidential palace.
President Ferdinand R. Marcos, Jr. met with Grab officials on Thursday to discuss the company’s recommendations on how to modernize Philippine transportation, the Presidential Communications Office (PCO) said in a statement.
During the meeting, Malaysian businessman and Grab Chief Executive Officer and co-founder Anthony Tan “promised to create jobs” in the country and assured the president that his company would deliver, the PCO said.
“That is what we need,” Mr. Marcos told him. “At the very start of all of this, we had always stressed that what we have to do is create jobs right now. Because so many businesses closed, so many people really have no place to go, even overseas Filipino workers.”
“We need to find jobs.”
While the Philippine unemployment rate is “not bad,” the administration aims to bring it down further, Mr. Marcos said.
Grab, which started operations in the Philippines in July 2013, is proposing to legalize motorized taxis in the Philippines, according to the palace.
“Various bills were proposed to regulate and legalize the operation of motorcycle taxis as public utility vehicles to ensure the safety and protection of the stakeholders,” it added.
The Philippines does not allow the use of motorcycles to transport passengers. But there have been lobbies to review the policy and allow motorcycles as a form of public transportation, prompting the Transportation department to pilot test the operation of motorcycle taxis in Metro Manila and Cebu City in 2019. — Kyle Aristophere T. Atienza
