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REITs seen saddled by hybrid work, POGO exit

KATE SADE-UNSPLASH

By Justine Irish D. Tabile, Reporter

REAL estate investment trusts (REITs) are expected to benefit from the further reopening of the economy, but their growth could be tempered by flexible work arrangements and the departure of Philippine offshore gaming operators (POGO), analysts said.

“The economic reopening narrative would still be the important consideration for the business and sales and overall valuations of REITs,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“This would be counterbalanced though by the continued work-from-home or hybrid arrangements for some BPOs (business process outsourcing) and some reduction in POGO business since the pandemic started and also amid tighter regulations on POGOs in recent months,” Mr. Ricafort added.

The continuing hybrid work comes as the Fiscal Incentives Registration Board (FIRB), an interagency government body that grants tax incentives to registered business enterprises (RBEs), extended the validity of Resolution No. 026-22 until Jan. 31.

Before the extension, the FIRB noted that only about 40% of the affected RBEs in the information technology and business process management (IT-BPM) industry have submitted their transfer requirements on time or on the previous deadline of Dec. 31, 2022, with 640 RBEs not being able to submit.

With its extension, Resolution No. 026-22 will allow existing RBEs to transfer their registration from the investment promotion agency administering economic zones to the Board of Investments until Jan. 31, which will allow them to adopt up to 100% work-from-home arrangement without the loss of incentives.

Meanwhile, China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said that continued growth in economic activity could help buoy occupancy and rental rates of office and retail REITs.

“Apart from this, revenue growth could also be supported by annual rental escalation, and incremental revenues from asset infusions,” Mr. Mercado added.

Many REITs have posted three-year investment strategies in which they have expressed a positive outlook for the coming years. Philippine Stock Exchange, Inc. said it expects more REITs to list in 2023.

According to the bourse operator, it expects 14 maiden listings this year, 11 of which will be composed of companies and REITs that will list on the main board.

In its three-year investment strategy, DDMP REIT, Inc. (DDMPR) said it is looking to diversify its tenant mix to include financial services, government agencies, and service sectors, banking on its properties’ prime location and government property locators.

Meanwhile, MREIT, Inc. said it is on track to increase its gross leasable area (GLA) to 500,000 square meters (sq.m.) by the end of 2024, while Ayala Land, Inc.-sponsored AREIT, Inc. is planning to grow its assets at an average of 100,000 sq.m. of GLA annually from 2023 to 2025.

Premiere Island Power REIT Corp. (PREIT) said it is working to grow and diversify its portfolio on power generation as it expects to maximize annual total investor return through new acquisitions.

However, most shares of REITs closed lower by end-2022 versus their offer prices with some continually declining as of Jan. 6.

In the REIT prices summary compiled by Philstocks Financial, Inc., AREIT and PREIT were the sole gainers over their offer prices.

AREIT shares closed five centavos or 0.14% higher on Friday to P35.20 apiece, while PREIT shares added a centavo or 0.63% to P1.50 each.

Meanwhile, Citicore Energy REIT Corp. lost one centavo or 0.44% on Friday to P2.28 apiece; MREIT shares went down by 30 centavos or 2.14% to P13.70 each.

RL Commercial REIT, Inc. also declined by 19 centavos or 3.2% on Friday to P5.75 apiece, which was what also happened with VistaREIT, Inc., which lost one centavo or 0.6% to P1.65 each.

Although DDMPR added a centavo on Friday, its closing price of P1.30 is still lower than its offer price of P2.25, while Filinvest REIT Corp. closed unchanged at P5.50 each, also lower than its offer price of P7.

Despite the decline, Mr. Ricafort said that REITs remain to be an integral part of the capital market as they help in diversifying fund sources and investment prospects related to real estate.

“More REITs that are looking to be a part of capital market development allow real estate or property companies to have more options in raising funds while giving more alternatives to the investing public to participate in the various REITs as alternatives to actual real estate or properties with rental income being managed outright,” Mr. Ricafort said.

Meanwhile, Mr. Mercado expects less downward pressure on REIT prices this year as policy rate hikes level off.

“Note that REIT prices typically have an inverse relationship with interest rates and benchmark yields. Prospective infusions could also serve as catalysts for positive price action,” Mr. Mercado said.

Banshees, Fabelmans follow Globes honors with SAG nods

SAG-AFTRA
SAG-AFTRA

LOS ANGELES — Steven Spielberg’s drama The Fabelmans and dark comedy The Banshees of Inisherin, two big winners at Hollywood’s Golden Globes ceremony, were nominated on Wednesday for the top movie honor at the Screen Actors Guild Awards.

The films will compete for best movie cast with Women Talking, Babylon, and Everything Everywhere All at Once.

Banshees and Everything Everywhere led all movie contenders with five SAG nominations each.

Winners will be chosen by members of the SAG-AFTRA acting union. The awards are closely watched because actors form the largest group that will vote for the Academy Awards in March.

Banshees, the story of feuding friends on a remote island off the coast of Ireland, received SAG nominations for lead actor Colin Farrell and supporting cast Brendan Gleeson, Barry Keoghan, and Kerry Condon. The film was named best movie musical or comedy on Tuesday at the Golden Globe awards.

SAG also nominated Michelle Yeoh for her lead role in dimension-hopping action movie Everything Everywhere. Her co-stars Ke Huy Quan, Jamie Lee Curtis, and Stephanie Hsu also landed nominations.

The Fabelmans, the Golden Globe winner for best movie drama, earned a SAG nomination for lead actor Paul Dano. The coming-of-age story was inspired by Spielberg’s real life as a teenager facing family strife and anti-Semitism.

Other movie actors nominated included Austin Butler for Elvis, Cate Blanchett for Tar, and Adam Sandler for Hustle.

In television categories, Better Call Saul, The Crown, Ozark, Severance, and The White Lotus were nominated for best drama cast.

The TV comedy cast contenders are Abbott Elementary, Barry, The Bear, Hacks, and Only Murders in the Building.

Awards are scheduled to be handed out at a ceremony in Los Angeles on Feb. 26, two weeks ahead of the Oscars. The show will be streamed live on Netflix, Inc.’s YouTube channel. — Reuters

Megaworld to bring Savoy hotel to San Vicente, Palawan

MEGAWORLD Corp. is bringing its Savoy hotel brand to Palawan in a move that will raise the listed property developer’s total hotel room keys to around 4,806 when the project is completed.

The 10-storey Savoy Palawan will offer 306 guest rooms and suites in varied layouts and will open its doors in a 462-hectare lot in Paragua Coastown in San Vicente, Palawan by 2028.

“As we continue to tap on the rising opportunities in Philippine tourism, we also hope to meet the demand for accommodations in San Vicente, which is known to have the longest beach line in the entire country,” Megaworld Hotels and Resorts Managing Director Cleofe C. Albiso.

Savoy Palawan will be a five-minute walk to the beach and will be beside the township’s Mangrove Reserve Park.

The hotel will have a swimming pool for adults and a separate kiddie pool, a pool deck at the third level, a fitness center, a spa with a wet and dry sauna, and a kid’s club.

Meanwhile, Savoy Palawan will house four food and beverage outlets: an all-day dining restaurant with an alfresco area, Zabana Bar & Lounge, Grill Bar with outdoor dining, and a specialty restaurant. It will also house a ballroom, smaller function rooms with pre-function areas, a business center and a meeting room.

Ms. Albiso said that the hotel will feature sustainability features as the company aims to make it a luxury green hotel.

“The hotel’s equipment and machines will be certified ‘energy-efficient’ and we will also be using recycled water for washing from our rain harvesting facility,” said Ms. Albiso.

Savoy Hotel will also have facilities for bikes as a part of the bike-friendly community of Paragua Coastown.

The hotel is the 17th hotel property launched by Megaworld Hotels and Resorts, the homegrown hotel operator of Megaworld.

To date, 12 of these 17 launched hotels are operational with the remaining five currently in the pipeline including Savoy Palawan and Grand Westside Hotel in Parañaque City which the company said is poised to be the biggest hotel in the country.

The total operational hotel rooms of the company are around 4,500 in Richmonde Hotel Ortigas, Eastwood Richmonde Hotel, Richmonde Hotel Iloilo, Savoy Hotel Newport, Savoy Hotel Boracay, Savoy Hotel Mactan Newtown, Belmont Hotel Manila, Belmont Hotel Boracay, Belmont Hotel Mactan, Kingsford Hotel Manila, Twin Lakes Hotel in Tagaytay and Hotel Lucky Chinatown in Binondo. — Justine Irish D. Tabile

The Good, the Middling, and the Ugly of 2022

A SCENE from the film The Fabelmans.

OKAY, as Tuco once put it “when you have to shoot, shoot; don’t talk.”

THE GOOD
17. Barbarian — Zach Cregger puts it best: he didn’t like the way the film was going — predictably — so he threw in a sudden left turn. It works; the pic is worth a look mainly for the suspense set pieces and for Justin Long’s hilariously toxic take on the entitled man-child, who talks a good game and acts like an aspiring Survivor contestant.

16. Three Thousand Years of Longing — George Miller’s latest delivers on the sumptuous cornucopia of visual delights in the manner of A Thousand and One Nights, beguiling us the way Scheherazade did her king — and then what? What’s left for a woman who’s heard it all and a Djinn who’s seen even more? The answer may either intrigue or disappoint you, but has some kind of crazed integrity.

15. Halloween Ends — easily the most perverse of David Gordon Green’s Halloween trilogy, and a capstone to the overextended life of Michael Myers. Ends addresses not just the mortal chill in Laurie’s bones but everyone’s in Haddonfield, and ours too. Myers is just a man, after all; Green’s thesis is that his evil isn’t so much supernatural as it is social, mutating and going viral in an all-too-familiar way in this hate-filled hair-trigger world.

14. Inu-Oh — Maasaki Yuasa’s latest is a musical thin on plotline but thick on beyond-gorgeous animated art, not to mention an ingenious working-out of the question “what if modern rock stagecraft was developed in 12th century Japan?” Call it a laser glamrock concert with a quietly piercing ending.

13. Pearl — Ti West’s prequel to X feels less like a slasher flick than a character study, his visual style — Douglas Sirk on steroids — underlining the story’s melodramatic roots. Mia Goth, who stars and co-writes, gives the film her all, including a final few minutes of agonizing intensity.

12. Everything, Everywhere, All at Once — For the record, the Daniels’ debut feature is a tad too earnest, serving up all that fun and ingenuity to hand us some moral and spiritual uplift, like a limp fortune cookie delivered at the end of a sumptuous Chinese feast. That said, this is a feast, some of the funniest, most eyepopping action sequences this side of the younger Jackie Chan or Michelle Yeoh, and by gum that is Michelle Yeoh at the eye of this particular storm. Done for a mere fraction of Dr. Strange’s catering budget (see below).

11. Leonor Will Never Die — Martika Ramirez Escobar’s debut feature took eight years to write and three years to release and is worth the long wait: the eponymous Leonor is a former famed filmmaker hoping to make a comeback with her long-cherished script; the result bounces between fantasy and reality and meta-reality with the freewheeling spirit of Everything Everywhere only without the heavy-handed “uplift” and at a fraction of Everything’s already minuscule budget (which in turn makes Dr. Strange’s hundred million dollar production look even more embarrassing).

10. The Fabelmans — Spielberg’s most overtly personal work (he’s been covertly personal for most of his career), with some of his best filmmaking poured into sequences of — surprise surprise — a young man filmmaking. That and David Lynch as John Ford; what’s not to like?

9. Mad God — What if Blade Runner had been animated by Ray Harryhausen channeling David Cronenberg? Phil Tippet takes some 30 years to respond to the challenge, and the results are by turns confusing, fascinating, disgusting, awe-inspiring.

8. Blonde — if you ignore the fact that Andrew Dominik’s “fictionalized history” is loosely based on the life of Marilyn Monroe, and inflicts on her more suffering than the real star likely experienced in her lifetime (with maybe half the spirit) — you might like the film. As is, I consider it the best horror of the year, with the caveat that it’s a little too relentless — when interrogating a client, you want to allow her some breathing room to recover, so you can continue the session.

7. Crimes of the Future — maybe not major David Cronenberg but sexy Cronenberg, perhaps his funniest in years. Sketches the outlines to a future that seems ominously plausible even inevitable, and poses this knotty question: when pain is no longer felt, are emotional stakes or drama still possible? Is even humanity possible?

6. 12 Weeks — Anna Isabelle Matutina’s debut feature tells of a woman whose life is turned upside-down when she suddenly learns she’s pregnant — at the age of 40, in a country where abortions are still illegal. Matutina doesn’t judge, presents her story as plainly as possible, but the fact that the woman doesn’t have a choice in the matter says something.

5. When the Waves are Gone — And then there’s Lav Diaz who among Filipino filmmakers seems like the only one that gives a damn about our six years under a near-dictator, the six more promised under the son of a former dictator. Waves is his stripped-down noir, about the Philippines’ greatest police investigator, Lieutenant Hermes Papauran, being stalked by his former mentor, Primo Macabantay. As the former, John Lloyd Cruz shuffles forth in the world like a classic Diaz protagonist, with his conscience and the troubles of the world dragging him down; as the latter, Ronnie Lazaro is imp and jester, judge and executioner, offsetting Cruz’s gravid presence with his own explosive lunacy.

4. Pinocchio — Guillermo del Toro treats the eponymous character not like a cute boy with token wooden joints but like one of his own creatures — frightening, fearless, not entirely without soul. In many ways darker and more subversive than the 1940s Disney classic or even the Collodi original.

3. Armageddon Time — the third filmmaker’s autobiography to come out this year is the smallest-scaled and most understated, and, in my book, the most powerful. James Gray takes a plainspoken approach to recognizing everyone’s special qualities, sparing none of their flaws; he touches on the uneasy truce Jewish immigrants have struck with the upper class, the fragile yet persistent nature of adolescent friendship, and the utter powerlessness of a youth.

2. Decision to Leave — I’ve seen serial killer scenarios wielded as thrillers, as comedies, as ravishingly embroidered menus, as pseudo-profound philosophical stances — but as a seduction tactic? Park Chan-wook’s latest does exactly that, weaving a web of mystery and sensuality around its detective that leaves him off-balanced and confused till the cord tightens round his neck. One thinks of Deliverance, Dressed to Kill, Out of the Past, and even Vertigo watching this film, not without cause; to Park’s credit, he invites such outlandish comparisons and still manages to be his own perversely persistent creature.

1. A Tale of Filipino Violence — Again Lav Diaz, who just can’t leave a good thing alone. His adaptation of Ricky Lee’s classic story “Servando Magdamag” is a three-pronged attack on the Marcos regime — its roots in the colonialist past, its chokehold on the immediate present (actually 1970s Philippines), its dark reach into the near future.

THE MIDDLING
15. Don’t Worry Darling — Olivia Wilde’s stylish mashup of The Prisoner with The Stepford Wives ultimately feels unsatisfying, but getting there’s more than half (actually all) the fun.

14. RRR — SS Rajamouli’s action epic is watchably inventive for maybe the first half-hour; the variety is sustained in the remaining two and a half hours — somewhat — but the intensity does wear you down, not to mention the relentless flag-waving. Prefer his far more inventive Eeaga, where the rivalry (man vs. fly) is more lopsided, the comedy more pointed.

13. Babylon — Damien Chazelle’s unauthorized and unacknowledged adaptation of Kenneth Anger’s Hollywood Babylon is enjoyable, just don’t take it seriously as history. No, seriously — don’t.

12. Thor: Love and Thunder — Don’t see this so much as a Marvel sequel as it is Taika Waititi doubling down on his obsessions and just for that if not much else, I concede respect.

11. Kimi — Steven Soderbergh’s chamber thriller has Zoe Kravitz evoking everything from Repulsion to Rear Window. Not substantial but cleverly done.

10. X The Texas Chainsaw Massacre meets Debbie Does Dallas. Ti West succeeds where the Saw remake fails: taking the tired formula of city slickers invading the countryside and breathing sneaky comic life into the landscape. Mia Goth makes for an engaging porn star, an even more engaging creepy grandma (their scene in bed together is for the ages). Recommend pairing with its superior prequel, Pearl.

9. Apollo 10 1/2: A Space Age Childhood — the forgotten filmmaker’s autobiography. Richard Linklater, unlike Spielberg or Gray, doesn’t seem to have anything more serious in mind than evoking a childhood growing up in space-crazed Houston; paradoxically this frees him up to be more freewheeling and imaginative — and funnier — than either of his more highly regarded colleagues.

8. The Bob’s Burgers Movie — Loren Bouchard and Bernard Derriman’s blown-up, stretched-out version of the cult food porn animated series puts out a few songs, but don’t let that fool you; this is a nicely wayward nicely eccentric trip down some kind of lane — exactly what I can’t tell you, but it’s something.

7. Amsterdam — is terrific for maybe the first hour and 50 minutes, a funny, witty, scary evocation of the Nazi conspiracy that almost took over America. Scariest of all: it almost happened again last Jan. 6, 2020. The final 20 minutes is David O. Russell trying his level best to convince you the quality of the previous 110 minutes never existed — but no. It’s really good. The rest — well, that previous 110 minutes was really good.

6. All Quiet on the Western Front — more explicitly realistic than the 1930 adaptation — naturally — it commits two mistakes: 1.) substituting Paul’s furlough with a subplot tracing the various political maneuverings that end the war, and, 2.) giving Paul an extended, considerably more heroic fate. I understand introducing 1.) because it adds an element of suspense (can the war end before Paul does?) but the point of the book as I understood it was that the war was Sisyphean, wearing Paul’s spirit down to nothing. And I appreciate the elaborate staging and intensity of 2.) but that finale can’t even touch the brief poetry of Lewis Milestone’s butterfly version.

5. Dr. Strange in the Multiverse of Madness — Not sure how Raimi managed to hoodwink Disney and Marvel into financing his biggest-budgeted, most visually ambitious installment of the Evil Dead franchise but he did, and included Elizabeth Olsen’s most scarily authoritative performance yet in the bargain. A major accomplishment, if it wasn’t for — (see above).

4. Nope — Jordan Peele’s least evocative feature to date, and, yes, I do hear what it has to say about showbiz and the public’s insatiable appetite for scandal and spectacle. That said, nice use of the valley’s arena-like space (you know where you are at any point throughout the film) and the “Gordy’s Home” birthday episode feels like a nightmare excerpt from another far more disturbing film.

3. Tar — Subtly elegantly crafted. Amazing Cate Blanchett, especially how half her performance is in her hands, which keep fluttering and flitting through the air like a pair of wings, the way you imagine a conductor’s does. The rest of Todd Field’s film feels like both an argument for artists to continue being artists — flawed human beings with irreplaceable talent — and an indictment of people who defend such celebrities. You like or loathe it depending on how you fall on the issue; personally, I empathize with the former, feel oddly cool towards the film overall.

2. Triangle of Sadness — the first act could have been cut entirely, the second act is something Monty Python did funnier faster, the third act features Dolly de Leon — easily the best thing in the picture, though Woody Harrelson as a socialist ship’s captain and Harris Dickinson as a by turns oversensitive by turns opportunistic male model have their moments. Much prefer this when it was Joey Gosiengfiao’s Temptation Island.

1. The Banshees of Inisherin — Martin McDonagh’s claustrophobically insular work feels like Soderbergh’s Kimi turned inside out, with the inmates screaming at bleak landscapes instead of apartment walls, but the emotional terrain is basically the same: they have little else to face but themselves, and will do anything but that. One particularly twisted bit of subplot involving fingers feels less than persuasive — okay, I think it’s a dealbreaker, didn’t buy it when I first heard it, and by film’s end McDonagh fails to sell it to me. Better than his previous widely hailed masterwork, but still not to my taste.

THE UGLY
4. Texas Chainsaw Massacre — Watched David Blue Garcia’s sophomore feature because it came highly recommended on Twitter (catch me doing that again!). Starts off promisingly enough — Alice Krige plays an ambiguously senile matriarch, and Olwen Fouere replaces the late Marilyn Burns as Sally from the original 1974 Saw — then devolves into A Series of Unlikely Coincidences. Not recommended.

3. The Batman — Matt Reeves’ three-hour ultra-dark ultra-gritty take on the Cape Crusader borders on the autistic; there’s not much to see here (literally; did someone forget to pay the light bill?) and not much to chew on if you did (the best ideas were recycled from Se7ven, The French Connection, All The President’s Men, and Chinatown). As Catwoman, Zoe Kravitz — so engaging in Kimi — feels anemic when compared to Michelle Pfeiffer’s incomparable take on the character in the Tim Burton film.

2. Elvis — Baz Luhrmann doing Vegas for three straight hours. Oh the migraine.

1. Avatar: Way of Water — Sky people seek living space, burn thousands of square miles of good forest land, shoot thousands more blue folks. Jake’s kids are captured and escape, captured and escape; rinse and repeat till you have three hours’ worth of monotonous monochrome blue.

Alturas group to invest P25B in Panglao estate

PANGLAO, BOHOL — The tourism arm of Bohol-based Alturas group of companies is building an integrated mixed-use resort estate in which it plans to invest P25 billion for the initial phase.

The development, called Panglao Shores, will rise in a 50-hectare property and will be developed by the family-owned Panglao Bay Premiere Parks and Resorts Corp.

“I envision this to be an integrated community where people would like to live in,” said Hope Marie R. Uy, managing director of South Palms Resorts and Panglao Shores, during the press launch of Panglao Shores on Thursday.

Panglao Shores will have more than 1,000 residential units, six hotels and resorts, 37,000-square-meter retail and commercial area, and a medical facility.

Ms. Uy said the project has received help from international and local designers and experts in making the development sustainable. Most of these partners are companies from Singapore especially for the development’s architectural design, sustainability strategies, landscaping, interior designers and technology-based consultants.

“It was a group that did all of these,” Ms. Uy said.

The project’s major consultant is C9 Hotelworks, which is a hospitality and property consultancy service provider that has also worked with well-known developers.

“We chose to work with Panglao Shores because we liked the project. We are a small group so we can choose our clients,” C9 Hotelworks Managing Director Bill Barnett said on the sidelines of the launch.

“We have expertise in the Philippines but I think this is a project that we are going to love. We started on a one-month engagement and we are here five years later,” Mr. Barnett added.

“Bill has seen how Phuket has developed, how Bali has developed. That was a best choice for us to have someone internationally aware of how masterplans pave the way,” Ms. Uy said.

The development of Panglao Shores is also aimed to answer the growing demand for accommodations and hotel services in Panglao.

“The opportunity of this beautiful beachfront needs to be maximized. I believe in the Philippines even globally, people would like to live in a community like this,” Ms. Uy.

“When we started to plan this, we did careful feasibility studies for us to see the demand. We saw the opportunity and we were guided by these studies on what to expect and what would be next,” she added.

Early next year, the company expects to complete its first hotel within the mixed-use estate, which according to Ms. Uy will be managed by an international company she did not disclose.

The first hotel is the expansion of the existing South Palms Resort, also located in Panglao, and will have 188 rooms inside a six-hectare property. — Justine Irish D. Tabile

Influential rock guitarist Jeff Beck, 78

ROCK guitarist Jeff Beck — SIMON FERNANDEZ/ EN.WIKIPEDIA.ORG

JEFF BECK, the influential, genre-bending English guitarist who rose to fame with The Yardbirds before later embarking on a solo career, has died at the age of 78, his family announced on social media on Wednesday.

He passed away peacefully on Tuesday after suddenly contracting bacterial meningitis, the family said.

Mr. Beck is a two-time Rock & Roll Hall of Fame inductee — in 1992 for his work with The Yardbirds and as a solo performer in 2009. In 2015, Rolling Stone magazine ranked Beck as the fifth greatest guitarist of all time, one spot ahead of blues icon B.B. King.

In 2022, Mr. Beck released his final album: 18, a 13-track collection of mostly cover songs, with Hollywood star Johnny Depp.

“We slowly built songs that we just like. We didn’t really make any design,” Mr. Beck said at the time.

A native of Wallington, England, Beck won his first Grammy award in 1985 with the instrumental “Escape.” He would go on to win seven more of the gold-plated statuettes in his career.

Black Sabbath guitarist Tony Iommi mourned Mr. Beck’s death on Twitter, saying he was shocked to hear of his passing. “Jeff was such a nice person and an outstanding iconic, genius guitar player — there will never be another Jeff Beck,” Mr. Iommi wrote. “His playing was very special and distinctively brilliant! He will be missed.”

Led Zeppelin guitarist Jimmy Page, also a former Yardbirds member, paid tribute to Mr. Beck, saying his technique was unique and imagination limitless.

“The six stringed Warrior is no longer here for us to admire the spell he could weave around our mortal emotions. Jeff could channel music from the ethereal,” he said. “Jeff, I will miss you along with your millions of fans.” — Reuters

CTA rejects geothermal firm’s P13.6-million refund claim

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has denied Philippine Geothermal Production Co., Inc.’s (PGPCI) refund claim worth P13.62 million representing its excess input taxes traced to zero-rated sales for the 2015 fiscal year.

In a decision dated Jan. 9 and made public on Jan. 11, the CTA full court said that it did not commit an error in granting a reduced value-added tax (VAT) refund amount of P10.03 million in 2020.

“As a claim for refund, [it] must establish its claim by quantum of evidence and not by assumption,” Associate Justice Erlinda P. Uy said in the ruling.

The Bureau of Internal Revenue (BIR) partially granted PGPCI’s claim in the amount of P3.59 million, which prompted the appeal.

The firm argued that the CTA made an error in deducting the amount approved by the BIR from its original refund claim, which the court disagreed with.

The court said it had already thoroughly considered and evaluated the entire refund claim when assessing the eligibility for zero-rated sales.

Under the law, taxpayers that engage in transactions with foreign corporations doing business outside the Philippines are entitled to zero-rated sales that do not translate to output tax.

The term “zero-rated sale” must be written on the company’s official invoices

The CTA also denied the commissioner of internal revenue’s (CIR) petition to dismiss the overturn of its decision to refund P10.03 million.

The CIR argued that PGPCI did not prove that its taxes were “creditable and directly attributable” to its products. It also said the firm did not present a certificate of endorsement from the Department of Energy (DoE) to qualify for tax refunds.

The tax tribunal noted that input tax receipts do not have to always be directly attributable to a taxpayer’s final products.

“Hence it is not required that the claimed input tax be directly attributable to zero-rated sales in order to be creditable.”

Citing the DoE’s rules, the court said a taxpayer does not need to submit a certificate of endorsement to qualify for zero-rated taxes.

It said an endorsement certificate is only required for incentives such as the exemption from tariff duties on the importation of machinery and the sale or transfer of other equipment.

“Thus, the Court in Division was correct in ruling that PGPCI would still be able to avail of a zero-percent VAT rate regardless of its procurement of the certificate of endorsement,” it said. — John Victor D. Ordoñez

SC affirms ruling denying seafarer disability claim

STOCK PHOTO | Image by iliastefanidis30 from Pixabay

THE Supreme Court (SC) affirmed an appeals court decision to deny a seafarer’s permanent disability claim worth $60,000, saying the claim was filed prematurely.

In a nine-page resolution made public on Jan. 6, the tribunal said Edward Caranto filed for permanent disability in 2014 before the treatment period for a swollen right foot ended.

“It was only after the filing of his complaint in court that he sought the opinion of his physician of choice,” it said in the ruling.

The tribunal noted that even if the personal doctor deemed him unfit to return to duty, he did not obtain an assessment from a company-approved doctor.

Under the Philippine Overseas Employment Agency’s rules, an injured worker has a treatment period of 240 days if a company-approved physician fails to give an assessment of the injury sustained.

Only a physician chosen by the employer has the authority to determine if a worker sustained permanent disability during employment.

Seafarers may also consult their own physician for a second opinion, and a third in case of conflicting assessments between the two doctors.

Mr. Caranto sustained the injury after falling into a sewer while performing his duties.

He underwent surgery and multiple physical therapy sessions. An orthopedic specialist had deemed him unfit to return to sea duty.

The seafarer then filed a claim with the labor arbiter, which ordered Seacrest Maritime Management, Inc., his employer, to pay him $60,000 in disability benefits and plus legal fees.

Seacrest appealed the decision to the National Labor Relations Commission, which affirmed the benefits.

However, the Court of Appeals reduced the amount awarded to Mr. Caranto to P26,477, finding that he was only entitled to unpaid sickness allowance because he filed the claim before permanent disability could be determined.

“Clearly then, petitioner had no cause of action to support his claim for total and permanent disability,” the SC said.

“So, even if his orthopedic specialist found petitioner unfit to return to sea duty, the lack of a previous assessment from the company-designated physician, coupled with petitioner’s belated consultation with his choice of physician, denied him the right to seek a total disability claim with this court.” — John Victor D. Ordoñez

Stuff to do (01/13/23)


Postponed Bernadas concert pushes through

THE FINAL concert in the Cultural Center of the Philippines’ Triple Threats series, featuring Popper Bernadas, which was originally scheduled for last December, will push through on Jan. 14, 7:30 p.m., at the cultural center’s Tanghalang Ignacio Gimenez (Black Box Theater). Mr. Bernadas will perform songs from original Filipino musicals, OPM, and his original compositions. For concert tickets, visit https://premier.ticketworld.com.ph/shows/show.aspx?sh=TRIPLET322


Instituto Cervantes holds discussion on art

INSTITUTO Cervantes will be hosting the round table discussion “Let’s Talk About Art” on Jan. 15, 2 p.m., in the Intramuros branch of Instituto Cervantes at Calle Real, Plaza San Luis, Intramuros. Participating in the discussion are Filipina artist Phyllis Zaballero, art collector and connoisseur Jaime Laya, and former Secretary of Tourism Gemma Cruz Araneta. The event’s moderator will be Instituto Cervantes’ director Javier Galván. Prior to the discussion, there will be a tour of the exhibit “Fondly Remembering Spain,” also organized by Instituto Cervantes, which features Ms. Zaballero’s paintings. The discussion will begin with these paintings before delving into Philippine art and Contemporary art. Admission is free. To confirm attendance, e-mail to cenmni@cervantes.es. For further information, visit Instituto Cervantes’ Facebook page (InstitutoCervantesManila) or Instagram (institutocervantesmanila).


Araneta City holds Grand Clearance Sale

Araneta City is holding its Grand Clearance Sale until Jan. 15, with discounts of up to 70% on clothing, footwear, appliances, home decor, and more. Stores at the Gateway Mall, Ali Mall, Farmers Plaza, and SM Araneta City are participating in the Grand Clearance Sale. In addition to the discounts, every ₱2,000 single or accumulated receipt purchase from any Araneta City establishment will entitle a customer to one free Araneta City calendar. Present receipts at redemption booths situated at the Gateway Activity Area, Food Express, Gateway Mall Concierge, Ali Mall Concierge, and Farmers Plaza Concierge to claim the calendar. Customers also still have a chance to win a Geely Okavango, a seven-seater Mild Hybrid SUV, with Araneta City’s “Dream Ride Like No Other” Christmas car promo. Earn a raffle entry through any of the following: single receipt purchase worth ₱1,000 from any Araneta City establishment (including Novotel Manila Araneta City), up to four accumulated receipts worth ₱250 from Araneta City food courts or Dampa, four Gateway Cineplex tickets, or a single or accumulated receipt purchase worth ₱2,000 of Petron products. Present the proof of purchase at the Gateway Mall Concierge, Gateway Mall Activity Area, Gateway Mall Food Express, Ali Mall Concierge, or Farmers Plaza Concierge until Feb. 5 to qualify for the raffle. Customers also get double e-raffle entries on purchases and e-raffle stub redemptions made from Jan. 13 to 15. Visitors will also receive Coca-Cola collectibles with any meal at Food Express, Food Gallery, Food Plaza, and at the Dampa at Farmers Market as part of the On-The-Go Christmas Treats foodcourts and Dampa promo. Just present ₱350 in single or accumulated receipt purchase that includes any Coca-Cola product from any Araneta City food court to get the Coke merchandise. The promo will also end on Jan. 15.

Converge backs Wilcon Depot in digital retailing

CONVERGE ICT Solutions, Inc. announced on Thursday its partnership with construction supplies and home improvement retailer Wilcon Depot, Inc. as the latter navigates the digital retailing model.

“In order to adapt to the new working environment and innovate towards a more digital retailing model, Wilcon Depot partnered with Converge ICT Solutions, Inc. with their enterprise-grade product, Direct Internet Access (DIA), which allows them to have a dedicated and secured internet service,” Converge said in an e-mailed statement.

Converge said its DIA enables a well-orchestrated operational process of virtual video conferences among departments, comprehensive data sharing, and coordinated logistical communication.

“Converge remains committed to supporting businesses as they adapt to new operating models to improve efficiency and increase productivity,” Converge Chief Operating Officer Jesus C. Romero said.

The company noted that it has been providing retail businesses such as Wilcon Depot with enterprise-grade fiber solutions.

“For the majority of its branches, Wilcon Depot is currently subscribed to the Converge iBiz product, a pure fiber internet plan created to provide businesses with quality connections at an affordable cost,” Converge noted.

“As the company evolves and expands with an increasing need for more bandwidth, they are hand in hand with Converge as they transition from iBiz to flexiBIZ—a business-grade connectivity solution designed for maximum efficiency during daytime business peak hours,” it added.

Wilcon Depot President and Chief Executive Officer Lorraine Belo-Cincochan said: “The IT infrastructure is very important to any growing company. Especially for us as a retailer, we need data very quickly. We need the data to be consolidated back at our head office.”

In a related development, Converge previously said that it had received the go-signal from the Singapore government to provide internet connectivity in that country, strengthening its international business.

Singapore’s Infocomm Media Development Authority, through its grant letter, said that it had approved the application of the firm’s subsidiary Converge ICT Singapore Pte. Ltd. for a facilities-based operations license.

With the approval, which took effect on Jan. 3, 2022, the internet provider will be able to build infrastructure in Singapore and provide international connectivity services. — Arjay L. Balinbin

Manila jumps in 2023 list of top real estate investment destinations

Manila rose five notches to 16th out of 22 cities in the latest edition of Emerging Trends in Real Estate Asia Pacific report by Urban Land Institute and PricewaterhouseCoopers.

Manila jumps in 2023 list of top real estate investment destinations

Entertainment News (01/13/23)


GMA’s Lolong to air in Indonesia this January

GMA Network’s fantasy TV show Lolong is set to air on Indonesia’s free-to-air TV network ANTV under the name Dakkila. Lolong is the first Filipino title acquired by ANTV, one of Indonesia’s major TV networks which reaches 130 million people in 155 cities. According to ANTV, the GMA Public Affairs-produced series perfectly fits the Indonesian TV audience’s taste for the fantasy genre as their viewers enjoy shows featuring special animal characters or mythical creatures. Lolong tells the tale of a man’s extraordinary friendship with a giant crocodile. It stars Ruru Madrid, Shaira Diaz, Arra San Agustin, Christopher de Leon, Jean Garcia, Bembol Roco, Malou de Guzman, Rochelle Pangilinan, Paul Salas, Marco Alcaraz, Mikoy Morales, and Maui Taylor. Directed by Rommel Penesa and Conrado Peru, the series was conceived by broadcast journalist Jessica Soho and Assistant Vice-President for GMA Public Affairs LJ Castel.


OPM bands concert at Newport World Resorts

NEWPORT World Resorts opens the year with legendary OPM bands in a two-night concert series, Musiko: Timeless Pinoy Bands. The concerts will see back-to-back performances by Itchyworms and Rocksteddy on Jan. 20, and South Border and Neocolours on Jan. 21 at the Newport Performing Arts Theater. Both shows are at 7:30 p.m. Tickets are available at all TicketWorld and SM Tickets outlets, prices range from P900 to P6,500. For inquiries, contact the Newport World Resorts National Sales Team at 0917-658-9378, 0917-823-9602, and 0917-872-8309, or call Ticketworld (8891-9999) or SM Tickets (8470-2222).   


2023 Japan Film fest returns onsite

AFTER two editions were held online due to the COVID-19 pandemic restrictions, the Japan Foundation, Manila brings back on-site screenings of the Japanese Film Festival (JFF). This year it will feature 10 award-winning full-length films in various venues around the country. The JFF will start screening films at the Shangri-la Plaza in Mandaluyong City on Jan. 22 to Feb. 3. There will be simultaneous screenings at SM City Baguio, SM Seaside Cebu, SM City Davao from Jan. 27 to 31, followed by showings at the Cinematheque Manila, Cinematheque Negros, Cinematheque Iloilo, Cinematheque Davao, and Cinematheque Nabunturan on Jan. 28 and 29.; and UP Cine Adarna (Quezon City) from Feb. 17 to 22. The festival opens with Belle, an animated film by director Hosada Mamoru, featuring the voices of Nakamura Kaho and Satoh Takeru. Tickets are priced at P100 per screening. Follow Japanese Film Festival on its official Facebook accounts (facebook.com/japanesefilmfestPH) for more information and the complete screening schedule.


Music festival brings together OPM, EDM artists

OPM and EDM artists come together on Jan. 21 at Circuit Events Ground, Makati for the Howlers Manila music festival, 3 p.m. to 1 a.m. OPM groups Bamboo, Gloc-9, Shanti Dope, Mayonnaise, Magnus Haven, Nik Makino, and Ron Henley will be joined by EDM favorites DJ Ace Ramos, Patty Tiu, Marc Marasigan, Katsy Lee, Xfactor, Manila BombSquad, MC Ronthug, MC DM, and MC Blain. Wear a costume for a chance to win P90,000. Aside from the musical performances, the festival will feature a number of other activities such as the Haunted Maze, BMX and Skateboard demonstrations, Battle of the Bands, and a RollerBlades Competition. For tickets, visit https://premier.ticketworld.com.ph/.