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Philippines Considers Tax on Streaming Services, GMA Says

Incoming Philippine Finance Secretary Benjamin Diokno is considering taxes on digital transactions and streaming services such as Netflix Inc. subscriptions, GMA News reported.

Digital transactions have the tendency to “evade” taxes unlike purchases made over-the-counter, GMA News cited Diokno as saying. Among these digital transactions are subscription-based services such as video and audio streaming, it said.

“Right now, if these are able to evade taxes, why not tax it? It’s a service. Who can afford Netflix? Not the poor,” Diokno was quoted in the report.

Read: Debt Is Top Priority for Diokno as New Philippine Finance Chief

President-elect Ferdinand Marcos Jr. and his economic team face pressure to raise revenue to curb debt, which had ballooned due to the pandemic. Outgoing officials have warned against financing debt with additional borrowings.

Incoming Philippine Central Bank Governor Signals June Rate Rise

Incoming Philippine central bank Governor Felipe Medalla signaled a possible interest-rate increase in June.

Medalla, who takes office from July 1, is on the “same page” as outgoing Governor Benjamin Diokno in agreeing that a rate hike is likely next month, he said in a text message response to a Bloomberg News query.

Bangko Sentral ng Pilipinas is likely to increase the key rate by another 25 basis points in the next policy meeting, Diokno said earlier this month. Medalla, a member of the monetary policy board, will serve as central bank governor until mid-next year.

The Philippines in May joined global central banks in raising borrowing costs to fight inflation. BSP is next scheduled to decide on the key rate on June 23.

–With assistance from Karl Lester M. Yap and Harry Suhartono.

Shang Properties, Inc. announces annual stockholders’ meeting on June 22

 

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National Reinsurance Corporation of the Philippines to hold annual stockholders’ meeting virtually on June 30

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
JUNE 30, 2022 / 3:00 P.M.

DEAR STOCKHOLDERS:

Please be advised that the Annual Meeting of Stockholders of NATIONAL REINSURANCE CORPORATION OF THE PHILIPPINES (the “Company”) will be held virtually on June 30, 2022, Thursday, at 3:00 P.M. The proceedings will be livestreamed and voting in absentia will be facilitated through the Company’s secure online voting facility.

Agenda

  1. Call to Order
  2. Proof of Notice of Meeting and Certification of Quorum
  3. Approval of Minutes of Previous Stockholders’ Meeting held on June 23, 2021
  4. Management Report for the Year Ended December 31, 2021
  5. Ratification of All Acts of the Board of Directors and Officers during the Preceding Year
  6. Appointment of Independent Auditors
  7. Amendment of the secondary purpose clause (Article ll) of the Amended Articles of Incorporation
  8. Increase in Directors’ Per Diem for attendance in committee meetings
  9. Election of Directors
  10. Re-election of Mr. Medel T. Nera as Independent Director
  11. Other Matters
  12. Adjournment

A brief explanation of each item in the agenda is hereto attached as Annex “A” for your reference and guidance.

Record date. Stockholders of record as of May 16, 2022 shall be entitled to notice of meeting and to participate in the meeting via remote communication and voting in absentia.

Registration. Stockholders who wish to participate in the meeting via remote communication and to exercise their right to vote in absentia must register through the link provided in the company’s website at https://www.nat-re.com/investor-relations/annual-stockholders-meeting/ starting June 01, 2022 but no later than June 22, 2022 and submit the required information listed there. All information submitted will be subject to verification and validation. 

Successfully registered stockholders can cast their votes in absentia through the Company’s secure online voting facility and will be provided access to the live streaming of the meeting.  For the detailed registration and voting procedures, please refer to our Guidelines and Procedures for Participating via Remote Communication and Voting in Absentia as set forth in the Definitive Information Statement and published in the Company’s website.

Voting. You may vote in absentia, or through proxy. Voting in absentia is thru the online voting facility, the respective link will be emailed after validating the registration of stockholders. Deadline for casting of votes thru online voting facility is on or before 5:00 p.m. of June 22, 2022.To vote by proxy, you may download, fill-up and sign the proxy form found in https://www.nat-re.com/investor-relations/annual-stockholders-meeting/ and send the scanned signed copy to asm@nat-re.com not later than June 20, 2022. For Corporate Stockholders, in addition to the proxy form signed by your authorized officer, please submit a copy of the related Secretary’s Certificate, a sample of which is enclosed. Validation of proxies shall be held on June 24, 2022 at 2:00 P.M. 

Electronic Copies of Relevant Documents. Copies of the Notice of the Meeting, Definitive Information Statement, and other related documents in connection with the annual meeting may be accessed through the company’s website and through the PSE Edge portal at https://edge.pse.com.ph.

For any concerns, please reach us through asm@nat-re.com.

For complete information on the Company’s annual meeting, please visitwww.nat-re.com/investor-relations/annual-stockholders-meeting.

May 20, 2022, Makati City, Metro Manila.

Access to Notice of Meeting, Agenda Items and Explanation of Agenda Items, Proxy Form, Sample Secretary Certificate, Definitive Information Statement, Management Report, Financial Statements, SEC Form 17A and Minutes of Stockholders’ Meeting dated June 23, 2021 can be downloaded by scanning the QR code provided herewith.

Likewise, you may also download it from the Company’s website by clicking this link https://www.nat-re.com/investor-relations/annual-stockholders-meeting/#files.

Electronic copies of the same documents are also available at the PSE Edge.

For the Board of Directors,

(Originally Signed)
Assistant Corporate Secretary

PXP Energy Corp.’s annual general stockholders’ meeting to be held on June 22

 

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Senators urged to approve RCEP

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA

By Alyssa Nicole O. Tan, Reporter

THE PHILIPPINES could lose more than half of its import and export markets if it fails to ratify a free trade deal among 15 countries in the region whose economic output accounts for 30% of global trade, economic managers told the Senate on Monday.

“If we don’t join RCEP, we miss out on more than half of the Philippines export markets, and around two-thirds of the country’s import sources,” Department of Agriculture (DA) Director Bien A. Ganapin said during the Senate Foreign Relations Committee hearing on Monday, noting that Philippine exports to Regional Comprehensive Economic Partnership (RCEP) member-countries are at 50.4% of total trade, while imports are at 67.3% of total trade.

The National Economic and Development Authority (NEDA), Department of Trade and Industry (DTI), and DA pitched the world’s largest free trade agreement (FTA) in a list-ditch effort to push the trade deal’s approval by the Philippine Senate.

Senators tackled the RCEP during the plenary, but gave no assurance of its ratification before the last session of the 18th Congress adjourns this week.

“We will do our duty. Pass or fail,” Senate Foreign Relations Committee Chair Senator Aquilino Martin L. Pimentel III said in a Viber message to BusinessWorld.

Trade Secretary Ramon M. Lopez said the delay will lead to difficulties for investors as they will have to comply with the old rules instead of the simplified alternative provided by the RCEP trade deal.

“In weighing the cost and benefits of our participation in this agreement we should look at it from a holistic point of view.  Will this be beneficial to the whole economy? It includes trade facilitation rules, liberal rules of origin, e-commerce, competition, and IP (intellectual property) protection commitments, support for SME development, as well as opening up of trade services,” Mr. Lopez said.

“These other elements are as important as tariff liberalization because they provide stability in the business environment. Our participation in this mega trade deal will further support the country’s economic development.”

Many multinational companies are waiting for the Philippines to join RCEP before deciding to invest, he added.

“If we delay joining here, our opportunities to export and bring our products to other RCEP countries which would have lower entry-level by lowering the tariff level of our products, we won’t be able to experience,” he said, noting fears that the country’s market may be diverted to other RCEP countries due to preferential arrangements.

RCEP has simplified and unified rules that allow exporters and stakeholders to comply with only one procedure instead of several rules listed in various free trade agreements with other economies.

RCEP took effect on Jan. 1, and is already in force in Australia, Brunei, Cambodia, China, Japan, Korea, Laos, New Zealand, Singapore, Thailand, and Vietnam.

President Rodrigo R. Duterte signed the trade deal on Sept. 2, but RCEP requires concurrence by the Senate.

DTI Assistant Secretary Allan B. Gepty said the country will miss out on the enhanced market access under the RCEP, which includes agricultural products such as durian, papaya, preserved pineapple, coconut juice, coffee, canned tuna, and dried tilapia.

“More than this, our competitors in ASEAN (Association of Southeast Asian Nations) will have the advantage in market access and resultantly they will be more competitive. Our neighbors in ASEAN, will enjoy the benefit of convenience in doing business and trade in the RCEP region while our stakeholders will have to contend with the different ASEAN plus one FTAs,” he added.

Mr. Gepty said the decision to ratify RCEP is only a choice between maintaining tariff protection in the 33 products, which is only equivalent to 0.8% of the country’s total imports and 1.9% of total agriculture tariff lines, and receiving the benefits and opportunities on services, investments, exports, trade facilitation, ease of doing business and conducive business environment brought about by the United Nations-backed FTA.

Economic managers said joining RCEP will preserve the current preferential rates for 98.1% of tariff lines, which corresponds to 228 commodities or $16.9 billion of imports.

“If we join the RCEP region with the safety nets and all the flexibilities that we have gained, it’s so easy to navigate, adjust and in parallel, make some adjustments. But if we will approach it sequentially, I think it will be too late for us to join since other RCEP parties will gain the advantage,” Mr. Gepty said.

Socioeconomic Planning Secretary Karl Kendrick T. Chua said the Philippines will lose a “golden opportunity” to take advantage of the opportunities from the fast-growing Asia-Pacific region if it fails to join RCEP.

“We want to learn and be more competitive and the best way is not to be protectionist or inward-looking. It is to get into the global arena, compete and learn what the other countries are doing, and improve ourselves further,” he said.

Last week, President-elect Ferdinand R. Marcos, Jr. said he wants to review the RCEP to determine whether the agriculture sector is adequately protected.

Marcos names BSP official as DBM chief

BUDGET SECRETARY AMENAH F. PANGANDAMAN — COURTESY OF DEPARTMENT OF BUDGET AND MANAGEMENT FACEBOOK PAGE

PRESIDENT-ELECT Ferdinand “Bongbong” R. Marcos, Jr. is tapping another central bank official for his Cabinet, this time  Bangko Sentral ng Pilipinas (BSP) Assistant Governor Amenah F. Pangandaman to head the Budget department.

Mr. Marcos’ spokesperson Rose Beatrix “Trixie” Cruz-Angeles said at a news conference on Monday that Ms. Pangandaman will be appointed as secretary of the Department of Budget and Management (DBM).

Ms. Pangandaman served as DBM undersecretary and assistant secretary during BSP Governor Benjamin E. Diokno’s stint as Budget secretary. Mr. Diokno has also been named Finance secretary.

In a statement, Ms. Pangandaman identified the modernization of the budget system and incorporation of sustainability principles in government spending as her key priorities under the Marcos administration.

“My team and I vow to work with the rest of the economic team and continue the policies and reforms that we have long fought for,” she said. “We will strive to ensure prudent and transparent use of public funds in a way that allows us to regain lost ground while also uplifting the lives of the ordinary Filipino.”

The DBM is responsible for the preparation of the national budget. The outgoing Development Budget Coordination Committee (DBCC) has already said the proposed 2023 national budget is pegged at P5.268 trillion, representing 22.1% of gross domestic product.

Mr. Marcos earlier said he would work closely with the incoming 19th Congress for the speedy passage of the national budget, which analysts say would determine the strength of the Philippines’ economic recovery.

Ms. Cruz-Angeles also announced information technology expert Ivan John Uy will head the Department of Information and Communications Technology (DICT).

Mr. Uy had served as chair of the Commission on Information and Communications Technology under the administration of the late Benigno S.C. Aquino III.

Mr. Cruz-Angeles said Esperanza Christina G. Frasco, who was recently reelected as mayor of a town in Cebu province in central Philippines, would take over the Department of Tourism.

Ms. Frasco is the daughter of Cebu Gov. Gwendolyn F. Garcia, who promised a landslide win for Mr. Marcos and her running mate Sara Z. Duterte-Carpio during the campaign period. Ms. Frasco is currently serving as spokesperson for Ms. Duterte-Carpio.

Broadcaster Erwin T. Tulfo will head the Social Welfare department, Mr. Marcos’ spokesperson said.

Mr. Tulfo is the brother of Raffy T. Tulfo, who secured a Senate seat in the May 9 polls. — Kyle Aristophere T. Atienza

DENR imposes moratorium on new applications for seabed quarry permits

PHILIPPINE STAR/EDD GUMBAN

THE Department of Environment and Natural Resources (DENR) has imposed a moratorium on the acceptance of new applications for special exploration permits or government seabed quarry permits.

The DENR issued Administrative Order (AO) 171-2022 on May 2 after President Rodrigo R. Duterte’s directive to stop accepting applications for reclamation activities.

“The President directed the DENR and the Philippine Reclamation Authority (PRA) to put on hold the acceptance of all new applications for reclamation projects in the country; and ensure that the pending applications strictly comply with all legal requirements,” the order read.

Under the order, there will be a moratorium on the acceptance of all new applications for special exploration permit/government seabed quarry permits until another presidential directive is issued.

A copy of AO 171-2022 was published in a newspaper on Monday. It will take effect after 15 days.

Seabed quarrying refers to the process of extracting, removing and disposing of quarry resources found in offshore areas. It is usually considered for massive land reclamation projects.

The PRA approves bids and awards for contracts for government reclamation projects.

The DENR issues the final permit for any company planning to undertake seabed quarrying and mining.

In 2021, the Mines and Geosciences Bureau (MGB) received six government seabed quarry permit (GSQP) applications, according to MGB Director Wilfredo G. Moncano.

“We have a total of 10 officially accepted GSQP applications. We are waiting for their compliance with the Area Status and Clearance before we proceed to the next stage of evaluation. If they failed to comply with the Area Status and Clearance within the prescribed period, we will be denying their applications,” he said in a text message.

Mr. Moncano said that there were another four GSQP applications filed before the moratorium that were still not officially accepted.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the DENR’s order was a step towards ensuring that the local mining and quarrying industry remain environmentally sustainable.

“There is a need to align the global best practices on mining activities, in terms of sustainability and minimize adverse impact on the environment. Increased international compliance with [environmental] standards by both international and local regulators in recent years would place more stringent environment standards, by carefully weighing the environmental damage or impact of those activities over the long-term compared to economic gains derived,” he said in a text message.

“This is also consistent with the increased need to sustain the country’s marine resources amid the country’s importation of fish in recent months,” he added.

In December 2021, the government lifted the four-year ban on open-pit mining.

In April, President Rodrigo R. Duterte had also lifted the nine-year moratorium on granting mining permits. — Luisa Maria Jacinta C. Jocson

ADB greenlights $400-M loan for PHL capital development

Ayala Land Inc’s Tower One office building is seen at the heart of the Makati business district, March 11, 2016. — REUTERS/ROMEO RANOCO

THE Asian Development Bank (ADB) on Monday said it has given the greenlight for a $400-million policy-based loan to help the Philippines further develop the domestic capital market and increase financing for infrastructure projects.

In a statement, the multilateral lender said the loan will assist the Philippines’ efforts to create an efficient domestic debt market, and boost institutional participation in the market, specifically insurance firms and pension funds.

The ADB said the additional supply of long-term finance will help the country address an infrastructure financing gap estimated at around P2 trillion a year up to 2030.

“As the Philippines steers its economy towards sustainable and resilient growth after the devastating COVID-19 pandemic, it will require various sources of long-term financing to support the recovery of its industries and micro-, small-, and medium-sized enterprises; provide social protection; and fund its infrastructure development priorities,” ADB Principal Financial Sector Specialist for Southeast Asia Stephen Schuster was quoted as saying.

Mr. Schuster said a more diversified investor base will ease fiscal constraints in the country.

The further development and growth of the insurance and pension sectors can fuel economic growth and reduce poverty, the ADB said.

The policy loan will help build an enabling environment for more investment products aimed at long-term investors.

Compared to its peers in the region, the Philippines’ pension funds and the insurance sector accounts for a combined 12% of the country’s gross domestic product, versus Thailand’s 30% and Malaysia’s 80%. 

“There is huge potential in tapping this sector for long-term funds since they have long investment horizons and low leverage. These investors can offer better debt pricing and longer maturities in local currency and are less likely to sell or retreat during short-term market corrections,” ADB said.

The ADB is one of the Philippines’ biggest sources of official development assistance, with average annual lending of $1.9 billion in the last five years.

In 2021, the ADB lent around $2.2 billion to the Philippines, the bulk or 92% of which went to pandemic response programs. — TJT

Tax breaks give Converge more room for expansion

LISTED fiber internet service provider Converge ICT Solutions, Inc. said the approval of its tax incentives will allow more room for the company to further expand its fiber network to reach its goal of covering 55% of households in the Philippines.

“Securing tax breaks from FIRB (Fiscal Incentives Review Board) will allow Converge more room for expansion of FTTH (fiber-to-the-home) ports towards our 2023 goal of deploying 7.5 million to 8 million ports to cover 55% of Philippine households,” said Maria Grace Y. Uy,  co-founder and president of Converge, during the company’s annual stockholders’ meeting on May 27.

The FIRB recently approved the application for tax incentives of Converge and three other telecommunications companies.

The tax incentives granted to Converge include a four-year income tax holiday, five years of enhanced deductions, and 11 years of duty exemption on equipment and raw materials. These were granted to Converge for its fiber optic network for high-speed internet broadband, with a total project cost of P150.6 billion.

Finance Secretary and FIRB Chairman Carlos G. Dominguez III said in a statement that the government expects Converge to deliver on its performance commitment of “faster and cheaper internet access” in remote areas, as “this will not only address our pain points with regard to connectivity but also provide more employment opportunities to our people in rural areas.”

SkyTowers Infra, Inc., Frontier Tower Associates Philippines, Inc., and Transcend Towers Infrastructure Philippines, Inc. were also granted tax incentives.

Converge said it believes the FIRB approval was a recognition of the “missionary nature” of its project, which is expected to “bring connectivity to marginalized areas of the Philippines.”

“Broadband connectivity is one of the priority sectors that have a direct impact on AmBisyon Natin 2040, the government’s long-term vision for the nation,” it said in a statement.

Converge, which saw its attributable net income increase by 27% to P1.97 billion in the first three months of the year, targets to roll out fiber-to-the-home infrastructure to cover more than 1,200 unserved and underserved towns nationwide.

Converge ICT shares closed 1.70% lower at P26.05 apiece on Monday. — Arjay L. Balinbin

Anne Curtis ends hiatus with comeback concert

ANNE Curtis makes her comeback to the concert stage in Luv-Anne: The Comeback at Resorts World Manila’s (RWM) Newport Performing Arts Theater on June 11.

Four years since her last concert and three years since welcoming her first child, taking a break in Australia and spending time with her family during lockdown, Ms. Curtis said that she is ready to start working again.

“Luv-Anne was originally… supposed to be a digital concert,” Ms. Curtis said during an online press conference on May 25. “It made sense to do an online concert back then because everyone was at home. And then more so because another lockdown happened.”

Ms. Curtis added that the production team waited for a period of normalcy to push through with a live concert.

“I had visited Resorts World, I sat on the stage to have a feel of it, kung kaya ko siya (If I could manage it),” Ms. Curtis said. “It felt it was the right amount of people I could be comfortable performing live with. I feel like it is a great way to reintroduce this world to me.”

According to a press release, Ms. Curtis’ concert includes “birit* songs numbers” and “palaban** fashion” renditions of popular international and OPM hits, and special guest performances.

“I’ve been doing dance rehearsal twice to thrice a week just to get movement in my body again. I’ve been doing band rehearsals and voice lessons,” Ms. Curtis said of preparations.

The concert is directed by Paolo Valenciano, with creative direction by Georcelle Dapat-Sy, and musical direction by Louie Ocampo.

For the upcoming show, Ms. Curtis has been training with Singer, voice professor, and singing voice therapist Katherine Frances Valdellon Molina (better known as Kitchy Molina).

“Nakapahinga talaga yung voice ko, gumanda… (My voice was well rested, it improved…),” she said. “I won’t say sobrang ganda pero may improvement. (I won’t say it’s super nice but there is improvement).

Luv-Anne: The Comeback is produced by Frontrow Theatre Management in cooperation with Resorts World Manila and Viva Artists Agency. Tickets are now available at all TicketWorld and SM Tickets outlets and range in price from P2,500 to P10,000. For inquiries, call Viva (0908-814-4601), Ticketworld (8891-9999), or SM Tickets (8470-2222). For more information about Luv-Anne: The Comeback and RWM’s entertainment schedule, visit www.rwmanila.com. — Michelle Anne P. Soliman

* Sustained high notes while singing.

** Combative

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