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Five-course Spanish dinner celebrates Emilio Moro Winery

IT will be a night of delicious bites paired with great wine as The Peninsula Manila is having a wine dinner celebration in Old Manila on Wednesday, June 1. That evening Executive Chef Xavier Castello is creating a five-course dinner complementing one of Spain’s most celebrated wineries — Bodegas Emilio Moro. A leading wine maker from the Castile and León region’s “Golden Mile,” whose passion for winemaking stretches back to more than a century, the dinner — from appetizer to dessert — will be paired with a classic Polvorete Godello, Bierzo white wine, along with a fresh El Zarzal Godello, Bierzo and the bodega’s premium red Emilio Moro, Ribera del Duero, and the organic red wine La Felisa, Ribera del Duero. The five-course Old Manila degustation menu is priced at P6,000, inclusive of taxes. Dinner on June 1 starts at 6:30 p.m. Pre-paid reservations are required as there is very limited seating. For inquiries and orders, call 8887-2888 extension 6691 (Restaurant Reservations) or e-mail DiningPMN@peninsula.com.

Treasury bill, bond rates expected to move sideways ahead of inflation data

BW FILE PHOTO

RATES of government securities are seen to move sideways this week ahead of release of the inflation data and amid expectations for further rate hikes in June.

The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday or P5 billion each in 91-, 182- and 364-day securities.

On Tuesday, it will auction off P35 billion in reissued three-year Treasury bonds (T-bonds) with a remaining life of two years and 10 months.

“T-bills will just likely mirror the previous auction, with rates seen to move sideways,” a trader said in a Viber message.

Meanwhile, the average rate of the three-year T-bond would likely range between 4.950% and 5.150%, the trader said.

A second trader also expects a lackluster demand for the T-bills up for offer on Monday, as the market is expecting further rate hikes for June. For the T-bonds, the second trader gave a range of 5% to 5.25%, citing the lack of supply on short bonds.

“Yields in the secondary market were steady this past week as market players digested the Federal Open Market Committee (FOMC) minutes and cheered President-elect [Ferdinand “Bongbong” R.] Marcos, Jr.’s announcements on his economic team,” the trader said via Viber.

The minutes of the FOMC’s May meeting, which culminated in a 50-basis-point hike in the Fed funds target rate — the biggest jump in 22 years, showed most of the committee’s members judged that further such rate hikes would “likely be appropriate” at its upcoming June and July meetings, Reuters reported.

Back home, Mr. Marcos recently tapped Arsenio M. Balisacan to return to the National Economic and Development Authority, former University of the Philippines President Alfredo E. Pascual to lead the Department of Trade and Industry, and current Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno to head the Department of Finance.

Felipe M. Medalla will complete Mr. Diokno’s term as central bank governor.

“I think [it] will be more of the same [rates] with market defensive considering May [consumer price index] will be out the following week,” a third trader said in an e-mail. “I think most will be looking out for this number and if [the] incoming [governor] will reverse his tone that there is no need to rush rate increases.”

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that government securities are likely to go up slightly, in line with the secondary market, amid higher oil prices and a weaker peso.

Reuters reported that on Friday, Brent crude rose $2.03, or 1.7%, to settle at $119.43. US West Texas Intermediate (WTI) crude rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 1.4533%, 1.7681%, and 2.0401%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the three-year bond fetched a yield of 4.8121%.

Amid rising inflation and the central bank hiking its key policy rates, the government fully awarded its offer of T-bonds while only partially awarding its offer of T-bills last week.

Last week, the BTr partially awarded its offer for T-bills even as tenders reached P36.545 billion, more than double the P15 billion on offer.

Broken down, the government raised P5 billion as programmed through the 91-day T-bills as tenders for the tenor reached P21.63 billion. The average rate of the three-month debt was at 1.675%, 21.23 basis points (bps) higher than the 1.4627% seen at the secondary market prior to the auction.

Meanwhile, the Treasury partially awarded the 182-day securities, raising just P3.5 billion versus the P5-billion plan despite bids reaching double the offer at P10.6 billion. The average yield on the six-month T-bill was at 1.892%, 13.67 bps higher than the 1.7697% fetched for the tenor at the secondary market.

Lastly, the BTr rejected all bids for the one-year T-bills as bids reached just P4.32 billion, below the P5-billion program. Had the government fully awarded its offer, the average rate for the one-year tenor would have soared to 2.93%, 91.81 bps higher than the 2.0401% fetched at the secondary market prior to the auction.

Meanwhile, the last time the government offered the three-year T-bonds to be auctioned off on Tuesday was on April 5, where it raised just P25.791 billion despite bids reaching P53.578 billion. The debt papers carry a coupon rate of 4.25%.

The BTr wants to raise P250 billion from the domestic market in June, or P75 billion through T-bills and P175 billion from T-bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.7% of gross domestic product this year. — Tobias Jared Tomas with Reuters

Get up to P238K off an MG

PHOTO BY MG PHILIPPINES

THE COVENANT Car Company, Inc. (TCCCI) rolls out a promotion consisting of generous cash discounts and low monthly installment schemes on select models and variants of British heritage brand MG (or Morris Garages). The vehicles include the MG 6 fastback sedan, the MG ZS crossover and its turbocharged sibling ZST, the MG RX5 SUV, the new 2022 MG HS SUV, and the MG 5 Sedan.

The MG 5 starts at P598,888, or can be driven home with a low down payment offer of P75,000. MG Philippines also introduces a new MG 5 variant, the MG 5 Core CVT Plus, which is also subject to promo offers (P683,888 cash or down payment of P63,000). The MG 5 Core CVT Plus boasts a large cargo space and spacious interiors, and the easy drivability that the entire MG 5 range is known for. This new MG 5 variant also features a new 10-inch infotainment touchscreen, a reversing camera, and a smooth CVT transmission that contributes to the car’s fuel efficiency.

The latest offerings are available in all of the brand’s 41 dealerships nationwide. All brand-new MG vehicles purchased from authorized MG dealerships come with a host of after-sales benefits: five-year/100,000-km warranty (whichever comes first), MG Hero Services (24/7 roadside support through the MG Philippines hotline [+632 5328-4664]), and My MG mobile app which allows customers to easily schedule vehicle servicing appointments through their smartphones. The app may also be used to reserve genuine spare parts, and even book a visit from MG Philippines’ Mobile Garage service caravan that provides MG owners with vehicle home service for major technical issues.

For more information, visit MGMotor.com.ph or BuyAnMG.com.

NCAA Season 98 kicks off on Sept. 10; Letran can win two titles in a year

THE Letran Knights will have a chance to own the distinction of being the first team in the National Collegiate Athletic Association (NCAA) to win two league titles in just less than a year.

This came to fore after The STAR received reports that Season 98 will start on Sept. 10, or just less than four months after the magnificent men from Muralla, Intramuros completed a perfect season in the 97th edition of the oldest collegiate league in the land.

In the opener where the venue has yet to be specified, Letran will battle host Emilio Aguinaldo College (EAC) that will be followed by an equally interesting showdown between runner-up Mapua and third placer San Beda.

From a shortened Season 97 where teams played a single-round robin format and the novel play-in phase, the league will revert to the double-round system.

EAC, as host, will then decide if it will return to the old Final Four set up or keep the play-in style.

“It will be two rounds, EAC will decide what comes after,” a source told If the Knights could replicate their accomplishment past season, they would end up with a three-peat feat, a 20th title overall and the distinction as the first team to win twice in a just year span.

Using the traditional format, Season 98 could wrap up before November ends or early December.

And it sure is like Letran could pull off such rare feat as it will keep the core of its champion team headed by the power duo of rookie MVP winner Rhenz Abando and Fran Yu.

Meanwhile, the league will hold an all-star event on Thursday at the Filoil Flying V Arena where Team Heroes composed of EAC, Jose Rizal University, Lyceum of the Philippines University, Mapua and AU will battle Team Saints consisting of Letran, St. Benilde, San Beda, San Sebastian and Perpetual Help.

The participating schools have yet to decide who are the two players they would send in the one-day spectacle. — Joey Villar

SEC flags Multi Fortune Stake’s investment scheme

THE Securities and Exchange Commission (SEC) has warned the public about Multi Fortune Stake for soliciting investments without registration and for operating a “Ponzi-like” investment scheme.

“Multi Fortune Stake is not authorized to solicit investments from the public as it is not registered with the commission and cannot therefore secure prior registration and/or license to solicit investments,” the SEC said in an advisory.

The regulator said it received information that individuals or a group of persons representing Multi Fortune Stake headed by a certain Ricky Galon have been soliciting investments from the public.

The firm entices the public to invest with guaranteed total earnings of 100% in 30 days through its plans, which promise that an investor will earn 25% of his investment every six days until the 24th day, and on the last sixth day, the income will be 100% of his investment.

“Clearly, Multi Fortune Stake is offering a double-your-money scheme in just 30 days… please be reminded that the offering and sale of such securities in the form of investment contracts using the ‘Ponzi Scheme’ is fraudulent and unsustainable and is not a registrable security,” the commission said.

In its advisory, the SEC said it does not issue a permit to offer and sell securities to the public for those engaged in the said business or scheme.

“In view thereof, the public is advised not to invest or stop investing in any investment scheme being offered by Multi Fortune Stake as well as to any other entities having the same or similar schemes and to exercise caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of [the firm],” the advisory read.

Those who act as salesmen, brokers, dealers or agents or claim to act as such of Multi Fortune Stake in selling or convincing people to invest in the investment scheme may be prosecuted and held criminally liable, according to the SEC.

Penalties include a maximum fine of P5 million or up to 21 years of imprisonment.

“Also, those who invite or recruit others to join or invest in such ventures or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly,” the SEC added. — Luisa Maria Jacinta C. Jocson

Rice giant Thailand wants to coordinate price hikes with Vietnam

REUTERS

THAILAND AND VIETNAM should jointly raise rice prices to boost their bargaining power in the global market, according to Thai premier Prayuth Chan-Ocha, a move that threatens higher food costs for consumers worldwide. 

Such a step will benefit millions of rice farmers in the two countries who have struggled with rising costs while prices of the grain have remained subdued, Prayuth’s spokesman Thanakorn Wangboonkongchana said in a statement.

Vietnam’s Deputy Agriculture and Rural Development Minister Tran Thanh Nam met with Thai officials on Thursday to discuss a framework for cooperation.

The threat to boost rice prices from the two major exporters comes amid growing food protectionism and run-away inflation. There’s concern that India may restrict rice exports after similar moves in wheat and sugar, upending global food markets already roiled by Russia’s invasion of Ukraine. 

While Thailand is not contemplating any curbs on shipments, it’s keen to milk the opportunity as import-dependent countries seek to lock in grain supplies.

“It sounds good to say that but it’s nearly impossible to implement,” Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, said of the proposed move. “We are not the only two sellers in the market.”

There’s also the issue about quality that makes it difficult to control the market. Rice has to be sold shortly after harvest or its quality will deteriorate, Chookiat said. “The effective cooperation we can do with Vietnam should be in terms of improving production and transferring know-how.”

Rice has been the one staple grain that’s helping to keep the world food crisis from getting worse. Unlike wheat and corn, which have seen prices skyrocket as the war in Ukraine disrupts supplies from a major breadbasket, rice prices have been stable subdued due to ample production and existing stockpiles.

Rice prices will remain subdued because of abundant supplies with the world set to harvest record crops until 2023, said Jeremy Zwinger, chief executive officer of The Rice Trader, a researcher. While there has been some shift in demand to rice as animal feed, it wasn’t enough to send prices soaring, Zwinger said, adding supplies may ease once farmers start using less fertilizer because of high prices.

Thailand is the world’s No. 2 rice exporter and Vietnam is the third. Combined, they account for a quarter of global rice trade. India is the largest with a 40% market share. China, the Philippines and Nigeria are top importers.

Thailand’s rice exports are benefiting from a rebound in global demand as the pandemic eases and a slump in its currency to a five-year low makes its supplies more competitive. Shipments may reach as high as 8 million tons this year, up from 6.1 million tons last year, Commerce Minister Jurin Laksanawisit told reporters on Friday.

Thai sugar and chickens exports are also set to benefit from export curbs placed by India and Malaysia respectively, according to industry officials. The Southeast Asian nation “has excess supply of most foods we produce and we remain the kitchen of the world,” Arada Fuangtong, deputy director general of the Department of International Trade Promotion, told reporters. — Bloomberg

Jury deliberations in Depp, Heard case to resume on Tuesday

Johnny Depp and Amber Heard in a scene from the 2011 film The Rum Diary. — IMDB.COM

JURORS deliberating the dueling defamation claims from actors Johnny Depp and Amber Heard adjourned on Friday without delivering verdicts, leaving the resolution in the widely watched six-week trial to this week.

Depp, the 58-year-old Pirates of the Caribbean star, sued ex-wife Heard in Virginia for $50 million and argued that she defamed him when she called herself “a public figure representing domestic abuse” in an opinion piece she wrote.

Heard, 36, countersued for $100 million, saying Depp smeared her when his lawyer called her accusations a “hoax.”

The seven-person jury deliberated for more than two hours on Friday. They will resume discussions on Tuesday after the US Memorial Day holiday.

Depp has denied hitting Heard or any woman and said she was the one who turned violent in their relationship.

“Mr. Depp experienced persistent verbal, physical and emotional abuse by Ms. Heard,” attorney Camille Vasquez said in closing arguments on Friday.

She said Heard’s allegations of abuse by Depp, including a sexual assault with a liquor bottle, were “wild, over-the-top and implausible” and had ruined his reputation in Hollywood and among fans.

“We ask you to give Mr. Depp his life back by telling the world Mr. Depp is not the abuser Ms. Heard says he is,” Vasquez said.

Heard lawyer Benjamin Rottenborn, in his closing argument, reminded jurors of explicit text messages from Depp to friends or associates.

In one, Depp called Heard a “filthy whore” and said he wanted her dead and “would fuck her burnt corpse.”

“This is a window into the heart and mind of America’s favorite pirate,” Rottenborn said. “This is the real Johnny Depp.”

At the center of the legal case is the December 2018 opinion piece by Heard in the Washington Post, in which she made the statement about domestic abuse. The article never mentioned Depp by name, but his lawyer told jurors it was clear that Heard was referring to him.

Heard’s attorneys argued that she had told the truth and that her comments were covered as free speech under the US Constitution’s First Amendment.

“Your key question to answer is ‘does the First Amendment give Ms. Heard the right to write the words she wrote?’” Rottenborn told the jury. “You cannot simultaneously uphold the First Amendment and find in favor of Johnny Depp.”

Depp and Heard met in 2011 while filming The Rum Diary and wed in February 2015. Their divorce was finalized about two years later.

Over six weeks of proceedings, jurors have listened to recordings of the former couple’s fights and seen graphic photos of Depp’s bloody finger.

Depp said Heard threw a vodka bottle that cut off the top of his finger during an argument in 2015. Heard denied injuring Depp’s finger and said Depp sexually assaulted her that night with a liquor bottle.

The testimony was livestreamed widely on social media, drawing large audiences to hear details about the couple’s troubled relationship.

Once among Hollywood’s biggest stars, Depp said Heard’s allegations cost him “everything.” A new Pirates movie was put on hold, and Depp was replaced in the Fantastic Beasts film franchise, a Harry Potter spinoff.

Depp lost a libel case less than two years ago against the Sun, a British tabloid that labeled him a “wife beater.” A London High Court judge ruled that he had repeatedly assaulted Heard.

Depp’s lawyers filed the US case in Fairfax County, Virginia, because the Washington Post is printed there. The newspaper is not a defendant. —  Reuters

LANDBANK cuts Link.BizPortal payment fees to P7 from P15

LAND BANK of the Philippines (LANDBANK) reduced Link.BizPortal transaction fees to provide more accessible services and meet the growing digital needs of its customers.

“We continue to encourage our customers to make cashless payments in a convenient, safe and cost-effective manner. The lowered LinkBiz transaction rates form part of LANDBANK’s contribution towards building a cash-lite society,” said Cecilia C. Borromeo, the bank’s president and chief executive, in a press release on Sunday.

Starting on June 1, its customers will enjoy lower transaction fees when making online payments using the Link.BizPortal digital payment platform.

The state-run bank lowered fees to P7 from P15 per transaction on its digital payment platform and Overseas Filipino Bank’s ATM account and prepaid cardholders.

Customers who use LANDBANKPay, the bank’s recently launched all-in-one mobile wallet, will also be charged P7 per Link.Biz transaction, with additional P2 rebate.

Additionally, transaction fees using other payment options will be reduced to P17 from P25 except over-the-counter cash and credit card payments.

“The Link.BizPortal is LANDBANK’s web-based payment channel that allows clients to pay for products and services online to over 870 government and private partner merchants nationwide,” the bank said.

Link.BizPortal facilitated 660,490 transactions with value of P1.39 billion for the first three months of 2022. Year on year, transactions and value increased by 37% and 41%, respectively, as more customers prefer online banking.

“LANDBANK’s digital transformation fully supports the National Government’s digital and financial inclusion agenda in line with its expanded mandate of serving the nation,” the state-run bank said. – Keisha B. Ta-asan

India’s protectionist moves spark concern rice may be next

REUTERS

RICE may be India’s next food protectionism target after it restricted wheat and sugar exports, analysts say, a move that could have a devastating impact on global food security as it’s an important staple.

India’s curbs on wheat and sugar exports sent shock waves through global markets as it marked an escalation in food protectionism that’s seen countries choke off flows of locally-grown supplies to the world. A similar move on rice by the No. 1 exporter at a time when crops like wheat and corn are soaring would threaten to plunge millions more into hunger and boost inflation risks.

“The government has already imposed restrictions on wheat exports; it’s a matter of time when restrictions on rice exports might be considered,” said Radhika Piplani, an economist at Yes Bank Ltd. The challenge will be to see if such curbs will lower food prices and within what time frame, she added.

The situation of rice stocks was discussed at the meeting of an inter-ministerial committee that tracks prices of essential commodities, according to a person familiar with the matter. But the committee decided there’s no need to restrict rice shipments for now because India has huge inventories, said the person, who asked not to be identified as the information is confidential.

A spokesperson who represents both the trade and food ministries didn’t immediately respond to an e-mail seeking comment. The food secretary didn’t immediately respond to a request for comment.

“Restricting exports of rice is a possibility,” said Poornima Varma, assistant professor at the Centre for Management in Agriculture at the Indian Institute of Management, Ahmedabad. “The government may feel there’s a need to substitute wheat with rice to curb domestic inflation and safeguard food security,” she said.

Rice is closely related to wheat in Indians’ diet and the food ration system. Government purchases of wheat for the food aid program are expected to be less than half than year-ago levels and authorities plan to distribute more rice, spurring expectations that they will want to ensure ample supplies of cheap rice. India has stockpiled more than enough rice and prices have been stable.

“These public reserves of rice are more than adequate to meet the country’s public distribution needs, even with the enlargement of rice rations due to the prevailing wheat situation,” said Shirley Mustafa, an economist at UN Food and Agriculture Organization.

Rice has been the one staple grain that’s helping to keep the world food crisis from getting worse. Unlike wheat and corn, which have seen prices skyrocket as the war in Ukraine disrupts supplies from a major breadbasket, rice prices have remained subdued due to ample production and existing stockpiles.

That outlook can change if India decides to curb rice exports. It may spur other countries to follow a similar playbook, as it did during the 2008 food crisis, when Vietnam also restricted rice shipments. Asia produces and consumes about 90% of rice, with India accounting for 40% of global trade.

“Rice supplies are ample in the country and there is no need to ban or restrict exports,” said B.V. Krishna Rao, president of the Rice Exporters Association. “If the government still wants to impose a quantitative restriction it can be a political call and the trade will welcome that in the national interest.”

Economic leaders under Prime Minister Narendra Modi are taking a coordinated move to tackle inflation, seeking to slow price increases and ease the impact on consumers. Retail inflation, which is tracking at an eight-year high, is a politically-sensitive issue and can influence how people vote in elections.

History offers some guide on how a rice export curb might play out. During the 2007-08 food crisis, India faced soaring wheat prices and decided to limit exports. The government bought more rice for its food distribution program instead of wheat. To ensure cheap and plentiful supply of rice, officials blocked exports of non-Basmati rice in October 2007.

A decision to limit rice exports will depend on how prices fare in the coming weeks, said Suvodeep Rakshit, senior economist at Kotak Institutional Equities. Rice is about to be sown and output depends on the weather. If the monsoon is erratic and rice prices jump, it’s likely that exports will be curbed, he said.

Rice is identified by its length and shape. Basmati is a long-grain rice known for its distinct aroma. Basmati rice exports totaled 3.95 million tons in 2021-22 while non-basmati shipments reached 17.26 million tons. — Bloomberg

Honda Cars opens La Union service center, breaks ground on Sta. Rosa dealership

PHOTO FROM HONDA CARS PHILIPPINES

HONDA CARS Philippines, Inc. (HCPI) recently opened its relocated service center in Rosario, La Union, and broke ground on a new dealership in Sta. Rosa, Laguna — part of the firm’s continued thrust to bolster the Honda presence in Luzon.

Formerly located in Baguio, the service center has been moved to La Union, and is now open for business. The Rosario, La Union Service Center of Honda Cars Pangasinan rises on a 2,800-sq.m. parcel of land, and offers after-sales services including preventive maintenance, general repairs, as well as body and paint for current and future Honda owners. The facility is strategically located along MacArthur Highway, Subsub, Rosario, La Union 2506 and is open from Monday to Saturday, 8:30 a.m. to 5:30 p.m. For inquiries, contact 0917-584-4747, 0908-886-9128, or (072) 619-7305.

Meanwhile, the ceremonial groundbreaking on the soon-to-rise Honda Cars Sta. Rosa was held last May 20. The new facility, to be managed by the ANC Group, will be built near the existing service center, which will be converted into a full dealership. Part of upgrades include a five-car display area or showroom where customers can check out Honda’s latest vehicles, along with a service reception where Honda consultants and advisers are on standby and ready to serve. The service center remains open for customers while the construction of the new dealership is in progress.

Honda Cars Sta. Rosa, the 39th dealership of the brand here, will also feature a dedicated service area where owners are welcome to take in their vehicles for preventive maintenance. Honda Cars Sta. Rosa is slated for soft opening by December.

Honda Cars dealerships and service centers are staffed by highly skilled technicians using state-of-the-art tools and equipment. Periodic maintenance service (PMS) at authorized Honda dealers guarantees genuine chemicals, parts and accessories, and service quality aligned with global standards to ensure workmanship and safety. “These facilities are for the service and convenience of our customers. We hope to reach more and serve more families with Honda’s dealer network expansion efforts. With the Honda Dealers, we want to enhance the ‘Power of Dreams’ experience for each customer. It is very important to us that we can keep them safe and satisfied that they chose Honda,” said HCPI President Masahiko Nakamura. For more information, visit www.hondaphil.com or its Virtual Showroom.

SEAG medalist athletes will receive their cash incentives tomorrow

WHEN it rains, it pours.

Filipino athletes who medaled in the 31st Southeast Asian Games (SEAG) in Hanoi, Vietnam will receive cash incentives from the Philippine Olympic Committee (POC) on Monday and the government on Tuesday in Malacañang Palace.

“To honor and recognize the athletes, the POC is rewarding them with incentives,” said POC President Abraham Tolentino, who presided over the POC Executive Board meeting on Saturday at the East Ocean Palace Restaurant in Pasay City.

The PhilCycling Chief will officially announce the release of the cash bonus to the 52 gold, 70 silver and 105 bronze medalists at the Knights Templar Hotel in Tagaytay on Monday.

The next day, it will be the government’s turn to reward the triumphant Filipino sporting heroes and heroines as based on law, a gold winner will receive P300,000 and P150,000 and P60,000 to the silver and bronze medalists, respectively.

And there is a strong chance President Rodrigo R. Duterte could shell out more rewards as he had done in the past during his six-year term.

Of all the athletes, gymnast Carlos Yulo emerged the biggest winner as he is will take home more or less P1.7 million for pocketing five mints and a pair of silver.

Mr. Tolentino said he hopes the Nationals could sustain, if not improve, when they return to action next year’s Phnom Penh Games.

“We’re hopeful that when the 32nd SEA Games are hosted by Cambodia in May 2023, our athletes will remain in gold medal form,” said the congressman from Tagaytay. — Joey Villar

CTA affirms Sonoma Services’ P5-M refund

THE Court of Tax Appeals (CTA) has affirmed Sonoma Services, Inc.’s refund of P5 million representing its excess and unutilized creditable withholding tax (CWT) for the calendar year 2015.

In a 13-page decision on May 25 and made public on May 27, the CTA full court said it found no reason to reverse its previous decision granting the company’s claim for a refund.

“This court has time and again ruled that the presentation of certificates of creditable withholding tax at source (CCWTS) is sufficient to prove the fact of withholding; and, that proof of remittance of the taxes withheld to the BIR (Bureau of Internal Revenue) as well as the testimony of various payers and withholding agents who issued the CCWTS are not needed to prove the taxpayer’s entitlement to the claim for refund,” according to the ruling written by CTA Associate Justice Roman G. Del Rosario.

Sonoma Services, a domestic corporation located in Makati City, is engaged in tax preparation, bookkeeping, and payroll services.

The commissioner of internal revenue (CIR) previously filed an appeal to reverse a division ruling granting the company’s claim for refund. The official argued that the company failed to present documents that represented its customers and withholding agents to validate its claim to refund its CWT.

The tax court noted that under the BIR’s own laws, there is no mention of denying a taxpayer’s claim for refund due to non-submission of these documents.

“There is, therefore, no legal basis for the CIR to insist that the alleged non-submission of Summary Alphalist of Withholding Agents of Income Payments Subjected to Withholding Tax (SAWT) and Monthly Alphalist of Payees (MAP) should result in the denial of Sonoma’s claim for tax refund or credit,” the CTA said.

The CIR said in its petition that the absence of these documents renders the certificates of CWT submitted by the company as hearsay.

The CTA said the Supreme Court previously established that the taxpayer making a claim for excess CWT does not need to present the individual who prepared the CCWTS.

“It cannot be denied that these documents (CCTWS) are admissible in evidence and are competent proof of the fact of withholding of income taxes from the income payments made to petitioner and of the amount of tax withheld,” the court said, citing its previous ruling. — John Victor D. Ordoñez

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