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Style (05/23/22)

Ben Farrales exhibit to open this month

“FARRALES@BENILDE,” a physical exhibition on some of the most desired pieces in Philippine fashion by the legendary couturier Ben Farrales, opens on May 27 at the 12F Main Gallery of the Design and Arts Campus, De La Salle-College of Saint Benilde. Known as the Dean of Philippine Fashion, Mr. Farrales was considered an artist ahead of his time since he stepped into the industry in the 1950s. His 60 years of success introduced signature Muslim-inspired gowns, traditional ternos, and sophisticated traje de mestizas as well as a series of contemporary loungewear, cocktail dresses, and draped frocks. With over 200 runway shows here and abroad, he instilled his significant role in strengthening the identity of local fashion on a global scale. Produced by the Center for Campus Art (CCA) of the De La Salle-College of Saint Benilde, the exhibition showcases an assemblage of Filipiniana ensembles, beaded ball gowns, pleated dresses, satin garments, and single items from skirts to capes. All these demonstrate the outstanding craftsmanship, and the range of artistry and talent of the designer. “The collection was a gift from the family of Ben Farrales,” curator and Benilde CCA Director Architect Gerry Torres said. Forty pieces from this body of work form part of the “Farrales@Benilde” gallery. The exhibition likewise features 40 14-inch miniature designs by Benilde Fashion Design and Merchandising students, inspired by the works of the late icon. The exhibit will be on view until Sept. 10 at De La Salle-College of Saint Benilde, 950 Pablo Ocampo Street, Malate, Manila. For viewing appointments, visit Benilde CCA on Facebook and Instagram. For more information, visit www.benildecampusart.com.

Max Mara opens its first store in Manila

MAX MARA has opened its first store in Manila at Greenbelt, Makati. The new Max Mara store features around 100 square meters of show space, with one window on the inside of the mall and a glass facade with lightbox on the external side. It overlooks Makati Avenue at the entrance of Greenbelt mall. Existing architectural elements of the building, such as vaulted ceilings and a skylight, naturally embellish the rooms and interact with the Max Mara’s Italian heritage and contemporary spirit. A balanced mix of strain gré, brass, metal, oak wood, and colorful marbles, creates a welcoming atmosphere across the main living area, which is centered by a column of raw stone. Sophisticated furnishings from leading Italian design brands make the new store evoke Max Mara’s fundamental brand values of Italian craftsmanship and timeless construction. The Max Mara store shows the latest collections including Max Mara mainline, ‘S Max Mara, and offers a selection of accessories.

Nike’s biggest store in SEA opens in Boni High Street

NIKE’s biggest store in Southeast Asia (SEA)opened yesterday at B3 Bonifacio High Street. The store offers immersive in-store experiences connecting consumers to sports and the community. Spread across two floors, the 14,000 sq.ft. store is the largest Nike retail space by area in the Southeast Asia region. It hosts the region’s most comprehensive range of Nike products, serving men and women across running, training, tennis, yoga, basketball, and golf. Nike Fort also has a dedicated kid’s section covering toddlers through grade school. Nike Fort’s services include the Women’s First Hour, where female members get prioritized shopping and appointment hours to browse without having to queue up; bra and tights fittings; and exclusive styling sessions for their family and friends. Nike Fort plays to three guiding principles: Bringing access to sport, adding value to the local community, and creating a destination that brings consumers closer to sport and one another. These principles are brought to life through three distinct zones: The Sports Hub, The City Replay zone, and the Experience Studio. The Sports Hub is a concierge service that helps shoppers find opportunities to participate in sports in the city and avail of styling services. These 60-minute one-on-one sessions with the store stylists aim to create looks tailor-made to the customer’s needs; help shoppers discover new sports by matching them with the apparel and footwear and new seasonal styles. The City Replay zone is a studio that brings an assortment of hyperlocal products through customization of tees, totes, caps, and shoes via designs of home-grown talent. The Experience Studio is a wellness destination that focuses on Nike’s five facets of fitness: Movement, mindset, recovery, nutrition, and sleep. Consumers can participate in group sessions or sign up for one-on-one expert sessions tailored to their health and wellness goals.

Foton plans expansion with six new dealership locations

FOTON Motor Philippines, Inc. Is planning to expand its presence in the country with six more locations, an official of the Chinese carmaker said on Friday.

“In terms of expansions, we’re planning to have more dealerships in the major cities in the Philippines,” Foton Vice-President for Sales and Marketing Levy S. Santos in a chance interview with reporters at the company’s branch in Clark Freeport Zone, Pampanga.

“Currently, we have 24 presences in Luzon, Visayas and Mindanao. We’re planning to add six more in the very near future to complement the demand of our local business and government requirements,” he added.

He disclosed the planned locations as Tuguegarao, Tacloban, Batangas City, Calamba, Pangasinan and Cainta. The expansion can be expected in the next two years, he said.

Foton, a Chinese vehicle manufacturer, ranks third in overall truck sales for 2021, according to the Chamber of Automotive Manufacturers of the Philippines, Inc., and ninth in the list of best-selling motor car brands in the Philippines.

Mr. Santos is hopeful that the company would be able to recover to pre-pandemic conditions by next year.

“We are at a double-digit growth compared to the 2021 performance,” Mr. Santos said. “Right now, we are at 26% growth compared to the same period last year, so we are looking forward to a better recovery.”

The growth was the result of rising demand and the reliance of Filipinos on online platforms, he said.

“The industry is introducing new models, new deals from our partner banks and aggressive down payment schemes from our dealers, so we are really looking forward to a better 2022,” he added.

The company expects the trend to continue under the next administration as presumptive President Ferdinand “Bongbong” R. Marcos has said that he plans to continue the programs initiated by outgoing President Rodrigo R. Duterte.

During the same event, Chery Auto Philippines Vice-President for Sales and Marketing Luigi Ignacio noted the development and proliferation of electric vehicles (EV) in the country as Filipinos have become more appreciative of technology amid the pandemic.

“What accelerated it further is the rising cost of fuel, so the total ownership cost of a plug-in hybrid will outweigh your eventual expense when you continue to use purely petrol-powered vehicles,” he said. “Eventually, the future will be all about electric-powered vehicles.”

The Chinese automotive brand has plug-in hybrid electric vehicles (PHEV), which take only three to five hours to fully charge. It can reach a total distance of 95 kilometers on pure EV, while saving 83 kilometers per liter in hybrid function, Mr. Ignacio said.

“If you really stretch the mileage of the hybrid, it can bring you up to a total of 800 kilometers,” he added, noting that Chery is continuously future-proofing its brand by enhancing engine design and performance.

Chery is one of the first to introduce the seven-seater PHEV, which it launched last month.

Chery and Foton vehicles are both under the United Asia Automotive Group, Inc., their exclusive Philippine distributor. — Alyssa Nicole O. Tan

Treasury bills, bonds may fetch higher rates after BSP decision

BW FILE PHOTO

RATES of government securities on offer this week are expected to increase following the central bank’s decision to hike borrowing costs amid rising inflation.

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 10-year Treasury bonds (T-bonds) that have a remaining life of nine years and eight months.

A trader said in a Viber message that yields on the T-bills on offer on Monday could climb by 20 to 25 basis points (bps), while the average rate of the reissued 10-year bond could be between 6.625% and 7%.

“Market will now factor in prospects of high inflation in the months to come following Bangko Sentral ng Pilipinas’ (BSP) revised inflation outlook given continued elevated commodity prices,” the trader added.

A second trader said in a Viber message that T-bill and T-bond yields may end higher this week to track the BSP’s move to raise borrowing costs.

“GS (government securities) yields were already elevated prior to the announcement, so expect market players to watch the 10-year auction and see how [the] BTr will award.”

The second trader added the market is also waiting for the BTr’s June borrowing plan set to be released later this week for leads and how this would be affected by the lower demand for government debt seen at recent auctions.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said T-bill yields could inch up by 0.05 bp to 0.09 bp. He added that the seven-year bond could see its average rate inch up by 0.12 bp to 0.33 bp.

He said auction rates could rise due to the increase in secondary market yields as well as the BSP’s decision and inflation fears amid higher global oil prices and wages.

The BSP raised benchmark interest rates for the first time since 2018 to tame rising inflation.

The Monetary Board on Thursday increased the key policy rate by 25 bps to 2.25%, as expected by eight out of 17 analysts in a BusinessWorld poll last week. Interest rates on the overnight deposit and lending facilities were also hiked by 25 bps to 1.75% and 2.75%, respectively.

Inflation climbed to 4.9% in April, the highest in more than three years, as oil and commodity prices soared amid the Russia-Ukraine war and supply chain disruptions.

At the meeting, the central bank upwardly revised its average inflation forecast for 2022 to 4.6% from the previous forecast of 4.3%, exceeding the 2%-4% target band. For 2023, the BSP’s inflation forecast was hiked to 3.9% from 3.6% previously.

The start of the BSP’s tightening cycle came a week after the release of data showing gross domestic product (GDP) expanded by a better-than-expected 8.3% in the first quarter.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 1.4627%, 1.7553%, and 2.0119%, respectively, based on the PHP BVAL Reference Rates as of May 20 published on the Philippine Dealing System’s website.

Meanwhile, the 10-year bond fetched a yield of 6.416%.

Last week, the government rejected all tenders for its T-bill offer as investors asked for higher rates on expectations of monetary policy tightening.

Broken down, the Treasury did not award 91-day T-bills even as bids reached P13.3 billion, higher than the P5-billion program. Had the Treasury made a full award, the three-month tenor would have fetched an average rate of 1.759%, 22.8 bps higher than 1.531% seen at the previous award.

The BTr also rejected the P7.33 billion in tenders for the 182-day debt papers, even as this was higher than the P5-billion plan. Had the BTr fully awarded its offer, the average rate of the six-month paper would have been at 2.215%, up 53.78 bps from the 1.6772% quoted for the tenor at the secondary market before Monday’s auction.

Lastly, the government turned down bids for the 364-day debt papers despite demand reaching P7.17 billion versus the P5-billion offer. Had the tenor been fully awarded, the one-year instrument would have been quoted at an average rate of 2.828%, 86.61 bps higher than the 1.9619% yield on the tenor at the secondary market.

Meanwhile, the last time the 10-year T-bonds up for auction on Tuesday were offered was on April 26, where the bonds were partially awarded. The government raised just P17.559 billion at that auction, less than the programmed P35 billion, at an average rate of 6.313%, 22.1 bps higher than the 6.092% quoted at for the bonds previously.

The BTr wants to raise P200 billion from the domestic market in May, or P60 billion via T-bills and P140 billion through T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.7% of GDP this year. — T.J. Tomas

‘Start them young’ so athletes can bloom in international play

PSC CHAIRMAN WILLIAM RAMIREZ — POC

Says PSC Chairman William Ramirez

PSC CHAIRMAN WILLIAM RAMIREZ — POC

SPORTS leaders should scout and train their athletes early so they can develop and flourish in international competitions such as the Southeast Asian (SEA) Games, according to Philippine Sports Commission (PSC) Chairman William “Butch” Ramirez.

“Rome wasn’t built in a day, so athletes do not become champions overnight in international play like the SEA Games. It’s good to start them young since it takes time to develop them,” noted Mr. Ramirez on Sunday as the 31st edition in Vietnam was set to close after nearly two weeks of nonstop action.

He singled out Tokyo Olympic gold medalist Hidilyn F. Diaz and world champion Carlos “Caloy” Edriel Yulo, who stamped their class in weightlifting and gymnastics, respectively, in Hanoi, as products of long-term programs that made them elite athletes.

“(Ms.) Diaz is a product of the PSC grassroots development program when she first made her debut as wild card entry at the 2008 Beijing Olympic Games at the ripe age of 17,” recalled the PSC chief, who was the national team chef de mission of the PH contingent at that time.

“Haidie (Ms. Diaz’s nickname) did not do well in the 2012 London Olympics but won a silver medal in the Rio Summer Games in 2016 during the start of our second term as PSC chairman. She finally delivered the country’s first gold in Tokyo last year,” Mr. Ramirez stressed.

A protégé of the Gymnastics Association of the Philippines since he was eight years old, Mr. Yulo has emerged as the country’s top athlete for the second straight SEA Games in the Vietnam edition with five golds and two silvers.

“Before Caloy became a world-class athlete, he excelled in the Batang Pinoy and the Palarong Pambansa,” said Mr. Ramirez, who first came to the PSC in 1998 as a commissioner under the late chairman Carlos Tuason, of the two-youth oriented meets that the government sports agency is associated with.

“(Mr.) Yulo’s skills were honed in both the Batang Pinoy and Palaro that helped him become an outstanding gymnast,” said the PSC chief, who lamented that both sportsfests were suspended for two straight years due to the COVID-19 (coronavirus disease 2019) pandemic.

He prayed that both events and the PSC’s Philippine National Games, another breeding ground of sports talent, would resume soon, as the country copes with the coronavirus crisis better and conditions continue to improve.

Mr. Ramirez cited boxing and archery as among those with sound grassroots sports development programs that enabled them to identify young boxers and archers in grooming them for overseas competitions.

“Tokyo Olympic veterans Eumir Felix D. Marcial and Nesthy A. Petecio rose up the youth boxing ranks while Pia and Abi Bidaure and Phoebe Amistoso, who won the women’s team recurve event in archery, are in their early 20s and began as junior archers,” he pointed out.

“What we are saying is that if we plant the seeds early in scouting and nourishing our athletes through grassroots programs, they and our country will reap the rewards and recognition later on as they stand out in international competition,” Mr. Ramirez explained.

A new chapter begins for Isuzu PHL

After serving for seven years, Hajime Koso (left) turns over the presidency of Isuzu Philippines Corp. to Noboru Murakami. — PHOTO FROM ISUZU PHILIPPINES CORP.

The country’s number-one truck brand turns 25 with a new president

ISUZU PHILIPPINES CORP. (IPC) — the exclusive assembler, importer, and distributor of brand-new Isuzu commercial vehicles and light commercial vehicles in the Philippines — last week announced the official turnover of their company’s presidency from the leadership of their much-loved Hajime Koso (who has served in the Philippines for seven years), to incoming Noboru Murakami.

Mr. Murakami was formerly the general manager for International Sales of Isuzu Motors Limited (IML) in Japan. He first joined IML with the responsibility of handling Isuzu’s international sales way back in 1995, and was later assigned to Corporate Planning. In 2014, he was appointed vice-president of Isuzu North America Corp. (INAC), and then by 2016 he was promoted to executive vice-president of the same company. Eventually, Mr. Murakami rose to become INAC’s president and CEO from 2018 to 2020. Soon after, he returned to his home country of Japan to become IML’s general manager for International Sales.

He officially became IPC’s president last May 17. Interestingly, 2022 also marks the company’s 25th year in the Philippines.

“I’ve always been intrigued by the market dynamics of the ASEAN region. The Philippines has become one of the most (promising) emerging markets when it comes to automotive… seen in the numerous models being introduced year after year. So it really makes me excited to start working in this country,” exclaimed an enthusiastic Mr. Murakami during the formal turnover ceremony held at Okada Manila last May 16.

Of course, one of Mr. Murakami’s foremost goals is to maintain IPC’s long-standing position as the number-one truck brand in the Philippines. If you will recall, based on the combined report submitted by the Truck Manufacturers Association, Inc. (TMA) and the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), Isuzu still remains the leading truck company in the country based on sales — an honor it has held for the last 22 years.

Mr. Murakami further explained that he also intends to strive to achieve the ultimate “customer success” by improving on local business aspects that will better serve customers’ changing needs and requirements — say, for example, in the fields of sales and after-sales.

Another important point Mr. Murakami brought up is IPC’s intention to pursue a more sustainable path, starting this 2022. As a matter of fact, even months earlier this year, Mr. Koso already declared that the Japanese truck brand had decided to shift its direction toward sustainability.

“(Year) 2022 will be the start of a new era for Isuzu, as more sustainable and eco-friendlier plans will be introduced, in line with the United Nations’ sustainable development goals. This includes its products, operations and customer service. IPC will evolve into a company that creates economic value combined with social and environmental contributions to withstand the challenges ahead,” Mr. Koso explained.

Supporting this push for a greener IPC, Mr. Murakami pointed out, “This movement should not only be reflected in our products, but also from within — meaning changes in our values, operations, and the way we do business moving forward.”

Furthermore, Murakami shared with “Velocity” that aside from vowing to continue providing IPC’s customers with the best business solutions available, the company can now vouch that their latest products will not just be durable and fuel-efficient, but also environment-friendly.

“And with the Philippines slowly reopening its economy,” he continued, “we wish to support our goal of customer success by focusing on strengthening our nationwide parts distribution, alongside expanding our dealer network to 50 outlets within the year.”

What an exciting time to witness IPC build its greener “Isuzu Kingdom!”

A Virgil Abloh-created sneaker exhibit opens in New York

PHOTO FROM LOUIS VUITTON/ HIGHSNOBIETY.COM

NEW YORK — Late fashion designer Virgil Abloh is being honored in a New York exhibition featuring 47 pairs of Louis Vuitton Nike Air Force 1 sneakers he created before his death in November.

Nine shoes on display in the immersive show will be available for purchase in June.

Mr. Abloh was the artistic director of Louis Vuitton’s menswear collection from 2018 until his death from cancer at age 41.

A replica of the turntable set-up Mr. Abloh used as a DJ is featured, along with what organizers call “a magical treehouse symbolic of Virgil’s own childhood dreams.” Quotes from Mr. Abloh, who was also a visual artist, fill the room, with a floor of lights that create atmospheric patterns.

“He was one of a kind,” Elle.com Deputy Editor Claire Stern said. “Not just in his creative skill set, but how he broke down barriers in fashion. Racially, socioeconomically, he let people in.”

Installations of globes around New York City are promoting the free exhibit, which takes place May 21-31 at the Greenpoint Terminal Warehouse in Brooklyn.

“Virgil’s impact on our culture and the fashion world especially was huge,” Ms. Stern said. “I think this will be one of the first of many exhibits honoring him and his legacy, and his impact will be felt for generations to come.”

In July 2021, LVMH Moët Hennessy Louis Vuitton gave Mr. Abloh a mandate to launch new brands and partner with existing ones in sectors beyond fashion. — Reuters

PSE aims for better stock liquidity after ‘investor day’

THE Philippine Stock Exchange (PSE) is hoping that its upcoming “investor day” event will improve liquidity among non-PSE index companies should new investors come in and prompt follow-on offerings.

“We are pleased to offer a platform for these non-PSE index and recently listed companies to come together to provide relevant corporate information and developments to the event participants,” PSE President and Chief Executive Ramon S. Monzon said in a statement.

“By communicating their story and their growth plans and strategy, we hope to see improved liquidity among these non-PSEi stocks. Attracting new investors, which will increase demand for its shares, may even prompt these companies to do follow-on offerings in the next year or so,” Mr. Monzon added.

The PSE STAR (Strengthening Access and Reach) investor day event will feature top officials and finance executives from participating publicly listed companies (PLCs) to share their first-quarter financial performance and future business strategies.

“We hope this briefing will help investors and analysts understand the prospects of these companies, which are mostly comprised of second-tier issues and gauge the value of their stocks listed in the PSE,” he added.

The event will run from May 24 to 26 and is co-hosted by Bloomberg L.P. with the Fund Managers Association of the Philippines (FMAP) and Trust Officers Association of the Philippines (TOAP) as event partners.

Companies that will participate in the event include Monde Nissin Corp., Max’s Group, Inc., Century Pacific Food, Inc., The Keeper’s Holdings, Inc., Axelum Resources Corp., Filinvest Land, Inc., RL Commercial REIT, Inc.,  Megawide Construction Corp., Cemex Holdings Philippines, Inc., AllDay Marts, Inc., China Banking Corp., Security Bank Corp., Pilipinas Shell Petroleum Corp., Nickel Asia Corp., and Converge Information and Communications Technology Solutions, Inc.

Bloomberg economists and analysts will also provide their outlook on the economy and the food and beverage, property, construction, services, financials, and mining sectors.

The event will also have virtual booths for each participating PLC that attendees may visit. — Luisa Maria Jacinta C. Jocson

Yields on government debt rise as central bank hikes borrowing costs

YIELDS on government securities (GS) rose across the board last week after the Bangko Sentral ng Pilipinas (BSP) hiked benchmark rates to contain rising inflation.

GS yields, which move opposite to prices, jumped by an average of 17.45 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of May 20 published on the Philippine Dealing System’s website.

Debt yields on all benchmark tenors climbed last week. Rates of the short-dated 91-, 182-, and 364-day Treasury bills went up by 8.83 bps, 7.81 bps, and 5 bps to end the week at 1.4627%, 1.7553%, and 2.0119% respectively. 

At the belly of the curve, yields on the two-, three-, four-, five, and seven-year Treasury bonds (T-bonds) rose by 32.7 bps, 27.5 bps, 22.21 bps, 20.2 bps, and 22.05 bps, respectively, to 4.0380%, 4.8096%, 5.4452%, 5.9256%, and 6.3589%.

At the long end, the rates of the 10-, 20-, and 25-year papers climbed by 17.19 bps (to 6.416%), 15.1 bps (6.5354%), and 13.31 bps (6.5342%), respectively.

Trading volume last week thinned to P7.105 billion from P10.705 billion previously.

First Metro Asset Management, Inc. (FAMI) said trading volume remained light last week with an upward bias in yields ahead of the anticipated rate hike from the BSP.

“Overall defensiveness ensues from higher inflation expectations and sustained level of debt supply,” FAMI said in an e-mail.

“BSP moved policy rates higher to reduce demand and rein in inflation. Given the lag effects of monetary policy moves, central banks are challenged to strike a balance between controlling inflation and not dampening growth,” FAMI added.

Security Bank Corp. Chief Investment Officer for Trust and Asset Management Group Noel S. Reyes said in an e-mail: “Market was anticipating higher yields [last] week at the onset given strong GDP (gross domestic product)…that made a move by the BSP during this week’s meeting highly likely in order to contain coming inflation.”

Mr. Reyes said trading last week was mostly end-user driven “as dealers try to remain light ahead of the increased uncertainty on where the yields will be capped.”

As expected by eight out of 17 analysts polled by BusinessWorld, the central bank’s Monetary Board on Thursday started unwinding its pandemic-era support for the economy as it raised benchmark rates by 25 bps to quell rising inflation.

The central bank will also reset its bond-buying into a regular liquidity facility that will ensure the sustainability of its balance sheet.

At last week’s meeting, the BSP revised its inflation forecast this year to 4.6% from 4.3% previously, above the 2-4% target band. The central bank also hiked its 2023 inflation forecast to 3.9% from 3.6%.

“With inflation risks dominating the market, we think that the peso yield curve will join the bear-flattening trend (short-term rates rising faster than long-end) as the central bank poises to hike further and wind down GS purchases,” FAMI said.

For the coming weeks, the trend for a flatter yield curve will remain in focus, tracking US Treasury yields, Mr. Reyes said.

“Note that curve inversion should not be in our picture given our strong GDP expected performance. Stagflation is not in our forecast for the Philippines and the slope of our curve should not be as flat as the US,” he said.

Mr. Reyes added that the market will attempt to move higher after the average rate of the seven-year paper auctioned off last week breached 6%.

The Treasury raised just P20.1 billion out of the programmed P35 billion via the fresh seven-year T-bonds it offered last week despite tenders reaching P46.94 billion as investors asked for higher returns due to expectations of a BSP rate hike.

The tenor was partially awarded at 6.5%, 31.1 bps higher than 6.189% quoted for the seven-year paper at the secondary market prior to the auction. The government capped bids at 6.6%.

“Speculative talk of 7% on the 10-year (bonds) auction abound, but this will just be rejected by the BTr (Bureau of the Treasury), likely,” Mr. Reyes said.

The Treasury is scheduled to offer reissued 10-year debt worth P35 billion on May 24. The paper has a remaining life of nine years and eight months. — A.O.A. Tirona

CTA affirms ruling granting Ayala Corp. partial refund

THE Court of Tax Appeals (CTA) has affirmed a February 2020 decision partially granting a tax credit certificate to Ayala Corp. worth P44.7 million over its excess creditable withholding tax for 2014.

In a 19-page decision on May 18, the CTA full court denied the company’s petition for review to issue a new decision granting a tax credit certificate in the total amount of P62.4 million.

The company argued that it presented sufficient evidence to substantiate the previously disallowed P17.3 million of excess creditable withholding tax for 2014. It added that the revenue chief did not question or raise any objections to the company witness’ testimonies.

The commissioner of internal revenue (CIR) claimed that Ayala Corp.’s evidence was not clear and convincing enough to justify its claim for refund.

The tribunal ruled that Ayala Corp. did not file a motion for reconsideration or a new trial, which voids the CTA en banc’s jurisdiction over the case.

The tax court also junked the CIR petition to deny the company’s claim for a tax credit certificate for the same non-filing.

According to a copy of the ruling written by CTA Associate Justice Maria Belen M. Ringpis-Liban, since Ayala Corp. and the CIR failed to comply with the procedural requirement, “the court en banc cannot validly acquire jurisdiction over their appeals.”

”Accordingly, the assailed amended decision has already attained finality and can no longer be questioned by the parties,” the ruling read. “Undoubtedly, therefore, the assailed amended decision is a ‘new or different’ decision, which was based on the Second Division’s reevaluation of the parties’ allegations and existing evidence that were not considered in the original assailed decision.” 

The tax court said that the court could not rule over the case because it did not attain jurisdiction from the required appeals from the parties.

In a separate dissenting opinion, CTA Associate Justice Roman G. Del Rosario said that mandatory filing of a motion for reconsideration is required only when the amended decision resolves an entirely new issue.

“The assailed amended decision in the present case resolved the very same issue of [the company’s] entitlement to its refund claim,” he said. — John Victor D. Ordoñez

India wheat export ban to raise demand for rice

By Luisa Maria Jacinta C. Jocson, Reporter

India’s ban on wheat exports may cause wheat-dependent countries to shift to rice, with the resulting demand threatening to pressure rice prices upwards, a Department of Agriculture (DA) official said.

“One of the medium-term impacts is if they cannot access wheat, they might switch their demand to rice, and the problem is that if there’s going to be a rush to buy rice, that will lead to increase in demand and increase in prices,” Undersecretary Fermin D. Adriano said in an e-mail.

“Russia and Ukraine combined produce about 30% of all the wheat in the world. Any further tightening of the supply will definitely aggravate (the situation). There are quite a number of countries in the Middle East and sub-Saharan areas that are wheat-eating. A lot of things will worsen because of access, especially in wheat-eating countries,” according to Mr. Adriano, who is the undersecretary for Policy, Planning and Research.

On May 14, India announced that it was banning wheat exports due to the heat waves which have suppressed crop yields, sending domestic prices upwards.

Earlier in the year, India set a preliminary estimate for exports of as much as 12 million tons in 2022-2023.

“The country’s main (wheat import) source was Ukraine, and since the Russian invasion, our country’s biggest source is India,” Feedmix Specialist II, Inc. Vice-President Norberto O. Chingcuanco said in a Viber message.

“The export ban will definitely pressure global wheat prices. The use of wheat is not all replaceable by corn,” he added.

Samahang Industriya ng Agrikultura Executive Director Jayson H. Cainglet said that global wheat prices have increased by 20% due to the Ukraine crisis.

“The impact (of the ban) is already being felt because we haven’t found any alternative suppliers,” he said.

Cooking oils, cereals and meats hit all-time highs as a result of the Ukraine invasion, pointing to key food commodities becoming 30% more expensive year on year, Mr. Cainglet said, citing a report by the United Nations.

“We have been saying this for a long time. We cannot rely on the vagaries of the international market,” he added.

Mr. Adriano also said that the ban will affect the livestock industry, as inferior grades of wheat are primarily used to make animal feed. 

“About three million metric tons (MT) of wheat feed is being produced annually to fill the gap. If wheat feed supply is not enough, we would only be able to access it at a very high rate,” Mr. Adriano said.

“In other words, the animal feeds sector will be badly affected by it, from hogs, poultry, and aquaculture. If the animal inputs rise, it will affect the final output price. That’s the reason why we are saying there’s a looming food crisis in the second half of the year,” he added.

Mr. Cainglet said the way to mitigate the effects of the global crisis is to support local production, subsidize farm inputs and help farmers across the whole production chain.

“All countries will naturally protect their own domestic markets first. It is truly tragic that in the Philippines, we import first and lower tariffs,” he said.

“Up to their final days at the DA, they are still pushing the reduction of tariffs on pork, rice and corn; instead of doubling their efforts in helping local farmers cope with the increasing cost of production,” he added.

Economists said that the struggle to procure wheat heralds possible inflation pressures.

“With India being a major supplier of wheat, a ban on wheat exports would hurt the Philippines, which is already struggling to source the staple after the Ukraine war. The Philippines used to import wheat from Ukraine,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

He said that energy shortages will also likely drive up the cost of basic commodities.

“Domestic inflation has moved well past its target and is threatening to surge to multi-year highs as food items related to wheat will edge higher. Meanwhile, substitutes for these food items will also become more pricey as Filipinos seek alternatives. This will crimp consumption and slow overall economic activity. With how constrained supply chains are at the moment, we could very well have to brace for faster inflation,” Mr. Mapa added.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said Philippine firms might also look elsewhere for wheat supply.

“They can continue to import for their inputs and bear the higher cost that can compress their margins to keep their market share especially at a time when demand is recovering, which I think is what is happening to many producers because of these supply-chain challenges,” he said in an e-mail.

PSC supports 3rd Inter-Secondary Girls Volleyball in Davao City

MANILA — Ten Schools representing three districts of Davao City vie for top honors in the 3rd Philippine Sports Commission (PSC) Inter-Secondary Girls Volleyball competition that will open on Saturday until Sunday at the Davao City National High School courts in Davao City.

The volleyfest is presented by the PSC in coordination with the City Government of Davao through the Sports Development Division – City Mayor’s Office and the Department of Education (DepEd)-Davao.

Teams entered in the competition sanctioned by the Philippine National Volleyball Federation (PNVF) are Davao City National High School, Crossing Bayabas National High School, Calinan National High School, Lower Tamugan National High School, Davao City SPED National High School, Daniel R. Aguinaldo National High School, Baguio National School of Arts and Trades, Talandang National High School, Catalunan Pequeno National High School, A. L. Navarro National High School.

PSC Commissioner Charles Raymond A. Maxey, who oversees the grassroots project, said the competition provides an avenue for secondary girls from public schools to showcase their skills in volleyball.

“After the two years of no face-to-face sports program, we’ve come up again with this volleyball project, our third edition in Davao City,” Mr. Maxey said.

Teams will be grouped into two brackets with five teams per pool. Only the top two teams from each bracket will enter the semis.

The champion team will get P10,000 while the first and second placers will take home P7,000 and P5,000, respectively. The seven non-winning teams will also receive a consolation prize of P2,000.

Mr. Maxey said the competition is part of the grassroots program of PSC that aims to discover future talents in volleyball.

The volleyfest is sponsored by Pocari Sweat.

Chevrolet Makati now open

Chevrolet Makati has a 300-sq.m. showroom. — PHOTO FROM TCCCI

THE COVENANT Car Company, Inc. (TCCCI) recently grew its network of Chevrolet dealerships with the opening of Chevrolet Makati last May 1. Operated by MIG1 Auto Dealership Corp., the facility is expected to serve the central business district and nearby areas.

Makati City is considered as Chevrolet’s flagship location where it has established a strong customer base and network since 2013. Surrounded by a number of business establishments and major residential villages, the central location of this dealership makes it very accessible. Chevrolet expressed confidence that MIG1 Auto Dealership Corp. will be able to grow a strong network for the brand and provide excellent sales and after-sales services to its new and existing clientele.

Said TCCCI President and CEO Albert B. Arcilla, “As we continue to strengthen our dealer network to create dependable and mutually rewarding partnerships, we at TCCCI are pleased to have MIG1 Auto Dealership Corp. carry the Bowtie brand. Chevrolet Philippines shall accord full support to our new dealer partner and pave the way for various opportunities to ensure the success of this venture.”

Present in the opening ceremony were Chevrolet Makati’s dealer principals Chairman Cong. Michael Edgar Aglipay and Vice-Chairman Ginger Rosales-Aglipay. Also in attendance were Makati Mayor Abigail Binay and Makati Second District Rep. Luis Campos, along with various bank partners and media guests.

“We are proud to be the newest addition to the expanding Chevrolet network of dealers. It is an honor to have been given the opportunity to carry this esteemed brand in our new Makati dealership. We are very optimistic and we look forward to contributing to the growth of Chevrolet in the local automotive industry by offering outstanding customer service and expertise, which the brand has been known for,” said Cong. Aglipay.

Chevy Makati has a spacious 300-sq.m. showroom and a 1,000-sq.m. service area with eight work bays to accommodate after-sales and service customers. The facility is located at 2282 Chino Roces Ave., Makati City, with the showroom open from Mondays to Saturdays, 8 a.m. to 7 p.m. Chevy owners can also bring in their vehicles for service from Mondays to Saturdays, 7:30 a.m. to 5:30 p.m. An appointment may be set by contacting (+63) 916-658-4678 for sales, and (+63) 917-462-3303 or (+63) 966-749-1506 for after-sales and service. For real-time updates and exclusive promo offers from Chevrolet Makati, visit the official Facebook page Chevrolet Makati — MIG1.

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