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Entertainment News (01/18/22)

ABS-CBN seals partnership with Viu

ABS-CBN Entertainment and pan-regional over-the-top (OTT) video streaming service Viu have forged a content partnership to bring entertainment shows to Filipino viewers. The collaboration accelerates ABS-CBN’s vision to reach a bigger audience and promote Filipino talent worldwide as it evolves into a global content creator, and it strengthens Viu’s commitment to bringing premium Asian entertainment to its users. To kick off the partnership, ABS-CBN’s upcoming drama series The Broken Marriage Vow, the Philippine adaptation of the hit BBC series Doctor Foster, will be available on Viu in the Philippines on Jan. 22, 48 hours before its TV broadcast.

GMA Kapuso Foundation tackles Typhoon Odette

FROM providing COVID-related assistance to immediate relief efforts during calamities, GMA Network’s socio-civic arm GMA Kapuso Foundation (GMAKF) was able to deliver aid to thousands of affected families of super typhoon Odette in Visayas and Mindanao. Under it’s Operation Bayanihan disaster relief program, it pre-positioned its teams in key areas prior to the typhoon’s landfall in the country. The Foundation has so far conducted two waves of aid distribution in badly damaged areas of Southern Leyte, Surigao del Norte, Siargao Island, Cebu, and Negros Occidental. As of Jan. 6, 69,080 individuals were given food, Noche Buena packages, bottled water, and hygiene kits. A third wave of relief goods distribution to an estimated 43,000 individuals is ongoing in Bohol, Siargao Island in Surigao del Norte, and Limasawa Island in Southern Leyte. GMAKF continues to accept donations to help Odette victims. For details on how to donate, visit www.gmanetwork.com/kapusofoundation/donate. Donations may also sent through Cebuana Lhuillier or online via GCash, PayMaya, Globe Rewards (Globe Bridging Communities), Lazada, Metrobank Card, ZALORA, and Megamart PH.

Prima Donnas returns to GMA

THE SECOND season of Prima Donnas, the family drama tackling the story of Donna Marie, Donna Belle, and Donna Lyn is back on GMA’s afternoon primetime block. Prima Donnas Book 2 features an all-star cast: Jillian Ward as Donna Marie, Althea Ablan as Donna Belle, Sofia Pablo as Donna Lyn — now heiresses to the Claveria family and ready to showcase a different side to the beloved sisters. There will be recap episodes from Jan. 17 to 21, Mondays to Saturdays, after Eat Bulaga, before the new season starts airing on Jan. 24 on GMA Afternoon Prime.

Application to Full Circle Lab PHL now open

THE FILM Development Council of the Philippines and Tatino Films is open to applications for Full Circle Lab (FCL) Philippines, the capacity-building program for Filipino and Southeast Asian filmmakers. For the 2022 edition, FCL Philippines will consist of four labs that will directly benefit 15 projects and 11 talents. It will have 10 international mentors and industry advisors. The lab will take place onsite on April 26 to 30, with an online follow-up session in September. Interested parties may access the application form at https://bit.ly/FCLPH2022-ApplicationForm. Applications for the Fiction Lab, the Creative Producers Lab, and the Story Editing Lab will be accepted until Feb. 15. Meanwhile, applications for the First Cut Lab will be accepted until March 15. For complete application guidelines for Full Circle Lab Philippines, visit https://bit.ly/FCLPH2022-ApplicationGuidelines.

SB19 releases exclusive merchandise

FILIPINO pop group SB19 is welcoming 2022 with an exclusive merchandise line named after its record-breaking EP, Pagsibol. The official Pagsibol merchandise feature an assortment of designs referenced by the group’s songs, as well as their videos and artwork. The merchandise line has three main collections: the What? Collection, which includes an iron-on patch and enamel pin as inspired by the group’s first single; the MAPA Collection, which includes a bundled T-shirt and collectible photocard, handmade resin keychain, and an iron-on patch and enamel pin inspired by the anthem for parents and family; and the Pagsibol Collection, which includes a poster and a photobook. The SB19 photobook is full of inclusions for fans such as a collectible streaming plaque, an SB19 poster, a postcard, a sticker sheet, and a random member photocard included in each unique copy. For local online purchases, visit http://sb19pagsibol.officialcostore.com. For international purchases (ships worldwide), visit http://sb19pagsibol-int.officialcostore.com. For pick-up and in-store purchases, items are available at the CO. Store, 3/F Shoppesville Mall in Greenhills, San Juan. The line will also be available soon via Shopee and Lazada.

Emmy Meli’s new single popular on TikTok

SINGER-songwriter Emmy Meli has just released her new single, “I am Woman.” The R&B/pop track with an uplifting message recently spawned a global movement on TikTok where women posted videos of themselves that match the description presented in the chorus. To date, “I am Woman” has racked up more than 31 million views on TikTok and has inspired more than a million videos on the platform alone. “The reason I went into music was to inspire and to create something that nobody had ever created before,” Ms. Mely told Variety in an interview. “I want to help people love each other.” “I am Woman” is available all digital platforms via Arista and Sony Music.

Paolo Sandejas releases new single

PAOLO Sandejas recently released his new single, “Different Shade of Blue,” under Universal Records. It follows his song “Dad Jeans,” released in November. The singer-songwriter continues to deliver his distinct “bedroom pop” sound in this latest offering. “Different Shade of Blue” is an easy-listening track in which Mr. Sandejas sings about finding peace of mind through someone who sees his worth unconditionally. “Different Shade of Blue” is available to stream on all digital platforms.

Twenty Five Twenty One now on Netflix

THE K-DRAMA Twenty Five Twenty One, which premieres on Feb. 12 on Netflix, follows five young people from 1998 to 2001, who thought they would be together forever. Directed by Jung Jeehyun, it stars Kim Tae-ri, Nam Joo-hyuk, Kim Ji Yeon, Choi Hyun Wook, and Lee Ju Myoung. 

Netflix confirms production of Black Knight

NETFLIX has confirmed the production of the K-drama Black Knight, with director Cho Ui-seok and a cast lineup featuring Kim woo-bin, Kang you-seok and E Som. In this new Netflix Series, Cho and Kim woo-bin reunite after their blockbuster hit film Master. Black Knight is set in an air polluted world in 2071, where people depend on respirator masks to breath. Only one percent of the human race have survived and a strict social stratification has been established in the desertified lands of the Korean Peninsula. Delivery drivers play a crucial role within this system, and for refugees, becoming a delivery driver is their only hope for survival. Amid the chaos, Black Knight tells the story of a legendary delivery driver with exceptional battle skills, and a refugee who dreams of following in his footsteps. Black Knight is based on the popular webtoon of the same title.

Australian logistics company Toll Group opens PHL office

AUSTRALIAN transportation and logistics company Toll Group opened an office in Metro Manila on Monday, as it seeks to support local businesses in their supply chain needs.

“Toll Group has maintained a presence in the Philippines since 2007, working mainly through local partners,” the company said in an e-mailed statement.

“This pivot towards a direct presence in-country provides Toll Group with more autonomy and control over operations and service quality,” it added.

Toll Group’s office is in Parañaque City. The company is “forecasting its Philippines office to achieve high double-digit growth in the next five years, with focus verticals being the Industrial, Retail, Technology, and Automotive sectors.”

Benjamin Bathan, Toll Group’s country manager for the Philippines, said that a primary objective of the company’s direct expansion into the country was to enhance access to global opportunities for local businesses.

“Many freight forwarders in the Philippines operate through a partner-based model and do not personally own a global or regional supply chain network, creating challenges in visibility and quality control,” he noted.

“The launch of a local office enables Toll Group to fill this service gap, offering businesses in the Philippines access to our extensive global network and Asia-centric expertise to strengthen their growth prospects amid the uncertainty arising from the pandemic,” he added. — Arjay L. Balinbin

HSBC names new CEO for PHL unit

REUTERS

THE Hongkong Shanghai Banking Corp. (HSBC) has appointed Sandeep Uppal as president and chief executive officer of its Philippine unit, the bank said in a statement.

Mr. Uppal will succeed Graham Fitzgerald, who is leaving HSBC in February after 18 years with the bank.

Mr. Uppal is currently based in Hong Kong, serving HSBC as its Global Co-Head of International Subsidiary Banking. In this role, he is responsible for managing the HSBC’s large corporate and mid-market subsidiary clients across 49 markets.

He joined HSBC in 1993 and has over 30 years of banking experience working in Hong Kong, India, Mauritius, the Philippines and the UK.

“[Mr.] Sandeep [Uppal]’s extensive international banking experience will be invaluable to our retail and wholesale banking growth strategies in what is ASEAN’s third-largest economy, particularly as we set course to grow market share in the country’s mid-market enterprise sector,” Surendra Rosha, co-chief executive of HSBC Asia Pacific, said in a statement.

HSBC is the 15th biggest bank in the country with assets worth P195.975 billion as of end-September 2021.

The UK banking giant offers wholesale banking, global banking and markets, and wealth and personal banking services in the Philippines.

HSBC has eight branches in the country, which are located in Metro Manila, Cebu and Davao. It has the locally incorporated HSBC Savings Bank and a Global Service Centre servicing local and international HSBC markets. — LWTN

Federal Land continues to invest in Manila Bay area

FEDERAL LAND, Inc. continues to invest in the Manila Bay area with several developments aimed at boosting economic activity as the economy starts to recover.

“We have always seen the potential of Manila Bay area as a location that provides the convenience of having everything within reach, as well as the dramatic views of sun and sea as a backdrop. This city within a city is an urban gem that we are committed to further enhance with integrated developments that also have high property value appreciation rates,” Federal Land, Inc. Sales Group Head Margarita Saenz-Resurreccion said in a statement.

The Manila Bay area, which straddles the cities of Pasay, Manila, and Parañaque, is now a rising business district with offices, malls and gaming establishments.

“We have seen an increased demand for our properties that are able to meet the needs and changing lifestyles of homebuyers. They want options, a mix of indoor and outdoor fun, superior accessibility and convenience,” she said.

Ms. Resurreccion noted a “significant” demand for ready-for-occupancy units in Federal Land’s Palm Beach Villas, Bay Garden Club and Residences, and Six Senses Residences. These are located within the Metro Park, a master-planned community with condominiums, retail centers, business hubs, event spaces, and a college.

“Federal Land will continue to invest in this area because we believe in its high potential. With improving economic activities in the last quarter of 2021 and high vaccination rate, we see more developments to rise in Manila Bay area in the coming years. This is as we hope to sustainably enrich lifestyles with well-built living and commercial spaces in strategic locations,” she said.

How PSEi member stocks performed — January 17, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, January 17, 2022.

Philippines remains among top remittance recipients in 2021

Philippines remains among top remittance recipients in 2021

FIRB approves incentives for P10-B Davao cement project

PHILSTAR FILE PHOTO

THE Fiscal Incentives Review Board (FIRB) has approved tax incentives for a P10-billion cement manufacturing project in Davao del Sur set to supply infrastructure projects in Mindanao, the Department of Finance (DoF) said.

The Oro Cemento Industries Corp. project’s estimated output is 50 million bags of cement each year, the DoF said in a statement on Monday.

The FIRB granted the cement project a two-year income tax holiday, after which it will receive five years of enhanced deductions and duty exemption on capital equipment and raw materials imports.

Commercial operations in Sta. Cruz, Davao del Sur will start in July.

The DoF said the project will employ energy-efficient equipment to improve productivity.

Incentives granted to the project will “help achieve the country’s goal of reducing dependence on cement imports and stabilizing the price and supply of the product, on top of the economic benefits of more jobs and business activity generated by the project,” Trade Secretary and FIRB Co-Chair Ramon M. Lopez said.

The approval of incentives was recommended by the Board of Investments, an investment promotion agency.

The FIRB has asked the Board of Investments to finalize by this month the Strategic Investment Priority Plan (SIPP).

The SIPP determines the priority industries and projects to be given government incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the law that cuts corporate income tax and rationalizes the tax incentive system.

In the meantime, a transitional list based on the 2020 Investment Priorities Plan is in effect.

Finance Secretary Carlos G. Dominguez III said the publication of the SIPP will help attract foreign investment. — Jenina P. Ibañez

Manufacturer of essential oils approved for incentives by BoI

THE Board of Investments (BoI) has approved the registration for incentives of Iba Botanicals, Inc., an exporter of pure essential oils.

The Zambales project involves an investment of P109.5 million.

In a statement on Monday, the BoI said the essential oils producers plans to start commercial operation this month. It qualifies as an exporter covered by the 2020 Investment Priorities Plan (IPP).

The IPP serves as the transitional Strategic Investment Priority Plan (SIPP) pending the implementation of the SIPP, which will help determine investments eligible for incentives under Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

“The company employs organic farming techniques, and is in the process of securing a third-party international organic certification. It will engage in the production of export products, particularly essential oils from ylang-ylang, vetiver and elemi species,” it said.

Essential oils are extracted from plants and have therapeutic applications. They are also used in perfumes, cosmetics, and food.

Essential oils with aromatherapy applications include those derived from ylang-ylang, lemongrass, patchouli, vetiver, castor seed, pili, eucalyptus, malunggay, sampaguita, sambong, and ginger, the BoI said.

The BoI said the project has a capacity of 35.6 metric tons or 35,688 kilograms of essential oils a year, with economic output projected at P245.28 million annually. It is expected to generate jobs in Central Luzon, the region with the third-highest unemployment rate.

Target export markets are the US, Europe, and Asia.

According to the BoI, the global essential oils market was valued at $10.3 billion in 2021, growing to $16 billion by 2026.

Iba Botanicals, which is located at ABS-CBN Eco Village, which is home to 85 indigenous Aeta families, will employ up to 80 workers from the tribe to work its plantation.

The output of the Eco Village is contracted until 2043 to Iba Botanicals, which was formerly known as Elysian Essential Oils Philippines, Inc. — Marielle C. Lucenio

COVID-19 was No. 3 cause of death in 10 months to October

PHILIPPINE STAR/ MICHAEL VARCAS

CORONAVIRUS DISEASE 2019 (COVID-19) was the third-leading causes of death in the Philippines in the 10 months to October, according to preliminary data from the Philippine Statistics Authority (PSA).

Registered deaths due to COVID-19 totaled 75,285 or 12.5% of all deaths tallied (604,329) during the period. The two leading causes of death were ischaemic heart diseases (110,332) and cerebrovascular diseases (58,880).

Deaths associated with COVID-19 are classified into those with the virus identified and not identified at the time of death.

COVID-19 with virus identified tallied 51,514 deaths or 8.5% of total deaths. Taken by itself, this category would be the seventh leading cause of death during the period.

Some 23,771 deaths due to COVID-19 fell into the “virus not identified” category — 3.9% of total deaths, or eighth overall.

According to the PSA, data on COVID-19 deaths were based on death certificates received and certified by health officers of local government units.

This is a departure from the data collected by the Department of Health, which maintains a separate COVID-19 tracking system and only counts confirmed cases. — Abigail Marie P. Yraola

Foreign business groups press Congress to pass long-delayed transport law

REUTERS

FOREIGN BUSINESS groups on Monday called on legislators to complete the ratification of a measure creating the Philippine Transportation Safety Board (PTSB), which has been reported out by the Bicameral Conference Committee tasked with reconciling the Senate and House bills.

Members of the Joint Foreign Chambers (JFC) were referring to Senate Bill 1077 and House Bill 9030. The JFC is a coalition of the US, Australia-New Zealand, Canadian, European, Japanese, and South Korean chambers and Philippine Association of Multinational Companies Regional Headquarters, Inc.

“Once enacted, the new PTSB can commence its programs to discourage and reduce major transportation accidents taking the lives of too many Filipinos,” American Chamber Executive Director Ebb Hinchliffe said in a statement.

The PTSB, which will be attached to the Office of the President, will be the primary agency in charge of investigating transportation-related accidents and incidents.

The creation of the board is intended to reduce the danger to human life and property from transport operations and ensure compliance with transportation safety standards.

“The PTSB bill has repeatedly been filed since 2004 and has languished in Congress for almost two decades,” the JFC said.

“Only during the current 18th Congress has this bill reached the most advanced stage in both chambers and thus now has solid prospects for enactment,” it added.

The JFC also noted that currently, various agencies handle their own segments of the transportation sector when investigating accidents.

“The Civil Aviation Authority of the Philippines has authority over aviation disasters. Sea mishaps are under the Maritime Industry Authority which forms inquiry boards to investigate major maritime disasters,” it noted.

“With respect to road accidents involving public utility vehicles, the Land Transportation Franchising and Regulatory Board has jurisdiction. Road accidents may also be investigated by the Philippine National Police, the Land Transportation Office, and by the Metro Manila Development Authority.” — Arjay L. Balinbin

House approves film, events industry recovery bill on third reading 

PHILSTAR

LEGISLATORS approved a House Bill on third reading on Monday that would aid the film and events industries in recovering from pandemic losses estimated at P21 billion.

House Bill 1054 or the proposed Film and Live Events Recovery Act is seeking to grant tax exemptions and subsidies to the industries.

The measure will reduce the amusement tax for such companies to 5% from the 10% currently charged on cinemas and concerts. These industries were forced to close for 19 months under lockdown measures ordered during the pandemic. — Jaspearl Emerald G. Tan

Lighter burden from beneficial tax issuances

The recent surge in the number of COVID-19 cases in Metro Manila and surrounding areas adds to everyone’s anxieties during this challenging time. Perhaps, for a change of pace, some more positive developments can lighten the mood, particularly for taxpayers who have a lot on their plate.

Here are some of the more beneficial recent tax issuances that taxpayers may welcome:

LOWER CORPORATE INCOME TAX RATES
One of the main objectives of Republic Act (RA) No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act is to provide support to businesses in their recovery from unforeseen events, such as the pandemic, and to strengthen the country’s ability to address similar developments in the future.

Under the CREATE Act, domestic corporations now enjoy a lower corporate income tax rate of 25%. Domestic corporations with net taxable income not exceeding P5 million AND total assets not exceeding P100 million, excluding the land on which the entity’s office, plant, and equipment are situated, currently enjoy a lower corporate income tax rate of 20%.

On the other hand, nonprofit hospitals are subject to a tax rate of 10%, though in the period between July 1, 2020, and June 30, 2023 they pay 1%, as per the CREATE Act. These tax rates apply also to proprietary educational institutions as per the recently signed RA No. 11635.

VAT EXEMPTION ON SELECTED COVID-19 ITEMS
The CREATE Act also grants VAT exemptions for the following COVID-19 related items for transactions beginning Jan. 1, 2021, and Dec. 31, 2023:

1. Capital equipment, spare parts, and raw materials necessary for the production of personal protective equipment (PPE) components such as coveralls, gowns, surgical gloves, dedicated shoes, and shoe covers, for COVID-19 purposes;

2. All drugs, vaccines, and medical devices specifically prescribed and directly used for the treatment of COVID-19; and

3. Drugs for the treatment of COVID-19 approved by the Food and Drug Administration (FDA) for use in clinical trials, including raw materials directly necessary for the production of such drugs.

Note further that the exemption is exclusive. Hence, only the medicines and medical devices for COVID-19 with the corresponding dosage strength, form, and route of administration included in the list submitted by the FDA to the Bureau of Internal Revenue (BIR) will enjoy the exemption. The updated list can be accessed as attached to Revenue Memorandum Circular (RMC) No. 123-2021, and for the related implementation, taxpayers may refer to RMC 99-2021. The RMC also provides for the treatment of certain unutilized VAT that could be carried over to the succeeding taxable quarter/s or be charged as part of cost.

The above is beneficial in reducing the cost of purchasing COVID-19 vaccines, as many corporations are also expediting the implementation of their vaccination programs for their personnel.

USE OF ELECTRONIC SIGNATURES
As the country digitizes, the BIR has provided alternatives to aid taxpayers in better complying with regulations. Under RMC No. 29-2021, the use of e-signatures is allowed on certain BIR Forms/certificates:

• BIR Form No. 2304 — Certificate of Income Payment not Subject to Withholding Tax (Excluding Compensation Income);

• BIR Form No. 2306 — Certificate of Final Tax Withheld at Source;

• BIR Form No. 2307 — Certificate of Creditable Tax Withheld at Source; and

• BIR Form No. 2316 — Certificate of Compensation Payment/Tax Withheld.

Allowing the use of e-signatures on the above forms reduces the instances requiring physical contact with employees and suppliers, which is of great help during these times.

I hope the BIR releases issuances that will further expand the coverage of the use of e-signatures.

ON TAX FILING AND PAYMENT
While some corporations currently employ work-from-home arrangements, there are still instances where physical filing of tax returns/forms is required. This is a challenge, particularly for personnel who will be traveling to and from their homes, offices, and the filing/payment venues.

Fortunately, to help ease this burden, the BIR issued Bank Bulletin No. 2022-02 on Jan. 10, a directive for Authorized Agent Banks to accept all tax payments from taxpayers registered under the Revenue District Offices (RDOs) in areas placed under General Community Quarantine Alert Level 3 and higher levels, including out-of-district returns.

With this resolution, taxpayers may now proceed with the payment of their taxes at the nearest AAB notwithstanding the RDO jurisdiction. No penalty shall be imposed based on wrong venue filing and payment of taxes. Alternatively, taxpayers may also resort to Mobile Payment platforms such as GCash/PayMaya or Taxpayer Software Provider (TSP) MyEG.ph.

While acknowledging our resilience, we, as taxpayers, will need all the good things that we can get to overcome our anxieties during the pandemic. Lessons from the past, together with the beneficial tax issuances released by the government, will certainly help ease the burden during these times. Despite uncertainty, taxpayers need to adapt and push through. After all, nothing in this world is certain, except death and taxes.

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

 

John Alexis S. B. Sumulong is a senior in charge from the Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

pagrantthornton@ph.gt.com

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