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Arts & Culture (06/09/21)

Visit Art Fair Philippines 2021 website until June 15

ART Fair Philippines 2021, which went online for the first time this year, welcomed 44 exhibitors, over 276,000 website views, and over 40,000 visits. The art fair’s website (www.artfairphilippines.com) is still accessible until June 15. View the artwork and videos on the gallery pages, explore the photography galleries and exhibits, co-presented by Julius Baer, and watch digital artwork commissioned for the fair through the digital platform Daata. Learn more about non-fungible tokens in “Welcome to the Metaverse,” the NFT 101 Showcase which takes visitors through crypto basics, to understanding how to use a web3 wallet, to buying an NFT (non-fungible tokens), to meeting artists and gallerists that are embedded within the crypto art world. ArtFairPH/Talks, ArtFairPH/Tours, and ArtFairPH/Open Studios are still accessible for viewing.

BenCab museum hosts ‘Peace Time’ exhibit

THE BENCAB Museum will host the exhibit “Peace Time in the Country: 1930-1941,” a magazine covers exhibit from the Ortigas Foundation Library. The exhibit opens on June 12, 4 p.m., on view until Aug. 1. The illustration covers for Philippine Magazine for the period 1929-1941 reflect phases in the country’s artistic movement and historical passage. Three contributing artists and their cover works are examples: Fabian de La Rosa, the older and more seasoned, captured a dignified Filipino sensibility, asserting an identity at the end of one colonial period and into the next; Fernando Amorsolo, a generation younger, added depth to his mentor De la Rosa’s staid subjects, capturing, with exactness, the colors and atmosphere of the countryside; and, Diosdado Lorenzo, who was in his early twenties when the first of his wash drawings became magazine covers, departed from the formal artistry of the two artists and were regarded as modernist. There were several more works by Filipinos as well as by Europeans and Americans who painted local genre and added to the magazine’s allure. The magazine cover exhibit will be on view simultaneously with two solo exhibitions which are ongoing at the museum’s Gallery Indigo: “An Ode to Beauty” by Bullet Dematera and “Manila Ukiyo-E: We are All Time Machines” by Marius Black. Both open on June 12 and run until Aug. 1. Mr. Dematera’s artworks are a mix of realism to hyperrealism elements intermingled with pop art that create a hint of surrealism. Meanwhile, “Manila Ukiyo-E” is inspired by the 17th century Japanese art form Ukiyo-E, also known as art from the floating world, which depicts the daily lives of the people of Japan. This is Mr. Black’s fourth “Manila Ukiyo-E” show. This one tackles not only dreams but also the past, the present and the future, using paintings, photographs and poetry. For inquiries, send an e-mail to bencabartfoundation@gmail.com.

Instituto Cervantes tribute to filmmaker Berlanga

TO CELEBRATE the birth centenary of Spanish filmmaker Luis García Berlanga (1921-2010) this June, Instituto Cervantes is presenting the online film series Berlanga Turns 100. The films will be shown through the Instituto Cervantes channel on the Vimeo platform (vimeo.com/institutocervantes) and will be freely accessible for 48 hours from their start date and time. The film cycle continues on June 12 with the comedy Calabuch (1956), which tells the story of a scientist who goes to a small town after fleeing the senselessness of the escalating atomic policies of the great powers. Calabuch will be available for free on June 12 and 13 at: https://vimeo.com/548754830.

Mo_Space shows Joebau

MO_Space will open an exhibit of paintings by Joebau called “Throw Hide & Twist” on June 12, 10 a.m., on view through July 11. The gallery is open daily, from 10 a.m. to 6 p.m. For any inquiries, call 8856-7915, 0917-572-7970.

Gateway Gallery presents webinar on ‘Images of Freedom’

IN CELEBRATION of the 123rd anniversary of the country’s independence, the Gateway Gallery will tackle “Images of Freedom: Ultimate Creative Expressions of the Filipino” as its latest KulturaSerye webinar on June 19, 2 p.m. This free Facebook webinar will be hosted by contemporary artist Riel Jaramillo Hilario. He will discuss his list of artworks that manifest Filipinos’ high regard for freedom, dignity, and human rights. The select artworks will be discussed in their historical context and their significance to the Filipino people. Mr. Hilario is a multifaceted artist and independent curator based in Lucban, Quezon. He is a recipient of the Cultural Center of the Philippines 13 Artists Award and winner of the Ateneo Art Awards, the Philip Morris Philippine Art Awards, and the Don Papa Art Competition. He has written numerous monographs on Philippine art history, and has published articles in art journals both here and abroad. To watch this latest KulturaSerye webinar, viewers should “like” or “follow” the official Gateway Gallery Facebook Page and click “yes” to alert notifications for the Facebook Live. An electronic certificate will be given to attendees upon submission of the online feedback form. Pre-registration is not required for the KulturaSerye webinar. To know more about KulturaSerye, contact the Gateway Gallery at 8588-4000 local 8300, gatewaygallery@aranetagroup.com, or view its social media pages: Facebook (GatewayGalleryPh), Instagram (gateway.gallery), Twitter (gateway_gallery), and YouTube (Gateway Gallery).

Three shows at Silverlens

SILVERLENS opened three shows in May which can still be seen this month and next. Leslie de Chavez’s “A Lonely Picket in the Balcony” (until June 19) is an exhibition featuring paintings, sculptures, and installations that take an unflinching look at the social and political situation in the Philippines. These works investigate the struggles and inequalities faced by the marginalized — victims of systemic injustice, brought about by political indulgences. Kitty Taniguchi’s “Flower Moon” (until June 17) features the artist’s sketches and paintings. Ms. Taniguchi translates her inner life to whimsical figures and landscapes in striking colors. Based in Dumaguete, she is a widely exhibited artist, gallerist and poet both locally and overseas who manages her own art space. Jake Verzosa’s “The Last Tattooed Women of Kalinga” (until July 24) is one of the photographer’s most well-known series. These emotive images document a dying practice carved onto the bodies of elderly women. The series has been exhibited all over Asia, Europe, and North America in the last few years. Silverlens’ Online Viewing Room features the iconic photographs as well as behind-the-scenes images taken by the photographer. To view the exhibits, go to www.silverlensgalleries.com.

Salcedo Auctions’ Finer Pursuits sale

THE IDEA of juxtaposing the “old” with the “new” is the focus of Salcedo Auctions’ upcoming sale, Finer Pursuits, on June 26. It will feature a selection of 200 lots across various categories such as significant modern and contemporary Philippine art, museum-grade tribal and ethnographic art, and rare furniture, ecclesiastical objects and other valuable collectibles. Finer Pursuits will also feature a selection of rare, limited edition designer furniture pieces by Salcedo Auctions’ Modern & Contemporary Design Partner, CWC Interiors. The selection features design favorites such as the Eames La Chaise by Charles and Ray Eames, a Noguchi coffee table from the Herman Miller Collection, and a 75th Anniversary Limited Edition Eames LCW chair. View the online catalogue for Finer Pursuits at salcedoauctions.com. For inquiries, call 0917825-7449) or send an e-mail to info@salcedoauctions.com.

Webinar tackles the shape of cities after WWII

THE AYALA Foundation, Inc. — Filipinas Heritage Library (FHL) and US Embassy in the Philippines present “Shaping City Sense,” a free webinar which is part of “Liberation: War & Hope,” a series of events in commemoration of the 75th anniversary of the end of  (World War 2) WWII.  The webinar will be held on June 26, 10 a.m.  to noon (Manila time) online via Zoom and Facebook Live. In this free webinar, three historians reflect on the changing urban forms of three cities: Makati, Iloilo, and Zamboanga. Paulo Alcazaren, Meloy Mabunay, and Noelle Rodriguez connect those changes to Philippine democracy’s evolution before and after World War II. The webinar examines how the shaping of citizens occurs alongside cultivating their city sense. Showing this link are the expansions, improvements, and uses of streets, plazas, and other public spaces. Alcazaren, Mabunay, and Rodriguez use primary sources to recall the histories unique to the cities respectively in Luzon, Visayas, and Mindanao. They feature maps, letters, travelogues, postcards, and photos from their personal archives and FHL’s Roderick Hall Collection. Register here for Zoom access: bit.ly/ShapingCitySense. The event will also be streamed live on the Filipinas Heritage Library Facebook page. Viewers will receive a Certificate of Participation after answering the feedback form.

Art workshops for kids and teens

THE ANNUAL STAR Community Art Workshops is a series of free online trainings on the performing arts for aspiring kids and teen artists of local barangays around De La Salle-College of Saint Benilde. The classes will be facilitated by internationally lauded student-artist groups, to include the Coro San Benildo, Saint Benilde Romancon Dance Company and Dulaang Filipino of the Culture and Arts Unit. The Karilyo Shadowplay Collective, Production Operations Team and Cultural Promotions Team will likewise share their expertise. Aspiring performers may learn the basics of acting and theater through May Kuwento Ako, a storytelling workshop. Home Crafting guides those interested in upcycling household items into decorative yet functional pieces, while Pintahanan (Pinta + tahanan) holds a series of activities that encourage kids to have a creative outlet at the safety of their homes. The Build-a-Brand webinar is meant for budding entrepreneurs. In Creative Movement for Kids, hopeful young ballerinas may explore the proper form, coordination, movement and balance. Dancers who are into a more vibrant choreography may join the Hip Hop classes, while those who wish to try basic contemporary and improvisation techniques may opt for with Movement Exploration. There will be basic Guitar sessions and Voice Lessons for those who wish to learn the elements of chorale and theater singing. The sessions will run for approximately one hour per session and can accommodate 15 to 25 participants in a first-come first-serve basis. STAR Community Art Workshops are free and are scheduled on Saturdays, June 19 and 26 and July 3, 10 and 17. It will be conducted via Zoom. Those who wish to contribute to sustain the project and interested participants may access details at https://benildecultureandarts.com/.

Individual applications to rondalla workshop sought

THE SIXTH National Rondalla Workshop is now opening its doors to individual rondalla conductors and instrumentalists, the Artist Training Division of the Cultural Center of the Philippines (CCP) announced. While the workshop has been open only to group applications, it is now accepting individual applicants in response to popular demand. The workshop will be held on July 27-31 via Zoom. The workshop aims to reach the young musicians’ full potential as rondalla performers, especially with this online set-up. It will be led by Prof. Elaine Juliet Espejo of the Celso Espejo Rondalla and the UP Rondalla, and faculty member of the UP College of Music.  Workshop modules include sectional rehearsals per rondalla instrument, note reading sessions, and individual rondalla ensemble cliniquing sessions. The workshop will culminate in an online recorded performance that will be streamed via the CCP Facebook Page on Aug. 21. The workshop fee is P2,000 per participant slot (inclusive of online materials and newly arranged rondalla pieces). Limited slots are available.Applicants must send a duly accomplished application form which can be downloaded from http://bit.ly/CCPRondalla2021Individual, and an audio/ video recording of a recent performance of at least two pieces by the individual. Applications must be sent via e-mail to artist.training@culturalcenter.gov.ph. Deadline for submission of applications is July 9. Upon notice of acceptance, individual participants must pay the full amount (no reservation fee) on or before July 20. For more information, contact the CCP Artist Training Division by e-mail at artist.training@culturalcenter.gov.ph.

PRIDE month celebrated with artworks, discussions, comic

BENILDE celebrates Benilde Pride 2021 Sari-Saring Sarili: Pagmamasid, Pagmamahal, at Pagdiriwang ng Kanya-kanyang Katangian which includes storytelling, a video podcast, a webinar, and online art exhibitions. “Ilahad” is a virtual exhibit of sketches, mixed media and digital artworks, showcases the talent of promising LGBTQIA+ creatives. A six-part comic series entitled Kinaiya, named after the Filipino word for character or the good attributes and complexities that make a person’s identity, shares personal heartwarming stories of the diverse members of the LGBTQIA+ community. A video podcast entitled Kape Tayo! provides insightful conversations and friendly debates on the struggles of the LGBTQIA+ amid the ongoing pandemic. Those who wish to learn more about gay lingo may attend the webinar “Bekines,” an informative guide to the ins and outs of the sub-language. It likewise covers the historical context of the language from the so-called Sward speak in the 1970s to the latest Filipino gay slang. The event is hosted by BHive of the De La Salle-College of Saint Benilde, the first accredited LGBTQIA+ student-organization in the De La Salle Philippines. The artworks, discussions and comics are all available on view on the official Facebook account of the organization at https://www.facebook.com/BenildeHive/.

Penguin Random House SEA releases account of surviving medical trauma

AFTER suffering strokes, general practitioner Dr. Idayu Maarof underwent major surgery to remove a heart valve tumour believed to have caused the strokes. Unfortunately, what seemed to be the end of a journey was only the beginning of an even more arduous one that included a medically induced coma, and two brain surgeries. The book Dr. Maarof wrote with Mohd Firdaus Raih, A Consequence of Sequence: The Aftermath of a life seized by two tumors, contextually concludes how a sequence of events and decisions led to a particular consequence. This is not an account about being ill. This is story of acceptance, gratitude, and the struggle for a life worth living.

Lopez Holdings income slips as business units falter

LOPEZ Holdings Corp. generated P613 million in net attributable income to equity holders of the parent in the January-to-March period, down by 47% from the P1.16 billion earned in the same period last year due to the performance of its business units.

“Lower income generated by energy sector from FPH Group (First Philippine Holdings Corp.), higher foreign exchange losses and equity share in net losses from ABS-CBN [Corp.] through Lopez PDRs (Philippine depositary receipts) account for the decline,” the company said in a disclosure to the exchange on Tuesday.

In the first quarter, FPH saw a seven percent growth in net income attributable to P3.42 billion from P3.2 billion. However, its topline declined by five percent to P27.87 billion, with sale of electricity accounting for 83% of revenues from 84% in the same period in 2020.

Meanwhile, media giant ABS-CBN incurred a P1.95-billion loss in the first quarter, nearly twice its P763-million loss last year. Revenues fell by 55% to P3.92 billion from P8.64 billion.

The unaudited consolidated revenues of Lopez Holdings went down to P27.87 billion in the first three months, down by five percent year on year from P29.29 billion.

All of the company’s revenue items are said to be generated by FPH businesses.

Revenues from the sale of electricity were down by five percent to P23.26 billion, earnings from real estate improved by 12% to P2.31 billion, revenues from contracts and services declined by 16% to P1.85 billion, and sale of merchandise dropped by 18% to P454 million.

On Tuesday, Lopez Holdings shares at the exchange went down by one centavo to close at P3.29 each. — Keren Concepcion G. Valmonte

Philippine Labor Force Situation (Apr. 2021)

THE RANKS of unemployed Filipinos increased in April, when the government tightened lockdown restrictions in Metro Manila and nearby provinces to curb a surge in coronavirus disease 2019 (COVID-19) cases, data released by the Philippine Statistics Authority (PSA) showed. Read the full story.

Philippine Labor Force Situation (Apr. 2021)

How PSEi member stocks performed — June 8, 2021

Here’s a quick glance at how PSEi stocks fared on Tuesday, June 8, 2021.

PSEi advances after positive factory output data

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE shares climbed on Tuesday as positive April factory output data helped offset a report showing unemployment rose that same month and the World Bank’s lower economic growth forecast for the country.

The 30-member Philippine Stock Exchange index (PSEi) gained 45.80 points or 0.67% to close at 6,809.72 on Tuesday, while the all shares index went up by 17.51 points or 0.42% to end at 4,117.13.

“The PSEi inched higher despite the disappointing jobs data as well as reports that the World Bank, yet again, reduced its economic growth forecast on the Philippines,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said via e-mail.

“The increase in unemployment had almost no effect on the market as this is a temporary issue and was already expected and factored into valuations,” Mr. Mangun said, adding investors are still optimistic.

Data from the Philippine Statistics Authority (PSA) showed the country’s unemployment rate went up to 8.7% in April 2021, higher than the 7.1% recorded in the previous month.

Meanwhile, the World Bank cut its gross domestic product (GDP) growth forecast for the Philippine economy this year to 4.7% from its 5.5% estimate in March due to the reimposition of lockdowns following the renewed surge in coronavirus cases in the country.

“The local vaccination [drive] picking up speed and vaccine supply improving seem to be the focus of investors… [which] definitely raise hopes for [the] eventual reopening of the economy and greater GDP growth prospects,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan added in a text message that factory output data released on Tuesday also boosted sentiment.

Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries showed factory output, as measured by the volume of production index, surged by 162.1% year on year in April.

Majority of sectoral indices posted gains on Tuesday except for mining and oil, which dropped by 16.51 points or 0.17% to 9,488.68.

Meanwhile, property improved by 32.69 points or 0.98% to 3,361.61; holding firms gained 61.85 points or 0.9% to 6,881.54; services increased by 4.10 points or 0.26% to 1,529.89; industrials rose by 19.57 points or 0.21% to close at 9,118.29; and financials inched up by 1.52 points or 0.1% to finish at 1,446.57.

Value turnover increased to P5.29 billion with 2.37 billion shares switching hands on Tuesday, from the P4.19 billion with 1.86 billion issues traded the previous day.

Advancers outnumbered decliners, 110 versus 93, while 49 names closed unchanged.

Foreigners turned buyers anew with P29.01 million in net purchases on Tuesday against the P96.13 million in net outflows seen on Monday.

“With… the rise in infection rates, we may see sideways movement with major support at 6,600 while major resistance at 6,900,” Mr. Pangan said. — K.C.G. Valmonte

Peso drops on labor data

BW FILE PHOTO
THE PESO dropped versus the dollar following the release of data showing unemployment climbed in April.

THE PESO retreated against the greenback on Tuesday following the higher unemployment rate in April, which was caused by the reimposition of lockdowns due to higher coronavirus cases.

The local unit closed at P47.72 a dollar on Tuesday, depreciating by six centavos from its P47.66 finish on Monday, based on data from the Bankers Association of the Philippines.

The peso opened Tuesday’s session at P47.65 a dollar and climbed to as high as P47.645 during the day. However, it succumbed to the dollar’s strength to close nearer to its intraday low of P47.73 against the greenback.

Dollars traded dropped to $650.7 million on Tuesday from $724 million on Monday.

The peso depreciated versus the dollar due to data showing a higher unemployment rate in April, a trader said in an email.

Preliminary results of the Philippine Statistics Authority’s April 2021 round of the Labor Force Survey released on Tuesday showed an unemployment rate of 8.7%. This was higher than the 7.1% reported in March but lower than the 17.6% jobless rate in April 2020.

In absolute terms, there were 4.138 million unemployed Filipinos in April versus the 3.441 million in March and the 7.228 million in April 2020.

National Statistician Claire Dennis S. Mapa attributed the higher jobless rate to the renewed restriction measures in Metro Manila and nearby provinces as cases surged from late March to April.

The underemployment rate — the proportion of those already working but still looking for more work or longer working hours — worsened to 17.2% in April from 16.2% in March. This translated to 7.453 million underemployed Filipinos, more than the 7.335 million in the previous month’s survey.

The latest figure was lower than April 2020’s 18.9% underemployment rate, although there were fewer underemployed Filipinos (6.398 million) as many left the labor force that time.

Another factor that may have caused the peso’s decline versus the dollar on Tuesday was market reaction to a planned global minimum corporate tax rate by the world’s wealthiest economies, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

In a landmark agreement, the Group of Seven (G7) advanced countries’ finance ministers agreed to pursue a global minimum tax rate of at least 15% and to allow market countries to tax up to 20% of the excess profits — above a 10% margin — of around 100 large, high-profit companies, Reuters reported.

In exchange, G7 countries agreed to end digital services taxes, but the timing for that is dependent on the new rules being implemented.

The deal could pave the way for broader buy-in by G20 countries and some 140 economies participating in international negotiations over how to tax large technology firms such as Alphabet, Inc.’s Google, Facebook, Inc., Amazon.com, Inc. and Apple, Inc. All are expected to be included in the new, broader mechanism, which is targeted for a final international agreement in October.

For Wednesday, the trader expects the local unit to move within P47.60 to P47.80 versus the dollar, while Mr. Ricafort gave a forecast range of P47.67 to P47.77. — LWTN with Reuters

PEZA flags ‘more restrictive’ import tax rules under CREATE

ANFLOINDUSTRIALESTATE.COM

THE Philippine Economic Zone Authority (PEZA) raised possible problems its locators might encounter with new import tax rules after the implementation of a new law that cuts corporate income taxes and rationalizes incentives.

The investment promotion agency foresees “certain issues” once the law is implemented, noting that it expects rules on the duty-free import of capital equipment and raw materials to be more restrictive, PEZA Deputy Director General for Operations Harriet O. Abordo said in a statement Tuesday.

The implementing rules and regulations (IRR) of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act have yet to be released after the lapse of the May 17 target date.

PEZA incentives for investors usually include the duty-free importation of raw materials, but the agency is expecting new limitations on the scope of exemptions.

“Certain issues in implementation are anticipated since the IRR is now more restrictive on the coverage of tax and duty-free importation of capital equipment, raw materials, supply, and VAT-zero rating,” she said, noting that the scope of items eligible for exemption has effectively narrowed.

PEZA in April also flagged the potential exit of registered investors after a provision that would have allowed them to apply for extended incentives for the same activity was vetoed. President Rodrigo R. Duterte called the provision  “fiscally irresponsible” and unfair to taxpayers and enterprises with no incentives.

PEZA has, however, welcomed the signing of CREATE.

“Now that the CREATE is here, we have to move forward, thereby, it is very imperative for us to make this work. After all, we have one overriding objective: to generate investments so we can create jobs for our countrymen,” Ms. Abordo said. — Jenina P. Ibañez

Subic Bay authorities say talks to conclude soon with US company seeking Hanjin yard takeover

HANJIN FACEBOOK PAGE

THE Subic Bay Metropolitan Authority (SBMA) said it is near the conclusion of talks with an unidentified US company seeking to take over the lease of a shipyard left behind by the collapsed Hanjin Heavy Industries and Construction-Philippines, Inc.

“We are nearing completion. Paperwork has already been laid out and done,” SBMA Business and Investment Department Manager Karen G. Magno said in a webinar Tuesday.

The previous operator, Hanjin Heavy Philippines, declared bankruptcy in 2019.

Ms. Magno did not discuss the status of the proposal put forward by Australia’s Austal Ltd., which said last month that its own negotiations with creditor banks were ongoing.

“We have been reporting to the National Government. We were supported by the Department of Finance. We were even talking to the Philippine Navy, because as we already know they are going to be a tenant of this American company.”

SBMA Chairperson Wilma T. Eisma said in a mobile message that a court overseeing the shipyard’s rehabilitation will have a say in the final settlement.

Ms. Eisma added in response to a query that the SBMA’s involvement with the US company is as Hanjin Heavy’s lessor.

“Hindi po kasali ang SBMA sa discussions na ‘yon kasi lessor lang po kami ng Hanjin (The SBMA is not a party to the bank discussions because we are just the lessor to Hanjin),” she said, referring to separate talks with Hanjin’s creditors for the collapsed company’s assets.

The Philippine Navy recently announced that it has signed a preliminary term sheet committing 100 hectares of the yard for the use of its ships.

Hanjin started operating the shipyard at the Subic Bay Freeport Area in 2006, becoming one of the biggest shipbuilders in the Philippines before collapsing in 2019. — Jenina P. Ibañez

Private schools ask court to void BIR bid to impose 25% tax

PHILIPPINE STAR/ MIGUEL DE GUZMAN

PRIVATE SCHOOLS filed a petition with the tax court Monday to halt the implementation of the Bureau of Internal Revenue’s (BIR) Revenue Regulation 5-2021, which bars for profit educational institutions from availing of a 1% tax rate. 

The Philippine Association of Colleges and Universities, the Coordinating Council for Private Educational Associations and 27 Proprietary Educational Institutions, claimed that the BIR mistakenly applied the taxation rule for “non-profits” which only refers to hospitals in the National Internal Revenue Code, as amended by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law. 

The BIR regulation “went beyond the language of Sec. 27 (B) of the Tax Code as amended by the CREATE Law, as the term “non-profit” (covers) only qualified hospitals,” the petitioners’ lawyer Joseph N. Estrada said in a Viber message. 

Mr. Estrada added that “(t)he issuance violates Sec. 4, Article XIV of the 1987 Philippine Constitution, which completely exempts non-stock non-profit schools, and allows preferential treatment, like the lower 10% rate, to Proprietary Educational Institutions.” 

The CREATE law allows eligible companies to avail of reduced corporate income tax rates as a form of economic relief. It reduced the rate for proprietary educational institutions to 1% from 10% for the three years to July 2023. 

However, the BIR issued Revenue Regulation 5-2021 on April 9, claiming that the CREATE law is applicable only to “non-profit” organizations, and that the applicable rate for private schools is 25%. 

On June 3, Senator Juan Edgardo M. Angara filed Senate Bill 2272 to amend Section 27 (B) of the National Internal Revenue Code to remove any ambiguity about its application to private schools. On Tuesday, seven senators signed on as co-sponsors. 

In a letter from Mr. Angara to the Senate Bills and Index Service on Tuesday, he said Senators Ralph G. Recto, Juan Miguel F. Zubiri, Emmanuel Joel J. Villanueva, Maria Lourdes Nancy S. Binay-Angeles, Sherwin T. Gatchalian, Mary Grace Natividad S. Poe-Llamanzares, and Richard J. Gordon Sr. “would like to be made co-authors of (the bill).” 

“At times like these when so many Filipinos are having a hard time due to the pandemic, it is not timely to impose high taxes, particularly to private schools that are currently having a very hard time with the crisis they are facing,” Mr. Angara said in Filipino in a statement Tuesday. 

Mr. Angara added: “The intention of CREATE was to provide tax relief to industries affected by the pandemic and not to place an additional burden on them just like what this BIR issuance has ended up doing to the private educational institutions.” — Bianca Angelica D. Añago

MGB says automatic renewal looms for exploration periods

THE Department of Environment and Natural Resources (DENR) is expected to release an administrative order that will allow for automatic renewals of the period set for mining exploration, according to an official of the Mines and Geosciences Bureau (MGB).

Danilo D. Deleña, MGB Mining Tenements Management Division OIC-chief, said during the first day of an MGB stakeholder forum Tuesday that the guidelines for the automatic renewal of the exploration period in potential mining areas are laid out in the Administrative Order.

Mr. Deleña said the order, “Guidelines for the Automatic Renewal of the Exploration Period and the Timely Declaration of Mining Project Feasibility (DMPF) under the Exploration Permit (EP), Mineral Production Sharing Agreement (MPSA), Financial and Technical Assistance Agreement (FTAA), and similar mining tenements” is nearing publication.

“I checked with the DENR, and it said that the administrative order is in the process of publication in a newspaper of general circulation and likewise for publication in the UP Office of the National Administrative Register,” Mr. Deleña said.

“We are hoping that in the next couple of days, the administrative order will be released,” he added.

According to Mr. Deleña, the administrative order seeks to ensure the continuity of exploration activities by all permit holders, contractors, and other parties to mining tenement concessions. 

He added that the order also aims to ensure the timely filing of the DMPF and that all permits are moving mining tenements.

“The administrative order shall cover all EPs, MPSAs, FTAAs, and similar mining tenements under exploration stage,” Mr. Deleña said.

Previously, Section 22 of DENR Administrative Order 2010-21 or the Revised Implementing Rules and Regulations of Republic Act No. 7942 or the Philippine Mining Act of 1995 provides for two-year effectivity of exploration permits from the date of issuance. 

The restriction on renewals is that they be “renewable for like periods but not to exceed a total term of four years for non-metallic mineral exploration or six years for metallic mineral exploration.”  

Meanwhile, Mr. Deleña said the decision to allow automatic renewal has been studied extensively in the wake of consultations that yielded complaints about the difficulty of the renewal process.

He also assured that the government has the power to take action if the mineral exploration is taking longer than needed.

“They should be financially and technically capable to conduct exploration activities. In cases that a problem occurs, there is no other way but to take action and can be one of the possible grounds for cancellation,” Mr. Deleña said.

In April 14, President Rodrigo R. Duterte issued Executive Order No. 130 that lifted the ban on new mineral agreements and allowed the review of current mining deals for potential renegotiation.

After the law’s signing, MGB disclosed that revenue amounting to P21 billion can be generated by the 100 mining projects in the pipeline, which can be used to help support the economic recovery. — Revin Mikhael D. Ochave

Senator calls for amendment to remove listing requirement for generating firms

SMCGLOBALPOWER.COM.PH

SENATOR Sherwin T. Gatchalian, who chairs the chamber’s committee on energy, has proposed a measure to do away with the initial public offering (IPO) requirement for power generation companies (gencos) to increase the sector’s attractiveness to potential entrants.

“The initial purpose of the public offering requirement for generation companies in the EPIRA (Electric Power Industry Reform Act) has been rendered irrelevant given all the developments in the electric power sector. If we were to encourage more investment in generation to meet our demand needs in the next 20 years, it is crucial to eliminate this additional barrier to entry,” Mr. Gatchalian said in a statement Tuesday, citing the bill he filed last month.

Senate Bill No. 2217 seeks to remove the IPO requirement for gencos, amending a section of the EPIRA.

Under the EPIRA, gencos and distribution utilities which are not publicly listed must offer and sell not less than 15% of their common shares to the public.

“For existing companies, such public offering shall be implemented not later than five years from the effectivity of (the Renewable Energy) Act. New companies shall implement their respective public offerings not later than five years from the issuance of their certificate of compliance,” according to EPIRA.

Mr. Gatchalian said new entrants will encourage competition in the sector.

“In order to promote competition and encourage market development, we have to relax some policies such as the public listing which proved to be burdensome to generation companies especially to small renewable energy (RE) gencos that have difficulty in complying,” he said. 

The generation sector needs to attract additional investment since the Philippines will require an additional 71,817 megawatts (MW) of installed capacity in the next 20 years, he said.

Of the added capacity, some 9,508 MW or 13.24% must come from RE plants in order to meet the renewable portfolio standards requirement under the RE Act of 2008, he said.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said that the proposed removal of the IPO requirement may allow some firms to venture into generation because of the easing of the entry criteria.

He told BusinessWorld Tuesday that new entrants hold the potential to “broaden the ownership base of the power or energy sector.”

The elimination of the public listing requirement for gencos will “reduce their administrative requirements,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.

He noted that companies incur costs and expend administrative effort to maintain a publicly listed company.

He noted, however, that the requirement for listed firms to disclose relevant information affords more protections to investors and the general public.

China Bank Securities Corp. Research Associate Zoren Philip A. Musngi also said in an e-mail that the removal of the listing requirement will make governance less transparent.

The President of BDO Capital & Investment Corp., Eduardo V. Francisco said he does not think that lifting the requirements for gencos’ IPO “will change or reduce interest” in companies interested in engaging in power generation.

“Why single out the sub-industry (of power generation),” he said, noting that the exemption from listing should also apply to power distribution and transmission. “Then all banks and other industries with BoI (Board of Investments) incentives (that) require listing, should be released from having an IPO,” he told BusinessWorld.

“I think this will be bad for the capital markets as investors won’t have a chance to own selected industries,” Mr. Francisco added. — Angelica Y. Yang

Book industry claims losses of P240 million from DepEd ‘modules’

PHILIPPINE STAR/ MICHAEL VARCAS

THE BOOK industry will sustain P240 million in losses from teaching materials reproduced by the Department of Education (DepEd) without a licensing agreement, a copyright organization said.

Filipinas Copyright Licensing Society, Inc. (Filcols) in a statement Tuesday said that the department’s Order No. 18-2020 directing teachers to reproduce learning modules during the pandemic represents lost income for authors and publishers.

Educators have turned to distance learning during the pandemic, with public schools also delivering printed learning modules to students.

“If DepEd will not sign an agreement with Filcols, we estimate a loss of P240 million,” Filcols said, adding that the basis for its estimate is an assumed license fee of P10 for 24 million students. 

Substantial portions of published books should not be reproduced without the author’s permission, Filcols Executive Director Alvin J. Buenaventura said.

A collective management organization that provides licenses for large-scale reuse of published work, Filcols said that DepEd has not taken out a license for the reproduction of works as it turned to distance learning during the pandemic.

“(The) department order resulted in market failure and loss of income for our authors and publishers,” Mr. Buenaventura said.

The organization, he said, is waiting for DepEd to agree to a fee for using the learning modules after starting talks in May last year.

DepEd had yet to respond to a request for comment at deadline time. — Jenina P. Ibañez

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