Home Blog Page 6636

AllDay Marts income up 80% to P395M as sales climb

SUPERMARKET operator AllDay Marts, Inc. reported unaudited net income growth of 80% to P394.9 million in 2021 on higher sales productivity and lower operating expense ratios.

“AllDay’s remarkable performance for 2021 is a continued validation of our value proposition, and bodes well for the company’s long-term prospects. AllDay’s distinct in-store experience, coupled with an increasingly efficient e-commerce model, has proved to truly resonate with our growing customer base of Filipinos who show an increasing preference for differentiated and experience-driven retail,” AllDay Chairman Manuel B. Villar, Jr. said in a statement on Wednesday.

In 2021, AllDay reported that sales were up by 19% to P 9.46 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) also improved by 9.1% in 2021 from 7.9% in 2020.

“As the country is well on its way to recovery from the pandemic, we will continue to focus on growing the business towards our 100-store milestone by 2026,” Mr. Villar said.

As of January, AllDay has a network of 35 stores in the country.

Last year, the company had its P6.03-billion initial public offering, which was about four times oversubscribed, raising a combined P4.52 billion by selling 7.52 billion shares at 60 centavos each.

“AllDay’s remarkable growth in 2021 befits our first year on the PSE (Philippine Stock Exchange). We believe that this puts us on strong footing to continue implementing our blueprint for AllDay: an in-store experience comparable to the best that the world has to offer, featuring even smarter customer facing technology, comprehensive product offerings, curated international selections, as well as better-tuned e-commerce capabilities. On the strength of these, we remain confident in our ability to deliver even better value to our stakeholders,” AllDay Vice-Chairman Camille A. Villar said.

AllDay Chief Executive Officer Frances Rosalie T. Coloma said the company’s performance in 2021 “confirms the Filipino market’s affinity for upgraded experiences — both in-store and online.”

“With fresh funds available to us by way of our successful IPO, we are put in a much stronger financial position as we can move forward with minimal debt load. This, in turn, allows us to fully focus our capacities towards our store network expansion. As we ride the tail end of the pandemic on this high note, we are increasingly confident as we continue to bring AllDay to even more locations across the country.”

At the stock exchange on Wednesday, AllDay shares were up 4.44% or P0.02 to close at P0.47 apiece. — Luisa Maria Jacinta C. Jocson

First Gen test-drives integrated EV project

FIRST Gen Corp. has launched on Wednesday its electric vehicle (EV) initiative called GreenWheels, a project that the company said will bring it closer to carbon neutrality.

“EVs do not spew CO2 (carbon dioxide) and other pollutants into the atmosphere, and these vehicles’ increasing popularity now expands their role in reducing emissions from the transport sector. By utilizing a solar-powered charging station, even the power used to charge the EVs becomes clean. This further optimizes and enhances the role of EVs in cutting down CO2 emissions and mitigating climate change,” First Gen President Francis Giles B. Puno said in a media release.

The project will be used inside the company’s Clean Energy Complex in Batangas City, supporting its push for reduced carbon emissions.

First Gen said under the GreenWheels project, it developed a fast EV charging station, which can accommodate multiple EVs, inside the complex.

“For the test vehicle, First Gen has acquired a Nissan LEAF, one of the first passenger EVs to hit the Philippine market,” it said.

After the pilot testing, the electric vehicle unit was calculated to be able to reduce 3 tons of carbon emissions after a 50-kilometer drive a day. A car that runs on fossil fuel can emit the same amount of carbon emission in a year.

The same calculations showed the acquired car can run up to 311 kilometers in one full charge.

Mr. Puno said the transport sector is a “crucial” factor in mitigating climate change.

“As part, therefore, of our mission to forge collaborative pathways for a decarbonized and regenerative future, we are pilot-testing the GreenWheels Project to understand its potential in reducing our carbon footprint and evaluate the feasibility later of developing it,” he said.

On Monday, First Gen reported that it ended last year with “flat earnings” of P12.4 billion attributable to equity holders due to more expensive fuel prices offsetting higher electricity sales as power demand recovered to pre-pandemic levels.

First Gen shares at the local bourse went up 30 centavos or 1.24% to close at P24.55 apiece on Wednesday. — Marielle C. Lucenio

Keeping things sweet

Finding the right combination of ingredients leads to diabetic-friendly ice cream

THE SUGAR-FREE variety of artisanal ice cream brand Sebastian’s Ice Cream was spurred on by a personal story.

“My dad was diabetic, and so it was drilled into me early on what life with diabetes was like: how eating sugar could literally do them great harm, and watching people with diabetes have to live without foods everyone takes for granted,” said Ian Carandang, founder and resident sorbetero (ice cream dealer) at Sebastian’s Ice Cream in an e-mail to BusinessWorld. “When I started making ice cream for a living, it was important to come up with an ice cream that felt and tasted just like regular ice cream without compromising the quality.”

Mr. Carandang announced the arrival of Sebastian’s Cookie Dough flavor earlier this month for its Sweet Freedom sugar-free line, although other flavors have been available since the early years of the brand, founded 2004.

In a Facebook post from March 1, 2022, the brand said, “From the very start of our shop, Cookie Dough has been our top-selling ice cream flavor. There’s something about the sublime combination of Vanilla Ice Cream and unbaked cookie dough. After months of tests and research, we have FINALLY made a sugar-free version as good as the original!”

The post said that the Cookie Dough Ice Cream is made with sugar-free vanilla ice cream mixed with sugar-free unbaked chocolate-chip cookie dough with walnuts. The ice cream and cookie dough are sweetened with isomalt, and it uses Hershey’s sugar-free chocolate chips sweetened with maltitol.

“It’s tricky making truly sugar-free flavors because a lot of ingredients have sugar mixed into them already: cookies, candy, chocolate, etc.,” Mr. Carandang told BusinessWorld. “Our first batch of flavors were constrained by that, and me choosing sugar-free ingredients: coffee, mocha, chocolate. We’ve had the same roster of flavors for years, and I decided it was time to try and make sugar-free versions of our popular flavors, so our sugar-sensitive customer base could enjoy our best flavors as well. It ended up taking more steps: making the fudge chunks for chocoholics, making our own halaya (mashed sweetened purple yam dessert) for sapin-sapin (a colorful Filipino rice cake). But these steps were worth it.”

Other flavors in the Sweet Freedom line include French Vanilla, Butter Pecan, Chocoholics Anonymous, Sapin-Sapin, Ubetopia, and Up All Night.

SUGAR SUBSTITUTES
“The difficult part was sourcing sugar-free chocolate chips that tasted good because a lot of sugar-free chocolate has textural issues. When I found a supplier of Hershey’s sugar free chocolate chips, that’s when I knew I could do this flavor. Once we had the chips, mixing in our sweetener into cookie dough replacing regular sugar was simple enough.”

He discussed the differences in working with artificial sweeteners to make ice cream, as opposed to using conventional ingredients. “You have to take texture into account as well. Along with sweetness, sugar prevents the formation of ice crystals and helps give ice cream that creamy mouthfeel. Not all sweeteners perform the same way. In addition to that, some sweeteners aren’t as sweet as regular sugar and have a wall on how sweet they can be, which when working with a frozen product can be difficult, because flavors are dulled when frozen,” he said. “You have to make everything just a little sweeter than usual in the cooking stage for it to taste the way you want it to taste in its final form, which means you need a strong sweetener. We settled on a supplier that makes isomalt mixed with a little acesulfame-K for added sweetness.”

Mr. Carandang mentioned that the ice cream contains both isomalt and maltitol, and provided links to this writer for more information about the artificial sweeteners.

“It was important for me to make sure I knew what was going into the products we were making, so I did my research,” he said.

According to Polyols (polyols.org), isomalt is made from sucrose and “looks much like table sugar.” According to the website, “It is white, crystalline and odorless. Isomalt is a mixture of two disaccharide alcohols: gluco-mannitol and gluco-sorbitol.” According to Polyols, it claims to have lower caloric value, support gut health, has a “very low blood glucose and insulin response,” and carries less risk for dental caries. As for maltitol, Food Insight (foodinsight.org) says that it is a type of carbohydrate called a sugar alcohol, or polyol, and contains “half as many calories as sugar and is 90% as sweet.”

“As it is with most sugar substitutes, there is no perfect response as every study one finds that says that a sweetener is healthy, another one can be found that says it causes side effects and health risks,” said Mr. Carandang. “What I can say is that this is the best combination I found that was able to keep prices at a reasonable level —  the next viable sweetener, erythritol, would have ended up making a pint cost P700 per pint,” he said. “What I can tell people is that to look at the sweetners, do their own research and make their own informed decision about it.”

AN INDULGENCE
“I am not just someone who works with artificial sweetener, I am someone who has benefitted from it and is very grateful to it,” he said, saying that Coke Zero and Diet Dr Pepper are his favorite drinks, “It allows me to enjoy my favorite drink without putting myself at diabetic risk because despite my shape, I am still diabetes-free.”

Still, despite Sweet Freedom’s sugar-free status, Mr. Carandang wouldn’t call this particular line a healthy food.

“I wouldn’t call it a healthy food. I would call it an indulgence that is accessible to people who can’t eat sugar for one reason or another.” The rest of the ingredients still include items like egg yolks, milk, and cream. “It may have fewer calories because it doesn’t have sugar, but it is definitely still calorific.”

Aside from the personal reasons he gave, Mr. Carandang touched on the practical side for having more options for people with dietary restrictions: “It’s a changing marketplace,” he said. “People are more aware of what’s going into their bodies and want more say into what they eat.”

He pointed to his ginataan-based (coconut milk) ice creams, which are 100% dairy-free and vegan-friendly. “I want to go beyond coming up with variants on coconut flavors. It’s still early, but plant-based, dairy-free products are definitely on my mind and it’s something I’ve been working on in the kitchen, but I wouldn’t say to expect anything in the near future because I want to do this right.”

NO MORE MALL STALLS
On another note, Mr. Carandang’s ice cream reach has gone beyond his Podium branch. He has resellers through Rachel’s Fine Foods in Ortigas, FrozenMNL for Metro Manila, Rizal, Bulacan, and Cavite; going as far as having a reseller in Tarlac (among others).

“Distributors have been essential to our business, especially during the pandemic. We’ve learned during the two-year lockdown that putting up mall branches sinks too much capital into one fixed location which does not have a guaranteed market and with heavy regular costs like rent, labor and utilities,” he said. “Since our product is basically resold and not produced onsite in the way milk teas or cookies are, when you boil it all down, for our business setup, all that is needed is an electrical outlet for a freezer, and someone to sell it,” he noted.

“Having distributor partners either in markets far from our shop or partners who have a better distribution network for frozen products like FrozenMNL have shown that we can expand our network without having to sink down six figures on a mall branch,” he added. “We’re not saying we’ll never have another mall branch again, but we will be far more focused on expanding our network, and not having a shop for the sake of having a shop.”

Sebastian’s Ice Cream is available at the Podium mall in Ortigas Center, Pasig, and can be delivered through sebastiansicecream.com, or through www.frozenmnl.com. — Joseph L. Garcia

Five entities subscribe to ACEN shares for P8.29 apiece

AC ENERGY Corp. (ACEN) on Wednesday said it had executed subscription agreements with five subscribers to nearly 390 million of its shares priced at P8.2889 apiece.

In a disclosure to the exchange, ACEN said the subscribers were UPC Philippines Partners Ltd. for 19,059,423 shares; Wind City, Inc. for 142,668,634 shares; Estanyol Holdings Ltd. for 153,493,200 shares; Tenggay Holdings Ltd. for 70,525,763 shares; and Alan Kerr or collectively known as the UPC Philippines group for 4,248,813 shares.

The Ayala-led company earlier said its board of directors had approved the issuance of up to 390 million ACEN common shares to the owners, affiliates, and/or partners of UPC Philippines priced at P11.32 apiece.

“The subscription price was determined taking into account the volume-weighted average price for the previous three trading days prior to the submission of the allocation notice on March 21,” the company said, adding that the prevailing US dollar-Philippine peso exchange rate was also used.

Earlier, ACEN and it energy developer subsidiary ACE Endevor, Inc. signed an agreement to purchase the ownership interest and subscription rights of UPC Philippines Wind Investment Co. BV and a certain Stella Marie L. Sutton in 12 power companies.

The move to take over UPC Philippines will allow ACEN to have ownership of the former’s development projects consisting of more than 2,300
megawatts (MW) of pipeline projects currently under development.

ACEN aims to become the biggest listed energy platform in Southeast Asia as it plans to put up 5,000 MW of renewable energy (RE) capacity by 2025.

Shares in the company went up by six centavos or 0.75% to P8.03 apiece at the stock exchange on Wednesday. — Marielle C. Lucenio

India’s Zomato faces heat for plans to deliver food in 10 minutes

MUMBAI — Indian food-delivery giant Zomato Ltd. is facing a backlash on social media for its plans to roll out a 10-minute food service that critics say raises road-safety risks for delivery riders.

CEO Deepinder Goyal said in a post late on Monday the service “Zomato Instant” would rely on a densely located network of so-called food “finishing stations,” which will house bestseller items from restaurants and use a sophisticated demand prediction algorithm.

“Nobody in the world has so far delivered hot and fresh food in under 10 minutes at scale,” Mr. Goyal wrote on LinkedIn and Twitter. “We were eager to be the first.”

Within hours, Zomato’s announcement sparked a flurry of responses. A lawmaker questioned the business model while executives raised concerns about rider safety on Indian roads.

Zomato, which counts China’s Ant Group as an investor, did not respond to requests for comment.

Many on social media urged a rethink, saying food can wait as even ambulances in India take longer to reach patients. Some on LinkedIn questioned the need for such a model.

“I don’t want to eat food that someone has brought to me while keeping his life at risk,” wrote Gunjan Rastogi, a researcher at India’s RSB Insights & Analytics.

Karti P. Chidambaram, an Indian lawmaker, tweeted: “This is absurd! It’s going to put undue pressure on the delivery personnel.”

The Zomato CEO’s Monday announcement started by saying: “We will start with a clarification… we do not put any pressure on delivery partners.”

After it failed to convince many, Mr. Goyal issued another tweet on Tuesday stressing that delivery will be “safe” for riders who will face no penalties, urging people to understand the model “before the outrage.”

“Quick commerce” grocery startups in India have been a rage with SoftBank-backed Blinkit and rival Zepto expanding rapidly. Reuters reported in January delivery bikers said they faced pressure to meet deadlines, which often led to speeding, for fear of being rebuked by store managers.

Critics say risks are too high on Indian roads. Even in cities, most roads are riddled with potholes and motorists violate basic rules. The World Bank says India has a death every four minutes on its roads and crashes kill around 150,000 people each year.

Nevertheless, many customers have been hooked to quick commerce grocery services to meet their instant shopping needs.

“I would be happy to get my food in 10 minutes,” said one LinkedIn user, Sonu Sekharan. — Reuters

UAAP S84 comes fully alive with thrilling action-packed coverage

SCHOOL fever heats up anew after two years as the UAAP highlights men’s basketball, cheerdance, and women’s volleyball in the most comprehensive broadcast coverage from Cignal and Smart.

March breaks ground with thrilling hardcourt clashes and fiery dunks as the University Athletic Association of the Philippines (UAAP) league formally opens its Season 84, tipping off this March 26 at the Mall of Asia Arena with live coverage from Cignal and Smart — the new official UAAP broadcast partners.

Cignal, the country’s leading pay TV provider, will be airing its live coverage of the UAAP Season 84 via One Sports (free-to-air), in high definition on the UAAP Varsity Channel (pay TV), and Cignal Play (OTT streaming). Smart will also be digitally streaming the UAAP events on its Smart GigaPlay app.

School spirit is sure to be reignited as UAAP fans root for their favorite teams and student cagers in the country’s premier collegiate sports league. Games will be seen every Tuesday, Thursday, and Saturday — 10 a.m. 1 p.m., 4 p.m., and 7 p.m. — with all games airing live on the available platforms.

Since fans are not yet allowed to watch the games live from the venue, Cignal and Smart make sure to bring the action closer to fans as they boast of a unique pool of veteran and new broadcast talents, credible UAAP analysts, and 18 UAAP Season 84 correspondents — a major first in the league’s colorful history — ensuring that fans won’t miss out on the UAAP experience.

“With Cignal and Smart providing an extensive coverage of the UAAP tournament, we welcome the whole collegiate community and the passionate fans who are part of the UAAP journey, from beginning all the way to the championship games. Together, we experience a more thrilling UAAP season as the hardcourt comes ‘fully alive’ once more with the intense basketball action we’ve all been craving for. Rest assured that we will be giving the best possible front-row coverage of the UAAP games for the whole basketball community to enjoy,” said Cignal President and CEO Robert P. Galang.

“Our partnership with UAAP is aligned with our commitment to bring our subscribers closer to their passions, powered by no less than the country’s fastest mobile data network. We thank the organization for all their hard work to finally kick off the games, and we wish the best of luck to all the teams as they play for passion and pride,” said Alfredo S. Panlilio, PLDT, Inc. and Smart president and CEO.

“We are all excited for the start of UAAP Season 84, with men’s basketball opening on Saturday. There is no doubt that this has been one of the toughest periods in the history of the UAAP. But we have slowly but surely adapted in these challenging circumstances. The new season is truly a testament to the strength and resilience of the UAAP and its member-schools. There will be championships contested, but our goal is to make sure that we have the entire UAAP family safe and healthy at all times,” said UAAP Executive Director Rebo Saguisag.

UAAP Season 84 tips off with men’s basketball, followed by the much-anticipated cheerdance competition and the women’s volleyball in May.

URC ramps up water conservation efforts

UNIVERSAL Robina Corp. (URC) said that it is planning to implement more water conservation initiatives as part of its sustainability efforts.

“We recognize that water is a non-renewable resource, and that it is an essential input material in the production of our products,” URC President and Chief Executive Officer Irwin C. Lee said in a statement on Wednesday.

Since 2018, URC reported that it has saved over 11 million cubic meters of water with its conservation efforts.

In 2021, the company said it recycled over 860,000 cubic meters of water, which is enough to cover the water needs of 2.26 million people in a day.

“These were all achieved via URC’s reduce, reuse and recycle program meant to optimize water use. URC has been reducing its water consumption by fixing leaks, replacing pipes with more durable materials like stainless steel, eliminating production wastage, improving the efficiency of its water treatment facilities, and using rainwater harvesting methods,” the company said in a statement.

URC said it reuses water when cleaning pallets, watering plants and flushing toilets; and recycles water meant for washing critical raw materials used in its products, such as unpeeled potato.

The company also has environmental stewardship initiatives, including reforestation programs, coastal, river and drainage clean-up drives, and mangrove-planting activities.

In partnership with the Department of Environment and Natural Resources (DENR), around 7,600 seedlings were planted across different sites.

The company’s sugar and renewables group also signed a memorandum of agreement with the DENR to adopt a 3-hectare forest in Manjuyod, Negros Oriental and another 5-hectare forest in San Enrique, Iloilo.

Last year, URC reported its net income more than doubled to P24.3 billion. Excluding sales in Oceania, the company reported growth of 3% to P117 billion for the full year.

At the stock exchange on Wednesday, URC shares went up by 3.52% or P3.80 to finish at P111.90 per share. — Luisa Maria Jacinta C. Jocson

Yields on term deposits decline on bond issue, lower oil prices

YIELDS on the central bank’s term deposits dropped on Wednesday after the government’s latest bond issuance and the decline in oil prices.

Total bids for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P514.845 billion on Wednesday, surpassing the P370-billion offer as well as the P446.48 billion in tenders a week ago.

Broken down, bids for the seven-day papers amounted to P198.738 billion. This is higher than the P150 billion auctioned off by the BSP and the P185.754 billion in tenders seen a week earlier.

Accepted rates were from 1.83% to 2%, narrower than the 1.7% to 2.1% range in the previous week’s auction. This caused the average rate of the papers to decline by 1.36 basis points (bps) to 1.9467% from 1.9603% previously.

Meanwhile, the 14-day papers fetched bids amounting to P316.107 billion, well above the P220-billion offer and the P260.726 billion in tenders the previous Wednesday.

Lenders asked for yields ranging from 1.8825% to 2.1%, slightly narrower than the 1.8% to 2.21% band seen on March 16. With this, the average rate of the two-week term deposits fell by 5.31 bps to 2.0374% from 2.0905% in the prior auction.

The central bank has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of securities with the same tenor.

The term deposits and the 28-day bills are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

TDF yields declined after the government’s latest bond issuance, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Bureau of the Treasury raised $2.25 billion through a triple-tranche dollar-denominated bond offering, it said on Tuesday.

Broken down, the Treasury sold $1 billion through its maiden 25-year green bond offer, $500 million through five-year bonds, and another $750 million through its 10.5-year bonds.

The market also factored in the decline in oil prices, Mr. Ricafort added.

Reuters reported the global oil prices posted a second straight weekly loss after hitting 14-year highs two weeks ago amid the escalating Russia-Ukraine war.

Local prices of gasoline, diesel, and kerosene were rolled back by P5.45, P11.45, and P8.55 per liter on Tuesday, respectively, after 11 straight weeks of increases. However, these prices are still up by P14.90, P19.20, and P16.35 per liter, respectively, since the start of the year. — Luz Wendy T. Noble with Reuters

Italian conductor Ruggero Barbieri, 60

RUGGERO BARBIERI

RUGGERO Barbieri, Italian conductor and former music director and principal conductor of the Philippine Philharmonic Orchestra (PPO), died at age 60 of a brain aneurysm at the Pope John XX111 Hospital in Bergamo, Italy on March 20.

Mr. Barbieri had worked with the PPO from 1996 to 2004 and was the first foreign conductor to hold two consecutive terms with the orchestra.

“It is with deep sadness for the PPO to have received the news of the passing of our former music director and principal conductor, Maestro Ruggero Barbieri yesterday, March 21, 2022,” said PPO orchestra director Eugene Delos Santos in a statement from the Cultural Center of the Philippines (CCP). “As music director from 1996 to 2004, he was an amazing and generous mentor who tirelessly contributed to the training and musical growth of the PPO. We feel so lucky that we got to know and learned from him during his term as our principal conductor. He will surely be missed.”

Mr. Barbieri brought the orchestra on a series of successful Asian and European tours, including its first European Concert Tour in 2001 which he organized and conducted.

Mr. Barbieri made his Asian debut as an opera conductor with Puccini’s Madama Butterfly at the CCP in 1997, followed by Don Giovanni (1999) and Il Trovatore in Singapore (2001).

More recently, Mr. Barbieri conducted the Pundaquit Virtuosi String Ensemble’s European tour in June to July 2019, organized by the Department of Foreign Affairs in Manila. Had it not been for the COVID-19 pandemic, he was set to be the group’s Resident Conductor in the beginning 2020.

“We owe many of our memorable, magical and cinematic moments to the Maestro, not only in music-making, but outside as well,” wrote founder and Artistic Director of the Pundaquit Virtuosi, Alfonso “Coke” Bolipata on social media. He went on to tell about when the conductor “unexpectedly appeared backstage in Belgium a minute before the rising of the curtain, as we were about to walk onstage… with his booming bass, already clad in his signature blue barong and holding his baton.”

From 2003 until 2019, Mr. Barbieri would conduct the PPO at the annual Christmas Concert at The Pen, returning to the Philippines for the occasion when he was based in Italy. He had been scheduled to return this year to conduct the concert again.

Posting a video clip on Facebook of her rehearsal with the PPO for the Christmas concert in 2019, soprano Alexa Kaufman wrote: “He is one of the most appreciative and kind conductors I know. May he rest in peace.”

Born on May 5, 1961 in Bergamo, Italy, Mr. Barbieri studied at the Guiseppe Verdi Conservatory of Milan, the Music Academy of Pescara, and the Konservatorium fur Musik in Vienna.

Mr. Barbieri is survived by his 21-year-old son Piolo and two sisters, Daniela and Federica. — MAPS

PATAFA to take legal action against POC’s 90-day suspension

PATAFA President Philip Ella Juico — PHILIPPINE STAR FILE PHOTO

THE Philippine Athletics Track and Field Association (PATAFA) will resist and take legal steps against the 90-day suspension it recently received from the Philippine Olympic Committee (POC).

“We will continue as official NSA (national sports association) of track and field and we’ll send our athletes to the Southeast Asian Games,” said PATAFA President Philip Ella Juico during Wednesday’s online briefing. “We will continue what we are mandated to do until our international federation tells us to stop.

“We are resisting and we hope other NSAs will see this, but it’s up to them. We are taking all the necessary legal steps,” he added.

PATAFA chair Rufus Rodriguez, for his part, called the ban “arbitrary, premature and whimsical.”

“There is an ongoing mediation between us and Mr. (EJ) Obiena and here comes the POC and out of nowhere suspended us,” said Mr. Rodriguez. “We are autonomous and we’ve always decided what’s best for our athletes. The suspension is illegal and unfounded.”

POC has suspended PATAFA for failing to serve its purpose as an NSA, which according to the former must have “the dedication and commitment toward the development of the sport, promoting the ideals of the Olympic Movement and the spirit of sportsmanship.”

The ban came in the aftermath of PATAFA’s non-endorsement of Ernest John “EJ” Obiena to the World Indoor Championships in Belgrade, Serbia last week and the Hanoi Southeast Asian Games set on May 12 to 23.

Meanwhile, 27 members of the national team, which included four Southeast Asian Games gold medalists, and 11 national coaches have thrown their support to PATAFA.

“I think it’s time for PATAFA to teach him (Mr. Obiena) a lesson,” said national coach Jojo Posadas.

“I think this issue teaches us that we should now start to focus on other local athletes, not just him,” said another national mentor Dario Enriquez. — Joey Villar

Tax court sides industrial park owner in case vs BIR

THE Court of Tax Appeals (CTA) granted the appeal of First Philippine Industrial Park, Inc. to set aside the deficiency tax liabilities of P13.7 million for the calendar year 2009.

In a resolution on March 18, the court prohibited the commissioner of the Bureau of Internal Revenue (BIR) from collecting the amount from the company.

“Such being the case, the subject tax assessments issued against the petitioner for the taxable year 2009 are void, for lack of authority of the revenue officers to examine the petitioner’s books,” The court ruling written by CTA Associate Justice Maria Belen M. Ringpis-Liban said. “Being a void assessment, the same bears no fruit, hence the subject tax assessments cannot be legally enforced against the petitioner.”

The petitioner is a domestic corporation engaged in the business of acquiring, developing, and managing industrial estates. The company is also registered with the Philippine Economic Zone Authority as the owner of First Philippine Industrial Park, a special economic zone.

The respondent is the BIR commissioner who has the authority to decide disputed assessments, refunds of internal revenue taxes, and penalties imposed in relation to provisions under the country’s tax code.

The company argued that the tax assessment issued by the commissioner should be considered void for a lack of a valid letter of authority (LOA).

On the other hand, the respondent claimed that the assessment was issued within the period prescribed by law, and the company was not deprived of its right to due process.

The CTA affirmed the petitioners’ claim that the revenue officers who conducted the audit were not authorized by the required letter.

“In cases where the BIR conducts an audit without a valid LOA, or in excess of the authority duly provided therefore, the resulting assessment shall be void and ineffectual,” the court said citing previous jurisprudence. — John Victor D. Ordoñez

Tonik wants to grow loan book, offer cryptocurrency products

TONIK DIGITAL Bank, Inc. is looking to expand its lending portfolio and offer cryptocurrency products a year since it launched in the Philippines.

Tonik said they are looking to launch services such as Buy Now, Pay Later schemes and home loans this year, the bank said in a statement.

It said each client may be given up to a P2.5-million credit limit.

“The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser focused on making these available soon in our app,” Tonik Founder and Chief Executive Officer Greg Krasnov said.

In February, the bank raised $131 million via a Series B funding led by Mizuho Bank.

Deposits with the digital bank reached P5 billion in December, eight months since it launched in March 2021.

The bank’s 6% annual deposit rate is relatively higher compared with traditional lenders. Since it launched, it has also offered physical debit cards and a cash loan product.

“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services,” Mr. Krasnov said.

“Armed with our unwavering dedication to accelerate financial inclusion in the country, Tonik assures that more accessible, simplified and customer-centric banking products will be available to more Filipinos in many more years to come,” he added.

Tonik is among the six entities given digital bank licenses by the Bangko Sentral ng Pilipinas last year. — L.W.T. Noble

ADVERTISEMENT
ADVERTISEMENT