Travel/Hotel News (12/16/21)

December 16, 2021 | 12:01 am

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DoT launches website with balikbayan travel deals

DISCOUNTS and deals from airlines, accommodation establishments, tour operators, and travel agencies await balikbayans who will come home to the Philippines this season as the Department of Tourism (DoT) launches the balikan.ph website; a one-stop site for balikbayan-exclusive promos with discounts of as much as 50% on hotel and resort rates and worry-free, value-for-money vacation packages.

The website is under the DoT’s “Balikan ang Pilipinas” campaign to encourage Overseas Filipinos (OFs) and Overseas Filipino Workers (OFWs) to come home for the holiday season and rediscover the Philippines with their loved ones. The page serves as an aggregator of information where different travel promotions and packages are posted for balikbayans. The posts will lead them to the merchant’s websites for the specifics of the deals and discounts. The offers have been curated in cooperation with the various airlines, DoT-accredited establishments, the Philippine Tour Operators Association, Inc., the Philippine Hotel Owners Association, Inc., and the Hotel Sales & Marketing Association International, Inc. The campaign will run until March 2022.

The Pen holds flash sale

THE PENINSULA Manila is holding is 12/12 Holiday Suite Spectacular Flash Sale until Dec. 19, with stay dates from Dec. 12 to 29. For details check out https://www.peninsula.com/en/manila/special-offers/roomsholiday-suite-spectacular. To celebrate New Year’s Eve, book the hotel’s New Year’s Eve Revelry room package which includes a six-course set dinner menu for two at the hotel’s legendary Lobby. To learn more about the room and dining offer, visit https://www.peninsula.com/en/manila/festive.

New World’s festive experiences this season

CHRISTMAS has officially arrived at New World Makati Hotel as it offers an array of experiences for the holidays. The Joyful Stays package lets guests stay in a Residence Club Deluxe room with breakfast for two adults and two kids, early check-in at 8 a.m. and late check-out at 6 p.m. (except New Year’s Eve and Day), a gingerbread cookie decorating kit, Christmas Afternoon Tea at The Lounge for two adults, and a Christmas cocktail drink for each adult. An upgrade to the Director’s Suite is also available.For those staying on New Year’s Eve, the room package has the same inclusions plus a 20% discount to the New Year’s Eve party that evening. The Joyful Stays package is P8,000 net for a Residence Club Deluxe room and P12,000 net for a Director’s Suite. Stay period is until Jan. 9, 2022. For detailed information, view the interactive holiday brochure at www.bit.ly/NWM2021HolidayBrochure or call 8811-6888 ext. 3679.

RWM hotels offer Yuletide specials

RESORTS World Manila (RWM) celebrates the Yuletide season with staycation indulgences fit for the whole family. The special room offers include the Hilton Manila’s “Sweeten Your Stay,” with 25% discount on food and beverage purchases and “Staycation 2.0 Premium Package” that includes fun filled activities and dining adventures for the whole family. A Deluxe package of an overnight stay, culinary offerings at the hotel’s Kusina Sea Kitchens and Hua Yuan is P22,000, while a Premium stay package with upgrades such as a pizza-making activity for kids, three-hour use of the Vega Poolside Cabanas and use of a Polaroid camera to capture each memorable moment is available for P30,000. This promo is available until Dec. 29. For RWM’s 12^th year, a special 12^th Anniversary Staycation Package is available for P12,000, which includes an overnight stay with buffet breakfast at either the Sheraton Hotel Manila or the Marriott Hotel, or an overnight stay with P1,500 dining vouchers at the Hilton Manila or Hotel Okura Manila, with an additional overnight room only stay at any of the four hotels. Guests who visit RWM can use their RWM points to grab Buy One Take One deals, exclusive discounts, and exclusive gifts with their purchased items from over 12 gadgets, electronics and home appliances brands at The Mega Holiday Sale at The Plaza, Newport Mall until Dec. 19. To view Hilton Manila’s full “Back to a Better Future: Retro Christmas” brochure, visit https://bit.ly/HiltonManilaRetroChristmas.

City Of Dreams’ leisure stays

LUXURIOUS and relaxingly safe respites beckon at City of Dreams Manila’s three luxury hotels — Nüwa Manila, Nobu, and Hyatt Regency — with appealing holiday leisure stay deals perfect for families. Overnight rates start at P6,500++ at Hyatt Regency, P9,400 net at Nobu, and P16,400 net at Nuwa and include a complimentary set breakfast for two adults and two children below 12 years old, complimentary minibar items, a special welcome amenity, voucher for 20% discount at City of Dreams Manila’s operated restaurants and in-room dining and 20% discount on applicable select spa services at Nobu Spa and Nüwa Spa. Booking and stay period is until Dec. 30, and prior reservation is required. Ensuring a worry-free stay for its guests, the three hotels take pride in also receiving from the Department of Tourism the World Travel and Tourism Council’s Safe Travels stamp of approval the world’s first safety and hygiene stamp certifying the property’s commitment to comply with global health standardized protocols. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Safe events at the Farm at San Benito

ECO-LUXURY destination and a pioneer in green weddings and events, The Farm at San Benito has created a perfect place to hold safe events. Located in Lipa, Batangas, The Farm uses a multi-modal approach against COVID-19 to protect guests and employees at all times. It has set up its onsite COVID testing center (RT-PCR and antigen nasal swab tests) administered by integrative medical doctors and licensed health professionals. In addition, the employees are required to undergo COVID testing regularly. The Farm also has an ichromaII immuno-analyzer diagnostic machine which determines the level of antibodies against COVID. All facilities at The Farm are sanitized by Sanivir Smoke Disinfectant, which is proven by international laboratories to effectively eliminate all types of viruses including coronavirus on surfaces and in the air. The Farm is also the first in the country to use BetterAir solution that disperses environmental probiotics in all its enclosed spaces to create a clean, pathogen- and allergen-free healthy indoor environment. With all these safety measures in place, The Farm was certified by the Healing Hotels of the World with Healing Certificate and safety seal from the Philippine Department of Tourism and World Tourism Council. These recognitions are a reflection of the highest level of excellence in safety, sanitation, and commitment to healing on a holistic level. Nestled in a 48-hectare property, The Farm has beautiful scenery to capture memorable moments with its picturesque background and stunning spots. The Farm partnered with event planner La Belle Fete Weddings & Events company that transformed five spots on the grounds venues made of organic and sustainable materials built around the five elements of nature. These event venues within the resort, each designed by top event stylists, are: The Lagoon: A Breath of Fresh Air (Ginger Event Styling); Secret Garden: Wonders of Water (Blooms Event Styling); Amphitheater: Eternal Flame (Dave Sandoval); The Mango Tree, Earth’s Enchantment (Gary Dacanay); and, Labyrinth, Ethereal Space (Randy Lazaro). Overall concept, planning, and coordination was done by La Belle Fete. Table setup and centerpieces are by the official inhouse supplier, Tablelove by Pinky. When it comes to food, The Farm offers its wellness cuisines — vegan, vegetarian, and pescatarian menus focusing on a plant-based, locally sourced, organically grown, and farm-to-table philosophy.

Richmonde Hotel Iloilo offers staycation packages

STARTING Dec. 16 to Jan. 16, the Richmonde Hotel Iloilo is offering discounted room rates for family staycations. Room rates start at P3,700 net with holiday welcome drinks for two, a 10% discount on food and beverage orders (except pastry items, Room Service menu items, and special offerings), Wi-Fi access, and complimentary use of the swimming pool and fitness center. At P4,000, breakfast for two is added to the reservation. On Dec. 24, 25, and 31, room rates start at P4,000 net (room only) and P4500 net (room with breakfast for two) with all the perks. Blackout dates apply on the Festive Holiday room rates. For inquiries, reservations, bookings and orders, call +6333-328-7888 or contact stay@richmondeiloilo.com for room accommodations. Bookings may also be made online at Richmonde’s official website, www.richmondehoteliloilo.com.ph.

Agoda shares ideas for local family getaways

FILIPINOS are optimistic about resuming traveling with their families before 2021 ends. According to digital travel platform Agoda.com in its Philippine Travel Sentiment Survey, almost 50% of Pinoys are keen to travel domestically within the year together with their partner and kids.

Health and safety protocols continue to be a must for Filipino travelers when booking accommodations, with 48% saying it’s imperative even when restrictions ease out. That said, Agoda has a long list of HygienePlus properties, so travelers can feel confident they will find safe family getaways without the hassle and worry. Agoda has come up with a vacation cheat sheet for fun and safe family destinations be it by flight or by road based on booking data for the Philippines in 2021. For family road trips, the suggestions include Tagaytay, which is just a two-hour drive away from Manila. One spot Agoda suggests is the Twin Lakes Hotel, a palatial hotel surrounded by lush greenery and fully equipped with a spa, fitness center, café and poolside bar for parents, plus a game room and kids’ corner. The hotel is pet-friendly. Another destination is La Union, the “Surfing Capital of the North.” Avail of AgodaSpecial Offers’ clubbing Golf packages as well as early check-in and check-out at the Thunderbird Resorts & Casinos – Poro Point. The resort combines Mediterranean-inspired architecture with tropical nature. With its water sports, recreation, golf facilities, and casino, it was awarded as a top choice of Agoda travelers in 2021. Then there is Baguio, a Filipino family favorite when it comes to road trip-friendly destinations. One favorite spot is The Manor at Camp John Hay, which, aside from its classic charm and elegance, also gives a unique bonfire experience for families. The hotel also offers inclusive tour packages to nearby attractions such as Burnham Park, Museo de Baguio, and Mines View Park. For fly-away weekends that fit a family’s budget, the first on the list is Palawan. For a unique experience, check out the Nacpan Beach Glamping in Nacpan Beach 45 minutes away from El Nido. This Agoda HygienePlus-approved destination is nestled under hundreds of palm trees and shrubs next to the beach. Families can enjoy private sailing trips, campfires at night, join island-hopping tours, or simply curl up for story time in their cozy tents under the stars. Then there is Bohol, another family-friendly spot that offers an array of adventure activities — be it seeing the famous Philippine tarsier, experiencing top diving spots, or the sceneries of the Chocolate Hills. For those looking to have a mix of everything, Bohol Bee Farm Resort is a good option. With a rustic atmosphere, it has a great view of the Bohol Sea while providing organic offerings for the whole family, including healthy menus and an herb garden. A farther destination is Siargao best known for its many surfing spots. Another HygienePlus property, Retreat Siargao Resort fits the bill for what families are looking for in a getaway. Near Malinao Beach, it provides facilities for water sports such as paddle-boarding, diving, fishing, and boating.

Recipients of funds stolen from bank accounts identified

December 16, 2021 | 12:01 am

OWNERS of the recipient accounts of illicit fund transfers involving two lenders over the weekend have already been identified, according to a central bank official.

Individuals claiming to be BDO Unibank, Inc. account holders posted on social media proof that their funds were supposedly transferred to a certain Mark Nagoyo’s accounts with UnionBank of the Philippines, Inc.

“The real persons behind the Mark Nagoyo have already been identified so I think the other institutions, UnionBank, will definitely file charges if these persons allowed their accounts to be used for fraudulent activities,” Melchor T. Plabasan, Technology Risk and Innovation supervision director at the Bangko Sentral ng Pilipinas (BSP), said in an interview with The Chiefs at One News.

Mr. Plabasan said two or more UnionBank accounts received the unauthorized fund transfers from BDO clients.

“I think they are not bank employees and they just opened their account recently. Some of them opened their account last October,” Mr. Plabasan said.

He said the central bank is checking whether there were gaps in the concerned banks’ security measures.

“It’s still premature to say it right now, but if we find out that there is non-compliance to our expectations when it comes to managing cybersecurity and anti-money laundering case, then we can always resort to imposing sanctions or penalties,” Mr. Plabasan said.

BDO on Tuesday said it is already processing the reimbursement claims of about 700 clients that were affected by the fraud incident over the weekend.

UnionBank Chief Technology and Operations Officer Henry Rhoel R. Aguda also confirmed they have already identified the owners of the accounts involved in the incident.

“We’ve already identified persons of interest and we have already filed the necessary information with the PNP (Philippine National Police) and the NBI (National Bureau of Investigation), as well as to the BSP,” Mr. Aguda said at an online briefing on Thursday.

“It’s just a handful. If my information is correct, there’s about six individuals right now,” he added.

Mr. Aguda earlier said they have already frozen P5 million in the accounts involved in the incident.

Amid the rise in fraudulent online transactions, Mr. Aguda urged the public to report money mule activities as these are criminal offenses.

“If you know anyone selling bank accounts, buying bank accounts, or trying to open bank accounts and fraudulent bank accounts, please do report that to us as well and we will coordinate with the necessary authorities,” Mr. Aguda said.

He said an update to the InstaPay by next year will require identity verification from the part of the receiver as well, which will make fund transfers more secure.

Cybersecurity firm Kaspersky said the incident is a proof that financial institutions remain of interest to cybercriminals whose main goal is to steal money.

“Groups that prey on the financial sector find vulnerabilities within the IT infrastructure of their target organizations to carry out their attacks,” Yeo Siang Tiong, General Manager for Southeast Asia at Kaspersky, said in a statement.

“From our experience investigating cyber incidents, we know that there are cyber gangs that are professionals and can really resist detection,” he added.

An earlier study by Kaspersky showed the Philippines had the highest number of users in the Asia-Pacific attacked by banking Trojans, a type of malicious software. — L.W.T. Noble

Samsung appoints new president for PHL unit

December 16, 2021 | 12:01 am

SAMSUNG Electronics Co. Ltd. has appointed a new president for its Philippine unit, it said on Wednesday.

The company said Minsu Chu will head Samsung Electronics Philippines Corp. (SEPCO), succeeding its previous president James Jung.

“With over two decades of experience including 11 years in Samsung, Mr. Chu most recently held the role of President of Samsung Electronics New Zealand. Having been the business director of the Mobile business in SEPCO from 2014 to 2018, he will return to the Philippines to head Samsung’s local subsidiary,” Samsung said in a statement.

“I am very pleased to return to Philippines which I have long considered as my second home. This country has immense potential with its dynamic economy and a large and young population,” Mr. Chu was quoted as saying.

“Even with the unprecedented global crisis, the country has remained resilient and has already shown signs of strong recovery, putting economic growth back on track,” he said.

Samsung said as new SEPCO president, Mr. Chu wants to have “stronger synergy” between the company’ different business units, namely mobile, visual display and digital appliances.

“We need to strengthen our capabilities and operations to be more responsive to the changing consumer sentiments and habits in order to cement our leadership in the local consumer electronics industry,” Mr. Chu said. — BVR

How PSEi member stocks performed — December 15, 2021

December 16, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 15, 2021.

Overseas Filipinos’ cash remittances (Oct. 2021)

December 16, 2021 | 12:00 am

MONEY SENT HOME by overseas Filipino workers (OFWs) increased anew in October to mark the ninth straight month of annual growth in inflows, as more economies reopen and holiday season approaches. Read the full story.

DoF confident 2021 GDP goal ‘doable’ with 7% fourth quarter

December 15, 2021 | 10:36 pm

THE Department of Finance (DoF) said it is confident that the economy’s performance in the fourth quarter will be sufficient to help achieve the government’s growth target for 2021.

DoF Chief Economist Gil S. Beltran said the 7% fourth-quarter growth needed to hit the revised 5%-5.5% full-year gross domestic product (GDP) target is “doable” and “within range.”

In a briefing Wednesday, he noted that the volume of manufacturing output in October improved.

“Because we have further opened the markets, I think the growth rate will be sustained.”

Factory output, as measured by the volume of production index, grew 24.7% year on year in October, according to preliminary government data.

Third-quarter GDP grew 7.1%, lower than the 12% expansion in the preceding three months, after the government reintroduced lockdowns to curb a coronavirus disease 2019 (COVID-19) surge led by the Delta variant of the virus.

Third-quarter growth was still stronger than expected, prompting both the World Bank and the Asian Development Bank to raise their full-year economic growth forecasts for the Philippines.

On Tuesday, economic managers raised the government GDP growth projection to 5-5.5% for this year from the downgraded 4-5% goal issued in August.

“Our year-to-date growth is presently — up to the end of September — 4.9%. So there’s a greater likelihood that our full-year growth will hit the revised target of our GDP growth ranging from 5-5.5% this year,” Finance Secretary Carlos G. Dominguez III said at the briefing.

“Backed by a stronger healthcare system and the massive rollout of the vaccination program, we will solidify our recovery by reopening the economy to alert level 1 in January 2022. At the same time, to avert long-term productivity losses and restore more employment, we will resume face-to-face schooling most likely in January 2022.”

The government maintained its medium-term growth targets at 7-9% for 2022, and 6-7% for 2023 and 2024.

The Health department reported 237 new coronavirus cases on Wednesday, bringing the total number of active cases to 10,193. — Jenina P. Ibañez

Agri dep’t says meat, hog industries will have their say in final MAV policy

December 15, 2021 | 10:35 pm

THE MEAT and hog industries can still influence the final form of a policy governing pork imports when the Department of Agriculture consults them on a proposal to expand the import quota, officials said.

“We will go through the same process in considering the proposal of NEDA, as per Secretary William D. Dar,” Assistant Secretary Noel O. Reyes said in a text message. “That entails consultations with industry stakeholders.”

The National Economic and Development Authority (NEDA) proposed to extend an expanded pork import quota — known as the Minimum Access Volume (MAV) — to next year, due to rising pork prices.

The government had temporarily expanded the pork MAV in May via Executive Order (EO) 133, citing inflation pressures due to the hog shortage resulting from the African Swine Fever (ASF) outbreak.

The EO expanded the MAV quota to 254,210 metric tons (MT) from 54,210 MT.

Industry representatives said rather than increasing imports, the government needs to focus on supporting producers to ensure adequate supply.

“We strongly oppose the plan to extend the MAV plus,” Pork Producers Federation of the Philippines President Rolando E. Tambago said in an e-mail.

“It is already very clear that the twin EOs 133 and 134 did not address its intention to reduce pork retail prices since their implementation. In fact, they did not (result in) tangible benefits to consumers, supposedly via low retail pork price, it’s only the importers and traders who gained from it,” he added.

While EO 133 expanded the MAV quota, EO 134, another measure intended to expand supply and keep prices under control, lowered tariff rates for fresh, frozen, or chilled pork imports.

Meat price inflation was 10.7% year on year and 2.4% month on month in November, according to the Philippine Statistics Authority.

Month on month, November retail prices for bone-in pork rose by P2.30 to P54.00 at a number of regional trading centers.

“It’s already eight months into the EO. If you look at the justification (that) this will lower the prices of pork, hindi nangyari obviously (it obviously did not happen),” Jayson H. Cainglet, executive director of Samahang Industriya ng Agrikultura (SINAG) said in a phone interview. “They’ve lost almost 4 billion in revenue (from foregone tariffs) … Sa side mismo ng government, may pag-admit na may revenue loss (the government is itself admitting that it has lost revenue),” he added.

Foregone revenue was estimated at P3.67 billion between April 9 and Dec. 10 due to the lower pork tariffs, according to customs data.

Mr. Tambago said that if the government wants to address high pork retail prices, “the sustainable way of doing it is to ramp up local pork production. Importation is not a viable solution to the problem.”

The agricultural trade deficit in October was driven by import growth of 15.8% to $4.16 billion. The value of meat and edible meat offal imports accounted for 11.6% of overall agricultural imports, from 7.4% a year earlier.

“The industry is actually very capable of resolving the supply gap to satisfy the demand if only the government would give us that window of confidence through a long-term policy that favors local producers,” Mr. Tambago said.

“Take a look at the (National Meat Inspection Service) weekly (report) on cold storage warehouses in Regions III, IV-A, and the National Capital Region (NCR),” he said. “Why is the retail pork price in those areas still high? This means Filipino consumers still prefer to consume Pinoy pork. Note that those are only the areas where there is a huge supply gap due to effects of ASF.”

In the first week of December, the NMIS estimated that frozen pork in accredited cold storage facilities in Region IV-A amounted to 603.29 MT, including imports of 21,292.74 MT. In the NCR the equivalent amounts were 340.91 MT and 25,611.25 MT, respectively, while in Region III the totals were 313.69 MT and 22,549.97 MT.

Mr. Cainglet said the problem with pork is mainly on the demand side because of weakened consumer purchasing power and follow-on weakness in the institutional users of meat, like restaurants, which are reluctant to place large orders because dining out is still limited.

Mr. Cainglet said that the government should also look for ways to subsidize feed, as input costs continue to rise.

“Tumataas ang cost of production because tumaas ang presyo ng langis. Ang feeds, isang byproduct ng oil ’yan, at 50% ng cost of production ng livestock nasa feeds.” (The cost of production keeps getting higher because the price of oil is rising. Pig feed is a byproduct of oil, and 50% of the cost of production for livestock is spent on feed.)

Mr. Tambago urged the government to reconsider the extension and redirect funds to investing in the sector.

“If by default the policy of the government is always favoring importation, then the confidence of the industry to re-invest to increase production will be very low,” he said.

“By importing or lowering tariffs, you’re subsidizing foreign hog raisers,” Mr. Cainglet said. “Baliktad mo naman ’yung priority mo. The government’s priorities need to be reversed) Don’t incentivize importers.” — Luisa Maria Jacinta C. Jocson

ADB approves $175-M loan for three bridges across Marikina River

December 15, 2021 | 10:34 pm

THE Asian Development Bank (ADB) said it approved a $175-million loan to help build three flood-resistant bridges over the Marikina River to improve road traffic.

The bank said the bridges spanning over 3,000 meters will connect Metro Manila’s arterial roads. Climate- and disaster-resilient features will reduce flood risk and absorb shocks from earthquakes.

“This project is part of the country’s flagship ‘Build, Build, Build’ infrastructure development program and the government’s integrated transport strategy to decongest Metro Manila, and promote development in the regions,” ADB Transport Specialist for Southeast Asia Chaorin Shim said in a statement on Wednesday.

The Metro Manila Bridges Project aims to build the Marcos Highway-St. Mary Avenue Bridge, Homeowner’s Drive-A. Bonifacio Bridge, and Kabayani Street-Matandang Balara Bridge over the Marikina River.

The ADB said the project is part of a partnership prioritizing infrastructure investment in the Philippines from 2018 to 2023.

“The project is ADB’s first focused on bridge construction in the Philippines and will help in the country’s economic recovery from the COVID-19 pandemic by creating jobs, improving the living conditions of residents near the river, and providing them with better access to the rest of Metro Manila,” Mr. Shim said.

The ADB also supports other big-ticket infrastructure projects, including the Malolos-Clark Railway Project, the EDSA Greenways Project, and the Angat Water Transmission Improvement Project.

The bank said on Monday that it approved a $250-million loan to help the government buy 40 million coronavirus disease 2019 (COVID-19) vaccine doses for eligible children and booster shots for adults. — Jenina P. Ibañez

Cebu province invites rival bids for P9.6-million solid waste plant

December 15, 2021 | 10:33 pm

CEBU PROVINCE is inviting bidders to challenge a P9.6-million proposal for an Integrated Solid Waste Collection and Waste-to-Energy Facility.

The facility has the capacity to process 1,500 metric tons per day. It will be constructed at a government-owned site in barangay Tina-an, Naga, Cebu.

The proponent to be subjected to a bid challenge is a consortium of Waste Management, Inc. and Amsterdam Waste Environmental Consulting & Technology B.V.

The province, through its Economic Enterprise Council, has released the guidelines for parties interested in mounting a bid challenge.

Eligibility requirements include at least 60% Filipino ownership for Securities and Exchange Commission-registered entities. They must also have completed similar or related projects within 50% of the proposed project cost.

Other requirements included minimum equity of P100 million, and no pending cases, with the provincial government and no delinquent taxes.

The application period will run between Dec. 16 and Jan. 5. — Luisa Maria Jacinta C. Jocson

PHL outbound investment decline largest in Asia-Pacific

December 15, 2021 | 10:32 pm

PHILIPPINE OUTBOUND investment in greenfield projects declined at a pace outstripping those of other Asia-Pacific economies in the first nine months, the United Nations said in a report.

The Asia-Pacific Trade and Investment Trends 2021/2022 report released Wednesday said outbound greenfield investment in the region has been falling since 2018.

In the report, the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said outbound greenfield investment from Asia and the Pacific peaked at $282 billion in 2018, then declined by 58% to their 2020 level.

Investment declined further by 15% year on year in the first nine months of 2021.

“The largest declines in outbound investments were registered in the Philippines (95%), Malaysia (88%), and New Zealand (72%).”

Globally, greenfield foreign direct investment (FDI) started to improve in the first nine months of this year, but lockdowns declared to curb COVID-19 surges in the Asia-Pacific made investments vulnerable.

“Greenfield investments, which are an important indicator for future FDI trends, have globally and regionally been on a steep decline since 2018, and remain the most vulnerable type of FDI amid continued outbreaks of the COVID-19 pandemic,” UNESCAP said.

“Developing countries in the region have been disproportionately affected because sectors that have been severely affected by the pandemic, including the primary and manufacturing sectors, account for a larger share of their FDI than developed economies.”

However, the Philippines posted strong growth in attracting greenfield investment this year, the report said.

“The Lao People’s Democratic Republic, Malaysia, New Zealand, the Philippines, Singapore and the Russian Federation all saw strong growth in greenfield investments in 2021.”

But these gains were offset by significant declines in other economies, including in Australia, Cambodia, Nepal, and Vietnam. — Jenina P. Ibañez

BCDA seeks developers, locators for 36 hectares in New Clark City

December 15, 2021 | 10:31 pm

THE Bases Conversion and Development Authority (BCDA) said it is offering a 36 hectares within New Clark City for long-term lease and development.

“The BCDA invites interested real estate developers, industrial park builders, solar power plant developer, and other market players to be part of the development of the selected ‘buffer zones’ on an ‘as-is, where-is’ basis within our premier development — New Clark City — in Central Luzon, Philippines,” it said in an announcement published in newspapers on Wednesday.

It said developers and locators can apply for some investment incentives, including the 20% to 25% levy on domestic corporations under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

They can also apply for tax and duty-free imports of raw materials and capital equipment under the CREATE Act.

BCDA said it aims to introduce development within the so-called “buffer zones” to maximize their use through 25-year leases, renewable for a further 25 years.

“Prospective proponents may submit their expression of interest to BCDA on or before Jan. 14, 2022,” it added.

The BCDA holds office at Bonifacio Technology Center, Bonifacio Global City, Taguig City.

New Clark City, which is being positioned as the first smart, green, sustainable, and disaster-resilient metropolis in the Philippines, is a 9,450-hectare master planned property within the Clark Special Economic Zone in Pampanga and Tarlac. — Arjay L. Balinbin

Unwrapping year-end accounting reminders

December 15, 2021 | 10:30 pm

Just as everyone is busy observing Christmas traditions like wrapping up presents for loved ones, including Santa who must also be knee-deep finalizing his list, accountants are busy completing their accounting checklists and hustling to wrap up year-end requirements to close the books.

With barely a couple of weeks before the end of the year, accountants are occupied preparing their books of account and other documents for financial and tax reporting purposes. To manage the myriad of accounting activities at year-end, I’ve decided to share my own little list of guidelines to help ensure the punctual completion of tasks.

1. PREPARE A YEAR-END CLOSING CALENDAR

Accountants must define the timelines and activities for completion at year-end. For instance, the timelines should include data gathering, processing, review, reconciliations, and financial report deadlines. Then, the target dates should be marked on a calendar to ensure the timely completion of all required year-end accounting activities.

2. MAKE A LIST OF PERIOD-END ENTRIES

Period-end entries comprise transactions not usually taken up during regular processing. These include entries covering non-cash transactions, such as the conversion of foreign currency-denominated account balances, accrual of completed transactions without billings/sales invoices, depreciation of property, plant, and equipment, amortization of prepayments, adjustments to comply with accounting standards, and other period-end entries.

Accountants must list down all period-end entries as a guide in closing the books of account.

3. COLLECT ALL REMAINING DOCUMENTS

To facilitate the closing of books, accountants should gather all accounting documents, such as sales invoices, billings, statement of account, official receipts, purchase orders, delivery receipts, contracts, and others. All transactions transpiring up to the end of the fiscal year must be fully, accurately, and appropriately recorded in the books. Otherwise, unrecorded transactions may result in either understatement or overstatement of account balances, give rise to questions by regulatory bodies [e.g., Bureau of Internal Revenue (BIR) and Securities and Exchange Commission (SEC)] during the financial statements/books of account review.

4. REVIEW DETAILS OF ACCOUNT BALANCES

Transactions comprising the account balances must be sufficiently reviewed. Accountants must assess if all transactions are consistent with the applicable accounting framework: Philippine Financial Reporting Standards (PFRS), PFRS for Small- and Medium-sized Entities (SMEs) and PFRS for Small Entities (SEs).

Under the Revised Securities Regulation Code (SRC) Rule 68 of the SEC, PFRS applies to large and/or public interest entities. Large entities are those with total assets of more than P350 million or total liabilities of more than P250 million, while public interest entities are those that meet any of the following criteria:

i. are holders of secondary licensees issued by the regulatory agencies;

ii. are required to file financial statements under Part II of SRC Rule 68;

iii. are in the process of filing their financial statements for the purpose of issuing any class of instruments in a public market; and

iv. such other corporations that the SEC may consider in the future as imbued with public interest regardless of the lack of a requirement to obtain a secondary licensee from the SEC.

PFRS for SMEs must be used by medium-sized entities, which have total assets of more than P100 million but not more than P350 million or total liabilities of more than P100 million but not more than P250 million, while PFRS for SEs shall apply to small entities, which have total assets or total liabilities of between P3 million to P100 million. Further, they should not fall within the criteria under Items (i) to (iv) as mentioned above.

5. PERFORM RECONCILIATION OF ACCOUNTS

Account balances must reconcile with schedules and supporting documents. Some examples include: (i) bank reconciliation to match the cash book balance with the bank statements; (ii) accounts receivable reconciliation to match the book balance with the aging analysis; (iii) property, plant, and equipment reconciliation to match with the lapsing schedule; and (iv) reconciliations of other account balances. All reconciling items must be properly supported and adjusted, as necessary, in the books of account.

6. ORGANIZE THE BOOKS OF ACCOUNT FOR SUBMISSION TO THE BIR

There are three types of books: manual, loose-leaf, and computerized. Businesses using loose-leaf books of account as approved by the BIR are required to submit bound books for the taxable year within 15 days from the close of each fiscal year (on or before the 15th of January for taxpayers operating on a calendar year). On the other hand, businesses using computerized books of account as approved by the BIR are to submit their books for the taxable year within 30 days from the close of each fiscal year (on or before the 30th of January for calendar year taxpayers). For businesses using manual books, annual submission is not necessary. However, a new set of books must be registered when there are no remaining pages to write on.

7. READY THE BOOKS OF ACCOUNT FOR THE YEAR-END FINANCIAL AUDIT

For BIR purposes, under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, books of all businesses with gross receipts of at least P3 million in a taxable year must be audited by an external auditor.

For SEC purposes, the following are the thresholds for the audit of books of account defined under the Revised SRC Rule 68:

i. Stock and nonstock corporations with total assets or total liabilities of at least P600 thousand;

ii. Branch/representative offices of stock foreign corporations with assigned capital of at least P1 million;

iii. Branch/representative offices of nonstock foreign corporations with total assets of at least P1 million; and

iv. Regional operating headquarters of foreign corporations with total revenues of at least P1 million.

Corporations with a fiscal year-end of Dec. 31 must submit their annual audited financial statements (AFS) with the SEC consistent with the annual schedule of AFS filing. For those with a fiscal year-end other than Dec. 31, the AFS is due within 120 days after the end of the fiscal year. Also, the AFS must be submitted with the BIR within 15 days from the deadline of annual income tax return electronic filing.

With proper planning, accountants can complete their financial reports on time, fully compliant with regulatory requirements. Having worked through a hectic schedule, accountants may finally wrap up the year by closing the books and start unwrapping holidays presents.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only, and should not be used as a substitute for specific advice.

Jane R. Alcause-Fabro is a director at the Client Accounting Services Department of Isla Lipana & Co., the Philippine member firm of the PwC network.

jane.r.alcause@pwc.com