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NEDA board approves updated economic blueprint for next 2 years

The government will release the updated Philippine Development Plan on Feb. 4. — PHILIPPINE STAR/MICHAEL VARCAS

THE NATIONAL Economic and Development Authority (NEDA) board, chaired by President Rodrigo R. Duterte, has approved the country’s medium-term economic development blueprint which was updated to consider the impact of the coronavirus disease 2019 (COVID-19) pandemic.

“The Updated Philippine Development Plan (PDP) has been approved by the NEDA board on Jan. 7, after the majority of the NEDA board members signed the ad referendum in favor of the plan,” said Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a statement late Friday.

The government began reviewing its economic goals and programs under the PDP 2017-2022 last year, as the pandemic drove the economy into its first recession in nearly 30 years.

The updated plan, which NEDA will release on Feb. 4, covers the government’s priorities for the next two years, Mr. Chua said. These include the enhanced implementation of the Universal Health Care Act, raising the quality of instruction in education, upskilling workers and institutionalizing social safety nets.

“It includes other reforms and strategies we will undertake to meet the sustainable development goals and help every Filipino achieve the long-term vision of a strong, convenient, and peaceful life by 2040,” Mr. Chua said, referring to the longer-term vision of the government formally called AmBisyon Natin 2040.

The 2017-2022 plan and AmBisyon Natin 2040 were both crafted in 2016, with the latter serving as the anchor for development planning for four administrations. AmBisyon Natin 2040’s 25-year vision is to eliminate poverty and make the country a predominantly middle-class society.

In its October Labor Force Survey report, the NEDA said the updated plan includes an unemployment target of 7-9% by 2022, lower than the initial goal of 3-5% adopted in 2016.

The jobless rate spiked in April after the strict lockdown forced most businesses to close amid the pandemic. The unemployment rate averaged at 10.2% last year, according to official data.

Under the original blueprint, the government had targeted to become an upper-middle income economy by 2022; achieve a 7-8% annual growth rate; increase per capita income to $5,000 (from $3,850 in 2019); reduce the poverty rate to 14% (from 16.7% in 2018); and keep inflation rate within 2-4%. — Beatrice M. Laforga

‘Worst is over’ but FDI flows seen to remain low

A test tube labeled with the coronavirus is seen in front of US dollar, yuan and pound banknotes, in this illustration taken on March 1, 2020. — REUTERS/DADO RUVIC

By Luz Wendy T. Noble, Reporter

THE DECLINE in foreign direct investments (FDI) may have already bottomed out in 2020, but the Philippines’ ability to attract investments will depend on key reforms and the government’s handling of the coronavirus pandemic, the International Institute of Finance (IIF) said.

“We believe the worst is over for the Philippines’ FDI flows, but we still expect it will remain at a low level in 2021, around $7 billion,” IIF Associate Economist Yuanliu Hu said in an e-mail to BusinessWorld.

FDI net inflows shrank by a quarter to $423 million in October from $561 million a year earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed. For the 10-month period, FDI flows slipped by a tenth to $5.255 billion.

The central bank expected FDI inflows to have reached $6 billion as of end-2020 and set a $7.5-billion target for 2021. Net FDI stood at $7.647 billion in 2019.

Inflows of FDI will likely remain tempered due to cautious investor sentiment, as the pandemic continues with a new coronavirus disease 2019 (COVID-19) variant bringing “a new wave of crisis to the world,” said Mr. Hu.

Global COVID-19 infections have continued to rise with over 95 million cases and two million deaths. In the Philippines, COVID-19 cases stood at 513,619 as of Sunday, the second highest in Southeast Asia.

Aside from the pandemic, Mr. Hu said risks from the US-China trade war are unlikely to fully dissipate even as Joseph R. Biden, Jr. assumes the presidency. Uncertainties caused by the tension between the world’s biggest economies have weighed on investor sentiment even before COVID-19.

Mr. Hu said the Philippines should focus on curbing the spread of COVID-19.

“The most important tasks of the government are to control the pandemic and speed up the vaccination process. A safe environment can attract more FDIs,” he said.

The government is seeking to start the vaccination program by next month.

A report by ANZ Research last week showed the Philippines was  among “economies slow in confirming vaccine supplies,” alongside Taiwan and Vietnam where infections are much lower. Meanwhile, it grouped Singapore and South Korea as among “economies achieving potential herd immunity in 2021” due to their speedy vaccination rollouts.

Mr. Hu said government reforms are also key to attracting more foreign investments.

“It is necessary to accelerate the implementation of the corporate tax cut plan and other reforms to create a friendly business environment,” he said.

Once enacted into law, the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) will immediately bring down corporate income tax to 25% from 30% and will streamline fiscal incentives for firms. The Bicameral Conference Committee is set to meet to reconcile the conflicting provisions of the House and Senate versions.

Carmakers call for gov’t support on local assembly

By Jenina P. Ibañez, Reporter

A CAR industry group is urging the government to support local assembly after another manufacturer stopped its Philippine production.

Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) President Rommel R. Gutierrez said that Nissan Philippines, Inc.’s recent announcement to end car assembly in the country highlights the importance of government support to local production while still allowing for imports.

“The rationalization of production operations in the Asian region takes into account the competitiveness of local operation,” he said in a mobile message on Friday.

“The remaining local assemblers need more support to stay competitive without undermining regional complementation on supply chain, among others.”

Nissan Philippines will be stopping local assembly of its Almera vehicles in March, laying off 133 employees. Honda Cars Philippines, Inc. shut its local assembly activities last year.

Both firms will continue to sell cars in the Philippines through their regional networks.

Trade Secretary Ramon M. Lopez had said that the recent closures are proof of the need for the recently imposed safeguard duties on imported cars, which had been placed after the Trade department’s investigation confirmed a link between a surge in imports and a decline in local automotive jobs.

CAMPI had pushed back against the measure, saying that it would impede the recovery of an industry hit hard by a demand slowdown caused by the lockdown. But the Trade department had countered that the move would protect local jobs.

Mr. Gutierrez said that there should be a balance between assembling completely knocked down (CKD) cars and importing completely built up (CBU) units for the survival of local assembly.

“CKD operation cannot survive without a combination of CBU importation,” he said.

“The industry and government should work together towards a more progressive policy to preserve the remaining local vehicle assembly/manufacturing in the Philippines.”

Workers group Philippine Metalworkers Alliance, which had petitioned for the safeguards, said in a recent statement that the duties are not enough to save the industry. The group said that the government must revisit its car industry development program and address the high costs of power and transportation.

Car sales in the Philippines declined by 39.5% to 223,793 units in 2020 compared with the previous year after restrictions declared to contain the coronavirus disease 2019 (COVID-19) pandemic lowered demand, data from CAMPI and the Truck Manufacturers Association showed.

Paris Men’s Fashion Week: Fashion interpreting our new lives

PARIS Men’s Fashion Week has just ended, and Paris Couture Week is about to start. In a changed and changing world, the world’s fashion capitals have had to adjust too. Gone are the runway walks of years past, of applause and pageantry, for all had to make do with fashion films while their audience clapped from their screens. We’re seeing now how three household names in luxury — Hermès, Louis Vuitton, and Dior Homme — are interpreting our new lives.

DIOR
This new Dior man for 2021 is handsome, well-dressed, and artistic. He’s also dressed in a suit with pajama piping because he probably works from home.

Either way, the silhouettes for this year for menswear is decidedly more relaxed, with an enviable slouch in trousers and jackets that make one sigh with relief.

It’s definitely still luxurious: the show opens with a gold-embroidered black cashmere coat, with an accompanying video at the Dior website showing how it was made at the Vermont ateliers in Paris. The look, then, is relaxed bohemian opulence. The coat was inspired by the Rosella, a haute couture dress designed by Marc Bohan (a Dior designer who replaced Yves Saint Laurent, and a designer to icons Princess Grace of Monaco and Sophia Loren).

For this season, Dior’s Creative Director Kim Jones collaborated with Scottish-born, Trinidad-based artist Peter Doig. While a large chunk of the collection is either in neutrals like beige and gray, Mr. Doig’s influences are seen in acid tones like pink and orange, painted with examples from his work in figurative art.

Watch the show here: https://www.dior.com/en_int/mens-fashion/shows/winter-2021-2022-mens-show

HERMÈS
The silhouettes of Dior and Hermès are quite similar, down to the slouchy riding pants tucked into boots. But while Dior veers towards bohemian excess, the offerings of Hermès are soberly academic. Its presentation was shot at the Mobilier National in Paris (a cultural office that takes care of state furniture and manages Gobelins and Beauvais). There’s a huge use of tartans and safe taupe this collection, perhaps teasing a trend for this season.

Watch the show here: https://www.hermes.com/us/en/story/279872-men-fashion-show-autumn-winter-2021/

LOUIS VUITTON
We’ve saved the best for last: Louis Vuitton’s Artistic Director Virgil Abloh made a 15-minute fashion film spectacle centered around an art heist. This is by no means exciting or action-packed. Louis Vuitton’s website says, “The performance revolves around the figurative notion of the art heist that is the art world’s theft and re-appropriation of foundations of cultural heritage.”

The film is both a fashion show and a commentary on racial politics. The film is directly influenced by African-American writer James Baldwin’s essay “Stranger in the Village.”

For trends, we spotted the return of a 2000s favorite, the metallic Louis Vuitton Miroir; reflected as well in suits of silver. There are bags shaped like airplanes, a lemon yellow duffel, but also tartans and stripes. That should set you up for this year.

However: what strikes a viewer in the film aren’t quite the clothes, but the performances by rappers Saul Williams, Yasiin Bey (a.k.a. Mos Def), and poet Kai Isaiah Jamal. Saul William takes a walk in the runway with a big black coat with airplanes marking the closures (while other men behind him look decidedly 1960s — dressed in fashions during the rise of the civil rights movement). While he walks, a voice says, “Make space for me… make it up to me.” Later in the video, these words were spoken: “Those who burn, those to the fire, and the countless unnamed.” While the message is timely, does it hinder or help that the message is seen through the lens of luxury fashion? “Stranger in the Village” reads, “The rage of the disesteemed is personally fruitless, but it is also absolutely inevitable: the rage, so generally discounted, so little understood even among the people whose daily bread it is, is one of the things that makes history.”

Watch it here: https://www.youtube.com/watch?v=vV_QoQD_nrA . — Joseph L. Garcia

Converge expects 55% household coverage by 2025

By Arjay L. Balinbin, Senior Reporter

LISTED fiber internet provider Converge ICT Solutions, Inc. is aiming to cover more than half of the country’s households by 2025, its top official said.

“We are hopeful that we can contribute to economic recovery as we reach our objective of 55% household coverage by 2025 with our fiber network and, in tandem, drive rapid take-ups once we deploy our ports,” Converge ICT Chief Executive Officer Dennis Anthony H. Uy told BusinessWorld in a recent e-mail interview.

The company is hoping to serve around four to five million customers in five years, he noted. “We passed one million subscribers before the end of 2020, and we continue to see strong demand as we entered the new year of 2021.”

Converge is also expecting to sustain the growth it saw in 2020, as it extends its services to other parts of the country.

“We are expecting to complete our national loop within the year, which will allow us to offer fixed broadband connection to other regions that remain underserved,” Mr. Uy said.

The newly listed company recently reported an attributable net income of P2.19 billion for the first nine months of 2020, up 57.63% from P1.39 billion it earned in the same period in 2019.

Its total revenues for the January to September 2020 period jumped 67% to P10.68 billion from the previous year’s P6.39 billion.

Converge had initially said its residential and enterprise segments generated revenues of P8.41 billion and P2.26 billion, respectively, in the first nine months.

The company attributed the increase to the “higher revenue and prudent management of direct costs, including its international bandwidth and leased line costs.”

“Our expertise puts us in the prime position to help the community adapt to the digital lifestyle by serving their at-home needs,” Mr. Uy said.

“The work-from-home and study-from-home arrangements that we have seen at the height of the pandemic as well as the proliferation of online ventures have shown us another and more efficient way of going about our business, and we expect that to continue in some form or another,” he added.

Converge ICT shares closed 0.13% lower at P15.56 apiece on Friday.

NBA licensed merchandise in Decathlon stores soon

NATIONAL Basketball Association (NBA) licensed merchandise will soon be available in Decathlon stores in the country after the French sporting goods retailer was recently named an official licensee of the United States-based basketball league.

In an announcement officially made on Friday, the NBA said it signed a multiyear merchandising partnership with Decathlon, making the latter an official licensee of the NBA across Africa, Asia, Europe, the Middle East and Latin America.

The deal marks Decathlon’s first partnership with a North American sports league.

Under the deal, a dedicated range of NBA team and league-branded base layers, accessories and footwear designed by Decathlon and sold under its basketball brand Tarmak will be made available in Decathlon stores worldwide, including those in the Philippines, and online at Decathlon.com.

Products will be available for pre-order beginning in March this year ahead of the April launch in stores.

“Since the creation of Tarmak four years ago, it has been our dream to collaborate with the NBA, the greatest basketball league in the world,” said Tarmark leader Damien Dezitter in a release. “We have a common objective to develop basketball all over the world, so it’s natural to work together to make this possible.”

The same sentiments were shared by the NBA, with Steve Griffiths, NBA EME Director, Global Partnerships, saying, “We are excited to partner with Decathlon, a leader in sporting goods retail with a global footprint. Through this partnership, NBA fans and basketball players around the world will have access to an exciting and innovative range of merchandise to help them get in the game.”

Decathlon Philippines trumpeted the recent deal, posting on its official Facebook page “that something exciting with the NBA” is coming in March.

The sporting goods retailer set up its first store in the country in 2017 at the Festival Mall in Alabang, Muntinlupa. Company officials back then said that the reason they opened shop in the country is in recognition of the vibrant sports and active lifestyle scene in the Philippines.

Aside from popular sports such basketball, football, volleyball, and running, Decathlon stores in the country also have products for hiking, rollerblading, dancing, and fishing, among others.

Other Decathlon stores are located at Tiendesitas in Pasig City and in Masinag in Antipolo City. — Michael Angelo S. Murillo

Alsons allots P6.54 billion for four projects

By Angelica Y. Yang

ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) has earmarked around P6.54 billion as capital expenditures (capex) for four projects under development, including three hydro plants, the listed firm said over the weekend.

ACR, which claims to be the first private sector power generator in Mindanao, has an aggregate installed capacity of 468 megawatts (MW).

“Capex in 2021 specifically allotted to projects under development is around P6.54 billion. This would cover the prospective (105-MW) San Ramon Power, Inc. (SRPI) baseload thermal plant in Zamboanga City and three of our prospective hydroelectric power plants,” ACR Executive Vice President and Chief Operating Officer Tirso G. Santillan, Jr. was quoted as saying via e-mail.

These planned hydro plants, he said, include the 14.6-MW run-of-river Siguil hydro plant, which is under construction in the Sarangani province; the 22-MW Siayan (Sindangan) hydro plant in Zamboanga del Norte; and the 42-MW Bago Hydro plant in Negros Occidental.

Mr. Santillan said that the Siguil hydro plant is targeted to begin commercial operations next year, while the SRPI thermal plant is targeted to go online by 2024.

The listed firm said that it planned to focus on ramping up its hydro facilities in the coming years. “For the long term, we are slated to focus on renewables with seven more run-of- river hydroelectric plants in our pipeline. Once completed and operational, these hydro power plants will comprise the bulk of the company’s power facilities,” Mr. Santillan said.

Once ACR’s first three hydro plants are operating, earnings from the listed firm’s RE facilities are expected to take up 35% of ACR’s profits, he said.

“In the long term, when all eight hydro plants are operating, we project that renewable energy (RE) contribution to ACR earnings will be around 45%,” Mr. Santillan said.

In September, Alsons issued P1 billion worth of commercial papers, the proceeds of which would go to finance eight of its renewable power projects in the pipeline.

Last week, local debt watcher Philippine Rating Services Corp. (PhilRatings) issued a “PRS A+” issuer credit rating with a stable outlook” to ACR for the first tranche of its commercial papers program this year. It earlier announced that it would issue P3 billion in short-term commercial papers, which would be issued in one or more tranches.

According to PhilRatings, a PRS A+ credit rating is an assessment that shows the company’s above-average capacity to meet its financial commitments relative to other firms. A “stable outlook” is given when a rating is likely to be maintained or to remain unchanged in the next 12 months.

Shares in ACR on Friday were unchanged at P1.29 apiece.

Latest version of Adidas Ultraboost available in February

THE LATEST version of the adidas Ultraboost shoe line will be available in the country beginning next month.

Designed and developed with input from runners and testers, the Ultraboost 21 features a bold new design combined with the latest in performance technology.

At the center of the development of the Ultraboost 21 is the redesign of the shoe’s torsion system. The new adidas LEP (Linear Energy Push) is used to provide a 15% increase in forefoot bending stiffness for a more responsive stride. This works alongside adidas’ midsole BOOST technology, which packs in 6% more “boost” than its predecessor (Ultraboost 20) through an exaggerated heel curve, providing runners with notable energy return and comfort in every step.

The global brand said the Ultraboost 21 remains in line with its push of using sports — running in particular — to transform lives and coming up with products that embody its commitment to bring energy to people to drive positive change and self-betterment. Such a mission could not be more fitting during this time of the coronavirus pandemic, it said.

Citing a global study it commissioned, the power of running is said to have aided positive transformation and improved physical and mental wellbeing in communities. Runners were shown to be 20% more likely than non-runners to experience increased energy levels, while over 40% of respondents that increased their running frequency also said that they developed a more positive outlook on life. Over 33%, meanwhile, identified the mental health benefits of running as one of their core motivating factors.

“Ultraboost has consistently been a unique and sensational blend of iconic design, revolutionary innovations, unparalleled performance and unique consumer experience. BOOST and Primeknit (a knitted fabric which brings a sock-like fit to the feet) have created and elevated new industry standards, while Primeblue (a product made out of recycled polyester from plastic) has set a new benchmark of sustainability and adidas LEP is setting new standards of performance,” said Alberto Uncini Manganelli, general manager/senior vice-president, adidas Running, in a release.

“Ultraboost has always been a ‘first,’ a ‘pioneer,’ delighting millions of worldwide users every day, winning their hearts and minds and changing the way they see and feel running,” he added.

The Ultraboost 21 is set for a Philippine launch on Feb. 4 and will retail for P9,500. For more details, visit adidas.com/ultraboost21. — Michael Angelo S. Murillo

Treasury bills to fetch lower rates as investors wait for GDP report

RATES OF Treasury bills (T-bills) on offer on Monday will likely move sideways or slightly lower ahead of the release of full-year gross domestic product (GDP) data on Thursday.

The Bureau of the Treasury (BTr) is looking to borrow P20 billion via the T-bills on Monday: P5 billion each from the three-month and six-month debt papers and P10 billion via the one-year securities.

Bond traders said the yields on the short-term bills will likely move sideways or drop by 5 basis points (bps) ahead of data on the economy’s performance last year.

“I think it should move sideways to 5 bps lower from the previous auction ahead of the release of the country’s full-year 2020 GDP print,” a bond trader said on Friday via Viber.

A BusinessWorld poll of 18 economists and one institution last week yielded a median estimate of a 8.5% GDP contraction for the fourth quarter and a steeper slump of 9.5% for full-year 2020.

If realized, the fourth-quarter forecast would be better than the 11.5% slump in the previous three-month period and the record 16.9% plunge in the second quarter. It would also match the worse end of the 8.5-9.5% decline expected by economic managers.

“Investor demand for T-bills is expected to persist as the market remains abundant with liquidity given the dearth of investment outlets amid risk aversion,” the first trader added.

A second bond trader sees T-bill yields moving the same way at today’s auction and said “banks aim to place their excess liquidity there and as demand for local government securities remains at the short end.”

The Treasury last week upsized the volume of T-bills it awarded to P22 billion from the P20-billion program as total tenders reached P87.11 billion.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P17.76 billion in bids. The three-month T-bills fetched an average rate of 0.984%, inching up by 0.7 bp from the 0.977% in the Jan. 11 auction.

Meanwhile, it borrowed P7 billion via the 182-day T-bills, higher than the P5-billion program, with the Treasury accepting more bids from the non-competitive sector as tenders hit P24.296 billion. The six-month papers were quoted at an average rate of 1.348%, down 1.2 bps from 1.36% previously.

For the 364-day securities, the government awarded P10 billion as planned from tenders worth P45.055 billion. The average rate of the one-year instruments also went down by 2.3 bps to 1.582% from the previous rate of 1.605%.

At the secondary market on Friday, the three-month, six-month and one-year T-bills were quoted at 1.165%, 1.36% and 1.596%, respectively, based on the PHP BVAL Reference Rates posted on Philippine Dealing System’s website.

The Treasury plans to borrow P140 billion from the local debt market this month: P80 billion via weekly auctions of T-bills and P60 billion from fortnightly Treasury bond offerings.

The government aims to raise P3 trillion this year from local and foreign sources to fund its budget deficit that is seen reaching 8.9% of GDP. — Beatrice M. Laforga

ASF test kit mass production provided P80-M funding — DA

AGRICULTURE Secretary William D. Dar said P80 million has been allocated for the development and mass production of test kits for the detection of African Swine Fever (ASF).

The test kits, which go by the name ASFV Nanogold Biosensor, promise rapid results. The developer was Clarissa Yvonne J. Domingo of Central Luzon State University, in collaboration with the Bureau of Animal Industry (BAI).

“With this development, BAI personnel and veterinarians of local government units can now administer the kit for biosecurity measures, profiling of farms for repopulation, and surveillance and monitoring activities, at a much faster rate right at the so-called “ground-zero” and more economically,” Mr. Dar said.

The rapid test kits use a nucleic acid-based test that can detect the virus and differentiate it from hog cholera and other swine-related viruses.

It can detect the disease via the surface swabbing of pig barns and delivery trucks, saliva and nasal swabs, feces, water, semen, feed, aspirated whole blood or blood-soaked swabs, and domestic flies.

“We can even have these test kits on standby at the port of entry for a quick sampling of the meat products entering the country,” Mr. Dar said.

According to Mr. Dar, the ASF test kits cost P350, but can be as cheap as P70 in pooled testing of five surface swabs, saliva, or feces from the same pig farm.

The test kit has been tested at 32 commercial and nine backyard farms in Bulacan, Rizal, Laguna, Pampanga, Tarlac, Pangasinan, and Nueva Ecija.

BAI offers free ASF testing while private laboratories charge around P3,000 per test.

Mr. Dar said the Department of Agriculture will arrange with Vietnam a field test in the Philippines after learning that the Vietnamese had developed an ASF vaccine.

ASF is a severe and highly contagious hemorrhagic viral disease in pigs that poses no health risks to humans. — Revin Mikhael D. Ochave

Court of Tax Appeals affirms denial of gaming firm’s refund

THE Court of Tax Appeals (CTA) affirmed the denial of the tax refund claim of a junket gaming operator over the corporate income tax it paid worth P24.4 million for 2014.

In a 10-page ruling dated Jan. 8, the court, sitting en banc, denied for lack of merit the petition of Prime Investment Korea, Inc. that sought to nullify the 2019 ruling of the special second division, which denied the refund claim.

The firm claimed that junket gaming revenues are not subject to corporate income tax and as contractee/licensee, the tax exemption of Philippine Amusement and Gaming Corp. (PAGCOR) extends to its gaming operations, essential services, and technical services.

The operator also claimed that contractees and licensees are “liable only for 5% franchise tax in lieu of all kinds of taxes, including corporate income tax” and the classification of income from junket gaming operations as “other related operations” is erroneous and inconsistent with Presidential Decree No. 1869 on the franchise of PAGCOR.

The Bureau of Internal Revenue, on the other hand, said that the claim of Prime Investment Korea that it is exempt from corporate income tax has no legal basis and contractees should pay the said tax for income derived from junket operations.

“Petitioner’s arguments are mere rehash of its case before the Court in Division. We find no cogent reason to deviate from the Court in Division’s disquisitions,” the court said.

Citing a Supreme Court decision, the court noted that PAGCOR’s income is classified into two: first is income from operations and licensing gambling casinos, clubs, and similar places, and second is from “other related operations.”

It said that income from junket operations, which is classified under “other related services,” is subject to corporate income tax and not franchise tax.

The CTA also said that it had “consistently” ruled that income from junket operations is classified as “other related services” that is subject to corporate income tax, noting the decision of its division.

It also cited a jurisprudence, which ruled that as PAGCOR is subject to corporate income tax for other related services, “contractees and licensees” should also pay the same tax for income from such related services.

“The language of the law is too plain and unambiguous to be construed. It is a basic tenet in statutory construction that when the statute is clear, it must be given its literal meaning and applied without any attempted interpretation,” it ruled.

“Considering that petitioner’s income from junket operations is subject to corporate income tax, its claim for refund or issuance of TCC (tax credit certificate) arising from alleged erroneous payment of taxes has no legal mooring. Accordingly, We affirm that petitioner is not entitled to the refund or issuance of TCC for the taxes paid for TY 2014,” it added. — Vann Marlo M. Villegas

No one was hurt in the creation of the Human Leather collection

DESPITE its name, no one involved in Silence of the Lambs was involved in the creation of avant-garde fashion designer Kelvin Morales’ Human Leather collection, nor was anyone hurt in the process.

Rather Mr. Morales explores the anatomies of the human body, as well as the essence of their touch and movement in his experimental collection. He asked himself: “What if the human skin can be used as material for clothing without the judgmental social hiss on cannibalism? What would it look like in the modern day?”

Fueled by this curiosity and his passion for the wide array of possible materials, the young contemporary artist, who formally honed his creativity and fascination under the Fashion Design and Merchandising Program of the De La Salle-College of Saint Benilde, started researching extensively and embarked on crafting different boards for various moods, fabrics, silhouettes and colors.

Human Leather was the end result, a 14-piece collection that exhibits the peculiar beauty of the human skin through the incorporation of tattoo-inspired embroideries, colorized human hair, manual hand embroidery, local fabrics and bespoke details that embody the conceptual and tactile qualities of individuals.

“Clothes should be an extension of one’s self and with this collection I took that literally,” Mr. Morales noted in his look book. “I interpreted skin as clothes and translated it into clothing that mimic that concept. This contextualizes the human body and the function of fashion in a different way, dismantling the stereotyping of beauty.

“I wanted to highlight the diversity of human skin and equality of different races and colors,” he noted.

Mr. Morales is currently gearing up for the PHX 2020-2021, an incubation project of the Center for International Trade Expositions and Missions (CITEM) and the Department of Trade and Industry for young and emerging Filipino designers to showcase their original creations and collections in Tokyo.

View his works on his Instagram account @kelvinmmorales or through his official website www.kelvinmoralesph.com.

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