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Court affirms P1.9-B tax ruling favoring Cebu Air

THE Court of Tax Appeals affirmed the cancellation of the alleged deficiency improperly accumulated earnings tax (IAET) of Cebu Air, Inc. for 2010 worth P1.87 billion.

In a three-page resolution dated Nov. 3, the court, sitting en banc, denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue.

The court said the claims of the bureau were “mere recapitulation” of its arguments in its petition for review.

“Moreover, these issues have been amply considered, weighed, and resolved in the Assailed Decision. Thus, to discuss anew the explanation of the court on these matters is superfluity,” it said.

The bureau claimed in its motion for reconsideration that the company’s evidence attached to its motion should not have been admitted and that the court erred in ruling in matters not raised in administrative level, as well as cancelling the compromise penalty.

The court in a decision in June affirmed the ruling of the special second division, cancelling the assessment for deficiency IAET against Cebu Air.

The second division in 2018 denied the petition for review of Cebu Air, holding it liable for IAET worth P49.3 million, inclusive of 25% surcharge, deficiency and delinquency interests.

Upon appeal of both parties, the second division issued an amended decision, canceling the assessed deficiency IAET for Cebu Air, saying the company sufficiently proved that it declared and paid cash dividends to its shareholders within a year since the close of taxable year 2010.

IAET is the income tax imposed at a 10% rate on the improperly accumulated taxable income of a corporation if its earnings are accumulated and not distributed to stockholders, the court said in its ruling in June.

The court en banc in its duling upheld the decision of the division that the company has no IAET after Cebu Air was able to “fully substantiate” that it declared and paid cash dividends to its stockholders and it was established that additional paid-in capital is part of paid-up capital of the corporation, which is used to compute the IAET.

The court also said in its previous ruling that the compromise penalty applies only in the settlement of criminal liability and there should be mutual agreement between the parties. It said that the compromise penalty should be deleted because the company did not consent to it.

The BIR in its petition claimed that the company did not prove that it paid cash dividends to its shareholders and the documents should not have been considered by the division and that paid-up capital should not include the additional paid-in capital, among others, according to the June ruling.

Cebu Air, on the other hand, claimed that the bureau failed to raise valid grounds to reverse the decision. — Vann Marlo M. Villegas

When complications are a good thing

Ref. 6301P Grande Sonnerie

WE now live in a world of endless complications, but a new wristwatch from Patek Philippe gives us a good kind of complication.

In timepieces, complications meant extra features that go beyond simply displaying time. During a presentation last week, Patek Philippe president Thierry Stern (the Sterns have owned the company since the 1930s) introduced the Ref. 6301P Grande Sonnerie, and their new building in Geneva. “Today, 2020, we are ready to produce, since June, and I’m really proud about really, all the work that has been done here. This is done for the future, and also for the present,” said Mr. Stern. “I believe that now, we should be ready for the next 20 years,” he said, but then noted “That’s also what we said with the other building. Four years later, we had to build another one. Who knows?”

The 6301P follows in the footsteps of a much grander older sister. Minute repeaters (essentially, miniature chimes that reminded one of the time) have been present in watches before, to mimic how church bells in town reminded people of the hour. Patek Philippe has made them since 1839. However, Philippe Barat, Head of Watch Development pointed to 2014, during the company’s 175th anniversary celebrations, when they had created the 6300G which had five different striking functions: a Grande Sonnerie, a Petite Sonnerie, a minute repeater, an alarm, and a date repeater. The new 6301 is a simpler sibling: one with a Grande Sonnerie, a Petite Sonnerie, and a minute repeater.

It has a manually wound mechanical movement, and the minute repeater works with a chime on three classic gongs (the presentation opened with the sound of the chimes; bringing to mind a call to supper during the Edwardian Era), jumping small seconds, a movement power reserve indicator, and a similar indicator for the strikework. The case has a resemblance to the 5370; masculine and refined. It’s made in platinum, with interchangeable solid and sapphire crystal case backs. It isn’t water-resistant, but it has protections against dust and humidity. It has a diameter of 44.8 mm and a height of 12mm.

“Patek Philippe has been working on Grande Sonneries for many, many years, but most of these were on pocket watches. This time, it’s a bracelet watch,” Mr. Stern pointed out.

He is confident that the company will weather through the ongoing COVID-19 pandemic. “Patek Philippe is still working very well; I’m quite confident. Of course, it’s not to be a record year; we all know that. At least, we are strong; we have a very strong reserve also. I think that the new products are also very nice, and I can only tell you that Patek Philippe is still very happy to create watches. I hope I can see you in a better world in 2021.” — Joseph L. Garcia

SSS, GSIS offering loans for victims of typhoons

THE SOCIAL SECURITY System (SSS) and Government Service Insurance System (GSIS) are extending loans to victims of typhoons Rolly and Ulysses, which affected many cities and provinces across the country.

SSS will offer loans under its calamity loan assistance program from Nov. 27 until Feb. 26 next year, it said in a statement on Sunday.

Meanwhile, credit under its direct house repair and improvement loan program will be offered for one year from the issuance of its corresponding circular.

The state pension fund said members can also tap its three-month advance pension for SS and employees’ compensation for calamity aid.

It has yet to release the complete guidelines for the program.

GSIS also opened its emergency loan program which allows members to borrow P20,000 at an interest rate of 6% per annum and equal payments for three years, it said in a separate statement on Sunday.

Qualified borrowers include those in active service, free of administrative or criminal cases, and members with a net take-home pay of not lower than  P5,000 after monthly obligations have been deducted.

Old-age and disability pensioners are also qualified to apply for an emergency loan if their resulting net monthly take-home pension after loan availment is at least 25% of their basic monthly pension.

Meanwhile, members with due and demandable loan accounts or those with arrears of over six months are allowed to renew their previous emergency loans from a different calamity, except the one under the COVID-19 Emergency Loan Program.

Members with only three months of paid premiums prior to application date may also apply. Previously, GSIS required six months’ worth of paid premiums.

The application form for the emergency loan can be downloaded from the GSIS website.

Members and pensioners can file their applications through contactless methods: via the pension fund’s web-based facility, the Electronic GSIS Member Online facility, through e-mail, or via drop boxes located in the lobbies of GSIS offices.

Borrowers, except pensioners, may also file their loan application through the GSIS Wireless Automated Processing System kiosks located in all GSIS branches, Department of Education offices, provincial capitols, city halls, Robinsons Malls and selected SM malls.

Vivant net profit dips as electricity sales fall

VIVANT Corp.’s net income for its parent equity holders fell by 40.6% to P425.10 million in the third quarter after a double-digit fall in its electricity sales while its other revenue sources also declined, the Cebu City-based power provider reported in a regulatory filing.

After-tax net earnings also went down by 35.9% to P522.21 million, according to its financial report submitted to Philippine Stock Exchange (PSE) during the three-month period when many parts of the country were on a relaxed lockdown restriction.

Total revenues of the firm decreased by 34.1% to P1.02 billion from July to September.

The corporation’s sale of power, its main business, recorded a 31.4% decrease or P563.73 million. Equity in net earnings of associates and joint ventures saw a 35.2% decline to P412.03 million.

For the nine months through September, total revenues amounted to P2.82 billion, around 40% lower than its earnings during the same period last year.

The company’s net income went down by 35.3% to P1.34 billion.

Vivant, through its subsidiaries and affiliates, holds interests in electric power generation, power distribution and the retail electricity supply business. It currently owns and operates the 70-megawatt (MW) Delta P, Inc. in Cebu, the 16-MW diesel-run power plant and Palawan and the Cebu Energy Development Corp., which runs the 246-MW coal-fired power plant in Toledo.

Vivant’s shares on Friday inched down by 3.45% to P13.98 apiece. — Angelica Y. Yang

How You Can Help

AFTER THE devastation wrought by typhoon Rolly (international name: Goni) — the strongest typhoon to hit land this year — on Catanduanes and Bicol, it was followed up by typhoon Ulysses which swamped parts of Metro Manila, Rizal, and has turned the provinces of Cagayan and Isabella into landlocked seas.

Many people are asking how they can help those who have been badly affected by these disasters. Here is a list of organizations and individuals — from schools, to media giants, to party list groups, to NGOs, to a K-pop fans club, to artists — that are asking for donations to help the victims of Typhoon Rolly. The list will be updated as more information arrives.

ANGAT BUHAY
THE OFFICE of the Vice-President continues to accept donations for those affected by the numerous typhoons that hit the country. The office’s Angat Buhay program is accepting in kind donations. Those who want to donate, contact ovpresponse@gmail.com or call 0998-591-7388 or 0966-544-3889. The drop-off location is the Quezon City Reception House, 10th Street Barangay Mariana, New Manila, Quezon City. They are requesting donations of rice, canned goods (with easy-open cans), noodles, and other ready-to-eat items. They also accept hygiene kits, cooked meals, mattresses, blankets, pillows, first aid kits, and medicines.

YOUNG FEMINISTS COLLECTIVE
YOUNG Feminists Collective is collecting donations for areas affected by Typhoon Ulysses. Donations will go towards providing typhoon survivors with basic meals and snacks, hygiene kits, masks, milk, and essential medicines. They already have partners on the ground in Isabela, and they are focusing on hard-to-reach evacuation centers (such as those that have to be reached by boat). Donation channels are as follows: BDO (Dasha Uy, Account No. 005630499247, BPI (Brenda Pureza, Account No. 3089286912) and GCash (Dawn Marie Castro, 0998-980-7640).

TULONG KABATAAN NETWORK
TULONG Kabataan is a relief and rehabilitation network initiated by Kabataan Partylist to help victims of floods, typhoons, and other natural disasters. It is now collecting donations for areas affected by Typhoon Ulysses (a campaign for Bicol-based Typhoon Rolly victims is still under way). Donations will go  straight to the Tulong Kabataan Organization in Santiago City, Isabela. Donations can be coursed through BDO (Cheries Mae V. Bernaldo, Account No. 0067-8100-8209) and GCash (Keith Sheremai Jover, 0966-961-0510). Meanwhile, Tulong Kabataan, in partnership with BunnyWolf PH, Brightwin Nation, and Brights Philippines FC, is calling for donations for those affected by Typhoon Rolly. Donations can be sent via PayPal: brightsphilippinesfc@gmail.com or imsherlan24@gmail.com or via GCash: 0917-1557-610 (Sherlan S.) or 0936-911-8083 (Aiza Castillo).

DE LA SALLE UNIVERSITY NETWORK
DE LA SALLE University-Manila is collecting donations for families affected by the typhoons in the following areas: Bicol, Batangas, Marikina, and Rizal. Under the account name De La Salle Brothers, Inc., one can make donations through BDO (0021-980-159-37), BPI (3103-3749-86), and RCBC (7590-569-081). Over at De La Salle University- Dasmarinas, one can donate through BPI (0961-0041-44) under account name DLSU-Dasmariñas. One can also donate through the UnionBank Mobile App, choosing DLSU Dasmariñas Donation, with purpose “Disaster Relief Response” under the menu for Pay Bills.

IVAN REVERENTE ART PRINTS
ARTIST Ivan Reverente calls on people: “Tulong tayo guys!” He is selling prints of his works with 100% of the proceeds (after printing costs) to be donated to relief operations helping the victims of bagyong Ulysses. Available for Metro Manila orders only, with shipping via ride couriers for now. Prints range in price from P1,200 (plus shipping) to P3,550 (plus shipping). All prints are done with archival paper. Visit his Facebook page to see the images for sale and for details  on ordering.

KAPUSO FOUNDATION
THE GMA Kapuso Foundation calls for donations to give aid to people who may be affected by Typhoon Rolly. To donate online to GMA Kapuso Foundation, visit www.gmanetwork.com/kapusofoundation/donate.

ABS-CBN FOUNDATION
THE ABS-CBN Foundation is accepting cash donations as part of its Sagip Kapamilya program to reach out to Filipinos affected by Typhoon Rolly. Those interested may donate through the following accounts: BDO (Peso Account) 0039301-14199 Swift Code: BNORPHMM; BDO (Dollar Account) 1039300-81622 Swift Code: BNORPHMM; BPI 3051-1155-88 Swift Code: BOPIPHMM; Metrobank 636-3-636-08808-1 Swift Code: MBTCPHMM; PNB 1263-7000-4128 Swift Code: PNBMPHMM; Security Bank 000003312430-0 Swift Code: SETCPHMM.

ROBERT ALEJANDRO DONATION DRIVE
ARTIST and TV host Robert Alejandro is offering to create caricatures of your children in exchange for a donation to help victims of the typhoon. Those interested can send Mr. Alejandro a personal message with the photo of the child and their e-mail address via his personal Facebook page (https://www.facebook.com/kuya.robert) and upon donation, he will be sending the high-resolution photo to the e-mail address.

TEAM #ROCKEDRELIEF
TEAM #RockEdRelief is collecting non-perishables to send to Bicol, and two barangays in Batangas. They are looking for: blankets, laundered clothes, towels, socks, pillows, sleeping mats, mosquito nets, canned food (for now), used tarpaulins (for floor coverings). Commune, Polaris St., Makati (Bgy Poblaciòn) is receiving donations in kind starting Nov. 4 from noon to 4 p.m. Labeled boxes or transparent bags are appreciated in order to avoid opening packages. For purchasing assistance (meant for brand new underwear, sanitary napkins, diapers, and hygiene kits), send donations to BPI 3080-0073-44 Rock Ed Philippines and send the amount and name for donor’s receipt recording.

TULONG KABATAAN
THE SAME Tulong Kabataan is also holding a separate donation drive for those affected by the typhoon in the Bicol Region and the National Capital Region (NCR). Donations can be made in cash and in kind. For cash donations, donate via the BPI Savings Account number 008339 4735 53 or BDO Savings Account number 012220 0134 36. Both are under the name of Thalia R. Villela. Those who want to donate in kind or via GCash can do so by contacting Joshua Marcial via 0195-268-3515. Paypal donations are also accepted via paypal.me/trvillela.

ANAKBAYAN PUP
AN ORGANIZATION from the Polytechnic University of the Philippines (PUP) is also holding a donation drive for those affected by the typhoon in Bicol and NCR. Donations can be made via GCash through Christine Franes (0918-348-3943) or via PayMaya through Jersey Mari Arante (0917-885-1280). Donations can also be made through the BPI Savings Account number 4869 1284 95 under the name Maria Czarina Mapili and via Paypal: josephscien@gmail.com

MYDAYS BICOL
THE BICOL fan group of K-Pop boy group Day6 is calling for donations to provide assistance to help Bicolanos affected by the super typhoon. The group is asking for cash and in kind donations and noted that they are prioritizing rice, non-perishable goods, clothes, and potable water. Those who want to donate in cash can do so via GCash (0905-4626-654), via PayMaya (0905-4626-654), via BPI Savings Account number 0669120168, and via PayPal at paypal.me/mydaysbicol. A copy of the deposit slip should be e-mailed to mydaysbicol@gmail.com. Those who want to donate in kind can drop off their donations at Sta. Rafaela Maria Students Home, Sagpon, Daraga, Albay, 4501. For more information, call 0999-4820-934 and 0951-5091-524.

KAYA NATIN
NON-PARTISAN, non-governmental organization based in Quezon City, Kaya Natin, is also holding a donation drive for typhoon victims and is asking for cash donations. Those who want to donate can do so via BPI Account number 3081-1173-72 under the name KN Movement for Good Governance and Ethical Leadership, Inc., or via Paypal at kayanatin.ph/donate. Send your deposit slips to kayanatinmovement@gmail.com. For inquiries contact Kaya Natin at 0917-822-6628 or e-mail kayanatinmovement@gmail.com.

TABANGAN TA ANG CATANDUANES
SEVERAL medical groups including the Association of Medical Doctors of Asia Philippines are asking for donations specifically for those in Catanduanes affected by the typhoon. Deposits can be made through GCash via Karen Martinez (0956-4211-832) or via the BDO Savings Account number 002650493646 under the name Marian Faye H. de Claro.

BANGON ORAGON
THE 6TH MEDICINE Student Council of the College of Medicine, Bicol University is doing a donation drive for Bicolanos affected by the typhoon. The donations can be made through BPI (1639-0764-89) and GCash (0965-4811-357) under the name Christian F. Picones. Donations are also accepted via LandBank of the Philippines (1496-249-530), PayMaya (0919-95403519), and Metrobank (677-3-677-07866-0) all under the name Irene C. Velasco. To confirm your donation, send a message to 0965-481-1357 via SMS Viber or Telegram.

UNIVERSITY OF THE PHILIPPINES LOS BANOS
THE STUDENT union of the University of the Philippines Los Baños is holding a donation drive to benefit the victims of the typhoon from the CALABARZON and Bicol Region. Those who want to donate can do so via Landbank (1896-3525-73) and GCash (0953-3081-839) both under the name Maria Joy D. Dela Providencia. Donations can also be made through Paypal at paypal.me/stpbuplb. For in kind donations contact 0953-3081-839. Those who want to volunteer their time can sign up via https://bit.ly/3fWlitu.

SINING BANWA
SINING Banwa, a community-based multi-arts organization based in Albay is calling for donations to help those affected in Barangay Busay in Daraga, Albay and other communities. Donations can be made in cash and in kind. Those who want to donate in kind can drop off their donations at Sining Banwa Harong Door 4, ALA Compound, Orange St., Sunrise Subdivision, Cruzada, Legazpi City. In cash donations can be made through BPI (0859-2548-45) under Jobert Landeza, Chinabank (108002036024; Swift code: CHBKPHMM) under Sining Banwa Albay Performance Collective Inc, GCash (0935-465-9359) under the name Jobert Landeza. For more information, contact 0975-981-4207.

TANGING YAMAN FOUNDATION
TANGING Yaman Foundation is asking for donations for those affected by the typhoon. In kind donations are requested to be in the form of canned goods, instant noodles, bottled water, rice, hygiene kits, diapers, sanitary napkins, and powdered milk. In kind donations can be dropped off at the ADMU (Ateneo de Manila University) LS Covered courts. Monetary donations can be made through the Metrobank account of the Tanging Yaman Foundation, Inc., at 448-7-44800988-9 or via GCash at 0947-565-9544. Checks should be made payable to Tanging Yaman Foundation, Inc. For more information contact the foundation via 0947-565-95244.

AKOBAKWIT
AKOBAKWIT, a non-governmental organization promoting and protecting the rights and welfare of the internally displaced, is also calling for donations for typhoon victims. Donations can be made through Ako Bakwit BPI Savings Account at 0293-0053-79, Paymaya at 0917-607-7718, PayPal at akobakwit@gmail.com, and GCash 0917-607-7718. In kind donations can be dropped off at Ziya Boutique, ground floor, Glorietta 3, Makati City.

ATENEO DE MANILA UNIVERSITY
THE OFFICIAL disaster response and management team of the Ateneo de Manila University is collecting donations for typhoon victims via the Ateneo de Manila University BPI Savings Account (Peso) at 3083-7210-56. More donation options are available at giving.ateneo.edu.

GABRIELA PHILIPPINES
GABRIELA Philippines, a non-governmental organization advocating for women’s rights, is also calling for donations for families affected by the typhoon. For cash donations, donate via the Lingap Gabriela, Inc. Chinabank Account (105002008935) with Swift Code: CHBKPHMM. For donations in kind, drop offs are at Lingap Gabriela Office at SATU Bldg., Blk 73, Lot 11, Don Mariano Marcos Ave., North Fairview, Quezon City, or at the Gabriela Women’s Party Office, #25 K-10 St., West Kamias, Quezon City, or at the Gabriela National Office at #35 Scout Delgado, Brgy. Laging Handa, Quezon City. For more information, contact 8464-2652 or 0977-6344808.

BAYAN MUNA PARTYLIST BAYANG MATULUNGIN RELIEF OPERATIONS
THE BAYAN Muna Partylist is asking for in kind donations — in the form of canned goods, bottled water, clothes, hygiene kits, and medicine — and cash donations for those affected by the typhoon. Those who want to donate in kind can drop off their donations at Block 31 Lot 13 A. Bonifacio St., New Capitol Estate 1, Brgy. Batasan Hills, District 2, Quezon City. Cash donations can be made through GCash (0917-168-6352), PayMaya (0917-168-6352), or PayPal paypal.me/leafullon. Contact Sarah Velasco at 0923-535-419 for inquiries.

JCI PHILIPPINES-OPLAN KAAGAPAY SUPER TYPHOON ROLLY
THE JUNIOR Chamber International (JCI) is asking for donations both in kind (canned goods, towels, hygiene kits, relief packages) and in cash. Donation drop-off point is located at the JCI Philippines Headquarters, 14 Don A. Roces Ave., Quezon City, Metro Manila. Contact NED Constantine Ignacio (0917-533-7474) for inquiries and for donations in-kind. Cash donations can be made through BDO, Quezon Avenue-Heroes Hills Branch (Junior Chamber International Phils., Inc. / Smart Checking Account No. 002018025076 / Swift Code BNORPHMM). To coordinate cash donations, contact NC John Joshua Cudia (0935-426-8718).

JUANSPARK YOUTH LEADERS
JUANSPARK Youth Leaders are asking for donations of at least P20 for the benefit of the typhoon victims. Donations can be made through BDO (Nanette Tagudar / 007960016388), BPI (Marielle Alemania / 0129399139) or GCash (Charmaine Gilo / 0977-455-3757). Contact Marielle Alemania at 0949-167-1154 for inquiries.

CAMPUS ALLIANCE FOR DEDICATED AND UNIFIED ACTION-UP BAGUIO
THE CAMPUS Alliance for Dedicated and Unified Action at University of the Philippines-Baguio is asking for monetary donations for typhoon victims. Those who want to donate can do so via BPI (1249249609), GCash (Cielo Madarang / 0915-884-8927), BDO (Laika Jezrel G. Mendoza / 005050274444), Land Bank (Airah Carhize Ami / 0226473556), PayMaya (Luianna Isabel Santos / 0927-256-9460), PayPal paypal.me/venicenieva.

UP CATANDUNGAN TABANG CATANDUANES
A UNIVERSITY of the Philippines Los Baños group is asking for donations in cash and in kind for those affected by the typhoon in Catanduanes. Cash donations can be made through Metrobank (Romeo Russel Ham Somido / 1813 1813 62996) BDO (Shilley Babe P. Sta. Rosa / 0060 3023 3660), GCash (Carla Angelica Tulipat / 0917-780-5158), PayMaya (Carla Angelica Tulipat / 0920-911-2805). For in-kind donations, coordinate with Ma. Arlene S. Borja (0917-307-9148) or Meyrick U. Tablizo (0947-614-3724).

KALINGA SA PANAHON NG PANDEMYA
THE DONATION drive focused on helping people through the pandemic is now also asking for donations for those affected by the typhoon. Donations can be in cash or in kind. In kind donations can be dropped off at SM Fairview, contact Maverick or Jemimah at 0977-219-0229. Cash donations can be made via PNB (Jemimah Keren R. Ladeza at 107910038784), GCash (Maverick Segismundo at 0977-219-0229) or PayPal paypal.me/MiguelAntonioLegaspi.

TAGANI PH
A COMMUNITY of advocates for Philippine Farmers, Tagani PH, is asking for cash donations to benefit their partner-farmers who have been affected by the typhoon. Donations can be made through PayPal paypal.me/TaganiPH and through GCash, UnionBank, and BPI. Details on those bank accounts can be accessed via https://twitter.com/TaganiPH/status/1323227774811693058/photo/1.

SAGIP KANAYUNAN-OPLAN RESCUE COUNTRYSIDE
SAGIP Kanayunan, a relief and rehabilitation effort of the Kilusang Magbubukid ng Pilipinas to benefit peasant communities affected by typhoons and other calamities, is now accepting donations for typhoon ravaged farmers and fisherfolks. The successive typhoons since Nika, Ofel, Pepito, and Quinta resulted in severe losses for palay farmers. The effort is asking for in kind donations such as common medicines, seeds, farm tools, and supplies. For cash donations, BPI (Kilusang Magbubukid ng Pilipinas/Peso Account 445-1001-286/Dollar Account 445-4002-488). To drop off in kind donations, contact the organization through its Twitter account https://twitter.com/kmp_phl.

IUPLIFT
IUPLIFT, a student-led initiative providing students with distance learning tools, is asking for donations for its partner communities in Labo and Basud, Camariñes Norte. One may donate through BPI (Zion Enrico Licup, 006216674918) or through GCash (Megumi Hosena, 0999-397-5745). They will also provide relief packs and hot meals to selected evacuation centers.

Changan PHL girds for 5-vehicle launch on Nov. 26

China auto brand to enter multiple segments, including EV

By Kap Maceda Aguila

A NEW distributor group and, it seems, a new mindset await the Changan brand in the Philippines.

Among China’s top four automotive marques, Changan will now be distributed by Changan Motor Philippines, Inc. (CMPI). For its initial salvo, Changan Philippines will make available five new vehicles (in different segments) beginning Nov. 26.

During the company’s online press conference last week, CMPI President and CEO Ma. Fe Perez-Agudo, replying to a “Velocity” question, said the main differentiator of Changan from other Chinese automotive brands is its “very rich history as a company spanning 158 years — 37 of those in cars.”

The executive, who also heads Hyundai Asia Resources, Inc. (HARI) pointed out that last year, Changan sold a total of 1.3 million units globally, and added that quality is virtually assured because of the company’s “strong backbone in R&D (research and development).” Changan plows five percent of its annual revenue back into its R&D. “This means we want quality,” underscored Ms. Perez-Agudo, and shared that Changan now has “19 million satisfied customers” worldwide.

In a release, CMPI said that the brand has a strong presence in the Middle East, South America, North Africa, and Southeast Asia, and musters a yearly production volume of four million units. The characters “Chang” and “An” together mean “lasting safety.”

The five vehicles to be made available are:

Changan Alsvin subcompact sedan. Powered by either a 1.4-liter (for the MT) or a 1.5-liter (AT) engine, this car stretches 4.39m, and is 1.275m wide. It has a seven-inch touchscreen, powered sunroof, cruise control, blind spot aid, rear cameras, tire pressure monitoring system, dual air bags, and leather seats. It is distinguished by a so-called butterfly wing radiator grille up front.

Changan CS35 Plus subcompact SUV. Positioned as an “interactive and social SUV,” the CS35 Plus is powered by a turbocharged 1.4-liter mill serving up 158ps and 230Nm. It runs on 18-inch alloy wheels, and features a 10-inch touchscreen that plays both music and videos. The SUV has high-mount stop lamps and a panoramic sunroof.

Changan CS75 Plus compact SUV. Measuring 1.867m wide and with a 2.71m wheelbase, the SUV easily accommodates five passengers, and features an air-conditioning system with N95 filter. It has 60/40 split folding seats, a sporty D-shaped steering wheel, a seven-inch digital cluster, 12-inch touchscreen, and push start-stop button. Under the hood is a turbocharged 1.5-liter engine generating 178ps and 265Nm. It has three drive modes (Eco, Normal, and Sport), a tire pressure monitoring system, and six air bags.

Changan C95 seven-seater mid-size SUV. Described by Ms. Perez-Agudo as a Changan “best-seller,” the “intelligent SUV” boasts LED headlamps and taillights, 18-inch alloys, a panoramic sunroof, 10-inch digital cluster, 360-degree high-definition panoramic camera, and 12.3-inch touchscreen. It is motivated by a turbocharged 2.0-liter GDI engine. Its air-conditioning system features an N95 filter.

Changan Eado EV460 full-electric vehicle. Taking home the Model of the Year plum for pure electric vehicles at the 2018 China Green Car Annual Awards, some 90,000 units of this EV have been sold. It gets six air bags, electric stability control, leather seats, and more. The Eado EV460 will be available on indent order.

CMPI is upping the ante and getting behind its professed confidence for the brand by offering a five-year, 150,000-kilometer (km) warranty and free preventive maintenance services for the first year, or up to 20,000 kilometers. The company also asserts that “each model completed four million kilometers in test mileage plus 4,500 tests in 15 areas including strength, safety, and environment.”

Changan presently has 15 “pioneer” dealerships nationwide, with 24 soon-to-rise facilities currently operating as sales outlets. Pioneer dealerships offer complete sales and after-sales services, and genuine parts. CMPI plans to grow the network to 39 dealerships in the next few years.

Changan is also rolling out its “Vital 5” program to further push its vehicles. The five aspects of the program are: the aforementioned five-year, 150,000-km warranty; an online service appointment booking facility, and 100% assurance of maintenance parts; a Changan Fast Lane where two service technicians will do preventive maintenance work for a guaranteed 60 minutes; free towing; a 24/7 customer care hotline to technicians and the company’s parts center.

The company hasn’t released its pricing yet, but the smart bet would be on the tags being lower than average as Changan Philippines vies for its place under the sun.

Agri dep’t crop damage estimates from Typhoon Ulysses upgraded to P2.11B

CROP DAMAGE caused by Typhoon Ulysses (international name: Vamco) has nearly doubled to P2.11 billion as of Sunday, from the prior estimate of P1.17 million, the Department of Agriculture (DA) said.

In a bulletin early Sunday, the DA said the storm resulted in the loss of 93,219 metric tons (MT) of farm produce across 58,320 hectares, affecting 62,533 farmers.

Losses were reported in the Cordillera Administrative Region (CAR), Ilocos, the  Cagayan Valley, Central Luzon, Cavite, Laguna, Batangas, Rizal, and Quezon (Calabarzon), and Bicol.

“The increase in value is attributed to updated reports from CAR, Ilocos Region, Central Luzon, and Bicol Region,” the DA said in the bulletin.

Subsectors that reported losses include rice, corn, high-value crops, fisheries, and livestock.

Rice accounted for 42.3% of total damage, followed by fisheries at 27.8%, high-value crops 24.4%, and other agricultural commodities and equipment 5.5%.

Damage to rice was valued at P890 million. Some 63,805 MT of the crop was lost across 37,360 hectares.

Aquaculture fisheries losses amounted to P585 million, with lost production reported in fin fish, milkfish (bangus), catfish (hito), and tilapia.

Damage to high-value crops was reckoned at P513 million, affecting 7,845 hectare. Losses in volume terms amounted to 24,588 MT.

Other subsectors reporting losses include corn at P109 million, livestock P8.6 million, marine fisheries P3 million, and agricultural facilities P584,000.

The DA said damage estimates after Typhoon Ulysses are set to increase as regional offices report further. — Revin Mikhael D. Ochave

Movie on in the new normal

 

ONE of the first things that came to mind with the dawn of this pandemic, and as social distancing became the new standard, was the following thought: This is a perfect opportunity for drive-in movies to come back in style! True enough, car enthusiasts — specifically those in car clubs — apparently thought of the same thing and worked on their concepts to delightfully usher in the revival of drive-in movies in the Philippines.

Just this month, a “Drive-In Fund Drive” festival started in Solenad, Nuvali Santa Rosa, Laguna which runs from Nov. 7 to Dec. 6. The month-long drive-in festival was conceptualized and organized by Arch. Reuben Jarvina, Rev Up Events Management and Advertising Services, and Video Sonic (through Mark Miranda).

Basically, people can score tickets online (or even at the venue, at a slightly higher price) and drive their cars over to experience an outdoor-style cinema come rain or shine. Although the movies are shown evenings, participants may come as early as they like, since a series of side events often take place, depending on the day, and the car clubs participating for that day. Last Nov. 7, social entrepreneur Illac Diaz and the trusty Volkswagen Club of the Philippines came together for a fun day of safe camaraderie, and to likewise help support Illac’s cause — his amazing Liter of Light project. A portion of the revenues from the drive-in event goes to specific charities — in this case, for the Liter of Light.

If you will remember, this charity project raises funds so Illac and his team could help bring solar lanterns to impoverished communities that have no electricity. The solar lamps are very easy to build, extremely durable, and cost-effective. As a matter of fact, they even held games at the drive-in event that challenged attendees to assemble these solar lamps from their basic spare parts as quick as possible. The participants clearly had fun learning how to build these lamps and were quite competitive in assembling them from scratch.

The following day, it was the turn of the charismatic, tightly knit Miata Club of the Philippines to hold their EB event, which segued into a drive-in movie viewing when evening came. Members of the car club jumped at the opportunity to safely get out of the house and spend some “physically distant” time with their friends, while also grabbing the opportunity to swap some car parts with other colleagues.

The drive-in event is held at a carpark where 154 slots are made available — effectively operating at 50% of its full vehicle capacity. And there are even days when pimped cars are displayed on site, a la car festival style — as if you had walked into an open-ground car show.

Finally, there is also an onsite Autocross clinic available during the day, where people who want to learn to drive a la Autocross can sign up for a tutorial, for a fee. As long as a minimum of 20 participants sign up for the clinic, an Autocross learning activity can be carried out during the day.

The current beneficiaries of some of the proceeds of the Drive-In Fund Drive are: the Philippine Red Cross, St. Andrew the Apostle Parish, and Liter of Light of Illac Diaz. Anybody may coordinate with the organizers if they plan to collaborate in order to hold their own fund-raising event for other charities. Visit www.myPBox.com for more details.

PetroEnergy net income slips; electricity sales rise

PETROENERGY Resources Corp. reported a 25.5% decrease in equity holders’ net income to P41.33 million in the third quarter even after the company posted higher electricity sales, its main line of business.

After-tax income for the Yuchengcos’ energy company rose 18.8% to P114.62 million in the third quarter, the firm said in a disclosure to the Philippine Stock Exchange (PSE) on Friday.

Total revenues from July to September climbed by 17.3% to P532.39 million, with electricity sales rising by 23.1% to P461.47 million. Oil revenues, meanwhile, went down by 10.2% to P70.62 million.

For the nine months ending in September, total revenues ended 2.8% higher at P1.62 billion. Electricity sales saw a 4.8% growth to P1.37 billion due to higher power generation.

“The 4.75% net increase is mainly due to higher electricity generation from TSPP (Tarlac Solar Power Project) due to extended summer months and full year operations of the TSPP2,” PetroEnergy said.

Oil revenues, however, declined by 7.3% due to the drop in crude oil price to $40.15 per barrel during the third quarter from an average of $65.03 per barrel in the same period, the firm reported. Oil revenues as of September were logged at P241 million.

Shares in PetroEnergy on Friday declined by 0.28% to finish at P3.54 apiece. — Angelica Y. Yang

Style (11/16/20)

Live streamed online bazaar

NINJA Van Philippines, a tech-enabled express logistics company, has partnered with Kumu, a Pinoy live streaming platform, for a three-day live online bazaar where people from around the country can safely tick off their holiday gift-giving list from the comfort of their homes. This special online bazaar will be held from 1 p.m. to 2:30 p.m. on Nov. 16, 18, and 20.  The online bazaar will be hosted by radio personality DJ Cha Cha and will be staged on Kumu. It will feature homegrown brands such as Lana PH, BOP Leather Goods, Cyleina Organics, Nth Aesthetic, VxG Leather Co., with select sellers offering discounts. To join, download the Kumu app, and follow Karlito’s Korner on Shop Kumu to join Ninja Van Philippines’ first online bazaar.

Tesoro’s P11 delivery fee

SHOP at Tesoro’s online anytime from now to Nov. 30 and pay just P11 for the delivery fee. This is exclusively for Metro Manila orders with a minimum spend of P500. In keeping with the times, the popular Icono fans now come with matching face masks (P1,150 for the set), with some of the sayings adjusted fit — think “No beso beso!” Other online offerings range from a Christmas gift set which includes Acacia nut bowls plate, salad bowls, bamboo chopsticks, placemats, regular napkins, and cocktail napkins (₱1,799.95) and a Pinoy Santa with carabao tree ornament (P369).

SM Cares honor of frontliners with special bears

THE SM Bears of Joy project returns this holiday season to bring color back into Christmas and remind shoppers that a little generosity can go a long way. The SM Bears of Joy is an annual project of SM Cares, SM Supermalls, and Toy Kingdom to encourage shoppers to share the holiday season’s joy with children in need. However, this year will be a little different as SM Cares is also honoring COVID-19 frontliners with the launch of four specially designed plushies. The special Bears of Joy are Kit the Doctor,  Ace the Soldier, and Max the Police. Shoppers can purchase the bears at P200 per pair. The shopper gets to keep one of the bears, while the other will be given for donation to a charity of the mall’s choosing. The special plushies are available in select SM Malls nationwide and through the online stores of Toy Kingdom and The SM Store, until Dec. 25. SM Cares is the corporate social responsibility arm of SM Supermalls.

Lush releases new Christmas products

HIPPOS, Santas, and candy canes — these are just some of the designs found in Lush’s Christmas products for the year. Its popular bath bombs include the Hippopotamus (P345) that leaves a trail of raspberry fragrance and popping candy, the  chocolate-scented Angels Delight bath bomb (P395), the Snowman Dreaming bath bomb (P345), full of Chinese cedarwood and lavender oil, and the new Elfie Stick reusable bubble bar (P545) that smells like pear drops and bananas. Then there are bubble bars like the Snow Fairy Roll bubble bar (P495) and shower gels like the Snow Fairy shower gel (P 445 for 100g) and the new Roasting Chestnuts On An Open Fire shower gel (P495 for 100g). Other products include the Snow Fairy body conditioner (P645 for 100g) which has all the effects of a conditioner, but on your skin, the Once Upon A Time body lotion (P675) which is an apple-infused lotion, Polar Bear soap (P495), Candy Cane lip scrub (P495), with sparkly sugar crystals and peppermint oil to stimulate the lips, among many other items. In the Philippines, Lush is exclusively distributed by Stores Specialists, Inc., and its shops are located at Alabang Town Center, Bonifacio High Street, Estancia in Capitol Commons, Glorietta 4, Greenbelt 3, Robinsons Magnolia, Shangri-La Plaza, SM Mall of Asia, and TriNoma. Available also in Zalora and Trunc.com.

Yields on gov’t debt inch up on GDP data

YIELDS ON government securities (GS) inched up last week as investors mostly stayed on the defensive following the release of Philippine gross domestic product (GDP) data.

GS yields rose by an average of 2.1 bps last week, based on the PHP Bloomberg Valuation Service Reference Rates as of Nov. 13 published on the Philippine Dealing System’s website.

At the secondary market on Friday, the 91-, 182-, and 364-day Treasury bills (T-bill) saw their yields go down by 0.2 basis point (bp), 3.1 bps, and 0.9 bp, respectively, to 1.104%, 1.472%, and 1.768%.

At the belly of the yield curve, rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) went up by one basis point (2.049%), 2.4 bps (2.315%), 1.7 bps (2.548%), 1.3 bps (2.738%), and 1.8 bps (2.943%).

Meanwhile, at the long end, yields on the 10-, 20-, and 25-year T-bonds climbed by 1.9 bps (3.011%), 8 bps (4.001%), and 9.6 bps (4.004%).

“The movement was largely expected because of the market’s preference for short-dated bonds and bills, and [last] week’s release of the larger-than-expected [third-quarter] GDP decline of 11.5% may have further supported the market’s trend,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

“Because of prevailing economic conditions, investors normally just stay on the defensive where they can earn enough without trying their money longer,” Mr. Asuncion added.

For Security Bank Corp.’s Chief Investment Officer for Trust and Asset Management Group Noel S. Reyes, the underlying factors in last week’s performance include the third-quarter GDP report, the US election results, and movement of yields on US Treasuries.

“The US elections, although it is a [Joseph R. Biden, Jr.] win…is creating an uncertainty, in a way, towards emerging markets. The US Treasuries have also climbed up in yields, so it also counters the trend that’s supposed to be our yields,” Mr. Reyes said in a telephone interview.

The Philippine economy continued to shrink for a third straight quarter, although at a slower pace compared with the second quarter, as lockdown restrictions were further loosened amid the coronavirus pandemic.

The economy remained in recession as GDP contracted by 11.5% in the third quarter after the record 16.9% plunge in the previous three-month period, the Philippine Statistics Authority reported on Tuesday. GDP grew by 6.3% in the third quarter of 2019.

Year to date, GDP shrank by an average of 10%. The government expects the economy to contract between 4.5%-6.6% this year.

UnionBank’s Mr. Asuncion expects “likely more of the same” for this week’s yield performance with a 2-4 bps rise week on week, but noted a surprise cut by the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board at its meeting this week “may hold something for the market.”

“We are…staying on the hold side as the BSP may prioritize the sequential gains of third-quarter GDP on a quarter-on-quarter basis. It is still a decent improvement rather than no improvement at all,” Mr. Asuncion said.

For Security Bank’s Mr. Reyes: “I expect bond yields to be traded within a range of 5-10 bps (plus or minus) because of the underlying factors that have been creating a tug-of-war in the yields,” he said.

The Monetary Board will review its policy settings on Thursday, Nov. 19.

The BSP has slashed benchmark rates by 175 bps thus far this year to support the economy amid the pandemic, bringing down the rates on its overnight reverse repurchase, lending, and deposit facilities to 2.25%, 2.75%, and 1.75%, respectively. — A.O.A. Tirona

Market bullish on DITO after share-swap deal

INVESTORS loaded up on Dennis A. Uy-led Dito CME Holdings Corp. last week after it unveiled a P68.43-billion share-swap deal to buy an indirect stake in the telco startup Dito Telecommunity Corp.

A total of 213.85 million Dito CME shares worth P1.36 billion were traded between Nov. 9 and 11, making it the eighth most actively traded stock last week despite the trading suspension implemented by the Philippine Stock Exchange on Nov. 10 and Nov. 13 to the company as it sought further clarification on its proposed restructuring plans.

Trading was suspended on Thursday due to bad weather caused by Typhoon Ulysses.

Shares in DITO, the company’s ticker symbol, closed at P6.30 apiece of Wednesday, up 3.1% from their P6.11 finish on Nov. 6. Year-to-date, the stock’s share price has gone up by 62.4%.

“There is quite a big restructuring by Udenna Corp. with regards to their Telco and CME companies. Basically, it gave a big valuation to Dito Telecommunity Corp. that’s why the market reacted bullishly,” Mercantile Securities, Inc. Analyst Jeff Radley C. See said last week.

China Bank Securities Corp. Research Director Rastine Mackie D. Mercado noted that there was some volatility happening on Wednesday as the stock price began at P7.00, an increase of 19% from its P5.88 closing price on last Monday.

“The volatility may be partly driven by a mix of investor optimism from DITO’s forward prospects, and concerns on the potential dilutive effects of the share swap transaction,” Mr. Mercado said in an e-mail interview.

“We think that the provision of further information (relating to the transaction) to investors is positive for the market, especially as Dito Telecommunity looks to have its commercial launch by next year,” he added.

Last Tuesday, the listed holding company told the local bourse that it is buying an indirect stake in its telco startup unit Dito Telecommunity by acquiring 100% of its affiliate Udenna Communications Media and Entertainment Holdings Corp. (Udenna CME) through a share-swap deal with Udenna Corp.

Udenna CME holds the telco interests of Udenna Corp.

According to the deal, Dito CME will issue fresh 11.20 billion shares at a price ranging from P6.00 to P6.90 apiece.

The deal is still pending Securities and Exchange Commission’s approval.

Last Friday, Dito CME told the stock exchange that the share swap is priced at P6.11 apiece, bringing the total amount of the transaction to P68.43 billion.

It also told the local bourse that Chelsea Logistics and Infrastructure Holdings Corp. and Udenna Corp. transferred their combined 60% stake in Dito Telecommunity to Dito Holdings Corp., another holding company, last Nov. 11.

Prior to the share-swap deal, Udenna CME hiked its stake in Dito Holdings to 89% from 58% after subscribing to 7.38 billion Dito Holdings common shares at P1 apiece, the disclosure said.

Dito CME posted a P55.31-million net income during the first semester from a P50.29-million loss last year.

“The stock is currently suspended, but there is a strong resistance at P7.00, while support levels will be at P5.50 and P5.00,” Mr. See said.

Mr. Mercado pegged the stock’s initial support and resistance at P5.50 and P8.00, respectively. — Jobo E. Hernandez 

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