How PSEi member stocks performed — December 9, 2019
Here’s a quick glance at how PSEi stocks fared on Monday, December 9, 2019.
Damage to agriculture from Tisoy reckoned at P3.67 billion
DAMAGE TO agriculture from Typhoon Tisoy (international name: Kammuri, was estimated at P3.67 billion, the Department of Agriculture (DA) said.
The DA said in its bulletin no. 9 that damage to the rice crop was 104,928 metric tons (MT) worth P1.32 billion, with 77,683 hectares of rice land affected.
Corn damage was 5,895 MT worth P700.92 million, with 41,256 hectares affected. Damage to high-value crops was 84,222 MT worth P1.55 billion, over 13,227 hectares.
Livestock and poultry losses totaled P61.96 million, involving 144,505 animals and 246 farmers. Losses to the coconut industry totaled P28.04 million covering 5.384 million trees.
Fisheries losses totaled P2.18 million, with 39 fisherfolk affected. Losses were mainly sustained by tilapia and mud crab growers, while most equipment losses were to motorboats.
Infrastructure losses amounted to P33.5 million, including greenhouses, research centers, cages, warehouses, demonstration farms, and nurseries. Machinery losses amounted to P706,000 amid damage to threshers, hand tractors, and shredders.
Aside from the DA’s P250-million Quick Response Fund (QRF) for rehabilitation, the Agricultural Credit and Policy Council (ACPC) has set aside P65 million for the Survival and Recovery Assistance (SURE Aid) program.
“The affected regions have a total of 93,711 bags of rice seed, 17,999 bags of corn seed, 1,979 kilos of seed for high-value crops in reserve and ready for distribution,” the DA said. — Vincent Mariel P. Galang
Gov’t draft of new water contracts expected to be ready by year’s end
JUSTICE Secretary Menardo I. Guevarra said the government is forming a team to draft revised water concession contracts, which will exclude terms the President considers onerous, adding that the new concession agreement will be ready before the year ends.
“We are still forming our team that will come up with the government version of the water concessionaire agreements,” Mr. Guevarra said on the sidelines on an event against corruption.
“We hope to be able to come up with the revised version of a water concession agreement that has not include the onerous provisions… before the year is over,” he added.
President Rodrigo R. Duterte last week said Manila Water Co. Inc. and Maynilad Water Services, Inc. enjoy onerous provisions in their concession agreements with the Metropolitan Waterworks and Sewerage System.
Mr. Guevarra said last week that the department found “a dozen provisions that were deemed onerous or disadvantageous to the government and consuming public.” He cited among other provisions, the prohibition against interference of the government in rate-setting and indemnities for possible losses in case of government interference.
He also said that the department found irregular the extension of the contracts to 2037 which was granted “12-13 years” before the 25-year concession agreement expires in 2022.
The government will complete the revisions and only then will sit down with the water companies, he said.
The new contracts will be drafted by lawyers from the Office of the Solicitor General (OSG), Office of the Government Corporate Counsel, Department of Finance and Department of Justice.
“Marami naman okay na provisions (There are many provisions that are all right). It’s just a matter of weeding out… (the) provisions which we consider onerous or highly disadvantageous but the rest of the agreement can stand,” he said.
If the concessionaires do not agree to the revisions, Mr. Guevarra said the government will bring the matter to the courts.
Manila Water disclosed to the Philippine Stock Exchange early this month the Permanent Arbitration Court in Singapore ruled in its favor, ordering the government to indemnify it the amount of P7.39 billion over its losses resulting from the government’s breach of obligations. The court is September last year also awarded P3.4 billion to Maynilad on similar grounds.
The OSG said last Friday it will exhaust all legal remedies in response to the ruling in favor of Manila Water and its next steps “will show that the arbitral award was not, to quote Manila Water, due to a ‘procedural lapse’ by government. It is a company’s refusal to become the subject of legitimate regulation.”
Mr. Guevarra said that the arbitration cannot necessarily be enforced because the government is ready to oppose it.
“OSG is thinking of appealing the arbitral ruling to the Singapore High Court or when this decision is enforced in local courts in Philippine court, then (the) Philippine government will surely oppose it on the grounds that the arbitral ruling is against public policy,” he said.
Metro Pacific Investments Corp. (MPIC) and DMCI Holdings, Inc. hold 52.8% and 25.24% stakes, respectively, in Maynilad. Meanwhile, Japanese trading company Marubeni Corp. has a 20% interest in the utility.
On the matter of the contract extension, the government can disregard the 15-year extension because the extension’s validity is in question, Senator Aquilino L. Pimentel said.
Mr. Pimentel, who chairs the Senate Committee on Trade, Commerce and Entrepreneurship, said former President Gloria Macapagal-Arroyo’s government had no authority to approve the extension.
“Babalik ako sa aking basic principle na since hindi pa expired ang original contract, wala pang 2022, hindi pa pwedeng i-invoke ang extension (I return to the basic principle that the original contract has not expired, and will not do so until 2022. so it is not yet possible to invoke an extension),” Mr. Pimentel told reporters in a briefing Monday.
“Kung di pa ‘yan implemented, pwede pa s’yang i-disregard ng Duterte administration (If it is not yet implemented, the government can disregard it).”
The MWSS concession deal with Manila Water and Maynilad was extended to 2037. The extensions were approved respectively in October 2009 and April 2010, way ahead their 2022 expiration.
“The Gloria administration cannot tie the hands of the Duterte administration,” he said.
Mr. Pimentel said the government should now clarify whether it will revoke the extension, and begin by 2020 the process of accepting applications for a new concession agreement. He noted that present concessionaires are not necessarily disqualified from applying.
“Start the process by 2020, 2021 of looking for new concessionaires, announcing before the search, the new terms of the concession agreement.” — Vann Marlo M. Villegas, Charmaine A. Tadalan
Coconut farmers need more market options amid low copra prices — expert
THE restructuring of the coconut industry should focus on extracting value-added from all parts of the tree, while farmers should be allowed to tap whatever market opportunities present themselves, including selling trees for lumber, an expert said.
“What we need is the transformation of the industry, so that you have a nucleus-like set up where you have coconut farms surrounding the processing centers and you can utilize all of the value addition from the whole tree,” Philippine Institute for Development Studies (PIDS) Research Fellow Roehlano M. Briones said in a phone interview.
He was responding to a question about the recent decision of the Philippine Coconut Authority (PCA) to maintain the ban on the export of mature coconuts, which was first ordered in a Marcos-era decree to preserve the raw material supply for the copra and coconut oil industry.
Agriculture Secretary William D. Dar also said that opening up the export market for mature coconuts runs counter to the government’s goal to conduct value-added activities in-country, including processing of coconut oil.
The lifting of the ban was proposed in April while Emmanuel F. Piñol was still Agriculture Secretary. Overturning the export ban would require the repeal of Executive Order 1016 issued by President Ferdinand E. Marcos. Coconut production in the third quarter rose 0.3% to 4.04 million metric tons (MT), according to the Philippine Statistics Authority (PSA). The average farmgate price declined 20% year-on-year to P4.67 per kilo. In the first nine months, the price fell 26% to P4.84. Mr. Briones recommended that coconut farms be consolidated near processing centers as in the oil palm and sugar industries, to encourage processing of the whole tree and reduce waste byproduct.
“Coconut has such a wide variety of uses… but right now we are still mostly deploying coconut for copra, which is a huge forgone opportunity from the various other products that you can make with coconut,” he added.
The government should also relax tree-cutting rules so farmers can generate income from lumber.
Republic Act (R.A.) No. 10593, which amended R.A. No. 8048, or the Coconut Preservation Act of 1995, requires the PCA to issue permits to cut coconut trees.
“Anyway, kung talagang kumikita naman yung coconut, magtatanim naman yung mga yan, so instead of making those prohibitions, open up mo yun (If planting coconut pays, farmers will do it, so instead of putting up these prohibitions, the market needs to be opened up),” Mr. Briones said.
However, he said that it would have been more beneficial for coconut farmers to export their harvest since this would give them another market opportunity.
“Just on the current situation, hindi ako pabor kasi medyo mahina ang copra prices (I am not in favor because copra prices are low), so you want to give farmers every market opportunity. It will be good if they can open up that part of the market so that there is an additional source of income for coconut farmers,” he said.
“In the long run, I think it’s also good to open that up because you always want to give farmers an option… I don’t see a reason why giving more options is bad,” he added. — Vincent Mariel P. Galang
Duterte says gov’t lawyers who greenlit water contracts could be liable for corrupt deals
PRESIDENT Rodrigo R. Duterte said that he wants to speak to the two water companies serving Metro Manila and the government lawyers who agreed to the allegedly disadvantageous concession agreements.
In a speech Monday, Mr. Duterte alleged that the agreements suggested the presence of corruption accompanying the deals clinched by Manila Water Co. Inc. and Maynilad Water Services, Inc., adding that government lawyers involved in preparing the contracts could be liable.
“Hindi ito maareglo hanggat hindi ko makausap yang concessionaire. Gusto ko sa harap ng abogado ng gobyerno na…gumawa ng kontrata (It won’t be resolved until I speak with the concessionaire. I want to speak with them in front of the government lawyers who prepared the contact),” he said.
Mr. Duterte said both water concessionaires charging fees that are not reflected in the level of services delivered.
“The fact (is) that all these years we (have been) paying a fee for water treatment that never came into being… Then corporate income tax is passed on the Filipino people,” he said, noting the companies ability to pass on tax costs.
Mr. Duterte last week claimed Manila Water and Maynilad committed “economic plunder” after Manila Water made a claim for P7 billion in compensation after winning an arbitration ruling in Singapore. Mr. Duterte said the government is not obliged to pay.
The P7 billion was awarded by the Permanent Court of Arbitration in Singapore, compensating Manila Water for the government’s failure to implement rate increases covering the period June 1, 2015 to November 22, 2019.
Mr. Duterte delivered his speech made during the oath-taking of newly- appointed flag officers of the Armed Forces of the Philippines (AFP) and Star Rank officials of the Philippine National Police (PNP). — Gillian M. Cortez
House panel says BoC valuation method could violate WTO rules
THE House Committee on Ways and Means recommended suspending the implementation of the Bureau of Customs’ (BoC) National Value Verification System (NVVS) to determine whether it violates World Trade Organization (WTO) rules on customs valuation.
At a committee hearing Monday, Director Yasser Ismael Abbas of the BoC Assessment & Operation Coordinating Group said that the bureau uses the value listed in the NVVS instead of the transaction value.
The Committee said this may violate the WTO’s Marrakesh Agreement which states: “the customs value of imported goods shall be the transaction value, that is the price actually paid or payable for the goods when sold for export to the country of importation.”
According to the BoC website, NVVS is a web-based system which BoC Assessment officers may use to verify whether the value declared by the importer is the “price actually paid or payable for the goods when sold for export to the Philippines.”
It further noted that value verification is based on previous importation “similar and identical goods at the same period of importation, and other methods of valuation available under Republic Act No. 10863, otherwise known as Customs Modernization and Tariff Act.”
NVVS and other computer system projects by the BoC were implemented in June.
The chairman of the House Committee on Ways and Means, Jose Ma. Clemente S. Salceda, said: “Baka ma-sanction tayo ng WTO kasi nga po pumirma tayo na ang pwede lang gamitin sa buong mundo ay yung transaction value at wala nang iba. Basta yung buyer at seller nagkasundo sa isang presyo, yun na dapat ang basis ng dutiable, customs dutiable, transaction. (We might face WTO sanctions because we agreed to the use of transaction value and nothing else. Once the buyer and seller agree on a price, that should be the basis for dutiable value).”
BoC Assistant Commissioner Vincent Philip C. Maronilla told BusinessWorld by phone that the BoC “respects the recommendation of the Committee” and said that it “will conduct further studies regarding the NVVS to address the Committee’s reservations on its implementation.” — Genshen L. Espedido
SEC, PSE cite issues with SME Exchange bill on listed firms’ regulation
THE Securities and Exchange Commission (SEC) and Philippine Stock Exchange (PSE) said they support bill that will establish a Small and Medium Enterprises (SMEs) Stock Exchange, but noted that there are possible overlaps with existing regulations.
The Senate Committee on Trade, Commerce and Entrepreneurship on Monday held initial hearings on Senate Bill No. 341, written by Senator Cynthia A. Villar, which seeks to encourage SMEs to make initial public offerings (IPO)s.
The PSE currently trades Small, Medium and Emerging stocks on a separate board. Eligible firms must have minimum authorized capital of P100 million, of which at least 25% is subscribed and fully paid.
The committee’s chairman, Sen. Aquilino L. Pimentel III, noted that the bill needs to be refined, as it offers no advantage for enterprises that opt to go public through the bill’s proposed SME Stock Exchange.
“Even if we establish by law a small and medium exchange, the listing is still voluntary, meron din syang two choices, possible na walang mag-list dun (there are two choices, and it is possible no one will want to list there),” Mr. Pimentel said during the hearing Monday.
“And because of the concept of investor protection, the strictness of the PSE will have to also be expected to be implemented in the other exchange, so walang lamang (to ensure a level playing field, or encourage the view that) it’s easier to list here.”
SEC Corporate Governance and Finance Department Officer-in-Charge Rachel Esther J. Gumtang-Remalante said the Commission supports the bill, but noted that the establishment of a stock exchange by law could affect the SEC.
Section 3 of the bill provides that the new Exchange is “self-regulatory,” though it may be placed under the authority of the Office of the President for policy coordination.
“If you create an SME exchange, what would be the effect in the authority of the SEC, in actually authorizing exchanges?”
The bill also provided for the creation of a Board of Governors, which will include the Governor of the Bangko Sentral ng Pilipinas, a representative of the SEC and the PSE and five members.
Ms. Remalante said creating the proposed stock exchange by law will be “different from how exchanges are set up internationally.”
PSE Chief Operating Officer Roel A. Refran said the PSE supports the bill, which is consistent with its efforts to give SMEs more access to financing.
When asked if the new exchange will compete with the current board, Mr. Refran said “The scenario will be competition.”
“But, when we look at other jurisdictions, the trend nowadays is consolidation,” he added, noting that for the Philippines consolidation might “grow the market.” — Charmaine A. Tadalan
NLEX Corp. proposes Harbor Link extension to DPWH
NLEX Corp. submitted a proposal Monday to the Department of Public Works and Highways (DPWH) to extend the North Luzon Expressway (NLEx) Harbor Link Segment 10 to Anda Circle, which is between Intramuros and Manila South Harbor.
“Yes. We just submitted it. It’s going to continue the Harbor Link from C3 corner Navotas Interchange all the way to Anda Circle. That’s the proposal. Technically (this is) part (of the Harbor Link) because it’s going to be elevated. It will technically continue the Harbor Link all the way to the Port of Manila,” Romulo S. Quimbo, Jr., NLEX Corp. senior vice-president for communication, told reporters Monday in Caloocan City.
He said the estimated cost of the proposed 5.1-kilometer extension of the NLEx Harbor Link Segment 10 to Anda Circle, which will be officially called the Harbor Link Port Access Mobility Facility, is “P15 to P16 billion.”
“So the idea is to develop ramps to the port itself,” he added.
An Anda Circle toll road would effectively capture northbound cargo vehicles emerging from the port and eliminate the need for such vehicles to use the regular road network.
In a separate interview, DPWH Secretary Mark A. Villar said of the proposal: “Babasahin ko muna (I need to read it).”
NLEx Harbor Link Segment 10, which officially opened in March, is a P15.55-billion project with private concessionaire NLEX Corp.
Aside from the main line connecting Karuhatan, Valenzuela City to C3, Caloocan City, the expressway will also have a 2.6-kilometer spur road from C3 to Radial Road 10 (R10), Navotas City, which will be “partially opened on Jan. 15” next year, according to Mr. Quimbo.
Asked how much the toll fees will be for the R10, Mr. Quimbo said: “Wala pa kasi. (Nothing yet) That will take effect when it’s completed. We have to file a petition that it’s nearing completion. It’s 65% complete as of today.”
Reporters were in Malabon City Monday to witness the inspection by the DPWH and NLEX Corp. of the ongoing construction of the R10 Section and the eight-kilometer Connector elevated expressways in CAMANAVA (Caloocan, Malabon, Navotas, and Valenzuela).
“Strategically interconnected at the new Caloocan Interchange along C3/5th Avenue, the twin expressways are seen as urgent infrastructure solutions expected to provide relief to the thousands of commuters and motorists challenged by Metro Manila’s daily traffic,” NLEX Corp. said in a statement.
Mr. Villar and officials of the NLEX Corp. witnessed the foundation works of the first five-kilometer section of the NLEx Connector expressway at the new Caloocan Interchange. NLEX Corp. said this section will extend to the future Sampaloc Interchange near España Boulevard, Manila.
Once the NLEx Connector is completed, NLEx Corp. said the travel time from NLEx to SLEx will be reduced from two hours to approximately 20 minutes.
“The elevated, four-lane divided carriageway NLEx Connector will feature two interchanges and four toll plazas running above the Philippine National Railway lines,” it added. — Arjay L. Balinbin
Toyota investment plan still a go despite possible safeguard measures
TOYOTA MOTORS Philippines Corp. (TMP) said it is “worried” about the possible imposition of safeguard measures on imported cars, noting the possible impact on sales volumes, but added it still plans to proceed with a major investment pending more clarity on the government’s intentions.
“We are worried because that is against free trade,” TMP President Satoru Suzuki said.
“(It is) anti-free trade if they proceed. We are worried. I don’t know what the government will do but if they stop the importation or charge higher tariffs, definitely our sales volume will drop.”
The Department of Trade and Industry is currently considering an application from a labor group for the imposition of safeguard measures on imported vehicles.
The Philippine Metalworkers Alliance submitted an application for an investigation to impose possible safeguard measures, citing a link between increasing vehicle imports and declining employment in the automotive industry.
World Trade Organization rules allow governments to impose safeguard duties if imports are found to have damaged domestic industry.
TMP is investing P4.5 billion in a new hub in Luzon, to expand beyond its Santa Rosa, Laguna stockyard which can accommodate 4,000-5,000 vehicles.
“Our sales volume is expanding more and more so sooner or later our stockyard will overflow… we need something new,” Mr. Suzuki said.
If the safeguard measures are implemented, Mr. Suzuki said TMP would have invested in “property which we don’t need.”
The new Luzon hub is expected to be operational by late 2020.
Mr. Suzuki said TMP will proceed with the Luzon hub investment, as he is not convinced that the government will implement the safeguard measures.
TMP plans to discuss the matter with the trade department through the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI).
Meanwhile, TMP Chairman Alfred V. Ty said he expects at least single-digit sales growth for TMP in 2019.
“I hope this momentum will be positive for next year,” he said.
He is cautiously optimistic about TMP sales growth next year.
“I think — not to dwell on the past — but last year because of the inflation scare that really led to a big slowdown until the first quarter of this year. Then we tried to regain and stimulate the market,” he said.
“Next year I think we also have to be aware of the region… we cannot just be moving on our own here in the Philippines and disregard what’s going outside. But nevertheless, cautious optimism is still optimism.” — Jenina P. Ibañez
Vape regulation still on the table despite import ban
CONGRESS is still studying how to regulate the vaping industry by law despite a “de facto” ban on the products due to import restrictions, a key legislator said.
Representative Jose Maria Clemente S. Salceda of the Second District of Albay said he remains interested in regulating and taxing the industry despite the freeze on import permits imposed by the Food and Drug Administration (FDA) and the National Tobacco Administration (NTA).
He said a ban on legitimate imports may lead users to resort to illicit products, which are a greater health risk than mainstream vape products.
“Ang amin pong caveat, that is pag-aaral ng CDC (Centers for Disease Control and Prevention) sa Amerika, halos 87% ng lahat ng injuries brought by vape are due to illicit vapes or illicit trade. So itong import ban ay baka lang mai-push them underground, baka lalo pong lumaki yung injuries to health. Kasi nga po that is in the nature, that all prohibition actually does not work and leads to more harm. (The caveat is that the CDC has found that nearly 87% of all vaping injuries are due to illicit vapes… an import ban could push the industry underground and led to more health risks. That is the nature of prohibition — it actually does not work and leads to more harm)” Mr. Salceda said.
Mr. Salceda is looking at a P45 tax for vape products, level with which the tax on cigarettes. This is expected to raise at least P2.6 billion in revenue. — Genshen L. Espedido
What’s next for taxpayers?
If we ask taxpayers what they think about what’s next for them, we could certainly get varying responses. One would answer, “Tax deadlines, of course!” Another would say, “Tax assessments and maybe, tax reform?” One might even say, “I would rather not think about it right now; don’t spoil my December!”
As we hit the final stretch of the year, taxpayers are busy with their financial year-end closing; while some may be occupied with the active assessments and catch-up collection efforts of the Bureau of Internal Revenue (BIR). Aside from these usual year-enders, what’s next for taxpayers? Here are some possible answers.
ANTICIPATED TRANSFER PRICING AUDITS
When Revenue Audit Memorandum Order (RAMO) No. 1-2019, Transfer Pricing Audit Guidelines, was issued more than three months ago, a lot of taxpayers asked how the BIR would actually conduct their transfer pricing audits. So far, some taxpayers have been experiencing the BIR’s inquiries on related-party transactions during the regular tax audits. While some BIR examiners appear to scrutinize certain transfer pricing documentation, it remains to be seen how the BIR would actually support its possible finding, should it disallow the analysis and conclusions in the documentation. In case of a BIR finding, taxpayers can reasonably expect the BIR to come up with its own transfer pricing analysis and possible adjustments and not to just expediently disallow the transactions.
Given that transfer pricing rules in the Philippines are relatively new compared to other jurisdictions that are mature in applying the concept of transfer pricing based on international principles, the challenge would be how a possible issue could be resolved between a taxpayer and a BIR examiner. This will inevitably arise, in particular, when the related party transactions have a cross-border element.
Nevertheless, taxpayers should be reminded about being ready with their transfer pricing documentation, considering Revenue Regulations No. 02-2013, Transfer Pricing Guidelines, and RAMO 1-2019, among others.
TECHNOLOGY BOOST TO TAX PROCESSES
In October 2019, the BIR invited technology experts to take part in its app development contest, “Hackatax.” According to reports, the BIR’s objective was to address the taxpayers’ pain points through simple tax forms and streamlined processes. Developers who took part in Hackatax were expected to come up with solutions to tax payment bottlenecks. Further, the project was reportedly aimed to cater more to self-employed taxpayers and owners of micro and small enterprises.
Seeing the fast pace in the development of technology, perhaps it is time that another technology-related project is launched, in addition to the existing eFPS and e-BIR Forms, to help address the problems encountered in a manual filing system with long queues.
I hope the Hackatax project will result in prompt and definitive technology-based solutions for taxpayers.
CITIRA BILL
Talk about the passage of the Corporate Income Tax and Incentives Rationalization Act (CITIRA) Bill appear to have quieted down.
One of the most debated provisions in the CITIRA Bill is the rationalization of incentives given to Philippine Economic Zone Authority (PEZA)-registered entities. Existing PEZA entities could eventually lose their 5% special gross income tax regime incentive within five years or so. PEZA itself fears that foreign investors will pull out of our country, and that there will be massive job losses.
Critics of the CITIRA Bill are apprehensive that limiting the fiscal incentives to certain prioritized investment activities with time-bound conditions might discourage not only the existing foreign investors but potential investors as well. Proponents of the bill, however, counter that the rationalization of incentives is fair to taxpayers; in addition, there is a proposed gradual lowering of corporate income tax from 30 to 20%.
When the CITIRA Bill will become a law is difficult to assess; as it was even recently reported that another version of the bill in the Senate could be possibly at hand this December.
WAIT AND SEE ON THE GENERAL TAX AMNESTY PROGRAM
Last year, we were so close to having a general tax amnesty program. As it turned out, however, only the estate tax amnesty and the amnesty on tax delinquencies were passed into law. The main issue was the non-inclusion of the relaxation of the bank secrecy law for tax amnesty applicants. Reports say that Congress is still working to address the issue, and that the automatic exchange of information among government agencies will also be included as part of the new general tax amnesty program to be proposed.
Like the CITIRA Bill, taxpayers can only hope for prompt developments in the general tax amnesty program.
CONTINUOUS INFLUX OF VAT REFUNDS
This year, the BIR issued a directive that, for applicants of input value-added tax (VAT) refund related to VAT zero-rated sales and to cancellation of VAT registration, they will have their refund money within 90 days from the date of application. While it is true that the 90-day period is being observed by the BIR, taxpayers should continue to expect that the BIR reviewers will be very strict in checking the documents attached to the applications.
The government’s proposed enhanced VAT refund system is still in the pipeline, and taxpayers should keep themselves abreast of developments to preserve their input VAT assets.
The tax matters above are just some of what taxpayers can expect next. It’s difficult to weigh whether the anticipation should excite us or make us anxious about the uncertainty.
I fondly recall the usual advice of elders to expectant parents, such as myself (I have a baby on the way soon) — that, there is no substitute for being adequately prepared for any contingency concerning our children. And as taxpayers, we should always be equipped for what’s next by staying up to date on tax developments, so that we can act accordingly.
Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.
Olivier D. Aznar is a partner of Tax Advisory & Compliance division of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd. For comments and inquiries, please e-mail pagrantthornton@ph.gt.com.
Medals keep coming for Team PHL
By Michael Angelo S. Murillo
Senior Reporter
WHILE the overall championship and its best finish in the Southeast Asian Games to date are already in the bag, host country the Philippines continued to pile on its total medal haul on the ninth day of competition on Monday.
With gold medals from karatedo, archery, boxing and jiu-jitsu, among others, the Philippines, as of this writing, has accumulated 307 medals, 121 of which were gold, in the ongoing edition of the biennial regional sporting meet, with more expected to come in later in the day.
Jamie Lim gave the Philippine karatedo team a gold in the finals of the women’s +61kg kumite event held at the World Trade Center in Pasay City.
The daughter of Philippine Basketball Association legend Samboy, Ms. Lim defeated Indonesia’s Ceyco Zefanya, 2-1, in the finals to earn the second gold for the sport for the Philippines in the ongoing Games.
“I’m just so happy. I look up to my parents, my dad and my mom (Atty. Darlene Berberabe), and to be compared to them, it’s so big for me. It’s a special day for me,” said Ms. Lim after her gold conquest.
In archery, the husband-and-wife team of Paul Marton dela Cruz and Rachelle dela Cruz finished on top of the archery mixed compound recurve event in Clark, Pampanga.
The Dela Cruzes bested Chau Kieu Oanh and Nguyen Van Day of Vietnam, 148-147, to claim the top hardware.
Finishing with the bronze was the Indonesian duo of Sri Ranti and Prima Wardphana.
At the Philippine International Convention Center Forum, meanwhile, boxer Carlo Paalam captured the light flyweight gold after winning by points, 5-0, over Indonesia’s Kornelis Langu.
Jiu-jitsu also added gold medals with Meggie Ochoa, Carlo Angelo Peña and Dean Michael Roxas ruling the women’s U-45kg, men’s U-56kg and U-85kg divisions.
Ms. Ochoa won by points over Vietnam’s Le Thu Trang Dao, 13-0, while Mr. Peña also won by points, 17-2, over Rengga Richard of Indonesia. Mr. Roxas, for his part, won by submission over Singapore’s Benjamin Jie Jun Chia.
Also yesterday, silver and bronze medals were won by the Philippines in boxing, jiu-jitsu, karatedo, athletics and gymnastics.
TEAM SPORTS DELIVER
Meanwhile, Philippine team sports had it golden at the weekend with the country’s rugby 7, baseball and esports teams topping their respective events.
The Philippine Volcanoes dominated the men’s division, blasting defending champion Malaysia, 19-0, to capture the gold medal in the men’s category on Dec. 8 in Clark.
It was the second time that the Volcanoes defeated the Malaysians in the finals after scoring a 24-7 triumph in the 2015 Singapore SEA Games before finishing fourth in the 2017 edition held in Kuala Lumpur, Malaysia.
The Philippine men’s baseball team, for its part, routed Thailand, 15-2, also on Sunday to win gold.
The Filipinos unleashed their full force against the hapless Thais, scoring on each of the first seven innings to win the gold medal in eight innings.
In esports, Filipino representatives in Mobile Legends: Bang Bang clinched gold medal against Indonesia late Sunday, 3-2.
Part of the Philippine esports team Sibol, the local bets trailed early in the best-of-five series, 1-2, but fought back to stun the Indonesian team that had veterans from the world championship of the popular mobile game last month.
CASUGAY AS FLAG-BEARER
Filipino surfer Roger Casugay, meanwhile, will serve as Team Philippines’ flag-bearer for the closing ceremonies of the 30th SEA Games on Wednesday, the Philippine Sports Commission had announced.
Mr. Casugay made news at the weekend after he helped a rival surfer who had trouble in the waves of Monalisa Point beach in La Union after his surfer’s leash broke.
The Filipino surfer has gotten a lot of praise, including from Indonesian President Joko Widodo, for showing the traits that embody true sportsmanship.
Mr. Casugay’s selfless act of helping others somehow overshadowed his gold medal win in men’s longboarding category on Sunday.
“These Games are not only about medals. It is about character, resilience, love for one another and shoring up the faith of the person next to you, something that Casugay has exemplified,’’ said Philippine Sports Commission chair William Ramirez on Monday in a statement.