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Mitsubishi Philippines expects sales growth to be flat

MITSUBISHI Motors Philippines Corp. (MMPC) expects flat sales growth this year due to the spillover effects of the higher excise taxes, but sees some lift from the introduction of new models.

“We in Mitsubishi, we forecast the volume of total demand will be similar in last year. We expect to recover first quarter next year,” MMPC President and CEO Mutushiro Oshikira said Monday in Makati City during a press briefing.

The forecast is more conservative compared to Chamber of Automotive Manufacturers of the Philippines, Inc. and Association of Vehicle Importers and Distributors, Inc. which expect a recovery in sales this year.

However, Mr. Oshikira is still hoping for “slight growth,” banking on 2019 as the first full year that the market will be tested for the Xpander and New Strada, which were released late last year.

Last year, MMPC sold 67,512 units, an 8% decline from 2017.

On Monday, MMPC celebrated hitting one million units in sales after 55 years of operations here, with the Mirage Hatchback driving the sales.

Mr. Oshikira expects MMPC to hit its second million at a much accelerated pace of 10 to 11 years on the back of the push to boost its Mirage production.

During this period, the company is also targeting to increase its market share to 20% from the current 18.89%.

For the Comprehensive Automotive Resurgence Strategy (CARS) Program, Mitsubishi said it hiked its investments to P4.7 billion, from the initial P4.3 billion, with majority of the investments allocated for its stamping shop.

Under the CARS Program, MMPC targets to produce 200,000 units within a period of six years. — Janina C. Lim

Full cast of Beautiful musical announced

ATLANTIS Theatrical Entertainment Group, which opened its 20th Anniversary Season this year with the critically acclaimed Angels in America: Millennium Approaches, has announced the full cast of its next production, the Tony, Grammy and Olivier Award winning Beautiful: The Carole King Musical, which continues to run on Broadway.

Joining Kayla Rivera and Nick Varricchio, who will be playing Carole King and Gerry Goffin respectively, are some of the country’s most acclaimed upcoming theatre stars. Mikkie Bradshaw-Volante, last seen on the Atlantis stage as Lauren in Kinky Boots, will play Cynthia Weil, Carole’s friend and rival. George Schulze, last seen as Earl in Waitress, will play Barry Mann. Gab Pangilinan, currently starring in Ang Huling El Bimbo, will play the lead singer of The Shirelles and Marilyn Wald. Jill Peña, who last appeared in Side Show, plays one of the Shirelles and Janelle Woods. Teetin Villanueva, who previously appeared in Waitress, will play Little Eva and one of the Shirelles. Maronne Cruz, fresh from her critically acclaimed performance as Dawn in Waitress, will be playing Betty, Carole’s childhood best friend.

Among the actors who will be playing The Drifters are; Tim Pavino, who recently played the title role in Miong; Arman Ferrer, who last appeared in Side Show; Jep Go, who recently appeared in Eto Na! Musical nAPO!; and Markus Mann, last seen as Judas in Godspell in Florida. Nelsito Gomez, who just concluded his critically acclaimed turn as Louis in Angels in America last weekend, will play a number of roles including Neil Sedaka. Rhenwyn Gabalonzo, who last appeared in Kinky Boots will play one of the Righteous Brothers. Joining them are Gabby Padilla, Dean Rosen, and Alex Reyes.

Theater veterans Jamie Wilson and Carla Guevara-Laforteza, who are currently performing in Ang Huling el Bimbo, also join the cast as Don Kirshner and Genie Klein.

With a book by Douglas McGrath, Beautiful: The Carole King Musical tells the inspiring true story of one woman’s remarkable journey from teenage songwriter to the Rock & Roll Hall of Fame. From the string of pop classics she wrote for the biggest acts in music, to her own life-changing, chart-busting success with Tapestry, Beautiful takes the audience back to where it all began. It features such unforgettable classics as “You’ve Got a Friend,” “One Fine Day,” “So Far Away,” “Take Good Care of My Baby,” “Up on the Roof,” “You’ve Lost That Lovin’ Feeling,” “Will You Love Me Tomorrow,” and “Natural Woman.” Beautiful: The Carole King Musical continues to run on Broadway and on US National Tour.

Beautiful is the second show in Atlantis’ 20th Anniversary Season, which opened with Tony Kushner’s epic Angels in America: Millennium Approaches and closes with Stephen Sondheim’s musical thriller Sweeney Todd, starring Lea Salonga and Jett Pangan.

Beautiful: The Carole King Musical will run from June 14 to July 7 at the Meralco Theater, Pasig City. Tickets are now on sale at www.ticketworld.com.ph or 891-999.

Standard Chartered to pay over $1B to resolve probes

STANDARD CHARTERED is moving to resolve its US and UK probes. — COMMONS.WIKIMEDIA.ORG/COBALTBLUE25

NEW YORK — London-based Standard Chartered is expected to pay slightly more than $1 billion to resolve a nearly five-year-old investigation of potential US sanctions violations tied to its banking for Iran-controlled entities in Dubai, as well as a related UK probe, according to a person familiar with the matter.

Authorities are aiming for the bank to settle on Tuesday morning, two sources said.

Standard Chartered has been operating under deferred prosecution agreements with US authorities since 2012, when it paid $667 million for illegally moving millions of dollars through the US financial system on behalf of customers in Iran, Sudan, Libya and Burma.

The agreement has been extended numerous times, the last one extended for 10 days and set to expire on Wednesday.

The expected total payout also covers a roughly $134 million penalty from Britain’s Financial Conduct Authority (FCA) related to historical financial crime controls.

Standard Chartered declined to comment.

The US Department of Justice, the US Attorney’s office in Washington, the Federal Reserve, the Manhattan District Attorney and the New York Department of Financial Services all declined to comment. The FCA also declined to comment.

The latest US investigation stems in part from evidence found during a probe of French bank BNP Paribas, which paid a record $8.9 billion in penalties and pleaded guilty in 2014 to sanctions-related charges, people familiar with the matter have told Reuters.

Investigators found BNP had done business with a Dubai-registered corporation that acted as a front for an Iranian entity, a person familiar with the matter told Reuters in 2014. Investigators said the company also once had an account with Standard Chartered, the person said.

Two former Standard Chartered bankers operating out of Dubai also have been under scrutiny for possible misconduct and could face criminal charges in the probe, another person familiar with the matter told Reuters on Monday.

Standard Chartered said in February it had set aside $900 million related to the potential resolution of violations of US sanctions and foreign exchange trading. That sum also included the FCA penalty.

The bank settled the foreign exchange probe in February when it was fined $40 million by New York’s banking regulator for attempting to rig transactions between 2007 and 2013.

A resolution of the FCA probe is expected at the same time as the US settlements.

In its annual report, Standard Chartered said the latest US investigation is focused on the extent to which conduct and control failures allowed clients with Iranian interests to conduct transactions through the bank between 2007 and 2014. — Reuters

PhilJets joins global VIP helicopter operator group

A PHILIPPINES-BASED helicopter operator has been tapped by a global aviation organization to help boost its footprint in the Asia Pacific.

Luxaviation Helicopters Charter Alliance said in a statement on Tuesday it has added PhilJets Group to its roster of members, enabling its other members to have helicopter charter access in the Asia-Pacific region.

“We are very keen to work alongside leading regional VIP helicopter charter operators as part of the Luxaviation Helicopters Charter Alliance and are pleased to announce PhilJets as the latest addition. The concept of the Alliance is to provide a truly global service, whereby approved members can call upon each other to unlock new destinations for their clients,” Luxaviation Helicopters Chief Executive Officer Charlotte Pedersen was quoted as saying.

Besides PhilJets, the alliance also includes Switzerland-based ExecuJet Aviation Group, United States-based HeliFlite Shares LLC, Austria-based Heli Austria GmbH, France-based Azur Helicoptere, United Kingdom-based Starspeed Ltd. and Spain-based Helity Copter Airlines.

PhilJets Chairman Thierry Tea said joining Luxaviation Helicopters will provide their customers with “more value and greater access across the globe.”

“Luxaviation is one of the world’s leading business aviation companies, so we are very honored that the hard work our teams have put in to reach our high safety and service standards have been recognized in this way,” he said.

Being a part of Luxaviation Helicopters gives PhilJets the benefit of sharing practices in industry certifications, such as its 15 air operator’s certificates in Africa, Asia Pacific, the Caribbean, Europe, Latin America and the Middle East.

“It is our goal to have 20 aircraft in our fleet and, by venturing into new countries in Asia, we are looking forward to working and exchanging with the other members of the Alliance and extending our charter offerings to a greater audience,” Mr. Tea added.

PhilJets is under Singapore-based Starline Global Industries Group, which also owns PhilJets Aero Services, Inc. and PhilJets Aero Charter Corp. It offers charter flights to its clients such as private individuals and multinational corporations. — Denise A. Valdez

Bohemian Rhapsody in Blue

WHO are the “Bohemians” and what is a “Rhapsody?” Find out on April 26 at the Ayala Museum as Aliw-awardee and acoustic guitar expressionist Noli Aurillo teams up with the Manila Symphony Orchestra (MSO) to deliver a unique program featuring music by Gershwin, Dvorak, Bizet, Freddie Mercury and his band, Queen. Tickets are available at the Ayala Museum and via Ticketworld. For more information or to reserve tickets, e-mail info@manilasymphony.com or call the MSO office at 523-5712.

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Palace official expects budget to be signed before Easter break

THE PROPOSED 2019 national budget could be signed as early as this week and may not be allowed to lapse into law in its current form, according to Cabinet Secretary Karlo Alexei B. Nograles, who also signaled the possibility of a veto because such veto messages “happen every year.”

Mr. Nograles also said that it might be better if the period of effectivity of the 2019 budget is extended until “middle of 2020.”

“Before Holy Week, maaring mapirmahan ng Pangulo ’yan… Kasi kung lapsed into law ’yan, as is, kung anong sinubmit ng both Houses of Congress (“The President could sign the Budget bill before Holy Week…If he allows it to lapse into law as is, then the version submitted by both Houses of Congress (will be enacted)” Mr. Nograles told reporters at the Palace on Monday night.

He added: “Vini-vet na ngayon, pinag-aaralan na (We are vetting the budget) and we are hopeful that the President will sign the budget maybe this week or next week, hopefully before the Holy Week.”

The Holy Week or Easter holidays include Thursday, April 18, and Friday, April 19, though many workers typically take the week off.

Asked if there will be a veto, he said: “Every year naman may veto message naman ang Pangulo (every year there is a veto message) and that’s part of the prerogative of the President… and before he signs it kasama dyan ’yung pagvi-vet at pagfa-finalize ng veto message (the process of signing includes vetting and finalizing the veto message), so ideally, by practice, and historically, there is always a veto message.”

On the possible items that will be vetoed, he said the Cabinet has not discussed the matter.

Asked to comment on the infighting that led to the budget delays and the reenactment of the 2018 budget and what could have been done to avoid it, he said: “As far as the Executive Branch is concerned, on time naman (it was on time). In fact, the Executive gave the National Expenditure Program to Congress much, much earlier… during the State of the Nation Address.”

“It really depends on both Houses of Congress (how fast they transmit the General Appropriations Bill) to the Executive Branch.”

He added that the effectivity period of the 2019 budget needs to be extended until the middle of 2020.

“Maaring until mid of 2020 ang dapat na ma-expand ang budget na ito or maaring sa next Congress hingi ka ng joint resolution sa Congress na ito extending the effectivity of the budget. (We might ask the next Congress for a joint resolution to extend the effectivity of the 2019 budget until the middle of 2020),” he said, in order not to disrupt the key projects in the pipeline for 2020. — Arjay L. Balinbin

Water dep’t bill to become a LEDAC priority item

A BILL establishing a Department of Water should be included on the agenda of the Legislative Executive Development Advisory Council (LEDAC) for the 18th Congress, Cabinet Secretary Karlo Alexei B. Nograles said.

Senate President Vicente C. Sotto III, a LEDAC member, told BusinessWorld that he will support this move. “Yes,” he said in a phone message when asked if he will support Mr. Nograles’s proposal.

Speaking with reporters at the Palace on Monday night, Mr. Nograles said that President Rodrigo R. Duterte has “approved in principle” the executive order (EO) that would harmonize all water policy-making agencies under the Office of the President.

“Tingin ko kailangan na ilagay sa LEDAC because of the fragmented approach that we have. (“I think we need the measure to be a LEDAC priority because of the fragmented approach that we have.”) Kasi ‘yung EO na gagawin natin can be superseded and amended by the next administration… (“Any EO can be superseded and amended by the next administration…”) They may just overrule or cancel that EO then we go back to our old ways,” he said.

“With a Department of Water, you have to pass through Congress. So ideally it has to be institutionalized… We hope we will have allies in both Houses of Congress para hindi lamang itong pinu-push natin na Department of Water ang possible na maisulong at maipasa natin (in order to pass other legislation, not just the Department of Water,”) he said.

Senator Paolo Benigno A. Aquino IV filed last month Senate Bill No. 2216 calling for the creation of a Department of Water that will “help avoid a repeat of the water shortage” in Metro Manila.

On the draft EO, Mr. Nograles said: “So the draft has been given to the Office of the Executive Secretary. [It’s] already for vetting. So finalization na lang ‘yun ng draft, so pipirmahan na lang ‘yun ng Pangulo. (The draft is being finalized for signature).”

Asked about details of the EO, he said, “Basically we want to create a master plan in terms of managing our water resources. But in order to create a master plan, we have to get everybody, all the water sector bodies, offices, agencies, and departments to get together and coordinate with each other. The best thing to do that is to put them under the Office of the President, so pending Congress passing the Department of Water (bill), this is the fastest way that we can resolve all our water resource issues and concerns.”

The water body that the EO hopes to create will also take part in reviewing the government’s agreements with water concessionaires.

“Yes kasama ‘yan sa mag-rereview (the body will be involved in the contract review),” he said, referring to the order of the President to have all government contracts reviewed.

He also said that no employees or departments will be displaced or dissolved when the EO takes effect. — Arjay L. Balinbin

PCCI renews call for ‘market forces’ to determine sugar price

THE Philippine Chamber of Commerce and Industry (PCCI) renewed its call for liberalizing the sugar importing process, saying that market forces need to determine prices amid protections for domestic producers and suspicions of market manipulation at the wholesale and distribution level.

“I believe the liberalization is required to allow market forces to dictate the price,” PCCI Chairman George T. Barcelon said in a mobile message on Tuesday, after being asked for comment.

The Sugar Regulatory Administration (SRA) said there is no reason for high sugar prices as warehouses are currently overflowing.

The PCCI has been calling for the liberalization of sugar imports modeled on the opening up of the rice market, defending the interests of the food and beverage industry which is a major user of the sweetener and passes on any high ingredient costs to consumers.

“If the supply is abundant I agree with SRA that there is no reason for prices to rise. But the fundamental factor of free sourcing is better for all players concerned,” Mr. Barcelon said.

Asked if this might lead to sugar flooding the market, Mr. Barcelon replied, “Maari (It could).”

On Sunday, SRA Administrator Hermenegildo R. Serafica said that “sugar stock balance is at an all-time high of over 1.1 million metric tons (MT) that is 143% of last year’s stock balance during the same period.”

Mr. Serafica added: “Mill gate prices have been holding steady between P1,450-P1,550 for the past five months. In fact, this week’s average mill gate price is at P1,454. This is already on the low side compared to sugar prices for the past five years.”

“Those who are spreading rumors of sugar prices increasing are trying to manipulate the market so they can increase their profits at the expense of the consumers and producers,” according to Mr. Serafica. — Reicelene Joy N. Ignacio

Dominguez calls for more ADB-World Bank coordination, less duplication of functions

FINANCE Secretary Carlos G. Dominguez III cited the need for closer ties between the World Bank and the Asian Development Bank (ADB) to respond more effectively to the financing needs of the Asia-Pacific region.

In a statement on Tuesday, Mr. Dominguez said that the multilateral lenders should coordinate closely to help weed out duplicated functions.

He made the call during the Association of Southeast Asian Nations (ASEAN) 23rd Finance Ministers Meeting last week in Chiang Rai, Thailand.

“So I’d like to suggest, especially on behalf of the smaller countries, that ADB and World Bank consider becoming more closely coordinated, and perhaps look for areas where they can cut their own internal costs in servicing the other needs of ASEAN,” Mr. Dominguez said.

Taking the point of view of both institutions, he added that he does not see the need for “spending so much overhead in duplicating (the roles) of both ADB and World Bank around the region.”

“From the point of view of the client, why do we have to deal with two bureaucracies for the same purposes?”

Mr. Dominguez represents the Philippines in the Governor’s Boards of the ADB and the World Bank.

Apart from the Philippines, Cambodia and Vietnam also called on the multilateral institutions to work closely and complement their efforts in alleviating poverty in the region.

He made the statement after the presentations of the multilateral banks before the ASEAN Finance ministers about their respective financing programs in the region.

Former United States Treasury Undersecretary and now World Bank President David Malpass told Mr. Dominguez in a phone conversation in February that close collaboration between the World Bank and ADB will enable the institutions to “build on each other’s strengths.”

Mr. Dominguez also expressed appreciation for the two banks for helping the Philippines develop new reform policies and secure financing support for the government’s massive infrastructure push.

“Our engagement with ADB has been the most intense I think in the last 20 years; so with the World Bank,” he added.

Of the 75 flagship projects under the government’s “Build, Build, Build” program, 44 are in various stages of implementation, 24 are undergoing pre-investment study and the remaining seven are for review.

The government embarked on an P8-trillion infrastructure spending program until 2022 in an effort to boost economic growth to 7-8% each year. — Karl Angelo N. Vidal

Tax court voids P62.4-million BIR tax assessment

THE Court of Tax Appeals (CTA) ordered the Bureau of Internal Revenue (BIR) to refund or issue a tax credit certificate to industrial gas supplier Linde Philippines, Inc. over an erroneous tax deficiency amounting to P62.4 million.

In a 26-page decision on March 28, the CTA special third division granted the petition of Linde Philippines after ruling that the assessment for its alleged final withholding tax and value-added tax deficiencies for the fiscal year ending in September 2007, which the company paid, is invalid as it was assessed by revenue officers who were not authorized by a Letter of Authority (LoA).

The CTA found that an LoA was issued to certain officers to assess Linde Philippines but officers not named in the LoA conducted and recommended the issuance of assessment notices to the taxpayer.

“Not having the authority to conduct audit of petitioner through a valid LoA, the resulting assessment in the PAN (preliminary assessment notice) and FAN (final assessment notice), are deemed void,” the CTA ruled.

The CTA also noted the significance of an LoA, citing a previous Supreme Court ruling.

“It bears stressing that the authority of BIR examiners to conduct audit investigation goes into the validity of an assessment; thus, any assessment arising from the conduct of audit examination of a taxpayer’s books of account by a BIR examiner who is not duly authorized to do so is a complete nullity. A void assessment bears no valid fruit,” the CTA said.

The court also said the revenue officers who assessed Linde Philippines were authorized through a Memorandum Referral and not an LoA. “Without a validly issued LoA, the resulting assessment or examination conducted is a nullity.

According to the Tax Code, the Commissioner or his duly authorized representative may authorize the examination of a taxpayer.

Under the Revenue Memorandum Order No. 43-90, all audits/investigation should be conducted under a LoA. In case of any re-assignment or transfer to another revenue officer, a new LoA should be issued.

The decision was written by Associate Justice Esperanza R. Fabon-Victorino and concurred in by Associate Justice Ma. Belen M. Ringpis-Liban. — Vann Marlo M. Villegas

Employees need to take charge of their own skills upgrades

SKILLS upgrades in the work force are not the sole responsibility of employers, with employees also needing to play a part, International Data Corp. (IDC) said.

In an interview with BusinessWorld, IDC Philippines Head of Operations Randy Roberts said workers and management should collaborate in adapting workers’ skills and knowledge to the growing automation and digitization of business.

Mr. Roberts added that there should be a clear focus on which skills are needed by workers and aligned with the company’s needs.

“The private sector certainly has to offer to take some responsibility to retain, upskill, or reskill their own employees based on where their strategies are going or what kind of skills they need,” he said.

According to an IDC study in partnership with Microsoft Corp., employers see not only technological skills as the most essential but also cognitive, social and emotional skills.

Cognitive skills include basic data input and processing, literacy, numeracy, and communication, as well as higher-level skills like creativity, critical thinking and decision making, project management, and quantitative, analytical and statistical skills.

On the other hand, social and emotional skills include communication and negotiating skills; entrepreneurship and initiative taking; interpersonal skills and empathy; and leadership and managing others.

“These are not technical skills but these skills are so high in demand for the future. The private industry needs to take the initiative in educating the people,” Mr. Roberts said.

He said that as much as management needs to address the issue of retaining and upskilling employees, workers also have to take charge in wanting to learn.

“Workers themselves need to take some responsibility… to retrain themselves,” he said, adding that the company views Filipino workers as proactive in wanting to learn new skills.

According to IDC, companies in the Philippines are positive in gearing towards digital transformation but the country itself has yet to reach “digital determination” or offer innovative solutions, services, and products.

IDC recommends training in new skills in order that innovation developed by companies are properly executed. — Gillian M. Cortez

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