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Ex-Finance official acquitted of graft

THE country’s anti-graft court has acquitted a former Finance official and eight other executives of private companies of graft in connection with a P380-million tax credit certificate (TCC) scheme.

The Sandiganbayan said the prosecution had failed to present sufficient evidence about the illegality of the transfer of the certificates to Pilipinas Shell Petroleum Corp. approved by Uldarico P. Andutan, Jr., former deputy executive director of the One Stop Shop Inter-Agency Tax Credit and Duty Drawback Center.

“The prosecution’s basis for stating that the transfers of the subject TCCs were not supported by proper/required requirements has no solid ground,” it said in a decision promulgated on Feb. 21.

The anti-graft court said the prosecution “did not provide or alleged what required documentation has not been complied with” in the first place.

The court lifted the hold orders against the accused and released their cash bonds. — Genshen L. Espedido

Philex bottomline slides

PHILEX Mining Corp. posted P647.79 million net loss attributable to equity holders of the parent firm in 2019, reversing the earlier year’s income of P608.46 million, the copper and gold producer’s financial report to the stock exchange shows.

Core net income slipped 74% to P155.63 million, although its quarterly performance showed improved towards year-end. It said core income was highest in the fourth quarter, or double that of the third quarter and a reversal of the net loss in the first quarter.

Despite the full-year profit fall, the company is looking at this year positively.

Eulalio B. Austin Jr., Philex president and chief executive officer, said the mining company’s Silangan project is one of the main priorities for 2020.

“Philex should be able to bring Silangan into operation before Padcal mine in Benguet ceases operations projected by end of 2022. Vicinity explorations at Padcal however is being pursued relentlessly,” he said.

Revenues last year reached P6.79 billion, down 11.1% from P7.64 billion the previous year. Cost and expenses rose 1.5% to P6.92 billion.

The company said it aims to sustain and maximize the potential of the Padcal mine operations while searching for additional mine assets that it can develop within or at the vicinity of the mining area.

It also said that the management, along with its financial advisors, is doubling efforts to find a strategic partner to implement the Silangan project in Surigao del Norte, which has obtained regulatory permits.

It said the improvement of tonnage, metal outputs and sustained metal prices in 2019 is “a jumpstart for a positive outlook for 2020 and will provide a window” to undertake debt reduction program from this year onwards.

On Friday, shares in Philex slipped by 1.69% to close at P2.90 each.

Philex Mining Corp. is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Manila Water income down 16%

MANILA WATER Co., Inc. posted a 16% decrease in 2019 net income to P5.5 billion, saying its performance was dampened by the impact of a regulatory penalty, a one-time bill waiver, and higher expenses caused by the water shortage in the first half.

“These challenges were coupled with the continued management of the constrained raw water supply and additional expenses for potential exposures,” the Ayala-led company told the stock exchange on Friday.

Metro Manila’s east zone water concessionaire said that faced with these challenges, it continued to work towards operating efficiency. It reconfigured its distribution network operations to provide reliable service.

In 2019, operating revenues rose 11% to P21.95 billion, while operating costs and expenses climbed 22% to P9.83 billion.

The company said it derived 75% of its operating revenues from the sale of water, net of the bill waiver, while 16% came from environmental and sewer charges.

The increase in cost and expenses was largely because of the penalty imposed by the Metropolitan Waterworks and Sewerage System in relation to the water shortage in the first half.

Manila Water said its performance last year was backed by the contribution of its domestic subsidiaries, with Manila Water Philippine Ventures, Inc. (MWPV) recording a net income of P450 million, up 131% from the previous year. It said the main drivers were Estate Water, Laguna Water, and Boracay Water.

It said on a consolidated MWPV level, revenues rose by 45% to P4.85 billion.

“A significant contributor to this improvement was the higher revenues of Estate Water coming mostly from its supervision fees for the provision of design and project management services in the development of water and used water facilities,” Manila Water said.

It also said that portions of the increase in revenues were due to higher average tariff levels in Boracay Water and Laguna Water.

“Several subsidiaries also saw increases in billed volume during the year, namely Boracay Water and Estate Water, with the re-influx of tourists and the takeover of more property development projects, respectively,” it said.

On Friday, shares in Manila Water fell by 3.13% to close at P11.76 apiece. — Revin Mikhael D. Ochave

Former police chief Purisima cleared of corruption

THE Sandiganbayan on Friday acquitted former Philippine National Police chief Alan L.M. Purisima of perjury charges over the alleged misdeclaration in his statement of assets, liabilities and net worth.

Mr. Purisima was accused in February 2018 of eight counts of perjury for allegedly failing to declare the worth of his properties for 2006 to 2009, and 2011 to 2014.

Mr. Purisima allegedly failed to declare the property of his wife in his 2006 and 2007 net worth declaration, according to his charge sheet, among other things.

Hie acquittal came even after the anti-graft court denied on a technicality his plea to file a motion to dismiss the case.

The Sandiganbayan last month also dismissed for insufficient evidence graft and usurpation charges against Mr. Purisima over a 2015 anti-terrorist operation where 44 Special Action Force men were killed by Muslim rebels in Mamasapano town, Magindanao province. — Genshen L. Espedido

AirAsia adds more domestic flights, removes Clark-Seoul route

By Arjay L. Balinbin, Reporter

ANGELES CITY, Pampanga—Philippines AirAsia, Inc. will be launching two new domestic routes this year to further boost domestic tourism amid the coronavirus outbreak that has dampened its revenues in the first two months of the year.

This was after the budget carrier announced recently its new flights to Zamboanga, General Santos City, and Dumaguete City via Clark International Airport in Pampanga.

In a news conference in Angeles City, Pampanga on Friday, Philippines AirAsia Chief Executive Officer Ricardo P. Isla said: “We have talked to local officials of various provinces, and they are all excited to fly via AirAsia already. We are going to fly to two additional destinations via Clark [International Airport].”

“Why Clark? Clark is really the most practical way to do domestic and international flights because it’s accessible and, more importantly, we always offer low pricing in Clark going to both domestic and international destinations. We get better incentives or rates from the airport of Clark,” he added.

Mr. Isla also said that AirAsia is working with the Tourism department to boost Pampanga’s tourism industry.

The budget carrier, he said, will also be adding flights to at least three of its existing international destinations such as Ho Chi Minh, Vietnam; Bangkok, Thailand; and Osaka, Japan.

As for the impact of the coronavirus outbreak on the budget carrier’s financial performance, he said: “We cannot disclose at this point our losses but it’s quite big, frankly speaking.”

“But we were prepared. We think we strengthened our position. Even last year, we saw a lot of potential in domestic tourism, and that’s a big source of our growth for this year,” he added.

CLARK-SEOUL FLIGHTS TO DISCONTINUE
Philippines AirAsia Chief Commercial Officer Gilbert O. Simpao said the airline will discontinue its Clark, Pampanga-Seoul, South Korea flights amid low passenger demand.

The Clark-Seoul route was launched in January 2018. Flights depart in Clark at 5:50 p.m. and arrive in Incheon at 10:35 p.m. on Tuesday, Thursday and Saturday. Flights leave Incheon at 11:25 p.m. on Tuesday, Thursday and Saturday, and arrive in Clark at 2:35 a.m. the next day.

“The Clark-Incheon flights will be removed. It isn’t doing well,” Mr. Simpao said.

The Philippine government on Wednesday barred travelers from South Korea’s coronavirus-stricken North Gyeongsang province as it tries to contain the outbreak.

The government will also prevent Filipinos from traveling to South Korea, where more than 1,000 people have been infected with the novel coronavirus strain. The ban also covers the Jeju Island.

About two million South Koreans visited the Philippines in 2019, flying from Seoul, Busan, Cheongju, Daegu, Gimpo, Jeju and Muan.

PAL slashes 300 jobs to stem worsening losses

FLAG CARRIER Philippine Airlines (PAL) announced on Friday that it has cut about 300 jobs as a way to recover from its 2019 losses, which worsened in the first two months of 2020 due to the coronavirus outbreak.

PAL, operated by PAL Holdings, Inc., said in a statement on Friday that it is “pursuing business restructuring to increase revenues and reduce costs.”

It added that it is hoping that “the streamlining will strengthen the company in the wake of losses sustained in 2019, aggravated by the ongoing travel restrictions and flight suspensions to areas affected by COVID-19 (coronavirus disease 2019).”

PAL said it had implemented a “voluntary separation initiative for long-serving employees.”

“A retrenchment process was completed on Friday, resulting in the separation of about 300 ground-based administrative and management personnel,” the airline said.

It also said that it assured its employees that they would receive their separation benefits and privileges.

“Other initiatives include revenue generation from an optimized route network and new ancillary products, more aggressive cost-management efforts, and investment in digital technology,” PAL said, adding that it remains focused on managing the risks related to the coronavirus outbreak.

The airline will continue to take delivery of additional aircraft for its regional flights as it prepares to launch new Cebu-Los Angeles flights and routes to Perth, Pagadian, Kota Kinabalu and Manado, it said.

In the nine months ending September, PAL’s attributable net loss widened 116.2% to P8.5 billion from P3.92 billion, as expenses and financing charges increased.

PAL, along with other major local airlines, cancelled flights to and from China, Hong Kong, Macau and Taiwan recently amid the COVID-19 outbreak that has killed more than a thousand people and sickened tens of thousands more in the mainland.

Roberto Lim, executive director and vice-chairman of the Air Carriers Association of the Philippines, Inc., has said they expect to lose about P3 billion from ticket refunds in the next two months after the Philippine travel ban on China and its administrative regions.

On Wednesday, the government barred travelers from South Korea’s coronavirus-stricken North Gyeongsang province.

The government will also prevent Filipinos from traveling to South Korea, where more than 1,000 people have been infected with the novel coronavirus strain. — Arjay L. Balinbin

Senate, SC should not allow VFA termination — ex-diplomat

A FORMER Foreign Affairs secretary urged lawmakers and the Supreme Court not to allow President Rodrigo R. Duterte to end a military agreement with the US on the deployment of troops for war games.

“What is unfolding before us is a national tragedy which should be resisted,” former Foreign Affairs Secretary Albert F. del Rosario said at a forum on Friday. “We therefore appeal to our esteemed institutions such as Congress and the Supreme Court to help us resist this tragedy.”

“We appeal to the conscience of our military whose duty under the Constitution is to defend the integrity of our national territory,” he said.

Mr. del Rosario said Mr. Duterte’s decision to end the visiting forces agreement (VFA) with the United States would “effectively upend the Philippine-US alliance.”

“While the VFA is admittedly an imperfect agreement, its termination would interrupt the benefits of the Mutual Defense Treaty with regard to the joint training and exercises, the pursuit of modernization, achieving interoperability, providing assistance during natural calamities and being effective partners in addressing our challenges in respect to counter-terrorism,” Mr. del Rosario said.

He cited the need to keep the alliance with the US ”for the sake of our countrymen who want to protect their country’s territory.”

Mr. Duterte on Feb. 11 announced the termination of the two-decade-old VFA, which the US Embassy said was “a serious step with significant implications.”

Mr. Duterte’s decision, sparked by the revocation of a US visa held by a former police chief who led Mr. Duterte’s bloody war on drugs, takes legal effect in six months and US officials have expressed hope it can be reversed or delayed.

Mr. Duterte’s decision could complicate US military interests in the broader Asia-Pacific region as China’s ambitions rise.

Ending the VFA complicates Washington’s efforts to maintain an Asia-Pacific troop presence amid friction over the presence of US personnel in Japan and South Korea and security concerns about China and North Korea.

Jose Manuel G. Romualdez, Philippine ambassador to the US, said the US is a major country that the Philippines, even China, “cannot ignore.”

He said the VFA is “not really the end all and be all” and there are other relationships with the US that can be worked on outside the agreement.

Meanwhile, former Supreme Court Justice Antonio T. Carpio belied Mr. Duterte’s claim that the Philippines can choose to become a US or Chinese territory if it could be self-reliant.

“It’s a false choice because it’s not true that we should be either a Chinese province or a US territory because we can have alliances,” he said at the same forum.

“And under the United Nations charter, collective self-defense is allowed,” he added. — Vann Marlo M. Villegas

Senate chief says anti-terror measure won’t lead to abuses

THE Senate on Friday ruled out police abuses after it approved on final reading a bill that seeks to boost the government’s anti-terrorism thrust.

“We at the Senate have been working hard to make our people feel safe in their homes and communities,” Senate President Vicente C. Sotto III said in a statement.

“The threat of nefarious individuals disrupting our peaceful lives is something that we all fear about, but is something that lawmakers can do something about,” he added.

The chamber this week approved Senate Bill 1083 or the proposed Anti-Terrorism Act will repeal the Human Security Act of 2007.

The measure gives the military increased access to data for surveillance and allows wiretapping of terror suspects.

Senator Francis N. Pangilinan, one of two senators who voted against the bill, said the measure could be abused by police.

He said the new definition of terrorism is “vague and encompassing, making it open to abuse.”

He also opposed clauses allowing the military to access data and information, and intercept private communications of suspects under surveillance and detain them for 14 days without an arrest warrant. — Charmaine A. Tadalan

MORE Power starts PECO assets takeover

By Emme Rose S. Santiagudo, Correspondent

ILOILO CITY — Razon-led MORE Electric and Power Corp. (MORE Power) started taking over the distribution assets of Panay Electric Co., Inc. (PECO) in Iloilo City Friday following a local court order granting its petition for a writ of possession.

Tension, however, loomed at the PECO head office and other substations as company officials and employees refused to receive the court order and the addendum outlining guidelines for a peaceful transition.

Under the addendum, MORE Power employees may be deployed to oversee the facilities but “operation should still be handled by PECO personnel who has the technical expertise.”

MORE Power employees, accompanied by the local sheriff, members of the court, and police officers just went around the PECO compound to identify properties listed under the writ of possession after the main building’s doors were closed.

MORE Power claimed that as of 11:15 a.m Friday, it has taken over the substation in General Luna Street, one of PECO’s five substations.

“MORE Power had effectively taken possession and control over the machinery, land, and buildings used as the meter lab, power plant building, and switchboard house,” company legal officer Allana Mae A. Babayen-on said in a press briefing.

MORE Power President and Chief Operating Officer Roel Z. Castro said they are working to take possession of the other substations.

“Everything we are doing is in accordance with the court order. We are very grateful that the court upheld our position on the matter of the writ of possession. This is clearly the people’s victory of our great City of Iloilo,” he said.

Mr. Castro also said they will start their operations even without the certificate of public convenience and necessity (CPCN) from the Energy Regulatory Commission (ERC).

“It is unusual in the sense that this is the first time that this happened. So far, we have complied with the requirements of CPCN and we are positive that ERC will issue it by next week. Few days of no CPCN is not a problem. If this is something that is being questioned, why don’t we question the franchise of PECO. Between the two, the franchise is stronger,” he said.

‘HIGHLY IRREGULAR’
PECO, on the other hand, asserts that the attempted takeover is “unprecedented” and “highly irregular”.

“I don’t know what control they have. It’s unprecedented, shocking, highly irregular. The issue of constitutionality is still pending at the Supreme Court and they, MORE is trying to force its way,” PECO legal counsel Estrella C. Elamparo said.

A case filed by PECO questioning the constitutionality of some provisions of MORE Power’s franchise is pending before the Supreme Court.

PECO also said in a statement that it will continue to “exhaust all possible legal remedies to pursue justice and continue to serve the people of Iloilo.”

The 14-page Iloilo court decision, dated February 20, was issued by Judge Emerald Requina-Contreras of the Regional Trial Court Branch 23.

Ms. Contreras, the third judge to handle the case after two others inhibited themselves, said in the decision that “the primary goal of the court is a smooth and peaceful transition of operation, to protect the public interest of the people of Iloilo City and its businesses, and to ensure the uninterrupted supply of electricity.”

She added that it was the “ministerial duty of the court” to issue the writ of possession as two previous judges had already afforded due process to PECO and MORE Power.

MORE Power sought the writ of possession through an expropriation case filed on March 11, 2019.

PECO’s application for the renewal of its franchise, which expired last Jan. 19, was denied by Congress.

A new franchise was granted to MORE Power through Republic Act 11212, signed into law by President Rodrigo Duterte on Feb 14, 2019.

Great deals await you at UCPB Auto Warehouse’s Valentine weekend deals

Make your heart race this Valentine’s season with exciting deals at the UCPB Auto Warehouse!

Enjoy up to 10% discount on the published selling price of an array of affordable and quality pre-owned cars ranging from compact and subcompact cars, sedans, family vans and trucks until February 29, 2020.

Visit the UCPB Auto Warehouse, Oyster Plaza, Dr. A. Santos Avenue, Brgy. San Dionisio, Parañaque City to find out the perfect fit for your personal or business needs. You can pay in cash or avail of the UCPB DrivEasy Auto Loan to better manage your budget.

The UCPB Auto Warehouse is open every day including holidays from 8:30 am to 7:00 pm. Go to www.ucpb.com/propertiesforsale for the complete list of available vehicles. Watch out for upcoming weekend deals by checking the UCPB website or liking the UCPB Facebook page. For Waze users, type UCPB Auto Warehouse-Oyster Plaza Parañaque.

Promo runs from February 13, 2020 to February 29, 2020. Per DTI Fair Trade Permit No. 02985, Series of 2020. Terms and conditions apply.

PearlPay Indonesia partners with Association of Rural Banks in Central Java

Filipino fintech PearlPay further expanded their presence in Indonesia through a strategic partnership between PT Mutiara Garuda Digital (PearlPay Indonesia) and the Association of Rural Banks in Central Java (Perbarindo Perhimpunan Bank Perkreditan Rakyat Indonesia DPD JAWA TENGAH).

The signing, which took place last February 24, 2020, will kickstart the digital transformation of 252 rural banks in the province, granting them access to PearlPay’s end-to-end digital banking solutions. This new partnership more than doubles PearlPay’s network of rural banks in Southeast Asia, providing them with the means to expand and serve more people.

“I understand that rural banks are in the best position to be purveyors of innovative technology, better financial inclusion, and more regional economic development,” said PearlPay Indonesia CEO Mr. Yoni Depari.

Before taking on the role of leading PearlPay’s Indonesian operations, Mr. Depari served as the Deputy Director at the Central Bank of Indonesia.

According to Pak Dadi Sumasarna, President of the Association of Rural Banks in Central Java, the affordable pricing of PearlPay’s platform will help rural banks participate and thrive in the digital economy. Currently, the association is serving 1.5 million depositors. But by digitizing the rural banking industry, banks can further improve their capabilities and speed up their processes, helping them to potentially address the financial needs of 34.5 million Indonesians in Central Java.

National government fiscal performance (December 2019)

INFLATION may have quickened slightly in February due to higher food prices, which was likely offset by lower utility and oil prices amid the coronavirus disease 2019 (COVID-19) outbreak and subsiding risks from the Taal Volcano eruption. Read the full story.

National government fiscal performance (December 2019)

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