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Gov’t makes full award of T-bills as rates drop on strong demand

THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered on Monday as rates declined across-the-board amid strong demand.

The Bureau of the Treasury (BTr) accepted P20 billion in T-bills as planned out of the total tenders of P44.5 billion, which is more than twice as much as the programmed offer.

Broken down, the Treasury raised P6 billion as planned via the 91-day T-bills out of total bids worth P18.832 billion. The three-month papers fetched an average rate of 3.297%, lower by 9.3 basis points (bp) from the 3.39% yield fetched in the previous auction on Jan. 20.

The government borrowed another P6 billion as programmed via the 182-day papers which attracted tenders totaling P11.995 billion. The yield on six-month T-bills likewise dropped, inching down by 5.5 bps to 3.597% from the previous week’s rate of 3.652%.

For the 364-day securities, the Treasury accepted P8 billion as planned out of total bids worth P13.689 billion. The average rate for the one-year papers likewise dropped by 0.8 bp to 3.963% from 3.971% previously.

At the secondary market on Monday, the three-month and six-month T-bills were quoted at 3.303% and 3.516%, respectively, while the one-year securities fetched a rate of 3.874%.

National Treasurer Rosalia V. de Leon said the T-bill rates went down on the back of strong liquidity in the market as well as increasing appetite for shorter tenors.

A bond trader interviewed yesterday shared the same sentiment, citing global uncertainties such as the threat of an outbreak of the novel coronavirus that started in Wuhan, China. The trader said this pushed investors to favor the short end of the curve.

“The auction was oversubscribed that’s why the yields came lower…primarily because there’s also uncertainty in the coronavirus so I think people are tying to shorten the duration at the moment. Second, the remaining longer tenors have actually improved a little bit last week so the T-bills caught up,” the trader said via phone.

For Ms. De Leon, aside from uncertainties in the market, other developments that contributed to lower rates include the announcement of government’s offering of retail Treasury bonds (RTB) this week. Yields were also affected by the BTr’s euro-denominated bond sale last week, she said.

Last week, the Treasury raised €1.2 billion from its offer of the euro-denominated bonds — €600 million each for the two tenors of three years and nine years — at the average rates of 0.1% and 0.7%, respectively.

The Treasury has set a P420-billion local borrowing program this quarter, broken down into P240 billion in T-bills and P180 billion via Treasury bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product.

RTB SALE STARTS TUESDAY
Ms. De Leon said they expect strong demand for the three-year RTBs they are offering starting today amid ample liquidity in the market and because the tenor has seen strong appetite from investors recently.

“So we are hopeful na (that) we will have good demand coming from investors when we do the auction tomorrow,” she told reporters on Monday.

“Right now, we’re going to auction P30 billion but as is always the case, if you can see na (that)good rates and we still see na (that) there will be a secondary or follow-up after the auction, then definitely we will upsize the offering,” Ms. De Leon added.

For the online facility of the RTB sale, she said banks that will offer the bonds are Land Bank of the Philippines, Development Bank of the Philippines and First Metro Asset Management, Inc.

The Treasury’s P30-billion RTBs will have a three-year tenor and will be offered starting Tuesday until Feb. 6.

However, the BTr has the right to upsize the offer or adjust the offer period.

The three-year papers will be issued on Feb. 11 and will mature in 2023.

RTBs are offered to small investors as they are low-risk, higher-yielding savings instruments backed by the national government.

“In the past issuances, we’ve heard about the complaints sa (in) branches that they have stopped offering dahil paubos na (because they are running out), or they are not offering. So we have warned the banks, and the selling agents eventually, that they should make sure that their branches would be selling this product. Although it competes with their own products, they have to make sure that RTB will be something na (that) they will be offering to the clients,” Ms. De Leon said. — B.M. Laforga

Groundbreaking for Two Regis

MEGAWORLD CORP. recently broke ground for its second residential condominium development within its 34-hectare township in Bacolod City.

The 14-storey Two Regis is located next to the soon-to-rise Upper East Mall within The Upper East township.

The project offers a mix of studio units sized up to 31.5 square meters (sq.m.), executive studio (up to 37.5 sq.m.), one-bedroom (up to 43.5 sq.m.), and two-bedroom (up to 87 sq.m.).

Some units have a view of the sunrise from the Negros Mountain Ranges, while others have a view of the sunset along Guimaras Strait.

Two Regis will have three “skygardens,” lap pool, kiddie pool, fitness center, function rooms, among others.

Tax court sides with Lepanto in refund case

THE Court of Tax Appeals (CTA) denied for lack of merit the appeal of the Bureau of Internal Revenue over the P12.8 million tax refund granted to a mining firm.

In a four-page resolution on Jan. 17, the court’s second division said that records showed that Lepanto Consolidated Mining Co. has valid zero-rated sales for 2015 which is the basis for its unutilized input value-added tax (VAT).

“Be that as it may, this Court has painstakingly scrutinized the evidence on record and has determined that petitioner has valid zero-rated sales for calendar year 2015 and, furthermore, determined that petitioner incurred input taxes attributable thereto. As held in the assailed Decision,” the resolution penned by Associate Justice Juanito C. Castañeda, Jr. read.

“In view of the foregoing, the Court finds no convincing reason to reverse or modify the Decision promulgated on September 23, 2019,” it added.

The court in September partially granted the P14.9 million tax refund claim of Lepanto, allowing only the amount of P12.8 million to be issued a tax credit certificate.

It said that the amount of P12.8 million can be traced to its valid zero-rated sales of P1.1 billion.

In its motion for partial reconsideration, the BIR said the court erred in finding that the company sufficiently established its claims for refund and that “direct connection between the purchases or input tax and the finished product whose sale is zero-rated as ‘concrete’ and not ‘imaginary’ or ‘remote’” cannot be found in the decision.

The court ruled that Lepanto is not required to prove which among its purchases are directly attributable to zero-rated transactions and which are taxable transactions.

The tax appellate court said that Section 112(A) of the Tax Code provided that if a taxpayer s engaged in zero-rated or effectively zero-rated sales in taxable or exempt sales and the input taxes cannot be entirely traced to the sales, “the input taxes shall be allocated proportionately on the basis of the volume of sales.” — Vann Marlo Villegas

China’s theaters, studios protest against deal to stream movie online for free…

CHINESE THEATERS and film studios are protesting a deal by Huanxi Media Group to premiere its new movie Lost in Russia on Bytedance’s online platforms.

BEIJING/SHANGHAI — Chinese theaters and film studios are protesting a deal by Huanxi Media Group to premiere its new movie Lost in Russia on Bytedance’s online platforms, with some saying it was “trampling” and “destroying” China’s cinema industry.

The week-long Lunar New Year holiday usually sees audiences flock to cinemas with distributors taking advantage of the crowds to launch films but the premieres of at least seven movies, including Lost in Russia, were postponed due to a virus outbreak which by Saturday had killed 41 people and infected more than 1,300 people globally.

But Huanxi Media Group announced on Friday that it would show Lost in Russia for free on Beijing Bytedance Network’s platforms on Jan. 25, and that the social media giant would in turn pay it at least 630 million yuan ($91.25 million) for new movies and dramas.

Financial magazine Yicai reported on Friday on a statement issued by the film industry of eastern China’s Zhejiang province, which threatened to boycott films made by Huanxi and one of the actors in Lost in Russia if the internet premiere went ahead.

Another letter signed by 23 theaters and films studios was also circulated heavily in Chinese social media and reported by media outlets like the government-backed Beijing Youth Daily newspaper. Two industry sources familiar with the letter confirmed its authenticity to Reuters.

The second letter, which was addressed to industry regulator China Film Administration, said the movie would mark the first time in history a Spring Festival blockbuster would be screened for free online, and while it was legal to do so, it would break the current industry model.

“This goes against the payment and revenue model that the movie industry has cultivated over many years, is trampling and intentionally destroying the movie industry and premiere models, and play a lead role in causing destruction,” said the letter, whose signatories include Wanda Film Holding, Bona Film Group, and Henan Oscar Theater Chain.

Wanda confirmed to Reuters that it had signed the statement but declined to comment. Bona Film Group and Henan Oscar Theater did not immediately respond to calls for comment. Many offices are shut in China due to the national holiday.

A Bytedance spokeswoman said that its cooperation with Huanxi was a normal commercial deal to benefit the creators, adding that it also allowed more people to stay at home, rather than go out, given the viral outbreak situation.

Huanxi did not immediately respond to a request for comment.

Many public areas including cinemas in Shanghai, the city’s Disneyland resort and even Beijing’s Forbidden City have been shut due to concerns about the virus.

CANCELATIONS
Movie makers canceled a slew of films set for the Lunar New Year holiday in China, while cinema chains suspended operations as a deadly coronavirus outbreak thwarted what is typically the biggest week of the year for theaters.

Detective Chinatown 3, the third installment in one of China’s most commercially successful comedies, would not open Friday, as planned, according to a post on the film’s Weibo social media sites. Producers of Leap, based on the true story of the Chinese women’s volleyball team, announced similar cancellations, as did the makers of Jiang Ziya: Legend of Deification, one of the most anticipated films to have been released over the seven-day holiday.

The lineup of potential Lunar New Year blockbusters had set expectations high for box-office sales in a market that is projected to overtake the US as the world’s largest this year. The potential hits were also set to increase the dominance of local-language films in China’s estimated $29 billion movie market, which US filmmakers are counting on to backstop ticket sales for big-budget franchise pictures.

Chains including Dadi Cinema, Jinyi Cinemas and the local affiliate of CJ CGV Co. announced on their websites they were halting operations Jan. 24 through Jan. 27.

The cancellations follow announcements by Chinese health officials urging residents to avoid gathering in public places where the virus could spread. The government has also halted travel from the city where the outbreak is believed to have originated. Wuhan, a city of 11 million, is essentially locked down as officials try to contain the virus.

IMAX Corp. shares fell for a fourth day Thursday in New York, while the cinema operator announced it would postpone New Year holiday releases. The step was the “best course of action in an unfortunate situation,” the company said in a statement. Imax China Holding Inc., the local affiliate, fell as much as 2.2% in Hong Kong trading Friday.

Other China film-related shares fell Thursday, though mainland markets were closed Friday for the start of the New Year holiday.

Shares of Wanda Film Holding Co., a film exhibitor and producer of the Detective Chinatown series, fell 7% Thursday in Shenzhen, bringing their decline this week to 21%, the biggest four-day slide since 2018. Beijing Enlight Media Co., the company behind Jiang Ziya, slumped 5%, bringing the four-day drop to about 15%. — Reuters/Bloomberg

UnionBank books higher profit on loans, trading

UNIONBANK OF THE Philippines, Inc. saw its earnings climb in 2019. — TL-PH.FACEBOOK.COM/UNIONBANKPH

UNIONBANK OF THE Philippines, Inc. saw its net earnings nearly double in 2019 on the back of a higher loan portfolio, margin recovery and strong gains from trading activities.

In statement on Monday, UnionBank said it booked a record high net profit of P14 billion last year, almost double the P7.3 billion it posted in 2018. This translated to a return of equity on 16.3% and return on assets of two percent.

“UnionBank ended 2019 on a high note. Our performance was supported by solid fundamentals given a healthy loan portfolio and steady margin recovery. Trading gains also boosted the bank’s bottom line. Moreover, CitySavings delivered their targets for the year given successes in the salary loans and motorcycle business,” UnionBank Treasurer and CFO Jose Emmanuel U. Hilado was quoted as saying in the statement.

The lender said it also saw its revenues jump by 44% last year.

Its customer loans rose 21% year on year to P393.4 billion in 2019 on the back of sustained double-digit growth in small and medium enterprises, credit cards, consumer loans and commercial lending, which went up by 40%, 35%, 31% and 16% year on year, respectively.

Its margins likewise rose by 113 basis points from the bank’s bottom level at the start of 2019, “driven by asset repricing efforts, placement of funds in cost-efficient instruments, and the impact of cuts in policy rate and reserve requirement ratio during the year.”

UnionBank President and CEO Edwin R. Bautista said the bank’s digital initiatives also contributed to its growth as the bank continues to expand its business.

“I am glad of the strong growth we achieved and the superior returns we delivered amid integration of new subsidiaries and continued investments in digital transformation. Our digital strategy was key as we scaled up our businesses while maintaining lean operations,” Mr. Bautista said.

UnionBank’s total assets also rose 15% year on year to P770.9 billion at end-2019.

Last week, Moody’s Investors Service has affirmed its credit rating of Baa2 and maintained a stable outlook for the bank on the back of its strong capital and liquidity position. This is in line with Moody’s credit rating on the Philippines.

Moody’s also maintained the bank’s foreign currency senior unsecured rating of Baa2 and foreign currency senior unsecured medium-term note program rating of (P)Baa2.

Meanwhile, its baseline credit assessment (BCA) for the bank is at baa3 which reflects the bank’s “robust capitalization and large pool of liquid assets.”

Moody’s said a rating upgrade for the bank’s long-term ratings is “unlikely,” given the country’s stable sovereign rating, but it “could upgrade the bank’s BCA because of a sustained improvement in the bank’s asset quality or capitalization. A lower dependence on the bank’s confidence-sensitive time deposits for funding will also exert upward pressure on the bank’s BCA.”

UnionBank’s shares closed at P60.90 apiece on Monday, up by P1.10 or by 1.84%. — B.M. Laforga

Damosa Diamond Tower topped off

DAMOSA LAND INC. (DLI) topped off a new office building located within the Damosa IT Park in Davao City.

The Damosa Diamond Tower, which is expected to be completed in April, will cater to the strong demand for office space in the city.

“As Davao continues to experience a stream in investments, we see Damosa Diamond Tower as a welcome addition to its interesting skyline. As one of our biggest projects, this is truly a milestone for the company,” Ricardo “Cary” Floirendo-Lagdameo, head of DLI, was quoted as saying in a statement.

The 17-storey Damosa Diamond Tower offers 20,000 square meters of leasable space.

The building’s facade echoes the wavy lines of banana fibers — Davao’s top export. It also promotes the use of renewable energy, with custom-made exterior fins to divert heat, LED lighting and eco-friendly insulation.

“We owe it to the community to not only provide an area where they can thrive as they live, work and play, but to also create an iconic space that captures our region’s pride which is our agricultural resources and the ingenuity of Davaoeños,” Mr. Lagdameo said.

City of Dreams switches on 1.2-MW solar power system

City of Dreams Manila

CITY of Dreams Manila launched on Monday a 1.2-megawatt (MW) solar energy system at the topmost level of the luxury integrated casino-resort’s parking building, and plans to add a similar-sized installation within its property this year.

Kevin Benning, City of Dreams Manila senior vice-president and chief operating officer, described the installation as having three phases, including more solar panels on top of the Hyatt Regency tower and the pool deck.

“That was the first start, the 3,200 [solar] panels,” he said in an interview on the sidelines of the facility’s formal launch.

He said the investment for the first stage was at P76 million, for a guaranteed generation capacity of almost 2,000 MW a year.

In a press release issued during the event, City of Dreams Manila placed the generation capacity to be equivalent to the average annual electricity consumption of more than 7,000 typical households.

It said the renewable energy generated would reduce the carbon emissions of the resort by more than 1,000 tons of carbon dioxide (CO2) per year, which it said to be equal to more than 270 passenger cars, “or the amount of CO2 emissions sequestered from 1,500 acres (600 hectares) of trees each year.”

The project is in line with the overall sustainability plan of Melco Resorts & Entertainment Ltd., developer and owner of casino gaming and entertainment resort facilities in Asia and Europe, including City of Dreams Manila through its subsidiary Melco Resorts and Entertainment (Philippines) Corp.

“The next phase that we’re looking at is the rest of the hotel towers as well as different open spaces that we’ve identified that get a heavy amount of sunlight throughout the day,” Mr. Benning said.

City of Dreams Manila features three luxury hotel brands: Nüwa Manila, Nobu and Hyatt Regency. It houses more than 20 restaurants and bars, and entertainment venues, including: the family entertainment center DreamPlay, the world’s first DreamWorks-themed interactive play space and The Garage, which also has food park.

Paul L. Whatnell, director of building engineering and sustainability at GHD Group Pty Ltd., said in an interview he was doing six different projects with City of Dreams Manila, “all sustainability-based here in this building.”

“We have stage two solar. We’ve just done a feasibility study for stage two, which is almost as big as this [first stage],” he said. “1.1 MW is the next stage. We cover every available space.”

He described GHD’s role as “the original consultant” to do the feasibility study for the solar rooftop system.

“We wrote the specifications for the project, organized the tender, we wrote the contract, and then worked with City of Dreams to engage Spectrum (MSpectrum Inc.) via Meralco (Manila Electric Co.),” he said.

Mr. Benning said the expansion, which will bring the total capacity to 2.3 MW, was awaiting approval.

“We’re still reviewing all of the capital investment and the numbers,” he said. “Timeline-wise, considering this took six to eight months, if we sign off on it (stage two solar) this year, it will be done this year.”

Victor S. Genuino, Spectrum president and chief executive officer, said the energy that can be produced by the first installation “is equivalent to 923,820 kilograms of carbon footprint reduction.”

He said the Meralco subsidiary was created even if it means reducing the consumption registered by the distribution utility because “customers demanded it.”

“Our customers are evolving. They are becoming more conscious of their impact to diminishing resources — and they want to do something about it,” said Mr. Genuino, who is also Meralco first vice-president and head of customer retail services and corporate communications. — Victor V. Saulon

New York surges ahead of London as world’s top financial center — survey

LONDON — New York remains the world’s top financial center, pushing London further into second place as Brexit uncertainty undermines the UK capital and Asian centers catch up, a survey from consultants Duff & Phelps said on Monday.

Britain will leave the European Union (EU) on Friday with future access to its biggest financial services customer uncertain after a business-as-usual transition period ends in December.

The Global Regulatory Outlook survey of 245 senior officials from asset management, banking and other financial firms from across the world found that New York has extended its lead over London.

It said 56% of respondents regard the US financial capital as the world’s most important money hub, up 33 percentage points over the past two years. Only 33% currently see London as the foremost global  financial  hub, down more than 20 percentage points over the last two years.

“It is difficult to avoid the suspicion that three years of uncertainty since the Brexit vote has contributed to London’s fall,” said Monique Melis, managing director at Duff & Phelps.

Both New York and London are set to lose ground over the next five years, with emerging centers in Hong Kong, Singapore and Shanghai expected to see the biggest growth, the survey showed.

Just 22% predict London would still be the major financial center in five years’ time, the survey showed. Few respondents see Paris, Frankfurt or any other European city coming close to replacing New York or London.

Respondents favored London over New York in terms of the most favorable regulatory regime for financial services in the world.

“If the Government can position the UK as having a more favorable regulatory environment and separate it from the red tape of European regulation, then we may see the UK win back its crown and attract new talent to the sector,” Melis said.

London has shown resilience since Britain voted in 2016 to leave the EU by leapfrogging New York to become the top center for trading interest rate swaps and remaining leader in currency trading. — Reuters

A great game to play

The Allliance Alive HD Remastered
PC via Stream

JAPANESE role playing games have come so far from their once-humble beginnings. The early releases struggled to gain a foothold in the West, but subsequent offerings from such franchises as Final Fantasy 7, Fire Emblem, and Dragon Quest managed to find homes in the hearts of gamers. Intellectual properties like these have reinvented the genre, however slowly, and their success underscores the core tenets of timeless examples: proper emphasis on deep stories, interesting gameplay mechanics, and immensely likable characters.

The Alliance Alive is one such example. First making its mark in 2017 as a Japan-only release on the Nintendo 3DS, Atlus USA saw fit to bring it to other regions the year after. Stripped to basics, it aimed to evoke feelings of nostalgia in gamers, with simple graphics paying homage to the finest RPGs of yore. Compared to the more complex battle systems of contemporary competitors, it focused less on flair and doubled down on the lure and allure of its interface, allowing everyone from veterans to newcomers of the genre alike to enjoy its open-world setting, its smooth combat sections, and its overarching narrative of wonder and fantasy, of struggle, loss, and heroism.

Considering The Alliance Alive’s strengths, NIS America’s decision to port over a remastered version to the Nintendo Switch, the Sony PlayStation 4, and the personal computer comes as no surprise. With an intended goal of presenting an experience that hews as closely to the original as possible, the remaster introduces the title to gamers on latest-generation platforms. They are presented with varying perspectives: from the vantage points of diverse characters, they must piece together the story of the world around them, of the daemons who rule the world, and of the humans who bear the yoke of servitude. By exploring the vast overworld and traveling from town to town, they are compelled to hone their skills in battle and prepare for the inevitable confrontation against the real enemy that hides in the shadows.

Even at a glance, The Alliance Alive HD Remastered presents itself as more than just another run-of-the-mill JRPG title. It begins with the invasion of daemons fearful of the Chaos energy in the human realm. The occupation triggers the Dark Current, which effectively separates the world’s four regions. Barely surviving the cataclysm, mankind finds itself divided and subsisting under the reign of daemonic overlords. The gameplay picks up a millennium hence, focusing on nine otherwise-disparate members of the Night Crows, a rebel force out to gain freedom for the human race. And “disparate” may be too conservative a word to describe the nine given their origins and ideologies; joining Galil, Azura, Renzo, Tiggy, Gene, and Rachel in looking after their own are daemons Vivian and Ignace and beastfolk Barbarosa.

In terms of look and feel, The Alliance Alive HD Remastered is much improved over those of the 3DS version; it sports vibrant colors, richer textures, and a much higher resolution that allow the “solid” watercolor art style of old hand Masayo Asano — who boasts of efforts in SaGa and The Legend of Zelda titles — to shine through. Certainly, it casts the narrative penned by Suikoden series creator Yoshitaka Murayama in superior light, a development that, under Masataka Matsuura’s steady direction, cannot be overemphasized.

That said, The Alliance Alive HD Remastered distinguishes itself in its gameplay. Unlike other contemporary offerings in the genre, it puts a greater emphasis on tactics and skills, with the biggest influences on combat being how comfortable characters are with their equipment. While a character may use any weapon of their choosing, the skills and attacks they use depend on their mastery over it. Anyone can use a spear, or a sword, or a staff, but the abilities they have, from devastating Area-of-Effect slashes to more precise stabs, are contingent on their familiarity and proficiency with their combat gear.

Parenthetically, The Alliance Alive HD Remastered brings much-needed depth to the battle system, requiring gamers to strategize properly and distribute their equipment judiciously according to the characters’ distinct preferences. It’s less about stat points, and more about honing skills. Alongside combat formations, this particular facet eventually shapes much of the game, with characters slowly training to become better in certain weapon types, and then unlocking more and better skills over time. It provides a unique sense of progression, and when coupled with the story’s semi-brisk pace, makes it enjoyable to run through.

For the most part, The Alliance Alive HD Remastered boasts of intuitive mechanics. At the same time, it presents challenges that tend to be easy. It likewise lacks keyboard support on the PC, forcing users to play with a controller; it’s not a huge issue per se, particularly since there is no delay in feedback, but it does limit options. Moreover, framerate issues seem to randomly pop up every now and then. Nothing earth-shaking, really, and nothing an update patch here and there can’t fix so that it runs as well as it should.

On the whole, Alliance Alive HD Remastered is a great game to play, but the relative lack of difficulty and absence of controller support can be a huge turn-off for people looking for a challenging, if fair, JRPG. Nonetheless, it earns major props for its earnest gameplay and interesting storylines. It might not be the polished AAA JRPG offering gamers invariably look for, but it’s a nice look back to the genre’s golden years, and its unique take ensures some 40-odd hours worth of enjoyment.

THE GOOD:

• Interesting story

• Unique combat mechanics

• Diverse set of characters

THE BAD

• Lack of keyboard support

• Framerate issues

• Lack of a true difficulty curve

RATING: 8.5/10

POSTSCRIPT: Little Busters!, an extremely popular visual novel originally developed by Osaka-based Key for the personal computer, is slated to make an appearance on the Nintendo Switch in April. The port will contain the original Japanese text, as well as the English translation that originally came with the Steam release in 2017. The latest iteration figures to include all the updated gameplay elements found in the PlayStation Portable and Vita releases, the additional content from the Complete Edition rerelease for the PC, and a “Busterpedia” guide to help gamers understand the Japanese cultural context of key concepts and situations.

THE LAST WORD: Speculation has Nintendo launching the Switch Pro later this year. While initially touted to run using the new NVidia Tegra X1+ chip, it is now said to employ a graphical processing unit based on custom Volta architecture. The latest rumor effectively quashes any plans for the hardware’s release in the near term. In any case, gamers shouldn’t hold their breath for significant performance improvements over currently available Switch units.

Robinsons provides relief goods to Taal evacuees

ROBINSONS Land Corp. and Robinsons Malls recently embarked on relief operations for families affected and displaced by the Taal Volcano eruption.

Through RLC’s RLove and Robinsons Malls’ The Gift of Change programs, company employees provided relief packs containing hygiene kits, canned goods, water and other basic necessities to evacuation centers in Lipa City and Tagaytay City.

The Philippine Institute of Volcanology and Seismology on Sunday lowered the Taal Volcano’s alert status to level 3 from 4, ending a two-week crisis that displaced at least a million people.

JUUL Labs to stop making flavored vaping products

JUUL Labs Inc. will stop producing and selling flavored vaping products after a recently signed law banned their production while imposing higher taxes on alcohol and electronic cigarettes.

On Wednesday last week, President Rodrigo R. Duterte signed Republic Act (RA) No. 11467, which increases excise taxes on alcoholic products and e-cigarettes, including vapor products, while limiting their sale to those at least 21 years old.

The measure also prohibits the manufacturing, importation, sale, distribution and advertising of flavorings in the vapor products.

“In accordance with RA 11467, JUUL Labs Philippines will no longer make Mango, Creme and Mint JUULpods available for purchase at any JUUL Labs-owned kiosks nor JUUL.ph website and will stop fulfilling retail orders for these flavors from any of its retail partners. JUUL Labs and its partners will continue selling the Virginia Tobacco flavor to those verified as over the age of 21,” the company said in a statement.

“JUUL Labs is supportive of measures that ensure vaping products reach only the adult smokers for whom they are intended and are not used by non-nicotine users, especially those who are underage,” it added.

Under the law, vapor products with salt nicotine will be imposed an excise tax of P37 per milliliter this year, which will be gradually increased until it reaches P52 in 2023. Vapor products with conventional nicotine will be taxed P45 per 10 milliliter in 2020, and increased by P5 annually until it reaches P60 in 2023.— Beatrice M. Laforga

How PSEi member stocks performed — January 27, 2020

Here’s a quick glance at how PSEi stocks fared on Monday, January 27, 2020.

 

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