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Prince Charles reportedly caught up in $136 Million fake art hoax

PRINCE CHARLES, heir apparent to the British throne, has become ensnared in a fraudulent art scandal that saw paintings worth £105 million ($136 million) returned to their owners, the Mail on Sunday reported.

One of the works, a supposed Monet worth £50 million, was instead painted by an American forger, according to the Mail. That along with two other artworks, thought to be by Picasso and Dali but now said to be counterfeit, have been removed from public view at Dumfries House, the headquarters of the Prince’s Foundation, the paper said.

“It is extremely regrettable that the authenticity of these particular paintings, which are no longer on display, now appears to be in doubt,” the paper quoted a spokesman for the Prince’s Foundation as saying. — Bloomberg

MacroAsia to acquire 30% of NKS shares in JASCO

MACROASIA Corp. will be buying 30% of Tokyo-based NKS Holding Co. Ltd.’s shares in Japan Airport Service Co. Ltd. (JASCO), the ground handling unit of Japan’s Konoike Transport Co. Ltd. at Narita Airport.

This comes after Konoike Transport and tycoon Lucio C. Tan’s MacroAsia signed a partnership deal in Manila on Tuesday where both parties agreed that the Philippine firm shall acquire 30% stake in JASCO.

JASCO’s parent company is NKS Holding, which is in turn a subsidiary of Konoike Transport.

Konoike Transport Executive Officer Akihiko Furukawa said during a news conference that his company, under the said partnership, shall acquire 20% stake of MacroAsia’s ground handling subsidiary MacroAsia Airport Services Corp. (MASCORP). He added that this transaction amounts to ¥2.344 billion.

As for the 30% of JASCO shares sold by Konoike Transport to MacroAsia, he said the amount is ¥1.825 billion.

“Although it took a long time for this partnership to be concluded, the discussions gave such wonderful results,” the Konoike Transport president said, adding that one of the motivations for the partnership is the lack of manpower due to Japan’s aging population.

He said JASCO is currently operating at the Narita Airport, and there are plans to expand its services to “other airports.”

MASCORP General Manager Emerson S. Bonoan, Jr. said the negotiation with Konoike Transport began in July 2018. “So it’s been one year and four months already since we started meeting with the Konoike group here in Manila and in Japan,” he said.

The other 10 subsidiaries of Konoike Transport are operating at Haneda, Kansai, Fukuoka, Itami, and Kobe airports.

As for the estimated number of jobs to be generated from the partnership, the Konoike Transport said that it is planning to accept around “100 trainees or employees” from MacroAsia “within the fiscal year.”

“We are looking into a five-year training program, so a total of 500 employees will be sent from MacroAsia to Konoike for internship,” the Japanese firm added. — Arjay L. Balinbin

China Bank income up 25% in Q3 as loans, deposits expand further

CHINA BANKING Corp.’s net profit climbed in the third quarter.

CHINA BANKING Corp.’s (China Bank) consolidated net income saw double-digit growth during the third quarter as its loan portfolio and deposits continued to expand.

In a disclosure to the Philippine Stock Exchange on Tuesday, China Bank said its net earnings climbed 25% year-on-year in the July-September quarter to P2.5 billion, taking its profit for the first nine months to P6.7 billion, up 21% from the P5.6 billion posted in the same period year ago.

This translated to a 9.92% return on equity and 0.99% return on assets.

The lender’s net interest income grew 9% to P18.7 billion from January to September, which comprised 78% of its P23.8-billion total operating income, while net interest margin stood at 3.29%.

Likewise, China Bank reported a 10% growth in its overall loan portfolio to P552.5 billion from sustained demand across market segments.

Despite the increase in loans, it said that the bank’s asset quality remained healthy as its non-performing loan ratio (NPL) stood at 1.4% as of September, while its NPL coverage grew by 122%.

On the funding side, the bank’s total deposits also went up 12% to P777.2 billion as of September.

“The bank successfully raised P30 billion via retail bond offer and P7.5 billion via the issuance of green bonds which helped improve funding flexibility,” the bank said in the statement.

As it continued to upgrade its systems, processes, infrastructure, and manpower, the bank saw its operating expenses increase by 19% to P15.6 billion.

As of end-September, the bank’s assets grew 17% to P953.9 billion, keeping it “on track” to reach its goal of becoming a P1-trillion bank by 2020.

Meanwhile, its income from non-interest sources jumped 43% to P5.2 billion “driven mainly by service charges, fees and commissions, as well as trading and securities gains.”

Its total capital funds inched up 8% to P92.9 billion, with a total capital adequacy ratio of 13.6% and common equity Tier 1 ratio of 12.7%.

In nine months to September, China Bank’s investment banking subsidiary completed various transactions amounting to P423.6 billion.

“The bank continues to support the growth of the capital market through China Bank Capital,” it said.

In July, it raised P30 billion via its maiden fixed-rate bond offering, upsized from the initial target of P5 billion, making it as “one of the biggest corporate bond issuances this year.”

Shares in China Bank closed at P25.40 apiece on Tuesday, gaining 10 centavos or 0.40% from the previous day’s finish. — Beatrice M. Laforga

Da Vinci-linked Horse and Rider flops at NY auction

HORSE AND RIDER — GUERNSEY’S

A BRONZE sculpture said to be linked to Leonardo da Vinci was expected to fetch as much as $50 million when it hit the auction block. But it took less than a minute for the price to drop below $10 million, and still no bids came.

Horse and Rider, an 11-inch statue depicting a nobleman on a bucking horse, failed to find a buyer among the 15 people who gathered Wednesday in a ballroom at the Pierre hotel in New York.

“This is life,” said a visibly disappointed Arlan Ettiniger, the president of Guernsey’s auction house, which had set a low estimate of $30 million for the piece. “The sculpture remains unsold, but it doesn’t detract from its potential importance.”

It was cast in 2012 with a mold taken from a beeswax model created more than five centuries ago, according to Guernsey’s. The original’s current whereabouts are a mystery, and Da Vinci scholars have disagreed about the work’s authenticity.

Carlo Pedretti, who wrote scores of books on the Italian Renaissance master, examined the mold in 1985, around the time it was made, and declared it to be genuine. But Martin Kemp, a Da Vinci authority and emeritus professor of art history at Oxford University, has said it lacks “the characteristics of understanding horse anatomy and Renaissance armor that you would expect from Leonardo.”

Scholarly disagreement is common whenever a work attributed to Da Vinci surfaces. There’s still debate over the exhaustive restoration of Salvator Mundi, which fetched $450 million at Christie’s in 2017, becoming the most expensive artwork ever sold.

Ettinger had said he struggled to put a price on Horse and Rider. Only four contemporary sculptures, three by Jeff Koons and one by Louise Bourgeois, fetched more than $30 million at auction, according to Artnet data.

Guernsey’s, which Ettinger helped found in 1975, specializes in collectibles. It has auctioned off items including the baseball Mark McGwire hit for his then-record-breaking 70th home run, Jerry Garcia’s guitars, and Princess Diana’s jewels.

The auction house offered the bronze without a reserve, meaning it could have sold at any price, but they opted to call it a night when it became clear there was no interest. — Bloomberg

Arts & Culture (11/05/19)

Joe Bautista at Galleria Duemila

JOE BAUTISTA opens Vertical and Horizontal Dreams at Galleria Duemila on Nov. 9, 4 p.m. Inspired by the Japanese architect Tadao Ando, Bautista’s compositions are blueprint abstractions on canvas. His bold colors and use of aluminum L-bars defines his fascination with linear and angular heights. The paintings are a combination of geometric and organic forms, following the concept of “concrete nature” Ando has developed. The spirit of Bautista’s works rely on minute details such as the play on light and shadows, the playful doodles and the joy of seeing it in an all-encompassing plan. This is his first solo exhibition in 25 years. The exhibit runs until Dec. 28. Galleria Duemila located at 210 Loring St. 1300 Pasay City. The gallery is open from Monday to Saturday from 10 a.m. to 6 p.m.

Two exhibits opening at Kulay Diwa

KULAY DIWA will be opening several exhibits which will open on Nov. 7 and run until Dec. 7. Nil Capinianes and Rodney Yap will have a joint exhibit called Alternate Universe. There will also be an exhibit, Three Davao Artists, featuring the works of Arvin C. Cantalejo, Jr., Lawrence Tulio, and John Renzo Daquigan. Kulay Diwa is at 25 Lopez Ave., Lopez Village, Sucat, Parañaque City.

MSO’s Pas De Deux

THE Manila Symphony Orchestra (MSO) Foundation, Inc. features world class artists for its fourth gala concert, Pas De Deux. The Manila Symphony Orchestra will perform with Juilliard-trained violin virtuoso and MSO’s Concertmaster Diomedes Saraza, Jr., and Korean cellist Yeonjin Kim under the baton of Grammy nominee conductor Darrell Ang. Diomedes and Yeonjin will be performing Brahms’ Double Concerto with the MSO. One of the most popular ballet suites by Tchaikovsky, Swan Lake, will also be performed by the MSO. The concert will be on Nov. 16, 4 p.m., at the Meralco Theatre, Pasig City. Tickets are available at TicketWorld (call 8891-9999 for inquiries or reservations).

Nefelibata at Robinsons Galleria

This month, catch the artworks of Daryl Hannah “Nam” Intal and Lloyd Lusica in a two-man exhibit, Nefelibata, at Robinsons Galleria’s Level 3, Veranda. Their artworks were created to express the artists’ love for art and to feel the spark that doesn’t abide the conventional work of art. Nefelibata runs until Nov. 17.

Faith Gospel Singers presents Obra ng Maestro

THE Faith Gospel Singers presents its 9th anniversary concert titled Obra ng Maestro featuring the Ellinwood Chamber Orchestra on Nov. 9, 6 p.m, at the Central United Methodist Church, Kalaw Ave., Ermita, Manila. Divided into four segments, the concert is a unique blend of Gospel songs, Original Pilipino Music, Broadway and movie themes, and inspirational music. The evening’s repertoire includes “Purihin Si Yahweh” by National Artist for Music Lucrecia Kasilag, “Somewhere” from West Side Story, “Circle of Life” from The Lion King, “Go the Distance” from Hercules, and “When You Believe” from Prince of Egypt. The group will also cover OPM hits such as “Panaghoy,” Smokey Mountain’s “Paraiso,” Joey Ayala’s “Manong Pawikan,” and Gary Valenciano’s “Gaya ng Dati.” The Faith Gospel Singers will also interpret African-American contemporary gospel songs “O Sifuni Mungu” and “Baba Yetu” which will showcase its choral versatility. Based at the Faith Baptist Church in Quezon City, the Faith Gospel Singers is a fellowship of Christian singers which ministers through God-centered excellence and music. The choir is directed by Naomi Sison, head of the UST Conservatory of Music’s piano department and a faculty member of the voice department. The Ellinwood Chamber Orchestra, the string and wind ensemble of Ellinwood Malate Church, is conducted by George Bernard Supetran, former principal violist of the UST Symphony Orchestra who also orchestrated some of the pieces in the concert. Admission is free. For inquiries and ticket reservations, visit Faith Gospel Singers Facebook page or contact 0917-849-1409.

CNPF net profit grows 13% in Q3

CENTURY Pacific Food, Inc. (CNPF) said its net income grew 13% to P897.85 million in the third quarter as it was able to sustain the growth in sales of its branded food products.

In a regulatory filing yesterday, the listed canned goods manufacturer said its consolidated revenues during the quarter accelerated 10% to P10.75 billion. Costs during the period increased 5% to P8.01 billion.

Year to date, the company’s net income increased 9% to P2.59 billion as consolidated revenues grew 7% to P30.36 billion

CNPF traced the improvement in its performance to its branded business, which recorded a 12% growth in sales during the third quarter and the nine-month period. This segment, which represents 77% of the company’s revenues, are sales from CNPF’s marine, meat and milk products such as Century Tuna, Argentina and Birch Tree.

The company’s original equipment manufacturer exports, which comprise the remaining 23% of revenues, fell 6% during the nine months. The company said it was due to the subdued pricing of tuna and coconut commodities during the period.

Costs of the company during the nine-month period inched 5% to P22.96 billion. It said it benefited from the lower prices of tuna, which is a main raw material in its some of its branded products.

“We are pleased to see pickup in demand during the third quarter, in line with improving consumer sentiment across the Philippines,” CNPF Chief Finance Officer Oscar A. Pobre was quoted as saying in a statement.

“As we approach the end of 2019, we look forward to closing the year with double-digit growth, specifically in our branded business, and are now working hard to sustain the positive momentum into 2020,” he added.

CNPF handles brands such as Century Tuna, 555, Blue Bay, Fresca, Argentina, Swift, Wow, Lucky 7, Angel, Birch Tree, Kaffe de Oro and Home Pride. Mr. Pobre said the strong brand recall of its products, coupled with the company’s wide distribution network, helps CNPF benefit from the increasing consumer spending in the country.

“So far, we have benefitted from lower raw materials prices and subdued inflation, expanding operating margins across most of our portfolio,” he said. “[W]e have been building out a robust innovation pipeline, as well as strengthening our brands, to support growth moving forward.”

Shares in CNPF traded flat in the stock market on Tuesday, closing at P15.10 apiece. — Denise A. Valdez

Japan wants to go cashless, but elderly still reluctant to make the shift

TOKYO — Cash is king in Japan, and more so for the country’s fast-ageing population who are still deeply reluctant to give it up.

Prime Minister Shinzo Abe’s push to make more Japanese — the world’s most dedicated cash-hoarders — switch to using cashless payments is producing some success, but not nearly as much as desired. A growing rank of the nation’s elderly pensioners are resisting change, which could see Japan fall further behind its peers in adopting mobile app payments and electronic money.

Tokyo wants to double the ratio of cashless settlements to 40% by 2025 and to 80% eventually to spur labor productivity. Japan pales in comparison with other countries — 96% of transactions in South Korea and 66% in China are cashless, data by an industry lobby Payments Japan Association show.

The transition to digital transactions will help Japan cope with a shrinking population and a tight labor market. Cashless payments will also allow stores to automate sales estimates and banks to cut back on costly automated teller machine networks.

Shoppers were recently encouraged to ditch cash for e-money after the government sweetened the deal by introducing a rebate program to ease the pain of a sales tax hike on Oct. 1.

Funded by $2.57 billion earmarked for subsidies, shoppers get a refund in the form of points if they use cashless payments at small shops and convenience stores.

JUMPING ON THE BANDWAGON
Big tech firms have responded with aggressive campaigns to promote their e-money payment systems including SoftBank Group Corp., Yahoo Japan Corp., e-commerce company Mercari and messaging app operator LINE Corp.

Some have met with initial success. QR code payment app PayPay — owned jointly by SoftBank and Yahoo Japan — saw memberships jump 5 million since August to 15 million, thanks in part to the government’s campaign.

East Japan Railway Co. also saw membership for the railway’s electronic settlement system hit 11 million, up more than one million since September.

“Customers benefit from the convenience of electronic payment, while we receive fees and reduce costs by going ticketless,” said Tomoyuki Soyama, deputy general manager tasked with IT business development at East Japan Railway. “It’s a win-win situation.”

The direct cost involving cash transactions, including labor at checkout counters, amounts to about $73.60 billion a year, Mizuho Financial Group estimates, suggesting that going cashless will dramatically reduce such costs.

Satoshi Kumagai, senior vice president in charge of financial services and digital business at convenience store chain operator Lawson Inc., said the ratio of cashless payments of sales have increased to 25% from October versus 20% previously.

“It would be ideal to see all the transactions go cashless given labor shortages and the need to boost convenience for our customers,” Kumagai told Reuters.

“On the other hand, we’ll need to find a way to help those elderly who may find it hard to go shopping without cash.”

HOARDING CASH
Japanese households hold more than half of their assets in cash and deposits. That proportion rises with the elderly, some of whom stick to cash as a way to prevent wasteful spending.

“Everyone likes cash, don’t they?,” a 65-year-old woman in Tokyo said, while looking at a cashless payment app banner.

“I’m not interested in going cashless. I feel uncomfortable with it in case I lose my mobile phone. It’s also unclear how much I’ve spent compared with taking money out of my wallet.”

Many small businesses are also struggling to shift to cashless payments, or see little benefits in doing so.

Mom-and-pop shops rely on daily cash incomes to run their operations, so they cannot depend on receivables too much, said Yukio Kawano, chairman of Japan supermarkets industry lobby.

A low crime rate, ultra-low interest rates and a nationwide web of ATMs have long made cash appealing in Japan, giving people few incentives to shift to cashless payments.

The trend, however, could change gradually as commercial banks consolidate their ATMs, reducing consumers’ access to cash.

Still, convincing the elderly, who make up nearly one-third of the population, to change their practices won’t be easy.

In a bustling shopping district of Tokyo’s downtown Yanaka Ginza, many small stores have yet to embrace cashless transactions.

Mitsuo Kotake, 70-year-old owner of a small flower shop, said he started offering PayPay three months ago.

But entering pin codes and setting up apps are simply too confusing for his customers, most of whom are seniors coming to buy flowers for the graves of their beloved ones, he added.

“It’s easy to use for young people, but elderly people are not familiar with it,” he said. “I don’t use cashless myself. Cash is quickest.” — Reuters

How PSEi member stocks performed — November 5, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, November 5, 2019.

 

NEDA presses for sustainability, environmental impact accounting

THE National Economic and Development Authority (NEDA) said it is pressing companies and households to adopt a sustainable approach to consumption and production, in part by better accounting for environmental and social costs of their actions.

In a news conference in Pasig City on Monday, NEDA Undersecretary Rosemarie G. Edillon launched their Philippine Action Plan for Sustainable Consumption and Production (SCP), which will act as a guide on the implementation of SCP for all sectors.

SCP minimizes the negative environmental impact of consumption and production while promoting quality of life without compromising resources for future generations, according to the United Nations Environment Programme.

Between 2020 and 2022, she said that NEDA hopes to institutionalize Natural Capital Accounting (NCA) which reckons environmental and the social costs of all economic activities amid similar reforms to methods of estimating will be measured akin to how the gross domestic product (GDP) is being evaluated.

“We have actually already submitted an NCA institutionalization road map, so this will be up for discussion… Of course there’s also the need to have more capacity building in terms of the statisticians who will do the measurement and the instruments that will be involved,” she added.

She said that the NCA measurement system will help the people and government “internalize environmental and the social costs of everything” that they do.

The SCP strategic framework aims to increase awareness among Filipinos and encourage them to shift to a more sustainable and “climate-smart” practices and lifestyles.

The SCP plan hopes to produce two outcomes with inputs from policy and regulation, technology innovation, on infrastructure and on promotion and education.

The plan’s first outcome focuses on the economic, social, and environmental impacts of production and consumption processes value while the second one considers an efficient and equitable resource use of firms, households, and individuals.

The first outcome requires the institutionalization of NCA and establishment of infrastructure to support it, as well as the development of an online public platform to calculate carbon and ecological footprints.

NEDA will propose for the second outcome a review of laws such as the Philippine Clean Air Act and Toxic Substances and Hazardous and Nuclear Wastes Control Act of 1990, as well as providing infrastructure supporting SCP such as elevated walkways, bike lanes, affordable e-vehicle technologies.

PHILIPPINES AT RISK
Ms. Edillon said that the country’s total population is expected to rise by an additional 8.3 million by 2022, and grow to 140 million by 2040.

She said that population density likewise grew to 337 people per square kilometer in 2015 from 255 in 2000.

“With such a dense population, you have congestion which is actually manifested in traffic congestion,” she said.

At the same time, the country is currently suffering from declining quality of air mainly due to emissions from transport and industry, especially in highly urbanized cities.

Water quality at major bodies of water remains poor while most “are deemed unfit for their intended uses,” she said.

Daily solid waste generation rose to 40,000 tons in 2016 or 0.4 kilogram per person per day.

Residential areas accounted for 57% of waste generated in 2013, followed by 12% for commercial areas and the remainder generated by institutional and industrial areas. — Beatrice M. Laforga

Senate to insist on higher excise rates for alcohol, e-cigarettes

THE Senate Ways and Means Committee said it will stand firm on the rates it seeks to impose on alcohol products and electronic cigarettes, which are higher than the proposed rates in the counterpart House legislation, its Chairman said.

Senator Pilar Juliana S. Cayetano said the tax measure has a chance of obtaining approval in the Senate within the year, with the interpellation period set to begin Tuesday.

“I am ready and I will make myself available every day in my effort to get this bill approved as soon as possible,” Ms. Cayetano said in a statement Tuesday.

“I understand that those from the industries and even some of our colleagues find the rates that we are proposing on a high end, but we stand by those rates.”

The Department of Finance (DoF) projects that the current Senate version will generate P47.9 billion in 2020 and a total of P356.9 billion over five years. This is much higher than the P16.3 billion expected revenue in 2020 from the House version, and P108.9 billion within five years.

Senate Bill No. 1074 proposes to increase the specific tax rate on distilled spirits to P90 per proof liter in 2020 from the current P23.40 and retain the ad valorem tax of 20% of the net retail price (NRP). The specific tax rate is set to increase by P10 until it reaches P120 in 2023.

Sparkling wines will be levied P600 per liter, while still wines and carbonated wines will be taxed at P43 per liter in 2020; with both increasing by 10% annually beginning 2021.

Tax imposed on wines currently vary by the net retail price of a bottle or volume of alcohol content. At present, sparkling wines costing P500 or less and those costing more than P500 are levied P316.33 and P885.72, respectively.

Rates on still wines and carbonated wines are currently at P37.96 for bottles with 14% alcohol or less; and P75.92 for those with over 14% alcohol.

The Senate version also proposed to tax fermented liquor with P45 per liter in 2020; P55 in 2021; P65 in 2022; and P75 in 2023; from there, it shall increase by 10% every year starting 2024.

The same rates will be imposed on alcopops, or “pre-mixed alcoholic beverages with alcohol content less than 10% alcohol by volume and which alcohol is from malt or wines or a distillation process.”

In comparison, House Bill No. 1026, approved on Aug. 20, proposed the following rates on distilled spirits: 22% ad valorem tax on NRP; and a specific tax rate of P35 in 2020, which shall increase by P5 every year until 2022; and by 7% annually starting 2023.

An ad valorem tax of 15% on NRP will be introduced on sparkling wines and a P650 specific tax rate with a 7% annual indexation.

Moreover, still wines and carbonated wines with 14% alcohol or less will be charged P40 per liter and P80 per liter for those with more than 14% alcohol; while rates on fermented liquors and alcopops will be increased to P32 per liter in 2020 from the current P25.42.

The same measure will also amend Republic Act No. 11346, which will raise excise tax on tobacco products to P60 per pack by 2023 from the current P35; and introduced a P10 per pack rate on heated tobacco products in 2020.

It also introduced the following rates on vapor products: P10 for 10 milliliter vapor products, P20 for 20 ml, P30 for 30 ml, P40 for 40 ml, P50 for 50 ml and so on.

Both versions proposed to increase the rates on heated tobacco products to P45 per pack beginning 2020, at par with regular tobacco products. This is to increase by P5 annually until 2023.

The Senate version further proposed to increase rates on vapor products to P45 per 10 milliliter in January, be they based with nicotine salts or classic nicotine. The rate is to increase by P5 per year until it reaches P60 in 2023.

The House, meanwhile, proposes to increase rates to P30 per ml in 2020 on vapor products with nicotine salt and only P4.50 per ml in 2020 for products using conventional nicotine.

The proposal forms part of the administration’s comprehensive tax reform program, alongside measures that seek to reduce corporate income tax and streamline redundant fiscal incentives; centralize real property valuation and assessment; and simplify the tax structure for financial investments.

Aside from RA 11346, the government has so far passed Republic Act No. 10963, which slashed personal income tax rates and increased or added levies on several goods and services; and RA 11213, the Tax Amnesty Act, which grants estate tax amnesty and amnesty on delinquent accounts left unpaid even after being given final assessment. — Charmaine A. Tadalan

Labor dep’t sees need for P500 million to support livelihood assistance for earthquake victims

THE Department of Labor and Employment (DoLE) said it will require P500 million to provide livelihood assistance to workers affected by the Mindanao earthquakes.

Labor Secretary Silvestre H. Bello III said in a statement Tuesday that he has just visited Davao City, one of the affected areas struck by the Magnitude 6.6 and 6.5 earthquakes in Mindanao. He added that the P200-million fund currently on tap for worker assistance might not be enough.

“We may need more than P500 million to cover all those needing assistance and emergency employment in the affected areas,” he said.

Last week, DoLE reported that it sent labor officials and inspectors to assess the damage to workplaces in the area.

The financial aid will go towards emergency employment for workers displaced by the earthquake. The aid will also support livelihood assistance for workers in the informal sector.

Mr. Bello said in the meantime, the P200 million will be used to cover all these needs. He has also called on the Overseas Workers Welfare Administration (OWWA) to create a calamity fund for families for OFW members who are affected by the earthquake.

“The OWWA board has decided to give P3,000 per family of OFW in the areas hit by the earthquake, so, for those who have OFW relatives, please tell them that they are entitled to financial assistance from OWWA,” Mr. Bello said. — Gillian M. Cortez

BIR app-design contest taking entries until mid-November

THE Bureau of Internal Revenue (BIR) said its contest to design an app simplifying the taxpaying process will continue to take submissions from the public until Nov. 15.

BIR officials acknowledged that the contest, billed as “Hackatax,” signifies that the current process is cumbersome with many “pain points” for taxpayers.

At a news conference Monday in Quezon City, BIR Deputy Commissioner Lanee Cui S. David said proposals will be evaluated on creativity and design, including the user interface and the user experience.

Also to be graded are the app’s business model, the performance of the prototype, and the final presentation, Ms. David added.

The BIR launched the program on Oct. 15.

“Maraming problema (There are a lot of problems) with doing business, mahirap mag-register, mahirap mag-file ng tax (it’s difficult to register and file tax documents) especially if you’re an MSME (micro, small and medium enterprise). For people that can envision those solutions, whether you’re a student or a professional, you can participate,” according to Winston Damarillo, founder of DevCon Philippines, a non-profit promoting IT talent.

Mr. Damarillo said developers will be provided with dummy data for testing the final product.

Ms. David said that while the application will be developed by the winning contestant, the BIR will handle the back end operations to keep the data safe.

A shortlist of 10 entries will be announced on Nov. 22. They have until March to develop the final product.

At stake are unspecified cash prizes, enrollment into the BIR’s Tax Software Provider (TSP) certification system, and admission to start-up incubator programs.

Participants can also monetize their entries by directly marketing it to taxpayers. — Beatrice M. Laforga

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