‘Now is the best time to invest in PH’

SM Investments Corp. (SMIC) vice chair Teresita Sy-Coson has urged foreign investors to take a look at the Philippines, telling a conference of global expatriates that now was the best time to invest here.

Speaking at the 14th Global CEO Conference in Singapore, Sy-Coson said that over the last five years under President Aquino, the Philippines grew an average 5 percent as measured by the gross domestic product (GDP).

“We have had a remarkable improvement in governance. Our population is young (between the ages of 21 and 35) with a huge earning capacity and a large overseas Filipino working base that consistently send remittances to their families. This, in turn, helps our economy,” she said.

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“The Philippines is unique and it needs to be looked at with a long-term view longer than a 2- to 3-year window. Given that we are a strong service-oriented economy, the BPO industry is a natural fit,” she said.

She added that “as a domestic investor, I am very optimistic. There is a lot of liquidity for our size in the Philippines. If you look back at the country’s economic history, we have had steady growth.”

Moderator Rich Karlgaard, publisher of Forbes Magazine, led the panel discussion on “Profit for Tomorrow’s Growth” and dissected the various innovative and opportunistic investments and wealth strategies while also asking about the effects of technology and geopolitical tensions in Asia.

Other Filipinos who attended the Forbes Global CEO Conference were Enrique Razon of International Container Terminal Services Inc. (ICTSI), Manuel Villar Jr. of Starmalls Inc. and Josephine Gotianun-Yap of Filinvest Development Corp. and the Antonio family of Century Properties.

This was the 14th year of the Global CEO Conference where movers and shakers from more than 31 countries came to meet, discuss, brainstorm and network. This year’s theme, “The Next Horizon”, qualified and put into context “progression” from the eyes of these CEOs who were directly responsible for and whose very decisions cause abundant and progressive opportunities and disruptive risks, which were sometimes necessary as a corrective measure to shape the future.

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Weekly Futures Recap With Mike Seery

We've asked Michael Seery of SEERYFUTURES.COM to give our INO readers a weekly recap of the Futures market. He has been Senior Analyst for close to 15 years and has extensive knowledge of all of the commodity and option markets.

Michael frequently appears on multiple business networks including Bloomberg news, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He is also a guest on First Business, which is a national and internationally syndicated business show.

Gold Futures

Gold futures in the December contract are trading far below their 20 and 100 day moving average plummeting for the 2nd consecutive trading session down another $30 at 1,168 an ounce hitting a 4 1/2 year low as the Japanese government stated that they are going to engage into more quantitative easing sending the Japanese Yen sharply lower against the U.S dollar therefore pressuring the precious metals today. Gold futures settled around 1,231 last Friday finishing down around $60 dollars as the trend is clearly to the downside, however the chart structure is very poor at the current time so I’m sitting on the sidelines in this market, however I am certainly not recommending any type of bullish position in the gold market as prices go lower in my opinion with a possible retest of $1,100 here in the near future. All of the interest is back into the S&P 500 once again as the stock market hit an all-time high as money is flowing out of the precious metals and many of the commodity markets and putting it back to work in the stock market and I don’t think that trend will end any time soon as the months of November and December are historically bullish for the S&P 500 and bearish for the gold market so continue to play this to the downside and take advantage of any rally making sure that you place the proper stop loss. As I had written in previous blogs I was always concerned of the fact that gold prices were not rallying with all the problems with Isis and numerous other catastrophes throughout the world & that made me nervous as prices now look very weak as there is no reason to own gold at the current moment.

TREND: LOWER

CHART STRUCTURE: AWFUL

Crude Oil Futures

Crude oil futures continued their bearish trend as the Japanese government announced new quantitative easing which sent the Japanese Yen currency down over 200 points while pushing up the U.S dollar over 70 points also sending crude oil in the December contract down to 80.55 still trading below its 20 & 100 day moving average after settling last Friday in New York at $81 finishing slightly lower for the trading week as prices are trading in a very tight channel market I would place my stop above the 10 day high which currently stands at 83.23 risking around $3 or $3,000 per contract. I missed this trade to the downside as the chart structure was poor at the time so I did not take this trade and I’m kicking myself at the current time, however I have not been recommending any type of bullish position in this market as I do think the market is headed lower as the United States is awash in supplies and the fact that the U.S dollar is going to continue to move higher against the foreign currencies as they continue their quantitative easing as the United States has ended its program so this is a mathematical equation here as there is a high probability that the foreign currencies and the Japanese yen will continue to move lower against the U.S dollar. As I stated earlier in the article I missed this trade and I am kicking myself but sometimes that happens, however you must recognize a trend and when you see one but I never was recommending to get long this market because of the fact that the trend is lower so my point is I truly do believe over the long haul become a trend follower as that will make you more successful than playing the market counter trend as you should be short this market not long this market as the path of least resistance is to the downside at the current time.

TREND: LOWER

CHART STRUCTURE: IMPROVING

Silver Futures

Silver futures in the December contract are sharply lower this Friday afternoon in New York down another $.35 at 16.07 and traded as low as 15.63 hitting a 4 year low as investors are fleeing out of the precious metals as the U.S dollar was up sharply once again as the Japanese government announced quantitative easing sending the precious metals to new multi-year lows and it looks to me that trend will continue. If you took the original recommendation when prices broke 20.40 several months ago as silver has still not hit a 10 day high on a closing basis so continue to place your stop loss above the 10 day high which currently stands at 17.37 as the chart structure is terrible at the current time due to the fact that prices have absolutely fallen off a cliff. Silver futures are trading far below their 20 & 100 day moving average telling you that this trend is very strong to the downside and its extremely difficult to pick a bottom so I still think prices are headed lower with the next major support level around 15.50 & if prices break that level there’s a possibility that prices could head even lower which is astounding to me because silver is used as an industrial metal and used in many electronics which are selling off shelves but investors don’t seem to have any interest because of a strong U.S dollar and a deflation scare throughout the world especially in Europe. The chart structure in silver has been outstanding for several months before the last couple of days and that is why I stick with my 10 day rule because it’s amazing how long some trends can stay but many trends fizzle out very quickly but the object of trading the commodity markets is to try to hit a home run once in a while so continue to stick to the rules.

TREND: LOWER

CHART STRUCTURE: AWFUL

Cotton Futures

Cotton futures in the December contract are trading above their 20 but still below their 100 day moving average settling last Friday at 63.81 currently trading at 64.10 up slightly for the trading week as an active harvest is currently underway in the southern part of the United States which should keep a lid on prices here in the short term. The problem with cotton is the fact of very large world stocks with slowing demand due to the fact that the U.S dollar was up sharply once again as the Japanese announced quantitative easing sending the U.S dollar to new highs which certainly could pressure commodity prices and especially cotton. The next major support level in cotton is at 62 with major resistance at 66 with a possible head and shoulders bottom being created in the last 3 months as we are basically trading sideways as I am neutral on this market at the current time but the chart structure is outstanding so keep an eye on this market as a breakout is looming.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading or visit www.seeryfutures.com

Lean Hog Futures

Lean hog futures in the February contract are currently trading in Chicago at 88.10 up slightly this Friday afternoon after settling last week at 88.87 dropping around 70 points this week still trading in a tight 2 week channel as I’ve been recommending a short position for quite some time. If you took the original trade place your stop loss above the 2 week high which stands at 89.47 which was also last Wednesdays high. In my opinion I think prices will try to retest the mid-August low of around 83.50 as hog supplies should certainly increase since the deadly virus is behind us which happened earlier in 2014 and I do think with lower feed costs and high margins that supplies will increase and they will be much more abundant in 2015 in my opinion. The chart structure in hogs is outstanding at the current time and even if you didn’t take the original trade you can still enter at today’s price while risking around $1,000 dollars per contract as the hog market is highly volatile with big price swings with high risk/reward. Cattle prices continue to remain strong and keep hovering around all-time highs and that is helping support hog prices, however if cattle can break to the downside I think hog prices could drop rather dramatically so keep an eye on this market and play it to the downside.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

Coffee Futures

Coffee futures in the December contract settled last Friday at 191.50 while currently trading at 188 this Friday afternoon in New York hitting a 4 week low as the chart structure is very poor at the current time as I’m still sitting on the sidelines as I do remain neutral at the current time. Coffee futures topped out several weeks at 225 as rains have come into critical growing regions of Brazil lowering concerns about another drought, as prices look weak in my opinion with the next major support level at 178 – 180, however the chart structure does not meet my requirements so I’m sitting on the sidelines and I will wait for a better pattern to develop. If you are interested in getting short this market I would sell at today’s price while placing my stop above the 10 day high which will be lowered significantly come Tuesday to around the 195 level as coffee is a very large contract with high risk and high reward as the volatility certainly looks to remain high.

TREND: LOWER

CHART STRUCTURE: POOR

Orange Juice Futures

Orange juice futures in the January contract are trading below their 20 and 100 day moving average telling you that the trend is lower as I’ve been recommending a short position when prices broke below 140 and if you took the original trade make sure you place your stop above the 2 week high which currently stands at 142.40 which is around 350 points away or about $525 risk per contract. Orange juice futures closed last Friday at 140.75 so they finished slightly lower for the week as the longer-term downtrend line is still intact as large production is expected this year which could keep a lid here on prices especially if the commodity markets continue to go lower and the U.S dollar continues to move higher. The chart structure in orange juice is outstanding at the current time allowing you to place a very tight stop loss and that’s one of the strategies I like to use before entering a trade while always going over the risk reward situation and making sure that you can place the proper stop loss which is extremely important.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

Sugar Futures

Sugar futures in the March contract are trading below their 20 and 100 day moving average as the long-term downtrend line is still intact settling last Friday at 16.38 settling today at 16.04 down 34 points for the trading week with major support at 15.91 and then the contract low of 15.50 as the daily chart has outstanding chart structure. I have been sitting on the sidelines in this market for quite some time as the trend currently is neutral to lower so look for a breakout as large supplies from several years of overproduction are continuing the hamper prices to the downside, but wait for a true breakout to occur before entering making sure you risk 2% of your account balance on any given trade as a retest of the contract low seems reasonable in my opinion as the commodity markets in general still look weak due to the fact of a very strong U.S dollar and the fact that the U.S government has ended our quantitative easing which definitely propped up commodity prices over the last several years.

TREND: LOWER

CHART STRUCTURE: EXCELLENT

Wheat Futures

Wheat futures in the December contract finished down $.03 this Friday afternoon in Chicago closing around 5.32 a bushel still right near 7 week highs as prices continue to climb the ladder coming all the way from 4.65 just a month ago as the grain market certainly has caught fire in recent weeks. I am currently neutral in the grains, however if you are long the wheat market when prices hit a 4 week high of around 5.20 place your stop below the 10 day low which currently stands at 5.10 which is only about $.22 away or $1,100 risk per contract as the chart structure is outstanding at the current time as there are concerns about several crops around the world developing at the current time, however soybeans & the soybean meal have spurred the grain market sharply higher. Traders await the next USDA crop report in around 2 weeks showing the supply/ demand tables as well as crop production estimates as this market has major resistance around the 5.80 level and that’s where the breakout will occur in my opinion so I’m sitting on the sidelines and who knows how long this type of grinding chart pattern will last. The U.S dollar was sharply higher once again today and that’s generally pessimistic grain prices, however there has been a short squeeze in the soybean meal and that has sent all grain prices higher except for oats, however the trend is your friend and the chart structure is outstanding so this should be played to the upside.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

What do I mean when I talk about chart structure and why do I think it is so important when deciding to enter or exit a trade?

I define chart structure as a slow and grinding up or down trend with low volatility and no chart gaps. Many of the great trends that develop have very good chart structure with many low percentage daily moves over a course of at least 4 weeks thus allowing you to enter a market and allowing you to place a stop loss with will be relatively close due to small moves thus reducing risk. Charts that have violent up and down swings are not considered to have solid chart structure but markets that continue to trend like the current soybean complex allowing for you to place close stops as it continues to fall dramatically. I always like to place my stops at 10 day highs or 10 day lows and if the charts have a tight pattern that will allow the trader to minimize risk which is what trading is all about and if the chart has big swings your stop will be further away allowing the possibility of larger monetary loses.

If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading or visit www.seeryfutures.com

SEERY FUTURES ACCEPTS CANADIAN COMMODITY ACCOUNTS

There is a substantial risk of loss in futures, futures option and forex trading. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor. My opinion in this blog are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any futures or option contracts.

Michael Seery, President

Seery Futures

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Twitter–@seeryfutures

Phone #: (800) 615-7649

mseery@seeryfutures.com

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BPI opens office in Japan

Bank of the Philippine Islands is expanding its East Asian operations with the opening of a representative office in Japan, one of the top sources of remittances to the Philippines.

The BPI representative office is located in the Roppongi district of Tokyo, home to a big expatriate community, including a vast majority of Filipinos.

The location also hosts several foreign embassies, including the Philippine Embassy, and is also the site of several remittance and money-transfer branches with which BPI has partnered with, such as Speed Money Transfer Japan K.K. (SMTJ) and Japan Remit Finance (JRF).

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Roy Emil Yu, BPI senior vice president and remittance business division head at BPI’s global markets group said in a recent statement that the establishment of an office in Japan would “allow us to provide our hardworking countrymen … easy access to remittance solutions and other BPI services.

He added the move would also open more doors for BPI for future partnerships in and around the region.

“Our hope is to serve more Filipinos around the world,” Yu said.

Among the top 10 destinations of migrating Filipinos in 2012, Japan ranks the seventh, and is also one of the country’s biggest source of remittance flows.

The BPI office, which was launched on Oct. 29, will provide a fast and affordable way of sending money to the Philippines through BPI’s tie-ups with several remittance companies in Japan.

Through its representative office, BPI can address the primary concerns of Filipinos working and living in Japan by providing a presence in a key location while offering what it promises to be “affordable remittance fees, competitive exchange rates, a hassle-free remittance process, tellers who are fluent in both English and Filipino and fast transfer of funds to beneficiaries in the Philippines.”

Remittances can then be withdrawn at any of over 2,500 BPI automated teller machines nationwide with no charge. They can also be accessed through BPI’s network of more than 6,500 outlets and door-to-door delivery.

The new office is also expected to promote BPI in Japan’s financial community by acting as a point of contact to existing partnerships in the region. It also aims to continue pursuing initiatives with prospective tie-ups. Aside from SMTJ and JRF, BPI also has a partnership with Kyodai. Through these tie-ups, BPI is positioning itself to be a “reliable provider of secure automated solutions and multiple distribution services with highly professional front and back-end teams.” Doris C. Dumlao

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DoubleDragon raises P7.4B from debt note issuance

Property developer DoubleDragon Properties Corp. has raised P7.4 billion for capital outlays by selling long-term debt notes to selected institutional investors.

Proceeds from the issuance of these seven-year fixed-rate corporate notes will be used by the company to fund its capital expenditures, such as for the development of a chain of community malls under the “CityMall” brand, the construction of DoubleDragon Plaza at The Meridian Park, Dragon8 Shopping Center-Divisoria, The Skysuites Tower and general corporate purposes.

“Due to strong institutional demand, the company increased the note issuance to P7.4 billion from the original P6.5 billion,” DoubleDragon said in a disclosure to the Philippine Stock Exchange on Friday.

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Unlike retail bonds, which are sold through a public offering and must go through a more tedious regulatory approval process, corporate notes are a quicker fund-raising option for top-tier corporations as they are sold to no more than 19 selected institutional investors.

The issuance was arranged by BDO Capital & Investment Corp., the investment banking arm of Banco de Oro Unibank.

DoubleDragon chair Edgar Sia was pleased with the institutional support for his company’s fund-raising activity.

“We are glad that the great long-term potential of DoubleDragon Properties Corp. has been recognized,” he said.

DoubleDragon was previously known as Injap Land Corp. which started in 2009 as a wholly owned subsidiary of Sia’s holding company Injap Investments Inc.

HoneyStar Holdings of Jollibee Foods Corp. founder and former chief executive officer Tony Tan Caktiong afterwards acquired 50 percent of the company, which thus became an equal venture.

The “DoubleDragon” branding was conceptualized as both Sia and Tan Caktiong were both born in the Lunar Year of the Dragon and their property partnership was finalized in a Year of the Dragon.

Through its flagship subsidiary CityMall Commercial Centers Inc. (CMCCI), DoubleDragon plans to build a chain of 100 community malls across the country. The company envisions to build one of the largest branded independent community mall network in the Philippines with floor areas of about 5,000 to 10,000 square meters in each location and will be located in prime locations, mostly in Visayas and Mindanao. Tycoon Henry Sy-led SM Investments Corp. has a 34 percent stake in CMCCI.

Sia founded the Mang Inasal grilled chicken franchise of which a 70 percent interest was sold in 2010 to Jollibee.

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2 firms seek fiscal perks from gov’t

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A manufacturing firm and a real estate developer are seeking fiscal perks and other incentives from the Philippine Economic Zone Authority (Peza) and the Board of Investments (BOI) for their respective production and tourist accommodation facilities.

In a notice, Peza announced that Beta Nanocoating Philippines Inc., which has a manufacturing plant at the Filinvest Technology Park (FTP-SEZ), has filed an application for pioneer status to be granted to its provision of services, based on the newness of product and technology.

These services were for heat treatment, coating and recoating of tools, cutting tools, dies, precision components mechanics, and surface treatment for automotive and other high performance mechanical pieces and automotive parts.

If approved, Beta Nanocoating will be entitled to six years of income tax holiday. The company’s application has already been accepted and is currently under process.

In a separate notice, the BOI also announced that Robinsons Land Corp. of the Gokongwei family has applied for registration as new operator of tourist accommodation facility or a tourist inn, on a nonpioneer status. GoHotels Butuan in Butuan City has a capacity of 104 rooms.

If approved by the BOI, RLC would be entitled to a menu of fiscal and nonfiscal incentives that would allow its facility to be more competitive. Government data showed that BOI-registered enterprises may be exempt from the payment of income taxes for four years from the scheduled start of commercial operations.

Other incentives include exemption from taxes and duties on imported spare parts; exemption from wharfage dues and export tax, duty, impost and fees for enterprises registered under the Investment Priorities Plan; tax credits; and additional deductions under labor expenses.

The 2013 IPP is currently being implemented pending the completion and issuance of the 2014 IPP.

Malacañang has yet to issue the approved 2014 IPP, which listed seven sectors that would be eligible for incentives over the next three years. These were manufacturing; agribusiness and fishery; services; economic and low-cost housing; energy; public infrastructure and logistics; and public-private partnership projects.

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PH secures $300-M loan from WB

The Philippines has secured a loan worth $300 million or about P13.47 billion from the World Bank for a program to cut red tape, improve infrastructure and increase tax collection.

In a statement Friday, the Department of Finance said the Washington DC-based multilateral lender’s Third Development Policy Loan (DPL 3) extended to the Philippines was expected to “boost fiscal sustainability and governance transparency.”

Finance Secretary Cesar V. Purisima signed the loan agreement on behalf of the Philippine government last Oct. 14.

“DPL 3’s strong focus on fiscal sustainability, infrastructure, human capital and good governance enables the Philippines to boost our inclusive growth agenda as we reach the tailend of this administration. This is consistent with the Philippines’ partnership with the World Bank in ensuring our economic turnaround story translate into real and sustainable gains for the Filipino people,” Purisima said.

According to the DOF, the loan was aimed at spurring “sustained and inclusive growth and job creation through increasing physical and human capital investment, as well as tackling regulatory barriers in land, labor and capital markets.”

In particular, DPL 3 would assist the Philippines in strengthening priority public investment implementation; slashing the cost of doing business to generate jobs and lessen poverty; developing human capital among the poor; promoting fiscal transparency as well as good governance, and consolidating fiscal sustainability through revenue mobilization and risk management, DOF said.

Among the specific initiatives targeted for rollout under this loan are infrastructure development projects; streamlining business registration processes for micro, small and medium enterprises; institutional and policy development to boost human capital; transparency initiatives; measures to improve the tax effort, and promotion of integrated fiscal risk management strategy, DOF added.

The DOF is the main liaison with the World Bank and is in charge of loan implementation. Other agencies that are part of implementing DPL 3 are the departments of agriculture, budget and management, education, health, public works and highways, social work and community development, tourism and trade and industry, as well as the Climate Change Commission.

The World Bank’s latest “Ease of Doing Business” report released this week showed a nine-notch decline in the Philippines’ rank among 189 countries partly due to the truck ban implemented in the city of Manila from February to September, which had resulted in trade bottlenecks.

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PSEi back at 7,200

The main-share Philippine Stock Exchange index (PSEi) added 44.74 points or 0.62 percent to close at 7,215.73. Elsewhere in the region, markets were perked up by news that the US economy had grown at a faster-than-expected pace of 3.5 percent in the last quarter. Investors also welcomed news that the Government Pension Investment Fund of Japan would boost investment in equities.

For the week, the PSEi gained a total of 112.18 points or 1.6 percent.

At the local market, all counters gained ground. Value turnover amounted to P9.7 billion. There were 100 advancers that edged out 72 decliners while 47 stocks were unchanged.

Joseph Roxas, president of Eagle Equities Inc., said the market was not aided by month-end window-dressing. “It’s really strong,” he said, noting the strength of US equities overnight.

The Dow Jones industrial index racked up 187.81 points to 17,005.75, giving a favorable backdrop to regional markets.

The day’s gains in the local market were led by tycoon Andrew Tan-related stocks. AGI was up 3.27 percent and Megaworld by 1.64 percent. Travellers, another Tan company but one which is not part of the PSEi, surged 4.92 percent.

Bloomberry, the first to open an integrated gaming resort along Manila Bay, rose 2.78 percent.

A non-PSEi gaming stock, Melco Crown, surged 3.59 percent ahead of the opening of its City of Dreams Manila.

BDO, EDC, URC, Jollibee, AC and ICTSI likewise contributed to the day’s gains, all rising more than 1 percent.

PLDT, ALI and Semirara also helped the PSEi’s rise.

Outside of PSEi stocks, there was strong interest in Vista Land (+2.5 percent).

On the other hand, SMIC (-0.19 percent) and BPI (-1.04 percent) bucked the day’s upswing. Doris C. Dumlao

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4 common myths about depression

Depression is a psychological condition marked by prolonged periods of lethargy, sadness, anxiety and hopelessness, which often manifest in loss of appetite, fatigue, insomnia, excessive sleeping and suicidal ideation.

As of 2012, the World Health Organization announced that more than 350 million people from all over the world are suffering from depression. Sadly, many have very little understanding of the disease, which does not help in curbing its prevalence.

MediCard, a leading HMO in the Philippines, hopes to dispel several myths about depression in the hope of creating a more positive and helpful environment for people who are suffering from the condition.

• Depression is nothing but “the blues.” Most people dismiss other people’s symptoms with the classic “You’re just having a bad day” or “Just shake it off,” and it certainly does not help. For one, it trivializes depression, an actual illness caused by an imbalance of a person’s endorphins and neurotransmitters. For another, such remarks prevent the person from seeking professional help, until their emotions spiral downward even further.

• Just pop some pills and it will go away. Depression is a complex psychological disorder that results from any number of causes, such as abuse, loss of a loved one, family history or a serious illness. Seeking a prescription from a doctor to allow you to “pop some antidepressants” only addresses the biochemical aspect of depression. But an effective approach to the condition considers all its facets and may constitute non-medication-based solutions, such as behavior therapy or lifestyle change.

• You can self-diagnose and self-medicate. The Internet has spawned a lot of self-tests with titles like “Are you depressed? Take this 10-step quiz!” and online medical references that list down possible treatments for different diseases. But effectively diagnosing depression requires a comprehensive and objective examination by a professional. By doing it yourself, you run the risk of misinterpreting your symptoms, and possibly make it worse by delaying proper treatment.

• Don’t talk about it so it doesn’t get worse. Related to Myth No. 3, many hesitate from talking about their symptoms of depression with other people, in fear of stigma, but also of making it worse. Key to addressing the condition, however, is a strong support system of family and friends, which will not be available if those suffering from depression kept it to themselves.

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Total approach for balanced diet

“In the concept of balanced diet, total approach is important.”

This was the statement Dr. Sam Rehnborg, Nutrilite Health Institute president and the son of Nutrilite founder Carl Rehnbor made when he spoke to members of media on Oct. 22 during the 80th anniversary of Nutrilite at Makati Shangri-La Hotel.

Rehnborg visited the country not only to promote their supplements but more so fruits and vegetables consumption. “People should start taking charge of their lives through good health,” he stressed.

Reversed

Three out of four people globally do not meet the recommended 400 grams a day consumption of fruits and vegetables, as detailed in the Nutrilite-sponsored 2014 Nutrilite Global Phytonutrient Report. Rehnborg believes that this can be reversed not only by a good diet but also a lifestyle change.

He attributed the unmet recommended consumption of fruits and vegetables to the inclination of Filipinos to adopt the Western diet, primarily American, which is composed of processed, salty and sugar-based food with an excess of calories.

Rehnborg noted that people are waking up to the concept of good health, in light of the threat of lifestyle diseases and malnutrition. “Many of them are now conscious of what they eat,” he said.

Pioneer

Nutrilite pioneered phytonutrients research. In the early 20th century, before people knew what phytonutrients were and even before the word “vitamin” was widely used, Nutrilite founder Carl Rehnborg was already in China observing the connection between health and a diet rich in fruits and vegetables, even experimenting with his own crude supplements.

“Phytonutrients are dietary compounds that are unique to plant foods and are not proteins, carbohydrates or fats. In our bodies, like in plants, they help defend us against the wear and tear of daily life,” said Dr. Keith Randolph, nutrition innovation strategist at the Nutrilite Health Institute for Amway.

But apparently, research reveals that phytonutrients aren’t a priority in people’s diet. The Nutrilite Global Phytonutrient Report said there is a big gap between the amount of fruits and vegetables recommended by the WHO and what people actually eat. This gap can be caused by busy schedules, limited access to any or a variety of fresh produce, as well as personal taste preferences, the research added.

Though supplements are recommended for people to have better access to phytonutrients, they aren’t going to replace good diet and exercise, Rehnborg said, which is why people have to focus on them. For food consumption, he said, “there is no miracle product; one must adhere to a plant-based diet, with everything else in moderation.”

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Guyabano—a ‘miracle fruit’?

Every now and then, patients with all sorts of imaginable medical problems ask me if commercially prepared guyabano (soursop fruit) products can help cure them.

Usually promoted through direct marketing, guyabano extracts in capsules, juices and tea preparations are claimed to have protective effects from all sorts of cancers. One product brochure that a patient showed me said guyabano extract is supposed to be “a miraculous natural cancer cell killer 10,000 times stronger than standard chemotherapy.”

The direct marketers claim that the products are also good for diabetes, cholesterol problems, Alzheimer’s disease, infertility, impotence, asthma, arthritis, liver and kidney diseases. This also reportedly lowers blood pressure, strengthens the immune system, improves energy levels, heals wounds, eliminates worms, relieves diarrhea and fever, and treats gonorrhea and herpes.

My wife and I love fresh guyabano and we eat a slice of the fruit once or twice a week. We’re sure it is a rich source of antioxidants and enzymes just like many of our local fruits, but expecting it to be a cure-all is simply too much. Any medicinal product which is promoted to be a cure for every ailment known to man is just too good to be true. And in all probability, it’s not true. Someone is just out there to make a fast buck at our expense.

More expensive

The guyabano capsules, juices and teas are apparently also more expensive than eating the fresh fruit. I would rather enjoy the succulent taste of a freshly sliced guyabano fruit than pop any commercial pills supposed to have the fruit extract.

I reviewed the scientific literatures recently to see if there are any new research findings demonstrating the anticancer and other health benefits of guyabano in humans. The same old data showing some potential benefits in experimental or animal models are all that I could find.

So from the medical or scientific standpoint, that’s how it stands for now. There is some suggestion that the fruit extract might have the property to inhibit the growth of some cancer cells, but this has only been shown in the laboratory—or at most, in experimental animals—but never in humans. It’s a long way from being declared an anticancer fruit with truly clinically meaningful effects. Testimonials from celebrities or even anecdotal reports from doctors of their patients who were supposed to be cured by guyabano extracts don’t really count.

The danger is when some believe these testimonials saying that guyabano is all they need to be cured and discontinue taking standard medicines prescribed by their physicians. One stands the risk of suffering from the worsening of his/her illness without the benefit of treatments which have been tried and tested in humans.

I would not mind so much if the prescribed medicines are taken together with the guyabano supplements. If one has sufficient finances, I don’t see a problem with taking both. But if one has average means, it’s better to prioritize the medicines that have been prescribed rather than the guyabano supplement. But like I said, incorporating fresh guyabano and other nutritious fruits in one’s regular diet is highly recommended.

Experimental studies

Having said that, let me quickly add that the potential anticancer benefits of guyabano are promising and I could only wish there would be well-designed studies that our researchers could undertake to show its real benefits in humans. The experimental studies actually started in 1976 yet when the National Cancer Institute in the United States conducted the first study on the fruit’s supposed cancer-fighting properties.

This was followed by 20 more tests conducted in various laboratories worldwide. They all came out with unanimous results: Guyabano tree extracts, indeed, proved to be effective against the growth of malignant cells in 12 cancer types including some of the deadliest cancer forms which have taken the lives of many around the globe, like pancreatic, colon, lung, prostate and breast cancers.

According to the Catholic University of South Korea and Purdue University in Indiana, United States, guyabano tree extracts acted in a way that prevented them from harming normal cells, while successfully targeting the dangerous ones, unlike chemotherapy, which destroys all cells that multiply.

But, it has to be emphasized that all of these trials were conducted in the laboratory only using nonliving models, or what is called as in vitro experiments. Absolutely no research in humans, so far.

So my previous advice stays. One should not rely too much on marketed guyabano products to take care of whatever medical problems one has, especially if it’s cancer. But that advice should not prevent us from enjoying the fresh fruit.

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Aquino slashes real property taxes on facilities of power producers contracted by GOCCs

INQUIRER FILE PHOTO

MANILA, Philippines—The Aquino administration has reduced the real property taxes earlier slapped on the facilities of independent power producers dealing with government-owned and/or -controlled corporations in a bid to prevent an increase in power rates.

“All liabilities for real property tax on property, machinery and equipment… used by IPPs for the production of electricity under build-operate-transfer [BOT] contracts with GOCCs… for all years up to 2014, are hereby reduced to an amount equivalent to the tax due if computed based on an assessment level of 15 percent of the fair market value… depreciated at the rate of 2 percent per annum, less any amounts already paid by the IPPs,” read Executive Order No. 173 issued by Malacañang Palace on Friday.

Also, EO 173 provides that “all fines, penalties and interests on such deficiency real property tax liabilities are also hereby condoned and the concerned IPPs are relieved from payment thereof.”

Malacañang noted that under Section 234 of Republic Act (RA) No. 7160 or the Local Government Code of 1991, GOCCs engaged in power generation and transmission already enjoy real property tax exemptions and privileges, such as a 10-percent assessment level on land, buildings and machinery as well as zero tax rate for all machinery and equipment being used to generate and transmit electricity.

However, a number of local government units had argued that IPPs operating within their respective localities that were not GOCCs “are not entitled to the [real property tax] exemptions/privileges.”

Some LGUs had even gone to the extent of having “threatened enforcement action against the IPPs, including the levy and sale at public auction of the affected properties,” according to Malacañang.

“The payment of said real property taxes by the affected IPPs, some of which obligation have been contractually assumed by the GOCCs and carries the full faith of the national government, threatens the financial stability of the GOCCs, the government’s fiscal consolidation efforts, and the stability of energy prices,” EO 173 said.

“The forcible collection of the subject real property taxes by the LGUs concerned will trigger massive direct liabilities on the part of National Power Corp./Power Sector Assets and Liabilities Management Corp. and other affected GOCCs, may increase the cost of electricity, and may trigger further cross-defaults and significant economic losses across all sectors,” it added.

In this regard, President Aquino ordered the reduction and condonation of real property taxes as well as interest and penalties assessed on the power generation facilities of IPPs that have BOT contracts with GOCCs, as allowed under Section 277 of RA 7160, which states that “the President of the Philippines may, when public interest so requires, condone or reduce the real property tax and interest for any year in any province or city or a municipality within the Metropolitan Manila area.”

EO 173 shall take effect immediately upon publication.

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LPG prices coming down after midnight Friday

INQUIRER file photo

MANILA, Philippines—Amid continuing weakness in the global oil market, fuel retailers are rolling back prices of liquefied petroleum gas for the month of November.

In separate advisories, Petron Corp. and Isla LPG Corp. said they would trim LPG prices starting 12:01 a.m. on November 1.

“Petron will roll back the prices of Gasul and Fiesta Gas LPG by P7 per kilogram (kg) effective 12:01 a.m., November 1. This is equivalent to a decrease of P77 for an 11-kg household cylinder. Xtend AutoLPG prices will likewise decrease by P3.91 per liter at the same time,” Petron said.

“Please be advised that we are reducing our Solane branded LPG price by 6.72 per kg VAT inclusive effective 12:01 a.m. Saturday, November 1, 2014,” Isla LPG said in a separate statement.

Earlier this week, the oil companies cut the prices of major fuel products in what has turned out to be weekly price rollbacks for more than a month now.

Year-to-date total adjustment for gasoline was at a net decrease of P5.48 per liter while prices for diesel were at a net decrease of P7.20 per liter.

The Organization of the Petroleum Exporting Countries said that even with geopolitical risks in areas such as Iraq, where sectarian fighting has threatened fuel routes, the global oil market is awash with supply with North America experiencing an energy boom.

North America seems to be the main culprit behind non-OPEC supply growth this year. The U.S. Energy Information Administration said weekly petroleum inventories show that commercial crude inventories increased by 5 million barrels for a total U.S. commercial crude inventory of 361.7 million barrels.

Even so, Saudi Arabia has apparently said it would not mind seeing oil prices fall to $80 per barrel from the present level of around $90 per barrel and the previous highs of around $100.

A recent OPEC study also showed that supply growth is projected to overtake that of oil demand. At the same time, global commodity prices remain weak in emerging markets and in Europe.

Even gold prices have been wallowing around the $1,200 per ounce level, which is much lower than the $1,800 highs of 2011.

Deflation is also a concern as dropping oil prices may hamper stimulus efforts in recovering economies. In general, dropping oil prices tend to create declining prices elsewhere.

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DoubleDragon raises P7.4 B through debt paper

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MANILA, Philippines—

Screengrab from doubledragon.com.ph

Properties Corp. has raised P7.4 billion for capital outlays by selling long-term debt notes to selected institutional investors.

Proceeds from the issuance of these seven-year fixed-rate corporate notes will be used by the company to fund its capital expenditures, such as the development of a chain of community malls under the “CityMall” brand, the construction of DoubleDragon Plaza at The Meridian Park, Dragon8 Shopping Center-Divisoria, The Skysuites Tower and general corporate purposes.

“Due to strong institutional demand, the company increased the note issuance to P7.4 billion from the original P6.5 billion,” DoubleDragon said in a disclosure to the Philippine Stock Exchange on Friday.

Unlike retail bonds, which are sold through a public offering and must go through a more tedious regulatory approval process, corporate notes are a quicker fund-raising option for top-tier corporations as they are sold to no more than 19 selected institutional investors.

The issuance was arranged by BDO Capital & Investment Corp., the investment banking arm of Banco de Oro Unibank.

DoubleDragon chair Edgar “Injap” Sia said he was pleased with institutional support for his company’s fund-raising activity. “We are glad that the great long-term potential of DoubleDragon Properties Corp. has been recognized,” he said.

He said his team was inspired by both institutional and retail investor support since DoubleDragon debut on the local stock market to work towards a “sustained high-growth momentum.”

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Taxes may be paid with credit cards, if House bill passes muster

MANILA, Philippines—A bill has been filed in the House of Representatives allowing the use of credit or debit cards in paying taxes to encourage more Filipinos to meet their tax obligations.

“The use of credit cards or debit cards will become an acceptable way and a convenient way to pay taxes,” said Parañaque Representative Eric L. Olivarez, author of House Bill 5095.

In an explanatory note, the congressman said allowing the use of credit cards or debit cards for the payment of taxes could help curb tax evasion, as people with no cash on hand could settle their obligations through credit.

“Tax evasion will be lessened if people will have an alternative, [which] is delayed payment secured by the credit card system,” Olivarez said.

He said the government would have no problem collecting from every taxable individual what was due of them as it could directly collect from the issuing bank or financial institution.

“The bank, on the other hand, will have no trouble collecting the accumulated credit card debt from its individual cardholders because it has been expertly doing this practice for decades now,” Olivarez said.

Under his proposal, the taxpayer may not use or utilize the credit cards or debit cards issued under the name of a person other than himself for the payment of his taxes.

The bill mandates the Bureau of Revenue to select companies to process credit and debit cards on its behalf, and these companies may charge taxpayers a reasonable and regulated amount as processing fee.

The measure also disallows any person from using or disclosing any information relating to credit or debit card transactions other than for purposes directly related to the processing of such transactions, or the billing or collection of amounts that have been charged or debited.

Exception to this confidentiality rule is when debit or credit card issuers or others acting on behalf of such issuers use or disclose such information for purposes directly related to servicing an issuer’s accounts.

“Likewise, they may disclose such information for purposes directly related to statistical risk and profitability; transferring receivables, accounts, or interests therein; auditing the account information and complying with the laws of the Philippines or any valid court order pursuant to a criminal investigation,” Olivarez said.

But when for any reason the use of credit cards or debit cards in the payment of taxes proved to have been done fraudulently or in contravention or circumvention of any law especially to evade tax obligations, the taxpayer shall be liable with the issuing bank for the actual and complete payment of taxes due.

“This is without prejudice to the filing by the BIR of civil, criminal and administrative charges against any person or persons conniving for the purpose of evading taxes due,” Olivarez said.

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Semiconductor company braces for exciting future of industry

MANILA, Philippines – As smart devices continue to become more powerful, the role semiconductors play in these electronic gadgets could only become more crucial and indispensable with greater innovations in consumer technologies.

Phoenix Semiconductor Philippines Corp. (PSPC) knows this well. As the leading semiconductor manufacturer in the country, PSPC is gearing up for exciting times, with global industry sales reaching record levels.

PSPC is part of the Bokwang Group, through its parent, STS Semiconductor & Telecommunication Co. Ltd, which spun off from Samsung Electronics in the late ’90s.

Semiconductor chips are the essential core of today’s cutting-edge technology devices. This means that as penetration rate of electronic devices—such as smartphones and tablets, among others—continues to grow, more semiconductors would be needed.

Phoenix Semiconductor Philippines Corp. Chief Finance Officer Dongjoo Kim

“There is only growth in the (semiconductor) market and we do not see it slowing down anytime soon,” said Dongjoo Kim, the company’s chief finance officer.

PSPC’s products are found inside the fancy body of a smart device. So if the name PSPC does not ring a bell to most people, perhaps the company where it supplies most of its semiconductor work does—Samsung Electronics Co. Ltd.

Through Samsung, PSPC also reaches other respected global brands such as Apple, HP, IBM, Cisco, Oracle, Lenovo, and Dell.

PSPC has an existing manufacturing plant located in a 146,363 sqm property at the Clark Freeport Zone in Pampanga. Its process flow includes memory assembly, test, and module. The company started operations there in 2011.

After three years of successful operations in the country, PSPC is preparing to go public very soon. The company’s plan is to maximize production on its existing plants to continue catering to its clients’ needs in memory-based semiconductors. At the same time, putting up another manufacturing plant that would consider the manufacture of memory devices for high-end cellphones would allow PSPC to serve a whole new segment of customers.

“PSPC has never been more optimistic about its future growth. We see that current market demand is driving the industry forward, sophistication of processes and production have improved our efficiencies and capacity, the push for continued innovation and the rise of virtualization,” he said.

PSPC continues to invest in its Clark hub because of its strategic location; favorable policies inside the freeport zone; close vicinity to the airport; pool of skilled talents; and the Filipinos’ proficiency in English.

It helps that the country has been enjoying economic growth that are the envy of other Asian countries. Kim said: “We are keen in making PSPC the leader in semiconductor production in the country and hopefully the region. There’s still a lot of opportunity to be had and we have barely scratched the surface.”

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Visa powers Dow to 1.3% gain

Strong earnings by credit card giant Visa sent its stock soaring Thursday, almost single-handedly powering the Dow to a 1.3 percent gain. AP PHOTO/MARK LENNIHAN

NEW YORK–Strong earnings by credit card giant Visa sent its stock soaring Thursday, almost single-handedly powering the Dow to a 1.3 percent gain.

After a slow start that shrugged off a surprisingly strong 3.5 percent third-quarter growth estimate for the US economy, the other major indexes brooked selling across tech shares to score more modest gains by the end of trade.

Buyers also had to overcome technical glitches affecting shares traded on the New York Stock Exchange that bogged down trade during the day.

“It was handled in a relative calm fashion,” said Art Hogan of Wunderlich Securities. If it had happened on a down day, the result could have been panic, he said.

The Dow Jones Industrial Average finished up 221.11 points (1.30 percent) at 17,195.42.

The broad-based S&P 500 added 12.35 (0.62 percent) at 1,994.65, while the tech-rich Nasdaq Composite Index gained 16.91 (0.37 percent) at 4,566.14.

Visa was the power behind the Dow, its shares surging 10.2 percent on the back of a nine percent gain in fiscal fourth-quarter revenues to $3.23 billion and a 17 percent rise in earnings per share, to $2.18.

Both measures handily beat forecasts, and the company further stirred buyers with a $5 billion share buyback plan.

Bristol-Meyers Squibb was another leading gainer, picking up 8.9 percent on positive results in tests for its lung cancer treatment Opdivo.

Other solid blue-chip gainers included DuPont (+1.3 percent), Johnson and Johnson (+1.4 percent), Merck (+2.0 percent) and Pfizer (+1.2 percent).

But a number of tech shares took a beating, led by Intel’s 4.0 percent fall as other chip makers, including Amtel and Intersil, turned in disappointing earnings.

Microsoft lost 1.2 percent, Facebook fell 2.3 percent, and Texas Instruments 1.7 percent.

Bond prices were higher. The yield on the 10-year US Treasury fell to 2.30 percent from 2.32 percent Wednesday, while the 30-year dipped to 3.04 percent from 3.05 percent. Bond yields and prices move inversely.

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BSP braces for hike in US interest rates

AFP FILE PHOTO

The United States Federal Reserve has announced the long-awaited end to its massive monetary stimulus as the recovery of the American economy from the worst financial crisis in decades gains more traction.

The focus now of Philippine monetary officials is on the prospect of higher interest rates in the United States—a logical next step, even though the US Fed said it would put off the hike for as long as it could.

Local monetary authorities welcomed the news, saying the end of quantitative easing (QE) concluded more than a year of uncertainty over the fate of the Fed’s bond-buying program, which started flooding global markets with cheap cash in 2009.

“This confirms the underlying strength of the US economy,” Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. Friday told reporters. “We will remain watchful of market conduct, particularly in the near-term in the spot foreign exchange market, to check for threats of possible excessive moves, and if there is need for BSP to act.”

On Friday, the peso depreciated to 44.90 against the dollar, from 44.715: $1 the day before.

Plans to reduce and eventually end the Fed’s massive bond-buying program was announced in the middle of last year. The Fed’s asset purchases was designed to push interest rates down by flooding the American economy with cash. At its peak, the Fed was buying $85 billion worth of mortgage-backed securities and US Treasuries every month.

The program pushed interest rates in the United States to record lows, forcing private sector investors to search for higher yields. The flood of cash from the United States also benefited asset prices in countries like the Philippines. As the flow of cash reversed, and would likely continue to do so in the coming months, market volatility could be expected.

“We expect a repricing of assets as risk premiums will inevitably change,” said Herve Lievore, senior macro and investment strategies at HSBC’s Global Asset Management Group.

In a statement issued this week, the Fed said it would keep its borrowing at the current near-zero rate for a “considerable time.” Earlier this month, Fed Chair Janet Yellen expressed her concern over the sharp climb in the dollar’s value, which could destabilize other economies.

Tetangco said this gave the BSP some “latitude” to keep its own rates steady. The BSP’s overnight borrowing and lending rates were each hiked from record lows by half a percentage point to 4 and 6 percent, respectively, as Monetary Board sought to counter inflationary pressures.

With the pace of price increases likely having peaked in July and August, the BSP kept its policy rates steady earlier this month.

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Share prices close higher

Philippine stocks Thursday surged, bringing the measure closer to the 7,200 level. But analysts remained cautious as they noted challenges here and abroad, which had not yet been factored into domestic valuations.

The benchmark Philippine Stock Exchange index rose 1.10 percent, or 77.68 points, to close at 7,170.99, while the broader all-shares index increased by 0.86 percent, to P4,225.46. There were 103 gainers against 70 decliners, while 40 issues were unchanged.

The gain comes as the US Federal Reserve finally ended an asset purchase program, citing improving employment figures.

Jonathan Ravelas of BDO Unibank Inc. Thursday said that other domestic factors were keeping investors optimistic, like corporate earnings and low commodity prices. But he noted that the strengthening of the US economy could cap gains in equities here.

Ravelas noted that the 7,200 was a key resistance level for the PSEi.

BDO is keeping its year-end forecast of 7,000 for the PSEi, he added.

HSBC Global Asset Management yesterday reported that local equities are already overpriced.

“HSBC believes that the equity market is currently over-valued, with near term challenges not fully priced in, and thus does not present opportunities to investors,” it said.

A total of 12.4 billion shares changed hands, valued at P7.62 billion. The most actively traded stock was Philippine Long Distance Telephone Co., which declined by 1.33. It was followed by Ayala Land Inc. (up 1.53 percent) and BDO Unibank Inc. (up 0.10 percent). Miguel R. Camus

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Despite differences, China-PH trade on the rise

Despite the ongoing dispute over vast swaths of the West Philippine Sea, trade and investments between China and the Philippines continue to flourish, according to the National Economic and Development Authority (Neda).

Neda Director General and Socioeconomic Planning Secretary Arsenio M. Balisacan Thursday said in a statement that there was a “mutual desire for stronger economic ties” between the Philippines and China, as well as “commitment towards regional peace and stability,” even as the two countries wrestle for control over territory west of the Philippines—said to be abundant with oil and marine life.

The Philippines had already called the attention of the United Nations to its territorial claim.

Nonetheless, Balisacan maintained that “the Philippine government values enhancing mutual trust and bolstering economic cooperation in our development policy” with China.

“Through the years, we have seen increased economic and sociocultural cooperation, frequent high-level exchange of visits, and conclusion of various bilateral agreements between the Philippines and China,” he said.

In terms of trade, the Neda chief noted a “tremendous” increase in the last four years.

“The Philippines and China’s total bilateral trade for the first seven months of 2014 increased by 19 percent to $10.3 billion, from $8.6 billion in the same period in 2013. This made China the Philippines’ second largest trading partner after Japan,” he said.

China was also the Philippines’ biggest source of imports as of end-July, with $5.5 billion worth of products—about 20 percent higher year-on-year, Balisacan pointed out.

As for investments, foreign direct investments (FDI) between China and Philippines remained “small,” he said.

Chinese investments in the Philippines declined by over a third to P1.24 billion last year, while Philippine investments in China totaled a mere $132.2 million in 2012.

But according to Balisacan, two-way investments are also on the rise. For instance, he said, approved investments from China climbed to P9.62 billion in the first half of the year, from just P245.6 million in the same six-month period of 2013, as more Chinese firms invested in the Philippines’ manufacturing, administrative and support services, as well as information and communications sectors.

Also, China became the fourth country to send the most number of visitors to the Philippines.

In 2013, arrivals from mainland China grew by 69.9 percent compared to the 2012 tally, the Neda chief said.

Balisacan then urged both Filipino and Chinese investors to further strengthen economic ties.

“I encourage [Chinese businessmen] to keep up your confidence in the Philippine economy as we are now on a higher growth path…. Market opportunities abound for both Filipino and Chinese investors. I call on you to check these out and continue to nurture the existing business relations towards realizing prosperity for the benefit of our people,” Balisacan said.

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Finance open to changes in tax system

The Department of Finance is open to implementing changes in the integration.

“This is in the light of efforts to accelerate Asean integration and boost the Philippines’ competitiveness,” Finance Secretary Cesar V. Purisima said in a statement.

However, Purisima warned that “lowering income tax rates may attract more foreign investors into the country but will be detrimental to our fiscal health if they are not offset by revenue-generating measures.”

Purisima said the DOF was maintaining its position that “any tax reform pursued must be holistic, revenue-neutral, and equitable so all Filipinos may continue to benefit from a robust fiscal position.”

Congress is moving to raise to P70,000 the tax exemption cap on 13th month pay from P30,000 at present.

In the meantime, the organization of the country’s tax managers is pushing for income tax exemption for those earning P300,000 or less a year while expanding the tax base to include more payers in the informal sector and among self-employed professionals through easier payment procedures.

During the Tax Management Association of the Philippines’ (TMAP) general membership meeting on Wednesday, group president Rina Lorena R. Manuel said a “fair, equitable and simplified” income tax regime would augur well to increase the government’s tax take.

As the bulk, or about 85 percent, of the taxes are being shouldered by employed individuals, TMAP will ask Congress to make income taxes “lighter while distributing the share of the tax burden to a bigger portion of the population.”

TMAP’s proposal calls for an all-inclusive, tax-exempt annual income threshold of P300,000. At present, a tax base of P10,000 or less is slapped a 5-percent tax rate.

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Gross revenues of key industries up 10.8% in Q2

Gross revenues of key domestic industries jumped by over a tenth during the second quarter of 2014, faster than that of a year ago.

Data posted on the Philippine Statistics Authority website Thursday showed that the total gross revenue index of key industries rose by 10.8 percent during the April-to-June period—up from the 9.6-percent growth posted in the same period last year.

The fastest revenue growth during the second quarter was posted by the transportation and communication sector, which expanded 21.1 percent compared with the mere 2.7-percent growth recorded last year.

Real estate revenues, meanwhile, grew by 15.8 percent from 11.9 percent in the second quarter of 2013.

Revenues from manufacturing climbed by 13.8 percent in the second quarter from just 3 percent in 2013.

While the finance and trade sectors also posted growth in revenues during the second quarter, their respective expansions were slower year-on-year.

In the three months to June, revenues of the finance industry grew by 10.3 percent—lower than the 12-percent expansion recorded a year ago.

As for trade, revenue growth slowed to 9.6 percent in the second quarter from 12.6 percent last year.

Only the revenues of private services contracted during the second quarter.

Alongside the rise in revenues of most key domestic industries, employment in these sectors also slightly improved during the second quarter.

The total employment index rose by 4.7 from April to June, faster than the 1.1-percent expansion seen during the same period last year.

Employment in the finance sector rose by 8.7 percent in the second quarter, while mining and quarrying jobs increased by 7.8 percent.

Job creation in the transportation and communication industry grew by 5.9 percent in the second quarter, while employment in manufacturing increased by 5.2 percent.

Job generation in private services, real estate and trade also posted growth in the second quarter, although slower year-on-year.

During the period, additional jobs in private services, real estate and trade slowed to 5.3 percent, 10.4 percent and 0.1 percent, respectively, from 5.8 percent, 11.2 percent and 3.1 percent reported last year.

Employment in the electricity and water sector, meanwhile, slid by 0.3 percent, making it the only industry where the number of jobs contracted between April and June.

As a whole, compensation across key domestic industries rose by a faster 6.3 percent from April to June, compared with the 4.5-percent growth recorded last year. Compensation of employees in finance and real estate grew by a double-digit rate during the second quarter. Only compensation in mining and quarrying slowed compared with that of the previous year.

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‘Lemon Law’ implementing rules out on Nov. 7

The Department of Trade and Industry said it was on track to issuing on Nov. 7 the implementing rules and regulations (IRR) governing the Philippine “Lemon Law,” which is aimed at protecting consumers from business and trade malpractices related to the sale of motor vehicles.

Trade Undersecretary Victorio Mario A. Dimagiba said the IRR, which had already been completed, was awaiting the signature of the trade chief.

Once published on the target date, the IRR will take effect immediately.

According to Dimagiba, the IRR will outline the step by step procedure for the complainants, stressing that these steps will make it easy and practical for the consumers to avail themselves of their rights under the Lemon Law or Republic Act No. 10642, which was signed by President Aquino last July 15.

Under this law, consumers who purchase a brand new car and experience defects within one year after purchase may demand for either a refund or replacement if after four repair attempts by the concerned manufacturer, distributor, authorized dealer or retailer, the defect remains unresolved.

The DTI will be the sole implementing agency of RA 10642, which means that it will be responsible for providing remedies for disputes related to the consumer rights provided for under the Lemon Law.

The recently enacted law is now being tested as a car buyer earlier filed a complaint and sought for a replacement for his Audi A6 3.0 TDI, claiming that he was sold a “defective” brand-new vehicle.

Reports showed that the dispute was between businessman Ricardo Nolasco Jr. and car manufacturer Audi Motorcars Inc. and dealer PGA Cars Inc.

According to Dimagiba, the involved parties underwent mediation thrice but failed to come to an agreement. The adjudicator is set to call for a clarificatory hearing, wherein an expert is set to testify on the defect of the vehicle. Both parties are also said to be looking at a separate settlement agreement, the details of which were not disclosed.

Prior to the Lemon Law, the DTI has been implementing the Alternative Dispute Resolution (ADR) system in addressing consumer complaints. This system will still be used by the agency under the newly signed law.

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