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  • $400m ADB Loan to Help Philippine Local Governments Provide More Efficient Public Services

    $400m ADB Loan to Help Philippine Local Governments Provide More Efficient Public Services

    The Asian Development Bank (ADB) has approved a $400 million policy-based loan to the Philippines to help improve local governments’ capacity to provide high-quality public services, especially during the coronavirus disease (COVID-19) pandemic.

    The Local Governance Reform Program Subprogram 2 will help strengthen local government units’ (LGUs) service delivery framework, modernize local public financial management, and improve LGUs’ financing and investment framework.

    “Much is expected from LGUs, especially now, as they are at the forefront of public service delivery during the COVID-19 pandemic,” said ADB Public Finance Economist for Southeast Asia Aekapol Chongvilaivan. “The reform program will help ensure local governments have the capacity and adequate resources to quickly respond to the basic needs of local communities at critical times like this.”

    Under the new program, ADB is supporting reforms to move national government functions to LGUs based on the 1991 Local Government Code. Another reform will increase revenue allocations to LGUs under a 2019 Supreme Court ruling, which clarified the scope of LGUs’ share of national taxes. The Bureau of Local Government Finance has set up a property valuation office and a committee will oversee the progress of real property tax reforms. The scope of financing for local development now includes local public–private partnership projects.

    The new program builds on ADB’s support since 2006 to help the Philippines boost efficiency, accountability, and transparency in local governments’ financial management and service delivery. A $300 million policy-based loan in 2019 helped the government create a legal and institutional framework to mobilize local revenues. A $26.5 million investment project in 2020 is supporting government initiatives and reforms to improve local governments’ real property tax collection.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

  • $60 Million ADB Financing to Improve Climate Resilience of Infrastructure for Ethnic Minorities in Viet Nam

    The Asian Development Bank (ADB) has approved a $60 million financing package to improve the climate resilience of transport and water supply infrastructure in Viet Nam’s south-central coastal provinces of Binh Dinh and Quang Nam, especially in remote upland districts with large ethnic minority communities.

    The Climate Resilient Inclusive Infrastructure for Ethnic Minorities Project I will upgrade 121.8 kilometers of roads using climate-resilient design standards, construct 115 kilometers of water supply pipelines, and help provide reliable weather and climate data in a timely, cost-effective manner. About 243,000 people, including 126,300 from ethnic minority groups, are expected to benefit from the project.

    “The project aims to improve the living conditions of ethnic minority communities in remote areas of Viet Nam,” said ADB Programs Officer Hong Anh Nguyen. “It will better link remote rural production sites with markets and processing facilities for crops such as acacia and boost beneficiaries’ access to health, education, and market services. The project will also expand access to safe water supply and irrigation.”

    The financing package includes $58 million in regular ADB loans and a $2 million grant from ADB’s High-Level Technology Fund. The grant will fund the supply and installation of data systems for climate risk management. In addition, the project will include $21.73 million in financing from the Government of Viet Nam.

    Viet Nam’s economy grew 7.0% on average from 2016 to 2018, but it slowed to 2.9% in 2020 due to the coronavirus disease (COVID-19) pandemic. Significant gaps exist between the economically booming coastal communities and the interior upland areas with a high ethnic minority population. About 87% of the ethnic minority households in Binh Dinh and 55% in Quang Nam are poor or near poor, compared with the provincial poverty rates of 5.5% and 10.3%, respectively.

    These areas are challenged by low-quality, fragmented transport and water resource infrastructure. Most of the ethnic minority communities are often isolated during the rainy season, cut off by flooded roads situated in hilly or mountainous terrain. Less than 60% of households within the project area have access to reliable and safe water supply. Limited access to water and poor sanitation have led to high incidence of waterborne diseases and poverty.

    Viet Nam faces a high risk of disasters and climate change. The country experiences an estimated annual average loss of $2.37 billion due to natural hazards, especially floods, with Binh Dinh and Quang Nam among the most affected areas.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

  • BIR extends tax filing and payment deadline for taxpayers under ECQ and MECQ

    BIR extends tax filing and payment deadline for taxpayers under ECQ and MECQ

    The Bureau of Internal Revenue has extended the deadline of filing of returns and payment of taxes, as well as submission of reports and attachments, that fall within the period from August 6 to August 20, 2021 for taxpayers under Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ).

    Said extension has been issued in response to the possible surge of COVID-19 cases due to the Delta variant placing the National Capital Region and other areas in the country under ECQ and MECQ.

    Under Revenue Memorandum Circular (RMC) No. 91-2021, the deadline falling within the said dates are extended for 15 calendar days from August 20, 2021. In case the ECQ and/or MECQ will be further extended, then the said deadline will likewise be extended by 15 calendar days from the lifting of such community quarantine.

    “By providing them with this extension, taxpayers affected by quarantine restrictions need not worry much of complying with their tax obligations while helping the country take precautions to prevent the further spread of the deadly variant,” Commissioner Caesar R. Dulay said.

    During the said extended 15-day period, said taxpayers are also given the three (3) options to pay internal revenue taxes. One is at the nearest Authorized Agent Banks (AABs) notwithstanding RDO jurisdiction. Other option is through the concerned Revenue Collection Officers (RCOs) of the nearest Revenue District Office (RDO), even in areas where there are AABs. And the safest and most convenient option, the online tax payment facilities, namely Land Bank of the Philippines (LBP) Link.Biz Portal, DBP Pay Tax Online, Unionbank, GCash and PayMaya.

  • President Duterte thanks China for recent COVID-19 vaccine donation

    President Duterte thanks China for recent COVID-19 vaccine donation

    President Rodrigo Roa Duterte welcomed the arrival Friday of one million doses of Sinopharm COVID-19 vaccine donated by the Chinese government, thanking the Asian giant for an effort, which he said would greatly help government’s fight against the coronavirus.

    Witnessing the arrival via video teleconference in Davao City, President Duterte thanked China saying: “My deepest gratitude goes to China for the various COVID-19 assistance extended in the past, including the donation of vital medical supplies and equipment and the provision of technical support on COVID-19 response”.

    “These initiatives are indeed a testament of the goodwill of the Chinese government and the deep strong relations between the Philippines and China. These additional doses will definitely boost our efforts to ramp up our vaccination rollout and allow us to achieve herd immunity soon.”

    President Duterte also expressed his gratitude to vaccine czar Secretary Carlito Galvez Jr., the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID), the Department of Health (DOH), and the Department of Foreign Affairs (DFA) and their institutional partners for securing a steady vaccine supply to the country.

    At the same time, he recognized the contributions of the Filipino frontliners here and abroad since the beginning of the pandemic, thanking them for their selflessness in caring for the sick during the health emergency.

    The President said his government will do its best to protect and incentivize the country’s frontliners for their hard work, vowing to always back them.

    Renewing his appeal to the public to get immunized, the President said the vaccines will only work if people take them.

    “I encourage all Filipinos to get inoculated once your turn comes. Do not waste precious time as every single day is a risk for you and your loved ones,” he said.

    And as the government continues its vaccination drive, the President once again urged Filipinos to keep observing the minimum public health standards even after they get the jab.

    The President made an assurance that his administration is exerting all efforts and will continue to use all available resources to end the pandemic.

    “Join us in our collaborative action in beating this pandemic through vaccination and the strict observance of health protocols,” he stressed.

    The Chinese donation arrived at the Ninoy Aquino International Airport (NAIA) Terminal 2 in Pasay City via a Philippine Airlines (PAL) chartered flight.

    The Food and Drug Administration (FDA) granted Sinopharm vaccine emergency use authorization (EUA) in June this year, making it the seventh vaccine brand to be given an EUA in the Philippines.

    The country expects to receive around 22.7 million doses of COVID-19 jabs from different manufacturers for the month of August.

  • Emperador Inc. to pursue a Secondary Listing in the Singapore Stock Exchange

    Emperador Inc. to pursue a Secondary Listing in the Singapore Stock Exchange

    On August 17, 2021, the Board of Directors of Emperador Inc. (“Emperador” or “the Company”) approved the Company’s pursuit of a Secondary Listing by Way of Introduction (“Secondary Listing”) on the Main Board of the Singapore Exchange (“SGX”).

    The Company’s Board of Directors has granted authority to the Company’s Management to deliver all the necessary requirements for a Secondary Listing on the SGX as soon as practicable. The Company will continue to maintain its Primary Listing in the Philippine Stock Exchange (“PSE”) and the stock is anticipated to trade in both exchanges concurrently, subject to obtaining the necessary regulatory approvals.

    According to Emperador Chairman and Founder, Dr. Andrew L. Tan, “We believe that SGX, one of the most developed exchanges in Asia, is the appropriate secondary exchange to raise the international profile of Emperador. We are very excited at the prospect of becoming the first ever PSE-primary listed company to conduct a Secondary Listing in the SGX and are optimistic that our Secondary Listing will serve as a catalyst to enhance the strategic collaboration between the PSE and the SGX.”

    According to Emperador President Winston S. Co, “Over the years, Emperador has established itself as a leading global spirits company with established footprint in over 100 countries and leading market positions in brandy and whisky. We believe that a Secondary Listing on the SGX will create stronger awareness of Emperador and its world-class brands, as well as increase our stock’s visibility and international investor participation reflective of our global operations and revenue.”

    The Company has appointed financial, legal and other necessary advisers to pursue the Secondary Listing.

    Emperador is an integrated, global, leading manufacturer, bottler and distributor of brandy, Scotch whisky and other alcoholic beverages. In 2020, the Company was the largest brandy producer in the world according to the International Wines and Spirits Research, one of the largest overall spirits producers in the Philippines according to the Nielsen Company and the fifth largest Scotch whisky manufacturer in the world based on total Scotch production capacity in 2020 (grain and malt liquids productions only) according to the Scotch Whisky Industry Review. As of 2020, Emperador the Company’s brandy products held an 86.5% market share among all local and imported brandies in the Philippines based on volume according to Nielsen Company.

    Emperador Inc. owns the multi-awarded Fundador Spanish Brandy de Jerez, having recently won the highest Platinum Award bestowed by the San Francisco World Spirits Competition, particularly for Fundador Supremo 18.

  • 2D Lotto Result Today August 17, 2021 Tuesday PCSO Draws

    2D Lotto Result Today August 17, 2021 Tuesday PCSO Draws

    METRO MANILA – Here are the 2D Ez2 Lotto Result Today, August 17, 2021, Tuesday based on the official 2PM, 5PM, and 9PM Draws of the Philippine Charity Sweepstakes Office (PCSO). Check your tickets here!

    2D Lotto is also known as Ez2 Lotto. It is one of the most popular digit games in the Philippines. The PCSO conducts live draws via social media for this game at 2PM, 5PM, and 9PM every day.




    2D Lotto Result Today August 17, 2021 from PCSO:

    [table id=360 /]




    Congratulations to all the winners. if you did not make it in today’s draws, don’t worry, there are still more draws to come. 3D Swertres tickets are still at P20 each. Please check this post regularly for the latest 3D Swertres Lotto results from the Philippine Charity Sweepstakes Office (PCSO).

    Other Lotto Games Today

    [table id=307 /]

    https://youtu.be/mo1L8XN5nz4

    Other Results: 2D | 3D | 6/58 | 6/55 | 6/49 | 6/45 | 6/42 | STL

    [table id=7 /]

    How to Play 2D Lotto:

    Using the 2D Lotto playslip, select a set of two (2) numbers from a field of 1 to 3. You may also play the Lucky Pick (LP) if you do not have any number in mind. After marking your chosen numbers, mark the amount that you’re going to play for each combination. Play amount varies from PhP12.00 to PhP600.00 inclusive of 20% Documentary Stamp Tax (DST).

    You can also mark “Rambolito” if you want to play the 2D Lotto System bet. The minimum play amount is 12.00 per 2-number combination.

    In playing via Advance Draws, mark how many consecutive draws you want to play in the DRAW panel. You can play the same numbers and play type for six (6) consecutive draws.

    Pay 12.00 for each play per draw.

    You win 4,000.00 for every 12.00 play, if your selected 2-number combination match the winning 2-number combination in exact order. If you have selected the winning 2-number combination and have chosen the “Rambolito” game, you win 2,000.00 for every 12.00 play.

    Reminders from PCSO:

    • You must be 18 years old or older to buy 2D Lotto Tickets or claim your 2D Lotto winnings.
    • The 12.00 play amount is inclusive of 20% Documentary Stamp Tax (DST)
    • Players have the sole responsibility for checking the accuracy of the data printed on your ticket(s) including bet type, bet amount, the draw date you want to enter and the numbers you want to play.

    Please ensure that you check your numbers at the official PCSO website. BusinessNews.ph cannot be held responsible for any misprints, typos or inaccuracies that lead to any financial loss or failure to claim winnings.

  • Filinvest REIT breaches P1-B net income mark in 1H2021

    Newly listed Filinvest REIT Corp. (FILRT) posted a net income of P1.05 billion in the first half of 2021, 8 percent higher than the same period last year.

    This was on the back of revenues that reached P1.96 billion and costs and expenses that were kept at P863 million. The increase in net income was further supported by lower provisioning for taxes mainly caused by the derecognition of projects transferred to parent company, Filinvest Land, Inc. (FLI).

    “We are pleased with the results of our first-half performance considering the general economic climate. The BPO sector, which accounted for 90 percent of our tenants at the end of June 2021, remains to be resilient. We are also happy to note that we are on track to meeting our target distributable income, the basis of forthcoming quarterly dividend distributions, that we promised our potential shareholders during the initial public offering (IPO) of FILRT,” said Josephine Gotianun-Yap, chairperson of FILRT.

    FILRT made its successful debut on the Philippine Stock Exchange (PSE) on August 12, 2021 — the first REIT IPO to be issued amidst an Enhanced Community Quarantine (ECQ) that is currently enforced in the National Capital Region and nearby provinces.

    FILRT bucked the market trend by closing above its IPO price even as the PSE index fell by 1.67 percent and the property Index went down by 3.14 percent. FILRT reached a high of P7.14 before closing at P7.02 on its first trading day.

  • SSS calls upon all employers to comply with the SS Law

    SSS calls upon all employers to comply with the SS Law

    The Social Security System (SSS) reminds all employers, registered and unregistered, to be compliant with their legal obligations to their employees, regardless of employment status, to avoid criminal prosecution under the provisions of Republic Act No. 11199 or the Social Security Act of 2018.

    “Although, we are still coping with the financial crisis brought about by the COVID-19 pandemic, business owners are still expected to fulfill their statutory obligations to secure the welfare and interests of their workers,” SSS President and Chief Executive Officer Aurora C. Ignacio said.

    Under RA 11199, employers are mandated to register their businesses with the SSS by accomplishing the Employer Registration Form (SS Form R-1) and to report all their employees for SSS coverage using the Employment Report Form (SS Form R-1A) within 30 days from actual employment date. They should also deduct from the employee’s salaries/wages the employee share in the monthly SSS contribution and pay together with the employer share of the contribution including the Employees’ Compensation (EC) contribution, and remit these to the SSS through the branch offices with tellering facilities or through SSS accredited banks and collection partners within the prescribed schedule of payments. For the list of SSS partner banks and the different payment channels, employers may access the link https://bit.ly/3lpPYaR.

    Aside from deduction and remittance of SSS contributions, employers should deduct/withhold from employees’ salaries/wages their monthly loan amortizations based on the scheduled payment deadlines and remit the same to the nearest SSS branch office with tellering services or SSS accredited collecting partners. It is also the responsibility of the employers to submit the Loan Collection list online through their My.SSS account at the SSS website.

    “We have also been receiving reports of unposted loan payments from our employed members. However, employers have failed to submit the loan collection lists to SSS which is very important since it is the basis for the crediting of loan payments to the member’s account,” Ignacio explained.

    The SSS Chief also reiterated that employers should pay in advance their employees’ SS and EC sickness benefits, and maternity benefits due to qualified female employees. Registered employers may now submit online their sickness benefit reimbursement applications (SBRA) and maternity benefit reimbursement applications (MBRA) through their My.SSS account. Procedures for the online submission may be found in the following linkshttps://bit.ly/2Ve5XQz and https://bit.ly/3yjeS1B, respectively.

    Failure or refusal to comply with the provisions of RA 11199 by the employer is punishable by a fine of not less than P5,000.00 nor more than P20,000.00, or imprisonment for not less than six (6) years and one (1) day nor more than twelve (12) years or both, at the discretion of the court. But, if the violation consists in failure or refusal to register employees or himself, in case of the covered self-employed, or to deduct contributions from the employee’s compensation and remit the same to the SSS, the penalty shall be a fine of not less than P5,000.00 nor more than P20,000.00 and imprisonment for not less than six years and one day nor more than 12 years. In case the employer deducted the SS contribution or loan amortization from employee’s salary/wages but failed to remit to the SSS, the imposable penalty shall be that provided under Article 315 of the Revised Penal Code on Estafa which provides an imprisonment not exceeding twenty (20) years. Other sanctions which may be imposed against delinquent employers are the issuance of Warrant of Distraint, Levy and/or Garnishment; and non-issuance of SSS Certificate of Compliance/Clearance.

  • 6/55 Grand Lotto Result Today Monday August 16, 2021 from PCSO

    6/55 Grand Lotto Result Today Monday August 16, 2021 from PCSO

    METRO MANILA – Here is the official 6/55 Grand Lotto Result today, Monday, August 16, 2021, based on the official draw result of the Philippine Charity Sweepstakes Office (PCSO). Please refresh this page after the 9PM draw to view the result.

    The Grand Lotto 6/55 jackpot starts at P29.7 million (net of agent’s prize commission). The jackpot grows each time there is no winner. If there are more than one jackpot winner, the jackpot prize will be divided equally among the winners.




    [table id=358 /]




    Other Lotto Games Today

    [table id=307 /]

    https://youtu.be/mo1L8XN5nz4

    How to Play 6/55 Grand Lotto:

      • You have to be at least 18 years old to play. In your playslip, select six numbers from 1 to 55 or mark Lucky Pick (LP) for a computer generated numbers.
    • GrandLotto 6/55 ticket costs 20.00 each 6-number combination per draw.
    • You may play the same number combination for 6 consecutive draws by marking the chosen number of draws in the DRAW panel. You may also opt to play SYSTEM to have more chances of winning.

    Other Results: 2D | 3D | 6/58 | 6/55 | 6/49 | 6/45 | 6/42 | STL

    [table id=3 /]

    Reminders from PCSO:
    You must be at least 18 years old to buy UltraLotto 6/58 Tickets or claim your Grand Lotto 6/55 winnings. The 20.00 play amount is inclusive of 20% Documentary Stamp Tax (DST)
    Players have the sole responsibility for checking the accuracy of the data printed on your ticket(s) including bet type, bet amount, the draw date you want to enter and the numbers you want to play.

    Please ensure that you check your numbers at the official PCSO website. BusinessNews.ph cannot be held responsible for any misprints, typos, or inaccuracies that lead to any financial loss or failure to claim winnings.

  • Max’s Group Proves Sustainable Pandemic Profitability; Reports Second Straight Profitable Quarter in Q2 2021

    Max’s Group, Inc. (“MGI” or the “Company”), the Philippines’ largest casual dining restaurant group, reported today its operating results for both the second quarter and first half of 2021 for periods ended June 30.

    MGI posted second quarter systemwide sales (“SWS”)—comprised of sales generated by both company-owned and franchised stores—of P2.91 billion and revenues of P1.78 billion. These reflect comparable growth of +82% and +67% respectively versus the same period in 2020.

    “We are heartened by the resilience demonstrated by our powerhouse portfolio of most-loved brands in protecting consumer relevance, even with headwinds against us,” stated MGI President & Chief Executive Officer Robert Ramon F. Trota. “Despite ongoing challenges both locally and internationally, including heightened restrictions in the front-end of the second quarter, we take pride in the growth surge we achieved, particularly with our renewed focus on our ‘core of core’ brands of Max’s Restaurant, Pancake House, Yellow Cab Pizza Co., and Krispy Kreme. In fact, our total first-half sales via our Delivery channel nearly doubled pre-pandemic levels, even as the government allowed customers to return to Dine-In throughout much of these first six months. This proves the strongly-entrenched demand for the brands we operate.”

    For the total first half of 2021, the Company recorded total SWS of P5.75 billion, a 3% increase versus the P5.59 billion performance of 2020, which includes the pre-pandemic months of January and February. Comparatively, revenues softened by -4% to P3.62 billion, as compared to the P3.79 billion reported for first-half 2020.