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RP stocks, peso sustain fall

Wednesday, 25 April 2018 00:00 Published in Business

Risk-off sentiment still prevails at the local financial and capital markets yesterday resulting in the slight weakness of the peso and the sustained decline of the local stocks gauge.
The local currency finished the day at 52.32 from 52.24 Monday, which a trader said was due to the continued rise of US Treasury yields.
The peso opened the day at 52.355, down from its 52.13 start in the previous session. It ranged between 52.365 and 52.25, bringing the day’s average to 52.303. Volume for the day amounted to $620.21 million, lower than the $757.2 million a day ago.
The trader expects the currency pair to trade between 52.20 and and 52.40 today.
Similarly, the Philippine Stock Exchange index (PSEi) declined again and fell 1.54 percent, or 119.11 points, to 7,600.36 points. All the other indices tracked the main gauge, with the broader All Shares down by 1.27 percent, or 59.32 points, to 4,617.77 points.
The losing sectors were led by Property, which dropped by 2.03 percent, and was followed by the Mining and Oil, 1.80 percent; Industrial, 1.79 percent; Financials, 1.44 percent; Holding Firms, 1.19 percent; and Services, 0.72 percent. Volume reached 2.3 billion shares amounting to Php6.05 billion.
Losers led gainers at 143 to 68 while 40 shares were unchanged.  

The Rappler Holdings Corp. (RHC) and its officers are expected to appear at the Department of Justice (DoJ) today and Wednesday for the preliminary investigation of the separate complaints filed by the Bureau of Internal Revenue (BIR) and the National Bureau of Investigation (NBI).
Assistant State Prosecutor Zenamar Machacon-Caparros has summoned the respondents, namely, RHC president Maria Ressa and treasurer James Bitanga, to appear at the preliminary investigation slated to begin on April 24 at 11 a.m. where they will be given a chance to explain their side on the tax evasion complaint filed by the BIR against RHC for allegedly failing to pay P133 million in taxes.
“You are hereby warned that failure on your part to comply with this subpoena shall be considered as a waiver to present your defense and the case shall be considered submitted for resolution based on the evidence on record,” read the DoJ subpoena.
Ressa and Bitanga face tax evasion raps for violation of Sections 254 and 255 of the National Internal Revenue Code (NIRC) “for willful attempt to evade or defeat tax and for (their) deliberate failure to supply (the) correct and accurate information in its annual income tax return (ITR) and value-added tax (VAT) returns for 2015.”
The BIR alleged that the company is liable for non-payment of P133,841,305 — broken down into P91,320,481 in income tax and P42,520,824 in VAT — for the year 2015
Based on the BIR complaint filed last March 8, RHC purchased common shares from Rappler Inc. worth P19,245,975. Then, it issued and sold Philippine Depository Receipts (PDRs) to two foreign firms worth P181,658,758.
BIR said RHC used the same common shares it purchased from Rappler as the underlying share of the PDRs for profit and transmitted economic rights to the PDR holders.
The agency explained that RHC is subject to income tax and VAT, being a dealer in securities. However, the annual ITR and VAT returns for 2015, according to the BIR, do not reflect any IT and VAT from the PDR transaction.
Meanwhile, Ressa and eight others are also set to respond this Wednesday in connection with the cyber complaint filed by businessman Wilfredo Keng regarding an article it has published in 2012.
Senior State Prosecutor Edwin Dayog has already began conducting the preliminary investigation over the case that was filed by the NBI last March.
Dayog had directed the respondents namely Ressa, former Rappler reporter Reynaldo Santos Jr., who wrote the article in question, and directors and officers Manuel Ayala, Nico Jose Nolledo, Glenda Gloria, James Bitanga, Felicia Atienza, Dan Alber de Padua and Jose Maria Hofilena to file their counter-affidavits this Wednesday.
The respondents have been accused of committing libel under Section 4, paragraph (c), sub-paragraph (4) of Republic Act 10175, the Cybercrime Prevention Act of 2012.
The complaint filed by Wilfredo Keng for a violation of the Cybercrime Law because of the article “CJ using SUVs of ‘controversial’ businessmen” that Santos wrote and that Rappler published on May 29, 2012. 

Palace to Kris Aquino: ‘Welcome on board’

Tuesday, 24 April 2018 00:00 Published in Nation

Malacañang yesterday expressed good words for popular TV host and actress Kris Aquino for saying that she knows why President Duterte won over Liberal Party bet Mar Roxas in the 2016 presidential elections.
“Welcome on board Kris Aquino,” presidential spokesman Harry Roque said when asked for comment during a Palace media briefing.
Roque said Duterte had never hurled any negative word against Aquino’s family, including her mother, former President Corazon “Cory” Aquino.
During the 1986 People’s Power revolution, Roque said Duterte had even supported the former Chief Executive.
“And all the (election) campaigns of the Aquino family in Davao were supported by President Duterte,” Roque said.
The former presidential sister has recently used social media to express her disappointment over ABS-CBN program Rated K’s show featuring the story about her former husband, James Yap.
The television magazine show is hosted by Roxas’ wife, broadcaster Korina Sanchez.
In her lengthy post on social media, Kris Aquino described Korina’s feature as “slap on her face.”
She said that “in all those instances” that she went to Davao to campaign during the 2010 and 2013 elections and for her own Kris TV show, Duterte “showed nothing but kindness” toward her.
In the last 2016 polls, Aquino campaigned for candidates of her brother, former President Noynoy Aquino’s Liberal Party (LP), including Roxas.
Kris, who has a child with Yap, has since apologized for her rant to her brother and Roxas. 


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