BusinessMirror July 23, 2021

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Virus scare marks eve of PHL campaign in Tokyo Olympics By Jun Lomibao

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OKYO—The Games of the XXXII Olympiad—an edition that would go down in history as the most unique, no thanks to the Covid-19 pandemic—come off the wraps with Friday’s opening ceremony that, mathematically, was more than five-and-a-half years in the making. Originally scheduled almost exactly a year ago today, the Tokyo Olympics Organizing Committee

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TOLENTINO: “Our athletes and coaches, even us officials, have two opponents in these Olympics—their rivals in the competition and Covid-19.”

and the International Olympic Committee stood their ground in making sure the Games would go on despite the surge of virus infections that spurred the Japanese government to put Tokyo under a state of emergency. And for Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino, the 19 Filipino athletes competing in the Olympics, trying to beat their opponents is as heavy as the task of avoiding getting infected.

“Our athletes and coaches, even us officials, have two opponents in these Olympics—their rivals in the competition and Covid-19,” Tolentino said. One Philippine coach showed potential symptoms of the virus on Thursday, scaring not only the entire delegation here, but back home as well. But that was immediately addressed by Tolentino and Chef de Mission Mariano “Nonong” Araneta. “We, in coordination with the

coach’s national sports association, decided to isolate the coach from Team Philippines even before the result of his confirmatory test comes out,” Tolentino said. Other than that virus scare though, Team Philippines’s quest for the country’s first gold medal will commence at the Seaforest Waterway on Tokyo Bay starting at 8:30 a.m. (Tokyo time) on Friday, with Cris Nievarez plunging into the men’s single sculls heat of rowing. Olympics stories on page A12.

BusinessMirror A broader look at today’s business

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THE QUICK BROWN FOX MSMES CAN’T AFFORD JUMPS OVER THE LAZY MAJOR LOCKDOWN–DTI www.businessmirror.com.ph w

July 23, 2021 Vol. 16 No. 281 n Friday, July 23, 2021 Vol. 16 No. 282 Friday,

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THE QUICK BROWN FOX DOF: REVENUE RULE ON JUMPS OVER THE LAZY VAT WILL BE REPLACED

By Tyrone Jasper C. Piad

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@TyronePiad

HE micro, small and medium enterprises (MSMEs) cannot afford to have another massive lockdown amid the threats of a spike in Covid-19 cases driven by the Delta variant, the Department of Trade and Industry (DTI) said. Trade Secretary Ramon Lopez said in a TV interview that the MSMEs are worried already because their cash flows have been depleted following the imposition of enhanced community quarantine in 2020 and just earlier this year. “Kung manipis na yung cash flow mo, tapos magla-lockdown ka na naman, ano pa ang matitira?... Mabigat talaga yung another lockdown [If your cash flow has been depleted and a lockdown is imposed, what more will be left of the business? Another lockdown will have a major impact on them],” Lopez explained. If there will be another massive lockdown, Lopez said small businesses will be forced to trim their work force or temporarily close operations. This is why DTI is pushing for a granular lockdown as much as possible, Lopez said. He explained that See“MSMEs,” “Pasa,” A2 See A2

P25.00 P25.00nationwide nationwide| |22sections sections16 24pages pages| |7 DAYS A WEEK

By Bernadette D. Nicolas

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The construction industry, which accounts for some 4.2 million workers, is normalizing slowly amid renewed caution over a possible variant-driven spike in Covid-19 cases. Construction industry players said they would rather focus on preventing the spread of the virus in the workplace. In photo, workers are busy rushing a condominium project along Katipunan Avenue in Quezon City. NONOY LACZA

@BNicolasBM

heads the DOF’s Revenue Operations Group, said on Thursday the new RR that is targeted to be issued this month will now be in line with the provisions of Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law. “So in effect RR 9-2021 will be repealed by the regulations that are gonna be coming out to implement CREATE,” Tionko said in a webinar hosted by the Tax Management Association of the Philippines, Inc. (TMAP).

HE Department of Finance (DOF) clarified on Thursday that the controversial Revenue Regulations (RR) 9-2021 will be repealed and replaced with a new one that will allow exporters to keep enjoying zero-percent value-added tax (VAT) on their local purchases of goods and services “ directly and exclusively used” in a registered project or activity. Finance Undersecretary See “Pasa,” A2 Antonette C. Tionko, who

See “DOF,” A2

Longer import clearances sought The quick brown fox jumpsvalidity over the lazy By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE global shipping problem has forced meat importers to seek an extension of the validity of import clearances for meat products, a measure seen to avert additional costs in the retail price of certain food items. The Meat Importers and Traders A ssociat ion (MI TA) w rote Ag r icu lture Secretar y Wi l liam D. Dar with a request to extend the validity of both sanitary and phytosanitary import clearance (SPS-IC), and minimum access volume import certificate (MAVIC), by 30 days, to accommodate the

delays experienced both in shipping and arrival. This means that the validity of the SPS-IC would be extended to 90 days from 60, while MAVIC would be valid for 120 days from the current 90.

Skeds in disarray

MITA President Jesus C. Cham explained that the shipping schedules are in “disarray” as result of Covid19-related mobility restrictions, container imbalance and lack of vessels. “As a result, shipments are not able to sail or dock in a predictable manner, either at origin or transshipment ports,” Cham said in his

PESO PESOEXCHANGE exchangeRATES ratesnnUSUS48.4660 50.3120 nnJAPAN japan 0.4536 0.4562 n UK 67.7347 69.0180 n n HK HK 6.2567 6.4725 n CHINA 7.5030 7.7780

letter to Dar, a copy of which was obtained by the BusinessMirror. “We are seeing delayed arrivals of more than 2 months from the initial [estimated time of arrival],” he added. Cham pointed out that the extension of validity for SPS-ICs is meant “to account for delayed sailings” while the proposed extension of the MAVICs’ validity is “to account for delayed arrivals.” The importers face additional costs should the two documents go beyond their validity dates, which could be passed on the value chain—with consumers ultimately paying for it.

DOLE

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n SINGAPORE 36.4265 n australia AUSTRALIA 37.0246 37.7329 nn EU EU 59.3581 58.5575 nnSAUDI SAUDIarabia ARABIA13.4147 12.9371Source: Source: (March 31, 2021) singapore 36.8965 BSPBSP (July 22, 2021)

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