The Damocles sword stays afloat

The implementation of the very controversial BIR Revenue Regulation that re-defined a "10-seater" in the automotive industry has again been deferred, this time up to May 19.

The measure’s implementation would have effectively raised the prices of AUVs (Asian utility vehicles) and SUVs (sports utility vehicles) and also some vans that earn some form of tax exemption on account of their being "10-seaters" by the "old definition" and measurements by a hefty 35 to 50 percent.

The industry indeed raised a howl of protest, with the automotive plant assembly workers the loudest, by marching to Malacañang and staging a loud protest rally in Mendiola, as such move would definitely shrink the market for these vehicles with the tremendous price increase as a result of the added tax.

But as the days passed it was clear, and this I have mentioned here in this column, that the intention of the government was not really to implement the said "instant regulation" (it was deprived of any form of hearing with those that will be affected) but just to insure that there will be no further hitches that could be caused by some auto manufacturers to the new value-based excise tax law that’s being worked out in Congress.

Although many still contend that the new regulation was actually a smokescreen to muddle the issue that was already shaping up in the Senate questioning an earlier ruling of the DOF and the BIR, which may have favored a particular car maker. A Senate hearing would have pinpointed whoever was responsible for the questioned ruling. Not a welcome prospect for those running these affairs, many surmise. The new regulation has now made the issue moot and academic and, therefore, eases the heat from them especially after disguising it as a "herding stick" for the car manufacturers to support the new excise tax law.

Be that as it may, the recent deferment move may still be a bitter pill to swallow for the automotive industry, as it does not include a change in the Feb. 16, 2003 reckoning date for the inventory. The BIR will still define existing inventory as units already in the Philippines, whether at the assembly plants or showrooms as of Feb. 16. This means any sale beyond the said date of inventory will be subject to the pending regulation that tightens the exemption on the 10-seaters, unless Congress passes the pending bill before May 19.

Really a Damocles sword, isn’t it?

In sickness and in health

This project of a solo trade exhibit now on going in Shanghai, China needs all the backing it can get. It is these kinds of efforts that can really help make known to the global business village what our country can offer in terms of trade and commerce, although tourism should also be included, if it is not. The focused appeal of a solo exhibit has its own merit compared to being part of many in a grand exhibition affair. I strongly believe that more of these should be worked out in other parts of the world with the government and private sector pitching in to ensure their success. We commend the people behind this project whose spirits were not dampened nor their efforts deterred by the prospect of the unknown desease that’s in the air in that part of the world.

But what I really see lacking now are the kind of efforts exerted by the government during the times of Roberto Ongpin and Mina Gabor to promote exports from the country. I am very much aware of this as I was one of those who made some good money out of exports, the ins and outs of which I got to learn most from the promotion blitz that the government then initiated. Now, if there are current efforts in this field, I can only say that they are not as visible and hard driven as they were before.

PSE-SEC relation is never sans color

There’s an issue brewing again between the Philippine Stock Exchange and the Securities & Exchange Commission as a question of interpretation of the SRC or the Security Regulation Code has sprouted. Reports have it that Atty. Joaquin Bernas, law dean of the Ateneo de Manila, has declared and maintains that the SEC has erred when it said that the directors of the PSE could be shortlisted.

This could simply mean that he wants to put to a stop SEC Chairman Lilia R. Bautista from allowing the Nominations and Elections Committee to go on with the shortlisting of directors.

The love-hate relationship between the PSE and the SEC is always a very interesting piece of coffee shop conversation and this controversy is another one of those that temptingly draws an array of varied opinions.

To feel good, one must look good?

All indications show that this is indeed the prevailing universal norm. Ms. Baby G, who’s the managing partner of Elvie’s Alabang, at the Alabang Town Center’s Service Town that’s conveniently "not so visibly" located at the basement, swears by the number of people, males included, who are now really conscious about how they appear.

Aside from "skin whitening" and facial rejuvenation, which Elvie’s is really very well known for and a hands down choice of those who go for guaranteed results as proven by living testimonials, Elvie’s Alabang is now reportedly getting a lot of inquiries and performing a lot of cosmetic and reconstructive surgery.

With Dr. Jim Sanchez and Dr. Joel Balingit, very well-known exponents of the "nerve-blocking" system of pain management performing such works of art (face or body), many who have undergone such beautification changes are swearing by this pain management process. One can just casually walk out of the clinic after a minor surgery and do away with expensive post surgery confinement.

A friend of mine who’s a self confessed "yellow back" or coward when it comes to seeing blood or even just the thought of it, especially his own, had his drooping eyelids made and is now convincing me to have mine done too by these friendly duo of very knowledgably doctors.

Not much of a problem for me really, especially for TV, as long as the ordinary make up is still readily available.

A treat for Formula One Buffs

Our much-delayed coverage of the highlights and sidelights of the 2003 Australia Grand Prix will finally be shown tomorrow, Sunday on the TV show Motoring Today, at 11:30 am on Channel 4 Manila and nationwide on the National Broadcasting Network.

I was provided an Australian camera crew by my gracious hosts when I recently went to Melbourne to watch the first leg of the World Formula One series through the invitation of Honda Cars Philippines and allow me to share with you the sights and sounds of that Formula One race.

Mabuhay!!! Be proud to be a Filipino.

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