Just recently, an article published in another newspaper revealed parts of a conversation between two people about their boss. The two were exasperated about the fact that this boss of theirs was responsible for certain corrupt acts that proved to be disadvantageous to the government.
The conversation, according to the newspaper columnist, was between Teresita Angeles, who was then the assistant revenue commissioner for large taxpayers ‘service at the Bureau of Internal Revenue, and Don Samson, chief of staff of BIR Commissioner Caesar Dulay.
In the video, which was posted in said columnist’s Facebook account, a woman and a man were talking but their faces are not shown. The woman was secretly recording the conversation which the man later found out.
They started with calling Dulay a liar, the BIR legal department people as simpletons. Then they implied that Dulay made money from the multi-million settlement of Del Monte Corp.’s tax liabilities as well as from the amount collected from Mighty Corp.
The columnist said his sources at the BIR were able to identify the voices of Angeles and Samson and that the conversation took place August 2017 when the two were abroad taking up short courses at Harvard University in the US.
But Angeles, assistant commissioner of the BIR client support service, said the column is a clear case of journalism gone wrong.
In a statement, she stressed that the article, based solely on an unverified video recording which can easily be manufactured, is a clear example of malicious and irresponsible reporting.
Angeles noted that nothing could be farther than the truth since no conversation between her and Samson could exist on August 2017 since she was not with Samson at that time. Samson has said earlier said he has never been in the US.
She explained that there was no corruption committed by Dulay since the resolution of the Mighty and Del Monte cases were above-board and that she was directly involved in the assessment and collection of taxes in both cases.
In the case of Mighty, Angeles said she was part of a group that was directly involved in the preparation of the assessment notices and action papers against Mighty which eventually led to the collection of P25 billion tax assessment. This, she added, was done under the strict supervision of Dulay and consistent with the direct instruction of Finance Secretary Sonny Dominguez.
As to the Del Monte case, Angeles emphasized that she was also responsible for the assessment and collection of its tax liabilities, but the process did not involve the Office of the Commissioner as a matter of established procedure and delegated authority.
Samson, for his part, said he barely knew anything about the two companies since he joined the BIR only on May 15, 2017. He added that he was not in the US in August 2017 and was in fact in Dubai, visiting relatives from Aug. 26 to Sept. 3, 2017.
Sources say that the supposed taped conversation is fake and was already being circulated in 2017 apparently by people who have an axe to grind against Dulay.
Good times continue
Demand for residential condominiums seems to be insatiable.
As of the first quarter of this year, Metro Manila’s condominium stock stood at 125,150 units and this number is expected to reach 128,050 by year-end, as three projects in Fort Bonifacio, Eastwood and Makati central business district were completed ahead of schedule, according to the latest report from Colliers International.
In its report, Colliers revealed that the completion of additional units across Metro Manila in the second quarter of 2019 resulted in a higher overall vacancy of 10.6 percent from 10.4 percent in the first quarter, and that from 2019 to 2020, Metro Manila will be posting a vacancy of 11 percent per annum due to the significant number of new projects in the pipeline.
But Colliers sees leasing activities remaining firm, especially in the Bay Area, Ortigas Center, Makati CBD and their fringes.
In the same report, it was revealed that average rents in prime three-bedroom units in Makati CBD, Fort Bonifacio and Rockwell Center rose by 0.4 percent in the second quarter of 2019 compared to the same period last year. For overall Metro Manila, Colliers expect rent to increase by 0.9 percent annually from 2019 to 2021, even as sustained rental growth is expected.
Capital values, meanwhile, continue to increase, with average prices of prime three- bedroom units in the secondary market in Makati CBD, Rockwell Center and Fort Bonifacio ranging from P145,000 to P362,000 per square meter as of the second quarter, increasing by an average of 3.7 percent quarter-on-quarter. Colliers said that for overall Metro Manila, they expect prices to increase by an annual average of 5.2 percent from 2019 to 2021.
Over the next three years, the report expects Metro Manila’s condominium stock to reach 149,040 units, with Fort Bonifacio and the Bay Area accounting for 78 percent of new units in the metro area.
In terms of demand, Colliers anticipates that leasing will remain firm over the next three years as the entry of offshore gaming firms in QuezonCity and Ortigas Center should boost residential demand in these areas.
The report likewise projects a marginal rise in vacancy from 2019 to 2021 due to sustained leasing demand, especially in business hubs that house outsourcing firms and offshore gaming firms from China.
As far as rent is concerned, it noted that despite the completion of new projects, rental growth will decelerate gradually in the next two years, from 1.5 percent as of end-2019 to one percent by 2021.
Colliers explained that take-up in both the pre-selling and secondary condominium markets in Metro Manila remains strong due to appreciation potential and a wider base of buyers following the influx of offshore gaming firms from China. And with sustained demand for units that are both for sale or lease, Colliers recommended that developers continue joint ventures with foreign firms, further diversify projects by offering affordable to mid-income projects to tap a wider base of residential end-users and investors, and target business districts such as Quezon City and Ortigas Center that are likely to house offshore gaming firms.
Colliers said developers should seize the opportunity provided by the growing popularity of joint venture residential projects across Metro Manila by firming up stronger partnerships with foreign developers and launching upscale and luxury projects. Local players, it added should highlight their partnerships with Japanese firms known for their technological innovation and should emphasize the projects’ upscale amenities, integrated development, and potential or capital appreciation, which are all important to discerning buyers.
The report also noted that while existing joint venture projects tend to be luxury projects, with an average total contract price of P16 million per unit, and demand for this segment remains firm, developers should launch affordable and mid-income projects with prices ranging from P1.7 million to P6 million to capture the greater depth of this market segment.
Colliers also recommended developing more affordable projects in the fringe areas, including the northern and southern parts of Quezon City and Manila.
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