1ST QUARTER, 2017
PRA leads in keeping track of gov’ t bills concerning...
continued from page 2
The PRA argued that“ a gift certificate, check, or card is not cash by any yardstick and the no-expiry clause as proposed in Section 2 of HB 3091 aims to treat these articles like legal tender.”
PRA President Santos cited that“ when a consumer purchases a gift certificate or similar items, he voluntarily enters into a contract where his money is converted into a proprietary product for use with a specific merchant in exchange for goods or services. Moreover, criminals often target gift certificates, checks, and cards by producing counterfeit articles, so merchants need vigorous security measures.
“ With this, the PRA proposed that instead of absolutely prohibiting merchants from implementing expiration date on these items, they should be allowed to issue these, if they so choose, with a mandatory minimum three-year lifespan. Consumers should be given the option to revalidate— that is to ascertain the integrity of these items— on or before the expiry and reissue the same value for another period of three-year validity.“
Tax reform initiatives
PRA member and PAGASA President Steven Cua represented the retail sector in a public hearing by the Congressional Committee on Ways and Means headed by Rep. Dakila Carlo“ Dax” E. Cua of Quirino. At the said hearing, which aims to address stakeholders regarding the tax proposals of the Department of Finance, a proposal to link POS of stores direct to the BIR system, Cua cautioned the body to go slow in implementing e-Receipts and linking all POS to their system as this will entail huge costs on the part of retailers to implement and which, when passed on to consumers,( these costs) will jack up inflation.
He also cited the issues that will make this difficult to implement, e. g. slow and sometimes unreliable internet connection in many areas of the country which will pose a big risk when transmitting huge data all at the same time.
Local News
P7.9-B Wilcon Depot IPO OK’ d
Home improvement and retail construction business Wilcon Depot is targeting a Philippine Stock Exchange( PSE) listing date of March 23 for its P7.9 billion initial public offering( IPO) after a Securities and Exchange Commission approval.
The company is offering up to 1.4 billion primary shares at P5.68 per share to raise P7.9 billion.
“ Wilcon will use the net proceeds of the offer for expansion of store network, repayment of debt and general corporate purposes,” the company said. The offer shares represent 34 percent of the company’ s outstanding common shares post-offer.
Wilcon is embarking on an aggressive expansion aimed at solidifying its presence in existing markets and widening its market outside Metro Manila, specifically
SM Aura Premier has received the prestigious LEED Gold certification after following the standards set by the US Green Building Council( USGBC) for implementing practical and measurable green building solutions.
The USGBC developed the LEED( Leadership in Energy and Environmental Design) green building rating system for buildings, homes, and communities that are designed, constructed, maintained, and operated for improved health and environmental performance.
According to LEED consultant Raymond Andrew Sih, SM Aura achieved LEED Gold by meeting and exceeding international standards in indoor air quality, thermal comfort, then energy and water efficiency. in Cavite, Zamboanga, Iloilo, Tacloban, Cabanatuan, Bicol, General Santos, Davao, Lucena, Isabela, Tagum, Tuguegarao and Surigao. Since opening its first branch in 1977, Wilcon has expanded to a network of at least 38 stores nationwide and successfully established itself as the“ top-of- mind” depot for local and international brands of tiles and flooring, plumbing and sanitary wares, electrical and lighting products, hardware and tools and furniture.
Philippine Star / Inside Retail Philippines, 02 / 26 / 2017
SM Aura gets award for green features
He cited the mall’ s very own waste water treatment plant that recycles water for non-potable use, the energy efficient LED lighting system, the centralized air conditioning system cooled with recycled water, and double low emissivity insulated glass panels, to name a few. In addition, the entire operation is run optimally with regular measurement and verification.
“ SM Aura Premier was built with the environment in mind. Almost a third of the cost of construction materials were locally sourced, over 20 % of the cost of construction materials were from recycled materials, and over 95 percent of the construction waste was recycled,” Sih said.
Sih said SM Aura Premier’ s Sky Park, which covers more than half of the building, not only“ provides visitors with a great place to dine, relax and enjoy views from up high; it also gives plants plenty of soil, recycled water, and room to grow while protecting the building from the heat of the sun.”
Apart from this outdoor green feature, SM Aura also maintains good indoor air quality for its occupants. The mall is also conveniently located where one can walk or bike to various businesses, offices, homes, public amenities, and transportation facilities.
Philippine Star, 02 / 13 / 2017
3