10 Rules of Long-Term Business Success

Running your own business takes sacrifices, especially when you’re managing a family business. My Wongchuking family knows that very well and has built a strong foundation for our venture —Mighty Corporation. If you have a business or just starting to build one, here are 10 pieces of advice you should stick with to succeed.

These 10 rules are based on my decades-long experience as the head of Mighty Corp and being a member of Wongchuking, a clan of businesspeople and philanthropists.

1. Foresee the future and create a plan for it.

One of the biggest problems facing companies is how to plan for the future. What to invest in and where to place bets. We may not have the ability to predict the future but we can study and analyze it based on trends and what we have right now.

2. Always work in harmony.

Business can only do well and last longer if you have harmony and you can work well together with family members and other people.

3. Always choose the right path.

If you’re afraid to risk and undergo hardships even when you know that it can help your business grow, you’re not walking on the right path. When making choices, keep in mind that succession should always be based on meritocracy.

4. Keep the patience, ignite the perseverance.

There should be a high degree of patience and perseverance. It is like courting a girl, a lot of patience is required. And ignite determination in every step of your way.

5. Have faith and be confident.

Faith is important to any business or profession because faith gives you spiritual development and direction. Meaning, faith keeps you cool all the time, whatever happens to your business, profession or life.

6. Take care of one’s people.

Mighty Corp‘s success is also because of very prudent and very dedicated people around us and we respect them just as how much they give respect to us.

7. Respect your elders.

In business, our Wongchuking family also adhere to a Confucian reflection by offering love, respect, support, and deference to one’s parents and other elders in our family.

8. Be innovative.

We always have to make sure that Mighty Corp will have its innovation every year by modernizing manufacturing equipment, and in addition to our line is the Mighty Sports Apparel and Accessories.

9. Be compassionate.

Goodwill is vital to a long-term success of any business. It strengthens your business connection, opens and create opportunities for expansion in business.

10. Stay focused.

Allotting time, money and energy to multiple tasks can slow down or interfere to your focus to execute well. You have to organize everything based on what should be the priority.

 

Mighty Corporation will surely have a long way to walk through, challenges to overcome and people to meet. Success doesn’t just come and find you, you have to go out and find it.

Mighty Corporation actively helping Filipino farmers

Filipino-owned cigarette company, Mighty Corp has been actively helping farmers in the country.

Last year, around 200 tobacco farmer leaders in northern Luzon met the executives of Mighty to seal the partnership which will enforce the new major player in the cigarette industry.

According to Mighty’s Executive Vice President Oscar Barrientos that the company asked assistance to the National Tobacco Administration about purchasing P10-million kilograms tobacco leaves and their commitment to their Corporate Social Responsibility for tobacco farmers and their families.

The said three-pronged programs which will directly help the tobacco farmers that will include the donation of support farm implements like irrigation pumps and tractors, new 200 college scholar grants for the sons of daughters of tobacco farmers and the institutional support for the annual search for outstanding tobacco farmers and cooperatives.

Mighty Corporation asks DOJ to junk P26.93-B tax evasion raps

Embattled cigarette maker Mighty Corporation and its officials asked the Department of Justice (DOJ) on Thursday to dismiss the P26.93-billion tax evasion complaint against them by the Bureau of Internal Revenue (BIR) over alleged use of fake tax stamps.

Mighty Corporation Vice President for External Affairs and Assistant Corporate Secretary Alex Wongchuking attended the preliminary investigation hearing, where he filed his counter affidavit with the DOJ panel of prosecutors.

Other respondents Mighty President and former Armed Forces Deputy Chief of Staff Edilberto Adan, Executive Vice President and retired Judge Oscar Barrientos and Treasurer Ernesto Victa also submitted their written defense to the charges.

The complaint arose from raid on Mighty’s warehouses in San Ildefonso, Bulacan on March 24 which yielded billions of pesos worth of cigarettes with fake stamps.

“Basically the search that was done was illegal. There was no legal justification for it. The evidence that was obtained is doubtful,” said Abraham Espejo, legal counsel for Wongchuking after the hearing, which was off limits to media.

“If the evidence is obtained illegally, it’s inadmissible (in court). Not only is the evidence inadmissible, it’s also questionable,” he added.

Mighty officials also urged the DOJ to consolidate the three tax evasion cases since they stemmed from the same allegation about the use of fake tax stamps on its cigarette products.

The DOJ had already finished hearing the P9.56-billion tax complaint in relation to the raid on four warehouses in San Isidro, Pampanga.

The company is also facing a P1.39-billion tax complaint stemming from the government raid on the company’s warehouse in Barangay Lagao, General Santos City on March 24.

The third complaint brings to P37.884 billion its alleged tax dues to the government. —KG, GMA News

Source: http://www.msn.com/en-ph/money/topstories/mighty-corporation-asks-doj-to-junk-p2693-b-tax-evasion-raps/ar-BBCh4St?li=BBr8Mkm

 

Mighty Corporation pleads innocence before Doj on tax evasion case

A LAWYER of embattled local cigarette firm Mighty Corp. maintained his clients’ innocence in the P26.93-billion tax-evasion complaint before state prosecutors on Thursday.

 
The Department of Justice (DoJ) yesterday held its first preliminary investigation on the second of three tax evasion raps filed by the Bureau of Internal Revenue (BIR) against Mighty Corp.

Members of the media were barred from covering the hearing, but Abraham Espejo, representing Mighty Corp., told reporters outside the hearing: “They have not committed any crime that they are being pilloried. Give us a chance to be heard. That’s my request.”

“I assure you that my clients will be able to prove that all of these accusations are not true,” Mr. Espejo added.

Mr. Espejo represents the four respondents in the case, namely: Mighty Corp. President Edilberto P. Adan, Executive Vice-President Oscar P. Barrientos, Vice-President for External Affairs and Assistant Corporate Secretary Alexander D. Wongchuking, and Treasurer Ernesto A. Victa.

The lawyer said that their camp filed a counter-affidavit with annexes reaching to “thousand” of pages. “Kaya kami nagfa-file ng (That is why we are filing the) counter-affidavit, we want due process. We do not want kangaroo-style proceedings here. I reiterate, we will fight,” Mr. Espejo also said.

Asked how he thinks the case is proceeding, he replied that the case is “doubtful, questionable, as a student of constitutional law, you will know the effect if evidence is obtained illegally, it’s inadmissible. Not only is the evidence inadmissible, it’s also questionable.”

He added that the case “could be due to business rivalry,” but did not elaborate.

The BIR first filed the tax evasion case worth P9.56 billion against Mighty Corp. on March 22. The BIR, in a statement released upon filing, said: “[t]he respondent corporation was the subject of an on-the-spot surveillance operation of untaxed cigarette products conducted [last March 1]… in San Simon Industrial Park (SSIP), San Isidro, Pampanga” and that random checks on 10 master cases of cigarettes in four warehouses in the economic zone leased by Mighty showed that internal revenue stamps affixed on the cigarette packs “were fake.”

Subsequent inventory of all cigarette packs in the warehouses concerned showed that Mighty stored there 66,281 master cases with 33,140,500 cigarette packs.

“The investigation further showed that 87.5% of the said packs bore fake internal revenue stamps,” the BIR said.

“The stamps are fake since they did not contain one of the multi-layered security features of a valid internal revenue stamp,” the BIR added.

The said case was deemed submitted for resolution last May 30.

Mighty Corp. is also facing a third complaint from the BIR, worth P1.39 billion. The three complaints bring the total alleged tax liabilities of Mighty Corp. to P37.88 billion — the largest tax evasion case so far under the administration of President Rodrigo R. Duterte.

The case is handled by a three-man panel of state prosecutors led by Senior Assistant State Prosecutor Sebastian Caponong, Jr. The other members are Assistant State Prosecutors Ma. Lourdes Uy and Mary Ann Parong. — Kristine Joy V. Patag

 
http://www.bworldonline.com/content.php?section=Nation&title=mighty-corp.-pleads-innocence-before-doj&id=146480

Mighty Corp Secrets to Success

Each one of us has different secrets in order to achieve success. Mighty Corp. is here to share theirs.

Being an underdog for many years, the oldest Filipino-owned cigarette manufacturer slowly emerged from the bottom of the industry and became one of the biggest players in the tobacco industry today.

According to the president of Mighty Corporation there are a couple of traits that each person should have in order to achieve success.

One should learn how to anticipate future trends and adjust, persevere, decide succession based on meritocracy, work hard, innovate, focus, preserve harmony, have faith, maintain people, believe in filial piety, believe in philanthropy, show humility, be loyal, and believe in destiny.

Working on these traits will help you improve your physical, mental, and emotional state. These will help shape you as a whole and improve your personality overall.

These traits will help you develop a proper mindset that can withstand problems that you are going to face. These will teach you to work hard, persevere, and focus, which are the fundamentals of a successful mindset.

Having a proper mindset will help you focus on your goal and help you to continuously improve yourself.

However, a successful man is not only about being successful in the field of business, but it’s also establishing a healthy relationship with the people around you.

These traits will help you improve your attitude towards every situation and every person you encounter.

Showing the proper attitude towards everything will not only help you ease your stress, but will also make people comfortable with you, making the work place a healthy environment to work on.

Improving one’s mindset and attitude are the first steps towards success. Once you master these traits, you will be successful in whatever you do.

Mighty Corporation on producing cigarettes

Mighty Corp., one of the country’s local producers of low-priced cigarettes, announced it will buy 10 million kilograms of tobacco products worth millions of pesos from farmers in Northern Luzon and elsewhere in the country.

Mighty executive vice president Oscar Barrientos said in an official letter of intent to National Tobacco Administration administrator Edgardo Zaragoza it would buy tobacco from farmers 100 percent more than the five million kilograms his firm bought in 2013.

“This is to assure our tobacco farmers of our willingness to help in response to the published report of the market leader in the tobacco industry to lessen production this year,” Barrientos, a retired regional trial court judge, said.

The letter of intent, in effect, debunked critics’ allegations that MC has been importing raw materials from foreign countries at low prices and is no longer buying tobacco from local farmers.

Barrientos said the critics had been resorting to a disinformation campaign using convoluted data in an effort to undermine Mighty’s tremendous increase of its market shares.

MC’s market shares surged to almost 20 percent of the low-priced cigarette brands last year from in 2012, resulting in the payment P8.2 billion in excise taxes.

Barrientos said the company’s market shares shot up after the government effectively implemented Republic Act 10352, or the Sin Tax Law, that leveled the playing field in the multibillion-peso tobacco industry which was controlled by Philip Morris and Fortune Tobacco.

The new law that took 14 years to pass and certified as urgent by President Aquino III caused a tremendous migration of smokers from the expensive premium and sub-premium brands to low-priced cigarettes.

It also resulted in some smokers, because of economic reason, to simply quit the vice and thus validated health authorities’ estimate that the sin tax law would result in the decrease of the number of smokers in the country.

 

 

 

 

 

Mighty Corporation continuing helping the needy thru educational assistance

 

For the past several years, wholly Filipino owned company Mighty Corporation continued their programs thru their CSR arm, Wong Chu King Foundation’s (WCKF) educational assistance. It consists of 100 college scholarship grants, to poor but deserving students who are children of tobacco farmers in Northern Luzon.

“Formal schooling is often too expensive and priced well beyond the reach of the poor, including tobacco farmers,” Adan, a retired general said. He added that scholarship program is one of three components of a P10-million joint CSR project of Mighty Corporation (MC) and the National Federation of Tobacco Farmers and Cooperatives Inc. (NAFTAC) that aims to benefit 65,000 farmers in Pangasinan, La Union, Abra, Cagayan, Isabela, Ilocos Norte and Ilocos Sur.

“This is our way of thanking the farmers for helping to make our company what it is today,” said Adan at the formal signing rites for the project at a hotel in Bauang,             La Union last February 8, 2014.

“We are happy that Mighty Corporation, through its Wong Chu King Foundation, has stood firm on its commitment to help 65,000 tobacco farmers in the Philippines,” said Mario Cabasal, NAFTAC national president.

Retired judge Oscar Barrientos, MC executive vice president and spokesman, said the WCKF initially offered scholarships to the dependents of active MC employees but later expanded this to include dependents of retired MC employees and poor but deserving students with excellent academic records.

“Through this program, we hope to help the farmers and their children become competitive in the global market and earn sustainable incomes,” Barrientos said.

The scholarship program is in support of the National Tobacco Administration’s scholarship program for poor but deserving graduating high school students and dependents of tobacco farmers.

Other components of the project include agricultural production assistance, consisting of 16 hand tractors worth P2.5 million and 90 irrigation pumps worth P1.1 million; and institutional support for the annual search for outstanding tobacco farmers and cooperatives by the National Tobacco Administration (NTA).

Mighty Corp double up their tobacco purchase

A cigarette manufacturing company announced it would double its purchase of tobacco from five million to 10 million kilos this year, which would boost the income of farmers in the area, the president of the National Federation of Tobacco Farmers Association and Cooperatives (NAFTAC) said.

NAFTAC president Mario Cabasal said the announcement of Mighty Corp was expected to break the farmers’ dependence on giant tobacco companies, who enter into contract with farmers to make them plant high nicotine varieties.

“The farmers now have a buyer for low-grade tobacco,” Cabasal said.

Mighty Corporation, a Filipino company, produces low-priced brand of cigarettes, which are popular among the masses. The company provided farmers 83 units of water pumps and 16 hand tractors.

The company also sponsored 100 college scholarship for children of tobacco farmers in La Union. It signed partnership agreements with farmers at the Hotel Ariana in Bauang, La Union last February 8.

Mighty Executive Vice President Oscar Barrientos said the company will compete with the giant tobacco companies in the purchase of tobacco, which they needed as cigarette filler.

Edgardo Zaragosa, Administrator of the National Tobacco Administration, welcomed the entry of Mighty Corporation in the market, “which is good because competition in tobacco trading will help farmers, especially if the price is right.”

“If Mighty is absent, we will be having problems selling tobacco,” Zaragosa said.

 

Mighty Corp bought tons of tobacco leaves in Northern Luzon

Mighty Corp., one of the country’s local producers of low-priced cigarettes, announced it will buy 10 million kilograms of tobacco products worth millions of pesos from farmers in Northern Luzon and elsewhere in the country.

Mighty executive vice president Oscar Barrientos said in an official letter of intent to National Tobacco Administration administrator Edgardo Zaragoza it would buy tobacco from farmers 100 percent more than the five million kilograms his firm bought in 2013.

“This is to assure our tobacco farmers of our willingness to help in response to the published report of the market leader in the tobacco industry to lessen production this year,” Barrientos, a retired regional trial court judge, said.

The letter of intent, in effect, debunked critics’ allegations that MC has been importing raw materials from foreign countries at low prices and is no longer buying tobacco from local farmers.

Barrientos said the critics had been resorting to a disinformation campaign using convoluted data in an effort to undermine Mighty’s tremendous increase of its market shares.

MC’s market shares surged to almost 20 percent of the low-priced cigarette brands last year from in 2012, resulting in the payment P8.2 billion in excise taxes.

Barrientos said the company’s market shares shot up after the government effectively implemented Republic Act 10352, or the Sin Tax Law, that leveled the playing field in the multibillion-peso tobacco industry which was controlled by Philip Morris and Fortune Tobacco.

The new law that took 14 years to pass and certified as urgent by President Aquino III caused a tremendous migration of smokers from the expensive premium and sub-premium brands to low-priced cigarettes.

It also resulted in some smokers, because of economic reason, to simply quit the vice and thus validated health authorities’ estimate that the sin tax law would result in the decrease of the number of smokers in the country.