Peso likely to strengthen further amid inflow of OFW remittances

November 25, 2019 | 12:06 am

THE PESO may strengthen further this week as the inflow of remittances due to the upcoming holiday season support the currency.

The local unit finished trading at P50.80 against the greenback on Friday, appreciating by six centavos from the P50.865-per-dollar close on Thursday, according to data from the Bankers Association of the Philippines.

Week on week, the peso weakened by 15 centavos from its P50.65 per dollar finish on Nov. 15.

Rizal Commercial Banking Corp. chief economist Michael L. Ricafort said the peso was supported by the increase in remittances from overseas Filipino workers (OFWs).

“The peso closed stronger amid some increase in OFW remittances for Christmas-season related spending,” he said in a text message.

A trader also attributed to remittance as one of the factors that helped the peso rally against the dollar.

On Thursday, the Chinese commerce ministry said they will work to finalize a “phase one deal” initial trade agreement with the US, Reuters reported.

Previously, sources including trade experts and those close to the White House have told Reuters that a phase one deal finality could slide into 2020 with Beijing looking for more “extensive tariff rollbacks” while the US countered with new demands for its part.

US national security adviser Robert O’Brien said on Saturday that an initial trade pact with China is still on the cards by 2019, although he warned that Washington will not disregard the continued unrest in Hong Kong.

For this week, Mr. Ricafort and the trader said the local unit’s movement this week will continue to be boosted by OFW remittances, local and international economic data, and the progress of the US-China trade talks.

“[T]he expected seasonal increase in OFW remittances and conversion to pesos for Christmas-related spending could provide some support for peso until December,” Mr. Ricafort said.

“The upcoming budget deficit data next week would be a source of new leads, especially on government spending and infrastructure spending data. On external developments, the major catalyst would be any progress on the US-China negotiations which showed mixed signals recently,” he added.

The trader said the market will monitor data on the manufacturing sector of key economies, as well as the US-China trade talks.

“We will look at data releases of PMI (purchasing managers’ index) from the Europe, UK and US to seek fresh leads… The trade situation is still something [that will affect trading]. Markets will monitor Washington statements as well as tweets from [Mr.] Trump,” the trader added.

Both Mr. Ricafort and the trader see the peso playing around the P50.50-51 level this week. — LWTN with Reuters

Cebu City mayor says no more SRP lot sales; lease and partnerships are options

November 25, 2019 | 12:06 am

MAYOR EDGARDO C. Labella said there will be no sales of government-owned lots at the South Road Properties (SRP), a prime commercial area in Cebu City, during his term until 2022, but the local government is open to lease and joint development contracts. “Under our admin(istration), we do not intend to sell lots anymore,” Mr. Labella said Friday. The benefit of a joint venture deal, he said, is that the city will get to retain ownership of the property and at the same time get a share of the private developer’s income. In September, Singapore-based The Harbour Group expressed interest to develop a portion of the SRP through a proposal for a public-private partnership. The company plans to build a complex with a casino, shopping center, and a resort. “We have to ask for their proposal and submit it to the Joint Venture Selection Committee (JVSC),” Mr. Labella said. “(T)here are many who are interested… we even also have European companies interested to put up some kind of development in SRP… there is also (local real estate firm) Megawide,” he added. The mayor said they will also consider proposals to lease lots. “There might be some who wants to rent properties… it will be received and studied.” In 2015, under then mayor and currently Vice Mayor Michael L. Rama, the city sold 26.3 hectares of lots at SRP to a consortium of Ayala Land, Inc. Cebu Holdings Inc., and SM Prime Holdings at P10.009 billion. Another 19.2 hectares was sold to Filinvest Land, Inc. — The Freeman

Lakers run win streak to seven, edge Grizzlies

November 25, 2019 | 12:05 am

LOS ANGELES — LeBron James scored 30 points, leading the visiting Los Angeles Lakers to a 109-108 victory over the Memphis Grizzlies on Saturday.

Anthony Davis added 22 points, five blocks and three steals for the Lakers, who captured their seventh straight victory. Rajon Rondo had 14 points and six assists.

Ja Morant led Memphis with 26 points, five steals and six assists, while Jae Crowder scored 21 points. Jaren Jackson Jr. finished with 20 points and seven boards. The Grizzlies dropped their third in a row.

Davis’ 3-pointer with two minutes left tied the score at 105. James’ driving layup gave the Lakers a two-point lead. Davis’ follow of a James’ miss increased the lead to 109-105 with 53.5 seconds remaining. That turned out to be the difference.

A free throw by Dillon Brooks and a layup by Morant pulled Memphis within one with 28 seconds left. James missed a 3-pointer with 6.6 seconds left, and after a scramble for the ball, the Grizzlies gained possession. However, the Grizzlies turned the ball over.

The Lakers rallied from an eight-point halftime deficit for an 85-84 advantage heading into the fourth quarter. They outscored the Grizzlies 30-21 in the third behind 10 points apiece by James and Kentavious Caldwell-Pope, who went scoreless in the first half.

Memphis started strong, hitting its first eight 3-pointers and leading by as much as 15 in the first half. An 11-0 Lakers’ run cut the margin to 53-50 after a bucket by James with 3:49 left in the second quarter. However, a 10-1 surge by the Grizzlies pushed the advantage to 63-51 after an alley-oop dunk by Brandon Clarke on an assist from Morant with a little over a minute left in the quarter.

Memphis led 63-55 at the break. The Grizzlies hit 10 of 14 3-pointers to 4 of 15 for the Lakers in the first half. Overall, Memphis made 14 of 30 beyond the arc compared to 13 of 39 for Los Angeles.

SPURS SNAP SKID WITH WIN OVER KNICKS
LaMarcus Aldridge scored 23 points as the visiting San Antonio Spurs snapped an eight-game losing skid on Saturday with an 111-104 victory over the New York Knicks.

DeMar DeRozan collected 21 points and nine rebounds and Patty Mills sank all five of his 3-point attempts to highlight his 17-point performance for the Spurs, who ended their worst slide since the 1996–97 season.

Jakob Poeltl had 11 points and 10 rebounds as San Antonio posted its first win since a 121-112 victory versus Oklahoma City on Nov. 7.

Marcus Morris Sr. scored 20 points and Bobby Portis recorded 13 of his 16 points in the first half for the Knicks, who were swept in the season series and have lost eight of their last 11 encounters with the Spurs.

San Antonio shot 59.1 percent from the floor (26 of 44) and 53.3 percent from 3-point range (8 of 15) to secure a 68-43 advantage at halftime.

Aldridge’s 3-pointer early in the third quarter gave the Spurs their largest lead of the season at 73-45 before New York slowly chipped away.

Wayne Ellington sank back-to-back 3-pointers and Portis connected from beyond the arc as the Knicks cut San Antonio’s lead to 85-71 with 1:41 left in the third quarter.

Morris converted a four-point play after draining a 3-pointer while being fouled by Rudy Gay. Rookie RJ Barrett’s layup trimmed the Spurs’ lead to 105-98 with 3:30 left, but New York was unable to close the gap. — Reuters

Senate bill to require LGUs to use 10% of IRA on agriculture

November 25, 2019 | 12:05 am

A MEASURE has been filed in the Senate which will require local governments to set aside 10% of their internal revenue allotment (IRA) from the national government on agriculture and fisheries programs.

Senate Bill No. 1138, which if passed will become the Local Government Agriculture Development Act, seeks to improve coordination between the Department of Agriculture (DA) and local government units (LGUs) in implementing agriculture development plans, its author Senator Cynthia A. Villar said.

“Currently, the local agricultural officers have become ‘political appointees’ or else are being assigned to unrelated tasks. The DA now operates only at the level of Regional Offices, not working directly through each LGU at provincial and municipal levels,” Ms. Villar said in the bill’s explanatory note.

“This resulted in ineffective coordination between agricultural development plans at national to the local levels.”

The bill will amend Republic Act No. 7160, or the Local Government Code of 1991, by allocating at least 10% of each LGU’s IRA to projects and programs related to the development of the agricultural sector.

IRAs are the share set aside for local governments from revenue generated by the national government.

At present, the LGC requires an allocation of at least 20% of IRA for local development plans.

The measure also requires the appointment of an agriculturist at the city and municipal level, provided that agriculture and/or fisheries is a significant industry in such jurisdictions. Currently, the position of agriculturist is only mandatory for provincial governments.

The LGU will also be required to ensure that its constituents receive training in improving production, minimizing risk and losses, and pest management among others.

The bill also proposed to create the Committee on Agriculture and Fisheries Development under the Local Government Legislative Council.

The Local Development Council will be required to meet at least once per quarter, against the current requirement of at least once every six months. — Charmaine A. Tadalan

Guimaras hoping to market mangoes at Japan festival

November 25, 2019 | 12:05 am

GUIMARAS hopes to market its mangoes in Japan at a festival where a delegation from the province will deliver a cultural performance.

Provincial Tourism Officer Liberty N. Ferrer said the Philippine Festival Organizing Committee (PFOC) invited the province to send a delegation to the Philippine Festival 2019 at Tokyo’s Yoyogi Park, which Guimaras hopes to use as a jumping-off point for a trade mission to promote its top agricultural product.

Twenty performers from the Hubon Guimarasnon who sang at the Manggahan Festival of San Lorenzo, Guimaras will perform during the grand parade and cultural presentation on Nov. 30 and Dec. 1.

“We are not going to bring mangoes but mango products. We want to export mangoes to Japan, but first we have to study the preferences of the market,” Ms. Ferrer told the media last week.

Guimaras’ biggest annual celebration is the Manggahan Festival in May, the peak season for mango harvesting.

“This is a huge opportunity for us with the Iloilo Strait tragedy that happened and so we really need to revive our tourism receipts,” she added.

The Iloilo Strait boat sinkings on Aug. 3 resulted in 31 deaths. Three motorboats plying the Iloilo-Guimaras route capsized due to inclement weather, with the resulting transport disruptions significantly affecting the island’s tourism sector.

Visitor arrivals during the Aug. 4-31 period dropped 74% from a year earlier while tourism receipts decreased to P9.8 million from P42.9 million.

Stricter rules for ferry operations have since been implemented, but the province still has yet to recover from the negative impact of the incident.

Ms. Ferrer said apart from tourism, the province is also aiming to attract investors, especially for the development of more accommodations.

“We need tourism investment, (like) bed and breakfasts and then we have areas here with potential development. That is what we are trying to sell,” she said.

The Department of Tourism–Western Visayas (DoT-6) recently launched the #LoveGuimaras Assistance Package, a campaign intended to attract at least 100,000 local and foreign visitors over a period of one year, which started on Oct. 31. — Emme Rose S. Santiagudo

Lacoste unveils new colorways of its Court Slam sneakers

November 25, 2019 | 12:05 am

UNVEILED IN the local market in August, Lacoste expanded the selection of its Court Slam sneakers with the introduction of three new colorways.

Inspired by the Tennis 91 shoe, one of the iconic tennis shoes in the 1990s, the Court Slam is modelled as a lifestyle sneaker with a daring and contemporary aesthetic and design.

The shoe has a leather upper with suede insets and, taking cue from the grip of a tennis racket, its perforated upper gives it a casual, sporty look while retaining its original technology for optimum stability and comfort. It also boasts of a chunkier sole,

In activities held on Nov. 23 at the Glorietta Activity Center, Lacoste introduced the new colorways of the Court Slam — an all-pink variant for women’s, blue for men’s, and a ’90s-inspired iteration.

Brand officials said that since being launched early this year in line with the thrust to introduce Lacoste to a broader and younger market, the Court Slam has been picked up warmly by the local market.

And with a wider selection now with the added colorways, they see the appreciation for the shoe line to be further enhanced even as they said that more colorways are set to come in.

The Lacoste Court Slam sneakers are available in local Lacoste branches for P6,450 to P6,950.

For more information on the shoe, visit lacoste.com.ph and ssilife.com.ph. — Michael Angelo S. Murillo

RRHI planning to open more No Brand stores

November 25, 2019 | 12:05 am

By Denise A. Valdez
Reporter

THE growing affinity of many Filipinos for Korean culture has led Robinsons Retail Holdings, Inc. (RRHI) to bring in South Korea’s No Brand stores to the Philippines.

Last Friday, RRHI subsidiary Robinsons Supermarket Corp. launched the country’s first No Brand store at Robinsons Galleria in Ortigas Avenue, Quezon City.

At the sidelines of the launch, RRHI Merchandising Director Daisy Lyn G. Sy said Korean products are recording a 15% minimum sales growth year-on-year from the company’s existing supermarkets. This demand, she said, is one of the reasons the company decided to bring in No Brand to the Philippines.

“In the supermarket, we already have an assortment of Korean products. And we saw that every year, their sales were growing year on year on year. So we could clearly see that there’s a bigger interest in Korean products,” Ms. Sy told BusinessWorld.

“I think the Korean Drama phenomenon helps the Filipinos understand more of the Korean culture,” she added.

No Brand is the private label product line of South Korean retailer E-Mart, Inc., which Ms. Sy said approached Gokongwei-led RRHI last year to discuss plans to enter the Philippines. Under the contract, RRHI should open 10 No Brand stores in the country by April 2021.

“We’re opening the second one in December, which will be at the Robinsons South Galleria in Laguna. And then the third one will be at Robinsons Place Magnolia, next year, maybe April or May,” she said.

Other No Brand locations being considered are Robinsons Place malls in Dasmariñas, Imus and General Trias and spaces inside Ayala-owned malls.

The local franchise of No Brand offers a wide array of food products such as ready-to-eat food, snacks, cooking ingredients, cold cuts and beverages. It also carries skincare products, toiletries, stationary and kitchenware.

Popular items such as canned potato chips are priced at P57.25-71.25, a 400-gram bucket of butter cookies at P147.75, a 400-gram bucket of choco chip cookies at P177.75 and cereal bags at P221.50-261.50.

Ms. Sy said Philippine No Brand stores is offering 700 distinct items from the South Korean brand’s portfolio. However, some items such as beverages, however, will not be offered here because of their short shelf life.

With a dedicated No Brand store in the country, Ms. Sy said Robinsons Supermarket is looking to compete with small Korean grocery stores that currently offer some No Brand items. The No Brand stores operated by Robinsons Supermarket are allowed to carry other Korean branded products such as ice cream, noodles and snacks.

Ms. Sy said she hopes Korean restaurants would eventually buy cooking ingredients and condiments from No Brand stores as these are shipped directly from South Korea.

“Basically what we’d like to happen is for us to be able to cater to every type of market. With Rustans as part of our portfolio, we aim to get into the premium market. With this, it’s supposed to be a specialty store. So there are some segments of the market who are really looking for something new, quality products, but priced reasonably… This is the concept that No Brand is offering,” she said, referring to RRHI’s acquisition of Rustan Supercenters, Inc. last year.

RRHI posted an attributable net income of P2.88 billion in the nine months to September, down 25% from a year ago, amid a 27% growth in net sales to P116.16 billion.

Shares in the company at the stock exchange went down 0.60 points or 0.79% to P75.70 each on Friday.

Hino modern jeepneys receive DoTr’s certificate of compliance

November 25, 2019 | 12:05 am

HINO MOTORS PHILIPPINES (HMP), an active participant in the government’s Public Utility Vehicle (PUV) Modernization Program, was recently granted by the Department of Transportation (DoTr) the Certificate of Compliance (CoC) for its Hino Eco Class PUV units for Class II and Class III variants.

The Philippine National Standards (PNS) evaluated PUV units of manufacturers who complied to its body dimension measurements required by the local government for the modernized jeepneys which are upgraded in terms of innovation, comfort and security.

“Hino has been part of the PUV Modernization Program since its planning stages and we will continue to actively support the initiative until it is fully realized. As we are one with the government’s aim of creating a safer, more comfortable public transport system for Filipinos, Hino will not only be supplying PUV units to its partners and stakeholders but will also be assisting them through the entire transition from individual operators to organizational cooperative systems, even helping them with bank loan applications and after-sales training and fleet maintenance support,” HMP Chairman Vicente Mills, Jr. shares.

HINO MODERN JEEPNEYS DELIVER TOTAL SUPPORT
Drawing from years of experience being the exclusive distributor of Hino trucks and buses in the country and the only local one-stop shop offering trucks and buses, and services from engine to body, to spare parts nationwide, HMP is confident the Class II and III Hino modern jeepneys will elevate the driving and commuting experience of every Filipino driver and passenger. Hino has turned over close to 400 modern PUV units to various transport cooperatives in Manila, Quezon City, Quezon province, etc.

These Hino modern jeepneys are Euro 4-compliant and air-conditioned. With side-facing seats similar to the layout of traditional jeepneys, these modern units can accommodate a total of 26 passengers with 19 seated and seven standing.

These modernized jeepneys are compliant with all the technical requirements set by the Bureau of Philippine Standards and feature a speed limiter, GPS, in-vehicle CCTV, electronic Beep card system and a dashboard-mounted camera to guarantee a safer and more convenient ride.

“Hino’s international reputation of creating vehicles of high quality and great value is the same foundation on which our modern PUV models are built on. We are positive that with our vehicles and our commitment to deliver Total Support, we will be able to contribute to creating a modern, safer and more sustainable transportation system in the Philippines,” HMP President Mitsuharu Tabata says.

HMP is continuously forging partnerships with more transport cooperatives in line with its promise of providing a 360-degree support package to every driver, fleet owner, cooperative member and passenger.

Anticipating rising demand for modern PUVs to increase in light of the modernization program, the company is boosting its manufacturing capability for modern jeepneys.

Travel wallet YouTrip sees unstoppable baht as opportunity

November 25, 2019 | 12:05 am

YOUTRIP, the provider of a multi-currency travel wallet service in Asia, thinks it could be a beneficiary of Thailand’s high-flying baht.

The baht’s climb spurs foreign-exchange demand by encouraging Thais to travel and shop abroad, YouTrip’s Chief Executive Officer Caecilia Chu said in an interview in Bangkok. The company rolled out its service in Singapore last year and in Thailand this month.

“This is the best time to enter the market,” Mr. Chu said. “People want to buy things outside of Thailand because the currency is so strong.”

YouTrip offers a multi-currency travel e-wallet with a prepaid Mastercard

Users charge up the wallet from their smartphones.

The card lets travelers pay overseas with no fees in 150 currencies at wholesale exchange rates, according to the firm.

The service is trying to disrupt a sector that can involve either time-consuming, cash-heavy trips to money changers, or the use of traditional bank cards with fees and exchange-rate markups.

The firm’s revenue comes from commissions paid by merchants for purchases using the card.

BAHT IMPACT
The Thai baht has appreciated more than 9% against the dollar in the past year, the most in emerging markets, data compiled by Bloomberg show. The jump has hurt the trade-led Thai economy, which is on course for the weakest growth in 2019 in five years.

The slowdown could crimp outbound tourism temporarily but many analysts see long-term potential. Ms. Chu said about 11 million Thais go overseas for holiday each year, spending an estimated 400 billion baht ($13.2 billion).

She aims to sign up 400,000 Thai customers in the first year. The “untapped opportunity” stems from the fact they undertake foreign-exchange transactions in cash, Ms. Chu said.

YouTrip, which also has a base in Hong Kong, plans to expand into at most two more Southeast Asian markets over the next year, Ms. Chu said. The firm raised S$25.5 million ($18.7 million) in funding in May. — Bloomberg

Manila residents to get free access to city’s historical sites, parks

November 25, 2019 | 12:05 am

RESIDENTS OF Manila, the country’s capital city, will soon get free access to local historical, cultural and other tourism sites. The Department of Tourism (DoT) and the city government have signed an agreement for the Educational and Cultural Awareness Program, which will waive entrance fees in Intramuros, Rizal Park, and Paco Park for people from Manila. “Tourism is about generating an experience. And to let our visitors understand and appreciate this, we ourselves must experience this as well. The people of the City of Manila should be the main advocates and spokespersons of its tourism heritage, culture and history. As it is said, one should not be stranger in his own country,” Tourism Secretary Bernadette Romulo-Puyat said in a statement issued by the DoT on Sunday. The city government under Mayor Francisco M. Damages will provide logistical support to the program. Intramuros Administrator Guiller B. Asido said they will ensure the implementation of free access to the historic areas of the old walled city.

Araneta eyes to build on football’s gains as he seeks new term as PFF president

November 25, 2019 | 12:04 am

By Michael Angelo S. Murillo
Senior Reporter

LOOKING to build on the gains that football has achieved under his watch as head of the local federation for the sport, Mariano “Nonong” Araneta is seeking a fresh term as president of the Philippine Football Federation (PFF) in elections set for later this week.

Elected for a first term in 2011 after serving as interim head when erstwhile president Jose Mari Martinez was ousted in 2010 over allegations of corruption, Mr. Araneta said that if privileged enough to be given a fresh mandate he would work on sustaining and adding to the progress that Philippine football has made in the last decade.

“I think I’m still needed to oversee all these developments. And I want to see these gains sustained,” said Mr. Araneta in an interview.

Mr. Araneta is going up against Ricardo “Ricky” Yanson, Negros Occidental Football Association president and PFF grassroots committee chairman in elections happening on Nov. 29, part of the agenda for the PFF Congress at the Century Park Hotel in Manila.

The incumbent PFF president made his announcement to run for office anew in October after reports said that majority of the provincial federation representatives expressed support for him and his leadership.

Interestingly, prior to making up his mind to seek a fresh mandate, Mr. Araneta was announced to be the running-mate of Mr. Yanson.

But because of the ongoing company dispute of Mr. Yanson and three of his siblings with their younger brother Leo Rey, the owner of top football club Ceres-Negros, Mr. Araneta felt the unity of stakeholders could be affected, moving him to reconsider.

Mr. Araneta said his journey as PFF president has been a challenging one but something he does not regret taking.

“In my first term we had to start from practically scratch. We had to fix things and the image of the PFF was really bad. We had to rebuild the image of football, its credibility,” said Mr. Araneta.

And while he recognizes more can still be done to make the development of the sport thorough, he nonetheless underscored that they have made things happen in the last eight years.

Mr. Araneta said that they at the PFF enjoy the confidence of international football bodies FIFA and the Asian Football Federation, recognizing their efforts and what they have done, so much so that said organizations have tapped him for key positions.

The former University of the Philippines player sits in the FIFA Council and is the chairman of the AFC Finance Committee.

Through their “capacity building,” Mr. Araneta said, the PFF has produced quality coaches through its coaching certification programs.

These coaches have since gone on to hold football clinics and organize football academies which has enhanced the development of the sport.

The country’s national teams have also carved their places in the international arena under Mr. Araneta, with the men’s team steadily climbing in the rankings and breaking through tournaments it has not gone to before, including the AFC Asian Cup early this year.

The same goes for the women’s team.

The PFF now also has its national football training center located in Carmona, Cavite, which Mr. Araneta said they hope to finally complete, including the dormitories, and move their operations there from their current office in Pasig City.

Mr. Araneta shared that a lot of programs are in the pipeline for the PFF moving forward, including growing the league – Philippines Football League (PFL) – further and complementing it with youth tournaments.

He highlighted that making the PFL, which is set to welcome a new sponsor in Qatar Airways, stronger is very important since it gives younger players a place to aspire for.

They are hoping that with the entry of Qatar Airways more sponsors would come support the league, which recently concluded a successful third season.

The PFF started the Under-15 tournament this year and next year will have the Under-17.

Women’s youth tournaments are also being considered to further grow women’s football to go hand-in-hand with the three-year-old PFF Women’s League.

“We have achieved a lot all these years and we do not want them to go to waste as an organization. This is going to be my last term and I want to help keep the momentum; keep the sport alive and going,” said Mr. Araneta.

New Zealand seen as possible market for Mindanao mangoes

November 25, 2019 | 12:04 am

DAVAO CITY — The mango industry in the Davao Region has formed an industry council to take advantage of export opportunities to New Zealand and other countries.

The Mindanao Fresh Mango Producers Forum, held Nov. 21 in collaboration with the Mindanao Development Authority (MinDA) and the Department of Agriculture-Davao, discussed best practices and improving production, among other issues.

MinDA, in a statement, said the forum output will form part of the feasibility study on quality assurance systems for fresh mango being conducted by the New Zealand Embassy and NZ G2G Partnerships Ltd. (G2G) under a three-year co-investment project.

The program aims to help mango farmers comply with the sanitary and phytosanitary standards of New Zealand and other foreign markets.

The New Zealand Embassy’s Deputy Head of Mission Tim Stewardson is quoted in the statement as saying that his country “has a lot of experience in agriculture and we want to share that, with focus on Mindanao given its agriculture and agribusiness potential.”

MinDA said various mango industry councils in Mindanao will meet in December to organize a single body that will come up with a program for the commodity.

“We are looking forward to having this venue as the birthplace of a more organized, dedicated, and with a common vision, the ONE Mindanao Mango Industry Council,” said MinDA Chair Emmanuel F. Piñol. — Carmelito Q. Francisco