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Style (02/03/25)


There’s a new sneaker in town

THE sneaker game in the Philippines just got a new player with SJ Lifestyle, a brand born from the Cortina family’s 70-year heritage of crafting premium footwear. SJ seamlessly blends timeless craftsmanship with modern innovation to deliver stylish, sustainable and affordable sneakers that make every step count. SJ Lifestyle, a Belgian brand, is challenging the market by proving that feature-packed sneakers made with high-quality materials do not have to come with a hefty price tag. With prices ranging from P2,500 to P5,000, SJ offers affordable sneakers that feature trendy designs and superior comfort that easily get you through the day pain-free. The cherry on top? These shoes are made with recycled materials. Not only do these sneakers look good, but they are also environmentally friendly. The Belgian sneaker brand has launched its latest “Athleisure” collection, featuring three versatile models, all engineered with lightweight and high energy return midsole technology. The collection also features recycled footbeds, linings, and laces. The collection includes the “Ibiza” sneakers for men and women. It has an elevated midsole for extra height and shock absorption. The “SJ Reflect” for men and women are heavy on features and were engineered for a variety of uses, from a chill stroll through the city, exploring nature, or going on a trail run, while keeping your feet steady with enhanced grip and heel support. These sneakers also show off reflective details for visibility at night and insoles made from 100% recycled materials. Finally, the “Trail” sneakers for men and women are engineered for diverse terrains. These soft, trail-inspired sneakers blend outstanding performance with a fashionable edge. Featuring a curved midsole providing a 60% energy return, an ultra-breathable jacquard upper and linings made from recycled materials. Shop the shoe collections on Shopee, Lazada, Zalora, and the official SJ Lifestyle Online Store www.sjlifestyle.ph. It also has a brick-and-mortar store at the Festival Mall, Alabang. Plans are underway to expand to more locations across Metro Manila in 2025, starting with SM North EDSA this February.


Viña Romero now at Rustan’s

CONTEMPORARY FILIPINO fashion designer Viña Romero introduces her newest collection, Palagi (“Always”), exclusively at Rustan’s. Known for weaving her personal journey into her work, Ms. Romero continues to redefine timeless design through her latest collection. The collection showcases signature elements that define Ms. Romero’s craftsmanship. Pintucks, patchwork, pleats, and playful tailored ribbons make their mark across both menswear and womenswear. The thoughtful incorporation of traditional techniques, particularly with the barong, is paired with unexpected design elements and contemporary color palettes. The Palagi collection is now exclusively available at Rustan’s.


Fendi Peekaboo gets new look

FENDI’S iconic Peekaboo line introduces the Peekaboo Soft Small bag. Unveiled on the Women’s Spring/Summer 2025 runway, this latest iteration embodies softness and versatility. Taking inspiration from the Peekaboo Soft bag, the Small size stays true to its codes and unparalleled softness. In fact, the bag maintains the original features of the Medium and Large sizes: the soft construction, lightweight design, and sumptuous high-quality calf leather. Its wearability is enhanced with a new cross-body functionality, thanks to an adjustable strap extension that can be added to the handle. In this way, the Peekaboo Soft Small offers shoulder, crossbody, and handle wear, designed for day-to-evening wear. The Peekaboo Soft Small comes in a range of colors in leather, spanning from timeless neutrals like dove and black to vibrant spring-inspired hues like matcha green. The bag is also available in a seasonal version adorned with 468 fringes. More luxurious versions are crafted in exotic croco dégradé. The bag was pre-launched in selected Fendi boutiques worldwide and at fendi.com on Jan. 9.

The Marquis de Sade’s Guide to Cancel Culture

PICRYL

IN THEOLOGY, being condemned to perdition may sound a lot like going to hell, but it’s much worse than spending eternity amid fire and brimstone. Those who believe in the survival of the soul after death shudder at the gravity of perdition: the total dissolution of one’s existence even in spiritual form. In our increasingly soulless secular age, there’s an attempt at a similar punishment: We call it cancellation.

The concept derives from television — that which befalls series and shows with bad ratings, yanked by broadcast networks, never to be seen again. Its first use in popular culture in that sense may have been in the lyrics of “Your Love Is Cancelled,” by the disco-funk group Chic (“Well I saw it on TV ‘bout someone like me…”). The song is from 1981, but cancellation as we know it really got going this century. Today, it’s a pile-on of blaming and shaming in our social media public squares that often leads to the target’s commercial or career oblivion. The courts can also get involved to mete out justice. The vitriol makes it much more hellish than old-fashioned consumer boycotts.

Some of the most spectacular examples involve fans turning against their idols. The most recent is graphic novel icon Neil Gaiman, who has received massive condemnation after lurid stories emerged alleging sexual assault and harassment on his part. He has denied the allegations and there are no criminal charges filed against him. Nevertheless, the furor has convinced publishers to avoid or drop Gaiman, who has become a multimillionaire from his oeuvre of close to 50 novels and comic books. HarperCollins and W.W. Norton, which have successfully published his books before, said they have no plans with the British author. In late January, Dark Horse Comics announced it wouldn’t release the last volume of its illustrated version of his 2005 fantasy novel Anansi Boys.

On Friday, Variety reported that Netflix, Inc.’s adaptation of The Sandman, based on Gaiman’s bestselling comic books, will end after the second season later this year.

Does such collective vengeance result in permanent perdition? The history of one offender may hold some lessons.

If any literary figure should be up for perpetual cancellation, it’s Donatien Alphonse François de Sade — the Marquis de Sade, pornographer, philosopher, poisoner, prisoner, the prophet of sexual excess and cruelty, the inspiration for the word “sadism.”

It’s not as if no one tried to erase the French nobleman from memory before. Beset by episode after episode of his violent sexual exploits and blasphemous outbursts, his status-conscious mother-in-law had him thrown into prison for more than 12 years, including a dramatic turn in the infamous Bastille just before it was stormed by the mobs of the French Revolution on July 14, 1789. He was condemned to be executed twice — the first time for sodomy and for poisoning prostitutes he’d hired for orgies in Marseille (the women fell ill after ingesting pastilles probably laced with the aphrodisiac Spanish fly). But he and an accomplice fled to Italy and were burned in effigy instead. When he was out of the Bastille, the chaos of the French Revolution saved him in the nick of time from the nick of the guillotine. Ironically, one of the charges was for being a political moderate in the reign of terror of Maximilien Robespierre, whose overthrow the same day, 9 Thermidor (July 27, 1794) likely saved Sade’s life.

Sade was a byword for excess and violence even before he began publishing his books, which he didn’t really get to until the 1790s. Justine and Juliette are companion novels (their subtitles are The Misfortunes of Virtue and Vice Amply Rewarded, respectively). The title characters are sisters with opposite views of morality on whom Sade then proceeds to inflict a series of lurid and humiliating assaults till they both end up in nunneries. Juliette so scandalized Napoleon Bonaparte that, in 1801, he ordered Sade consigned to the insane asylum of Charenton for the rest of his life. Sade’s final wish was to be buried in a corner of what remained of his estate. As he wrote in his last will and testament: “My grave, once covered over, shall then have acorns strewn over it, in order that the spot become green again, and the copse grown back thick over it, so that any trace of my grave will disappear from the face of the earth, just as I trust the memory of me will fade from the minds of everyone.”

His relatives disassociated themselves from Sade but he hasn’t been forgotten. Justine and Juliette were put on the index of books forbidden to Catholics but were somehow taken off the banned list in 1835, two decades after his death. The German psychiatrist Richard von Krafft-Ebing coined the word “sadism” in 1886 to describe sexual gratification resulting from the inflicting of pain and humiliation. The beginning of the 20th century saw the reemergence of the manuscript of The 120 Days of Sodom, or the School of Libertinage, which Sade wrote secretly and hid in the Bastille and believed was destroyed when the prison-fortress was demolished. Its unrelenting litany of sex crimes and murders was first published in 1904. It was the basis of poet and film director Pier Paolo Pasolini’s Salò o le 120 giornate di Sodoma. The movie isn’t set in the last days of the reign of Louis XIV, as Sade conceived it, but during the final throes of Benito Mussolini’s Republic of Salò.

Simone de Beauvoir wrote a defense of the marquis in 1951 entitled “Must We Burn Sade?” One academic in 2022 said it was consistent with the feminism of the French social critic’s magisterial The Second Sex: “In his writings is revealed sexuality’s potential to subvert patriarchal norms and mystifications, and perhaps, in the end, even gender itself.” Meanwhile, therapists have prescribed S&M for people suffering from sexual trauma — the S standing for sadism. In 2022 The novelist Pierre Guyotat — whose own novels were once banned in France — said that “Sade, that extraordinary hero, is in a way, the French Shakespeare.” And if not the Bard of Avon, then a homebody? In 1998, Francine du Plessix Gray published At Home with the Marquis de Sade: A Life, a fictional account of the two women who defined him — his maleficent mother-in-law and her daughter, his devoted and enabling wife (who endured Sade’s affair with her younger sister, a canoness*).

This extended afterlife for a convicted pornographer hasn’t gone undenounced. In 1981, feminist writer Andrea Dworkin hectored Sade devotees, declaring that “the power of the pornographer is the power of the rapist/batterer is the power of the man.” But death — and his own final wishes — haven’t obliterated him. His books continue to circulate; and every decade or so, a new Sadean fervor wells up. For some “canceled” people, you can still separate the inspirational artist from the failure of a human being (though I will always cringe a little before I dance to Michael Jackson). But Sade’s life was at the heart of his art — and his life was despicable. Ick.

Generations of haters haven’t been able to dislodge him from our cultural imagination — or bookshelves or movies, though it’s been a quarter century since the last major motion picture about him. Even Sade’s real family has come around to their forebear’s infamy: One descendant began marketing a line of champagnes bearing his name in the late 1980s. It’s a caution to those of us who feel that outrage that’s expressed publicly and vociferously enough can pulverize a reputation forever. Perhaps it can send an author or celebrity to limbo. But that’s not perdition — and is no guarantee that the target won’t return as Sade has, again and again.

There is one thing that can be done. When I told my colleagues I was writing a column about the Marquis de Sade, there was one almost universal response: sniggering. I smiled back. As Thomas More said, “The devil, that proud spirit, cannot endure to be mocked.” Sade’s a joke. Laugh his ghost out of the room.

What should go without saying — but I’ll type anyway — is the prerequisite for the cancelled who are hoping for Sade-style resurrection: You’ve got to be dead first. n

BLOOMBERG OPINION

*A woman who chose to live with nuns but did not take permanent vows of poverty and could leave the religious community if she chose.

BSP securities’ rates mixed as demand slips

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities ended mixed on Friday as the two-month bills went undersubscribed.

The central bank securities fetched bids amounting to P185.96 billion on Friday, higher than the P170-billion offer but slightly below the P186.394 billion in tenders for the P200 billion auctioned off a week prior.

Broken down, tenders for the 28-day BSP bills reached P88.323 billion, above the P70-billion offer and the P74.195 billion in bids for the P100 billion auctioned off the previous week.

Banks asked for yields ranging from 5.7% to 5.839%, narrower than the 5.64% to 5.9% band seen a week earlier. This caused the average rate of the one-month securities to inch down by 0.19 basis point (bp) to 5.8119% from 5.8138% previously.

Meanwhile, bids for the 56-day bills amounted to P97.637 billion, lower than the P100-billion offering and the P112.199 billion in tenders for the same volume auctioned off the week prior. The BSP awarded all the submitted bids.

Accepted rates for the two-month tenor were from 5.73% to 5.9%, higher than the 5.65% to 5.875% margin seen a week prior. With this, the average rate of the securities rose by 1.81 bps to 5.8048% from 5.7867% logged in the prior auction.

The central bank increased last week’s total offering of BSP bills (BSPB) compared to the volume put up for auction previously, BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

“Total tenders received fell slightly to P185.96 billion (from P186.394 billion) and resulted in bid-to-cover ratios of 1.26 times for the 28-day BSPB and 0.98 times for the 56-day BSPB. The BSP fully awarded its offering for the 28-day BSPB and accepted the P97.637-billion worth of total tenders for the 56-day BSPB.”

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide market rates.

The BSP bills were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through the short-term BSP bills.

Short-term instruments offer more stability and predictability, the BSP earlier said. These are also considered “high-quality liquid assets” and grants more flexibility for banks versus term deposits, which are not tradable. — Luisa Maria Jacinta C. Jocson

BMW PHL establishes Cebu foothold

From left are Visayas Motor Works, Inc. (VMW) Directors Albert Go and Alex Gaisano; VMW Branch Manager Bless Gebulan; San Miguel Corp.’s Jacob Ang; SMC Asia Car Distributors Corp. President Spencer Yu; and BMW Group Asia’s Jessica Caret. — PHOTO FROM VMW

VISAYAS MOTOR WORKS, INC. (VMW), a wholly owned subsidiary of the San Miguel Corporation, recently opened a BMW dealership in Cebu.

“We are thrilled to bring BMW to Cebu through Visayas Motor Works,” said SMC Asia Car Distributors Corp. (SMCACDC) and VMW President Spencer Yu. “We believe that VMW will play a significant role in further enhancing the BMW experience for our valued customers in the region.”

VMW operates under SMC Asia Car Distributors Corp. (SMCACDC), the official importer and distributor of BMW in the Philippines. This strategic move is seen to strengthen BMW’s presence in the Visayas region, offering customers in Cebu and nearby areas access to the full range of BMW vehicles, including the latest models, innovations, and for the first time, electrification such as in the recently launched BMW X5 xDrive50e M Sport.

VMW is committed to providing an exceptional customer experience, offering a wide range of services including sales, after-sales, and genuine BMW parts and accessories, the company said in a release.

The facility features a modern showroom showcasing the latest BMW models, a service center equipped with advanced tools and technology, and a dedicated team committed to providing personalized and exceptional service.

The new dealership will serve as a benchmark for premium customer service, offering a welcoming and informative environment where customers can explore the BMW lineup at their own pace. The service center is staffed by highly trained technicians utilizing the latest diagnostic and repair equipment to ensure optimal vehicle performance and longevity.

“We are thrilled to welcome our customers to this new dealership. Our team is dedicated to provide an exceptional and personalized experience, ensuring that every BMW owner feels valued and confident in their choice,” said VMW Cebu Branch Manager Bless Gebulan. VMW is located at Nivel Hills, Lahug, Cebu City, Cebu.

For more information, e-mail information@bmw.com.ph or follow the official Facebook page of Visayas Motor Works (visayasmotorbmw).

GCash tapped to disburse farmer indemnities

PHILIPPINE STAR/KRIZ JOHN ROSALES/PPA POOL

THE Philippine Crop Insurance Corp. (PCIC) said that indemnity payments for farmers may now be directly transferred to their GCash accounts.

In a statement on Sunday, the PCIC said it signed a memorandum of agreement with G-Xchange, Inc., to tap GCash’s Funds Disbursement Service for the release of indemnity payments to farmer-beneficiaries.

The PCIC added that this would no longer require farmers to visit PCIC offices to pick up checks.

It said that the tie up will streamline the PCIC’s payout system and advance the financial inclusion of rural areas.

“This partnership with GCash marks a transformation on how we will deliver our services to farmers, especially in the manner of distributing indemnity payments,” PCIC President Jovy C. Bernabe said.

He added that the platform would also allow farmers to manage their finances, giving them cashout options and access to online payments and micro-financing.

The PCIC covers farmers, fisherfolk, and livestock raisers who sustain losses from natural calamities, diseases, pest infestation, and other risks.

The PCIC has a target of covering 1.2 million farmers, 21,000 livestock raisers, as well as fisheries stakeholders. It processed 744,000 claims in 2023. — Adrian H. Halili

Chinabank shares surge before index comeback

BW FILE PHOTO

SHARES of China Banking Corp. (Chinabank) surged last week ahead of its reentry to the Philippine Stock Exchange index (PSEi) today.

Data from the Philippine Stock Exchange showed that the bank was the most actively traded stock in value terms last week, with 76.39 million shares worth P6.51 billion changing hands from Jan. 27 to 31.

The lender’s shares closed at P93 on Friday, up 33.8% or P23.50 from a week earlier. This marked a 46.5% increase from its previous close of P63.50 on the last trading day of 2024.

Claire T. Alviar, assistant manager for Research and Online Engagement at Philstocks Financial, Inc., attributed the stock’s performance to Chinabank’s inclusion in the PSEi.

“Additionally, we believe the anticipation of strong earnings results from Chinabank further contributed to the upward momentum in its share price,” Ms. Alviar said in a Viber message on Friday.

On Jan. 24, the PSE announced Chinabank’s return to the main index, marking its comeback since its previous stint from May 2010 to 2011. Chinabank starts trading on the main bourse today, Feb. 3. 

AREIT, Inc., the first real estate investment trust to enter the PSEi, also joins the index for the first time. They replace Nickel Asia Corp. and Wilcon Depot, Inc., which are moving to the PSE MidCap index. 

Ms. Alviar noted the market’s positive reaction, saying Chinabank’s inclusion is “expected to attract increased attention from large funds and institutional investors.”

“This shift in investment focus could drive higher demand for CBC shares, potentially leading to an upward price movement,” she added, referring to the bank’s ticker symbol.

Being part of the PSEi, she said, is generally a significant advantage as index constituents typically experience greater liquidity and demand compared to non-index stocks. 

Jeconiah S. Nicolas, research analyst at First Resources Management and Securities Corp., said Chinabank’s shares had been gradually gaining momentum in recent months due to speculation about its PSEi re-entry.

“CBC’s share price significantly jumped as funds tracking the index adjusted their portfolios to reflect the recent PSEi rebalancing,” he said in a separate Viber message. 

Chinabank’s attributable net income rose 29.4% to P6.93 billion in the third quarter of 2024, bringing its nine-month earnings to P18.37 billion, a 13.5% increase.

Ms. Alviar identified a “psychological resistance level” at P100, with support at P70.

Mr. Nicolas agreed with the P100 resistance level, setting support at P83, or 5% below its closing price of P93 on Friday. — Kenneth H. Hernandez

Designer Kim Jones bows out from Dior menswear brand

PARIS — British fashion designer Kim Jones is stepping down as artistic director for menswear at Christian Dior, the LVMH-owned label said on Friday, signaling a potential shift in its design approach as the brand struggles with slowing sales.

Dior, which has a separate womenswear and couture designer, Maria Grazia Chiuri, did not give a reason for Mr. Jones’ departure which comes a week after he held his final menswear show for the label.

Industry speculation about changes in design direction at Dior has been growing in recent weeks as luxury fashion houses face their slowest growth in years, with LVMH’s latest results disappointing investors hoping for stronger signs of a rebound.

The luxury conglomerate, which does not break down sales for its individual labels, said that Dior’s performance was weaker than Louis Vuitton over the final quarter of last year.

“We have seen the Dior brand slowing due to brand fatigue — when there’s a designer change generally it generates more momentum,” said Carole Madjo, analyst with Barclays.

“Brands need renewal,” she added.

Dior said in a statement that it was Mr. Jones’ decision to leave the label after seven years in the role. It did not name his successor.

Chief Executiev Officer Delphine Arnault has made top management changes at the label in recent months, including the recruitment of Benedetta Petruzzo as managing director. Petruzzo previously ran one of the industry’s fastest growing labels, Prada-owned Miu Miu.

The sector is grappling with its slowest sales in years, with consultancy Bain & Company estimating they fell globally by 2% last year, weighed down by China’s sluggish economy.

Many high-end labels are struggling to reignite interest from consumers squeezed by high inflation and interest rates, after hiking prices extensively over the post-COVID period.

A focus on the wealthiest clients, who are most immune in an inflationary environment, prompted criticism prices may have been raised too far.

Over the fourth quarter, sales of LVMH’s fashion and leather goods division, home to Vuitton and Dior, were down 1%. The division accounts for almost half of LVMH revenue and three-quarters of its recurring profit.

Other top design changes at other labels in recent months include the nomination of Matthieu Blazy as new creative director at Chanel and Glenn Martens at Maison Margiela. — Reuters

Awareness key to cancer prevention and early diagnosis

VECTEEZY/ STELLA E

Cancer is a leading cause of sickness and death in the Philippines, imposing a heavy socioeconomic burden on patients and their families. From January to June 2024, cancer was among the top three causes of death in the country, accounting for 11% of the total deaths nationwide. Cancer of the breast, lung, colon and rectum, and cervix claim the greatest number of Filipino lives.

February is National Cancer Awareness Month. Led by the Department of Health (DoH) in collaboration with local government units, cancer-focused professional societies, and academic institutions, the annual observance aims to raise awareness about cancer and its prevention as well as the importance of early detection in improving outcomes by providing care at the earliest possible stage.

Prevention offers the most cost-effective long-term strategy for the control of cancer. Between 30% and 50% of cancer deaths could be prevented by modifying or avoiding key risk factors and implementing existing evidence-based prevention strategies, according to the World Health Organization (WHO). These include avoiding tobacco use, including cigarettes and smokeless tobacco; maintaining a healthy weight; eating a healthy diet with plenty of fruit and vegetables; and exercising regularly.

Also in the list are limiting alcohol intake; getting vaccinated against hepatitis B and human papillomavirus (HPV); reducing exposure to ultraviolet radiation from the sun; avoiding urban air pollution and indoor smoke from household use of solid fuels; and getting regular medical check-ups among others.

The WHO also underscored the importance of early detection. Cancer is more likely to respond to effective treatment when identified early, resulting in a greater probability of surviving as well as less disease severity.

The WHO highlighted two distinct strategies that promote early detection. First, early diagnosis to identify symptomatic cancer cases at the earliest possible stage. To this end, the general public should be made aware of the symptoms of different forms of cancer and of the importance of seeking medical advice when abnormal findings are observed.

Signs and symptoms caused by cancer vary depending on what part of the body is affected, according to the Mayo Clinic. Some general signs and symptoms associated with, but not specific to, cancer, include fatigue; a lump or area of thickening that can be felt under the skin; weight changes, including unintended loss or gain; skin changes, such as yellowing, darkening, or redness of the skin, sores that won’t heal, or changes to existing moles.

Other general signs are changes in bowel or bladder habits; a persistent cough or trouble breathing; difficulty swallowing; hoarseness; persistent indigestion or discomfort after eating; persistent, unexplained muscle or joint pain; persistent, unexplained fevers or night sweats; and unexplained bleeding or bruising.

Second, screening to identify individuals with abnormalities suggestive of a specific cancer or pre-cancer who have not developed any symptoms and refer them promptly for diagnosis and treatment.

The US Centers for Disease Control and Prevention (CDC) supports screening for breast, cervical, colorectal (colon), and lung cancers. These include mammography screening for breast cancer, Pap tests and HPV tests (including HPV DNA and mRNA test) for cervical cancer screening, screening tests for colorectal cancer (including stool tests, colonoscopy, and flexible sigmoidoscopy), and low-dose computed tomography (LDCT) for lung cancer screening.

Aside from improving public awareness of different cancer symptoms and encouraging people to seek care when these arise, the WHO’s “Guide to cancer early diagnosis” recommends investing in strengthening and equipping health services and training health workers so they can conduct accurate and timely diagnostics and ensuring people living with cancer can access safe and effective treatment.

When fully implemented, the Universal Health Care (UHC) Act and the National Integrated Cancer Control Act (NICCA) will significantly enhance cancer care in the country and ease the heavy socioeconomic burden of the disease. In particular, NICCA has resulted in improved access to cancer centers, provision of financial support to patients, and the establishment of a multi-sectoral council for policymaking, planning, and coordination in cancer prevention and control, the WHO said.

The landmark legislation also paved the way for the establishment of the Cancer Assistance Fund which offers financial support for various interventions, and the Cancer and Supportive-Palliative Medicines Access Program which provides 61 medicines for the most common cancers for free through over 30 access sites across the country.

Furthermore, NICCA supports the Cancer Specialty Centers identified in the Philippine Health Facility Development Plan that provide comprehensive cancer care, along with the Primary Care Facilities that provide services for cancer prevention, screening, and early detection.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Yields on gov’t debt drop

By Lourdes O. Pilar, Researcher

YIELDS on government securities (GS) declined across the board last week following strong demand for the Treasury’s dual-tenor bond offer and as the US Federal Reserve kept benchmark rates steady while signaling cautiousness moving forward.

Debt yields, which move opposite to prices, declined by an average of 8 basis points (bps) week on week at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates as of Jan. 31 published on the Philippine Dealing System’s website.

Rates fell across all benchmark tenors. At the short end of the curve, the 91-, 182-, and 364-day Treasury bills (T-bills) decreased by 3.36 bps (5.2786%), 5.02 bps (5.5219%), and 13.49 (5.7118%), respectively.

At the belly, the rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) likewise declined 10.38 bps (5.7901%), 10.92 bps (5.8758%), 10.46 bps (5.9372%), 9.59 bps (5.9872%), and 7.37 bps (6.0831%), respectively.

Lastly, at the long end of the curve, the 10-, 20-, and 25-year papers went down by 1.64 bps, 5.39 bps and 10.41 bps to yield 6.2288%, 6.3802%, and 6.3301%, respectively.

GS volume traded decreased to P30.65 billion last week compared to P45.12 billion previously.

“Strong demand for the Bureau of the Treasury’s (BTr) dual-tranche issuance led local bond yields to decline by 3-12 basis points across the curve. The yield curve continued to bull steepen, with the front end outperforming for the week,” Alessandra P. Araullo, chief investment officer at ATRAM Trust Corp., said in a Viber message.

On Tuesday, the government raised P35 billion as planned via its dual-tranche T-bond offering as total bids reached P120.917 billion or over three times the amount placed on the auction block.

“In the broader context, offshore developments influenced the local government securities market as well. The US Federal Reserve maintained its policy rate but signaled a cautious approach to future rate cuts, citing that they are on a wait-and-see mode as they consider the effects of [US President Donald J.] Trump’s policies on inflation and the US economy. This tempered the rally in the local GS space, as investors reassessed their outlook in light of the US policy trajectory,” Ms. Araullo added.

The US central bank held interest rates steady on Wednesday and Federal Reserve Chair Jerome H. Powell said there would be no rush to cut them again until inflation and jobs data made it appropriate, Reuters reported.

Emerging from their first policy meeting during Mr. Trump’s second term in the White House, Mr. Powell said Fed officials are “waiting to see what policies are enacted” before judging the effects on inflation, employment and overall economic activity, with no reason to adjust rates further until data either show a renewed decline in inflation or rising risks to the jobs market.

For this week, GS yield movements would likely be driven by the release of January Philippine inflation data on Feb. 5 (Wednesday) as well as the BTr’s bond auction, Ms. Araullo said. On Tuesday, the government will offer reissued seven-year bonds with a remaining life of five years and five months.

“Rising domestic inflation expectations and the slow GDP (gross domestic product) growth would warrant sideways to down movement in the week ahead,” Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said in a Viber message.

A BusinessWorld poll of 16 analysts yielded a median estimate of 2.8% for the January consumer price index. If realized, this would be slower than 2.9% in December and match the 2.8% print in the same month a year ago. This would also be within the 2.5%-3.3% forecast of the Bangko Sentral ng Pilipinas for the month.

Meanwhile, Philippine GDP expanded by 5.6% in 2024, falling short of the government’s 6-6.5% target. — with Reuters

Seaoil awards P100K to electronics technician board exam topnotcher

From left are Pamantasan ng Lungsod ng Pasig College of Engineering Dean Engr. Godofredo Zapanta, Seaoil Angat Pangarap Program beneficiary Engr. Jose Reynaldo Cube, Seaoil President for Retail Business & CFO Mark Yu, and Seaoil Vice-President for Corporate & Consumer Marketing Jayvee Dela Fuente. — PHOTO FROM SEAOIL

SEAOIL, the country’s “leading independent fuel provider,” recently awarded P100,000 to the first beneficiary of its Angat Pangarap Program, Engineer Jose Reynaldo Cube. A graduate of the Electronics Engineering program of the Pamantasan ng Lungsod ng Pasig (PLP), placed third in the Electronics Technician (or ECT) board exams in October 2023.

Angat Pangarap was launched in 2022 in partnership with the PLP and the Pasig City LGU. Angat Pangarap aims to inspire students to achieve academic excellence by pledging to reward top board passers from PLP, specifically those taking the licensure exams for nursing, teaching, accountancy, and engineering.

“Education is key, whether or not you’re a topnotcher. (Our) incentive is not just motivation for students, but it instills discipline in themselves even at the undergraduate level. It also teaches them not to place too much pressure on themselves. Seaoil is a driving force and motivation to be a topnotcher in the board exams,“ said Engr. Cube.

Since the launch of the program, the college has reported a significant increase in academic performance, as seen in high scores in board exams compared to before the program began.

“Seaoil is excited to recognize more dedicated scholars like Engineer Cube, who has not just dedicated time and hard work to succeed in the board exam. Our hope is that he and future board topnotchers inspire their peers to reach new heights,” said Seaoil President for Retail and Chief Finance Officer Mark Yu.

The Angat Pangarap program was set to run for only two years but will now continue indefinitely, said Seaoil in a release, with the unused funding to be set aside to help fund PLP’s faculty training and research efforts to bolster the quality of education in the university.

India unveils long-term programs to boost output of pulses, cotton

REUTERS

MUMBAI/NEW DELHI — India will launch a six-year program to boost the output of pulse crops by taking measures including directing state agencies to buy the staple at guaranteed prices, the Finance minister said, citing the need to cut reliance on imports.

Rising demand has forced India, the world’s biggest producer and consumer of pulses, to spend a record $5 billion on importing pulses such as pigeon peas, black matpe, and red lentils in 2024, making the country the world’s top importer. India currently imports large amounts of pulses from Canada, Myanmar, Russia, and a host of African countries.

Over the next four years, state agencies will procure pigeon peas, black matpe, and red lentils from farmers at government-set guaranteed, or support, prices, Nirmala Sitharaman said while presenting the annual budget for fiscal year 2025-2026.

Ms. Sitharaman said her government would also aim to boost cotton production, particularly of the extra-long staple variety, by supporting research and development.

India is the world’s second-biggest cotton producer, but yields have fallen in recent years, turning the country into a net importer of the fiber, after previously being a net exporter.

Announcing measures to assist millions of farmers grappling with low incomes, Ms. Sitharaman unveiled plans to set up a urea plant with an annual capacity of 1.2 million metric tons to boost supplies of one of the key crop nutrients.

Agriculture employs nearly 45% of the workforce and contributes about 15% to the $3.5 trillion economy.

Prime Minister Narendra Modi’s government will increase the subsidized farm loan limit to 500,000 rupees ($5,777.94) from the existing 300,000 rupees, Ms. Sitharaman said.

She said the government will also launch a “national mission” to develop high-yielding seed varieties.

Farm policy experts say India, the world’s most populous country, needs to develop high-yielding seeds to overcome the problem of shrinking farmland, caused by rapid urbanization and industrialization, and erratic weather patterns. — Reuters

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