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SEC approves ACE Tacloban’s P1-billion IPO

ALLIED CARE Experts Medical Center-Tacloban, Inc. (ACE Tacloban) can now proceed with its plan to raise up to P1 billion in an initial public offering (IPO), after obtaining clearance from the Securities and Exchange Commission (SEC).

In a statement issued over the weekend, the country’s corporate regulator said it approved the company’s registration statement during its en banc meeting on Sept. 26.

ACE Tacloban will be offering 36,000 common shares worth P200,000 to P400,000 for every block of 10 shares. The issuance will be done in four tranches, with the shares to be traded over the counter.

The company is targeting medical specialists and individuals related to the field of medicine to participate in the offer. It will also require physicians and medical specialists who will practice in the hospital to subscribe to the offering.

Physicians who want to hold clinic at ACE Tacloban must pay a “Privilege to Practice” fee of P150,000. They will then be part of the hospital’s active staff, as well as the rotation of house and walk-in cases.

Those who will not pay the one-time fee will be members of the visiting staff. While they can admit patients, such physicians will not be allowed to hold clinic in the facility. They will likewise be excluded from the rotation of house and walk-in cases.

However, these stockholders must first undergo a screening process and possess the minimum requirements as stated in the company’s articles of incorporation, bylaws, and internal rules.

At the same time, stockholders will have access to benefits and privileges such as discounts on medical and dental services. The principal investors may extend these benefits to their spouse, dependents, and natural parents in other affiliates of the ACE Group of Hospitals.

Funds raised from the IPO is expected to reach P987.88 million, which will be used for loan payments, medical equipment, working capital, construction, furniture and fixtures, pre-operating expenses, and professional fees of architects and other professionals.

The company is currently building the 10-storey ACE Medical Center-Tacloban in Barangay 78, Marasbaras, Tacloban City. The 152-bed hospital is scheduled to be completed in October.

Other firms under the ACE Group of Hospitals have also applied for an IPO to support the construction of their respective facilities. The SEC earlier cleared the fund-raising activities of ACE Malolos Doctors, ACE Medical Center-Butuan, ACE Dumaguete Doctors, ACE Medical Center-Gensan and ACE Medical Center- Bohol for P1 billion each.

The IPO of ACE Medical Center-Iloilo has also been approved by the SEC, allowing it to raise up to P1.44 billion.

The ACE Group of Hospitals is composed of around 30 medical centers, with five operational facilities in Valenzuela, Baliwag, Pateros, and Quezon City, according to its website. — Arra B. Francia

Fun and glitz

PARIS — Issey Miyake’s new designer Satoshi Kondo had models in free-flowing dresses dancing, twirling and skateboarding around a former 19th century mortuary for his Paris Fashion Week show.

From the cast-iron rafters of the Cent Quatre art space, which for more than a century was home to the capital’s municipal undertakers, dresses were slowly lowered onto models to the ethereal electronic sounds of French artist DeLaurentis.

“I wanted to express the joy of wearing clothes and the joy of movement. So you see the models dancing, almost like in the wind, moving together,” Kyoto-born designer Kondo said of his ready-to-wear Spring/Summer 2020 collection.

Rather than parading single-file past viewers on a catwalk, Kondo’s models twirled around the massive hall in striped “parasol” frocks featuring Issey Miyake’s trademark pleats, while others in lightweight nylon raincoats zigzagged on electric skateboards.

Wearing ensembles with splashes of raspberry pink, lime green and lilac, models jumped up and down to enhance the bouncy effect of near-translucent fabrics and loosely-woven dresses, and waved fan-shaped bags in a riot of color and movement.

LANVIN’S CAPES
Models at Lanvin’s fashion show in Paris shrugged off the drizzle for a stroll through a dreamy museum garden last Wednesday, showing off long dresses, comic strip prints and adventurous capes.

Guests, including French actress Isabelle Huppert, took shelter under see-through umbrellas on the outdoor catwalk, set among the bamboo and lush vegetation of the jungle-like garden at the Quai Branly, a museum focused on non-European cultures.

The mix of male and female models, featuring sisters Bella and Gigi Hadid, swept past in flowing dresses and pastel tones.

Some looks, including a loose sky blue pleated ensemble and a short shiny dress, had echoes of ancient Greece, while accessories included oversize handbags and wide-brimmed hats.

Men’s T-shirts featured faded prints from “Little Nemo in Slumberland,” a children comic strip that was published every week in the New York Herald in the 1910s and followed its hero’s fantastical dreams.

“The reminiscence of childhood is very important for me,” said Lanvin’s designer Bruno Sialelli after the show.

“I feel I’m in a generation that is pivotal, we had a childhood without digital so we had to read, we had to get bored, this provided a lot of creativity as a kid. And at the same time now we are really in the digital world.”

The link with childhood was in Lanvin’s DNA, Sialelli said, adding that Jeanne Lanvin, who founded it in 1889, first began making dresses for her daughter which other parents soon wanted copies of, before ordering versions for themselves.

The 32-year-old Frenchman was appointed creative director of the brand by new CEO Jean-Philippe Hecquet last January, as Lanvin attempts a turnaround under its Chinese owner Fosun.

Lanvin became the darling of the fashion world in recent years thanks to designer Alber Elbaz, who, along with former owner Shaw-Lan Wang, revived the brand and led it to 14 successful years before his departure in 2015, after which sales stuttered.

Spectators at Wednesday’s show were also given headphones playing sweet electronic music mixing violin and bird song, meant to immerse them in the garden’s atmosphere.

“I fell in love with the Quai Branly garden, it’s like a bubble, I provided the viewers with headphones so that they could really contemplate the place and the collection”, Sialelli said.

RESURRECTED PATOU
French couture house Patou came back to life on Wednesday under the helm of LVMH, its new parent company, and designer Guillaume Henry, who gave a modern, chic twist to its historical designs at a Paris Fashion Week presentation.

Patou’s office, a typical Haussmannian apartment a stone’s throw from Notre-Dame Cathedral, was turned into a showroom where clients and journalists got a glimpse of the brand’s first fashion collection since it closed its doors in 1987.

Instead of a catwalk, models stood around, artificially idle as they chatted or read books, showcasing dresses with lace trimmings, Navy-style officer jackets and wide denim jeans.

Accessories included oversized handmade golden jewels, as well as tight-fitting bathing caps and black boxing boots which evoked the sportswear style of the Patou of old, which once dressed tennis player Suzanne Lenglen.

Other looks included a pale pink fencer’s jacket, a fuchsia strapless puffball dress, and plenty of sailor-style necklines and bows and navy blue structured jackets.

Henry described the laid-back but chic vibe of the collection as “sunny.”

“The Patou woman is an approachable woman,” he told Reuters.

Luxury goods group LVMH, which also owns Christian Dior and Louis Vuitton, bought its majority stake in Jean Patou last year from privately held British group Designer Parfums for an undisclosed amount.

It tasked Henry, who previously worked at Carven and Nina Ricci, with breathing new life into its forgotten prêt-à-porter lines, which the late Karl Lagerfeld as well as designers Jean Paul Gaultier and Christian Lacroix once worked on.

Patou, created in 1914 by its eponymous founder, was still best known for its rich floral perfume Joy, launched in the 1930s and the most expensive fragrance of its time.

LVMH’s Dior recently launched its own Joy fragrance.

“A year ago, Patou was a project without an address, without archives, without material, without anything,” Henry said. “It was necessary to set up a company, a century-old company.”

“A lot of people don’t know Patou so we don’t want to bring back a brand with its patrimonial or historical background but to see it with a new perspective.”

Patou is targeting a wide audience, with prices in the bottom bracket of the luxury world with dresses varying between €450 ($492) and €5,000 for the most expensive. On average, a dress costs €650.

SAINT LAURENT DAZZLES
Saint Laurent’s models last Tuesday paraded down a runway filled with dozens of projector lights against the backdrop of the Eiffel Tower to showcase the French label’s collection for Paris Fashion Week.

Long, fluid dresses and burnished gold embroideries from the 1970s, chosen by creative director Anthony Vaccarello for the 2020 summer collection, sparkled along with the Paris landmark.

Ushering in Vaccarello’s fourth year in the job, the women’s collection unveiled at the show heavily featured short and knee-length shorts, high boots, dazzling cigarette pants and jumpsuits.

See-through tops with deep necklines also set the tone for the looks.

“A sharp take on Saint Laurent classics devised to strengthen individuality,” Saint Laurent said in a statement, describing the show. — Reuters

Peso expected to strengthen against dollar

THE PESO could further strengthen against the US dollar this week, on optimism arising from the central bank’s dovish stance after it reduced both policy rates and lenders’ reserve requirement ratio (RRR).

The local currency ended the week at P51.875 against the greenback, 23.5 centavos stronger than the P52.11 close on Thursday.

Week-on-week, the local unit improved compared to the P51.96-per-dollar finish on Sept. 20.

Dollars traded widened to $1.21 billion on Friday, from Thursday’s $1.15 billion.

One trader said the peso’s performance was in line with the strength of other Asian currencies against the dollar.

“It’s favoring the peso right now. We are veering away from a range of more or less of P51.90-52.30 as the peso is growing stronger,” he said.

Meanwhile, Rizal Commercial Banking Corp. chief economist Michael L. Ricafort pointed out several factors that helped drive the peso’s trajectory.

“The peso [was] stronger…a day after the BSP (Bangko Sentral ng Pilipinas) decision to cut its policy rates…which supports sentiment on the local financial markets, as lower local policy rates spur greater economic activities and faster GDP (gross domestic product) growth,” he said.

On Sept. 26, the BSP’s Monetary Board cut benchmark interest rates by 25 basis points for the third time this year, bringing the reverse repurchase rate to four percent, as well as overnight deposit and lending rates to 3.5% and 4.5%, respectively.

The next day, the BSP announced a 100-basis point reduction in RRR for universal and commercial banks to 15%, five percent for thrift and rural banks, and three percent for rural banks, respectively, to take effect “on the first day of the first reserve week of November…”

“The cut in reserve requirements is in line with the BSP’s broad financial sector reform agenda to promote a more efficient financial system by lowering financial intermediation costs,” the BSP said in a press statement.

For this week, Mr. Ricafort noted the “surprise” RRR cut would have a positive effect on the peso.

“The surprise one percentage point cut in RRR announced after trading would be a positive development in the local economy and financial markets…That should be positive for the peso as well, unless some of the additional peso liquidity find their way to the foreign exchange market,” he explained.

However, he also flagged some developments which could weaken the peso.

“…[T]he latest external factor that could offset the recent positive developments in the US-China trade negotiations is the plan by the White House to limit US portfolio flows to China, part of which could include limiting US investments in Chinese companies in US stock exchanges,” Mr. Ricafort said.

For this week, RCBC’s chief economist said the peso could trade at a range of P51.70-52.20.

Meanwhile, the trader believes that more positive headlines could push the peso into a stronger territory of P51.90-52.30 while negative developments could drive it to the P51.90-52.30 range. — Luz Wendy T. Noble

Honda launches all-new Accord

By Manny N. de los Reyes

HONDA CARS PHILIPPINES Inc. (HCPI) unveiled last week its all-new 10th-generation Accord at an understatedly elegant event at the upscale Blackbird restaurant in Makati City.

Targeted at those who want to rediscover the luxury and comfort of a true executive sedan while still avoiding the fuel consumption of a big inline-four or V6 petrol engine, the new Accord is powered by a 1.5-liter Earth Dreams Technology VTEC turbo-four engine borrowed from the Civic but tweaked to generate higher power and torque outputs (190ps/243Nm) — making the new Accord even more powerful than its 2.4-liter predecessor.

Having made its world debut in 1976, the Accord is Honda’s second-longest running nameplate in its global lineup. It is also one of Honda’s best-selling models with close to 23 million units sold.

Built on a new platform, the latest Accord, now on its tenth generation, sports a sleek, coupe-like profile reminiscent of the current Civic, but rendered in larger proportions. It has a wider and lower stance, a lower roofline, and a dramatically longer and lower hood.

Up front, Honda’s signature chrome wing grille and streamlined wing-shaped full-LED headlights with auto leveling highlight the bold and upright front fascia. Combined with the chiseled hood and LED foglights, the new Accord presents a distinctive and compelling presence on the road.

Viewed from the side, the new Accord’s lower roofline and sharp upswept bodylines create a stylish yet dynamic appeal with its strong wheel arches and concave door panels further emphasizing its character lines.

Completing the sleek and dynamic profile of the Accord are aggressive, cleverly designed and engineered 18-inch noise-reducing alloy wheels.

At the rear, the brightly trimmed rear fascia is as athletic and energetically designed as the front end, with a slightly longer overhang. The C-shape of the LED taillights complements the design of the front LED DRLs, contributing to the Accord’s distinctive visage.

To further streamline the Accord, Honda adopted a laser brazing welding process for joining the roof and the side panels, creating a cleaner exterior appearance with no need for a garnish over the rain channels.

Inside, the new Accord boasts a more spacious, more premium, and tech-savvy interior. With Honda’s typical meticulous attention to the tactile and visual quality of materials used to elevate the overall premium feeling of the cabin, the new Accord is fitted with premium, high-quality, and soft touch materials throughout the cabin with tasteful application of leather, wood and metal accents throughout.

The new Accord’s wider body and longer wheelbase also contribute to its improved cabin space. This is particularly noticeable in the rear cabin where an additional 48mm of legroom now provides heightened comfort and luxury for the rear passengers. The Accord now also gets an improved cargo capacity as it now boasts a 573-liter trunk space, 123 liters more than its predecessor.

The latest Accord implements an array of advanced technologies normally found in vehicles from a class higher. These features not only elevate the Accord in terms of technological offerings, but also take driver and passenger convenience to a higher level.

For the main instrumentation, the Accord comes with a 7-inch TFT display (left side) that can present a wide range of information and a speedometer on the right side of the instrument package. The Accord now also sports a new 8-inch Display Audio system, which is one of the most advanced systems offered by Honda to date. The 8-inch touchscreen lets you control the vehicle’s audio system, display settings, Honda SENSING functions and other advanced features through swipe, tap and pinch gestures. The intuitive and easy-to-use system has a simplified menu structure and customizable shortcuts for commonly used features and applications. This system also comes with Navigation and supports Apple CarPlay and Android Auto.

Other advanced convenience features such as Smart Key with Push Button Start and Remote Engine Start, Walk Away Auto Lock and Speed-sensing Door Lock, Electric Parking Brake with Auto Brake Hold, Auto Dimming Rear View Mirror are standard.

As if all these state-of-the-art convenience and safety features and technologies aren’t enough, Honda saw fit to include the cutting-edge Honda SENSING technology. Honda SENSING aids the driver to prevent or effectively respond to dangerous driving situations. It’s a suite of advanced driver-assist safety features such as Collision Mitigation Braking System (CMBS), Adaptive Cruise Control (ACC) with Low Speed Follow (LSF), Lane Keeping Assist (LKAS), Road Departure Mitigation (RDM), and Auto High Beam.

Honda SENSING receives information from two different devices; one is a millimeter-wave radar mounted on the front bumper and the other is a monocular camera mounted on the upper, inner part of the windshield. Both devices work simultaneously to monitor various conditions in front of the vehicle and give feedback to the driver by providing corrective actions to aid in preventing the collision.

Together with Honda SENSING, safety features such as six air bags, Vehicle Stability Assist (VSA), Hill Start Assist (HSA), Anti-Lock Braking System (ABS) with Electronic Brake-force Distribution (EBD), Emergency Stop Signal, front and rear parking sensors, Multiview Reverse Camera with Guidelines, LaneWatch Camera, and Straight Driving Assist come as standard.

Power from the turbo engine is transmitted through a Continuously Variable Transmission (CVT) developed based on Honda’s Earth Dreams Technology. Sport Mode is now available which enhances the Accord’s throttle and steering response. This, together with the CVT’s paddle shifters, give the driver a greater control over the vehicle’s transmission operation and power delivery. At the same time, Honda’s Eco Assist System, which consists of the ECON mode and Eco-Coaching Ambient Light, is still available to help encourage drivers achieve fuel-efficient driving.

The new Accord has an SRP of P2,288,000 and will be available in three colors: Platinum White Pearl, Crystal Black, and Modern Steel Metallic.

ICTSI sees opportunities in ongoing trade war between US, China

THE ongoing trade war between United States and China is opening opportunities for Razon-led port operator International Container Terminal Services, Inc. (ICTSI).

ICTSI Global Corporate Head Christian R. Gonzalez told reporters last week that while the trade war is not directly affecting the company’s operations, it is hurting overall confidence in the global economy.

“While the trade war continues, businessmen around the world are going to kind of hold off on investments and other economic activities,” he said.

With this in mind, he said ICTSI’s plan is to “expand very prudently” while continuously being “very active looking for projects.”

“When there’s little confidence in the global economy, it makes a lot of opportunities for us,” he said.

Mr. Gonzalez noted ICTSI’s portfolio is made up mostly of gateway ports that are located in countries that are outside the US-China supply chain, therefore the effect of the trade war is not felt by the company’s terminal operations.

ICTSI operates about 30 terminals across Asia Pacific, Latin America, Europe, Middle East and Africa, 10 of which are located in the Philippines.

“In the Philippines, we’re still moving along. Still growing here. That’s the same case in most other places. Obviously our terminal in China has been impacted. Other than that, things are okay,” he said.

ICTSI’s latest international investment is its P10-billion acquisition of Brazil-based Libra Terminal Rio S.A., which paves the way for the takeover of a terminal at the Port of Rio de Janeiro.

It is also currently negotiating a contract with the Cameroonian port authority to develop, operate and maintain a multipurpose terminal at the Port of Kribi.

Locally, ICTSI submitted an P8.7-billion proposal to the government in April for the modernization, operations and maintenance of the Iloilo Port Complex and the Port of Dumangas. Mr. Gonzalez said the company is expecting feedback from the Philippine Ports Authority (PPA) “any day now.”

Earnings of the listed firm grew 42% to $128.5 million in the first half of the year, driven by higher throughputs recorded from its group-wide port operations. It is committing to spend $380 million for capital expenditures this year, mostly for the upgrading of its terminals in Manila, Mexico and Iraq. — Denise A. Valdez

Song and games inspire fashion

WHOLESOME FUN and fashion was the name of the game at the recent Baro’t Saya gala, held on Sept. 22 at the Grand Hyatt ballroom. It is an offshoot of the Awit at Laro project, which aimed to bring traditional Filipino games and nursery rhymes to a younger audience. Proceeds of the show will go to support the child-based projects of UNICEF, Tukod Foundation and the renovation of Museo Pambata.

For the gala, designers were each assigned a song from the Awit at Laro album, which they worked in some way through the clothing.

The Baro’t Saya gala brought together designers Len Cabili, Ito Curata, Rhett Eala, Zarah Juan, Marga Nograles’ Kaayo, Anne Marie Saguil, Paloma Zobel’s label PioPio, and Rajo Laurel (serving as overall Fashion Consultant).

The runway read like a social register, with the models, of all ages, from 60-plus to six and below coming from literally the A to Z (we counted) of the nation’s most well-known families.

Rhett Eala opened the show with a collection based on the “Bahay Kubo” song, and a recurring motif of cute little appliques of cats on bomber jackets and eminently wearable balintawaks (less formal traditional dress with a shortened skirt, with butterfly sleeves). His show ended with a little girl in an immaculate white terno (a traditional formal Filipino dress), and one can hope to see more of this on the aisles during society weddings, when they get their flower girls. Part of the show’s aim, after all, was also is to promote the use of indigenous textiles and traditional Filipino clothing, jazzed up to appeal to a younger audience.

A Jak en Poy (rock-paper-scissors) collection by Ito Curata showed off printed denim reminiscent somewhat of Joya works. Len Cabili, meanwhile, worked with the song “Parupaong Bukid,” her collection made with a soft gray binakul fabric, a traditional textile with optical illusions reminiscent of op-art. The fabric is apparently used to ward off evil spirits up in the provinces in Ilocos. Zarah Juan’s Piko (hopscotch) collection showed ruffled baby doll dresses trimmed with native fabric, and the show closed with singer and UNICEF Ambassador Gary Valenciano and his grandchild. The little girl was quite the sensation and charmed the audience.

Rajo Laurel’s “Sitsiritsit” collection showed loose, flowing cuts, all splattered with paint, created during a fun afternoon with his nieces and nephews (according to a release). Marga Nograles showed playsuits in native fabric, while Joey Ayala performed the Piko song from the Awit at Laro album live. Anne Marie Saguil showed off a collection inspired by Tumbang Preso (knock the can), showing a similar playful aesthetic.

The show was closed by Paloma Zobel’s Sipa (similar to sepak takraw) collection, which showed playsuits and tunics, and ended with gowns made with fringes reminiscent of the game’s playing piece.

Overall, the show showed an idealized version of the Filipino and the Filipino family, that in some corner of our minds, all of us could be beaming, blithe, cared for, and proud of who we are. — Joseph L. Garcia

PayMaya: Transaction volume to reach P1 trillion by 2023

PAYMAYA Philippines, Inc. is bullish on the financial technology adoption of Filipinos as it sees the value of transactions on its platform to expand 400% in the next three years.

Paolo Azzola, chief operating officer and managing director of the PLDT, Inc. financial technology business, told reporters last week the company is targeting to reach the trillion peso mark in terms of value of annual transactions by 2023.

“We’re focusing really on how much volume the company drives. (While) users are very important for us, what’s (more) important is how much do they use our platform,” he said.

“We’re looking at a number…of a trillion pesos to be processed every single year. That’s something that we are looking forward to by 2023,” he added, referring to the value of transactions within the PayMaya platform.

PayMaya currently records more than P200 billion in gross transaction volume every year.

“What’s driving the trajectory is the fact that we have a very large focus on our consumer business. (That is) allowing people to send money, pay bills, buy air time, buy online and shop face to face,” Mr. Azzola said, noting the consumer business contributes majority to PayMaya’s growth.

On the enterprise side, Mr. Azzola said PayMaya remains in expansion mode, with a target of reaching 80,000 merchants on its platform by the end of the year.

“All I can tell you is that we believe we have the largest active user base in the entire country at this point… In terms of active (users), we are higher than anyone else in the country,” he said.

“We’re very happy with conquering the Philippines and making sure that we are providing as much benefit as possible to Filipino consumers and Filipino businesses, as well as government… That’s what we’re focused on — to really make sure that the Philippines is our territory,” he added.

Through PLDT’s digital arm Voyager Innovations, Inc., which handles PayMaya, the company is guided by China’s Tencent Holdings Ltd., the developer of WeChat and WeChat Pay.

Tencent invested in Voyager last year together with US-based investment firm Kohlberg Kravis Roberts & Co.; and World Bank’s International Finance Corp. (IFC) and IFC Emerging Asia Fund. PLDT has maintained its stake in Voyager at under 50%.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

POGO crackdown, RWM delisting weigh on AGI stocks

By Lourdes O. Pilar
Researcher

THE government’s crackdown on Philippine offshore gaming operators (POGO) weighed on Alliance Global Group, Inc. (AGI), making it one of the most actively traded stocks last week.

A total of P755 million worth of 66.546 million shares exchanged hands on the trading floor from Sept. 23-27, data from the Philippine Stock Exchange showed. AGI was the 11th most active stock last week.

AGI shares closed at P10.90 apiece on Friday, down 3.5% from P11.30 the previous day and 11.1% from P12.26 a week ago. Year-to-date, shares slipped by 8.4%.

“The drag on AGI is due to the crackdown of Philippine offshore gaming operator (POGO) in the Philippines by China. They recently closed down a POGO operator in Libis, Quezon City that dragged both Megaworld Corp. and AGI stock,” Unicapital Securities, Inc. Technical Analyst Jeff Radley C. See said in a text message.

Last week, the Bureau of Internal Revenue (BIR) shuttered the operations of a POGO service provider that was not registered with the tax agency. Great Empire Gaming and Amusement Corp. is said to be one of the biggest POGO service providers in the country, with offices in QC, Subic Bay Freeport Zone, and Parañaque City.

“Alliance Global sustained its downward momentum, having been unable to snap its two-week losing streak despite already being well oversold,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in an e-mail.

“Recently the company announced it would be resuming the buyback of its shares. At the same time its sister company (Travellers International Hotel Group, Inc.) went private after successfully making a tender offer for the remaining free floating shares,” he added.

AGI is embarking on a P2.5-billion share buyback program over next 12 months.

Mr. See noted there has been negative sentiment against AGI due to the delisting of Travellers International, the owner and operator of Resorts World Manila (RWM). It is voluntarily delisting from the stock exchange on Oct. 15.

“The conglomerate has been under pressure lately, seeing its earnings for the first semester of 2019 under perform several analysts’ estimates — due to increased cost pressures, coupled with weaker performance of Emperador, Inc., RWM, and Golden Arches Development Corp. (GADC),” Mr. Limlingan said.

AGI reported its attributable income rose 4% to P8.1 billion in the first half, driven by double-digit growth in revenues while its consolidated revenue jumped 15% to P82.8 billion. Emperador, RWM and GADC posted attributable net income of P3.25 billion, P844.71 million and P751 million respectively.

“Though we think the stock is due to consolidate, there is more downward pressure at the moment, and we think this may persist before bargain hunters start coming in,” Mr. Limlingan said.

He gave AGI a support of P10.70 and resistance of P12.00 due to rather “volatile trading” the last few sessions.

“Alliance Global might continue to trend down further due to strong selling pressure with support levels between P10.20 to P10.00 for now,” Mr. See said, giving a resistance level of P11.30 and P12.20.

Volume 4 of Harden’s adidas shoe now out

THE HIGHLY popular signature adidas shoe line of National Basketball Association superstar guard James Harden is now available in the country.

Officially dropped on Sept. 21, the Harden Vol. 4 has introduced new features to further underscore the creative freedom that the Houston Rockets star embodies both on and off the court.

Harden Vol. 4 is the first in his collection to feature Lightstrike, the new super-light midsole that provides the perfect balance of lightweight cushioning and on-court responsiveness.

Lightstrike ensures full movement support and improved step-in comfort without any extra weight, designed with Mr. Harden’s elite quickness and the demands of the game in mind.

Also, a distinct midfoot band provides added stability while an updated traction pattern delivers ultimate grip, allowing Mr. Harden to seamlessly execute the illusive movements that have earned him superstar status.

Harden Vol. 4 has a limited-edition colorway from adidas’ new partnership with streetwear designer Daniel Patrick, which the brand said further underscores Mr. Harden’s love for style.

“The process to create the Vol. 4 was a true collaboration with the adidas design team that allowed me to voice my creativity and to blend different ideas into one shoe that would showcase both my style of play on the court and my sense of style walking out of the tunnel,” said Mr. Harden in a release as he talked about the latest iteration of his shoe line.

“Daniel Patrick has been setting trends with his use of bold looks and bright colors, so partnering with Daniel was the perfect way to highlight the design of the Vol. 4 and bring sport, fashion and culture together,” he added.

The “Pink Lemonade” colorway of the Harden Vol. 4 was released on Titan.com on Sept. 18 and then dropped only in Titan stores on Sept. 21. “Barbershop” was made available on Sept. 26, with the “Candy Paint” and “Cookies & Cream” colorways set for a Nov. 1 release online and in select adidas stores and retailers.

The new Harden shoe is priced at P7,000. — Michael Angelo S. Murillo

Iloilo organic farms take root amid burgeoning health market

By Emme Rose S. Santiagudo
Correspondent

FARMERS in Iloilo have been shifting to organic farming, with growers being gradually sold on the challenging method’s health benefits and potential for charging more for their produce.

Alfredo O. Gumatico, a 63-year-old doctor from Mandurriao, Iloilo City is one of those who have made the switch to organic farming.

In 2000, Mr. Gumatico started with a small-scale vegetable operation but was inspired to go organic after a visit to a farm in Jaro, Iloilo City.

“I started farming in 2000 but it was not yet organic. Then, I saw this farm somewhere in Jaro and I was inspired to shift to organic and I started joining conferences and training sessions on organic farming,” he told BusinessWorld.

A decade after his shift to organic farming, Mr. Gumatico owns a five-hectare organic operation supplying lettuce, cabbage, and other organic vegetables to his network of doctors as well as restaurants in Iloilo City.

He also raises livestock organically, including native swine and chickens, ducks, and goats.

“I encountered difficulties. There were failures every now and then because of the weather. Once all my 25 native pigs died due to bad weather. But I kept on going and I never gave up, and now my native pigs are pregnant,” he said.

Mr. Gumatico said that organic farming also helped preserve his health.

“It really helped me, particularly in look after my health. I am now 60 but I feel like I can still do so much more. If you want to stay healthy, you really need to change our lifestyle and I think through organic farming you will have the organic way and natural way of being healthy,” he shared.

Lily D. Salazar, 50, from Dumangas in Iloilo province was a struggling Yolanda survivor before she was introduced to organic farming.

The single mother of three said she has a stable income from producing and processing fresh oyster mushrooms organically.

“I am really happy and thankful to the government because now I have a stable income for my three children despite being a housewife,” she said.

Ms. Salazar is a member of the Dumangas-Barotac Mushroom Growers and Processors Association.

Through training and workshops, the association has been assisted by the Department of Agriculture Regional Field Office (DA-RFO) 6 through the DA-Rice Program Community-Based Mushroom Project (CBMP).

Both Mr. Gumatico and Ms. Salazar are among the minority of farmers that are committing to organic farming.

Without the use of pesticides and artificial chemicals, Elias V. Sandig Jr., assistant department head of the Iloilo Provincial Agriculture Office said organic farming can reduce farmers’ costs and revive the soil, making it more productive.

“Due to the decrease in organic matter, the capacity of our soil to hold water and fertilizer had been decreasing and as a result, the farmers have lower yields. Moreover, conventional fertilizer has been greatly affecting our soil by killing microbes and the earthworms,” he said.

Since 2010, Mr. Sandig said that the department has set a target of 24,000 hectares to be converted to organic farms.

Currently, he said the conversion target has been 38% achieved with 6,800 hectares of mostly coconut, banana, and rice now planted organically.

Region wide, the DA’s National Organic Agriculture Program (NOAP) estimates that the Western Visayas are now at nearly 90% of the program’s target.

“Out of the 32,231 hectares target for organic agriculture in the region, the DA in Region 6 reported 28,976 hectares of converted area equivalent to 89.9% as of the first quarter of 2019,” Julian Nicole Garcia, project assistant 3 of the DA national office said.

To further promote the organic industry in the region and the province of Iloilo, DA-RFO 6 conducted the Regional Organic Agriculture Congress at Casa Real de Iloilo on Sept. 16–18.

Among the participants were Ms. Salazar and Mr. Gumatico were participants at the trade fair organized alongside the congress.

Mitsubishi Motors to debut small electric SUV Concept

TOKYO — Mitsubishi Motors Corp. (MMC) will make its small plug-in hybrid electric SUV concept car world debut at the 46th Tokyo Motor Show 2019, which opens its doors to the public from Oct. 24 to Nov. 4.

Embodying the values of MMC’s brand message “Drive your Ambition,” the small electric SUV concept car pulls together the company’s electrification and all-wheel drive control expertise and technologies.

Under the concept of “An electric SUV that delivers unparalleled driving pleasure and confidence over all terrain in light and wind,” MMC will propose new values which combine SUV, PHEV and 4WD: The car will have a downsized, lower-weight plug-in hybrid EV (PHEV) drivetrain, as well as an electric 4WD system.

Mitsubishi Motors delivers a new kind of driving experience that an electric SUV realizes; one that offers reassurance and safety in everyday driving about town, while allowing drivers of all abilities to confidently push further over the unmade or rough road surfaces when engaging in outdoor activities.

In the Philippines, Mitsubishi automobiles are manufactured and distributed by Mitsubishi Motors Philippines Corp. (MMPC), one of the country’s leading automotive assemblers and distributors. It is the longest staying automotive company in the Philippines. Occupying a 23-hectare plant in Sta. Rosa, Laguna, MMPC’s manufacturing plant has a maximum production capacity of 50,000 units. MMPC locally manufactures the Mirage and Mirage G4.

BoK governor points to downside risks on Korea’s economic growth

DOWNSIDE risks in South Korea’s economy are outweighing upside ones, making it increasingly hard for the central bank to maintain its growth forecast that was already cut earlier this year, according to Governor Lee Ju-yeol.

The Bank of Korea in July reduced interest rates for the first time in three years and lowered its growth projection to 2.2% after assessing the impact of the US-China trade war on South Korea, which relies heavily on exports such as memory chips for expansion.

Even though the US and China are set to resume trade talks, a slowdown in the global economy is likely to persist and it’ll be some time before demand for memory chips picks up again, Mr. Lee told reporters on Friday evening.

“It will be tough to achieve the 2.2% growth projection,” Mr. Lee said. “Downside risks have been bigger than upside risks in the two months since our July forecast.”

South Korea’s economy is expected to expand 2% this year, the slowest pace since the global financial crisis, according to a Bloomberg survey of economists. Exports, the biggest growth driver, are headed for a 10th monthly decline, while consumer prices in August failed to gain for the first time ever.

Inflation will probably be below zero for “a couple of months,” Mr. Lee said, dismissing concerns about deflation as “excessive.” He blamed a potential negative reading for this month partly on the base effect from higher-than-usual food prices last year.

The central bank maintains an “accommodative” stance and will look at “every set of data possible” until the next rate decision scheduled for Oct. 16, Mr. Lee said. The U.S.-China trade spat and memory-chip exports, which account for roughly one fifth of overseas shipments, are the two most important factors he’s looking at, he said. — Bloomberg