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Time after time

By Alicia A. Herrera
Associate Editor

ANYONE with an interest in telling time — whether a connoisseur or a regular Joe — who is heading to Singapore anytime before Oct. 13 should drop by the Marina Bay Sands’ Sands Theater to see Patek Philippe’s Watch Art Grand Exhibition Singapore 2019. As one would expect, the exhibit features the watches of the brand, which is the last family-owned independent watch manufacturer in Geneva, but there is much, much more to it than static displays of the latest wristwatches. There are watches, both new and very old, artisans showing off their incredible skills, and even a bit of virtual reality. It is, more than anything else, a showcase of the company’s tradition of high-precision watch manufacturing and Haute Horlogerie.

The Watch Art Grand Exhibition Singapore 2019 is the fifth of a series of major exhibits by Patek Philippe, starting in Dubai in 2012, and on to Munich in 2013, London in 2015, and New York in 2017. The Singapore edition is the largest Grand Exhibition to date, with over 400 watches on display.

Spread out over 10 rooms purpose-built into the theater, the visitor gets an initial idea of what is in store at the theater’s foyer where a special exhibit — called the Singapore Historic Room — made up of booths cunningly decorated with paper art by Studio Marianne Guely, show off stunningly crafted clocks and watches. Each booth has a theme like “Strong National Identity” and “Unique Flora and Fauna,” and rotating dome clocks, wristwatches, and pocket watches featuring fine enamel work and marquetry by Patek Philippe.

ROOMS RECREATED
Entering the exhibit space, there is a small theater showing a two-part film on the history of the brand which serves as a foundation for what one will see further on.

After picking up an audio guide, one enters a bright pink room featuring the current collection of Patek Philippe watches — from its Calatrava Collection, to its Annual calendar Watches, the complicated World Time pieces, the elegant Gondolos, and its famed Nautilus — plus the limited-edition watches that were created especially for this exhibit. The watches are set up in show windows, and one can use the audio guide to learn more about their history and features. The room was designed to replicate the Patek Philippe Salons on the Rue du Rhone in Geneva.

From the present one then enters the past — a replica of the ornate Napoleon Room at the Patek Philippe Salons, with its heavily decorated walls and view of Lake Geneva, is a glimpse of history from a company whose roots extend back to 1839

BEAUTIES FROM THE PAST
The past comes into even greater focus in the Museum Room which features a selection of 119 watches from the Patek Philippe Museum in Geneva. Viewed together, they tell the story of the personal timepiece and how it developed (to be clear, not all the watches in this section were created by Patek Philippe).

As the collection’s catalog explains, “The ‘Antique Collection’ presents a magnificent panorama of the history of horology, with treasures including some of the very first portable watches, dating from the mid-16th century, together with richly enameled pocket watches, musical automata, and technical timepieces signed by the greatest European watchmakers.”

There is the Compass Rose pendant watch that dates back to 1548, a Renaissance verge clockwatch from 1560, and a gorgeously decorated “Love and Fidelity” pocket watch with chatelaine circa 1775, among many others. Quite a number of the watches feature automatons — moving figures — and were originally created with the Chinese market in mind. Among these are a pair of repeater pocket watches (circa 1815) which play music and have automatons in this case of “Venus Binding Cupid’s Wings,” and another pair made to look like roses (circa 1820) which also have music and automatons.

“The Chinese emperors always liked automatons and clocks,” explained Peter Friess, the Director and Curator of the Patek Philippe Museum, to visiting members of the Philippine press. “What the Swiss people in the 19th century, so 1810 around, they built little pocket watches but instead of having little dials showing the time, they put in the automatons. The Chinese were just crazy for these pieces.”

Also in this section is Queen Victoria’s Pendant Watch — decorated with lapis blue enamel and a bouquet of rose-cut diamond set roses, created by Patek Philippe around 1850. She liked it so much that she also got one for her beloved husband Prince Albert — in sky blue. They are both on view in the exhibit.

Important Patek Philippe watches can be found here. There is a movement incorporating Jean Adrien Philippe’s first stem-winding and setting mechanism (1842) — a system that is used in all mechanical watches, no matter what brand, today.

There is the very first Patek Philippe wristwatch (1868), which, according to the show’s catalog, “may be considered one of the first modern wristwatches,” a highly ornamented piece with enamel and diamonds, which was made for a woman.

And examples of the early versions of mechanical developments — day and date pendant watches, early perpetual calendar pendant watches, a grand complication pocket watch with minute repeating, split-seconds, chronograph, perpetual calendar and retrograde date… all the way up to the Calibre 89, a supercomplicated watch with an amazing 33 complications (a complication is any function that exists in addition to telling time).

HANDCRAFTING
After having seen all the beautiful timepieces, it is time to see how they are made.

First there is the Rare Handcrafts room, where artisans from the Geneva factory are bent over their work, the enameler daintily painting a tiger on a watch face with a brush as fine as an eyelash; an engraver carefully carving a bird which will be a moving part in one of the extravagant dome clocks; a marquetry artist creating the “dust,” the nearly microscopic pieces of wood that will be painstakingly put together to become a snake on the face of a wristwatch; and a guilloché engraver, using a machine that dates back to 1910 to create decorative patterns on pieces of metal which will never be seen by the watch’s owner since they will be used as part of the mechanism. They all patiently answer the curious visitors’ questions.

After watching a short movie on the various workshops, visitors step into a room which focuses on the watch movements — and where visitors sit in egg-shaped chairs, slip on a virtual reality headpiece, and, holding controllers, try their hand, virtually, to put a watch together.

In a nearby room, microscopes are set up so visitors can see all the tiny pieces that make up the various parts of a movement. Another room focuses on grand complications — which are aptly named as they are very complicated.

One then steps into a room where watchmakers are stationed, working on different sections of a watch. The young watchmakers — students at the watchmaking institute set up by Patek Philippe in Singapore — eagerly answer visitor’s questions about the work on view. When one sees just how tiny the pieces laid out on the trays they work with are, including nearly microscopic jewels and screws, one understands why watchmaking is work for the young — steady hands and clear eyes are absolute necessities for the art.

At the end of the exhibit, visitors can again try their hand at putting together a watch — a plastic model this time — have their photo taken in front of a Watch Grand Exhibition backdrop, an instant photo dropping out of a slot within seconds, and a “moving picture” sent to their e-mail addresses. Something to remember the exhibit by — unless they decide to purchase a Patek Philippe for themselves.

Volkswagen unveils Lavida Club Edition

Words and photos by Manny N. de los Reyes

VOLKSWAGEN celebrated its sixth anniversary in the Philippines with an expansive family-themed mall display held recently at the TriNoma Activity Center in EDSA, Quezon City.

The two-day event showcased Volkswagen Philippines’ six years in the local automotive scene, underscoring the Wolfsburg-based brand’s efforts to make German engineering and design more accessible to more Filipinos.

Highlighting the weekend celebration was an 8-car display of the Santana, Santana GTS, and Lavida with the Club Edition and Club Edition+ packages as dealer options.

The introduction of the Lavida Club Edition and Club Edition+ serves as Volkswagen Philippines’ “special gift” for all VW enthusiasts. This anniversary package includes accessories such as distinctive Club Edition decals, body kits (front and rear spoilers and side skirts), bigger and sportier 18-inch rims and wheels, and a touchscreen audio package with a Kicker speaker system (for the Club Edition+) — for just an additional P129,000 for the Club Edition and P179,000 for the Club Edition+ to go on top of the P1,171,000 retail price of the Lavida.

The Lavida was introduced to the local market in 2018. It was positioned to become not just the “smart choice” but the ideal sedan that combines performance, comfort and convenience, and safety.

The performance comes from the Turbocharged Stratified Injection (TSI) with BlueMotion engine mated to a 7-speed DSG transmission, producing numbers remarkable for its category — 130ps at 5,000rpm and 225Nm of torque from 1,400 to 3,500rpm. It’s equipped with climatronic air-conditioning, cruise control, push/start stop, leather seats and a sunroof.

The Lavida comes with a slew of safety features — Electronic Stabilization Program (ESP), Hill Hold Control, front and rear Park Distance Control, tire pressure monitors, front and side air bags, and ISOFIX child seat anchors.

The vehicle displays were symbolic of the Volkswagen brand that has won awards from reputable automotive journalism bodies such as the Car Awards Group, Inc. (Car of the Year-Philippines), Sunshine Television Ventures (Auto Focus People’s Choice and Media’s Choice), and C! Magazine (C! Awards).

Volkswagen Philippines also held the 54th activation of its Child Safety Initiative (CSI) campaign with its Steps to Safety module that addresses pedestrian safety for kids and parents. The CSI campaign, which has benefited 11,114 kids and 7,939 parents since it began in 2015, has been recognized by the prestigious Anvil Awards, the Driven to Serve Awards of the Society of Philippine Motoring Journalists (SPMJ), and the Stig Awards of Top Gear Philippines.

In his welcome remarks, Volkswagen Philippines’ President Felipe Estrella characterized the first six years of the company as “growing the family.”

“For us at Volkswagen Philippines, it has always been about getting the family involved in experiencing the motoring lifestyle and experience that only Volkswagen cars can offer. Volkswagen Philippines may have been back in the country for just six years, but the global history and heritage of the Volkswagen brand has been around for many generations,” Mr. Estrella explained.

He also revealed that there are now around 6,000 Volkswagen customers. “Our birthday wish is for our community and ‘family’ to increase. For every client driving out of our dealers with his or her new Volkswagen car, that wish is being granted.”

To grow this Volkswagen family further, Mr. Estrella said that Volkswagen Santa Rosa in Laguna province was inaugurated last Aug. 16, and soon, its first dealership in Mindanao — Volkswagen Cagayan de Oro — would also open.

To entice even more Filipinos to drive away in a Volkswagen, special cash discounts have been offered for the Lavida (less P85,000), Santana MPI MT (less P30,000), and Santana MPI AT S and SE (less P10,000), to go on top of the free Periodic Maintenance Services (PMS) for the first three years for these models.

Volkswagen Philippines has eight dealerships across the Luzon and Visayas regions: Volkswagen BGC at 938 28th Street City Center, Bonifacio Global City, Taguig City; Volkswagen Quezon Avenue at 1229 Quezon Avenue, Quezon City; Volkswagen Pampanga at McArthur Highway, Dolores, City of San Fernando, Pampanga; Volkswagen Alabang at Madrigal Business Park, Alabang-Zapote Road; Volkswagen Santa Rosa along the Santa Rosa-Tagaytay Road in Laguna; Volkswagen Cebu at A. Soriano Avenue, North Reclamation Area, Cebu City; Volkswagen Iloilo (Taft North, Mandurriao, Iloilo City); and Volkswagen Bacolod (along Araneta Street, Singcang, Bacolod City).

PCC wants farmers to be more prepared for competition

By Gillian M. Cortez
Reporter

THE Philippine Competition Commission (PCC) said the government should do more to prepare farmers for competition, citing the example of rice farmers, who were not ready to compete with cheaper foreign grain when imports were opened up.

PCC Chairman Arsenio M. Balisacan said the government should invest in agricultural productivity, and not just in rice, where farmers have been exposed to competition with exports under the Rice Tariffication Law.

Mr. Balisacan said there are “many things (that) affect profitability” of farmers which should be addressed by the government.

“We need to raise productivity of farmers. Government should put more resources in agriculture particularly in irrigation; research and development; access to credit; access to information and technology,” he told BusinessWorld.

He added “The long-term problem with agriculture is our inability to raise productivity. That has been our problem for decades. You have to invest in infrastructure, irrigation, new varieties, and animal species.”

He noted that the Rice Tariffication Law already protects farmers with a high level of tariffs for imports, which he describes as the “highest tariffs” for any sector of the economy.

The PCC is currently investigating uncompetitive practices in the rice industry, after traders turned unwilling to offer “fair” prices to farmers due to competition from imports, which are cheaper than domestic rice despite the high tariffs. The inability of private traders to buy palay, or unmilled rice, at anywhere near the government support price of P19 per kilogram has forced government agencies to organize direct-buying initiatives to prop up farmer incomes.

At the same time, retail prices have not fallen as much as expected, suggesting that middlemen have been reaping the benefits of still-high selling prices alongside falling acquisition costs.

Mr. Balisacan said he cannot reveal much about the investigation but added, “We have done our initial scoping and our initial study of the sector.”

“We are seeing what accounts for this behavior in the market; why the retail prices are still what is expected; and why the farmgate prices have fallen sharply,” he added.

How to make a beautiful watch

Wristwatches featuring delicate marquetry faces

AN incredible amount of work goes into one of Patek Philippe’s handcrafted watches, those which are elaborately decorated with enamel, etching, and marquetry.

Sandrine Stern, Head of Creations of Patek Philippe, gave members of the Philippine press an idea of what goes into these watches during an interview at the opening of the Watch Art Grand Exhibition at the Marina Bay Sands in Singapore.

For each of the special exhibits — the Singapore version in the fifth and the largest so far — she does considerable research.

“I am involved for two years now to achieve all these beautiful watches and to find the right subject for the right country; to research on the culture, on the fabrics, on historical parts,” she said of the special watches. “It was very interesting because as soon as you start to do some research, you start to be interested by the country also. And you want to learn and you want to understand. It’s a nice way — you do not only have the creative part as when you do some watches for the Basel fair or like that, but when you do something for a specific country, you have to be interested in it. If you are not, you will be wrong in terms of choice,” she explained.

Making that choice is just the first step.

“Sometimes,” she said, “the design comes very quickly and sometimes, it takes time because you have to adapt the design with the technique.”

There are many decisions to be made when making a watch: first, the subject. Then the actual design, and then the drawing has to be adapted depending on the chosen technique to be used — marquetry (the art and craft of applying pieces of veneer to a structure to form decorative patterns, designs or pictures) or enamel, sometimes cloisonné style. That requires discussion with the actual artist who will make the piece. “It’s teamwork,” she said. “The designer will not do the drawing on the side and the artist on the other side. It’s really teamwork together and [the artist] saying this kind of thing, we can do it, maybe I [as the designer] have to change this and this.”

She used the example of making a watch face design using marquetry.

“First of all, you have to be sure that you have the design but then he (the artist) has to take all the little pieces for the face, for the flower, and then choose the wood. Sometimes, some part of the design has to be bigger or smaller depending on the wood you will use. It’s a lot of work… Once again, it won’t be fair to talk only about the time it will take to do the marquetry because all the design [takes time also]. Then the marquetry and then, you know, to assemble the watch, to everything.

“We talk always about three months if you really need to have something.”

And she took pains to point out that unlike in other companies, their artists do not work assembly-line style, rather one artist is in charge of one watch face from beginning to end.

“The customer wants to buy unique watches also so we do not want to do it ‘you do this part and you do this part’ on the same watch,” she said. “The person who will start enamel, for example, on one dial will start from the beginning until the end. Always. But, other brands, you can find he will put the green, [then] he will put the red, and [then] he will put…,” pointing around as if at different workmen. “We are not working like that. And I will never work like that. Never.”

Gesturing around the exhibit she noted that, “All the watches you see, they are unique. But for the wristwatch, we have small series between five and 10 maximum. All the watches that you see here are not prototypes. The ones you see, the customer will purchase.”

The company has just 10 artists in the fine handcrafts section, so those who are at the Singapore exhibit are working on actual projects — the tiger watchface that the enameler is working on, for example, will end up on one of Patek Philippe’s watches.

And craftsmen are increasingly rare these days, she noted, pointing out that there are just two schools in Geneva where the enamelers can train and one in Paris for engravers. But even then, just because one finishes in these schools does not mean that they have the skills needed to work in Patek Philippe.

“It’s not good to have someone who will teach you everything from the beginning until the end. This work is not working like that. You have to do your own experiences, your own research, your own frustration. It’s true. This kind of work cannot be learned in three or four years. It’s a lifetime,” she pointed out.

Asked if there are still young people in Geneva who want to be craftsmen, she said there are, but pointed out that “There’s a huge difference between ‘I would like to be’ and ‘to be.’ It’s a long experience and the experience will talk if they will be able to do it or not. But, yes, we have a lot of demand but sometimes they do not understand how will be the work. This is the only point.”

She demures when asked if she has a favorite watch, explaining that she feels it is unfair to her artists to choose one.

“I cannot answer and I will tell you why. All the artists who work on the watches here, they give the best of them. Telling I prefer this one or this one won’t be fair for the other one. I prefer to say I love all of them. It’s true. When you know how many months they work on it, it’s difficult to say I prefer one. Even if it seems to be easier at first look, maybe it was the last part of the old pocket watch so that’s a huge responsibility because many works was done before. So, I cannot say that I prefer this or this.”

The Watch Art Grand Exhibition: Discovering the World of Patek Philippe is ongoing until Oct. 13 at the Sands Theater, Marina Bay Sands, Singapore. — A.A. Herrera

SEC urged to revive proposal to increase minimum public float

Securities and Exchange Commission (SEC) logo

By Denise A. Valdez
Reporter

THE Philippine Stock Exchange (PSE) is urging the Securities and Exchange Commission (SEC) to pursue its plan to raise the minimum public ownership (MPO) requirement for listed firms.

Ramon S. Monzon, president and chief executive officer of the local bourse operator, told reporters over the weekend that he is set to meet with the SEC on Wednesday to discuss the MPO hike plan.

“We’re pushing them to (do it). Two to three years ago, they came up with the draft circular increasing the MPO to 20%. Nawala na lang bigla [But it disappeared]. Sabi namin [We said], we want them to pursue that. We’re supporting that,” Mr. Monzon said.

The SEC had been planning to raise the MPO for publicly listed companies to 20% since 2017, double the 10% MPO requirement which has been in place starting 2011.

But the change in rules two years ago was limited to companies conducting an initial public offering. The MPO for listed companies remained at the 10% level.

SEC Commissioner Ephyro Luis B. Amatong said in August the plan now is to require a 20-25% MPO for publicly listed firms, higher than the 15-20% it was targeting earlier, which companies would have to comply with within five years.

Under this current plan, companies will be allowed to submit their own timetable in complying with the minimum public float adjustment.

There are 266 listed firms at the PSE before Monday, and the SEC said 68 of these would be affected by the MPO policy change once it is implemented. The PSE had also said earlier that the bulk of the listed firms already have a public float of between 45-47%.

Of the 30-member PSE index, only four companies will have to adjust: Aboitiz Power Corp. which has a public float of 19.15%; Globe Telecom, Inc. with 21.65%; Manila Electric Co. with 20.98%; and San Miguel Corp. with 15.94%.

The SEC had said adjusting the MPO is seen to improve market efficiency as the increased liquidity would help reduce market volatility, lower the chances of price manipulation and overall encourage good corporate governance.

Mr. Monzon also commented on the SEC’s release of regulatory adjustments for real estate investment trusts (REITs) on Friday. He said with the MPO reduction to 33% within the first year from 40% in the previous rules, the PSE hopes to see at least one REIT listing before the year ends.

“Finally, the SEC revealed the draft rules. They did some amendment, nilabas na nila [it was already released] for public comment. Hopefully that should come out by this month, October,” he said.

The government sought to encourage REIT listings since 2009 when the REIT Act was signed, but not a single REIT has been launched in the country in the past 10 years.

Toyota Fortuner gets updated with Apple CarPlay and Android Auto

TOP AUTOMOTIVE manufacturer Toyota Motor Philippines (TMP) has updated the infotainment system of its best-selling midsize SUV, the Toyota Fortuner. All six variants of the Fortuner will now have Apple CarPlay and Android Auto mobile compatibility features pre-installed.

Aside from this software upgrade, the head unit’s hardware also receives significant changes such as a new dedicated SD card slot for multimedia, 6.75-inch total screen size, and 512MB of RAM with 8GB of ROM (both previously at 256MB). The updated Toyota Fortuner is now available in all 70 Toyota dealerships nationwide.

“Toyota listens to the demands of the local market, and we are always on the lookout when it comes to adapting technologies that make driving easier, safer, and more enjoyable for everyone,” said TMP First Vice President Cristina Arevalo. “Equipping the Fortuner with Apple CarPlay and Android Auto is something our customers will surely appreciate.”

Apple CarPlay and Android Auto are both smartphone mirroring services that allow drivers to focus on the road with quality-of-life features such as GPS navigation, music playback, and managing texts and calls, all through the vehicle’s built-in display.

Their common goal is to minimize driving distractions by making it easy for drivers to control these factors by using voice commands, touchscreen panels, and traditional knobs or buttons in their car’s infotainment setup.

“We’re confident that this much-anticipated set of software and hardware improvements will make the Toyota Fortuner even more appealing to its target market,” she added.

Year-to-date, the Toyota Fortuner already sold a total of 12,519 units, again cementing its status as the SUV of choice among Filipinos. Next to Metro Manila, Toyota Fortuner sales in terms of volume are strongest in Calabarzon (Region IV) and Central Luzon (Region III) areas.

The Toyota Fortuner’s official variants and pricing are as follows: the entry-level 2.4 G Dsl MT at P1,607,000, the 2.7 G Gas A/T at P1,612,000, the 2.4 G Dsl A/T at P1,697,000, the 2.4 TRD Dsl A/T at P1,791,000, the 2.4 TRD Dsl A/T (White Pearl) at P1,806,000, the 2.4 V Dsl A/T at P1,921,000, the 4×2 2.4 V Dsl A/T (White Pearl) at P1,936,000, the 2.8 V Dsl A/T at P2,260,000, and the top-of-the-line 4×4 2.8 V Dsl A/T (White Pearl) at P2,275,000.

Wood industry urges passage of forestry management bills

THE wood industry said it is hoping for the passage of legislation on land and forest management, which it expects to attract investment in the forestry sector from both domestic and foreign sources.

“Those bills that have been sitting in Congress for so long (and I hope they are) passed, to encourage investors, foreign or domestic,” Charlie H. Liu, chairman of Philippine Wood Producers Association (PWPA), told BusinessWorld via phone.

A number of bills are pending in Congress include the proposed National Land Use Act; the proposed Forest Limits Act, which allows Congress to delimit forest land and national parks where conservation measures will be in force; and the proposed Sustainable Forest Management Act, which seeks to prescribe sustainable forest management of former mine sites, as well as to regulate the use of forest resources, including those within ancestral land.

He said more business-friendly policies are needed at a time when Chinese companies are building their wood processing facilities in Vietnam to avoid tariffs imposed during the trade war.

“Four years ago, wood products (exported from China to Vietnam) were worth roughly about $5 billion. This year they will probably hit $10 billion and in the next five years it is estimated they will hit $20 billion,” he said.

“This would have been an opportunity for us to go into wooden furniture,” he added. About 500,000 jobs can also be generated starting from planting trees, to harvesting, and processing these through an investment of P100 billion to reforest one million hectares of forest land.

Mr. Liu said that the industry was adversely affected by the implementation of Executive Order (EO) No. 23, which was signed Feb. 1, 2011 by President Benigno S.C. Aquino III. This forced manufacturers to depend on imported wood for processing into export furniture.

According to government data, in July this year, exported forest products accounted for only 0.5% of the $413.4 million worth of agro-based exports, which are dominated by coconut, sugar, and fruits and vegetables.

“I think for sure we are importing more than $200 to 300 million worth of forest products a year to supply our domestic market. This does not include importation for re-export,” Mr. Liu said, adding that suppliers are territories with sustainable forest farms in Europe, North America, and Australia. “Trees should be treated like agricultural products,” he said.

The EO declared a moratorium on the cutting and harvesting of timber in natural forests. This prohibits the Department of Environment and Natural Resources (DENR) from issuing new logging contracts or agreements in all natural and residual forests, as well as other agreements which would involve logging.

Issuing or renewing tree cutting permits is also prohibited under the EO, except for road clearing for right of way by the Department of Public Works and Highways, site preparation for tree plantations, and other activities that would require the need to cut trees, on condition that the logs will then turned over to the DENR for disposal. — Vincent Mariel P. Galang

Automata and the Chinese market: choosing watches for a grand exhibition

WHEN DEVELOPING the new Watch Art Grand Exhibition: Discovering the World of Patek Philippe, Peter Friess, the director and curator of the Patek Philippe Museum, had to decide which watches to bring to Singapore.

“The selection process is a long process because we asked our staff working here in Singapore: what are you interested in? We asked what would you like to see here, what do you think are the people mostly interested in? It was a process of many people over a year or more to select those pieces and every watch we brought here has its own history,” he told members of the Philippine press who visited the exhibit just before it officially opened on Sept. 28.

“There are certain pieces which are absolute musts when it comes to the history of Patek Philippe, like the first perpetual calendars, the Calibre 89, the first wristwatch made by Patek Philippe in the late 19th century. They are pieces I would bring everywhere because they are so essential,” he said.

“But then there are pieces like the automatons, the little pocket watch automatons, we did not have in America so much, in New York,” he said, referring to the Patek Philippe exhibit in New York in 2017. The watch company — the last family-owned independent watch manufacturer in Geneva — held the first Watch Art Grand Exhibition in Dubai in 2012, whose success led to presenting the exhibit in Munich in 2013, London in 2015, and New York in 2017.

There are quite a number of automatons in the Singapore exhibit and this is due to their history in the region, he explained.

“The automatons, in the 17th century, the Jesuits they went to China and in order to get access to the emperor, they brought clocks,” said Mr. Friess. “They brought the clockmakers with them because it’s like today, when you sell weapons, you have to bring the technicians otherwise you cannot use them. They had to bring the clockmakers in order to keep them running all the time. For the Jesuits, it was a nice way to have personal contact with the emperor because they were living in the palace.”

Mr. Friess noted that “The Chinese emperors always liked automatons and clocks. What the Swiss people in the 19th century, so 1810 around, they built little pocketwatches but instead of having little dials showing the time, they put in the automatons. The Chinese were just crazy for these pieces.”

It is this bit of horological history plus a knowledge of what is of interest in the Asian market that led to the choice of watches to display. “We thought this would be a good thing to bring here because it’s closer to the society than anything else. We brought a large number of this kind of watches with nice enamel painting, with pearls, which kind of meets the taste of what you’re used to here. That’s why we brought so many of those,” said Mr. Friess.

PUTTING TOGETHER AN EXHIBIT
Mr. Friess noted that although they have been putting up Watch Art Grand Exhibitions for several years, it is not just a matter of repeating what they had done in the past. “This is a concept we’ve been using since 2012 so the look and feel of the show is — everywhere we go — kind of the same. But it’s always specifically adapted, even the architecture — the architecture you see here, you cannot use somewhere else,” referring to the gigantic Sands Theater where this year’s exhibit has been set up.

“I would say from one show to the next, we need two years to organize the location, to get the permits, to find the right place, to make it a really nice event for everybody who is coming. That takes about two years, and everybody who works on this exhibition has to do other work as well. It’s not our top priority and we do this on the side,” he pointed out.

What is unique in the Singapore exhibit, he said, is its focus on handcraft.

“We focus a lot on handicraft because we see that there is a craftsmanship, there’s a skillset in that region, which people resonate to. That’s why we focused very much on our craftsmen. We brought even more craftsmen and artisans here than we ever did before. You have the marquetry here now; they bring their tools and they work all day long. When you look at the watches we brought specifically, we brought watches that we did not show in New York or Munich. We address the interests of the market.”

And that market is not necessarily made up of watch connoisseurs.

“Everything we do here, like the audio tours, are addressed to the people who are seeing the watches the first time. We expect that they can read the time but beyond that, we start always at zero,” said Mr. Friess.

Even non-connoisseurs can appreciated one very important Patek Philippe invention.

“I think that every mechanical watch you buy today, no matter which brand, does have a crown… which you pull for adjusting the hands,… push in for winding the watch. [This] is an invention from Mr. Philippe and that’s how the company started. That’s the big message. Whenever you see a crown, you have to think about Patek Philippe — no matter which brand you buy.”

The Watch Art Grand Exhibition: Discovering the World of Patek Philippe is ongoing until Oct. 13 at the Sands Theater, Marina Bay Sands, Singapore. — A.A. Herrera

Ayala Land may delay REIT offering to 2020

AYALA LAND, Inc. (ALI) may postpone its real estate investment trust (REIT) offering to next year, as it waits for the final guidelines to be released by the Securities and Exchange Commission (SEC).

“If we can get it this year, or early next year, we’ll just adhere to the SEC timeline, which is really now about the release of the new guidelines,” ALI Chief Finance Officer Augusto Cesar D. Bengzon told reporters last week.

The listed property developer in April said it will place its prime office assets in the Makati Central Business District under a REIT valued at $500 million. The company then said it can conduct the REIT offering under existing SEC rules, in a bid to have the first such listing in the country a decade after Republic Act No. 9856 or the REIT Act of 2009 was implemented.

Mr. Bengzon however noted that the commission would prefer that all companies follow the latest guidelines for such a listing.

“We’ve done quite a bit of work already. It will just need some tweaking when the new rules come out, tweak the prospectus and the registration statement,” Mr. Bengzon said.

Sought for comment on when they can release the final rules, SEC Commissioner Ephyro Luis B. Amatong said they hope to finish it within the year.

“It depends on the number and complexity of the comments we receive,” Mr. Amatong said in a text message.

The SEC on Friday released the draft rules for REITs, which sought to lower the public ownership requirement for REITs to 33%, from the current 40% on the first year which should be raised to 67% on the second year.

Mr. Bengzon said they may reduce their REIT’s public float in line with the new rules. Capital raised is still expected to be within the $300-million level.

Other changes include the requirement to reinvest all proceeds of a REIT offering into the Philippines, in order to promote growth in the capital market and Filipino participation in real estate.

The SEC also wants to create a special committee that will review related party transactions (RPT) for REITs. This will tighten the corporate regulator’s review process for RPTs.

Meanwhile, REIT fund managers will have to secure a license from the SEC, provided that they have a minimum paid-up capital of P10 million for both domestic and foreign firms. This levels the playing field for foreign firms, which are currently required to have a paid-up capital of at least P100 million.

The SEC further adjusted the required track record of officers of a REIT property manager to three years, from the current requirement of five years.

Comments on the proposed guidelines may be submitted to the commission until Oct. 18.

CREDIT RATING
Meanwhile, ALI secured the highest credit rating of its P10-billion fixed rate bonds to be issued next month, according to local debt watcher Philippine Rating Services Corp. (Philratings).

In a statement, Philratings said the bonds with a PRS Aaa rating are of the highest quality with minimal credit risk, with the issuer having an “extremely strong” capacity to meet its obligations. The rating also carries a stable outlook, which means it is unlikely to change in the next 12 months.

Philratings said it took into account ALI’s well-diversified portfolio, sustained healthy outlook for the economy and real estate industry, continuously growing profitability, and sound capitalization.

The bonds will be split between tenors of two years and 7.25 years, as the company said there is demand for short-term offerings. This will be the third issuance out of ALI’s P50-billion debt securities program. It previously raised P8 billion and P3 billion in May and September, respectively. — Arra B. Francia

Hyundai, Lalamove team up to move businesses forward

HYUNDAI and Lalamove, the leading on-demand delivery service in Asia, have announced a partnership that allows business owners to get the most out of their Hyundai H-100 trucks. The program aims to empower micro, small, and medium enterprises (SMSEs) and large corporations alike by reducing transportation costs, expanding consumer reach, and helping ensure on-time deliveries.

Hyundai Asia Resources, Inc. (HARI) President and CEO Ma. Fe Perez-Agudo was enthusiastic about bringing this partnership to Filipino entrepreneurs. “Hyundai and Lalamove speak the same language when it comes to transportation. One of Hyundai’s advocacies is sustainable mobility, and we are so excited to contribute to this by marrying the strength, durability, and efficiency of the H-100 with Lalamove’s wide network of partners and convenient user interface,” she said.

The partnership will deliver several benefits and perks to Lalamove partners using H-100 vans, including deep discounts for parts and service, faster turnaround on preventive maintenance service (PMS), fixed rates for picking up and delivering units for PMS, and a program for fleet expansion and refleeting.

The Hyundai H-100 is a versatile light truck designed to excel at transporting cargo and passengers alike, thanks to its powerful engine and wide wheelbase. Its 2.5-liter CRDi Euro 4 engine delivers cutting-edge fuel efficiency while adhering to modern standards of reduced carbon emissions.

The H-100’s payload capacity of 1335 kilograms is the best in its class. Aside from cargo capacity and fuel efficiency, the H-100 prioritizes the driver’s comfort. An adjustable driver seat and centrally mounted, all-round ventilation with optional air-conditioning make long hauls a breeze.

The truck will also stand the test of time, with each vehicle undergoing a 7-dip electrodeposition process to produce a durable and rustproof coating. Every H-100 is backed by Hyundai’s best-in-class 5-year Unlimited Mileage Warranty, ensuring that owners and drivers get the most out of their truck.

The Hyundai H-100 will help power you into a bright future as a Lalamove Partner with its best-in-class payload capacity and cutting-edge fuel efficiency.

Dannah Majarocon, managing director of Lalamove Philippines, said, “Lalamove’s mission is to empower local communities. This means providing our partner drivers with a source of livelihood. The H-100 is a durable and versatile vehicle that is fully equipped to do this and to satisfy our customers’ delivery needs. On top of that, Lalamove will have easy access to PMS and parts given Hyundai’s ever-growing nationwide network of dealerships.”

Ms. Agudo concluded: “This partnership targets the ‘last mile’ logistics challenge for businesses and end customers. The H-100 and Lalamove will ensure that partners get to maximize profit without having to maintain their own fleet.”

House bill proposes national level coordination of coastal policy

A LEGISLATOR has filed a bill proposing a scheme for sustainable coastal management which creates a national committee to coordinate the efforts of local governments.

Las Piñas City Rep. Camille A. Villar filed House Bill No. 3315 which if passed will become the Integrated Coastal Management Act. It hopes to create a National Coordinating Committee on Integrated Coastal Management.

The committee, as proposed, will “formulate, institute and implement the country’s national policy on coastal management aimed at ensuring the sustainable development of the coastal and marine environment and resources.”

Under HB 3315, local government units are to submit their coastal management plans to the committee.

The committee, through the help of the Department of Environment and Natural Resources, also has the power to grant incentives to LGUs which perform well in the development and implementation of their respective coastal management plans.

Ms. Villar noted that coastal environments such as mangroves, seagrass beds, and coral reefs are key sources of livelihood.

“They are among the most productive and biologically diverse landscapes known to man. Coastal and marine areas are vital sources of food, minerals and raw materials, as well as a natural setting for sports, recreation, and other social and cultural activities, while marine-related economic activities, including fisheries, marine transportation, tourism, coastal mining, and offshore oil and gas development make significant contributions to a country’s GDP as well as provide livelihood and employment opportunities to coastal communities,” Ms. Villar said in a statement.

The bill also requires each province to organize a scientific advisory group to help vet coastal management plans.

“The bill (also) aims to achieve food security, poverty alleviation… respect for sustainable traditional resource rights of indigenous peoples, and to reduce vulnerability to climate change, and human-induced and natural hazards,” Ms. Villar added. — Vince Angelo C. Ferreras

Local weaves are now in fashion

IN WOVEN textile lies a fingerprint not only of the actual person who made it, but the communities that inspire it.

Habi: The Philippine Textile Council is opening its doors from Oct. 11-13 for the 9th Likhang Habi Market Fair at the Glorietta 3 Activity Center in Makati City.

This year’s theme is “The Highlights of our HABI Journey.” The fair will feature a Habi Craft Corner where visitors can learn the basics of weaving using pure Philippine cotton and other natural local fibers, and create their own woven products. Habi goers can also participate in the Community Craft Loom and learn modern weaving using different materials, textures, colors, and weaving techniques. There will also be workshops on macramé,the art of knotting.

The Likhang Habi Market Fair will also have a baybayin workshop with lessons on writing and understanding the pre-colonial writing script of the Philippines. Cultural dance performances, traditional Filipino music from different regions of the country, and Filipino art installations will also be part of the fair, leading to a holistic educational experience on Filipino heritage and identity.

“We encourage Likhang Habi fairgoers to immerse themselves in the beautiful weaving communities and traditional textiles of our country,” said Habi Chair Maribel Ongpin in a release. “We will have participating weavers from Luzon, Visayas, and Mindanao so the opportunity to learn at the fair is endless.”

Fifty-two merchants from all over the Philippines will participate this year. The fair will also showcase sustainable and ethical fashion and other lifestyle products using traditional textiles such as habol negrense from Negros Occidental, yakan from Basilan, inaul from Maguindanao, binubudan from Ifugao, binakol and abel from Ilocos, and tepina from Palawan, among others. During the fair, talks about sustainable shoemaking and the local shoe industry will also be a highlight.

The fair will also see the awarding of the 2nd Lourdes Montinola Piña Prize, which recognizes exceptional craftsmanship and mastery of the delicate process of turning pineapple threads into works of art.

Several merchants will also present contemporary Filipino fabrics such as cotton ikat and cotton abaca, the result of combining pure Philippine cotton with other indigenous fabrics. Promoting the use of pure Philippine cotton is one of the long-term commitments of HABI.

“There is an abundance of beautiful fabrics in the Philippines and we want to show that these fabrics from different corners of the Philippines can be a part of our modern lifestyle,” said Habi President Adelaida Lim.

BusinessWorld’s cursory look at Habi’s offerings during a preview last month in Makati yielded items that were quite young-looking, fit to be seen on the hands and hips of Manila’s young and stylish set.

“Surprisingly, native textiles are a current trend. There are backpacks, laptop cases and note pad covers using traditional textiles. In addition, designers are using it for casual, affordable clothing. There are buyers for these things, or why would designers be making them? Buying local is cool,” Ms. Lim told BusinessWorld.

Marking nine years in the fair circuit, Ms. Lim talks about the achievements the fair has had. “While we are still working on reviving the cotton industry, we feel that the promotion of indigenous textiles is quite successful. Today we are seeing a resurgence is the work of handloom weavers. They are far busier now than when Habi first encountered them. The weavers are also now able to demand more for their work. In addition, we are seeing a definite interest in local handwoven fabrics. Designers are using indigenous textiles in their fashion shows and RTW lines.”

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