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BCDA sees Filinvest Clark project eventually generating 1 million jobs

THE Bases Conversion and Development Authority (BCDA) said the completion of Filinvest Land, Inc.’s (FLI) project in New Clark City (NCC) will generate up to a million jobs.

BCDA President and Chief Executive Officer Vivencio B. Dizon told reporters in Capas, Tarlac last week, however, that the employment estimate will be realized after some 25 years after the 288-hectare project is completed.

The project, which will be developed jointly by FLI and the BCDA, is intended for locators in the logistics and industrial segments, and will feature mixed-use development.

Another employment generator in the Clark corridor is the 500-hectare Chinese industrial park slated for groundbreaking this year, according to Mr. Dizon.

BCDA and China Gezhouba Group Co. Ltd. signed a partnership deal in November during the visit of Chinese President Xi Jinping to develop the industrial park which will be used by light to medium manufacturers.

The completion of the first phase of the FLI projects and that of the China-based firm, both expected next year, can immediately generate 100,000 jobs.

Mr. Dizon said employers in Clark will “predominantly” hire locals.

Elsewhere, Mr. Dizon noted that the BCDA is negotiating with over ten firms interested in developing areas within the NCC but declined to identify them, pending completion of the talks.

“Madami, may foreign may local, halos equal (There are many, foreign and local, almost equal),” Mr. Dizon added.

NCC is approximately 9,450 hectares, of which around only 4,000 hectares have been secured for development.

Among the projects of the BCDA in the NCC are the 220-hectare National Government Administrative Center, developed in partnership with MTD Philippines, Inc.; its joint venture agreement with the PrimeWater consortium for water and wastewater services; and its joint partnership with the Meralco-Marubeni Consortium composed of Manila Electric Co, Marubeni Corp., Kansai Electric Power Co., Inc., and Chubu Electric Power Co., Inc. — Janina C. Lim

Weaving new life into Iloilo’s hablon

By Emme Rose S. Santiagudo
Correspondent

ILOILO CITY — Connie M. Atijon, a master weaver of Iloilo’s hablon cloth, believes that the younger generation can be enticed to appreciate and keep alive the fading tradition.

Her son Franco is living proof.

The mother-and-son team, along with other weavers mostly from the town of Miagao, recently conducted lectures and hands-on demonstration of hablon — a Hiligaynon word that refers to both the weaving process and the finished fabric — organized by the National Museum Western Visayas in Iloilo City.

The event was attended by students of different age groups from public and private schools and universities, men and women from public and private institutions, and even tourists.

“Mostly, the teenagers want to play rather than learning hablon weaving. I hope they give time to learn how to weave,” Ms. Atijon said in an interview.

Her son Franco, who assists in the family’s weaving business, stressed that the tradition need not only be for women.

“Anyone can learn hablon weaving. It’s not only for women, even us men can learn weaving,” he said.

One of the participants, tourist and local product enthusiast Yeti T. Arbiz, said experiencing the actual weaving process on the terol (loom) deepens one’s appreciation of culture and tradition.

“It’s a bit complicated at the start, but it gets easy later (on). The experience is fulfilling because you get to go back in our own heritage and culture,” she said.

“Not all teenagers could be able to experience hablon weaving, but they should know the culture of hablon at least. Usually, most of them lack the basic idea on various Ilonggo cultures,” Ms. Arbiz added.

Historical records show that traditional weaving in Iloilo, which used to be a major industry in the province, started to fade in the late 1800s when sugarcane production became highly profitable.

Efforts to revive the tradition are growing, with Miagao town receiving various grants for projects to support the textile industry.

Among these is the Cotton Development Program initiated by the Philippine Fiber Industry Development Authority, while the Department of Science and Technology-Philippine Textile Research Institute, together with the Iloilo Science and Technology University, is building a P41.6-million Regional Yarn Production and Innovation Center.

At the 5th Quanzhou Maritime Silk Road International Brand Expo (MSREXPO) held on April 18 to 21, Iloilo was the only Philippine representative and showcased food, lace and embroidery products, and the hablon collection of designers Jackie Peñalosa, Girlie Flores of Balai Hablon, and Hector Gellangarin.

Asian economies set to dominate 7% growth club during 2020s

SINGAPORE — The 2020s are set to be the Asian decade, with the continent dominating an exclusive list of economies expected to sustain growth rates of around 7%.

India, Bangladesh, Vietnam, Myanmar and the Philippines should all meet that benchmark, according to a research note Sunday from Madhur Jha, Standard Chartered’s India-based head of thematic research, and Global Chief Economist David Mann. Ethiopia and Côte d’Ivoire are also likely to reach the 7% growth pace, which typically means a doubling of gross domestic product (GDP) every 10 years. That’ll be a boon to per-capita incomes, with Vietnam’s soaring to $10,400 in 2030 from about $2,500 last year, they estimate.

The South Asian members of the group should be GDP standouts as they’ll together account for about one-fifth of the world’s population by 2030, Standard Chartered reckons. The demographic dividend will be a boon for India, while Bangladesh’s investments in health and education should juice productivity.

The Asian dominance of the list is a change from 2010, when the bank first started tracking the economies it expected to grow by around 7%. Back then, there were 10 members evenly split between Asia and Africa: China, India, Indonesia, Bangladesh, Vietnam, Nigeria, Ethiopia, Tanzania, Uganda, and Mozambique.

China is a notable absence from the latest ranking after being a member of the club for almost four decades — reflecting both a slowdown in economic growth and a progression toward higher per-capita incomes that makes faster growth rates more difficult to sustain. Standard Chartered estimates the world’s No. 2 economy will keep up a 5.5% economic growth pace in the 2020s.

Sub-Saharan African countries also have faded, which the analysts attribute to “waning reform momentum, despite a slowdown in commodity prices.”

While faster economic growth isn’t a panacea — think income inequality, crime, pollution — it tends to come with a lot of positive knock-on effects, Jha and Mann wrote.

“Faster growth not only helps to lift people more quickly out of absolute poverty, but is also usually accompanied by better health and education, as well as a wider range of — and better access to — goods and services,” they say in the report. “Higher incomes resulting from faster growth also usually reduce socio-political instability and make it easier to introduce structural reforms, creating a virtuous cycle.”

In addition, 7% club members tend to have savings and investment rates of at least 20-25% of GDP, according to the report. — Bloomberg

EU says agriculture not on agenda for US talks

TOKYO — The European Union intends to keep agriculture off the agenda in its trade talks with the United States and continues to support rules-based, open and predictable international commerce, the EU’s agriculture commissioner said on Friday.

A free trade agreement between the European Union and Japan is the “benchmark and ceiling” for the EU’s negotiations with the United States for a trade pact, Phil Hogan said.

Hogan, a former Irish government minister, also urged the United States to reverse tariffs on goods from China and the EU and return to a more “benign” system of global trade.

“Agriculture should be excluded from negotiations with the United States,” Hogan said.

“The fact that the European Union and Japan have a very good agreement will operate as the benchmark … to what is achievable between the EU and the United States.”

Hogan, who spoke to journalists at a press conference, is in Japan for a Group of 20 agriculture ministers’ meeting.

The EU indicated last month it is ready to start talks with the United States on only two areas: cutting tariffs on industrial goods and making it easier for companies to show products meet EU or US standards.

This stance puts Brussels at loggerheads with Washington, which has insisted on including farm products in the talks.

US President Donald Trump’s administration is seeking better terms of trade with the EU, as well as China, Japan, Canada and Mexico.

In some cases the US has raised tariffs on goods in response to trade practices it considers unfair, which has roiled financial markets and slowed the global economy.

The EU is already facing US tariffs on its steel and aluminum exports and the threat of higher US tariffs on products ranging from large commercial aircraft and parts to dairy products and wine.

The US will also increase duties on $200 billion of Chinese goods to 25 percent from 10 percent later on Friday as it negotiates with China for a trade pact.

In response to questions about US-China talks, Hogan said cooperation is better than confrontation for global trade.

Earlier this year, a trade pact between the EU and Japan went into effect, creating the world’s largest open market. — Reuters

Subaru offers special package for the Forester XT

MOTOR Image Pilipinas, Inc., the exclusive distributor of Subaru vehicles in the Philippines, lets you take the turbocharged Subaru Forester 2.0 XT as an adventure buddy for a sportier summer.

The Forester XT is the extraordinary SUV that does it all. With a turbocharged boxer engine and Subaru’s signature Symmetrical All Wheel Drive, it’s built to handle any type of terrain, be it city driving or off-roading.

A sportier iteration is now made available for the remaining few units this whole month of May: P150,000 cash discount plus a sport kit worth approximately P150,000, a sport grille, front and rear underspoilers, daytime running lights, STI leather shift knob, and a sport emblem.

Designed for performance and versatility, the Forester XT is made even sportier for those who seek adrenaline-pumping adventures this summer. This offer lasts only until the end of this month, so hurry and visit your nearest Subaru showroom today and find other amazing deals on the Forester XT.

Founded in Japan in 1955, Subaru has since grown to become one of the world’s leading car makers. In 1972, Subaru became the first in the world to market an All-Wheel Drive (AWD) passenger car and pioneered the market in Japan for high-performance station wagons by combining a turbocharged engine with an AWD system.

Subaru has improved and refined its AWD system, to create a Symmetrical AWD system that enables optimal driving pleasure and safety. Subaru is well-known by motoring organizations worldwide for its engineering, design, functionality, safety and reliability.

The Subaru range of vehicles includes the BRZ, Forester, Impreza, Legacy, Levorg, Outback, WRX, WRX STI and XV. Collectively, they have been known to be “driver’s cars” offering superb handling because of the core technologies, such as the Symmetrical All-Wheel Drive and Subaru Boxer engine, built into every model.

Gov’t securities rally on BSP rate cut, euro bonds

GOVERNMENT SECURITIES extended their rally last week following the Bangko Sentral ng Pilipinas’ (BSP) interest rate cut and the Treasury’s euro bond sale.

On average, debt yields fell by 5.95 basis points (bp) week-on-week, according to PHP Bloomberg Valuation (BVAL) Service Reference Rates as of May 10 published on the Philippine Dealing System’s website.

“Philippine benchmark interest rates (PHP BVAL) mostly declined for the third straight week…after the latest cut in the key local policy rates by 0.25% on May 9…though already partly priced in/expected already in the markets, as triggered by the surprise slower-than-expected 1Q 2019 GDP (gross domestic product) growth…,” Rizal Commercial Banking Corp. (RCBC) Economist Michael L. Ricafort said in an email, noting that the slower headline inflation print reported last Tuesday was “another major catalyst.”

Mr. Ricafort added that the government’s euro bond sale may have also affected yield movements as the successful fund raising “fundamentally reduces the need for the government to borrow from the local market.”

The central bank’s Monetary Board (MB) on Thursday cut benchmark interest rates by 25 basis points in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at 5.6% — the slowest clip in four years — last quarter and two days after the PSA said inflation eased to 3% in April — the slowest pace in 16 months.

The MB’s decision, which it said was due to a “manageable” inflation outlook, brought the interest rate on the BSP’s overnight reverse repurchase facility to 4.5% effective last Friday. The rates on the overnight lending and deposit facilities were also reduced accordingly to 5% and 4%, respectively.

This partially dialled back the cumulative 175-bp in hikes implemented by the BSP through five meetings last year as it sought to rein in inflation, which hit a peak of 6.7% in September and October.

Following its review, the BSP also lowered its 2019 inflation forecast to 2.9% from 3% in the previous meeting, but upped next year’s outlook to 3.1% from 3%. Inflation averaged at 3.6% in the first four months.

BSP Governor Benjamin E. Diokno said that a potential cut in big banks’ reserve requirement ratio (RRR), currently at 18%, will be on the table at the MB’s meeting this week.

Meanwhile, the government on Friday said it raised €750 million ($842.33 million) via eight-year euro-denominated bonds in an offering that was six times oversubscribed.

The euro bond issuance, which was the country’s first in 13 years, had a coupon of 0.875% and offers 70 bps over benchmark, National Treasurer Rosalia V. De Leon said.

The government raised more than the original target of €500 million after orders reached almost €3 billion, Ms. De Leon added.

With the exception of the 25-year Treasury bonds (T-bond), all tenors rallied at the secondary market last Friday.

At the short end, the 91-, 182- and 364-day Treasury bills went down by 8.8 bps, 7.7 bps, and 0.7 bp to yield 5.605%, 5.865%, and 6.067%, respectively.

At the belly of the curve, the rates of the two-, three-, four-, five-, and seven-year T-bonds declined by 10.1 bps (5.798%), 10.4 bps (5.745%), 9.2 bps (5.721%), 7.1 bps (5.718%), and 3.8 bps (5.741%), respectively.

Meanwhile, at the long end, the 10- and 20-year T-bonds saw their yields go down by 5.9 bps (5.746%) and 2.7 bps (5.954%). On the other hand, the rate of the 25-year debt paper went up by around a basis point to 6.109%

“For [this] week, most local interest rate benchmarks could still continue to ease as the markets will be anticipating the discussion of large banks’ reserve requirement ratio by the BSP’s Monetary Board,” RCBC’s Mr. Ricafort said, noting that a 100-bp cut in the RRR would inject around P90 billion in additional liquidity into the financial system.

For his part, ATRAM Trust Corp. president and managing director Deanno J. Basas expects yields to go down further.

“We could see yields continue to move down the next few weeks with the market starting to expect further rate cuts from the BSP this year on lower inflation and to support growth,” Mr. Basas said in a separate e-mail, noting that the BSP’s RRR review would “also put downward pressure on rates in the short term.” — Marissa Mae M. Ramos

The 10 Best Swim Trunks

SWIMSUITS are the workhorses of summer, pulling extra shifts as underwear, sportswear, shorts, and balmy evening attire. Trunks must be stylish, well-constructed, and, above all, flattering — may we remind you, the less you wear the more impact it has. There are general guidelines on inseam and style to find the right fit for your body type, but beyond that it’s a category of clothing most men don’t want to think much about.

Luckily, we have some experts on-call whose job it is to do that thinking for you. So, whether you’re a minimalist, an exhibitionist, or a traditionalist, here are 10 stylish pairs in which to soak in the sun.

THE PERFECTLY ON-TREND TRUNKS
Bather Printed Swim Trunk, $85; eastdane.com

Recommended by: Megan Collins, of the lady-led men’s fashion website Style Girlfriend. “These Bather trunks combine two of my favorite trends for summer: technical fabric and tie-dye,” says Ms. Collins. “The shorts are super-crazy quick-drying, making them perfect for a ‘beach to boardwalk’ situation.” Plus, she adds, they’re also one of the more affordable brands you’ll find out there, with everything clocking in under a hundred bucks.

THE FORGIVING, SOPHISTICATED TRUNKS
Onia Swim Trunks, $130; onia.com

Recommended by: Justin Berkowitz, fashion director at Bloomingdale’s. “This pair of trunks from Onia is deceptively simple,” says Berkowitz, but don’t be fooled. “Solid navy, yes, but my love for them is all about the little details. They have a flat front, with a snap, but the back is gloriously finished with elastic” — which makes for a better fit as you move from pool to lounge chair to pickup game of beach volleyball. “They are quite literally a translation of ‘business in the front, party in the back’ and one of the most democratically forgiving options on the market.”

THE PAIR FOR ATHLETES, REAL OR IMAGINED
Neil Barrett Slim-Fit Printed Swimsuit, $270; mrporter.com

Recommended by: Garrett Munce, a freelance fashion and grooming writer and editor. “I am not going to pretend I’m athletic, but I can’t resist an athletic-inspired swimsuit,” says Mr. Munce of the slim-cut pair with punchy lightning bolt pattern. “These are cut like a retro running shirt to show off those gams.”

THE DESIGNER TRUNKS
Dries Van Noten Phibbs Trunks, $350, mohawkgeneralstore.com

Recommended by: Kevin Carney, owner of Mohawk General Store. “This season Dries Van Noten went above and beyond with a very limited collaboration with design legend Verner Panton,” says Mr. Carney, who, as proprietor of a small group of very cool shops in Los Angeles, should know a thing or two about good swim trunks. This pair, in subtle but trippy gradated wave patterns (also available in blue), has a comfortable elastic waist with a drawstring and matching pouch for storage.

THE HERITAGE TRUNKS
Birdwell 310 Beach Shorts, $89; birdwell.com

Recommended by: Jack Sachs, owner of Drama Club. Despite being an East Coaster, or perhaps because of it, Mr. Sachs loves the story behind Birdwell Beach Britches, his go-to for days and nights by the beach, lake, or pool. “They’re born of the homegrown inspiration of a California surf family and still proudly made in the Golden State and backed by a lifetime guarantee,” he says. “Plus, the price makes it right to grab a fun color or two extra for when your basic black shorts are still drying on the dock.”

THE PAIR FOR FUN DADS
Chubbies Old Timers 5.5-inch Stretch, $65; chubbiesshorts.com

Recommended by: Justin Ocean, deputy luxury editor, Bloomberg Pursuits. “Even if their bro-centric marketing verges on obnoxious, I appreciate that Chubbies is in on the joke,” says Mr. Ocean, “and that their models are giving us dad bod realness instead of beach bod fantasy.” The swimsuits’ three inseam lengths complement a variety of thigh shyness levels, while bright, busy patterns such as flamingos, florals, and Star Wars fan-service are fun-in-the-sun conversation starters — all at a price point to allow you to step outside your comfort zone.

THE SUPER-VERSATILE TRUNKS
Orlebar Brown Bulldog Trunks, $175; bergdorfgoodman.com

Recommended by: Bruce Pask, men’s fashion director at Bergdorf Goodman and Neiman Marcus. Mr. Pask’s rule when it comes to swimwear: Be prepared. Even if you’re going someplace chilly, there’s always a hotel sauna or a workout class to take. Orlebar Brown’s classic Bulldog fit (“Not too long but not too short”) offers maximum versatility, especially in a conservative color like navy — although if you want something flashier the brand is famous for its photo transfers and jaunty prints. “I always keep a pair of trunks in my carry-on, you just never know where you’re going to go.”

THE QUICK-DRY OPTION
Frescobol Carioca Tailored Shorts, $250; frescobolcarioca.com

Recommended by: Stylist Andrew Weitz, The Weitz Effect. For Mr. Weitz, these trunks check three very important boxes: “Comfort, style, and they take very little time to dry out.” A button fly and tailored cut make them read less as swimwear and more as shorts that you happen to be able to get wet — and then wear anywhere.

THE LIFEGUARD PAIR
Catch Surf Waikiki 16-inch Heritage Trunk, $75; catchsurf.com

Recommended by: Victoria Hitchcock, an image consultant for the tech titans of Silicon Valley. “I gravitate to trunks that sit above the knee,” says Ms. Hitchcock, who grew up on the beaches of California and became accustomed to the lifeguard look. The style, although more associated with Europe or South America than the US, will flatter most guys perfectly, while a cool block print logo like this one, conjures some serious retro California vibes.

THE NO-NONSENSE BASIC
Acne Perry Mid-Length Swim Shorts, $150; mrporter.com

Recommended by: Steve Dool, trend forecaster and style guide author. “Are plain back swim shorts the most exciting thing a guy can wear to the beach? No,” says Mr. Dool, “but I’m not here to entertain. I’m here to enjoy a crisp drink, go for a swim, and, vitally, get a little color on parts that have been hidden underneath layers of denim and wool for the past nine months.” To that end, Dool prioritizes length over prints or bright colors that could clash with other clothes; the shorter the better, up until you start verging on Speedo territory. “Summer comes but once a year, and I don’t have time to think about these things too much.” — Max Berlinger, Bloomberg

Iligan City power plant purchases not subject to withholding tax, CTA rules

THE Court of Tax Appeals (CTA), sitting en banc, affirmed the cancellation of the P292-million tax deficiency assessment against energy firm Conal Holdings Corp. (CHC) arising from its 2013 purchase of two diesel power plants from the Iligan City government.

In a 13-page decision, the court denied for lack of merit the appeal of the Bureau of Internal Revenue (BIR) and upheld the July 2017 decision and October 2017 resolution of its second division, saying CHC’s acquisition of diesel power plants from Iligan City is not subject to withholding tax as stated in Revenue Regulation (RR) No. 2-98.

“(P)ursuant to Section 2.57.5(A) of RR No 2-98, implementing Section 57 (B) of the NIRC of 1997, as amended, income payments made to the City Government of Iligan (are) exempt from the payment of creditable withholding tax,” the court said.

“Consequently, petitioner is not liable to the deficiency EWT (expanded withholding tax) assessed by respondent on its income payments made to the City Government of Iligan,” it added.

The Court noted that under Section 2.57.5(A) of RR No. 2-98, withholding of creditable withholding tax shall not apply to income payments to national government including provincial, city or municipal governments and barangays.

The CTA also ruled that the Iligan government is “exercising its governmental functions when it sold the power plants.”

It said the local government foreclosed on the Northern Mindanao Power Corp. (NMPC) power plants for failure to pay real property tax. It then sold the power plants to CHC to recover the taxes from NMPC and “increase power supply in Mindanao.”

“The findings of fact by the CTA in Division are not to be disturbed without any showing of grave abuse of discretion considering that the members of the Division are in the best position to analyze the documents presented by the parties,” it added.

The decision was written by Associate Justice Ma. Belen M. Ringpis-Liban and concurred in by Presiding Judge Roman G. Del Rosario and Associate Justices Juanito C. Castañeda, Jr., Erlinda P. Uy, Esperanza R. Fabon-Victorino, Cielito N. Mindaro-Grulla, and Catherine T. Manahan. — Vann Marlo M. Villegas

World food prices climb in April, cereal output seen rising — FAO

ROME — World food prices rose some 1.5 percent in April, with a jump in dairy and meat prices helping offset a fall in cereal quotations, the United Nations food agency said on Thursday.

The Food and Agriculture Organization (FAO) also issued its first forecast for global cereal production this year, seeing a record output for 2019 following a decline in 2018.

FAO’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 170.1 points last month against an upwardly revised 167.5 points in March.

The March figure was previously given as 167.0.

The index in April was at its highest level since last June, but still some 2.3 percent below its level of one year ago.

The FAO dairy price index jumped 5.2 percent from March’s value, its fourth successive monthly rise, driven by strong import demand for butter, whole milk powder and cheese.

The meat price index rose 3.0 percent month-on-month, pushed higher in part by a rise in pig meat quotations following a surge in import demand in Asia, notably China, where the rapid spread of African Swine Fever has impacted the local market.

The sugar and vegetable oil indices also rose, but the cereal index fell 2.8 percent last month — its fourth consecutive decline, with wheat leading the way down as prospects for a strong 2019 production hit prices.

FAO said the cereals index in general was pressured by “large export availabilities and slowing trade.”

In its first forecast for 2019, FAO predicted world cereal production would come in at a record 2.722 billion tonnes this year, up 2.7 percent on 2018 levels, when output declined.

“Among the major cereals, wheat, maize and barley would account for most of the rise in cereal production, with projected year-on-year increases of 5.0 percent, 2.3 percent and 5.4 percent, respectively,” FAO said.

Global rice production was seen largely stable.

FAO said global food consumption of cereals was set to rise by at least 1.1 percent this year, due to the growing world population, with world cereal utilization seen rising 1.5 percent in 2019/20.

This meant that world cereal stocks are likely to be drawn down by 0.7 percent to 847 million tonnes — the lowest volume since 2015/16. — Reuters

Signs the VW Tiguan wants you to get out of the city this summer

Text and photos by Aries B. Espinosa

NASTY NUMBERS are registering in our heat indexes this summer of 2019: 41 degrees C, 51 degrees, and these temperatures are exacerbated by the “urban heat island” effect, wherein a metropolitan area is significantly warmer than its surrounding rural areas due to human activities or from the man-made modification of land surfaces.

Which is why it was quite literally refreshing to enter the Pearl White, no-frills-designed, compact yet ultra-spacious 5-seater Volkswagen Tiguan 1.4 TSI Comfortline DSG SUV, and soak in its premium amenities and creature comforts. These things also motivated me to gather four of my friends for a cool joyride up in the mountains at the peak of summer.

And yes, we found the cabin and rear luggage space ultra-spacious. The seats very comfortable, the air-conditioning truly heaven-sent, and most of all, the deceptively small 1.4-liter 4-cylinder turbo gasoline engine with BlueMotion Technology mated to a 6-speed DSG transmission exhilaratingly torquey at 250Nm at 1,750 to 3,000 rpm, even with the SUV filled to capacity.

And there are, indeed, signs that the Tiguan wants its owner or driver to do more than just do the rounds of the city this summer. These are:

That panoramic sunroof. Measuring 12.7 square feet, it’s the largest one I’ve seen yet, and extends from the front passenger to well beyond the rear passenger row. The semi-opaque fabric cover also lets in enough light to tempt the occupants to go for the knobs to let the outside world in. We certainly had a blast (of fresh cool air) when we opened the sunroof (or moonroof) up on mountain roads.

That stubborn fuel mileage readout. Yup, in city driving with moderate to heavy traffic the Tiguan can’t seem to break through that 7- or 8-km/liter barrier. But once we hit the highway and got cruising speeds upwards of 60 kph, those readouts jumped up to over 15 km/liter.

Those rear air-con vents. This may seem like an unnecessary feature in a compact SUV, but owing to the massive luggage space, the Tiguan’s 2-zone Climatronic air-conditioning needs a double boost to the rear. So, yes, our rear passengers never did feel like second-class climate citizens.

That 220V socket. Power is everything, and we truly appreciate what Volkswagen did here, providing a 220V socket that can actually power any household appliance (not just laptops) that could fit inside the Tiguan. And in case you need to ask, there are separate USB slots for cellphone charging.

Latest adidas Originals x BBC collaboration shoe now available

ICONIC American streetwear brand Billionaire Boys Club and adidas Originals collaborated for a special release of a shoe which is now available in the country.

The adidas x BBC Hu NMD “Plaid” is an exclusive edition of the shoe designed by global musical icon and BBC original founder Pharrell.

Available in two colorways — green and blue — the special iteration of the Hu NMD Plaid elevates the silhouette of the popular shoe with the application of the Billionaire Boys Club’s distinctive Digi Plaid pattern across the upper.

It is constructed from a premium knitted textile and is accented with suede overlays and lace loop/heel cage elements, placed atop a classic NMD Boost midsole with a rugged trail outsole.

Embroidered across the forefoot are the words “Heart” and “Mind,” indicative of Pharrell’s many collaborations with adidas Orginals.

Graphic placements on the tongue and heel and special edition laces complete this latest take on the Hu NMD.

The shoe has been available since May 3 at adidas Online and adidas Originals Highstreet. It retails for P13,000. — Michael Angelo S. Murillo

China feud has treasury investors eyeing foreign holdings at US Fed

THE ESCALATION of the US-China trade conflict has heightened investor focus on the upcoming breakdown of the Federal Reserve’s assets for fresh signs that the Asian nation may be trimming its Treasury pile.

The specter of China, the world’s biggest foreign holder of US government debt, stepping back from Treasuries in retaliation against President Donald Trump’s negotiation tactics was already raised this week by a lackluster benchmark note auction. That, like in past episodes of angst with China as well as Russia, has strategists eyeing if the Fed’s Thursday release will reveal that its coffers of Treasuries held for foreign central banks slid.

The Fed report will detail its balance sheet and include the amount of US government bills, notes and bonds it holds in custody for foreign central banks. For the week ended May 8, custody holdings fell $670 million to $3.06 trillion. That is down from $3.08 trillion in March and a record $3.11 trillion a year earlier. While the figures don’t give a breakdown of who’s buying or selling, traders often speculate which nation is driving the change.

“We’ve seen this before ahead of possible confrontations with the US — foreign central banks moving their custody holdings,” said Sebastien Galy, senior macro strategist at Nordea Investment Funds. “The message, if we see declines, is that they are moving their assets to cash given they expect the conflict to last for several months.”

Wednesday’s 10-year debt auction had a low participation by a category of bidders that includes foreign and international monetary authorities. Yet most saw low yields as the likely culprit for the below-average overall demand.

Separate data from the US Treasury, which comes out with an over one-month lag, shows that China’s Treasury debt rose in February — a third straight increase. The amount remains, however, well below a record $1.32 trillion in 2013 (America’s debt has risen nearly $5 trillion over that time). China’s foreign-exchange reserves have fallen from a record $4 trillion in 2014.

Still, Galy, who began his over decade-long career in markets at the Bank for International Settlements, says he suspects China may be shedding Treasuries, and he’s waiting for confirmation from the Fed report.

The auction statistics “suggest that some large emerging country increased their cash-like war chest” to be able to deal with “a period of turbulence,” Galy said. — Bloomberg

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