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Being chic isn’t enough; today’s ‘It’ handbags must solve problems, too

HANDBAGS with organizational compartments aren’t known for being chic. They’re more the realm of busy soccer moms than fashion influencers. But with the ongoing popularity of athleisure and new social-media savvy lines such as Dagne Dover and Caraa, convenience and functionality are a bigger part of the pitch to professional women on the go.

Sales of traditional handbag makers in the US were down 7% during the 12 months ending May 2019, says Beth Goldstein, analyst for fashion and handbags at research firm NPD. One bright spot in the industry — valued at $8.6 billion in the US — are bags with innovative organizational techniques.

“The meaning of luxury is starting to change,” Ms. Goldstein says. “Consumers are responding to these brands that are solving problems. They are seeing a lot of value in that.”

For instance, New York-based Lo & Sons specializes in a two-in-one tote called the Seville ($428), which has an interchangeable shell design to transform it into a travel bag.

The Jemma handbag line, launched in 2015, features a model called the Emma ($395) with pockets dedicated to every item you can think to put in a purse — a tablet sleeve, a phone pocket, a lipstick holder, a credit-card pocket — plus a nifty central zipper pocket that can be detached and worn as a smaller crossbody bag.

There’s also a back pocket that can be unzipped at the bottom, creating a sleeve that slides onto the handle of a carry-on suitcase, allowing you to secure it while rushing through a busy airport.

Joanna Lau, founder and chief executive officer of Jemma, created the purse after striking out in her search for a handbag she could carry to work as a trader on Wall Street. “Many from established brands don’t include these pockets,” she says. “People are constantly digging for things that go missing in their bags.”

Professional organizer Kacy Paide recommends totes from the Montreal-based brand Want Les Essentiels for its sleek lines and luxury look. The company’s Lesage Leather Work Tote ($895) has three distinct sections and multiple interior pockets with magnetic closures, which are easier to use than sliding zippers.

The Knomo London Derby Leather Tote ($349) also has a cleverly concealed top compartment for such items as your phone, wallet, and keys that you want accessible but hidden, while the large interior pocket can fit a water bottle and a pair of shoes.

For Laura Cattano, a professional organizer in New York who has worked with Lena Dunham and Misty Copeland, the key to avoiding handbag clutter is going through your purse at the end of each day. But she recognizes that many people don’t have the time or inclination to do so.

She turns to British label Anya Hindmarch, whose bags have small interior slots for credit cards and cash. “Her whole angle is about organization,” Ms. Cattano says of the designer. “I have some of her smaller bags. It has a little wallet inside the bag.”

The purses don’t sacrifice style for functionality. For instance, Hindmarch’s Postbox Bag ($1,550) has a handmade vintage-gold frame and a shoulder strap that you can personalize.

Melanie Charlton, a founder of closet design firm Clos-ette who has worked with Beyoncé and Jay Z, says some of her clients are using Prada’s new pouches to store items in their purses. The brand’s Nylon Pouch ($480) is made with Saffiano leather and offers two zippered internal compartments, along with two external pockets.

Multiple compartments are also ideal for bags that need to transition between the office and the gym. Carmen Chen Wu, founder of handbag line Caraa, recognized the need for a combination purse and gym bag that looks more professional than a Nike duffel.

She designed the Caraa Studio Tote ($225), which has adjustable and removable backpack straps to transform the bag and distribute the weight between shoulders. And it has a waterproof built-in shoe compartment that keeps smelly sneakers and clothes separate from other items.

“Our lining is antimicrobial, so it won’t mold and will never start smelling,” Wu says. “The interiors of our bags are all wipeable.”

For a further multitasking option, the Senreve Voya Tote ($895) has eight interior pockets and a roomy main compartment that’s big enough to fit a spare pair of flats or a change of clothes. A suede, removable laptop sleeve gives you two bags in one, while the Italian scratch-resistant leather can handle a haul from the office to the gym to happy hour.

Avoid the tote trend that’s “just a bucket,” Cattano says. “Sections are good,” she says. “If you just throw everything in the bag, then you don’t know where anything is.” — Bloomberg

Peso seen to strengthen on bets of policy easing

THE PESO will likely strengthen against the dollar this week on bets of monetary policy easing by the US central bank.

The local currency closed Friday’s session at P51.13 versus the greenback, six centavos stronger than the P51.19-per-dollar finish on Thursday, on the back of lingering expectations of a rate cut by the US Federal Reserve.

Week on week, the peso strengthened from the P51.195 finish on July 12.

“The peso could continue its sixth straight week of appreciation…amid weaker US dollar versus major global currencies due to possible Fed rate cut as early as the next FOMC (Federal Open Market Committee) meeting later this month,” Rizal Commercial Banking Corp. economist Michael L. Ricafort said in a text message yesterday.

On Wednesday, Fed chair Jerome Powell hinted of a cut in benchmark rates in a prepared speech to the House Financial Services Committee.

He said the central bank will “act as appropriate” to sustain expansion as “crosscurrents” such as trade tensions and concern on global growth are weighing on the economy.

Mr. Powell’s testimony strengthens the case of a rate cut from the Fed when FOMC meets again later this month. According to the minutes of FOMC’s June 18-19 meeting, several Fed officials said a near-term rate cut was warranted to quell the effects of possible economic headwinds.

“The dollar might continue to depreciate this week, as dovish expectations on US monetary policy might further be bolstered by potentially weak US economic reports on retail sales and industrial production,” a market analyst said in an e-mail on Sunday.

On Friday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the Fed has two options: to either cut rates by 25 basis points (bp) or by 50 bps. However, he noted that the probability of half-a-percentage point cut is “low.”

“That (gives) out, to me (and) the entire world more policy space for cutting,” Mr. Diokno said.

The BSP chief last week said the local central bank will likely to cut policy rates in the second half before moving to reduce banks’ reserve requirement ratios anew.

“Possible easing of local monetary policy amid easing inflation and possible Fed rate cut has also supported recent gains in the local financial markets, including the peso,” Mr. Ricafort said.

For this week, the market analyst expects the peso to trade between P50.70 and P51.30 versus the dollar, while Mr. Ricafort gave a P51.90-P51.30 forecast range. — K.A.N. Vidal

MINI makes maximum impact at the Goodwood Festival of Speed

Words and photos by Manny N. de los Reyes

GOODWOOD, UK — Diminutive dimensions aside, MINI made a big splash as the iconic British brand continued its 60th anniversary celebrations at the ever-festive Goodwood Festival of Speed, which ran from Thursday to Sunday the other week.

More than half a century after its improbable win in the 1964 Monte Carlo Rally, no one was taking the Oxford-based mini-car specialist for granted — especially on a world stage as grand as this annual speed fest. Setting hearts racing on the performance end of the brand’s range, and inspired by the car makers motorsport heritage, the 2020 MINI John Cooper Works GP made its UK debut at the Festival, following its world premiere at the Nürburgring 24-hour race last month. The new model stood proudly in the First Glance Paddock for the full duration of the Festival, and followed up its imposing presence with an electrifying run up Goodwood’s infamous hill climb.

Also making its UK premiere was the new 306-hp MINI John Cooper Works Clubman, which gets a 2.0-liter turbo four (mated to an eight-speed automatic with paddle shifters) generating some 300 horses and around 450Nm of torque — way more power than the current JCW Clubman and enough to rocket the eminently practical Clubman to 100 km/h in five seconds and on to an electronically limited top speed of 250 km/h.

The full model lineup was showcased on the MINI stand, including the MINI 3-Door John Cooper Works and 5-Door Hatch, the MINI Convertible, the MINI Countryman, and the MINI Plug-In Hybrid.

Featuring a distinctive silhouette and those infamous split rear doors, the refreshed MINI Clubman was on display for the first time in the UK. The five individual models sat within their own mood worlds, demonstrating their own personalities and characteristics for visitors to explore.

MINI owners were treated to rest and relaxation in the MINI Owners Lounge with free tea, coffee and water as well as mobile phone charging stations. To gain access, MINI owners simply showed their MINI key fob to gain entry to the top floor of the MINI stand.

The memorable David Bowie Classic Mini was also on display for MINI enthusiasts to enjoy — as was the 1964 Monte Carlo Rally-winning MINI Cooper of rally legend and now-MINI UK Ambassador Paddy Hopkirk, who himself came out to meet the public and sign autographs.

Continuing MINI’s 60th anniversary celebrations, a delightful selection of the brand’s lifestyle collection of various apparel, bags, mugs, and other items were available for purchase on the stand. A UK-exclusive, limited-edition t-shirt was on offer, with only 2,000 pieces available.

The exhibit even had a salon that offered complimentary male grooming services. London-based barbers and expert groomers were on the MINI stand throughout the duration of the festival.

The Goodwood Festival of Speed always brings with it the icons and legends of automobiledom’s sporting world. And standing head and shoulders with these giants is a small car named MINI.

Developer to invest P1.8B for Cavite expansion

By Vincent Mariel P. Galang
Reporter

LAGUNA-BASED developer P.A. Properties and Development Corp. (P.A. Properties) and Japanese real estate firm Hankyu Hanshin Properties Corp. (HHPC) are investing P1.8 billion to further develop its residential project in Dasmariñas, Cavite.

“For phase 2 and phase 3, the investment is about P1.8 billion… P700 million plus of that is Hankyu and… about P1.1 billion is P.A. (Properties),” P.A. Properties President Jonathan G. Lu told reporters after the groundbreaking ceremony for Idesia Dasmariñas Phase 2 and Idesia Heights.

Idesia Dasmariñas is the flagship project of PA-Hankyu One, Inc., the second joint venture between the two companies. It is a 37-hectare masterplanned community that targets young professionals, starting families, and overseas Filipino workers (OFW).

Phase 2 is a 9.18-hectare development which will have 648 units ranging from 42 square meters (sq.m.) to 63 sq.m. Prices for house-and-lots range from P2.8 million to P7 million.

The property firm expects P2 billion in sales from Idesia Dasmariñas Phase 2, which is scheduled to be completed by June 2024.

On the other hand, Idesia Heights is a 5.64-hectare community which will have 300 units. Unit sizes are either 63.3 sq.m. or 82.98 sq.m., with prices ranging from P5 million to P8 million.

The company expects to generate P1.5 billion in sales from the project, which will be finished by June 2024.

For the commercial component, Mr. Lu said there may be a mini-mall, but no solid plans for now.

There are also plans to put up business process outsourcing (BPO) offices, as well as food and beverage outlets.

Mr. Lu said Phase 1 of Idesia Dasmariñas is currently 60% sold.

“(Phase 1) is expected to be fully sold within the year to first quarter of next year. Actually, ang commitment namin sa [our commitment to] Hankyu is two and a half years from the time we launched it. We launched it December 2017,” Mr. Lu said.

The company expects P2.3 billion from the sale of 918 units in Phase 1.

Meanwhile, Romarico T. Alvarez, chairman of P.A. Properties, said that the company is now very aggressive in terms of land banking, given that its partner is keen on developing more communities in the Philippines. Currently, the company has 137 hectares of land.

“We are still into land banking kasi agresibo ‘to [because HHPC is aggressive]. Kami, noong [Before, when it’s] P.A. (Properties) lang [only], ang [our] inventory namin umaabot ng [lasts for] three years, four years. With Hankyu Hanshin good for one, two years lang kami. Currently, the company still has land inventory good for two years, and is still purchasing land for 2022 to 2024,” Mr. Alvarez said.

In November 2018, the two companies signed their third joint venture for the Launch of Idesia Lipa. This will be a 17-hectare mixed-use township in Lipa City, Batangas, which will have 1,144 housing units and commercial spaces.

Debt service payments fall 82.7% in May

THE government’s debt service bill in May fell 82.7% from a year earlier to P27.41 billion, the Bureau of the Treasury (BTr) said.

Interest payments, which accounted for the bulk of the total, fell 6.8% year on year to P19.67 billion.

Domestic interest payments decreased 15.34% to P15.78 billion from P18.63 billion year on year.

Foreign interest payments, meanwhile, rose 57.21% from a year earlier to P3.89 billion.

Amortization declined by 94.3% to P7.74 billion.

The government made no amortization payments to domestic creditors during the month, while amortization paid to foreign creditors rose 5.2%.

In the five months to May debt service fell 21.7% to P301.43 billion.

Interest payments during the period totaled P150.98 billion, up 6.7% year on year.

Amortization in the first five months accounted for P150.45 billion, down 38.2% a year earlier. — Reicelene Joy N. Ignacio

US Midwest floods to weigh on demand for diesel during fall harvest season

PUTNAM COUNTY, ILLINOIS — A disappointing planting season due to massive flooding in the US Midwest this spring is expected to have spillover effects on diesel demand during harvest season, analysts and traders said.

Heavy storms that lingered over the Midwest left millions of acres unseeded and put crops that were planted late at a greater risk for damage from severe weather during the growing season, which is expected to reduce overall harvested acres in the fall.

Usually, Midwest diesel demand jumps during corn and soybean harvest season around September and October as farmers rely on equipment that runs on the fuel. Now, market participants expect demand will sag in those months.

“The delayed planting will push the demand period back by about a good month. For the volume of product used, that should be down from last year,” said Rich Nelson, chief strategist at Allendale, a commodities brokerage in McHenry, Illinois.The delayed planting season sapped demand and prices for diesel in the region, leaving behind a glut of supply. Midwest distillate stockpiles are at 32.6 million barrels, the most seasonally since 2017, US Energy Information Administration data shows.

In the cash markets, Chicago ultra-low sulfur diesel sank to 18 cents per gallon below the NYMEX futures benchmark in mid-June, lowest seasonally on record, according to Refinitiv Eikon data going back to 2011. While it has gained since then, to 9 cents below futures, it is still the weakest on record for this time of year.

Group Three diesel, priced out of Tulsa, Oklahoma, is at 7.50 cents per gallon below futures, the lowest for early July since 2015.

The effects of the flooding could ripple through the remainder of this year, according to diesel traders and grain sellers. The day after the July 4th holiday, Rob Colby, who sells corn and soybeans across north-central Illinois, assessed a field of corn in Putnam County, Illinois, and estimated the crops to be three to four weeks behind schedule. The delayed planting will push back harvest season, which will then push back autumn tillage, when fields are prepared for the next season of planting.

“This year there probably won’t be much fall tillage done, which will delay progress into next spring even. So the lasting effects of this year are going to be probably two years until we’re fully recovered,” Colby said. — Reuters

Final call for applications: SSS condonation program

The new Charter of the Social Security System (SSS) took effect on March 5 with the passage into law of Republic Act (RA) No. 11199 or the “Social Security Act of 2018.”

The law aims to strengthen the state pension fund through the introduction of a new monthly contribution rate of 12% (with gradual increases up to 15% by 2025), the setting of minimum and maximum monthly salary credits, and the expansion and mandatory coverage of the fund for certain individuals, i.e., self-employed persons and OFWs, among others.

More importantly, the law introduces a condonation program, which allows employers with delinquent SSS contributions to settle their delinquencies without the imposition of penalties.

Following the passage of the SSS Charter, the Social Security Commission (SSC) issued Circular No. 2019-004, which implements the Transitory Clause of RA No. 11199, granting a six-month period for qualified employers or covered persons to settle their delinquencies and apply for a condonation of penalties. In general, the penalties offered to be waived under the program are the 3% penalty (2% beginning April 2019) per month, possible initiation of litigation, and damages, among others.

Notably, the offer period for the condonation is set to end on Sept. 6 (after its commencement on March 5).

Given that the window closes in less than two months, it now becomes worthwhile for employers to check on possible delinquencies that would call for an application for condonation. To an employer, questions like “am I or my employees covered by the requirement to contribute?,” “are there any missed contributions for covered employees?” would need some answers before a decision can be made. Here are some points to consider.

Basically, all employers, acting on behalf of covered employees, are required to withhold and remit monthly employer-employee contributions to a Social Security authorized agent or bank — and any employer or covered person who has not remitted all contributions due and payable to the SSS may avail of the Program.

Under the law, the types of employees covered include contractual or permanent employees not more than 60 years old, regardless of citizenship or nationality, the nature and duration of employment, and the manner of payment of compensation.

Even foreign nationals or expatriates under a local employment contract are considered covered “employees” in the absence of an explicit exemption under bilateral agreements. While the Philippines has Bilateral Social Security Agreements with 13 countries possibly providing exemptions from the mandatory coverage, the exemption is, however, not automatic. To be exempt, there needs to be a submission of a Certificate of Continuing Liability from the employees’ home country Social Security Office and approval of the Philippine SSS.

Other than the said general coverage, the following employers or covered persons are specifically included in the list of those who may apply for condonation:

• Those not yet registered with the SSS, including household employers;

• Those with pending or approved proposals under the existing Installment Payment Scheme Program of the SSS;

• Those with pending or approved applications under the SSS Program for the Acceptance of Properties Offered Through Dacion En Pago;

• Those with pending cases involving the collection of contributions and/or penalties or non-reporting of employees before the SSC, the regular Courts or the Department of Justice or Office of the Prosecutor;

• Those against whom judgment had been rendered either by the SSC or the regular Courts but have not complied with the judgment;

• Those who settled all contributions before the effectivity of RA No. 11199 but with unpaid or partially paid penalties for late or non-remittance; and

• Those against whom a Warrant of Distraint/Levy/Garnishment (WDLG) or Encumbrance had been issued.

The program also extends the entitlement to a condonation to those who have already paid contributions, partially or in full, before the effectivity of RA No. 11199, but are still faced with accrued penalties.

Now that the condonation program is about to close on Sept. 6, the SSS is making a final call on all employers to revisit their compliance and settle all past due SSS contributions, if any, without the pain of penalties.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinion expressed above are those of the authors and do not necessarily represent the views of SGV & Co.

 

Elena D. Manuel is a Tax Senior Director of SGV & Co.

Roberto Coin’s pretty and ethical jewelry

THE PIECES by renowned jewelry designer Roberto Coin — who went into design after a successful stint as an entrepreneur in the hospitality industry — are undoubtedly pretty, but are they smart, and as a bonus, even kind? That could be argued; and you’re welcome to ask some of his clients, a very long list that includes Oprah, Hillary Clinton, and Michelle Obama.

Mr. Coin’s designs are backed by the ethical manner by which they are produced. A Roberto Coin product is signed with a discreet red ruby hidden somewhere within the piece, synthetically produced as to avoid conflict stones. The stones adhere to the Kimberley Process, which certifies that diamonds do not come from conflict areas. Asia Sales Director Philip Grima also said that Mr. Coin is a member of the World Diamond Council, which, in cooperation with the United Nations, founded the aforementioned Kimberley Process in 2003. “He’s been one of the co-instigators and helped to develop the UN regulations,” he said.

The metals used in Mr. Coin’s creations are also compliant to the Dodd Frank Act that requires that the origins of all gold imported into the United States be certified conflict-free. “It’s a moral obligation, I think, that we have towards our customers to be able to assure them that the manufacture of the products that they’re using purely for beautification are not on the backs of child labor, conflicts, or other things of the nature.

“It is a payback, if you like; a contribution to the consumer so that they can sleep well… they can do that with a good conscience, because they know that we have ethically sourced all our materials,” said Mr. Grima.

One can see the discreet synthetic ruby that serves as Roberto Coin’s promise of adherence to the Kimberley Process in this Princess Flower ring, made with garnet and diamonds set in 18k white gold (P125,000)

A collection launched two years ago, the Princess Flower collection, showing diamonds in various colors set in configurations made to resemble stylized flowers, was used to display the newly redesigned Roberto Coin space in Rustan’s last week. The new space takes a lighter tone, and did away with the video screens to showcase the brand’s pieces without distractions.

Roberto Coin launches 500 to 600 different pieces every year. Asked about the prolific nature of Mr. Coin, Mr. Grima said, “Mr. Coin does not want to be identified with any single collection, or any particular single design. This is just as the diversity of the human race.”

Apparently, no one profile of the Roberto Coin woman exists, which is also why the brand endeavors to keep producing new pieces so often. “Each one: they dress differently, they have wear it differently, they have different lifestyles. He wants to allow each and every person to be able to wear a different piece of jewelry, as opposed to being pressed into a standard mold that they all have to wear the same thing,” said Mr. Grima.

We’ve mentioned some of Mr. Coin’s clients, such as Michelle Obama and Hillary Clinton, but Mr. Coin has also served women from various fields, such as entertainment. There is no one Roberto Coin woman, but they do all share something in common: more often than not, they’re very successful (a bracelet can go up to P2.4 million, after all).

“I would like to say that the design philosophy of Mr. Coin has correctly interpreted the taste of precisely this demographic,” said Mr. Grima. “It’s not overdesigned, it’s not… like whipped cream.

“In other words, intelligent, smart women appreciate the type of design that we are doing.” — JLG

Ex-RBI chief flags risks for overseas borrowing

INDIA’S PLAN to issue foreign currency debt has no real benefit and is fraught with risks, according to former Reserve Bank of India (RBI) governor Raghuram Rajan.

A global bond sale won’t reduce the amount of domestic government bonds the local market has to absorb and the country should worry about short-term “faddish investors buying when India is hot, and dumping us when it is not,” Rajan said in a column in The Times of India on Saturday.

Rajan adds to the growing chorus of opposition to the plan Finance Minister Nirmala Sitharaman announced earlier this month. The plan to sell bonds overseas comes as Prime Minister Narendra Modi faces shrinking options to raise funds as a slowing economy crimps tax revenues. Investors have also been concerned about his plans to borrow a record 7.1 trillion rupees ($103 billion) this fiscal year.

“Could the resulting volatility in India’s debt traded on foreign exchanges then transmit to our domestic G-Sec market? Would the foreign tail wag the domestic dog?” Rajan said. India should instead relax the requirement for foreigners to register as foreign portfolio investors and increase the current ceilings on investment in government rupee bonds, he said.

Three former central bank officials have also opposed the plan, saying the timing isn’t ideal as India runs quite a large budget deficit. India set the budget deficit target for the fiscal year at 3.3% of gross domestic product, lower than the 3.4% estimated in February’s interim plan.

“A small issuance will likely not be problematic,” Rajan, who is also a professor at the University of Chicago, said. “The concern is that once the door is opened, the government will be tempted to issue more, much more, with attendant risks — after all, all addictions start small.” — Bloomberg

Audi shows off its newest avant-garde models in new Spider-Man film

THE NEWEST installment of the Spider-Man series, Spider-Man: Far From Home, features Audi’s latest high-tech vehicles. The film stars Tom Holland as Peter Parker, who must step up to take on new threats in a world that has changed forever, following the events of Avengers: Endgame.

Shown in the film is the all-electric Audi e-tron GT concept, the fully-electric sports car from the brand. The next electric Audi has a flat-floor architecture that provides for exciting proportions and a low center of gravity. The 600hp all-wheel drive e-tron GT concept will come into life by the end of 2020.

Aside from the e-tron, the all-new Audi A7 Sportback and the all-new Audi Q8 also appear in the movie.

Winner of the “2019 World Luxury Car” in the New York International Auto Show, the Audi A7 Sportback is Audi’s premier four-door coupe sedan, engineered to provide one of the most comfortable yet sporty driving experience in its class. The Sportback’s sharp lines and its coupe silhouette accentuate its athletic yet sophisticated design.

On the other hand, the Audi Q8 is Audi’s SUV coupe variant which marries the functionality of a full-fledged SUV and the elegance of a coupe. Fitted with a powerful yet efficient 3.0 TFSI engine with a mild hybrid system and the legendary quattro all-wheel drive, the Q8 is the ultimate SUV for business or leisure.

“Teaming up with Sony Studios gives us an ideal opportunity to stage Audi’s electric offensive in a spectacular environment and to customize this important technology for a highly engaged audience. Therefore product placement plays a significant role in our new brand strategy,” said Sven Schuwirth, head of Brand Audi, Digital Business and Customer Experience at Audi AG.

Since the days of Tony Stark and Iron Man, Audi has been consistently the automaker-of-choice and the latest Marvel-themed movie surely makes everyone feel electrified.

For more information, please contact Audi Philippines at 02 727-0381 to 85 or visit any Audi showroom in Greenhills, Global City, Alabang and SM Seaside City Cebu.

ABS-CBN says sales of TVplus boxes hit 8 million

THE sales of ABS-CBN Corp.’s TVplus boxes has grown almost 20% since February, as adoption of digital television in the country picks up pace.

The Lopez-led media giant said in a statement over the weekend it has tallied a cumulative 8 million TVplus boxes sold as of July, growing 1 million from the 7 million it recorded in February.

ABS-CBN said digital television adoption across the country continues to grow since it launched the TVplus product in 2015, with a 72% penetration rate in Metro Manila, 65% in Mega Manila and 57% in the suburbs, based on August 2018 data from Kantar Media.

“ABS-CBN TVplus’ accelerated sales is indicative of how far the country has moved on from analog television and how closer we are to fully transitioning into digital broadcast ahead of the government-mandated deadline of 2023,” ABS-CBN Access Head Charles Lim said in the statement.

The Department of Information and Communications Technology (DICT) has set a 2023 deadline for broadcasting companies to completely migrate to digital terrestrial television (DTT), after which it would switch off all analog television systems.

ABS-CBN identified 16 areas that are already covered by its DTT signal — Metro Manila, Bulacan, Nueva Ecija, Pangasinan, Rizal, Laguna, Pampanga, Tarlac, Benguet, Cavite, Metro Cebu, Cagayan De Oro, Iloilo, Bacolod, Davao and Batangas.

Last month, the media firm also launched a mobile version of its TVplus boxes, the ABS-CBN TVplus Go, which acts as a dongle to allow users watch live television shows from an Android smartphone.

ABS-CBN earlier said it wants to strengthen its digital business this year, with much of its capital expenditures — estimated at around P6 billion — to be dedicated to this segment.

ABS-CBN posted an attributable net income of P856.35 million in the first quarter, up 89.2% on increased advertising placements. — Denise A. Valdez

Colombia to create fund to rescue coffee farmers when prices drop

BOGOTA — Colombia, the world’s top supplier of washed arabica, is creating a special fund to subsidize coffee farmers when production costs fall below international prices.

The stabilization fund, announced by President Ivan Duque late on Thursday, is the country’s latest bid to help farmers struggling as coffee prices have fallen to their lowest in more than a decade and many are operating at a loss.

The global price crisis has pushed large numbers of them out of business, with potentially wide-ranging implications in Colombia, where coffee is the chief alternative crop to coca, a plant used to produce cocaine in regions controlled by rebels.

Colombia is the world’s third largest producer of coffee after Brazil and Vietnam.

It was not yet clear how much money would be put into the stabilization fund. But Duque’s office said it would be paid for through a mix of sources, including the general budget, state-backed debt securities, proceeds from royalties and contributions from international organizations and others. Duque called the law that passed to create the stabilization fund as “one of the most longed for by Colombian coffee growers.”

“This is going to bring great relief to the coffee sector when we have price shocks,” Duque said as he signed the measure into law at an agricultural event.

The stabilization subsidies will kick in when the price of coffee falls below production costs, Duque’s office said. The fund will be administered by the National Federation of Coffee Growers through a government contract.

Duque’s government has already distributed $79.5 million in subsidies, debt relief and funds for plantation renovations in recent months. This week, at a coffee forum in Brazil, Colombia proposed that coffee-producing nations join forces to impose supply limits and boost prices.

The coffee growers federation has also proposed that producer countries sell high-quality harvests untethered from the New York market price. And this month, it called for an international base price of $2 per pound.Colombian coffee producers currently make about 795,000 pesos ($248) for every 125-kilo (275.6 pounds) of coffee, which barely covers production costs estimated at 780,000 pesos ($244), according to the coffee growers federation.

Despite the low prices, Colombia expects to produce 14 million 60-kilo bags this year, up from 13.6 million bags last year, thanks to renovations and fertilization programs. — Reuters

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