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Sheinbaum, first woman elected Mexico City mayor

Claudia Sheinbaum, a Jewish scientist, environmentalist and left-wing politician, became the first woman ever to be elected Mexico City mayor on Sunday, according to exit polls.
Sheinbaum, 56, has made a rapid political rise to lead North America’s largest city — though it has not been without controversy.
She won the election to lead the capital with between 47.5 and 55.5 percent of the vote, according to the polling firm Mitofsky.
She will not be the first woman to govern Mexico City — Rosario Robles held the job on an interim basis from 1999 to 2000, after her boss, Cuauhtemoc Cardenas, resigned to run for president.
But it is a historic electoral win in a country with deep-rooted problems of gender inequality and violence against women.
Sheinbaum surged into office on the coattails of the anti-establishment leftist who looks likely to win the presidential race, Andres Manuel Lopez Obrador.
She was among the first politicians to leave Mexico’s established left-wing party, the Party of the Democratic Revolution (PRD), and join Lopez Obrador’s breakaway, Morena, when he formally launched it in 2014.
The following year, she won election as district mayor of Mexico City’s Tlalpan neighborhood, Lopez Obrador’s own district and one of the 16 “delegations” that make up the sprawling capital of more than nine million people.
That was the launch pad for her mayoral campaign — but she has been embroiled in controversy along the way.
Tlalpan was one of the areas hardest hit when a 7.1-magnitude earthquake devastated central Mexico on September 19, 2017.
Sheinbaum’s district became the center of world attention when the Rebsamen elementary school collapsed in the quake, killing 19 children and seven adults inside.
It later emerged the district had granted dodgy construction permits to the private school’s owner — who is today on the run from the law — allowing her to build an apartment for herself on top of the building, which destabilized the structure.
A group of victims’ families has brought criminal charges over the case, and wants Sheinbaum to face investigation.
She vehemently denies responsibility, and accuses her opponents of exploiting the tragedy for political reasons.
But she has been the target of unrelenting anger from victims’ families and their sympathizers — including on election day.
“Murderer!” a protester shouted at her after she cast her ballot.
Activist origins
Born into a family of scientists, Sheinbaum studied physics at the National Autonomous University of Mexico, earning a doctorate in energy engineering and going on to work as a consultant for the United Nations.
She was active in the university’s student movement, which rose up against an unpopular series of reforms at the institution in 1986.
She was one of many veterans of the movement to go into politics and help launch the PRD in 1989 — the main opposition party in what was then a one-party state.
She married fellow student activist Carlos Imaz in 1987.
Imaz was among the most recognizable faces of the Mexican left, also governing the Tlalpan district, until in 2004, he was one of several top officials caught on camera accepting large sums of cash.
He avoided jail time, but resigned and faded from politics. The couple separated in 2016. They have a daughter.
When Lopez Obrador was elected Mexico City mayor in 2000, he named Sheinbaum his environment minister.
She followed the fiery leader when he split with the PRD to found Morena, and is seen as a close ally, winning the party’s mayoral nomination in August over the man who was considered the favorite, veteran politician Ricardo Monreal. — Sofia Miselem, AFP

EU 'possibly as bad as China' on trade: Trump

Europe is “possibly as bad as China” on trade, US President Donald Trump said in an interview broadcast Sunday, with trade wars emerging against both the Asian giant as well as longtime allies in Europe and Canada.
“The European Union is possibly as bad as China, only smaller,” Trump said on Fox News’ “Sunday Morning Futures” program.
“They send a Mercedes in, we can’t send our cars in. Look what they do to our farmers. They don’t want our farm products. Now in all fairness they have their farmers… But we don’t protect ours and they protect theirs,” he said.
Trump had already threatened tariffs on cars imported from the European Union, in response to the EU’s retaliatory tariffs last week on iconic US products including bourbon, jeans and motorcycles.
The EU retaliation came after Trump’s administration on June 1 struck Europe as well as allies in Canada, Mexico and elsewhere with tariffs on aluminum and steel.
Canada’s retaliatory tariffs take effect Sunday against American products including Florida orange juice, ketchup and Kentucky bourbon.
Canada and the US are among the world’s largest trading partners, with an estimated $673.9 billion in goods and services exchanged in 2017, with the US scoring a small surplus ($8.4 billion), according to US government data.
At Trump’s insistence, Canada, Mexico and the US are renegotiating the North American Free Trade Agreement.
“NAFTA, I could sign it tomorrow but I’m not happy with it. I want to make it more fair, OK?” Trump said, adding that he wants to wait until “after the election.”
Trump’s Republicans are fighting to retain control of Congress in November midterm elections.
In the interview the president again complained about Canada’s protected dairy industry, saying “that’s not fair.”
Against China, the world’s second-largest economy, the White House in mid-June announced stiff 25 percent tariffs on Chinese imports, sparking immediate retaliation from Beijing.
Trump on Wednesday said he supported tougher restrictions on foreign investment in sensitive technology, as well as export controls on those goods, but he stopped short of imposing specific restrictions on China.
Asked about that decision, Trump said in the interview that he is not backing down on China tariffs.
“No, no, no, no,” he said, noting that more tariffs could be imposed if there is no deal with China.
“I will tell you, China wants to make a deal and so do I, but it’s got to be a fair deal for this country,” he said.
The US has complained about Chinese policies that Washington said either forced companies to relinquish key technology or allowed China to steal it outright.
The president announced 25 percent import tariffs on hundreds of Chinese products to pressure the country to alter its practices. Those tariffs are due to take effect July 6.
That came on top of the tariffs on Chinese steel and aluminum that went into effect in late March — measures that prompted Beijing to slap punitive duties on 128 US goods, including pork, wine and certain pipes. — AFP

Analysts’ June inflation rate estimates

INFLATION likely clocked in faster in June on the back of rising food and oil prices coupled with a weaker peso, economists said in a BusinessWorld poll, with some noting that another rate hike may still be on the table for the central bank to temper prices. Read the full story.

Food, oil to stoke June inflation

The Philippine Statistics Authority (PSA) will report official inflation data on Thursday. Latest forecasts show that prices have definitely picked up faster than the 2.5% pace clocked in June 2017. — BW FILE PHOTO

By Melissa Luz T. Lopez, Senior Reporter
INFLATION likely clocked in faster in June on the back of rising food and oil prices coupled with a weaker peso, economists said in a BusinessWorld poll, with some noting that another rate hike may still be on the table for the central bank to temper prices.
A poll among 12 economists yielded a median inflation forecast of 4.7% for the month, which if realized will pick up from May’s 4.6% climb to a fresh high in at least five years. This also falls in the middle of the 4.3-5.1% estimate range given by the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research last Friday.
The Philippine Statistics Authority (PSA) will report official inflation data on Thursday. Latest forecasts show that prices have definitely picked up faster than the 2.5% pace clocked in June 2017.

Michael L. Ricafort, economist at the Rizal Commercial Banking Corp. said the major inflation drivers last month were elevated world crude oil rates, a weaker peso-dollar exchange rate, as well as higher prices of sugar and rice in the local market.
Food inflation reached 5.5% in May, with a faster pace tallied in the provinces at 5.6% versus the 4.5% year-on-year increase in Metro Manila, according to PSA data.
The analysts pointed out that inflation may be approaching its peak, in line with the BSP’s forecast that prices will see its fastest climb within the third quarter. However, second-round effects of the tax reform law by way of higher transport fares and wage hike petitions are seen to drive costs up within the second half of 2018.
“Prices of basic commodities, especially oil, haven’t tapered yet. Also with the depreciation of the peso, imports are getting more expensive,” added Mitzie Irene P. Conchada, associate dean at the De La Salle University School of Economics.
The peso has been trading at the P53 level versus the dollar since June 11 to mark a sustained depreciation at a fresh 12-year low. An economic bulletin from the Finance department showed that the peso has depreciated by 7.42% against the greenback year-to-date, the second-worst performer in the region next to the Indian rupee’s 7.46%.
MORE RATE HIKES SEEN
A handful of market observers believe that the sustained peso weakness will prompt further interest rate hikes from the BSP despite the back-to-back increases announced in May and June.
“If the peso continues to depreciate significantly in early August, we may see the BSP hiking again on their Aug. 7 meeting. That seems to be a major consideration in their policy decisions lately,” said Emilio S. Neri, Jr., lead economist at the Bank of the Philippine Islands.
Rising inflation expectations could also prompt the BSP to raise benchmark rates anew, according to Security Bank Corp. economist Angelo B. Taningco.
Others, however, said the central bank may be done with its tightening moves for now.
“Moving forward, if global oil prices continue to be well-behaved from hereon, inflation might even come down to below the 4% levels towards yearend and in this regard, we don’t expect any more BSP rate hikes for 2018,” said Ildemarc C. Bautista, vice-president and head of research at the Metropolitan Bank & Trust Co.
The BSP expects full-year inflation at 4.5%, well beyond its 2-4% target.

Economic managers to review targets, assumptions for 2019 budget today

THE 2019 budget will be the first spending plan to have a cash-based appropriations scheme, which means agencies’ allocations are only valid within the fiscal year — as opposed to the obligation-based budget that allowed them to disburse funds for over two years.

By Elijah Joseph C. Tubayan, Reporter
THE DEVELOPMENT Budget Coordination Committee (DBCC) will convene today to review key economic assumptions for the 2019 budget targeted to be submitted to Congress on the day of President Rodrigo R. Duterte’s third State of the Nation Address (SONA) this month.
Finance Secretary Carlos G. Dominguez III said in a mobile phone message on Sunday that the “main item on the agenda is the 2019 budget in all its aspects.”
An advisory from the Department of Budget and Management (DBM) said the 173rd DBCC meeting will be held at the DBM headquarters in Manila.
Socioeconomic Planning Secretary Ernesto M. Pernia in a separate message said that the DBCC will “fine tune/finalize economic and financial assumptions for the 2019 budget.”
Budget Secretary Benjamin E. Diokno has said the Budget department will submit the proposed 2019 national budget to Congress on the day of Mr. Duterte’s SONA scheduled on July 23, which marks Congress’ third regular session.
The 2019 budget will be the first spending plan to have a cash-based appropriations scheme, which means agencies’ allocations are only valid within the fiscal year — as opposed to the obligation-based budget that allowed them to disburse funds for over two years.
According to Budget Undersecretary Laura B. Pascua, this means the upcoming budget may be slightly lower from this year’s plan as funds will be given only to those projects ready for implementation — a scheme seen to be “more accountable and transparent.”
“The 2019 budget will be slightly smaller than the 2018 obligation based budget because we are changing the basis of budgeting. Budgeting only for the goods and services which will be delivered and paid for in 2019,” Ms. Pascua explained in a separate text message on Sunday. “Hence, we had to be realistic in what agencies were utilizing of their past budgets, and take out those activities which we believed would be ready for 2020 implementation, not 2019.”
“There were a lot of these prior years contracts which were accumulated over the years.
“So now, agency performance would be measured in terms of disbursements for goods and services delivered and paid and, not merely obligated,” said Ms. Pascua. “What you see is what you really will get.”
In its April meeting, the DBCC set the cash-based 2019 budget at P3.469 trillion, about two percent higher than the P3.401-trillion earlier expected and 7.91% less than this year’s P3.767-trillion budget.
It also adjusted the projected revenues and disbursements in its medium-term fiscal program, taking into account the expected take from Package 1B of the government’s tax reform containing the general tax amnesty, estate tax amnesty, the easing of bank secrecy restrictions, and the Motor Vehicle Users Charge increases, even as it remains pending in legislation.
It also retained the deficit ceiling at 3% of gross domestic product (GDP).
Revenues projected for 2019 stand at P3.203 trillion, equivalent to 16.7% of GDP and 12.4% greater than the P2.846-trillion revenues programmed this year.
Meanwhile, programmed disbursements for next year are currently at P3.782 trillion, equivalent to 19.7% of GDP and 12.2% more than the P3.37-trillion set this year.
The DBM in National Budget Memorandum No. 130 cited “funding pressures,” in the 2019 budget, which includes the P12 billion Tax Reform Cash Transfer Project as the P200 monthly transfers to beneficiaries will be raised to P300; the P33.9 billion payments for military pension following the lifting of pension indexation next year; and the P60.1 billion transfer of Coco Levy funds to farmers upon ratification of the Coconut Farmers and Industry Development Act.
At its last meeting, the DBCC also raised its Dubai crude oil assumptions to $55-70 per barrel in 2018 from $50-65 per barrel previously while retaining the $50-65 per barrel target for 2019-2022.
It also raised the dollar-peso exchange rate assumption for this year until 2022 to P50-53 from P49-52 per dollar previously.
The DBCC likewise set merchandise exports growth to 9% this year and 8% starting 2019 to 2022. Import growth, meanwhile, is seen at 10% this year and 9% for the succeeding years until 2022.
For the borrowing program, the portfolio was revised to a 65-35 ratio in favor of local sources for 2018 from the previous 74-26 mix earlier programmed and 80-20 in 2017. For 2019-2022, the borrowing mix is set at a 75-25 ratio.

Tech firm files for P6.8-B IPO

THE local unit of Taiwan-based technology conglomerate New Kinpo Group (NKG) seeks to raise P6.77 billion through an initial public offering (IPO) within the year, as it aims to expand production capacity in the country. — WWW.NEWKINPOGROUP.COM

By Arra B. Francia, Reporter
THE LOCAL UNIT of Taiwan-based technology conglomerate New Kinpo Group (NKG) seeks to raise P6.77 billion through an initial public offering (IPO) within the year, as it aims to expand production capacity in the country.
In an e-mail to reporters late Friday, the Securities and Exchange Commission said Cal-Comp Technology (Philippines), Inc. filed a registration statement regarding its plan to sell up to 378.07 million shares with an over-allotment option of up to 19.9 million shares at a maximum price of P17 each.
The offer comprises around 26.77% of the consumer technology firm’s total issued shares.
Cal-Comp Tech is part of NKG, which offers global electronic manufacturing services and original design manufacturing services to its customers.
The company’s products and services include storage, printers, network-attached storage (NAS), wireless and broadband, digital home, consumer electronics, wearables, 3D printing, robotics, and emerging technologies, among others.
Aside from Cal-Comp Tech, other companies under NKG include Cal-Com Precision (Philippines), Inc. and AcBel Polytech (Philippines), Inc. The latter produces injection molded plastic precision parts and power supplies products for global clients.
Cal-Comp Tech opened its first factory in Batangas in 2015, which spans 140,000 square meters and houses three facilities. It now employs more than 6,000 employees at the Lima Technology Center in Lipa City, and at the First Philippine Industrial Park in Sto. Tomas, Batangas.
The firm looks to use the proceeds of the offer to build new manufacturing facilities in the country, as it plans to introduce new products to the domestic market.
NKG Chief Executive Officer and Cal-Comp Tech President Simon Shen said the planned share sale will help the company expand its foothold in the country, since it has become one of the group’s key manufacturing hubs in Southeast Asia.
The Batangas factory is the company’s 19th manufacturing hub in Southeast Asia.
“We believe our expansion will enable Filipinos to become more competitive in export manufacturing and tech R&D (research and development). It’s also an opportune time for the Philippines to be exposed to tech products that will truly bring homes and industries to the future,” Mr. Shen was quoted as saying in a statement.
The company looks to conduct the IPO before year-end, but did not give a specific date. BDO Capital & Investment Corp. is the offer’s issue manager and sole book runner.
Cal-Comp Tech’s planned IPO comes at a time when the market continues to show volatility, having dropped from its record high of 9,078 last Jan. 29 to a low of 6,929 last week. The index is currently in the so-called bear market territory, indicating that it has dropped by at least 20% from a recent high.
Last week saw the conduct of the first IPO of the year, where property developer and construction firm D.M. Wenceslao & Associates, Inc. raised P8.15 billion. The stock lost 14.5% to P10.26 at the end of its first trading session last week, as the overall negative sentiment weighed on its performance.
Canned fruit manufacturer Del Monte Philippines, Inc., which was scheduled to raise P17.55 billion through an IPO before DMW, deferred its plans due to bearish market conditions.
Asked whether it is a good idea to conduct an IPO given the currently volatility, BDO Capital President Eduardo V. Francisco said Cal-Comp Tech would have to be prepared for the market’s movements.
“We just have to be ready as the markets can improve anytime,” Mr. Francisco said in a text message.
Meanwhile, Timson Securities, Inc. Trader Jervin S. De Celis said the performance of the IPO will depend on the timing.
“But I think the funds that they’re raising is smaller than the previous IPOs that we’ve seen and sometimes market players take that into consideration. If the company’s market cap is small, it might interest the short-term players. We’ll have to see its fundamentals first and assess whether the demand will be strong or not,” Mr. de Celis said in a separate message.

New breed of Fil-Chinese businessmen sail out of the capital


By Marifi S. Jara, Mindanao Bureau Chief
YOUNG FILIPINO-Chinese entrepreneurs and professionals are exploring growing opportunities outside the Philippine capital, prodded by the administration’s infrastructure and inclusive development agenda, and their curiosity piqued by the recent rise of political and business leaders from Mindanao.
Signalling its venture out of Metro Manila, the 27-year-old Anvil Business Club, Inc., also referred to as the Association of Young Filipino-Chinese Entrepreneurs, held its officers’ induction in Davao City on June 30, the first time ever that it was held outside Malacañang.
“We’re here to look at tourism opportunities, trading opportunities, there’s a lot of construction that’s happening here, some networking for us… franchising,” Anvil Business Club President John Patrick S. Cua said in an interview with BusinessWorld on June 29 in Davao City.
Anvil Chairman Wilson Y. Lee Flores, in the same interview, said, “We are excited by the inspiring Davao success story we’ve been hearing about and the many economic opportunities of once-neglected Mindanao region… Apart from President (Rodrigo R.) Duterte’s correct vision to decentralize wealth and economic development… we also admire the strong leadership of Mayor Sara Duterte-Carpio and her no-nonsense attitude.”
Mr. Cua, who is managing director of Nielsen Philippines, said the out-of-the-capital direction is backed by economic indicators and various studies.
“I can quote a Nielsen study, ‘The Age of ASEAN Cities,’ the study says if you want to grow your business, or see the growth in consumption, it’s not going to happen in Metro Manila… the growth from now to 2025 is in the secondary and third-tier cities,” he said.
In succeeding years, he added, the group with 450 members intends to bring the same event to other cities in Mindanao as well as the Visayas.
Majority of the members, with ages ranging from 21-50, are from Metro Manila, but many do have roots in the different provinces where their Chinese ancestors landed as early as pre-colonial Philippines and started from scratch.
Mr. Cua himself was born and raised in Davao City before moving out for university and eventually a career in the corporate sector.
“I’m the first president of Anvil from Mindanao… I call Davao my hometown, I benefitted from the peace and order of our then mayor and now President Duterte,” he said.
Now with the administration’s aggressive infrastructure spending for the Build, Build, Build program, Mr. Flores said “this is a golden opportunity for us entrepreneurs to venture into provinces and grow with the expanding economy.”
The group’s three-day visit included trips to the Malagos Farm in an upland part of the city, and the Paradise Island Resort in neighboring Island Garden City of Samal. Some, in smaller parties, ventured to Tagum City in Davao del Norte, which will host this year’s Mindanao Business Conference.
“Something that’s quite underdeveloped is products for tourism… If we travel elsewhere, there are a lot of these places that offer an experience… those are some ideas to inspire our members,” Mr. Cua said.
Mr. Flores said the group also recently had “extensive dialogues with two tycoons with flourishing Mindanao businesses,” referring to Anvil honorary member Dennis A. Uy of the Udenna group of companies, and William Tiu Lim of Mega Fishing Corp. in Zamboanga City, producer of the Mega canned sardines brand.
“Metro Manila is so competitive, congested, but it’s like the comfort zone. It’s time to go outside,” Mr. Flores said.
At the same time, the Anvil chairman noted the need for improving business procedures alongside the rollout of infrastructure.
“Investors, big or small, hope to see better ease of doing business throughout Mindanao… I think Mindanao truly needs to modernize infrastructure with more and bigger airports, new trains, better seaports, efficient telecommunications… In some parts of Mindanao, there is a need to uphold better peace and order, such as Sulu and Maguindanao where government hopefully can resolve problems of insurgency,” Mr. Flores said.
Ms. Carpio, the presidential daughter who took over the helm of Davao, cited local government initiatives to attract more investments and welcomed the group’s enthusiasm, noting the role of the business sector in development.
“Progress in any community cannot be achieved solely by the efforts of the government, we recognize the role of the private sector as an essential factor in the advancement of any society,” she said during the induction ceremony where she was guest of honor.
“I hope you find promise in Davao today, just as your forebears before you did,” said the mayor of Davao, which has the biggest Chinatown in the country with four archways marking a 44-hectare area in the central district.
While a good number of their members are already conducting business with various industries in Mindanao, Mr. Cua said: “We are encouraging (them) to go outside Metro Manila and look for growth outside.”

Couturiers reveal RTW outfits for Rustan’s pop-up concept


RUSTAN’S has always been known for bringing in top-shelf luxury goods to the country. While we all have an agreed standard on what luxury is, luxury can also be found in the clothes of local designers that try to condense in fabric all the influences that make us who we are.
Rustan’s tapped five designers — Mark Bumgarner, Mich Araullo, Rosanna Ocampo, Happy Andrada, and Patty Ang — for a pop-up concept called Rustan’s Circle. The pop-up in Rustan’s Makati features collections by the designers exclusively for Rustan’s.
Mr. Bumgarner took his inspiration from 1960s-inspired TV show Mad Men for a sophisticated day look, while Ms. Araullo takes a more laidback stance with a touch of luxury and clean femininity, incorporating bows, cinched waists, and linen. Ms. Ocampo, meanwhile, looks to riotous nature for her collection, while Ms. Andrada was inspired by the kaleidoscope, as well as experimental prints such as a printed aerial view of Manila. Ms. Ang, meanwhile, took inspiration from her travels, resulting in a collection with a touch of the cosmopolitan.
Rustan’s old-school brands such as U and Lady Rustan are being quietly revived by new designers. Rustan’s Circle is no different from this thrust in creating a stronger homegrown base for the retailer. Said Dina Tantoco, Marketing and Communications Head for Rustan’s, “It’s all targetting a certain customer. You could say younger.”
The pop-up also serves as a format for the designers to present ready-to-wear clothing, because most of these designers are better known for their red carpet looks. “The main objective for this was to tap their clientele. A lot of these customers don’t know that they have all these new lines, new designs for the younger market,” said Larissa Vistan, Division manager for Ladies’ Fashion at Rustan’s.
Ms. Tantoco said, “I think this is just the beginning. We want to expand this, and create a community where… designers have a place to showcase their ready-to-wear [collections].”
In the earlier days of Rustan’s, while co-founder Gliceria Tantoco negotiated with fashion giants, she also took the time to promote local designers by giving them room in her stores. “It’s certainly carrying on that DNA,” said Ms. Tantoco. — Joseph L. Garcia

Anchor Land seeks to boost recurring revenues

By Arra B. Francia, Reporter
ANCHOR LAND Holdings, Inc. is bent on growing its recurring revenue base as it targets to have the segment contribute to a fifth of its revenues by 2021, a top official said.
“We are trying to have at least 20% contribution coming from recurring (revenues) by 2021. (This will be achieved) from our existing commercial development and office development and bed spacing, hotels contribution, so we are targeting to have it to reach 20%,” Anchor Land Chief Executive Officer Steve Li told reporters after the company’s annual shareholders’ meeting last week.
Mr. Li said residential projects currently contribute 90% of its total revenues, while commercial projects account for the remaining 10%.
The upscale property developer has various projects in the pipeline to achieve its targets.
For the hotel and resorts segment, Anchor Land is undertaking the redevelopment of the Admiral Hotel along Roxas Boulevard in Pasay City. The hotel is envisioned to meet the shortage in luxury accommodations in both the Entertainment City and Pasay areas, and will be the company’s flagship project in the hotel and resorts category.
The Baylife Venue — Anchor Land’s first tourism and leisure project in the Bay Area, is being positioned to become the largest Chinese seafood restaurant in terms of seating capacity and product offering in the country.
The company is also constructing the two-tower Anchor Land Corporate Center at the Bay City. The LEED-certified building is set to cater to the growing number of business process outsourcing companies in the Bay Area.
Anchor Land is likewise joining the roster of firms that are developing bed space leasing facilities through Cosmo Suites in Pasay City. The project will house around 800 rooms, which are sized at about 21 square meters each. Cosmo Suites is expected to be completed after three years.
“The project is designed to provide for the needs of transients and call center workers from the Entertainment City enclave and nearby areas along Manila Bay. This co-living facility offers a new lifestyle by upgrading the standard living of its residents,” Anchor Land President Digna Elizabeth Ventura said during the stockholders’ meeting.
Outside the Bay Area where Anchor Land’s market is mostly Chinese buyers, the company is also looking to construct a Boracay Hotel and Resort development. Mr. Li said Anchor Land has a 2.6-hectare property in the area, with planning already underway.
Anchor Land will further be developing a hotel and resort in Coron, Palawan. The hotel and resort complex will cater to the demand for luxury accommodation in the popular tourist destination.
Mr. Li said the company will continue to focus on the luxury market moving forward, given the strong demand for properties in the segment.
“There’s a huge demand for the luxury market but you just need to come up with the right product for them… (Investors) are getting more and more sophisticated, they really try to look for value for investment especially the leasing market,” Mr. Li said.
Anchor Land’s net income attributable to the parent dipped 25% to P103 million in the first quarter of 2018, amid a 6% increase in revenues to P1.24 billion.

Boys can be girls: what we learned from Paris


PARIS — As Paris men’s fashion week ended last week, we looked at four things we learned from a packed and at times emotional six days:
1. MEN DON’T HAVE TO BE MEN
The pressure is off, boys. Dress like you did when you were a kid raiding your mother’s wardrobe. That seems to be the big message from a fashion week where the gender lines have never been more blurred.
We have had men in dresses aplenty before on the Paris catwalk but never has the male wardrobe itself been so comprehensively feminised. Blur’s “Girls & Boys” could have been the soundtrack for a week where genderless meant men borrowing all the best bits from the girls to sex up suits, shirts and trousers.
Margiela’s John Galliano said the time had come to “liberate” men from their sartorial shackles. For him that meant silks and satins, daring to be “louche” by going shirtless under a suit, and, most of all, wearing clothes cut on the bias — the technique he has used for years to make his clothes for women so fluid and sensual.
“Gender doesn’t matter any more — it’s 2018,” Kim Jones told AFP before his triumphant debut at Dior Homme where he showed a transparent organza and tulle shirt embroidered with tiny, delicate white feathers.
Flowers and floral toile de Jouy blossomed out of a long run of other pieces, “but it is still menswear,” he insisted.
Loewe used not a little humor to herald fashion’s rebirthing of man, opening its presentation with a naked young man sitting on a chair sauvely fingering his trumpet.
2. PINK POWER
Naturally in such circumstances, pink — once the “boy’s color” before it was supplanted by butch blue in the 1940s — was in full blush. From Dior’s pale pink double breasted suits and trench coats to Thom Browne’s Vichy check and bubblegum pink lobstar coats and the old rose of timeless Hermes, the color threw its puff powder hue everywhere.
Vuitton’s Jones said it was time to bury the old wussy prejudices. “In LA kids in the street wear pink all the time. So it’s not, ‘Oh it’s pink, I won’t wear it’, anymore,” he added.
Fellow Briton Paul Smith agreed, sending out borderline violet DB jackets Sunday, while Lanvin also flirted with floral and silky pinks.
Purist, restrained Valentino even used it for its logo while Raf Simons celebrated its gender-bending New Romantic glamor in fuschia satin coats and scarves.
3. EVEN RAPPERS CAN CRY
“Witnessed black history” Rihanna told her 63.5 million Instagram followers after watching Virgil Abloh make his debut at Louis Vuitton, a black man at last at the head of the world’s biggest luxury brand. “Proud of you bro,” she added under a picture of the pair hugging.
But she could equally have been talking about the long, lingering embrace and the tears Abloh and his friend and mentor Kanye West shed after his show in the Palais Royal.
More than the clothes, their celebrity psychodrama defined fashion week on social media.
The rapper had always wanted to design for a big Paris fashion house but it was Abloh his protege who got there first. Cue wounded pride and a long hurt silence from the Ye. The sight of them moving on so dramatically — and so publicly — had many a lip trembling. It also brought West’s wife Kim Kardashian back to Paris, reportedly from the first time since she was tied up and robbed in 2016.
4. STREET BECOMES BOULEVARD
The star power of Paris shows used to be judged by the number of Hollywood stars on the front row. With streetwear now a fixture of almost every collection, it’s rappers that labels are now vying to court.
Apart from Kanye West — who has his own Yeezy line of clothes and Adidas trainers — Kid Cudi, Playboi Carti, and Steve Lacy were spotted rubbing shoulders at shows. ASAP Rocky appeared to be ever present, checking out and modelling Dior, Vuitton, Raf Simons and Rick Owens, whose whole show turned on another rapper, Tommy Cash.
Its soundtrack was an instrumental version of the wacky post-Soviet Estonian star’s hit “Pussy Money Weed,” and Cash walked the runaway as a model in one of Owens’ key looks. — AFP

The swallows of Lalique


THE MAGIC of glass is how the material combines both fantasy and reality. While it’s clarity suggests an ethereality, held in the hand, it’s remarkably clear that it is real and of this world. René Lalique, founder of crystal and glassworks Lalique, was hailed as a sculptor of light (instead of glass) for how he seemed to capture life in a way that was better than what was real, in a material that once defied logic.
For its 130th anniversary, Lalique introduces a collection called Hirondelles (French for swallow, as in the bird).
Why this specific bird should be so important was pointed out by Daniel Ong, Lalique Regional Director for Southeast Asia and Oceania, who pointed at his lapel pin. Four swallows converged in a sort of compass, and it served as the company’s logo.
This comes from Lalique’s emphasis on nature, for the company first achieved prominence because of the Art Nouveau movement, a style that flourished in the early 1900s that presented a more stylized take on nature, where nature wasn’t what it was, but what we wanted it to be.
Meanwhile, the company had passed hands several times: René’s granddaughter Marie-Claude sold the glassworks to a holding company, and then afterwards sold to Swiss company Art&Fragrance, which has since then been renamed the Lalique Group, this according to Mr. Ong. He also said that the present owner had been enamored by Lalique, owning over 700 pieces — mostly of its perfume bottles — prior to the purchase of the company.
The Hirondelles collection features vases, bowls, plates, a clock, a decanter in white, blue, or gold, and most feature the satin finish of Lalique. What sets this collection apart is a series of sculpted birds that can be stuck to a wall via a magnet (retailing at over P50,000 each).
Of each item, there will only be two available in the Philippines, one in Rustan’s Makati and another in Rustan’s Cebu, and those not quick enough to catch a bird will have to order through the store. — JLG

Capital raised via stock market hits P150 billion in first half

CAPITAL raised at the stock market reached a record P150 billion in the first half, as companies braved the local market amid prevailing volatility.
In a statement issued over the weekend, the Philippine Stock Exchange (PSE) said capital raised jumped 40.5% to P150.01 billion during the first six months of the year, from the P106.74 billion recorded in the same period a year ago. This represents 75% of the PSE’s P200-billion target for the year.
“The Exchange is pleased to be a conduit in the growth of listed companies by serving as a venue for capital raising… Market volatilities did not hamper the expansion plans of our listed companies. This is an indicator that they are set on completing their business initiatives amidst a robust domestic economy,” said PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.
The funds raised came mainly from stock rights offerings, including P758.3 million from Yuchengco-led PetroEnergy Resources Corp., P20 billion from Robinsons Land Corp., P5 billion from Ayala-led Integrated Micro-electronics, Inc., P2.898 billion from The Philippine Stock Exchange, Inc., P60 billion from Metropolitan Bank and Trust Co., and P50 billion from the Bank of the Philippine Islands.
During the first half, the PSE also saw the initial listing of property developer and construction frim D.M. Wenceslao, Inc., where it raised P8.15 billion.
Private placements from IRC Properties, Inc., China Banking Corp., Basic Energy Corp., and Golden Bria Holdings, Inc. accounted for the balance of the funds raised.
The PSE expects more fund-raising activities in the second half of the year. Included in the pipeline are the follow-on offerings of DoubleDragon Properties Corp. worth up to P4.5 billion scheduled for July 13, and that of Global Ferronickel Holdings, Inc. worth P517.5 million set for July 20.
Rizal Commercial Banking Corp. will likewise conduct a P15-billion stock rights offering by Aug. 3.
Meanwhile, canned fruit manufacturer Del Monte Philippines, Inc. has yet to announce whether it will push through with its planned P17.55-billion share sale, which it canceled due to market volatility.
The PSE index is currently in bear market territory, after having dropped more than 20% from its recent high of 9,078 last January. The local index managed to bounce back 1.8% to 7,193.68 last Friday, albeit still 20.8% lower than the record high for the year.
“While the stock market has experienced a sharp decline from its all-time high early this year, we expect the country’s sound economic fundamentals to continue to encourage listed companies and potential issuers to raise capital through the equities market and to attract investors to participate in the offerings,” Mr. Monzon said. — Arra B. Francia