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Style (06/10/19)

Ternocon exhibit

THE Cultural Center of the Philippines, Bench, and SM Mall of Asia collaborate for the Ternocon 2018 Exhibit tour which starts on June 12 at the Atrium, Main Mall of the SM Mall of Asia. It will run until June 19. Ternocon 2018 was a terno-making convention and contest for regional designers initiated by the CCP through its Cultural Exchange Department and Bench (Suyen Corp.). The project aimed to encourage the use of the terno as formal dress, to inspire a new generation of Filipino designers to make ternos that are grounded in the history of the Philippine National Dress, and to motivate regional designers to create works that are at par with the construction techniques of senior fashion designers. The contest proper was held at the CCP main theater stage last November. Curated by Gino Gonzales, the exhibit features 30 selections from over 90 ternos shown at the CCP last November. A tour of the exhibit in other regions between July to November is currently being organized.

Bags from the Longchamp LGP collection at the Power Plant mall pop-up. The pop-up store moves to Greenbelt 5 this week.

Longchamp pop-up store

AFTER the first leg of the Longchamp LGP collection’s popup at the Power Plant Mall, it moves to the Greenbelt Fashion Walk from June 11 to 17. The LGP collection breaks the rules of the usual solemn, static, and status-oriented monograms by being contemporary, cosmopolitan, and with a sense of fun. The collection spans bags, accessories and ready-to-wear, with lots of unisex options. There are two complementary lines for bags Le Pliage LGP and Le Pliage Cuir LGP. The first features an all-over monogram print on the iconic nylon totes and travel bags, as well as new urban essentials such as backpacks, fanny packs and a multi-style pouch which can be carried vertically or horizontally. The second has the monogram placed and appliquéd on its butter-soft leather, and introduces, alongside the holdalls, a new shape in the form of a vertical tote with long handles. Both lines are available in black and white with a flash of neon or black and red with a flash of white. In addition, Le Pliage Cuir LGP offers a third colorway, created especially for Asia: a powder pink accented with black and white. The collection also takes in luggage — notably an ultra-light wheeled cabin case with an all-over micro-monogram in black and white and zingy neon trim. Longchamp is exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu and Greenbelt 5.

Rustan’s End of Season Sale

RUSTAN’S holds its End of Season Sale with discounts of up to 50% as well as exclusive offers on premium items from June 8 to 30 at Rustan’s stores in Alabang, Makati, Shangri-La Plaza, Gateway Mall and Cebu. Among the items that will come with big discounts are menswear from Faconnable, Ascot Chang, Knowledge Cotton Apparel, Harrys of London, Oleg Cassini, Dorfman Pacific, Kurt Geiger, and Calvin Klein, plus items from Allen Edmonds, Pedro del Hierro footwear and Punto socks. Also in the sale are Wild and Wolf torches, S’well, Two’s Company, Kikkerland, Brouk and Co., and Authentic Models collectibles. Women can find classic pieces from Elie Tahari, Eileen Fisher, Lady Rustan, Oleg Cassini, Karen Kane, and Josie Natori, resortwear from Trina Turk, ASTR, Lilly Pulitzer, Seafolly, and Onia, and accessories from Majorica, Orelia, Carolee and practical finds from Aerosoles, Le Sportsac, Ogon, and Dooney & Bourke. For more contemporary cult favorites, there’s CK Jeans, Aquazurra, Coccinelle, Swarovski, together with curated items from Luna, Jill, Sergio Rossi, Gianvito Rossi, Jessica McClintock, Carolee, Criselda Lontok, MZ Wallace, followed by functional picks from Arezzo, Schutz, Cristofoli, Caparros, and U by RP. Gowns and dresses from Mac Duggal, Aidan Mattox, Allen Schwartz, Tahari, Halston Heritage, and Tadashi Shoji will also be part of the sale. The collections from Montblanc, Carla Amorim, Centro Bridal, Damiani, John Hardy, Marco Bicego, Mikimoto, Tamara Comolli, Yvel, and Babette Wasserman will be on special offer during the sale period. For kids’ fashion, Sunuva, Neck & Neck, Under Armour, and Reisenthel Kids will be on sale along with items from Kids Funware and Thermos. Swarovski, Cristofle and Rustan’s Home have accents and housewares on offer. For more information about the Rustan’s End of Season Sale, visit rustans.com.

Rissa Mananquil Trillo’sr first book

MODEL-turned-entrepreneur Rissa Mananquil Trillo reveals her journey to building beauty brand Happy Skin in her book Read My Lips: What It Takes to Build a World-Class Homegrown Brand, published by Summit Books. Part-memoir and part-business guide, the book covers her failures to her successes, from her lowest moments to her brightest triumphs. Read My Lips is divided into two parts. In the first, she answers questions about entrepreneurship, including both the sacrifices and fulfillment that go with making the leap. In the second, she imparts lessons gleaned from her own life experiences that unfolded the path for opportunities in business and beauty, as well as values needed to survive in entrepreneurship. Read My Lips bookends the first part with interviews with some of the biggest leaders in business and beauty including Nanay Coring Ramos, Tessie Sy-Coson, Manny V. Pangilinan, Fernando Zobel de Ayala, Nedy Tantoco, Ben Chan, Anton Huang, Mariana Zobel de Ayala, Lance Gokongwei, Robina Gokongwei-Pe, Kevin Tan, Joey Concepcion, Rikki Dee, Donnie Tantoco, Vicki Belo, Paulo Campos, Margarita Forés, Anne Arcenas-Gonzalez, Amina Aranaz, and Krie Reyes-Lopez. The second part gathers insights on life and inner beauty from Lucy Torres-Gomez, Heart Evangelista-Escudero, KC Concepcion, Kathryn Bernardo, Bianca Gonzalez-Intal, Liz Uy, Karen Davila, Myrza Sison, Apples Aberin, Tweetie de Leon-Gonzalez, Aivee Teo, Say Tioco, Tricia Gosingtian, and Hannah Pangilinan. Read My Lips: What It Takes to Build a World-Class Homegrown Brand will soon be available in bookstores nationwide for P450 and can be preordered at National Book Store.

ECB policy makers open to cut rates if growth weakens

FUKUOKA/FRANKFURT — European Central Bank policy makers are open to cutting the ECB’s policy rate again if economic growth weakens in the remainder of the year and a strong euro hurts a bloc already bearing the brunt of a global trade war, two sources said.

The ECB said on Thursday that its interest rates would stay “at their present levels” until mid-2020 but President Mario Draghi added rate setters had started a discussion about a possible cut or fresh bond purchases to stimulate inflation.

The apparently mixed message failed to convince some investors, who saw it as too tenuous a commitment to more stimulus. This sent the euro rallying to a 2-1/2 month high of $1.1347 against the US dollar.

But two sources familiar to the ECB’s policy discussions said a rate cut was firmly in play if the bloc’s economy was to stagnate again after expanding by 0.4% in the first quarter of the year.

“If inflation and growth slow, then a rate cut is warranted,” said one of the sources, who requested anonymity because the ECB’s deliberations are confidential.

An ECB spokesman declined to comment.

The ECB’s deposit rate is already 40 basis points below zero and the bloc’s top-rated governments, such as Germany’s, can borrow at negative rates for up to a decade.

In this context, countering the euro’s strength, rather than lowering already rock-bottom borrowing costs, would be the main reason for a further cut to that deposit rate, one of the sources said.

“I’ll give you five reasons for a rate cut,” the source said before repeating “exchange rate” five times.

The ECB doesn’t formally target an exchange rate but Draghi noted the euro’s appreciation in his news conference on Thursday and has long highlighted the currency as a crucial determinant of financing conditions.

The source said a euro at $1.15 would still be tolerable for some but $1.20 would be a critical level to watch.

The single currency has risen by 2% against the dollar in just over a week as the Federal Reserve signaled its willingness to cut its interest rates if needed.

This was seen by some analysts as a sign the US central bank was bowing to pressure from the White House to keep the dollar weak and strengthen the administration’s hand in its trade negotiations.

The argument for more quantitative easing (QE) from the ECB was less clear to some policy makers, however, the sources said.

One of the sources said more QE could help soothe stock markets if these were spooked by an escalation in the trade war, although there would be a risk for the ECB in appearing to kowtow to equity investors.

The other said the main benefit of QE was compressing the difference between short- and long-term borrowing costs, making access to finance easier for companies and households, but this so-called term premium was already low. — Reuters

Visa offers more dining, travel deals under Epic Experiences

GLOBAL PAYMENTS technology company Visa continues to expand its Epic Experiences program, which gives its cardholders perks and benefits at over 60 restaurants and travel destinations in the Philippines.

“We want to bring the best experiences for both our local cardholders and international tourists to the Philippines,” Dan Wolbert, Visa country manager for the Philippines and Guam, said during the launch event last June 4 at Smith Butcher and Grill Room in Makati City.

Visa Epic Experiences is an exclusive dining and travel privileges program for both local and foreign Visa cardholders.

Now on its sixth year, Visa focused on increasing the dining and travel deals outside of Metro Manila.

“This year, we expanded our focus to include national coverage as we have expanded in areas like Cebu, Boracay and Palawan,” Mr. Wolbert said.

In Cebu, restaurants such as Cichetti, Ani Restaurant, Dayun Lounge and Uma Restaurant are participating in the Visa Epic Experiences program. Boracay’s Forno Osteria and Indigo, as well as Tagaytay’s Aozora Japanese Restaurant are also included in the program.

Those looking for some R&R can find deals for The Farm at San Benito in Batangas, The Manor in Baguio City, The Forest Lodge at Camp John Hay, El Nido Resorts Apulit Island, Misibis Bay and Crimson in Boracay.

In Metro Manila, Visa cardholders can get discounts, deals or freebies at restaurants such as Smith Butcher and Grill Room, Bondi & Burke, Canton Road, La Mere Poulard, Ministry of Crab, Tomatito, Okada Manila and NIU by Vikings.

Mr. Wolbert said Visa has noticed that dining and travel spending among Filipinos has been rising nearly 20% year-on-year.

“We are confident this growth will continue,” he added.

The Visa Epic Experiences program has also boosted the revenues and number of customers for its merchant-partners. Mr. Wolbert noted travel-partners for the Epic Experiences program has seen nearly 50% growth in transactions between 2017 and 2018.

“One of the things we like to highlight in this program is we have seen our dining and merchant partners continue to benefit from this program. Several (partners) have seen significant increases in Visa transactions over the several years, and it becomes an important component so that we’re continuing to bring value not just to cardholders but to our merchants,” Mr. Wolbert said.

Visa cardholders can avail of the exclusive offers by using their cards at the partner establishments, or through the Visa Digital concierge where affluent Filipinos and international Visa cardholders can make reservations through chat on the app. — Cathy Rose A. Garcia

Father’s Day (06/10/19)

Pamper Dad at The Pen

FOR this upcoming Father’s Day on Sunday, June 16, The Peninsula Manila thinks that it’s only fitting to spoil the man by celebrating the 100th birthday of the Negroni at The Bar, and make him feel extra special at the Pen Ultimate Father’s Day Dream Lounge in Salon de Ning. All dads will be invited to Salon de Ning’s Pen Ultimate Father’s Day Dream Lounge for an afternoon of pampering from 1–6 p.m. Styled to capture the sophisticated feel of a private gentleman’s club, the five-hours-only, pop-up Pen Ultimate Father’s Day Dream Lounge will have male grooming services from Back Alley Barbershop; soft serve ice cream to go and artisanal chocolates from Auro Chocolate; neck-and-shoulder rubs courtesy of The Peninsula Fitness Center & Spa; a display of motorcycles from Harley-Davidson; For Him skincare and complimentary hand treatments from VMV Hypoallergenics; the coolest aquascaped aquariums from ADA (Aqua Design Amano), Tokyo Bikes from Waido, audio doodads from Focal; bespoke shirts and suits by Fort & Tailler; rare timepieces from Vintage Grail, collectible vinyls and DJ music from Boogie; and all the Draft Estrella Galicia beer, wines from Wine Depot, and innovative craft gin cocktails by Apotheke you can possibly want. Meanwhile, over at The Bar, toast Father with a Negroni from 9 a.m. to 3 a.m. Join The Peninsula Manila Beverage Manager Rico Deang and try his unique take on this classic cocktail, which features gin, sweet vermouth, campari, and a twist of orange. It’s also the Negroni’s 100th birthday this year. Guests of The Bar are welcome to cross over to Salon de Ning and enjoy the perks on offer at the Pen Ultimate Father’s Day Dream Lounge. Meanwhile, the Fitness Center & Spa has special spa packages for Father’s Day Weekend. The Father Figure Package gets him one hour of personal training, followed by an hour-long Deep Tissue Massage, before finishing off with a protein shake (P4,490). Dapper dads can opt for the Man About Town Package that comes with a one hour Hilot Massage, an invigorating Red Rice Body Scrub, a facial, a foot spa, and a choice between a manicure or a pedicure at Le Macquillage Salon (P6,990). Thereis also the Mirror Package with its one hour Anti-aging Facial, a foot reflexology session, and a haircut plus scalp treatment at Le Macquillage Salon. These Father’s Day specials of The Peninsula Fitness Center & Spa are on offer until June 24. For inquiries or reservations, call 887-2888.

TechnoMarine Father’s Day promotion

TECHNOMARINE presents for Father’s Day a special promotion on men’s watches which is ongoing until June 16. A discount of up to 30% is offered on iconic collections with face size of 42mm to 50mm — all stylish, durable, water resistant, and of exceptional accuracy. Designed by innovative watch enthusiasts, the watch brand combines bold aesthetics and premium components for urban souls with an active and dynamic lifestyle. There are TechnoMarine stores at Robinsons Galleria, Robinsons Magnolia, Shangri-La Plaza, SM City Cebu, SM Lanang Premier Davao, SM Mall of Asia, SM Megamall, SM North Edsa, TriNoma, and Uptown Mall, BGC.

The Little Prince for Father

WHILE the first edition introduced in 2018 drew inspiration from the character of the fox who instructs the little prince on the importance of human bonds and friendship, the latest Montblanc Meisterstück Le Petit Prince Special Edition takes inspiration from another character, The Aviator. The book’s narrator, he symbolizes the value of mentorship and learning about life through shared exploration. The cap and barrel of the Meisterstück Le Petit Prince Precious Resin Le Grand and Meisterstück Le Petit Prince Precious Resin Classique are made from brown precious resin enhanced with platinum-coated fittings. A symbolic figure from the story, the sheep that the little prince asks the aviator to draw for him is immortalized on the handcrafted 14K gold nib of the writing instrument. Contrasting with the precious brown resin barrel, the platinum coated cap of the Meisterstück Le Petit Prince Doué Classique is etched with a design of desert dunes and the aviator’s airplane. The 18K champagne gold nib is decorated with a delicate drawing of the sheep. Evoking the aviator’s leather helmet, the Meisterstück Le Petit Prince Solitaire Doué Le Grand Edition, on the other hand, pairs a brown premium leather cap embossed with the desert and aviator design with a platinum-coated barrel. The dunes and the little prince have been etched into the precious metal. The clip of every edition is adorned with a lacquered golden star: a reference to the Little Prince’s invitation to the pilot to remember his laugh by simply looking at the stars above. Etched on each beautiful piece are the words: “Toutes les grandes personnes ont d’abord été des enfants. Mais peu d’entre elles s’en souviennent (All grown-ups were once children — although few of them remember it).” Helping etch ideas from head to paper, Montblanc introduces a fine stationery notebook in brown leather with gold embossed drawings from the book, a new brown ink inspired by the leather color of the pilot’s cap, as well as ballpoint and rollerball refills in illustrated boxes. The Meisterstück Petit Prince Coffret LE943 includes a full platinum-coated etched Meisterstück Le Petit Prince Solitaire and a full brown embossed leather Meisterstück Le Petit Prince Solitaire, as well as a Petit Prince book co-edited with Gallimard in four languages bound with special leather cover.

Central banks’ dovish turn isn’t convincing traders

THE DOVISH TURN by global central banks is failing to persuade investors that policy makers have what it takes to ignite inflation.

Spurred by flagging global growth and renewed trade frictions, the Federal Reserve and European Central Bank (ECB) both flashed new willingness this week to deliver stimulus to their respective economies if necessary. Their counterparts in India and Australia went a step further and cut interest rates.

But investors are doubling down on bets that inflation won’t rebound. US break-even rates, a proxy for inflation expectations, fell on Friday even as a big miss on jobs and wages prompted traders to up bets on the first Fed rate cut in a decade.

To boot, long-term price-growth expectations in the US — as captured by five-year, five-year forward inflation swaps — have fallen toward a 27-month low. A similar gauge for the euro zone sits below its level during the financial crisis.

Markets may be pricing in concerns that central banks have less room to reduce rates than they once had. But there’s a more cynical way to read the numbers — that policy makers are hamstrung in being able to spur price growth.

US consumer price index data due Wednesday is likely to add to that worry as analysts forecast inflation rose just 0.1% in May from last month, down from 0.3% in the previous month.

Economists at JPMorgan Chase & Co. this week predicted average inflation in developed markets would slide to 1.6% by the end of this year from 2.1% in the current quarter.

“Low inflation is a global phenomenon,” said Zakaria Darouich, senior fund manager at Paris-based CPR Asset Management. “Years of record low interest rates don’t seem to have much impact on inflation. In terms of investment, we don’t have strategies in place that envisage inflation going back to targets in the near term.”

Part of the problem is that policy makers have little room to act. The Fed may have hiked interest rates from their record low but their benchmark range — 2.25% to 2.5% — is still below where it was in the run-up other economic slumps.

LESS AMMO
Fed cuts to fight past recessions have tended to average 575 basis points, according to Bank of America Corp. analysts. The ECB and Bank of Japan, neither of which has tightened from record low rates, possess even less ammunition they can fire at weakening economies.

Other tools in the central-bank arsenal have sparked criticism in the wake of the post-crisis bond-buying spree. Quantitative easing is seen as having mixed results the more it’s deployed.

Low inflation tends to spur demand for bonds and push down yields as it’s interpreted as a signal of slowing growth. Falling yields can in turn prompt investors to turn to riskier assets like longer-dated securities or those with lower credit ratings for their higher returns.

Policy makers appear sanguine even as traders try to call their bluffs.

ECB President Mario Draghi said this week that the bank still has “headroom,” while Chair Jay Powell and fellow Fed officials met in Chicago to discuss ways of changing their monetary policy strategy to tackle a recession that may come sooner than they previously suspected.

Central bankers may be eyeing up the trade war as the biggest threat to their outlooks, but Citigroup Inc. economists take a dimmer view. Easing from central banks without fiscal support from governments won’t help policy officials achieve their inflation targets, Citi argues.

“Monetary policy is relatively impotent to achieve the desired outcomes,” said Cesar Rojas, an economist at the New York-based lender.

It’s often posited that forces such as ageing populations, technological advances and shifting labor trends are pulling down inflation. Offsetting these effects is more the job of governments than monetary officials, the argument goes, even as they too have little room to work given rising debt burdens.

“It is clear that central banks cannot do this alone,” said Paul Donovan, chief global economist at UBS Group AG. — Bloomberg

Ideas to transform cities and transcend into a new era

By Jason Pomeroy

SOUTHEAST ASIA has historically been a complex antithesis of colonial trade hubs alongside rural agriculture that supported villages and its communities. When the Association of Southeast Asian Nations (ASEAN) was formed in 1967, the vast majority of the countries in the region were still involved in farming. Today, a different picture exists. While farming is still a mainstay in many ASEAN countries, rapid urbanization has taken over the region — often morphing from those original trading “entrepots.” By 2050, 75 percent of the global population are expected to live in urban city areas. With such a huge number of people set to migrate to the cities, new innovations need to be in place to support such a huge transformation in the region. Following are some ideas that may have the ability to help shape our cities:

SOCIAL
Since 2007, half of the world’s population has been residing in cities and this will rise to 75% by 2050. In the past, the physical fabric of cities — namely the street and square, used to be the foci for our social interactions. However, with technological advancement, we have increasingly withdrawn from public life to find refuge in our personal tech and mobile gadgets. In order to not lose sight of the simplest of social skills, we should re-embrace the great outdoors and foster a greater connection with the world. One example where we are trying to do this is the rejuvenation of the Kallang Precinct in Singapore where we are aiming to foster an appreciation for the outdoors through the sport, recreational programs and happenings in both public and semi-public spaces under, over and above ground, that will combine the old school “analogue” with the new world “digital.”

SPATIAL
Current world population density is 51 people per square kilometer. By 2050, it is projected to be 66 people to per square kilometer. This means more space is required per person. However, the heightened costs of land and real estate is making inner city living prohibitive to many. One idea is to use water as an alternative surface for urbanization. Water accounts for an unexploited 70% of the Earth’s surface, and with sea levels rising all over the world, there is an opportunity to address both the issue of both land prices and climate change related disaster. We could embrace water as a surface to allow communities, residents and cities to grow whilst rising with sea levels. The floating homes in the docks of Ijberg, Amsterdam, are a good example of water being used an affordable alternative to inner city Amsterdam living that can adapt to rising sea levels. Pomeroy Studio’s research project “Pod Off Grid” further explores this concept as self-sustaining zero carbon floating communities.

ENVIRONMENT
Cities cover only 2% of the World’s land area, and yet account for an astonishing 70% of greenhouse-gas emissions. Our daily fossil fuel consumption in the modern world is equivalent to filling 5 pyramids of Giza on a daily basis and then draining them every day. If we are to fight the consequences of our fossil fuel-burning past, we need to shape a carbon negative future and go beyond simply offsetting our everyday energy consumption to generating surplus clean energy by renewable sources. This is imperative if we are to sustain broader communities and have back up power for those times when Nature calls. The B House which we designed in Singapore is such an example of a Super Low energy eco-home which embraces renewable energy sources and generates such surplus to act like a power station. Such an ethos has been applied at a community scale in our affordable housing projects in the Philippines and Sweden also.

CULTURAL
Culture is slowly being eradicated through globalization and technological advancement. Whilst we move forward in a modern world where disruption is the order of the day, we need to take into consideration preserving the core elements of what makes us a people and a society with a history. What used to make up traditions and time-tested rituals has now been overtaken by global consumer brands. We need to ensure that the built environment is adaptable to social-cultural change, which seeks to remind us of who we are, and what we stand for. The Brick Lane Mosque is one proponent of this concept — having been home to successive protestant, Jewish and now Muslim religious communities. The layers of these cultures have been impregnated in the bricks and mortar and tell a tale of cultural appropriation in East London. Our concept for restoring the British colonial Secretariat Building in Yangon similarly seeks to tell a story to present and future generations of both a colonial past but a resolutely forward-looking Myanmarese art and culture scene.

ECONOMIC
We have witnessed a global shift over the last 200 years from industrial to technological and now digital driven economies. Such a shift has implications on the way we work and the places we work in. The hallowed grounds of Oxbridge colleges that espoused knowledge sharing are arguably models for the new digital workplace “campuses” that we see companies like amazon, Google and Facebook appropriate. Knowledge sharing, flexible working environments, co-working and collaboration are just some of the edicts to be found in the new digital workplace. Pomeroy Studio’s “Alice” green office building is such an example that forms a closed loop workplace eco system — fostering the talent of young Techno entrepreneurs and nurturing them to be the eventual Tech masters who will undoubtedly pass on their knowledge to the next generation within the state-of-the-art vertical campus.

TECHNOLOGICAL
In today’s world, it is easy to get caught up in technology; but how can we use technology to enhance our lives as opposed to it taking over our lives? If we want to continue enjoying life in cities and not live in dysfunctional urban habitats, then cities have to embrace technology in a more sustainable way that can enhance the “human experience” and not create an emotional disconnect. In my “Smart Cities” tv series, I found that successful smart cities aren’t necessarily about government-enabled technologies that do not engage its people; rather they are the cities that provide a platform for citizens to express their needs and desires, whereby technologies can be co-created between civil society, state, academia and the private sector for the greater good of the city and its people. We are delighted to be part of such a movement through our smart city research with various governments and private sector bodies (such as in BSD City, Indonesia).

Ultimately, these ideas may not succeed if they are driven through a top-down government-led approach, for fear of alienating civil society. Neither will they succeed if they are unqualified machinations of civil society’s wish list. But a balanced collaboration between top-down (state) and bottom-up (civil society) interests can work — as we see in smart and sustainable models like Amsterdam. It embodies a system where civil society can express thoughts and ideas; innovations can be tested by academic institutions to establish “proof of concepts”; concepts can be partially funded by the private sector, and governments may ratify and roll out programs that could provide the base from which smarter, greener built environments can be created. The spheres of influence held by Government, academia, civil society and the private sector should be free to collectively conjoin with a singular ambition to implement sustainable transformations in our cities.

 

Jason Pomeroy is an award-winning architect, academic, author and TV personality at the forefront of the sustainable built environment agenda. He graduated with Bachelor and Post-Graduate degrees with distinction from the Canterbury School of Architecture; received his Masters degree from Cambridge University, and his PhD from the University of Westminster.

Troo introduces new VUL product to market

TROO, the life insurance joint venture of EastWest Banking Corp. and Ageas, recently launched a new variable unit-linked (VUL) product.

This as EastWest Bank and Ageas celebrated the fourth anniversary of their joint venture, which offers life insurance to its bank customers and the Filinvest Group.

“To mark the anniversary, we’re launching Troo BuildWealth Limited Pay. Other exciting products are also in the making,” Dominik Smeets, Troo chief strategy and business development officer, said in a statement.

BuildWealth Limited Pay is described as the first real limited pay VUL in the Philippines. Customers are allowed to choose their payment period, whether three, five, seven or ten years.

BuildWealth Limited Pay is the third option in the VUL suite of solutions, “Grow your wealth, your way.” Similar to the first two options, it also combines life insurance with investment options.

Company officials expect the new insurance product will further boost growth for Troo to become a top 10 life insurance player in the next few years.

“From the start, Troo has been embracing the latest technology and digital solutions as a core of its daily business… We are the first insurance company in the world to put in place its end-to-end integrated IT platform in the cloud. This enables us to offer our customers a seamless experience and optimize our operations,” Hans Loozekoot, president and CEO of Troo, said.

Troo is also set to introduce the GoTroo customer engagement platform for mobile.

“GoTroo is integrated with our back-end systems. And it will give customers access to real-time information on their Troo policy. Additional innovative functionalities of the platform such as voice recognition for login and chat features are underway,” Mr. Loozekoot said.

For EastWest Bank Vice-Chairman and CEO, Antonio C. Moncupa, Jr., bancassurance is a key part of the bank’s growth strategy.

“We now offer a complete menu of financial services to every Filipino — whatever their needs may be,” he said.

Stocks likely to climb on bullish growth outlook

By Arra B. Francia
Senior Reporter

THE MAIN INDEX may continue moving higher in the coming week as investors count on increased spending to boost economic growth.

The 30-member Philippine Stock Exchange index (PSEi) rose 0.3% or 24.12 points to close at 7,983.98 last Friday.

On a weekly basis, it was up 0.18% or 14 points thanks to a 0.9% increase in holding firms and 0.2% uptick in property. This offset the 0.74% decline in services and 0.7% drop in industrials.

Turnover slipped by nine percent to P8 billion, while foreign investors were net sellers at P77 million on average for the week.

“While some have become less sanguine on economic growth prospects for the remaining semester of 2019, there is reason to believe improved opportunities are in store for the Philippines,” online brokerage 2TradeAsia.com said in a weekly market note.

2TradeAsia.com said the economy will gather enough momentum on the back of infrastructure spending, especially once authorities start awarding projects.

“All it takes is to get all other sectors in the economy working, especially for major pending economic bills.”

Abroad, investors are watching the US central bank’s next move as Federal Reserve Chairman Jerome Powell hinted at sooner-than-expected interest rate cuts to temper a potential economic slowdown due to its trade war with China.

“Whether or not this would be enough to pacify markets however depends on jobs improvement data where consumer and investment spending is largely anchored. Such plus side works well for equities, as it reduces pressure on borrowing costs while more will be prompted to seek higher alternative yields,” 2TradeAsia.com said.

The US-China trade war, however, may continue to keep investors on the sidelines. The US and China are set to meet at the G20 Leaders’ Summit from June 28 to 29, with US President Donald J. Trump promising to postpone his next round of tariff increases until then.

On a technical note, Eagle Equities Inc. Research Head Christopher John Mangun said the PSEi is looking “better and better.”

“This is the third week in a row that it has ended with gains which is quite impressive because of all the profit-taking that we saw last week,” Mr. Mangun said in a weekly market report.

“A break above this resistance level will confirm a breakout of its congestion area between 7,500 and 8,000 which it has been in since the beginning of the year. This is the optimum scenario and would signal to investors that the market rally to the upside has began,” he said.

Should the PSEi fail to break out of the 8,150 level, Mr. Mangun said it will still be in good shape if it stays above 7,900.

The analyst placed the market’s support at 7,840 to 7,900, with resistance from 8,000 to 8,150.

Trump’s swaps watchdog bows out leaving tough enforcement legacy

NEW YORK — When chairman of the US Commodity Futures Trading Commission Chris Giancarlo steps down next month, he will leave an unlikely legacy: a major crackdown on white collar misconduct.

The Trump administration appointee is set to leave the swaps watchdog on July 15 after the Senate confirmed his replacement Heath Tarbert, a Treasury official, on Wednesday. Giancarlo’s term expired in April but he has stayed on for the transition.

While regulators across the Trump administration have been pulling back from enforcement, the CFTC has bucked that trend. Giancarlo and his enforcement chief James McDonald have applied a playbook from the world of violent crime prosecution to transform the CFTC from an agency seen as cozy with industry to one with teeth, say lawyers.

“During my watch, the CFTC has been resolute in holding market participants to the highest standards of behavior. In fact, by any measure, enforcement has been among the most vigorous in the history of the CFTC, including more enforcement actions, more penalties, more accountability,” said Giancarlo.

During fiscal year 2018, the CFTC filed 83 enforcement actions, a 22% increase on 2016 and a 20% increase on 2015, agency data shows. Compared with 2017, a presidential transition year that typically sees enforcement slow due to staff turnover, 2018 enforcement actions jumped 69%.

Monetary penalties totaled around $900 million in 2018, higher than five of the eight years from this year to 2016.

“The really key thing with this current enforcement department and Jamie at the helm is aggressiveness,” said Matthew Kluchenek, a lawyer who represents clients in the CFTC’s crosshairs.

McDonald, 37, joined the CFTC in 2017 from New York’s Southern District where he prosecuted everything from public corruption to Bronx gang violence. He cut cooperation deals with junior gang members, offering them more favorable treatment in return for information that would help him convict bigger fish.

Now, McDonald’s targets are commodities firms, brokers, and their executives.

“What we’ve tried to do is open an entirely new avenue of information flowing into the commission. One of those avenues is through cooperating witnesses who have inside knowledge of the misconduct,” McDonald told Reuters.

By offering reduced penalties to firms and individuals who self-report lapses and cooperate in probes, McDonald has spurred executives to lead his team to other misconduct and offenders. Previously, the CFTC offered fewer incentives for firms to cooperate, making it harder for the small, resource-strapped agency to pursue big cases and hold executives accountable.

McDonald believes punishing individuals is a key deterrent. He applied his strategy when probing former trader Kamaldeep Gandhi, who admitted to manipulative futures trading practices. Gandhi agreed to cooperate and told the CFTC about others who were involved, according to McDonald.

“When you have a small agency and a small enforcement staff, you need to rely on deterrent effect and incentives,” said Laura Brookover, a former CFTC enforcement lawyer.

McDonald’s cooperation approach includes a two-phase settlement: offenders agree to cooperate in return for reduced penalties which are imposed once the cooperation is complete.

In March, McDonald said he would expand this program to include foreign bribery, an area the CFTC has traditionally left to the Department of Justice and the Securities and Exchange Commission.

The CFTC’s tough stance has caused some consternation among the industry, which had hoped for a lighter touch under Trump. They complain it is difficult to calculate potential penalties, raising questions over whether self-reporting and cooperation are worth the risk.

With Tarbert taking over the agency, it is also unclear if McDonald will be able to continue with the program. Tarbert told Congress in March he wants to invest in enforcement but does not believe in leniency. “Self-reporting can be useful, assuming it’s followed up with systematic self-correction,” Tarbert added. — Reuters

FOTON showers big discounts, freebies with ‘Kayang-Kaya’ promo

LOOKING for a new vehicle for both family and business travels this rainy season? FOTON Philippines makes owning one easy as the car and truck brand showers big savings and discounts with FOTON’s Kayang-Kaya Promo for the whole month of June.

“One vehicle could transform a small business, whether it may be for delivering cargo or moving people. This is why we continue to bring exclusive sales promotions closer to the public: to empower more businesses by allowing more customers to avail their own vehicles in the easiest, most affordable, and most convenient of terms,” announced FOTON Philippines President Rommel Sytin.

Valid for the entire month of June, the Kayang-Kaya promo highlights two offerings: Pay Low with the all-in low downpayment based on 20% discounted DP, and the Pay Light scheme with the low monthly amortization payable for 60 months.

“FOTON’s major edge from our competitors is the wide variety of vehicles that we offer. Whether for business or for private use, FOTON is ready to provide vehicles that are suitable for any form of need. From functional trucks, spacious commuter vans, and fully-capable SUVs, FOTON has the right ride for you,” Sytin added.

As the rainy season approaches, keeping your cargo safe and dry could be achieved with the Gratour TM. Aiming to provide small and medium enterprises a practical vehicle that can help transport supplies without compromising the quality of delivery and condition of the cargo, this truck is made available at P58,000 all-in low downpayment. Body configurations include dropside, and MPV that makes it capable of carrying a total of 14 passengers with its bench-type seats. Monthly amortization costs as low as P5,800.

For those who want a cargo mover that’s easier to maneuver in the narrow streets of the metro, the Gratour Midi Truck goes along the way. The cab of the Midi truck bears a resemblance to the Gratour MiniVan, but offers a wider array of body configurations such as dropside, MPV, Wing Van, F-Van, and Jeepney. All variants are priced at P48,000 all-in low downpayment, and could be availed at a low monthly amortization starting at P5,143.

Apart from these business haulers, FOTON’s Kayang-Kaya promo is also applicable to the freshest entry, and game-changer of the Gratour series — the Gratour iM6 MPV. Maximum comfort and convenience can be experienced inside the deluxe cabin of this seven-seater. Designed for more private and luxurious trips with the family or friends, the stylish Gratour iM6 could be driven home for as low as P65,000 all-in low downpayment promo, or P6,762 per month.

“To strengthen the worry-free ownership experience of our customers, we have also included notable freebies within these promos. Customers who would avail a FOTON vehicle through the all-in low downpayment deal will have their chattel mortgage fees, insurance with acts of nature, LTO registration plus floor matting, seat covers, and tint covered for free. For the low monthly amortization, FOTON will be shouldering the 3-year LTO registration of your vehicle,” added Sytin.

Apart from the Gratour series, the promo is also applicable to FOTON’s line of Cummins and Blue Energy Euro 4-powered passenger vehicles including the Toplander A/T SUV, 16-seater Traveller van, 19-seater Traveller XL, and executive Toano van. Perfect for transport service businesses, the 13/15-seater TransVan and high-roofed TransVan HR can also be purchased at low DP and low monthly payment schemes with this deal.

Sytin added: “The combination of versatility, power, comfort and total affordability of our vehicles makes up the name of our brand. With this, we will remain true to our commitment to empower more businesses and livelihood of the Filipinos through our products and services. Because we believe that with reliable companions, success could be reached in no time. Kayang-Kaya.”

FOTON’s Kayang-Kaya promo is valid until June 30. Interested clients may visit any of FOTON’s 27 dealerships and 7 Gratour Sales Outlets nationwide to see the vehicles up close.

For more inquiries, visit www.foton.com.ph or www.facebook.com/FOTONPhilippines.

PHL social spending lower relative to size of economy

THE Philippines lags similar-sized economies in spending on social protections and needs to improve their design and implementation, according to a study of state think tank Philippine Institute for Development Studies (PIDS).

“The Philippines spends lower on social assistance as a share of GDP, 0.7%, than the average of 1.5% by lower middle-income countries. There is still much to be done to increase the coverage for the Philippines to ensure that the poorest are adequately covered,” according to the study, A Public Expenditure Review of Social Protection Programs in the Philippines.

The authors, PIDS Research Fellow Charlotte Justine Diokno-Sicat and Research Specialist Maria Alma P. Mariano, said the government spent 5.8% of its total annual budget from 2009 to 2017 on social protection led by the Department of Social Welfare and Development (DSWD), which received the bulk of the funding.

“Regardless of the policy horizon or motivation of a social protection program, it is crucial to monitor and evaluate the efficiency and effectiveness of the program to be able to intelligently assess future policy direction,” they said.

“By being able to identify the contribution of programs to sectoral and societal goals and rightsizing the government (reviewing mandates/functions) to remove these overlaps and redundancies across NGAs (national government agencies), it would be easier to make social protection efforts more cohesive,” according to the study.

The study noted that Pantawid Pamilyang Pilipino Program (4Ps), Kapit Bisig Laban sa Kahirapan Comprehensive Integrated Delivery of Social Services (KALAHI-CIDSS) and Livelihood and Self-employed Programs (SLP) were the top three recipients of the budget share for social programs.

These were followed by the Department of Education’s School-Based Feeding Program (SBFP), the National Food Authority’s Rice Price Subsidy and Implicit Subsidy and the DSWD’s Supplemental Feeding Program. — Reicelene Joy N. Ignacio

Japan loan signing set for Mindanao highway development project

THE Department of Finance (DoF) expects to sign a $202.04-million loan agreement with Japan for the Road Network Development Project in Conflict-Affected Areas.

The signing is expected to take place during a meeting between Japanese and Philippine officials in New Clark City. It will be the eighth session of the high-level joint committee since March 2017.

The project involves building, rehabilitating and improving the 178.43-kilometer road network in the Autonomous Region in Muslim Mindanao (ARMM) and its neighboring regions, which is aimed to boost Mindanao’s economy and help alleviate poverty in conflict-affected areas.

The loan was pledged by the Japanese government on Jan. 18.

“The project will construct and improve access roads to arterial roads linking the main cities of Mindanao, thereby contributing to the revitalization of the regional economy, the reduction of poverty and the consolidation of peace in conflict-affected areas in Mindanao,” the Japanese Embassy in the Philippines said in a statement.

“This project will contribute to improve logistics, stimulate economic activity and strengthen access to the region with the construction and refurbishment of roads and bridges in the conflict-affected areas of Mindanao,” it added.

The participants will also discuss the progress of infrastructure projects funded by Japan in the Philippines under the administration’s Build, Build, Build program, according to the DoF.

The meeting will be chaired by Finance Secretary Carlos G. Dominguez III and Socioeconomic Planning Secretary Ernesto M. Pernia while the Japanese delegation will be led by Hiroto Izumi, Special Advisor to the Prime Minister.

Other loan agreements with Japan were signed between October 2016 and January 2019 worth a combined 398.82 billion yen.

The loans will be used to fund the Maritime Safety Capability Improvement Project for the Philippine Coast Guard (Phase II); the Harnessing Agribusiness Opportunities through Robust and Vibrant Entrepreneurship Supportive of Peaceful Transformation project; the Cavite Industrial Area Flood Risk Management Project; the Arterial Road Bypass Project (Phase III) in Bulacan; the New Bohol Airport Construction and Sustainable Environment Protection Project (II); the Metro Rail Transit Line 3 Rehabilitation Project; the Pasig-Marikina River Channel Improvement Project (Phase IV); the North-South Commuter Railway Extension Project (1st tranche of loan); and the Metro Manila Subway Project (Phase I).

Japan has provided the Philippines official development assistance (ODA) loans amounting to $6.13 billion as of 2018, based on data from the National Economic and Development Authority (NEDA). Grants from Japan meanwhile amounted to $106.76 million. — Reicelene Joy N. Ignacio

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