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Father’s Day at Rustan’s continues all the way to July

OVER at Rustan’s, Father’s Day did not end yesterday as it has a slew of events celebrating Dad all the way to July.
On all the weekends until July 8, gentlemen shoppers can get free grooming by Philips, shoe shining by Crept Protect, enjoy a mini golf game by Jack Nicklaus, indulge in a quick massage, or enjoy sample artisan hot and cold drinks at the Coffee and Beer bars. These are open to all shoppers, with no minimum purchase required. What more, for those who bought new dress shirts and/or handkerchiefs and other items, Rustan’s is offering free personalization or monogramming for new purchases.
These will be held from 3 to 7 p.m. in the following Rustan’s branches: June 23-24 for Rustan’s Shangri-La; June 30-July 1 for Rustan’s Alabang; and July 7-8 for Rustan’s Gateway.
Need a last-minute gift? Rustan’s suggests a linen scarf from AD&C 1956, a fedora hat from Dorfman Pacific, and swim shorts from Bluemint for the traveler, as well as New Balance or Hacket for the perfect pair of sneakers. Travelers need shades and one can get 10% off on select sunglasses from Rayban until June 30.
For the man with a soft spot for cheesy humor, choose novelty items that are also practical: a Buxton wallet with multiple pockets for cards and whatnots, a Discovery Shop jewelry box for prized possessions, a Steve Madden antique money clip, and a Tateossian dice cufflinks.
The drinking man will like a flask from Espacio Handmade, shot glasses with leather cases from Kikkerland, and a Super Dad mug (with its own cape!) from Thumbs Up.
Snazzy dressers will appreciate shirts from Ascot Chang, Pedro del Hiero, or Ricardo Preto, with a few accessories such as pockets square from Tie Bar a belt from Pedro del Hiero, or even shoes from Allen Edmonds thrown in. The laid back dad will appreciate shirts from Faconnable, a crossbody bag from Adolfo Dominguez, a distressed leather bracelet from Thompson London, or a supple pair of suede oxfords from Kurt Geiger.

Japan suspends sale of Canadian wheat after GMO wheat discovered

TOKYO/WINNIPEG, MANITOBA — Japan’s farm ministry said on Friday it has suspended its tender and sale of wheat from Canada after grain containing a genetically modified trait was discovered last summer in Canada’s Alberta province.
The Canadian Food Inspection Agency (CFIA) said on Thursday the wheat containing a genetically modified trait, developed by Monsanto Co. to tolerate the Roundup weed-killer, was discovered in Alberta.
“We are suspending the tender and sale of Canadian wheat until we confirm that the Canadian wheat that Japan buys contains no GMO,” an official at the Japanese farm ministry said.
Canada is one of the world’s largest wheat exporters. While other crops such as corn and soybeans have been widely genetically modified to improve yield or withstand threats, GMO wheat has not been approved anywhere for commercial production because of consumers’ concerns.
The wheat, discovered near a rural road after it survived herbicide spraying, has not been approved for commercial use.
Officials with Japan’s ministry of agriculture, forestry and fisheries are scheduled to visit Canada next week to seek more information, said Cam Dahl, president of industry group Cereals Canada, whose members include Cargill Ltd. and Richardson International.
He said he is concerned that South Korea and China may be next to suspend Canadian wheat imports.
In 2016, Japan and South Korea temporarily suspended US wheat imports after a similar GMO wheat finding.
Losing Japanese buyers, who pay a premium for high-quality, high-protein wheat, hurts Canada and creates opportunities for US and Australian wheat exporters, Dahl said.
Japan’s move also leaves an undetermined volume of Canadian wheat already loaded on vessels needing to find a new market, possibly at bargain rates to Indonesia or Bangladesh, Dahl said. — Reuters

AboitizPower inks power supply deal with Nueva Ecija electric cooperative

ABOITIZ POWER Corp. said an electric cooperative in Nueva Ecija had signed a power supply deal to source 33 megawatts (MW) from the company’s clean energy brand to benefit 10 municipalities of the province.
In a statement, the company said Cleanergy, its brand for clean and renewable energy, will be delivered to Nueva Ecija II Electric Cooperative, Inc.’s area 1, which includes the towns of Talavera, Lupao, Carranglan, Aliaga, Quezon, Licab, Sto. Domingo, Muñoz, Guimba and Talugtug.
AboitizPower said the power supply contract represents 80% of the peak demand of the electric cooperative.
Reynaldo V. Villanueva, area 1’s board president, was quoted as saying that the decision to use renewable energy is a key milestone of the electric cooperative, which was established in 1975 and had been sourcing its energy requirements from non-renewables.
“We consider our Cleanergy partnership with AboitizPower as a major accomplishment because we have been using non-renewable energy since we started operations 40 years ago. But we wanted to explore other energy options to maximize benefit to our customers, and at the same time, minimize impact on the environment. So we looked at several power companies and in terms of track record, capacity, and customer service, AboitizPower emerged as our power partner of choice,” Mr. Villanueva said.
Area 1 is the third electric cooperative in Luzon to use Cleanergy for its customers, AboitizPower said.
The company has been providing clean and renewable energy for 40 years now from its portfolio of hydro, geothermal, and solar power plants, which are strategically located all over the Philippines, it added.
AboitizPower and its partners produce more than 1,200 MW of clean and renewable energy from 30 power plants, it said.
“The Cleanergy brand is our solution to the growing demand for renewable energy in the country,” Luis Miguel O. Aboitiz, executive vice-president and chief operating officer of AboitizPower’s corporate business group, said.
He said AboitizPower’s portfolio of renewable energy assets ensures customers that their power supply “is reliable, reasonably priced, and responsibly delivered.”
Earlier this year, eight electric cooperatives in Mindanao contracted a total of 45 MW of Cleanergy, adding to AboitizPower’s fast-growing clientele that includes Asian Development Bank, The Net Group, Nestlé Philippines, Inc., Eton Properties Philippines, Inc., Shangri-La’s Mactan Resort and Spa, and Union Bank of the Philippines.
“We are confident about our partnership with AboitizPower as we believe they have the expertise and capacity to cater to our power needs,” Mr. Villanueva said. — Victor V. Saulon

BSP net income surges to P9.82B at end-March

By Melissa Luz T. Lopez, Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) saw its bottom line surge fivefold during the first quarter largely on the back of gains from currency trading.
In its quarterly report, the central bank reported a P9.815-billion net income as of end-March, which jumped from the P1.664-billion profit it made during the comparable three-month period in 2017. The figure, however, is smaller compared to the P12.877- billion income booked during the fourth quarter.
Total revenues reached P14.918 billion from January to March, which is 18.8% higher than the P12.557 billion booked a year ago.
“The increased revenue was brought mainly by the rise in interest income on international reserves and domestic securities by approximately P3.4 billion and P0.4 billion, respectively,” the BSP said.
On the other hand, the BSP’s expenses reached P12.143 billion for the quarter, partly offsetting revenue collections although lower than the P15.588 billion in operating costs incurred the year prior.
The central bank attributed the reduced costs to lower interest expenses as well as reduced payments for taxes and licenses.
Meanwhile, gains from exchange rate fluctuations primarily boosted the BSP’s income during the first quarter as it reached P7.04 billion. This soared from the P4.695 billion it made from currency trading last year and is nearly triple the P2.688 billion booked during the previous quarter.
As the sole monetary authority, the BSP conducts “tactical intervention” during daily trading sessions in order to temper any sharp swings that may cause a sudden appreciation or depreciation of the peso. Officials have said that a weaker peso spelled gains for the BSP, as the central bank had a lot of investments expressed in dollars.
The peso averaged P52.0676 versus the greenback last March, coming from a P51.7856 rate in February and P50.2752 a year ago, according to BSP data.
The central bank is off to a strong start in sustaining another year in the black following the record P22.85 billion net income secured in 2017. If realized, this would mark the third straight year in profit.
The BSP has been lobbying for a proposed law that will infuse P150 billion as additional capital for the central bank in order to boost operations.
“We hope Congress will pass before the end of 2018 the proposed legislation amending the BSP charter as this will pave the way for an even stronger banking industry. This will help BSP fulfill its mandates more effectively and will ensure the banking system remains a pillar of strength for the Philippine economy amid evolving trends and external challenges,” BSP Governor Nestor A. Espenilla, Jr. said in a recent statement.
However, the proposal remains pending at the legislative mill.

China trade spat sparks US soybean futures sell-off

CHICAGO — US soybean futures plunged 2.5% to a one-year low on Friday on concerns that escalations in a trade fight with China would threaten shipments to the biggest buyer of the oilseed, traders said.
US President Donald Trump announced hefty tariffs on $50 billion of Chinese imports on Friday, with collection beginning on July 6. China hit back, with its commerce ministry saying it will impose 25% tariffs on 659 US goods worth $50 billion in response, including soybeans starting July 6.
“We’ve spent much of the last couple months expecting this to be saber-rattling and something that would be resolved far before actual action takes place,” said Angie Setzer, vice president of grain at Citizens LLC, a grain elevator in Michigan. “But here we are.”
Trade concerns also weighed on the corn market as Mexico could strike at $4 billion in annual imports of US corn and soybeans if Trump escalates a trade spat with new tariffs, officials told Reuters this week.
Corn futures sank to their lowest in more than five months before recovering some of their losses.
US Agriculture Secretary Sonny Perdue, speaking on a conference call from Canada, said the United States has tools such as the Commodity Credit Corporation to aid farmers whose incomes are harmed by trade fights.
But he said it is too soon to assess such damage or how the government might respond.
“You can’t demonstrate any damage on the day that tariffs are announced,” Perdue said. “We’re going to look at this very carefully. We have been calculating market impact on a weekly basis for a number of months now.”
Asked whether declines in soybean prices demonstrate that farmers are already casualties of US trade wars, Perdue said that was unclear.
“Commodities are always in a roller coaster. I don’t think we can think we can definitely say this has been part of the trade disruption the last few weeks.”
Soybean futures have fallen for nine of the last 10 sessions as the rhetoric between China and the United States has heated up.
Forecasts for good weather around the US Midwest added to the pressure on corn and soybean futures as crops near key development phases. — Reuters

KD 11: Perfect merger

NOW-TWO time National Basketball Association champion Kevin Durant of the Golden State Warriors recently had the latest iteration of his Nike shoe line — the KD 11 — released.
Touted as a “perfect merger” between a laid-back chill sneaker and performance basketball equipment, the KD 11 boasts of new features but still adheres to the specifications of the NBA superstar, who just helped the Warriors to their second straight NBA title while also being named the Finals most valuable player along the way.
Recognizing Mr. Durant’s preference for not tying his laces too tight, Nike designer Leo Chang knew he had to come up with new technologies to suit that.
This led Nike and Mr. Chang making the Flyknit in the shoe’s supper plusher, providing that “broken-in” feel and making it softer as compared to the one used in the KD 9 and 10.
“[Kevin] likes the feel of the Flyknit Trainer and the Nike Epic React. Last summer, he loved the Air Sock Racer — that is where the collar of the 11 came from, and all the lofting in the tongue and quarter followed,” said Mr. Chang in a release.
Completing the shoe underneath is a rubber cupsole that houses both of Nike’s signature cushioning in Nike React and Nike Zoom.
The former is used as a cushion between the player and the court while the latter sits right beneath the foot for that responsive feel.
“For the tooling, we’ve created a perfect balance of plush ride and bounce. This doesn’t always happen; it really needs two materials to make it work,” the Nike designer said.
The KD 11 is available for P7,645. The Paranoid (blue) was released on June 11 at Titan Fort and Titan22.com. Meanwhile, the Still KD (black/white) colorway is set to be released on July 1, and will be available at all Titan branches, the Athlete’s Foot Rockwell and Alabang Town Center, and Nike Park branches. — Michael Angelo S. Murillo

NLEX flags high oil prices as concern

THE OPERATOR of the North Luzon Expressway (NLEx) is hoping to sustain its first quarter income and revenue growth for the full year, but flagged rising fuel prices as a concern.
“We’re hopeful, kaya lang mas maraming constraints na tumataas ang petroleum prices (but there are many constraints before of the rising prices of petroleum). That’s of course a concern for us not only as operators. It’s a concern for the motorists, baka mahirapan [they might find it difficult],” NLEX Corp. President Rodrigo E. Franco told reporters recently.
The Metro Pacific Investments Corp. (MPIC) tollways unit saw a net income of P1.29 billion in the January to March period, 20% higher than the P1.07 billion it earned in the same period last year.
In May, there was a series of price increases from oil firms across gasoline, diesel and kerosene.
“If the trend continues, sino ba naman ang gusto byumahe kung napapamahal na ang gasolina? (who would want to travel when the price of fuel is high?) People are going to at least reduce their travel frequency kung mahal ang traveling costs [if traveling costs are high],” Mr. Franco added.
In a regulatory filing, NLEX Corp. said its average daily vehicle entries grew by 9% at 250,989 in the January to March period, up from the 229,633 it posted in the same period last year.
“Increases in traffic on all domestic roads are attributable to the integration of the NLEx and SLEx (South Luzon Expressway), the opening of additional lanes in the NLEx in 2017, and the growth in residential communities in Cavite and tourism in Batangas,” the company said.
Mr. Franco said the 9% traffic growth recorded in the first quarter might be affected if oil prices will keep rising.
He said the company’s traffic growth target for the full year is 5-6%.
The other tollways units of MPIC also saw an increase in traffic in the first quarter. The Subic-Clark-Tarlac Expressway posted a 17% traffic growth, and Manila-Cavite Expressway 8%.
The consolidated net income of the company’s toll operations reached P3.587 billion in the first three months of the year, higher by 16% from its 2017 first quarter figure. — Denise A. Valdez

Peso to weaken vs dollar

THE PESO is seen to weaken further against the dollar due to renewed tensions between the United States and China as well as expectations of a less hawkish stance from the local central bank.
On Thursday, the local unit slipped to close at P53.27 against the greenback, weaker by four centavos from its P53.23-per-dollar finish on Wednesday following an interest rate hike from the US Federal Reserve. Week-on-week, the peso also declined from its P52.70-per-dollar finish on June 8.
In an e-mail, Land Bank of the Philippines (LANDBANK) market economist Guian Angelo S. Dumalagan said the dollar will likely remain strong throughout the week amid renewed geopolitical tensions overseas, potentially upbeat US economic data, as well as the likely less hawkish policy stance of the Bangko Sentral ng Pilipinas (BSP).
“On Monday, the dollar might further appreciate due to safe-haven buying following last Friday’s tit-for-tat tariff announcements by the US and China,” he said.
“Increased geopolitical tension should help bolster the greenback, amplifying the impact of last week’s upbeat data on retail sales and consumer sentiment,” he said, adding the economic data exceeded market expectations and puts the Fed on track to hike rates anew.
The Fed raised its interest rates during its June 12-13 meeting by a quarter of a percentage point, the second for this year, amid low unemployment and higher wages.
The peso will continue to depreciate until Wednesday, according to Mr. Dumalagan, due to likely upbeat US data on housing as well as hawkish speeches from various Fed officials.
Towards the end of the week, the LANDBANK market economist noted that the peso might move sideways amid less positive policy guidance from the BSP following its meeting.
In a BusinessWorld poll, six out of 10 economists expect the BSP to stay on hold during their Wednesday policy meeting amid signs of easing inflation.
“While the BSP is expected to remain hawkish due to above-target domestic inflation and tightening policy setting abroad, it may provide a more optimistic view of future price increases amid early signs that the inflationary impact of the TRAIN law is starting to normalize,” Mr. Dumalagan said, referring to the Tax Reform on Acceleration and Inclusion law which was enacted this year.
“The less hawkish tone of the BSP might be accompanied by Fed Chair [Jerome] Powell’s affirmation of the need for more US rate hikes ahead.”
For this week, Mr. Dumalagan expects the peso to move between P53 and P53.60, while a foreign currency trader sees the local unit to trade within the P53.20-P53.50 range.
“If and when the BSP hikes this month probably to quell inflation expectations at the same time to temper peso depreciation, I guess we’re seeing the market to scale back on their expectation for the dollar-peso to continue to move [lower],” the trader noted. — Karl Angelo N. Vidal

Shares to move sideways ahead of BSP meeting

By Arra B. Francia, Reporter
SHARES may move sideways in the week ahead as investors await the results of the local central bank’s policy meeting.
The main index dropped 0.96% or 73.44 points to 7,529.54 on Thursday, staying mostly in negative territory during the three-day trading week.
Week on week, the Philippine Stock Exchange index (PSEi) lost 3% or 211 points, pulled down by the property sub-index which slumped 5.5% and financials that dipped 2.3%. Net foreign outflows averaged to P1.3 billion, surging 230% from the week before.
Local markets were closed on Tuesday and Friday for the Independence Day and Eid’l Fitr holidays, respectively.
Eagle Equities, Inc. Research Head Christopher John Mangun noted this was the biggest foreign outflow in a week this year, noting the impact of the US Federal Reserve’s decision to hike interest rates by 25 basis points.
“The Philippines is included in the MSCI Emerging Market Index along with Argentina and Turkey. Investors are speculating that the EM index will go lower and since we are a part of that index, they will have to sell everything on the list thus the huge foreign selling this week,” Mr. Mangun said in a weekly market report.
This week, investors will be looking at the Bangko Sentral ng Pilipinas’ (BSP) policy meeting on Wednesday. Officials are expected to react to the Fed’s rate hike.
Online brokerage 2TradeAsia.com said the US central bank’s decision last week indicates the improving strength of the world’s largest economy, which can support demand for Asia’s exports.
“To stave off an expected capital outflow from the Fed rate hike, BSP officials will need to review all arsenals that may not necessarily lead to an adjustment in rates. The options may include forex intervention, liquidity adjustment, even moral suasion,” 2TradeAsia.com said in a weekly market note.
Tensions among the Group of Seven (G7) nations, however, could keep investors on the sidelines, unless the group of industrialized nations come up with decisive terms for an acceptable trade accord.
G7 includes the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom.
Meanwhile, Eagle Equities’ Mr. Mangun said the PSEi would have to break its heavy resistance of 7,900 before it heads back to an upward trend.
“There is strong indication that the index will bounce off the 7,500 support level and test resistance at 7,800 which it has been doing for the last 6 weeks. The index must break the heavy resistance at 7,900 before we can confirm this reversal. If we don’t start to see a pickup in volume, the PSEi may continue in this congestion area indefinitely,” Mr. Mangun said.
2TradeAsia.com placed the index’s immediate support from 7,400 to 7,450, while resistance will play from 7,550 to 7,600.

Global private bank Lombard Odier woos local billionaires

By Melissa Luz T. Lopez
Senior Reporter
There is a huge scope to expand private banking in the Philippines at a time of a rapidly growing economy, with the likes of asset manager Lombard Odier looking to tap this pool of wealth.
It may come as a surprise for a private bank based in Switzerland to come to Manila in search of “ultra-high” net-worth clients, but this apparently stands as the perfect market as conglomerates — most of them run by old rich families — sit on mounds of cash.
“This is a country where wealth is being created,” Patrick Odier, chairman of the board and senior managing partner at the Geneva-based Lombard Odier, said in a recent interview with BusinessWorld.
“[T]he Philippines is a big country and if the potential growth of the Philippines is the one that we perceive — we’re talking here economic growth, industrial growth, service growth — I think it really create[s] wealth.”
Lombard Odier, which boasts of a 222-year history as a pillar in the global asset management industry, has looked to the Philippine market in search of opportunities to broaden its wealth base.
In 2016, the Swiss firm partnered with Union Bank of the Philippines to foray into the local market and offer global investment options to clients here. It saw opportunities given the Philippines’ “deeply entrepreneurial” and “family-rooted” tradition, Mr. Odier said.
Mr. Odier said his group saw UnionBank as their best shot in venturing into the Philippine market. The parallels could not be missed — like Lombard Odier, which has been passed on to the sixth generation, UnionBank has been run by several generations of Cebu’s Aboitiz clan, one of the country’s richest families.
The foreign bank has $274 billion worth of assets under management as of end-2017. Apart from the Philippines, it has also expanded its presence to Thailand, Indonesia and Australia, to name a few.
“It makes a lot of sense at a time where one anywhere in the world has to look at risk diversification. You cannot afford being just locally invested,” Mr. Odier added.
“These are solution services that have been already developed in many parts of the world and should not necessarily be very different here in the Philippines. It’s just a question of understanding and having access and trust relationship with these people. UnionBank can do that.”
For his part, UnionBank Chief Finance Officer Jose Emmanuel U. Hilado noted that the Lombard Odier link will allow Filipino players to make big but safe bets offshore: “Our strength has always been in the local markets but there’s always a need for our own clients to diversify their portfolio to global markets.”
Philippine banks held P2.542 trillion assets under management as of end-2017, according to central bank data.
Asked for some tips in preserving family wealth through generations, Mr. Odier said having business succession plans as well as family charters would ensure a more “efficient” transfer of wealth and know-how within the bloodline.
Mr. Odier said Lombard Odier’s “bespoke” approach to wealth management keeps it competitive since 1796, which comes alongside agility in anticipating risks in the global financial scene.
The same fervor is seen to propel the two banks as an industry leader over the coming years.
“In terms of clientele, we see today very strong growth. If you compound that growth over the next five years, I think we are going to be and we want to be the reference private bank — and we will be in the next five years, I suppose,” Mr. Odier added.
However, he clarified that the bank is not after volume as it woos local billionaires: “I prefer to have a very selective group of families and entrepreneurs that are very happy for us, because it means that ultimately their wealth has been well-protected and probably growing at a satisfactory rate.”​

Yields on gov’t debt go up

By Mark T. Amoguis, Researcher
YIELDS on government securities (GS) went up last week due to a rate hike in the United States as well as expectations on the outcome of overseas central banks’ policy meetings.
As of June 14, prices went down as GS yields increased by an average of 14.76 basis points (bps) week on week, according to data from the Philippine Dealing and Exchange Corp.
Carlyn Therese X. Dulay, head of institutional sales at Security Bank Corp., said last week’s increase in government bond yields was caused by the “US rate hike, the weaker peso, the development of US import tariffs in China, and ahead of policy data of the ECB (European Central Bank) [last Thursday], and the Bangko Sentral ng Pilipinas (BSP) mid [this] week.”
Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines (LANDBANK), concurred, saying “GS yields rose [last] week, as expected, due to upbeat US inflation data and the subsequent upward revision in the US Federal Reserve’s projected path of interest rate normalization.”
Although widely expected, Mr. Dumalagan said “the change in its rate forecast this year from three rate hikes to four rate hikes surprised some market participants, especially since US policy makers shared mixed views about the need for more aggressive moves ahead.”
“Expectations of an early announcement from the ECB (European Central Bank) of a timeline for the tapering of its bond-buying program also pushed yields higher,” Mr. Dumalagan said.
A bond trader interviewed last week said the “market was affected by expectations for hawkish major central banks with the Fed and ECB (and Bank of Japan) meeting [last] week.”
“Hawkish commentary from the BSP governor also pushed yields higher,” the bond trader said.
As widely expected, the Federal Open Market Committee — the rate-setting body of the US central bank — raised last Wednesday its benchmark overnight lending rate by a quarter of a percentage point, to a range of 1.75% to 2%.
The US central bank also said it expects to implement two more rate hikes this year, up from one previously. It also sees three more rate increases next year.
Meanwhile, the ECB decided on Thursday to keep its rates on hold but plans to cut its bond buying program to €15 billion between October and December before shutting it at the end of this year.
Bucking the worldwide trend of tightening monetary policies, the Bank of Japan maintained last Friday its key rate at -0.1% and its 80-trillion-yen asset purchase program, as well as capping its 10-year bond yields at around zero.
Back home, the BSP scheduled its policy meeting a day earlier on Wednesday, with the BSP Governor Nestor A. Espenilla, Jr. describing this adjustment as “logistical” due to tight schedules of central bank officials.
BSP’s policy-making body Monetary Board will discuss a “fairly complex” mix of faster inflation, a weakening peso, and robust economic growth.
The central bank, for the first time in nearly four years, raised its rates by a quarter of a percentage point to range from 2.75% to 3.75% last month in response to continued increase of prices of widely used goods, with five-month inflation now clocking at 4.1%, breaching the 2-4% target.
The peso, on the other hand, sank to P53.27 against the dollar on Thursday, a fresh 12-year low.
Security Bank’s Ms. Dulay added that “market participants had fewer axes due to the settlement of the newly issued RTB 3-09,” referring to the P121.8-billion three-year retail Treasury bonds (RTBs) which was offered from May 30 to June 8.
The trader agreed, saying “bond traders were also wary about the RTB settlement and fresh supply in the coming week.”
The Bureau of the Treasury will auction off P15 billion worth of Treasury bills (T-bills) today and reissuing 20-year Treasury bond (T-bond) with a remaining life of 19 years and eight months worth P10 billion on Tuesday.
Local markets were closed on Tuesday and Friday for the Independence Day and Eid’l Fitr holidays, respectively.
At the secondary market last Thursday, GS yields rose across the board.
At the short end of the yield curve, rates of 91-, 182-, and 364-day T-bills went up by 3.79 bps, 3.97 bps, and 11.04 bps, respectively, to fetch 3.3059%, 3.6613%, and 4.2891%.
The belly saw yields on two-, three-, four-, five-, and seven-year T-bonds also increase by 16.11 bps (4.6099%), 16.84 bps (4.9599%), 19.82 bps (5.6196%), 23.19 bps (5.9339%), and 20.33 bps (5.9833%), respectively.
Likewise, the long end climbed, with yields on 10- and 20-year papers inching up by 12.17 bps (6.2%) and 20.36 bps (7.2893%), respectively.
For this week, market players will take their cues from the upcoming BSP meeting, analysts said.
“Expect yields to continue to inch upward as market expects a rate hike from the BSP [on] Wednesday,” Security Bank’s Ms. Dulay said.
The bond trader agreed, saying “traders will take their cue from the upcoming BSP meeting, with analysts indicating that the BSP remains behind the curve and the peso drops to a 12-year low.”
For LANDBANK’s Mr. Dumalagan, GS yields “might move sideways amid likely mixed developments in area of monetary policy.”
“However, if the BSP hike rates again on June 20, contrary to the views of some market participants, we could see GS yields increase again [this] week,” he said.

Getting the beard just right

IT IS time to bring out the razors. The urban lumberjack is packing up his bags and going back to the forest, because a more urbane male is again, on the rise. While a few years ago, men had some fun playing around with wearing flannel and sporting full bushy beards, new trends are telling men to cut a sharper image with more tailored clothing and a more groomed face.
To achieve this new look, Phillips launched some of its new hair-grooming tools in an event at Rustan’s last week, where celebrity hairstylist Lourd Ramos did the hair of a few models with the help of Phillips’ Philips Multigroom 6-in-1 and 9-in-1.
The Multigroom series consists of one electric shaver with changeable heads that can trim hair from head to toe, and even in one’s nose and ears. It has self-sharpening blades with a battery life of up to 70 minutes — if everything goes right, one may never have to step inside a salon or barbershop again.
Mr. Ramos gave BusinessWorld a few tips for styling with facial hair. He listed four face shapes: round, square, heart-shaped, and diamond (a combination of either round or square combined with the heart shape). For men with round faces, Mr. Ramos recommends having a chin-strap beard (that is, one without a mustache) to give the face more definition, while the men with heart-shaped faces will benefit from a nice well-slicked pompadour, but they should ease up on the side-shaving because it will make the face look too sharp. A box beard (a beard with a mustache with the hair closing around the lips) also adds more definition to the heart-shaped face and softens its angles.
Textured and layered hair can be pulled off by diamond-shaped faces, and they will benefit from a fuller beard. Meanwhile, men with a square face (think of a nice jawline) are the only ones that can pull off a goatee, according to Mr. Ramos, as well as benefiting most from several hairstyles, even long, layered cuts. — JLG

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