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Trade row fears to keep markets on edge for weeks

BRUSSELS — A full-scale global trade war has not broken out yet — but that hasn’t stopped the market from fretting about one or analysts from warning about the potential cost.
Whether such concerns remain a driving force for asset prices in the coming days depends largely on decisions, tweets and formal announcements from Washington and Beijing, but it seems certain that the uncertainty has at least another month to run.
South Korea has cut a deal with the United States, agreeing to reduce its steel exports to avoid tariffs.
The European Union, Canada, Mexico, Brazil, Australia and Argentina face a May 1 deadline to reach equivalent deals.
US President Donald Trump has tied the suspension of tariffs for Canada and Mexico to a renegotiation of the North America Free Trade Area. Officials have said the next round of talks was due to start on April 8, but that date is not certain and there are mixed messages on the chances of a quick breakthrough.
China has meanwhile warned that it could target a broad range of US businesses if Trump slapped tariffs on $50 billion-$60 billion of largely high tech Chinese goods, although the latter may not happen until early June.
Economists at ING split such a conflict into four stages from a lone Trump attack to a tit-for-tat battle to US escalation, such as including European Union cars, and finally an all-out trade war.
The last, ING estimates, would harm all economies, with the United States facing the heaviest hit, of some two percent of gross domestic product (GDP) over two years, with US exporters facing high tariffs at all borders while the rest of the world keeps its prevailing arrangements in place.
Only in the first scenario, in which Mr. Trump imposes tariffs and no one retaliates, would the United States make any noticeable economic gain — of some 0.3% of GDP.
ING’s head of international trade analysis Raoul Leering said that the conflict was currently somewhere between the first scenario and the second ‘tit-for-tat’ stage.
“If other countries give in and give Trump something in return, then we’re looking at scenario one,” he said.
“It’s a conflict in which Trump could turn out to be the winner.”
Harm Bandholz, chief US economist at UniCredit, believes that the trade conflict is likely to be the main driver of market sentiment for weeks to come, although for the time being it is “barely more than tough talk”, with strong announcements then watered down, such as with the metal tariff exemptions.
“If it stays like this it’s not really altering anything in the macro outlook. The risk is, once you’ve started, you’re on a slippery slope and you don’t know if you can stop. That’s the risk markets are worried about,” he said.
“People are worried about accidents happening. Clearly, if you are more aggressive, the chances of mistakes or something bad happening will increase.”
All that said, and even with many in Europe off for Easter vacation, some major economic data is due in the coming week.
The Bank of Japan’s quarterly tankan survey, out on Tuesday, is expected to show business sentiment deteriorating slightly in the three months to March with the outlook for the coming quarter also fading, reflecting concerns over the strong yen eroding business profits.
In Europe, the first estimate of euro zone inflation will be released on Wednesday and is forecast to have risen to 1.4% in March from 1.1% in February, with some economists pointing to a potential 1.5%.
An earlier Easter this year, pushing up prices of package holidays and accommodation in March, cold weather that drives fruit and vegetable prices higher and a steeper year-on-year increase in energy costs will all contribute.
Even if inflation remains short of the European Central Bank’s target of almost two percent, its policy makers are now debating whether to end lavish bond buys later this year. The purchase program currently runs until the end of September.
US monthly non-farm payrolls round off the week on Friday. The economy is seen adding far fewer jobs than the 313,000 of February, but the average Reuters forecast for March of 203,000 is still strong and the unemployment rate is set to fall to 4.0%, a level not seen since 2000.
“We see further declines of the rate below the level the Fed thinks is the natural rate of unemployment. Over time, you would expect it would exert upward pressure on wages, which admittedly we have not really seen,” Commerzbank’s Bernd Weidensteiner.
“It should happen during the course of this year. Otherwise, we really need to rethink our picture of the workings of the US labor market.” — Reuters

DFNN eyes hybrid e-bingo, sports betting business

By Arra B. Francia,
Reporter
DFNN, Inc. is planning to introduce more products this year, as it aims to boost its revenue contribution to the Philippine Amusement and Gaming Corp. (PAGCOR).
“We’re looking at a hybrid of e-bingo sites and more breadth in terms of the product itself, and more sports betting,” DFNN Chief Executive Officer Calvin Lim told BusinessWorld on the sidelines of the ASEAN Gaming Summit in Conrad Hotel in Pasay City last week.
Asked how many electronic bingo (e-bingo) sites the company targets to put up, Mr. Lim declined to give details.
“We are still working on it. We want to see the pure entertainment value is reached to as many locations as possible,” the newly elected official said.
Mr. Lim said the addition of more products will help increase its contribution to PAGCOR’s revenues, as well as bring more entertainment into the online gaming industry.
During a panel discussion, DFNN Executive Vice-President for Business Development Christopher M. Tio said the company and other e-gaming firms “play vital roles in helping provide needed revenue for the development of the country.”
Mr. Tio noted that PAGCOR is the third largest contributor to the Philippine government’s revenues, after the Bureaus of Internal Revenue and Customs.
He also sees strong potential in sports betting, noting the figures for the Philippine industry are “quite staggering.”
“But if you look at the share of the regulated, legalized sports betting, it’s very very small. So potential is there,” Mr. Tio said, noting that the company has a sports betting license.
“That will allow us to come up with a very competitive product against illegal sports betting,” he added.
For this year, Mr. Lim said sees huge opportunities for expansion in the country.
“(Being profitable) is actually very important. We have the duty to shareholders of the public to ensure that the investment is solid,” Mr. Lim said.
DFNN currently engages in online gaming services, with its subsidiary Pacific Gaming Investments Pty. Ltd. working on game developments for the firm, HatchAsia, Inc. for management and technology expertise, and iWave, Inc. for system integration software and technology development.
The listed firm saw its attributable profit soar to P114.85 million in the first nine months of 2017, against P1.86 million in the same period in 2016. Revenues for the period likewise jumped 400% to P855.8 million during the period.

Philippine companies should invest more in security, says Blackpanda CEO

By Krista A. M. Montealegre,
National Correspondent
IF THE GUNMAN in the deadly attack at the Resorts World Manila had walked into another establishment that fateful night last June, a security expert fears that guards in most places in Metro Manila would have responded the same way as those in the integrated resort.
The Philippines, even with its moderate-risk status, do not need special weapons and tactics team manning every establishment, but security goes beyond deploying guards with wooden sticks.
“A lot of Filipino companies aren’t used to the idea of paying for quality security. They always get the cheapest thing. Well, you pay for what you get and (you deal) with the consequences,” Gene Yu, the chief executive officer and cofounder of Blackpanda Ltd., said in an interview.
Blackpanda was tapped by Resorts World Manila to help establish new security protocols after gambling addict Jessie J. Carlos carried out an arson attack that left 37 dead.
“Imagining clients out there with their security cluster, they are basketball teams but nobody knows what their position is. They never practice. Nobody knows what the plays are. Who’s the coach? Who’s the captain? No one really knows. It’s just that we have basketball players and they’re sitting there and suddenly something happens and they immediately have to stand up and play in the game for real. Imagine that chaos,” Mr. Yu said.
A comprehensive security plan boils down to mastering the basics and ensuring a process is in place where the security personnel know what they are supposed to do in times of crisis, he said.
Blackpanda is more than just a private security company. It is an elite global special risks insurance and consultancy group based in Hong Kong and with offices across Tokyo, London and Southeast Asia.
Blackpanda knows that understanding the local culture and operating environment as well as engaging local partners are the keys to successful risk management. This approach has enabled the company to provide the reality on what’s on the ground, helping insurers better assess the risk of an investment.
Mr. Yu shared Blackpanda’s experience in performing a special risk audit and devising a long-term risk mitigation plan for a large-scale copper and gold mining venture in Mindanao. In the process, it uncovered local partner deception, local government collusion and active measures to delay the mine.
This allowed the client to gain a $25-million war and terror coverage from Lloyd’s of London, a British provider of specialist insurance services to businesses.
“We’re the guys that come in and increase the security profile to the point where we feel comfortable that even when there is an attack, the security and special risk management structure is strong enough that we can quickly mitigate the damage and the investment will survive,” Mr. Yu said.
A former US Army Special Forces officer, Mr. Yu spent eight years in the military with tours of duty in Iran, the Philippines and Japan. He was instrumental in the negotiation and release of a Taiwanese from Abu Sayyaf militants in the Philippines.
After leaving the military, Mr. Yu worked as an equity swaps trader at Credit Suisse in Hong Kong and with Palantir Technologies in its Asia-region business development department based in Singapore.
Seeing the country’s economic resurgence, Blackpanda came to the Philippines as its first proof of concept that the model of marrying security and insurance can work.
“Blackpanda has evolved towards insurance because to me, insurance is the productized version of security. It is an actual product that people can more tangibly understand and spend on because they get something back when something happens,” he said.
Mr. Yu has been in and out of the Philippines since 2004, but he feels like nothing has changed in terms of how Filipinos perceive the importance of security. While certain local events have raised the country’s consciousness about its value, security remains a “nuisance” for most businesses.
“It is actually very surprising when you look at it because there is actually a real-world threat here and you think people are taking it seriously. It’s almost like a collective if we close our eyes it’s not a concern. That’s a little bit of the cultural attitude towards security,” Mr. Yu said.
“Also because it is always there and it’s been so long that the Philippines has been on this stage of what I call moderate risk,” he said, citing the long-standing rebellion of the New People’s Army, considered one of the main threats in the Philippines.
The attack of the Islamic State-inspired Maute group on Marawi may have ended, but this could just be the tip of the iceberg amid reports that fighters from Syria and Iraq are flocking to Mindanao.
“Marawi, to me, is not over. I have to say that sorry. I’m really worried about that,” Mr. Yu said.
More businesses are becoming increasingly aware of the need to invest heavily in security to protect their investment, adding fuel to the country’s economic renaissance.
“It is a perfect place for us to come as a proof of concept because there’s interest to invest in the Philippines but they are really scared. My job is to make them less scared, try to remove the friction of the special risk they are facing in coming to the Philippines by providing them both consulting services as well as insure them so they are financially covered,” Mr. Yu said.

Thyssenkrupp AG pegs growth hopes on PHL infrastructure program

INDUSTRIAL engineering firm Thyssenkrupp AG targets to book around $50 million to $100 million in revenues from its Philippine operations this year, banking on the government’s infrastructure program to boost the demand for the company’s services.
The German firm recently said it looks to serve local firms expanding cement plants and power capacity to support the “Build, Build, Build” program under President Rodrigo R. Duterte’s administration. The company’s target revenues for the year would be a three-fold increase from around $30 million it generated in 2017.
“The gross potential of the Philippines is a striking positive for us… There’s cement and chemical plants, and we deliver other products here as well. We have decided that we will give a visible signal to our customers,” Thyssenkrupp Chief Executive Office Heinrich Hiesinger said in a media roundtable in Taguig City on March 27.
Thyssenkrupp is a global firm that employs around 159,000 employees across 2,000 sites in 79 countries. It operates in five segments, namely components technology, elevator technology, industrial solutions, materials services, and steel.
Since 2011, Mr. Hiesinger said Thyssenkrupp has been increasing the share of industrial goods and services to its operations in Asia, while reducing the share of the steel business.
“We decided that (steel) does not allow us to harvest the growth potential in Asia and other booming countries. And therefore we have decided that we will significantly shrink our share of steel production and significantly push for our industrial goods and service business,” Mr. Hiesinger said.
Strengthening its industrial goods and services segment will also allow it to participate in the country’s infrastructure program, particularly with the expected increase in demand for cement. Citing figures from the Board of Investments, Thyssenkrupp said that demand for cement will double to 40 million metric tons by 2020.
“We will really start where we have our strengths. One of the booming areas right now is cement, driven by ‘Build, Build, Build’ (program). This is our heritage, we are one of the global players in cement,” Mr. Hiesinger said.
The company is also looking at striking deals for power plants.
“This is the next area where we will go forward, whether it’s for large power plants, this is a strength of ours and clearly we go on in service, and we would offer our customers the opportunity that we would take over the entire operation and maintenance and lift up the output of those equipment,” Mr. Hiesinger said.
The Thyssenkrupp executive said the company prefers to go into partnerships with local firms for cement plants and decentralized power plants. Here, Thyssenkrupp will provide the engineering and material handling aspect of a project, while the local partner will take care of construction.
“For us, it’s helpful because they know all the details of the country. And it’s also getting the acceptance for the project,” Mr. Hiesinger said. — Arra B. Francia

Halal accreditation delayed over failure to harmonize standards

THE Department of Trade and Industry (DTI) said that the accreditation of halal-certifying bodies has been delayed due to a failure to harmonize standards.
Bureau of Philippine Standards Director James E. Empeño told BusinessWorld that since the certifying bodies are not accredited, the halal products are not recognized once exported.
“Right now, everyone’s pressured because there are big markets that we have to address, particularly in the United Arab Emirates, because there’s big potential coming from [other Southeast Asian] countries,” he added.
Mr. Empeño said that instead of sourcing from the Philippines, buyers could turn to other Southeast Asian countries with large Muslim populations like Indonesia.
The Philippines exports dried fruits to the Middle East.
According to Republic Act No. 10817 or the Philippine Halal Export Development and Promotion Act of 2016, the Philippine Accreditation Bureau is mandated to accredit the halal-certifying bodies to maintain the national standard for the products.
Mr. Empeño said that there are currently five halal-certifying bodies that remain unaccredited with the passage of the new law last year.
“There’s actually a timeline, which should have been accomplished by last year, that all the products from the Philippines should have been halal-certified but we’re still fixing it,” Mr. Empeño said.
“Right now, we’re still in the process because the system is still not established. The system made up of the stakeholders — that’s the Muslim community, the academe, industry, and producers of the products for halal certification. That’s what we’re doing right now,” he added.
Earlier this year, Assistant Secretary for the Export Marketing Bureau Abdulgani G. Macatoman said that the DTI targets as much as 10 accrediting bodies this year and up to $1.4 billion in halal exports. — Anna Gabriela A. Mogato

Keeping Philippine cotton alive


THE WEAVING of indigenous textiles with cotton fiber is an integral part of the country’s culture but it has been in trouble for some time. Thus the Philippine Textile Council (HABI), continues its commitment to revive the industry as traditional weavers have turned to the use of synthetic thread due to cotton scarcity over the past few decades.
Cotton production has declined since the early 1990s “when the country had 38,000 hectares planted in the crop,” states an article by the Cornell Alliance for Science, citing the Philippine Fiber Industry Development Authority (PhilFIDA). In November 2017, the agency spearheaded the planting of the Bt cotton variety, a genetically engineered crop that resists bollworm, in the provinces of Ilocos Norte, Pangasinan, Tarlac, Nueva Ecija, and areas in Mindanao in an effort to revive the local cotton industry. Its adoption promises lower production costs and consistent supply.
To promote awareness and the preservation of the use of cotton in local products, HABI is collaborating with SM’s Kultura for the first time through the Likhang Habi Market Fair on April 13 to 15 at the SM Megamall Fashion Hall D. The fair will showcase more than 50 locally handcrafted products from a variety of Kultura and HABI brands.
“Traditional weaves are depleting and HABI is fighting to keep this tradition current and supported. HABI vendors are mostly members believing in the preservation of our traditional textiles and indigenous culture,” HABI coordinator Kelly Mortensen told BusinessWorld in an e-mail.
“Kultura carries many brands that HABI supports and some of these brands/designers are HABI members. Yearly, vendors also receive supplies from HABI-supported weaving communities,” Ms. Mortensen added.
Along with the participating brands, cotton growing kits will be sold for the benefit of weaving communities all over the country. A kit contains one packet of Philippine cotton seeds, Durabloom organic fertilizer, a bag of potting mix, and a coconut husk pot — convenient for growing cotton at home.
Lectures on how to cultivate and grow cotton, and a pangalay performance — a traditional dance characterized by hand movements done by the Tausug people — are also in the lineup of activities.
“More than presenting our unique and varied indigenous fabrics, we also aim to educate the public about how important it is to support our traditional textile industry,” HABI president Adelaida Lim was quoted as saying in a the press release.
“The Likhang HABI market experience allows weavers and designers to innovate and to level up to modern trends. Through this, we hope that the Philippine indigenous fabrics industry will get the revival it deserves,” Ms. Lim said.
For more information, visit www.habitextilecouncil.ph or follow www.facebook.com/HabiThePhilTextileCouncil and Instagram @habifair #supportthehabilifestyle. — Michelle Anne P. Soliman

China still considering curbs on US soybean imports, association says

BEIJING — China is still considering import curbs on US soybeans in retaliation for moves by Washington to impose trade tariffs, US Soybean Export Council Asia Director Paul Burke said on Thursday, following a meeting with the Ministry of Agriculture.
In his comments, Burke rejected a report in Hong Kong’s South China Morning Post that the council’s meeting with the ministry had been part of official talks aimed at shielding American soybeans.
“The agriculture ministry wanted to discuss our view of the soybean industry regarding tariffs and the supply and demand situation,” Burke said. “We are cautiously optimistic soybeans won’t be targeted, but they’re still on the table.”
A trade spat between the world’s top two economies is escalating, with US President Donald Trump preparing to slap tariffs on $50 billion in Chinese imports over the alleged forced transfer of intellectual property.
Soybeans were the top US agricultural export to China last year, worth more than $12 billion. China is the world’s biggest soybean importer and the US is its second-largest supplier.
In an editorial on Thursday, the China Daily newspaper said Beijing could target a broad range of US businesses from agriculture to aircraft. — Reuters

Gov’t securities to edge sideways

YIELDS on government securities on offer this week will likely move sideways amid lower US Treasury rates.
The Bureau of the Treasury plans to raise a total of P35 billion from the Treasury bonds (T-bonds) and Treasury bills (T-bills) this week.
Broken down, for the T-bills, the government will auction off P5 billion in three-month, P4 billion in six-month, and P6 billion worth of one-year papers today.
Meanwhile, the Treasury will also raise P20 billion via reissued T-bonds tomorrow with a remaining life of two years and nine months.
A bond trader said the yields of the securities to be placed on the auction block this week will move slightly higher.
“For the bond auction, [we’re expecting] possibly higher yields from the previous auction. We’re looking at 4.4-4.6%. While for the bills, we’re seeing sideways movement of around five basis points,” the trader said in a phone interview.
In January, the government made a partial award of fresh three-year T-bonds, which fetched a coupon rate of 4.25%. It only awarded P14.891 billion out of the planned P20 billion borrowing.
Meanwhile, the Treasury also made a partial award of the T-bills it planned to raise last week, as the 91-, 182- and 364-day papers fetched average yields of 2.995%, 3.206% and 3.434%, respectively.
Meanwhile, at the secondary market, the three-month, six-month and one-year papers fetched 3.0723%, 3.2063% and 3.075% last week, while the three-year bond was quoted at 4.6098%.
The trader added that the papers to be offered this week will likely fetch slightly higher yields on the back of lower US Treasuries lately.
“We continue to track US Treasuries, and right now we’re seeing lower US Treasuries,” the bond trader said, adding that they are still waiting for fresh catalysts.
On Thursday, the yield on the benchmark 10-year US Treasury note fell below 2.75%, its lowest in seven weeks, while yields of the 30-year US T-bonds was lower at 2.972%.
On the other hand, a poll from Reuters showed that the yield curve will likely further flatten as the American government focuses most of its new issuance on shorter maturities, driving long-tenor yields to stay low.
The government is set to borrow P325 billion from the domestic market in the second quarter of the year through auctions of securities.
This is higher than the P240 billion it offered in the first quarter and the P180 billion placed on the auction block in the same quarter last year.
The government plans to borrow P888.23 billion this year from local and foreign sources to fund its budget deficit, which is capped at 3% of the country’s gross domestic product. — K.A.N. Vidal

Facial clinic branches out, opens manufacturing facility products

OWING TO their almost two-decades of expertise as owners of facial clinic brand Skin Perfect, Pierre Go Ching and Sheila Ong Ching have decided to open their own skin care product manufacturing company, the Kakushin Skin Care Corp.
Skin Perfect
“We have been in the business since 2000 and we have been manufacturing — though on a smaller scale — many of the products used and sold in our clinics. Our new building will permit us to amp up that scale so we can sell our products beyond Skin Perfect,” Mr. Ching told BusinessWorld during the opening of their seven-story manufacturing building in Quezon City on March 16.
Skin Perfect currently has 44 branches nationwide and is known for non-invasive treatments which can range from a simple facials to slimming and body contouring.
Mr. Ching credits the success of Skin Perfect to the fact that both he and his wife frequently go to Japan to learn about new processes and new services they can introduce in the Philippines.
And unlike other facial clinics which are located inside malls, Skin Perfect, he said, emphasizes comfort and convenience. That’s the reason why the clinics have separate treatment rooms designed like spas, he explained.
The company manufactures its own toners, creams, serums, and lotions under the Skin Perfect brand (sold in-store and online on its website) as well as fragrances under the Essensu line.
Mr. Ching also said that they have developed a new line of beauty soaps which will be available via direct selling.
“We plan to have one distributor — at least — in all major provinces and city in the country in the coming months,” he said.
Kakushin Skin Corp., which Mr. Ching said will only manufacture cruelty-free products, will also be producing private label products (also called toll processing) starting late April.
“We are targeting retailers like Daiso and supermarkets whose own-branded products are either tolled to other local corporations,” he said.
The new building in Quezon City will contain “state-of-the-art machinery, capable of handling complex research, developmental projects and production processes,” said a press release.
The corporation will also have its own “talented team of chemists and industry experts,” it added. — Zsarlene B. Chua

Summer beauty

By Zsarlene B. Chua
Reporter

HOT SUMMER days loom which means it’s time to bust out the waterproof makeup and skin care products that can withstand the heat, the sweat, and everything life throws at you. So here are four products — two cosmetics and two skin care items — that may just do that for you.
L’OREAL VOLUMINOUS LASH PARADISE
Mid-March saw the launch of L’Oreal Voluminous Lash Paradise, a mascara promising everything: volume, length, and staying power, all for drugstore pricing. Launched in the US the year prior, the mascara, with its “soft wavy bristle brush [holding] the maximum amount of formula,” got the attention of YouTube beauty gurus like Tati Westbrook who raved about Lash Paradise.
It then follows that with all the hype surrounding the product, its Philippine launch was much anticipated — this writer in particular, was very excited to try it out because if there’s anything I cannot leave out in my daily makeup routine, it’s mascara.
I have short and sparse lashes so a little mascara goes a long way in making me look awake — even when I don’t feel like I am — and ready. I had previously tried L’Oreal’s False Lash Miss Manga Mascara (P500), a volumizing mascara which claims to give you the eyes of a manga (Japanese comic) character, and I loved it because it really gave me longer and thicker lashes, but it does clump and felt a bit heavy on the lids.
For the same price, Lash Paradise is offering the same things (a “dramatic volumizing effect” according the company website) but with a promise that the product, once it goes on your lashes, will be feathery soft.
I tested the product over a two-week period in varying degrees of humidity and time of wear to see if it would really stay with me throughout the day and not move, smudge, and could maintain a curl. Once I wore the mascara for half a day and was impressed that it really was lightweight — it didn’t weigh down my lids and it wasn’t hard to remove — and it didn’t smudge. But during a full-day of wear (we’re talking more than 10 hours) under the hot sun, it did smudge a little on the lower corner of my eye, but aside from the mild annoyance, the product held up.
So is it worth the money? Yes. For P500, this is a really good waterproof mascara and is especially good if you have a long day ahead of you.
L’Oreal Voluminous Lash Paradise is available in L’Oreal counters and at its online store.
WUNDERBROW
For the second weather-proof makeup product, we have the WunderBrow, a gel type eyebrow product from UK-based makeup brand, Wunder2.
Promising brows that can last for days and can be put on in two minutes, WunderBrow is perfect for people who believe “kilay is life.”
Launched in the Philippines on March 20, the product (SRP P1,600) comes in five shades — blonde, auburn, brunette, black/brown, and jet black. This writer tested it for about a week to see if it would really hold up and from the first swipe, I realized that this is a product that would give you a bold brow — there’s no in-between — which is perfect for people with sparse eyebrows but a bit hard to work with for people like me who just need a little color to fill some parts in.
The staying power is really impressive — it lasted a day and a half on me, though on the second day I saw a considerable amount of fading, although I would caution anybody against wearing makeup for an extended period of time as it may clog pores or irritate the skin.
For people who are used to using spoolie brushes to apply product, note that WunderBrow has a more traditional brush-type applicator which takes time to get used to.
The brand has a separate product called the D-Fine Brow Liner and Gel (SRP P1,600) which features both a pencil and a gel in a tube. This product I liked better because I can control the boldness of my brows using the pencil though the gel on the other end is determined to give me stronger brows, so use it sparingly.
While this is a good product, it might really not be for people who need very little brow product. I found myself reaching for my Detail Makeover Eyebrow Pencil with Brush (P119) most of the time — it’s far more affordable and does the job perfectly.
WunderBrow is available at BeautyMNL.com and Zalora.com.ph.
POND’S WHITE BEAUTY DAILY WHITENING SUN PROTECT FACE SUNSCREEN
The sun causes a lot of damage on the skin so putting on sunscreen should be part of everyone’s skin care routine. In the past, it was hard to find sunscreen that would go well under makeup, as many SPF-laden products are too thick and sticky.
But now there are a host of products that are formulated to be non-sticky and lightweight, and a lot of cosmetics and skin care products have SPF built in so there’s no longer any excuse not to wear sunscreen.
I recently discovered Pond’s White Beauty Daily Whitening Sun Protect Face Sunscreen (P299) during a Watsons event promoting sun care products. It is an SPF 50 PA+++ product that “helps protect skin from sun damage outside and whitens the skin from the inside,” according to its packaging.
What’s really good about this product is that it is affordable — though it only comes in a 30-gm product size (my Belo Tinted Sunscreen has 50 ml of product for P449.75, while my Holy Grail product, Biore UV Perfect Face Milk, 30 ml, is at P397). It’s also non-sticky and very lightweight.
This is a good product for those starting to introduce SPF into their skin care regimen or for those who just want to try out other options.
Pond’s White Beauty Daily Whitening Sun Protect Face Sunscreen is available in Watsons stores and other department stores nationwide. It can also be bought online via Lazada.com.
MEDIHEAL
Finally, after withstanding all the summer sun and humidity, the skin needs time to relax and repair itself and that’s where Mediheal comes in. The popular Korean mask pack was launched in the Philippines on March 20. Its complete line of mask packs are now available locally, from its best-selling N.M.F. Aquaring Ampoule Mask EX to the R:NA Proatin Mask so consumers can pick and choose which mask best serves their needs.
Currently available exclusively in Watsons (both physical stores and its online portal), Mediheal mask packs prices vary in price from P99 for the essential line — Collagen, Tea Tree Care, and Placenta — and P149 for their other masks including the N.M.F. Aquaring.
I have been using the N.M.F. Aquaring mask for more than a week now — I have gone through three mask packs — and my skin does feel very moisturized after using it but what I gravitated more towards was the N.M.F. Midnight Capping Pack — a sleeping mask that one puts on before sleeping and washes off upon waking up.
The 15-ml mask (which is also priced at P149) can be used two to three times and for me, that’s value-for-money and considerably more environment-friendly as I don’t have to throw it after I’ve used it once. I wake up with a soft-as-a-baby’s butt-face, and there’s nothing more I can ask for.
Beyond the launch of the full line, Mediheal is also offering a limited edition line done in collaboration with the Korean boy band, BTS. Four MedihealxBTS boxed sets (retailing for P1,250 for 10 masks) includes 14 photo cards of the band inside each box. Those who buy all the four sets will also get a limited edition box. The sets are available online on watsons.com.ph.

Debt yields consolidate

YIELDS on government securities moved sideways in the shortened trading week as the market remained in a “consolidating phase” at the close of the quarter.
Local debt yields increased by 1.75 basis points (bps) on the average week-on-week, data from the Philippine Dealing and Exchange Corp. (PDEx) as of March 28 showed.
“Yields relatively have been on a consolidating phase. The only catalyst that we have so far is the finality of the actual awards that’s going to come up from the issuance [by the Bureau of the Treasury (BTr)],” said Security Bank Corp. chief investment officer Noel S. Reyes.
Likewise, a bond trader said the previous week’s yield movement was “biased on the borrowing plans of the government.”
“[The] planned P325 billion bonds to be auctioned [pushed] yields higher,” the bond trader added.
Last week, the BTr announced that it wants to borrow P325 billion locally this quarter, higher than the P240 billion it offered in the first three months and the P180 billion the Treasury placed on the auction block in the same quarter last year as it now will be conducting two auctions per week, compared to once-a-week auctions held in the first quarter. It will auction off P130 billion in Treasury bonds (T-bonds) and P195 billion in Treasury bills (T-bills) in the April-June period.
According to Mr. Reyes, the government’s issuances will determine the movement of the bond market this week, but said market players might also take into consideration the central bank’s reluctance to hike interest rates.
“Bond market will continue to be in a range, but of course, definitely in the medium term, [it will be a bit] higher in terms of the trend because the market will try and price in the BSP (Bangko Sentral ng Pilipinas) being behind the curve,” he said.
“They might price that in a little more… [A]ny significant reversal in yields will be taken as an opportunity to lighten positions.”
At the secondary market, yields on the three-year bonds increased 24.99 bps to fetch 4.6098%.
It was followed by the five-year bonds and the 364-day T-bills whose rates rose by 7.87 bps and 7.50 bps, respectively, fetching 5.2403% and 3.0750%.
The yield of the four-year T-bond climbed 5.07 bps to 5.0179% while that of the two- and 10-year bonds were up by 2.69 bps and 2.63 bps, respectively, to close at 4.1613% and 6%.
On the other hand, yields on the 91- and 182-day T-bills went down by 19.47 bps and 10.08 bps, respectively, ending with 3.0723% and 3.2063%.
The rate of the 20-year bond dipped 2.64 bps to 7.1625% while that of the seven-year tenor went down 1.11 bps to 6.7375%. — CAT

Bats give French winegrowers a helping hand in moth war

HUNGRY MOTHS are the bane of French wine growers’ lives due to their ferocious ability to feast on vines, but producers have discovered an unexpected ally in their fight against the insects: bats.
A study commissioned by the wine industry committee of Bordeaux, published Tuesday, found that bats were observed swooping to hunt more often towards vines where the bugs were present — meaning they could potentially be used as a natural pesticide.
A genetic analysis of the bat droppings showed they were indeed eating the moths rather than other insects.
“For the first time these results show in a formal way the capacity of bats to feed themselves on grapevine moths and cochylis moths,” the group said in a statement.
The study was carried out by France’s Animal Protection League and Bird Protection League, along with the consultancy Eliomys and the National Institute for Agricultural Research (INRA).
It observed bat activity over 23 plots of land in the winegrowing Gironde region of southwest France around Bordeaux between May and October 2017.
Yohann Charbonnier of the Bird Protection League said the conservation groups had been surprised to find as many of 19 of the 22 local bat breeds feasting on the grape-loving moths.
“We weren’t expecting so many species of bats to be frequenting the vines, which were not previously known for their biodiversity,” he told AFP.
He noted, however, that bats still appear to prefer hunting in more natural environments such as hedgerows.
The study could lead the way for vineyards to look at encouraging bats to hunt there, to allow winegrowers to reduce their pesticide use.
Currently, growers faced with an infestation have no choice but to spray their vines with chemicals.
But Charbonnier said another study would be needed to determine “whether the bats eat enough of the pests to allow reduced use of pesticides.” — AFP