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Clark Global City developer partners with CPG

THE DEVELOPER of Clark Global City has partnered with Century Properties Group, Inc. (CPG) for the development of residential and office buildings in growing business district.
In a statement over the weekend, Global Gateway Development Corp. (GGDC) said it signed on Jan. 9 a memorandum of agreement with CPG for the establishment of a joint venture firm. The company will be in charge of developing 2.6 hectares of land inside the 177-hectare Clark Global City in Mabalacat, Pampanga.
“This is in line with our strategy to fast-track the development of Clark Global City. By joining forces with the country’s leading local developers, we can sooner unlock the potential of Clark Global City, expand our economy’s capacity, nurture businesses and generate more employment opportunities,” GGDC Chairman Dennis A. Uy said in a statement.
Under the partnership, GGDC and CPG will develop a combination of residential and office buildings with retail components.
Mr. Uy’s Udenna Group of Companies earlier said it will develop office buildings, upmarket retail outlets, academic and sports centers, an urban park, an integrated resort and casino, and other amenities in Clark Global City.
CPG Chief Operating Officer Marco R. Antonio said the company looks to take advantage of the growth in Central Luzon, noting that it has become the second largest office market in Luzon next to Metro Manila.
“As massive infrastructure projects are underway to make Clark connected and highly accessible, Century Properties wishes to ride on this growth momentum by serving the real demand in the office and residential markets,” Mr. Antonio said.
To note, Clark Global City is a 10-minute drive from Clark International Airport, and is also set to benefit from the completion of the NLEx-SLEx Connector Road, the Subic-Clark Cargo Railway, and the PNR North Railway in the next two to three years.
Aside from office leasing and high-rise condominium developments, CPG has recently forayed into the affordable housing and leisure property markets, as it sought to have a more diversified source of income in the following years.
The Udenna Group took control of Clark Global City in 2017, with the goal of transforming it into a central business district. The group has lease rights for the entire property until 2085. It will spend $5 billion in the next 10 years for its horizontal development.
Citing a December 2018 study by real estate consultancy firm Leechiu Property Consultants, GGDC said that Clark Global City accounted for majority of the 156,000-square meter demand for office space in Clark. This makes it to most in-demand development outside Metro Manila.
“Its location within a special economic zone; proximity to major thoroughfares and international gateways; and access to a young and highly skilled talent pool easily make Clark Global City an outstanding business destination,” Mr. Uy said. — Arra B. Francia

Of PG’s signature line and power lacing

IT IS going to be a busy stretch of releases for Nike in the Philippine market as it is set to unveil a couple of shoes later this month and in February.
First to be released is the PG3, the latest iteration of the signature line for the global brand of National Basketball Association All-Star forward Paul George of the Oklahoma City Thunder, and the Nike Adapt BB.
Set for a Jan. 26 release in the local market, the Nike PG3 features improvements on the signature line, which the makers said is representative of how Mr. George has charted his path in the NBA nine years in.
“As I see myself getting older in this league, the question I ask myself is, ‘How can I become a more efficient athlete?’ I need to perform at the elite level I know I’ve reached, but without wasting excess energy,” said Mr. George in setting up the rationale behind his latest shoe.
Mr. George and Nike Basketball Footwear Designer Tony Hardman set out key principles as they worked on the PG3, building around on making it efficient, high-performing and true to what the Thunder superstar is as player.
The PG3 pared down unnecessary material (such as extra TPU), integrating the tongue into the collar, employing a softer, lighter foam in the midsole and utilizing mesh in the upper, resulting in a lighter feel with nearly an ounce shed off the PG 2.5.
It also features a circular traction pattern that helps one close out at a sprint and stop on a dime as well as free-floating, synthetic “wings” across the forefoot, a dimension carried over from the PG2.
Much like previous editions of his Nike shoe line, Mr. George made sure the PG3 embodies who is, highlighting this time around his hometown of Palmdale, California, with a NASA-inspired colorway, taken from the site of the area’s research center.
In the PG1 and PG2, it was the player’s penchant for video games which was highlighted.
In the PG3, the image of lunar exploration conjures one of George’s favorite quotes that appear on the shoe’s heel: Don’t tell me the sky’s the limit when there are footprints on the moon.
Such personal connections run deep in the shoe’s DNA. Inside the circular traction pattern are numbers that trace Mr. George’s past, such as his birthday, the different numbers he’s worn during his career and his number of tattoos.
The Nike PG3 will be available at select Nike and Titan stores for P6,295.
NIKE ADAPT BB
Set for a February release, meanwhile, is the Nike Adapt BB, which is touted as a platform that creates a truly custom fit shoe for one’s feet by combining an advanced power-lacing system, an app and continually updated firmware.
Nike said when one steps into the Adapt BB, a custom motor and gear train senses the tension needed by the foot and adjusts accordingly to keep the foot snug. The tensile strength of the underfoot lacing is able to pull 32 pounds of force (roughly equal to that of a standard parachute cord) to secure the foot throughout a range of movement.
That is where the “brain,” or FitAdapt tech, kicks in. By manual touch or by using the Nike Adapt app on a smartphone, players can input different fit settings depending on different moments of a game.
For example, during a timeout, a player can loosen the shoe before tightening it up as they reenter the game. In a forthcoming feature, they can even prescribe a different tightness setting for warm-ups. Plus, players can opt in to firmware updates for the FitAdapt technology as they become available, sharpening the precision of fit for players and providing new digital services over time.
“We picked basketball as the first sport for Nike Adapt intentionally because of the demands that athletes put on their shoes,” said Eric Avar, Nike VP Creative Director of Innovation.
“During a normal basketball game the athlete’s foot changes and the ability to quickly change your fit by loosening your shoe to increase blood flow and then tighten again for performance is a key element that we believe will improve the athlete’s experience,” he added.
The Nike Adapt BB will be available at Nike Park Fort, Titan Two Parkade, and Titan22.com for P17,495. — Michael Angelo S. Murillo

Manila Bay rehabilitation hangs over SM’s reclamation project

By Mark T. Amoguis
Researcher
PROSPECTS OF SM Prime Holdings, Inc.’s reclamation projects in Manila Bay were dimmed by the government’s planned rehabilitation efforts there, making it the most actively traded issue on the market last week.
Data from the Philippine Stock Exchange showed a total of P3.917 billion worth of 103.030 million SM Prime shares having exchanged hands on the trading floor from Jan. 14-18.
Shares in SM Prime stood at P39.40 last Friday, up P1.10 or 2.9% from the P38.30 close the previous day.
On a week-on-week basis, the stock inched up by 1% from its Jan. 11 close. It climbed 6.5% for the year.
“The sharp decline in [SM Prime’s] price last Wednesday was a dramatic reaction to the DENR’s (Department of Environment and Natural Resources) planned rehabilitation of Manila Bay, which investors believe, will conflict with the plans of [SM Prime] to reclaim around 600 hectares in the vicinity (Pasay/Parañaque),” said Manuel Antonio G. Lisbona, PNB Securities, Inc. president.
The DENR announced last Tuesday it will unveil its P43-billion Manila Bay rehabilitation plan on Jan. 27, as well as the list of establishments initially found to be non-compliant with the Philippine Clean Water Act of 2004.
Meanwhile, the Department of Interior and Local Government said that reclamation projects in Manila Bay should be shelved for the planned rehabilitation to succeed.
The day after the announcement, many investors took profits on the stock with a total of P1.626 billion worth of SM Prime shares having been traded that day. This sent the stock’s price to as low as P36 per share from its opening day price of P39.60 apiece. Some traders then took positions, bringing the price up to P37 per share by the day’s end.
To recall, the cities of Pasay and Parañaque both awarded in 2013 and 2014, respectively, to SM Prime separate contracts to reclaim and develop about 300 hectares each in Manila Bay for P54.5 billion and P50.19 billion.
About P100 billion will be spent for the reclamation and development of the two parcels of land.
Moreover, three major reclamation projects were green-lit by the cities of Manila and Pasay in October last year, namely: Manila Goldcoast Development Corp.’s 148-hectare Solar City; SM Prime’s 360-hectare project; and Pasay Harbor City consortium’s 265-hectare development.
Asked on how the planned Manila Bay rehabilitation will affect the prospects of SM Prime, Regina Capital Development Corp. Managing Director Luis A. Limlingan said: “It’s not so much the rehabilitation efforts, but more of whether the plans would be put on hold because of different interest groups.”
“The outcome will really depend on the extent of the conflict between the plans of DENR and [SM Prime],” PNB Securities’ Mr. Lisbona said.
“However, we believe that [SM Prime’s] management has already prepared alternative courses of action considering the issue (cleanup and rehabilitation of Manila Bay) is not a new one,” Mr. Lisbona added.
The property holding firm of the Sy family posted a P6.817-billion net income attributable to equity holders in the three months ending in September, up by 20.4% from the P5.660 billion recorded in the same comparative period in 2017.
This brought the nine-month net income to P23.439 billion, which rose by 16.9% from the previous year.
“Our latest forecast net income for 2018 is P30.7 billion and was driven [from] a mix of growth in mall revenues, rental income, and sales from their condominium development (via SM Development Corp.),” Mr. Lisbona of PNB Securities said.
He projects SM Prime’s profit at P36.8 billion this year.
Meanwhile, Regina Capital’s Mr. Limlingan sees a P32.6-billion net income for SM Prime in 2018 and P36.2 billion for 2019.
For this week’s trading, PNB Securities’ Mr. Lisbona pegged SM Prime’s support prices at P37 and P36, while resistance prices “seem to be strong” at P39.60 to P39.75.
For his part, Regina Capital’s Mr. Limlingan gave a support price of P37 followed by P36, while the resistance price is at P39.80.

Liberalized imports seen killing off sugar industry

MEMBERS of the Sugar Regulatory Administration (SRA) board said moves to liberalize sugar imports will lead to the “demise” of the sugar industry and generate unrest in sugar-growing areas.
“The recent announcement of Budget Secretary Benjamin E. Diokno to liberalize sugar importation will spell the demise of the sugar industry and foment social unrest in more than 20 provinces nationwide,” Emilio Bernardino L. Yulo, SRA Board Planters Representative, said in a statement on Sunday.
“Open-direct Importation is not the answer. Time and again, we have called on the Department of Trade and Industry to help monitor and curb sugar prices in the market because of the great disparity between the retail prices of sugar from millgate prices,” Mr. Yulo added.
Mr. Yulo, in a joint statement with SRA Board Millers Representative Roland Beltran, said that it is not the farmgate or millsite price of sugar that is high, but the retail price.
The board members said according to SRA Price Monitoring, the price of domestic raw sugar has decreased nearly 7% to P1,575 per bag as of Jan. 6, 2019, from P1,693 per bag in September.
They also said that not all retail outlets are selling sugar at P60 to P64 per kilo, as the prevailing price of refined sugar at retail level is P50 per kilo.
“Focus and investigation should be on retail outlets that have kept their prices high when farmgate and prices in other retail stores have gone down,” according to the joint statement.
“Food exporters are allowed to import sugar subject to monitoring by SRA. In 2018, a total of 62,250 metric tons (MT) of sugar were allocated to food exports/processors. The reason SRA monitors importations of food exporters/processors is to prevent the leakage of the imported sugar into the domestic market, and defraud government of revenue. Sugar imports of food exporters/processors do not pay tariff and value-added tax provided it is strictly used in the manufacture of food products for export,” Mr. Yulo and Mr. Beltran said.
“We have to deregulate most of the agricultural sector. That’s the direction now of the government, like freer importation of all food products,” Budget Secretary Diokno said last week, noting that sugar will be next, following the proposed rice tariffication law that will remove quantitative restrictions on importation of rice to help lower the price in the market while the tariffs will go to a fund for rice farmers.
“Next is sugar. That’s bloodier than rice. It’s one of the inputs to our potential exports. All the commodities, it turns out… were so restrictive with respect to agriculture,” Mr. Diokno said.
Mr. Yulo said that the sugar sector has more to lose when the national government decides to open the country’s doors to liberalized importation of sugar, and he urged stakeholders not to be complacent.
“We are a much bigger industry that has more to lose if our country opens its doors to open and direct importation than those in the food processing business who have been clamoring for the entry of imported sugar. With this new development, I urge the sugar leaders, particularly the small farmers and agrarian beneficiaries, and the hundreds of thousands of sugar workers, not to be complacent and let the national government hear the voices of the millions of sugar stakeholders that will be affected by this,” Mr. Yulo said.
“Open-direct importation is not the solution. Let’s go after the greedy traders and retailers who are capitalizing on the situation at the expense of the sugar farmers and producers,” Mr. Yulo added.
The Philippine Chamber of Commerce and Industry (PCCI) earlier expressed its desire for open importation of sugar, stating that without pursuing such move, prices of foods and beverages which use sugar as ingredient, will go up.
“More drinks that contain sugar are being imported to the detriment of our producers,” PCCI Chairman George T. Barcelon told BusinessWorld in an interview on Dec. 27.
“Toward the latter part is to abolish the SRA. They may not exactly abolish it but clearly state what is the agency’s authority. The SRA is not helping the sugar industry. Our sugar is expensive, and they’re passing on the cost to consumers,” Mr. Barcelon said. — Reicelene Joy N. Ignacio

Fashion designer Cesar Gaupo, 72

FASHION designer Cesar Gaupo died on Saturday, Jan. 19, having just celebrated his birthday. He had just turned 72 on Jan. 6.
Sources say that he died in his sleep in the morning after his birthday celebration with friends and names in the fashion industry.
Mr. Gaupo found his footing in the 1970s, working alongside SM (whose founder, Henry Sy, Sr. also passed away this week) for ready-to-wear (RTW) lines. Through the decades that followed also made his mark in high fashion but never leaving his RTW work behind.
In the early 2000s, Mr. Gaupo moved to Hong Kong to serve as head creative director of international brand Shanghai Tang. He moved back to the Philippines later to dabble in lifestyle and home design.
His area of expertise knew no bounds: Mr. Gaupo not only designed separates and cocktail dresses, but also evening gowns, and his designs reflect a certain ease of flow and movement. He also designed shoes, and his gravity-defying high heels were apparently a model for comfort.
His designs in various disciplines are woven by a common thread: an imaginative use of color, and a disciplined elegance.
The fashion world mourns him, as a Facebook post from designer Rajo Laurel would attest: “You are a rare breed in fashion. You are forever relevant and forever loved. Rest In Peace my friend.”
Couturier Michael Cinco posted: “I always admire his work and great talent. For me he is one of the best Filipino designers who really made Filipinos proud when he became the head designer of international label Shanghai Tang… He is a very humble and simple person. His sudden death is a big loss to the fashion industry… Rest in Peace…”
Magazine editor and former model Myrza Sison wrote: “You always, always sparked joy. Thank you and farewell, Cesar Gaupo.” — JLG

PLDT in talks with tower companies

PLDT logo
PLDT, Inc. is open to participating in the government’s push for shared telecommunications infrastructure.
As the Department of Information and Communications Technology (DICT) signed five tower companies to enter the Philippine market as of last week, PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan said they have been approached by some of these firms.
“A number of these tower companies have approached us and we said we are willing to cooperate in respect of new towers,” the PLDT chief told reporters on Friday.
“The formula is flexible. If they’re willing to sell after they build the towers, if they’re willing to sell to us, we’re willing to consider buying them. Or just leasing the towers, and tell us whether you’re going to lease it to other telcos, so we need to know,” he added.
Mr. Pangilinan refused to name the companies that talked to them, but noted PLDT is “willing to support” the endeavor.
The DICT have already signed memoranda of understanding (MoU) with one local tower company and four foreign ones, namely: ISOC Infrastructures, Inc. from the Philippines; ISON ECP Tower Pte. Ltd. from Singapore; IHS Holding Ltd. (IHS Towers) from Nigeria; edotco Group Sdn Bhd from Malaysia; and China Energy Equipment Co. Ltd. from China.
DICT Acting Secretary Eliseo M. Rio, Jr. said on Friday they are also looking to sign an MoU with American Tower Corp. this week.
The MoUs guarantee the government’s assistance in securing permits for installing common towers, which Mr. Rio admittedly said has been riddled with bureaucratic hurdles.
Telcos PLDT and Globe Telecom, Inc. had to build their own towers for their individual operations, as allowed by their legislative franchises. Mr. Rio said only around 16,000 towers are in place because of this practice, and 50,000 more is needed to reach optimal efficiency.
Globe had previously expressed its support for the common tower initiative. It has been working to incorporate its own tower company, GTowers, Inc., after securing approval from the Securities and Exchange Commission last year.
Globe Senior Vice-President for Corporate Communications Yoly C. Crisanto said in a text message early January that they have been in talks with several tower companies to tap for GTowers.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez

T-bills, bonds to fetch lower rates

GOVERNMENT securities on offer this week will likely fetch lower yields amid continued expectations of decelerating inflation.
The Bureau of the Treasury (BTr) is offering P20 billion worth of Treasury bills (T-bill) today, broken down into P6 billion each for the three- and six-month instruments and another P8 billion in one-year papers.
The BTr will also offer on Tuesday fresh 20-year Treasury bonds (T-bond) amounting to P20 billion.
“For the bills, we’re still expecting a downward bias in terms of the rates from the previous auction,” a bond trader said in a phone interview last Friday. “For the 91-day, we’re expecting five basis points (bp) lower, then 10-20 bps lower for the 182- and 364-day.”
Last week, the Treasury borrowed P22.405 billion via the T-bills, higher than its initial P20-billion program, as bids from market participants surged to P66.939 billion.
The bulk of the demand went to the longest tenor, prompting the government to double the accepted non-competitive bids for the 364-day papers.
Rates of the three-month, six-month and one-year IOUs to fetch 5.396%, 6.154% and 6.253%, respectively.
“There’s a demand for short-term bonds given the improved [consumer price index], thus the [Bangko Sentral ng Pilipinas] may not hike this year,” another trader said in a text message.
Based on the latest data, headline inflation eased to 5.1% in November from the 6% tallied a month ago, as prices of food and transportation grew at a slower pace.
For 2018, inflation averaged 5.2% — faster than the central bank’s 2-4% target range and the highest since 2008’s 8.2%.
The central bank is expecting inflation to return “to below four percent by around the end of Q1 2019,” well within its 2-4% target band.
For the T-bonds, the trader expects a coupon rate between 6.75% and 6.875%.
The government rejected all bids for its P15-billion offer of 20-year bonds when the tenor was last auctioned off last July 31, 2018.
Had the Treasury decided to accept all bids, the bonds would have fetched an average rate 7.39%, 41.1 basis points higher from the 6.979% recorded in the previous 20-year bond auction.
“I’m not really sure about the 20-year bond demand because we haven’t seen an auction in that space in months,” the second trader added.
Based on the PHP Bloomberg Valuation Service Reference Rates, the three-month and six-month papers were quoted at 5.663% and 6.103%, respectively, on Friday.
On the other hand, the rates of one-year and 20-year tenors were at 6.27% and 6.82%.
The government plans to raise P360 billion this quarter through domestic means. Some P240 billion will be borrowed through 12 weekly T-bill auctions during the three-month period, while P120-billion worth of T-bonds will also be issued through six fortnightly auctions.
The state wants to borrow P1.189 trillion in 2019 to fund its spending plans. Of the amount, 75% will be sourced domestically while the remainder will be from foreign creditors.
However, the 2019 national budget has yet to be passed by Congress and signed into law, leaving the fiscal program hanging so far. — Karl Angelo N. Vidal

Davao backyard hog growers to build P10-M feed mill plant

DAVAO CITY — The Davao Backyard Swine Raisers Association is planning to construct a P10 million feed mill facility to lower the cost of backyard farmers and improve the biosecurity of small steads.
The association, which currently has about 150 registered members and is urging more backyard growers to join, will tap funding from the Department of Agriculture-Agricultural Credit Policy Council (DA-ACPC).
“Agriculture Secretary Emmanuel (F.) Piñol has agreed in principle to provide us with a P10 million loan for the feed mill project,” the group’s president, Filemon O. Santander, said in an interview with Businessworld.
Mr. Santander said the project is one of their solutions to avoiding outbreaks of African Swine Fever (ASF), which has affected up to 13 countries, including China, Ukraine, Russia, Poland, Romania, and Latvia.
The DA-ACPC, created through Executive Order 113, aims to synchronize all credit policies and programs of the department.
“We are in the process of creating a business plan which includes the production, distribution and marketing of the feed mill project as these are needed prior to the approval of our loan,” Mr. Santander said.
The association is looking at entering into a usufruct agreement with one of its members who owns land in Bunawan where the association intends to locate the feed mill.
Mr. Santander said the mill will require around 500 to 1,000 square meters, which can also house a production area and warehouse.
The association is also looking into the best design for the machinery and equipment that will most likely be sourced from local fabricators.
He said backyard swine raisers, which constitute about 65% of the industry, should be closely watched by the DA since they are most likely to feed their hogs with waste.
DA prohibits the use of food waste by hog raisers as it increases the risk of the introduction of potentially infectious diseases such as ASF and Foot-and-Mouth Disease or FMD.
Mr. Piñol issued Memorandum order No. 22 in Aug. 2018 prohibiting the use of catering food waste and leftovers from international and domestic airports and seaports.
“Backyard farmers engage in different types of feeding and while some growers now use commercial feeds they still use lamaw or food waste,” Mr. Santander said.
The prohibition on food waste is hard to enforce, especially if it comes from the farmer’s own household.
“You cannot blame the backyard hog raisers if they go for food waste since the cost of feed is high and it constitutes up to 70% of the costs,” he said.
“The government has to help us also because admittedly there is a very lax biosecurity among small farms,” he added.
According to the Philippine Statistics Authority, as of October 2018, the country’s total swine production was 13.13 million head, of which 63.55% was from backyard farms.
Among the regions with the highest swine population, accounting for 55.55% of the country’s total inventory, are Central Luzon, CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon), Western Visayas, Central Visayas, and Northern Mindanao. — Carmencita A. Carillo

Pink is king at Berluti menswear show in Paris

PARIS — Hot pink suits and leather galore marked Kris Van Assche’s debut as Berluti’s designer at Paris men’s fashion week on Friday, as the brand known for its luxurious shoes paraded models through the glitzy corridors of the Opera Garnier.
The LVMH owned label — one of a handful where it is making a big push in menswear, including Louis Vuitton and Christian Dior — also shook up its line-up of models.
Several older men sporting full white beards showcased some of its sharps suits, an unusual twist in an industry often under fire for only favoring very young, thin models.
Biker-style trousers completed some of the looks while other suits and even hoodies were made entirely from brown leather.
Van Assche, who used to be the menswear creative chief for stablemate Dior, also wove bold reds and pinks throughout the collection. — Reuters

MGen mulls options for Subic power project

MERALCO POWERGEN Corp. (MGen) will decide within the first half of the year if it will convert its planned 600-megawatt (MW) coal power plant in Subic, Zambales into a gas-fired facility, as the project hit delays in permitting and site stability, its top official said.
“We should be making a decision within the first half of this year regarding what to do next. But in the meantime, we’re saying let this rainy season pass by and see the stability of the site kasi (because) the stability of the site is another challenge,” Rogelio L. Singson, MGen president and chief executive officer, told reporters last week.
A unit of power distribution utility Manila Electric Co. (Meralco), MGen is developing the plant, which has two units, each with an identical capacity of 300 MW. It will be under Redondo Peninsula Energy, Inc. (RP Energy), which it leads with a 47% stake, along with the Aboitiz group’s Therma Power, Inc. with 25%, and Taiwan Cogeneration International Corp. with 25%.
When the plant developer announced the signing of construction and supply contracts in the fourth quarter of 2016, it had expected the power plant to go online by mid-2020 on Sitio Naglatore, Cawag, Subic Bay Freeport Zone.
The construction contract was signed with Azul Torre Construction, Inc. while the supply contract was with Doosan Heavy Industries & Construction Co. Ltd.
Based on data from the Department of Energy (DoE) at that time, the project will cost P1.2 billion or around P50 billion. Meralco had planned to source 225 MW of its baseload requirements from RP Energy.
Mr. Singson said RP Energy remains without an approved power supply agreement (PSA) from the Energy Regulatory Commission.
“Unfortunately, the negotiations with the Korean EPC (engineering, procurement and construction) contractor — Doosan — gave us a one-year extension, which ended in 2017 because the plant was supposed to have started 2016. But since we could not get a PSA, it was extended for another year — end of December,” he said.
“So by end of December, we had to talk to them again and they said: ‘we could no longer hold the prices’ — foreign exchange has changed significantly, interest rates have changed, and escalation prices and so on,” he added.
Mr. Singson said without a PSA, the company had no recourse but to hold off the project.
“We will now open our options not just with the Korean contractor but in fact, we’re now looking at other options. It might be new technology. It might no longer be CFB (circulating fluidized bed) because if I’m to be asked, I would only settle for ultra-supercritical [plant],” he said, referring to the plant’s efficiency that leads to lower emissions.
“Second, we’re also considering puwede ba (whether it’s possible to convert it to) LNG (liquified natural gas),” he said.
“We’re in that stage. So our shareholders — Aboitiz, us and [Taiwan Cogeneration] — are on hold position until we complete our technical assessment of what technology and when,” he said.
In the meantime, Mr. Singson said the company would assess the stability of the site, which he said remains to be valuable because it has an adjacent transmission connection, a ready environmental compliance certificate, and an approval from the Subic Bay Metropolitan Authority. — Victor V. Saulon

Puentespina’s Malagos farm recognized internationally as heirloom cacao producer

DAVAO CITY — The Puentespina Farm, maker of the award-winning Malagos chocolate brand, has become the first in the Philippines to join the list of recognized “heirloom” farms by the Heirloom Cacao Preservation Initiative (HCP).
“We are truly grateful and deeply honored to receive the Heirloom Cacao Designation from the HCP Fund to start the new year. To become designated ‘heirloom cacao’ is an incredibly high standard to meet,” said Rex Victor P. Puentespina, Malagos Agri-Ventures Corp.’s farmer and chocolate maker.
“We’re very proud to bring this honor to our country,” in an email announcing their inclusion in the HCP network.
HCP, a non-government group launched in 2012 by the United States Department of Agriculture and the Fine Chocolate Industry Association, aims to “identify and preserve fine flavor or ‘heirloom’ cacao varieties for the conservation of biological diversity and the empowerment of farming communities.”
The list of 16 recognized heirloom farms is dominated by Latin American countries, with a couple from the African continent, and one other Asian nation, Vietnam.
“We are elated to be part of this very small group of farmers who have been given this designation as Heirloom Cacao,” said Malagos Agri-Ventures President Charita P. Puentespina.
Mr. Puentespina said heirloom cacao is “the foundation of great chocolate. The trees and beans are considered heirloom variety because of a combination of their historic, cultural, botanical, geographical and flavor value.”
The Malagos cacao beans and various chocolate products derived from them have so far brought home 29 international awards.
“A rising tide lifts all boats. We want the cacao farmers to realize the earning potential of cacao, and how they can raise their game so that they, too, can produce world-class chocolates. When we raise the awareness of how valuable our cacao is, we are able to uplift the lives of farmers and encourage the growth of an entire industry,” Mr. Puentespina said. — Marifi S. Jara

Vuitton stages NY thriller for Jacko-inspired clothes

PARIS — Louis Vuitton recreated a nocturnal New York cityscape to present designer Virgil Abloh’s latest Michael Jackson-inspired collection in Paris on Thursday.
Parent group LVMH spared no expense to promote the brand at a time when menswear is on the up, constructing a set complete with steam rising from manholes. Celebrities including Naomi Campbell looked on, sat on doorsteps.
It is betting on Abloh — a friend of singer Kanye West and DJ-turned-designer who helped made hoodies a luxury staple — to broaden Vuitton’s reach with male shoppers, as it pushes menswear at its Christian Dior, Celine and Givenchy labels too.
The collection featured nods to the late King of Pop, though aside from the sparkling gloves and wide-brimmed fedora hats that were among Michael Jackson’s trademarks, most looks were more subtle, in a range with heavy doses of beige and grey.
They included coats with a military cut, for instance, or leather jackets in a bold red often favored by Jackson, who was described in show notes as “lightyears ahead of his time” in the way he carved out his style and identity.
With a hoodie or two in sight, sharp tailoring with layered suits also featured heavily in Abloh’s second outing, confounding expectations he would rely too heavily on the urban style he became known for with his Off-White brand.
Luxury groups are experiencing a boom in menswear sales, traditionally a smaller sideline, thanks to a streetwear trend reflected in the success of items like pricey sneakers.
But while this has attracted new clients, brands are also increasingly wary of cutting themselves off from a potentially larger crowd, and of “streetwear fatigue” setting in.
SASHES AND SUITS AT DIOR
Intricately structured suits came with wraparound satin sashes, and animal prints adorned jackets and clutch bags at Christian Dior’s menswear collection in Paris on Friday, worn by models gliding down a giant conveyor belt.
Dior’s men’s designer Kim Jones previously made his mark with a streetwear style that boosted sales. In his second outing for Dior, however, sleek looks dominated a collection that played with textures, combining luxurious leather with furry black and white tiger prints and rich cashmere drapings.
Actors Noomi Rapace and Robert Pattinson and singer Lily Allen were among guests at the show where some suits came with a combat twist, overlaid with backpack-style accessories that resembled flak jackets.
Luxury labels make some of their biggest margins on items such as handbags or belts, and Dior has been pushing these in its men’s ranges too. — Reuters

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