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Style (12/10/18)

Levi’s Tailor Shop

THE WORLD’S first permanent Levi’s Tailor Shop in a department store is now open at SM Makati. There shoppers can customize and personalize their Levi’s, working with a master tailor to place original patches, studs, and collectible pins on their apparel. The Tailor Shop also offers alteration services such as hemming jeans and, for those who want an extra touch of ownership and character, custom fabric paneling for trucker jackets. Patches and pins can be bought singly (P150 for one patch; P250 for a pin) or in sets, while studs are available in sets of 10 for P50. Hemming services range in price from P50 for a standard Hem to P150 for an original hem. The price for trucker jacket paneling depends on where the panel is placed, for example paneling on the front shoulder or collar cost P150 while an arm cuff or an upper back panel cost P200, and a center back panel is P250. The Levi’s Tailor Shop only does work on Levi’s products. The Tailor Shop will do work on old Levi’s products if the customer buys Tailor Shop materials such as patches and studs. Customers can also bring their own patches to customize their denim but they should also purchase any Levi’s product and/or patches. Another Levi’s Tailor Shop will open soon in Robinsons Place, Iloilo. Follow @Levis.philippines on Facebook and @levis_ph on Instagram for updates.

Designer icons in one place

RUSTAN’S has come up with a new concept boutique called ICONIC, which puts all of the department store’s top brands in one place. There shoppers will be able to find Louboutin’s red sole heels, Chloé’s saddle bags, or Sergio Rossi’s elaborate pumps. Other brands found in Rustan’s ICONIC will include the most popular pieces from Aquazurra, Christian Louboutin, FENDI, Gianvito Rossi, Sergio Rossi, Chloé, and Anya Hindmarch, among others. The boutique is located at the 1st level of Rustan’s Makati.

GAP sweatshirt reinvented

EIGHT of the world’s top menswear designers have reinvented the iconic GAP logo sweatshirt. GAP’s partnership with GQ returns as part of the Coolest Designers on the Planet program, which was originally established in 2007 to recognize the top menswear designers in the US and around the world. This year’s program of Coolest Designer on the Planet includes Olivier Rousteing (Balmain), Canadian twins Dean and Dan Caten (DSquared2), Massimo Giorgetti (MSGM), Tremaine Emory and Acyde (No Vacancy Inn), Chris Josol (Surf is Dead), Chris Stamp (Stampd), French designer Pierre Mahéo (Officine Générale), and sportswear legends Humberto Leon and Carol Lim (Opening Ceremony). “For Gap, the logo sweatshirt is one of our most iconic styles, so it was a natural fit to challenge this group of highly regarded menswear designers to collaborate on reinventing this classic,” John Caruso, GAP VP of Men’s Design, was quoted as saying in a press release. “We look forward to bringing each designer’s unique perspective to our customers across the globe.” These limited edition GAP sweatshirts will be sold exclusively in GAP stores in Alabang Town Center, SM Mall of Asia, SM Megamall, TriNoma, and on GAP’s recently launched its online retail website in the Philippines Gap.com.ph. The e-commerce website carries the full GAP Holiday 2018 collection for women, men, and kids. The site offer online exclusives and nationwide shipping.

Jenner sister fashion

KENDALL + KYLIE, the fashion brand of social media moguls and reality TV stars, Kendall and Kylie Jenner, is now in the Philippines. Kendall + Kylie will be available at the The Rail stores on Dec. 10 with prices starting at P899. The collection is limited. The line incorporates Kendall’s feminine and classic style as well as Kylie’s edgy streetwear. Highlights are sports luxe and athleisure with popper trousers, cold shoulder tops, and crop tops, A-line mini-skirts, wide leg trousers, off-shoulders, woven blouses, and puff sleeves. Kendall + Kylie was brought to the Philippines by Retail Dynamic Industries, Inc.

HMO industry’s profits hit P1.4 billion in first half

THE HEALTH maintenance organization (HMO) industry recorded a P1.38-billion net income in the first half of the year, exceeding the full-year profit earned in 2017, according to the Insurance Commission (IC).
In a statement, the commission said the local HMO industry booked a total revenue of P20.91 billion during the first six months of the year, based on the respective quarterly financial statements submitted by 28 HMOs. The industry also saw P19.53 billion in expenses during the January to June period.
“This is the first data gathering for quarterly statistics for the HMO industry which means that there is no other existing data available for comparison yet,” Insurance Commissioner Dennis B. Funa was quoted as saying in the statement.
The HMO industry’s first-half net income already exceeded the P937.5-million net income booked in 2017, according to the IC’s website.
Overall, the 28 HMOs reported assets totalling P36 billion as of end-June.
Maxicare HealthCare Corp., a member of the Equicom Group, was the biggest HMO in asset terms amounting to P8.55 billion as of end-June.
On the hand, Medicard Philippines, Inc. reported the highest equity and net income worth P1.75 billion and P554.36 million, respectively.
“Looking at the growth of the HMO as of the end of 2017 and for the first half of this year, we are optimistic that HMO industry will continue on its growth trajectory,” Mr. Funa added.
Mr. Funa also cited the entrance of two new HMOs last year, namely Health Care & Development Corporation of the Philippines as well as Ultima Health Systems, Inc.
To date, there are 31 licensed HMOs in the country. — Karl Angelo N. Vidal

Job portal Workbank opens office in the Philippines

JOB PORTAL Workbank, Inc. opened an office in the Philippines, as part of its efforts to expand in Southeast Asia.
“The birthplace of Workbank is the Philippines. The idea we brought here, to start Workbank in the Philippines because of our previous experience with the Filipino workforce,” Jaison Francis, chairman of Workbank, told BusinessWorld during the opening of its office at the Trade and Financial Tower in Bonifacio Global City last Nov. 29.
Through its investment in talent and technology, Workbank can connect recruiters and job seekers seamlessly, and be able “to produce the best hires.”
Also, the growing economy, the millennial market, and the increasing use of technology in the country contributed to Workbank’s decision to open its first office here.
“We see a lot of opportunities. We see a big number of millennials coming out… English speaking population is larger and then in the digital technology… almost every Filipino youngster is holding a smartphone, which is an opportunity for anybody to come and start a business,” Mr. Francis said.
Founded in 2017 by Aventus Informatics, an India-based technology company, the online job platform utilizes the use of artificial intelligence. For job seekers, it has smart job matching tools to connect applicants to jobs that meet their qualifications, locally and internationally. — Vincent Mariel P. Galang

Father Christmas

Jose Mari Chan explains why “Christmas in Our Hearts” is an earworm.

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China traders awaiting lower tariffs before buying US grain again

BEIJING — China will need to drop steep tariffs it imposed on a range of American farm products earlier this year before it can fulfill its pledge to buy substantial volumes of U.S. goods, said Chinese traders on Monday.
China and the United States agreed on Saturday to a ceasefire in a months-long trade war that has roiled global markets and halted sales of U.S. soybeans to the world’s top buyer.
The United States agreed to put on hold a scheduled increase in tariffs on $200 billion of Chinese goods due to come into effect on Jan. 1, following talks between U.S. President Donald Trump and Chinese President Xi Jinping at a gathering of world leaders in Argentina.
The White House said Beijing had promised to buy an unspecified but “very substantial” amount of agricultural, energy, industrial and other products, with purchases of farm goods to start “immediately.”
But no substantial purchases can happen with a 25 percent duty still in place on U.S. soybeans, corn, sorghum and wheat, said buyers and analysts.
“How can you buy U.S. products if China does not reduce the tariffs? We haven’t made any move yet,” said a trader with a major Chinese trading house. He declined to be identified as he was not allowed to be quoted by media.
China’s tariffs on U.S. soybeans mean they are $60 per tonne more expensive than those from top global supplier Brazil, which is due to begin harvesting a record crop in a few weeks time.
Muted reaction in both the Chicago and Dalian futures markets on Monday underlined the lack of incentives for new purchases.
Chicago Board of Trade soybeans settled up about 1 percent while Dalian soymeal futures closed down less than 1.4 percent.
“The market isn’t impressed,” said Darin Friedrichs, Shanghai-based consultant at INTL FCStone.
REMOVING TARIFFS?
Some industry participants expected China to drop the tariffs soon after the Trump-Xi meeting.
“Tariffs on U.S. soybeans might drop as the two sides enter a honeymoon period. It is expected that they will start sending out goodwill signals,” said Tian Hao, senior analyst with First Futures.
China’s foreign ministry said on Monday that the two presidents had instructed their economic teams to work towards removing all tariffs.
“China has to do this, basically to get room to breathe,” said an executive at a state-owned trading house.
Until then, the only buyers likely to make purchases of pricey U.S. grain will be state-owned enterprises instructed by Beijing to buy soybeans for state reserves.
“If they have to buy something, then they can ask (state stockpiler) Sinograin to buy, the tariff is OK for reserves,” said another China-based trader with a global trading firm.
Time is running out for the United States to ship soy before Brazilian farmers start their harvest, U.S. analysts said.
“It takes time to get up and running again,” said Mike Steenhoek, executive director of the Iowa-based Soy Transportation Coalition.
Soybeans would need to be transported by rail from the interior Midwest to Pacific Northwest ports, where some export facilities may have already booked space for other grains, Steenhoek said. Shipment to China takes about three weeks.
“The window of doing bean business to China is getting really skinny, almost to the point where it is closed,” said Roy Huckabay, of Linn and Associates, a Chicago brokerage. — Reuters

How PSEi member stocks performed — December 9, 2018

Here’s a quick glance at how PSEi stocks fared on Friday, December 7, 2018.
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Philippine Stock Exchange’s most active stocks by value turnover — December 7, 2018
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Diokno summoned to House to shed light on budget insertions

THE House of Representatives is set to hold “Question Hour” on Tuesday to look into alleged insertions into the proposed 2019 National budget.
The chamber has ordered the appearance of Budget Secretary Benjamin E. Diokno, after it adopted the Resolution filed by House Minority Leader Danilo E. Suarez of the 3rd district of Quezon.
“In consonance with Section 22 Article VI of the 1987 Constitution and pursuant to the adopted House Resolution, you are hereby required to appear at the Plenary Session Hall on Dec. 11 at 3 p.m. to answer questions from the members of the House of Representatives,” Majority Leader Rolando G. Andaya, Jr. of the 1st district of Camarines Sur, said in a letter to Mr. Diokno, as quoted in a statement issued on Sunday.
The Majority Leader also sent Mr. Diokno possible questions that may be raised on the floor during the Question Hour.
“Further, you are also required to bring all pertinent documents such as disbursements, releases and office memos addressed to all government offices, among others,” Mr. Andaya added.
Mr. Suarez filed on Nov. 11 House Resolution No. 2307, asking the House of Representatives to summon Budget Secretary Diokno regarding the insertions that delayed budget deliberations in the chamber.
The Minority Leader is particularly concerned about the “issues regarding budgetary insertions… thereby raising the possibility of having a re-enacted budget for 2019.”
He also noted that the Fiscal Year 2019 General Appropriations Bill may be considered an election budget, in light of the May 2019 midterm polls.
The scheduled Question Hour, which Speaker Gloria Macapagal-Arroyo supported, will be the first under her leadership. — Charmaine A. Tadalan

Migrant workers grow 9% to 164M in 2017 — ILO

THE International Labor Organization (ILO) said the number of migrant workers worldwide rose 9% in 2017 compared with 2013.
In ILO’s second edition of the Global Estimates on International Migrant Workers report, it placed the number of such workers at 164 million in 2017, of which 111.2 million or 67.9% are concentrated in high- income countries and account for 18.5% of high-income countries’ labor force.
The share of migrant workers in high-income countries actually fell from 74.7% in 2013, the ILO said, noting that it might herald economic growth in low-income economies.
“This growing number could possibly be attributed to the economic development of some lower-income countries,” the ILO said.
It added that said “migrants of working age have higher labor force participation than non-migrants of working age, primarily due to the significantly higher labor force participation rates of migrant women compared to non-migrant women.”
The ILO also reported that “compared to the 2013 global estimates, the migrant labor force participation rates of both men and women were lower in 2017.”
Arab states are among the subregions with the biggest share of migrant workers in proportion to all workers at 40.8%.
According to the Philippine Statistics Authority (PSA), a majority of the 2.2 million Overseas Filipino Workers in 2016 work in the Arab States. Some 23.8% of OFWs work in Saudi Arabia while 15.9% work in the United Arab Emirates, 6.4% work in Kuwait, and 6.2% work in Qatar. — Gillian M. Cortez

ADB approves technical assistance grant for financial management skills upgrade

THE ASIAN DEVELOPMENT Bank (ADB) has approved a $1.10 million technical assistance grant for a project seeking to enhance financial management capacity in the Asia-Pacific region, including the Philippines.
The Strengthening Financial Management in Asia and the Pacific, Phase 2 project was approved by the ADB on Nov. 29.
“The knowledge and support technical assistance will support the enhancement of financial management capacity in Asia and the Pacific, with a focus on: improving the quality of financial audits by private and public audit professionals; supporting the adoption of International Public Sector Accounting Standards; and (developing the financial management and audit function capacity of staff in project executing and implementing agencies and supreme audit institutions in ADB developing member-countries.
This will expand the assistance from the first phase, for which $1.21 million has been allocated since October 2014.
Countries covered are: Armenia, Cambodia, Georgia, Nepal, Pakistan, the Philippines, Samoa, and Uzbekistan.
The project also seeks to strengthen governance and improve institutional capacity, standards in the covered countries’ financial management, and also support regional integration.
The ADB will also exchange loan documents today on the Expanding Private Participation in Infrastructure Program — Subprogram 2 (EPPIP2) and Inclusive Finance Development Program — Subprogram 1 (IFDP1) with the Philippine government.
The EPPIP2 is a $300 million loan that seeks to strengthen government financial support to public-private partnerships (PPPs), expanding and efficiently implementing the pipeline of PPP projects, and strengthening the legal and regulatory frameworks for PPPs.
The IFDP1 was also worth $300 million, and aimed to establish an institutional policy environment and infrastructure for financial inclusion, as well as building capacity of financial service providers. — Elijah Joseph C. Tubayan

Philcomsat franchise extension bill passed by Senate on 3rd reading

THE Senate passed on third and final reading the bill extending the telecommunications franchise granted to Philippine Communications Satellite Corp. (PhilComSat) for another 25 years.
House Bill No. 7385 was adopted by the Senate with 20 affirmative votes, zero negative note, and no abstentions. According to the National Telecommunications Commission (NTC), PhilComSat’s franchise is set to expire in June 2019.
The franchise allows the company to operate “telecommunications satellite systems, satellite terminal stations, lines, cables or systems, and associated equipment and facilities for international and domestic communications” within the Philippines and between here and other countries.
PhilComSat is currently owned by the Philippine Overseas Telecommunications Corp. (POTC). About 35% of its shares are owned by the government, according to the company’s Web site. The company was originally granted a 25-year telecommunications franchise under Republic Act No. 5514 in 1966. It was later extended for another 25 years under Republic Act. No. 7949 in 1995.
Its services include providing very small aperture services (VSAT) technology, which transmits and receives data via satellite, to the government. Among its main clients is the Armed Forces of the Philippines, which uses VSAT as its primary and backup communication system.
The House bill directs PhilComSat to secure a certificate of public convenience and necessity (CPCN) as well as the necessary permits and licenses for operation of its telecommunications systems or facilities from the NTC.
Its rates for its telecommunications services, whether flat rates or measured rates, must also be approved by the NTC.
Any sale, lease, transfer, or assignment of the franchise to a person or company requires Congressional approval. PhilComSat must also submit an annual report to Congress of its compliance with the franchise’s terms and conditions.
The Senate also inserted amendments in the House Bill, which directs PhilComSat to create employment opportunities and on-the-job training in its franchise operations.
The company must also agree not to use its facilities to transmit obscene material, false information, and messages that assist in the commission of subversive or treasonable acts.
It also requires the company to offer services in underserved areas and in disaster-prone areas, as determined by the National Disaster Risk Reduction and Management Council in coordination with the NTC. Its facilities should also comply with Republic Act No. 10639 or the Free Mobile Disaster Alerts Act. — Camille A. Aguinaldo

Bill creating innovation council hurdles House on 2nd reading

THE House of Representatives approved on second reading the bill proposing to incorporate innovation in the development policy of Micro, Small, and Medium Enterprises (MSMEs).
House Bill No. 8715, or the Philippine Innovation Act, will establish the National Innovation Council (NIC), tasked to develop the National Innovation Agenda and Strategy Document (NIASD).
The NIASD will elaborate the country’s vision and long-term goals, centered on innovation, which the bill defined as the “creation of new ideas that result in the development of new or improved policies, products, processes, or services which are then spread or transferred across the market.”
The NIC is also mandated to develop a comprehensive support program to promote MSME internationalization and participation in the local and global value chains.
These programs include “coaching and mentoring in the areas of design; technology extension services; standard business practices… quality control; and standard-setting,” among others.
Further, the Innovation Fund will be established to aid entrepreneurs and enterprises which intend to develop innovative solutions for the “poor members of our society.” The bill also provided that in the initial year of implementation, a revolving fund amounting to P1 billion will be allocated.
An Innovation Development Credit and Financing System will also be put in place to fund development of new technologies, products innovation, process innovation and marketing innovation.
All banks will be required to set aside 2% of their loanable funds for innovation development.
Its counterpart measure, Senate Bill 1355, was approved on third reading in May 2017 and has since been transmitted to the House of Representatives. — Charmaine A. Tadalan

Rural work program bill goes to Senate plenary

A BILL providing temporary employment to Filipinos living in rural communities by the Department of Social Welfare and Development (DSWD) was endorsed for plenary approval in the Senate.
Senate Bill No. 2119 creates the Rural Employment Assistance Program (REAP) that will give temporary work to rural Filipino residents to rebuild infrastructure damaged by natural disasters or for disaster risk reduction programs.
Under the bill, qualified members of a poor family may perform unskilled labor for 45 to 90 days in a year. They are also not subject to the terms and conditions of regular employment.
Types of work under the program include development, construction and rehabilitation of agriculture-based livelihood assets damaged by natural disasters. Tasks include desilting of irrigation canals, development of paddy dikes, and rehabilitation of dams.
Other projects included the development or rehabilitation of common service facilities like post-harvest facilities and public markets, physical assets used to transport rural products like farm to market road and bridge construction, as well as other programs for the protection of natural and productive assets from disasters.
Qualified workers will receive compensation daily at the rate of not less than 75% of the prevailing minimum wage set the concerned Regional Tripartite Wages and Productivity Board (RTWPB). Local government units may also provide additional allowances to cover other expenses such as transportation and food.
Workers are also granted the option to access micro-insurance as a form of social security in the event of accidents or death.
The local DSWD offices, in coordination with LGUs, may conduct a preliminary joint assessment of all poor individuals and families in rural areas who are interested to join the employment assistance program. The DSWD is also required to provide skills orientation and training, depending on the project.
The bill was sponsored to the plenary by Senator Antonio F. Trillanes IV, vice chair of the Senate committee on social justice, welfare, and rural development, in place of committee chair Senator Leila M. de Lima who remains in detention.
It was authored by Senators Paolo Benigno A. Aquino IV, Juan Edgardo M. Angara, Joel J. Villanueva, Senate President Vicente C. Sotto III, and De Lima. — Camille A. Aguinaldo

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