Home Blog Page 11665

The dating game

HONG KONG is the top destination for Swiss watches, surpassing in the last three years the value of those taken in by the US, China, Japan, and the UK (in that order, latest figures from the Federation of Swiss Watch Industry show). Notably as well, Hong Kong is the second-biggest exporter of watches, next to Switzerland in terms of value, and coming after China in number of units, according to the Hong Kong Trade Development Council. It was no surprise, then, for Tudor to debut a new timepiece not in its home country of Switzerland, but in Hong Kong.
Unveiled on Nov. 14 amid a “gentlemen’s club” theme program at a new central Hong Kong boutique hotel was the Glamour Double Date. And supplying a touch of glamour to the affair was not only the watch, but the man who brought it out — former footballer, OBE title-holder, fashion plate and Tudor brand ambassador David Beckham.
Mr. Beckham is, of course, a known watch enthusiast, lending the partnership with Tudor a sense of genuine affinity, rather than merely a product endorsement. In an interview during the Glamour Double Date’s launch event, he admitted to having acquired a “small collection” over the years. A watch, he said, not only “reminds one of certain times in one’s life,” but could also be meaningful heirlooms.
“I want to have something that I can pass down to my children, and then to my children’s children,” Mr. Beckham said.
Though saying he’s drawn to “elegance” when looking for a timepiece, he qualified it also “can’t just be pretty.”
“It needs to be mechanically amazing and well recognized,” he said.
WHICH THE GLAMOUR DOUBLE DATE IS.
The latest addition to Tudor’s long-running Glamour collection indicates the brand’s further push into “Manufacture” status — or a brand’s capacity to build most of a watch’s components within its own facilities. The most defining feature of the Glamour Date is its new in-house movement — Tudor’s cal. MT5641. It’s a self-winding, 32-jewel ticker that spins at 28,800vph and has an ample 70-hour power reserve. Equally important, it carries a COSC chronometer certification, meaning the watch should not lose more than two seconds, or gain more than four seconds, in a day.

Tudor
The Tudor Glamour Double Date

Plus, the cal. MT5641 has been lavished with such horologic niceties as a bi-directional-winding, openwork rotor; a variable inertia balance with micro-adjustment screws; and a silicon balance spring. The rotor has satin-brushed and sand-blasted details, and the bridges and plate are marked by alternately sand-blasted surfaces and laser decorations.
Understandably, Tudor wants to draw attention to these major developments. And so the Glamour Double Date is fitted with a sapphire crystal window on its case back. It’s unusual for a Tudor, true, but the touch stresses the model’s move toward serious horology.
The Glamour Double Date gets its name from the two large date apertures on its dial — a classical watch-making feature. The watch comes in steel, or steel-and-yellow-gold cases, both of which matched to alligator straps, steel, or steel-and-gold bracelets. Dial choices are diverse; silver, black, champagne, and white, and all pretty ornate considering the segment to which the watch belongs.
The dial has two concentric rings, with the central one adorned by vertical gadroons while the outer piece receives a sunray finish. Balancing the double date windows at 12 o’clock is a petite second sub-dial at the bottom. Tudor’s shield logo serves as the noon/midnight marker while elongated diamond-shaped indices indicate the rest of the hours (some versions even have diamond settings on the tips of the indices).
While the Glamour Double Date’s aesthetics are classic, these are brought up to date by the 42-millimeter case which, as a Tudor, means it is sealed by a screw-down crown. The result is a 100-meter water-resistance rating.
The Glamour Double Date immediately went on sale in Hong Kong, and will soon be available in neighboring parts of Asia, before it makes its way to the US and Europe in early 2019. There’s no word yet though whether it will be Mr. Beckham who will unveil it in those markets. — Brian M. Afuang

Penshoppe taps ‘bad boy’ as endorser


FASHION’S beautiful bad boy (at least according to some British newspapers) Jordan Barrett set foot in Manila on Nov. 20 for a fashion show showcasing Penshoppe’s Holiday 2018 collection.
The “celestial-inspired” collection featured luxe tracksuits, high neck tops, wide trousers, cargo pants, and display a grungy, utilitarian aesthetic. Featuring many plush velvety and lustrous fabrics, the collection’s color sense features deep grays, greens, violets, and blacks accented by oranges, reds, yellows, and metallics.
To the music of New Young Pony Club’s “Ice Cream” (featuring the lyrics “I can give you what you want”), Mr. Barrett stepped out on the runway wearing a striped shirt, green wide-legged trousers, and sneakers. He accessorized this with thick gold chains on his neck, dropping down to his chest, and on his wrist. Tattoos on his arm said, “0% Interest” and “Psycho.”
Mr. Barrett, 21, hails from Australia, and was selected as Model.Com’s Model of the Year for 2017. Vogue, meanwhile, has called him “Model It Boy of the New Era.” Mr. Barrett has been featured in campaigns for Tom Ford, Balmain, Versace, and Moschino; among other brands.
Penshoppe’s Brand Director Jeff Bascon was quoted as saying in a press release, “Penshoppe is so excited to have Jordan in the Philippines, closing our fashion show. He’s a super cool guy, and always a breeze to work with. It’s great to have one of the biggest names in fashion representing Penshoppe.”
Mr. Barrett joins other international stars such as Leighton Meester, Gigi Hadid, Paris Jackson, and Zayn Malik as endorsers for Filipino brand Penshoppe.
A Filipino brand, Penshoppe currently has over 400 shops in the Philippines, Bahrain, Cambodia, Indonesia, Kingdom of Saudi Arabia, Myanmar, Thailand, and Vietnam, and is available online in Singapore, Malaysia, Hong Kong, Taiwan, Thailand, Vietnam, Myanmar, and Indonesia.
The new collection will be available in stores and online soon. — Joseph L. Garcia

Phoenix Petroleum gets ‘PRS Aa-’ rating

PHOENIX Petroleum Philippines, Inc. was assigned a PRS Aa minus (corp.) rating for its planned issuance of commercial papers with P7 billion, according to a local debt watcher.
Philippine Ratings Services Corp. (Philratings) said in a statement that the company has a strong capacity to meet its financial obligations, compared to that of other local firms. The rating is one notch lower than the highest score on Philratings’ credit rating scale.
The rating also carries a stable outlook, indicating that it is likely to remain unchanged in the next 12 months.
Philratings took into account Phoenix Petroleum’s growth and leadership among independent oil players, the expansion of complementary business ventures, and improving sales volume in coming up with the rating. This could however be offset by rising costs, expenses, and finance charges.
The commercial papers are part of Phoenix Petroleum’s shelf registration up to P10 billion in the next three years. Phoenix named PNB Capital and Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the issuance.
About P4.9 billion of the proceeds will be used for the importation of fuels and lubricants. The balance will be for the repayment of short-term loans with BDO Unibank, Inc., Asia United Bank Corp., Robinsons Bank Corp., United Coconut Planters Bank, and Development Bank of the Philippines, which are due in December.
The company said it is the fourth biggest oil player in the country with a 7.1% market share. By end-September, the firm operated a total of 558 retail stations, compared to 530 in the same period last year.
Phoenix Petroleum reported a net income attributable to the parent of P1.17 billion in the first nine months of 2018, 9% lower due to higher cost of sales and services, and higher finance costs due to additional debt to fund its expansion. This came even as revenues doubled to P64.96 billion during the same period. — Arra B. Francia

Soil, crop studies needed before alterations to planting calendar — expert

THE Department of Agriculture (DA) needs to evaluate soil types and their suitability to crops on a regional basis before it implements changes to the planting calendar, according to an expert from the Climate Change Commission (CCC).
In an interview, Lourdes V. Tibig from the CCC’s National Panel of Technical Experts, said that the DA should also consider how El Niño has altered the planting calendar.
“The problem is, when there is El Niño-related drought, they don’t have an answer except for rainmaking. It is not effective. We are better off allocating the money set aside for rainmaking to other things. The rain does not fall on the places that need it. Better to spend the rainmaking funds on other forms of support for the farmers like appropriate seed… They need to study crop adaptability and all those factors at the DA,” Ms. Tibig said.
“I would suggest (calendar changes) for areas that are projected to receive less rain. I would suggest an examination of the crops and the cropping pattern. Is there a way they can change their cropping pattern in order not to expose the crop’s highly sensitive stage to dry and hot periods,” Ms. Tibig said.
Ms. Tibig said care needs to be taken in attributing losses and damage to anthropogenic climate change, as these might be more appropriately blamed on lack of preparedness.
Anthropogenic climate change is defined as a climate change resulting from human activity.
“The science of attribution is at the point where it is not yet clear that the crop damage is due to anthropogenic climate change,” Ms. Tibig said.
Ms. Tibig cited the case of typhoon Yolanda (international name: Haiyan) in 2013.
“The role ang climate change in Yolanda was not significant. It is possible we were not prepared. It is also possible that people did not heed the advisory of PAGASA (Philippine Atmospheric Geophysical and Astronomical Services Administration) about the storm surge because they did not know what a storm surge is,” Ms. Tibig said.
“That is a contentious issue because developed countries do not want to pay for damage that cannot be clearly attributed to anthropogenic climate change,” Ms. Tibig said, noting that the Philippines is pushing for a discussion with other countries concerned about climate change, to include such losses in their considerations.
Ms. Tibig said that when it comes to changing the planting calendar, PAGASA can only provide information on weather and climate, but studies on the crops and soil should come from DA.
“PAGASA can only give you information on weather and climate, but DA should be (identifying the type of soil and suitable crops). They include measuring the soil moisture. There are a lot of services they can provide, provided the DA is doing its job,” Ms. Tibig said. — Reicelene Joy N. Ignacio

Treasury bill rates seen moving sideways at auction

TREASURY BILLS (T-bill) on offer today will likely see their rates move sideways amid continued strong demand as investors look for more signals that domestic inflation is already decelerating, as expected by the central bank.
The Bureau of the Treasury is offering P15 billion worth of T-bills at its auction today.
Broken down, the government is looking to raise P4 billion and P5 billion via three- and six-month papers, respectively, and P6 billion from the one-year debt papers.
A bond trader interviewed on Friday said yields on the T-bills on the auction block today will likely move sideways with an upward bias across all tenors from the previous offer.
“Maybe it will move five basis points (bp) with an upward bias. It will move sideways because the market showed strong demand from the last auctions, so we expect this to continue,” the trader said in a phone interview.
Last week, the Treasury made another full award of the T-bills it offered, with total bids amounting to P30.28 billion — higher than the P28.64 billion booked during the previous auction. Rates of the 91-, 182- and 364-day papers were at 5.295%, 6.28% and 6.521%, respectively.
On Friday, the three-month, six-month, and one-year papers fetched 5.352%, 6.153%, and 6.566%, respectively, according to the PHP Bloomberg Valuation Service Reference Rates.
Meanwhile, another trader said rates of the three- and six-month papers could still go up while the yield on one-year papers should be capped at its current level.
“There’s a possibility that the short end of the curve to correct downwards. Market players are waiting for some signals that inflation has started stabilizing or decelerating this month,” the trader said.
Inflation steadied at 6.7% in October, matching the previous month’s print which was a nine-year high. Month-on-month inflation likewise eased to 0.3% from 0.9% posted in September.
The Bangko Sentral ng Pilipinas (BSP) has raised its policy rates by 175 bps this year after five straight hike to quell inflation expectations, as prices of basic goods and services surged beyond the 2-4% target range set for 2018.
“If inflation decelerated from 6.7%, it may signal that the BSP is done raising its interest rates,” the second trader said.
Meanwhile, the first trader said the short-end of the curve may start to go down “if we see continued strength in the peso or if the BSP cut its reserve requirements for banks.”
Inflation data for November will be released on Dec. 5.
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
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. — Karl Angelo N. Vidal

Celebratory collaboration

WORLD BALANCE and The Walt Disney Company Philippines have collaborated on a limited-edition collection of products to celebrate Mickey Mouse’s 90th anniversary and highlight the Filipino brand’s world-class potential.
Officially unveiled last week, the Disney-World Balance Collection, comprising of footwear, apparel, and other accessories, will be available in select World Balance stores and department store outlets nationwide beginning Nov. 30.
The collection has the partners giving a modern but classic take on everybody’s favorite mouse, resulting in what they say is the creation of “cohesive pieces of art.”
For the shoes, six styles are offered for those who want to complement and liven up their active lifestyle, namely Mickey X Betty, Mickey X Ritz, Mickey X Freedom Gunner L, Mickey X Freedom Gunner M, Mickey X Serge 1 and Mickey Serge 2.
The price range of the shoes is from P1,399 to 1,899.
Mickey Mouse-emblazoned shirts and tank tops, meanwhile, go for P699, while the backpack and sling bag sell for 1,599 and P699, respectively. Socks range from P149 to P199.
In an interview with BusinessWorld during the unveiling of the collaboration, Mary Lyn Go, marketing director for World Balance, shared that they view their partnership with Disney as a perfect opportunity.
Disney World Balance Collection 2
“We always wanted to partner with Disney for a long time and now it’s here. I think it’s a perfect opportunity for us,” said Ms. Go.
“Disney is an aspirational brand, a globally known brand and it helps the image of World Balance and puts us in a good position in our push to go global as well,” she added.
On the part of Disney, it said it is very happy and satisfied with the result of its collaboration with World Balance, which, for nearly 40 years now, has taken pride in giving Filipinos good quality, stylish, and affordable products.
“To celebrate Mickey Mouse’s 90th anniversary, we want to give our Filipino fans a special range of products that will allow them to wear their love for Mickey. World Balance understands the tastes and lifestyle of the young Filipinos everywhere,” said Veronica Cabalinan, country head of The Walt Disney Company Philippines, during the unveiling.
Viewing the partnership as being fruitful even this early, Ms. Go said they would welcome working with Disney anew on another collection, as well as with other global brands to enhance what World Balance has built in all of four decades.
“We hope to have more collaboration with Disney as well as with others. I think it’s a good way to grow the World Balance brand,” Ms. Go said.
For more information on the Disney-World Balance Collection visit www.worldbalance.com.ph and World Balance’s Facebook page. — Michael Angelo S. Murillo

Damosa Land inks P1.5-billion loan agreement with BDO

DAVAO CITY — Damosa Land Inc. (DLI), the real estate arm of the Floirendo-owned Anflo Investment and Management Corp., has signed a P1.5-billion loan package with BDO Unibank, Inc. to fund planned and ongoing projects.
“This fresh fund will help us expand our portfolio,” DLI Vice-President Ricardo F. Lagdameo told BusinessWorld after the signing ceremony held Nov. 20, the birthday of the family patriarch, the late Don Antonio O. Floirendo.
Mr. Lagdameo said the money will be allocated for the new building at the Damosa IT Park and to “accelerate construction of its residential condominium,” the Seawind complex.
The six-building condominium project is targeted to be completed by 2020, with the third building now nearing completion.
“We continue to be bullish about Davao Region, and clearly so does BDO,” he said.
DLI has also started land preparation works for its next big project, the Bridgeport in the Island Garden City of Samal.
The Bridgeport is designed as a township with condominium buildings, an exclusive subdivision of about 20 high-end stand-alone houses, a commercial area, and a marina.
DLI has also started development of the 88-hectare Agriya, another mixed-use complex located in Panabo City, Davao del Norte. — Carmelito Q. Francisco

Malaysia to raise bio-content in biodiesel from December 1

biofuelKUALA LUMPUR — Malaysia will increase the minimum bio-content local producers must add to its biodiesel fuel for certain sectors to 10% from 7% starting on Dec. 1.
Primary Industries Minister Teresa Kok said in a radio interview with national news agency Bernama on Wednesday that the government had given the approval to implement the so-called B10 biodiesel mandate.
“The cabinet has approved the use of B10 and it will be implemented from Dec. 1. We also have the agreement from the Federation of Malaysian Manufacturers that the industrial sector will use B7,” she said in the interview which was posted to Bernama Radio’s Facebook page.
Fuel stations in Malaysia currently use B7 biofuel.
Kok said with these measures, the use of palm oil locally was expected to double, without elaborating.
The B10 biodiesel program will be implemented in the transport sector and other subsidized sectors in stages and will be mandatory from February 2019, Bloomberg News said on Thursday citing a letter from the Primary Industries Ministry to petroleum companies.
CIMB Research analyst Ivy Ng said the move would be positive for the palm oil market on expectations of increased consumption for biodiesel purpose in Malaysia. — Reuters

Dolce & Gabbana says sorry as China debacle threatens its future

DOLCE & GABBANA’s Chinese marketing scandal is fashion’s biggest faux pas since former Christian Dior designer John Galliano’s anti-Semitic rant in 2011, and it’s potentially far more costly.
While Dior got out of that mess by swiftly dismissing Galliano, D&G’s owners initially offered few explanations even as a boycott movement spread through luxury’s biggest growth market. Even after an apology from the Milan-based brand Friday, damage control will be trickier as the firm is still owned and operated by the designers with their names on the door.
“Consumers don’t just buy a product. They buy an idea, an image that has values embedded in it,” luxury consultant Mario Ortelli said. With China’s shoppers making up around two-thirds of the industry’s growth, “everyone needs Chinese trust.”
Almost all major Chinese e-commerce sites including Alibaba Group Holding Ltd.’s Tmall and JD.com Inc. have suspended the sale of D&G products in China since the brand posted an ad showing a Chinese model struggling to eat Italian food with chopsticks, which consumers deemed condescending. The boycott spread to foreign sites, with Richemont’s Yoox Net-A-Porter removing the brand’s items from its Chinese and Hong Kong portals.
The scandal intensified after degrading remarks about Chinese people were sent from co-owner Stefano Gabbana’s Instagram account. On Friday, the founders said sorry in Mandarin in a video clip, apologizing to Chinese people worldwide.
“We will not forget this lesson and this will never happen again,” Mr. Gabbana said in the video. “And we must try harder to understand and respect Chinese culture. Finally, we ask from the bottom of our hearts for your forgiveness.”
The fallout also spread offline to bricks-and-mortar retailers on Friday, with Lane Crawford removing D&G items from its department stores in China and Hong Kong.
The marketing videos were taken down between Thursday evening and Friday morning. In their apology clip, the designers didn’t repeat an earlier allegation that their Instagram accounts were hacked. They had earlier said that was the reason for the derogatory comments about Chinese people on Gabbana’s account.
‘MULTINATIONAL, MULTICULTURAL’
Providing evidence the account was hacked could help regain Chinese trust, said Luca Solca, analyst at Exane BNP Paribas.
The crisis shows the need for a “multinational, multicultural, diverse leadership organization, able to perceive and integrate different sensitivities,” Mr. Solca said. Dior, controlled by luxury conglomerate LVMH, wasted no time in showing Mr. Galliano the door after he hurled anti-Jewish insults at a couple in a Paris bar, and the designer later apologized.
The challenge for D&G is that it’s not a multinational giant but a closely held Italian business run by its two founders — Mr. Gabbana and Domenico Dolce. A tongue-in-cheek, cartoon-ish characterization of Italian identity — with ad campaigns showing large families touching each other and yelling in public — has been a staple of D&G’s marketing.
That pitch helped expand the company’s sales to €1.35 billion ($1.54 billion) last year, according to Business Insider. D&G is bigger and more profitable than rival Gianni Versace, which Michael Kors Holdings Ltd. is buying for $2.2 billion. But trying to export its ironic marketing tone to China may have been a step too far.
The two founders, who created the brand in 1985, have resisted the trend among family owners of luxury firms to sell to giants like LVMH and Kering SA, the owner of Gucci. As demand for acquisition opportunities among both fashion conglomerates and private equity funds has pushed luxury valuations skyward, Mr. Gabbana and Mr. Dolce have consistently said they’d never consider selling.
NEWSPAPER INTERVIEW
“Once we’re dead, we’re dead,” Mr. Gabbana said in an interview with Italian newspaper Corriere della Sera last spring. “I don’t want a Japanese designer to start designing Dolce & Gabbana.”
The brand was able to weather online criticism of that remark. But the latest storm is far more intense. Some Chinese consumers went so far as to post videos of themselves destroying their D&G wares following his remarks.
Ryan Meng, a Paris-based fashion buyer for Chinese boutiques, was one of many to joke online that D&G now stood for “dead and gone” following the incident. “It’s extremely unfortunate for all the Chinese team helping to handle the operation while working for someone like that,” he said. — Bloomberg

Proposed capital hike to boost central bank

By Melissa Luz T. Lopez
Senior Reporter
ADDITIONAL funding as well as a foreign exchange cover will allow the Bangko Sentral ng Pilipinas (BSP) to do more open market operations while protecting itself from losses, a senior official said as they await the passage of changes to the central bank charter.
BSP Deputy Governor Diwa C. Guinigundo said that while they are still waiting for Congress to come up with a unified and final version of the proposed law, the regulator is eager to hold additional P150-billion funding, together with tax exemptions and reserves for foreign exchange fluctuations.
Both the House of Representatives and Senate approved separate versions of a bill that updates provisions of Republic Act 7653, or the New Central Bank Act which date back to 1993. Efforts to enact these amendments trace back to previous Congresses, but have fallen short of passage until now.
Among the key features of the latest bills include raising the paid-up capital of the BSP to P200 billion from the current P50 billion.
The two chambers still need to sit for a bicameral conference to harmonize the two versions before submitting it for the President’s signing into law.
“You have more funds, then you can do more open market operations. In case there are certain distressed financial institutions…, you have more resources to provide support to maintain financial stability,” Mr. Guinigundo said in a recent interview when asked about the proposals.
“In short, the P150 billion additional capitalization is very critical and it can go a long way in enhancing the operations of the central bank.”
However, the BSP official acknowledged that it will take time before the additional funding is released, given that the shift to a cash-based budgeting system in 2019 will leave “little flexibility” for the national government to channel funds elsewhere. The 2019 budget is already approved by the House.
Mr. Guinigundo also noted that the stark need for funding for the state’s “Build, Build, Build” program is another consideration. He added that solons are yet to resolve whether the capital infusion will be one-off or in tranches, similar to what was done before.
The central bank is also looking forward to tax exemptions for their governmental functions, he added.
Another significant feature is allowing the BSP to keep reserves for foreign currency swings, which would cushion the monetary authority from big losses from peso-dollar trades.
The BSP conducts “tactical intervention” during the daily peso-dollar trading, in line with their mandate of price and financial stability. A weaker peso usually means big gains for the central bank, given that a big chunk of its assets and investments are expressed in dollars.
“When BSP is in loss, we cannot ask the national government for a subsidy — it doesn’t work that way. It’s not symmetrical. We absorb the cost. When we make profit, we give them dividends and at the same time, whatever happens, we pay tax,” Mr. Guinigundo said.
“With that provision, it’s very easy now to level the operations of the BSP. ‘Pag maganda yung kita, set aside reserves. If you lose the following year because of peso appreciation, you can get it there.”
The central bank is poised to see a banner year with a P45.23 billion net income as of end-September, at a time when the peso is down by around five percent year-to-date. The peso has so far averaged P52.636 versus the greenback from January-October, versus the P50.4037 average for the full year of 2017.

NCCC looking to bring int’l hotel brand to Davao

DAVAO CITY — Retail and shopping mall firm New City Commercial Corporation (NCCC) is expanding its real estate portfolio with the development of a mixed-use project in Panacan, located in the central-eastern part of the city.
Sharlene Faye A. Lim, president of NCCC subsidiary LTS Malls Inc., said one of the main features of the 6.9-hectare complex would be a branded hotel and they are currently in talks with several management groups.
Ms. Lim named the Marriott Group, AccorHotels, and IHG Group as among those they are in discussions with.
“They are known brands and we don’t have enough of that here. I think it is about time and given that opportunity, we’ll pursue that. But we are still studying on how we are going to do it,” she told BusinessWorld.
Ms. Lim said they are targeting June 2019 to finalize the discussions for the hotel component.
Other features of the complex will be a convention center that is envisioned to be the biggest in Mindanao, a shopping mall, and a business school that would possibly be under the University of Asia and the Pacific.
MA-A PROPERTY
Ms. Lim said the Panacan project schedule has been moved to a later period following the fire that destroyed the NCCC Ma-a mall in December 2017.
“We are supposed to start the development in Panacan next year, then NCCC Ma-a (fire) happened, and a lot of time and energy went there,” she said.
The NCCC Ma-a has already been demolished and the company has partnered with DMCI Homes of DMCI Holdings Inc. for the development of a medium-rise condominium complex at the site, alongside a new shopping mall.
“All efforts of our company right now goes to Ma-a,” Althea D. Lucas, LTS Mall associate vice-president, said.
Ms. Lucas said if all the necessary permits are released soon, they are aiming to start construction by next year and complete the project in two and a half years.
The Panacan project, meanwhile, will start upon halfway completion of the Ma-a complex.
NCCC is currently constructing a retail hub with a supermarket along McArthur Highway, not far from the Ma-a site, and is targeted to open within the year. — Maya M. Padillo and Carmelito Q. Francisco

Senate bill seeks to create pili research center in Sorsogon

SENATOR Francis G. Escudero has filed a bill seeking to create a Pili Research and Development Center in Sorsogon.
Senate Bill No. 2103, filed on Nov. 19, seeks to develop pili as a marketable global product with the support of government through research, technology, and marketing.
In his explanatory note, Mr. Escudero pointed out that aside from its kernel, the pili tree’s by-products have various uses which can be marketed.
“The pili tree is fast gaining fame as the ‘tree of life,’ next to the coconut tree… Its shell can be recycled to make charcoal and fashion accessories. The popular elemi essential oil uses the pili’s pulp as one of its ingredients. Even its wood may be carved as furniture or decor at home,” he said.
Under the bill, the Pili Research and Development Center will conduct research on the production and marketing of pili nuts and by-products. The center is to be attached to Sorsogon State University.
The proposed agency is also mandated to provide technical assistance and support to pili farmers and other stakeholders in the Bicol region.
It should also coordinate with the Department of Agriculture (DA), Department of Trade and Industry (DTI), Department of Science and Technology (DoST), and Department of Environment and Natural resources to consolidate policies and programs on pili research and development.
The bill also creates the Pili Subsidy Fund, which will support pili tree planting and cultivation as well as skills training and capital development of the pili industry.
It also seeks to recognize Sorsogon as the Pili capital of the country in order to garner additional government support for the promotion of the country’s pili industry and its sustainability for the benefit of the farmers.
The proposed measure also appropriates an initial P250 million budget for its implementation, which will be sourced from the annual budgetary allocations of the DA and the DENR. Half of the initial budget will serve as seed money for the proposed Pili Subsidy Fund.
Based on a study conducted by the DA Philippine Rural Development Project (DA-PRDP), Sorsogon is the major source of pili kernel for major Bicol processors. The province supplied 4,052 metric tons of pili in 2015. — Camille A. Aguinaldo