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Peso to move sideways on mixed leads

THE PESO will likely move sideways against the dollar this week amid mixed economic and political signals abroad.
On Friday, the local unit closed the session at P53.70 versus the greenback, stronger by 26.5 centavos than the previous close, supported by cues from succeeding rate hikes from the local central bank coupled with big fund inflows.
It also strengthened week on week from the P54.13-per-dollar finish last Oct. 12.
Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, said the dollar might move sideways with a downward bias amid mixed signals and ahead of a possible softer economic growth in the United States for the third quarter.
For the first four days of the week, Mr. Dumalagan said the greenback might just move sideways, as “encouraging geopolitical developments” abroad might temper the likely mixed-to-soft data on services and manufacturing reports from the United States and the euro zone, citing positive developments in Italy-EU as well as US-China relations.
“These positive developments could improve investors’ risk appetite, tempering dollar appreciation resulting from the likely remarks of US Fed officials,” Mr. Dumalagan said.
However, a foreign exchange trader on Friday flagged the risk sentiment among investors which may affect currencies in emerging markets.
“Problems in Saudi Arabia could somewhat affect bullishness. There could be a risk aversion and eventually affect emerging market currencies such as ours,” the trader said in a phone interview last Friday.
“If there is no more flow and if risk sours, we can easily just trade weaker as well,” the trader added.
For Friday, Mr. Dumalagan said the dollar might lose its appeal against a basket of currencies on the back of likely hawkish tone of the policy meeting of the European Central Bank (ECB) as well as caution ahead of a possible third-quarter gross domestic product growth slowdown in the US.
“The ECB is expected to affirm its hawkish view of some tightening moves ahead… which could weaken the dollar against the euro and perhaps other currencies,” he said.
For this week, Mr. Dumalagan expects the peso to trade between P53.50 and P54.10, while the trader gave a P53.55-P53.90 range. — Karl Angelo N. Vidal

DA to expand MAV imports of chipping potatoes

THE Department of Agriculture (DA) will implement a unilateral minimum access volume (MAV) on chipping potatoes at 25,000 metric tons (MT) starting Oct. 25 which would bring down tariff rates to 3% from 40% within that volume.
Jerry S. Viernes, Jr., a member of the DA’s MAV Secretariat, told BusinessWorld: “If you are to import those raw materials, it will cost the local manufacturers 40%, which is why they prefer to import finished product, which is charged 0% to 7%.”
A 0% to 7% tariff applies to imported goods from ASEAN-member countries.
According to an Administrative Circular published on Oct 10, the department cited the need to create an MAV that reflects the current importation requirements of potato chip manufacturers to ensure the continued economic viability of food manufacturing. The order takes effect after 15 days of publication.
The previous MAV for fresh and chilled potatoes was at 1,150 MT which is significantly lower than the 26,000 MT requirement of manufacturers per annum.
According to the circular, the high cost of importing raw material puts potato chip manufacturers in danger of closing.
“We consulted farmers in Baguio, Bukidnon and Davao del Sur, who agreed to lower tariffs in exchange for aid,” Mr. Viernes said.
According to Mr. Viernes, P0.25 will go to the Potato Industry Development Program for every kilogram of chipping potatoes imported. He said however that farmers will not be at a disadvantage because their produce serves a different market.
Imported chipping potato varieties include Pike, Lady Rosetta, Atlantic, Dakota Pearl, which are not available from farmers here due to unfavorable soil and weather conditions in the Philippines.
The circular prevents potato chip manufacturers or processors availing of the MAV from selling on the unprocessed potatoes on the domestic market, under penalty of disqualification from the MAV scheme.
To apply for the MAV license, the applicant must be a registered potato chip manufacturer and must have imported at least 50 MT within two years prior to the filing of an application.
The MAV is valid for one year renewable annually, subject to review by the MAV Management Committee and modification based on volume of actual production and compliance with the terms of the program. — Reicelene Joy N. Ignacio

Megaworld eyes P700 million from Cavite condo project

MEGAWORLD Corp. expects to generate around P700 million in sales from its first residential condominium inside its Maple Grove township in General Trias, Cavite.
In a statement, Megaworld said The Verdin at Maple Grove will incorporate environmental sustainability features, as Maple Gove is touted to be Cavite’s “green” central business district.
The 10-storey condominium will have 140 units, ranging from studios of up to 32 square meters (sq.m.), one-bedroom units up to 51 sq.m., and two-bedroom units up to 79 sq.m. Some units will have a lanai with a view of the parks and the township.
Among The Verdin’s environment-friendly features are the “Sustainability Wall” at the main lobby; solar-powered outlets at the outdoor amenity deck; use of energy-generating equipment and machines in the outdoor fitness area; and the use of recycled and indigenous materials for the pool deck and the playground.
The Verdin will also have a two-floor podium parking with commercial spaces at the ground level.
Megaworld targets to complete The Verdin by 2023.
“Maple Grove will become a sanctuary of urban countryside and sustainable lifestyle. A huge part of the master plan will be Makati-inspired where green parks and interconnected streets are surrounded by malls, office buildings and residential towers. The Verdin at Maple Grove will be at the center of it all,” Rachelle I. Peñaflorida, vice-president for sales and marketing of Megaworld, was quoted as saying in the statement.
Last year, the property developer unveiled plans for a 35-hectare “Makati-inspired” business district within Maple Grove. Megaworld said the Maple Grove commercial district, which has 363 prime lots, is nearly sold out. — Vincent Mariel P. Galang

Skechers banks on ’90s nostalgia with new colorways for chunky sneaker


AMERICAN footwear company, Skechers continues to bank on the current nostalgia for the 1990s as it releases new colorways for its classic chunky sneaker D’Lites line, with one harkening back to the original black and white style which started it all for the brand.
“In the ’90s D’Lites were really made for dads, but once celebrities like Christina [Aguilera] and Britney [Spears] began wearing them, it kind of shifted the perception that it’s not just a sneaker for dads,” Joseph Asong, head of communications at Skechers Philippines, told BusinessWorld during the launch on Oct. 4 at Yes Please in Bonifacio Global City, Taguig.
And now, the dad sneaker trend is back with luxury houses like Balenciaga and Prada coming out with their own versions for the runway. Skechers is riding on the wave with nine new colorways, ranging from the classic black and white in the “Biggest Fan,” to a more trendy and colorful metallic in “Runway Ready,” and a pink one with embroidery with “Bright Blossoms.”
The new styles are priced between P3,590 to P3,890.
The new colors follow the May release of the “Sweet Monster” limited edition line which featured a more minimalist design in two colorways: a more muted black and white and a blush pink variant.
The release of the new D’Lites styles was also done to introduce the brand’s newest — and first Filipina — ambassador, actress Nadine Lustre.
“She has a very dynamic personality. She’s not afraid to try new things and venture into other things… and I think she represents Skechers very well because we’re very versatile — we have so many shoes,” Mr. Asong said of Ms. Lustre.
He added that since “almost 80%” of the Skechers market is female, it makes sense that they continue to cater to their strongest market segment.
“She’s our first Filipina ambassador in the 20 years Skechers has been in the Philippines. Now is the perfect time to have her represent the brand because we’re now in the social media age where there’s a lot of strong, influential millennials like Nadine [Lustre],” he explained.
TRAVEL BUDDIES
Aside from the launch of the new D’Lites colors, Skechers has also launched the new iterations to its GOWalk walking shoe line — GOWalk Evolution and GOWalk Revolution — promising comfort due to its “lightweight and responsive midsole,” according to a press release.
The new shoes feature Air Cooled Gogamat insoles, a departure from the usual Air Cooled Memory Foam cushion, which is meant to keep one’s feet cool all day long.
The new GOWalk Evolution slip-ons comes in three colors for women (white, mauve, and taupe) and two for men (charcoal black and navy gray). The women’s style retails for P3,590 while the men’s are P3,695.
The laced GOWalk Revolution comes in a single colorway for the women and men’ style: black and hot pink for women and charcoal and orange for men. The style retails at P4,195 for women and P4,295 for men. — ZBC

FATF to set first rules on cryptocurrencies

PARIS — The global watchdog for money laundering will set up its first rules on oversight of cryptocurrencies by June, a major step towards creating international standards for an asset currently subject to patchy regulations.
The Paris-based Financial Action Task Force (FATF) said on Friday jurisdictions worldwide will be required to license or regulate cryptocurrency exchanges and some firms providing encrypted wallets, to help stamp out the use of digital money for money laundering, terrorism financing or other crimes.
Firms providing financial services for issuances of new cryptocurrencies — initial coin offerings — must also be subject to the rules, it said.
Cryptocurrencies are digital tokens whose creators say they can be used as money without the backing of any country’s central bank.
Until now, their regulation has defied global coordination and led to a patchwork of differing approaches by national governments.
How countries implement the rules will be subject to periodic reviews by the watchdog, said its President Marshall Billingslea. Countries judged to be falling short could be added to an FATF blacklist that restricts access to the global financial system.
“By June, we will issue additional instructions on the standards and how we expect them to be enforced,” he said.
The first and most popular cryptocurrency is bitcoin, which has been followed by hundreds of others.
The price of bitcoin soared 1,300% last year to a record of near $20,000 in December but has since plummeted. It was trading at around $6,390 on Friday afternoon.
Extreme price volatility, along with regular thefts from exchanges, have vexed regulators. In the absence of global rules, countries have taken contrasting routes to taming the sector.
Japan last year became the first to regulate cryptocurrency exchanges, while China and South Korea clamped down heavily on them.
In Europe, several countries including France, Switzerland and Malta are looking at early-stage supervision by regulating initial coin offerings.
Lawyers specializing in anti-money laundering welcomed the FATF move, but warned that challenges remain in tracing the true owner of cryptocurrencies.
“You can put any name down for these coin exchanges, and it doesn’t have to be the ultimate beneficial owner,” said Kyle Phillips at law firm Howard Kennedy in London. — Reuters

China says hog prices to rise ahead of Lunar New Year amid swine fever outbreaks

BEIJING — China’s hog prices are set to rise ahead of the Lunar New Year holiday in February as outbreaks of African swine fever hit supply, the country’s agriculture ministry said on Friday.
The world’s top pork producer has been grappling with the rapid spread of the disease, which can be deadly to pigs but is not harmful to humans.
Hog prices are expected to climb ahead of the festival as the replenishment of herds by some farmers in major production areas has been affected in the past two months, said Tang Ke, the head of the market and economy information department under the Ministry of Agriculture and Rural Affairs.
However, he added that price increases would be limited as overall hog production in China remained “sufficient.”
Chinese appetite for pork is usually strongest during the winter and over the Lunar New Year, when families get together for large meals to celebrate the nation’s most important holiday.
China has reported almost 40 separate outbreaks of African swine fever in 10 provinces and municipalities since its first case in early August, leading to the slaughter of almost 50,000 animals.
Efforts to control the disease’s spread have included banning transport of live hogs from a large swathe of the northeast, which typically trucks as much as a fifth of its pigs to other regions each year.
That has pushed up pork markets in areas such as the eastern province of Zhejiang, where prices in recent weeks have been around 18.32 yuan ($2.64) per kg, compared to the national average of 14 yuan, according to numbers provided by consultancy China-America Commodity Data Analytics.
“The price hasn’t softened after many days, so that means the supply issue is still there,” said Pan Chenjun, an analyst at Rabobank.
That has been stoking demand for imported pork, she said. — Reuters

China has ample soybean supplies, big price moves seen unlikely

BEIJING — China has ample supplies of soybeans and significant price fluctuations are unlikely, a senior agriculture ministry official said on Friday.
Domestic soybean planting acreage has increased and China is set for a bumper harvest, supported by government subsidies and crop rotation policies, Tang Ke of the Ministry of Agriculture and Rural Affairs told a press briefing.
The soybean market has been roiled by the Sino-U.S. trade conflict, with Chinese buyers steering clear of beans from the United States, instead increasing purchases from Brazil and reducing their use of the bean in animal feed.
Over January to August, China’s soybean imports from Brazil accounted for nearly 70 percent of its overall purchases, said Tang, head of the ministry’s market and economy information department.
In 2017, 58 percent of China’s soy imports came from Brazil over the same period, according to customs data
China’s soybean imports are set to drop by a quarter in the last three months of 2018, as buyers curb purchases due to the trade war and high domestic stockpiles, traders have said.
Some industry experts have predicted that the world’s top soybean consumer will face a shortage of the oil seed early next year, likely driving up prices of a key protein source in animal feed.
Beijing imposed a 25 percent tariff on a list of American products including soybeans, in response to U.S. hefty penalties on a list of Chinese goods at similar value. — Reuters

DoTr plans to bid out MRT-3 rehabilitation

THE Department of Transportation (DoTr) said it is looking to bid out the rehabilitation and maintenance of the Metro Rail Transit Line 3 (MRT-3) by year’s end, despite an unsolicited proposal from Metro Pacific Investments Corp. (MPIC).
“Gagawin kong hindi unsolicited yun. Gagawin kong solicited proposal. Para yung package ko lock, stock and barrel. Pati yung issue of equity and loans, kasama na sa bagahe [I will make that not unsolicited. I will make it a solicited proposal. So the package will be lock, stock and barrel. Even the issue of equity and loans will be part of the package],” Transportation Secretary Arthur P. Tugade told reporters on when asked for an update on MPIC’s proposal.
While he refused to confirm if MPIC’s P20-billion proposal to rehabilitate and take over the MRT-3 has been rejected, Mr. Tugade said the government wants to change its plans for MRT-3.
“Hindi naman ni-reject. Sinasabi lang natin baguhin natin, gawin nating solicited [It’s not that it was rejected. I’m just saying let’s change it, make it solicited],” Mr. Tugade said.
MPIC had proposed to operate the MRT-3 with the Ayala Group and Macquarie Infrastructure Holdings (Philippines) Pte. Ltd. over a 30- to 32-year period. Metro Pacific Light Rail Corp., Ayala’s AC Infrastructure Holdings Corp. and Macquarie currently manage Light Rail Transit Line 1 (LRT-1) as Light Rail Manila Corp.
MPIC was given original proponent status by the DoTr in November last year, but there have been no developments since it was forwarded to the National Economic and Development Authority (NEDA) for further evaluation.
Aside from the MPIC proposal, the government has also said it was in talks with the Japanese government to get Sumitomo Corp. and Mitsubishi Heavy Industries, Ltd. (Sumitomo-MHI) take over the operations of the MRT-3.
But Mr. Tugade said earlier this month issues on the 48 unused trains procured from Chinese manufacturer CRRC Dalian Co. is keeping the Philippines and Japan from inking a deal for Sumitomo-MHI’s entry.
In late 2017, the DoTr ended its deal with former MRT-3 maintenance provider Busan Universal Rail, Inc. (BURI) after a series of train breakdowns.
MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd. MPIC’s other units are Philex Mining Corp. and PLDT, Inc. 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

Jennylyn Mercado is new face of Max Factor

INTERNATIONAL cosmetic brand Max Factor has found its first Filipina muse to be its beauty ambassador: Jennylyn Mercado.
The actress was chosen as the new face of the brand because she embodies beauty inside and out, and because she has experienced and conquered many life trials.
Ms. Mercado, who wore a nude dress and was sporting a no-makeup-makeup look during the launch at SM Megamall on Oct. 17, said beauty must transcend the physical. “For me, guwapo ka na kung mabait ka (For me, you are beautiful if you are good) … Their essential goodness makes them beautiful inside and out, especially when they treat everyone with kindness, respect, and love.”
The actress had a dark childhood, recently lost her mother, and she’s raising her own son. “It’s very difficult to raise my child and work at the same time. And then I lost my mom — my biggest support system in my life. In these two scenarios, the thing that got me through is faith in God, that everything happens for a reason. In my inner circle, they will be there for me no matter what and, lastly, [I believe] in myself that I am capable enough to do everything and anything to overcome whatever life gives me,” she said.
Besides being an actress, Ms. Mercado is also a single mother, a triathlete, and entrepreneur.
She said she likes the barely-there makeup look. She likes it simple. When not in front of the camera, she makes herself “look polished and presentable with cheek tint, powder, and lipstick or gloss.”
Her go-to sheer powder, of course is the brand she represents, Max Factor’s Facefinity Compact, which has coverage like a foundation but still feels as light as a powder.
The Facefinity Compact has a matte finish and a buildable formula. The powder is also water-resistant, has a built-in SPF 20, and comes in eight shades.
Max Factor is available at Beauty Bar, Rustans, and Watsons, among others. — NPDG

FX purchases still require forms despite liberalized rules − BSP

ALL PURCHASES of foreign currency should still come with corresponding application forms to be submitted to the Bangko Sentral ng Pilipinas (BSP), the regulator clarified, even as it is easing rules on such transactions.
Circular Letter 2018-073 issued by the BSP’s Monetary and Economics Sector clarified that foreign currency purchases must still come with supporting documents.
All sales of foreign exchange carried out by authorized agent banks (AAB) to settle and service transactions “shall be supported by a duly accomplished Application to Purchase FX,” according to the issuance signed by sector-in-charge Assistant Governor Ma. Ramona Gertrudes T. Santiago.
“Accordingly, the AABs/AAB forex corps shall require from their clients (e.g., public and private sector entities) the submission of the duly accomplished Application to Purchase FX, together with other supporting documents (as applicable), prior to the sale of FX for servicing/settlement of their clients’ FX transactions,” the circular read.
Banks usually require documents like dollar loan agreements for corporate buyers or travel papers for individual clients before they can buy foreign currency.
The central bank has been constantly reviewing and relaxing rules covering conversions from the peso to foreign currencies particularly the dollar. Such adjustments are meant to recapture transactions towards banks and away from the black market, with the latter largely out of bounds for regulators.
In particular, the BSP set tighter rules for money service businesses like money changers and remittance agents in order to curb dirty money transactions, especially in the aftermath of the $81-million Bangladesh Bank heist back in 2016.
For banks, a fresh wave of easing is in the works in order to simplify the entry and withdrawal of foreign investments to complement overall government efforts to improve the ease of doing business here.
The central bank has been liberalizing foreign exchange rules since 2007. Significant changes include a higher limit for over-the-counter dollar purchases at $500,000 for individuals and $1 million for companies. Dollars acquired through Philippine lenders may likewise be kept as dollar deposits with the banks concerned.
These come as dollar liquidity improved over the past decades, as lenders are now able to service bigger currency requirements at a given time.
However, BSP Deputy Governor Chuchi G. Fonacier has said that the central bank may hold off further relaxation of these standards amid a highly-volatile FX market in recent weeks. — Melissa Luz T. Lopez

OUTLIER: San Miguel Food and Beverage, Inc.

By Mark T. Amoguis, Researcher
INVESTORS started to unload some of their shares in San Miguel Food and Beverage, Inc. (SMFB) after its parent company San Miguel Corp. slashed by almost half the size of its unit’s planned follow-on offering.
A total of P520.664 million worth of 6.093 million of the company’s shares exchanged hands on the trading floor during the week of Oct. 15-19, data from the Philippine Stock Exchange (PSE) showed.
SMFB shares slipped by 5.98% on a week-on-week basis to P84.15 apiece on Friday from the P89.50 close on Oct. 12. For the year, the stock price declined by 84.06%.
“Activity for FB is related to the follow-on offering,” AP Securities, Inc. research analyst Rachelle C. Cruz said, referring to the company’s ticker symbol (FB).
“Given market conditions, they cut the offer because it’s either the demand was low and they need to price it at a big discount or they might do another round of offering when market conditions are better and prices and people are able to absorb higher offer price,” she explained.
“Actually, [at the] early part of the week, there were some talks through the grapevine that [FB] will cut the offer. We saw the price fall, I think from around P90 plus during the week, it fell to P84,” she said.
For his part, Luis A. Limlingan, managing director at Regina Capital Development Corp., said: “FB trading activity [increased] as the share sale neared its target date of Oct. 25. The price has also converged at the projected range that the company indicated, which is between P85 and P95 a share.”
Last week, San Miguel Corp., FB’s parent company, said it will push through with its food and beverage unit’s follow-on offering but halved its size, citing market volatility.
From the initial 1.02 billion shares at P140 apiece announced earlier this month, FB cut it to 523 million shares — excluding an overallotment option of up to 15% of the offering — with a price range of P85 to P95 per share.
Proceeds from the share sale will be used by San Miguel to invest in its business.
AP Securities’ Ms. Cruz said a lot of investors were looking at FB for a possible index play.
“Given its size, there was an expectation that FB will be included in the Philippine Stock Exchange index (PSEi), but given that they cut the offer in half, the float will fall, based on our computation, up to 13%. And to be included in the index your float should be at least 15%. So they won’t qualify for now. So we saw some selling,” she explained.
As of Oct. 19, FB’s public float — the portion of outstanding stocks made available to the public investors for stock trading — is at 4.12% according to PSE data. This is below the regulatory requirement of 10% float level for a listed company as well as the 15% minimum required for a listed company to be included in the PSEi.
Piper Chaucer E. Tan, research associate at Philstocks, Inc., concurred: “We cannot argue that despite bearishness sentiment in our market, FB is still a good offer to investors which has good prospects in the future and also a possible index member stock somewhere in the future with its large market cap.”
Mr. Tan gave San Miguel’s food and beverage unit a net income forecast of P12 billion this year on the back of increased domestic spending despite near-decade high inflation.
“The Philippines is a consumption-driven economy, consumer retail stocks and businesses may benefit from this despite headwinds as of this moment and ‘-ber’ months will see an influx on spending,” Mr. Tan said.
Regina Capital’s Mr. Limlingan, for his part, projects SMFB will generate a consolidated net income of P33.4 billion.
In the first half of 2018, FB’s net income increased by a fifth to P15.4 billion, while its revenues went up by 15% to P137.4 billion.
Last May, it was reported that FB is expected to generate P33 billion in earnings this year after its food and beverages businesses are fully consolidated under its portfolio.
For next week, AP Securities’ Ms. Cruz expects FB to trade within the P85 to P95 range.
“Whenever [FB’s] price go down significantly from P85, some investors might buy already,” she said.
Regina Capital’s Mr. Limlingan pegged FB’s support and resistance at P82 and P90, respectively.
Philstocks’ Mr. Tan gave primary and secondary support prices of P80 and P80.10 as well as primary and secondary resistance prices of P90.50 and P104.

Avene Hydrance: An impressive lightweight moisturizer for Asians

AVENE, the French skincare brand known for using the thermal spring water from the town of the same name, has released its new Aqua Cream-in-gel, an “all-in-one multi-benefit skincare [product] to keep skin beautifully hydrated and protected all day long” which is specially formulated for Asian skin, according to a press release.
Promising intense hydration without the heaviness, the new addition to Avene’s Hydrance line was created in Japan two years ago as a product that is more suited to Asian skin and climate. The result is a light cream that sinks into the skin and provides moisture.
“We’re very optimistic about the Philippines because here we have a lot of expats who have tried the product and loved the product,” Harry Tsai, general manager of Karihome Inc. which distributes Avene in the Philippines, told BusinessWorld during the launch on Oct. 4 at Aruga hotel in Makati City.
“People have been asking us about it, they’ve seen it on the internet and in stores overseas,” he explained, adding that a few days before the official launch, the company decided to put out a few samples of the product on the shelves of one of its stores (“about 20 of them”) and within two days, the stock was sold out.
The magic that is in the Aqua Cream-in-gel is said to be mainly due to the gel-cream texture which melts into the skin to “hydrate, mattify, even skin tone and protect skin from air pollution,” said the release.
Ingredients include the vaunted Avene Thermal Spring Water which is said to have beneficial properties, especially for those with sensitive skin, alongside Meiboserine and Lipomucine which “ensures lasting hydration for up to six hours,” while Cucurbita pepo is added for its mattifying effect.
WHAT IS IT LIKE
This writer was given a jar of the product during launch and immediately put it to test, using it regularly for over two weeks.
Hydration and moisturization is very important for me mostly because my skin ranges from dry to very dry, especially on my cheeks, so slapping on moisturizer is a must and a non-negotiable.
My skin is normally so dry that I use two moisturizers and a facial oil for both day and night so I was very excited to see if the new Avene cream could replace my two moisturizers, and it did — sort of.
For most mornings, I can almost do with only the Avene cream-in-gel because it does moisturize very well and it’s very lightweight and turns into a water-gel-like texture which my skin loves. But as soon as it dries down after a few minutes, I feel like I need more so I usually put another layer on my cheeks for insurance.
This results in my having plump, well-hydrated skin for the day (which is amazing). But at night, I always need something heavier so I still use either my Human Nature Night Facial Moisturizer or my Nivea Soft cream alongside the Avene.
EXPANDING THE BUSINESS
“Avene has been in the Philippines for more than 10 years now. Before it was only known by dermatologists mostly, and while people may have heard about it, they haven’t used it very often. For four years now, we’ve started expanding our retail business,” Mr. Tsai said, noting that there are currently 24 Avene stores in the Philippines with the products also available in “over 300” Watsons stores nationwide for P2,200 for 50ml.
“The brand is rapidly growing,” he said before adding that their annual growth rate stands at 28% and that the brand has grown “400%” in the past four years.
The growth, he said, is likely due to the growing economy of the Philippines which allows more and more people to buy and discover Avene products. — Zsarlene B. Chua

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