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Food industry wants unified rules for school ‘junk food’ ban

THE Philippine Chamber of Food Manufacturers, Inc. (PCFMI) said it may ask the local government department to harmonize the standard for local “junk food” bans on the sale of packaged snacks near schools.
“We plan to write to the DILG [Department of Interior and Local Government] to appeal,” Luis Enrico E. Salvador, Vice Chair of the PCFMI’s Membership and Communications and Public Affairs Committee, said in an interview on Friday in Makati City.
“We want to point out that these (rules) would result in different implementation across different cities,” he added.
The PCFMI said some retailers have complied with the bans, but the overall rules remain unclear.
Senior-Vice President and Head of Nestle Philippines Corporate Affairs Ernesto S. Mascenon has said that the company had been receiving requests for clarification from retailers.
Among the first cities to impose a no-junk food policy is Quezon City.
Its ordinance 2579 of 2017, known as the Quezon City Anti-Junk Food and Sugary Drinks ordinance, prohibits the sale and promotion of junk food and soft drinks within a 100-meter radius of all schools.
The Quezon City’s list of unhealthy products include “processed pre-packed snack food which are high in sodium and/or sugar such as chips, chicharon and popcorn,” among others.
It also prohibits the selling of street food, defined as “unhealthy food, high in fat, calories and salt,” and sugary drinks which cover softdrinks, ‘palamig,’ flavored shakes, sweetened powdered drinks, and sports drinks, among others.
“We are just hoping that [a solution] is accelerated for uniformity of implementation. There could be just one mother ordinance that we can follow,” Mr. Salvador added.
He added that a Department of Education order may have caused some confusion when it banned “sweetened milk” from being sold in school canteens in a department order.
Some LGUs have banned the sale of certain items near schools without providing specific definitions and standards.
“We’re hoping it’s not seen as prohibited because of course milk is seen as one of the ways to boost the nutrition of children,” Mr. Salvador said.
The PCFMI has 96 members encompassing major food manufacturers and small and medium-sized enterprises. — Janina C. Lim

Redefining cooperatives: 1CISP ventures into retail


DAVAO CITY — The 44-year old 1 Cooperative Insurance System of the Philippines (1CISP) is diversifying into retail operations through a partnership with Davao-based New City Commercial Center (NCCC) Group of Companies.
1CISP President Roy S. Miclat said the partnership involves the setting up of 1KoopMart shops, which will serve as pick-up points for items that are ordered from the NCCC online sales catalog.
The cooperative network, which has over 2,000 members, will also provide an option for delivery through its pool of motorcycle-riding collectors.
Mr. Miclat said 1KoopMart will also provide member cooperatives with a regular outlet for their products.
“As you know, cooperative businesses are highly diverse — from food products to financial services, like insurance and even banking. So, theoretically, anything that can be produced or offered by the co-ops can be made available in 1KoopMart,” Mr. Miclat said in an interview.
The first 1KoopMart will be in Davao City and Mr. Miclat said they are still working on plans for other locations as well as other possible business partners.
“We are still firming up plans with regard to store locations and right now, it’s just NCCC and they are definitely more than enough to help 1KoopMart achieve its objectives,” he said.
Aside from the 1KoopMart, 1CISP also recently launched Coop Kicks, a pitch fest for young entrepreneurs, and the 1Koop Leaders Academy, a nationwide training program for young cooperative professionals.
Winners of the Coop Kicks will be coached and trained by the Ateneo Techno Hub and co-supervised by Model Cooperative Network.
“We also want to make cooperatives more palatable to the youth, so they’d realize that careers in cooperatives are in every way as rewarding as any career in private or public organizations,” Mr. Miclat said.
The 1Koop Leaders Academy, on the other hand, is in partnership with Asia Select, Inc., one of the country’s leading human resource companies.
Mr. Miclat said all these new ventures are aimed at redefining the role of cooperatives in the economy.
“We wanted projects that would elevate cooperatives, both in how we do business as community-based endeavors and in how we are seen by the general public,” he said. — Maya M. Padillo

BSP sets process for grant of regulatory relief

By Melissa Luz T. Lopez, Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) has approved new rules which prescribe a standard process for providing relief to bank branches operating in disaster-stricken areas.
BSP Circular 1017 outlines a “uniform and systematic approach” before the central bank can announce regulatory relief for banks and quasi-banks (QBs) operating in towns or provinces which have been ruined by calamities.
The central bank extends relief measures for banks and quasi-banks following natural calamities and disaster events which disrupt their day-to-day operations.
The fresh rules specifically require that an area needs to be placed under a state of calamity before the BSP can extend relief to bank branches operating there. This may come from a declaration issued by local government units or by the President, as recommended by the National Disaster Risk Reduction and Management Council.
A state of calamity involves mass casualty as well as “major” damage to property, livelihood, roads and to the “normal way of life” of the community due to a natural or human-induced hazard, according to the BSP issuance signed Oct. 10.
Under the relief package, the BSP will allow branches located in the affected areas to extend financial aid to its officers and employees even beyond the set of fringe benefits approved by the regulator for each firm.
To add, thrift, rural, and cooperative banks are allowed to exclude outstanding loans from borrowers in the covered areas in computing their past due ratios, provided that such borrowings are restructured or given relief. The central bank would also not impose penalties even if reserves fall below requirement, while those under rehabilitation may take a pause in settling their monthly dues with the BSP.
No fines will also be imposed for delayed submissions of regulatory reports to the central bank. Lenders which have outstanding rediscount loans with the BSP can also extend the payment period up to five years.
Such arrangements valid for one year following the declaration of state of calamity in the area. Banks must write to the BSP within that period to inform that they will be availing these relief measures.
By providing temporary relief, the central bank effectively relaxes capital and liquidity requirements imposed in order to ease the burden on financial firms and allow them to recover from disrupted services.
“The damages brought about by calamities to people’s resources and livelihood may affect the paying capacity and risk profile of the borrowers/clients of banks/QBs. This may translate to higher past due ratios and inability to meet the legal reserve requirements,” the circular read, as signed by BSP officer-in-charge Deputy Governor Maria Almasara Cyd N. Tuaño-Amador.
The central bank announced in August that relief measures have been made available to banks based in specific towns in Ilocos, the Cordillera Administrative Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa and Western Visayas; as well as in Malabon, Marikina, Parañaque, Pasig, Quezon City and Valenzuela which were affected by tropical depression Josie in July.
The new rules may apply to affected banks located in Cagayan Valley, Isabela, Central Luzon, and the Cordillera Administrative Region, which Pres. Rodrigo R. Duterte placed under state of calamity following the wrath of typhoon Ompong (international name: Mangkhut) last month.
The BSP also announced similar measures for lenders based in war-torn Marawi City last January.

Cobonpue goes to the stars with Star Wars


KENNETH COBONPUE, Filipino industrial designer par excellence, has reached for the stars in a new collection inspired by the popular movie franchise Star Wars. And the Universe of Marvel may not be far behind.
The movie franchise, launched in the late 1970s by George Lucas, fired up the dreams of millions of fans. In 2012, Disney announced a deal to acquire Lucasfilm (and thus the franchise) from the director. Disney, holding the rights to the series, approached Mr. Cobonpue to design a collection inspired by the movies.
“I was very skeptical in the beginning of the whole project. I didn’t want to make things with characters on them, or replicas of machines,” he said during an interview in his showroom last week. But according to him, Disney told him to “interpret the world of Star Wars through a Filipino designer’s lens.” Mr. Cobonpue explained: “They approached me, and I think the Vice-President of Disney in Asia has seen my work,” recalling how the ball for the deal started rolling.
The partnership is extraordinary because the movie franchise and Mr. Cobonpue’s name are mentioned at the same time in a co-branding deal: in deals like this with such a huge conglomerate, the designer’s name is usually invisible.
“Actually, the whole world of Disney is open to me,” said Mr. Cobonpue. This means that Mr. Cobonpue will have access to use Disney characters for further collaborations. “I can pick any character from Disney, and take off from there,” he says, and, yes, even new Disney subsidiary Marvel Entertainment can be in the mix, so fans can watch out for that. In the meantime, “I think next year, they have Mulan and Lion King (coming up).”
NOT A GEEK
Mr. Cobonpue is himself a fan of Star Wars: “Yes, but I’m not a geek; so to speak,” he said. “I’ve always loved Star Wars — of course, it’s good versus evil. When I was small, I always wanted to be strapped into one of those things,” he said, trying to seek the word for one of the space vehicles in Star Wars. He said that in his spare time, he drew cartoons and comics about the Star Wars movies.
While the collection is inspired by Star Wars, it took a concerted effort on his part not to take the series too literally. “There’s a point when you become too literal. It then becomes cheesy, and kind of corny. Maybe I’m glad that I’m not a geek who follows Star Wars [religiously]. I look at it the same way everybody does: we love it, we understand it.” He says that he won’t be able to rattle off the top speed, of say, the Millennium Falcon, but, “I love it for what it is.”
VADER CHAIR
A highlight of the collection, on view at the Cobonpue showroom in Makati, is the Vader chair: a black cocoon in the shape of Darth Vader’s helmet, with a canopy and a small swiveling desk. It’s perfect for plotting schemes in your office, and sitting on it, when one’s face is enveloped in shadows by the woven canopy, might give the owner the same fearsome aura as Darth Vader when he strode into Princess Leia’s Tantive IV.
The chair’s partner, appropriately, is the Sidious chair, named after Emperor Palpatine’s Sith alias, and Darth Vader’s master. The armchair’s back points up, taking the shape of the peak in the Emperor’s hood.
Two chairs in black and white are called the Imperial Wings, taking flight from the TIE fighters of the Imperial fleet. Other pieces include a lamp made of several jedi wielding lightsabers, fighting against a Sith Lord, as well as a rocking stool inspired by Han Solo’s sidekick Chewbacca, his fur interpreted in suede, and draped with his ammunition.
Prices range from P68,000 to P213,000.
“I teach design, and I always tell my students to never be too literal,” said Mr. Cobonpue, and viewers bear in mind that the furniture only took certain memorable visual cues from the characters and themes that inspired it. “You take what’s beautiful about it, you take what’s universal: a common language. Try to find what we all understand. Take that, and you simplify it, and you abstract it.”
FORM VS. FUNCTION
With every designer, a battle arises whether to put form or function first — the paradigm exists because things don’t always fulfill their purpose. With advances in technology and discoveries in good design, everything is now expected to work as they should, from whistling kettles to rocking chairs. “I always say it’s form. Because before you try it out, it has to attract you,” Mr. Cobonpue said. “I always tell designers: form is your domain, and that has to come first. Otherwise, if it’s all about function, be an engineer.”
What designers need to seek now, beyond form and function, is a little something extra. Maybe it’s a combination of form, function, or emotion; maybe something else. For Mr. Cobonpue however, that little extra goes back to something that has always been there. “Those are always by-products of form — sexiness, emotion; you draw out from Form. Never from Function.” — Joseph L. Garcia

NFA plans to keep rice supply balanced even with more imports

THE National Food Authority (NFA) said President Rodrigo R. Duterte’s order to freely import rice will not disadvantage farmers as the government will remain responsible for keeping the overall rice supply in equilibrium.
In a phone interview, NFA Spokesperson Angel G. Imperial said: “Rice supply needs to be balanced — there cannot be an undersupply or oversupply… The balance should always be maintained. There should be equilibrium.”
“The government is responsible for balancing the market based on the data available from the Philippine Statistics Authority,” Mr. Imperial said, suggesting that imports will be calibrated to match the degree to which domestic production cannot supply the market.
According to Mr. Imperial, Mr. Duterte’s directive only means removing administrative impediments and non-tariff barriers and not unrestricted rice imports.
“What he meant was unimpeded importation processes… to be removed are the administrative impediments and non-tariff barriers to ease the entry of agricultural products, particularly rice,” Mr. Imperial said.
“Does that mean anyone can import? In the absence of a document or written instruction, we will still follow the law, which sets a Minimum Access Volume (MAV) for imports,” Mr. Imperial said.
The MAV of rice for the Philippines is set at 805,200 metric tons. MAV is the volume of a specific agricultural good allowed to be imported with a lower tariff as committed by the Philippines to the World Trade Organization (WTO).
The Federation of Free Farmers (FFF) has said that it was alarmed by the prospect of imported rice flooding the market, to the detriment of farmers.
“We have been run over by TRAIN. Now we will be swept by a flood of imports,” FFF President Ruben D. Presilda said, referring to the tax reform law that has been blamed for rising prices.
FFF national policy board chairman and former Agriculture Secretary Leonardo Q. Montemayor also expressed concern over the Senate version of the rice tariffication bill, which would allow rice to be more imported freely while charging tariffs on shipments.
“Almost all countries, including those in ASEAN, and even advanced countries like Japan and South Korea, require all rice importers to obtain licenses so that imports can be monitored and kept within bounds,” Mr. Montemayor said.
Mr. Imperial, however said that the NFA disagrees with the bill’s proposal to remove the import-licensing powers of the agency.
“The licensing power should be there because one function of the NFA is to regulate,” Mr. Imperial said.
He said no one wants oversupply, which would mean no profits for everyone. It has to be acceptable to all,” Mr. Imperial added. — Reicelene Joy N. Ignacio

US-based company installs ‘hydropanels’ at Seda Hotel

By Victor V. Saulon, Sub-editor
ZERO MASS Water, Inc., a US-based company that produces drinking water from the air using energy from the sun, plans to expand the installation of its “hydropanels” throughout the Philippines after forging partnerships with public and private sector entities.
“Since our launch in June, we’ve done a deal with Ayala Land. So now we’ve installed them [hydropanels] on the rooftop of the Seda Vertis Hotel in Quezon City,” said Robert Bartrop, executive vice-president global business development at Zero Mass Water, in an interview.
The installation for Ayala Land, Inc.’s (ALI) hotel is the latest partnership that the company forged after it installed the panels on the rooftop of the Asian Development Bank (ADB) in June this year.
For Seda Hotel in Vertis North, Zero Mass Water’s installation produces drinking water that can displace 2,000 plastic bottles of water monthly.
“We’ve installed one array of six panels on the roof of the Seda Vertis,” he said about the project that serves the hotel’s rooftop bar, among others.
“We’re looking for expanded models for more rooms and more facilities given the size of their (Ayala Land’s) portfolio. They’ve got a commitment to be carbon neutral by 2022 and so this product fits really well,” Mr. Bartrop said.
Zero Mass Water’s “Source Hydropanel” is an off-grid, solar-powered technology that extracts water vapor from the air into a proprietary absorbent material. The water flows into a reservoir where it is mineralized with calcium and magnesium. The last process is meant to ensure the water meets health and taste considerations.
The technology was developed by the company and brought to the country in collaboration with its local partner Green Heat Corp. They installed the four hydropanels on the rooftop of ADB’s headquarters in Mandaluyong City. Each hydropanel is capable of producing up to 5 liters of potable water per day.
Asked about partnerships with other private companies, Mr. Bartrop said: “Some are confidential but we hope to be very active in the new site… for the next few months.”
“We’re working very actively at the moment… We’re expanding our distribution in the Philippines and engaging with people,” he said, adding that the company had received approaches from developers, individuals and families for similar partnerships.
Mr. Bartrop said the company was halfway through a similar installation in partnership with the National Electrification Administration (NEA). The project was announced in June during the launch of ADB’s rooftop hydropanels.
The contract with NEA calls for the installation of 40 hydropanels within the franchises of electric cooperatives in eight Philippine provinces, namely: Pangasinan, Bukidnon, Agusan del Sur, Davao del Sur, Bohol, Samar, Davao del Norte and Misamis Occidental.

Bounty Fresh building up Indonesia chicken operation

BOUNTY FRESH Food Inc. has started building poultry feed and growing facilities in Indonesia, a company official said.
In an interview with reporters on the sidelines of the 2018 World Chicken and Egg Day held in Trinoma mall in Quezon City, Bounty Fresh senior vice president for sales Theresa Chen said: “We’re expanding not only in the Philippines but also (elsewhere in Asia) and outside of Asia.”
“In Indonesia, we’re building (growing) houses, feedmills, and we already have chicks. So we are waiting for them to grow and be sold,” Ms. Chen said,
She did not identify countries outside Asia where the company operates.
Bounty Fresh supplies fast food chains, supermarkets and wet markets, while operating stores under the Chooks to Go brand.
“We have company growers, we have company-owned farms,” Ms. Chen said.
Asked for comment on government plans to impose a suggested retail price (SRP) on agricultural goods, including chicken, Ms. Chen said: “Whether there’s an SRP or not, we hope to offer a competitive price to make sure that every Filipino, every family, can afford chicken.”
She also said that under an SRP chicken would also be more affordable, which would be positive for the business.
Packaging is done by machines, which mean there is no human contact.
Ms. Chen also said that the company is considering as a marketing move backing volleyball players, as a follow up to the support it provided to basketball teams representing the country in selected tournaments.
“We’re exploring volleyball. We want our athletes to be top priority when it comes to exposure and training just like in other countries,” Ms. Chen said. — Reicelene Joy N. Ignacio

Cashalo on ‘hyper-growth’ mode

By Karl Angelo N. Vidal, Reporter
MOBILE LENDING platform Cashalo aims to have a million clients by the first half of 2019 as it leverages on technology to reach unbanked and underserved Filipinos.
Cashalo General Manager Hamilton Angluben expects the platform to serve a million clients as it eyes to serve those who do not have access to formal lending services.
“We’ll have to see if we can achieve that this year, but definitely by the first half of next year, we will achieve that goal,” Mr. Angluben told BusinessWorld on Friday.
Cashalo is a joint venture between Gokongwei-controlled JG Summit Holdings and Hong Kong-based financial technology firm Oriente, investing P10 billion to develop and expand the brand.
Launched in May, Cashalo lends money between P1,500 and P10,000 through its mobile application, allowing customers to borrow more if they meet their loan obligations. Interest rates start at 3.95%. Application is done online, requiring clients to submit documents and IDs digitally. Cashalo also uses facial recognition and accesses data stored in smartphones — with the borrower’s consent — to assess the creditworthiness and legitimacy of its customers.
Loans can be disbursed within the day and will be received through bank accounts.
During its initial run, Cashalo intended to offer digital lending services to the unbanked, or Filipinos who have savings account but still do not access other financial services.
“Our initial target was the underserved. We started there, then we went to the unbanked,” Mr. Angluben added.
Cashalo started tapping the unbanked by launching the “Cashacart” consumer purchase loan, allowing customers purchase multiple items from the platform’s merchant partners.
Cashacart started offering loans in August to as much as P20,000 payable up to nine months in Robinsons Appliances and Robinsons Department Store.
Mr. Angluben added that Cashalo is in a “hyper-growth mode” as it plans to increase its presence ahead of the holiday season to up to 250 from the current 150 merchants.
Amid its rapid expansion plans, Mr. Angluben said internet penetration as well as the inability of Filipinos to open a bank account continue to be hurdles for the mobile platform.
“Without any financial history, banks and financial institutions will not give them services,” he said.
The latest 2017 Financial Inclusion Survey by the central bank revealed that only 22.6% or some 15.8 million Filipino adults maintained a formal accounts as of last year, citing lack of money and lack of need as the main reasons.
“So our first goal is give them a credit score to get them started,” he said. “We’re being prudent to make sure that we’re constantly improving our credit model to eventually be able to service the unbanked,” Mr. Angluben added.
The bulk of Cashalo’s customers are in Metro Manila, while the rest are in key cities in Luzon and Visayas. However, Cashalo’s penetration in rural areas remain slow as the gap between financial services and smartphone penetration is still wide.
“In the rural ares, not so much. That’s where the internet penetration comes in as well as the financial savviness of the people,” Mr. Angluben said. “There’s a huge disconnection between financial services and technology. That’s what we’re trying to close — leveraging on technology to close the gap.”
Mr. Angluben added that once rural banks gain accreditation to automated clearing houses such as PESONet and InstaPay, Cashalo can penetrate the areas being served by rural lenders.

Habi fair’s fulfillment of dreams: both shoppers’ and weavers’

TEXTILES carry our dreams and aspirations within them. When we use these textiles: to cover our furniture, or else our bodies, we seek to camouflage the baser aspects of life and seek to be seen with the added value that the textiles project.
Dozens of dreams for shoppers and exhibitors alike came true last weekend in the Likhang Habi Textile Fair, organized by Habi: The Philippine Textile Council. Over 80 exhibitors participated in this year’s fair, it’s eighth iteration. Laida Lim, the organization’s president, said that it’s bigger this year, in fact, it’s biggest to date: they’ve invited weavers from Malaysia, Vietnam, Myanmar, and Indonesia, some of whom they met while at the ASEAN Traditional Textiles Symposium. Ms. Lim says that they each found common ground in their problems to preserve traditional textiles.
“Our main problem for the weavers themselves is marketing,” said Ms. Lim. “This is one thing that they have to learn.” This she says, covers branding, quality control, and fair and correct pricing for all concerned.
“This is why we do this fair, so the weavers themselves can have that experience,” she said. “In that exchange, they get to improve their product.”
The organization occupied the main atrium of Glorietta, and that between Glorietta 1 and 2: “I asked for the other and they gave it,” recalls Ms. Lim.
Not just cloth and textiles were up for sale in the fair that ended on Oct. 14: among the roster as well were jewelers versed in traditional craft: think brass bells from the T’boli, and antique brooches and necklaces, or brooches and rings inspired by animals and creepers, all the way from Camarines. “We like to invite people who are trying to protect certain crafts,” said Ms. Lim.
“The year before last year, we started vetting [participants],” she said. Before, they invited just whoever they came across, but have now decided to have a sharper focus. “That focus is, preferably (tapping) the producer directly, so we don’t have the middleman. You want the producer [to shine].”
Going around the exhibitors’ booths, one would notice that while they used traditional fabrics and techniques, some of the garments were of a modern quality: think embroidered bomber jackets in the style of the barong. “The weaving technique is still the same. We’ve always wanted to level up to something further. If it’s just like that,” said Ms. Lim, and then she gestured to a bolt of fabric displayed near her, “They’ll say, ‘What are we going to use that for?’”
“We’re encouraging people to wear it for everyday,” she said. Of course, Ms. Lim draws the line at using sacred fabrics — death blankets and the like — for say, cocktail dresses. “You have to be careful about use.”
There was also an exhibit on Philippine cotton at the fair, and Ms. Lim said with some pride that one of their advocacies, the promotion of Philippine cotton, has achieved its goal. “We’ve gotten to the point where farmers are growing cotton, and we’re buying that cotton,” she said. According to her, the fate of traditional textiles is tied to the natural fiber: when farmers abandoned cotton in the Ilocos to grow cash crops like tobacco, the volume and the quality of the textiles went down as well. Now, with the revival of cotton in the horizon, they’ve even managed to spin the cotton for use in the traditional textiles. The next step for the organization is to grow and spin cotton which is competitive with imported strands.
In the eight years of Likhang Habi, Ms. Lim prefers to tell its successes through stories. Among the nonprofit’s goals is to promote, preserve, and catalogue Philippine textiles, but Ms. Lim talked about a weaver who has been in the fair for three years now. The first time, Ms. Lim said that the weaver was shy, but on her third year, “She’s really out there!”
“That’s the kind of stories that we would like to tell: that the weavers have developed into entrepreneurs.” — Joseph L. Garcia

PLDT Enterprise, Solaire expand partnership

PLDT, INC.’s enterprise business is expanding its partnership with Solaire Resort and Casino.
The telecommunications giant said in a statement its PLDT Enterprise unit will start offering holders of Ruby and Diamond Solaire Rewards cards with mobile plans under Smart Communications’ Postpaid Plan 2000.
“I am very excited about the expansion of this partnership, because not only will your patrons have access to our high-speed internet connectivity, but they’ll also enjoy better mobile coverage through their Smart postpaid plans,” PLDT and Smart Enterprise Business Groups senior vice-president Jovy I. Hernandez said in the statement.
The two companies first started its partnership when PLDT was tapped to be Solaire’s internet provider in 2013. It also offered services such as voice telephony solution PABX, IP-Virtual Private Network and vanity numbers for operations management and information technology needs.
“Smart’s commitment to providing connectivity solutions all over the Philippines has made it one of the most trusted network providers in the country. We are glad to have Smart as part of making the Solaire Rewards program more rewarding for our guests,” Solaire Executive Vice-President for Casino Marketing Cyrus Sherafat was quoted as saying. — D.A.Valdez

Yields on gov’t debt go up

By Christine J. S. Castañeda, Senior Researcher
YIELDS on government securities (GS) rose last week amid a high September inflation print coupled with negative sentiment on the trade war between US and China.
Debt yields, which move opposite to prices, rose 41.64 basis points (bp) on average week on week, data from the Philippine Dealing and Exchange Corp. as of Oct. 12 showed.
Nicolas Antonio T. Mapa, senior economist at ING Bank N.V.-Manila Branch, said yields on government securities remained elevated due to the “still stubbornly high” inflation figures and “tighter liquidity conditions.”
“The slightly slower than anticipated inflation print may have helped counter the sustained rise but general expectation is for inflation to remain past the BSP’s (Bangko Sentral ng Pilipinas) target. BSP’s consistent messaging to stay hawkish may have also helped limit the increase in yields but with 10 Treasury yields still above 3.15%, the current levels will likely hold,” Mr. Mapa added.
For his part, UnionBank of the Philippines (UnionBank) chief economist Ruben Carlo O. Asuncion said: “This was probably brought by the general negative sentiment brought by the real impact of the trade war between the US and China.”
“Riskier assets are being sold off as investors are flocking to so-called haven (safer) assets,” Mr. Asuncion added.
The Philippine Statistics Authority reported earlier that headline inflation rose to 6.7% in September from 6.4% in August and 3.0% in the same month last year.
The latest inflation figure was the fastest in nearly a decade or since February 2009’s 7.2%.
Still, the official headline print was lower than BusinessWorld poll median and the central bank’s estimate of 6.8% and within BSP’s 6.3%-7.1% range. However, the September reading was higher than Department of Finance’s 6.4% estimate.
At the secondary market on Friday, with the exception of the 91-day Treasury bills (T-bill), all tenors saw their yields increase. At the short end, the 182- and 364-day T-bills rose by 14.08 bps and 30.69 bps to yield 5.5924% and 5.998%, respectively. On the other hand, the yield on the 91-day T-bill fell by 27.7 bps to 4.4397%.
In the belly of the curve, the two-year Treasury bond (T-bond) saw its yield rise by 106.5 bps to 7.4558%. Rates of the three- and four-year T-bonds also increased by 38.39 bps (6.9946%) and 3.55 bps (7.9712%). The five- and seven-year debt papers also gained 109.63 bps and 50.94 bps to fetch 8.1981% and 7.65%, respectively.
At the long end, the 10- and 20-year T-bonds saw their rates go up by 29.22 bps (8.0593%) and 61.09 bps (8.9288%).
Looking forward, UnionBank’s Mr. Asuncion expects yields to recover this week. However, he noted that there might be a “continuing negative sentiment” in the securities and foreign exchange markets due to the trade war between US and China.
For his part, ING’s Mr. Mapa said: “Market looks to global sentiment for direction and possible announcements from the BTr (Bureau of the Treasury) for direction.”

Beauty and the boys

By Cecille Santillan Visto
APPOINTING male ambassadors for Korean beauty brands is more common than ever. Customers strolling through the Seoul shopping district of Myeongdong can attest that they are often lured into stores by men endorsers of make-up and skin care lines rather than their women counterparts. The strategy may have seemed odd several years back, but today it has become the norm, especially for Korean cosmetics.
The SAEM, one of the biggest beauty brands in Korea, has chosen the 13-member K-pop group Seventeen as its global ambassadors to fight neck-and-neck with other equally powerful K-pop group advocating other brands.
And at the fan signing event organized by The SAEM at Robinson’s Galleria on Sept. 30, it was obvious that the Korean company made the right choice.
Filipino buyers were more obviously receptive to the brand and its products, no small thanks to the endorsers, comprised of group leader S. Coups, Woozi, Wonwoo, Mingyu, Hoshi, DK, Jeonghan, Dino, Seungkwan, Vernon, Joshua, The8 and Jun.
Although a relatively new player, entering the global market only in 2010, and the Philippines only in June 2018, it has become a household name locally due to its affiliation with the K-pop group. From its flagship store at SM Aura, it has since opened seven other stores in different Metro Manila malls and will have two additional outlets before yearend. They are also looking at expanding nationwide. It has stores in Japan, Hong Kong, Thailand, among other Asian countries, Kazakhstan, Russia, and even Mongolia. It now has over 500 stores in Korea and overseas.
During the open event hosted by former U-Kiss member Alexander Lee and radio personality Grace Lee, Seventeen fans who were unable to score tickets to the Ideal Cut concert that weekend were nonetheless given the rare opportunity to see them up close.
Even luckier were 200 fans who were chosen from among the thousands who joined the fan sign raffle. These fans were able to personally get signed posters from the group, with a free hi-touch to boot.
It was sheer pandemonium at the Activity Center of the mall but it was, for most fans, a happy kind of chaos. Amidst the shrieking, Seventeen performed the “Harakeke” dance. Harakeke, which is the main ingredient of the SAEM’s Urban Eco Harakeke line, is a plant native to New Zealand which is said to be a powerful hydrating agent. Its extracts can moisturize and protect skin from dehydration.
The SAEM has a complete line of “eco-friendly” body, cleansing, and skin care products for both women and men in their teens to their late 40s. It also has an extensive make-up, pack and mask, and perfume line and Seventeen excitedly informed their fans that they swear by these products. Vernon added that The SAEM’s scents are his personal favorites as “they smell so good.” Prior to the fan signing, they were even given the chance to shop for their favorite The SAEM products.
The performers said that they make sure to consistently take care of their skin despite their hectic schedule, and their “go to” The SAEM products include moisturizers and hand creams. They also intimated that they use face masks before concerts to ensure that they look refreshed.
During the program, The SAEM showed a birthday video prepared by fans for Jeonghan, a band member who celebrated his 23rd birthday on Oct. 4. The celebrant was ecstatic when the thousands of fans in the venue sang for him as Mr. Lee presented him with his birthday cake.
The program was short and sweet, and although it was very difficult to hear what the Seventeen members were saying, the chance to see the group for free was well appreciated by fans.
But if anything, Seventeen’s fan signing event proved that beauty is no longer confined to the ladies, and legions of fans supporting their K-pop idols can certainly push a brand from obscurity to popularity.

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