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Fiscal deficit shrinks by 2% in May

THE GOVERNMENT posted a P32.9-billion fiscal deficit in May, down 2% from P33.4 billion in the same month last year.
Overall government revenues in May were up 13% to P259 billion, while disbursements grew 12% to P291.9 billion.
This puts the January-May fiscal at P138.7 billion, 118% wider than the P63.6 billion recorded in the same period last year.
This is equivalent to 26.48% of the P523.7-billion programmed budget shortfall for the whole year. — Elijah Joseph C. Tubayan

Manila’s tourist gems

Manila has an abundance of tourist gems that are worth seeing. And since the city is small, and if the traffic and weather permit, visiting them can take only a day (or two).

One of the most historically significant structures in the city is the Rizal Monument, situated within the Rizal Park, which was solely known before 1913 as Luneta Park. “The park’s famous centerpiece — the Rizal Monument — has become the iconic national symbol. Rizal’s remains were interred within the foundation of the monument. As a national tradition, numerous floral offering ceremonies are held here during national holidays, celebrations, and state visits,” a government Web site dedicated to the park notes.

Standing 14 meters tall, as measured from the platform, the monument was designed by a Swiss sculptor by the name of Dr. Richard Kissling. The remains of the country’s national hero were interred beneath the monument in 1912.

Considered the oldest Chinatown in the world, Binondo is a must-visit place in Manila. “The Chinatown, which is located along the northern bank of the historic Pasig River, symbolizes the long history of the Chinese presence in the Philippines long before the arrival of the Spaniards. The Chinese had been much involved in the business specially the retail trade and have been absorbed in a Philippine lifestyle,” the official Web site of the local government of Manila says.

A key attraction in the district, aside from the authentic Chinese restaurants and shops, is the Minor Basilica of Saint Lorenzo Ruiz, also known as the Our Lady of the Most Holy Rosary Parish, famously known as Binondo Church. It has been reconstructed a couple of times since its founding near the end of the 16th century. After the Second World War, almost nothing of it was left — except the belfry and the facade. But it is now a sight to behold, especially the altar.

Speaking of churches, Manila is host to a number of beautiful historical churches. Besides the Binondo Church, there’s the Manila Cathedral. “The seat of the Catholic Archdiocese of Manila, is presently the 6th cathedral to rise on the site since 1581. Previous structures were destroyed by typhoons, earthquake and fire during the last war. It was rebuilt on the second half of the 50’s through the efforts of Architect Fernando Ocampo and Archbishop Rufino J. Santos. The cathedral incorporated the stone carvings and rosette windows of the old cathedral. Stained glass windows celebrating the Christianization of the Philippine light up with its clerestory. Mosaic artwork decorated three of its side chapels,” the Manila government Web site says.

There’s also the San Agustin Church. It has a respectable collection of oil paintings of saints, of antiques, and other religious art, and a so-called Capitulation room where the Spanish surrendered to the Americans in 1898, the year the Philippines declared its independence from the latter.

And it’s impossible not to mention Quiapo Church, where the Black Nazarene is housed. According to a book titled Religious Celebrations: An Encyclopedia of Holidays, Festivals, Solemn Observances, and Spiritual Commemorations, the statue of the Nazarene was brought from Mexico by a group of Augustinian Recollect friars in 1606.

“No one is sure when the statue turned black. Actually, it was made from a somewhat dark-colored wood. The local tradition, however, suggests that when originally carved by an Aztec artist the statue was white, but on the voyage to the Philippines, the boat that carried it caught fire, from which it got its black complexion,” the book said.

Though the origin of the statue’s complexion is still debatable, the devotion of millions of Filipinos to it is not. The feast of the Most Holy Black Nazarene, which is celebrated every 9th of January, in which the statue journeys through the streets of Quiapo, draws millions of devotees who hope that by touching it their diseases will be cured, their prayers answered.

Last but not least among the attractions in Manila is Intramuros, a 0.67 square kilometers walled area. Aptly referred to at times as the Walled City, it is home to Fort Santiago, a citadel near the Pasig River.

“The pre-Spanish settlement of Rajah Sulayman was a wooden fort on the ashes of which was built the Spanish fortress which was Spain’s major defense position in the island. It looked out on the sea, towards which its canons were trained forward off pirates and invaders. Also known as the ‘Shrine of Freedom’, in memory of the heroic Filipinos imprisoned and killed here during the Spanish and Japanese eras. Partly rebuilt from the ruins of World War II, it is now a park and promenade housing a resident theaters for both traditional and modern plays,” the Manila Web site says.

A blend of old and new Manila

Manila is the capital and chief city of the Philippines situated on the island of Luzon and spreads along the eastern shore of Manila Bay. It has been an important piece of the Philippine history being the center of economic, political, social, and cultural activities in the country. After more than four centuries, Manila has undergone many changes and transformed itself into a competitive city that reflects the country’s progress throughout the years.

The city of Manila marks another milestone as it celebrated its 447th foundation day or “Araw ng Maynila” yesterday, June 24. As part of the celebration, the city government is conducting a week-long activities that started on June 18 and will be capped off on June 26.

The celebration is centered on giving appreciation to top individuals who have shared their knowledge and showed devotion for the betterment of the city and its residents. On the first day of the celebration, 283 employees of the Manila City Hall were awarded for their outstanding and exemplary service. The city’s most outstanding educators were recognized and received plaque, certificate and cash incentive on June 19, while the outstanding local judges, prosecutors and police officers were honored on the next day.

During the actual Manila Day, a wreath-laying ceremony was held at the Rizal Park followed by a Thanksgiving Mass at the San Agustin Church. Meanwhile, the much anticipated grand coronation night of the Miss Manila 2018 will be held on June 26 at the Philippine International Convention Center.

Amid the rapid developments in the city, remnants of the past that showcase its roots and rich history remain.

Manila was a busy trading center as early as the medieval period. In 1571, Spanish conquistadors under the leadership of Miguel Lopez de Legazpi, the first Spanish governor-general of the Philippines, visited the area and destroyed its settlements. The colonizers declared the region as a Spanish territory and developed it as the Spanish capital in the East Indies region.

In the following years, Manila became a famous business center not only for traders from Asia, but also from Europe, Latin America and Africa.

Manila was seriously threatened and ruled by foreign powers at various periods. At the start of the 20th century, the city came under American rule, and became a fierce battle field during the World War II. The war brought so much destruction to the city where almost all of its buildings and structures destroyed. As a result, the country’s capital had to be moved to Quezon City.

In June 1976, Manila reclaimed its position as the capital city of the Philippines and has retained the position to date. The city went through rapid economic development and continues to thrive as the nation’s capital.

At present, Manila boasts a towering development with the presence of commercial and office buildings, high-rise condominiums, and world-class art and entertainment facilities. The city also hosts a lot of official buildings and important government institutions such as the Supreme Court and Malacañang Palace, the official residence and principal workplace of the Philippine presidents.

Manila’s role in the past, as being the center of trade activities, continues up to the present. The city houses the two prime points of trading in the country, the Manila North Harbor and the South Harbor. Through these ports, trade within the metropolitan area and between the cities, provinces and other countries continue to flourish.

With the presence of diverse food-processing factories, textile companies, chemical industries, and timber factories, the city is also considered as a manufacturing center. The small factories of the city are mostly located in the districts of Tondo, Binondo and Santa Cruz, while the heavy industries are located in Paco, Pandacan and Santa Ana.

Behind the changes and signs of urbanization, Manila was able to preserve its history through the existing old-aged structures around the city including the historic Fort Santiago, the Manila Cathedral, and the San Agustin Church. These, together with the newly constructed parks and attractions in the city, have helped Manila attract local and foreign tourists.

As the country’s capital city, Manila is often the gauge for measuring the progress of the entire country. Many people say that life in Manila is a reflection of life in the Philippines as a whole. It has a population of 1.78 million as of 2015, based on the census data undertaken by the Philippine Statistics Authority.

Despite the common urban problems the city is facing, it maintains its high ranking in the annual Regional Competitiveness Summit organized by the public-private sector organization National Competitiveness Council (NCC). In 2017, Manila placed second in the overall most competitive cities award in the highly-urbanized cities (HUC) category. It also took the number one spot in government efficiency category, second in infrastructure, and third in resiliency.

In 2016, Manila emerged as the third most competitive city in the country, first in 2015, fifth in 2014, and eight in 2013. — Mark Louis F. Ferrolino

Sophisticated rides

Sophisticated in visual appeal and engineering, sport utility vehicles (SUVs) are stylish and practical at the same time — making it a popular fixture on our roads nowadays. Ideal for families, SUVs provide spacious interiors, has off-road capabilities, top-notch safety features, and other luxurious amenities.

Here are some of the best in the market:

Ford Everest

Engineered for the extraordinary, Ford Everest promises to take you to wherever you want to go with its best in class water wading capability and high ground clearance feature. This seven-seater SUV also delivers on comfort with its spacious cabin and leather-upholstered seats. Complementing these are features including active noise cancellation, and a panoramic moon roof.

Ford Everest also boasts of its Watt’s Linkage Suspension, which delivers improved stability for a smoother ride on the road. Without compromising fuel efficiency, this SUV is powered by a 3.2L TDCi Turbo Diesel engine, which delivers 200 Ps of power and 470 Nm of peak torque. In addition, Ford Everest does not compromise with safety by providing a network of airbags for everyone’s protection inside the cabin.

Honda CR-V

The all-new Honda CR-V aims to standout from the rest of SUVs with its coveted features. Its seven-seater’s new Earth Dreams Technology DOHC i-DTEC Turbocharged Engine delivers 120/4,000 Ps/rpm of power and 300/2, 000 Nm/rpm of torque. This engine, which dramatically reduced its overall weight while at the same time have the sturdiness required in an engine, enables an agile and exhilarating drive while being fuel-efficient at the same time.

Complementing its powerful engine are advanced safety features that keeps drivers confident on the road. The re-imagined CR-V also boasts of a stylish exterior characterized by sharper character lines and a more defined silhouette as well as a spacious interior equipped with supple leather seats for ultimate comfort.

Hyundai Tucson

Known for its sporty and bold yet fluidic design, Hyundai Tucson has claimed to be engineered for speed. With different variants for anyone’s preference, the Hyundai Tucson 2.0 CRDi GL 6A/T 2WD for example is powered by R 2.0 CRDi e-VGT engine with a 185/4, 000 ps/rpm of maximum power and 402/1,750 ~ 2,750 Nm/rpm of maximum torque.

Hyundai Tucson also boasts of its aerodynamic design characterized by high-speed stability and highly-optimized body structure. Complementing this are active safety features to ensure top security and a smoother ride.

Isuzu mu-X

Under the hood of Isuzu’s mu-X is the 4JJ1-TCX Blue Power Engine, which produces 177 Ps of power and 380 Nm of torque. Quieter than ever, this engine boasts of maximum power output and overall durability yet with a minimal fuel consumption and emission. This SUV also promises to turn heads on with its sleek lines and curves as well as its fine details and features.

Isuzu also promises premium driving experience with mu-X’s luxurious and updated seats, electronics, and design. More importantly, this SUV — which is often equated to durability — has comfort and safety features that make driving worry-free.

Mitsubishi Montero Sport

Built to perform both on city streets and rough terrains, the Mitsubishi Montero Sport promises first-class traveling with its distinctive exterior characterized by sharp lines and an interior packed with features that assures utmost comfort. Complementing these are luxurious features such as leather contoured seats with multi-layer cushioning, multimedia entertainment system, and slide sunroof, among others.

Mitsubishi also boasts of its Euro-4 compliant 2.4L Clean Diesel engine with Mitsubishi Innovative Valve Electronic Control (MIVEC) system that delivers a power and torque output of 181 Ps/3,500 rpm and 430 Nm/2,500 rpm. Apart from being significantly lighter, this engine has low compression ratio, which results to a reduced fuel consumption and smoke and nitrous oxide emissions.

Subaru Forester

Subaru promises that there’s a whole lot to love with their 2018 Forester. This SUV claims that it is built to last, citing that 97% of Forester models sold in the last 10 years are still on the road today. Assuring performance, the Subaru 2.0XT for example features a 250-horsepower direct injection turbocharged Subaru boxer engine for great driving. This SUV also boasts of its Symmetrical All-Wheel Drive for improved handling, efficiency, and a quicker response to road conditions.

Hand in hand with these features are other details such as power panoramic moon roof, heated steering wheel, memory seating, premium audio system, as well as other safety features to protect passengers on the road.

Toyota Fortuner

Toyota’s best-selling model in 2017, Fortuner is described by the company as the epitome of luxury and suave with its features that exude elegance including its leather-trimmed seats, revamped dashboard, as well as its wood and silver details. Underscoring safety, Toyota Fortuner is equipped with an impact absorbing structure and seven SRS air bags. To assure a smooth ride in different terrains, this SUV has Hill-start Assist Control and Downhill Assist Control that allows driving through uneven paths and slippery roads.

Available in different variants, this well-loved SUV’s engine does not disappoint as well. One of its variants, the 2.4 V DSL A/T for example features the 4-Cylinder In-Line DOHC 16 Valve with a maximum output of 147hp/3,400rpm and 400Nm/1,600 ~ 2,000rpm of torque. — Romsanne R. Ortiguero

Top tech innovations sweeping the SUV market

The SUV commands perhaps the most distinctive presence in the automobile market. Intimidating, powerful, luxurious, such distinguishing traits are the characteristics that elevate the SUV to a league of its own on the road, and are what makes them so popular with the auto enthusiasts.

Not only that, but in the age where the unstoppable force of technology is swiftly making its way into the car market, SUVs are also starting to gain a solid reputation among the techie crowds. Top automakers like Audi, Volvo, Maserati, and Tesla are pushing the boundaries of what was thought possible, reimagining the SUV as an all-in-one hi-tech luxury cruiser that does not only offers power and efficiency, but also comfort and security.

For instance, Audi is giving two of its popular SUVs a major tech upgrade. As one of the biggest names going into automation, Audi is giving its 2017 Q7 SUV autonomous capabilities that may make drivers safer on the road. With the innovative “driver-assistant system”, the SUV can now detect emergency situations and react accordingly by automatically braking, and simultaneously closing the windows and sunroof to secure the car and its passengers.

A more advanced version of Audi’s new driving-assistant system, also available to drivers, includes backup assist to prevent collisions while reversing and advanced cruise control to keep the car in its lane and keep up with traffic on highways.

Audi is also packing new tech onto its user interface, as drivers can now choose to have a full-color heads-up display show information like the current speed, speed limit, and navigation on the windshield. A 12.3-inch panel display behind the wheel offers information on the vehicle’s instruments and infotainment panel.

The upgrades are not at the cost of comfort and luxury. The Q7 SUV’s three rows of seats offer flexibility to all manner of riders and can be rearranged to fit more cargo whenever it is needed. It also comes with a two-panel panoramic sunroof as an added perk. The front seats come with standard heating, and can also upon request be made with ventilated leather and a built-in massager.

The company’s 2018 Q5 crossover SUV received a similar significant upgrade. The car is sporting 30 ambient-light options, with room enough inside the cabin for five passengers. The traditional instruments that used to be on the dashboard have been replaced by a 12.3-inch digital screen, that like the Q7 allows the driver to pull up a heads-up display on the windshield. An 8.3-inch touchscreen was also placed on the console with full voice control functionality, as well as gesture and hand-written entry recognition.

The Q5 features 30 semi-autonomous features such as cruise control that can operate in heavy traffic and lane-keep assist designed to prevent drift.

Volvo’s roomy XC90 SUV is also now available with several high-tech features. Innovative features like the four hidden cameras installed all around the vehicle allow drivers to navigate more effectively and drive more safely with 360-degree view of the car’s surroundings.

How it works is that the center display of the SUV shows the cameras’ views to assist with parking, which the driver can then select whether to view from the front or rear cameras using the touch-controlled display.

And like Audi, Volvo is trying its hand at including semi-autonomous features into its SUVs. The XC90 comes with an autonomous emergency braking system and semiautonomous features that allow it to accelerate, decelerate, stop, and steer itself at speeds below 30 mph.

Meanwhile, electric car maker Tesla, with its Model X SUV, shows the full potential of electric SUVs. Sporting a sleek exterior with sweeping, falcon-wing doors, the Model X comes with Tesla’s proprietary Autopilot feature, which allows the car to steer, brake, and even change lanes on its own while driving on the highway. It utilizes the car’s built-in front-facing camera mounted at the top of the windshield, which helps the Autopilot identify pedestrians and read speed-limit signs.

Inside the car, a 17-inch touchscreen display gives drivers full control of the vehicle, from opening and closing the doors and trunk, to showing maps and navigation with real-time traffic information to help on-the-road decision making.

The Model X also features an impressive interior storage space, with 77 cubic feet worth of storage. This can be augmented by the three rows of seats that can be moved at the push of a button.

Not to be left behind, Maserati’s Levante, being the premium brand’s very first SUV, features a suite of semiautonomous features, which includes adaptive cruise control, rear cross-path detection, lane-departure warning, and forward-collision warning. The Levante comes with an 8.4-inch screen, which supports Apple CarPlay and Android Auto.

As the world of automobiles gets increasing transformed by new technologies, car enthusiasts may soon find innovations like electric, autonomous, smart vehicles become common in the entire marketplace. The SUV market is not the only one susceptible to progress. — Bjorn Biel M. Beltran

S&P, BMI see need for another rate hike

S&P GLOBAL RATINGS and Fitch Group’s BMI Research expect another rate hike from the Bangko Sentral ng Pilipinas (BSP) within the year, citing the need for further tightening to curb faster inflation and ease pressures on the peso.
S&P said that while price pressures remain largely supply-driven, the central bank will still have to raise rates further to support economic activity.
“[W]e hold strong on our view that the current inflation trends are due to factors other than domestic demand and capacity — namely: the first tax reform package as well as higher oil prices. Nonetheless, we expect Bangko Sentral ng Pilipinas to keep its tightening bias, partly as a tool to mitigate inflation expectations and partly to counter the depreciation pressure from portfolio outflows,” S&P said in a report released late last week.
The BSP raised rates by another 25 basis points (bp) last week — a back-to-back move from its May 10 hike — noting that inflation expectations “remain elevated” for the year and amid “more volatility” in the exchange rate.
The peso has been trading at the P53 level versus the dollar since mid-June, touching fresh 12-year lows.
S&P held on to its view that the BSP will deliver three rate increases this year, which will bring the key policy rate to 3.75% from three percent as of end-2017. The central bank’s benchmark rates following last week’s adjustments now amount to three percent for overnight deposit, four percent for overnight lending and 3.5% for the overnight reverse repurchase rate.
Further tightening should help fuel economic growth to another 6.7% this year, matching 2017’s pace though falling short of the government’s 7-8% target.
S&P also expects inflation to taper off and bring the full-year average down to 3.6%, which if realized will return to the BSP’s 2-4% target range. This follows a 2.9% climb in overall prices of widely used goods last year.
“Inflation will likely stay relatively high for a few more months before the tax-induced one-off spike dissipates in the second half of the year,” the credit rater said.
Several bank economists have said that the BSP may be poised for additional rate hikes, with Governor Nestor A. Espenilla, Jr. saying that monetary authorities are navigating a “very complex environment” marked by uncertainties.
In a separate report, BMI Research noted that the BSP remains “hawkish,” thus reinforcing expectations of further tightening.
“We believe that the BSP will likely be compelled to hike interest rates further in the coming months to support the peso as the US Federal Reserve is likely to continue its interest rate normalization path, which will likely entail one more 25 bps hike this year and three more in 2019,” BMI analysts said in a June 21 note.
Mr. Espenilla said that the BSP “is prepared to take further policy action as needed” to keep prices stable.
“Indeed, core inflation has also been rising steadily to 3.6% year-on-year in May from 3.5% in April and 3.4% in March, and we are not convinced that the BSP’s 50bps rate hike so far would do enough to dampen aggregate demand,” BMI added.
Inflation clocked 4.6% in May, the fastest climb seen in at least five years. That brought the year-to-date pace to 4.1%, piercing the central bank’s 2-4% target.
The BSP has conceded to missing this year’s goal as inflation is seen at a 4.5% average for the full year, with policy makers setting sights on bringing the pace back on target next year.

SEC gives short sale green light

By Arra B. Francia
Reporter
THE PHILIPPINE Stock Exchange, Inc. (PSE) has secured the green light for short-selling, a move designed to further increase market liquidity.
In a memorandum posted on its website last Friday, the PSE said the Securities and Exchange Commission (SEC) approved the guidelines for short selling on June 5. The guidelines add to Article IV, Section 5 of the Revised Trading Rules of the PSE, which set general rules for short sales.
“We are optimistic that this facility will lend support to our securities borrowing and lending program and help improve liquidity in our market,” PSE President and Chief Executive Officer Ramon S. Monzon was quoted as saying in a statement.
The PSE defines a short sale as the “sale of a security which the seller does not own or any sale which is consummated by the delivery of a security borrowed by, or for the account of the seller.”
The approved guidelines state that only PSE index (PSEi) members and exchange traded funds are eligible to engage in short selling.
Only 10% of the outstanding shares of an eligible security can be sold this way. The PSE said this limit will ensure orderly short selling “while still providing ample room for price discovery.”
Mr. Monzon noted further that the guidelines will ensure that transactions are transparent and effectively monitored.
“Even with a limited number of eligible securities and a cap on short interest to begin with, we believe that the ability to take short positions will further spur trading activity and attract more investors to our market,” Mr. Monzon said.
Trading participants welcomed the move.
“The concept is good because it will help stabilize price fluctuations and add liquidity to the market,” Regina Capital Development Corp. President Marita A. Limlingan said in a mobile phone message.
UPCC Securities Corp. trader Aristotle D. Reyes, Jr. said this will attract more foreign investors to the market who have otherwhise shunned the local market due to liquidity concerns. “It will have a positive effect on the market as a whole most especially on the index stocks as it will increase the volume of the market and will add liquidity… But I’m not sure about retail investors…It will really depend on the guidelines that regulators will release. So it’s still a wait and see but nonetheless it’s a good development for the equities market,” Mr. Reyes said in a separate text message.
China Bank Securities Corp. Research Director Garie G. Ouano, however, cautioned that short selling could also lead to more volatility. “It’s positive in the sense that both positive and negative insights will now be fully actionable but the downside is that it could lead to a more volatile market,” he said.
The PSE will conduct briefings before launching the program.
“Once we launch short selling, investors will be able to employ this tool to help them hedge their portfolio risk,” Mr. Monzon said.

BSP banks on BPO, tourism for trade boost

REVENUES from business process outsourcing (BPO) and tourism will buoy the country’s external trade balance this year as these industries are expected to grow by a tenth, the central bank said.
Latest estimates of the Bangko Sentral ng Pilipinas (BSP) showed that net inflows from the BPO sector will grow by 10% this 2018 to $24.4 billion. If realized, this will be faster than the 9.6% increase to $22.1 billion in 2017.
For the first, BPO revenues amounted to $5.5 billion, 7.5% more year-on-year.
The BPO sector employs about 1.15 million people and is projected to generate close to $40 billion in revenues by 2022.
However, the Information Technology and Business Process Association of the Philippines sees the sector’s expansion slowing to single digit rate over the coming years as the industry matures.
BPO industry leaders have also voiced concerns about the removal of tax perks under the second tax reform package now being discussed in Congress, even as they remain confident that Filipinos’ skills and quality of service should keep the sector competitive.
Under the proposal, economic zone locators including BPO firms will be taxed 15% of their net taxable income, compared with the current five percent tax on gross income earned. Income tax holidays will also be limited to four years with no extension, against the current regime of four years, extendable to six years.
Meanwhile, tourism sales are expected to reach a fresh high at $7.7 billion, up a tenth from $7 billion in 2017. Growth, however, will taper off from the 35.8% surge seen a year ago.
As of end-March, tourism revenues jumped 51.4% year-on-year to $2.1 billion, according to latest available central bank data.
Boracay Island, a top tourist destination, was cordoned off to tourists starting April 26 for a six-month clean-up and rehabilitation drive ordered by President Rodrigo R. Duterte.
Coupled with $29.2 billion in expected remittances from overseas Filipino workers, these inflows are expected to cushion the impact of an 11% surge in imports to $99.2 billion.
Exports are forecast at $53 billion this year.
The BSP foresees the current account — which measures fund flows in goods and services trading — to balloon to a $3.1-billion deficit, compared to a $700-million shortfall expected back in December. The current account settled at $208 million deficit in January-March, narrower than the $860-million deficit logged in 2017’s comparable three months. Economists and traders have pointed out that the reversal of the country’s current account to deficit has been the main reason for the persistent weakness of the peso, which is currently trading at a fresh 12-year low at P53 per dollar. The BSP has said that a “modest” current account gap should not be a cause of worry, as increased imports will translate to economic growth as they support infrastructure development and business expansion. — Melissa Luz T. Lopez

Flower power takes hold at Dior in break from menswear past

PARIS — A giant sculpture made of pink and black flowers set the tone at Christian Dior’s catwalk show in Paris on Saturday as new menswear designer Kim Jones stamped his style on the storied French label with a display of floral-inspired, airy looks.
To a booming techno-pop soundtrack, models clad in pastel blues and pinks, with occasional splashes of acid yellow, sauntered round the larger-than-life sculpture by New-York based artist KAWS, known for his teddy-like toys.
Singers Lenny Kravitz and Lily Allen and actors Robert Pattinson and Gwendoline Christie were among celebrities hogging the front row at the hotly anticipated show, which comes amid a period of upheaval for menswear fashion.
British designer Jones, formerly of LVMH stablemate Louis Vuitton, took the Dior job in March, in a merry-go-round of designer changes at the French conglomerate.
Top luxury brands are looking to renew their menswear offering and tap into a growing clientele drawn in part by a shift toward street-style, sportier looks.
Jones, known for infusing this urban edge into designs during his Vuitton tenure, including through a hit collaboration with skatewear brand Supreme, took a slightly different turn with his Dior reinvention.
Models wore tailored suits paired with sneakers, in a nod to Jones’ streetwear credentials, but looks also referenced more traditionally feminine styles, with flower motifs appearing on shiny raincoats and an array of delicate, see-through shirts.
The collection broke with a darker, more rock-and-roll style that had endured at Dior’s menswear collections since designer Hedi Slimane was at the helm in the early 2000s and brought in sharp, slim-cut silhouettes.
Jones took his inspiration from the label’s founder Christian Dior, according to show notes, including the designer’s love of nature.
The collection also featured accessories long associated with the womenswear collections at Dior, such as a handbags shaped as saddles, which models wore attached to belts or as saddle-style pockets stitched onto backpacks. — Reuters

Melania Trump’s Zara jacket thrusts Inditex into spotlight

FAST-FASHION pioneer Zara has been caught up in a sartorial controversy involving first lady Melania Trump — with a garment that was last on sale two years ago.
Trump, boarding a plane for a flight to an immigrant detention center in Texas, wore an olive-green jacket with the words “I Really Don’t Care, Do U?” on the back.
While Zara’s shops are ubiquitous, its Spanish parent company, Inditex SA, typically tries to stay out of the limelight. The company eschews advertising, save for occasional forays like a YouTube campaign for its Massimo Dutti brand. Founder Amancio Ortega first appeared in a public photo when the retailer listed its shares in 2001, almost three decades after he created the company.
Zara has previously drawn controversy for some of its clothing designs — including a denim miniskirt printed with a cartoon face resembling Pepe the Frog, a symbol adopted by anti-Jewish groups. In this case it wasn’t the clothing itself, but rather the juxtaposition of the wearer and the setting that prompted questions — with her husband, President Donald Trump, saying the first lady’s jacket choice was a dig at the news media, while her own spokeswoman said, “There was no hidden message.”
“Melania Trump has a huge reach and that makes it difficult for Inditex or Zara to control the message and respond to this,” Jaime Castello, a professor of marketing and sales at Spain’s ESADE business school. “Zara and the rest of Inditex brands are very meticulous and careful about who they’re associated with. At this point, the safest option would be let this controversy go.”
An Inditex spokesman declined to comment.
Given the company’s reputation for turning around its collections within weeks, any fashionistas inspired by Trump’s wardrobe will struggle to find the garment, given that it was part of a 2016 collection. — Bloomberg

DM Consunji eyeing Japanese partner for NSCR civil works bid

By Arra B. Francia, Reporter
DM CONSUNJI, Inc. is currently in talks with a Japanese partner to form a consortium that will bid for the construction contract for the North-South Commuter Rail (NSCR) traversing Malolos to Tutuban.
DM Consunji Chairman Isidro A. Consunji said he will be flying to Japan on Tuesday to continue ongoing discussions with a Japanese firm for a project involving the installation of the railway’s civil works and system.
“I think the Japanese are serious kasi naglabas na sila ng (because they prepared) bid documents… Kailangan may (There is a need for a) local counterpart,” Mr. Consunji said during a briefing over the weekend.
The $2.88-billion NSCR — running from Malolos, Bulacan to Tutuban, Manila — will be funded by the Japan International Cooperation Agency through official development assistance loans.
Mr. Consunji said the Japanese company has already shown the engineering design and specifications of the railway, noting the difficult part is convincing the Japanese that a local firm can handle such a large project.
“One of the issues is: can a Filipino company handle a project this big? Pero ang Pilipino madali naman mag-scale up pag malaki ang trabaho. Hindi naman mahirap (But for Filipinos, it is easy to scale up if it is a big job. It’s not hard),” he said.
The NSCR is the first phase of the North-South Railway Project, spanning Metro Manila to Albay. The entire railway will consist of four tracks, the first of which connects Malolos, Bulacan to Tutuban, Manila. The second phase will link Tutuban to Los Baños, Laguna. The Malolos-Clark railway will be connected to the Tutuban-Malolos portion, while the fourth phase will connect Calamba, Laguna to Legazpi, Albay.
Mr. Consunji expects the government to tap various contractors for different phases of the project to speed up its completion.
The NSCR, which will use electric and high-speed technology, is expected to service up to 100,000 passengers per hour. In comparison, the Light Rail Transit has a capacity of around 20,000 passengers per hour.
The project aims to ease congestion in Metro Manila, with the 37.6 kilometer-Malolos-Tutuban line expected to cut travel time from two hours to 35 minutes.
“That’s a very big change in Metro Manila. We should aim for that to happen,” Mr. Consunji said, calling the project a “game-changer” for transportation in the Philippines.
Should the DMCI consortium secure the contract, Mr. Consunji said it would take three years to complete the project.
The executive further added there will be no right of way issues since the company will use the line of the Philippine National Railway.
“Walang right of way issue, kaya ang laki ng chance it can happen (There is no right of way issue, so there’s a big chance it can happen),” Mr. Consunji said.
The NSCR is one of the flagship projects of the current administration’s infrastructure program called “Build, Build, Build.” In December last year, the Department of Transportation awarded the consulting contract for NSCR to a Japanese consortium led by Oriental Consultants Global.
DM Consunji is part of diversified engineering conglomerate DMCI Holdings, Inc. The listed company’s net income rose 5% to P4.3 billion during the January to March period of 2018, lifted by an 8% climb in revenues to P20.3 billion. The company was affected by unplanned outages from its power business during the period, which was offset by higher coal prices.

Davao targets 1,000-ha. in extra land for coffee

THE government is hoping to upgrade the coffee bean crop by raising production in the Davao region and by improving the genetic quality of domestic output.
Melani A. Provido, the Department of Agriculture (DA) Region XI’s High Value Crops Development Program coordinator, said in a statement that the office hopes to add another 1,000 hectares (ha) planted to coffee, from the current 2,300 ha in the Davao Region due to the 2.4% annual increase in demand.
“[This] is expected to rise in the coming years. More and more people drink coffee every day as the younger generations drink more,” she said.
Under the Philippine Coffee Industry Roadmap 2017-2022, the government plans to expand the area planted to coffee by 20,000 ha annually and increase production volume to 120,000-200,000 tons from 37,000 tons.
By year’s end, the total area planted to coffee should be 16,597 ha, with 12,448 ha dedicated to the Robusta variety, 4,149 ha to Arabica and 1,000 to Liberica.
“To sustain coffee production, there is a need to rejuvenate old trees to improve their productivity. It is a widely accepted practice for revitalizing coffee farms and has been found more advantageous than replanting,” Ms. Provida said.
The DA has so far rehabilitated 185,500 trees which are expected to bear larger berries after a year. Replanted trees, on the other hand, need another three to four years before flowering to produce the same results.
Under the roadmap, the government is seeking to increase the yield of green coffee beans to 1 metric ton per ha by 2022 and cut the importation of coffee bean and its products by 65%.
DA Agriculturist John Paul Matuguinas recommends that farmers pick red berries for their fully-developed flavor instead of “strip picking” or picking all of the berries.
“Proper picking, drying and storing must also be observed to produce quality coffee. Poor handling and storing practices can worsen the quality of coffee,” he added.
“In producing specialty coffee, the wet process is observed where red berries are washed, de-pulped, parched and fermented for 24 hours. After fermentation, beans are air dried in an elevated drying bed.”
With higher yields, the roadmap also targets 3% in increased employment and the adoption of environmentally-friendly technologies.
Ms. Provido said that the DA will provide processing equipment such as pulper machines to ensure quality and reduce waste in picked berries.
Cavite State University researchers in cooperation with the Department of Science and Technology are also working to improve the genetic diversity of coffee beans which was found to be “low.”
The study found that some distinct coffee varieties turned out to be genetically the same, while some were also almost indistinguishable even at molecular level, according to the Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development.
The state universities of Benguet, Central Philippines and Mindanao also took part in the project which also seeks to conserve and manage the coffee’s genetic resources.
The project will enable researchers to identify the genetic origins of the beans and “define possible parental linkages for breeding” through a database which can be used for breeding programs in the future. — Anna Gabriela A. Mogato

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