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National government gross borrowings fall in June

BW FILE PHOTO

THE NATIONAL Government’s (NG) gross borrowings declined by 11% year on year in June as external debt dropped, the Bureau of the Treasury (BTr) reported.

The latest data from the BTr showed that gross borrowings in June fell to P148.18 billion from P166.49 billion in the same month a year ago.

Gross external debt in June slumped by 30.43% to P15.7 billion from P22.57 billion a year ago, BTr said.

This consisted of P5.06 billion in program loans and P10.64 billion in new project loans.

On the other hand, domestic debt, which accounted for 89.4% of total borrowings, declined by 7.95% to P132.48 billion in June from P143.92 billion a year prior.

Gross domestic borrowings included P110.23 billion in fixed-rate Treasury bonds and P22.25 billion in Treasury bills.

In the first half of the year, gross borrowings rose by 12.89% to P1.57 trillion from P1.39 trillion in the same period in 2023.

Gross domestic borrowings stood at P1.3 trillion in the January-to-June period, up by 27.16% from P1.02 trillion a year ago.

Domestic debt in the first half of the year consisted of P584.86 billion in retail Treasury bonds, P609.21 billion in fixed-rate Treasury bonds and P109.07 billion in Treasury bills.

On the other hand, external gross borrowings dropped by 27.02% to P267.41 billion in the period ending June from P366.44 billion a year ago.

This was made up of P100.5 billion in program loans, P51.67 billion in new project loans, and P115.25 billion in global bonds.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the government may not have needed to boost borrowings in June because of higher dividends from government-owned and -controlled corporations (GOCCs).

“More dividends from GOCCs remitted to the National Government (NG) would have helped reduce the need for the NG to borrow to be able to finance the budget deficit,” he said in a Facebook Messenger chat.

GOCCs have remitted P92.15 billion in dividends to the NG as of end-June, the BTr said.

In April, the Department of Finance raised the mandatory dividend remittances of GOCCs to 75% of their annual net earnings in 2023 from 50% previously.

The government may also be waiting for the Philippine and US central banks to ease monetary policy before it could borrow more, Mr. Ricafort said.

“Market expectations of lower Fed and local interest rates could have also provided the NG some leeway to wait for interest rates/borrowing costs to further go down to be able to save on financing costs/debt servicing costs,” he said.

The US Federal Reserve kept its key policy rate at the 5.25-5.5% range last week, but could start easing by September amid its weakening job market.

On the other hand, the Bangko Sentral ng Pilipinas earlier signaled a potential 25-basis-point cut at its Aug. 15 meeting.

The NG’s borrowing plan for this year is set at P2.57 trillion, of which 75% will come from domestic sources and 25% from foreign sources. — B.M.D.Cruz

Ayala, MUFG investments to boost GCash’s planned IPO — analysts

By Ashley Erika O. Jose, Reporter

THE FRESH investments by Ayala Corp. (AC) and Japan’s Mitsubishi UFJ Financial Group (MUFG) in Globe Fintech Innovations, Inc. (Mynt) may help enhance GCash’s operational capabilities and stimulate investor interest in its planned initial public offering (IPO), according to analysts.

“The investments from Ayala Corp. and Japan’s MUFG are expected to propel GCash to new heights by accelerating its growth and innovation, enhancing its service capabilities, and solidifying its position as a leading fintech (financial technology) player in the Philippines’ digital economy,” First Grade Finance, Inc. Managing Director Astro C. del Castillo said in a Viber message on Sunday.

G-Xchange, Inc. is the operator of GCash. The parent firm of GCash, Mynt, is an affiliate of Ayala-led telecommunications company Globe Telecom, Inc.

In a stock disclosure on Friday, Ayala Corp., through its unit AC Venture Holdings Corp., announced it is increasing its ownership in Mynt by acquiring an additional 8%, raising its overall share to 13%, for P286.4 billion.

It also noted that Ayala Corp.’s board of directors approved the transaction on July 30.

“AC’s strategic priority is to rationalize its portfolio and reallocate capital to clear business winners. The increased stake in Mynt allows AC to further benefit from GCash’s success and strong long-term growth potential,” Ayala Corp. said.

Separately, Mynt said it has also secured funding from Japan’s MUFG, more than doubling its valuation to $5 billion from its $2-billion valuation in the 2021 funding round.

“This strategic move underscores confidence in GCash’s business model and highlights the increasing importance of fintech solutions in promoting financial inclusion in the region,” Mr. Del Castillo said.

Mynt said MUFG, through its unit MUFG Bank, Ltd., has also entered into a binding agreement to invest in Mynt, acquiring an 8% stake in the company.

“We are thrilled to welcome MUFG as a new strategic partner. With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved,” Mynt President and Chief Executive Officer Martha Sazon said.

The new investments signify confidence in the growth trajectory of GCash, Chinabank Capital Corp. Managing Director Juan Paolo E. Colet said.

In January, the electronic wallet platform said it is working to be ready for its IPO target.

“The entry of MUFG has a halo effect on Mynt that could boost its future IPO. The expectation is that the IPO will be priced higher than the latest valuation of $5 billion,” Mr. Colet said.

He said that these investments could enhance investor interest, potentially positioning GCash’s planned IPO as the largest in the Philippines.

“Assuming they decide to list in the local market. However, the higher valuation also bolsters the view that it might make more sense for Mynt to list in a major stock market abroad where there is better liquidity and appreciation for high-growth fintech companies,” Mr. Colet said.

Mr. Del Castillo said the move is a strategic investment that could bolster market appetite and drive confidence in GCash’s plans to list on the stock exchange.

“The strategic investments in GCash by both companies are likely to significantly enhance investor confidence in the company’s potential for a successful IPO by bolstering its credibility, financial strength, growth prospects, and overall market perception,” he said.

At the local bourse on Friday, shares in Globe climbed P56, or 2.59%, to end at P2,218 apiece.

Megaworld enters partnership for P12-B Batangas wellness township

THEFARMATSANBENITO.COM

LISTED property developer Megaworld Corp. has partnered with the owner and operator of The Farm at San Benito wellness resort to develop a P12-billion “wellness township” in Lipa City, Batangas.

The planned 25-hectare integrated active wellness township, called San Benito Private Estate, will be Megaworld’s 33rd township development in the country, the property developer said in an e-mailed statement over the weekend.

“Megaworld is allocating P12-billion to develop the wellness township in the next five to seven years,” the company said.

San Benito Private Estate will offer residential village lots, low-rise residential condominiums, an international brand hotel, a sports and leisure hub, an active adult center, community gardens, commercial shops within an expansive nature park, and nature walk trails.

The property, located about 20 minutes from Lipa City, will feature views of the Malarayat Mountains and is surrounded by lush forests and natural waterways.

Around 50% of the township will be allocated to green and open spaces, including natural parks, reserves, and terrains.

“Part of our company’s direction is to be able to build sustainable communities that integrate holistic health and wellness, as well as longevity to everyone who will live there, stay there, or visit there. This is where our business philosophy aligns seamlessly with that of The Farm,” Megaworld President Lourdes T. Gutierrez-Alfonso said.

The planned township will be directly connected to The Farm at San Benito. Future residents and visitors will have access to the resort’s wellness facilities and amenities.

“This is a shared vision of connecting a very high quality, top-of-the-line real estate business to The Farm. The combination of The Farm and Megaworld can open many new opportunities,” said Binod Chaudhary, chairman of Chaudhary Group, one of the resort’s owners.

The Farm at San Benito offers health programs planned and conducted by integrative medicine doctors specializing in preventive, lifestyle, functional, naturopathic, and holistic medicine.

The resort has received more than 100 international awards, including the “Best Medical Wellness Resort in the World” by SENSES Germany.

“This forms part of our goal at Alliance Global Group, Inc. (AGI) to help further boost the country’s tourism industry by partnering with The Farm, a renowned institution that plays a huge role in introducing the country to the world in terms of medical wellness tourism,” AGI President and Chief Executive Officer Kevin Andrew L. Tan said.

Megaworld shares were last traded on Aug. 2, closing at P1.82 per share. — Revin Mikhael D. Ochave

Robinsons Land targets green certifications for new Metro Manila projects

ROBINSONSLAND.COM

ROBINSONS Land Corp. (RLC) said it targets to obtain sustainability certifications for all its new office developments in Metro Manila, aligning with the company’s strategic green initiatives.

“All Metro Manila offices to be erected would be certified,” RLC Head of Corporate Planning, Strategy, and Sustainability Ramon Rivero said on the sidelines of a forum organized by BusinessWorld last week.

He said that RLC has acquired Leadership in Energy and Environmental Design (LEED) or Excellence in Design for Greater Efficiencies (EDGE) certifications for 15 properties.

In April, RLC received the preliminary EDGE Advanced certification for its Le Pont Residences premium development within the Bridgetowne Destination Estate in Pasig City.

Le Pont Residences is designed with various energy and water efficiency measures in place, along with sustainability features.

“Through green building certifications, we are capable of withstanding environmental stressors by integrating resilient features and energy-efficient systems,” Mr. Rivero said.

“In addition, green certification enhances our company’s reputation and attracts environmentally conscious tenants and investors,” he added.

Mr. Rivero said 24 RLC malls are using solar power with a total capacity of 31 megawatts, translating to 182 million kilowatt-hours of clean energy and avoiding 129,000 metric tons of carbon dioxide.

“We are committed to leading the way in this transformation, in our commercial properties, in our hotels, in our residential condominiums, in our logistics and warehouses, and in our destination estates,” Mr. Rivero said.

“We believe in building better and integrating sustainability into every aspect of our operations,” he added.

Last week, RLC launched the second tower of its MIRA condominium complex in Quezon City under Phase 1 of the development. The second tower was launched following the introduction of MIRA’s first tower in April.

The MIRA condominium complex will have four towers. The property offers a range of unit options, including studios, one-bedroom units with balconies, and two-bedroom units with or without balconies.

RLC shares were last traded on Aug. 2, ending at P14.70 per share. — Revin Mikhael D. Ochave

Alsons Power’s first RE project set for September launch

By Sheldeen Joy Talavera, Reporter

ALSONS Power Group, the power arm of the Alcantara Group, said it will commence commercial operations of its P5.5-billion hydropower project in Sarangani province next month.

“Our first renewable energy (RE) project, the 14.5-megawatt (MW) Siguil Hydro Power Plant in Maasim, Sarangani, is scheduled to begin commercial operations this September,” Alsons Power Chief Executive Officer Antonio Miguel B. Alcantara told BusinessWorld last week.

The hydropower project is expected to generate 95,000 megawatt-hours per year and will be capable of powering approximately 41,000 households.

Mr. Alcantara noted that the road network established to support the operation and maintenance of the 23-kilometer water conveyance system of the power station “improved access to and from various indigenous settlements in the area.”

“This facilitates the transport of goods and produce from the hinterlands to the town center, significantly enhancing the incomes of the people around the power plant,” Mr. Alcantara said.

In addition to the Siguil hydropower project, the company is also developing a hydropower project along the Sindangan River in Zamboanga del Norte and Zamboanga del Sur, as well as another hydropower project in Negros Occidental.

These projects are expected to begin construction by early next year.

Mr. Alcantara mentioned that these projects are part of a pipeline of nine hydropower projects which the company aims to complete over the next five years.

“We also plan to start the construction of our first large-scale solar project by the end of 2024, the first of several intended to establish Alsons Power as a major player in solar power generation,” he said.

Currently, Alsons’ power generation facilities are primarily concentrated in Mindanao. In total, Alsons’ portfolio comprises four power facilities with a combined capacity of 468 MW.

Road Rave

Actor and adventurer Ian Veneracion poses with his BAIC B60 Beaumont 4x4 SUV. — PHOTO BY KAP MACEDA AGUILA

Veteran celebrity Ian Veneracion talks about when and what he first drove, why he chose the BAIC B60 Beaumont, and everything else

By Joyce Reyes-Aguila

ACTOR AND musician Ian Veneracion has been asked to endorse — and lend his credibility and celebrity — to a myriad of brands over the years, but not every brand got his buy in.

“I do not want to endorse products that I do not believe in,” says the seasoned veteran, with over 80 films and television projects to his name. “It’s hard to be associated with something, because your name and reputation are on the line.”

So, when automotive distributor United Asia Automotive Group, Inc. (UAAGI) which handles, among other auto brands, Beijing Automotive Industry Holding Company, Ltd. (BAIC), invited the actor to be its face in the Philippine market, Ian did his usual vetting before signing up with the brand.

“I wasn’t familiar with BAIC then,” he reveals. “Then, I learned about its strategic partnerships with Mercedes-Benz, Daimler, and Hyundai. UAAGI showed the brand’s history and walked me through their manufacturing process. I requested for a test drive, too.”

That test would turn into a long-term drive for the actor who, aside from being BAIC’s brand ambassador today, is also now a proud owner of one its SUV products, the B60 Beaumont. “When I saw the unit, I was surprised because it has so many luxury appointments,” he shares about the seven-seater. “I like the fact that its engine is a diesel hybrid. It’s perfect for me because I have kids and I bring a lot of things when I go camping and stuff.”

Ian is known to enjoy the outdoors. The licensed pilot is also certified in skydiving, paragliding, scuba diving, and more. “Land, sea, and air,” he shares to “Velocity” with a grin. “That’s why a big SUV is perfect for me. I like driving myself outside the city, even if I have a driver with me.”

The actor’s lifestyle takes him from the most rugged locations outside the metro to film sets and evening mixers where he walks the red carpet in a tuxedo. “The B60 is both luxurious and rugged,” he asserts. “It’s very versatile. Imagine what it adds to your image, especially when you’re dressed for events. But at the same time, it does not matter if I’m in the mountainside and it’s covered in mud. The B60 is still capable.”

He adds, “It’s really a good compromise. I like how they designed it and I just appreciate it. Its safety standards are at par with the more expensive brands. It’s really bang for the buck, basically,” Mr. Veneracion continues.

The B60 Beaumont is equipped with a 2.0-liter diesel engine mated to an eight-speed automatic transmission, with a power output of 163hp and 400Nm of torque. It boasts a 48V Hybrid Electric Assist, making it a mild hybrid.

The actor and outdoorsman told “Velocity” he actually first tried to drive at the age of 11. “I would secretly take our car out,” he reveals. “It was a Volkswagen Brasilia. That’s how I learned to drive. If you could drive a Brasilia, you could drive anything. It has a manual shift, there was no air-conditioner, and it has a carburetor. I drove it around our subdivision. And then when my father formally taught me how to drive, he brought me to a memorial park so I can learn how to stop at corners, go uphill and downhill on bridges.”

The actor, who has been in industry for over four decades, saved for his first car that he purchased at 16. “It was a box-type Mitsubishi Lancer,” he recalls. “I really enjoyed that car. I didn’t have a license at that age still though, but some of us really dream of having our first cars at that age. Eventually, I was able to appreciate more cars, the designs of these, how bigger cars are also nice to drive. I learned that every vehicle has its own strengths and weaknesses.”

Prior to driving a B60 home, Ian said the BAIC B40 also caught his attention. “I tried it during the launch where there was an obstacle course that suspended the car in the air,” he shares of his experience with the five-seater SUV. “It felt like I was in a seesaw before I descended. It’s very predictable, like the B60. You always want to know the edge of traction so you’re well-calibrated to it. I do not want to go beyond the traction limit, in terms of grip. You need to know if you still feel the suspension properly.”

Through his experience with BAIC, Ian said his apprehension in owning a Chinese car has dissipated. “I discovered for myself what ‘made in China’ means now,” he asserts. “The experience, the tooling — it’s impossible for them not to catch up with technology. It’s good that we now have a lot of car and motorcycle brands available here,” he tells. “Before, you would have to buy imported vehicles then pay for duties, taxes, and all of that. Then some of these brands did not have dealerships here in the past, so what would owners do if they needed parts or to have them serviced? It was a big problem.”

He continues, “But now almost all brands are available to us. We have many options and hopefully, eventually, more cars will become accessible to more people price-wise. Technologically, I hope more vehicles become cleaner and greener, too. I’m happy to be living in these times.”

By the way, is there anything this multi-hyphenate doesn’t do?

“I don’t dance,” he admits with a hearty laugh.

***

The B60 Beaumont is priced at P2.998 million and comes with a five-year/150,000-km (whichever comes first) warranty. BAIC dealerships are located in Alabang, Bulacan (Baliuag, Marilao), Bacolor, Iloilo, Cagayan de Oro, Davao, Zamboanga, and Tuguegarao.

SEC says 2024 company registrations to exceed previous record

BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) said it is likely to surpass its previous record for company registrations this year.

“The SEC is on track to hit another record this year, with 27,734 firms registered as of end-June,” the commission said in an e-mailed statement over the weekend.

The SEC recorded a high of 49,506 company registrations in 2023, an increase of 15.3% from the 42,943 registrations in 2022.

The commission attributed the surge in company registrations to its digital initiatives, such as the Electronic Simplified Processing of Application for Registration of Companies and the One-Day Submission and Express Registration of Companies.

With this, the SEC said it will push for more solutions to support the development of the country’s capital market.

“The SEC will remain committed to providing innovative solutions that will enable a robust capital market and will support the growth of businesses and the Philippine economy,” SEC Chairperson Emilio B. Aquino said.

The SEC recently launched five programs to support the growth of the capital market. These programs include the SEC Zuper Easy Registration Online, which allows for the digital authentication of system-generated forms through the Electronic Submission Authentication Portal.

The SEC also introduced the Foreign Investment Registration Station Green Lane Unit, which provides a dedicated lane for the corporate registration applications of foreigners.

The commission also unveiled the Electronic Application for Modification of Entity Data online portal, which processes amendments to company information, as well as the Swift Corporate and Other Records Exchange protocol, which handles requests from partner regulatory and enforcement agencies for corporate data. — Revin Mikhael D. Ochave

Electrifying and enlightening

A queue of BYD vehicles hit the road in Davao. — PHOTO FROM BYD PHILIPPINES

Learning about the BYD Atto 3 and misconceptions on EV ownership

By Dylan Afuang

ROLLING VIEWS of hills and vistas are the backdrop of the winding national highways connecting General Santos City and Davao City. The tarmac and the discipline of Mindanaoan motorists seemed smooth and impeccable, too. And these all added to the enjoyment of driving BYD’s range of capable cars to the BYD Davao City dealership.

This was when BYD Cars Philippines brought members of media from Manila to witness the grand opening of the ACMobility-led company’s first dealership in Mindanao. Aside from the occasion, the company had us test-drive the electric vehicle brand’s Dolphin, Atto 3, and Tang models.

The company also debunked misconceptions Philippine consumers may feel toward EV ownership, like the high maintenance costs of such vehicles, short range, and charging infrastructure.

For the drive, other members of the group received the electric vehicle brand’s Dolphin subcompact hatchback and Tang luxury crossover, while we lucked into the Atto 3 Premium (P1.798 million). The crossover is the EV brand’s best-selling model here, according to ACMobility Corporate Communications Manager Mikko David.

A single electric motor (delivering 204hp and 310Nm of torque) drives the Atto 3’s front rollers. The 60.5-kWh, 400-V lithium iron phosphate cell is a Blade Battery kind — which, BYD boasted, is its signature battery design whose modules are packed in an array within structure in order to make a smaller and lighter package that results in a manufacturer-claimed range of 420km.

Our trip spanned only roughly 160km, but we did feel reassured to drive spiritedly in an EV that carried an abundance of energy reserve. On long, almost empty stretches and during overtaking, the Atto 3 willingly got up to speed with a hint of torque steer. The car’s brakes bit hard as they wrested energy back to the battery, and this was matched with a stable ride quality.

Besides proving its driving attributes, the Atto 3 represented the answers regarding the misconceptions on EV ownership. Mr. David enumerated these during the opening of the BYD Davao City outlet located on the city’s JP Laurel Avenue.

The executive explained that with the Atto 3 (priced from P1.598 million for the Dynamic model), a motorist could save 70% or P69,069 in maintenance costs over five years compared to an ICE vehicle. To make these estimates, the company compared the prevailing prices of electricity per kWh versus prices of fuel per liter.

Also, since an EV employs fewer moving parts than an ICE, costs of routine servicing for the former could be lower, too. Within five years, the Atto 3 would necessitate its owner to shell out P221,273 — compared to P755,169 for a conventionally powered model, per the ACMobility executive.

The Atto 3 had also dispelled the supposed limited range of an EV, and that the charging stations in the Philippines are few and far between.

The Atto 3, without recharging, was able to travel over 300km from Manila to Baguio, one way, in a media drive held this year. ACMobility’s nationwide charging network now has a total of 70 charge points in 31 locations, the company noted in a release.

ACEN keen on 4th green energy auction

ACEN Corp., the listed energy arm of the Ayala group, is interested in participating in the fourth round of the green energy auction (GEA), which involves energy storage systems, the company’s president said.

“Depending on the size of the bid and the tenor, we’re interested but hopefully there’s enough time to prepare… for the project itself, the commercial operations date,” ACEN President and Chief Executive Officer Eric T. Francia told reporters on the sidelines of an event last week.

The Department of Energy (DoE) announced last week that it would conduct GEA-4 in the fourth quarter this year, which is designed to cover integrated renewable energy and energy storage systems (IRESS).

As described by the DoE, IRESS is “a comprehensive energy solution that combines renewable energy technology with energy storage systems.”

Energy storage systems include batteries, flywheel, or pumped storage hydropower systems.

“By combining renewable energy and energy storage, IRESS enhances the stability and reliability of the energy system, enabling a more consistent and efficient supply of power,” the DoE said.

Mr. Francia said that the company’s participation would depend on the rules and tenor, as it is not easy to build an IRESS.

“If it’s gonna be just one year, I don’t think anyone can build an IRESS plant in one year. Unless you already have the solar plant and then you will just need to add the battery,” he said.

He also said that ACEN “had a headstart” but not all of its projects are ready.

Currently, ACEN holds around 4.7 gigawatts (GW) of attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia. The company also has one GW of signed agreements and secured competitive tenders.

The DoE said it will release the indicative timeline of GEA-4 activities in the coming months, when it expects to issue a notice of auction.

The GEA program aims to promote renewable energy as one of the country’s primary sources of energy through competitive selection.

GEA was first conducted in 2022 and attracted 1,996.93 MW worth of bids for renewables, while GEA-2 was held in 2023 and awarded 3,440.756 MW. — Sheldeen Joy Talavera

Filipino art deco the theme of Jor-El Espina’s 20th anniversary designs

HEADS turned at Casa Buenas as Filipino fashion designer Jor-El Espina unveiled his latest designs for ready-to-wear pieces, all made from local fabrics and boasting art-deco elements.

The collection is meant to kick off a series of pocket celebrations that will lead up to his 20th anniversary in the fashion business next year. Some of the pieces will be showcased in the main show scheduled for May of 2025.

The show, Adaptation: 20 years of design, filled the restaurant space with fashion personalities, well-known industry clients, and the designer’s friends and family, some of whom came all the way from Iloilo.

Mr. Espina grew up in that province and opened an atelier there in the mid-2000s. His Iloilo clientele consisted mainly of relatives and their friends.

Notably, the bespoke evening wear he designed at the time already incorporated local fabrics such as piña, abaca, and hablon — way before many Filipino designers made the switch from imported to local.

The collection celebrates these origins. At the preview BusinessWorld attended, the runway became a colorful homage to locally made tops, tapis, and cover-ups that adorned the models’ bodies in distinctly modern silhouettes.

Many designs featured mother of pearl, giving the pieces a smooth and crystalline quality, as well as intricate beadwork for a classic feel.

This unique take on Philippine artistry woven into contemporary designs is pretty much Mr. Espina’s claim to fame. In 2017, the artisanal trade fair ArteFino saw his signature bomber jacket-barong hybrid, the Bomberong jacket, garner widespread attention.

The fair’s 2024 edition, slated for Aug. 22 to 25, will once again have a showcase — this time of the art deco-inspired, Filipino fabric pieces in the newly unveiled collection.

“I actually don’t design entire looks. I design piece by piece, per skirt or top, and then make a look after I complete it,” Mr. Espina told BusinessWorld after the preview. “My direction is retail with a designer touch, so people can buy my pieces off the rack and pair it with others.”

As for how he incorporates local fabrics into modern styles, he revealed that his approach is genderless: “I have a diverse set of clients. There are male clients who want to wear tapis; there are female clients who want to wear barong-like tops for men. I design for all genders and I design for myself.”

He added that using a wide range of materials, from piña and hablon to mother of pearl, is an enjoyable challenge.

“I like to create things that are unusual out of them, like a modern silhouette, some beadwork, and different techniques and mixtures of fabric,” he said.

With access to online resources, beautiful materials, and talented artisans that have emerged in the wake of the “love local” movement, it is impossible not to treat fashion design as a continuous learning process. For Mr. Espina, there is a feeling of “being very new to the industry every single day.”

“I still want to learn more. I want to learn from other artists and from my clientele. They are my inspiration for everything.” — Brontë H. Lacsamana

‘Honda Helps’ extends 30% discount on select parts for Carina-affected cars

PHOTO BY KAP MACEDA AGUILA

HONDA CARS PHILIPPINES, INC. (HCPI), through its Honda Helps program, extends a helping hand to customers whose vehicles were adversely affected by the recent Super-Typhoon Carina. HCPI offers a 30% discount on select spare parts for units damaged by the typhoon.

The parts include: ECU, cooling fan motor, accelerator pedal, throttle body, SRS unit, meter assembly, alternator, air bag module, EPS, starter motor, cable reel, heater control, radiator fan motor, fuse box (MICU), and seatbelt pre-tensioner.

Said HCPI President Rie Miyaki in a release, “We would like to offer our sympathies to all Filipinos affected by Super-Typhoon Carina. ‘Honda Helps’ is our way of supporting our loyal customers in bouncing back from this calamity, and get them back on the road as soon possible. We sincerely hope everyone stays safe at this time.”

The company stated that as it aims to provide quality service and products, “part of this commitment is to ensure the safety of customers by making it easier to take care of their units.” The list of Honda Cars dealerships can be found at https://www.hondaphil.com/dealer-finder. This offer is valid for all inundated units received until Sept. 30, 2024.

Toby’s Sports sees 20% growth in revenues this year

SPORTING GOODS retailer Quorum International, Inc. (Toby’s Sports) is expecting revenue growth of up to 20%, driven by athleisure wear and growing interest in sports.

Quorum Founder and Chairman Roberto S. Claudio, Sr. said the company is looking at a 15%-20% increase in revenues this year.

“The main driver is that since the pandemic, people have become more conscious of their health, so there is really an effort to engage in sports because it is the cheapest way to work out,” Mr. Claudio told reporters last week.

“Second is that because of the pandemic, which resulted in work-from-home arrangements, the attitude of people now is to dress down. So employees come into their offices wearing sneakers and jogging pants,” he added.

Mr. Claudio did not provide the company’s revenues for last year but noted that 2023 revenues have already exceeded the pre-pandemic level.

In line with the company’s revenue growth projections, it is also planning to open four to five new stores this year, valued between P5 million and P10 million, depending on the size of the stores.

“These will be located in new malls. Half will be in provinces, and the other half will be in Metro Manila,” he said.

“So yes, the retail business is still growing; in fact, we just recently opened stores in Cabanatuan and Tuguegarao,” he added.

So far, the company has 70 stores nationwide, divided across three formats: Toby’s Sports, Runnr, and Urban Athletics.

“Our Urban Athletics format is the fastest-growing because the young generation nowadays is not only looking at performance when buying shoes but is also looking for lifestyle shoes,” he said.

“But the store openings this year will be a mix of the three formats. Most probably, three will be Toby’s Sports outlets, and one will be an Urban Athletics outlet,” he added.

Despite the optimistic outlook for the company’s top line, Mr. Claudio said that retailers these days are being hit by inflation, the exchange rate, supply chain problems, the recent wage hike, and a shortage of manpower.

“The cost of doing business has also increased just as much as our revenues. So most retailers are really focusing on maintaining good cash flow so we can pay our employees and our payables,” he added. — Justine Irish D. Tabile

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