Home Blog Page 1413

Style (07/01/24)


Montblanc presents summer novelties

MONTBLANC continues expanding its wearable technology line with the introduction of new, elegant colorways and a partnership with Mimi Hearing Technologies that brings personalized audio to the MTB 03 In-ear Headphones via the Montblanc Sound App. The latest edition of the Montblanc MTB 03 In-Ear Headphones delves into the Montblanc archives to introduce a deep British green reminiscent of an early Meisterstück writing instrument. With design details directly inspired by the Meisterstück itself, the in-ear headphones boast of a lightweight resin construction and are crowned with the Montblanc emblem. Features like Active Noise Cancellation with live mode, water resistance, and intuitive touch controls ensure a seamless, immersive audio experience. To craft the sound of the MTB 03, Montblanc worked with sound engineer Axel Grell who fine-tuned the hardware components to craft a Montblanc Sound Signature. Montblanc partnered with Mimi Hearing Technologies to offer a personalized sound experience. Using Mimi’s hearing test technology, a personalized auditory profile is created based on the individual’s hearing capability in the Montblanc Sound App, the companion to the MTB 03 In-ear Headphones. The sound is then automatically adjusted to the user’s distinct hearing needs, restoring missing details, and enriching the overall sound. As for timepieces, the Montblanc Summit 3 Smart watch is inspired by the purity of glaciers, the latest blue colorway features a lightweight titanium watch case and configurable watch faces following in the glacial theme. It comes with interchangeable calf leather and nylon-rubber straps in petrol blue. For active movers, Summit 3 incorporates a personal health suite via the Summit App that tracks health and wellness goals, and offers features like step tracking, sleep monitoring, and blood oxygen measurement. The MTB 03 In-Ear Headphones and Montblanc Summit 3 Smartwatch are now available at Montblanc boutiques worldwide and online. Montblanc is available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu, Greenbelt 5, and Solaire Resort Entertainment City.


Marks & Spencer & Sienna Miller

MARKS & SPENCER (M&S) has announced a design collaboration with British actress and style icon Sienna Miller, which was launched at the Marks & Spencer Rockwell and Shangri-La Plaza stores on June 26. Ms. Miller said, “I have always had a genuine love for M&S — it’s a brand that is part of the fabric of British life and holds special associations for so many people… To collaborate on a womenswear design project made total sense. I can’t wait to see what customers think of the collection.” Maddy Evans, M&S Womenswear Director, adds: “We are absolutely delighted to build upon our relationship with Sienna Miller and introduce a design collaboration that is inspired by her own personal wardrobe. Sienna is the epitome of the modern woman — confident, empowered, and effortlessly chic and her unique style and personality perfectly complements our brand values.” The collaboration has resulted in a 33-piece collection. With a nod to summer festivals, 1970s prints, exotic adventures, and some of Ms. Miller’s favorite vintage finds, the collection embraces her high/low dressing. Her “dress of the season” is a chic, ultra feminine, ruffle maxi dress available in ivory and pale blue, and a beaded tank dress that suggests her iconic Glastonbury style. There’s also a multipurpose sarong in reference to a scarf gifted to her by her father. Marks & Spencer has 20 stores in the Philippines.


Puma introduces Speedcat OG ahead of F1 Season

GLOBAL sports brand Puma has relaunched a sneaker, the Speedcat OG on June 29 to signal the beginning of a new Speedcat campaign for the forthcoming months. The sneaker, originally conceived as fireproof footwear for Formula One (F1) racers in 1998, has secured its status since the 2000s, thanks to its innovative silhouette, low-profile heel, and signature Puma cat embroidery. In line with the recent low-profile look trend, Speedcat has re-emerged as one of the most popular sneakers. Speedcat OG adopts Ultra Suede, an enhanced material surpassing the original suede. This model is distinguished by a gold foil logo on the tongue and heel tab, along with a cat embroidery signature on the toe. Additionally, the updated midsole and Softform+ footbed ensure a lighter, more comfortable fit, increasing the overall wearability compared to previous models. The Speedcat OG will be available exclusively at Atmos, Bonifacio Global City.

Denmark will be first to impose CO2 tax on farms

REUTERS

COPENHAGEN — Denmark, a major pork and dairy exporter, will introduce a tax on livestock carbon dioxide (CO2) emissions from 2030, making it the first country to do so and hoping to inspire others to follow, the government said.

A tax was first proposed in February by government-commissioned experts to help Denmark reach a legally binding 2030 target of cutting greenhouse gas emissions by 70% from 1990 levels.

The centrist government reached a wide-ranging compromise with farmers, industry, labor unions and environmental groups on policy linked to farming, the country’s largest source of CO2 emissions.

“We will be the first country in the world to introduce a real CO2 tax on agriculture. Other countries will be inspired by this,” Taxation Minister Jeppe Bruus of the center-left Social Democrats said in a statement on Tuesday.

While subject to approval by parliament, political experts expect a bill to pass following the broad-based consensus. The deal proposed taxing farmers 300 Danish crowns ($43.16) per ton of CO2 in 2030, increasing to 750 crowns by 2035.

Farmers will be entitled to an income tax deduction of 60%, meaning that the actual cost per ton will start at 120 crowns and increase to 300 crowns by 2035, while subsidies will be made available to support adjustments in farm operations.

The tax could add an extra cost of 2 crowns per kilo (2.2 pounds) of minced beef in 2030, Minister for Economic Affairs Stephanie Lose told public broadcaster DR.

Minced beef retails from around 70 crowns per kilo at Danish discount stores.

New Zealand this month scrapped plans to introduce a similar tax after facing criticism from farmers. But while Danish farmers had expressed concerns that the country’s climate goals could force them to lower production and cut jobs, they said the compromise makes it possible to maintain their business.

“The agreement brings clarity when it comes to significant parts of the farmers’ conditions,” the L&F agriculture industry group said. — Reuters

BagoSphere secures investment to expand upskilling initiative for frontline workers

BagoSphere, a Philippine startup specializing in human capability training and upskilling solutions, secures equity investment from Negros Women for Tomorrow Foundation (NWTF), a nongovernment organization dedicated to providing microfinancing and developmental services for marginalized communities. This strategic investment marks a pivotal moment for both organizations as they join forces to create impactful training programs to foster sustainable communities and advance nation-building efforts.

The new funding will drive BagoSphere’s latest innovative programs, focusing on leadership development and expansion in the Philippines and exploring strategic growth in Southeast Asia over the next two years, targeting frontliners in fast-growing industries. Furthermore, the new funding will enhance the learner community experience, aiming to reach 100,000 members.

“This is a testament to the trust we’ve built with NWTF over the years. We see immense opportunities to support frontline workers in various sectors. Despite technological advancements, these roles remain deeply human-centered,” Zhihan Lee, chief executive officer and co-founder of BagoSphere, stated. “Many of these workers lack formal education, and our goal is to empower workers from low-income backgrounds in forging a path to the middle class through the help of our programs.”

BagoSphere has trained over 10,000 jobseekers, frontliners, and professionals. This track record underscores BagoSphere’s commitment to empowering individuals and fostering continuous learning and development.

Adrian Ackeret, partner & chief investment officer at elea Foundation for Ethics in Globalization, a long-standing partner of BagoSphere, welcomes NWTF’s investment to validate BagoSphere’s impactful work. He praises BagoSphere’s approach to empowering entry-level workers to become resilient professionals, and underscores its strong business model for future growth.

For over a decade, BagoSphere has served as NWTF’s strategic talent partner, notably through their Loan Officers Foundation Training program, enhancing communication skills and the job of NWTF’s loan officer trainees. This program helped expand NWTF’s workforce from 2,000 to over 5,000 employees across Luzon and the Visayas.

“We recognize that people are the heart of every business. Progress and development are achieved when individuals have the right mindsets, skills, and capabilities. Our investment with BagoSphere is a testament to our belief in their role in fostering sustainable communities across the country and beyond,” said Suzzette D. Gaston, executive director and co-founder of NWTF.

NWTF’s investment adds to the robust support BagoSphere has received from various investors, partners and clients, such as Ateneo Center for Educational Development, Grab Philippines, and elea Foundation, among many others. This collective backing underscores confidence in BagoSphere’s mission and its transformative impact on communities.

Globe shares rise after partnership announcement, asset disposition

GLOBE TELECOM, Inc.’s shares rose last week after it sold assets to Phil-Tower Consortium, Inc. (PhilTower) and announced its partnership with Lynk Global, Inc.

Data from the Philippine Stock Exchange (PSE) showed a total of 535,785 Globe shares worth P1.1 billion exchanged hands from June 24 to 28, making the telecommunications company the seventh most actively traded stock last week.

Shares closed at P2,100 apiece last Friday, up 8.9% from P1,928 a week ago.

Year to date, the stock jumped 22.1% from the P1,720 finish on the last trading day of 2023.

Analysts attribute the week-on-week growth to positive developments surrounding the telecommunications company.

On Tuesday, Globe announced its partnership with Lynk, a global satellite company, to assess satellite-direct-to-phone communications in underserved areas in the Philippines.

Pilot areas for the program are Zambales, Pangasinan, Siargao, and Leyte. The program will make use of Lynk’s low-Earth-orbit (LEO) satellite constellation to deliver short messages and emergency alerts in areas without traditional network coverage.

The collaboration will last one year or until June 2025 with the goal to enhance connectivity in the country.

The partnership pushed Globe stocks up, reflecting investor optimism about the satellite-direct-to-phone services, Jervin De Celis, equity trader at Timson Securities, Inc., said in an e-mail interview.

“The market perceived this initiative as a strategic move to enhance connectivity in remote areas, which could drive future revenue growth,” he added.

“The potential for improved connectivity in underserved areas represents a growth opportunity for [Globe], potentially increasing its subscriber base and revenue,” Arielle Anne D. Santos, equity analyst at Regina Capital Development Corp., likewise said in a separate e-mail.

Meanwhile, Globe sold 48 towers worth P710 million to PhilTower, bringing the total disposition of assets to 1,148 out of 1,350 towers, Globe said in a statement on Monday.

Globe said that the transaction will yield funds for raising capital and improving balance sheet health.

“This transaction enhanced [Globe’s] liquidity and financial health, boosting investor confidence and contributing to stock price appreciation. The move aligns with the telecom industry trend of divesting infrastructure to focus on core operations and partnerships,” Ms. Santos said.

Ms. Santos added that foreign investors and a reassessment of Globe’s valuation further pushed shares upward.

“Foreign investors were net buyers of at least 190 million pesos worth of Globe’s shares, indicating strong confidence in the company’s strategic direction,” Mr. De Celis likewise said.

Globe’s first-quarter revenue reached P45.31 billion, inching up 0.6% from P45.03 billion in the first quarter of 2023.

On the other hand, the company’s attributable net income went down 6.1% to P6.81 billion from P7.25 billion in the same period last year.

“Following [Globe’s first quarter 2024] results, market sentiment has further improved, supported by significant upward revisions in target prices by brokerage firms. This reassessment underscores growing confidence in [Globe’s] strategic initiatives and growth prospects, fueling heightened investor interest and driving its stock price higher,” Ms. Santos said.

Mr. De Celis sees Globe’s second quarter revenue to reach P46.99 billion, while full-year revenue may reach P172.4 billion.

Ms. Santos expects the stock to continue moving upward this week.

“It will likely remain range-bound with some pullbacks from time to time, as the [relative strength index] is already in the overbought region. This suggests that while investor sentiment is currently strong, some profit-taking and short-term corrections are expected as the stock consolidates its recent gains,” she added.

“Since the stock has just broken out of its five-week consolidation period, the stock may experience a pullback early [this] week for a potential profit taking move from market players,” Mr. De Celis likewise said.

He placed Globe’s short-term support at P2,020 and resistance at around P2,230 should it continue its uptrend movement.

Ms. Santos placed her support at P2,014 and resistance at P2,160. — Karis Kasarinlan Paolo D. Mendoza

Advocating for safe motherhood

VANESSA-UNSPLASH

In 2021, 2,478 Filipino women died due to complications from pregnancy or childbirth, according to the United Nations Population Fund. Moreover, 14% of pregnant women in the country do not get regular check-ups and the other necessary medical care that they need during their pregnancy. One in 10 Filipino women do not give birth in health facilities or receive assistance from skilled healthcare personnel during childbirth.

During the recent Health Connect media forum with the theme “Healthy Mom, Happy Baby: Advocating for Safe Motherhood,” maternal health experts delved into the challenges Filipino women face, from preconception to postpartum. The forum also highlighted the need for comprehensive policies and multi-stakeholder collaboration to improve maternal and child care.

Health Connect is led by the Philippine Medical Association, the Philippine Foundation for Vaccination (PFV), the Pharmaceutical and Healthcare Association of the Philippines (PHAP), and its member Sanofi.

Dr. Maria Lorena Santos, president of the Philippine Infectious Diseases Society for Obstetrics and Gynecology, revealed that their organization has been working with Representative Ciriaco Gato, Jr. (Batanes, Lone District) on the enactment into law of House Bill 9354 which provides for comprehensive maternal healthcare, including immunization for pregnant women.

There are other maternal health-related bills currently pending in Congress. Senate Bill No. 1416 or “An Act Safeguarding the Health of Filipino Mothers at the Time of Their Childbirth” authored by Senator Mark Villar aims to ensure the health and welfare of women throughout their pregnancy and during delivery of a child.

Meanwhile, House Bill 5684 or “An Act Safeguarding the Health of Filipino Mothers at the Time of Their Childbirth” authored by Representative Camille Villar (Las Piñas City, Lone District) aims to reduce maternal deaths by providing birthing facilities for every barangay in the country.

Representatives Luis Raymund Villafuerte, Jr. (Camarines Sur, 2nd District), Miguel Luis Villafuerte (Camarines Sur, 5th District), and Tsuyoshi Horibata (Camarines Sur, 1st District) filed House Bill 2888 or “An Act to Ensure Every Pregnant Woman’s Access to A Skilled Birth Attendant at the Time of Childbirth and Immediately Thereafter” otherwise known as the Bantay Buntis Act.

In his video message shown during the media forum, Senator Villar affirmed his strong support for enhancing maternal and child care in the country. “I am your ally in pushing for legislation advocating our cause.”

Dr. Tania Verora, maternal and child health coordinator of the Pasig City Government, presented their National Safe Motherhood Program (NSMP) activities. These include capacity building on maternal care for health staff; advocacy and social mobilization to raise awareness on maternal and child care such as Usapang Buntis lay forums, Pocket Buntis, Buntis Caravan, and community focus group discussions, among others. In terms of logistics, the Pasig City Health Office procures mother and baby kits, micronutrient supplements, maternal vaccines, and laboratory tests to screen for gestational diabetes.

Ruby Lucasan, midwife supervisor of the Quezon City Health Department, discussed their Maternal Health Care Program which provides a comprehensive core package of services for pre-pregnancy, pregnancy, delivery, postpartum and newborn care. Their advocacy activities include a mobile laboratory for pregnant women, Usapang Buntis lay forums, Buntis Assembly, Buntis Tour, adolescent health lectures, coordination meetings with barangays particularly for enforcement of local ordinances prohibiting home births, and inspection of private lying-in clinics among others.

In line with the Universal Health Care Act, the Quezon City Health department performs paperless e-referrals through their primary care provider network and healthcare provider network to local government unit hospitals (the Rosario Maclang Bautista General Hospital and the Quezon City General Hospital) and an apex hospital (East Avenue Medical Center).

PFV executive director Dr. Lulu Bravo lauded the maternal and child health initiatives of the Pasig City and Quezon City, and encouraged other LGUs to emulate these initiatives. She also paid tribute to midwives and their vital role in maternal and child care. “Midwives are our heroes,” she said.

Dr. Bravo underscored the importance of maternal immunization in preventing vaccine-preventable diseases like influenza that can cause severe complications in pregnant women such as pneumonia. The Philippine Obstetrical and Gynecological Society recommends pregnant women receive the influenza vaccine; Tdap (Tetanus, Diphtheria, and Pertussis) vaccine or Td (Tetanus and Diphtheria) vaccine, Hepatitis A vaccine, Hepatitis B vaccine, and other inactivated vaccines.

PMA president Dr. Minerva Calimag highlighted the need to empower mothers with the right health information and the vital role of media in promoting health literacy. She encouraged journalists to disseminate the information discussed during the Health Connect media forum.

No woman should die while giving life. A whole-of-government and whole-of-society approach are important in addressing maternal health issues and improving maternal health outcomes. Motherhood should be a cause for celebration, and this can only happen if we provide the right environment for the mother and her child to thrive and be free from preventable health concerns.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

BSP survey: Business sentiment less optimistic in Q2

The Bangko Sentral ng Pilipinas (BSP) said that firms were less bullish in the second quarter. The confidence index for businesses decreased slightly to 32.1% in the second quarter from 33.1% previously.

BSP survey: Business sentiment less optimistic in Q2

One Spain-tacular drive

PHOTO BY KAP MACEDA AGUILA

We get dibs on the all-new version of the Mini Cooper Electric

DID YOU KNOW that Sitges is apparently known as the Saint-Tropez of Spain? Hugging the Balearic Sea — itself part of the larger Mediterranean Sea — the scene coastline city is also relatively near Barcelona, making it easy to access for tourists wanting a slice of the country beyond the usual fare, with a selection of beaches, bars, restaurants, and historical sites. It’s also a community known for inclusion. A pride flag flew prominently on the coastal road leading up to our hotel.

Beyond the usual is, of course, what automotive brand Mini has always been known for — a small, big idea that was a reaction to the 1956 Suez Canal crisis that endangered petrol supply and led to the rationing of fuel. In 1959, barely breaching a length of three meters, the Morris Mini-Minor was born — a fuel-frugal, cute machine from the mind of British-Greek designer Sir Alec Issagonis.

Sixty-five years later, the Mini is still making heads turn — not just because of its diminutive profile but, truly, owing to its design language and everything it continues to stand for.

Mini Head Stefanie Wurst, speaking to members of the international media through a recorded message, said that today’s Mini family — whether electrified or not — bears “three foundational pillars” that define the brand: A digitized community, a minimal footprint, and the quintessential go-kart feeling. “(These) underscore our commitment to connectivity, sustainability, and driving fun. From staying seamlessly connected to your Mini community, to innovative visual features, to minimizing our environmental impact with a compact footprint and finally delivering that exhilarating driving experience reminiscent of a go-kart.”

The main agenda of our trip is to get dibs on the newest iteration of the Mini Cooper Electric, the youngest of Mini’s lineup of battery electric vehicles. Beyond the product, Ms. Wurst averred that this symbolizes the “embracing of a new era of motoring while staying true to (Mini’s) roots. This electrifying package offers an immersive digital experience seamlessly blending cutting-edge technology with the hallmark go-kart feeling that Mini drivers have come to love. While embracing the future, we’re not forgetting our past (as the) electric Mini Cooper retains the traditional minimalistic footprint that has defined Mini for the past four generations.”

The all-electric Mini comes in two trims — the Cooper E and Cooper SE. Per WLTP’s reckoning, the former boasts a single-charge range of up to 305km, while the SE can muster up to 405km. I lead off with these figures because range is undoubtedly the most significant improvement Mini made on the electric Cooper. The previous Cooper Electric went as far as 233km before running out of juice. No doubt, ticking that crucial box — which pundits had considered to be a dealbreaker when the previous generation was lined up against its competitors — allows the Mini’s virtues to shine.

With a couple of days of testing available to the delegation of foreign media who descended onto Sitges, my carmate and friend Ju-Len “Mr. Chia” Leow and I opted for the 27-km short route on the first day, and the aforementioned long route — stretching some 140km — on the next day. We even had stints in the second row of the Mini Cooper Electric SE when the other one was driving, an idea that would have been downright unsavory in the past. It is a Mini, after all.

The song goes that the rain in Spain falls mainly on the plain. That rhyme was swiftly debunked as we drove from our Sitges location through a couple of routes that took us to as far as the municipality of Santa Maria de Miralles in the north. Through scenic mountain passes, elevation changes, and twisties, the Mini Electric SE stretched its legs — hugging tight corners with ease and getting quickly to speed on a whim. The Spanish weather was fickle to us, showering us with rain one minute then turning to a bright blaze of heat the next. In one particular stretch, we were wondering why the rain was pelting the Mini extra loud — only to realize that we were caught in the middle of a hail storm. The car took it like a champ.

The Mini Cooper Electric model receives “completely new” powertrains on both the E and SE variants. A 40.7-kWh-capacity battery enables a 135kW/184hp motor on the E, promising torque of 290Nm for a zero-to-100kph time of 7.3 seconds. On the SE, the motor delivers 160kW/218hp and 330Nm — for a standstill-to-100kph time of 6.7 ticks; the battery capacity is at 54.2kWh.

The exterior look of the all-electric Mini Cooper stays true to what generations of customers have learned to love in the vehicle. It dons the signature circular headlights and the gaping maw of a grille — this time with a “filigree contour” said to “(define) the front section even more powerfully than its hexagonal predecessor.”

For some time now, Mini has been shunning the use of chrome bits on the outside of the car. In the new Mini Cooper Electric, Vibrant Silver is the chosen highlighter. LED daytime running lights have been refreshed with “unique light signatures.”

A sporty gait is furthered by the vehicle’s track width and the indentation in the wheel arches. Onto the side, the Mini has now been stripped of its circumferential black band in an effort to “place the body color more at the center of interest.” Meanwhile, black sills “visually move the Mini Cooper closer to the road.”

Mini has a clever way of calling the drive modes on the Cooper Electric: Experience Modes. With the flick of a switch, you can cycle through numerous choices which are not confined to tweaking motor performance: Go-Kart mode (a more dynamic, agile, and stiff setup), Green Mode (which optimizes drivetrain efficiency and energy recuperation for maximum range), Core Mode (the “standard operating mode for the circular OLED display” and switches on all comfort driving settings, sounds and “creates a calm, neutral light mood” in the cabin), Vivid (adjusts the experience within to the music played through cabin lighting and puts the said music “front and center” on the display), Timeless (inspired by the original Mini, it changes the color and font of the central display, and mimics even the engine note of that pioneering model), Balance (helps the user “find a sense of tranquility” through a relaxing atmosphere, soothing driving sounds and softer interior illumination), and Personal (which lets the owner choose the background of the OLED display by uploading up to three personal pictures; when engaged, the lighting within will reflect the color of the image). My favorite is, no surprise, Go-Kart; Timeless is pretty interesting as well on account of the pleasing retro touch on the OLED display, not to mention the generated “engine note.”

Speaking of audio, Mini has collected a new repertoire of sounds in the all-new Cooper Electric — The repertoire includes entirely new driving sounds that resonate in the cabin, a “Mini brand sound as a mark of identification,” jingles for the Experience Modes, and a whopping 30 new information and warning sounds.

Design-wise, the Mini BEV stays true to two key hallmarks the brand has been known for: the round (and oversized) center instrument/infotainment cluster, and the set of toggle switches. Underscored by a dichotomous “maximum purist” design, the Mini Cooper Electric employs a reductive technique to cut on elements within. For instance, the excellent head-up display not only complements the OLED center screen, but supplants the steering wheel-mounted cluster.

Mini has dared to use textile surfaces for the very first time on the curved dashboard. This, it said, contributes to a “homely feel-good atmosphere.” The company insists that the uniquely knitted material, made from recycled polyester, is a “versatile, easy-care” structure rendered in two tones. Buyers can choose from various colors for the surfaces and seats, depending on the trim design.

An optional panoramic glass roof serves to brighten up the interiors and give a heightened sense of space. Side lighting within is based on the ambient light. Seats come in basic or a JCW version, with side panels laminated with high-quality textile covering the adjustment buttons. An armrest on the driver’s seat also gives more space in the center console.

The rear bench, traditionally not a place an average-sized adult would want to sit, is actually quite serviceable in the new Mini Cooper Electric. It wouldn’t be a stretch to say that the three-door Mini Cooper is finally an (almost) proper four-seater. The luggage compartment, while we’re at it, boasts a respectable 200 liters of capacity — expandable to 800 with the rear seatbacks (60:40 split) down. There’s even an additional underfloor storage facility in the luggage compartment.

With the Spanish countryside whizzing by us, the Mini rewards our confidence in its prowess by nimbly taking corners at speed. It’s a point-and-shooter, to be honest. There’s no hesitation when speed is demanded, while its brakes are steady and reassuring. The go-kart feeling is there, for sure, albeit one deprived of the sensorial accents of engine vibrations to make you feel one with the vehicle’s heart.

If that’s a little too dramatic for you, isn’t the Mini, by its very nature, supposed to elicit an emotional response? In that regard — and much more — the charismatic all-new Mini Cooper Electric succeeds in realizing its legendary raison d’etre.

PSEi member stocks performed — June 28, 2024

Here’s a quick glance at how PSEi stocks fared on Friday, June 28, 2024.


Peso may move sideways before inflation report

THE PESO may continue to move sideways against the dollar this week as the market awaits the release of June Philippine inflation data.

The local unit closed at P58.61 per dollar on Friday, strengthening by 14 centavos from its P58.75 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, the peso likewise rose by 19 centavos from its P58.80-per-dollar finish on June 21.

The peso gained against the dollar on Friday after the Bangko Sentral ng Pilipinas (BSP) lowered its inflation estimates and reiterated its dovish stance, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP on Thursday lowered its average baseline inflation forecasts for 2024 and 2025 to 3.3% and 3.1%, respectively, from 3.5% and 3.3% previously.

It also slashed its risk-adjusted inflation forecasts for this year and next to 3.1% from 3.8% and 3.7%, respectively.

Headline inflation accelerated to 3.9% year on year in May from 3.8% in April, but marked the sixth straight month that inflation settled within the central bank’s 2-4% annual target.

For the first five months, the consumer price index (CPI) averaged 3.5%.

The Monetary Board on Thursday kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting, as expected by all 15 analysts in a BusinessWorld poll.

BSP Governor Eli M. Remolona, Jr., at a briefing after their policy meeting, signaled a “less restrictive” stance if there is a sustained improvement in the inflation outlook, adding they are “somewhat more likely than before” to begin their easing cycle by their next meeting, which is on Aug. 15.

Mr. Remolona said they could cut rates by 25 basis points (bps) in the third quarter and another 25 bps in the fourth quarter for a total of 50 bps in easing for the year, depending on data,

The Monetary Board’s Aug. 15 review is its only meeting in the third quarter. Meanwhile, its last two reviews for the year, which will be held in the fourth quarter, are scheduled on Oct. 17 and Dec. 19.

The peso and other Asian currencies mostly consolidated against the dollar on Friday before the release of US personal consumption expenditures (PCE) data later that day, Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

US monthly inflation was unchanged in May as a modest increase in the cost of services was offset by the largest drop in goods prices in six months, drawing the Federal Reserve closer to start cutting interest rates later this year, Reuters reported.

The report from the Commerce department on Friday also showed consumer spending rose marginally last month. Underlying prices advanced at the slowest pace in six months, raising optimism that the US central bank could engineer a much-desired “soft landing” for the economy in which inflation cools without triggering a recession and a sharp rise in unemployment.

Traders raised their bets for a Fed rate cut in September.

The flat reading in the PCE price index last month followed an unrevised 0.3% gain in April, the Commerce department’s Bureau of Economic Analysis said. It was the first time in six months that PCE inflation was unchanged.

In the 12 months through May, the PCE price index increased 2.6% after advancing 2.7% in April. Last month’s inflation readings were in line with economists’ expectations.

Inflation is receding after spiking in the first quarter as 525 bps worth of rate hikes from the Fed since 2022 cool domestic demand. Inflation, however, continues to run above the central bank’s 2% target.

Financial markets saw a roughly 68% chance that the Fed’s policy easing would start in September compared to about 64% before the data, though policy makers recently adopted a more hawkish outlook. The US central bank has maintained its benchmark overnight interest rate in the current 5.25%-5.5% range since last July.

Economists were divided on whether the Fed would still reduce borrowing costs twice this year amid solid wage growth. The release of the US employment report for June next Friday could shed more light on the monetary policy outlook.

Excluding the volatile food and energy components, the PCE price index edged up 0.1% last month, the smallest gain since November. That followed an upwardly revised 0.3% rise in April.

The so-called core PCE price index was previously reported to have climbed 0.2% in April. Core inflation increased 2.6% on a year-on-year basis in May, the smallest advance since March 2021, after rising 2.8% in April.

It rose at a 2.7% annualized rate over the past three months, slowing from a 3.5% pace in April.

The dollar index, which measures the greenback against a basket of currencies, was down 0.07% at 105.82 following the PCE data.

For this week, the foreign exchange market could take cues from the release of June Philippine CPI data on Friday (July 5), Mr. Ricafort said.

A BusinessWorld poll of 14 analysts yielded a median estimate of 3.9% for June headline inflation, within the BSP’s 3.4-4.2% forecast for the month.

If realized, the June CPI would be steady from the May print but be slower than the 5.4% pace logged in the same month a year ago.

It would mark the seventh straight month that inflation was within the BSP’s 2-4% annual target range.

Investors will also await the release of June US jobs data on Friday as these could affect the Fed’s policy path, Mr. Ricafort added.

He expects the peso to move between P58.55 and P58.75 per dollar this week. — AMCS with Reuters

Stocks may extend rally on BSP’s rate cut hints

BW FILE PHOTO

PHILIPPINE SHARES may extend their climb this week after the Bangko Sentral ng Pilipinas (BSP) chief signaled that they could kick off their rate cut cycle as early as next month.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) rallied for a fifth straight day, rising by 0.33% or 21.33 points to end at 6,411.91, while the broader all shares index increased by 0.25% or 8.96 points to close at 3,486.66.

Week on week, the PSEi climbed by 4.12% or 253.43 points from its 6,158.48 finish on June 21.

“After its largest weekly loss for the year, the PSEi made a quick bounce to form, recording its biggest weekly gain for the year… Bargain hunters rode a positive wave in sentiment from the BSP’s dovish messages,” 2TradeAsia.com said in a market note.

For this week, the market could rise further following the BSP’s dovish signals, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The BSP has downgraded its risk-adjusted inflation forecasts for 2024 and 2025. At the same time, BSP Governor Eli M. Remolona, Jr. has signaled the possibility of a rate cut in their August meeting. Prospects of monetary easing are expected to boost confidence towards the market given its positive impact on the general economy as well as on the corporate sector,” Mr. Tantiangco said.

The BSP last week kept benchmark interest rates steady for a sixth straight meeting but signaled that a rate cut at its next meeting in August is “somewhat more likely than before.”

The Monetary Board on Thursday left its target reverse repurchase rate unchanged at a 17-year high of 6.5%, in line with the expectations of all 15 analysts in a BusinessWorld poll.

The BSP lowered its risk-adjusted inflation forecasts for this year and next to 3.1% from 3.8% and 3.7%, respectively.

Mr. Remolona said the Monetary Board is “on track” to cut rates when it next meets on Aug. 15. The BSP could cut rates by 25 basis points (bps) in the third quarter and by another 25 bps in the fourth quarter, he added.

“Investors are also expected to watch out for the Philippines’ June inflation data as this would also provide clues on our country’s monetary policy outlook,” Mr. Tantiangco said.

A BusinessWorld poll of 14 analysts conducted last week yielded a median estimate of 3.9% for June headline inflation, within the BSP’s 3.4-4.2% forecast for the month.

If realized, the June print would be steady from the May pace but be slower than the 5.4% logged in the same month a year ago. It would mark the seventh straight month that inflation was within the BSP’s 2-4% annual target.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the PSEi’s immediate major support is at 6,360 and resistance is at 6,470-6,540, while 2Trade-Asia.com placed support at 6,300 and resistance at 6,500-6,600. — R.M.D. Ochave

Low-spending gov’t agencies ordered to file catch-up plans

THE Department of Budget and Management (DBM) has asked underspending government agencies to file plans to bring their fund usage up to target over the remainder of the year, alongside a broader call for mid-year budget utilization reports and updates on major programs.

“All implementing agencies are directed to submit the fiscal year 2024 budget utilization report as of June 30, specifically the Financial Accountability Report (FAR) No. 1 or the Statement of Appropriations, Allotments, Obligations, Disbursements, and Balances (SAAODB), through the Unified Reporting System (URS),” the department said in a circular dated June 28.

In a specific note directed to agencies with low budget utilization, the DBM said: “(Implementing agencies must) submit detailed catch-up plans for agencies… below 50% of their respective physical and financial targets for the first semester of fiscal year 2024 and identify specific implementation issues/challenges encountered (e.g., procurement delays, regulatory bottlenecks, staffing shortages, among others) causing low utilization/performance rates.”

The SAAODB must be submitted to the DBM and the Commission on Audit through the URS within 30 days after the end of each quarter.

Implementing agencies should also submit a list containing the status of flagship programs and projects covered in the 2023 and 2024 General Appropriations Acts, especially those with significant allocations. These must be accomplished through the attached template in the circular.

The National Government has a spending target of P5.754 trillion this year. As of the end of May, government spending was P2.257 trillion, or 39.22% of the target.

Government offices’ cash utilization rate hit 94% as of the end of May, the DBM has reported, equivalent to P1.78 trillion out of the P1.89 trillion worth of notices of cash allocation (NCAs), leaving P115.55 billion left unused.

The DBM issues NCAs to government offices quarterly, allowing them to withdraw funds from the Bureau of the Treasury for their spending needs.

Cash utilization by the end of May was ahead of the year-earlier pace of 91%. — Beatriz Marie D. Cruz

Exporters say wage hike in July would be badly timed

Image via IndustriALL Global Union/Flickr/CC BY-NC-ND 2.0

By Chloe Mari A. Hufana

EXPORTERS said July is “not a good time” to raise wages, citing the industry’s fragile state due to shipping and supply chain disruptions as well as the unfavorable geopolitical conditions for trade.

“As we’ve been mentioning, this is not a good time. If they can check the statistics, exports are just recovering. Globally, there are issues. The shipping issue — there are wars that are affecting the supply chains,” according to Ma. Flordeliza C. Leong, Philippine Exporters Confederation, Inc. vice-president for Advocacy, Communications and Special Concerns, speaking to BusinessWorld on the sidelines of a conference.

She called for “relief to employers” such as “a moratorium on a (wage) increase.”

The Confederation of Wearable Exporters of the Philippines has proposed a one-year moratorium on wage increases, saying they have not yet recovered from the pandemic.

They said a wage hike this year would further drive up production costs, which may cause employers to shed jobs.

Ms. Leong said her organization has no timeline to increase wages, but added that an increase this month would be difficult.

Economist and National Scientist Raul V. Fabella said it is best to keep wage hikes restrained because such measures will reduce the Philippines’ competitiveness.

“Our own wage rate adjustments depend on our inflation rate. If the latter is high, (it is) hard to keep wage rise (within) limits. Which is why the Bangko Sentral ng Pilipinas (BSP) wants to keep the benchmark interest rate high for longer to keep inflation at bay,” he told BusinessWorld via Viber.

“Rice inflation will also result in high wage response. Best to control rice inflation by reduced tariffs on rice,” he added.

The government last month lowered the tariff on imported rice to 15% from 35% to make the staple gain more affordable.

The BSP kept interest rates steady for a sixth straight meeting last week, with the Monetary Board leaving its target reverse repurchase rate at 6.5%.

Ms. Leong nevertheless considers a decision on wages by the Regional Tripartite Wages and Productivity Boards (RTWPB) preferable to a legislated wage hike.

While employers are aware of the effects of inflation on workers, Ms. Leong said a balance needs to be struck.

The Senate in February approved on third and final reading a bill increasing the daily minimum wage in the private sector by P100.

At the House of Representatives, separate bills that seek to increase wages of private-sector workers by P150 to P750 have been filed.

Last week, Labor Secretary Bienvenido E. Laguesma said a wage increase in the National Capital Region (NCR) is likely this month, but declined to say how much pay would rise.

The Employers Confederation of the Philippines signaled its readiness for a P15 to P16 increase, well below the current wage petitions.

The RTWPB-NCR is currently deciding on wage petitions after public hearings wrapped up on June 20.

It is set to release a decision on July 16, the anniversary of the last wage order in the region.

The RTWPB-NCR last year approved a P40 increase, which brought the daily minimum wage to P610 for non-agricultural workers and P573 for agricultural workers.