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Rustan’s garden party marks summer campaign

AN IMAGE from Rustan’s ‘State of Mind’ campaign.

This as company leadership makes smooth transition after passing of Nedy Tantoco

ALL five floors of Rustan’s Makati transformed into a giant party on April 17 at the launch of their summer campaign. The store’s windows had been dressed for summer, and guests walked around the store with drinks in their hands, and played games at different departments. All in all, a pretty great evening.

While there were several discounts only available during the evening, as well as a travel fair that ended last Sunday, the treats keep coming as the travel fair hops over to Rustan’s Shangri-La on April 27 to 28.

The fifth floor itself was transformed into a garden party, with “grass” everywhere, a DJ, and a wall with a bell you could ring for wine (a hand would pop up from behind the wall to hand you a glass).

Anton Huang, SSI Group, Inc.’s Chief Executive Officer talked about the store’s transformation, as well as the campaign, in an interview. “I want something to generate warmth within the shopping environment. I don’t want anything stiff; I want greenery, lushness, and the like, and that is the guiding peg for the whole campaign.”

Mr. Huang succeeded his mother Zenaida “Nedy” Tantoco after her death earlier this year (he shares leadership with his cousin, Bienvenido “Donnie” Tantoco III). “We definitely miss her presence,” Mr. Huang said. “She was always a driving force behind our companies. We’ve been set up with a very professional structure for many years now. The business goes on; the operations go on. We have a strong management foundation, and things have been in place for quite a while,” he said.

Last week, BusinessWorld reported that SSI Group, Inc. saw an increase of 34% in its net income to “an all-time high of P2.58 billion” last year.

“I think at this point, we remain focused on making sure that the customer experience in our stores is top-notch and exactly as our customers expect them to be,” he told BusinessWorld. “It’s an ongoing effort to keep on making sure that we have the products that our customers want, and the time that they want them.” — Joseph L. Garcia

Q&A: ‘We need to accelerate our electrified strategy’

Mr. Hashimoto speaks at the public launch of the Toyota Corolla Cross.

TMP President Hashimoto on the company’s bold direction

Interview By Kap Maceda Aguila

MASANDO HASHIMOTO’S first vehicle launch after taking the helm of Toyota Motor Philippines (TMP) was an especially important occasion as it veritably tied in with the giant automaker’s vaunted drive toward carbon neutrality. Toyota’s global push to lessen dependence on fossil fuel and its resulting ills has famously been a “multi-pathway approach,” which does not confine itself to a battery electric vehicle solution but, rather, a number of immediately deployable and viable forms. We talk exclusively to Mr. Hashimoto, who explained the company’s broad and fine strokes on greener mobility and more. Excerpts from our interview:

VELOCITY: What is the message of Toyota Motor Philippines with the stoppage in selling the pure ICE (internal combustion engine)-powered Toyota Corolla Cross?

MASANDO HASHIMOTO: When we launched this model four years ago, we were quite surprised by its sales performance. It’s been well appreciated and accepted by the market. This C-segment is a kind of volume mainstream category for us. We decided that in this main area, we need to accelerate our hybrid or electrified strategy more. That is why we decided to focus only on the hybrid lineup this time. That is the background.

TMP has been growing the number of models where there are only hybrid options like in the case of the RAV4, Camry, and Corolla Altis. Are you going to continue doing that, and how do you see the market reception? We of course have to remember that Toyota is the number-one brand here. Do you think that with the increased number of hybrid models, you can still realize the volume? This assumes that more Filipinos are going to choose hybrids.

That’s a very good question. After we (Lexus and Toyota) sold around 7,000 hybrid vehicles and battery electric vehicles last year, we want to double this figure this year, at least. That is our aim and ambition. So, considering those things, we need to expand our lineups like in the Corolla Cross. Probably, in the B-segment or small, compact segment we have to have more options to the customers. Some customers want to have more affordable (models); some are very interested in carbon neutrality. We have multiple options; that is our approach to the customer.

What do you say to customers who ask why Toyota isn’t releasing a battery electric vehicle (BEV) here?

At the moment, Toyota and Lexus are selling two models of BEVs which are the UX EV (see article on the right) and RZ EV. We are now making a kind of first step in this new area. I say new because in the case of the BEV, it needs the infrastructure first then the car later. We need to monitor and keep watching the momentum of the charging station infrastructure rollout, so that people can adapt, society can adapt to a wider range of the BEV product in the future. We have ICE-powered models, we have hybrid models, and we have battery electric models. TMP now is a full-lineup OEM brand we can have such a transition technology until the time we are fully and enjoying the infrastructure in the future.

Deep tech startup Nibertex secures funding for fast-tracking launch of solutions

Nibertex, a pioneer in material science based in Singapore and the Philippines, recently closed an oversubscribed funding round led by Foxmont Capital Partners and backed by a consortium of notable strategic Southeast Asian families.

This influx of capital is set to fast-track the launch of their innovative and unique PFAS-free membrane technology. PFAS (Per- and Polyfluoroalkyl Substances) is otherwise known as the “forever chemical” present in textiles with bonds so strong that it does not break down for hundreds of thousands of years, if at all.

Increased customer awareness and heightened regulatory focus away from these forever chemicals position Nibertex well to lead the market transition to a more sustainable way to have products that are both waterproof and breathable. Its proprietary solution does not have any forever chemicals and is thus an environmentally safe, high-performance alternative.

“We are not just meeting new regulations; we are setting a benchmark for sustainable innovation across industries,” says Jae Min Park, co-founder of Nibertex. “As a leading provider of PFAS-free solutions, we are ready to assist brands and manufacturers in moving away from these detrimental chemicals.”

The investment allows Nibertex to significantly increase its current capacity to meet more of the surging demand for their groundbreaking membrane. Beyond textiles, the technology is applicable in electronics, automotive, and construction, marking Nibertex as a vanguard of eco-friendly material science.

“It is incredibly exciting to see that a technology with the potential to be applied to so many different use cases at a global scale has come from the Philippines,” says Jelmer Ikink, founding partner at Foxmont Capital Partners. “After years of painstaking R&D they now have the product, experience, cost advantage, and clientele to change entire industries so that we can together help rid our daily lives of these harmful chemicals and we are keen to support them in that mission.”

Nibertex’s membrane is distinguished by its proprietary formulation, ensuring unparalleled breathability and water resistance without PFAS, thus fulfilling the pressing need for materials that meet strict environmental standards set by customers or governments.

“Our aim is to pioneer material science innovations that are environmentally sound, serve our customers, and positively impact society. This funding not only validates our technology but greatly strengthens our market presence,” says Jae Hyung Park, the other co-founder of Nibertex.

Summer in Spain

SPRINGFIELD

TWO brands under the Spanish Tendam group, Women’secret and Springfield, held a party and fashion show at the One Ayala Mall on April 19. Ice cream and chips were in everybody’s hands, while models walked on the runway wearing the latest summer styles from Spain.

Springfield is all about “elevated casual,” according to Cris Agloro, SSI Merchandise Manager for Springfield. This season, the Icons Collection is focusing on minimalist, clean looks alongside washed-effect designs. On the runway, this translated to preppy pieces for men, and for women, boho chic looks and toile de jouy style prints.

As for Women’secret, the lingerie and loungewear brand focused on things you can wear at the seaside: the Hibiscus collection showed robes and wraps in bold leopard and subdued floral prints, as well as chic black and white staples, tempered by warm yellows.

Tendam was previously named Grupo Cortefiel, and has its foundations as a haberdashery at Romanones Street in Madrid in 1880, and a shirt factory in the same city in 1933. It came out with its first brand, its former namesake Cortefiel, in 1945. The company changed its name from Grupo Cortefiel to Tendam in 2018. In a tweet from its account @TendamRetail announcing the name change, they said, “Our new name is a reflection of a new impulse to the company that we were, are and always will be.”

The group has several brands, numbering 11, and four of them are in the Philippines: Women’secret, Springfield, Cortefiel, and Pedro del Hierro. Of these, all brands are available in the Philippines through the SSI Group, save for Pedro del Hierro which is available in Rustan’s, SSI’s sister company. The brand representatives did not give any indication that Tendam is bringing in any of the other brands to the Philippines soon.

According to Tendam’s website, it is present in 80 countries with 1,836 points of sale, 37 of them in Asia. Its strongest market is still its home continent of Europe, with 1,348 points of sale there.

Speaking of which, we asked Ms. Agloro how the clothes fit into the Philippines’ record-breaking heat this season. “Summer in Spain is very similar to our summer here. Super hot. You’ll see that our linen pieces, especially from Springfield, are perfect for the Filipino summer.”

Nancy Chua, SSI Merchandise Manager for Women’secret, meanwhile, said, “It’s summer all-year-long for us.” — JL Garcia

Filinvest Land plans P25-B residential projects

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) has announced plans to introduce residential projects worth P25 billion this year.

“(We) aim to optimize our land bank and sustain our strong market presence in cities where we are already present,” FLI President and Chief Executive Officer Tristaneil D. Las Marias said during the company’s virtual annual stockholders meeting on Friday last week.

Some of the residential projects eyed to be launched this year are located in Cavite, he added. These include the company’s first mid-rise condominium project in Bacoor, as well as new developments for its 94-hectare The Wood Estates residential township in Trece Martires.

“We will upgrade our Wood Estates… with commercial shops, transport terminals, and affordable low-rise condo developments,” he said.

Mr. Las Marias also announced that FLI will launch the 11.4-hectare Iloilo Centrale residential township in Leganes, Iloilo, which will include supermarkets, daycare centers, public transport terminals, a park, and a football field.

“Iloilo Centrale will also offer our first walk-up project which will provide very affordable condo units located in a complete residential setting that provides social spaces, outdoor sports, activity event areas, and modern amenities at very affordable prices,” he said.

“We have also kept a balanced geographical portfolio for our residential business by exploiting residential business opportunities in key cities in Visayas and Mindanao,” he added.

He said that FLI will open several mid-rise condo buildings in Dumaguete, Zamboanga, and General Santos.

The company also plans to launch taller condo buildings in Cebu and Davao to “match the growing market potentials in these highly urbanized cities and optimize land bank values.”

“We have also seen the huge unserved demand in housing. We plan to continue to offer affordable housing projects in Rizal, Cavite, Laguna, Bataan, Zamboanga, and other second class cities in Visayas and Mindanao with the intent to make housing accessible to as much government and private workers within the mass market income bracket and help more Filipinos build their dream,” he said.

FLI is also planning to complete nine additional ready-built factories at its Filinvest Innovation Park in the next two years. The planned factories will span 12,500 square meters each.

Last month, FLI completed the turnover of a ready-built factory to StB GIGA for the production of lithium iron phosphate batteries.

The Filinvest Innovation Park is within the Filinvest New Clark City mixed-use township, which is part of the 9,450-hectare New Clark City development in Capas, Tarlac.

“We also have about 55 hectares of land available for long-term lease already built at the moment,” he said.

“Also in the pipeline is the development of a mixed-use commercial and several public open spaces blocks, which will support the needs of industrial locators, offices, and schools within the national government administrative center beside our New Clark City estate project,” he added.

FLI saw a 30% jump in its attributable net income to P3.77 billion last year as revenue and other income surged by 13% to P22.55 billion.

FLI shares were last traded on April 19 at 66 centavos apiece. — Revin Mikhael D. Ochave

Range rover

PHOTO BY DYLAN AFUANG

Manila to Subic and back on one charge aboard the BYD Dolphin

By Dylan Afuang

EIGHT TEAMS of motoring journalists and content creators drove the BYD Dolphin on a 300-kilometer journey from Quezon City to Subic and back — via the pure-electric hatchback’s fully charged battery, and without stopping for a recharge.

This was the “Exploring Electric” event that local BYD cars distributor ACMobility staged for the Dolphin, the Chinese car maker’s most compact and affordable model it offers here at P1.398 million. The EV also boasts a quoted range of 405km.

The trip covered a route to and from the BYD Quezon Avenue dealership and the Subic International Golf Club. About 150km each way, the cars were driven through the NLEX and the down- and uphill sections of the Skyway Stage 3 and SCTEX.

With three participants aboard each car, teams began the journey with 100% charge. By the trip’s end, the Dolphin with the highest remaining battery level, as shown by the cars’ information displays, qualified as the winner.

The winning team completed the 300-km journey with its car showing 30% charge remaining. As for the other groups, the remaining battery levels from their cars ranged from 12% to 24%. Frank Schuengel from visor.ph and this writer concluded the trip with 17% charge remaining, which translates to a remaining range of about 68km.

From behind the wheel, we observed that the winning drivers preserved their cars’ battery levels when they utilized the car’s regenerative braking function as frequently as they could.

A feature found in the Dolphin and many EVs, “regen-braking” enables charge to be sent back to the battery whenever the vehicle decelerates or when its brakes are applied.

The Dolphin features the Blade Battery, or BYD’s proprietary battery construction that the car maker developed in-house. The battery uses lithium iron phosphate matter, and BYD claimed that it manages heat more effectively and retains charge better than contemporary EV batteries. The vehicle supports CCS2, AC, and DC charging.

This journey also sought to allay the range anxiety — or the fear of running out of charge during a journey — one may feel when driving an EV.

These were pointed out by ACMobility Corporate Communications Manager Mikko David and BYD Cars Philippines Marketing Director Patrick Manigbas, who also presented estimated cost differences between driving an EV and a gasoline-powered vehicle in the similar distance.

If the Dolphin had been charged with Meralco’s home charging rates of P11.35/kWh, it would cost P435.79 to drive from Subic and back to Manila. If the EV had used public DC charging with rates going for P35/kWh, total costs are pegged at P1,335. These computations factor in the 38.165kWh the car would’ve consumed for the 300-km trip.

For the same distance, a driver of a gas-powered car would have spent P1,830 on unleaded fuel going for P61/liter, using 30 liters of fuel going both ways.

Ayala-led ACMobility, meanwhile, is supporting the local electric vehicle infrastructure with 30 EV chargers in the country today that will total about 100 soon, Mr. Manigbas added.

TREALVA at Midlands West: Eco-centric living weaves breathable spaces in harmony with nature  

(Artist’s perspective of the community) In a world transformed in countless ways, individuals seek out unspoiled destinations to reconnect with their origins. Trealva, nestled in Midlands West, serves as a shining example of this pursuit for tranquility and serenity.

Residential property developers are acknowledging the need to integrate eco-centric living in their master plan, a concept that is emerging as a non-negotiable lifestyle principle for a growing number of individuals aspiring for a healthier relationship with the world around them.

In light of this, Tagaytay Highlands introduces its newest residential district, Midlands West, a 320-hectare mixed-use enclave that is founded on the exclusive mountain resort’s much-touted values of ecocentrism, sustainability, health and wellness, and luxurious mountain living. Such distinct features are manifest in the district’s very first residential community to break ground — TREALVA at Midlands West.

(Artist’s perspective of house design) Trealva in Midlands West offers residents a new environment to discover and transform into a home where they can thrive and contribute to the community.

TREALVA, a 19.9-hectare property that nestles within the breathtaking landscape of Midlands West, is a beacon of ecocentrism and sustainable living, embodying respect for nature in every aspect of its design and ethos.

“As the world becomes increasingly defined by rapid urbanization and relentless technological advancement, the allure of slowing down and rekindling a bond with our natural environment has never been stronger,” says SM Prime Holdings subsidiary Highlands Prime, Inc. (HPI) Senior Vice-President Lennie Mendoza.

“The lush environment of Midlands West serves as the perfect canvas for TREALVA. With design pillars anchored on ecocentrism, Tagaytay Highlands’ newest luxury residential community seamlessly weaves the serenity of nature with the comfort of its modern amenities,” adds Mendoza.

TREALVA derives its name from Scandinavian and Latin roots, adhering to the property’s promise of a “bright, exalted land” where residents can experience the transformative power of living in spaces that breathe.

Through thoughtful and minimalist architecture, TREALVA not only complements its surroundings but actively enhances them, inspiring a deep connection and a sense of belonging among health, wellness, and nature advocates that call it home.

(Artist’s perspective of central amenity) The Clubhouse provides an ideal location for social gatherings and essential relaxation alike.

At TREALVA, future residents can design and build their dream homes as breathable spaces, with organic themes that foster a greater love for nature and its preservation. Natural light will flood through the expansive windows, and the innovative use of natural resources will bring elements of the outdoors into the residence, creating an environment that feels alive and rejuvenating.

With 40% of the project dedicated to open spaces and stunning greenery, would-be residents can take in clear, sweeping views of the natural surroundings. Immaculate rain gardens are also strategically integrated throughout the property, serving as havens of tranquility where wellness and nature converge.

Families at TREALVA may immerse themselves in a plethora of outdoor activities, ranging from passive relaxation to exhilarating adventures. Sustainable parks, with lush green patches of nature, serve as communal spaces where residents may gather to unwind, socialize, and recharge amidst the beauty of the outdoors.

The centerpiece of TREALVA’s recreational offerings is its exclusive clubhouse, boasting unparalleled views of picturesque Taal Lake and Volcano as well as the mountains around it. Residents enjoy exclusive access to a host of amenities, including adult and kiddie pools, and an expansive event lawn perfect for hosting social functions and celebrations.

Incorporating the eco-conscious design ethos of Midlands West, Trealva harmonizes with nature by establishing sustainable breathing spaces for individuals to reconnect with their natural surroundings.

In recognition of its steadfast commitment to continuously provide safe and secure facilities for its residents, and their guests, Tagaytay Highlands was recently awarded the Safety Seal of the City Government of Tagaytay.

The Department of Human Settlements and Urban Development has likewise named HPI as one of CALABARZON’s 2021 Outstanding Developers for Open Market Projects. HPI has also earned a Bronze Recognition for Developer of the Year (Luzon) from The Outlook 2023 Philippine Real Estate Awards.

For those who value sustainability, wellness, and the beauty of nature, TREALVA represents more than just a place to live — it is a philosophy, a way of life, and a promise of a brighter, more sustainable future for generations to come.

For inquiries and other information, interested buyers may access Tagaytay Highlands’ Facebook, Instagram and website.

 


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Luxury bargain hunters head for Japan as weak yen brings big discounts

J'ADIOR SLINGBACK PUMP — DIOR.COM

FOR SAVVY shoppers with a nose for a luxury bargain, Japan is proving hard to beat.

The sharp fall in the yen, combined with a number of premium brands not adjusting their prices to reflect the change, has created a rare opportunity to grab luxe goods at a discount. For example, a TAG Heuer Carrera chronograph watch in Tokyo sells for ¥785,000 ($5,087) after the 10% duty free discount — more than $1,350 cheaper than its $6,450 price tag in New York.

Those savings are enticing buyers from around the world to Japan, with some eager to resell their luxury goods for a profit. And it’s not just new products that are cheaper — bargains can also be found at the many stores selling top-end second-hand apparel. Instagram influencer Mrs. Dow Jones, known for dispensing financial advice to her 1 million followers, even posted a video about how to do this.

It all adds up to an unusual position for Japan, the world’s fourth largest economy that has long been associated with premium experiences and goods. While the Bank of Japan raised interest rates for the first time since 2007 last month — a move that would normally support the currency — investors appear to be focusing more on the continuing large gap between Japanese and US rates. The yen is now trading near a 34-year low against the dollar.

“Everyone said Japan is very expensive — but I don’t have the feeling that it’s super expensive,” Chiara Lambia, a 26-year-old student who was visiting from Berlin said after spending a day shopping across Tokyo. She was hauling two big bags of clothes and souvenirs around the bustling Ginza district, where many tourists were snapping photos of luxury-brand storefronts.

The yen has weakened about 45% since before COVID-19, when Ginza’s streets were mostly known for hosting large Chinese tour groups that came to binge-shop Japanese goods at duty-free prices. These days, you’re just as likely to hear English, French, or Spanish in the shopping area.

Makers of luxury goods typically try to equalize prices around the world to prevent price arbitrage, so the discounts likely will not last long, according to Milton Pedraza, chief executive officer of the Luxury Institute, a consulting firm based in New York. But price hikes in prior years might be making some companies more reluctant to further increase customers’ costs.

“Luxury brands have to be careful because they have already taken major price increases in 2022 and 2023, and except for a few highly coveted brands such as Hermes and Chanel, volumes are soft,” he said.

Although luxury goods makers can adapt some prices more regularly through new drops and limited collections, “there is an opportunity created from currency volatilities to enable the savviest of buyers to take advantage of going into certain markets to shop big price tickets,” said Deborah Aitken, senior equity analyst for global luxury goods at Bloomberg Intelligence.

For now, some of the hottest luxury items are effectively discounted. We’ve complied a few of them:

LUXURY BARGAINS
Chanel classic handbag

Black lambskin purse retails at $10,277 in Japan versus $11,700 in the US.*
Total savings: $1,423

Dior J’Adior slingback pumps

Pair of heels crafted in Italian Christian Dior ateliers retail at $860 in Japan versus $1,050 in the US.
Total savings: $190

TAG Heuer watch

The Carrera chronograph model costs $5,087 in Japan and $6,450 in the US.
Total savings: $1,363

Cartier love bracelet

Yellow-gold cuff retails for $4,244 in Japan and $4,750 in the US.
Total savings: $506

Prada sunglasses

Glasses with slate grey lenses are $395 in Japan and $530 in the US.
Total savings: $135

Gucci loafers

Pair of leather 1950s-style Gucci loafers are $810 in Japan and $990 in the US.
Total savings: $180

Burberry trench coat

Mid-length Kensington Heritage model of the classic Burberry trench coat is $2,106 in Japan and $2,590 in the US.
Total savings: $484

Hermes scarf

The Carre 90 version of Hermes scarf in blue silk twill is $460 in Japan and $550 in the US.
Total savings: $90

Montblanc pen

Gold-coated Montblanc ballpoint pen is $395 in Japan and $460 in the US.
Total savings: $65

*Prices are compared using duty-free prices in Japan, which have been converted into US dollars, and pre-tax prices in the US as of April 16, 3:10 p.m. in Tokyo.

Bloomberg

Planet vs Plastics: Transitioning to Circular Economy

NAJA BERTOLT JENSEN-UNSPLASH

By Selva Ramachandran

WASTE POSES a broad challenge that affects human health, livelihoods, the environment, and prosperity. Waste pollution, especially from plastics, is pushing our planet further to the brink of irreversible loss and damage.

The convenience that is associated with the use of plastics is a double-edged sword that has led the world to double its plastics production over the last 20 years. More than 400 million tons of plastic is produced worldwide every year, with one third of which is used only once.

If that is not concerning enough, the equivalent of over 2,000 garbage trucks full of plastic is dumped into the world’s oceans, rivers, and lakes every single day. This is primarily why our seas and oceans are choking with mismanaged plastic waste, which ends up infiltrating even the food that we eat.

Millions of the Filipinos rely heavily on coastal and marine resources, which today is affected by marine plastics. Its emerging economy contributes to the increase in plastic generation. This is alongside the permeation of the “sachet economy” that most Filipinos are used to, partly driven by the small purchasing capacity of most of the population.

The Philippines is considered as one of the main contributors in the world to marine plastic pollution. Annually, the country generates 2.7 million tons of plastic waste, of which over 500,000 tons end up in the seas and oceans every year.

The current linear economic model is also contributing significantly to greenhouse gas (GHG) emissions across the chain. Material handling and use — from extraction, processing, manufacturing, delivery, use, and disposal of goods — are further accelerating climate change. The “business as usual” model is more wasteful and makes inefficient use of materials and finite resources. This stresses our waste management system and poses huge environmental, economic and social costs.

Left unattended, these wastes will continue to pile up and choke our soil, waterways, and seas, and will result to the degradation of our ecosystem and the increase of public health issues, in turn affecting the production potential of resources upon which millions of Filipino households depend on.

To address this seemingly unsurmountable challenge, one solution stands out: Transitioning to a Circular Economy.

The principle and practice of circular economy have shown promising results in breaking the cycle of plastic pollution. Numerous developed countries have launched innovative solutions — from nature-based to technology-based — to tackle the plastics problem.

The circular economy approach enables us to extend the lifecycle of products, thus minimizing our material footprint, reducing wastes to a minimum, and, more importantly, open massive economic opportunities in the value chain, involving manufacturing materials for sustainable packaging, recycling, reuse, sharing, refurbishing, and repairing, among others.

The Department of Environment and Natural Resources (DENR) has recognized this, and embedded circular economy as a key strategy in the National Plan of Action (NPOA) for the Prevention, Reduction, and Management of Marine Litter.

A major push in this campaign is the enactment of the Republic Act 11868 or the Expanded Producer Responsibility (EPR) Act. This new legislation widens the environmental accountability of enterprises for the entire life cycle of the goods they produce, especially in the post-consumption stage — by strengthening recycling, reuse, and resource recovery — and is thus a significant pillar of the policy environment for circular economy.

For the United Nations Development Program (UNDP), circular economy is a key pillar engagement in the Philippines. In addition to our work for the NPOA on Marine Litter, we supported the DENR in developing the implementing rules of the EPR law, establishing the EPR Registry, and organizational assessment to fulfill the law’s requirements. Moreover, the UNDP engaged with five cities to pilot test priority circular economy solutions. These were all made possible through the support of the Government of Japan.

Furthermore, through the support of the European Union and led by the DENR, a new program called the Green Economy Program in the Philippines was recently launched. Through this program, the UNDP, in collaboration with the Department of Interior and Local Government, will be working with 20 LGUs in their “greening” journey and their circular economy transition. Targeted support for 40 more LGUs is envisioned to be added to the program.

These are all aligned with the country’s Nationally Determined Contribution (NDC), which commits a 75% GHG emission reduction and avoidance by 2030. The NDC identified circular economy and sustainable consumption and production among the key mitigation measures against climate change that would bring about co-benefits, including green jobs and investments, while ensuring a just transition.

This year, the commemoration of Earth Day under the theme “Planet vs Plastics” reminds us that our urgent actions across all levels on plastic pollution matter. It is time to accelerate our efforts and transition to a circular economy before our planet is cloaked by plastics.

 

Selva Ramachandran is the UNDP Philippines Resident Representative. UNDP is the leading United Nations organization in fighting to end the injustice of poverty, inequality, and climate change. Learn more at ph.undp.org or follow @UNDPPH.

Market set to rebound, says PSE president

BW FILE PHOTO

THE Philippine Stock Exchange (PSE) is optimistic that the local bourse will rebound after plunging to the 6,400 level as investor confidence was negatively affected by geopolitical tensions.

The market will “eventually turn around” following the decline, PSE President and Chief Executive Officer (ceo) Ramon S. Monzon told reporters during a GCash media event last week.

He attributed the market’s decline to the escalating tensions between Israel and Iran.

 “It is a global influence. I think the market will get over that. We always have these challenges but somehow the market rebounds,” Mr. Monzon said.

The benchmark Philippine Stock Exchange Index (PSEi) ended its nine-day losing streak on Wednesday last week. It flirted with the 7,000 level in early April but lost momentum following macroeconomic and geopolitical issues.

The PSEi faltered at the end of the week as it retreated by 1.22% or 80.19 points to 6,443 on Friday.

On April 13, Iran launched a missile and drone attack on Israel following an Israeli strike on Iran’s embassy in Syria on April 1, which killed top Revolutionary Guards commanders.

Iran’s attack caused limited damage in Israel, as the missiles were intercepted and shot down by its IIron Dome defense system.

Meanwhile, Mr. Monzon said the PSE is sticking to its original target of having six initial public offerings (IPOs) and achieving P175 billion worth of raised capital this year.

He said there are companies in talks with the PSE regarding potential IPOs.

“I’m an eternal optimist. Never say die. We are still targeting six (IPOs),” Mr. Monzon said.

The PSE recently approved mining company OceanaGold Philippines, Inc.’s listing of 2.8 billion shares for its P7.9-billion IPO under the bourse’s main board.

OceanaGold is scheduled to have its IPO on May 13.

If realized, the domestic unit of the Australian-Canadian gold and copper mining company will be the first Philippine IPO this year. It is expected to be followed by the public listing of Saavedra-led Citicore Renewable Energy Corp. on May 31. — Revin Mikhael D. Ochave

‘Team Kramer’ still endorsing Jetour PHL

Jetour Auto Philippines, Inc. (JAPI) and Team Kramer ink a new contract. From left are Team Kramer Manager Ma. Chere Du Gioskos, Doug Kramer, Cheska Kramer, JAPI Managing Director Miguelito Jose, and JAPI President Yves Licup. — PHOTO BY DYLAN AFUANG

The family ‘perfectly represents the brand’

JETOUR AUTO PHILIPPINES, INC. (JAPI) renewed its partnership with the Kramers as the Chinese marque’s local arm signed the family as its brand ambassadors anew. Collectively known as “Team Kramer,” Doug and Cheska Kramer create lifestyle-oriented content with their children Kendra, Scarlett, and Gavin.

Team Kramer has been promoting the Jetour brand and its vehicles in the country even before the official public debut at last year’s Manila International Auto Show (MIAS). Since then, the Kramers have boosted the marketing of the X70 and Dashing SUVs, with teenager Kendra also choosing the Ice Cream electric hatchback as her ride of choice.

JAPI welcomed its brand ambassadors in time for the launch of the T2, Jetour’s latest SUV model that boasts four-wheel drive and boxy styling. With a starting price of P2.498 million, the T2 recently debuted at the 2024 MIAS.

“Not only are they celebrities… they also have a good image as a family, and it relates to what we want (for Jetour to represent),” JAPI Managing Director Miguelito Jose told “Velocity” at a dinner the company hosted in Makati City, during which media and content creators witnessed the Kramers renew their partnership contract with JAPI.

“Doug, Cheska, and their children promote that Jetour vehicles are ideal for family use,” Mr. Jose continued, adding that the company credits the Kramers for how “successful Jetour is right now.” The leadership also expressed that the company is “happy that the Kramer family wants to be (involved) with the brand again this year.”

A release from JAPI averred, “Team Kramer (espouses) a good-natured way of life that values old tradition, respect, quantity, and quality of time spent for each other.”

The SUV is available in Beyond (P2.498 million) and Terrain (P2.598 million) variants. In keeping with its positioning as a rugged, all-terrain vehicle, the T2’s chassis comes standard with metal underbody shields to protect its undercarriage and eight-point full-frame front subframe for better rigidity.

The chassis supports a feature-rich interior, as well as an exterior that further projects a utilitarian image through a boxy shape, chunky wheels, roof rails, and a side-mounted cargo box for the Terrain variant. “The exterior touches give the T2 the ideal physique of an SUV that’s ready to play, and play hard, in any urban and outdoor setting,” JAPI said in a release.

Residing behind the SUV’s grille, which sports LEDs that spell out its brand name, is a two-liter turbo gasoline mill that generates 251hp and 390Nm of torque. The output is sent to all four wheels via a seven-speed wet dual-clutch transmission and various driving modes.

Upon renewing their partnership with JAPI, the husband and wife became one of the first owners of the T2 in the country.

“As the journey continues with Team Kramer, Jetour eagerly anticipates accompanying them on their odyssey, providing vehicles that not only meet but exceed their expectations, ensuring every adventure is met with excitement and unparalleled comfort,” the company’s release concluded. — Dylan Afuang

Tree replanting singled out as priority use of coco trust fund

PHILSTAR FILE PHOTO

By Adrian H. Halili, Reporter

THE GOVERNMENT needs to fully utilize the coconut levy asset fund to revitalize the industry by mounting a major replanting effort, according to coconut products manufacturer Axelum Resources Corp.

“There’s a lot of money for replanting. If there is political will to utilize that money to replant and to implement all the programs of (the Philippine Coconut Authority [PCA]), we’ll be in a good place,” Romeo I. Chan, Axelum Chairman and Chief Executive Officer told BusinessWorld.

Republic Act No. 11524, or the Coconut Farmers and Industry Trust Fund Act, ordered the placement of coconut levy assets into a trust fund aimed at rehabilitating and modernizing the industry.

Last year, President Ferdinand R. Marcos, Jr. ordered the PCA to draft a plan for the rehabilitation of the coconut industry, including the planting of 100 million coconut trees by 2028. The rehabilitation plan aims to address the advancing age of the nut bearing trees.

In January, the PCA said that it was planning to plant 8.5 million coconut seedlings this year.

“On our part in the private sector, we are doing our share of replanting,” Mr. Chan added.

He said that in a partnership with The Vita Coco Company, Inc., it is planning to replant one million coconut trees in the next five years.

Meanwhile, Mr. Chan said that the impact of El Niño on the coconut industry may manifest itself after 12 months.

“If you look at the total coconut landscape, it’s not going to be a great deal. Our food industry only occupies 10% of the total market. The rest of the coconuts go to copra,” he told reporters.

According to the US Department of Agriculture, about 80% of copra produced in the Philippines is used for coconut oil production.

He said that the company also looking at using the unused coconut water thrown out during copra production.

“The copra farmers throw away the water as well, so that is another area for use to increase our supply base,” Mr. Chan said.

The company last week renewed a coconut water supply deal with Vita Coco. The deal has an initial 10-year period, with an optional five-year extension.

“But you can gauge from the last 15 years, we did P15 billion, which is average of P1 billion a year. But we’re going to do much more than that in the next years,” Mr. Chan said.