PH Cancer Summit organizers urge Filipinos to undergo cancer screening for early detection

February 12, 2024 | 1:30 pm

PCC-OL — PCS CanCom Chair Manuel Roxas encourages Filipinos for cancer screening, with PCS CanCom Executive Director Tefel Pesigan-Valentino

The Philippine College of Surgeons Cancer Commission (PCS CanCom) Foundation is encouraging the public to have cancer screening tests as early diagnosis is vital to higher survival among cancer patients.

Based on data from PCS Cancer Foundation, the majority or 85% of those who get cancer are due to aging or unhealthy lifestyle and the remaining 15% are genetic or hereditary.

A surgeon and specialist on colorectal cancer, Dr. Manuel Francisco Roxas, who is also a chairperson of the PCS CanCom, stressed that the key to cancer survival is early diagnosis.

“For the majority of cancers when diagnosed early, they’re curable so, cancer can be curable when diagnosed early,” Mr. Roxas said during the recent Kapihan sa Manila Bay forum.

Mr. Roxas, who is also a medical director of the Ayala-owned Healthway Cancer Care Hospital, raised concern that cancer is the third leading cause of death among Filipinos and is projected to rise due to the country’s aging population.

In addition, Department of Health (DoH) Secretary Ted Herbosa informed the PCS Cancer Foundation that the government is planning to implement a program promoting cancer screening.

“The health chief said the DoH wants to focus on cancer screening and prevention if the government’s screening program is good for the population of all healthy Filipinos. We will pick up cancer early, and hopefully, late-stage cancer will decrease, better survivors and less cost for expensive treatment,” Mr. Roxas said.

Meanwhile, the PCS CanCom is looking forward to constructing the Philippine Cancer Center (PCC).

“The Philippine Cancer Center will focus on the less common cancers, the more complicated cancers and they will be expert on it. For the more common cancers, the DoH hospitals with cancer centers will be more than ready to take care of them,” he said.

The construction of PCC which is reportedly set to rise in East Avenue in Quezon City, is part of the mandate of the Philippine National Integrated Cancer Control Act (NICCA) which was signed into law in February 2019. The NICCA includes wide-ranging provisions covering the development of national and regional cancer centers.

Currently, the country has 35 designated cancer control centers.

In observance of World Cancer Awareness Day, the PCS CanCom together with the DoH, Cancer Coalition Philippines (CCPh), and the Philippine Cancer Society are convening a Philippine Cancer Summit this year, which will be held from Feb. 29 to March 1, 2024, to provide free cancer screening examinations at Novotel in Quezon City, where mobile buses will also be deployed for free screening for the public.

They also organized a fun run and a cancer summit on Feb. 11, 2024, at the CCP Complex. This will give the opportunity to avail free cancer screenings for breast, cervix, prostate, and thyroid for participants.

Included in the event are a cancer screening examination for participants for 100 breast, 150 thyroid, 60 cervical, and 50 prostate, and distribution of educational materials for the screening, diagnosis, and management of the different types of cancers.

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BSP may keep rates steady — poll

February 12, 2024 | 12:34 am

By Keisha B. Ta-asan, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to keep its policy rate at a 16-year high for a third straight meeting on Thursday amid upside risks to inflation and as economic growth remains robust, analysts said.

The Monetary Board is also not expected to cut borrowing costs ahead of the US Federal Reserve as a narrower interest rate differential with the US could cause the peso to weaken further, they said.

A BusinessWorld poll of 17 analysts held last week showed 15 analysts expect the Monetary Board to maintain its target reverse repurchase (RRP) rate at a 16-year high of 6.5% at its review this week. The BSP has kept its key rate at this level for two straight meetings since November.

On the other hand, two analysts said the BSP may cut the policy rate by 25 basis points (bps) to 6.25% at the Feb. 15 meeting after inflation slowed in January.

“We expect the BSP to remain on hold at its next meeting. Although inflation slowed to a more than three-year low of 2.8% in January, this is largely due to base effects,” Makoto Tsuchiya, an economist from Oxford Economics, said in an e-mail.

Headline inflation fell to 2.8% in January from 3.9% in December and 8.7% in the same month a year ago, marking the slowest print since the 2.3% in October 2020.

January was also the second straight month that inflation was within the BSP’s 2-4% target range. The consumer price index for the month was below the 3.1% median estimate in a BusinessWorld poll.

Finance Secretary and Monetary Board member Ralph G. Recto told reporters on the sidelines of an event on Thursday that the BSP may not deliver any more rate hikes this year amid slowing inflation.

“Inflation is on its way down. Assuming it continues to go down and is within the (2-4%) range, then realistically, what will happen next is the lowering of interest rates,” he said in mixed English and Filipino.

However, Philippine National Bank (PNB) economist Alvin Joseph A. Arogo said inflation may still pick up in the coming months, which could give the BSP a reason to keep rates elevated for now.

“Although headline inflation was within the 2-4% target range during the past two months, we think that the risk of a transient re-acceleration is material enough due to the threats from El Niño, Middle East conflict escalation, and lagged impact of minimum wage hikes,” he said.

Colegio de San Juan de Letran Graduate School Associate Professor Emmanuel J. Lopez likewise said the inflation outlook remains uncertain as the agriculture sector has started to feel the effects of El Niño.

Oil price hikes may also lead to higher transport costs of delivering goods and food products, he said.

Meanwhile, Pantheon Chief Emerging Asia Economist Miguel Chanco said the BSP has room to remain hawkish as fourth-quarter gross domestic product (GDP) data showed the Philippine economy is still robust.

“I think the surface-level strength portrayed by the fourth-quarter GDP numbers will, for now, reduce any urgency on the part of the Board to start loosening policy,” he said.

“The BSP is unlikely to trim its policy rate sooner than markets expect given the resilience in household spending seen in the fourth-quarter GDP reading,” Sarah Tan, an economist from Moody’s Analytics, said.

The Philippine economy grew by 5.6% in 2023, slower than the 7.6% expansion in 2022 and falling below the government’s 6-7% full-year target.

In the fourth quarter alone, GDP expanded by 5.6%, slower than the revised 6% growth in the third quarter and the 7.1% expansion in the fourth quarter of 2022.

Household spending jumped by 5.3% in the fourth quarter, bringing private consumption growth to 5.6% in 2023. This is slower than 8.3% in 2022.

Even as GDP growth slowed in 2023, key labor market indicators such as unemployment rates still indicate economic resilience, PNB’s Mr. Arogo noted.

“We therefore think that the BSP should be patient and only start cutting policy rates in the fourth quarter. Our baseline view is for the RRP rate to ease to 6% by the end of 2024,” he said.

Weaker demand due to the lagged impact of previous rate hikes and a global economic slowdown may result in Philippine GDP growth slowing further to 5.2% this year, Oxford Economics’ Mr. Tsuchiya said, which could cause the BSP to “resort to monetary easing to prop up the economy.”

“For the whole year, we think the BSP will cut its rate by 125 bps in total, bringing the rate to 5.25% at yearend,” he said, adding that inflation may average 3.5% in 2024, barring unexpected supply-side shocks.

WAITING FOR FED CUTS
According to Mr. Recto, the Monetary Board will consider the Fed’s policy moves in deciding when to begin easing benchmark interest rates.

“Are they going to start reducing rates? If they do, then possibly we can start reducing rates,” he said. “I think the Fed needs to (cut policy rates) first then we look at our own data… We’re affected by what the Fed does as well.”

The US central bank raised the fed funds rate by a total of 525 bps from March 2022 to July 2023 to the 5.25%-5.5% range. Markets expect the Fed to begin cutting borrowing costs by May.

“We see the BSP moving via rate cuts as soon as the Fed cuts policy rates. Given the ING house call for (Fed) rate cuts by May or June, we see the BSP cutting rates beginning June,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

Security Bank Corp. Chief Economist Robert Dan J. Roces likewise said the BSP is unlikely to ease before the Fed given the peso’s recent depreciation against the dollar.

“The local policy rate is projected to decrease to 5.5% by the end of 2024, in cautious increments of 25 bps to total 100 bps — likely matching a similar-sized move by the Fed — and to provide support to economic activity through lower borrowing costs,” he said.

The peso closed at P55.911 a dollar on Thursday, 3.9 centavos stronger from its P55.95 close on Wednesday. Year to date, the peso was weaker by 54.1 centavos from its P55.37-per-dollar finish on Dec. 29, 2023.

ING’s Mr. Mapa noted that if the BSP’s risk-adjusted inflation forecast moves closer to the baseline, they may start reducing borrowing costs to help boost private investments.

The BSP sees headline inflation averaging 3.7% this year, slower than the 6% print in 2023, and easing further to 3.2% in 2025.

Meanwhile, the central bank’s risk-adjusted forecasts show that inflation could settle at 4.2% this year, above the 2-4% target, and slow to 3.4% in 2025.

“For the year we see 75 bps worth of rate cuts as [BSP Governor Eli M. Remolona, Jr.] finally shifts to a more dovish tone,” Mr. Mapa said.

“We all know that the growth engine of the Philippine economy is consumption. However, if economic managers are keen on reversing and compensating for years of underinvestment, they will need to consider giving growth another leg up via more accommodative monetary policy,” he said.

Moody’s Analytics’ Ms. Tan said the BSP may keep benchmark interest rates on hold until June, as inflation could still pick up due to El Niño and fading base effects.

“A series of rate cuts is expected to begin from June at the earliest, when inflation is firmly within the BSP’s 2% to 4% target range. We see a cumulative 100 basis points in cuts by the end of the year,” she said. — with a report from Luisa Maria Jacinta C. Jocson

Growth, fiscal goals need to be ‘more realistic,’ says DoF chief

February 12, 2024 | 12:33 am

THE DEVELOPMENT Budget Coordination Committee (DBCC) may need to adjust its growth and fiscal targets to be “more realistic,” Department of Finance (DoF) Secretary Ralph G. Recto said last week.

“We’re discussing that right now because I think we have to come up with more realistic targets,” Mr. Recto told reporters on the sidelines of an event on Thursday.

“Don’t you think we need some adjustment there? I think we need to. Something more realistic but still high for 2024 and beyond,” he added.

The government is targeting gross domestic product (GDP) growth of 6.5-7.5% this year and 6.5-8% from 2025 to 2028 under the DBCC’s latest macroeconomic assumptions and medium-term fiscal and growth goals.

The economy grew by 5.6% in 2023, slower than the 7.6% expansion in 2022. It also fell short of the government’s 6-7% goal for the year.

“We are reviewing all of that. It’s a six-year term for the President and we’ve finished one year and a half. We know what’s happening globally, so we have an idea of something more realistic,” the DoF chief said in mixed English and Filipino.

National Economic and Development Authority Secretary Arsenio M. Balisacan earlier said it could be too early to adjust their economic growth targets.

“It’s only the first (quarter) of the year and now you want to say reduce the 6.5% — that’s too defeatist,” he said.

Meanwhile, the Finance chief said the entire medium-term fiscal framework is also under review.

“The fiscal plan was made when (Ferdinand R. Marcos, Jr.) became president in 2022. There was no war in the Middle East, the Ukraine war had just begun. Thereafter, prices of food and oil rose,” Mr. Recto said. “That plan was done way back a year and a half ago. It’s always under review and more so today.”

The DBCC expects the National Government’s budget deficit to hit P1.39 trillion this year, equivalent to 5.1% of GDP. Broken down, revenues are expected to reach P4.24 trillion while disbursements are seen to hit P5.63 trillion.

Under the fiscal framework, revenues are programmed to account for 15-16% of GDP, while expenditures are equivalent to around 20% of GDP.

Mr. Balisacan also said earlier that the contraction in state spending in the fourth quarter was “intentional” due to the government’s fiscal consolidation plan. In the fourth quarter, government spending contracted by 1.8%, a reversal of the 6.7% growth in the previous quarter and 3.3% a year ago.

Mr. Recto noted that the government is not planning on cutting back on its expenditures.

“I’m not considering slower spending. At the very least we will keep the spending level at whatever it is right now under the DBCC program. Hopefully, we can even improve it. For as long as the deficit is going down and your debt-to-GDP ratio is going down, that’s what is important,” he added.

The DBCC last reviewed its targets in December. Its next meeting is scheduled in March.

TAX REVENUES
Meanwhile, the Bureau of Internal Revenue (BIR) said streamlining tax processes to attract more investments could mean foregone revenues for the government, which it will need to make up for by intensifying collection efforts in other areas.

“That’s the challenge, as we try to improve the process and implement the ease of paying taxes, of course we may lose revenues because of all the improvements,” BIR Commissioner Romeo D. Lumagui, Jr. told reporters on the sidelines of an event on Thursday.

“As we want to grow the economy, we’ve been giving incentives. We’ve been lenient on those in the hopes we will be able to attract investors. There are lost revenues in the meantime, so there is a lot we need to do to set off those revenue losses.”

For example, Mr. Lumagui said the agency will be focusing on improving excise tax collection this year, especially on tobacco and vape products.

“For this year, that will be our concentration, excise tax. We’ve analyzed what happened in 2023,” he said.

Mr. Lumagui earlier said there was an estimated 20% shortfall in excise taxes in the first four months of 2023 due to illicit tobacco.

“So many are shifting to vape. Hopefully, vape product registration will increase. Last year, we saw an increase in registrations because of what we’ve done, so hopefully it will increase this year,” he added, noting that the excise tax collection shortfall has been trimmed to about 13-14% at the end of 2023.

Data from the BIR showed it generated P137.18 billion in revenues from operations targeting the illicit trade of cigarettes, vape and other excisable articles in 2023.

The BIR collected around P2.53 trillion last year, missing its P2.64-trillion target for 2023 but surpassing its P2.34-trillion collection in the previous year.

This year, the agency is tasked to generate P3.05 trillion in revenues.

Mr. Recto also ordered the agency to accelerate its digitalization and modernization programs to make tax compliance easier.

“Additionally, we will strengthen enforcement efforts against tax cheats and ensure fairness in the tax system to build taxpayers’ trust,” he added. — Luisa Maria Jacinta C. Jocson

Nonmonetary measures needed to address rice inflation as prices may continue to climb

February 12, 2024 | 12:32 am

NFA-rice-warehouse-import-040819 — PHILIPPINE STAR/ MICHAEL VARCAS

THE AGGRESSIVE rate hikes of the Bangko Sentral ng Pilipinas (BSP) over the past two years have helped stabilize inflation, but nonmonetary measures are still needed, especially as rice prices remain high.

Rice prices continue to be a “serious concern” as this could cause headline inflation to breach the 2-4% target anew in the second quarter, Monetary Board member V. Bruce J. Tolentino said.

“The Philippines produced a record level of rice in the past season. But work on pushing productivity must continue, because there is significant unmet demand for rice, and many are hungry,” he told BusinessWorld in a text message.

Rice production and agricultural productivity must grow faster and surpass the expansion in the population and per capita consumption, he said.

“Increasing productivity is a medium- to long-term effort that requires consistent and faithful effort,” Mr. Tolentino said, adding that the government should invest in scientific research and development for the long term.

Latest data from the Philippine Statistics Authority showed headline inflation eased to 2.8% in January from 3.9% in December and 8.7% in the same month in 2023.

This was the slowest inflation point since the 2.3% seen in October 2020 and was below the 3.1% median estimate in a BusinessWorld poll.

January also marked the second straight month that the consumer price index (CPI) was within the BSP’s 2-4% annual goal following 20 consecutive months of above-target inflation.

The central bank sees headline inflation averaging 3.7% this year, slower than the 6% print in 2023, and easing further to 3.2% in 2025.

Meanwhile, the central bank’s risk-adjusted forecasts show that inflation could settle at 4.2% this year, above the 2-4% target, and could slow to 3.4% in 2025.

The BSP has kept its policy rate unchanged at a 16-year high of 6.5% for two straight meetings since November. This was after it hiked benchmark borrowing costs by a cumulative 450 basis points (bps) from May 2022 to October 2023 to help bring down the CPI.

“I am happy that the monetary policy decisions made over the last year have helped to manage and bring down inflation,” Mr. Tolentino said.

“(But) rice prices continue to be high due to the dynamics of reduced global supplies due to India’s ban on rice exports, plus the emerging impact of fertilizer supply constraints arising from the war in Ukraine,” he added.

In January, rice inflation quickened to 22.6% in January from 19.6% in December. This is the highest rice inflation in nearly 15 years or since 22.9% in March 2009.

Rice was also the biggest contributor to January inflation, adding 1.3 percentage points to the 2.8% headline print. The commodity has the biggest weight in the overall CPI basket at 8.87%.

National Statistician Claire Dennis S. Mapa earlier said the higher rice inflation was due to an increase in prices in the global market and a low base, noting that annual rice inflation may hover at around 20% or even higher until July.

“A key factor in the continuing increases in rice prices is tight domestic stocks, which were not fully replenished because import permits were drastically constrained in 2022 up to mid-2023,” Mr. Tolentino said.

China Banking Corp. Chief Economist Domini S. Velasquez also noted that a large part of January inflation was driven by favorable base effects from last year’s peak.

“Persistent double-digit rice inflation has pushed up our inflation forecast for the year from 3.5% to 3.8%. Rice prices remain on an uptrend and will likely continue to drive inflation in the coming months,” she said.

“Looking ahead, El Niño, which is expected to persist until the second quarter of 2024, could drive up prices. Inward-looking policies of rice exporter nations have also exacerbated global rice prices,” Ms. Velasquez added.

She noted that the government’s rice supply deal with Vietnam could help ensure stable supply of rice. Under a memorandum of understanding signed during President Ferdinand R. Marcos, Jr.’s two-day state visit to Vietnam in January, Hanoi committed to supply 1.5 million to 2 million metric tons of white rice to the Philippines “at a competitive and affordable price” for five years.

Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said average inflation may hit 4.1% this year amid high food prices, before easing to 3.8% in 2025.

“As fading base effects meet the impact of the drought in the second quarter, headline inflation is expected to peak in the range of 5% year on year in June-July before tapering off to a low of 3.5% in September,” he said in an e-mail.

Mr. Asuncion said food inflation may spike to above 6% starting in April due to the impact of drought on food supply. It will likely start to go down in August, reaching an annual average of 4.7% for 2024.

Food inflation alone eased to 3.3% in January from 5.5% in the previous month and 11.2% a year ago. It was the slowest since the 2.8% in March 2022. — Keisha B. Ta-asan

PDEx expects bond issuances to exceed P400B this year

February 12, 2024 | 12:31 am

CORPORATE BOND issuances this year may surpass the Philippine Dealing & Exchange Corp.’s (PDEx) initial target of P400 billion amid expectations of increased offerings by the banking sector, its top official said.

“(The outlook) is a more robust year compared to last year… I think (we will surpass),” PDEx President and Chief Executive Officer Antonino A. Nakpil said on the sidelines of a listing ceremony last week when asked if they can hit the P400-billion target for 2024.

The full-year goal is almost double the P209 billion in issuances seen in 2023, but below the P508 billion raised in 2022.

“We started with [around] P70 billion just within February. We’ll be at P82 billion after this week. It is a very good start for the first quarter,” Mr. Nakpil added.

Big companies and the banking sector will drive the increase in fundraising as they expect interest rates to begin going down later this year, he said.

“There’s a lot of maturities that are going to occur. The banks in particular usually have an incentive to reissue their bonds again. That will be driving the growth. We believe the banks are coming back,” Mr. Nakpil said.

“The corporates who are coming early — and where interest rates haven’t fulfilled the downward trend yet — we’ll probably see. The banks, definitely, have always been very tactical on that. They are very astute when it comes to timing,” he added.

The Bangko Sentral ng Pilipinas (BSP) raised borrowing costs by 450 basis points from May 2022 to October 2023 to bring down elevated inflation, bringing the policy rate to a 16-year high of 6.5%.

BSP Governor Eli M. Remolona, Jr. earlier ruled out a rate cut in the first semester amid risks to the inflation outlook but said the central bank may start considering policy easing in the second half.

PDEx also aims to encourage smaller firms such as micro, small, and medium enterprises (MSMEs) to raise capital from bonds, adding that it is “an extremely large market,” Mr. Nakpil added.

“Focus on the MSMEs is one — focus on getting more people access to capital and going back to the basics of getting capital moving within the economy. That’s why you want the capital market developed so that capital will be accessible to not just family-owned firms or conglomerates, but to new firms,” he said.

“The mission of the capital market infrastructure is to have more issuers have access to capital… Capital should move around to all issuers,” he added. — Revin Mikhael D. Ochave

Instructure report reveals PHL vocational institutions’ current engagement with edtech, generative AI

February 12, 2024 | 12:10 am

SPARKUP_Story-1-Instructure-OL — Instructure’s study shows that vocational education institutions are turning to technology as a key tool to positively influence instructors, administrators, and students. Among the technologies adopted, LMS emerged as the most commonly used technology, followed by digital assessment solutions and video/audio conferencing.

Learning technology ecosystem Instructure Holdings, Inc. (Instructure) has recently commissioned Hanover Research to conduct a study highlighting the evolving focus of vocational education institutions in the Philippines on enhancing student employability. The State of Vocational Education in the Philippines survey, carried out last September and encompassing 115 institutions, indicates a significant shift towards integrating educational technology (edtech) solutions such as a Learning Management System (LMS) to broaden students’ career opportunities post-graduation.

According to the report, 89% of vocational education institutions place great importance on the employment rates of recent graduates, and 81% value their students’ practical application of knowledge and skills. When assessing their programs, 100% believe they effectively prepare students for the workplace. However, more than half of the institutions (53%) admit that they struggle with recent graduate employment rates.

In response to the increasingly competitive job market, vocational education institutions are turning to technology as a key tool to positively influence instructors, administrators, and students. A significant 97% of these institutions believe that their use of technology has played a crucial role in enhancing student success.

Among the technologies adopted, LMS emerged as the most commonly used technology, with 77% of institutions utilizing them. Digital assessment solutions (62%) and video/audio conferencing (59%) were also widely adopted. Further emphasizing the value of technology in education, 88% of institutions report that their students place great importance on integrating technological tools like LMS, recognizing their role in enriching the learning experience.

“The widespread adoption of LMS and other digital learning tools speaks to a deeper understanding that integrating technology is crucial for preparing vocational students for the complexities of the modern workforce,” said Harrison Kelly, managing director at Instructure Asia Pacific.

Addressing competition and challenges

Another key factor driving technology adoption in vocational education institutions is the heightened competition from universities. According to the report, 65% of institutions said they are seeing a high increase in competition from universities offering nontraditional courses for students, such as short courses or micro-credentials.

The current inflationary environment has also had a mixed impact on these institutions. While 88% of institutions have experienced increased enrollments, cost pressures related to home life (81%), household income (74%), and access to technology (74%) remain concerns.

Moreover, the institutions expressed the need for assistance complying with standards (45%) and increased funding (37%). These findings emphasize the sector’s need for additional support to equip students with the required workplace readiness.

The AI dilemma

With the rising integration of technology in education, the emergence of generative artificial intelligence (AI) tools like ChatGPT has presented a complex mix of challenges and opportunities for vocational institutions in the Philippines, reshaping their approach to teaching and learning.

While 32% of vocational institutions have incorporated AI tools into their operations, 38% have opted to ban them entirely. Additionally, 23% are familiar with these tools but choose not to use them, and a small fraction (6%) lack knowledge about them.

According to the report, administrative staff are more likely to utilize AI tools (34%) compared to trainers (30%), and they are slightly less inclined to support bans on these tools (38% admins versus 39% trainers). Admins mainly use AI tools for research and writing (59%), lesson plan creation (49%), and administrative tasks like email drafting (46%). Meanwhile, students utilize AI for research and writing (76%), language translation (46%), and test preparation (45%).

The report also highlights that vocational institutions are less concerned with plagiarism (31%) and more concerned with issues such as the loss of creativity and critical thinking (52%), and data privacy (49%).

Despite some apprehensions and outright bans, most institutions (91%) have established guidelines for using generative AI, with 56% implementing light guidelines and 35% enforcing stricter ones.

To keep pace with the prevalence of AI tools, 75% of vocational education institutions in the Philippines actively offer AI training, showcasing their commitment to embracing and adapting to AI’s technological disruptions.

“It’s vital that institutions continue to provide strong support to students as they complete their courses and advance in their lifelong learning journey. This involves not only equipping them with the latest technological tools and skills but also overcoming inherent challenges in this rapidly changing educational landscape,” Mr. Kelly said.

New York Fashion Week menswear showcases age-defying designs

February 12, 2024 | 12:06 am

1 of 3

NEW YORK — New York Fashion Week: The Shows officially kicked off on Friday, with four menswear designers showcasing their new collections.

Y.Chroma, which launched less than a year ago, is on a mission to target the often-ignored middle-aged bracket.

“My customers … look in line at Starbucks and realize they’re wearing the same clothes as every other guy, and they want to change that. That’s actually not an easy transition to make,” said founder Max Israel.

Mr. Israel said the brand taps into Generation X’s heritage, infusing the laid-back essence of skate and surf culture with luxurious textiles and refined aesthetics.

“This matters because you’re talking about 100 million men between the US and Europe. They’re most of GDP, and they’re totally locked out of fashion… We’re going to change that,” said Mr. Israel.

TERRY SINGH
Designer Terry Singh, himself aged 57, returned with a collection that seeks to give each man he dresses a sharp identity. (See the show here: http://tinyurl.com/4uub2vue)

“When you see him coming down the street, he has that look,” he said.

Mr. Singh continued his tradition of using unconventional models. Brian St. John, for instance, is a record label vice-president who Mr. Singh found having his photo taken on the street in New York.

“Terry was directing my friend how to take the pictures better and angling it better. And then we exchanged Instagrams … and he hit me up and asked me to be in the show,” said St. Joahn.

Fashion brand Landeros also showed during the morning session of the biannual Men’s Day event, while designer Jack Sivan’s brand made its fashion week debut, focusing on soft and playful tailoring.

Nearly 50 brands including Carolina Herrera, Tommy Hilfiger and Brandon Maxwell will showcase their collections during New York Fashion Week, which runs until Feb. 14. — Reuters

PSE: Short selling progress hinges on market recovery

February 12, 2024 | 12:06 am

By Revin Mikhael D. Ochave, Reporter

THE PHILIPPINE Stock Exchange, Inc. (PSE) is not bothered by the slow progress of its short selling product, its top official said.

“I’m not worried. As long as the short selling capability is there, that is the most important thing,” PSE President and Chief Executive Officer Ramon S. Monzon told BusinessWorld on the sidelines of a launch event in Makati City last week when asked about the development of the market product.

The PSE launched short selling in November last year, five years after issuing the revised guidelines on the trading strategy. However, the latest daily short selling report posted on the PSE’s website showed that there have been no developments on the new trading product.

Mr. Monzon said the short selling product was introduced to entice more foreign investors to consider the local exchange.

“Everybody is saying that this short selling doesn’t seem to have worked. We’ve worked on short selling and it is really to target the foreign investors so that when the emerging market or the Philippine economy loses favor, instead of selling out, they can hedge. That will create liquidity,” Mr. Monzon said.

He added that short selling has not taken off because of the market’s current performance.

“I don’t expect short selling to take off in a big way right away because the market is down. Brokers have also to adopt their back office. That’s all happening now,” Mr. Monzon said.

“Hopefully, when the market is up, everything is in place,” he added.

On Thursday, the 30-member Philippine Stock Exchange Index (PSEi) rose by 0.29% or 20.12 points to 6,850.16, while the broader all shares climbed by 0.2% or 7.45 points to 3,574.21.

The market had a shortened trading week due to the Chinese New Year holiday.

Compared to the previous week, the PSEi rose by 2.13%, or 142.91 points, from the close of 6,707.25 on Feb. 2.

Short selling is a “trading strategy that involves the selling of a borrowed security with the intention of buying it back later at a lower price,” which allows investors to hedge against the downside risk of an investment.

Eligible securities for short selling include all PSE index, PSE MidCap, and PSE Dividend Yield constituent companies and exchange traded funds.

Benilde’s first diplomacy and governance program batches graduate

February 12, 2024 | 12:05 am

The De La Salle-College of Saint Benilde (DLS-CSB) has sent off its first batch of Diplomacy and International Affairs (DIA), and Governance and Public Affairs (GPA) graduates.

The programs were first offered during the height of the COVID-19 pandemic, under the Benilde School of Diplomacy and Governance (SDG).

During the completion rites at the Philippine International Convention Center (PICC), summa cum laude Gabrielle Elijah Villareal shared how embracing the newly offered GPA allowed her to discover “not just an academic pursuit, but a transformative journey.”

“It became my crucible for understanding the intricate tapestry of society — the delicate balance of power and the profound responsibilities that come with it,” she explained.

The young achiever also stressed how the resilience of the Filipinos became a learning ground for the youth on the significance of good governance and the impact of accountability.

“It resounds with the empowering truth that our voices are not just heard but wield the potential to make a profound difference,” she stated.

“Our country needs a new generation of leaders, diplomats, lawyers, businessmen, and even artists who will implement a strong sense of duty to promote the interests and human rights of the disadvantaged in society,” she added. “It is our turn to be architects of positive change, stewards of justice, and extraordinary world changers.”

Benilde SDG Dean Gary Ador Dionisio, DPA noted how navigating the pandemic highlighted the importance of diplomacy and governance.

“We took notice that various governments made different responses to address the pandemic,” he explained. “Some were successful in mitigating the effects, while others failed to provide adequate services and responses.”

The educator expounded that understanding the intricacies and dynamism of the discipline is one of the important pillars in addressing current issues.

“Governance and diplomacy are also frontline programs to whatever disruptions or challenges our country is facing,” Mr. Dionisio stated.

In light of the “unfolding flashpoints in the current global order,” he also underlined the need for further reexamination of the current paradigm.

DIA provides a more comprehensive understanding of the concepts, theories, and practices involved in the global dynamics of international relations.

Designed for aspiring diplomats, global affairs specialists, and development practitioners, it equips students with competencies in research, policy development, protocols, diplomatic works, and negotiation.

Meanwhile, GPA recognizes the dynamics and importance of regional, international and nongovernment organizations, and the United Nations’ system in policy-making and formulations.

It is the only public administration and governance program in the Philippines that combines the philosophy of liberal arts education, social sciences, and practical aspects of public affairs management to prepare enrollees for a career in government and international agencies.

As a Lasallian Governance course, it equips students with high ethical values, accountability, and a sense of duty to promote human rights for all and protect the interests of minorities in society.

Tadashi Shoji looks to the natural world, Christian Siriano nods to Dune in New York Fashion Week

February 12, 2024 | 12:05 am

Christian-Siriano-thumb — CHRISTIAN SIRIANO

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VETERAN designer Tadashi Shoji nodded to the natural world for his latest collection at New York Fashion Week on Friday, presenting an array of cocktail dresses and evening gowns in dark greens and bronzes. (See the show here: http://tinyurl.com/345t49ff)

Instead of a catwalk show, Japanese-born Mr. Shoji, who is based in Los Angeles, chose to present the Fall/Winter 2024 line digitally via video, which showed models walking through an enchanted forest set to present the frocks. Many dresses bore leaf or floral motifs and embroidery. Some were adorned with large floral decorations.

“(There) is so much tragedy and so much chaos (in the world), so mostly, psychologically, I think … people want to escape from this mess,” Mr. Shoji told Reuters.

“So (I thought) maybe a green forest, the fantasy of a forest (was) a good idea.”

Silhouettes varied from sleek off-the-shoulder necklines and tiered skirts to floaty chiffon gowns in the collection, which also featured dresses in red, purple and blue and is priced between $300 and $700.

CHRISTIAN SIRIANO
US designer Christian Siriano looked to the sweeping landscapes from science fiction epic Dune at his Fall/Winter fashion show, presenting a collection deeply rooted in the tones of the desert.

Models wore draped coats and jackets in earthy browns and reds, while frocks came in shiny metallics at the catwalk presentation on Thursday at The Plaza Hotel, held ahead of Friday’s official start of New York Fashion Week: The Shows.

Dresses were often slit at the thigh while male models wore cropped jackets with wide-leg trousers. Iridescent materials and lamé provided a futuristic look.

“What would you wear if you were going to a cocktail party or a gala? … I think they’ve got the futurism covered, but what would you wear if you wanted to be glamorous?” Mr. Siriano told Reuters backstage.

“That’s what I want to give to that world if we had to live there.”

Dune, Frank Herbert’s 1965 novel set in the future where noble families rule planetary fiefs, has been adapted for the screen several times, including David Lynch’s 1984 version and Denis Villeneuve’s 2021 movie, starring Timothee Chalamet and Zendaya. Its sequel is due for release this month.

Mr. Siriano said he wanted to offer a mix of silhouettes at his show, whose celebrity guests included actors Alicia Silverstone and J. Smith-Cameron.

“We start the show actually (with) a lot of really beautiful, tailored pieces, great trousers, gorgeous cut jackets and then it kind of builds into a really beautiful, more romantic, glamorous evening world,” Mr. Siriano said.

“I wanted people to see the range of dressing, and I think that that’s really what my customer is looking for.”

Nearly 50 brands including Carolina Herrera, Tommy Hilfiger and Brandon Maxwell will showcase their collections during New York Fashion Week, which runs until Feb. 14. — Reuters

Aboitiz plans bulk water supply project in Tarlac

February 12, 2024 | 12:05 am

ABOITIZ Equity Ventures, Inc. (AEV) is planning to develop a bulk water project within its economic estate in Tarlac City, the company’s president said.

“Yes, we would [replicate the Davao City bulk water project]. We would like to be there where they welcome us. [We are targeting some] in the eco zone, in Tarlac for example, this was a big project. We were focusing on doing this,” Sabin M. Aboitiz, president and chief executive officer of AEV, told reporters last week.

Last week, AEV’s Aboitiz InfraCapital, Inc. inaugurated the Davao City bulk water supply project, which has a capacity of 300 million liters per day.

The P12-billion bulk water supply project, which started operating in December 2023, is a public-private partnership between Apo Agua Infrastructura, Inc., the water unit of Aboitiz Infracapital, and Davao City Water District (DCWD).

For now, Mr. Aboitiz said the company will focus on expanding Davao City’s bulk water supply project to other areas and within the concession area of DCWD.

DCWD is the water service provider of Davao City. It supplies water to around 240,000 customers in 116 barangays within its concession area.

In October 2023, Aboitiz InfraCapital said that it would target to start the construction works for its fourth economic estate in the first semester of 2024.

Its 200-hectare Tarlac City estate is expected to attract more manufacturing companies, the company said.

Currently, Aboitiz InfraCapital has three economic estates which are the 826-hectare LIMA Estate in Batangas, the 63-hectare MEZ2 Estate in Mactan Cebu International Airport, and the 540-hectare West Cebu Estate in Balamban. — Ashley Erika O. Jose

NIA considering crop calendar adjustment

February 12, 2024 | 12:04 am

Rice-Palay-farmers — Farmers are seen in a rice field in Bustos, Bulacan, Oct. 17, 2023. — PHILIPPINE STAR/KJ ROSALES

THE National Irrigation Administration (NIA) said on Sunday that it may adjust the timetable for providing water to reduce potential crop losses, especially for rice.

“With the goal of ensuring sufficient farm yield and minimizing rice imports, NIA is considering adjusting the cropping calendar,” it said in a statement posted on Facebook.

The Philippines imported 3.58 million metric tons (MT) of rice in 2023, according to the Bureau of Plant Industry.

The NIA said it will work around a schedule of two cropping periods during the dry season, one from October to January, and the other from February to May.

According to NIA, doing so would minimize the impact of typhoon damage to standing crops.

NIA Administrator Eduardo G. Guillen has also accelerated the timetables of irrigation projects.

The use of high-yielding hybrid seed could potentially increase yields in NIA-irrigated sites to 8 million MT of palay or unmilled rice.

The Department of Agriculture (DA) is targeting palay output of 20 million MT this year, roughly unchanged in light of the prevailing El Niño.

Mr. Guillen has said that 20% of agricultural production may be affected by El Niño.

The government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), said El Niño is projected to last until the second quarter, bringing dry spells or droughts to 63 provinces.

NIA said that it is seeking to partner with the DA, the Department of Public Works and Highways, and other national and local government agencies as well as the private sector in irrigation development. — Adrian H. Halili