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Of lockdowns and liquor taxes

WIL STEWART-UNSPLASH

A few years back, Justin M., (not his real name), made quick and easy money, thanks to a liquor ban and a COVID-19 lockdown that took effect at the same time.

While everyone else was ordered to stay inside their homes, Justin was lucky enough to be able to go out freely, unencumbered by mobility restrictions. This was because he worked as a personal driver of someone who was allowed to travel practically anywhere in the country. (During their trips, both followed safety protocols and underwent testing regularly.)

Owing to this privilege, Justin was able to visit Makati and Taguig, two cities in Metro Manila that didn’t impose liquor bans at all during the lockdowns.

Sensing an economic opportunity, Justin bought a case of gin where it was freely sold and promptly unloaded it at twice the regular price where it was banned. It was bought by a store proprietor in Quezon City who was able to sell it at three times the standard retail price, all under the table of course. And just like his eager and thirsty customers, the proprietor couldn’t wait long enough for the next round. With a wink and a secret handshake, proprietor and personal driver sealed a deal.

In the next few weeks, as Justin drove his employer around, he repeated the same routine — he bought liquor in Makati and Taguig and sold and delivered it at the agreed-upon, exorbitantly marked-up price to his favorite retailer in Quezon City. Justin then scaled his operations up until he became big enough to buy and sell bicycles, which also became popular during the pandemic. Currently, he’s into motorcycles (or so we heard).

But strangely enough, even after managing to make a quick buck during the pandemic, Justin has decided to keep his day job (he’s still driving) in the same way that garden-variety tipplers have continued to wet their whistles, before, during, and after liquor bans, lockdown or no. (In short, they’re still drinking, present company included.)

Recent government data bear this out.

Almost 60% of adults 20 to 59 years old have been reported to indulge in binge-drinking, a figure that practically stayed the same from 2019 to 2021.

Based on this same National Nutrition Survey, the same set of adults surveyed said that they had consumed alcohol in the past 30 days.

These results are complemented by alcohol volume removals, which are used as substitutes to measure alcohol consumption.

In 2019, based on Bureau of Internal Revenue (BIR) data, volume removals for distilled spirits were at around 2 million liters for fermented liquor and around 500,000 proof liters for distilled spirits. It fell a bit in 2020 — owing to the artificial shortage resulting from the liquor ban — but it rose to pre-pandemic levels soon enough, based on data in 2021 and 2022.

Drinking among Filipinos, it seems, dies hard. Whether habit, pastime, tradition, ritual, status symbol, or even coping mechanism, Filipinos will still take to drinking like fish to water.

However, alcohol may soon be the new tobacco.

Recent medical research has shown that no amounts of alcohol consumption are safe or healthy, despite previous findings to the contrary.

Based on a March 2023 study published in the Journal of the American Medical Association, “a daily low or moderate alcohol intake was not significantly associated with all-cause mortality risk while increased rate was evident at higher consumption levels, starting at lower levels for women than men.”

Simply put, instead of adding richness, flavor, texture, and even meaning to life, alcohol subtracts from it — at least biologically and physiologically.

If Filipinos continue to drink as they do — some with more enthusiasm than others — they will likely incur increased chances of dying sooner than later. Meanwhile, those lucky enough to manage to prolong their lives (and savor that last drink for the road) will also find themselves at a higher risk of contracting illnesses related to alcohol consumption.

These harsh yet likely medical outcomes are enough to drive anyone to drink (no fun intended).

So, what is to be done (save for launching a compelling nationwide membership campaign on behalf of Alcoholics Anonymous)?

Government should consider raising taxes further on alcoholic products. Doing so will help curb consumption, prevent disease, and even strengthen the Philippines’ healthcare system, which benefit from those increased taxes.

 

Robert Ja Basilio, Jr. likes to drink moderately, especially when in Quezon City, where he happens to live. And he is willing to pay higher alcohol taxes even for moderate drinking.

A fabulous second chance for Puey Quiñones

IN THE early 2000s, life seemed perfect for fashion designer Puey Quiñones. A favored fashion designer of both celebrities and old-money vanguards, he sat near the top of the fashion heap during this time. His clothes were seen on television, newspapers, and magazines. But then he lay low for a while starting in 2011, before slowly coming back out of hibernation. At a show of his first collection at Rustan’s Makati, on Nov. 8, not only was he seen again, but he was bigger than before.

He was tapped as a guest designer for the 2014 edition of America’s Next Top Model. At the time he was already designing for global celebrities — his outfit was featured in singer Katy Perry’s music video for her 2013 hit “Dark Horse.” Asked about other global celebrities he has designed for, he thought for a moment and said, “Nicki Minaj,” as in the rapper and pop star.

In 2015, Mr. Quiñones’ name began to really buzz again when he assumed creative leadership of US-based bridal brand Cocomelody. Now, he has his own store in Los Angeles (where he moved during his hiatus). In 2019 he was getting ready to launch a collection on the New York Fashion Week runway, but the lockdowns of 2020 scotched that. “Hopefully, next year, we can,” he told BusinessWorld in an interview. He’s very busy: he told us that he was set to leave the country the next day for a meeting in Taipei. This while he said he had some collections on display in Kuwait.

For this collection with Rustan’s, he’s stoking a long-held dream.

Mr. Quiñones shot to fame in 2001 when he was part of the group that joined the Young Designers Competition in Paris (where he was a finalist). Designers like Dennis Lustico and Lulu Tan-Gan took him under his wing. “It’s my dream come true to be in Rustan’s,” he told BusinessWorld. Despite his long career in fashion, this is his first time to design a collection for the luxury department store. “I had a chance to talk to Donnie Tantoco (President of Rustan Commercial Corp.). We — you know — started it.”

At his fashion show at Rustan’s Makati, we saw a collection that celebrated “volume and versatility,” as the designer said. “A lot of texture,” he added. These included flared skirts under a terno top, a yellow blouse that flounced away from the body left and right and then back, and several styles of voluminous skirts, from bubble-hemmed to A-line. We saw a pleated top with the pleats forming a high collar rising to the ears, and a silver brocade set with a long back gathered up to the calves — like an 18th-century robe à la polonaise.

Of particular interest was a line of black dresses with white piping. With the right manipulation of ribbons attached to the dress, one can wear the dress four ways. This was demonstrated by having four models coming out with the same dress, then the dress tied and retied to show how it works.

The skill it took to make the collection shows the designer deserved to make it in the big leagues. His prize was displayed prominently on his new labels that mentioned his new place of work: Los Angeles.

Why did he move there in the first place? According to an article in Tatler Asia (“The Rise, Fall, & Rise of Puey Quiñones,” 2019), he had been commissioned to design for a wedding in 2011. According to the story, a photo was posted on Twitter of a jacket to be used in the wedding which showed two labels: one was from one of his brands, and the other was from a local department store. Mr. Quiñones apologized, but it wasn’t quite the same anymore.

In any case, what followed was a redemption story: the year after that mishap, a documentary was released in 2012 called The World’s Most Fashionable Prison (though Mr. Quiñones said that he worked on that in 2007). In the film he was shown teaching inmates how to make clothes. “It focuses on the inmates that I taught,” he said with some pride of the documentary.

Asked to recount the 2011 story in his own words, he declined. “I don’t want to bring that up.” He did say, “For me, the past is past. I think everyone has to move on. I don’t live in that house anymore. It’s a new home, it’s a new me.”

He softened up a bit when we asked him about the idea of second chances. “Everybody makes mistakes. As long as you stand up for it, and be brave enough to accept and change for good. It makes us more human. Humility is very important.”

He makes a good point: everybody makes mistakes, from people high-born and low. Asked how people can bounce back after making mistakes, he said, “Own it.”

“You’ll be fabulous more than ever,” he said, and our eyes darted to the rack of clothes bearing the Los Angeles address. He added, “Just do good things.” — Joseph L. Garcia

Seaoil Puting Kahoy in Cavite is 800th station

Seaoil says it is on track to have a total of 850 stations before the end of the year. — PHOTO FROM SEAOIL

SILANG, CAVITE is where Seaoil recently opened its 800th station in the country. Seaoil Puting Kahoy station is conveniently located near the popular tourist destination of Tagaytay and this proximity, the company said in a release, makes it “easier for visitors to gas up on the way.” During its grand opening day, customers enjoyed an exclusive discount of up to P8.00 per liter on Seaoil fuels and lubricant products, along with free merchandise. Seaoil said it’s on track to expand the retail network to a total of 850 stations before yearend.

Currently, Seaoil has 342 stations in Luzon, 201 in Visayas, and 257 in Mindanao — in addition to 13 depots nationwide, including the recently opened Seaoil Terminal Storage and Berthing Facility in Zamboanga City.

Apart from Seaoil fuels, the station retails Seaoil lubricant products and accepts PriceLocq as a form of payment. PriceLocq is the company’s fuel-saving app where consumers can virtually stock up on fuel and have it loaded to their vehicle at a later date. Members of the newly revamped Seaoil loyalty program — Seaoil VIP for regular motorists, VIP Rides for TNVS riders, and VIP Biz for key accounts — can also earn points when they gas up at Seaoil Puting Kahoy station.

“As we celebrate Seaoil’s 45th year, we are doubling our efforts in delivering the Alagang Seaoil experience to more Filipinos nationwide. Through the steady expansion of our retail and depot network, we look forward to giving our customers easier and more convenient options in availing of our products and services,” said Seaoil Chief Executive Officer Glenn Yu.

A free large cafe latte from the Coffee Bean & Tea Leaf also awaits registered PriceLocq users with a minimum single-receipt purchase worth P1,500 on PriceLocq. This promo is applicable on both Redeem Liter or LocqPay transactions until Nov. 15, 2023. Each user is entitled to one coffee voucher, which may be claimed at Coffee Bean & Tea Leaf branches nationwide until Dec. 31, 2023.

Rates on bond offers likely to track secondary market levels

RATES of the tokenized papers and Treasury bonds (T-bonds) on offer this week could to track secondary market movements after the Bangko Sentral ng Pilipinas (BSP) kept borrowing costs steady last week.

The government canceled the auction of P15 billion in Treasury bills (T-bills) scheduled on Monday and will instead hold its maiden offer of tokenized bonds, from which it aims to raise at least P10 billion.

On Tuesday, the Bureau of the Treasury (BTr) will offer P30 billion in reissued 20-year T-bonds that have a remaining life of 15 years and two months.

The one-year tokenized Treasury bonds to be auctioned off on Monday could fetch yields matching secondary market levels, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message, with demand expected to be high.

Meanwhile, T-bond rates could track the drop in comparable secondary market yields after the central bank left benchmark borrowing costs unchanged at its review on Thursday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Secondary market rates dropped following the decline in US Treasury yields due to a weaker labor market and easing inflation in the world’s largest economy, a trader said in an e-mail.

The trader expects the rates of T-bonds to be offered on Tuesday to range from 6.6% to 6.7%.

At the secondary market on Friday, the one-year benchmark tenor was quoted at 6.4916%, based on PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

Meanwhile, the 20-year bond saw its rate go down by 14.19 basis points (bps) week on week to end at 6.7486%, while the yield on the same bond series being traded at the secondary market stood at 6.7919%, the same data showed.

The BSP last week left benchmark interest rates unchanged after inflation eased in October, but reiterated that they could resume tightening if needed.

The Monetary Board on Thursday kept its policy rate steady at 6.5%, as expected by 15 of 18 analysts in a BusinessWorld poll. Interest rates on the central bank’s overnight deposit and lending facilities were also maintained at 6% and 7%, respectively.

This was the central bank’s first policy meeting after it hiked rates by 25 bps in an off-cycle move on Oct. 26.

The BSP has raised benchmark rates by a total of 450 bps since May 2022.

BSP Deputy Governor Francisco G. Dakila, Jr. said after last week’s meeting that keeping borrowing costs steady would allow previous hikes to work their way through the economy.

However, he said they are ready to resume tightening as necessary to make sure inflation returns to the 2-4% annual target.

The Monetary Board will hold its last meeting for the year on Dec. 14.

Last week, the government raised P15 billion as planned via the T-bills it auctioned off as total bids reached P46.441 billion or more than thrice the amount on offer.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills, with tenders for the tenor reaching P20.133 billion. The average rate of the three-month paper fell by 22.9 bps to 6.123%. Accepted rates ranged from 6.024% to 6.197%.

The government likewise borrowed the programmed P5 billion from the 182-day securities, as bids for the paper reached P10.732 billion. The average rate for the six-month T-bill stood at 6.513%, down by 2.3 bps, with accepted yields ranging from 6.45% to 6.549%.

The government also raised just P5 billion as planned via the 364-day debt papers, with bids reaching P15.576 billion. The average rate of the one-year T-bill went down by 3.1 bps to 6.56%. Accepted yields were from 6.54% to 6.585%.

Meanwhile, the reissued 10-year bonds to be offered on Tuesday were last auctioned off on Nov. 28, 2019, where the government raised just P12.271 billion out of the P20-billion program at an average rate of 5.341%.

The government plans to borrow P225 billion from the domestic market this month or P75 billion via T-bills and P150 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — AMCS

Marcos eyes Starlink in boosting internet connectivity

MUHAMMAD RAUFAN YUSUP-UNSPLASH

PRESIDENT Ferdinand R. Marcos, Jr. has ordered the Department of Information Communications Technology (DICT) to work with satellite internet service Starlink to boost internet connectivity in the Philippines, according to Malacañang.

In a press release, it said Mr. Marcos is “eyeing forging an alliance” with Starlink, following his visit to Space Exploration Technologies Corp. (SpaceX) facility in Los Angeles.

Mr. Marcos was accompanied by DICT Secretary Ivan John E. Uy.

“President Marcos said that he has already ordered Uy to ensure that the project will push through as he emphasized the need to adopt and recognize the appropriate technology and bring it to the Philippines,” the Palace said. It did not elaborate.

SpaceX President and Chief Operating Officer Gwynne Shotwell and SpaceX Vice-President for Starlink Operations Lauren Dreyer welcomed the President during the facility visit.

“Starlink’s satellite internet is touted to have significant advantage with respect to connecting to areas that are difficult to reach like rural communities and island provinces and barangays,” the Palace said.

“Beaming internet signals directly from space, the company ensures wider and better coverage without the need for extensive infrastructure thus more cost-efficient,” it added. — Kyle Aristophere T. Atienza

PHL may enlist TikTok to train farmers in e-commerce sales

REUTERS

THE GOVERNMENT is considering including farmers in an e-commerce training program for small businesses using short-form video app TikTok, according to Malacañang.

TikTok, developed by Chinese company ByteDance Ltd., will conduct training with the Department of Trade and Industry and “possibly” the Department of Agriculture “for small business owners and farmers on how to use TikTok and other platforms to promote their products,” Presidential Communications Office Secretary Cheloy Velicaria-Garafil said in a Viber message on Saturday.

The partnership was discussed during President Ferdinand R. Marcos, Jr.’s meeting with TikTok, Inc. CEO Shou Zi Chew at the sidelines of the Asia-Pacific Economic Cooperation Summit in San Francisco. 

“We want to give more resources and highlight and train the local sellers in the more rural parts of the country because that’s one thing interesting on the platform,” Mr. Chew told Mr. Marcos.

“What we want to do is highlight local products, especially from smaller (sellers),” he added.

Mr. Chew said TikTok has provided sellers in Vietnam, Indonesia, and Malaysia “a platform to sell around the country and export around the world.”

“That’s the plan (for the Philippines),” he said.

Amid growing cybersecurity concerns, many governments have banned TikTok from devices issued to public sector employees. 

In September, the Philippine National Security Council (NSC) said it was studying the possibility of imposing a ban on TikTok for government employees involved in national security.

“We know for a fact that there are information operations and psychological warfare and other stuff being done,” NSC Assistant Director Jonathan Malaya said at the time. “If there is a need for banning, it would not be for public school teachers, it would not be for those in the civilian, it would be for the security sector.”

TikTok was introduced to the Philippines in May 2017. In April last year, the video platform launched its online market, TikTok Shop, in the Philippines.

“TikTok sees Southeast Asia as its biggest emerging market outside the US, with its 325 million monthly active users covering nearly half the region’s population,” the Palace said.

TikTok Shop generated gross merchandise value in Southeast Asia of $4.4 billion in 2022. — Kyle Aristophere T. Atienza

Human brains aren’t wired to fight climate change

FREEPIK

HUMANS are very likely the only species that can imagine very distant futures. Unfortunately, our brains aren’t wired to behave in a way that optimizes those futures. After all, most of us don’t even save enough for retirement. If we have a choice between eating a donut right now and being marginally more healthy later, the donut almost always wins.

Individual choices can have broad social implications. If we’re broke in retirement, we’ll rely on public assistance. If we make ourselves sick from eating too many donuts, we’ll be less productive and a drain on health-care resources. But society as a whole is also prone to toxic short-termism. Take climate change. Burning fossil fuels, clear-cutting forests and mass-producing cows serve our immediate needs for lights, farmland, and cheeseburgers, but at the cost of ruining the climate for many future generations. 

How many generations, exactly? Andrew Dessler, director of the Texas Center for Climate Studies at Texas A&M University, recently posted a chart to “The Climate Brink,” the Substack newsletter he co-authors with climate scientist Zeke Hausfather. He labeled it “the scariest plot in the world”*:

The chart lays out global temperatures since the depth of the last ice age, almost 20,000 years ago, and projects them out another 10,000 or so years. It demonstrates the many slow millennia it took for Earth to warm by roughly 4 degrees Celsius until reaching the pleasant climate of the Holocene interglacial period, the era in which humans thrived and developed electricity, agriculture, and cheeseburgers.

The chart also demonstrates just how quickly the Earth could heat by 3 degrees Celsius as a result of humanity’s wanton burning of fossil fuels over just a few hundred years. And that would occur in the blink of a geological eye compared to Earth’s previous gradual warming phase. That amount of heating would be catastrophic for billions of current and future humans, leading to ever-more deadly and destructive heatwaves, wildfires, droughts and storms, along with wars, disease, famine and more.

Unfortunately, that outcome is more or less what we can expect, given current policies and practices around the world. And even if we stop burning fossil fuels in the decades to come, most of the human-caused heating would likely stick around for another 100,000 years, according to Dessler. “The decisions we make in the next few decades will determine the climate for the next 5,000 generations,” Dessler wrote. “If we choose unwisely, people in the future will justifiably be furious with us because we know what we’re doing but we’re doing it anyway.”

At the moment, we are choosing very unwisely. There have been a flurry of big climate-change reports ahead of the next United Nations climate confab, known as COP28, beginning in late November. Each has been a hammer blow of harsh truth about just how badly we are managing the climate for future generations:

• The concentration of greenhouse gases in the atmosphere hit a record high in 2022, with “no end in sight to the rising trend,” the World Meteorological Organization said.

• Current global policies have emissions on track to be 9% higher than 2010 levels by the end of this decade, making the goal of limiting warming to 1.5C impossible, the United Nations reported.

  The World Resources Institute called efforts to fight climate change “woefully inadequate,” failing on 41 of its 42 performance metrics.

• Government climate actions grew by just 1% last year, the slowest pace in more than 20 years, the Organization for Economic Cooperation and Development reported.

What makes this more infuriating is that current generations are already suffering the effects of our foot-dragging. The White House reported that no part of the US or its territories is immune from the ravages of global heating. Health is already significantly worse around the world as a result of hotter weather and disasters, the Lancet reported.

Our failure to act isn’t just short-sightedness; it’s willful ignorance. This may be the result of another flaw in human wiring: We tend to assume the future will look a lot like the present, so even if the present is slightly worse than the past, it’s hard for us to imagine things could get even worse still.

The good news is that none of this is a mystery. Our awareness of these flaws is the first step to recovery. We do have leaders who at least give lip service to making the world safe for future generations. Most voters worry about climate change and want to see action. And all the tools we need are at hand. We have the technology to end our reliance on fossil fuels and limit warming to 1.5C; we just have to be willing to make the investment to deploy it at scale.

“This is not a science problem; it’s a political problem,” Dessler said in an interview. “If we don’t solve it, it’s because we chose not to solve it, not because we didn’t have the solution.”

Some of us break into a cold sweat when trying to figure out what to make for dinner on any given night or when a job interviewer asks us where we see ourselves in five years. It’s ironically easier to have a vision for where the planet could be in five, 50, or 5,000 years. We just need to share that vision, loudly and often, with the people and organizations who have the power to make that vision a reality. Our future selves will thank us.

BLOOMBERG OPINION

*The scariest climate plot in the world — by Andrew Dessler (theclimatebrink.com)

Giorgio Armani fashions his own legacy with succession plan

MILAN — Giorgio Armani has always kept a tight grip on the firm he founded, and the Italian fashion king’s attention to detail extends to clear rules on how it should be run after his death.

Mr. Armani, 89, remains chief executive officer (CEO) and effectively sole shareholder of the business he set up with his late partner in the 1970s, which had a 2.35-billion ($2.5 billion) turnover last year.

With no children to pass it on to, there has been speculation about the long-term future of Mr. Armani’s empire and whether, in an industry dominated by luxury conglomerates, it will be able to maintain the independence he treasures.

But a hitherto obscure document from 2016, held by a notary in Milan and reviewed by Reuters, sets out the future governing principles for those who inherit the group, while another details issues including protecting jobs at the firm.

The first document explains how his heirs should approach a potential stock market listing — though not until five years after his passing — and any potential M&A activity.

For the Armani look itself, the document commits them to the “search for an essential, modern, elegant and unostentatious style with attention to detail and wearability.”

The document is the product of an extraordinary meeting that Mr. Armani called in 2016 to adopt new bylaws for the group which would come into force upon his death.

SUCCESSION PLAN
Mr. Armani’s heirs are expected to include his sister, three other family members working in the business, long-term collaborator Pantaleo Dell’Orco and a charitable foundation.

The bylaws divide the company’s share capital into six categories with different voting rights and powers, and were amended in September to create some without voting rights.

The Armani group, which as well as the CEO also represents the family members mentioned in the document, declined to comment on the document or its contents.

It is not clear from the document how the different blocs of shares will be distributed, but corporate governance experts say the guidelines should ensure a relatively smooth transition by giving the board a central role.

“It is an organization that reduces the margins for disagreement between the heirs,” Guido Corbetta, professor of Corporate Strategy at Milan’s Bocconi University, told Reuters.

Mr. Armani has a younger sister, Rosanna, two nieces, Silvana and Roberta, as well as a nephew, Andrea Camerana. Dell’Orco is also considered part of the family.

All are currently board members and, apart from Rosanna, all work for the Armani group.

Silvana and Dell’Orco are heads of design, working closely for decades with Mr. Armani, who dubbed them his “lieutenants of style.”

The 2016 bylaws set the process for how the board will appoint future women’s and men’s style directors in a company known for its classic tailoring.

Roberta is Head of Entertainment & VIP Relations, while Camerana is sustainability managing director.

Other fashion groups including LVMH, Europe’s most valuable luxury company, also have succession issues, with the five children of LVMH CEO and Chairman Bernard Arnault all having key management roles at brands in the empire.

LASTING LEGACY
Mr. Armani also created a foundation in 2016 which currently has a tiny symbolic stake but is earmarked to play a pivotal role in protecting the business he set up with Sergio Galeotti before going it alone when his partner died in 1985.

Its purpose is to reinvest capital for charitable causes and to maintain Armani’s lasting influence over the group.

The foundation’s bylaws, which were also seen by Reuters, call for it to manage the shareholding with the aim of creating value, maintaining employment levels, and the pursuit of company values. The Armani group has almost 9,000 employees.

The arrangement has echoes of one adopted by Rolex founder Hans Wilsdorf who left the brand to a foundation in 1960 that still owns the luxury watchmaker.

Mr. Armani has always defended his firm’s independence and ruled out a merger, especially with the French groups that swallowed up Italian brands such as Gucci, now owned by Kering.

The group bylaws include a “cautious approach to acquisitions aimed solely at developing skills that do not exist internally from a market, product or channel point of view.”

They also provide for the distribution of 50% of net profits to shareholders.

Any eventual stock market listing requires the favorable vote of the majority of directors “after the 5th year following the entry into force of this statute.”

The Armani group declined to comment on a potential listing in the mid-term.

“The founding principles show Armani’s desire to transmit and prolong his idea of a company, of business, there is a desire for eternity,” Bocconi professor Corbetta said.

Despite his meticulous planning, whether Mr. Armani’s aims outlast him will ultimately be beyond his control.

“They (the rules) could restrict the company a little and become incompatible with drastic changes in the market,” Mr. Corbetta said. — Reuters

Peugeot lines up special holiday deals

Peugeot 2008 SUV — PHOTO FROM PEUGEOT PHILIPPINES

AS CHRISTMAS approaches, Peugeot Philippines said in a release that it is gifting its customers with attractive offers, value-added payments, and special monthly installments on its full lineup. For a limited time, customers can get a Peugeot for as low as P1,418,000. The holiday promo also includes offers for an exclusive down payment of just 20% or a monthly installment that starts at P15,417.

“Peugeot Philippines and Security Bank have joined hands to make this holiday season extra special for you and your loved ones, with exclusive deals that are sure to make owning a Peugeot more accessible for all this Christmas season,” said Astara Philippines Marketing Director Timmy Naval-de Leon.

Included in this special holiday promotion are the Peugeot 5008 SUV (Allure and Active), Peugeot 3008 SUV (Allure and Active), Peugeot 2008 Allure SUV, and the Peugeot Traveller Premium eight-seater and seven-seater vans.

The Peugeot 5008 SUV is a premium mid-size seven-seater SUV that offers an “immersive driving experience with the new-generation Peugeot i-Cockpit” and Advanced Driver Assistance Systems (ADAS) such as active blind-spot detection, lane-keeping assistance, and driver attention alerts. The Peugeot 3008 SUV is a compact five-seater SUV with “a new design that exudes style and distinction while maintaining a strong road presence.” Both the 5008 and 3008 are available in Allure and Active variants.

The Peugeot 2008 SUV is a subcompact five-seater SUV that “offers a modern interpretation of versatile driving. With its distinctive style and balanced proportions, it leaves a lasting impression on the road.”

Lastly, the Peugeot Traveller Premium, which is imported from France, is said to set “new standards in its segment with comfort, elegance, and style. It features a spacious cabin, an enhanced driving experience, comfortable passenger amenities, and a range of safety and security features, all wrapped in an elegant exterior design.”

Peugeot’s holiday campaign runs until Dec. 31, 2023, in conjunction with the Peugeot Easy Own Financing Program. Customers can avail of this offer at any of the brand’s showrooms and satellite dealerships nationwide. For more information, visit https://www.PEUGEOT.ph/buy/buy-online/offers.html.

Alterenergy Holdings Corp. to hold 2023 Annual Stockholders’ Meeting via remote communication on Dec. 13

 


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PLDT commits to use AI in enhancing operations

PANGILINAN-LED PLDT Inc. has expressed its commitment to tap and utilize artificial intelligence (AI) to boost and enhance its operations.

In a media release, the listed telecommunications company said it is ready to tap AI-powered technologies to enhance its operations, particularly in improving customer service.

“It is not enough to merely adopt AI — we must do so with a deep sense of ethics and responsibility. We need to safeguard customer and employee rights, uphold privacy and security, and champion diversity and inclusivity. Corporate governance principles must be at the core of the adoption of every new technology,” Alfredo S. Panlilio, president and chief executive officer of PLDT and its wireless subsidiary Smart Communications, Inc., said in a media release on Saturday.

The company has also expressed its interest in exploring AI-powered technologies to enhance its network operations.

“In an increasingly interconnected world, AI has the potential to revolutionize the way we operate, with opportunities to enhance efficiencies, improve customer experiences, ensure data accuracy, and rationalize costs,” Mr. Panlilio said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Italian parliament approves prohibition on food grown in labs

REUTERS

ROME — Italy’s lower house of parliament gave final approval for a law banning the use of laboratory-produced food and animal feed as angry farmers confronted a group of centrist lawmakers opposed to the bill.

The proposal, already approved by the Senate, passed by 159 votes in favor to 53 against, prohibiting the use, sale, import and export of food and feed “from cell cultures or tissue derived from vertebrate animals.”

Factories breaching such rules can be subject to fines of up to 150,000 euros and risk being shut down, while owners may lose their right to obtain public funding for up to three years.

The proposal of Agriculture Minister Francesco Lollobrigida, a close aide of Prime Minister Giorgia Meloni, is seen as part of a broader bid by the rightist coalition to safeguard tradition.

As the debate in parliament was under way, tensions erupted between demonstrators from agricultural lobby group Coldiretti and two opposition lawmakers, one of whom claimed the president of the lobby group, Ettore Prandini, had assaulted him.

“I believe it is subversive that the president of Coldiretti believes he can assault a lawmaker,” lawmaker Benedetto Della Vedova said, adding he would report Mr. Prandini to police.

Mr. Della Vedova appeared to have been pushed in the chest in the incident but was not hurt.

Mr. Prandini told Reuters the lawmakers had provoked the farmers with offensive banners, and played down the confrontation.

The +Europa party and other opposition groups depicted the right-wing’s administration move as an attempt to please farmers and breeders’ lobbies, as lab-grown food is not yet available in the European Union (EU).

Critics of the bill say producing meat without breeding animals would limit greenhouse gas emissions and provide an option for consumers who would appreciate eating a product that does not involve slaughter.

The opposition warned the government risked breaching EU single market rules by unilaterally banning the product in case the bloc ever decided to make lab food available.

Minister Lollobrigida reiterated the ban was needed to protect the food industry. — Reuters