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SEC warns vs investing in 2 more unauthorized firms 

THE Securities and Exchange Commission (SEC) cautioned the public against investing in two entities, which it found to be soliciting investments without the necessary registration.

In two separate advisories posted on its website, the corporate regulator said that Trade City-Mall and Valero Energy Corp. Philippines are not authorized to solicit investments from the public.

According to the SEC, Trade City-Mall is enticing the public to invest in exchange for profit under a tasking and recharging scheme. The entity allegedly asks the public to perform various tasks and to grab orders from its e-commerce platform with the promise of commissions. 

The entity also allegedly invites the public to apply for a part-time job by completing a daily task for a promise receiving a guaranteed monetary reward amounting to P1,000 to 3,000 or more with a P500 reward for completing three basic-level tasks daily.

“A tasking and recharging scheme has the characteristics of a Ponzi Scheme where money from new investors are used in paying fake profits to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors,” the SEC said.

Meanwhile, the SEC said that Valero Energy Corp. Philippines appears to impersonate American Fortune 500 petroleum and energy firm Valero Energy Corp.

According to the corporate regulator, the entity claims to be engaged in the petroleum business that offers a co-partnership program to the public. 

“After the interested investor has signed up in its website, he/she is then presented an investment contract in the guise of co-partnership under the name of Valero Energy Corp., a legitimate petroleum and energy company headquartered in San Antonio, Texas, US,” the SEC said. 

The entity allegedly offers three packages consisting of the “econofill” collective, “fuelshare” elite, and “petroplatinum” partners programs that promise weekly income ranging from P616 to P126,000 depending on the chosen package and investment. 

“Based on verification conducted, the fake/bogus Valero Energy Corp. Philippines is not in any way related to or affiliated with Valero Energy Corp. of Texas, US or any of its subsidiaries or affiliates,” the SEC said. — Revin Mikhael D. Ochave

Rio police investigate Taylor Swift concert organizers after fan’s death

RIO DE JANEIRO — Rio de Janeiro’s police said on Friday they have opened an investigation into the organizers of the Brazilian leg of Taylor Swift’s The Eras Tour for the death of a 23-year-old fan who fell ill at the show last week. The police will investigate whether entertainment firm Time for Fun (T4F) committed the crime of endangering human life or health.

Fans and concertgoers said they had been banned from entering the venue with bottles of water despite the extreme heat in the city which hit 59.3 degrees Celsius on the day of the event.

Ana Clara Benevides fell ill on the first night of Swift’s Rio tour in Rio, and later died in hospital. The extreme weather led the US pop star to postpone her concert the following day, just two hours before she was to go on stage.

“The organizers of the event will be called to give evidence and further investigations are underway to ascertain the facts,” Rio’s civil police said in a statement.

Police have also launched a separate investigation into the cause of Ms. Benevides’ death, which has not yet been concluded.

T4F said the company and its representatives were cooperating with the authorities and available for any clarifications.

The firm’s CEO Serafim Abreu acknowledged on Thursday that the concert organizers could have taken “alternative actions” to help fans cope with the extreme heat.

Swift will conclude the Brazilian leg of her tour with three sold-out shows in Sao Paulo from Nov. 24 to 26, which are also organized by T4F.

Weather forecasters say those days are set to be cloudy, rainy, and have milder temperatures. — Reuters

DepEd’s large-scale assessments must serve their purpose   

PHILIPPINE STAR/WALTER BOLLOZOS

On Dec. 5 (11 a.m. Paris time), the Organization for Economic Cooperation and Development (OECD) will release the results of the 8th round of the Program for International Student Assessment (PISA). Conducted in March to April 2022 for the Philippines, the PISA measures how 15-year-old students perform in reading, science, and mathematics, particularly on how they use their knowledge and skills in these subjects to face real-world conditions. This is the second time that the country has participated in the international assessment.

Knowing that education quality does not transform overnight and considering as well the education disruption brought about by COVID-19, we do not expect a significant change in the country’s result for PISA 2022. The dismal performance of the Philippines in PISA 2018 generated a lot of noise and shrill voices on the state of education quality. I hope this time, education reformers will take a more sober and forward-looking approach to the PISA 2022 results and focus on how specific analysis and insights from PISA and other large-scale assessments can effectively inform the next steps in addressing the challenge of education quality.

Large-scale assessments (LSAs) form part of the Department of Education’s (DepEd) assessment system for kindergarten to grade 12. They complement the classroom formative and summative assessment. National standardized tests, such as the National Achievement Test (NAT), provide a system-level check on whether curricular standards are met at key stages of education progression, while international tests allow us to benchmark against international standards. LSA targets are included as key indicators for system-level basic education quality in the Philippine Development Plan 2023-2028.

The administration and participation in LSAs entail huge budgetary costs. To be truly significant, LSAs must serve their purpose, and not be relegated to unused data. Several low-hanging fruits will allow us to make LSAs a smart investment for education quality and post-COVID recovery.

One, LSA results should be integrated into the Enhanced Basic Education Information System (EBEIS) of DepEd. The EBEIS is a web-based information system that contains vast school-level information on attributes, resources, and programs. Data points include school identifiers, teaching and non-teaching personnel, health and nutrition, electricity, sanitation, infrastructure and other resources inventory, and disaster risk reduction and management (DRRM) information. EBEIS easily cross-references with the web-based Learner Information System that tracks enrollment and important learner data.

Unfortunately, for the longest time, LSA data have not been integrated into these information systems. Thus, the correlation of education inputs and school and learner attributes with indicators of learning outcomes has not been developed as a practice in DepEd planning at all levels. During the last DepEd administration, there was a directive to the Planning Service and the Bureau of Education Assessment to integrate school-level LSA data into the EBEIS. I hope this directive is being pursued.

Two, the data should be made available within and outside DepEd for research and analysis. Properly stored and retrievable LSA data must be made accessible, alongside the other relevant datasets in the EBEIS, to maximize their use for research and analysis. DepEd can set reasonable parameters and levels of use, while users should also be committed to exercise reasonable responsibility in the use of the data. On the part of DepEd, an appreciable portion of its funds for research should be allocated to support rigorous and high-quality analysis of large-scale assessment and context data to inform national policy and school-level interventions.

Three, LSA outcomes should be an integral component of the planning, monitoring, and evaluation standards of DepEd. DepEd planning, monitoring, and evaluation parameters are concentrated on education inputs and education access. Outcomes are assumed to follow from fulfillment of the inputs and access targets. This partly explains why LSA results are not integrated into the information system. We need to close the loop on inputs and outcomes in planning, monitoring, and evaluation.

Four, a comprehensive professional development course on assessment should be a compulsory offering for teachers, school leaders, and relevant units. Professional development will be critical in improving teachers’ assessment literacy and content knowledge, which should help them align classroom practice with national assessments as well as with the emerging literacies measured by international assessments. One such program has been developed by a consortium of DepEd units and outside assessment experts. The program includes the following course titles: Enhancement of Teachers’ Assessment Competencies; Assessment of learning in DepEd; The Philippine K-12 Curriculum and the ILSA; Adapting assessment principles and practices to the emerging literacies; and Monitored application of assessment practice in the classroom setting. We hope the program will continue to be offered.

Finally, inter-school exchanges on effective school management and teaching practices in terms of school-level large-scale assessment performance should be facilitated and promoted. As important as centralized evidenced-based policies are school-based approaches and interventions to address LSA performance. There is no one-size-fits-all approach to education. Exchanges of best practices from top performing schools can provide ideas, inspiration, and common threads for school-based planning and management.

 

Nepomuceno Malaluan is a Trustee and Senior Fellow at Action for Economic Reforms. He served as education Undersecretary in the last administration.

Rice imports seen exceeding forecast to build up reserves ahead of El Niño

BW FILE PHOTO

By Adrian H. Halili, Reporter

RICE IMPORTS will likely exceed earlier projections in order to build up reserves ahead of the peak of El Niño, analysts said.

Agriculture Secretary Francisco T. Laurel Jr. said last week that he gave rice traders 30 days to import rice or risk the cancellation of their permits.

Economists said El Niño, which is expected to run until early 2024, will dampen farm production, resulting in a need for more imports.

“It will be good to act conservatively when it comes to dealing with a possible rice shortage next year, when the lean season starts and a projected ‘bad’ El Nino is expected to hit food production worldwide,” Calixto V. Chikiamco, Foundation for Economic Freedom (FEF) president, said in a Viber message.

As of Nov. 16, rice imports have hit 2.94 million metric tons (MT), according to the Bureau of Plant Industry.

The US Department of Agriculture projected earlier that rice imports this year may hit 3.8 million MT.

In response the Philippine Department of Agriculture DA) said that imports of the grain would com in below the USDA’s estimates.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said that the risk of El Niño on rice production will spur imports up to early 2024.

“As reduced rainfall would reduce rice production and supply, (the gap will be) filled by additional imports,” Mr. Ricafort said in a Viber message.

The DA estimates palay or unmilled rice production of 20 million MT this year, on track to exceed the 19.76 million MT posted in 2022.

The government weather service, known as PAGASA has said that the peak of the dry spell will run until early 2024.

Mr. Laurel said last week that the additional rice imports will be sufficient to carry the grain supply into the next harvest.

Mr. Chikiamco said imports are “the correct policy move. We are seeing rising prices of rice due to lower volumes of imports and the end of the harvest. Secretary Laurel wants an immediate augmentation of supply to arrest the surging prices of rice,” he said.

The price of imported rice was P45 per kilogram for the well-milled variety during the November 20-24 period, according to DA price monitors. The Philippines does not import regular-milled rice.

Mr. Chikiamco said the problem of rising prices is “due to lower volume of imports as traders have hesitated to import due to surging global prices.”

The government had imposed a temporary price cap on regular-milled rice of P41 per kg and on well-milled rice of P45 via Executive Order No. 39. The measure was in force between August and October.

Filinvest Land tops off Sorrento Oasis building

LISTED property developer Filinvest Land, Inc. (FLI) recently topped off Building P of its Sorrento Oasis residential mid-rise building in Brgy. Rosario, Pasig City.

In a statement over the weekend, FLI said Sorrento Oasis is the company’s largest mid-rise building in Pasig City. The development is under the Aspire by Filinvest brand that offers low-density mid-rise condo communities.

Sorrento Oasis, located along C. Raymundo Ave., dedicates 60% of its property to breathable spaces and resort-inspired amenities such as swimming pools, clubhouses, play parks, and green corridors.

The mid-rise building offers internet-ready units in two- and three-bedroom layouts sized between 29.87 and 42.7 square meters and priced from P4.32 to P5.81 million.

“We are excited to have realized this on-time achievement with the top-off of Sorrento Oasis Building P. This reflects our commitment to delivering quality properties in prime locations, making these an excellent choice for prospective buyers in urban areas,” FLI First Vice-President Aven V. Valderrama said.

“Sorrento Oasis’ strategic location translates into an attractive investment opportunity for Filipinos looking to own their own home,” she added.

FLI’s Sorrento Oasis development is located near landmarks such as Sto. Rosario de Pasig Church, Caltex C. Raymundo, and The Medical City.

As of September this year, FLI posted a 22% increase in its attributable net income to P2.44 billion while total consolidated revenues and other income climbed by 11% to P15.72 billion led by growth from its residential and mall business segments.

Shares of FLI were last traded on Nov. 24 at 56 centavos apiece. — Revin Mikhael D. Ochave

Generating momentum in electric vehicles

From left are AC Motors Marketing Director Patrick Manigbas, Electric Vehicle Association of the Philippines (EVAP) Chairman Rommel Juan, EVAP President Edmund Araga, Senator Sherwin Gatchalian, EVAP Chairman Emeritus Ferdi Raquelsantos, Department of Energy Director Patrick Aquino, and Nissan Philippines General Manager Dax Avenido. — PHOTO BY KAP MACEDA AGUILA

Yes, they’re gaining more widespread acceptance, but the work is far from over

ELECTRIC VEHICLE Association of the Philippines (EVAP) Chairman Rommel Juan took his place at the resource persons’ table for the traditional Q&A with members of the media. He was late because he had just attended one of the ancillary events (an unveiling of a brand’s electrified vehicles) which happened at the same time.

Smiling, Mr. Juan later took the microphone, and expressed gratitude to everyone involved in making the show possible — and successful. He marveled at how things have changed since the first Philippine Electric Vehicle Summit (PEVS) press conference was held at the basketball court of Meralco’s headquarters in Pasig City many years ago.

For some time now, the country’s “biggest annual conference focused on promoting electric vehicles in the country” has been calling the huge SMX Convention Center Manila home. Based on this alone, one can already reckon the event’s growth trajectory over the years.

This may well be the narrative of the journey to electrification of mobility in the Philippines, too.

When it was but a pipe dream for many Filipinos, EVAP was slugging it out — trying to get the word out and lobbying for more favorable conditions to help open the EV floodgates.

Happily, as the 11th staging of the EVS commenced last month, it did so amid a myriad of positive changes in the EV scene. Legislation, executive fiat, and an undoubtedly more informed market are accelerating the pace of adoption.

That was exactly the theme of this year’s summit: “Plug in and Accelerate.”

For the longest time, we’ve often heard the local EV scene described as nascent. While that arguably still remains to be the case, there’s probably a better word that captures the current state of affairs: burgeoning. Battery electric vehicles used to be, with some exceptions, the sole domain of two ends of the spectrum: novel public utility examples (e-trikes and e-jeepneys), and luxury marques.

But while the majority of car buyers remain content and comfortable with an internal combustion engine rumbling underneath the hood, more are finding themselves open to going electric or, at least, electrified. However, the onus remains firmly upon the state and its lawmakers to ensure the viability of that choice.

Nonetheless, EVAP anticipates the country to have 6.6 million electric vehicles by 2030, and EVAP President Edmund Araga is confident about reaching this milestone. “We’re very optimistic that we can achieve that in line with the support of the government’s CREVI (Comprehensive Roadmap for the Electric Vehicle Industry) and EVIS (Electric Vehicle Industry Strategies) which will be launched soon. With this, we have to consider not only four wheels but the two-wheel sector, as more Filipinos (can afford the latter).”

Even as more OEMs are joining the local EV fray, Mr. Araga said that EVAP aspires for a slice of the production action. “We’re looking at local manufacturing for two-wheeled EVs, and that will be a game-changer. Malaki ang market (The market is huge).”

These vehicles, he continued, are a great business tool, especially for small and medium enterprises. Having said that, the Department of Trade and Industry (DTI) is said to be rolling out a strategy to spur the local production of e-jeepneys which, in turn, can fill the gap to be ostensibly left by the traditional jeepneys as they are phased out.

At the start of the year, President Ferdinand “Bongbong” Marcos, Jr., through Executive Order No. 12, approved the removal of tariff on imported EVs and the reduction of taxes (down to one percent from three percent) on their parts and components. The move is seen as a much-needed leg up for the segment, rendering the switch to electrified more palatable. In the order, the transport sector was identified as one of the largest sources of air pollution and energy-related greenhouse gas emissions in the country at 34%, with road transportation accounting for 80% of these.

“Velocity” asked Senator Sherwin Gatchalian during the Q&A session about what’s next after the expiry of the excise tax break. Will additional legislation be needed to continue to shore up the EV sector here? He explained that there are three components to consider: value-added taxes, excise tax, and tariffs. “The VAT was never removed, and the excise tax has a limited time period. The theory there is that, at a certain point in time, EVs will become as (price) competitive as an ICE (internal combustion engine) vehicle. So, there’s no need to remove the excise tax anymore.”

As for tariffs? “Tariffs were reduced by executive fiat,” the senator replied. “(These can be removed) depending on the situation… But after the invasion in Ukraine (and) we saw a spike in fuel prices, the executive decided to remove tariffs so that importation of EVs will be competitive. In other words, tariffs are within the ambit of the executive side, excise taxes are within the ambit of the legislative side. In other words, if we see that electric vehicles are still not competitive at a certain point, we can extend the deletion of excise tax.”

One recurring question that hangs like a cloud over our EV aspirations concerns the exorbitant electricity rates in the country — known to be one of the costliest in the region. Department of Energy (DoE) Director Patrick Aquino posited, “To be clear, you’ve always heard government explain that the function of our electricity rates is that it’s deregulated. No portion of it receives government funding, and pre-EPIRA (Electric Power Industry Reform Act), we were heavily spending on electricity.

“The choice actually, which was wisely done by our legislators, is to free up those resources so we could plow them back to social services and education. Notwithstanding the current electricity rates that we have, you will see that it’s still more cost-effective to run an electric vehicle on a per-kilowatt, per-kilometer basis when you compare to a per-liter basis.”

By Mr. Aquino’s reckoning, the average per-kilometer cost of running an EV comes out to just under P2. “When you compare that to a gasoline or diesel vehicle, it’s four or five pesos or higher. The reference rates there are around P11.50 per kilowatt-hour, P65 for diesel, and P70 for gasoline. The cost advantage is there, so government has been doing additional levers and the excise tax is on the table already, it has been covered by TRAIN (Tax Reform for Acceleration and Inclusion) and EVIDA (Electric Vehicle Industry Development Act). On the part of the executive, it’s the import tariff suspension.”

The key enticement, along with a greener footprint, is a simple calculus: “It’s still cheaper to operate electric vehicles,” he said.

The DoE has marching orders to shift its focus to renewable energy, which is more indigenous. “That’s why we’ve set out on an ambitious target of having at least 35% of our power generation come from renewable energy by 2030 and, by 2040 onwards, at least 50%. How do we do this? We have programs on solar PV (photovoltaic cells, which convert sunlight into electricity), streamlining (our) processes, and (look at) ways to generate energy,” he reported.

Mr. Aquino maintained that the DoE is working with industry stakeholders and partners to lay down the foundation for EVs. Aside from the high cost of electricity, the power grid is also beset with supply problems. To be honest, that will only be exacerbated if EVs continue to grow, and more demand is asked of the grid.

“One of the biggest challenges is if we will roll out direct current fast-charging infrastructure, that’s the one with the biggest dent in terms of electricity consumption,” admitted the official. “There are also some technical considerations once we deploy them, because there has to be upgrades in the transformers, the lines. That’s what we’re working on.”

There’s a behavioral aspect, too. EV owners need to be cognizant of responsible charging. If charging is done at home and at night, there won’t be a need or pressure to have high-capacity DC chargers scattered around the metropolis.

For Sen. Gatchalian though, the Philippines can’t do without an EV charging infrastructure. “Obviously, you can charge overnight,” he said. “But what if you go to the mall, you go out of town? What if you go to work? Then that becomes a problem. There’s a reason why, when we crafted the EVIDA law, we assigned the Department of Energy as the lead agency, because we foresaw that the problem with the entire EV industry will be charging stations, and the infrastructure. Since the DoE has supervisory authority over all utilities… they can prescribe policies that will hasten the deployment of charging stations through the country.”

Mr. Aquino reassured, “By next year, we will be integrating these additional (EV) requirements in the power distribution development plan, particularly as more of our public utility transport sector shifts to this. Definitely, our public transport sector will need DC fast charging to sustain operations.”

Two- and three-wheelers are, perhaps for the near term, still expected to comprise the bulk of electric vehicles in the Philippines, owing to their utility and pricing. All told though, the number is growing. EVAP reported that EV registrations in the first half of 2023 totaled around 1,200 — more than the total of the previous two years.

For now though, hybrid electric vehicles (HEVs) are proving to be the low-hanging fruit. For many car buyers, this is their first foray into electric — in no small part because of concerns of range, pricing, and the aforementioned charging infrastructure.

When “Velocity” asked Mr. Araga for the ways to further accelerate the pace of EV adoption within the ambit of the law, he said it’s about taking advantage of legislation and reliefs already in place. “Implementation makes it more possible for us to grow. Rules and regulations are there already, along with standards,” he stressed. “It’s up to stakeholders and the government to work together on the implementation… On the manufacturing side, I’m still vocal and optimistic that opportunities for SMEs are here in EVs. They’re very easy to assemble, with only fewer parts and components. I would like to push for localization.”

Joined EVAP Chairman Emeritus Ferdi Raquelsantos, “Education is something we need to provide for drivers and EV owners.”

Mr. Juan shared that we can learn much from our ASEAN neighbors who are further along in their EV journeys. “We have been actively going around the region because of AFEVA (Asian Federation of Electric Vehicle Associations), and you know with every visit we learn so much, medyo nakaka-sad (it’s a bit sad)  because we can see they’re ahead, but we’re able to benchmark ourselves.

“If you go to Thailand, the taxis are electric. Malaysia produces its own electric motorcycles, Laos has its own local Uber, and EVs grew last year because they ran out of petrol last year — plus electricity in Laos is so cheap because of the hydropower dams in the Mekong delta. If you go to Indonesia… they stopped importing nickel because they want to manufacture their own batteries locally. These are things we can learn from.”

Regardless, Mr. Juan did underscore all the progress that has been made here. “We have gone so far with our journey in EVs,” he declared, almost wistfully.

But, of course, we can go a lot further.

BRIT Awards double nominees for gender-neutral categories, add R&B prize

LONDON — Britain’s pop music honors, the BRITs, has doubled the number of nominees for its gender-neutral categories, organizers said on Friday, after an outcry over an-all male list of best artist contenders at this year’s awards.

Both artist of the year and international artist of the year will count 10 nominees from next year, up from five.

The change, resulting after “extensive consultation” following the 2023 awards, is aimed at “improving representation and inclusion,” award organizers, the British Phonographic Industry (BPI), said.

The BRITs will also add R&B to its list of genre categories, which already includes Alternative/Rock, Dance, Pop and Hip Hop/Grime/Rap. Eligibility for the R&B genre award will cover a 24-month period instead of the usual 12 months to ensure more artists can qualify.

“The BRITs is committed to making the show as inclusive and representative as possible, the changes to this year’s categories are part of an ongoing process of evolution, and we will continue to review, listen, and learn,” BPI Chief Executive Jo Twist said in a statement.

Organizers introduced gender-neutral awards for local and international artists in 2022, getting rid of female and male categories.

However this year’s all-male list of artist of the year nominees — eventually won by singer Harry Styles — had irked many in the industry. In his acceptance speech, Mr. Styles dedicated the award to a list of female singers.

US music star Beyonce won international artist of the year at the ceremony, which was held in February.

Organizers also announced on Friday that British visual artist Rachel Jones would be the trophy designer for the 2024 awards, which will be held on March 2 at London’s O2 Arena. — Reuters

Planned Sukuk issue to boost Islamic finance

Buildings are seen along EDSA in Quezon City, July 3. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE GOVERNMENT’S planned maiden Sukuk bond offering this quarter is seen to encourage the market to explore private issuances of this type of security, aside from attracting more Islamic finance investors and players to the Philippines, the central bank said.

The upcoming debut of the Philippines in the global Sukuk market will be vital amid the country’s development of an Islamic capital market and finance ecosystem, the Bangko Sentral ng Pilipinas (BSP) said in a report released this month.

“This will send a strong signal that the Philippine economy is ready to accommodate Islamic finance investors and players. This will also generate the push for the domestic market to explore private Sukuk issuances to boost the country’s capital market,” the BSP said. 

The Philippines is eyeing to raise around $1 billion from the Islamic bond issue.

Finance Secretary Benjamin E. Diokno earlier said the government will proceed with the offering before the end of the year despite concerns of spillovers from the ongoing Israel-Hamas war.

At least six banks will be tapped as the underwriters for the issuance.

The details of the Sukuk structure may be a hybrid of contracts of wakala (agency), ijara (lease), or murabahah (cost-plus-markup sale), with a possible tenor ranging between five and 10 years, according to the BSP.

The details still need to be finalized through the engagement of the Bureau of the Treasury (BTr) with underwriters and Shari’ah consultants, it said.

“The availability of sovereign Sukuk will provide Islamic banking players with further means to manage their liquidity and investment requirements,” the BSP said.

Sukuk or Islamic bonds are defined under BSP regulations as certificates that represent a proportional undivided ownership right in tangible assets, or pool of tangible assets and other types of assets. These assets could be in a specific project or investment activity that is Shari’ah-compliant.

Citing a 2023 report from the Islamic Financial Services Board, the BSP said Sukuk dominated the Islamic capital market segment in 2022, accounting for 25.6% ($829.7 billion) of the $3.2-trillion global Islamic financial services industry last year.

“With the availability of a large variety of Sukuk structures in the global capital market, it is widely recognized that Sukuk complements the requirements and expansion of the Islamic banking industry,” the BSP said.

Sukuk also have notable features that distinguish them from the usual bonds. These issuances must adhere to Shari’ah principles and must be structured to prohibit elements like interest (riba), uncertainty (gharar), and investments in businesses that deal with prohibited goods or services (haram).

Three parties are involved in a Sukuk issuance: the originator, the special purpose vehicle, and the investors. Meanwhile, conventional debt instruments only involve an issuer and investors.

“In terms of ownership and risk sharing, holders of conventional bonds are merely holders of debt. Meanwhile, holders of Sukuk may have either legal or beneficial ownership and rights over the underlying asset, depending on whether a Sukuk is asset-based or asset-backed,” the BSP said.

“Holders of asset-backed Sukuk have legal ownership and recourse to the underlying assets or projects and share in the risks and rewards associated with these assets,” it said.

Meanwhile, only the beneficial ownership of the underlying asset will be transferred to holders of asset-based Sukuk, the central bank said.

“The originator keeps legal ownership of the underlying asset, and Sukuk holders only have recourse to the originator (obligor),” it added.

Conventional bonds may also be issued for multiple purposes, but Sukuk must be issued for financing a Shar’ah-compliant activity, the BSP said.

“On a positive note, Sukuk offers an alternative source of financing and investment diversification in the country. It caters to the needs of various groups of investors—individuals and institutions alike, whether Muslim or non-Muslim, and issuers,” it added.

The central bank expects Sukuk issuances to boost opportunities for Islamic banks in the country. Under the law, Islamic banks are allowed to issue Sukuk and other Shari’ah-compliant funding instruments for their operations with the approval from the Monetary Board.

“Other prudential policies covering Sukuk issuances are still in the pipeline. The BSP and the Securities and Exchange Commission continuously coordinate in providing a relevant and responsive regulatory framework on Sukuk,” it said.

The Shari’ah law refers to a system of values, norms, and rules regulating all aspects of life based on the principles of justice, fair dealings, and harmony through equitable distribution of wealth.

BSP officials earlier said the Monetary Board has approved the first Islamic banking unit license issued to a traditional bank. The BSP has yet to announce the bank that got the green light. — Keisha B. Ta-asan

What can be expected in 2024?

FREEPIK

Miguel G. Belmonte, President and CEO of BusinessWorld, welcomed all to the “Forecast 2024” business conference on Nov. 22 at the Grand Hyatt Manila, with a thought-provoking quote from the blockbuster movie series, Star Wars.

“Never tell me the odds!” Han Solo replied to the robot C-3PO’s comment that successfully navigating an asteroid field had approximately odds of 3,720 to 1. Mr. Belmonte set the tone for an upbeat and optimistic business forecast for 2024, “against all odds.”

At the conference, the keynote speakers to the theme, “PH Rising: Keeping the Momentum,” were the country directors for the Philippines of international financial institutions: the Asian Development Bank (ADB), the World Bank (WB), and the International Monetary Fund (IMF).

Ndiamé Diop of the World Bank said he is optimistic about the country’s growth prospects despite global headwinds. He was particularly concerned about the 60.4% (February 2022-October 2023) disruption to global food markets and the 616.5% (April 2020-September 2021) disruption to global trade. He worried about the war in Ukraine, and the currently raging Hamas-Israeli fight, and their impact on oil prices and food supply chains.

“Even 5.6% is a really decent growth rate (for the Philippines. And I think if the global economy improves going forward, the ceiling grows even higher,” he said. In October, the World Bank cut its gross domestic product (GDP) growth forecast for the Philippines to 5.6% from the 6% projection given in June. It also trimmed its growth forecast for the Philippines to 5.8% for 2024 from 5.9% previously. These are below the government’s 6-7% target for this year and 6.5-8% in 2024.

IMF Representative to the Philippines Ragnar Gudmundsson talked about the odds in the forecast for 2024. The global economy, which grew 3.5% in 2022, lowered to 3.2% in 2023. There will be some more of a global slowdown after the brief uptick in the recovery from COVID-19. Asia, with its 2/3 contribution to global growth, will be burdened by the slowdown in China.

Inflation will stay high. Mr. Gudmundsson said decisive monetary tightening by the Bangko Sentral ng Pilipinas (BSP), a lower-than-expected minimum wage hike for Metro Manila earlier in July, and nonmonetary measures helped mitigate some of the recent inflationary pressures, but current high interest rates must still be maintained, if not raised higher in 2024. On the fiscal side, he said that the tax-to-GDP ratio of 14.6% is too low, and recommends possible raising of Value Added Tax (VAT) coverage — to increase tax revenues for the government.

The IMF expects inflation to rise to about 6% this year before declining to 3.5% next year. It also sees Philippine GDP growth  hitting 5.3% in 2023, before accelerating to 6% in 2024.

ADB Country Director for the Philippines Pavit Ramachandran was the most optimistic for the Philippines, saying, “Philippine economic growth is at the ‘top of the leaderboard’ in Southeast Asia.” In the third quarter, the Philippines’ 5.9% GDP growth was ahead of Vietnam (5.3%), Indonesia (4.9%), and Malaysia (3.3%). However, the ADB trimmed its Philippine growth outlook to 5.7% this year from the 6% projection it gave in April. For 2024, the ADB expects 6.2% growth for the country.

Like Mr. Gudmundsson, Mr. Ramachandran thinks “there is still some room” to raise the 14.6% tax-to-GDP ratio, to get revenues for government spending to stimulate the economy. He cited that in previous decades, only 1% to 2% was spent on infrastructure, and this has grown to 5% in the last 10 years. He pointed out that the Philippines is 96th out of 141 countries in infrastructure development. The ADB director reminded that the Malampaya deep sea natural gas power plant in Batangas will be depleted by 2027.

Panel discussions at the BusinessWorld Forecast 2024 focused on the emerging “solutions” or areas of interest that might ease the worries for the medium term: “hedges” against inflation, which are real estate and the stock market, and “equipping energy for greater demand,” which explored alternative sources of energy and the accelerated use of the newer technology.

William Thomas Mirasol, president of Federal Land, Inc, and Noli Hernandez, EVP of Megaworld Corp. talked of their extensive property development projects, which are pre-selling briskly in this inflationary period when people have money but few good things to buy. Real estate, which hardly ever decreases in value, is really one of the best “insurance” against depreciating or devaluating money.

Developers are evidently enjoying a boom in this generally dismal time for others. “Eight to nine percent interest (8%-9% borrowing rate) is not formidable for developers” — it was unabashedly said by the developers at the panel discussion at the conference. This prompted a comment/question from the floor, “Property prices (residential/commercial) have astoundingly increased in the last three years, despite the stagnation of the COVID. Condo prices in Makati, for example, have increased from P50,000/sqm in 2010 to P100,000/sqm in 2020, to an average ₱225,290/sqm as of the second quarter of 2022. Today, one premier developer sells luxury condos at a range of P350,000/sqm to P380,000/sqm, depending on the floor area of the unit.

“The poor consumer seems to have lost one possible hedge against inflation in the disincentive to buying property at inflated prices today. How can property developers temper their natural capitalistic tendency to enjoy the bonanza from the extraordinary situational demand?”

The property developers responded by assuring the public that they are cutting margins thin, as they themselves face high construction costs and supply shortages.

Talk about losing possible hedges to sticky inflation, which experts all say, will still be much around in 2024!

At the same BusinessWorld conference, Ramon S. Monzon, President and CEO of The Philippine Stock Exchange, Inc. (PSE) jolted the audience when he frankly said, “The stock markets have always been a better hedge against inflation than bank deposits — except these times.” He added that “it is a disincentive to the market if interest rates go up more.”

The PSE had earlier targeted 14 IPOs for 2023, but only three IPOs were conducted this year. The Sy-led SM Prime Holdings, Inc. earlier planned to raise around $1 billion by listing its REIT this year, but decided to “defer until market conditions improve, citing headwinds such as high interest rates and elevated inflation.” More alarming is that this year, several companies delisted from the local bourse, namely Metro Pacific Investments Corp., Eagle Cement Corp., Unioil Resources & Holdings Co., Inc., and PICOP Resources, Inc. The tally of delisted companies is set to increase with the upcoming delisting of construction material supplier Holcim Philippines, Inc. on Nov. 27. With investors trying to exit their positions in delisted companies, sellers outweigh buyers, causing the stock prices to fall.

The latter part of the conference discussed energy security and energy access to get to “Net Zero” (a balance of productive use and destructive sourcing of energy). Aboitiz Power Corp. and ACEN (Ayala Energy Co.) laid out programs for renewable energy and alternative sources. The sad consensus was that the energy crisis will not so easily go away, and will persist even beyond 2024. Discussants urged innovations and more efficient communications, “uncovering the capabilities of Generative AI” and concluding that in the end, what is needed is the tight and conscious cooperative effort of all towards managing the scarce and diminishing resources in our limited world.

In Star Wars, Luke said “the Force” is the balance between good and evil, the harmony among all. Jedi heroes become one with “the Force,” the metaphysical power of unity and community, of sharing strengths and augmenting each other.

“May the Force be with you,” Yoda, the sage, says..

 

Amelia H. C. Ylagan is a doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Ukraine farmers pin hopes on exports as war costs pile up

REUTERS

KYIV/PARIS — Ukraine’s efforts to revive sea exports in defiance of Russia’s military blockade have given a glimmer of hope to a teetering farm sector in which loss-making producers are abandoning some land in one of the world’s biggest grain belts.

With no end in sight to the war with Russia, access to the Black Sea is critical if Ukraine is to preserve an agricultural industry that was the fourth-largest grain supplier globally before the conflict and in value terms accounted for half of Ukraine’s total exports last year.

While makeshift export routes and abundant supply elsewhere have tamed record global food prices since last year, the strain on Ukrainian agriculture has worsened as a UN-backed export deal collapsed and European Union (EU) neighbors baulked at land shipments.

Agriculture has suffered losses of over $25 billion since the war began, Ukrainian grain trader association UGA estimates.

Ukraine’s grain exports so far in the 2023/24 season that started in July are running 28% below the year-earlier volume, according to agriculture ministry data.

The area planted with corn, its flagship grain export, has shrunk by a quarter since the start of the war and total crop planting could suffer a double-digit decline in 2024, producers say, as cash-strapped farms leave some land idle.

A new Black Sea shipping channel may offer a lifeline, like for Ukraine’s depleted steel industry.“The sea corridor is essential for Ukrainian farming to survive,” Jean-Francois Lepy, head of grain trading at French agribusiness group InVivo, said.

“Without a corridor there is going to be a serious problem in 2024/2025,” he said on the sidelines of this month’s Global Grain conference in Geneva.

The “humanitarian corridor” established by Ukraine’s military in late August has expanded steadily, with Kyiv estimating over 3 million tons of grain shipped so far.

Its future remains clouded by military risks, with several vessels struck by mines or missiles, but Ukrainian producers are encouraged.

“It gives us breakeven because before the ports opened almost everyone was loss-making,” Dmitry Skornyakov, chief executive officer of farm operator HarvEast.

Ukrainian producers see scope to reach 2-2.5 million tons of monthly grain exports through the corridor, which combined with volumes through land routes and transhipment via the Danube river could bring overall trade back towards a pre-war rhythm of 5-6 million tons per month.

Spike Brokers, which tracks exports in Ukraine, said on Nov. 1-17 Ukraine exported 404,000 tons of agricultural goods via the Danube and 352,000 tons from Black Sea ports. An additional 943,000 tons should leave from Black Sea ports and 464,000 tons from the Danube by the month-end.

“The situation in the coming months will be better than in September and October, as large ships are starting to arrive and the number of insurance companies that insure risks is growing,” said Denys Marchuk, deputy head of the Agrarian Council, Ukraine’s largest agribusiness group.

Some in the market are cautious given the still perilous security situation. A Russian missile strike on port infrastructure in Odesa on Nov. 21 added to a series of attacks on Ukraine’s Black Sea and Danube grain ports.

Despite expansion at Romania’s Constanta port, trade via the EU remains dogged by logistical bottlenecks and tensions with Kyiv’s neighbors. Border protests by Polish lorry drivers have slowed food exports this month.

The new growing season could be a tipping point.

Winter wheat sowing will be down almost 10% on year, Ukraine’s agriculture ministry estimates, with a dry start to autumn adding to farmers’ problems.

HarvEast plans to leave uncultivated more than 10% of the 34,000 hectares it currently operates as it sacrifices less fertile fields seen as generating more losses, Mr. Skornyakov said, forecasting a general trend of 10-20% of unplanted land next year versus 3-5% this year.

Yuriy Stelmakh, a grower in northern Ukraine, said his farm drilled 30% less area with winter crops due to a lack of funds.

Ukraine’s agri-food industry is trying to adapt. Farmers have planted more oilseed crops like sunflower that can offer better margins, while high world sugar prices and cheap local grain to feed poultry have spurred exports of those products.

But as the war drags on, the sector faces a lack of visibility, labour shortages and structurally low prices, said Roman Gorobets, director of FE ASTRA in central Ukraine.

A huge wheat surplus in Russia and record corn and soybean harvests in Brazil have helped the world adapt to stop-start Ukrainian exports. A trade gap may be felt next year, though, if weather hits Brazilian crops and the Kremlin intervenes further in Russian exports.

Ukraine has sharply reduced exports of farm goods to Asian and African countries this year, according to agricultural business association UCAB.

Major importer Egypt has various supply sources for wheat, but few alternatives to Ukraine for corn and vegetable oil, Hesham Soliman, president of Egyptian merchant Mediterranean Star, said.

Much hangs on the spring planting season and whether Ukrainian growers cut back further on corn, relatively costly to produce.

“I don’t think the world can afford for Ukraine’s agriculture to suffer. We do need them, particularly on the corn side,” said Scott Wellcome, director of grains risk management at GoodMills, Europe’s largest miller. — Reuters

Picking up on exclusivity and style

The Isuzu D-Max Limited is exclusively available with a black paint finish. — PHOTO FROM ISUZU PHILIPPINES CORP.

Isuzu PHL introduces accessorized, 200-unit D-Max Limited

By Dylan Afuang

EXTERIOR ENHANCEMENTS and a limited production run distinguish the D-Max Limited, the latest variant added to the pickup truck model by Isuzu Philippines Corp. (IPC), from the now seven trims that comprise the model range.

Available exclusively in a black paint finish, the Isuzu D-Max Limited aims to present a rugged appeal through accessories such as a blackout grille bearing a red Isuzu logo, red cabin floor mats, variant-exclusive side steps, and gray decals drawn across the vehicle’s sides and tailgate.

The truck’s lofty 260-mm ground clearance can be attributed to its new nitrogen-charged shock absorbers, as well as black 17-inch wheels wrapped in thick 295/70-series Yokohama Geolandar tires that promise to improve the grip of this rear-wheel-drive truck on more extreme terrain.

Based on the D-Max 3.0L 4×2 LS-A variant, this variant is priced at P1.58 million and, as IPC Assistant Division Head for Sales Robert D. Carlos told the media at the sidelines of the model’s launch, comes only in 200 examples.

IPC might retail more units of the accessorized truck should there be greater customer demand for it, the executive added. The variant has also benefited from the excise tax exemption on double-cab pickup trucks, Mr. Carlos confirmed to “Velocity” when asked about the model’s pricing.

Since it’s based on the 4×2 LS-A trim, the D-Max Limited is powered by the same 3.0-liter four-cylinder turbodiesel engine, which courses its 187hp and 450Nm of torque to the rear wheels through a six-speed Aisin automatic transmission.

“In the pickup market, the volume driver is the 4×2 models,” Mr. Carlos said in reply to a question from “Velocity” about the reason behind the D-Max Limited coming only in two-wheel-drive configuration amid four-wheel-drive competition.

“In the work-and-leisure setting, a 4×2 is a vehicle you can drive Monday to Friday in the city, and camping for the weekend. That’s why we launched the Limited as a 4×2,” he added, suggesting that two-wheel-drive vehicles are ideal for the majority of drivers as they outnumber those who regularly drive off-road.

Elsewhere, the model continues its similarities with the LS-A version, being equipped with halogen headlights and foglights, gray door handles, gray side mirror caps, a bedliner, a cargo extender, over-fenders, and roof rails that Isuzu claimed can carry 100kg.

The cabin’s dashboard features a 10.1-inch touchscreen infotainment system with navigation and Apple CarPlay and Android Auto connectivity. The screen can also project a clinometer, which measures the pickup’s angle of elevation, a feature commonly seen in vehicles tailored to travel up mountains.

The driver faces a 4.2-inch multi-info display, while a six-speaker sound system, bucket front seats, fabric upholstery, rear A/C vents, a rear USB charging port, a rear center armrest, and a tilt and telescopic steering column comprise the list of equipment.

Safety is provided by a pair of airbags up front, anti-lock brakes with electronic brakeforce distribution, brake assist, electronic stability control, traction control, hill-start assist, hill-descent control, front and rear skid plates, rear parking sensors, and a reverse camera.

Style (11/27/23)


COS presents festive gifts

COS introduces a curated edit of gifts for the holiday season and beyond. From statement accessories to stocking fillers and cozy knitwear, each item, selected in celebration of the season, represents the brand’s commitment to style and quality. The edit features an interplay of materiality and textures, embracing contrasts and winter layering. Seasonal red tones and metallic shine finishes blend seamlessly with winter neutrals and playful prints. Versatile styles transition effortlessly from day to evening, enhanced by draped silk scarves and sequin-embellished accessories. Soft leather quilted bags complement textured teddy surfaces, while jewelry made from recycled materials presents elevated styling opportunities. Modern knitwear showcases intricate yarn compositions and stitchwork crafted in more sustainable fabrics. Soft winter jumpers, scarves and hats feature Good Cashmere Standard or recycled cashmere fibers alongside RWS wool and RMS Mohair styles. COS’ festive gift edit is available now in stores and online globally.


Old Navy releases 2023’s ‘Jingle Jammies’

OLD NAVY has announced the launch of its festive and cozy collection of matching pajamas for the entire family, the “Jingle Jammies.” Available at Old Navy Bonifacio High Street, Shangri-la, and online at oldnavy.com.ph, the Jingle Jammies collection includes playful prints featuring festive motifs like snowflakes, reindeer, and jingle bells to classic holiday colors like red, green, and white. The Jingle Jammies collection includes sizes for adults, kids, and even toddlers. and are crafted from soft and breathable fabrics.


Robinsons Department Store’s holiday promos

ROBINSONS Department Store has opened its doors for holiday shopping with its Holiday Collection, with a diverse range of products for thoughtful gifting and personal indulgence. An exclusive promo is also offered at all Robinsons Department Store branches nationwide, as well as its online marketplaces in GoCart, LazMall, and Shopee. The promo includes up to 70% off on select items and 0% interest when shopping using any major credit card. Shoppers also have a chance to earn a raffle entry for a chance to win flight tickets to select international and domestic destinations, or win P5,000 GoRewards points when they spend a minimum of P3,500. The Holiday Collection has pieces for ladies, men, and kids, including a deep blue Stella Jacquard Top (P849) and Skirt (P949) set paired with the elegant Stella Accessories Mini Handbag (P499). For a more elegant piece, you can opt for the Stella Silk Sleeveless Dress with Drape (P1,300). Accessorize it with a pair of Stella Accessories Dangling Earrings (P299) and Kimbel Silver Clutch (P899.75). For the men, there are formal suits, like the Executive Formal Suit (P2,399) and Formal Slacks (P1,199) with the Executive Printed Woven Polo Short Sleeves Shirt (P549). There are also more casual-looking suit options, the Executive Extra Fine Cotton Long Sleeves Shirt (P899), Executive Formal Slacks (P1,199), and Gallardo Casual Shoes Izak (P999). Little girls feel like a real-life Barbie with the baby pink Barbie Halter Dress (P2,499) and Bella Two-Strap Format Sandals (P699), while for boys there are the Hammerhead Long Sleeves (P625.75), Hammerhead Vest (P359.75), Byloz Pants (P1,299.75), and Air Balance Rubber Shoes (P1,699). There are also special makeup and skincare products like Revlon Colorstay Overtime (P625) and Maybelline Super Stay (P399) lipsticks and 3HA Clear Soothing Mist (P599) Y.O.U Acneplus AHA BHA PHA Daily Essence (P439). For the perfect everyday scent, there are premium picks like Valentino’s Born in Roma Donna Coral Fantasy Women (P10,500) and Calvin Klein Eternity for Men Eau de Toilette (P5,698). Other departments also have their suggestions including luggage like the TUNKR Hardcase eight-wheels (P5,500 for Medium, P5,000 for Small), and kitchen ware like a skillet set from General Store (P2,049). Browse through the Holiday Collection’s e-catalogue for the full “Fantastical Christmas” collection. For more information, check the official Robinson’s Department Store social media platforms, Facebook, Instagram, TikTok.


Lush’s 2023 Christmas collection goes tech

LUSH’S 2023 Christmas range has officially landed in Lush shops and online. The collection includes returning favorites, new arrivals, inventions, and innovations. It wouldn’t be Christmas without Lush’s Snow Fairy, and there’s no mistaking this sweet candy scent is a winter icon. Along with brand new additions to the range, the 2023 Snow Fairy bath bomb has a new look. The Bath Bot launches in time for the festive season. Lush’s first step into the consumer tech category, Bath Bot is identical in size and shape to Lush’s iconic bath bomb and features a distinctive domed convex speaker for 180-degree sound and full-spectrum multidirectional lights that fill a bath and bathroom with a radiant light show. Pair with the Bathe feature on the Lush app for the ultimate sensory-transformational experience. Lush has increased the Knot-Wrap range by 40% to encourage this beautiful alternative to gift wrap – as well as continuing to offer its lokta range to enable customers to create personalized gifts at lower price points. Lush has collaborated with 19 designers and six artist groups this year for its collection. Now available in Lush stores and online at lush.com.ph, gift prices start from P1,995. Can’t find the perfect gift? Build your own with Lush’s selection of reusable packaging — choose among the Knot Wraps, Lokta Wraps, or Tins, and add your choice of products for a personal gift. Bring empty bottles and black pots back to the nearest Lush store. For every five returned black pots, get a free fresh face mask. In the Philippines, Lush is exclusively distributed by Stores Specialists, Inc., and is located at Alabang Town Center, Ayala Malls Manila Bay, Bonifacio High Street, Glorietta 4, Greenbelt 3, Robinsons Magnolia, Shangri-La Plaza, SM Mall of Asia, and TriNoma. Available also in Zalora and Trunc.com. Visit www.lush.com.ph and www.ssilife.com.ph or follow @ssilifeph on Instagram for more information.


Uniqlo holds two-week Thank You Festival

JAPANESE global apparel retailer Uniqlo says thank you to its customers for their support through its anticipated bi-annual celebration. Set to run for two weeks starting Nov. 24, the Uniqlo Thank You Festival expresses gratitude and appreciation to customers for their support through limited offers, special-edition gifts, in-store experiences, and more. The first limited offer runs until Nov. 30. Up for grabs at its best prices yet are some LifeWear items including the U Crew Neck Short Sleeved T-shirt and Ultra Stretch AIRism Jogger Pants, Soft Touch Crew Neck Long Sleeve T-shirt, Ultra Stretch DRY-EX Jogger Pants, GIRLS Seersucker Camisole Dress, KIDS Ribbed Fleece High Neck Long Sleeve T-shirt, Long Sleeve One Piece Outfit, and BABIES Long Sleeve Bodysuit — all at special prices. The second week of Uniqlo Thank You Festival’s limited offers begins on Dec. 1 with more discounted red lines on the price tags. In time for the Thank You Festival, Uniqlo teams up with popular brands Papemelroti, Mary Grace, and Bibingka MNL for its newest set of UTme! Collaborations. There will be a Thank You Wall mounted in select stores where customers can write down words of gratitude that need to be said more often to their loved ones. Lastly, as a way of giving back this holiday season, Uniqlo will hold a nationwide sustainability initiative through clothing donations to various areas in partnership with SM Foundation, SM Cares, and SM Supermalls. Uniqlo will give out pre-loved clothing donations from the RE.UNIQLO initiative to families in need near the locations of their 74 stores nationwide. To get more information and all the latest updates, follow @uniqlo.ph on Facebook and @uniqlophofficial on Instagram and visit www.uniqlo.com/ph/en/.


Robinsons Department Store’s holiday promos

ROBINSONS Department Store has opened its doors for holiday shopping with its Holiday Collection, with a diverse range of products for thoughtful gifting and personal indulgence. An exclusive promo is also offered at all Robinsons Department Store branches nationwide, as well as its online marketplaces in GoCart, LazMall, and Shopee. The promo includes up to 70% off on select items and 0% interest when shopping using any major credit card. Shoppers also have a chance to earn a raffle entry for a chance to win flight tickets to select international and domestic destinations, or win P5,000 GoRewards points when they spend a minimum of P3,500. The Holiday Collection has pieces for ladies, men, and kids, including a deep blue Stella Jacquard Top (P849) and Skirt (P949) set paired with the elegant Stella Accessories Mini Handbag (P499). For a more elegant piece, you can opt for the Stella Silk Sleeveless Dress with Drape (P1,300). Accessorize it with a pair of Stella Accessories Dangling Earrings (P299) and Kimbel Silver Clutch (P899.75). For the men, there are formal suits, like the Executive Formal Suit (P2,399) and Formal Slacks (P1,199) with the Executive Printed Woven Polo Short Sleeves Shirt (P549). There are also more casual-looking suit options, the Executive Extra Fine Cotton Long Sleeves Shirt (P899), Executive Formal Slacks (P1,199), and Gallardo Casual Shoes Izak (P999). Little girls feel like a real-life Barbie with the baby pink Barbie Halter Dress (P2,499) and Bella Two-Strap Format Sandals (P699), while for boys there are the Hammerhead Long Sleeves (P625.75), Hammerhead Vest (P359.75), Byloz Pants (P1,299.75), and Air Balance Rubber Shoes (P1,699). There are also special makeup and skincare products like Revlon Colorstay Overtime (P625) and Maybelline Super Stay (P399) lipsticks and 3HA Clear Soothing Mist (P599) Y.O.U Acneplus AHA BHA PHA Daily Essence (P439). For the perfect everyday scent, there are premium picks like Valentino’s Born in Roma Donna Coral Fantasy Women (P10,500) and Calvin Klein Eternity for Men Eau de Toilette (P5,698). Other departments also have their suggestions including luggage like the TUNKR Hardcase eight-wheels (P5,500 for Medium, P5,000 for Small), and kitchen ware like a skillet set from General Store (P2,049). Browse through the Holiday Collection’s e-catalogue for the full “Fantastical Christmas” collection. For more information, check the official Robinson’s Department Store social media platforms, Facebook, Instagram, TikTok.


Three-part Noel Bazaar opens at Okada Manila

NOEL BAZAAR, one of the country’s longest-running Holiday shopping destinations, recently opened the first of its 48-day three-part series at Okada Manila to offer a wide array of unique shopping options. The “Christmas Bazaar with the Heart,” it is supported by GMA Network and features a host of special events, such as the Okada Home of Wonder with the Christmas Village as centerpiece, Kapuso Tuesdays: Celebrity Meet & Greet, GMA Celebrity Ukay-Ukay, GMA Celebrity Auction and Variety Show every weekend. Other activities include the Kid’s Fashion Show by Tiddletots, Christmas Caroling by Arts of Music Band, Soap Workshops by Artisan Heritage Group of Companies, and performances by Saranggola Productions, Metro Buskers Club, Songwriters Society Philippines, and Raven and the Papis. The Okada bazaar will run until Dec. 17, and will have new merchants every week to ensure diversity of displays. The second edition will be from Nov. 24 to 30 at the World Trade Center Metro Manila in Pasay City, where visitors can also shop at Okada through a shuttle transfer. The third and final leg will run from Dec. 8 to 10 at the Filinvest Tent Alabang in Muntinlupa City. For exhibitors and consumers’ convenience, Noel Bazaar has teamed up with Maya Philippines, Smart, and PLDT for a hassle-free digital shopping experience. Portions of the proceeds of Noel Bazaar will benefit the charities supported by the Inquirer Foundation and GMA Network’s Kapuso Foundation, which has helped build 442 classrooms and eight bridges in needy communities across the country. For details and updates on Noel Bazaar, follow #NoelBazaar2023 on Facebook, Instagram or Tiktok.


Hada Labo’s new moisturizers

JAPANESE skincare brand Hada Labo has a new range of moisturizing products — the Premium Whitening Moisturizers. This new line is made up of Premium Whitening Water Cream and Premium Whitening Water Gel that both contain brightening ingredients niacinamide, alpha-arbutin, and Vitamin C that work together to reawaken dull skin, fight dark spots, and even out skin tone. Premium Whitening Water Gel has an ultra lightweight water gel texture that’s instantly absorbed into the skin, a suitable choice for those with normal to oily skin. Premium Whitening Water Cream gives that silky soft water cream texture that deeply hydrates skin, which is suitable even for those with dry skin. For best results, use Premium Whitening Moisturizers after applying Hada Labo face lotion. The products are now available at Watsons stores nationwide and online through the Watsons Online Store, and the official Mentholatum stores on Lazada and Shopee.


Bobbie Nails unveils new gel polish colors

BOBBIE Nails has come out with its new line of Gel Polish, a long-lasting nail polish that can withstand almost anything, like washing the dishes, preparing food, or typing on the keyboard the whole day. The gel polish line comes in a wide array of colors that suit any occasion. Bobbie Nails recently released 12 new Gel Polish shades ranging from nude to vibrant jewel tones. For those looking for nude gel polish that can match any outfit, Validate is a light brown shade that can mimic one’s natural nail color, while Glowing is a similar shade that adds a bit of shimmer. For a deep brown color there is Solitude. Blooming, a dusty rose pink shade, and Affirmation, a bright peachy hue. More vibrant nail colors include Gratitude, a forest green; Positivity, an ocean blue; Confidence, a burnt red; Optimistic, a deep cobalt; Nirvana, a basic plum shade; Manifest, a deep maroon-red; and Unashamed, a glittery maroon polish. To app To apply the Bobbie Nails Gel Polish at home, users need to have a UV light to cure the gel for at least 30 seconds. They will also need to use Bobbie Nails Gel Polish Nail Primer to remove oil residue

3. Apply Bobbie Nails Gel Polish Base Coat and cure under UV light for at least 30 seconds

4. Apply a thin coat of the Bobbie Nails Gel Polish of your choice and cure for 60 seconds (It’s recommended to apply two to three layers for better opacity)

5. Seal in the color with the high-shine Bobbie Nails Gel Polish Top Coat, and cure for 30 seconds

Bobbie Nails Gel Polish gives beauty lovers the chance to play around with different nail colors anytime, anywhere. They can shop for the new gel polish shades via Bobbie Nails’ flagship stores on Lazada, Shopee, and TikTok Shop.

For more information and beauty tips, follow Chic Centre on Facebook, Instagram and our newest Tiktok page .