India may earmark $48B for next year’s food, fertilizer subsidies

January 22, 2024 | 12:02 am

NEW DELHI — India may earmark about 4 trillion rupees ($48 billion) for food and fertilizer subsidies for the next fiscal year, two government sources said, indicating fiscal caution ahead of this year’s general election.

Food and fertilizer subsidies account for about one-ninth of India’s total budget spending of 45 trillion rupees during the current fiscal year that ends on March 31.

The Ministry of Consumer Affairs, Food and Public Distribution has estimated next year’s food subsidy bill at 2.2 trillion rupees ($26.52 billion), the two sources said. That is 10% higher than a projected outlay of nearly 2 trillion rupees ($24.11 billion) for the current 2023-24 fiscal year.

Additionally, next fiscal year’s fertilizer subsidy is expected to be 1.75 trillion rupees, down from the current 2022-23 fiscal year estimate of nearly 2 trillion, one of the sources said.

The sources, which are directly involved in the decision making on the subsidies, did not wish to be named as they were not authorized to speak to the media.

Finance Minister Nirmala Sitharaman will unveil the 2024/25 budget on Feb. 1. The Ministry of Finance, the Ministry of Chemicals and Fertilizers and the Ministry of Consumer Affairs, Food and Public Distribution ministries of finance did not reply to requests for comment.

Maintaining the combined subsidies at their current level would be unusual for a government facing a national election in just a few months, but Prime Minister Narendra Modi is widely expected to win a rare third term in elections scheduled for April and May.

Also, containing food and fertilizer subsidies is crucial for managing India’s fiscal deficit, which Mr. Modi’s government is targeting at 5.9% of gross domestic product this year and planning to lower by at least 50 basis points in the fiscal year 2024/25.

The food subsidy bill is likely to go up next year as Mr. Modi’s administration late last year extended its flagship free food welfare program for the next five years.

India runs its multi-billion dollar food welfare program, the world’s biggest such initiative, by buying rice and wheat from millions of domestic farmers at state-set minimum or guaranteed prices and then supplying the staples for free to 800 million Indians. — Reuters

20 Top Grossing Companies in the Philippines in 2022

January 22, 2024 | 12:02 am

Changan Auto opens pop-up store in Pasig

January 22, 2024 | 12:02 am

VELO_PAGE2_image9 — A rendering of the Changan Auto pop-up display — IMAGE FROM CHANGAN AUTO PHILIPPINES

CHANGAN AUTO PHILIPPINES opens its first pop-up display on C5, Pasig as a preview for its soon-to-open flagship store in the same area. In a release, the company said that Changan Auto’s full vehicle range will be featured — from the Alsvin sedan (starts at P654,000), CS35 Plus (from P1.109 million), CS55 Plus (from P1.179 million), Uni-T (P1.679 million), Uni-K (P2.719 million) and the X7 Plus (P1.399 million).

Changan Auto said it will continue to increase its footprint here with the opening of six new dealerships, starting with the aforementioned location.

The Changan Auto C5 Pasig pop-up store is open from 8 a.m. to 5 p.m. daily, and is located at C5, Pasig, E. Rodriguez Jr. Avenue corner Carlos J. Caparas Pasig City, Metro Manila.

For more information about the display, or to schedule a test drive, interested parties may contact the Changan Auto C5 Pasig Sales Team through 0920-904-0697.

Change in changing times

January 22, 2024 | 12:02 am

“Huwag pumirma!” (Do not sign!)

That was the warning sent by Bishop Broderick Pabillo, D.D., Vicar Apostolic of Taytay, Palawan, on Jan. 11, calling on Catholics and the public not to sign a circulating petition to amend the 1987 Constitution. Bishop Pabillo claimed there have also been cases where money is offered to those who will sign the petition, at the barangay or other local government level. “In a statement shared by the Catholic Bishops’ Conference of the Philippines (CBCP), Bishop Pabillo warned that the petition seeks to amend the constitution by presenting itself as a people’s initiative but is, in reality, driven by politicians” (inquirer.net, Jan. 11, 2024).

The People’s Initiative for Reform Modernization and Action (PIRMA), a pro-charter change group whose ad was released on Jan. 9, 2024 (tagline “EDSA-Pwera” or “No to EDSA People Power Revolution), is also collecting more than 8 million signatures, equivalent to 12% of the country’s registered voting population, needed to legitimize its Cha-cha petition (Ibid.).

Bishop Severo Caermare echoed Bishop Pabillo (in his “Sulat Pamahayag” on Jan. 14, on the “ongoing signature gathering wherein money was offered to the voters”), joined by his hundred priests of the Diocese of Dipolog, said that “a people’s initiative not coming from the people and without prior consultation may only end up favoring a few interests” (Rappler.com, Jan. 15).

Bishop Jose Colin Bagaforo of Kidapawan, president of the papal charity Caritas Philippines, has said that “any attempt to alter the constitution, especially when shrouded in secrecy and lacking genuine public participation, raises serious concerns about its true motives. Instead of wasting time and resources on amending the constitution, the government should prioritize measures to eradicate corruption (Union of Catholic Asian News, ucanews.com, Jan. 18).

The National Council of Churches in the Philippines (NCCP), an ecumenical fellowship of non-Roman Catholic Christian denominations, has reiterated that “the present constitution is capable of protecting our natural patrimony and economy against foreign plunder and dominance. Tinkering with the charter can open the floodgates to changing the term limits of government officials,” the NCCP warned in a statement (Ibid.).

Too quickly from the open exhortations of the Churches against charter change came the unexpected announcement of Senate President Juan Miguel Zubiri that he met with President Ferdinand Marcos, Jr. and the president’s cousin, House Speaker Martin Romualdez, regarding the ongoing “People’s Initiative” to change the charter. Zubiri said the instruction they got from Marcos was for the Senate to take the lead in reviewing the economic provisions of the Constitution which would be adopted by the House later on. (Rappler.com, Jan. 15).

“The President agreed with us that the (PIRMA) proposal was too divisive, and asked the Senate to instead take the lead in reviewing the economic provisions of the Constitution. In this way, we can preserve our bicameral nature of legislation,” Zubiri said. This is a completely different tune for Zubiri as he was, in the past, totally against Charter change (Cha-cha) even for economic provisions, Rappler said (Ibid.).

Zubiri immediately filed Resolution of Both Houses No. 6, “proposing amendments to certain economic provisions of the 1987 Constitution.” He co-authored this with Senators Sonny Angara and Loren Legarda. The resolution only includes amendments in the operation of public utilities and education services. “[The] nation’s economic policy must be reframed under the demands of this increasingly globalized age, while still protecting the general policy of Filipino-first that guides the economic provisions of the Constitution,” the resolution read. “Our children deserve to have access to the best educational institutions, both Filipino and foreign, to ensure that they receive the best training to become globally competitive citizens in the modern world,” it added.

The Senate review on Cha-cha will be in the context of the Public Service Act (PSA), which was amended to allow foreign ownership in certain public services like airports, railways, expressways, and telecommunications. “The Senate commits that it will work with the House of Representatives to remove all doubts on the constitutionality of the law by ensuring that the liberalized policies contained in the PSA can be implemented and relied on by investors as an enduring policy. It is only in this respect that the Senate can agree to modify the Constitution,” Zubiri said (Ibid.).

Zubiri’s resolution needs 18 votes from senators. The review will be led by Angara who chairs the finance committee. The Senate president tried to reassure those wary of Cha-cha that term limits will not be part of the amendments. But critics worry that once Congress green lights the process, it will be all too easy to go beyond economic amendments and sneak in provisions that will allow politicians to stay longer in power (Ibid.).

Yes, perhaps the most feared change is the term limits provision in any charter change. The main proponent of Charter change at the House of Representatives conceded from the start that there was no guarantee that a constitutional convention (Con-con), once formed, would stick to only tweaking economic provisions of the 1987 Constitution. House committee on constitutional amendments chair and Cagayan de Oro Rep. Rufus Rodriguez acknowledged that there was a “big possibility” that political provisions, including those pertaining to term limits of elected officials, as cited during his panel hearing, could be discussed by the then-proposed “hybrid Con-con” of elected and appointed officials from 253 congressional districts (Philippine Daily Inquirer, Feb. 24, 2023).

There were consistently expected (but failed) attempts in every administration after that of Corazon Aquino’s, to change the 1987 Constitution — which had changed the 1973 Constitution that allowed dictator Ferdinand Marcos an “unlimited” term of office and created a “rubber stamp” legislature in the Batasang Pambansa, according to Gabriela Party-list Representative Arlene Brosas (inquirer.net, March 2, 2023).

The first attempt to amend the 1987 Constitution was under President Fidel Ramos, proposing changes in the constitution included a shift to a parliamentary system and the lifting of term limits of public officials. Critics argued that the proposed constitutional changes would benefit the incumbent, Ramos. The first PIRMA, which sought to amend the Constitution through a signature campaign or People’s Initiative was in Ramos’ time. The Supreme Court dismissed the petition on the grounds that the People’s Initiative mode did not have enough enabling laws for the proposed revisions or amendments in the 1987 constitution. On Sept. 21, 1997, a church-organized protest rally brought in an estimated half a million people to Rizal Park.

And during the presidency of Gloria Macapagal Arroyo were the most attempts made to change the 1987 Constitution. Arroyo issued Executive Order No. 453 in August 2005 to create the Consultative Commission headed by Dr. José Abueva. After holding consultations with different sectors of society, the commission proposed revisions to the 1987 constitution relating to a shift to a unicameral parliamentary form of government; economic liberalization; further decentralization of the National Government, and more empowerment of local governments through a transition to a parliamentary-federal government system (pcij.org, May 29, 2006).

A signature campaign (like PIRMA) called “Sigaw ng Bayan” was launched to clinch the charter change proposals, but religious, business, and political groups, and coalitions such as One Voice, opposed the proposed amendments, citing untimeliness and contending that the incumbent President and her allies would directly benefit from the proposed changes by extending the President’s term of office (BBC, July 27, 2009).

It is a case of déjà vu today.

It is like a recurrent bad dream — this insistence of our leaders on charter change. The insistence so crassly insinuates self-interest that disregards the common good, and naked greed for perpetuation in power and the multiplication of wealth. Why cannot they even wait for better economic times for this poor, developing country that has been reeling from world recession after the deadly COVID-19 pandemic that still maliciously lingers to draw out more blood from its hapless victims? We pray for leaders with right consciences and clean hands.

God help us through these changes in these changing times.

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

ahcylagan@yahoo.com

Yields on government debt end mixed

January 22, 2024 | 12:02 am

YIELDS on government securities (GS) traded in the secondary market ended mostly mixed last week, driven by auction results and movements in US Treasury rates.

Bond yields, which move opposite to prices, grew by 0.63 basis point (bp) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates data as of Jan. 19 published on the Philippine Dealing System’s website.

Rates were mixed across all GS tenors last week. Yields on the 91-,182- day, and 364-day Treasury bills (T-bills) rose by 2.17 bps, 6.99 bps and 2.57 bps to 5.3587%, 5.6655% and 5.9991%, respectively.

In contrast, the belly of the curve went down as yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) fell by 1.55 bps (to 5.8914%), 2.79 bps (5.94%), 3.41 bps (5.9896%), 3.67 bps (6.0389%), and 3.92 bps (6.127%), respectively.

At the long end, the 20- and 25-year debt papers saw their yields increase by 6.46 bps (to 6.311%) and 6.11 bps (6.3106%), respectively, while the 10-year debt paper decreased by 2.07 bps to fetch 6.2186%.

Total GS volume traded fell to P12.43 billion on Friday from P16.5 billion a week earlier.

Last week’s auction of seven-year bonds affected GS yields movements, Alessandra P. Araullo, chief investment officer at ATRAM Trust Corp said in a Viber message.

“The new seven-year issuance cleared at 6.125% coupon with strong demand, reaching up to 3.57 times [bid-to-cover ratio]… On a weekly basis, yields on the belly of the curve outperformed after gaining 5-7 basis points (bps) as buying momentum strengthened on the back of a strong auction,” Ms. Araullo said.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the new seven-year bonds it auctioned off on Tuesday, as bids reached P107.095 billion, or more than three times the offer.

The bonds were awarded at a coupon rate of 6.125%. Accepted yields ranged from 6% to 6.125% for an average rate of 6.094%.

To accommodate the strong demand, the BTr opened its tap facility to raise P5 billion more via the bonds.

“During the final trading day of the week, the BTr announced their jumbo issuance targeted this quarter. Upon the announcement, we saw yields inch higher by 2-7 bps from the belly to the long end. At the same time, investors became defensive as offer levels grew wider by 5-8 bps across the curve,” Ms. Araullo added.

“With the recent local developments, we saw investors on their defensive stance as the market levels grew wider across the curve. At the same time, traded volume remains relatively light in the local bond space as flows are mostly from servicing client requirements,” she said.

The government is targeting to offer retail bonds this quarter, newly appointed Finance Secretary Ralph G. Recto said on Friday.

“The local GS market traced global yields, in particular US bond yield movements, given lack of news catalysts domestically [last] week. Peso bond yields were initially lower by 10-15 bps at the start of the week as US Treasury yields edged down, reacting to soft PPI (producer price index) and influenced successful T-bills and seven-year T-bonds auctions here, whose results came out on the low side of the indicative ranges,” Noel S. Reyes, chief investment officer for Trust and Asset Management Group at Security Bank Corp., said in a Viber message.

“By midweek, US bond yields began to correct on growing belief that the Federal Reserve may have to cut rates later than sooner (beyond March) after economic numbers released affirmed a much later need to pivot. As the Bangko Sentral ng Pilipinas can only move to cut also when the Fed does, GS traded rangebound with bouts of profit taking and consolidation giving back yields by about 8-10 bps by the end of the week,” he added.

Financial markets have priced in a 46.2% probability that the central bank will cut the Fed funds target rate by 25 basis points in March, according to CME’s FedWatch tool, Reuters reported.

For this week, the BTr’s offer of P30 billion fresh 10-year T-bonds on Tuesday will affect GS yield movements as this will “gauge the market’s appetite for long duration bonds,” Ms. Araullo said.

“Moreover, this will be the longest tenor for the month before we approach the CPI (consumer price index) print in the next two weeks. Market players positioning will reflect inflation data expectations,” she said.

January Philippine CPI data will be released on Feb. 6.

A bond trader likewise said inflation bets could affect GS yields, with rates for longer tenors expected to continue moving up.

“Market will continue to monitor the BTr’s awarding behavior and so as investors demand for bonds in the upcoming auctions, especially as the government plans to borrow via retail Treasury bonds in the first quarter,” the bond trader said in a Viber message.

US data and the release of US and Philippine gross domestic product reports this week will influence the movement of local GS rates, Mr. Reyes added.

“Additionally, the 10-year auction could also affect market direction, depending on how players absorb the supply. All told, any correction in bond yields should be an opportunity to add on to the portfolios given that the issue this year will just be a matter of when and how much to cut given that rate hikes are behind us,” he said. — A.M.P. Yraola with Reuters

AC Logistics eyes acquisition, construction for cold storage nationwide plan

January 22, 2024 | 12:02 am

AYALA Group’s AC Logistics Holdings Corp. has announced plans to expand its cold storage facilities nationwide, aiming to support various sectors.

“We have over 7,000 islands, and moving between those islands is a challenge,” AC Logistics President and Chief Executive Officer Jose Rene D. Almendras told reporters last week, not disclosing specific figures and locations.

AC Logistics is considering both acquisition and construction for its cold storage expansion, with Mr. Almendras confirming full utilization of the current facility in Cagayan de Oro (CDO).

In June, AC Logistics, in partnership with Glacier Megafridge, Inc. (GMI), opened a cold storage facility in CDO through the joint venture GMAC Logitech Refrigeration Corp. (GMAC).

Mr. Almendras said the initiative aims to benefit farmers, reduce agricultural spoilage rates, and enhance the delivery of various products, including pharmaceutical items.

Ayala Corp. Chairman Jaime Augusto Zobel de Ayala, during the Management Association of the Philippines’ inaugural meeting, emphasized the conglomerate’s focus on developing the logistics side of the agriculture sector, saying, “We’re building cold storages. We’re building a network of linkages that will help products, commodities, and the like to move… efficiently.”

AC Logistics, a unit of Ayala Corp., serves as the group’s portfolio company for logistics solutions services, handling end-to-end supply chain solutions through its subsidiaries.

Ayala Corp.’s shares were last traded at P675 apiece on Jan. 19. — Revin Mikhael D. Ochave

AREIT, INC. to hold Special Stockholders’ Meeting virtually on Feb. 12

January 22, 2024 | 12:02 am

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Paris Fashion Week: Valentino shows uncluttered menswear; Dior elevates tailoring; LV’s Pharrell Williams goes Western

January 22, 2024 | 12:02 am

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PARIS — Valentino creative director Pierpaolo Piccioli took to the sprawling historic headquarters of the Paris mint, the Monnaie de Paris, for his men’s fall/winter show, sending a lineup of modern, uncluttered styles down the catwalk.

Models strode past the tightly packed audience under dimly lit chandeliers, winding through the gilded rooms in long, black overcoats, oversize suit jackets and loose-legged trousers. (See the show here: <tinyurl.com/3en7842t>)

A touch of extravagance came from a sparkly blue shirt, elaborate cutout patterns on tailored jackets and long thick fringes that embellished a coat. A denim ensemble with a hooded, zip-up jacket looked contemporary.

The designer loosened traditional tailoring but slimmed down the ties, which took the form of a thin strip, worn with crisp, white collared shirts.

Accessories included large, leather handbags and round-toed loafers with thick soles.

DIOR’S KIM JONES ELEVATES TAILORING
Dior men’s artistic director Kim Jones ratcheted up the elegance for his winter collection, redistributing decorative elements on precisely tailored garments. (See the show here: <tinyurl.com/2z8hm7sx>)

Models strode around a circular runway in ballet flats parading collarless tops, shimmery capes, and a denim trouser and jacket set that was cinched at the waist and lined with rhinestones.

Inspiration for the collection came from the friendship between his uncle, Colin Jones, a ballet dancer and photographer, and the star dancer Rudolf Nureyev, which could be seen in the loose, feminine styles that evoked the world of dance.

For the finale, models stood in a circle, facing the audience, and the floor began moving, turning the models, and moving them upward, to form a giant cake-like shape.

AMI UPDATES BOURGEOIS STYLES
Ami designer Alexandre Mattiussi added a contemporary flair to classic bourgeois styles for his fall/winter collection, presented on the catwalk at Paris Fashion Week late on Thursday. (You can watch the show here: <tinyurl.com/4taxbnb5>)

Men and women models marched out of giant double doors — the set was a towering building facade — parading long tailored coats, fitted suit jackets, and glittering tops.

The idea was to evoke life in a Paris apartment building, Mr. Mattiussi explained after the show, when he was swarmed by guests.

“There was the idea of doing something very sophisticated, very evening-like,” he said.

Dressier looks included a trim, fake-fur top with three-quarter-length sleeves, a shimmering gold dress with plunging V-neck, and for men, a sheer grey tank top paired with high-waisted trousers.

Models included actors Diane Kruger, Laetitia Casta, Lou Doillon, Andres Velencoso, and Audrey Marnay — prompting murmurings of surprise from the audience as they walked by.

A winner of the French fashion prize Andam, Mr. Mattiussi founded the fast-growing label Ami in Paris in 2011. Within four years, the brand opened a store in Tokyo, followed by Beijing in 2018 and New York in 2021.

SEAN SUEN THROWS FOCUS ON SILHOUETTES
Chinese designer Sean Suen emphasized silhouettes for his fall winter menswear show on Thursday, piling layers of finely tailored coats in autumn hues on runway models. (See the show here: <tinyurl.com/4d9dj549> )

Remembering China in the early 1990s, when the country was discovering fashion from the West, he recalled how people embraced newness and enjoyed mixing and matching new styles.

The collection included suit coats with extra buttons allowing them to be rearranged with new folds and asymmetry.

“I think the suit is very important — but I always wanted to give it an Eastern element to break the balance,” he told Reuters.

Mr. Suen also played with textures, softening the lineup with fake fur muffs and capes that contrasted with the sharp, prominent collars of dress shirts, suit jackets and dressy coats.

The designer has been showing styles from his namesake, Beijing-based label, which he established in 2012, in Paris for several years.

LGN LOUIS GABRIEL NOUCHI ADDS WOMEN’S STYLES
French label LGN Louis Gabriel Nouchi introduced women’s styles to its fall winter 2024 menswear runway presentation on Wednesday, working them into a lineup of tailored eveningwear — with model Coco Rocha closing the show.

Models strode through a cavernous building site in floor-sweeping trench coats, sharp-shouldered jackets with cinched waists and pleated trousers. (View the show here: <tinyurl.com/4wxv4hzx> )

“It’s like a new horizon,” said Louis-Gabriel Nouchi, detailing his namesake label’s exploration of masculinity.

“I’m really more used to how we show skin on menswear, but if you do it on a girl, it’s a completely different meaning,” said the designer, who included highly cut bodysuits and slim tank tops in his collection.

Ms. Rocha closed the show, wearing a slick, black trench coat, belted tightly around her ribs. A collaboration with France’s coin producer, the Monnaie de Paris, resulted in gold coins stamped with the label’s logo, which were tucked into penny loafers and used to make bracelets, which jingled down the runway.

Mr. Nouchi, 35, is known for his styles that toy with seams, leaving open patches on one side of a neckline on a T-shirt or turtleneck, or a side hole on men’s underwear.

A winner of the French fashion prize Andam, he established his label in 2017 and has designed collections for department store Galeries Lafayette and the Paris Saint-Germain Football Club.

PHARRELL WILLIAMS’ STYLES FROM AMERICAN WEST
Pharrell Williams kicked off Paris Fashion Week with Louis Vuitton’s spring menswear show on Tuesday night, lining the catwalk with sharp, elaborately embellished American West outfits. (See the show here: <tinyurl.com/36ncatd7>)

Native American drumming signaled the start of the show, with models strutting in silver tipped cowboy boots and denim chaps, wide-brimmed cowboy hats, and silky western shirts with pointy collars. Turquoise studs decorated suits and Louis Vuitton logos glittered on sequined jackets.

“The Louis Vuitton dandy evolves through the American western tradition of dressing up,” the show notes said, listing details of handbags designed with artists of the Dakota and Lakota nations, and shoes made with the Timberland label.

The show was the designer’s third since he took on creative direction for the label’s menswear line last year. The LVMH-owned label, the world’s biggest fashion brand, has opened about 50 temporary stores worldwide to showcase the new merchandise.

Mr. Williams’ blockbuster debut took place on the Pont Neuf in Paris last June, in a street party with performances by Williams and Jay-Z. He took to Hong Kong in November for his second runway show, with sailor suits and Hawaiian prints, along a waterfront promenade overlooking the city’s skyline after dark.

LVMH will release annual financial results on Jan. 25, revealing details of the industry bellwether’s performance over the key holiday season. Demand for luxury apparel has softened in recent months as shoppers reined back on high-end purchases with the rising cost of living.

HERMES EMPHASIZES VERSATILITY
Veronique Nichanian, the artistic director for menswear at Hermes, presented a textured lineup of polished looks for the label’s winter runway show on Saturday, showing the versatile side of the high-end fashion label. (Watch the show here: <tinyurl.com/ypza6c2c>)

Models filed past brightly lit columns in thick sheepskin coats, checked suits, trim leather jackets, and a silky bomber jacket in pea green.

A glossy leather coat appeared to be reversible, lined with a soft, light-colored fabric on the inside, while the pattern of a checked suit were discernable through a sheer, light-weight parka. Nichanian tweaked the pattern of a chunky Argyle sweater vest in a lavender hue, and readjusted shirt pockets, skewing them slightly to the side.

The collection was “reversible, superimposable, transformable,” said the show notes. “Precise decentrings” and “engineered slippages” were also mentioned.

Dressier pieces included a trimly cut suit made of polished calfskin that shimmered in the light. — Reuters

Red Sea crisis cutting farm exports — Ukraine minister

January 22, 2024 | 12:01 am

KYIV — The situation in the Red Sea led to a slowdown in Ukrainian agricultural exports in January, agriculture minister Mykola Solsky said.

“A big volume was (exported) in December… but the rate (in January) will drop,” Mr. Solsky told national television. “There are problems in the Red Sea and part of our exports went and are going through the Red Sea to China, Asia and African countries and therefore the movement of ships has slowed down a lot,” he said.

Attacks by Iran-allied Houthi militia in Yemen on ships in the region since November have slowed trade between Asia and Europe and alarmed major powers.

The US has begun strikes on Houthi sites aiming to degrade their ability to attack shipping in the Red Sea. Solsky said an additional reason for lower shipments was the New Year holidays.

Ukraine exported 4.8 million metric tons of food via its Black Sea corridor in December, surpassing the maximum monthly volume exported under a previous UN-brokered grain deal.

Prior to Russia’s invasion in February 2022 Ukraine exported about 6 million tons of food per month via the Black Sea. It now relies on the corridor along its western Black Sea coast near Romania and Bulgaria, its small ports on the Danube River, and exports over land via eastern Europe.

Kyiv believes it has managed to dislodge Russian forces from the western part of the Black Sea, securing grain exports which are crucial to its economy as well as for important imports. — Reuters

Philippines: Balance of Payments (BoP) position

January 22, 2024 | 12:01 am

The country’s balance of payments (BoP) position swung to a surplus in 2023, exceeding the projection of the central bank, amid higher inflows of remittances, trade in services, and national government foreign loans. Read the full story.

New Year, new (possible) additions to your skincare routines

January 22, 2024 | 12:01 am

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By Zsarlene B. Chua

AS JANUARY unfolds, the whole “new year, new me” vibe takes center stage. It’s that time when folks tweak their routines, big or small, aiming for a better year. If you’re diving into skincare and need solid products for a routine or you’re a skincare pro seeking the next holy grail, this review is tailored for you.

For my first review of the year, we’re putting the spotlight on local skincare brand Dermorepubliq. The brand was launched in 2020 after its founder, Keith Corwin Sta. Barbara, decided that he wanted to create “gentle yet effective products” after struggling with acne.

Dermorepubliq prides itself on affordability and high-quality ingredients and is especially tailored for people aged 18-35, according to a press release. The entire brand currently has 16 products ranging from body soaps and facial washes, to serums and toners. In this review, I picked one product from each category to review. These are products that I have been using since December, allowing me to really get into what I like and what I don’t like about these products.

But before we go on to the actual product reviews, a quick look at the Dermorepubliq packaging shows that they are minimalist, reminiscent of the cult favorite The Ordinary aesthetic. Each product lists the active ingredients in their scientific forms — think Glycolic Acid for AHA or L-Ascorbic Acid for Vitamin C — as well as their concentration. Unlike The Ordinary, however, Dermorepubliq is more helpful by labeling their products with their actual function — Toner, Face Wash, Serum, etc. — which makes it more skincare starter-friendly. Dermorepubliq also includes the need being addressed by each (“brightening,” “clarifying,”) etc.

This is something I do appreciate as, especially for those who have just begun their skincare journey, it’s important for each product to declare what it is used for to avoid confusion and misuse that might result in more harm than good for its users.

But beyond the packaging, is this selection of Dermorepubliq products good? Read on below.

Disclaimer: all the products in this review were provided to the writer by the brand.

NIACINAMIDE + BOTANICAL EXTRACTS FACE WASH (P199 /100ML)
A good starting point for any good skincare routine is ensuring that your skin is clean. This Niacinamide face wash has green tea extract, bergamot, witch hazel, and peppermint, promising a “super mild cooling formula that cleanses the skin, controls excess oil, soothes the skin, and helps prevent breakouts by reducing acne-causing bacteria.”

Niacinamide, as an active ingredient, is an anti-inflammatory that calms down irritation which is beneficial for those with acne or sensitive skin. Add the extra botanicals, this is a very good face wash for those who want something that will cleanse their skin gently while promoting skin healing.

After using it for a month, I can say that this face wash does what it’s supposed to do and leaves your skin feeling fresh after use. However, if you are using makeup, even if you use an oil-based cleanser to remove most of the makeup, you may need two rounds of washing to fully clean your face.

GLUTATHIONE + KOJIC + ALPHA ARBUTIN POWER WHITE BODY BAR (P129/135G)
I have always believed that taking care of your body’s skin is as important as taking care of your face, so I do appreciate a good skincare-focused body soap even though my ride-or-die will be the classic Ivory soap bar or Dove.

Dermorepubliq’s Glutathione body bar is focused on whitening and evening out the skin tone. While I remain unconvinced of the need for whitening bars, I decided to judge the soap based on how it feels on my skin after use. Admittedly, I do enjoy this soap as it doesn’t dry out my skin and it does lather up well. The size of the bar, 135 gm, is also not bad for its price point and it doesn’t melt as fast as other skincare beauty soaps so you will get a few weeks use out of it.

Do you need this? That is debatable, but I do appreciate its texture.

7% GLYCOLIC ACID (AHA) SKIN RENEWING TONER (P329/100ML)
One of the biggest struggles in my skincare journey is finding a good, gentle chemical exfoliator. And not just any good, gentle chemical exfoliator, but a chemical exfoliator that will encourage me to stick to it for the long term, as I realize that I am a creature of habit, and if I don’t use a product every day, I lose interest or forget altogether.

So, when I saw this AHA Toner, I thought it was the answer I was looking for. Unfortunately, it was not — but it’s not because of it not being effective, it’s just that I cannot wrap my head around only using it every two to three days.

I tried, but using it in combination with their retinol serum (which I will also review below), made my skin really sensitive. A round of research later told me that it was bad to combine AHA and retinol as it irritates the skin. That meant that if I wanted to use this AHA toner, I’d have to use a different, non-retinol toner, at night and my brain didn’t want to go there so I settled for using it once a week. I never got sensitive again after using it and while it isn’t a hydrating toner and it dries fast, it’s not something a good hydrating serum or face cream can’t fix. Therefore, I’m still on the fence about this product, but hey, it might work for you.

2.5% RETINOL HIGH STRENGTH FORMULA SERUM (P379/30ML)
I am turning 30 this year and I have been trying to age gracefully by using anti-aging products (this started when I turned 27). That includes using retinol as a serum, which is why I’m happy Dermorepubliq gave me another retinol serum option. When I started with retinoids, I used Beyond Beautiful’s 0.3% Retinol Serum and continued using it for years because I was scared of using concentrations that are too strong because it may damage my skin. Using a 2.5% retinol from Dermorepubliq then was a “Geronimo” moment for me, a chance to see if my skin can tolerate higher concentrations. And it did! I was so happy.

Unlike the Beyond Beautiful Retinol which was more watery in its consistency, Dermorepubliq’s was more creamy, reminding me of Kiehl’s Powerful Strength Vitamin C Serum. Yes, they are different ingredients, but the texture is the same, which I really do enjoy. Half a pump also goes a long way and it does help me maintain my skin — no age spots and an even complexion.

Of all the products I’m reviewing for this round (there are 16 products in total and I hope to review the others soon as I prefer finishing a product before moving on to another), this is probably my favorite. Plus, the P379 price tag for a 2.5% retinol? It’s an absolute steal. However, please do remember to always do a patch test and work your way up from lower concentrations like I did before jumping into higher concentrations.

Is Dermorepubliq a good brand? Yes. So far, I’m enjoying the products I’ve been fortunate to use and personally, I would be encouraged to buy them again as the price points and quality are really good.

Dermorepubliq is available on Shopee, Lazada, TikTok, as well as select physical stores nationwide.

Zsarlene Chua is a former BusinessWorld reporter who is now a fledgling PR girl. She’s all about skincare, makeup, and video games. None of the products recommended are the writer’s clients. Contact the author at zsarlene.chua@gmail.com.

Vespa PHL reduces SRP on ‘Colors’

January 22, 2024 | 12:01 am

VELO_PAGE2_image8 — IMAGE FROM VESPA PHILIPPINES

VESPA PHILIPPINES presents deals on Vespa’s core range (Color Collection: Primavera, Primavera S, Sprint, and Sprint S) and Primavera Color Vibe. From Jan. 15 until April 30, price reductions on the following models will be made: Vespa Primavera (from P210,000 to P190,000), Vespa Primavera S (from P220,000 to P200,000), Vespa Primavera Color Vibe (from P235,000 to P215,000), Vespa Sprint (from P230,000 to P210,000), and Vespa Sprint S (from P240,000 to P220,000). For more information, visit any Vespa dealership (check out the list at bit.ly/VespaDealerships) or the Vespa Philippines website, https://www.vespa.com/ph_EN/.