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Dongfeng offers buy-1-get-1 deal

PHOTO FROM DONGFENG MOTORS PHILIPPINES

DONGFENG MOTORS PHILIPPINES is offering a deal on the Aeolus Huge Hybrid until March 31. For P1.998 million, buyers of the electrified SUV will get the EX1 Pro BEV for free.

The Aeolus Huge Hybrid is powered by the brand’s Mach Power MHD system, featuring a 17-hp electric traction motor that works in sync with a turbocharged 1.5-liter gas engine delivering 175hp. The engine acts as a generator, charging the lithium battery while also powering the motor at low speeds. The SUV also comes with Level 2 driving assistance, including intelligent control, lane-keeping assist, and an advanced camera system that detects road signs, pedestrians, and vehicles — automatically adjusting the steering for added safety. It also gets a 360-degree camera with 3D assist, Apple CarPlay and Android Auto (via dongle), and a premium sound system by Danish audio expert.

Meanwhile, the EX1 Pro battery electric vehicle boasts a 27.2-kWh battery and a “practical” 300-km range on a full charge. DC fast charging can fill the battery from 30% to 80% in 30 minutes.

For more information, visit www.dongfeng-global.com or www.dongfengmotorsph.com; follow the official accounts of Dongfeng Philippines: Facebook (dongfengmotorsPH), YouTube (DongFengMotorsPh), and TikTok (dongfengmotorsph). Legado Motors, Inc. is the official Dongfeng Motors distributor in the Philippines.

Vietnam rice waste levels set as benchmark for PHL

PHILIPPINE STAR/MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

POST-HARVEST RICE losses are expected to decline by at least nine percentage points following a P10-billion investment in upgrades to rice storage facilities, the Department of Agriculture said.

About 17% of the rice harvest is lost annually, against 8% for Vietnam, Agriculture Assistant Undersecretary Arnel V. de Mesa told BusinessWorld.

“Reaching Vietnam’s 8% benchmark — the difference would be 9 percentage points — would be a big achievement,” he said.

Fitch Solutions BMI said in a recent report that rice yields in the Philippines are lower than those in Vietnam but are very close to those in the largest exporter, India, and higher than those in Thailand.

BMI called it a “significant concern” that the Philippines is importing so much rice, and will account for 9.7% of global rice imports in 2024/25 based on US Department of Agriculture forecasts, given that 19.5% of the population had insufficient food consumption as of September 2024.

The National Food Authority (NFA) earlier this month said it is undertaking a P10-billion modernization program aimed at enhancing rice storage, building new rice mills, and upgrading drying facilities to improve the rice harvest recovery rate.

The program is funded through government allocations, with half of the budget granted late last year and the remaining P5 billion earmarked for rice mills, drying facilities, and other infrastructure projects included in the 2025 national budget.

The NFA said P1.5 billion will be allocated for repairing existing warehouses, while the remaining P3.5 billion will be used to add 800,000 metric tons of storage capacity by next year, doubling the NFA’s current capacity of 1 million metric tons.

NFA procurement is hindered by variations in rice quality and age of the inventory.

The main problem with the current warehouse network is congestion, due to the inability to manage stocks, according to retired agriculture professor Roy S. Kempis, currently director of the Center for Business Innovation at Angeles University Foundation.

The congestion is worsened by inability to correctly time the release of stocks to ensure supply stability and minimal price disruption.

“In the meantime, decisions to bring in imports and the timing of such shipments are very tentative. They also affect the amount of rice that needs to be stored in the warehouses,” he added.

Mr. Kempis noted that domestic production and supply varies by the season.

“In view of these problems, decision makers are faced the dilemma of what predictive formula to set up and follow,” he said.

“Once there is congestion, the ambient temperature required to store rice becomes difficult to maintain,” he added.

Mr. Kempis said as warehouse temperatures and humidity rise, the risk of contamination from fungi also rises.

Raul Q. Montemayor, national manager of the Federation of Free Farmers, said dry palay can last from six to eight months.

He noted that palay is usually milled into rice within four months to make room for the next harvest. Milled rice, meanwhile, can last up to three months.

Mr. Kempis said milled rice, which is packed in sacks and stored in air-ventilated warehouses, can be stored for maximum of two years, “provided there is no congestion inside the warehouses.”

Philippine Chamber of Agriculture and Food, Inc. President Danilo V. Fausto said the NFA’s modernization program will boost its ability to buy more palay from farmers at a better price.

“Palay will have a longer shelf life than rice since rice is at risk of spoilage after two months and/or weevil infestation,” he said.

Rice growers are currently facing low farmgate prices as traders opt to deal in imported rice.

The farmgate price has fallen to as low as P15-16 per kilo for freshly harvested grain, according to industry reports earlier this month.

On March 18, Malacañang urged farmers to work with local government units in bringing their palay harvests to NFA buying stations to bypass traders, who often seek to influence prices.

The NFA’s modernization projects are expected to be operational by the end of next year, in time for the dry season harvest of 2027.

The full upgrade program will include silos in major rice-producing areas such as the Cagayan Valley and Central Luzon, allowing the NFA to store rice for up to two years, far longer than the usual six months to one year for bagged rice.

Something old, something new

Avon reformulates lipstick

AVON is solving the problem of accurate lipstick color matching with a reformulation of its Ultra Lipstick, featuring 25% more pigment than its previous formulation.

Ari Eusebio, Avon Philippines’ head of marketing said in a speech at an event in Makati’s Poblacion on March 13, “We’ve spoken to 3,000 women to learn about the truth. What’s the most important thing about your lipstick?”

The study brought them the answer that the color they see on the lipstick bullet must look the same once its been placed on the lips (accuracy).

“We’ve taken that to heart,” said Mr. Eusebio. “With the new Avon Ultra lipstick, we’ve added 25% more pigment to make sure you get the color that you deserve in just one swipe.”

The lipstick contains sesame oil as well as Vitamin E, for lip nourishment.

During the event, new Avon endorser, singer-actress Maymay Entrata said in a speech, “What you see is what you get.”

She prefers the Red Supreme hue, while her fellow Avon endorser and singer-actress Kyline Alcantara said that she prefers Iced Coffee, layered with BFF Nude.

Ms. Alcantara said about being chosen as an Avon endorser: “It’s like a full-circle moment for me,” she said, noting that her mother was once an Avon Lady — that is, a salesperson selling Avon products under its direct-selling model.

Avon was one of the pioneers for the direct selling model, starting in the 1800s, providing employment to women back when women’s career choices were limited.

In a tribute, and just in time for Women’s Month, Mr. Eusebio said, “Even before we relaunched this whole campaign, we’re committing to share the profits of our bestsellers to everyone in order to help (with) women empowerment.” Every purchase of Ultra Matte Lipstick contributes P10 to Luna Legal Resource Center, GWAVE, and IMA Foundation — partner organizations dedicated to empowering women, advocating for gender equality, and fighting to end gender-based violence. Sol Ocampo, Avon Philippines’ head of color told BusinessWorld, “Through this initiative, we are really helping women to speak out more.”

Avon celebrates Women’s Month with a series of mall pop-ups this March. They are in SM Makati until March 31, SM Mall of Asia until March 26, and SM Southmall until April 30, and will be at SM Megamall from March 27 to April 2, SM North EDSA from March 27 to April 2. — Joseph L. Garcia

‘Humpty Dumpty had a great fall’

FORMER PRESIDENT RODRIGO R. DUTERTE — INTERNATIONAL CRIMINAL COURT / COUR PÉNALE INTERNATIONALE

“On 12 March 2025, Mr. Rodrigo Roa Duterte (‘Mr. Duterte’), born on 28 March 1945, was surrendered to the custody of the International Criminal Court (ICC or ‘the Court’). He was arrested by the authorities of the Republic of the Philippines (‘the Philippines’) in accordance with an arrest warrant issued by Pre-Trial Chamber I (‘the Chamber’) for charges of murder as a crime against humanity.

“On 10 February 2025, the Office of the Prosecutor of the ICC (‘the Prosecution’) applied for an arrest warrant against Mr. Duterte for the crimes against humanity of murder, torture and rape. The Chamber, composed of Presiding Judge Iulia Antoanella Motoc and Judges Reine Adélaïde Sophie Alapini-Gansou and María del Socorro Flores Liera, assessed the material submitted by the Prosecution and found reasonable grounds to believe that Mr. Duterte is individually responsible as an indirect co-perpetrator for the crime against humanity of murder, allegedly committed in the Philippines between 1 November 2011 and 16 March 2019.

“The Chamber found that there was an attack directed against a civilian population pursuant to an organizational policy while Mr. Duterte was the head of the Davao Death Squad (DDS), and pursuant to a State policy while he was the President of the Philippines. Moreover, there are reasonable grounds to believe that this attack was both widespread and systematic: the alleged attack took place over a period of several years and resulted in thousands of deaths. In the arrest warrant, the Chamber focused on a sample of alleged incidents to facilitate its analysis.

“Concerning Mr. Duterte’s alleged role as the head of the DDS and subsequently as the President of the Philippines, the Chamber found reasonable grounds to believe that he, jointly with and through other persons, agreed to kill individuals they identified as suspected criminals or persons having criminal propensities, including but not limited to drug offenders, initially in Davao and subsequently throughout the country.

“A hearing will be scheduled in due course for Mr. Duterte’s initial appearance before the Court. During this hearing, the Chamber will confirm the identity of the suspect and the language in which Mr. Duterte is able to follow the proceedings. The Chamber will also satisfy itself that Mr. Duterte has been informed of the crime which he is alleged to have committed, and of his rights under the Rome Statute (‘the Statute’), which is the Court’s founding treaty.

“The ICC Registrar, Mr. Osvaldo Zavala Giler, thanked the authorities of the Philippines for their commitment to upholding international accountability mechanisms, and the authorities of the Host State, the Netherlands, for their cooperation and support.” — all of the above, quoted verbatim from the International Criminal Court/Cour Penale Internationale Press Release, March 12, 2025).

‘HUMPTY DUMPTY SAT ON A WALL…’
“You do not scare me that you will jail me in the International Criminal Court. I will never allow myself to answer these whites,” then-President Duterte said in a speech to military cadets and reservists (Reuters, Dec. 20, 2019).

“The maverick former mayor has repeatedly taunted the ICC and threatened to slap or arrest its prosecutor, who in February 2018 announced a preliminary examination was being conducted into the drugs killings. Duterte responded by unilaterally cancelling his country’s membership of the court a month later, without legislative approval, saying it had deprived him of a presumption of innocence. Amnesty International called his move ‘misguided’ and ‘cowardly.’ The ICC’s prosecutor says jurisdiction applies to crimes committed while a country is a member,” Reuters reported (Ibid.).

Remember that Duterte was a last-minute candidate in the 2016 presidential elections. He had repeatedly said he was not interested in running for president despite calls from his supporters and party-mates. But after much to-and-fro, PDP-Laban party mate Martin Diño of the Volunteers Against Crime and Corruption (VACC) suddenly officially withdrew his candidacy for president in the 2016 elections and named Davao City Mayor Rodrigo Duterte as his substitute (GMA News, Oct. 29, 2015).

“Duterte had promised during a foul-mouthed campaign to change from a centralized system to a federal parliamentary form of government, a policy that has been popular in provinces far from ‘Imperial’ Manila,” the Guardian related (May 10, 2016). “He will push to rewrite the constitution and change to a federal system of government,” his spokesman said. Indeed, popular support from the regions for this promised decentralization of power, and Duterte’s claim to Davao City’s exemplary progress and sustained peace during his almost-uninterrupted three decades of ruling Davao directly and through his children Sara and Sebastian, made him win (mindanews.com, Oct. 16, 2024).

For the Philippines to be like Davao — that was Rodrigo Duterte’s template for his presidency. Did that include the notorious Davao Death Squad (DDS)? (Reuters, May 26, 2016).

“Mr. Duterte has shocked the political establishment in recent weeks, surging to a clear lead in opinion surveys before the May 9 election with a campaign full of swear words and promises to end crime by killing tens of thousands of criminals,” even foreign news noted (abc.net.au/, April 28, 2016). “Mr. Duterte has also boasted about running vigilante death squads during his many years as mayor of Davao, the biggest city in the southern Philippines. He once said the death squads had killed 1,700 people” (Ibid.).

‘HUMPTY DUMPTY HAD A GREAT FALL…’
“The ICC is alleging that Duterte is criminally responsible for two sets of killings:

“Murder of at least 19 persons, allegedly drug pushers or thieves, killed by members of the Davao Death Squad in various locations in or around Davao City, Philippines between 2011 and 2016;

“Murder of at least 24 persons, allegedly criminals, such as drug pushers or thieves or drug users, killed by or under the supervision of members of the Philippines law enforcement, sometimes with the assistance of persons who were not part of the police, at various locations in the Philippines between 2016 and 2019” (Philstar.com, March 14, 2025).

A timeline of case filed at the ICC against Rodrigo Duterte on extra-judicial killings in his “drug war” (from Inquirer.net, March 12, 2025):

2017: ICC Complaint Filed Against Duterte

April 24 – Lawyer Jude Sabio filed a case against Duterte at the ICC, accusing him of mass murder. Sabio represented Edgar Matobato, a self-proclaimed member of the Davao Death Squad, who alleged that Duterte orchestrated killings in Davao City as mayor.

June 6 – Former Senator Antonio Trillanes IV and then-Magdalo party-list Representative Gary Alejano also filed a supplemental complaint, linking Duterte to widespread drug war-related killings.

2018: ICC Launches Preliminary Examination

February – The ICC initiated a preliminary examination into alleged crimes against humanity related to Duterte’s drug war.

March 17 – In response, Duterte announced the Philippines’ withdrawal from the ICC’s Rome Statute, arguing that the tribunal had no jurisdiction over him. However, under ICC rules, the withdrawal would only take effect one year later.

2019: Philippine ICC Withdrawal Takes Effect

March 17 – The Philippines’ ICC withdrawal became official, perceived as Duterte’s attempt to evade accountability. However, the ICC maintained jurisdiction over crimes committed from Nov. 1, 2011, to March 16, 2019 — the period when the country was still a member.

2020: Key Witness Withdraws Case

Jan. 15 – Jude Sabio retracted his ICC complaint, calling it “propaganda.” He claimed that former Senators Trillanes and Leila de Lima had influenced him.

Jan. 18 – De Lima, then in detention, denied Sabio’s claims and revealed that she had filed a separate ICC case against Duterte in October 2017.

2021: ICC Authorizes Full Investigation

Sept. 15 – The ICC’s pre-trial chamber approved a formal investigation, covering crimes allegedly committed between July 1, 2016, and March 16, 2019.

Nov. 10 – The Philippine government requested the ICC to halt its investigation, claiming the local justice system was addressing drug war-related killings.

Nov. 18 – ICC Chief Prosecutor Karim Khan temporarily suspended the probe to review the Philippine government’s deferral request.

2022: ICC Resumes Probe Amid Duterte’s Exit

June 24 – Dissatisfied with the Philippine government’s efforts, Khan requested to resume the ICC probe, citing inadequate investigations into drug war deaths, including those under Duterte’s tenure as Davao City mayor.

June 30 – Duterte’s six-year presidency ended, with Ferdinand Marcos, Jr. assuming office. Despite stepping down, Duterte remained a divisive figure in Philippine politics.

2023: ICC Investigation

Jan. 26 – The ICC pre-trial chamber officially reopened its investigation, stating that Philippine authorities failed to conduct sufficient probes into drug war killings.

Nov. 24 – President Ferdinand Marcos, Jr. announced that his administration was reviewing the possibility of rejoining the ICC.

2024: Key Testimonies Against Duterte

Jan. 31 – Retired police officer Arturo Lascañas, a self-confessed DDS member, revealed he had testified before ICC investigators. He accused Duterte of masterminding DDS operations and identified key figures involved in the bloody anti-drug campaign.

Nov. 14 – Marcos reiterated that the Philippines would not cooperate with the ICC investigation into Duterte’s drug war.

2025: ICC Arrest Warrant Looms Over Duterte

March 7 – Duterte traveled to Hong Kong, leading a PDP-Laban senatorial campaign sortie among overseas Filipino workers. He defended his actions as president, emphasizing that he acted for the Filipino people amid growing speculation about an ICC arrest warrant.

March 9 – The Marcos administration stated it was “prepared for any eventuality” should the ICC issue an arrest warrant for Duterte, according to Presidential Communications Office Secretary Jay Ruiz.

March 11 – Duterte was served a warrant of arrest from the ICC at the Ninoy Aquino International Airport upon his arrival from Hong Kong, and was flown to The Hague the same day.

March 14 – Duterte appeared for a pre-trial hearing virtually, with his former Executive Secretary and lawyer, Salvador Medialdea, serving as his legal counsel.

March 17 – The former President’s camp revealed the lawyers that will form part of his legal counsel, which will be led by British lawyer Nicholas Kauffman. Ex-Palace Spokesperson Harry Roque and Medialdea will serve as supporting lawyers.

Vice-President Sara Duterte said her father was forcibly taken — in a “warrantless arrest” — by the Philippine National Police upon his arrival in Manila from Hong Kong on March 11.

“There was a warrant of arrest, and it was issued by an international court, of which we were a member. So, this is not a warrantless arrest — because there was indeed a warrant covering the arrest of the former president,” Joel Butuyan, a lawyer accredited by the ICC, explained at a Palace press conference, saying the arrest was valid under Philippine laws even if the Philippines was no longer an ICC member.” (Inquirer.net, March 21)

Butuyan also pointed out that, “according to a 2015 ICC decision, an arresting country has no obligation to follow the entire procedure in Article 59, as long as the core provisions of the article are followed. So, it’s not necessary to go through domestic judicial authority, as long as the substance of Article 59 is complied with, which includes verifying the identity of the accused and ensuring the accused’s rights are respected. In the case of former President Duterte’s arrest, he was read his Miranda rights,” Butuyan said. This means a local court order was also no longer necessary to enforce the ICC-issued warrant (Ibid.).

“All the King’s horses and all the King’s men,

could not put Humpty Dumpty together again.”

 

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

ahcylagan@yahoo.com

BSP bills fetch mixed rates

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities ended mixed on Friday as the one-month tenor went undersubscribed.

The BSP bills fetched bids amounting to P181.216 billion on Friday, higher than the P150-billion offer and the P176.724 billion in tenders for the same volume auctioned off in the week prior. Still, the central bank awarded just P141.55 billion in securities as the one-month tenor was undersubscribed.

Broken down, tenders for the 28-day BSP bills reached P41.55 billion, below the P50-billion offer and the P58.659 billion in bids for the same volume auctioned off the previous week. The central bank accepted all tenders submitted for the tenor.

Accepted rates ranged from 5.82% to 5.8895%, a tad wider than the 5.825% to 5.89% band seen a week earlier. This caused the average rate of the one-month securities to increase by 0.58 basis point (bps) to 5.8628% from 5.857% previously.

Meanwhile, bids for the 56-day bills amounted to P139.666 billion, above the P100-billion offering and the P118.065 billion in tenders for the P90-billion offered by the central bank a week ago. The BSP made a full P100-billion award of the two-month securities.

Banks asked for yields ranging from 5.82% to 5.849%, lower than the 5.84% to 5.874% margin seen a week prior. With this, the average rate of the 56-day securities fell by 2.32 bps to 5.8344% from 5.8576% logged in the previous auction.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide market rates.

The BSP bills were calibrated to not overlap with tenors of the Treasury bills and term deposits also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through the short-term BSP bills.

Short-term instruments offer more stability and predictability, the BSP has said. These are also considered high-quality liquid assets, giving banks more flexibility.

BSP securities can also be traded in the secondary market. — Luisa Maria Jacinta C. Jocson

Lazada sees double-digit growth continuing

PHILSTAR FILE PHOTO

E-COMMERCE platform Lazada Philippines said it is expecting to sustain double-digit sales growth this year as it pursues a strategy of tailored deals for a growing customer base.

“We continue to enjoy double-digit growth, and the aim is (to sustain that). Our proposition: we say to the buyers, we are trying to deliver always better, but even internally that is what we are pushing for,” according to Alvin Michael L. Ching, head of seller operations at Lazada.

“While I can’t detail exactly what we are doing in terms of the operation, there is a lot of work that will probably be very invisible, but it is meant really to be able to push better deals and better assortment to the buyers,” he added.

He said that the goal is to push the right deals and make smarter recommendations.

“We expect those to help us sustain the growth because it is hard to sustain growth if it is just about discounts and promotions,” he said.

“At some point it is going to be a price war, which at some point is not going to be sustainable. So we are going towards a different path of improving how we respond to the needs of customers,” he added.

He said that Lazada’s strategy involves influencing the algorithm to respond better to users, which the company expects to translate into more sales and buyers.

According to Mr. Ching, the platform posted growth in electronics, especially for high average selling price items.

“We also have beauty, fashion, groceries, and the mother and baby categories. And if you think about those, these are women’s categories,” he said.

“There is a big push towards categories because we are betting on that part of our demographic to be able to drive the sales, not just now but in the future,” he added.

This year, he said the growth drivers will also include product assortment and artificial intelligence (AI).

“We are very deliberate in terms of bringing in quality assortment. We want to be able to have everything under the sun in Lazada while being very specific in terms of the quality of this assortment,” he said.

“What we want to be able to do is actually have sellers who bring in things that we don’t have in the platform,” he added.

He said that Lazada has also invested in AI to recommend items to the buyers via search or via LazzieChat.

“There are a lot of resources that are going into it (AI). And I am not just talking about Lazada Philippines but, in general, the Lazada group. This involves, I guess, millions of dollars of investment in trying to make this happen,” he added.

He said that there is a push to focus on LazMall.

“LazMall has always been a strength of Lazada, and it is very driven by two main things: electronics and branded fashion. These ones do drive the sales,” he said. 

This month, Lazada will offer up to 90% off branded deals, up to P2,000 off campaign vouchers, and 100% free shipping with no minimum spend as part of its Birthday Blowout Sale.

The sale will run between March 24 and 29 to celebrate Lazada’s 13th year in the Philippines.

“We are extremely grateful for the continued trust and support of our community. Lazada’s journey has been fueled by a commitment to helping entrepreneurs, brands, and partners thrive in the online marketplace,” according to Carlos Barrera, chief executive officer of Lazada Philippines.

“As we celebrate this year’s Birthday Blowout Sale to thank shoppers nationwide for making Lazada their go-to online shopping destination, we’re even more determined to continue providing everyone with exceptional experiences,” he added. — Justine Irish D. Tabile

PNOC eyes offshore wind port project in Batangas

STOCK PHOTO | Image by Insung Yoon from Unsplash

STATE-RUN Philippine National Oil Co. (PNOC) plans to develop an offshore wind (OSW) integration port to support power generation by 2028.

“PNOC has been actively exploring the most suitable, feasible, and fastest way to have the offshore wind port ready for use by OSW developers,” Ma. Rowena C. Raymundo, PNOC’s senior vice president for energy investments, said in a Viber message last week.

The state-run firm has signed a memorandum of understanding with the provincial government of Batangas to explore developing an offshore wind integration port in the province.

Under the agreement, the parties will conduct scoping and feasibility studies, technical assessments, and data-sharing efforts to evaluate the project’s viability.

“At present, we are considering another property, also in Batangas, which may be more suitable due to its larger and flatter area,” Ms. Raymundo said.

She added that PNOC is assessing whether to develop the port independently or through a private partner. The company is also considering a straight lease business model for purely commercial use.

“While PNOC can allocate its own funds for this purpose, we believe a partnership with private investors with a proven track record in OSW port development would be most ideal,” she said.

The Philippines aims to generate its first offshore wind output by 2028 as part of efforts to diversify its energy mix and reduce reliance on fossil fuels.

“PNOC is committed to supporting the national goal of having the first kilowatt-hour from OSW by 2028,” Ms. Raymundo said.

“Despite the challenges, the DoE’s (Department of Energy) implementing arm is pursuing all means to advance OSW port development, recognizing that this infrastructure is one of the most critical gaps in the country’s OSW development,” she added.

Developing an OSW marshaling or integration port — used as a staging ground for assembling wind turbines — would require an estimated $100 million, she said.

PNOC initially planned to repurpose its port in Mabini, Batangas, for offshore wind integration, with at least three firms expressing interest in investing.

To date, the DoE has awarded 92 offshore wind energy service contracts with a potential capacity of 69,056 megawatts. — Sheldeen Joy Talavera

JFC shares drop as Q4 earnings disappoint

BW FILE PHOTO

SHARES in Caktiong-led Jollibee Foods Corp. (JFC) fell last week despite the company reporting higher full-year attributable net income for 2024.

Data from the Philippine Stock Exchange showed that JFC was the fifth most actively traded stock by value last week, with a total of 1.78 million shares worth P1.25 billion traded from March 14 to 21. 

The food giant’s shares closed at P238 each on Friday, significantly lower than the P260 finish on March 14, marking an 8.5% week-on-week decline.

The stock has also dropped 11.5% from its P269 price at the last trading day of 2024.

Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message that the decline may be attributed to the company’s weaker-than-expected performance in the last quarter of 2024. 

“Despite earnings posting relatively strong growth for fiscal year 2024, the fourth quarter of 2024, on the other hand, showed weakness with lower margins and weaker performance; missing out on expectations and targets, which probably led to dampening of investor sentiment,” he said.

In a disclosure to the local bourse, JFC reported an attributable net income of P1.85 billion for the fourth quarter of 2024, down 4.8% from P1.94 billion in the same period of 2023.

The company attributed the decline to net losses from certain joint ventures.

Meanwhile, consolidated revenues rose 10.5% to P73.7 billion in the final three months of 2024.

Despite the fourth-quarter decline, JFC’s attributable net income for full-year 2024 grew 17.7% to P10.32 billion from P8.77 billion in 2023, according to its latest annual report.

Consolidated revenues also increased by 10.6% to P269.94 billion last year.

Timson Securities, Inc. Equity Research Analyst Juan Alfonso G. Teodoro, however, said the stock’s decline may have been driven by selling pressure as investors took profits following last month’s approval of JFC’s request to lift foreign ownership limits.

In February, JFC disclosed that the Securities and Exchange Commission had approved its amendment to remove the 40% cap on foreign-owned shares, allowing greater international investor participation. 

“On a technical and price action standpoint, JFC was trading within the P251-P268 range after the 10% surge following news of the foreign ownership limit removal. But the P251-P250 support level has already been breached, with Thursday’s close at P248,” Mr. Limlingan said, adding that the stock “might decline further.” 

JFC plans to allocate P18 billion to P21 billion in capital expenditures to open up to 800 stores globally in 2025.

Mr. Teodoro said the company’s aggressive expansion strategy could bolster investor confidence and sustain a positive outlook for the stock in the coming weeks.

However, he also noted potential concerns.

“Some investors may also be wary of capital spending and profitability risks, such as rising labor costs, raw material prices, and logistical expenses,” he said.

“New targets and company guidance always sound good, but if the stock price declines despite these, then it’s a different story,” Mr. Limlingan added.

For the first quarter of 2025, both analysts remain optimistic about JFC’s continued growth, citing strong financial performance and improving economic conditions.

Mr. Limlingan projected approximately 15% year-on-year revenue growth and 10% net income growth, estimating revenues at P70 billion and net income at P2.98 billion.

Mr. Teodoro, meanwhile, forecasted first-quarter earnings at approximately P2.06 billion.

For full-year 2025, Mr. Limlingan projected revenue growth of about 9% and net income growth of 17% year-on-year, reaching approximately P294 billion and P12 billion, respectively.

“If investor sentiment remains cautious, JFC might test lower support levels around P225-P230, with resistance at around P250,” Mr. Teodoro said.

Mr. Limlingan identified immediate support at P236, stronger support at P232, and resistance at P260. — Matthew Miguel L. Castillo 

Hyundai Motor PHL partners with Cainta LGU for ‘Accelerate’ scholarship program

Signing the memorandum of agreement (MoA) at the Cainta City Municipal Hall are Hyundai Motor Philippines, Inc. (HMPH) President Jiho Son with Cainta Mayor Atty. Elen Dungo Nieto. Standing from left are HMPH Chief Finance Officer Hongshik Chin, HMPH Managing Director Cecil Capacete, and Cainta Youth Development Office Head Frederick Salonga. — PHOTO FROM HYUNDAI MOTOR PHILIPPINES

HYUNDAI MOTOR PHILIPPINES, INC. (HMPH) recently launched the second year of its Hyundai Accelerate Program in partnership with the Municipality of Cainta, the brand’s fourth partner under this effort.

The ceremonial signing took place last March 14 at the Cainta Municipal Hall, attended by Cainta Mayor Atty. Elen Dungo Nieto and Cainta Youth Development Office Head Frederick Salonga, along with HMPH President Jiho Son, HMPH Managing Director Cecil Capacete, and HMPH Chief Finance Officer Hongshik Chin.

The first run of the program took place last year with a total of 40 scholars nominated by the Department of Education Taguig City and Pateros (DepEd Tapat), and the local government units of Pasig City and Quezon City. The students were selected to participate in comprehensive and practical automotive classes in the Don Bosco Technical Institute (DBTI), HMPH’s partner school for the Hyundai Accelerate Program. Subsequently, hands-on training was given to these students at select Hyundai Service Centers.

Top-performing students also received further training and brand immersion at the Hyundai Global Learning Center in Cheonan, South Korea last September 2024. This time, 10 outstanding Automotive Mechanic students enrolled in Cainta Senior High School will be chosen by the Municipality of Cainta and will be granted a scholarship in DBTI to take further automotive education. “We at HMPH are proud to be broadening our reach in providing opportunities to Filipino students to become the next batch of Hyundai Accelerate Program scholars, and more so, be the next generation of automotive technicians. We believe that this program will motivate these students to continue excelling in their studies, and empower them to reach their full potential. We look forward to having our next set of Hyundai Accelerate Program scholars from the Municipality of Cainta join us very soon,” said Mr. Son.

For more information, visit https://www.hyundai.com/ph/en and follow the company’s official social media platforms (HyundaiMotorPhilippines) on Facebook and Instagram.

Japan zero-tariff deals eroding PHL banana competitiveness

REUTERS

THE zero-tariff arrangements enjoyed by other banana suppliers to Japan are eroding the competitiveness of Philippine growers, whose rates were set in 2006, officials said.

The Philippines’ banana tariff rates in Japan were set in a 2006 bilateral economic agreement at 18% between April and September, and 8% between October and March, the Department of Agriculture (DA) said in a statement on Sunday.

Meanwhile, Japan imposes zero or preferential tariffs on bananas from Cambodia, Laos, Mexico Vietnam, it noted.

“A major challenge for Philippine banana exporters is the high tariff under the Japan-Philippines Economic Partnership Agreement (JPEPA), which was signed in 2006,” the DA said.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. and a delegation of industry met with Japanese importers recently, part of a broader Philippine effort to lobby for tariff cuts.

Though the Philippines still holds the largest share of the Japanese market, supplying three out of every four bananas consumed, “this figure has declined from a peak of nine in every 10,” the DA said.

Mr. Laurel also met with Japan’s State Minister of Agriculture, Forestry, and Fisheries, Hirofumi Takinami, and Liberal Democratic Party Secretary-General Hiroshi Moriyama to discuss a potential review of JPEPA “in light of shifting global economic conditions.”

Citing the Japan Banana Importers Association, the DA said Philippine bananas enjoy a freshness and taste advantage.

The DA said the Philippines is optimistic about ongoing trade negotiations between the two countries, which promise more advantageous market access for Philippine banana exports.

Philippine banana exports declined 2.97% to 2.28 million metric tons in 2024, with the industry losing its position as the third-leading banana exporter.

Mr. Laurel said the government will continue to support banana growers battling Fusarium wilt, a soil-borne fungal disease that has significantly affected production. — Kyle Aristophere T. Atienza

Korea Water signs on to design BCDA water infra

PHILSTAR FILE PHOTO

THE Bases Conversion and Development Authority (BCDA) said it tapped Korea Water Resources Corp. (K-Water) to design the water management systems within BCDA properties.

“As a pioneer in innovative water management solutions, K-Water will play a vital role in shaping the future water infrastructure in the BCDA’s economic zones,” BCDA President and Chief Executive Officer Joshua M. Bingcang said a statement over the weekend.

“This will allow us to integrate smart water technologies in our developments, enabling the BCDA to balance the needs of our locators with our duty to preserve the environment,” he added.

A delegation from the BCDA visited K-Water’s facilities in Hwaseong, South Korea, for a benchmarking activity.

“The visit is in line with the BCDA’s goal to establish a holistic active conservation approach in the water resource management of New Clark City in Tarlac, Camp John Hay in Baguio City, and Poro Point, La Union,” the BCDA said.

“This will give way to the adoption of smart and sustainable solutions to address the water supply demand of locators and residents in these areas while reducing water loss, preserving watersheds, and promoting the responsible use of water resources,” it added.

During the visit, the BCDA said K-Water President Seok-dae Yoon has committed to assist BCDA in addressing growing water demand using management solutions.

“The company is currently conducting feasibility studies for the development of comprehensive water resource plans in New Clark City, Camp John Hay, and Poro Point,” the BCDA said.

“This will include proposals to reduce water loss and ensure a stable water supply through smart water network management and artificial intelligence-driven water purification plants,” it added.

“The system will also be replicated in the Poro Point Special Economic and Freeport Zone, a major transport and logistics hub in La Union that has its own airport and international seaport,” the BCDA said.

The delegation’s visit follows the signing of two memoranda of understanding between K-Water and BCDA in July 2024. — Justine Irish D. Tabile

Style (03/24/25)

Kohler releases new finishes

BATHROOM FIXTURES brand Kohler is showing off new finishes for faucets and other bathroom hardware, all from its Kohler Finish Program. These options feature everything from matte black to warm gold and cool polished chrome that can coordinate across all bath and shower faucets, accessories, and hardware. They use Physical Vapor Deposition (PVD) technology, a process that bonds the finish and faucet together at a molecular level, and an addition of a nickel undercoating, resulting in a sturdy, scratch-, tarnish-, and corrosion-resistant surface. Kohler introduced two additions to its Finish Program: Vibrant Brushed Rose Gold, and Vibrant Brushed Titanium. Rose gold has an earthy hue that brightens neutral color palettes, fits nicely into playful spaces, and maintains its prominence in opulent interiors; Titanium, ranging from light gray to deeper charcoal projects strength and sophistication. Find styling tips at kohler.ph and follow @KohlerPhilippines on Facebook and @kohler.philippines on Instagram.

Grohe presents joy of water

GROHE, a global brand for bathroom solutions and kitchen fittings, celebrates “Pure Freude an Wasser” (“the pure joy of water” in German) at this year’s ISH (the international bathroom design and HVAC trade fair) with innovative solutions like the Grohe Purefoam foam shower. Premiering in Europe at ISH 2025, the Purefoam reflects the brand’s continued foray into the wellness and self-care market. The new shower technology transforms specially crafted soap into a warm foam cocoon that envelops the body, creating a special self-care moment that lasts well beyond the shower. Similarly, the Rainshower Aqua Pure, a new exposed shower system, redefines the bathroom as a revitalizing home spa with an innovative filter that is invisibly integrated into the thermostat and purifies the hand shower water. Meanwhile, The new Grohe Spa Allure Gravity faucet line, which seemingly levitates, brings customization to the next level: with exchangeable cover plates crafted from quartz or glass, it offers a unique touch to suit individual tastes. It is available in the Grohe Colors Collection, a palette of finishes, now expanded to include the new Grohe Satin Steel and Grohe Satin Graphite. Learn more about Grohe’s works in the Asia Pacific at news.grohe.asia.

Sunscreen Bar at SM Hypermarket MOA

HELLO GLOW is making sun protection more fun and accessible with its Sunscreen Bar, an ice cream cart-inspired display exclusively at SM Hypermarket Mall of Asia (MOA). All Hello Glow sun care products are available for P299, including the Hello Glow Hairsaver Dry Shampoo. Additionally, Hello Glow Soothing Gels are now priced at P194.75, down from the regular price of P299. Customers can also enjoy an interactive experience with the Make Your Own Keychain activity. By purchasing the Hello Glow Sun Care Stick for P299 (originally P395), they will receive a free keychain to personalize. This limited-time activity is exclusive to SM Hypermarket MOA and will run until March 31.

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