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JMC Philippines to bring in electrified sub-brand

PHOTO FROM ASTARA PHILIPPINES

JMC PHILIPPINES, backed by global mobility leader Astara, said it is “taking a bold step into the future of mobility” by introducing a line of electric cars to the market under the JMEV (Jiangxi Jiangling Group New Energy Vehicle Co., Ltd.) sub-brand. “This expansion marks a significant milestone, as JMC broadens its lineup beyond its renowned Grand Avenue and Vigus pickups to include sustainable EV options,” the company continued in a release.

JMEV features electric pickups and electric sedans — said to highlight a “balance of advanced technology, efficiency, and reliability.” These will be seen as complementing the existing lineup of JMC in the Philippines through “a versatile selection for both eco-conscious drivers and those who demand rugged performance.”

Astara Philippines promised to announce model details for the Philippine market “soon.” JMEV currently offers models such as the EV2, EV3, and E Light in global markets, including China and Europe.

For more information, visit https://jmcph.com/ or follow the official social media accounts of JMC Philippines on Facebook and Instagram (jmcpickupsph).

Gucci’s pick of Demna as new design chief unsettles Kering investors

PARIS/MILAN — Kering lost around $3 billion in stock market value on Friday after the group chose in-house talent Demna to reinvigorate its Gucci label rather than hiring one of fashion’s big-ticket names as chief designer.

Kering’s shares fell by up to 13% in morning trade in Paris and were on track for their worst day in almost a year following the appointment of Balenciaga designer Demna.

Although widely praised for his streetstyle-inspired looks and attention-grabbing showmanship at Balenciaga, many analysts said 43-year-old Demna — who was born in Georgia and is known by one name — was a risky pick for much larger label Gucci with its reputation for timeless elegance.

The fashion world had been eagerly anticipating news of the new design chief at Gucci, which generates nearly half of Kering group sales and two-thirds of operating profit, after the brand fired Sabato de Sarno in February as sales of its handbags, loafers, and dresses kept sliding.

“This in-house solution might appear to have been taken in lack of better options, but is also a bold move given Balanciaga’s success. Time will tell,” said Ariane Hayate, European Equity Fund Manager at investment bank Edmond de Rothschild.

Kering did not immediately reply to a Reuters request for comment.

“Some investors are wondering: ‘Who is driving the bus?’” Bernstein analyst Luca Solca said, citing a string of bad news at the group including expensive brand and real estate acquisitions, several profit warnings and now the upheaval around Gucci’s design chief.

Barclays analysts said choosing Demna rather than a famous external candidate like Hedi Slimane, Maria Grazia Chiuri, or Pier Paolo Piccioli — three of the most-cited names by fashion watchers for the job — appeared as an attempt to make the label a global trend setter again.

PROLONGED SALES DECLINE
Gucci’s prolonged sales decline, including a 24% drop in revenue in the fourth quarter of 2024 alone, has heavily weighed on Kering, with group shares down around 40% year-on-year while a European sector benchmark index was down only nearly 6% over the same period.

The group also recently lost Matthieu Blazy, its star designer at Bottega Veneta, who left to lead Chanel.

Sacking De Sarno was the first major decision under Gucci’s new chief executive, Stefano Cantino, who took over the helm in January.

De Sarno’s shift to minimalist and more timeless styles failed to gain traction with shoppers.

Kering executives said last month De Sarno helped the century-old label shift its focus back to more classic elegance, leaving a clean slate for his successor.

Demna now needs to redefine Gucci’s artistic direction and reinvigorate shoppers and retail buyers in Europe, the United States and China, which has been a struggle for the label since Alessandro Michele’s departure in 2022.

In China, where Gucci is highly exposed and suffered heavily from a recent slowdown in consumer spending, Demna’s appointment was met with mixed reaction.

“The appointment has generated significant media attention and digital buzz in China, but early indicators suggest a divergence between excitement and skepticism,” said Alexis Bonhomme, CEO of China-based luxury consultancy Trinity Asia.

“Demna’s hype-driven, streetwear-centric playbook made Balenciaga a sensation in China, but Gucci’s broader audience and deeper heritage necessitate a more refined approach,” he added.

At Gucci’s main store in Milan, shopper Elena Cucchi was puzzled. “I don’t understand why they made this change and put in this new designer who to me, seems a bit over the top.”

The fact Demna is set to take over the helm only in July also raised questions.

“It is unclear whether his imprint on the brand will already be evident at Gucci’s September Milan fashion show. Or whether we will have to wait until 2026,” Jeffries analysts said.

Demna’s appointment was the latest reshuffle at the top of luxury fashion and came a day after Donatella Versace stepped down as Versace’s main designer, with Dario Vitale taking over. The industry’s slowdown has also triggered designer changes at other houses including Maison Margiela, Valentino, and LVMH-owned Fendi and Celine.

Demna grew up in Soviet-era Georgia and studied economics before migrating to Germany and then Belgium where he became a designer. He has mocked modern consumer culture, creating a Balenciaga bag that resembled one from IKEA, but sold for €2,000 ($2,180.20). He has also voiced support for Ukraine in its war against Russia.

“I read the news,” Demna was quoted as saying by the New Yorker in a 2023 portrait. “I can’t disconnect from reality.”

At Balenciaga, Demna had also sparked a major backlash in 2022 over ad campaigns involving children, which he later said was the “wrong artistic choice.” Kering kept him in the role, where he carefully managed the brand’s exposure and ramped up sales. — Reuters

PayMongo could raise fresh capital early next year

PAYMONGO Philippines, Inc. could look to raise fresh capital again by 2026, its top official said, with its current war chest still sufficient for its expansion plans this year.

“We want to make sure that 2025 remains steady, but the growth will justify that next move. There’s been a lot of interest to raise money… and the company is still going through major changes. So, we don’t know to what extent we will be able to grow the business,” PayMongo President and Chief Executive Office Elmer M. Malolos told BusinessWorld on Friday.

The company’s last fundraising round was in 2022 through which it was able to raise a total of $31 million. Mr. Malolos said this was enough to last them for two years.

PayMongo plans to use the fresh capital to expand overseas likely in Southeast Asia, the official said.

“That has always been the plan, but it commands a different type of consideration because we need to understand what will be required of us when we go to this country — how much is the license and all that. If we have this much money to run the operation for 24 years, will I be willing to cut it to 12 years? So, those are those are considerations I need to make,” Mr. Malolos said.

“It will have to be in Southeast Asia. It will have to be in areas where we can maximize our partnership with Stripe, which is our major shareholder, and also with some of the partners that we are looking at,” he added.

PayMongo could also breakeven within the next two years as they expect strong gross profit growth, Mr. Malolos said.

“We will probably breakeven, the earliest will be maybe in the first quarter of 2026. Although I’m projecting that at the current run rate, it could be faster.”

Last year, the company’s gross profit increased by 240% year on year. Mr. Malolos said in a separate speech on Friday.

He added that gross profit growth this year will be faster than the pace seen in previous years. They also expect total payment volume coursed through PayMongo to grow to $1.7 billion this year from $1.1 billion last year.

The company will also partner with more digital banks to scale its small business lending, Mr. Malolos said.

“We’re also partnering with banks. We’re also partnering with financial institutions that all have licenses to basically lend money so we don’t lend ourselves, because we don’t have a license to lend money. But they use our rates to get to our customers,” he said.

PayMongo expects partner merchants that actively borrow from the company to grow further this year, he added.

“We have about 20,000 merchants. We have 7,000 actively engaged,” Mr. Malolos said.

The company on Friday unveiled a full-scale financial operating system (OS) with dynamic onboarding as part of its sixth anniversary.

The expanded financial platform will “streamline business payments, provide instant access to funding, and enable software platforms to embed financial tools seamlessly,” the company said.

It will offer instant settlement capabilities, embedded finance infrastructure, comprehensive payment assistance, advanced fraud prevention compliance, and PayMongo Capital, which will give partner merchants access to funding.

“We’re not just changing our look, we’re redefining how businesses access financial power,” said Luis Sia, chairman and co-founder of PayMongo. “With our upcoming dynamic onboarding and new Financial OS, businesses will soon be able to start accepting digital payments faster than ever. PayMongo Capital further ensures they have the resources to scale seamlessly.” — Aaron Michael C. Sy

PHL seeks easier Japan access for banana exports

ANFLOCOR.COM/TADECO

THE Philippine embassy in Tokyo said visiting Department of Agriculture (DA) officials have asked Japan to lower tariffs on Philippine bananas, citing the need to keep the industry afloat and aid in the development of Mindanao, the primary growing area.

The embassy, in a statement, said Agriculture Secretary Francisco Tiu Laurel, Jr. made the case for lowering tariffs imposed by Japan “to sustain and expand this industry.”

“This will not only attract greater investment in banana production but also drive poverty alleviation, job creation, and security in Mindanao,” he was quoted as saying.

In 2024, Philippine bananas had a 75% market share in Japan, the embassy said, though this was off the high of 90% more than a decade ago.

Philippine domestic production has also declined, as reflected in a decline in overall exports of 2.97% to 2.28 million metric tons (MT) in 2024, losing its position as the third-leading banana exporter.

China’s banana imports from the Philippines hit a 15-year low in 2024 of 463,306 MT, according to the International Trade Centre, an arm of the World Trade Organization.

Vietnam’s banana exports to China, meanwhile, rose 24% to 625,166 MT.

In Japan, Mr. Laurel met with Hirofumi Takinami, State Minister of Agriculture, Forestry and Fisheries, and Hiroshi Moriyama, the Liberal Democratic Party Secretary General and Japan-Philippines Parliamentary Friendship League Chairman.

Former Agriculture Undersecretary Fermin Adriano earlier told BusinessWorld that the Philippines was bound to lose its position as China’s largest supplier of bananas after China started improving rail links to mainland Southeast Asia, reducing logistics costs for banana suppliers like Vietnam.

“We already knew that this would happen in 2018 because China was then building a trans rail system passing through Myanmar, Laos, Cambodia, Thailand and Vietnam,” he said.

China in 2022 launched a new rail network connecting Chengdu and Chongqing to Hanoi, bringing shipment times down to five days from 20, according to ASEAN Briefing.

Laos and China in 2021 also opened a 414-kilometer rail line connecting Vientiane to its network.

Mr. Adriano said the DA has failed to invest significantly in banana research amid threats from Panama disease or fusarium wilt, first detected in Davao City in 2009.

“Our banana farms were hit by fusarium wilt or Panama disease, particularly small growers who cannot afford biosafety measures costs,” he said. “The DA did not heavily invest in banana research to respond to fusarium because all its focus and more than half of its budget goes to rice.”

Ties have also soured with China over territorial disputes, he said.

China is the Philippines’ largest source of imports and the second-biggest market for its exports, with total trade of $41 billion in 2023.

Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. President Cecilio Pedro said while market diversification moves are needed, the sheer size of the Chinese market cannot be ignored. — Kyle Aristophere T. Atienza

SEC sets 2025 deadlines for AFS, GIS filing

ALEXANDER GREY-UNSPLASH

THE Securities and Exchange Commission (SEC) has set the deadlines for filing corporate annual financial statements (AFS) and general information sheets (GIS) for 2025.

The schedule is outlined in Memorandum Circular (MC) No. 1, issued on March 3, the SEC said in an e-mail statement over the weekend.

“Filing of reportorial requirements is mandatory and must be faithfully complied with every year. We urge all corporations to keep track of the deadlines to avoid getting fined for noncompliance,” SEC Chairperson Emilio B. Aquino said.

“The SEC is likewise authorized to suspend or revoke the corporate registration of duly registered companies for repeated failure to submit reports. We will be strictly implementing this authority as part of our efforts to enhance regulatory oversight over the corporate sector,” he added.

Entities required to submit audited AFS include stock and nonstock corporations with total assets or total liabilities of at least P600,000; stock and nonstock foreign corporations with assigned capital or total assets, respectively, of at least P1 million; and regional operating headquarters of foreign corporations with total revenues of P1 million or more.

“Corporations that do not meet the aforementioned threshold may submit their AFS duly certified by their treasurer or chief financial officer,” the SEC said.

Under the MC, corporations with fiscal years ending on Dec. 31, 2024, must file their AFS according to the last digit of their SEC registration or license number. Those ending in 1 and 2 must file on May 2, 5, 6, 7, 8, 9, 12, 13, 14, 15, and 16; in 3 and 4 on May 19, 20, 21, 22, 23, 26, 27, 28, 29, and 30; in 5 and 6 on June 2, 3, 4, 5, 6, 9, 10, 11, and 13; in 7 and 8 on June 16, 17, 18, 19, 20, 23, 24, 25, 26, and 27; and in 9 and 0 on June 30, July 1, 2, 3, 4, 7, 8, 9, 10, and 11.

Corporations whose fiscal years do not end on Dec. 31, 2024, must file their AFS within 120 calendar days from the end of their fiscal year.

Annual reports of brokers and dealers with fiscal years ending on Dec. 31, 2024, must be filed by April 30. Those with different fiscal year-end dates must submit their reports within 110 calendar days after closing.

The SEC said corporations with listed securities on the Philippine Stock Exchange (PSE), those with registered but non-PSE-listed securities, public companies, and entities covered under Section 17.2 of Republic Act No. 8799 or the Securities Regulation Code must submit their AFS within 105 calendar days from the end of their fiscal year, as an attachment to their annual reports.

“Corporations whose AFS are being audited by the Commission on Audit (CoA) are exempted from the aforementioned deadlines, provided they attach to their AFS a duly signed affidavit attesting that they timely provided the CoA with the financial statements and supporting documents and that the CoA audit has just been concluded, as well as a letter from the CoA confirming such information,” the SEC said.

The SEC requires the GIS to be filed within 30 calendar days from the date of the annual stockholders’ meeting for stock corporations, from the date of the actual annual members’ meeting for nonstock corporations, and from the anniversary date of the SEC license issuance for foreign corporations.

“One-person corporations are not required to submit the GIS. However, they must submit the SEC Form for Appointment of Officers within 15 days from the date of issuance of their certificate of incorporation or within five days from any subsequent changes,” the SEC said.

All stock and nonstock corporations must submit their AFS and GIS online through the SEC Electronic Filing and Submission Tool. The SEC will not accept submissions over the counter or via courier, in compliance with Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act. — Revin Mikhael D. Ochave

What Duterte’s arrest means to the world

FORMER PRESIDENT Rodrigo Roa Duterte’s initial appearance took place on Friday, March 14, at 2 p.m. (The Hague local time), before Pre-Trial Chamber I of the International Criminal Court. — INTERNATIONAL CRIMINAL COURT / COUR PÉNALE INTERNATIONALE

RODRIGO DUTERTE built his presidency on a promise: to wage a war on drugs so ruthless that the fish in Manila Bay would “grow fat” from the bodies of the dead. By the time he left office in 2022, thousands had been killed — many executed in the streets by police and vigilantes emboldened by his words. Now, the former Philippine president faces the prospect of answering for those crimes for the first time.

By issuing an arrest warrant for Duterte, the International Criminal Court (ICC) has done more than seek justice for the thousands killed in his brutal war on drugs. It has sent a signal — however tenuous — that despite the rising tide of nationalism and authoritarianism, the rules-based global order (RBO) still holds sway. At a time when multilateral institutions are increasingly dismissed as toothless, and when figures like Donald Trump, Vladimir Putin, and Jair Bolsonaro have worked to undermine international norms, Duterte’s indictment is a rare moment where international justice appears to function as intended.

For the past decade, global governance has been in retreat. The ICC itself has been dismissed as a Western tool, with major powers like the United States, China, and Russia refusing to submit to its jurisdiction. Donald Trump openly sanctioned ICC officials for investigating potential American war crimes in Afghanistan. Putin, indicted by the ICC for war crimes in Ukraine, continues to operate with impunity, shielded by Russia’s geopolitical heft. Israeli Prime Minister Benjamin Netanyahu has brushed off the ICC’s investigations into alleged war crimes in Gaza, with full-throated backing from Washington. The arrest of a former head of state like Duterte, then, is an anomaly — one that forces a question: Does this signal a revival of international law, or is it merely an exception in a world that increasingly favors raw power over legal constraints?

The modern international legal order was built on a simple yet ambitious idea: that law, rather than brute force, should govern relations between states. Rooted in the Enlightenment philosophy of Immanuel Kant, who envisioned a “perpetual peace” based on republican governance and collective security, the project gained real momentum in the 20th century. Woodrow Wilson’s League of Nations, though ultimately a failure, laid the groundwork for the United Nations and the post-World War II multilateral institutions that would form the backbone of the RBO: the ICC, the International Court of Justice (ICJ), and the World Trade Organization, among others.

These institutions were designed to constrain power — ensuring that even the most powerful nations would be subject to common rules. In practice, however, enforcement has always been selective. The ICC has successfully prosecuted figures like former Yugoslav President Slobodan Milošević, Liberian warlord-turned-president Charles Taylor, and Sudanese strongman Omar al-Bashir. But it has largely failed to hold leaders from the most powerful nations accountable. The United States has repeatedly undermined the very institutions it helped build. Despite positioning itself as a global enforcer of democracy, it has refused to recognize the ICC’s authority while using its influence to shield allies from prosecution.

Duterte’s arrest comes at a time when the world is shifting away from the ideals of the post-war liberal order and toward a far more cynical, power-driven system. The past decade has seen an erosion of trust in global institutions, with populist and nationalist leaders actively working to dismantle or discredit them. Trump’s “America First” doctrine weakened NATO and withdrew the US from multilateral agreements, including the Paris Climate Accord. Putin’s full-scale invasion of Ukraine in 2022 marked a blatant rejection of the UN Charter’s principles on sovereignty. Bolsonaro’s presidency openly dismissed international norms on environmental protections, leading to catastrophic deforestation in the Amazon. Netanyahu has ignored UN resolutions and rejected ICC scrutiny of Israel’s military actions, leveraging US support to deflect accountability.

In this climate, Duterte’s arrest is a striking departure from the trend. Unlike these figures, he does not benefit from great power immunity. The Philippines, while strategically significant, lacks the geopolitical leverage to resist the ICC indefinitely. Duterte’s successor, Ferdinand Marcos, Jr., has distanced himself from his predecessor’s bloody drug war, and while the Philippines formally withdrew from the ICC in 2019, the court still holds jurisdiction over crimes committed while the country was a signatory.

Duterte’s case raises uncomfortable questions about the selective nature of international justice. It is easier to prosecute leaders from smaller states than to hold superpowers accountable. The ICC’s credibility problem will persist as long as it appears to apply the law unevenly — aggressively pursuing African and Asian leaders while avoiding confrontations with figures in Washington, Beijing, or Moscow.

Yet, even a flawed system is preferable to no system at all. The alternative is a world where might makes right, where state leaders operate with absolute impunity, and where justice is no longer even aspirational. The arrest of Duterte does not solve these problems, but it offers a counterpoint to the prevailing narrative that global governance is dead. If anything, it proves that even in an era dominated by realpolitik, institutions like the ICC can still land a punch.

Whether this moment marks the beginning of a resurgence for international law or is merely an outlier in a declining system remains to be seen. But for the victims of Duterte’s drug war, and for those who still believe in a world governed by principles rather than power, it is a rare moment of accountability — one that should not be dismissed.

 

Jam Magdaleno is a political communications expert and the head of the Information and Communications unit at the Foundation for Economic Freedom, a Philippine-based policy think tank.

Jetour opens Quezon Avenue dealership, previews T2 Panda

Jetour Quezon Avenue’s spacious showroom can accommodate up to 12 vehicles. — PHOTO FROM JETOUR AUTO PHILIPPINES

JETOUR AUTO Philippines, Inc. (JAPI) officially inaugurated the newest addition to its growing network of dealerships. Jetour Auto Quezon Avenue — located at 133 Quezon Ave., Sto. Domingo, District 1, Quezon City — is a five-level dealership that spans 4,000 sq.m., and boasts a spacious showroom that can accommodate 10 to 12 vehicles.

During the grand opening recently, guests were treated to a preview of the Jetour T2 Panda Edition, along with a view of Jetour’s extensive lineup. The 3S center is equipped with seven regular service bays and three dedicated electric vehicle (EV) work bays, “ensuring seamless maintenance and repair services for both traditional and electric-powered vehicles,” said JAPI in a release.

“This marks not just the opening of a new dealership, but the expansion of the Jetour family. It’s not only about adding new spaces and more vehicles to our lineup, but about creating meaningful connections with the Filipino people. It’s not just about providing you with great cars, but also ensuring that you have an exceptional experience long after you drive off from the showroom. We are about pushing boundaries, embracing transformation, and always striving to exceed expectations,” expressed JAPI Managing Director Miguelito Jose.

The five-level building also boasts training rooms, a café, and an audio and video room/lounge for customers. JAPI’s flagship dealership in Quezon Avenue becomes the latest in its growing network that provides an integrated service model covering pre-sales consultations, vehicle deliveries, and after-sales support.

Style (03/17/25)


Filipino designer John Herrera debuts in Paris

JOHN HERRERA made his debut during Paris Fashion Week this month revealing his haute couture “Femme A La Mode” collection at the city’s historic Salle De Wagram. In creating the 10 pieces positioned as an “homage to fashionable women throughout history,” Mr. Herrera cites his creative freedom, without being constrained by a specific creative direction, as the catalyst for the collection’s conception and development. The collection features luxurious fabrics including silk duchess satin, silk-cotton velvets, glass bugle beads, and Swarovski crystals. The bridal gown, which was the finale’s look, used yards of piña seda (a silk blend with a fabric derived from Philippine pineapples) for a veil, showcasing the best of fabrics native to the Southeast Asian nation. The full collection of 10 gowns can be seen online at johnherrera.co.uk and via Instagram @johnherrera.


Converse goes into archives for latest drop

CONVERSE’S latest Retro Running Collection has the brand diving into its archives to bring back the essence of vintage running shoes. Converse is rolling out three new lifestyle silhouettes — the Wave Trainer, Omni Trainer, and Omega Trainer — each rooted in the brand’s deep history in performance footwear. Inspired by classic designs from the 1980s, these silhouettes debuted with last year’s Run Star Trainer and continue with the upcoming 1980 Collection. The Wave Trainer is a reinterpretation of Converse’s classic running style of the same name, while the Omni and Omega are new silhouettes that draw inspiration from multiple Converse running shoes of the 1980s. A throwback to its 1989 predecessor, the Wave Trainer revives a Converse classic with its premium dual-layer suede and sport mesh upper. Retro colorways from the archive, an embroidered Star Chevron, and tonal reflective overlays bring an authentic vintage feel. CX foam cushioning (CX foam sock liner and CX foam midsole) and a PU Strobel ensure all-day comfort while the traction rubber outsole, inspired by styles from the Converse archive, not only enhances grip but also adds to the shoe’s original form. Pulling from the 1984 Converse Equinox, the Omni Trainer blends durability and sport-forward design. A nylon ripstop upper and suede overlays add structure and a retro sport look, while the CX foam midsole and sock liner offer a plush ride for everyday wear. Taking cues from the 1984 Thunderbolt and 1985 Converse Gazelle, the Omega Trainer keeps things light with a woven poly sport upper, suede accents, and an EVA midsole built for all-day comfort without the bulk. In addition to reviving classics, Converse has two collaborations: an all-new drop from Golf Wang and a tribute to one of the most iconic duos in animation, Tom and Jerry. Introducing the One Star CC Slip Pro, a skate-ready slip-on in partnership with Golf Wang merges laid-back styling with performance-driven details. CONS traction rubber enhances grip and board feel, while a CX foam sock liner provides plush comfort for all-day wear. As for the Tom and Jerry collaboration, it pays homage to the classic cartoon duo with a lineup of five bold sneaker designs, along with graphic T-shirts and hoodies for fans of all ages. The collection reimagines Converse’s most beloved silhouettes, including the Chuck Taylor All Star and Chuck 70, with animated graphics that capture the slapstick spirit of Tom and Jerry. And for those who like to get creative, the Converse By You platform lets fans customize with exclusive Tom and Jerry artwork. Available in both adult and kids’ sizes. Converse is available in Powerplant mall, select Ayala Malls, SM Malls, Robinsons Department Stores.


Furla redesigns space

FURLA introduces its take on the Light Refresh Concept (LRC), a retail design approach that seamlessly blends heritage, modernity, and accessibility. Rooted in Italian elegance and minimalism, this new concept reaffirms Furla’s commitment to innovation while preserving the brand’s signature sophistication. Located at the first level of Rustan’s Shangri-La Plaza, this newly redesigned boutique embodies lightness and adaptability. Soft, refined colors, premium materials, and thoughtfully curated spaces create an inviting environment where customers can immerse themselves in the beauty of Italian craftsmanship. Natural wood, champagne-colored metal, and warm hues cultivate a refined yet welcoming atmosphere, while an intuitive layout — structured around three key engagement zones: Introduce, Explore, and Experience  — ensures a seamless and inspiring journey. Starting with the brand’s Florence and Corso Vercelli stores, the LRC ensures a consistent yet distinct execution across Furla’s global network, preserving the brand’s unique identity while allowing for local customization. In the Philippines, Furla is exclusively distributed by Stores Specialists, Inc., and has branches at Rustan’s Shangri-La, Rustan’s Makati, Rockwell, City of Dreams, Newport Mall, Rustan’s Cebu, and is available online at Trunc.ph, Rustans.com, and Zalora.


New Gap star: Parker Posey

THIS SPRING, Gap has launched the “Feels like Gap” campaign starring actor Parker Posey. Ms. Posey brings an optimistic energy and humor to each frame in support of Gap’s Spring 2025 lineup. The collection has a focus on soft fabrics, relaxed silhouettes, and versatile styling options. It expands on Gap’s bestselling fabrics including VintageSoft sweats and UltraSoft denim, made with a proprietary cotton-tencel blend — available in denim jeans, shirts and more. Gap’s Spring 2025 campaign launches globally this March, with the limited styles featured available to shop in stores and online. Gap is in Ayala Malls Manila Bay, Glorietta 4, Shangri-la Plaza Mall, SM Mall of Asia, SM Megamall, Trinoma, Alabang Town Center, and Abreeza, Davao, or shop online at gap.com.ph.

Yields inch lower on BSP rate cut signals

YIELDS on government securities (GS) dropped last week after the Bangko Sentral ng Pilipinas signaled a potential policy rate cut at its April meeting.

GS yields which move opposite to prices, went down by an average of 3.11 basis points (bps) at the secondary market last week, based on data from PHP Bloomberg Valuation Service Reference Rates as of March 14 published on the Philippine Dealing System’s website.

Rates for all benchmark tenors ended lower week on week, except for the 10-year Treasury bond (T-bond), which went up 2.04 bps to yield 6.2301%.

At the short end of the curve, yields on 91-, 182-, and 364-day Treasury bills dropped by 2.03 bps, 0.06 bp, and 0.21 bp to 5.2499%, 5.5675%, and 5.7920%, respectively.

The belly of the curve also went down as rates on two-, three-, four, five-, and seven-year T-bonds fell by 5.65 bps (to 5.8041%), 6.97 bps (5.8437%), 6.92 bps (5.8936%), 5.67 bps (5.9525%), and 2.44 bps (6.0781%), respectively.

Lastly, yields on 20- and 25-year bonds declined by 3.06 bps and 3.2 bps to 6.3153% and 6.313%, respectively.

GS volume traded amounted to P22.72 billion on Friday, down from the P27 billion recorded on March 7.

“The curve steepened somewhat [last] week after BSP Governor Eli M. Remolona, Jr. spoke on the possibility of rate cuts at the Monetary Board’s meeting next month. This was probably driven by partly by the favorable inflation print for February,” a bond trader said in a Viber message on Friday.

“Coupled with the cut in RRR (reserve requirement ratios) expected to take effect near the end of March, this should provide some support for local bonds,” the bond trader added.

Mr. Remolona last week said a rate cut is “on the table” at the Monetary Board’s policy meeting next month, which has been rescheduled to April 10 from April 3 previously.

He added that the BSP is still on easing mode and expects to slash benchmark borrowing costs by “a few more times” this year.

The Monetary Board in February unexpectedly paused its rate-cut cycle, which Mr. Remolona said was a “prudent” move amid uncertainty over the trade policies of US President Donald J. Trump and their potential impact on the Philippines.

He earlier said that the central bank will likely continue reducing interest rates by 25 bps at a time, with 50 bps in cuts still on the table this year.

The BSP last year cut benchmark rates by a total of 75 bps via three consecutive 25-bp reductions since it began its easing cycle in August, bringing the policy rate to 5.75%.

Meanwhile, the RRR of of universal and commercial banks and nonbank financial institutions with quasi-banking functions will be reduced by 200 bps to 5% from 7% effective March 28. 

The ratio for digital banks will also be trimmed by 150 bps to 2.5%, while that for thrift banks will be cut by 100 bps to 0%.

Rural and cooperative banks’ RRR has been at zero since October last year.

“On the other hand, however, the trade war and policies of US President Donald J. Trump have driven uncertainty in global markets,” the bond trader said. “This will likely continue in the near future and we could see some minor decoupling of local yields, which remain under fundamentally favorable conditions.”

“The potential uncertainty locally could come from the supply side as the market continues to gear up for the BTr’s (Bureau of the Treasury) second-quarter borrowing plan,” the trader added.

Mr. Trump on Thursday threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a new front in a global trade war that has roiled financial markets and raised recession fears, Reuters reported.

Mr. Trump’s threat came in response to a European Union plan to impose tariffs on American whiskey and other products next month — which itself is a reaction to Mr. Trump’s 25% tariffs on steel and aluminum imports that took effect on Wednesday. The European Commission had no immediate comment on the move.

Canada, a neighbor and close ally that is the biggest aluminum provider to the US, has also announced countermeasures to Mr. Trump’s metals tariffs and has taken the dispute to the World Trade Organization. Talks between US and Canadian officials on Thursday failed to produce a breakthrough.

Mr. Trump has threatened to impose an array of trade penalties since returning to the White House in January, though he has postponed action on many of them. At an Oval Office meeting with NATO Secretary-General Mark Rutte later on Thursday, he said he would not back off from reciprocal tariffs he has vowed to impose on all trading partners on April 2.

Mr. Trump says tariffs are needed to revitalize US industries shrunken after decades of globalization, and he has stacked his administration with officials who agree with those views.

Mr. Trump’s barrage of threats has spooked investors, businesses and consumers. Producers of jets, coffee, clothing, autos and packaged foods are among the many businesses scrambling to assess their operations as Trump’s actions threaten international supply chains.

Some economists say the uncertainty threatens the health of the US economy and raises the risk of recession. A Reuters/Ipsos poll released on Wednesday found that 70% of Americans expect Mr. Trump’s tariffs to make regular purchases more expensive. — JPGV with Reuters

Biofertilizer plant opens in Laguna 

DA.GOV.PH

By Kyle Aristophere T. Atienza, Reporter

AGRI SPECIALIST, Inc. said it opened a 2,000-square meter automated manufacturing facility in Laguna with a capacity of 7,200 metric tons of biofertilizer annually. 

The facility makes fertilizer that uses the nitrogen-fixing properties of bacteria known as Bio N, a blend of Azospirillum and nutrient-rich mediums developed by the University of the Philippines Los Baños (UPLB) in 1991, its Chief Executive Officer and President Mario C. Labadan, Jr. told BusinessWorld.

“The plant’s production capacity is set to meet the country’s biofertilizer needs, with the goal of reducing dependence on imported chemical fertilizers,” the company said in a statement.

Among the staff of the P250-million Bio N facility are graduates of UPLB’s National Institute of Molecular Biology and Biotechnology.

The biofertilizer promises to increase farmer incomes, with five 200-gram packs of Bio N fertilizer sufficient for a hectare planted to rice or corn. Every kilogram of the biofertilizer can replace 100 kilos of urea, an inorganic fertilizer, Mr. Labadan said.

Bio N provides 30-50% of the total nitrogen requirement of rice and corn.

Bio N has undergone testing by rice farmers in 13 regions over the past two cropping seasons.

“Farmers have reported healthier plants — characterized by deep green leaves, sturdy stems, and robust root systems — along with fewer pests and reduced need for chemical pesticides,” the company said, citing findings from its pilot studies.

ERC finalizes rules on GEA-All charges for on-grid consumers

EVENING_TAO-FREEPIK

THE Energy Regulatory Commission (ERC) on Sunday issued guidelines for collecting tariffs on energy projects under the Green Energy Auction Program (GEAP), charged to on-grid consumers.

The ERC said it finalized the guidelines for collecting the Green Energy Auction Allowance (GEA-All) and disbursing the GEA-All Fund “to ensure fair and accurate fee collection from on-grid consumers by GEA suppliers.”

The guidelines cover emerging renewable energy (RE) technologies, including solar photovoltaic, biomass, wind, run-of-river, integrated renewable energy and energy storage systems, and other RE technologies in the GEAP, as determined by the Department of Energy (DoE).

The ERC said GEA-All is a uniform charge per kilowatt-hour billed to on-grid consumers, “distinct and separate” from the feed-in tariff allowance (FIT-All) scheme.

“While both support RE development, the FIT-All compensates RE supply under the FIT program, while the GEA-All funds payments to RE developers under the GEAP,” the ERC said. — Sheldeen Joy Talavera

The importance of colorectal cancer screening

FREEPIK

In the Philippines, colorectal cancer is the third most common cancer and the fourth leading cause of cancer-related deaths. In 2022, there were 20,736 new cases of colorectal cancer with 10,692 deaths reported in the country.

In observance of National Colorectal Cancer Awareness Month, we highlight the importance of screening in detecting colorectal cancer early and significantly lowering the risk of dying from the disease.

Colorectal cancer is a disease in which abnormal cells in the colon or rectum divide uncontrollably, ultimately forming a malignant tumor. Individuals can lower their risk for colorectal cancer by maintaining a healthy weight; engaging in regular physical activity; eating a diet rich in vegetables, fruits, and whole grains, and low in red and processed meats; and refraining from drinking alcohol and smoking cigarettes.

Most colorectal cancers begin as an abnormal growth or lesion, called a polyp, in the tissue that lines the inner surface of the colon or rectum. Colorectal polyps are common in people older than 50 years of age, and most do not become cancer. However, a certain type of polyp known as an adenoma is more likely to become a cancer, according to the National Cancer Institute at the US National Institutes of Health.

Common symptoms of colorectal cancer include a change in bowel habits; blood in or on your stool; diarrhea, constipation, or a feeling that the bowel does not empty all the way; abdominal pain, aches, or cramps that don’t go away; and unexplained weight loss. However, precancerous polyps and colorectal cancer don’t always cause symptoms, especially in the early stages of the disease. This is why individuals need to get screened even if they do not have a family history, as most colorectal cancers occur in people with no family history of the disease, the US Centers for Disease Control and Prevention (CDC) said.

With early detection, colorectal cancer is one of the most preventable and treatable of cancers. Screening helps prevent colorectal cancer by finding precancerous polyps so these can be removed before they turn into cancer. With early detection through screening, treatment can be very effective.

The Philippine Society of Gastroenterology (PSG) recommends regular screening through a fecal immunochemical test (FIT) and colonoscopy starting at age 50 for the prevention, early detection, and treatment of early-stage colorectal cancer.

FIT is a simple test that can be performed at home. Recommended yearly, it detects hidden blood in the stool, which can be an early sign of cancer. However, FIT cannot diagnose colorectal cancer and therefore individuals with positive FIT results should schedule a colonoscopy with a gastroenterologist as soon as possible.

Colonoscopy is the gold standard screening method for colorectal cancer. A colonoscopy is an exam in which a long, flexible tube (a colonoscope) is inserted into the rectum. A tiny video camera at the tip of the tube allows the gastroenterologist to view the inside of the entire colon and rectum to check for and remove precancerous polyps.

A vast majority (86%) of Filipino adults (20 years and older) are willing to participate in colorectal cancer screening programs initiated by the government, and almost half (47%) are amenable to undergoing screening tests even as an out-of-pocket expense. These are among the key findings of “Knowledge, Attitudes, and Practices in Colorectal Cancer Screening in the Philippines,” a cross-sectional study by Fernandez et al published in December 2024 in the open-access, international peer-reviewed journal Acta Medica Philippina. The study involved 288 respondents with a median age of 54 residing in both urban and rural communities in the country.

The study also revealed that public awareness about colorectal cancer and the benefits of screening remains modest. Respondents with higher household income and highest educational attainment were more knowledgeable about the benefits of colorectal screening.

While the cost of a colonoscopy is understandably an issue, screening is less expensive than treating colorectal cancer if compliance rates are high and the costs of screening tests are reasonable, writes Dr. David Beck, editor-in-chief of The Oschner Journal, in his editorial on the importance of colorectal cancer screening. “In perspective, the health advantages of screening should certainly outweigh the equivalent of several months of cable television [subscription] or expensive mobile data plans.”

Fernandez et al stated that the findings of their study can help policymakers design and implement directed educational campaigns to address knowledge gaps. They can also clarify misconceptions and overcome barriers to colorectal cancer screening with the overall goal of increasing participation rates in screening programs.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.