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Nina Penlington on why suits aren’t dead

INDEPENDENT tailor Nina Penlington poses for a portrait in London, Nov. 27, 2025. — REUTERS/ISABEL INFANTES

WHEN Nina Penlington pivoted from her career in the British civil service to making suits as an apprentice to top tailors, she subsequently stitched herself into the fabric of London’s prestigious Savile Row, the historic street internationally regarded as the golden mile of tailoring, where bespoke menswear has been crafted for icons from Charles Dickens to Winston Churchill and Elton John since the 19th century.

Since leaving London in 2024, she’s launched her bespoke, eponymous tailoring brand. From her attic workshop in Budleigh Salterton, a town in southwest England, Penlington — who is gearing up for her second UK trunk show this February — spoke to Reuters about her time on Savile Row, what the future holds for suits, and why you shouldn’t dress for anyone’s gaze but your own.

This conversation has been edited for length and clarity.

Q: What first attracted you to tailoring?

A: I had a bit of a funny, kind of slow, strange route in. I grew up in North Wales in a seaside town, a bit bigger and less salubrious than (Budleigh Salterton). My mum taught me to sew when I was three years old. I had a little hand crank sewing machine and we used to sew together.

I was a civil servant out of university for five years or (so). I worked for a minister at the House of Lords, which is a bit bonkers. I really felt like I was in the wrong place. I was just so miserable. So I quit my job and I went back to the London College of Fashion, which used to offer a one-year hand tailoring course. It really showed you all of the bits and pieces and allowed the students to figure out whether they had an aptitude. It was a really great opportunity to get my hands back into sewing, but I realized it wasn’t really the sewing that was drawing me in. It was the pattern cutting and that side of it, really.

I graduated from that course and then just happened to get an apprenticeship at Dege & Skinner on Savile Row, which was astounding really because they’re so rare.

Q: You’ve worked for many of Savile Row’s top tailors. Who has had the biggest impact on your style?

A: I had six months in New York where I studied a bit at Parsons (School of Design) and while I was there, I heard of this job on the grapevine back in Savile Row to be a cutter in Davide Taub’s team at Gieves & Hawkes. For me, Davide is the best living cutter in the world. In terms of my outlook on my work, he’s my biggest inspiration for sure.

Q: How has it been to launch your own brand?

A: I feel like I’ve built relationships with people over the last few years that have made them really want to support me, but also customers who have found me or re-found me who were determined to help me through the really tricky stages of setting up a business.

I still don’t have branded hangers or covers for any of that stuff. One of my customers was laughing, he was like, “Well, I’m glad you were thoughtful and frugal enough to not go all in on that stuff now because you could ruin yourself by trying to be too glossy.”

Q: What did it take to develop your Beatles-inspired “Get Back” and rock ‘n’ roll Western suit styles?

A: So, let’s start with the “Get Back” suit. For me, it’s literally a ’60s West End tailored suit; it’s such a classic of its time. I had a customer who wanted me to make that suit around when the Peter Jackson (The Beatles: Get Back) documentary came out. Paul McCartney wears it with a really rummy (collarless) Granddad shirt half the time.

There’s nothing particularly special about it — it’s just a beautifully cut suit in a really classic color that McCartney wears super well. And for me, it’s a really easy shorthand to say to customers: If you want a classic suit from me, that’s what that is. It’s a way of communicating an idea of a really classic suit that can be worn in a beaten-up way.

With the Western Suit, I have a large wardrobe of Western shirts that I’ve been collecting over the years from a great lady who works out of Salt Lake City. The suit was just this idea in the back of my mind for a really long time. I couldn’t quite figure out what cloth to use. It was only when I found this overcoating twill. A really hefty 15 ounces (that’s) rugged and refined; as soon as I landed on that, it all came together.

Q: How do you think dressing for the female gaze versus the male gaze applies to suits and tailoring?

A: I’ve been re-learning this stuff in the last year since I started my own label because for a very long time I just personally felt that neither of those things should matter. You dress for you and tailoring is a great level playing field for that.

The male and female gaze is kind of important in terms of sales; I’ve got to figure out who’s looking at that and who wants to buy it. But for me as a person, I don’t buy into it. When I want to wear a suit, it’s because I really want to feel great and powerful. If I want to feel a bit more feminine, then I have a different part of my wardrobe for that and you can mix those two together.

If someone’s coming to me for the first time and they’re a bit unsure of what they want, I’ll ask them to go back and look at their wardrobe and see what they’ve already got and see what they can wear this suit with already, so you’re not having to buy new things just to wear this one suit.

Q: What does the future hold for tailoring and Savile Row?

A: Every five years or so, the same article appears in the same place — it’s basically a rewrite of “Savile Row’s dead, suits are dead” and it was happening long before the pandemic and working from home.

I think Savile Row and tailors across the world have done really well. We’re moving a lot quicker with fashion and garment making than we have. I always thought that we were quite glacial about how trends move in Savile Row, but now people are making overshirts and all of the things that you can wear in a bit more (of a) casual way. It’s not fashion — we’ve never been fashion — but we’re promoting the craft and sustainability.

People who enjoy wearing good quality garments are going to end up in tailoring at some point because the stuff you’re seeing in high-end luxury goods (and) department stores is nowhere near as well made as our stuff. I think people are starting to realize that going to some brand name and dropping three grand on a suit isn’t worth (it); it’s not the same as coming to someone and spending a little more than that on a bespoke garment that’s yours. — Reuters

The perspectives expressed in Culture Current are the subject’s own and do not necessarily reflect the views of Reuters News.

Debt yields climb on supply pressure

YIELDS on government securities (GS) ended mostly higher last week as investors took positions in anticipation of supply pressure from upcoming bond issuances.

GS yields, which move opposite to prices, went up by an average of 1.48 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of Jan. 16 published on the Philippine Dealing System’s website.

At the short end of the curve, rates went down across the board. The 91-, 182- and 364-day Treasury bills (T-bill) dropped by 0.34 bp (to 4.7975%), 2.86 bps (4.8811%), and 3.18 bps (4.9428%), respectively.

Meanwhile, all yields at the belly and the long end ended higher week on week. Rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) rose by 0.16 bp (to 5.2954%), 1.15 bps (5.4709%), 1.12 bps (5.6189%), 0.61 bp (5.7334%) and 0.83 bp (5.8923%), respectively.

The 10-, 20-, and 25-year bonds also went up by 2.12 bps, 8.32 bps and 8.38 bps to yield 6.0483%, 6.4875% and 6.4852, respectively.

GS volume traded amounted to P71.97 billion on Friday, higher than the P55.42 billion recorded a week earlier.

“The upward drift in yields was driven largely by de-risking toward the latter part of the week as investors positioned ahead of the upcoming bond auctions scheduled through the end of January, which are concentrated in the longer segments of the curve. With supply pressure building on the long end, investors took a more cautious stance, prompting yields to inch higher,” ATRAM Trust Corp. Chief Investment Officer Alessandra P. Araullo said in a Viber message. “Global cues played a minimal role as local markets mainly responded to supply expectations rather than external macro drivers.”

On Tuesday (Jan. 20), the Bureau of the Treasury (BTr) will auction off P30 billion in reissued 20-year bonds with a remaining life of seven years and two months.

It will also hold a dual-tranche bond auction on Jan. 27, where it will offer reissued three- and 20-year debt.

Ms. Araullo said the market focused on the upcoming issuances amid a lack of fresh leads.

“At this stage, inflation is no longer the primary driver of yield movements. While past CPI (consumer price index) readings provided initial direction, the market has now shifted its focus toward bond supply and auction outcomes… With no fresh catalysts on the local macro front, inflation has taken a back seat; the market is instead positioning for how upcoming issuances will be received.”

Rate cut expectations for the Bangko Sentral ng Pilipinas (BSP) following the below-target 2025 Philippine CPI data released earlier this month caused a slight decline in GS yields early on, but inflation risks for this year also capped the downside, a bond trader said in a Viber message.

“The movers [last] week were mainly from delayed data releases from the US. Both softer US inflation reports with a strong bump in US retail sales underscored the strength of US consumption spending, which solidified views that the Federal Reserve might not need to deliver a rate cut by the end of the month,” the trader added.

US data last week showed inflation pressures were stable in December, but consumers faced higher food prices and rents, Reuters reported.

Though economists expect the Fed will keep its benchmark overnight interest rate in the 3.5%-3.75% range at its Jan. 27-28 meeting, reductions in borrowing costs are anticipated this year to safeguard the labor market.

Economists expect the government to report next Thursday that the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased 0.2% in November, matching the estimate for October. The PCE inflation data, tracked by the Fed for its 2% inflation target, was delayed by the 43-day federal government shutdown.

For this week, the bond trader said GS yields may continue to be range-bound.

“Despite the expected release of PCE inflation and US GDP reports [this] week, yields might move sideways with some downward pressure as the latest economic data from the US and the Philippines are unlikely to change current market expectations for both the Fed and the BSP moves just yet,” the trader said.

Ms. Araullo said yield movements will be largely driven by the results of the BTr’s bond auctions. “With the upcoming issuances concentrated in the longer parts of the curve, investor demand will determine whether yields continue to edge higher or stabilize,” she said. “If the auctions attract strong bidding, this could support buying momentum and help cap or even reverse the recent uptick in yields.”

“However, weak demand — especially for longer-dated bonds that carry heavier supply — could limit bond rallies and keep upward pressure on yields. Given the absence of major local catalysts, the market will be taking its cues primarily from these auctions. Supply dynamics will guide investor behavior across tenors, and the tone set by the first rounds of bidding will likely influence sentiment for the rest of January.” — Lourdes O. Pilar with Reuters

JFC shares rise on 2025 performance, growth plans

REUTERS

By Matthew Miguel L. Castillo, Researcher

SHARES of Jollibee Foods Corp. (JFC) ticked up last week as the company affirmed positive developments in 2025 and outlined its global growth objectives, analysts said.

Data from the Philippine Stock Exchange (PSE) showed that Jollibee was the sixth most actively traded stock by value last week, with 6.28 million shares worth P1.31 billion changing hands by Friday.

On a weekly basis, Jollibee’s share price rose 1.5% to P213.40 from the previous week’s close of P209. This outpaced the industrial sector’s 1% gain but remained below the PSE index’s (PSEi) 1.8% increase.

Year to date, the stock has climbed 16.1% from P180 at the end of 2025, outperforming the industrial sector’s 6.2% and the PSEi’s 6.8% growth over the same period.

During the Jan. 12-16 period, JFC released separate disclosures on its 2025 performance and plans for strategic international expansion.

Chief Finance Officer Richard Shin said the Philippine-based fastfood giant was preparing an international spin-off, targeting a US listing by late 2027.

Mr. Shin added that the move would “improve transparency” and allow investors to assess the domestic and international businesses on their own merits.

This statement was followed by an update to an earlier evaluation of the company’s 2025 performance, reaffirming positive results.

Investors reacted favorably to the disclosures, analysts said.

Juan Alfonso G. Teodoro, equity trader at Timson Securities, noted that the update on 2025 results “helped confirm momentum,” while the international spin-off provided a forward-looking catalyst.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan added that the disclosures validated investor expectations, prompting a shift from speculative positioning toward more measured accumulation.

Mr. Teodoro observed that the stock has been recovering from a 52-week low of P172.70 last month, and last week’s developments “helped accelerate” the rebound as investor confidence improved.

Mr. Limlingan noted that the disclosures served more as consolidating factors rather than primary drivers of the recent upward momentum.

Investors responded positively to Jollibee’s global strategy, which signals stability and independent growth domestically and internationally.

“This framing sharpens the investment case, as buying JFC increasingly represents exposure to both defensiveness and growth optionality,” Mr. Limlingan said.

However, he cautioned that the stock has remained range-bound despite the positive developments, with markets awaiting execution of key milestones.

“While details of the spin-off are still evolving, the potential for shareholders to eventually participate in JFCI has helped underpin sentiment,” he added.

According to Jollibee’s latest quarterly report for the third quarter of 2025, attributable net income rose 8% to P3.03 billion, while revenues grew 13.1% to P72.6 billion. This brought the first nine months of 2025 totals to P8.65 billion in net income and P211.5 billion in revenues.

For the first quarter of 2026, Mr. Teodoro projects earnings of P3.51 billion.

Aside from company-specific news, upbeat market sentiment, expectations of another rate cut, and speculation of higher demand for food and dining may have also supported the stock last week, he added.

For this week, Mr. Limlingan said near-term support is seen at P200, with a stronger downside buffer at P190, “where prior buying interest emerged.”

Resistance levels are placed at P216 to P223, “marking a more meaningful technical ceiling from earlier in the year.”

Mr. Teodoro set the support and resistance levels at P209-211 and P220-225, respectively.

Cheap sweetened drinks are costing Filipino lives

STOCK PHOTO | Image by Phototastyfood from Freepik

When an illness affects a household, it rarely only affects one person. It reshapes a family and forces difficult choices that no one should have to make. For many Filipino families, getting sick means worrying about how to pay for a doctor and medication and missing work. What starts as a health issue turns immediately into a fight for survival.

The World Health Organization (WHO) has warned that sweetened drinks are becoming more affordable in many countries, including the Philippines, because taxes have not sufficiently decreased their affordability. For many low-income households, sweetened drinks are all they can afford, especially when clean and healthier options are costly.

Diabetes is no longer just a health issue in the Philippines; it is becoming an economic crisis. According to the International Diabetes Federation in the Philippines, about 4.7 million Filipinos were living with diabetes in 2024, with a prevalence rate of 7.5%. Diabetes has also been consistently among the top five causes of death in the country with 43,944 lives lost in 2024 alone, according to the Philippine Statistics Authority.

Globally, the situation is equally alarming. The WHO notes that diabetes, especially type 2, characterized by insulin resistance, is rapidly rising in low- and middle-income countries. Chronic complications like cardiovascular disease, kidney failure, and nerve damage make it a costly burden, both for individuals and for government health systems.

My grandmother, an avid drinker of sweetened beverages, was diagnosed with diabetes years ago. Meals at her house were incomplete without a 1.5 liter bottle of soda or a pitcher glass of powdered juice. Surprisingly, even though it’s been 15 years since my usual long summer trips to my grandmother’s house, the price of soda has barely increased, making it easier for families to keep choosing the same drinks, even as the health risks grow. Its affordability keeps it within reach.

This cultural embedding of sugary beverages is significant. Studies in the Philippines by Aguilar & Tolabing (2025) reveal a high prevalence of daily sugar-sweetened beverage (SSB) consumption: over 64.41% of Filipinos aged 15 to 70 report drinking at least one sweetened drink per day. For many, these drinks are a part of everyday life.

To put the sugar content of these beverages into perspective, a standard 12-ounce can of a popular soft drink contains around 39 grams of sugar, or nearly 10 teaspoons. On the other hand, a typical serving of a popular local powdered drink carries about 16 to 18 grams of sugar. When consumed daily, these sugary beverages contribute heavily to the increased risk of insulin resistance and ultimately, type 2 diabetes.

Because of this habit and culture of SSBs being a staple in a normal Filipino household, it wasn’t surprising to me when my grandmother was diagnosed with diabetes. But what surprised me and continues to weigh on my mind is how much this disease costs her every day, and what it means for the Filipino economy at large.

The rising economic burden of sweetened beverages is reflected in the day-to-day realities faced by individuals living with diseases attributable to SBs. In 2021, a patient with type 2 diabetes without complications spent an estimated P33,873.99 each year on consultations, medication, and routine monitoring. By 2023, this amount had already increased to P36,113.64. For those who develop complications, the financial burden becomes far heavier. In 2021, total medical costs for a patient with complications reached P89,248.13. This was nearly three times higher than managing diabetes without complications. By 2023, this climbed to P91,899.96, driven largely by higher hospitalization-related expenses.

According to a study on the status of diabetes care in the Philippines (PhilDiabCare 2020), 49.41% of diabetes cases develop complications. Hence, this means that in 2021, out of the 420,012 diabetes patients attributable to SBs, approximately 207,528 patients had complications, while in 2023, out of 446,607 patients, around 220,668 had complications. Multiplying this by the estimated individual cost of treatment based on the presence of complications, the total direct cost of type 2 diabetes in 2021 was a whopping P25.72 billion, while it was P28.44 billion in 2023.

Given this burden, why should the government act and impose stronger tax measures, especially when it comes to sugar-sweetened beverages? First, because SSBs are a modifiable risk factor. Unlike genetics, sugar consumption through drinks is something that can be taxed and discouraged through policy. Second, the government already has a precedent, under the TRAIN (Tax Reform for Acceleration and Inclusion) law, sweetened drinks are taxed P6 per liter for drinks sweetened with caloric or non-caloric sweeteners, and P12 per liter for beverages using high-fructose corn syrup. But policy can go further and stronger by adding automatic indexation, removing exemptions on products like 3-in-1 coffee, and raising tax rates by at least 20%. Third is the return on the Universal Health Care Law. The same WHO-Philippines study shows that preventive Non-Communicable Disease interventions are cost-effective: investing in public health now can save not just lives, but economic burden in the long run. Preventing diabetes means fewer hospitalizations, less medication burden, and a more productive workforce.

In my view, the Philippine government must intensify its fight against sugary drinks. It must treat SSBs as a good that is harmful and costly to society.

 

Ella Iellamo is a health advocate and a former member of Action for Economic Reforms’ health policy team.

New tech seen cutting hatchery reliance on wild mangrove crabs

MSUIIT.EDU.PH

MINDANAO State University’s Iligan Institute of Technology is developing a recirculating aquaculture system to improve hatchery survival rates for mangrove crabs, which is ultimately expected to reduce the reliance on wild-caught crabs for breeding.

The Philippines is a major producer of mangrove crabs (Scylla serrata), supplying both domestic and export markets. However, most hatcheries still rely on wild-caught broodstock, which has raised sustainability concerns.

The system, called SmartRAS provides controlled rearing conditions for immature adult crabs, particularly through temperature regulation and improved water quality management.

According to the research team led by Mercedes M. Pates, conventional broodstock systems typically record survival and spawning rates of below 40%. SmartRAS aims to address this through a polychaete-assisted biofilter that naturally improves and stabilizes water quality.

SmartRAS, developed from a project supported by the Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD), combines the biofilter with optimized temperature control, targeting a significant reduction in stress among broodstock and improved reproductive performance.

Project findings showed higher survival, spawning, and hatching rates in the modified recirculating system compared with conventional broodstock management. The system maintained lower ammonia and nitrite levels, indicating improved water quality.

The project also identified 27 degrees Celsius as the temperature at which broodstock exhibited the highest survival and reproductive performance.

“By compartmentalizing the tank, this modified RAS design effectively reduced cannibalism, a common issue in crab culture, leading to higher survival rates. Larvae produced in the RAS environment were healthier and of better quality compared to those from conventional systems,” PCAARRD said in a statement.

Researchers said the system could help reduce dependence on wild-caught broodstock and support more consistent seed production once development and validation are completed. — Vonn Andrei E. Villamiel

Look! SM opens 3rd branch of luxe beauty store

SM AURA and SM Mall of Asia’s luxury beauty store Look (actually, LOOK at Me, but a previous logo design — now fixed — is the cause of the confusion for the store’s name) opened a third branch in SM North EDSA on Jan. 13.

LOOK at Me operates under Watsons Philippines, sharing this parentage with SM Beauty and the Watsons stores under the joint venture (JV) created by the SM Group and Hong Kong-based A.S. Watson & Co. Ltd. when it opened in the Philippines in 2002.

“Part of the JV is for Watsons to operate the beauty section of the SM store,” said Danilo Chiong, managing director of Watsons Philippines. The beauty offerings of SM are thus divided into three categories. Watsons provides personal care and daily essentials; the beauty department of the SM Stores has mass cosmetics and fragrance; and Look at Me, which was described by Mr. Chiong as “It’s your sosyal (fancy) big sister.” Speaking in a group interview before a store tour, he said, “We pride ourselves with being the home for rare, cult, and premium beauty finds.”

The brands in the store make up an impressive roster. Prada, YSL, Armani, Versace, Dolce & Gabbana, Maison Margiela, Viktor & Rolf, and Mugler are in their scent arsenal. Complementing these are Korean and Japanese skincare brands including Dr. Jart+, Laneige, Innisfree, Beauty of Joseon, COSRX, Round Lab, and Torriden. Global favorites such as The Ordinary, Rhode, Charlotte Tilbury, Shiseido, and NARS are also represented.

Aside from the premium brands available in-store, they also level up the experience with makeup artists who double as personal shoppers.

The store’s first location was in SM Aura, opening in 2020. “Before the pandemic happened, we saw the gap where there was no curated go-to store for premium beauty,” said Mr. Chiong. “We’re so active in beauty because it’s a thriving business in the Philippines in general. Health is a big driver for us. Health is growing exponentially for Watsons, but you can’t turn your eye away from beauty.”

About their growth in beauty, he said, “I think Filipinos just personally love looking good,” noting that this also means an increase in sales in fragrance. “I think Filipinos would find a way. We will always smell good, look good; in some shape, way or form. Even if you’re tired, you’ll find some form of self-care.”

While they can’t say where they are opening a fourth location, it will definitely be outside Metro Manila, said Mr. Chiong. “We want to bring that Look experience to more customers.”

After five years of experience since the opening of its first location, Mr. Chiong gave some notes on beauty consumer behavior: “Consumers are getting younger and smarter. I think Gen Z is the biggest consumer market right now. They’re very smart, they have money. They’re more intentional with their purchases.”

To respond to this, the salespeople in their staff undergo upgraded training, so customers really get what they want. Mr. Chiong says that sometimes, customers come with screencaps from TikTok and Instagram and ask for the same exact product, so this new cohort really knows what they want, and they want it fast. “I think Filipinos are very on-trend when it comes to beauty.”

The 3rd branch of LOOK at Me is on the second floor of SM North EDSA’s The Block in Quezon City. — Joseph L. Garcia

Peso to trade sideways before US data

PHILIPINE STAR/IRRA LISING

THE PESO may trade sideways against the dollar this week as market players await the release of key US economic data, which could affect the US Federal Reserve’s policy decision this month.

On Friday, the local unit closed at P59.35 per dollar, rising by 11 centavos from its record-low finish of P59.46 on Thursday, data from the Bankers Association of the Philippines showed.

However, week on week, the peso was down by 10.5 centavos from its P59.245 close on Jan. 9.

“The dollar-peso traded lower on improving global risk sentiment after US President Donald J. Trump softened his tone on Iran, as well as moderate demand for the peso following signals from the BSP (Bangko Sentral ng Pilipinas) that they are taking a measured approach to foreign exchange market intervention,” a trader said in a phone interview on Friday.

BSP Governor Eli M. Remolona, Jr. earlier said that they make “minimal” intervention in the foreign exchange market only to smoothen out sharp swings in the currency.

“There’s tremendous pressure to defend the peso and we’ve resisted that pressure,” he said on Jan. 8.

The peso also rose on Friday amid fresh developments regarding the Fed’s leadership that helped improve sentiment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar gained on Friday after US President Donald J. Trump praised economic adviser Kevin Hassett at a White House event and said he may want to keep him in his current role, prompting speculation he is less likely to be named as chair of the Federal Reserve, Reuters reported.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.06% to 99.41, with the euro down 0.1% at $1.1594. The index reached a six-week high of 99.49 on Thursday.

The US currency was boosted last week by data showing an improving US labor market, which has pushed back expectations of further Federal Reserve rate cuts until June.

Fed Vice Chair for Supervision Michelle Bowman said on Friday a fragile job market that could weaken quickly means the US central bank should stand ready to cut interest rates again if needed.

For this week, the trader said the peso could move sideways as players await the scheduled releases of US economic data, including reports on gross domestic product, personal consumption expenditures, jobless claims, and manufacturing.

The market could also take cues from developments on the US-Iran talks, the trader added.

Both the trader and Mr. Ricafort see the peso moving between P59.10 and P59.50 per dollar this week. — A.M.C. Sy with Reuters

SEC warns public against unregistered investment platforms

SEC.GOV.PH

THE SECURITIES and Exchange Commission (SEC) has issued advisories against Valtoro Spartan, Mad Devpt. Realty Corp., VT Markets, FBS, and KBS, warning investors that these platforms have been soliciting investments without the required registration or license.

In separate notices, the corporate regulator said the flagged entities, including some registered as broker-dealers abroad, operate without the licenses required under the Securities Regulation Code to function as securities dealers or exchanges in the Philippines.

Based on reports gathered by the commission, Valtoro Spartan Consultancy and Valtoro Spartan Trading, registered as a corporation, are soliciting public investments through their website without a secondary license. The firm promotes lock-in subscription plans starting at $50, promising returns from 7.5% to 912.5% depending on the plan selected.

Mad Devpt. Realty Corp., which operates under several business names including Maddev, Madhostel, and Madshostel Siargao, is distributing securities such as shares of stock and non-proprietary shares without SEC approval, the regulator said.

The company invites investments of at least P50,000 for business partnerships, offering shares, dividends, promotional discounts, and annual free accommodation, the SEC said.

VT Markets, operating under several names including VT Markets (Pty) Ltd. and VT Markets Ltd., is not registered as a corporation, partnership, or one-person corporation in the Philippines and lacks authority to sell securities, the regulator said.

The entity operates through mobile apps.

FBS Markets, Inc., FBS Broker, FBS Trading Broker, and FBS Forex Broker Online face similar issues, as they are not registered corporations with the SEC and lack a secondary license to solicit public investments.

The SEC also found that LS, KBS, KBSEX, KBS Exchange, KBSEX Exchange, LS KBS Crypto Trading, LS Crypto Currency Humanitarian Org. Cebu, and SDX Exchange (KBS) were offering securities without the required corporate registration or secondary license.

“KBS represented itself as a bitcoin exchange which operates a mobile application that supposedly serves as a ‘trading platform for humanitarian missions.’ It allows its users to invest and trade unregistered investment products through the platform, with a promise of daily income and humanitarian benefits,” the SEC said in a statement on Friday.

The commission advised the public to exercise caution when dealing with unregistered online investment platforms and their representatives.

It warned that anyone selling or promoting these platforms in the Philippines, including through online channels, may face fines of up to P5 million or imprisonment of up to 21 years.

Representatives, brokers, agents, promoters, influencers, or enablers could also be held liable under the code, the regulator said.

VT Markets and FBS did not immediately respond to separate e-mails seeking comment, while Valtoro Spartan, Mad Devpt. Realty Corp., and KBS do not have publicly available contact information. — Alexandria Grace C. Magno

Iran and the USA: Voiding reality

ORIGINAL PHOTOS FROM FREEPIK

On Jan. 7, Renee Good, an American citizen and mother of three, was shot to death by one Jonathan Ross, an agent of the United States Immigration and Customs Enforcement (ICE) agency. Anyone in the world who doesn’t live under a rock knows that the shooting happened shortly after Good and her wife brought their six-year-old to school in the morning.

Place and time deserve sustained attention. It was a killing in plain sight with children nearby, hardly the optimum setting for concealment. And indeed, the quick event was video recorded by witnesses.

Last week, the Iranian government continued killing protestors against a theocracy that has been in place with draconian methods since 1979. The protests escalated since the first week of 2026, driven by two sides of hope: economic hopelessness and glimmers of hope that the rule of the ayatollahs might actually be ended.

In early January, the casualty estimates from protests all over Iran numbered in the hundreds. By mid-January, reliable estimates upped the figure to the thousands. At this scale of resistance, the threat to the durability of the status quo, like in the US, is real in Iran at this time.

Both the governments of Donald Trump and the Ayatollah Ruhollah Khomeini voided digital circulation of what is really going on.

TWO WAYS
Imposing a nationwide digital blackout is the obvious way to cut off news circulation. This tack, Iran’s, amputates living use of digital media. Eyes on the ground are lopped off from the macro nervous systems of the world.

The comparably savage US government at this time is darkly novel in its ways with despotism. It circulates lies at a scale of brazenness outclassing even the Third Reich.

Trump and his officials, confronted by images of their depravity, inflict on their citizenry an alternate reality version of an event that video recordings clearly show to be murder. Rolling Stone magazine, on Jan. 17, described other forms used in the fire hosing away of what is plain to see.

“In the immediate aftermath, of course, both MAGA and staunchly anti-Trump social media users attempted to use AI to their best advantage. The far right circulated artificial images that appeared to show an overhead view of Good’s car on the street where she was confronted by ICE, which made it appear as if she was trying to run over Jonathan Ross, the federal agent who killed her. They also disseminated a phony video and pictures that purported to show Good and her wife Becca Good celebrating the assassination of the conservative podcaster Charlie Kirk last September.”

And among efforts to push back on Trump’s baldfaced swipes to blind Americans: “….before Ross had been publicly identified, some ICE critics asked AI models to ‘unmask’ him based on footage in which the lower half of his face was covered. Since the technology is fundamentally unable to perform this task, it merely produced faces at random, sowing further confusion.”

This last week ended with the outcomes of confusion-production for both countries, and consequently, the world. From as far away as the Philippines, it is all a blur of bodies under duress in separate vivid instants, the images immediately flipped by shamelessly false interpretation or outright deletion.

TWIST
Since both the US and Iran have installed tyrant leaders who visit savageries on their citizens in the name of fierce religions, it is quite a twist for President Donald Trump to posture as a human rights advocate in ultimatums issued to Iran.

Trump threatened to invade Iran if the present Ayatollah executes one more protestor. Having de facto invaded Venezuela in his own curious way — abducting President Nicolás Maduro and his wife Cilia Flores without, preliminarily, territorial occupation — President Trump imagines himself astride a moral high horse.

The public hangings in Iran increased as the protests intensified during the digital black-out. Through clandestine channels, the word is that the executions decreased before this weekend.

As for moral high horses, the Iranian steeds continue to lift this country’s leadership above the ground where slaughter can restart any minute.

Trump’s posturing as a compassionate humanist this one time — the twist in these immense spectacles of cruelty — show up the cultural infrastructure holding up 21st Century barbarism. In a word, religion.

White Christian Nationalism drove a fringe movement into National Government in the US and Trump savvily, if infrequently, signals moral ascendency to amplify the culture of this racist group. Signaling to Iranian protestors that American help will be available to them, says that a similar moral purpose is shared by the US government and the Iranian anti-theocracy fronts.

While the clerical establishment of Shi’a Islam in Iran is separate from the government of the Islamic Republic (and in fact, there were government crackdowns on the leading clergy), this country may be and has been called a theocracy.

It may also be regarded as Medieval in certain important respects. The unflinching attitude towards public execution is one such medievalism.

Like the America Trump is creating to realize a white Christian Nationalist fantasy, the Iran of Ayatollah Khomeini brooks no dissent to the superiority of its beliefs.

 

Marian Pastor Roces is an independent curator and critic of institutions. Her body of work addresses the intersection of culture and politics.

Bukidnon farmers query delayed title distribution

FACEBOOK.COM/DARGOVPH

FARMERS in Bukidnon raised concerns over delays in the issuance of Certificates of Land Ownership Award (CLOAs) in the province after the Department of Agrarian Reform (DAR) recently distributed more than 10,000 titles in the Caraga Region in December.

In a statement, the Don Carlos Bukidnon United Farmers Association, Inc. (DCBUFAI) said hundreds of its members are still awaiting CLOAs covering about 109 hectares of land in Don Carlos, Bukidnon. The land was formerly part of Bukidnon Farms, Inc., which was turned over to the government for redistribution in 1986.

The group said the prolonged processing has left farmers without tenure security, affecting productivity and exposing them to land disputes.

“Our members have complied with requirements and participated in the (agrarian reform) process. The slow pace of issuance deprives us of the stability we need to improve our livelihoods,” DCBUFAI President Jovencio Destor was quoted as saying in a statement.

The group urged DAR Region X to fast-track the processing and distribution of CLOAs to qualified beneficiaries in Bukidnon.

DCBUFAI and allied organizations have also asked the DAR Central Office to review bottlenecks in CARP implementation in Don Carlos, citing disparities in the pace of land title distribution across regions.

Agrarian Reform Secretary Conrado M. Estrella III earlier told BusinessWorld that DAR hopes to distribute 400,000 hectares of farmland to agrarian reform beneficiaries this year.

He said about 700,000 hectares of agricultural land are left to be awarded to farmers, with most of the land located in Mindanao and the Visayas.

“This year, we will go for 400,000 hectares and finish the balance by 2027,” he said via Viber. — Vonn Andrei E. Villamiel

New Mazda CX-60 unveiled, priced from P2.89M

The Mazda CX-60 attained a 50.48km/Lge fuel economy result in the Department of Energy Eco-Run 2025. — PHOTO BY KAP MACEDA AGUILA

By Kap Maceda Aguila

IT’S QUITE astonishing to note that more Mazda CX-60 units have been sold in the Philippines than anywhere else in the world, with the exception of Japan. The number exceeds 800, according to Mazda Philippines President and CEO Steven Tan in a release from the company. “(The figure is) a testament to it being well-received by Filipino buyers,” he averred.

Mazda Philippines formally revealed the refreshed version of the CX-60 last week to members of the media. Positioned as a premium SUV, the CX-60 is said to “(offer) new refinements, making it even more unmatched in every way. These (changes) are much more than skin-deep, and is part of our commitment to continuous improvement.”

The enhancements, said the company, are in pursuit of the “perfect Mazda Jinba Ittai (horse and rider in one body) experience of car and driver in complete harmony.” To better the ride, the rear suspension now features more pliant rear springs and new bump stops for “improved compliance,” and dampers get increased rebound rates to help with vertical motion. Fitted to the front suspension are dampers with firmer compression rates and relocated front knuckle mounts for better stability, especially on difficult terrain.

Meanwhile, “recalibrated steering and stability systems also improve overall balance,” added the release.

The front-engine, rear-wheel-drive mechanical layout, continued Mazda Philippines, “(distributes) the lateral and longitudinal workload between the two axles.” Placing the powertrain units at the center also aids in transmitting power to the road surface more efficiently. Versus similarly sized SUVs, the CX-60 is also said to boast a more compact turning radius of 5.4 meters — just a little wider than the MX-5’s.

The Skyactiv-Drive eight-speed automatic transmission gets control and hydraulic valve improvements “for smoother, more responsive combustion-engine-to-electric-motor transitions and a wider gear range for the best balance of enjoyable driving dynamics and environmental performance.”

A new 3.3-liter, six-cylinder engine — either gas or diesel — is under the hood of the CX-60, with both powerplants promising less vibration, with a smooth and quiet engine tone at low speeds, and “a clean and engaging sound” at full throttle. It delivers 284ps and 450Nm (gas); 254ps and 550Nm (diesel), with both engines utilizing Mazda Hybrid technology featuring a 48-volt hybrid system with a lithium-ion battery pack.

Further improvements are made to NVH (noise, vibration, and harshness) levels through thicker and denser sound insulation material on the dashboard and “increased coverage that now includes the upper part of the cowl.” The trunk side trim also gets enhanced sound insulator coverage, and a new steering column joint and reinforced doors reduce unwanted interior vibrations.

A 12.3-inch digital instrument panel, 12.3-inch infotainment center display, and a 10.4-inch head-up display put “everything right where it is needed,” while the Mazda Commander Control knob has been “optimally positioned” to “allow operation with the user’s arm resting comfortably on the center arm rest.” The unique Driver Personalization System makes it easy for drivers to set their ideal driving position. “After entering the driver’s height data via the infotainment center display, the automatic driving position guide uses a camera to detect the location of their eyes. It then automatically adjusts the seat, steering wheel, Active Driving Display, and door mirrors to match the driver’s eye position,” said Mazda Philippines.

Facial recognition technology is used to register driver preferences. “Once the driver is detected, the Mazda CX-60 automatically restores more than 250 stored settings to match preferences, including vehicle, audio, and climate control settings. The system stores settings for up to six different users, plus guests.”

Both variants have a frameless auto-dimming rearview mirror, front seat ventilation, wireless device charging, ambient lighting, panoramic sunroof, and dual-zone climate control with rear vents. The latest-generation Mazda Connect allows passengers to connect wirelessly via Apple CarPlay and Android Auto, and content is pumped through a 12-speaker Bose Sound system.

All Mazda CX-60 variants feature 20-inch aluminum alloy wheels with 235/50R20 tires, a panoramic sunroof, and a hands-free power tailgate with height memory adjustment. The 3.3L AWD HEV Turbo showcases the signature Mazda design with its machine-cut alloy wheels, bar-type grille, bright chrome on the front fenders, side window molding, and exhaust finishers. The 3.3L AWD HEV Turbo-D Sport receives black metallic alloy wheels, a dark honeycomb grille, dark side-window molding, dark exhaust garnish, and black side-view mirrors.

Perhaps most surprising, compared to elsewhere in the region, is pricing. Mr. Tan said that the asking price of P2.89 million for the Mazda CX-60 3.3L AWD HEV Turbo and P2.99 million for the Mazda CX-60 3.3L AWD HEV Turbo-D Sport — inclusive of a five-year free service plan which covers the periodic maintenance at six-month/10,000-kilometer intervals, for up to five years or 100,000 kilometers, whichever comes first — is much more affordable than in countries such as Singapore, Malaysia, Thailand, and Indonesia.

Every purchase includes a three-year bumper-to-bumper warranty and a five-year hybrid battery warranty. Sales of the new CX-60 commenced last Thursday, Jan. 15.

Style (01/19/26)

MUJI launches Kapok collection for S/S26

THIS season, MUJI Philippines will be launching a new clothing collection made with kapok, a natural fiber derived from the nuts of a tree native to tropical regions of Southeast Asia. Kapok grows with minimal water and fertilizer, requires little to no pesticides, and has a reduced environmental impact. The cotton-like fibers extracted from its kernels have traditionally been used as stuffing for cushions and garments. With a total of 13 new styles for men and women, nine styles from the collection will be available in all MUJI Philippines’ stores (excluding pop-up stores) and online (mujiph.com) starting this month. The remaining four styles will arrive in the stores later. The collection includes shirts, coveralls, and double-gauze blouses in various colors such as dark navy, medium gray, natural, blue stripe, off-white, light yellow, light blue, gray stripe, black, and khaki, perfect for pairing with pants or layering with dresses for versatile looks. Kapok fibers are hollow, lightweight, and airy, making it the lightest natural fiber in the world and a unique MUJI material for comfortable, functional, and sustainable clothing. With a breathable and hypoallergenic fabric structure, it provides excellent moisture absorption and heat retention. Its soft, airy feel and easy-to-wear designs make it ideal for daily life and the weather in the Philippines. The new kapok collection can be found at the MUJI stores in Estancia Mall, GH Mall, Festival Mall, Glorietta 3, SM North EDSA, SM Mall of Asia, Uptown Mall, Shangri-La Plaza, Greenbelt 3, Power Plant Mall, Central Square, and mujiph.com.

Benilde student show celebrates 10th year

SINULID, the annual culminating event which showcases the skills of the graduating Fashion Design and Merchandising (FDM) students of the De La Salle-College of Saint Benilde (DLS-CSB), marks not only 10 years of creative excellence, but also the 30th anniversary of the FDM program. Themed “Awanggan,” derived from the words awan (zero) and hanggan (limit), it is an archaic Tagalog term which means limitless. This year’s edition features over 270 looks. The showcase is divided into three acts — Takipsilim, Hating Gabi, and Bukang Liwayway (dusk, midnight, daybreak). It presents a diverse range of ensembles, from ready-to-wear to contemporary and the avant-garde. The Sinulid: Awanggan runway show will be held at the PNB Financial Center Banking Hall along Diosdado Macapagal Blvd. in Pasay City on Jan. 31, 6 p.m. Over 90 creations will likewise grace a digital exhibition, which is set to premiere a day after. For updates, visit @sinulid.benilde on Instagram.

Fendi releases Lunar New Year capsule collection

TO CELEBRATE the 2026 Lunar New Year and the start of the year of the Fire Horse, Fendi presents a special capsule collection. Drawing inspiration from the color-blocking and floral motifs featured on the Spring/Summer 2026 runway, the capsule collection is designed for both women and men, reinterpreting elements of good fortune. The women’s ready-to-wear features three classic FF logo knit pieces in light blue, reimagined with uniquely crafted color-block trims in pink and yellow. The women’s accessories introduce two new BFF Mini charms, enlarging the miniature family that debuted in Fall/Winter 2025-26 and continued into Spring/Summer 2026. Existing characters present new dressings and details that combine the red hue rich with New Year symbolism, and the auspicious signs of persimmons and peanuts. A special BFF Maxi charm, part of a limited series, mirrors the mini version’s look with luxurious materials and intricate details, from the mink hair and leather dress to the shearling accents on the shoes. In fashion jewelry, the delicate gold finishing of the EverRound Fendi logo merges with the lucky red of the leather bracelet as an auspicious emblem of prosperity and enduring happiness. The men’s ready-to-wear includes a blue nylon windbreaker, a blue cotton hoodie, and a white cotton T-shirt, adorned with the Fendi logo inspired by the floral themes of the Spring/Summer 2026 collection. The collection is available in selected FENDI boutiques and on fendi.cn this month.

Uniqlo launches Disney embroidery

UNIQLO has announced the launch of Disney embroidery designs at the Re.Uniqlo Studio in-store repair and remake service. Starting this month, customers can personalize their favorite Uniqlo items with eight exclusive embroidery designs featuring popular Disney characters including Mickey Mouse, Minnie Mouse, Donald Duck, and Daisy Duck. This service is available at Re.Uniqlo Studio locations for Uniqlo products purchased in the past or on the same day (excluding collaboration products). These cost P250 per icon, with the lineup including Mickey Mouse, Minnie Mouse, Donald Duck, and Daisy Duck in two color palettes, along with their silhouettes. The service is available at Re.Uniqlo Studio counters at the Uniqlo Manila global flagship store in Glorietta, Uniqlo SM Mall of Asia, and Uniqlo BGC High Street.

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