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PHOTO BY KAP MACEDA AGUILA

Another all-electric option joins the BMW fold

TIMING can be everything. For BMW Philippines and the all-electric iX3, it has been nothing short of truly serendipitous.

Barely two weeks after President Marcos released Executive Order No. 12, approving “zero tariff on electric vehicles to encourage consumers to use ‘cleaner and greener’ cars” as reported by Kyle Aristophere T. Atienza in a recent BusinessWorld article, Local BMW distributor and service provider SMC Asia Car Distributors Corp. took the wraps off this BMW Sports Activity Vehicle (SAV, its nomenclature for the SUV).

The tariff relief is expected to boost the local electric vehicle market and encourage a shift to emerging technologies, according to the order. This specifically cut the iX3 price by a hefty P700,000 — to P4.59 million — certainly very reasonably by EV (and premium) standards.

BMW Philippines President Spencer Yu said ahead of the unveiling last week that the iX3 will complement the previously launched iX in the Munich-headquartered brand’s electric lineup, and is “the first in a series of BEVs (the company will) be introducing this year. This is part of our continued promise to bring more electrification in a more modern package to the Philippine motoring public,” he declared.

The BMW iX3 is essentially the X3 that many motorists are familiar with — except that it swaps an electric motor for the more familiar internal combustion engine. It is the first BMW to be offered in four drivetrains — a diesel, plug-in electric vehicle, gas, and the iX3. This unrivalled flexibility in platform helps to make the iX3 both familiar and fresh.

“The iX3 is a very compelling option to a lot of first-time buyers,” continued Mr. Yu, and said that it makes EV motoring closer to the general public… It will feel, behave, and drive like a BMW.

“Those of you who are familiar with driving our X3 will not find a difference here, except for the fantastic torque.” In terms of looks, the iX3 sports blue accents to indicate its electric drivetrain, and the kidney grille is bereft of too many holes because it doesn’t have an internal combustion engine that needs to breathe and be ventilated.

Driving the iX3 is the fifth-generation BMW Group eDrive system, which features a current-excited synchronous motor and a 400-volt lithium-ion battery. It can muster a range of 460 kilometers on a single charge — a figure Mr. Yu said he can attest to. The electric motor can dish out a maximum of 286hp and 400Nm, and can speed the vehicle from a standstill to 100kph in 6.8 seconds — onward to an electronically limited 180kph.

“The power density of the electric motor in the first-ever BMW iX3 is 30% greater than that of existing fully electric vehicles from the BMW Group. The motor displays efficiency of up to 93%, in comparison to under 40% for combustion engines,” said the company in a release.

The aforementioned price includes a Wallbox-branded alternating current (AC) home charger to be installed by BMW’s accredited “i partner.” Charging from zero to 100% can take as little as 7.5 hours, but users are reminded to keep the charge level to no less than 20%. Direct current (DC) charging on a 150-kW charge point can take as little as 10 minutes for 100 kilometers of range. Of course, it’s not a good idea to always use a rapid charger as it will degrade the battery more quickly. The iX3 is compatible with all Type 2 public charge points in the country.

Helping extract more distance from its battery is Adaptive Recuperation. “The intensity of the brake energy regeneration is adapted to the road situation described by data from the navigation system and the driver assistance system sensors,” reported BMW.

In keeping with its eco-friendly nature, the iX3’s electric motor is said to be produced without employing rare earth metals. Rather, it uses secondary raw materials to manufacturer aluminum castings and thermoplastics. Even electricity used in the actual production process is “green.”

The lone variant (for now) is fitted with BMW’s “Inspiring” equipment line, giving it an M Aerodynamic Package, M high-gloss Shadow line, M roof rails, aerodynamically designed 19-inch light-alloy wheels, and adaptive LED headlights. And while it may feel like it, the seats are not wrapped in hide or leather but man-made materials — specifically, perforated Sensatec. However, it does get an M leather steering wheel, added to an M headliner in Anthracite, electronically adjustable seats with memory function on the driver’s side, fine-wood trim, a panoramic glass sunroof, acoustic glazing for the front door windows, ambient lighting, three-zone automatic climate control system, the BMW Comfort Access System, and automatic tailgate operation.

BMW Live Cockpit Professional includes a 12.3-inch digital instrument cluster and 12.3-inch widescreen display predicated on the iDrive Operating System 7.0. The SAV also gets a wireless smartphone integration with Apple CarPlay and Android Auto preparation, remote software upgrade, and telephony with wireless charging. Harmon Kardon speakers are fitted within as standard. Rear seatbacks can be split/folded 40:20:40 — with load capacity able to be expanded from 510 to a maximum of 1,560 liters.

For safety, the iX3 receives High Beam Assistant, Parking Assistant, cruise control with braking function, Acoustic Protection for pedestrians, Active Protection, plus Park Distance Control with front and rear sensors, and a tire pressure monitoring sensor.

Buying the BMW iX3 M Sport also comes with a five-year factory warranty, eight-year high-voltage battery warranty, and six-year BMW Service Inclusive warranty. Check it out at RSA Motors Libis and RSA Motors Greenhills.

Cold chain industry projects 8-10% capacity growth in 2023

REUTERS

THE Cold Chain Association of the Philippines (CCAP) is expecting the industry to expand by 8-10% in terms of capacity, or about 50,000 pallet positions, this year.

CCAP President Anthony S. Dizon said the expansion will be mainly be organic as the economy recovers, the population grows, and e-commerce adoption accelerates.

He added that the industry’s growth trajectory dates back to 2015, and is set to continue with new builds lined up.

“In terms of capacity (growth), it was 10% in 2022,” Mr. Dizon told reporters in a press briefing.

According to the Philippine Cold Chain Industry Roadmap, food spending is “a main driver of cold storage” as food-related items account for 45% of consumer spending.

As onion prices soar, some farmers’ groups called for the expansion of cold storage facilities to minimize their post-harvest losses.

CCAP has said that its storage capacity was inadequate if the government intends to build up a reserve to mitigate the onion crisis, noting that it costs about P150 million to build cold storage for every 2,300 MT of onions.

Mr. Dizon said government intervention is needed to address the “disparity between demand and capacity,” and proposed loan support for the industry. — Sheldeen Joy Talavera

New fiber products made with waste product, disliked plant

BRAKONG is a lightweight external breast prosthesis for breast cancer survivors made from bakong. — JAMESDYSONAWARD.ORG

TWO new textile products were the focus during the Department of Science and Technology – Philippine Textile Research Institute (DoST-PTRI) Textile Stakeholder’s conference last Thursday at the Dusit Thani Hotel in Makati

Projects of the Department of Trade and Industry (DTI) Design Center of the Philippines, the two new textile products are important because the sources of the materials come from an overlooked resource and a maligned plant.

One of these is the bakong plant (Hanguana Malayana) which is found in Cagayan, but also in Mindoro, Palawan, and other places in the Philippines.

According to Maria Rita Matute, Executive Director of the Design Center of the Philippines, who discussed the aquatic plant, it is looked down upon by Cagayan citizens as an obstruction to tourism in their local lake. But in collaboration with the DOST, the Industrial Technology Development Institute (ITDI), and the Design Center of the Philippines tapped private sector collaborators to use fiber from the plant to make pulp, yarn, and, eventually, bioplastics and textile.

The product was launched in 2022 at the Sustainable Solutions Exchange by the Center for International Trade Expositions and Missions. The multiple private sector collaborators were able to make, collectively, around 30 products from bakong fiber.

That same year, the bakong fiber was featured on the pages of the maiden issue of Vogue Philippines, and, in September, the “Brakong” won the James Dyson Award. The Brakong, a breast prosthesis for breast cancer survivors made with the bakong fiber, was developed by Emmanuelle Pangilinan and Jason Pechardo of the University of the Philippines-Diliman.

“What we really want to do is to really industrialize the production of bakong fiber. We’re starting first with a biodiversity assessment on the lake in Cagayan to be able to find out how much can we harvest without having to harm the source of the material,” said Ms. Matute.

On other terrains, the Design Center of the Philippines has once again used the fiber from pineapple leaves. Pineapple has been used in many ways in Philippine culture: there’s pina fiber that forms the backbone of Filipino formalwear, and in recent years, a sustainable leather substitute had been found. Piñatex, also derived from pineapple leaves, was invented by Spanish designer and social entrepreneur Carmen Hijosa. (See the story here: https://www.bworldonline.com/editors-picks/2019/12/09/268271/from-waste-to-high-taste/)

For this new use, pineapple leaves become the source for Pinyapel, a specialty paper made from agricultural waste from pineapple farms in Bukidnon. It is made by another private sector collaborator — Cagayan de Oro Papercraft — and can be used for packaging applications. This product won a Future Impact award from the Design and Art Direction, a British educational organization.

Ms. Matute said they will hold a Pinyapel Investors Forum this year, as well as a feasibility study on how best to industrialize the manufacture of a non-wood pulp from pineapple plantation waste and scale its production to satisfy local and global demand.

“We really want to expand the option of going sustainable, going green, not just to a very select few,” said Ms. Matute. “But really, how do we make it more acceptable, accessible, as well as more inclusive?

“What we wanted to do was create value, so basically, something that would be trash, or burnt at the farms would become something that can be used,” she said. — Joseph L. Garcia

High Court delists Ongpin, Philex share dispute from court records

THE Supreme Court (SC) has granted the appeal of businessman Roberto V. Ongpin to delist an intra-corporate dispute case involving Philex Mining Corp. from the court’s records.

The case stemmed from a lawsuit filed by Mario E. Ongkiko, a shareholder of Philex, who alleged that Mr. Ongpin as director and vice-chairman of Philex violated SEC rules when he supposedly used insider information to make short-swing profits.

In a 12-page resolution on Dec.7 and made public on Jan. 26, the SC First Division said the Court of Appeals (CA) did not have jurisdiction over the case since the respondents, shareholders of Philex, did not pay filing fees worth P8.25 million but only paid P4,325 of the docket fees.

“While we believe in the cause of stockholder activism championed by respondents, we cannot allow what the law does not,” the high tribunal said.

Mr. Ongpin had filed a motion to expunge before the CA to erase the lawsuit, which was pending before a Pasig City trial court, from court records.

The appellate court said Mr. Ongpin failed to prove that the Pasig trial court abused its discretion when it rejected the motion to erase the case.

The Pasig trial court said a motion to expunge, which seeks to strike out a case from court records, does not apply to intra-corporate controversies.

In 2009, Mr. Ongpin bought Philex shares worth P50 million from the Development Bank of the Philippines (DBP) at P12.75 per share, registered in the name Goldenmedia Corp.

In less than six months, a share purchase agreement worth P452.08 million was executed between Mr. Ongpin, Goldenmedia, Boerstar Corp., Elkhound Resources, Inc., Walter Brown, DBP and the share buyer Two Rivers Pacific Holdings Corp. for a 9.24% stake in Philex.

Mr. Ongkiko argued that Mr. Ongpin profited from the deal that stemmed from information not available to the general public.

The High Court said it can dismiss a case when the ground invoked by the petitioners is lack of jurisdiction over a subject matter, which Mr. Ongpin proposed in his appeal.

“Respondents have not settled the deficiency in filing fees until today, nor do they show a willingness to do so,” said the Supreme Court. — John Victor D. Ordoñez

Avenged sevenfold?

The GAC Empow and GS9 are expected to help realize the sales ambitions of GAC Motors Philippines. — PHOTO BY KAP MACEDA AGUILA

Two new vehicles are unveiled as Astara takes control of the GAC distributorship. And the regional boss has lofty sales goals.

By Kap Maceda Aguila

A YEAR after taking the reins of Peugeot in the country, Astara Philippines continues to dig in its heels in its first Asian market. One of the largest auto distributors in Europe and Latin America has just tucked Chinese vehicle brand GAC Motor under its wing.

“Our first year in the Philippines was remarkable with Peugeot as our first brand. Now, with GAC Motor added to our portfolio, we are excited to bring more value to our Filipino customers. With Astara’s global strength and track record in car distribution and mobility services, we hope to achieve great success for GAC Motor as we have done in Latin America,” said Astara Managing Director for Southern Europe and the Philippines Jorge Belzunce in a statement.

One of the first moves for Astara Philippines was to appoint a brand head for GAC Motor. Redentor “Jun” Cajayon brings with him almost three decades of “extensive sales, marketing, and network development experience in the automotive industry,” and is now tasked with “driving strategic market direction, sales programs, and dealer network development.”

Astara is certainly bullish about prospects in these parts. Said Astara Philippines Managing Director Raoul Picello, “We have achieved significant milestones in our first year with Peugeot, and we are confident that we will do the same for GAC Motor this year.”

In an exclusive interview with “Velocity,” Mr. Belzunce stated that Astara is “very happy” with GAC, adding: “We think we can work with them globally… The Philippines is our ramp-up, and we have to succeed here if we want to become important in this continent as we are in Europe and Latin America.” GAC first entered the Philippine market in 2018 when it was then under the stewardship of Legado Motors, Inc.

Astara fired off a loud opening salvo to mark its assumption of control over GAC here with the simultaneous launch of the Empow sedan and all-new version of the GS8 SUV. “We’re thrilled to start the year on a high note… Both vehicles represent the best that GAC has to offer at a reasonable price range for our Filipino customers. We are determined to reinvigorate the brand and achieve outstanding performance in the market beginning this year,” said Mr. Picello.

EMPOW
Positioned as a sports sedan, the Empow is said to boast “futuristic lines and a sleek, muscle car-esque silhouette that gives (it) an aggressive stance. The sculpted form and attention-grabbing design elements define its sporty profile, while its interiors, driving performance and technology are engineered to thrill the senses.”

Mr. Cajayon described the Empow as “most ideal for customers who want a sports sedan that looks as great as it drives. It provides the performance advantage without compromise at a price point that is well within reach.”

Speaking of pricing, the sedan is offered in three variants at the following special introductory prices and colors: 1.5L GE DCT (P1.283 million) in Matte Fighter Green; 1.5L GB DCT (P1.215 million) in Ivory White, Moonlight Grey, and Elegant Black; and 1.5L GS DCT (P1.135 million) in Ivory White and Moonlight Grey. Until March 31, GAC Motor extends a P90,000 discount on the GS and GB trims; P65,000 on the GE.

The Empow is motivated by a turbocharged 1.5-liter engine that features the brand’s in-house-developed MegaWave technology. This heart, which puts out 168hp and 270Nm of torque, is mated with a seven-speed wet-type dual clutch transmission. Its claimed zero-to-100kph time is 6.95 seconds, which GAC maintains is the fastest in the compact sedan segment.

On its front, it has an oversized front grille that sets off an angular and muscular body. The car’s headlights and daytime running lights are LEDs. The Empow gets 18-inch alloy wheels and quad exhaust tailpipes. Inside, the car gets colored leather panels, “fighter jet-inspired” seats, and carbon fiber accents. A seven-inch digital instrument panel and a 10.25-inch infotainment display with Apple CarPlay compatibility complete a modern look.

The Empow also has a powered sunroof, a leather multifunction steering wheel with paddle shifters, dual-zone automatic air-conditioning with a built-in negative ion air purifier, multiple USB type-A ports, power-adjust driver’s seat, and leather upholstery with soft-touch interior trims.

The safety and driver assistive features are headed by six air bags, a tire pressure monitoring system, adaptive cruise control, forward collision warning, lane keep assist, autonomous emergency braking, traffic jam assist, and high beam assist.

GS8
Not to be lost amid the fanfare is the all-new GS8, GAC’s largest SUV. The full-size seven-seater is regarded as the brand’s most successful model. “The all-new GS8 builds on its success… with its complete package of style, quality, reliability and safety. It has been masterfully designed to exude confidence on the road, making it the perfect match for customers seeking distinction and refinement in their SUV,” reported Mr. Cajayon.

A 2.0-liter turbocharged GDI engine, providing 248hp and 400Nm of grunt, is paired with a third-generation, eight-speed automatic transmission for smooth and balanced power. The SUV gets a “signature four-bulb metric” automatic LED headlights, complementing a V-shaped chrome grille. Its tires are fitted onto large 20-inch aluminum alloy wheels, and the rear fascia is highlighted by double chrome exhaust pipes.

In the cabin, seats are swathed in leather with diamond stitching. Front seats offer power adjust and memory settings. The leather-wrapped multifunctional steering wheel features paddle shifters, and the vehicle gets an electrochromic rear view mirror, three-zone automatic air-conditioning and one-touch power windows. Multi-color intelligent ambient lighting and a panoramic sunroof give it “a touch of luxury,” per GAC Motor.

A large 14.6-inch HD touchscreen has phone mirroring capabilities, complementing a seven-inch digital cluster, four USB-A ports, wireless mobile phone charging pad, and a Bluetooth hands-free phone system. For safety, the GS8 has multiple air bags, Isofix child safety seat anchors, seatbelts with “disengaged” alarm, an engine immobilizer with anti-theft alarm, tire pressure monitoring and more.

Priced at P2.298 million (which factors in a P100,000 discount valid until March 31), the SUV also boasts adaptive cruise control, traffic sign recognition, forward collision warning, autonomous emergency braking, lane departure warning, front and rear parking sensors with HD Surround Vision Parking System, and Traffic Jam Assist. Driving is made more efficient and dynamic with three drive modes to choose from (Eco, Comfort, and Sport). It comes in the following colors: Ink Seal Green, Crystal White, Moonlight Grey, and Elegant Black.

SALES TIMES SEVEN?
In a speech during the recent launch, Mr. Belzunce described Peugeot’s performance under Astara control here as “quite successful,” owing to “a lot of great opportunities.” He continued, “We have everything, the right management, right partners, the right products.”

The executive noted that sales have grown three times over. He then declared, “I don’t expect less than (sevenfold growth for GAC) this year.”

According to data from the Philippine Automotive Dealers Association, GAC Motor sold 403 units last year. That means expected sales of at least 2,821 units in 2023.

“Thanks for lifting my target for 2023,” declared Mr. Picello with a smile during his own speech. “It’s been a good first year and we want to repeat the same success with GAC. We want to go even farther, and we will follow the same strategy: product, great quality, new models, increasing network, and more brand presence in the customer’s mind.”

Speaking to “Velocity” after the unveiling of the two models, Mr. Picello said that Astara is looking at the distributorship of additional brands in the country. “If you look at the Astara footprint in the world, we have many operations in many countries and regions where there are more than two brands. For the moment, we are focused on this fantastic brand but clearly, since we can do more than one thing at a time, we’re looking also at any opportunity in this market which has become an important one in this region.”

As for why GAC Motor was chosen: “I think the product is the key. We see potential in the quality of the products, the technology in the products, and in the design of the products. On the other hand, we see that other Chinese brands have been successful in a relatively short time, so there is certainly opportunity for a high-quality, high-technology, great-designed (vehicles) at an accessible price point.”

Mr. Cajayon said to expect two more GAC releases before the end of the year, and the continued growth of the distribution network. “The base of our business is our product, and we need to grow the network because we need to have reach and be closer to our customers. In a few months, we have already increased more than twice the number of outlets. These will be ready very soon.”

And the pixie dust for success? “Product, network, awareness of the product, and customer handling experience. There are really no secrets,” concluded Mr. Picello.

Indian sugar mills to close early as rain hits cane supply

REUTERS

MUMBAI — Sugar mills in India’s top producing state Maharashtra are set to stop cane crushing 45 to 60 days earlier than last year as heavy rain has curtailed sugar cane availability, a senior state government official told Reuters on Friday.

The western state of Maharashtra, which accounts for more than a third of the country’s sugar output, could produce 12.8 million tons of sugar in the 2022/23 marketing year that began on Oct. 1, down from an earlier forecast of 13.8 million tons, Maharashtra’s sugar commissioner Shekhar Gaikwad said.

Lower sugar output could prevent the world’s second-biggest exporter from allowing additional exports, potentially supporting global prices and allowing rivals Brazil and Thailand to increase their shipments.

India has allowed sugar mills to export only 6.1 million tons of the sweetener in the current season and, out of that, mills have already contracted to export 5.7 million tons.

“Excessive rainfall curtailed sugar cane’s vegetative growth. This year lower cane is available for crushing,” Mr. Gaikwad said.

A few mills in the central part of the state could start winding down operations in 15 days, and by the end of April all except three or four mills could have stopped crushing, he said.

Sugar mills in Maharashtra were operational until mid-June in 2021/22 as they were struggling to harvest a record crop. Maharashtra, which often surprises the global sugar market with wide swings in production, has so far produced 6.76 million tons of sugar, slightly higher than the last year’s 6.67 million tons.

In 2021/22 Maharashtra produced a record 13.7 million tons, higher than the initial estimate of 11.2 million tons, allowing New Delhi to export a record 11.2 million tons.

But this year, sugar production in Maharashtra and neighboring Karnataka was revised down and will not allow India to export additional sugar sought by the industry, a Mumbai-based dealer with a global trading firm said.

As the sugar exports quota was nearly exhausted, the Indian Sugar Mills Association and other trade bodies were requesting the government to allow additional exports of up to 4 million tons.

“Industry was banking on higher production in Maharashtra to convince government for higher exports. But instead of rising, Maharashtra’s production is going down,” the dealer said.

India mainly exports sugar to Indonesia, Bangladesh, Malaysia, Sudan, Somalia and the United Arab Emirates. — Reuters

Gucci names De Sarno as creative director with task of reviving brand

SABATO DE SARNO — FACEBOOK.COM/GUCCI/
SABATO DE SARNO — FACEBOOK.COM/GUCCI/

PARIS — French luxury goods group Kering PRTP.PA has appointed Sabato De Sarno, a senior fashion designer at Valentino, as creative director of its top brand Gucci, it said on Saturday.

At Gucci, he will be tasked with reviving the fortunes of a brand that accounted for two-thirds of Kering’s profits in 2021 but has been losing momentum in recent years after stellar growth in 2015-19.

Mr. De Sarno, 39, began his career at Prada in 2005, before moving to Dolce & Gabbana and then joining Valentino in 2009, where he held several positions before being appointed fashion director overseeing both men’s and women’s collections, working closely with chief designer Pierpaolo Piccioli.

A red carpet favorite, Mr. Piccioli is known for adding a contemporary flair to the storied Italian label’s extravagant breed of glamor, generating buzz for example with head-to-toe bright pink looks for American singer Zendaya.

“I am proud to join a house with such an extraordinary history and heritage, that over the years has been able to welcome and cherish values I believe in,” Mr. De Sarno said in Kering’s statement. “I am touched and excited to contribute my creative vision for the brand.”

He will present his debut Gucci runway collection at Milan Women’s Fashion Week in September 2023.

Gucci CEO Marco Bizzarri said that having worked with a number of Italy’s most renowned luxury fashion houses, Mr. De Sarno “brings with him a vast and relevant experience.”

The choice of a seasoned but relatively unknown designer with years of experience working behind the scenes echoes the group’s strategy when it appointed its previous creative director Alessandro Michele, who did not have a public profile at the time of his appointment in 2002.

“We salute Kering’s decision,” said Luca Solca, analyst with Bernstein. “Gucci — and the Kering shareholders — need courage and an original point of view.”

Solca noted that Mr. De Sarno’s profile was reassuring. “The eyes of the world will be on him to see if he also has the required creative genius.”

SOARING GROWTH
Gucci had been under pressure to quickly appoint someone to one of the top jobs in fashion after the abrupt departure in November of Michele, known for his flamboyant and gender-fluid styles and a favorite of singers Harry Styles and Lady Gaga.

He had been in the job seven years but left following tensions with Kering’s top management, sources told Reuters.

Alongside Mr. Bizzarri, he had overseen a period of soaring growth at Gucci between 2015 and 2019, with profits increasing nearly four-fold to just under €10 billion ($11 billion) and revenue almost trebling.

But in recent quarters, Gucci had begun to lag rivals including Hermes and LVMH’s top brand Louis Vuitton, with its performance in the key Chinese market becoming a source of concern for investors amid COVID-19 lockdowns.

Kering is due to publish full-year results on Feb. 15.

Investors will be keen to hear how the business fared after Beijing lifted its COVID restrictions late last year, leading to huge infections and the disruption of business across the country.

LVMH and others have said sales recovered somewhat in the lead-up to China’s Lunar New Year holiday.

But Kering’s shares were the worst performers among major luxury brands and lagged the Paris CAC 40 and pan-European STOXX 600 index over the past three years. The stock has risen 10% since January 2020 compared with a more than 100% rise in LVMH and Hermes. — Reuters

Republic Cement’s ecoloop targets more partners for co-processing of waste  

REPUBLIC Cement Services, Inc. through its resource recovery arm, ecoloop, targets to partner with more companies for co-processing of waste to achieve its goal of plastic neutrality, its official said last week.

“For the coming years, we are targeting more partnerships with companies with a sustainability mindset,” Angela D. Edralin-Valencia, managing director of ecoloop, told BusinessWorld on the sidelines of a Sustainability Committee meeting facilitated by the Nordic Chamber of Commerce of the Philippines last week.

Ms. Edralin-Valencia said that to date, ecoloop has partnerships with private companies and local government units (LGUs), and hopes to expand its existing partnerships.

“Our current partners are the early adopters of the EPR (Extended Producer Responsibility) law. We also targeted LGUs that have political will to achieve sustainability goals,” she said.

Data from the company’s website show that ecoloop has 12 private company partners and over 30 LGU partners. Ms. Edralin-Valencia said several partnerships are in the works.

Through the EPR law, large enterprises are mandated to recover up to 80% of their plastic packaging waste. Ecoloop’s co-processing involves the reuse or recovery of thermal and mineral properties of qualified waste materials to convert to alternative fuels, helping Republic Cement to reduce its dependence on fossil fuels like coal.

“Our goal is also to make our cement a greener and more environmental-friendly product,” Ms. Edralin-Valencia said, adding that they are also aiming to cut their fossil fuel consumption.

“Our ambition is of course to replace 50% of our fuel consumption with alternative fuel. That’s a big number and certainly, a lot of investments have to be put in place from our end to get to that number but we are still reviewing our options,” she said.

Ms. Edralin-Valencia described the EPR law as a perfect model for sustainability but said its aggressive implementation is needed. She added that existing laws are enough to attain plastic neutrality.

“We’re sitting on thousands and thousands of tons of waste every day and harnessing that waste to alternative fuel is a perfect investment. Waste to energy will eventually play a factor in the enormity of waste problems and for the benefit of the country,” she said. — Ashley Erika O. Jose

Flagship Moto ACCS store opens in San Juan

Moto ACCS Greenhills measures 61.3 square meters. — PHOTO BY KAP MACEDA AGUILA

By Kap Maceda Aguila

MOTORCYCLE ACCESSORIES and gear supplier Moto ACCS opened its flagship store last week. Located at 324 Ortigas Avenue, North Greenhills in San Juan City, the Autohub Group-owned-and-operated establishment is situated conveniently alongside Vespa and Triumph Motorcycles showrooms.

“ACCS has been known to cater to the four-wheel accessories market, but due to the high demand for motorcycles, (the brand) has now branched out to Moto ACCS — exclusively for motorcycle riders’ needs and bike accessories,” said Autohub Group President Willy Tee Ten in a release.

The inauguration of Moto ACCS Greenhills follows the opening of the first store — on the roof deck of the Mini Building on 38th Street in Bonifacio Global City, Taguig — last December.

Measuring 61.3 square meters, Moto ACCS Greenhills store features an array of quality products, including Shark helmets; motorcycle, denim, puffer jackets and gear from Segura and Furygan; Labl breathable jerserys; Falco high-cut riding shoes; Kriega heavy-duty backpacks and bags; Cardo state-of-the-art communication systems; Marco horns; Zard exhaust pipes; and Hit-Air safety shock buffering system.

The Autohub Group is looking at opening more Moto ACCS outlets in the future, revealed Autohub Group VP for Marketing, Creatives, and Fleet Owee Cruz to this writer. “These may complement our Vespa or Triumph Motorcycles shops, but we’re also considering opening them as standalone stores.”

For more information, contact Arturo Cruz at 0917-812-9608.

Ukraine’s wheat, corn crops seen shrinking again as farmers struggle

REUTERS

PARIS — Ukraine’s corn and wheat production is set to fall for a second year in 2023, with corn output not expected to exceed 18 million tons and wheat production 16 million tons as farmers reduce planting due to the war, a grain sector group said.

The projections were a best-case scenario, and production could fall more sharply depending on weather and financial difficulties of farms, Ukraine Grain Association (UGA) head Nikolay Gorbachov told Reuters on the sidelines of Argus Media’s Paris Grain Conference.

Disruption to export trade following Russia’s invasion last year has left many farmers producing at a loss, he said. “For farmers it became unprofitable to produce the grain and that’s why they cut the planted area,” he said.

Overall, Ukraine’s grain and oilseed crop output may decline to around 50 million tons from some 67 million in 2022 and about 106 million in 2021, according to UGA estimates.

Ukraine has managed to export around 30 million tons of grains and oilseeds so far in the 2022/23 season using a Black Sea grain corridor negotiated with Russia, as well as alternative routes via European Union countries, he said.

But backlogs in the Black Sea corridor and less efficient logistics in alternative routes were creating high costs that hit farmgate prices, he said, blaming Russia for slowing vessel inspections in the corridor.

Corn has been particularly affected by financial constraints as it is relatively expensive to grow, dry and transport, he said, adding about 10% of the 2022 crop remained unharvested as farmers wait for some fields to dry out.

Ukraine’s agriculture minister said last month that 2022 corn production could fall to 22 million-23 million tons from 41.9 million in 2021. Wheat production is estimated to have fallen to about 20 million tons last year.

In oilseeds, production of rapeseed and soybeans, seen as more profitable to produce and export, could hold steady this year at around 3 million tons each, Mr. Gorbachov said.

But sunflower seed output might fall due to difficulties faced by local crushing facilities that usually process the crop to export sunflower oil, he added. — Reuters

Rates of Treasury bills, bonds may decline on tightening bets

BW FILE PHOTO

RATES of government securities on offer this week could track secondary market yields’ broad decline ahead of the US central bank’s policy review and dovish hints from the Bangko Sentral ng Pilipinas (BSP) chief.

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in 91-, 182-, and 364-day papers.

On Tuesday, it will offer P35 billion in reissued 25-year Treasury bonds (T-bonds) that have a remaining life of 12 years and eight months.

“The upcoming Treasury bill auction yields could continue to correct slightly lower, after the comparable short-term PHP BVAL (Bloomberg Valuation Service) yields again mostly slightly declined week on week,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The upcoming 13-year Treasury bond auction yield could range at the 6%-6.2% levels, as the latest 12-year PHP BVAL yield stood at 6.1205% as of Jan. 27, 2023,” he added.

He said markets are expecting a 25-basis-point (bp) rate hike from the US Federal Reserve at its Jan. 31 to Feb. 1 meeting, which could be matched by the BSP in its own review on Feb. 16.

“Recent dovish signals locally, such as possible end of monetary policy tightening in the first quarter, with the possible peak in the local policy rate at 6%… would also be considered by the markets,” Mr. Ricafort said.

A trader said in a Viber message that T-bill rates could move sideways, while the reissued bonds could see slightly higher yields.

“We are seeing some upside on rates, especially for the 13-year bond reissuance, given the positive GDP (gross domestic product) print, which could mean that BSP can still hike policy rates to avoid the widening of the inflation base,” the trader said.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion likewise said in a report that they see the bonds on offer on Tuesday to fetch rates of 6.05% to 6.2%.

At the secondary market on Friday, the 91-day T-bill’s rate rose by 6.37 bps week on week to 4.3757%, while the 182- and 364-day papers declined by 4.42 bps and 5.84 bps to yield 4.9535% and 5.3947%, respectively, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the 25-year debt paper saw its yield drop by 9.88 bps week on week to 6.4166%, while the 10-year bond, the tenor closest to the remaining life of the issue on offer on Tuesday, fetched 6.0271%, down by 19.25 bps.

Investors widely expect the Fed to dial down its rate increases as early as its meeting this week amid easing inflation.

The US central bank raised its fed funds rate by 50 bps in December to a 4.25%-4.5% range following four straight 75-bp increases, bringing total hikes for 2022 to 425 bps.

Meanwhile, BSP Governor Felipe M. Medalla said this month that the central bank is likely to raise benchmark rates by 25 or 50 bps at its meeting on Feb. 16 to anchor inflation expectations.

Mr. Medalla also said the BSP will likely end its tightening cycle with one or two more increases this quarter, which will bring its key rate to around 6%.

The BSP hiked borrowing costs by 350 bps in 2022 to bring down elevated inflation, with its policy rate now at 5.5%.

Last week, the BTr raised P15 billion as planned from the T-bills it auctioned off as bids reached P62.013 billion, more than four times the amount on offer.

Broken down, the Treasury raised P5 billion as programmed via the 91-day T-bills with tenders reaching P22.36 billion. The average rate of the three-month papers dropped by 3.9 bps to 4.211%, with accepted rates ranging from 4.2% to 4.22%.

The government also made a full P5-billion award of the 182-day securities as bids for the papers reached P19.08 billion. The six-month tenor was quoted at an average rate of 4.912%, declining by 5.5 bps, with accepted rates at 4.89% to 4.925%%.

Lastly, the BTr borrowed P5 billion as planned from the 364-day debt papers as demand for the tenor reached P20.573 billion. The average rate of the one-year T-bill inched down by 2 bps to 5.428%. Accepted yields were from 5.393% to 5.473%.

Meanwhile, the 25-year bonds to be auctioned off on Tuesday were last offered on Oct. 25, 2022, where the government made a partial award of its offer. The Treasury raised just P26.139 billion from its offer of reissued 25-year bonds, less than the programmed P35 billion, even as total bids reached P46.988 billion.

The bonds were awarded at rates ranging from 7.625% to 8%, bringing the average to 7.887%, 3.8 bps lower than the 7.925% quoted for the bond when it was first offered on Sept. 28, 2010, and also 11.3 bps below the 8% coupon for the issue.

The Treasury wants to raise P200 billion from the domestic market this month, or P60 billion through T-bills and P140 billion via T-bonds.

The government borrows from domestic and external sources to finance its budget deficit, which is capped at P1.47 trillion this year or 6.1% of GDP. — A.M.C. Sy

Fashion figure Andre Leon Talley collections up for auction at Christie’s in New York City

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PARIS — Silk caftans, exotic leather coats and monogrammed Louis Vuitton luggage sets are among items from the late American fashion journalist Andre Leon Talley set to go under the hammer at Christie’s in New York.

“He was a larger-than-life tour de force,” said Elizabeth Seigel, head of private and iconic collections at Christie’s New York, speaking at an exhibit in Paris, where some of the items are displayed.

“His work could really make or break any designers,” added Ms. Seigel.

Close to 400 lots are on sale until Feb. 16, illustrating Talley’s eccentric personal style and love of fashion, with drawings, photographs and clothing linked to his friendships with other towering industry figures, like designers Karl Lagerfeld and Diane von Furstenberg and longtime Vogue editor-in-chief Anna Wintour.

The auction house estimates the lots will fetch more than a million dollars, funds that will go to two Baptist churches that played a key role in Talley’s life.

Talley, a former US Vogue editor at large and creative director, died on Jan. 18, 2022, at age 73.

“He was Anna Wintour’s right-hand man, and he also paved the way for a new generation of those who followed him, such as (British Vogue editor-in-chief) Edward Enninful,” said Ms. Seigel, noting that he also played a role mentoring new generations of designers and writers. — Reuters

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