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Upson to use eco-friendly packaging in its stores

TECH retailer Upson International Corp. will eliminate single-use plastic and paper bag packaging across its stores as it fully transitions to reusable bags.

“We recognize the need for businesses to help address the challenges facing our world today including global issues such as single-use packaging,” Upson President and Chief Executive Officer Arlene Louisa T. Sy said in a press release.

“We’re taking action, as appropriate, to reduce environmental damage and find new ways to continually make a positive impact for people and the planet,” Ms. Sy added.

The reusable bags are made from non-woven polypropylene which Upson said is more durable than single-use plastics and paper bags and can withstand handling and transport after being used multiple times.

As the production of cotton bags takes less energy, this results in lesser carbon emissions.

“There is also no clear answer on which bag is the best and most sustainable. But we keep working with customers to help reduce packaging waste. To this end, we provide an eco-friendly packaging that is suitable for our products,” Ms. Sy said.

Upson said that according to the Sustainability Accounting Standards Board standards, one of the material sustainability issues for retailers and distributors is the packaging.

This is why companies in the multiline and specialty retail industry are recommended to engage with suppliers in coming up with a strategy that will reduce the environmental impact of the products’ packaging.

According to Upson, among the strategies the retailers and suppliers can employ are optimizing packaging weight and volume and using environment-friendly materials for packaging.

Although the company recognizes the idea that environmental, social, and governance considerations will only become important in the long term, it said that it will continue evaluating the standards as a guide in its governance and reporting.

Upson offers its retail products through its stores: Octagon Computer Superstore, Micro Valley, and Gadget King. — Justine Irish D. Tabile

BTS holds free concert to support South Korea’s bid to host World Expo

REUTERS

SEOUL — K-pop boy band BTS reunited on Saturday for a concert in Busan in support of South Korea’s bid to host the World Expo 2030 in the southern port city.

The free concert — titled BTS <Yet To Come> in BUSAN — drew an audience of about 52,000 people to a stadium, according to the Yonhap News Agency.

A total of 100,000 were expected to visit the stadium and other areas, according to Busan Metropolitan City authorities, with some fans watching the event live on large screens set up at several places around Busan.

The concert followed the seven-member band’s announcement of a break in June from group musical activities to pursue solo projects, raising questions about the band’s future.

With BTS’ oldest member, Jin, who is turning 30 next year, facing South Korea’s mandatory military service, the country’s defense minister said in August that BTS might still be able to perform overseas while serving in the military.

Under a 2019 revision of the law, globally recognized K-pop stars were allowed to put off their service until 30. Military service is hugely controversial in South Korea where all able-bodied men aged between 18 and 28 must fulfill their duties as part of efforts to defend against nuclear-armed North Korea.

“If the seven BTS members feel the same way and if you guys have faith in us, we will overcome whatever happens to us in the future and we will perform with you guys and make music. Please have faith in us,” BTS leader RM told fans during the concert, without elaborating further.

Four countries, including South Korea, Italy, Ukraine, and Saudi Arabia, have submitted competing candidatures to organize World Expo 2030, according to the expo organizing body Bureau International des Expositions (BIE). The host country of the World Expo 2030 is expected to be elected next year.

In July, K-pop sensation BTS was named as the official ambassadors for the World Expo 2030 in Busan, over 300 km southeast of capital Seoul.

BTS made its debut in June 2013 and became a worldwide sensation with its upbeat hits and social campaigns aimed at empowering young people.

Last year, BTS became the first Asian band to win artist of the year at the American Music Awards. The group met US President Joseph R. Biden at the White House in May to discuss hate crimes against Asians. — Reuters

UK housing market shows strains from ‘mini-budget’

REUTERS

LONDON — Britain’s housing market lost momentum this month after Prime Minister Liz Truss’ economic plans upset financial markets and triggered a repricing of the mortgage market, data from property website Rightmove showed on Monday.

Asking prices for homes coming to the market rose by 7.8% year on year in October, the smallest increase since January.

Britain’s housing market had already been showing signs of cooling after a more than 20% surge in prices since the start of the pandemic as the cost of living rose and the Bank of England steadily increased interest rates.

But last month Ms. Truss’ government announced a plan to boost economic growth through unfunded tax cuts that alarmed financial markets.

The turmoil meant some institutions temporarily stopped selling mortgages to new customers, while others ramped up repayment rates for new loans.

Rightmove said the first-time buyer category had been hit hardest by the uncertainty.

“Buyer demand was already starting to soften and higher interest rates were anticipated, but they’ve been brought forward sharply due to market uncertainties,” Tim Bannister, Rightmove director of property science, said.

Rightmove reported a rush of buyers trying to complete sales before mortgage offers fixed at prior lower repayment rates expired.

Mr. Bannister said would-be buyers faced tricky decisions now.

“It’s understandable that some new movers who have the option to wait may want a clearer view than they’re getting right now before they proceed with a major purchase such as a home,” he said.

Rightmove’s index of asking prices, which is not seasonally adjusted, typically falls in November and December. — Reuters

Banks’ credit card receivables post double-digit growth as of July

CREDIT CARD receivables of banks operating in the Philippines posted double-digit growth as of July amid the economy’s continued recovery and growing consumer demand for digital products, the Bangko Sentral ng Pilipinas (BSP) said on Monday.   

BSP Governor Felipe M. Medalla said in his speech during the anniversary event of the Credit Card Association of the Philippines (CCAP) that the growth reflects the collaborative efforts of the credit card industry to ensure a resilient and stable financial system.

“Despite a challenging operating environment, the credit card industry managed to grow its portfolio in a prudent manner. Credit card receivables have started to post double digit growth in 2022, reaching 20.4% year on year in July 2022,” Mr. Medalla said.

He added that the nonperforming loan (NPL) ratio of the industry peaked at 10.1% in November 2020. Latest data from the central bank showed the share of nonperforming credit card receivables in total NPLs stood at 6.76% as of end-June.

BSP Deputy Governor Chuchi G. Fonacier said in a separate speech that the resilience of the industry can also be seen in the double-digit growth of credit card billings.

“Credit card financing has been slowly gaining momentum in line with resumption of economic activities,” Ms. Fonacier said.

She said credit card billings rose by 41.4% annually in June, higher than the 29.5% growth in the same period in 2021.

“The credit card industry has also been at the forefront of extending the BSP’s temporary relief measures to individuals or businesses affected by the COVID-19 (coronavirus disease 2019) crisis,” Ms. Fonacier said.

“Apart from keeping finance charges within the BSP’s ceilings on credit card transactions, the industry led the way in restructuring credit card receivables,” she said.

Majority of restructured consumer loans were credit card receivables worth P6 billion as of end-July, comprising a 56.3% share, Ms. Fonacier said.

“We likewise appreciate the active engagement of CCAP in the BSP’s initiatives, particularly in the regular review of the credit card ceilings. The inputs and feedback of the credit card industry form part of the BSP’s holistic assessment of the appropriateness of the credit card ceilings,” she added.

The central bank earlier imposed an interest rate cap on all credit card transactions to ease the burden of consumers and enterprises affected by the COVID-19 pandemic.

The interest rates or finance charges on the unpaid outstanding credit card balance of a cardholder were capped at 2% per month or 24% per year.

“With demand for digital financial products increasing, there is still a lot of scope for growth in the credit card industry,” Ms. Fonacier said.

“Rest assured that we will continue to work closely together towards the achievement of our shared objective of promoting access to consumer credit through a safe, secure and reliable credit card industry,” she added.

SIM REGISTRATION LAW
Meanwhile, the mandatory registration of all subscriber identity module (SIM) cards in the Philippines will help lessen credit card fraud and eliminate barriers to digital transformation, the BSP and the CCAP said.

“Similar to the call of CCAP, we likewise support the SIM Card Registration Act, which intends to deter the proliferation of SIM card aided crimes such as bank fraud and text scams,” Mr. Medalla said.

“The rampant activities of fraudsters and scammers are compelling reasons for the passage of safeguard registration,” he said, adding that the central bank will continue to work with the CCAP in raising awareness and in protecting consumers.

The SIM Card Registration Act requires buyers of SIM cards to register prior to activation, while those already in circulation will be deactivated unless registered within a set period. The law penalizes the use of false or fictitious information and identities and the use of fraudulent documents in SIM card registration.

There are more than 120 million mobile subscribers in the Philippines, where scams using links in text messages have been rising.

“CCAP has been privileged to have been given the chance to share with the BSP that the clickable links are not the problem, but the people who maliciously use them,” CCAP Chairman Rolando P. Ebreo said.

“With the SIM registration law, we are set, as a nation, to combat that malice and to once again add a layer of protection for our Filipino consumers. It will help mitigate, if not prevent, scam messages that contain links used to lure the victims into giving out their information,” Mr. Ebreo said.

CCAP Executive Director Alex Ilagan said they continue to work with different government authorities to ensure the well-being of their customers.

“Initiatives that ranged from events that focused on the responsible use of credit cards, lobbying for the protection of consumers from smishing attacks, and pursing our strong position on SIM card registration are some of the highlights of the past three years,” Mr. Ilagan said.

He also encouraged more credit card businesses to share best industry practices and engage with the BSP regularly on emerging issues.

The industry should also develop consumer education programs to create awareness on the benefits and risks of using credit cards, he said.

“As the effects of the pandemic linger, CCAP and its members will continue to work together in offering more liberal debt restructuring or forbearance programs to allow cardholders in financial distress repay their obligations and regain good credit standing,” Mr. Ilagan said.

“We look back now and see that the challenges we faced also provided us the opportunity to learn more on how we can be a stronger organization to help our fellow Filipinos,” he added. — K.B. Ta-asan

Overseas Filipinos’ cash remittances (August 2022)

MONEY SENT HOME by overseas Filipino workers (OFWs) jumped 4.3% year on year in August, as migrants took advantage of the peso’s weakness against the US dollar. Read the full story.

Overseas Filipinos’ cash remittances (August 2022)

Century Pacific Food’s brands certified as plastic-neutral

BRANDS under Century Pacific Food, Inc. (CNPF) received “Net Zero Plastic Waste” certification for the second straight year, the firm said on Monday.

To be certified “means that an entity’s plastic footprint is effectively offset by recovering an equivalent amount of plastic waste, preventing it from leaking into nature, and ensuring it is processed safely.”

According to a media release, the brands that were certified are Argentina, Birch Tree, Coco Mama, unMEAT, Hunt’s, Swift, Century Quality Bangus, Angel Coffee Creamer, Wow, Home Pride, and Choco Hero.

“These are CNPF brands that make use of flexible plastic packaging,” the company said.

Meanwhile, the household brands of CNPF like Century and 555, make use of tin and paper for packaging.

The company started managing its plastic footprint in 2019 through the Plastic Credit Exchange (PCX), the world’s first fully integrated plastic offset program.

PCX engages a third-party assurance group, PriceWaterhouseCoopers, to audit the plastic footprint of participating companies and certify their respective offsets.

CNPF brands first received certifications in 2021 and from July 2020 to December 2021, it was able to effectively recover and offset a total of 4,300 metric tons of plastic waste through PCX.

“For manufacturers like us, participating in an offsetting program can be the first step in becoming more responsible for our footprint,” CNPF Executive Vice-President and Chief Operating Officer Gregory H. Banzon said.

Aside from managing its plastic footprint, CNPF’s other initiatives include the launch of the Zero Hunger Alliance and its coconut division’s pursuit of carbon neutrality by 2028.

Its Zero Hunger Alliance in partnership with Gawad Kalinga aims to combat hunger and malnutrition among vulnerable communities nationwide.

Meanwhile, under its carbon neutrality program in partnership with e-payment giant GCash and non-profit impact organization HOPE, CNPF will plant a million coconut trees, which will help with carbon sequestration.

The planted trees “are donated to smallholder coconut farmers in Mindanao, helping their farms become more productive and boosting their incomes.”

On Monday, shares in CNPF climbed by 50 centavos or 2.13% to P24 apiece. — Justine Irish D. Tabile

How PSEi member stocks performed — October 17, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, October 17, 2022.

Peso ends at record low vs dollar on hawkish Fed comments

BW FILE PHOTO
THE PESO on Monday ended at its record low against the dollar for the fourth time this month amid hawkish comments from US monetary policy makers. — BW FILE PHOTO

THE PESO on Monday closed at its record low versus the dollar for the fourth time this month after US Federal Reserve officials said the US central bank may hike rates by 75 basis points (bps) at its remaining meetings to curb rising inflation.

The local unit closed at its record low of P59 versus the greenback on Monday, declining by 6.5 centavos from its P58.935 finish on Friday, Bankers Association of the Philippines data showed. This all-time low close was first logged on Oct. 3 and then on Oct. 10 and Oct. 13.

The peso opened Monday’s session at P58.97 against the dollar. Its weakest showing was at its finish of P59, while its intraday best was at P58.92 versus the greenback.

Dollars exchanged decreased to $524.9 million on Monday from $542.8 million on Friday.

“The peso weakened anew after Fed official Bullard hinted at a 75-bp US rate hike in December, stronger than the market consensus of a 50-bp move,” a trader said in an e-mail.

St. Louis Fed President James B. Bullard said on Friday in a Reuters interview that a faster-than-expected US inflation may warrant continued “front-loading” through 75-bp rate hikes at its Nov. 1-2 and Dec. 13-14 meetings.

If the Fed follows through with two more 75-bp hikes this year, its policy rate would end 2022 at a range of 4.50%-4.75%. The Fed has raised borrowing costs by 300 bps since March.

Hawkish statements from other Fed officials last week also caused the peso to decline, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

San Francisco Federal Reserve President Mary C. Daly on Wednesday reiterated the US central bank’s commitment to curbing inflation with more rate increases.

Meanwhile, Federal Reserve Bank of Cleveland President Loretta J. Mester said the Fed will need to continue raising rates and keep them high from some time to rein in inflation.

On the other hand, Kansas City Fed President Esther George said on Friday that the US central bank should tighten slowly and steadily allow time for its policy actions to make their way through the economy and minimize market volatility.

During the Fed’s Sept. 20-21 monetary policy meeting, a number of officials “emphasized the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action.”

Fed officials said it is important to stay the course in fighting inflation “even as the labor market slowed.”

For Tuesday, the trader said the peso might strengthen on potentially upbeat China gross domestic product growth.

The trader expects the local unit to move between P58.80 and P59 versus the dollar, while Mr. Ricafort gave a forecast range of P58.85 to P59. — Keisha B. Ta-asan

Stocks rise on remittance data, bargain hunting

BW FILE PHOTO

LOCAL STOCKS closed higher on Monday following the release of data showing remittances rose in August and on continued bargain hunting.

The benchmark Philippine Stock Exchange index (PSEi) went up by 65.58 points or 1.11% to close at 5,970.33 on Monday, while the broader all shares gained 20.89 points or 0.65% to end at 3,198.63.

China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said that the PSEi rallied following strong remittances data.

“The index surges, but volume remains tepid. The PSEi posted a strong rally today ahead of the release of August remittance data. Today’s move may have reflected investors’ optimism on the remittance print,” Mr. Mercado said in an e-mail on Monday.

Data from the Bangko Sentral ng Pilipinas showed cash remittances sent through banks went up by 4.3% to $2.72 billion in August, higher than the $2.60 billion a year earlier. The growth in remittances was the fastest since the 4.4% logged in June.

However, the amount sent home by migrant Filipinos was the lowest in three months or since the $2.43 billion in May.

For the first eight months, cash remittances amounted to $20.985 billion, up 3% from $20.38 billion in the same period last year.

The BSP expects remittances to grow by 4% this year.

Meanwhile, Philstocks Financial, Inc. Research Analyst Claire T. Alviar said the market continued to post gains on bargain hunting. 

“The local bourse bucked the trend of the US markets last Friday. Investors extended bargain hunting, but market participation remains weak,” Ms. Alviar said in a Viber message.

Ms. Alviar said that the index heavyweights also pulled the market higher.

“Philippine shares closed higher with investors bracing for another week of data ahead. There are a handful of speaking engagements from Federal Reserve officials throughout the week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message, adding that investors are also awaiting the release of companies’ financial reports.

Most sectoral indices ended higher on Monday. Holding firms went up by 128.11 points or 2.27% to 5,763.54; property rose by 57.45 points or 2.26% to 2,597.20; mining and oil gained 139.47 points or 1.32% to end at 10,651.20; and services climbed by 9.92 points or 0.65% to 1,529.48.

Meanwhile, financials declined by 18.16 points or 1.19% to 1,502.31 and industrials dropped by 7.81 points or 0.09% to 8,693.45.

Value turnover went up to P6.64 billion on Monday with 541.89 million shares changing hands from the P4.65 billion with 443.29 million issues traded on Friday.

Advancers outnumbered decliners, 87 versus 76, while 49 names closed unchanged.

Net foreign selling stood at P36.51 million on Monday versus the P513.21 million in net buying seen on Friday.

China Bank Securities’ Mr. Mercado placed the PSEi’s support 5,830 and resistance at 6,000-6,050. — A.E.O. Jose

Output of 15 hydro projects to be offered in next auction

PSALM.GOV.PH

THE Department of Energy (DoE) said it will offer the output of 15 hydropower projects with a combined capacity of 101.35 megawatts (MW) at an upcoming competitive selection exercise.

Energy Undersecretary Giovanni Carlo J. Bacordo said nine of the hydro complexes are on Luzon, two in the Visayas and five in Mindanao.

The open and competitive selection process invites bids for power output and awards agreements following a technical and financial review. 

Mr. Bacordo said offering hydro capacity helps the DoE meet its goal of increasing the share of renewable energy (RE) in the power mix to 35% by 2030, and 50% by 2040.

The DoE also announced that it is planning to conduct another round of the Green Energy Auction in June.

“This time we will study what will be the requirements, taking into account the RPS (Renewable Portfolio Standards), grid requirements,” Energy Assistant Secretary Mylene C. Capongcol told reporters on the sidelines of the Norway-Philippines Maritime and Energy Conference last week.

Ms. Capongcol said that the second auction round for (RE) could be bigger than the first, at which the DoE awarded 19 contracts to deliver 2,000 MW of RE under the Green Energy Auction Program.

Ms. Capongcol said the department is still considering whether to include hydropower and impounding geothermal in the green energy auction. — Ashley Erika O. Jose

Rains fail to bring Angat water to ‘ideal’ levels

PHILSTAR

THE National Water Resources Board (NWRB) said that the volume of water at Angat Dam remains below the 212-meter level, which is deemed to provide an adequate safety margin for supply during the dry months, despite the rains brought by recent typhoons.

Sevillo D. David, Jr., NWRB executive director, said in a Laging Handa briefing on Monday that Angat Dam’s water level is currently around 189.4 meters.

“It is in normal operating level, but not ‘comfortable’ to supply the needs of Metro Manila residents and farmers in Bulacan and Pampanga,” Mr. David said.

Mr. David described the current water supply situation for Metro Manila as limited. Angat Dam is the main source of water for Metro Manila, accounting for about 90% of the capital’s potable water.

“Angat Dam’s water level must reach around 212 meters by year-end to ensure enough water supply in Metro Manila and irrigation for farmers especially for the summer months,” he added.

Angat Dam also supplies irrigation water for Bulacan and some Pampanga rice farms through Bustos dam, which distributes water from Angat.

Mr. David said that the NWRB is also working with other government agencies like the Department of Health (DoH) to ensure good water quality amid a rise in cholera cases.

At a briefing last week, the DoH reported 3,729 active cholera cases. — Ashley Erika O. Jose

Business groups back ARTA against calls for abolition

BUSINESS organizations said they do not support the Ombudsman’s proposal to abolish the Anti-Red Tape Authority (ARTA), saying that the agency is needed to help improve government services.

In a joint statement on Monday, 32 business groups said the abolition proposal was a matter of concern, adding that “the Ombudsman and the ARTA complement each other’s functions; both should be working together.”

In September, Ombudsman Samuel R. Martires urged Senators to abolish ARTA and repeal the law that created the agency.

According to Mr. Martires, Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act, which created the ARTA, “encroaches” upon the powers of the Ombudsman.

The business groups said ARTA has delivered on its mandate to make transactions with government more seamless.

“Approvals for permits, licenses, etc. have been simplified and greatly speeded up. The 3, 7, 20 requirement, detailing the number of days within which approval must be granted, has seen many provincial government agencies and local governments introduce procedures to attain this swift attainment of approval,” they said.

“We would like to appeal to the Ombudsman to work with the ARTA, so they may together give us the improvement in government services we need, and continue the upgrading that has been started so effectively,” they added.

ARTA Officer-in-Charge and Undersecretary Ernesto V. Perez said that the agency has no intention of encroaching on the Ombudsman’s jurisdiction.

Mr. Perez added that the ARTA has contacted the Office of the Ombudsman (OMB) for clarification.

“While we continue to advocate for the efficiency of government service delivery, we welcome the collaboration with the OMB to strengthen and better implement the Ease of Doing Business Law for the greater benefit of the Filipino people,” Mr. Perez said.

Signatories to the joint statement were Alyansa Agrikultura, American Chamber of Commerce of the Philippines, Anvil Business Club, Australian-New Zealand Chamber of Commerce Philippines, Canadian Chamber of Commerce of the Philippines, Cebu Business Club, Cebu Leads Foundation;

Connected Women, Employers Confederation of the Philippines, European Chamber of Commerce of the Philippines, Federation of Indian Chambers of Commerce (Phil) Inc., Filipina CEO Circle, Financial Executives Institute of the Philippines, Fintech Alliance Philippines, Green EDSA Movement;

Institute Of Corporate Directors, Investment House Association of the Philippines, IT & Business Process Association of the Philippines, Inc., Justice Reform Initiative, Makati Business Club, Malaysia Chamber of Commerce and Industries Philippines;

Management Association of the Philippines, Microfinance Council of the Philippines, People Management Association of the Philippines, Philippine Center for Entrepreneurship Foundation – Go Negosyo, Philippine Chamber of Commerce & Industry;

Philippine Council of Associations and Association Executives, Philippine Exporters Confederation, Inc., Philippine Franchise Association, Philippine Retailers Association, Procurement and Supply Institute of Asia, and Semiconductor and Electronics Industries in the Philippines Foundation, Inc. — Revin Mikhael D. Ochave

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