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GOCC subsidies up 75% in April

PCH.VECTOR-FREEPIK

SUBSIDIES PROVIDED to government-owned and -controlled corporations (GOCCs) surged in April, data from the Bureau of the Treasury (BTr) showed.

Budgetary support to GOCCs jumped by 75% to P8.958 billion in April from P5.117 billion in the same month a year ago.

Month on month, subsidies declined by 17% from P10.795 billion in March.

The government provides subsidies to GOCCs to help cover their operational expenses.

The National Irrigation Administration (NIA) was the top recipient of subsidies in April, with P3.878 billion or almost half (43.29%) of the total for the month.

This was followed by the National Food Authority (NFA), which received P2.017 billion during the month.

The National Housing Authority (NHA) was granted P836 million in April after not receiving any subsidies the previous month.

Other top recipients in April were the Sugar Regulatory Administration (P429 million), the Philippine Rice Research Institute (P321 million), the Philippine Children’s Medical Center (P266 million), the Philippine Heart Center (P178 million), Philippine Crop Insurance Corp. (P134 million), Philippine National Railways (P132 million), the National Kidney and Transplant Institute (P125 million), and the Lung Center of the Philippines (P121 million).

GOCCs that were given at least P50 million were the National Dairy Authority (P98 million), the Cultural Center of the Philippines (P80 million), and the Development Academy of the Philippines (P61 million).

Philippine Postal Corp., Power Sector Assets and Liabilities Management Corp (PSALM)., Small Business Corp., and the Subic Bay Metropolitan Authority did not receive any subsidies in April.

In the first four months, subsidies amounted to P30.266 billion, down by 3.6% from the P31.391 billion in the same period a year ago.

In the January-to-April period, the NIA received P14.062 billion to lead all GOCCs. This was followed by PSALM with P5 billion and the NFA with P3.252 billion.

Last year, GOCC subsidies rose by 8.5% to P200.41 billion from P184.767 billion in 2021. — Luisa Maria Jacinta C. Jocson

External debt hits record $118.8 billion at end-March

FREEPIK

OUTSTANDING EXTERNAL DEBT hit a record $118.812 billion at the end of the first quarter, the Bangko Sentral ng Pilipinas (BSP) said.

Preliminary data from the BSP showed that external debt was up by 8.3% from the $109.753 billion seen as of March 2022. It was also higher by 6.8% from the $111.268 billion in end-2022.

External debt includes all types of borrowings by residents from nonresidents.

“The rise in the debt level during the first quarter of 2023 was driven primarily by the aforesaid statistical adjustment involving the inclusion of the nonresident holdings of peso-denominated debt securities issued onshore in the debt stock,” the BSP said.

The growth of the country’s debt stock was also driven by net availments of the National Government (NG) worth $2.7 billion from the issuance of multi-tranche global bonds, prior periods’ adjustments of $767 million, and the appreciation of other currencies against the US dollar.

“The increase in foreign debt may have been attributed to the new global bond issuance and other commercial sources earlier in 2023, as well as foreign borrowings for official development assistance (ODA) and other multilateral sources,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

In January, the government raised $3 billion from its first dollar bond issuance for the year.

“Year on year, the country’s debt stock rose by $9.1 billion. The increase was driven by net availments of $7.6 billion, of which $7.4 billion pertain to NG borrowings; inclusion of nonresidents holdings of peso-denominated debt securities worth $3.8 billion and prior periods’ adjustments of $646 million,” the BSP said.

“Meanwhile, the transfer of Philippine debt papers from nonresidents to residents of $1.7 billion and negative foreign exchange revaluation of $1.3 billion partially tempered the increase in the debt stock for said period,” it added.

External debt was equivalent to 29% of gross domestic product (GDP) at end-March, higher than the debt-to-GDP ratio of 27.5% in the same period a year ago, as well as the 27.5% logged at end-2022.

The BSP said this was due to a “change in the scope of the external debt stock to include nonresident holdings of peso-denominated debt securities issued onshore worth $3.8 billion.”

“The country’s external debt-to-GDP ratio is still relatively lower compared to most Asian countries, given the larger share of domestic borrowings in the government’s borrowings for many years already, as part of the prudent stance to manage foreign exchange risks involved in foreign borrowings,” Mr. Ricafort added.

Meanwhile, the debt service ratio (DSR) jumped to 12.9% from 4% a year ago amid higher recorded repayments. The DSR is a gauge of the adequacy of foreign exchange earnings to meet maturing debt obligations.

Borrowings by the public sector rose by 11.5% to $75.2 billion as of end-March from $67.4 billion the quarter earlier.

“About $68.1 billion (90%) of public sector obligations were NG borrowings, while the remaining $7.1 billion pertained to loans of government-owned and -controlled corporations, government financial institutions and the BSP,” it added.

Meanwhile, private sector debt slipped by 0.7% to $43.6 billion from $43.9 billion as of end-2022.

The BSP said net repayments worth $1.3 billion offset prior periods’ adjustments of $707 million, with the net acquisition of Philippine debt securities by nonresidents from residents worth $251 million, and positive foreign exchange revaluation of $59 million.

Japan ($14.3 billion), the United States ($3.6 billion), and the United Kingdom ($3.2 billion) were the Philippines’ top creditor countries at end-March.

Loans from multilateral and bilateral sources accounted for 37.9% of all external borrowings.

Other sources were bonds (35.2%) and foreign banks and other financial institutions (20.9%), while the remainder (5.9%) was owed to suppliers and foreign exporters.

Mr. Ricafort said foreign currency risks can be hedged “especially if payment of principal and interest come from domestic sources denominated in pesos, thereby any increase in the US dollar versus the peso tends to increase the country’s debt payments.”

“Other than heading foreign exchange risks that are entailed in foreign debt, another mitigating factor is to lengthen the tenor of foreign borrowings over the long-term to properly manage maturities and avoid bunching up maturities over the short-term,” he added. — Luisa Maria Jacinta C. Jocson

Alliance Global to expand hospitality business

ALLIANCE Global Group, Inc. (AGI) is set to expand its hotel operations by adding about six new locations to its portfolio by 2028, the company said over the weekend.

“AGI remains to be the biggest player in the Philippine tourism sector, with the largest array of international and home-grown hotels at varying price points to cater to all types of tourists and visitors,” AGI Chief Executive Officer Kevin Andrew L. Tan said in a media release.

“With the surge in domestic and international tourism activities, all our hotels have been experiencing high occupancy rates and much-improved average daily room rates,” he added.

In the media release, the company said that through its subsidiary Megaworld Corp.’s hotel and resorts brand, it will add 11,000 room keys spread across six new hotels located at its various townships in the country.

It said the move is driven by its aim to “solidify its market dominance in the country’s fast-growing tourism sector being the largest hotel developer and operator in the Philippines.”

The new hotels will be located in Parañaque City; Laguna; Bacolod City in Negros Occidental; City of San Fernando in Pampanga; Boracay Island in Malay, Aklan; and San Vicente in Palawan.

Megaworld earlier said that it had allocated P350 billion for its capital expenditure in the next five years to expand its township footprint.

It plans to capitalize on increasing tourism in the country by expanding its meetings, incentives, conventions, and exhibitions (MICE) activities by building more hotels as well as MICE facilities such as convention centers in key cities within the next few years.

Meanwhile, AGI said earlier that through its unit Travellers International Hotel Group, Inc., it was looking to expand its resort and casino business outside Metro Manila.

Mr. Tan said that the company is looking at key tourism hubs across the country as potential expansion sites for its integrated resort business.

The company earlier disclosed that it would acquire full ownership of Travellers International after a share purchase agreement between Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd. and Premium Travellers Ltd. whose ultimate parent entity is Genting Hong Kong Ltd.

Travellers International is operating six hotel brands, five of which are in Pasay City, namely: Marriott Hotel (570 rooms), Hilton Hotel (352 rooms), Sheraton Hotel (350 rooms), Hotel Okura (190 rooms), and Holiday Inn Express (737 rooms). Its Courtyard by Marriott in Iloilo City has 326 rooms.

Meanwhile, Megaworld is operating 12 hotel properties across the country under its hotel and resorts brand.

AGI is engaged in property development, food and beverage manufacturing and distribution, quick service restaurants, and integrated tourism development.

The company’s subsidiaries are Emperador Inc., Megaworld, Travellers International, Golden Arches Development Corp., and Infracorp Development, Inc.

On Friday, AGI shars slid by 0.15% or two centavos to P13.24 apiece. — Adrian H. Halili

Pick.A.Roo targets to widen reach, partner with more brands

MEGAWORLD Corp.’s all-in-one lifestyle delivery application Pick.A.Roo is planning to expand its services to Visayas and Mindanao, and partner with more brands in food and grocery segments.

Eric B. Bataga, chief executive officer of Pick.A.Roo, said that the company is looking to expand its presence and reach key cities down south.

“We have plans to increase the brand and also our presence. Right now, we are present only in Metro Manila and some outskirts of Metro Manila but we plan to move to Visayas and Mindanao,” Mr. Bataga told BusinessWorld in a recent interview.

When asked what specific locations the company is looking at, he said: “We are looking at Cebu, Bacolod, Iloilo, and Davao.”

For brands, Mr. Bataga said that the company is eyeing to have more partners in food and grocery segments.

“There are still a lot of brands in food that we don’t have yet so we are hoping to partner with a lot of quick service restaurants and then for groceries, we are targeting some of the known brands,” he said.

Meanwhile, Mr. Bataga said the company is in the process of raising funds from local and international venture capitalists and investors.

“Right now, we are doing our fundraising. We are on our Series A. We are looking for venture capitalists or investors here and abroad,” he said.

“We started around the fourth quarter of last year. We did our room show last year and are still continuously doing up until this year,” he added.

The company is looking to raise around $20 million from the fundraising activity. It has no concrete plans yet of entering the equity market, Mr. Bataga said.

Pick.A.Roo is an on-demand delivery startup project under Megaworld’s digital investment arm Agile Digital Ventures, Inc.

When Agile Digital Ventures was launched in 2020, it allocated a three-year capital expenditure of $5 million to build Pick.A.Roo for three years. — Justine Irish D. Tabile

What it takes to make the toughest watch in the world

WHAT DOES it take to be considered the toughest watch in the world? According to the Guiness Book of World Records in 2017, surviving being run over by a 24.97-ton truck, breaking the record for “The heaviest vehicle to drive over a watch.” The watch in question was the Casio G-Shock, which was being marketed as the “toughest watch in the world.”

Kikuo Ibe, the inventor of the G-Shock, was in the Philippines last week for the launch of the MR-G (the G-Shock’s more sophisticated companion) in the Philippines. It has an all-metal construction, with the band using DAT55G, a titanium alloy that is three times harder than pure titanium, while its bezels are made of Cobarion and Ti64 Titanium Alloy for a beautiful radiant finish and long-lasting durability. Shigeru Watanabe of Casio Singapore PTE Ltd., who was also in the Philippines during the launch, noted that the MR-G is made completely in Japan, instead of in its other factories abroad.

The G-Shock’s parent company is the Japanese giant Casio, which aside from making watches, both analog and digital, also make digital musical instruments and calculators. Calculators, in fact, made the company known worldwide, it being Casio’s first product after making pipes since the 1940s.

Casio watches are relatively affordable, with some models selling at P2,000 or so, and the G-Shocks themselves are priced at about P7,000 and above (the MR-G line, on the other hand, runs up to six digits). By democratizing the price of watches, it seems that Casio has democratized the very concept of time itself.

“Our company slogan is ‘creativity and contribution.’ That means we make something from nothing, and contribute to society and people. If Casio produced only expensive watches, it only pleases a limited number of people,” said Mr. Watanabe.

Aside from arguably being the world’s toughest watch, the G-Shock could well be a contender for the world’s most popular.

Mr. Watanabe said that as of March, 140 million G-Shocks have been sold around the world. Knowing that millions of wrists around the world sport his invention, Mr. Ibe, speaking through an interpreter, said, “I really feel very grateful to find out that many people own a G-Shock. Looking back, close to 10 years after the launch of G-Shock back in the ’80s, it wasn’t selling at all. Looking at that, and thinking of that, to know that 140 million people are now fans… I really have nothing but gratitude.”

MAKING A WATCH TOUGH
The story of G-Shock’s creation is quite personal.

Mr. Watanabe said that when the G-Shock was invented, Mr. Ibe had construction workers in mind. He wanted to develop “an unbreakable watch, even with the shock of the vibrations,” said Mr. Watanabe. Mr. Ibe’s story goes back to his own father. “The start of it all was when my father gifted me, when I entered high school, with a wristwatch, which I had until I started working. One day, when I was at work, I dropped it, and the watch just broke into pieces. That’s when I told myself… I need to create a watch that’s going to be very tough, that doesn’t easily break.”

According to the Casio website, Mr. Ibe would test the G-Shock prototypes by dropping them from the third floor of the research and development center. He would then analyze how and why they broke and make the adjustments. But with a deadline looming, inspiration came just in the nick of time.

The Casio site says, “Inspiration finally came to the engineer, who had never given up experimenting, on a day off just before the development deadline. After going out to lunch feeling low, he was watching some children playing with a rubber ball in the park next to the research and development center when the idea of the module floating in the space inside the ball suddenly came to him. In order to realize this concept, he came up with a hollow structure in which the module is supported at just a few points with a slight space around it.”

The result of this is “a structure that could absorb shock from all directions by combining soft materials that reduce shock with a hard material frame.”

Since the first G-Shock was created, subsequent models were developed “to withstand any conceivable ‘tough environment.’” Aside from being shock-proof, G-Shock watches are waterproof, dust-proof, and mud-proof. They now have “radio-controlled solar powered functions that run on light and display the correct time, and compass bearings and altitude measurements using sensor technology,” says the site.

CHANGING BATTERIES
Mr. Ibe was once a designer at Casio, but now he jokes that he’s in Sales and Marketing, travelling the world as he does to speak about G-Shock.

We asked Mr. Ibe if anybody ever had the need to have a G-Shock repaired. “Personally, I have not received any question or inquiry that the watch broke, or the parts are so-and-so. Nothing like that on my end,” he said. Usual complaints are about the battery (for the models without solar power capabilities). The same goes for him. “I have one of the original watches that was launched in 1983. Apart from changing the battery once, it has not had repairs or anything like that.”

The world’s toughest watch: in the face of a more difficult world, it’s nice to have a tough companion. Mr. Ibe seems to think so as well. Asked what possessing the toughest watch in the world can do for a person, he chuckled at first, and said, “Wow.”

“Personally, people in general, everything doesn’t go perfectly all the time. Sometimes, you are not feeling well; sometimes you’re not doing well with life. I wish that these people, who are going through that, and then they own a G-Shock, I hope that they understand the story behind the G-Shock, how it was created; what it went through…

“Knowing that story, they would also look at the G-Shock, and say, ‘I can’t quit. I also have to persevere.’ I hope that owning a G-Shock would give them that kind of additional determination to persevere with whatever is going on in their life,” he said. “I hope that the G-Shock would be like the one motivating or cheering the owner. I want these owners of the watch to be those who really work hard, and those who really want to work hard and do well.”

The G-Shock MR-G series is exclusively available at L’Atelier Lucerne at Shangri-la at The Fort. — Joseph L. Garcia

North Star corners last-mile delivery for Alfamart stores in Northern Luzon

NORTH STAR Meat Merchants, Inc. has expanded its distribution channels to now serve Alfamart stores in Northern Luzon through its last-mile delivery and cold storage network, its top official said.

“Alfamart’s northern operations [are] now with us. We are going to handle their last-mile delivery and storage,” North Star Chief Executive Officer Anthony Mark O. Ng told reporters last week.

“Ang mangyayari d’yan, lahat ng (What will happen is all of the) frozen items ni (of) Alfamart for north sa akin babagsak (will go through us) and we [will] deliver to their stores,” Mr. Ng added.

He said the frozen food suppliers of the minimart chain will now go through North Star’s distribution network.

“The other suppliers will bring [the products] to us, and we will consolidate, store, plan for them, and deliver to their stores,” Mr. Ng said.

He said the company will use its existing internal logistics network to deliver frozen products to Alfamart stores in Northern Luzon.

Alfamart has so far opened a total of 1,500 stores in the country and plans to open about 250 stores within the year. It recently announced the opening of its 1,500th store in Pangasinan last week.

The company, last year, announced that it had partnered with North Star to sell meat and frozen meat products in about 1,000 stores across the country.

North Star is an end-to-end fresh frozen meat retailer and operates in SM Markets, WalterMart, and Alfamart across the Philippines.

Last year, the company planned to sell its shares to the public via an initial public offering (IPO) that was supposed to run from June 13 to 17, 2022 from which it expected to raise around P3.5 billion.

In March 2022, North Star filed the registration application for its IPO with 1.8-billion outstanding shares to be offered to investors. Days before the offer period, the company said it was deferring the offering due to market volatility.

Mr. Ng had said the company was waiting for an indication that the economy is beginning to bounce back before pushing through with its market listing, which he hoped to be this year or early 2024.

In the company’s preliminary prospectus issued last year, it listed 248 meat concessions in the National Capital Region (NCR) as of end-2021, apart from 53 in Luzon outside NCR, 53 in Visayas and six in Mindanao. Its sales mix for that year was comprised of 65% pork, 27% beef and 8% chicken.

North Star has cold storage facilities in Bulacan and Cebu. It has a capacity of 8.09 million kilograms and can deliver up to 120,000 kilograms of meat daily.

Meanwhile, Alfamart is the minimart chain of SM Markets and a joint venture between the SM group and PT Sumber Alfaria Trijaya Tbk (Alfamart Indonesia), creating the minimart chain of SM Markets, the food retail brand of SM Retail, Inc., one of the core businesses of SM Investments Corp. — Adrian H. Halili

Bentley Manila plugs into electrification

The Bentley Flying Spur Hybrid is the first electrified sedan in the Crewe-headquartered marque’s portfolio. — PHOTO BY KAP MACEDA AGUILA

The Flying Spur Hybrid is now in the country

By Kap Maceda Aguila

LAST MONTH, this writer had a chance to take the wheel, and be driven aboard, a pioneering variant of the Bentley Flying Spur. Navigating the pristine streets of Singapore, the spacious, capable, and immensely well-appointed limousine made heads turn and pedestrians stop in their tracks.

To be honest, all this fuss is nothing new for a Bentley.

But what is largely hidden from view also should make this particular model truly attention grabbing. This particular variant of the Flying Spur, which now debuts in the Philippines, is driven by an electrified powertrain — combining a 2.9-liter V6 gas engine with Bentley’s proprietary E-Motor connected to an 18-kWh lithium-ion battery. The system submits a total of 544hp and 750Nm, with the “energy stored in the battery supplementing the existing 12-volt electrical infrastructure of the vehicle.”

In a statement, Bentley Manila President Benedicto Coyiuto said, “The new Flying Spur Hybrid ushers in Bentley’s electrified lineup in the Philippines. This model arrives immediately supported by the infrastructure, technical expertise, and strategic alliances which PGA Cars — the official and exclusive partner of Bentley in the Philippines — has invested on and established in the past few years.”

The Crewe-headquartered luxury auto brand had previously declared an intent to offer a hybrid option across its entire model range by 2024, to be followed by the introduction of its first battery electric vehicle (BEV) in 2025. Electrification is obviously quickly ramping up for Bentley, as it commits have its entire portfolio comprised of BEVs only by 2030.

The irony may not be lost to many; the world’s largest producer of 12-cylinder gas engines is now evolving with lightspeed into an electrified champion. That’s all part and parcel of Bentley’s Beyond100 strategy as it “aims to become a global leader in sustainable luxury mobility. To achieve this, Bentley is reinventing every aspect of its operations as it seeks to become an end-to-end carbon-neutral organization on its second century.”

Alongside (for now) the V8 and W12, the Flying Spur Hybrid is no slouch, as it can reach standstill to 100kph in a mere 4.3 seconds. Bentley said that this further shows that “hybridization does not compromise luxury or performance, because the blend between the internal combustion engine and electric motor is unperceivable.” Indeed, I can say that the vehicle complies most quickly and adroitly to your right foot’s inputs that you forget that this Flying Spur tips the scales past the 5,500lbs mark. An eight-speed dual clutch automatic transmission allows the driver to access the performance goodness — on the way to a claimed top rate of 285kph.

The car’s lithium-ion battery can be fully charged in as little as 2.5 hours, and when at 100%, it promises up to 41 proven kilometers of pure electric range even with the A/C on.

If you’re used to the concept of traditional hybrids, which do not require an external charger and instead derives all the charging from its companion ICE plus some regenerative braking, a plug-in electric hybrid will need to be “properly” charged like battery electric vehicles. Its advantage over conventional hybrids though is that you can go quite a long way on full-electric mode.

And when that battery is depleted, the V6 is not a bad motivator at all — providing grunt with finesse. Again, its level of pomp and performance makes this Flying Spur no different from its ICE-powered siblings. The only visual clues are “hybrid” decals underneath the forward fender vent grilles left and right, and on the door sills.

By default, the Flying Spur’s system will select the EV Drive mode — perfect for shorter, intra-city trips. But you can choose Hold, which will let you access the EV range when you desire it. Hybrid, of course, intelligently combines the V6 and E-Motor for optimum range and performance.

In the well-appointed cabin, the Flying Spur Hybrid spoils with accoutrements and comfort features. From a second-row screen (called the Touch Screen Remote), to massaging seats, electronically deployable blinds, and even the ability to deploy or hide the Flying B hood ornament from the backseat, there is a multitude of thoughtful amenities and touches to spoil even the most discriminating passenger. Icing on the cake is an extensive selection of bespoke options — from preferred leather colors and veneers, and even stitching and emblems. Customers can also choose from an extended paint range of over 60 exterior colors — including Mulliner and personal commission. A 12.3-inch touchscreen infotainment screen is complemented by a 10-speaker audio system.

All told, the Bentley Flying Spur Hybrid is a perfect bridge — that much-talked-about “best of both worlds” — between the ICE age and the electric future which all auto brands are definitely envisioning.

Beauty – and confidence – Italian style

3D HYDRA LIP GLOSS

EVERY Kiko Milano compact — and eyebrow pencil, lipstick, blush, etc. — is meant to create not just beauty, but to inspire confidence.

The Italian brand was launched in the Philippines in January, with a store opening in SM Mall of Asia. It went on to open stores at SM Megamall, and SM Grand Central, with more branches to open at SM North EDSA, SM San Lazaro, and Alabang Town Center later this year.

Simone Dominici, Kiko Milano’s Global CEO, was in the Philippines on June 8 to talk about the brand, and how well it fits here in the country. “A lot of people smiling. It’s quite a key characteristic, I realize,” he said about their Filipino customers during a lunch at Rockwell. “Walking in the mall, a lot of people joyful, dynamic, vibrant. Something which resonates with us a lot.”

In terms of market share, the brand is number one in Italy, number two in the Middle East, and number four in France, said Mr. Dominici. According to a company statement, Kiko Milano was recognized as the third fastest-growing manufacturer in the global beauty industry by Women’s Wear Daily (WWD) in New York in May, with a sales growth rate of 48% in 2022.

DUPES IN BEAUTY VALLEY?
The brand’s products are rumored on online platforms to be dupes for several more expensive brands — only a few products of Kiko Milano go beyond the P2,000 mark, while their alleged counterparts go for double or triple that price. “It was very important for us to reach all the populations, not only the affluent ones,” said Mr. Dominici of their pricing.

The brand was founded by the Percassi family in 1997 — the family holds the franchise for Zara in Italy, as well as the franchises for Starbucks, Nike, and Victoria’s Secret in Southern Europe. They thus used the same business model of Zara for their beauty products. “The intuition was to launch the Zara of beauty: democratize high quality,” said Mr. Dominici.

They are able to do this by situating themselves in the “Beauty Valley” of Italy, an informal term for the cosmetic factories situated right outside Milan. “These are producers who [make] 50% of the globe’s makeup and cosmetics. All the French brands, and the indie brands, without mentioning anybody… they source from the Beauty Valley. By being in the heart of the Beauty Valley, we are able to engage with the suppliers faster than anyone else. We talk with them at lunch,” Mr. Dominici said. “We have the opportunity to come before the others with innovation, and having more affordable (prices) because we negotiate better with the suppliers,” he continued. “We pass all this advantage to the customers.”

Addressing the rumors of being more affordable dupes for high-end brands, he says, “I cannot tell you anything, but a lot of the high-priced brands are produced in the same factories as where we produce.”

BEAUTY ITALIAN-STYLE
The Milano branding is prominent in the makeup (the name came from the fiancée of one of the Percassi sons) which led to the question: How important beauty is for the Italians? To answer this, Mr. Dominici went back to the Dark Ages of European history: a time of wars, conflict, a general lack of learning, and the Black Plague. “This uncertainty normally brings ambiguity to the people. The Italians demonstrated how to convert ambiguity into harmony. Then the Rennaissance period came, in which all the famous Italian painters and artists came,” he said. “This tells a lot about Italians. We are very complex at the core, a mix of different elements, very refined in execution in everything we do. We curate our look always,” he says. “When you’re six years old, you look at yourself in the mirror before going out.”

It’s not vanity that drives them, but self-confidence. “We don’t gain confidence on how people perceive us. We gain confidence from how we feel inside. When you feel more confident, you feel more beautiful.”

This then translates into the products: all 2,000 and more of the items they sell, ranging from skincare to makeup.

“The dream is that we want to ignite confidence into people and enrich their lives. We believe that people with better self-esteem, they are better contributors to the community where they live,” he said. “When you feel more confident, you behave better.”

BusinessWorld tried Kiko Milano’s idiot-proof Eyebrow Sculpt Automatic Pencil, with a chiseled pencil (that mimics the hair strands on eyebrows) at one end, and a brow brush on the other. We did find ourselves smiling at the mirror, seeing how easy it was to fake full eyebrows, and it became the first step to a pleasant day. That’s a pretty high-minded goal for makeup, but Mr. Dominici corrects us. “We are not selling beauty. We inspire confidence.” — Joseph L. Garcia

Maynilad assures stable water supply in June

MAYNILAD Water Services, Inc. expects this month’s water supply to be stable as it ramps up water augmentation measures after the approval of an enhanced water quota for the Metropolitan Waterworks and Sewerage System (MWSS).

“We’re reactivating deep wells [as well as] commissioning modular treatment plants,” Jennifer C. Rufo, head of Maynilad’s corporate communications, said in a Viber message on Sunday.

Last week, the west zone water concessionaire announced the operation of its Anabu modular treatment plant, which provides an additional 5.5 million liters per day (MLD) of potable water. The plant can supply the water needs of about 13,000 customers.

Ms. Rufo said the treatment plant will be fully operational by September to produce about 16 MLD of potable water.

In a media release on Saturday, the west zone water concessionaire said it is allocating P16.5 billion for 2023 up to 2027 to further ramp up its initiatives for nonrevenue water (NRW) reduction projects.

NRW is non-billed water that is lost through leaks or illegal connections. According to the World Bank, NRW should be at 25% or lower of the total water produced.

Maynilad said it aims to reach the recommended target by the World Bank by 2027.

Maynilad said of its five-year target spending, P10 billion is allocated for pipe replacement projects, and P5.84 billion for meter management projects, the establishment of smaller district-metered areas, leak repairs, and diagnostic activities.

Randolph T. Estrellado, chief operating officer of Maynilad, said the company is fast-tracking its volume recovery amid the threat of a looming El Niño.

The El Niño phenomenon is forecast to emerge by June to August at 80% probability and may persist until the first quarter of 2024, the Philippines’ state weather bureau said.

“We have dedicated more resources toward the reduction of losses so we can speed up water volume recovery in time for El Niño. We hope that we continue to get the support of the relevant government agencies and local government units in facilitating the release of permits and other requirements needed for our NRW projects,” Mr. Estrellado said.

Last week, the National Water Resources Board (NWRB) approved the proposal to extend the 52 cubic meters per second (CMS) water allocation for MWSS until June 30.

The NWRB previously agreed to extend the allocation of 52 CMS for June 1-15, which it again extended for June 16-30. MWSS normally draws 48 CMS from Angat Dam.

With the increased allocation, Maynilad is assured that there will be no water service interruptions within its service area, Ms. Rufo said.

Manila Water Co., Inc., which serves Metro Manila’s east zone network, had projected no water interruptions with or without the increased water allocation.

Leonor C. Cleofas, administrator of MWSS, said that as early as now, the Angat Dam technical working group (TWG) is assessing the supply situation.

“We are doing a weekly meeting with the Angat TWG. So, we will assess the situation, and the decision will come later. Our mitigating measures are ready in case of eventualities,” Ms. Cleofas said.

For Maynilad’s part, Ms. Rufo said it is premature to determine whether the entire 52 CMS allocation is still needed by July.

“It’s too early to tell, though we expect that more rains over the watersheds, as well as our supply augmentation projects, can help mitigate lower releases from Angat Dam,” Ms. Rufo said.

Maynilad serves Manila except for portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Luxe’s a position

PHOTO BY ANGEL RIVERO

The CX-60 heralds Mazda’s distinct notion of premium

MAZDA PHILIPPINES, the evolving Japanese car brand that has brought us beautiful and emotion-provoking vehicles alongside a new era of “Mazda Premium,” recently unveiled its latest product offering in the country — the Mazda CX-60. The handsome CX-60 is a luxurious crossover that is equipped with Mazda’s new-generation 3.3-liter longitudinally mounted engine. It is available in gasoline and diesel variants, and both share the aforementioned displacement.

“The Mazda CX-60 is more than an exciting new SUV, it is the evolution of Mazda Premium — a high-quality concentration of design, driving dynamics, technology and comfort. It offers unmatched distinction in every way,” exclaimed Mazda Philippines President and CEO Steven Tan.

The CX-60 — which, from a single look, anyone can easily determine is from the growing Mazda family — is based on Mazda’s Large Vehicle Platform, which basically is a very well-engineered design that puts a large premium on excellent driving dynamics. In fact, this is one thing that I think is most important to understand about Mazda and its current products: That a Mazda car is a driver’s car! It is meant to invoke joy in driving. And therefore, it is always thoughtfully engineered in a way that will please its owner in the visual, ergonomic, and driving realms.

The CX-60 also makes use of a mild hybrid system, which captures energy from actions such as braking, in order to be able to reuse this energy to power some of the car’s electronic devices and also to help give the regular engine an extra boost when, say, coming from a full stop. And yes — Mazda Philippines has confirmed that this also qualifies the CX-60 for some of the government’s hybrid incentives, such as exemption from coding.

The high-voltage battery that is associated with the CX-60’s mild hybrid system is carefully located as low as possible between the car’s front and rear axles, thereby helping the vehicle achieve a low center of gravity. Meanwhile, the main internal combustion engine is a front-mounted, rear-wheel drive. Its special layout affords the CX-60 a delightfully smaller turning radius, at 5.4 meters, compared to other similarly sized SUVs.

The CX-60 can be had in either a turbocharged inline-six HEV e-Skyactiv-G gas engine, or a turbocharged inline-six HEV e-Skyactiv-D diesel engine. The former can go from zero to 100kph in 6.9 seconds, while the diesel variant can do the same in 7.3 seconds. Both use Mazda’s newly developed Skyactiv-Drive eight-speed automatic transmission without a torque converter. In replacement of the latter, it uses an electronically controlled multi-plate system for smoother results.

The driver of the CX-60 will also be able to choose from four different drive modes, courtesy of Mazda’s Intelligent Drive Select (Mi-Drive): Normal, Sport, Off-Road, and Towing — while enjoying the vehicle’s inherent i-Activ all-wheel-drive system.

Both the gasoline and diesel CX-60 variants come equipped with 20-inch aluminum alloy wheels, a panoramic sunroof, and a hands-free power tailgate. And this time around, Mazda Philippines is also introducing a new Takuminuri color: Rhodium White Premium (which will cost a little extra).

The interior of the CX-60 is immensely human-centric — as is the core philosophy of Mazda — and therefore, comfortable and of excellent craftsmanship (especially taking into consideration the price point of Mazdas). We’re talking the likes of seats wrapped in luxurious Nappa leather, leather upholstery, and a 12-speaker Bose sound system — to begin with. A Driver Personalization System, which debuts in the CX-60, also puts a premium on having the driver achieve his or her optimal driving position. It literally uses an in-car camera to detect the location of the driver’s eyes! And then the car automatically adjusts the driver’s seat, the steering wheel, Active Driving Display, and even the side mirrors to properly match the driver’s height and eye position. That’s pretty amazing for a car brand that’s within a more affordable price point.

Furthermore, the CX-60 also uses facial recognition to remember driver and passenger preferences. Once a saved driver is detected, the car automatically restores more than 250 stored settings to match the user’s preferences. These, of course, include vehicle, audio and climate control settings. And the car is capable of storing settings for up to six users, plus their guests.

The CX-60 also has its healthy share of driver assistance systems included in the car’s i-Activsense safety suite. These include features such as: Radar Cruise Control, Front Smart Brake Support, Rear Smart Brake Support (when backing out of parking), Lane Departure Warning with Lane Keep Assist, Front Cross Traffic Alert, a driver monitoring system and Driver Attention Alert.

All these features in a beautifully crafted car come with a price tag of P2.79 million for the gasoline variant, and P2.89 million for the diesel. All new purchases come packaged with a five-year free service plan that basically covers the costs for periodic maintenance service for the aforementioned term or 100,000 kilometers, whichever comes first.

I say, to drive it is to believe it. Therefore, if you haven’t yet — there is good reason to discover the new world of Mazda Premium.

Megawide Construction Corp. to hold 2023 Annual Stockholders’ Meeting on July 12 via remote communication

MEGAWIDE CONSTRUCTION CORPORATION
No. 20 N. Domingo Street, Barangay Valencia, Quezon City Tel. No. (02) 8655-1111

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

To the Stockholders of MEGAWIDE CONSTRUCTION CORPORATION (the “Company”):

Notice is hereby given that the Annual Stockholders’ Meeting of the Company will be held on 12 July 2023, at 2:00 P.M. The meeting will be conducted via remote communication and can be accessed through the following link: Please click here.

The agenda of the meeting is as follows:

1. Call to Order

  • The Chairman will call the meeting to order.

2. Proof of Notice and Quorum

  • The Corporate Secretary will certify that notices of the meeting have been duly sent to the stockholders as of record date as required by the By-Laws. He will also attest to the attendance at the meeting and whether a quorum is present. Except as otherwise provided by law, a quorum shall consist of stockholders owning majority of the outstanding capital stock (exclusive of treasury stock) participating in person, in absentia, or by proxy.

3. Approval of the Minutes of the Special Stockholders’ Meeting held last 20 December 2022

  • The Minutes of the Special Stockholders’ Meeting held last 20 December 2022 will be submitted for approval. It contains the following matters: (a) Approval of the Minutes of the Annual Stockholders’ Meeting held last 30 June 2022; (b) Election of Independent Director; (c) Approval of increase in Authorized Capital Stock of Preferred Shares, and the consequent Amendment of its Articles of Incorporation; (d) Approval of offer, sale, and listing of additional Preferred Shares; and (e) Election of Directors.

A copy of the Minutes of the Special Stockholders’ Meeting held last 20 December 2022 is available in the Company’s website and attached to the Information Statement as Exhibit “5”.;

4. Chairman’s Address and President’s Report

  • The Chairman and President of the Company will give a welcome address and provide operational highlights of 2022.

5. Election of Directors

  • The stockholders will approve the election of the regular and independent directors to hold office until the next Annual Stockholders’ Meeting and until their respective successors have been elected and qualified. The nominees were evaluated on the basis of all qualifications required by the Company’s By-Laws, New Manual on Corporate Governance, and that no provision on disqualification would apply to them. The profile and qualifications of the nominees are in the Company’s Information Statement and Annual Report (“SEC Form 17-A”) which are available in its website.

6. Approval of the 2022 Audited Financial Statements

  • The 2022 Audited Financial Statements of the Company will be submitted for the approval of the stockholders.
7. Appointment of the External Auditor
  • The stockholders will approve the appointment of Punongbayan & Araullo as the Company’s external auditor.

8. Approval of the Acquisition by the Company of PH1 World Developers Inc.

  • The stockholders are to approve the acquisition by the Company of 100% of the outstanding capital stock in PH1 World Developers Inc. from its affiliate, Citicore Holdings Investments Inc.

9. Ratification of All Acts of the Board of Directors and Management

  • For ratification of the stockholders are all the acts of the Board of Directors and Management in the ordinary course of the Company’s business. A list of such acts is too voluminous to be included in the Information Statement. These acts pertain to government permits and clearances, execution of contracts, availment of services from banks, and other acts necessary for various construction project

10. Other Matters

  • The floor will be open for questions from the stockholders.

All stockholders of record at the close of business on 22 June 2023 are entitled to notice of and vote at the regular meeting and at any adjournment thereof. The stock and transfer books of the Company will be closed from end of business day on 23 June 2023 until 12 July 2023

Please refer to Exhibit “1” of the Information Statement: click here for the full details on the submission of proxies, procedure for voting, participation in the Regular Stockholders’ Meeting, and to view the Information Statement and Annual Report on SEC Form 17-A.

Quezon City, Philippines, 14 June 2023.

 

 

 

 

 

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Style (06/19/23)

Gucci Spring Summer 2024 Men’s Collection

ICONOGRAPHY is cultivated by adaptation. Deconstructed, reconstructed or rendered in infinite colors and forms, emblems of heritage are invigorated through interpretation. The Gucci Spring Summer 2024 Men’s Collection re-contextualizes the historical signifiers of the House — from the Horsebit to the GG Canvas and the Gucci Web — in an amplified take on its classic men’s wardrobe. The collection evolves the iconography of Gucci through state-of-the-art luxury craftsmanship and construction. The summer-centric compositions are simplified in appearance but realized through intricate techniques and fabrications. Augmented silhouettes transform the classic proportions of menswear essentials. Prints and textures play with optical illusions. The palette reimagines the heritage colors of the House. Bowling sets composed of Hawaiian shirts and Bermuda shorts lightly oversized in cut adapt the Gucci emblems: a digitally enhanced Horsebit pattern has a glasslike effect; the weave of GG boucle appears three-dimensional; and a Horsebit collage print by the Australian graphic designer Ed Davis is presented in a room wallpapered in the same motif. Informed by the archives, sharp double-breasted suits with bootcut trousers integrate the Horsebit motif into a traditional Prince of Wales check and the weaves of red or ivory jacquards. Workwear features hybdrized dress codes: a GG-printed nubuck leather jacket and trousers posing as a denim suit; a laser-discharged denim suit adorned in a warped GG print; or a washed denim suit thermo-encrusted with micro mosaic mirror tiles. The silver effect is imitated in the metallic GG weave of a windbreaker, while a caped windbreaker interweaves the GG and the Gucci Web triband in a satin jacquard.

4 new designs for Uniqlo’s Peace For All charity T-shirs

GLOBAL apparel retailer Uniqlo will be releasing four new designs for its ongoing Peace For All charity T-shirt project. The latest collection features new graphics designed especially for this project by collaborators including photographer Daido Moriyama, Marni Creative Director Francesco Risso, artist Julian Opie, and actress and Uniqlo LifeWear Ambassador Haruka Ayase. Uniqlo launched Peace For All on June 17, 2022, as a project to take action to contribute toward global peace. Uniqlo parent company Fast Retailing contributes 100% of profits from the sale of these T-shirts (equivalent to 20% of the selling price) to three international aid organizations — UNHCR the UN Refugee Agency, Save the Children, and Plan International — through their respective representatives in Japan. To date, Peace For All T-shirts have featured designs by 27 world-renowned figures with ties to Uniqlo including architect Tadao Ando, novelist Haruki Murakami, and tennis legend Roger Federer. As of the end of February, 1,073,687 of the project’s T-shirts have been sold, raising ¥322,106,100 (or more than $2.4 million). These donations have so far been used by the international aid organizations as part of projects to help people suffering due to conflict and disasters in locations such as Ukraine, Sudan, Vietnam, and Bangladesh. The four new Peace For All charity T-shirt designs will be launched on July 21, and will be sold for P790. They will be available in sizes ranging from XS to 3XL (Sizes available in stores are XS-XL)at Uniqlo stores and the online store’s special website https://www.uniqlo.com/ph/en/contents/feature/peace-for-all/. Meanwhile, the first-ever Uniqlo Pop-Up Event is ongoing until June 21 at the C1 Park, Bonifacio High Street Central, Bonifacio Global City (in front of Central Square Mall Entrance). Visitors can experience first-hand the innovative Uniqlo AIRism, UV Protection, and DRY-EX collections.  For details follow Uniqlo Philippines’ social media accounts, Facebook (facebook.com/uniqlo.ph), Twitter (twitter.com/uniqloph), and Instagram (instagram.com/uniqlophofficial).

Celebrate Father’s Day with M&S

WHILE Father’s Day has come and gone, this does not mean the celebration is over as many people make it a point to honor their fathers throughout the month of June. Over at Marks & Spencer (M&S), there are gifts galore for father figures — dad, stepdad, granddad, or any of the other men in one’s life. A highlight is the mini-me collection, featuring style focused separates, cozy matching PJ sets, and playful prints so children can match with their fathers. Use the occasion as an opportunity for a stylish wardrobe update that dad can wear all year round, with contemporary men’s designs across the M&S Collection. Choose from casual buttoned shirts, chinos, jeans or suits. There are also selfcare products like the Monte & Wilde fragrance and body and bath range. Get fragrances in eau de toilettes and accompanying bath and body products, such as aftershaves, shower gels, hand wash and talcum powders. Selected lines are available online on www.marksandspencer.com.ph.

Eco-friendly lifestyle talk slated for late June

“WASTE Not, Want Not,” a hybrid lecture on an eco-friendly lifestyle open to the public, is slated for June 27. The presentation aims to study the gap between waste generation, processing and the lack of adequate infrastructure for the efficient use of resources. The talk will likewise highlight the significant contribution of social responsibility and the impact of each small step in the advocacy to address the environmental issue. It will shed light on the importance of individual efforts in mitigating climate change. The session will impart several sustainable and intentional choices one can pursue toward a viable earth-friendly lifestyle. “Waste Not, Want Not” will be facilitated by Filipino artist Patricia Perez Eustaquio, whose works transcend mediums such as paintings, drawings and sculptures, as well as fashion, décor and craft. Organized by the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde, “Waste Not, Want Not” is free and open to the public. It will be conducted at the MCAD, De La Salle-College of Saint Benilde Design + Arts Campus, Dominga Street, Malate, Manila. Interested participants may register through https://tinyurl.com/mr2v8x95. For more information, e-mail mcad@benilde.edu.ph.

FEU launches new book about piña

THE FAR Eastern University (FEU) partnered with HABI: the Philippine Textile Council to co-publish the book Piña Futures: Weaving Memories and Innovation, written by Randy M. Madrid, PhD. Mr. Madrid is a prolific educator and researcher, and he is a known advocate of cultural heritage conservation and safeguarding, with a specific interest in Central Philippine textiles. Drawing inspiration from the 1990s book Piña published by FEU Chair Emeritus Dr. Lourdes Montinola, this is a seven-chapter, 280-page sourcebook on the “Queen of Philippine Fabrics.” It offers fresh insight into the role of piña as an artisanal fabric, a trade commodity, a garment of honor and identity, and a treasure of the world. The book tackles how the textile evolved along with the flow of Filipino history, from symbolizing the memory of colonization to representing the fight for freedom and independence. It then walks readers through the careful and demanding process of production: from the scraping and stripping of the pineapple fibers to the weaving and embellishment of the fabric. Today, the piña cloth typically is the main fabric for most traditional Filipiniana dresses, wedding attire, and the Barong Tagalog. It is also used for tablecloths, mats, and other clothing items. HABI Chairman and Founder Maria Isabel Ongpin highlights the core concern of Mr. Madrid’s book is: piña’s future. “In a world of modern products made of manufactured, artificial materials, how will piña keep its place as a reigning queen of Philippine fibers turned into coveted fabric?” Ms. Ongpin poses the question in the cover of the book.

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