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Ukraine grain export plan to ship food aid to vulnerable countries

REUTERS

KYIV — Ukrainian President Volodymyr Zelensky hosted a summit in Kyiv with allied nations Saturday to launch a plan to export $150 million worth of grain to countries most vulnerable to famine and drought.

The “Grain from Ukraine” initiative demonstrated global food security was “not just empty words” for Kyiv, he said.

The Kremlin says food exported from Ukraine’s Black Sea ports under a United Nations-brokered plan has not been reaching the most vulnerable countries.

Mr. Zelensky said Kyiv had raised $150 million from more than 20 countries and the European Union to export grain to countries including Ethiopia, Sudan, South Sudan, Somalia and Yemen.

“We plan to send at least 60 vessels from Ukrainian ports to countries that most face the threat of famine and drought,” Mr. Zelensky told the gathering.

The summit was attended in-person by the prime ministers of Belgium, Poland and Lithuania and the president of Hungary. Germany and France’s presidents and the head of the European Commission delivered speeches by video.

A joint statement issued after the summit said that since Russia’s Feb. 24 invasion of Ukraine, the world had received 10 million tons fewer agricultural products than in the same period in 2021.

“This means that the food security of millions of people around the world is seriously threatened,” it said, blaming a Russian blockade of Ukrainian ports earlier in the conflict.

“We are convinced that we will jointly overcome the grave humanitarian and economic consequences of the global food crisis caused by Russia’s aggressive war against Ukraine,” it said.

The gathering coincided with Ukraine’s annual memorial day for Holodomor, the man-made Stalin-era famine that killed millions of Ukrainians in the winter of 1932-33.

In a video address, French President Emmanuel Macron announced a contribution of 6 million euros ($6.24 million) for the transport and distribution by the World Food Programme of Ukrainian grain to Yemen and Sudan.

“The most vulnerable countries must not pay the price of a war they did not want,” he said. — Reuters

Jennifer Lopez announces This is Me album follow-up 20 years later

EN.WIKIPEDIA.ORG

LONDON — Twenty years after she put out her album This Is Me… Then, singer and actor Jennifer Lopez announced on Friday a follow-up, This Is Me… Now, to be released next year.

The 53-year-old, who has deleted posts from her Instagram in the last few days, shared a video clip on the social media platform in which she recreated the 2002 record’s cover of herself dressed in a pink top and hat before turning into her current older self, all while saying “This is me then … this is me now.”

The 2002 album, which featured hit songs “Jenny from the Block” and “All I Have,” was inspired by Ms. Lopez’s relationship at the time with actor Ben Affleck. The couple, dubbed “Bennifer,” got engaged but called off their wedding in 2003 and split up a few months later.

They rekindled their romance last year and married in the summer.

In her Instagram post, Ms. Lopez listed the new album’s 13 song titles, including one called “Dear Ben pt. Ll.” — Reuters

MG Cebu South is 42nd dealership of brand in the Philippines

The MG Cebu South measures 210 sq.m. and features a three-vehicle showroom and a service bay. — PHOTO FROM MG PHILIPPINES

MG CEBU SOUTH joins the growing MG Philippines nationwide dealership network — providing easy access to MG products, promos, and after-sales services in the municipality of Minglanilla, Cebu. MG Cebu South is located along Cebu South Road, within the Plaza Margarita commercial complex — an area frequented by residents and guests from neighboring townships.

MG Cebu South measures 210 sq.m. and is strategically located along the periphery of Plaza Margarita, making it fully visible to all commuters and passersby who travel along one of Cebu’s major thoroughfares. The dealership is also within close proximity of other municipalities including the cities of Naga, Toledo, and Talisay.

MG Cebu South features a three-vehicle showroom with tall windows that let the light in, plus a customer lounge, and an after-sales service bay. “The Covenant Car Company, Inc. (TCCCI) and MG continue to expand the brand’s nationwide dealership network with the opening of MG Cebu South… With the new MG Cebu South dealership, MG Philippines strengthens its presence in the province of Cebu by offering attainable, modern, and stylish British heritage MGs to clients looking to make a responsible new car purchase,” said MG Philippines President and CEO Atty. Alberto B. Arcilla in a release.

The dealership is operated by the Gateway Group, an organization with extensive experience in the car dealership businesses. “Our short-term goal for MG Cebu South is to increase awareness and visibility for the MG brand in this area, while enabling customers to trust the quality and durability of our MG vehicles and making them aware of the high value-for-money proposition that MG offers. In the long term, we envision MG Cebu South to positively contribute to the continuous growth and sustainability of the MG brand here and in the rest of Cebu, while establishing a solid community of MG owners who will be more than willing to spread the good word about MG,” said Gateway Group Executive Vice-President Michael Goho.

The new MG Cebu South dealership offers test drives, along with the latest promos available from MG Philippines. It also presents clients with freebies on new car purchases. MG Cebu South also offers MG Philippines’ host of after-sales deals, including a five-year/100,000-km (whichever comes first) vehicle warranty; MG Hero Services, which provides 24/7 roadside support through the MG Philippines hotline (+632) 5328-4664; and the My MG mobile app which allows clients to easily schedule vehicle servicing appointments from their smart devices. Customers can also use the My MG App to reserve genuine spare parts and book a visit from MG Philippines’ Mobile Garage service caravan that provides MG owners with vehicle home service for major technical issues.

MG Cebu South is open from Mondays to Saturdays (8 a.m. to 5 p.m.) for inquiries, reservations and service; and on Sundays, from 8 a.m. to 4 p.m., for inquiries and reservations. For more information, contact 0917-770-1179 or visit its official Facebook page (MG Gateway-Cebu South).

To learn more about MG Philippines, visit mgmotor.com.ph and follow official Facebook (OfficialMGPhilippines) and Instagram (mg_philippines) accounts.

Ortigas Land to enter capital market within 5 years

ORTIGAS LAND Corp. is preparing its estates and planning to launch two more as it aims to enter the capital market in the next five years.

“If we plan to do an initial public offering (IPO), I would like to see six estates from four and hopefully show the market that we also can expand by another two,” Ortigas Land President and Chief Executive Officer Jose Emmanuel H. Jalandoni told reporters last week.

“What we need to do now is of course fix some of our estates. Some of them are already a bit dated like Greenhills, so we are doing a bit of redevelopment,” he added.

Mr. Jalandoni said, “[We want to] prove to the market that we can execute. We are doing well with Capitol Commons; we need to prove to the market that we can redevelop Greenhills in a proper way.”

According to Mr. Jalandoni, the company is not yet sure whether it will pursue a company listing or a real estate investment trust (REIT).

“It could be either, we can do both. It depends on what our advisors will tell us, but we’re preparing for both so we will just decide whether it’s this or that,” he said.

“We have enough commercial space for a decent REIT market capitalization. I think we will have around 200,000 square meters (sq.m.) of office space and 250,000 sq.m. of commercial malls. I think it’s big enough for us to do a REIT,” he added.

According to analysts, the main issue in the listing is the timing. Analysts say that Ortigas Land should wait for the market to be more favorable.

“It is a timing issue when market conditions are favorable, in terms of selling the shares at the highest price possible from the perspective of the sellers or issuers,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Separately, Luis A. Limlingan, head of sales of Regina Capital Development Corp., said, “It depends on what interest rates are doing at the time so it can also be a timing issue too.”

According to Mr. Limlingan, the kind of listing Ortigas Land will pursue, will depend on the company’s future strategy.

“If they plan to invest in projects earning rental income or management fees, then REITs would be more ideal. Also, if they are focusing on a specific sector — retail, office, etc. — then REITs might be a better alternative,” he said.

“If in the medium term they are looking to grow their landbank then maybe another fund-raising route might be better suited,” he added.

Meanwhile, Mr. Ricafort said that choosing to put up a REIT will give greater flexibility to the company and its investors.

“REIT would give greater flexibility for issuers and investors on the type of real estate used as underlying asset that would effectively allow investors to become lessors through dividend yields set without the hassles related to managing the leased property,” Mr. Ricafort said. — Justine Irish D. Tabile

 

Note: This story has been updated to change the figure previously given by the company for commercial mall space.

Rates of Treasury bills, bonds to rise as Fed seen to hike further

BW FILE PHOTO

RATES of government securities on offer this week could climb after minutes of the US Federal Reserve’s latest meeting hinted on less aggressive tightening.

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 debt papers.

On Tuesday, the BTr will also offer P35 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of four years and nine months.

A trader said the T-bills and T-bonds on offer this week could fetch higher yields.

“Our indication for the 91-day T-bills next week will most likely move higher by 5 basis points (bps) while the 182- and 364-papers will move by 10-15 bps,” a trader said in a phone call.

For the 20-year bond, the trader said they expect yields to range between 6.5% and 6.75%.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that T-bill and T-bond yields could move higher amid less hawkish signals from the Fed.

Analysts from UnionBank Economics Research likewise said in a report that investors are pricing in a 50-bp rate hike at the Fed’s Dec. 13-14 policy meeting.

Minutes of the Fed’s policy meeting this month where they delivered a fourth straight 75-bp hike showed a “substantial majority” of policy makers agreed it would soon be appropriate to slow the pace of rate hikes.

The Fed has raised rates by 375 bps since March in its fight to cool inflation. Its next meeting is on Dec. 13-14.

Back home, the Bangko Sentral ng Pilipinas (BSP) has hiked borrowing costs by 300 bps since May to keep in step with the Fed and rein in rising prices.

Mr. Ricafort also noted that global crude oil prices further eased to near two-month lows, which could help ease inflation.

Brent crude futures settled down $1.71 or 2% to trade at $83.63 a barrel while US West Texas Intermediate crude futures were down $1.66 or 2.1% at $76.28 a barrel.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 4.1770%, 4.9237%, and 5.0810%, respectively, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the 20-year paper fetched a yield of 7.6584%, while the five-year debt, the tenor closest to the remaining life of the T-bond on offer this week, was quoted at 6.6618%.

Last week, the government partially awarded the T-bills it auctioned off even as bids reached P29.452 billion, higher than the P15-billion offer.

Broken down, the Treasury borrowed P5 billion as planned via the 91-day securities, with tenders for the tenor reaching P17.371 billion. The average rate of the tenor went down by 8.9 bps to 4.375% from 4.464%, with accepted rates ranging from 4.14% to 4.513%.

Meanwhile, the government raised just P3.25 billion from the 182-day T-bills, even as bids hit P7.11 billion, above the P5-billion program. The six-month paper fetched an average rate of 4.921%, up by 8.3 bps from the 4.838% quoted for the previous week’s partial award, with the Treasury accepting offers with yields from 4.88% to 4.95%.

Lastly, the BTr awarded only P2.3 billion in 364-day debt papers, with demand reaching just P4.971 billion, lower than the P5 billion on the auction block. The average rate of the one-year paper rose by 4.2 bps to 5.142% from 5.1%. Accepted rates ranged from 5.125% to 5.15%.

Meanwhile, the reissued 20-year bonds to be offered on Tuesday were last auctioned off on Nov. 8, where the Treasury raised P30.64 billion, less than the programmed P35 billion, even as total bids reached P41.6 billion.

The bonds were awarded at rates ranging from 6.8% to 7.5%, bringing the average to 7.131% or 146.8 bps lower than the 8.599% quoted for the papers when there was first offered on Sept. 4, 2007 and also 149.4 bps below the issue’s 8.625% coupon.

The Treasury plans to raise P135 billion from the domestic market in December, or P30 billion in T-bills and P105 billion in T-bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.6% of gross domestic product this year. — L.M.J.C. Jocson

End of cheap money for US farmers plows trouble into food production

REUTERS

CHICAGO —  Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin.

But those plans have gone by the wayside. Everything Ms. Degn needs to farm is more expensive, and for the first time in her five-year career, so is the interest rate on the short-term debt she and nearly every other US farmer relies upon to grow their crops and raise their livestock.

“We might have made more money this year, but we spent just as much as we made,” said Ms. Degn, a fourth-generation farmer in Sidney, Montana.

The interest rate on her operating note doubled this year and will be higher in 2023. “We can’t get ahead.”

Most US farmers depend on short-term, variable-rate loans they take out after fall harvest and before spring planting to pay for everything from seeds and fertilizer to livestock and machinery. Farmers repay these loans after harvest with cash from their crops before repeating the process.

Often, farmers seek to secure loans by yearend or early January to take advantage of suppliers’ early-pay discounts and to ensure they won’t be caught short as global supplies of fertilizers and chemicals remain tight.

Now, producers are wrestling with how to pay for that debt as interest rates rise headed into the next planting season, according to interviews with two dozen farmers and bankers, as well as data from the US Department of Agriculture (USDA) and the Kansas City Federal Reserve.

This rising cost of credit is straining some producers’ liquidity and prompting them to look at reducing fertilizer or chemical use, or plant fewer seeds next spring. That, in turn, could reduce crop yields, and place upward pressure on the cost of producing that food.

All this comes as crop prices and global demand are strong. US grain and oilseed producers reaped a boon this year when crop prices hit decade- or all-time highs, as the conflict in Ukraine disrupted grain exports from the Black Sea region.

But that financial windfall came as widespread drought hobbled crops in the US Plains and caused cattle slaughter rates in Texas to soar. Fertilizer and fuel costs have risen, as have farmland prices and cash rents.

Farming “is a highly leveraged business, so about everything is financed,” said Casey Seymour, who manages a farm equipment dealership in Scottsbluff, Nebraska and runs the Moving Iron podcast. “There’s a lot of money out there being paid in interest.”

The US farm sector’s total interest expense — the cost of debt carried — is forecast to hit $26.45 billion this year, nearly 32% higher than last year and the highest since 1990, when adjusted for inflation, according to USDA data.

That sum is double or more the amount incurred by other US industries, including the retail and pharmaceutical products sectors, where interest expense historically has been similar or higher, according to US Census Bureau data.

Farmers are taking on bigger loans due to higher costs, despite the financial burden it puts on their operations. The average size of bank loans for operating a farm has surged to a near five-decade high in outright dollar terms, according to Kansas City Fed data.

The average interest rates of such loans are the highest since 2019, the data show. Most farm operating loans tend to be variable, rather than fixed. Variable-rate financing carries lower rates than fixed-rate financing, but exposes borrowers to the risk of higher costs if rates go up.

That’s exactly what happened when the US Federal Reserve started raising short-term rates to quell surging inflation. The short-term federal funds rate is now in a range of 3.75% to 4%, from a range of 0% to 0.25% in early March, just before Fed policy makers began raising rates.

Inflation is still high, however, and demand is strong, and Fed policy makers have signaled they will continue raising rates until they see broader evidence of their effect.

In agriculture, the pinch is already here: The average interest rate of all farm operating loans is 4.93%, according to the latest Kansas City Fed data. Many farmers are paying more.

Ohio corn and soybean farmer Chris Gibbs signed up for a $70,000 operating loan on May 1 with a 3.3% variable interest rate with his local lender at the Farm Credit System, a government-sponsored enterprise.

Rising fertilizer and chemical prices forced him to borrow more to cover those expenses, even as Farm Credit continued to increase costs each time the Fed hiked rates.

Now, his interest rate is 7.35%, and he expects it could reach 8% by year’s end – a 142% increase in eight months.

Mr. Gibbs raced to pay off the bulk of his loan by liquidating his crop, rather than store it and sell for potentially higher prices next summer.

Machinery purchases are on hold, and he’s trying to pay for inputs with cash. “I have the highest gross value for my crop in my history of farming,” said Mr. Gibbs, 64. “If I didn’t, I would have difficult decisions to make and looking at what I can sell.”

The financial hit is being felt on equipment dealers’ lots, where farmers are forgoing buying equipment on credit, according to interviews with four dealers. Dealers said they are seeing banks tightening underwriting standards, which can be a hurdle for newer and smaller farm operators seeking capital to purchase equipment.

“It’s easier to get financing when interest rates are cheap because are willing to take more risk,” said a CNH Industrial dealer representative, who declined to be named.

Authorized dealers from equipment manufacturers Deere & Co., AGCO, and CNH Industrial told Reuters that financing rates that the machinery manufacturers themselves offer also have more than doubled in six months. 

Farm equipment machinery loans currently have interest rates up to 7.65% at Deere, 7.8% at CNH Industrial, 8.14% at AGCO and 8.25% at Ag Direct, according to industry sources.

The industry average nationwide is 5.86%, according to Kansas City Fed data.

In separate statements, Deere and AGCO said interest rates they offer depend on loan terms, borrower creditworthiness and equipment type. CNH Industrial said interest rates for larger equipment are lower than rates for smaller machinery. — Reuters

Star of 1980s classics Fame and Flashdance, Irene Cara, 63

IRENE CARA in a scene from the 1980 film Fame.

IRENE CARA, the Oscar- and Grammy-winning actress and singer-songwriter best known for her work in the 1980s cult movies Flashdance and Fame, has died, her publicist said on Saturday.

Ms. Cara, 63, passed away at her Florida home, her publicist Judith Moose said in a statement posted on Twitter, and the cause of death is currently unknown.

“She was a beautiful gifted soul whose legacy will live forever through her music and films,” the statement read.

Ms. Cara’s career in show business began at an early age and spanned theater, television, music, and film. The artist got her big break in 1980 when she was cast to play Coco Hernandez in the iconic movie-musical Fame, which chronicled the vicissitudes of a group of New York City high schoolers.

The musical drama’s title song, sung by Ms. Cara, would go on to win an Academy Award for Best Original Song and earned the artist two Grammy Awards nominations, among other recognitions.

Ms. Cara’s rise to Hollywood stardom continued in the following years. In 1983 she co-wrote and sang the title song for the blockbuster movie Flashdance, which landed Cara the coveted Academy Award for Best Original Song and became one of the defining songs of the decade.

Moose, the publicist, said a memorial for Ms. Cara’s fans “will be planned at a future date,” and funeral services for the artist are pending.

Tributes to Ms. Cara poured in on social media on Saturday.

“Irene Cara, you inspired me more than you could ever know. Your songwriting and vocals created pure energy that will never cease,” musician Lenny Kravitz said on Twitter. — Reuters

MPTC unboxes ‘Download, Drive, and Win’ promo

Two MG ZS units will be given away. — PHOTO FROM MPTC

THE METRO PACIFIC Tollways Corp. (MPTC) — operator of the CCLEX, CAVITEX, CAVITEX C5 Link, CALAX, NLEX, NLEX Connector, and SCTEX — and MPT Mobility unveil a 2022 holiday raffle promo, dubbed “Download, Drive, and Win” via the MPT DriveHub application.

Brand-new MG ZS crossovers will be given away to two lucky MPT DriveHub app users, and 10 more will be gifted with P100,000 in cash each.

Current app users of Easytrip or the CCLEX RFID are automatically in the running when they download the app via the App Store or Google Play Store. The app can be used across all MPTC expressways.

Once successfully registered, the users can earn rewards points which will be converted into raffle entries. Rewards points earned will be capped at 24 points per month until Jan. 31, 2023 and each reward point earned will be converted to an equivalent of one raffle entry.

Downloading the MPT DriveHub app, registering an account, and linking an Easytrip or CCLEX RFID account earns a point. Referring a friend who will download the MPT DriveHub app and register an account gets five points, while downloading the app and registering an account through a referral link gets a point. Each P200 loaded on an Easytrip RFID using the MPT DriveHub app earns a point. The Easytrip RFID load can only be used to pass the MPTC Tollways and nothing else; it is non-transferable or refundable. Points are not cumulative and are counted per reload of the Easytrip RFID.

“We’re very excited for the lucky winners,” said MPTC President and CEO Rodrigo E. Franco. “The point of ‘Download, Drive, and Win’ is to show our appreciation for our customers, and with people’s renewed enthusiasm to travel, we want to reward them in a manner befitting the holiday season.”

For more information, follow MPT DriveHub on Facebook.

Earnings data, digitalization news lift Security Bank stock

SECURITY BANK/BW FILE PHOTO

SHARES in Security Bank Corp. moved upward as market players assessed its latest earnings report as well as its partnership with Consolsys, the Malaysia-based automation company that will handle the listed bank’s move to go digital.

Data from the Philippine Stock Exchange (PSE) show Security Bank ranking 17th in value turnover with P556.09 million worth of 5.86 million shares changing hands from Nov. 21 to 25.

The bank’s shares closed at P96 apiece on Friday, up by 4.4% from its Nov. 18 close. For the year, the stock has decreased by 19.3%.

Joylin F. Telagen, research head at IB Gimenez Research Securities, said the stock’s movement was a continuation of its upward trajectory after the bank reported better-than-expected third-quarter and nine-month earnings.

“Coupled by Fed minutes that they might start to slow down the future increases, with possible 50 basis points increase in federal funds rate next month, Dec 13-14,” Ms. Telagen said in an e-mail.

Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a separate e-mail that overall market sentiment pushed the listed bank’s share price higher.

“Last PSE Index rebalancing, SECB was taken out thus dropping to as long as P80,” Mr. See added, referring to Security Bank’s ticker symbol. “SECB is undervalued among the other actively traded banks.”

In July, the PSE announced changes in the composition of the local stock barometer, the PSE index or PSEi. Consunji-led Semirara Mining and Power Corp. replaced the bank in the main index starting on Aug. 8.

Meanwhile, Reuters reported that a “substantial majority” of policy makers at the US Federal Reserve agreed that it would “likely soon be appropriate” to slow the pace of interest rate hikes as debate broadened over the implications of the US central bank’s rapid tightening of monetary policy.

The meeting showed officials were satisfied that they could move rates in smaller, more deliberate steps as the economy adjusted to more expensive credit and concerns about “overshooting” seemed to increase.

Back home, reports last week said Security Bank tapped Consolsys to shift its branch banking management system to a state-of-the-art digital, cloud-based, omnichannel platform.

Under the partnership, the listed bank’s current tellering, lobby management, and signature verification system (SVS) are to be replaced with Mosaic Voyager.

Mosaic Voyager is a cloud-based omnichannel delivery system that reduces inefficiencies, increases overall productivity, and provides an avenue for increased touchpoints.

According to Security Bank, once the system has been fully implemented, the comprehensive and transformative system would enhance its capability to provide a truly differentiated experience for transacting customers, boost operational efficiency, and propel the bank forward in its digital banking transformation.

Ms. Telagen said that fundamentally, the news was taken positively by long-term investors because of its impact on future revenue streams.

However, she cautioned that the risk of stagflation still lingers.

For Mr. See, market players took the news positively.

“Very positive news as there are updates on their company and an institution wants to have more stake in their company,” he said.

Security Bank reported around a 34% increase in its attributable net income to P2.31 billion in the third quarter from P1.72 billion in the same period in 2021. Gross revenues grew by 11.5% to P10.18 billion from P9.13 billion in the same period last year.

The quarterly growth brought its nine-month attributable net income to P8.56 billion, up by 77% from P4.83 billion a year ago. Revenues climbed by 7.1% to P29.41 billion from P27.47 billion previously.

Ms. Telagen sees the bank’s earnings for the fourth quarter to reach P2 billion and expects attributable net income for the entire year to hit P10 billion.

She added the earnings expectations would depend on whether market players would consider investing or trading in the listed bank.

On a technical note, she said the bank had broken a long-term uptrend and is now on a downtrend. She added that “it’s much better to wait a bit and buy when it’s back to its long-term uptrend or breakout from the current downtrend. Trade or invest cautiously.”

Ms. Telagen pegged Security Bank’s support level at P77 while its resistance level at P124.

For Mr. See, the stock is currently trading at overbought levels.

“Investors will be seeing some profit taking possibly next week. Support levels are P93 and P88, while resistance levels are P100 and P104.” — Abigail Marie P. Yraola

Debt yields decline on dovish Fed

YIELDS on government securities (GS) went down last week due to dovish signals from the US Federal Reserve and following the release of the Treasury bureau’s borrowing plan in December.

GS yields, which move opposite to prices, dropped by an average of 11.15 basis points (bps) at the secondary market week on week, according to the PHP Bloomberg Valuation Service Reference Rates as of Nov. 25 published on the Philippine Dealing System’s website.

Treasury bills (T-bills) rose while Treasury bonds (T-bonds) retreated at the end of the trading week.

Yields on the 91-, 182-, and 364-day T-bills climbed by 5.65 bps, 11.36 bps and 2.75 bps to 4.1770%, 4.9237 and 5.0810%, respectively, to close the week.

Meanwhile, at the belly, rates of the two-, three-, four-, five-, and seven-year T-bonds fell by 5.86 bps (6.0066%), 12.29 bps (6.3366%), 14.7 bps (6.534%), 15.18 bps (6.6618%) and 15.87 bps (6.8822%), respectively.

The long end of the curve also declined as yields on the 10-, 20-, and 25-year debt dropped by 25.51 bps (7.2236%), 23.86 bps (7.6584%), and 29.12 bps (7.6226%), respectively.

Total GS volume reached P12.984 billion on Friday, lower than the P10.714 billion recorded on Nov. 18.

“Global bond yields continue to drop on dovish pivot bets. Locally, BTr’s (Bureau of the Treasury) December borrowing schedule is less than previous month, helping support bond prices,” the bond trader said in a Viber message.

Minutes of the Fed’s policy Nov. 1-2 meeting where they fired off a fourth straight 75-bp hike showed a “substantial majority” of policy makers agreed it would soon be appropriate to deliver smaller increases.

The Fed has raised rates by 375 bps since March to rein in elevated inflation. Its next meeting is on Dec. 13-14.

Meanwhile, the BTr plans to borrow P135 billion from domestic debt market in December, 37.2% lower than the P215 billion programmed for November. Broken down, it plans to raise P30 billion from T-bills and P105 billion from T-bonds next month.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail that local rates took their cue from global bond yields moving lower.   

“The move was sparked by expectations that US Fed policy rate hikes would continue but at a more measured pace,” Mr. Mapa said.

“The downshift in global yields was enough to push local yields lower,” he said.

Reuters reported last week that US Treasury yields went down following the release of the Fed meeting minutes.

The 10-year US Treasury yield fell to 3.65%, the lowest since Oct. 5.

“GS yields followed global bonds, while lack of supply next month helped market players ignore possible higher CPI (consumer price index) print for November,” the bond trader added.

For this week, the bond trader expects yields to continue seeing a downside bias, but this could be tempered by profit taking ahead of the release of Philippine November CPI data on Dec. 6.

Headline inflation stood at 7.7% in October. For the first 10 months, inflation averaged 5.4%, higher than the central bank’s 2-4% target but below its 5.8% forecast for the year.

The Bangko Sentral ng Pilipinas (BSP) has hiked borrowing costs by 300 bps since May to keep in step with the Fed’s tightening and temper rising inflation.

BSP Governor Felipe M. Medalla last week ruled out further outsized or off-cycle increases, but said they will need to keep on raising borrowing costs as the Fed’s tightening cycle continues. The Monetary Board’s next review will be held on Dec. 15. — Lourdes O. Pilar with Reuters

Style (11/28/22)

Large Uniqlo store opens at Ayala mall

AYALA Malls Manila Bay is now the home of the newest and biggest Uniqlo branch in Parañaque at 1,949 sqm. In celebration of its opening week, the store is extending limited offer prices exclusive to Uniqlo Ayala Malls Manila Bay customers until Dec. 1.  The branch carries a wide selection of Men, Women, Kids, and Babies items. Uniqlo Ayala Malls Manila Bay is located in Building B, Ground Floor, near the mall’s Lumbera Entrance. The store opens at 11a.m. Meanwhile, Ayala Malls Manila Bay recently announced the opening of more lifestyle brands from various categories. Those that have already opened include One Storage, a storage unit facility that has 24/7 storage access, security, and free insurance; and Food Wanderer, the country’s biggest food art display museum by the Philippine Amusement and Entertainment Corporation. Scheduled to open in 2023 are Landmark Supermarket and Department Store and Seda hotel.

M&S Christmas family pajamas collection

THIS Christmas, Marks & Spencer (M&S) offers matching pajamas for all ages. An array of fun prints and patterns are found on tops, bottoms, and nightshirts made from super-soft responsibly sourced cotton or cozy fleece fabrics. For this season’s sleepwear selection, M&S has re-introduced the character of Spencer Bear. Having been in the M&S family since the 1930s, he has been one of the brand’s most beloved icons. New styles include the jungle-inspired “Pawjama” sleepwear set, featuring playful animal prints. Add a festive touch by opting the classic pure-cotton checked pajamas, available for the entire family. Percy Pig fans will be happy with the choice of PJs available. Find the matching pajamas in M&S stores now. Shop in-store and earn Loyalty points through the M&S Philippines Viber Community at bit.ly/MSPH-VC. Shop selected styles launching online at www.marksandspencer.com.

Rustan’s Christmas gift suggestions

THROUGHOUT its 70 years, the art of gifting has been one of the core pillars of Rustan’s, a reflection of its expertise in luxury retail. This season, apart from the wide selection of luxurious offerings, the whole family gets to enjoy a day filled with wonder and fun. For gentlemen, check out the pieces from the newest additions to Rustan’s roster of menswear: Faherty, Onia, and Tailor Vintage which combine sophistication with modern trends. Special holiday discounts from Braun, Crep Protect, and Speedo are lined up. For the skin-care obsessive, there are anti-aging products like the new Clarins Super Restorative collection, La Prairie Skin Caviar Harmony, L’Occitane Immortelle, or Estee Lauder Advanced Night Repair Synchronized Multi-Recovery Gel-Cream. Toys for the big boys? Bring a piece of childhood back with a Montblanc x Naruto wallet, something fun, luxurious, and elegant that can last for years. On the other hand, the Discovery Shop and Prizmic and Brill offer bespoke pieces that can decorate and add personality to the library or home office. For coffee drinkers, maybe a coffee upgrade is just the thing, like a Breville, De’Longhi, Nespresso, or SMEG machine. Get a taste of the experience in an onsite coffee tasting every day at all Rustan’s department stores from Nov. 26 to Dec. 18. Choose the perfect whisky to give by trying it as The Dalmore, Tamnavaulin, and Shackleton will offer tastings at Rustan’s Makati on Dec. 3-4 and Dec. 17-18 from 3-7 p.m. Other brands that will host their own whiskey and wine tastings are Diageo whiskey brands at Rustan’s Shangri-La on Dec. 3-4, 17-18, and 21-22 from 3-7 p.m.; Philippine Wine Merchants will host a wine tasting every Saturday and Sunday until Dec. 18 at Rustan’s Makati, Shangri-La, and Alabang. Wondering what to get the kids? Ask Santa. Start things off by bringing the children to meet him, and find out what they want. Catch Santa at Rustan’s Makati on Dec. 18, Rustan’s Shangri-La on Dec. 11, Rustan’s Gateway on Dec. 10, Rustan’s Alabang on Dec. 3 and 17, and Rustan’s Cebu on Dec. 3, 10, 17, 18, and 23. Board game aficionados can play at Rustan’s Shangri-la on Dec. 3-4. Rustan’s also has gift wrapping, delivery, and alteration services. The store’s personal shoppers can assist customers in-store or through a call. Customers can also choose to send their gift list and Rustan’s personal shoppers will happily get things covered. To make presents even more special, give gifts a personal touch by choosing an embroidery, embossment, or engraving add-on. For more updates, specials, and events, visit www.rustans.com.

Puma opens new store in PHL

INTERNATIONAL sports company Puma continues its Southeast Asia expansion with the opening of a new store in the Philippines. This comes after opening their biggest flagship store in Southeast Asia at 313@somerset Singapore earlier this year. Set over a sales floor area of 309 square meters, the new Puma store is located on Level 2, Glorietta 3 in Makati. Situated at a prime location, Puma puts its spotlight on the latest campaigns of the season such as Slipstream worn by Korean K-pop group NCT127, and the award-winning running shoes Deviate Nitro 2. Consumers can also find LaMelo Ball’s MB.02 collection, Puma x Coca-Cola, and Puma x Pokémon, which are exclusively available in Puma Glorietta and PUMA.com. This new store embodies the “Puma Forever Faster Concept,” which brings together stylish technical sports categories, with a heavy emphasis on performance and sport-inspired lifestyle products in categories such as Football, Running and Training, Basketball, and Motorsports. Puma’s exclusive seasonal drops and the latest collection of urban clothing and athleisure apparel will be available at Puma Glorietta 3.

Kiehl’s offers gift sets for the holidays

KIEHL’S Philippines offering several holiday sets this year which cost collectively less than if the buyer bought the components separately. Now available are the Hydration Starter Kit for P1,785 (worth P2,100), Men’s Groom on the Go for P2,380 (worth P2,980), Cleanser and Toner Duo for P3,400 (worth P4,250), and Anti-Aging Essentials for P7,390 (worth P8,799). Men’s Groom on the Go includes Kiehl’s Ultra Facial Cream, formulated with Glacial Glycoprotein and olive-derived Squalane, which has a unique lightweight texture and lasting 24-hour hydration. The Cleansing and Toner Duo includes Kiehl’s Calendula Herbal-Extract Alcohol-Free Toner, which is effective in reducing redness and oiliness while improving the skin’s texture as fast as three days. The Anti-Aging set includes Kiehl’s Super Multi-Corrective Anti-Aging Cream, a face and neck cream powered by PhytoMimetic Vitamin A, Chaga Mushroom, and Hyaluronic Acid to address and fight the most common signs of aging. The gift sets are available at Kiehl’s stores and at Kiehl’s official Lazada flagship store this holiday season. For more information and updates regarding the latest Kiehl’s products, visit the official website at http://www.kiehls.com.ph.

Face oil For Besties

IT’S safe to say that skincare has always been a strong foundation for most friendships. From coming home following a fun night out to a regular weekend sleepover, capping off the night with a skincare routine has always been a staple for just about every friendship. For this holiday, treat your bestie with Kiehl’s Midnight Recovery Concentrate facial oil. The top-rated facial oil by Kiehl’s is formulated with quality ingredients such as Lavender Essential Oil and Evening Primrose Oil to help the skin appear more visibly smooth with a radiant glow.

Vitamin C Serum For You

OF COURSE, the holidays aren’t complete without rewarding yourself for all the hard work you’ve put in throughout the year. Pamper yourself and give your skin the ultimate skin-replenishing treatment with Kiehl’s Clearly Corrective Dark Spot Corrector. The dark spot corrector by Kiehl’s is formulated with top-of-the-line ingredients such as Activated C and buffered Salicylic Acid that visibly helps the skin reduce the appearance of a wide array of discolorations. If you’re looking to get rid of dark spots, hyperpigmentation, and post-acne marks, Kiehl’s Clearly Corrective Dark Spot Corrector is the way to go.

Gap’s holiday gifts and promos

GAP is expanding its gifting assortment in multiple product categories for the holidays. Gifts for the family include cute sweatshirts, classic denim, PJs, and accessories (even for dogs) and more. At the tail end of its Black Friday promo, on Nov. 28 its “buy 1 get 1” on sweatshirts plus 40% on all regular items. Gift suggestions for Christmas include logo sweatshirts that start at P725 for kids and babies and P1,650 for adults, and the sleepwear collection from P1,950. Collaboration pieces with Disney and Smiley will be available in-stores and online soon. Choose from a collection of hoodies, sweaters, beanies, and socks this December. There are Gap stores at Glorietta 4, Shangri-la Mall, SM Mall of Asia, SM Megamall, Trinoma, Alabang Town Center and Abreeza, Davao, or shop online at gap.com.ph.

Pond’s gives chance to win a limited edition NFT

GLOBAL skincare brand Pond’s is partnering with e-commerce platform Shopee to launch the interactive #PondsGlowStage at its Brand Spotlight Day on Nov. 28. #PondsGlowStage is a one-day only event that takes Shopee users’ online shopping experience to the next level through interactive games, exclusive promotions and discounts on Pond’s products and for the first-time ever, limited edition Non-Fungible Tokens (NFTs). The limited-edition artwork is exclusive to Shopee, which is also the e-commerce platform’s first foray into giving out NFTs as gifts with purchase. The NFT is an exclusive, first-of-its-kind digital collectible designed by artist Rifqi Ardiansyah. Customers who purchase P1,499 worth of Pond’s products during the #PondsGlowStage Day will have the chance to own one of only 1,000 #PondsGlowStage NFTs in the Philippines, which will give them access to exclusive benefits such as being the first to receive alerts on Pond’s latest product releases and best value deals in the future. Customers can redeem their NFTs by first registering on OurSong, a global NFT platform co-founded by R&B star John Legend. Once logged in, they need to input their redemption code, which will be issued to them via Shopee Chat, before they claim their exclusive NFT via OurSong’s Collection Page. Until Nov. 28, consumers can play the interactive Pond’s Glow Stage Catch Game and earn points to redeem special giveaways worth at least P1,650. Players must tap and hold the shopping basket to catch as many of the falling Pond’s products and elements they can within the time limit, all while avoiding harmful skin spots.

The 2022 shopITOOH Holiday Gift Guide

FOR this holiday season, shopITOOH came up with gift ideas for every room, with tips on what to give loved ones this holiday season. First, send a piece of art. A particular artwork that is distinctly Filipino is Ilang Ilang At Iba Pa by Alfred Galvez, a mixed-media floral painting. Secondly, lean into the recipient’s love of pets. The reversible Abacama Hand Woven Pet Bed is an option that happens to be Filipino-made and crafted with eco-friendly materials. The woven abaca used is also hand-dyed for that unique coloring that isn’t achieved by regular machine processing. Third, embrace the accent piece. Go for something like the Black Alien Bees Remix and the Temptation Gift Set. The former is a pillow cover that can really tie a living aesthetic together while the latter is a sleek collection that includes a lamp, wick-burner, metallic corolla diffuser and stopper, and a Sandalwood Temptation Purifying Scent. Fourth, go bigger with furniture for the festive home. The Raggio Divan, for instance, is an elegant accent chair that would fit into any classic Hollywood picture. If the recipient is a lover of cocktails and gatherings, there is the Prizmic & Brill Bar Cart that comes equipped with prep stations, drawers, bottle racks, and tray sections. Fifth, don’t be afraid to blend practicality and style., like the Seletti Hybrid Aglaura Glass Set which comes with three unique Italian hand-blown and painted glasses, or the marble Mendo Candle Holder which is chic yet durable and readily usable, or the Malabulak Sculpted Blossom Lamp, a limited edition high-polish titanium brass gold body with hand-sculpted floral leather detailing. Sixth, you can’t go wrong with a gift card. The ITOOH Homestyle Gift Card comes in values of P1,000, P3,000, P5,000, and P10,000. ITOOH’s Homestyle Holiday Sale features more items and other goods for living, bed & bath, dining & kitchen, and kids and more all at up to 70% off. The shopITOOH Christmas Sale runs from Nov. 30 to Dec. 18, with major discounts, free delivery, and zero installment options. For more information, browse the website (www.shopitooh.com).

Shop for a chance to win a Suzuki Jimny

SHOP at the Shangri-La Plaza for a chance to bring home a brand-new Suzuki Jimny this Christmas. Get a chance to win a brand-new off-roader Suzuki Jimny GLX with the Drive Home a 4WD with the Christmas Holidaze Raffle Promo which is ongoing until Jan. 31, 2023. To join, shop at any Shang store with a single receipt of P2,500 to get one digital raffle coupon. Shang is giving away three Suzuki Jimny GLX 1.5L A/Ts, one in Solid Kinetic Yellow and two in classic Metallic Chiffon Ivory. The promo is open to mall guests of at least 18 years of age with a Philippine address. To redeem the Digital Raffle Coupon, mall guests should scan the QR code at the Concierge or go to the website raffle.shangrila-plaza.com/raffle to submit their personal information. An e-mail will be sent back to confirm their raffle entry. The Grand Raffle Draw will be on Feb. 2, 2023, 5 p.m., and the winners will be announced on Shang’s website.

Uniqlo presents special holiday offers

GIFT giving comes easy this holiday season as Japanese global apparel retailer Uniqlo has offers, novelties, and events throughout November and December. Personalize gifts with the Holiday Gift Charms. It comes in three designs — a Gift Box, Christmas Tree and a Christmas Stocking, all with a space to write a message at the back. Available in-stores when customers get a paper bag or a gift bag along with their purchase. Customers can complete their Christmas shopping lists with mega sales. The Thank You Festival is ongoing until Dec. 1 while the 12.12 Shopping Fest will be held from Dec. 9 to 15. Uniqlo has also started distributing one-of-a-kind novelties during its key events. This includes a three-piece travel organizer, a cable organizer, and the Uniqlo Planner. Families can join the Kids Gift Giving Day on Dec. 1 at Uniqlo Westgate Alabang, where children can select items they’d like to give to their loved ones, and a child in need. To join, download the Uniqlo App where sign-ups would open towards the latter part of November. Followers can shop for LifeWear pieces in real-time on the livestream of Live Station Episodes for Thank You Festival on Nov. 25 and 12.12 on Dec. 9. For more updates, visit Uniqlo Philippines’ Holiday feature page at https://www.uniqlo.com/ph/en/spl/holiday-gifting and download the Uniqlo App via Google Play Store and Apple Store.

In South America’s Andes, farmers pray for rain to end drought

REUTERS

TIHUANACU, Bolivia — High in the mountains of the Bolivian Andes, farmer Alberto Quispe has one thing on his mind: rain.

In the rural area of Tihuanacu, around 100 kilometers (62 miles) south-west of highland city La Paz, locals say there has been little rain this season during a dry spell across the Andean regions due to a third straight La Niña weather pattern.

“When we raise our hands, we ask God to forgive us our sins and to ask for rain for our crops, because in the fields we don’t have water, nor for the cattle,” said Mr. Quispe, who climbed into the hills with community members to pray for rain.

Around Bolivia, many areas have declared an emergency due to the drought, which Bolivia’s National Meteorology and Hydrology Service expects will last until 2023, when the intensity of the La Niña is expected to wane.

The drought has hit crops in Bolivia as well as in Argentina, Paraguay and Peru. Mr. Quispe and others climbed Lloco Iloco hill with their evangelical shepherd to ask for rain from both God and the local indigenous Aymara mountain deities, or Achachilas, raising hands to the skies while on their knees.

Just across the Bolivian border with Peru, the situation in similar. “The sun is burning, it’s very strong, one can’t even walk anymore, the heat in the countryside is even worse, and we don’t have water either,” said Rosa Sarmiento from Desaguadero in Peru near the banks of the mighty Lake Titicaca. “All the people are very worried.”

In the Andean regions, drought in recent years has caused falling water reservoir levels in places like Chile and led to important glaciers retreating. Drought has hit crops like wheat and soy, including this year in major grains producer Argentina.

In the village of Zapana Jayuma in Bolivia, the arid fields show clear signs of heat damage. “The land is very dry and we have not been able to plant potatoes, broad beans, or yams,” said Cecilia Aruquipa, community manager in the area. “The heat is very strong and burning, we can no longer bear it, that is why we all go where there is shade because the heat is so intense.” — Reuters

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