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Mandanas ruling seen to boost PPPs

BOHOL-PANGLAO INTERNATIONAL AIRPORT

THE Mandanas ruling can help push public-private partnerships (PPP) between local government units (LGUs) and private companies, the top official of Aboitiz InfraCapital, Inc. said.

In a chance interview on Wednesday, Cosette V. Canilao, president and chief executive officer of Aboitiz InfraCapital, said that PPP projects could even start at the simplest ones.

“With the Mandanas ruling, LGUs get more of the revenues and that gives them ammunition to go into PPPs and start developing and converting their communities to smart cities,” she said.

Under the Supreme Court’s Mandanas ruling in 2018, the just share of LGUs is determined based on all national taxes and not just on national internal revenue taxes. The decision significantly increased the tax base used in computing the share of LGUs in the internal revenue allotment.

Ms. Canilao said LGUs could go for projects such as “lamp posts, energy management, traffic management, and smart water network for some water distribution that is managed by some municipalities.”

She said that these projects could be done through unsolicited or solicited proposals as LGUs have their own ordinances.

“They (LGUs) can come up with their own ordinance or PPP framework and most of the LGUs have actually done that,” she said.

Ms. Canilao said that one of the biggest challenges in entering PPPs is the lack of capability among some LGUs.

“They are not as knowledgeable and they don’t know how to process it. But the PPP Center, which is a national agency, is mandated to help the LGUs in putting together the PPP framework or even in putting together the projects that can be done through PPPs,” she said.

Aboitiz InfraCapital has submitted unsolicited proposals for various soft and hard infrastructure projects.

For soft infrastructure projects, the company has submitted a proposal to PhilHealth in managing its claims and membership.

“I think that will be again another foundation to accelerate our digital economy and, of course, improve the processes of the health sector,” she said.

For hard infrastructure, Ms. Canilao said the company has submitted unsolicited proposals for three regional airports: Bohol-Panglao International Airport, Laguindingan International Airport in Misamis Oriental, and Bicol International Airport.

“It’s with the government. We are waiting for them to complete their evaluation and the approval process,” she said.

Last week, Department of Transportation Secretary Jaime J. Bautista said that the government is set to fast-track PPP projects for nine regional airports.

“Three unsolicited proposals are already with the National Economic and Development Authority (NEDA) and these are being evaluated,” Mr. Bautista said, referring to the three proposals from Aboitiz InfraCapital.

Mr. Bautista said that the NEDA has required the Civil Aviation Authority of the Philippines (CAAP) to pass additional requirements for the three projects.

“These unsolicited proposals were submitted during the past administration but we are fast-tracking the completion of these. Hopefully, by today the CAAP will be able to submit all the documents which are being requested by NEDA,” Mr. Bautista said on Wednesday.

“And with that, I am hoping that these can be included in the NEDA Investment Coordination Committee Cabinet committee meeting on May 29,” he added.

Aboitiz InfraCapital is also included in the consortium that filed the P100 billion worth unsolicited proposal for the operations and maintenance of the Ninoy Aquino International Airport. — Justine Irish D. Tabile

Victoria’s Secret is rebooting its scandal-plagued fashion show as movie

A MODEL at The Victoria’s Secret Fashion Show in 2011.
A MODEL at The Victoria’s Secret Fashion Show in 2011.

VICTORIA’S SECRET & Co. will bring its fashion show back as a feature-length film this fall after a four-year hiatus, showcasing artists and designers from around the world.

The film, which will be available for streaming internationally, is an attempted reimagining of the retailer’s former flagship event. The fashion show was discontinued after it came under fire for its retrograde portrayal of women. Ratings for the live broadcast had also dropped significantly in its later years.

The film will spotlight fashion collections from 20 artists from four cities — Bogota, Lagos, London, and Tokyo — that celebrate the “individuality of women’s stories and perspectives,” said Raúl Martinez, head creative director at Victoria’s Secret. One portion of the show will document the making of the collections and another will showcase the designs, which aren’t limited to lingerie and could include dresses or outerwear, according to a company spokesperson.

The original live event, which ran from 1995 to 2018, reached peak popularity in the 2000s, turning models like Gisele Bündchen into celebrities and drawing over 10 million viewers worldwide. Viewership dropped as the show’s use of thin, mostly White, scantily clad models known as “angels” fell increasingly out of step with growing inclusivity. At one point, the head of marketing said it wouldn’t include transgender or plus-size models. (The company later apologized.)

It’s unclear how much of a departure the new program will be from the original. The company described it as a mix of old and new. It plans to include top supermodels and musical talent, but didn’t indicate how diverse that group would be or give additional specifics. Elements of the original show — like wings — could be featured in the film, but in a new way, the spokesperson said.

The film will bring back the “very best of entertainment and fashion our customers have been asking for,” said Chris Rupp, chief customer officer at Victoria’s Secret. “We’re celebrating the iconic heritage of the brand through a new generation of artists, and we can’t wait to amplify their vision through our worldwide platform.”

The company has worked to clean up its image in the last few years by casting more diverse models, expanding its size range and adding more women to its board of directors. Victoria’s Secret broke off from its former parent company, L Brands, in 2021 and has since struggled as a standalone public company, losing about 60% of its market value.

Competitors such as Rihanna’s Savage X Fenty — which has produced its own fashion show — and ThirdLove have drawn consumers by positioning themselves as the antithesis of Victoria’s Secret.

In addition to the designs from the four cities, Victoria’s Secret’s in-house teams are creating a fifth collection which will also be part of the show. The items created by the international designers won’t be immediately available for sale, according to the spokesperson.

The company expects that the new show could become an annual event featuring different cities and designers. — Bloomberg

PLDT Enterprise ties up with FILIPAY to roll out automated fare system in PUVs

THE business-to-business arm of PLDT Inc. has tied up with Service Economy Applications, Inc.’s FILIPAY to provide an automated fare collection system and fleet management system for the public utility vehicle (PUV) modernization.

FILIPAY has recently acquired Telavi People Counting Camera with Command Center, which allows it to address route, fleet, and driver management, and gain visibility on its daily revenue.

“Modernizing Philippine transportation with a cashless payment system is no easy feat,” Janice Ariño, president and chief executive officer of FILIPAY, said in a statement.

“We need high standard software and hardware supported by a partner that offers only the best customer service — and PLDT Enterprise delivers in all of these,” she said.

FILIPAY has already tried out the solution with PN Roa Canitoan Transport Cooperative, which implemented the services in Cagayan de Oro.

PLDT Enterprise and FILIPAY will also be working with the Land Transportation Franchising and Regulatory Board and other transport teams to mobilize the Telavi People Counting Camera and Command Center.

“This collaboration finalizes the Department of Transportation’s ongoing route rationalization plan that monitors and gathers data on transport vehicles,” PLDT Enterprise said.

FILIPAY said it saw an improvement in the efficiency of monitoring vehicle fuel and gas consumption and addressing problems of theft through PLDT Enterprise’s fiber-fast connectivity and Telavi People Counting Solution.

“We are excited to contribute further to the transport sector with the help of FILIPAY and serve more Filipinos,” said Albert Mitchell L. Locsin, first vice-president and head of enterprise and international business groups of PLDT.

“By understanding the complexities of various industries and the magnitudes of their businesses’ needs, we continue to improve our solutions so we may support more companies in their digital advancement,” he added. — Justine Irish D. Tabile

Not so small (diamonds)

Socialite vlogger Small Laude is Diagold’s new endorser

SOCIALITE and vlogger Small Laude is the new face of Diagold, a jewelry brand from Cebu. She is in good company — previous brand ambassadors for the brand include former Miss Universe Pia Wurtzbach, model Georgina Wilson, and TV executive and actress Charo Santos-Concio.

According to a company press release: “A #DiagoldWoman embodies the qualities of sophistication and understated luxury. She values craftsmanship, attention to detail, and timeless design. She is a woman of substance, who appreciates the finer things in life, including high-quality jewelry that stands the test of time. The #DiagoldWoman is confident in her own skin, knows her worth, and carries herself with poise and grace.”

Ms. Laude, the sister of philanthropist Alice Eduardo (the founder of Sta. Elena Construction and Development Corp.), is the wife of Philip Laude, of the candy manufacturing family that makes China’s White Rabbit candy in the Philippines.

YOUTUBE SUCCESS
While most of the super-rich are relatively low-key, making occasional appearances in media on stories related to their businesses, or, for the more social, mentions and photos on society pages, Ms. Laude has a much more public profile.

She gained widespread popularity because of her YouTube channel, which currently has 1.85 million subscribers, which focuses on her life as one of the country’s wealthiest women. Still, the channel seems to transcend class because of Ms. Laude’s own sense of humor.

During a group interview at the launch of her campaign with Diagold on May 8, Ms. Laude was asked if her reel and real personalities are the same. To some surprise, Ms. Laude said, “I’m just a little bit mellow on camera.” She added: “I’m a little bit more tame compared to when I’m at home. As long as I don’t step on anyone’s toes — now I found my purpose, I make people happy, and I help with their sadness.”

FAVORITE THINGS
Of Diagold’s jewelry, which she wore that day, she said she favored their all-diamond cascading earrings. During the launch, she was wearing a necklace composed of emerald-cut diamonds, with matching hoop earrings. A large yellow sapphire gleamed on her finger.

“Ever since I was a kid,” she said when asked when her enthusiasm for jewelry started. “My mom is into jewelry. That time, I learned how to appreciate what’s nice, what [a good diamond is], and I love jewelry,” she said.

Her favorite personal pieces are a heart-shaped diamond given by her husband, and a pair of diamond stud earrings from her sister. Asked if she has a lucky piece, she said, “No. Everything, I love.”

Asked if she has a dream piece, she said, “Of course. I want a bigger stone.”

DIAGOLD TURNS 15
While the jewelry company business started in 1967, the DiaGold brand itself was launched in Cebu in 2008. The brand’s name is a portmanteau of the words “diamond” and “gold,” which is a no-nonsense description of its focus — the creation of diamond pieces set in 14k and 18k gold.

The brand turns 15 this year, and it is celebrating with a series of events. It started by opening a new branch at Waterfront Cebu City Hotel and Casino. This was followed by the announcement of Small Laude as its endorser this month. There will then be a “grand celebration” in its hometown of Cebu in August. The opening of a Diagold branch in SM City Bacolod in October caps off the celebration.

The brand co-presented The First Philippine Terno Gala last March, and it is also set to showcase its jewelry at the upcoming MasterClass 2023 fashion show with designers Michael Cinco, Francis Libiran, Furne One Amato, Ezra Santos, and Cary Santiago.

Diagold has branches in Ascott Makati, Glorietta 4, SM City Cebu, Ayala Center Cebu, SM Seaside City Cebu, Nustar Resort and Casino, Ayala Malls Capitol Central Bacolod, and SM City Iloilo. — J.L. Garcia

Aboitiz AI unit, UBX to offer credit scores for small businesses

SINGAPORE-BASED Aboitiz Data Innovation Pte. Ltd. (ADI) and UBX Philippines Corp. have tied up to help finance unbanked and underbanked Filipinos and micro-, small-, and medium-sized enterprises (MSMEs).

“ADI is an artificial intelligence (AI) leader not just in the Philippines but in ASEAN. We are leveraging their AI capability to help us score credit risks for unbanked and underbanked Filipinos and more importantly, for the MSME segment of the economy,” UBX President and Chief Executive Officer John Januszczak said on the sidelines of ADI’s AI Summit.

Under the partnership, ADI will help UBX by providing embedded scoring on its online lending marketplace for MSMEs called SeekCap.

An underserved MSME segment has been identified that offers a big opening for financial institutions, Mr. Januszczak.

“A lot of these businesses don’t even have bank accounts… but it’s also not directly an individual; it’s a set of individuals associated with a business. So, that’s another scoring challenge, and ADI through AI and alternative data is helping us solve that problem so that we can extend credit to people who couldn’t get it and if they could get it we can give it to them at a better rate,” he said.

Meanwhile, Mr. Januszczak expects the number of people employed by MSMEs to go back to pre-pandemic levels.

“I would assume that as things normalize, we’ll get back to those kinds of statistics. If we can provide cost-effective working capital to these businesses as they grow their business, it is going to have a positive and a material impact on truly inclusive financial prosperity,” he added.

Mr. Januszczak also cited a “protection crisis” in the Philippines as insurance penetration as a share of gross domestic product in the country is less than 2%.

The Insurance Commission said that the insurance sector’s contribution to the economy went down by 1.72% in 2022 from 1.93% in 2021.

“In a more developed economy in ASEAN like Singapore, it’s over 8%, or might even be over 10% already, and in other developed markets it is even higher. So, we know that it is drastically unpenetrated,” he said.

Mr. Januszczak identified packaging and the distribution of insurance products as capable of addressing the low insurance penetration.

“A lot of the insurance products that are sold here in the Philippines today are targeted to the affluent, and I am talking about life and health insurance in particular. We need a product that targets the mass market,” he said.

“These insurances traditionally have been distributed through agents and that’s a good thing but we need alternative forms of distribution that could economically reach the rest of the country,” he added.

UBX is an open finance platform launched by Aboitiz-backed Union Bank of the Philippines back in 2018. Meanwhile, ADI is the data science and AI arm of the Aboitiz group. — Justine Irish D. Tabile

Style (05/15/23)


Mugler x H&M collaboration launched in PHL

H&M just rolled out a new designer collaboration, this time with Casey Cadwallader’s Mugler.  The new collection with the French fashion brand features womenswear, menswear, and accessories that incorporate Mugler’s iconic silhouettes. It features Mugler’s signature looks — sexy cutouts, catsuits, corsets, and exaggerated shoulders. Every piece of the collaboration has been crafted under Cadwallader’s creative direction and encapsulates the perfect mesh of H&M’s high street vibe with Mugler’s iconic styles. The limited collection is now available in H&M SM Makati and on hm.com.


Moschino’s new monochromatic logo collection 

MOSCHINO has come out with the #LogoMoschino, the new monochromatic logo collection. The collection features womenswear and menswear in three colors; paradise pink, classic faded denim blue, and jet-black with Moschino’s signature logo stamped in every crevice.  The outfits are made of satin, jacquard, denim, and nylon. Aside from jackets and loungewear, the #LogoMoschino collection also offers T-shirts and sporty ensembles, and travel accessories such as fanny packs and carry-on bags. Recently, #LogoMoschino was launched in the Philippines at Cul-De-Sac at The Podium Mall in Ortigas Center.  The #LogoMoschino collection is also available via the fashion brand’s website.


COS Launches 2023 Mens Summer Capsule

COS has launched its Mens Summer Capsule Collection with pieces in lighter fabrication that’s fit for the warm season. Pairings are kept light and airy, with an overall color palette that ranges from classic neutrals to aquatic tones while a key print motif takes inspiration from the movement of water. The collection is made using materials like linen and seersucker. The Mens Summer Capsule Collection is now available at the COS Store Manila, SM Aura Premier.


Wear Your Culture with Uniqlo’s latest UT collection

JAPANESE global apparel retailer Uniqlo has launched its latest UT collection which features a variety of designs that fit various tastes and styles, such as animé and cartoon prints, game characters, traditional Japanese art and works from renowned artists. Gamers will find T-shirts celebrating Super Mario (particularly the game’s latest film adaptation), Splatoon (this collection showcases squids, octopuses, and more), and Minecraft (depicting the game’s characters, including adventurers, craftsmen, and engineers); animé lovers will find new designs featuring Attack on Titan and Detective Conan and more shirts in collaboration with Dragonball, Pixar, and Pokemon; families can wear matching Peanuts T-shirts (with designs featuring Snoopy, Charlie Brown, Lucy, Woodstock, and more), the UT Grand Prix (celebrating Disney’s 100th anniversary) competition finalists inspired by Disney, Marvel, Pixar, and Star Wars; art enthusiasts have a rich selection featuring works of Andy Warhol, masterpieces from the Musée du Louvre in France, Ukiyo-e woodblock prints and paintings (with art from Hokusai, Hiroshige, and Kuniyoshi) and a graphic motif based on a Kabuki costume. Prices for the T-shirts start at P790. To celebrate the new line-up, Uniqlo is hosting its annual UT Convention (UT Con) this May, spotlighting all of the various UT content. The UT Con exclusive launch will be on May 17 at the Ground Level of Mega Fashion Hall, SM Megamall and will be open to Uniqlo App Members until May 18. Together with the event, Uniqlo is also launching a new and improved look for their Megamall store, featuring three levels. For more updates on the latest collection, visit Uniqlo Philippines’ website at uniqlo.com/ph.


Lush launches collaboration with animé One Piece

LUSH Philippines has launched Lush x One Piece, a collaboration with the globally recognized Japanese animé, One Piece. This is Lush’s first ever licensing collaboration on a range of products.  The concept of this collaboration was inspired by the words of Monkey D. Luffy, the main character of One Piece, who dreams of becoming The King of the Pirates: “I smell adventure!!!” The collaboration features six products including four bath bombs inspired by the Devil Fruit, which in the story gives mysterious power at one bite. A bubble bar inspired by the straw hat of Luffy and a Knot Wrap (Lush’s reusable gift wrap) featuring the symbolic pirate flag of Luffy and his crew. Lush is exclusively distributed in the Philippines by Stores Specialists, Inc., and is located at Alabang Town Center, Bonifacio High Street, Glorietta 4, Greenbelt 3, Robinsons Magnolia, Shangri-La Plaza, SM Mall of Asia, and TriNoma. Available also in Zalora and Trunc.com.


Casa Juan celebrates summer with new products

INSPIRED by picturesque Philippine summers, Casa Juan brings two new styles to its homeware range that ring in nostalgia. First are the Philippine Handsome Sunbird Plates. Found mostly in the woody areas of the lowlands and mountain forests, the Philippine Handsome Sunbird is endemic to the Philippines. Its long, curved bill is accentuated by yellow, red, and olive feathers and touches of bright blue. It is rendered on Casa Juan plates as perched on tropical fauna or flowering trees. Then there are the Sorbetes napkin rings. Sorbetes is a type of traditional ice cream made with coconut or carabao’s milk sold out of a distinctive cart by sorbeteros. The Sorbetes napkin rings feature a gilded sorbetes cart.


Ortigas Library images on scarves and more

THE ORTIGAS Foundation Library produces unique items featuring images from its special and rare Filipiniana collections — these items were designed in-house. They range from bags, shirts, and scarves, to stationery items, and more. They are perfect gifts and giveaways for all occasions. The Ortigas Foundation Library shop also has a book section with a lot of interesting topics. Proceeds from the sale of the items will help the library continue its operations and will benefit its history, culture, and art programs and educational development programs of the Ortigas Foundation, Inc. which include public school library donations, lectures, and talks that are free. The library is open to the public with no membership or library fee. For details, visit the Facebook shop, or get in touch with library shop staff Jennifer (santosjd@ortigasfoundation.com.ph). The Ortigas Foundation Library is located at the 2nd Floor McKinley Bldg. (on top on Unimart), Greenhills Shopping Center, San Juan City. It is open Monday to Saturday, 8 a.m. to 5p.m. It is closed on Sundays and holidays. For more information, visit www.ortigasfoundationlibrary.com.ph


Bespoke watches benefit the Louvre

SINCE its founding, Vacheron Constantin has remained consistently committed to art and culture. Initiated in 2019, its special partnership with the Louvre Museum enables it to offer its clients an experience reaching well beyond the simple personalization of a timepiece. Following the example of Les Cabinotiers — Homage to Pierre Paul Rubens, “La lutte pour l’étendard de la Bataille d’Anghiari,” a single-piece edition watch from the Bid for the Louvre auction in 2020, Vacheron Constantin is now proposing a new experiential offer called A Masterpiece on the Wrist. It involves creating a single-piece edition Les Cabinotiers watch with a dial featuring an enamel reproduction of an artwork kept at the Louvre Museum and chosen by the purchaser. Most of these works are not on display. A certificate of authenticity from the museum will certify the reproduction. The experience will be accompanied by a private tour of the Louvre in the company of its experts and the Manufacture Vacheron Constantin to meet its master watchmakers and master artisans.


Summer skin care with Aveeno and Neutrogena

AS SUMMER continues, a person’s skin is even more vulnerable to damage from the sun and heat. That’s why a good skin care regimen that includes cleansing, moisturizing, and sun protection can go a long way in achieving and maintaining healthy skin. There are several Aveeno and Neutrogena products that can give summer skin relief. Aveeno Skin Relief Body Wash, with its Triple Oat formula, is clinically proven to provide superior care and hydration for sensitive skin, locking moisture for up to 24 hours. Pair it with the Aveeno Skin Relief Lotion, which can relieve dry, itchy skin in as fast as 60 seconds, and can moisturize for up to 72 hours. Both lotion and body wash are available in various sizes, with a one-liter option for home use and a 71 ml variant for traveling. The Aveeno Dermexa Daily Body Wash and Emollient Cream is a combination for those dealing with flare-ups caused by extra dry skin. Developed with dermatologists, these products feature a unique formula that combines Prebiotic Triple Oat Complex + Ceramides and is suitable for sensitive and eczema prone skin. These products are fragrance-free and formulated without parabens, phthalates, and dyes, making them a good choice for those with super-sensitive skin who want to enjoy summer. Lightweight moisturizers are good options for summer. Neutrogena’s Hydro Boost Water Gel is an oil-free gel moisturizer made with hyaluronic acid, designed to bind water to the skin for a supple and smooth complexion. It is absorbed quickly, making it a great base under makeup, while still providing intense and long-lasting moisturization. With its oil-free formula, it’s suitable for both those with dry sensitive skin and those with oily skin. For those with sensitive skin who want to achieve plump, glowing skin this summer, the fragrance-free Neutrogena Hydro Boost Nourishing Cream contains a Natural Moisturizing Factor (NMF) complex, it strengthens the skin barrier and delivers more hydration to dehydrated skin. Within two weeks of use, this gentle yet effective cream soothes, re-plumps dry lines, softens and smoothen uneven skin texture, and reveals visibly healthy, glowing skin. Then there is the Neutrogena Hydro Boost Hyaluronic Acid Serum, the brand’s most concentrated hydrating serum yet. Paired with the Neutrogena Hydro Boost Water Gel, this serum instantly absorbs to deliver moisture nine layers deep into the skin’s surface to reveal smooth and supple skin. Its lightweight finish is a boon for anyone prone to breakouts, including those with sensitive or oily skin. It quickly absorbs into the skin, making it ideal for the warmer months when excess sweat and oil can be a concern. Then there is sunscreen which protects the skin from harmful UV rays which can cause sunburn, premature aging, hyperpigmentation, and other skin problems. Neutrogena Ultra Sheer Dry-Touch Sunscreen SPF 50 PA+++ helps maintain the integrity of the skin barrier. It features ingredients which block both UVA and UVB rays, and Dry-Touch Technology that keeps skin shine-free and clog-free. Additionally, its ultra-light, non-shiny finish gives the feeling of having nothing on, perfect for summer. Visit www.neutrogena.com.ph and www.aveeno.com.ph for more information.

T-bill, bond rates may drop on dovish BSP bets

WIKIPEDIA/JUDGE FLORO

RATES of Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week could be lower amid bets of a pause in the Bangko Sentral ng Pilipinas’ (BSP) tightening after headline inflation eased in April.

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

On Tuesday, it will offer P25 billion in reissued 13-year T-bonds that have a remaining life of 12 years and 11 months.

T-bill rates could inch down this week following the decline seen in the secondary market amid a possible pause in the central bank’s rate hike cycle, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“With faster headline disinflation leading the way despite core refusing to wilt, and year-end headline inflation forecasts spot on the BSP’s target range, investors’ upbeat mood cannot be denied,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a report.

At the secondary market on Friday, the 91-, 182-, and 364- day T-bills went down by 3.59 basis points (bps), 0.43 bp, and 20 bps week on week to end at ​5.9167%, 6.0570%, and 5.9943% respectively, based on the PHP BVAL Reference Rates data published on the Philippine Dealing System’s website.

“The upcoming 13-year Treasury bond auction yield could be similar to the 12-year PHP BVAL yield at 5.86% as of May 12, 2023 (down by 0.11 bp),” Mr. Ricafort added.

BSP Governor Felipe M. Medalla last month said the Monetary Board could consider holding rates steady at their May 18 policy meeting if inflation eased further in April.

The BSP has raised benchmark interest rates by 425 bps since May 2022 to help bring down elevated inflation, with its policy rate now at a 16-year high of 6.25%.

Headline inflation eased to 6.6% in April, the slowest in eight months or since the 6.3% print in August 2022, data from the Philippine Statistics Authority showed.

For the first four months, inflation averaged at 7.9%, still above the BSP’s 2-4% target and 6% forecast for the year.

Mr. Asuncion expects demand for long-term tenors to continue rising, but investors “may opt to diversify shorter tenors.”

“The BSP’s pause or any clear signal of an imminent pause is like giving carte blanche to investors to overweight the curve’s belly and short duration,” he said.

Last week, the Treasury raised just P11.09 billion from its offer of T-bills, lower than the P15-billion program, even with total bids reaching P45.354 billion.

Broken down, the Treasury borrowed just P3.06 billion via the 91-day T-bills despite tenders for the tenor reaching P10.628 billion, above the P5-billion plan. The average rate of the three-month papers went down by 10.90 bps to 5.891%, with accepted rates ranging from 5.888% to 5.95%

The government also made a partial P3.03-billion award of the 182-day securities versus the P5-billion program, with demand at P13.14 billion. The six-month paper fetched an average rate of 6.109%, 11.60 bps higher than the 5.993% seen for the last successful award of the tenor on April 24, with accepted rates from 6.073% to 6.155%.

On the other hand, the BTr raised P5 billion as planned from the 364-day debt papers as bids for the tenor stood at P21.946 billion. The average rate of the one-year T-bill went down by 3.60 bps to 6.211%, and accepted rates were from 6.19% to 6.245%.

Meanwhile, the reissued 13-year T-bonds to be auctioned off on Tuesday were first offered on April 18, where the government raised just P19.475 billion out of the P25-billion program.

The bonds were awarded a coupon rate of 6.25%, with the average rate at 6.24%. Accepted rates were at 6.1% to 6.35%.

The Treasury wants to raise P175 billion from the domestic market this month, or P75 billion via T-bills and P100 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy

Pandemic reduced competition in market for agri commodities

TIM MOSSHOLDER-UNSPLASH

By Sheldeen Joy Talavera, Reporter

THE competitiveness of farm produce has suffered due to the pandemic, with smaller merchants bowing out of the farm-to-table supply chain and leaving the field to entrenched middlemen, analysts said.

A regulatory framework is needed that encourages competition “can reduce the costs associated with negotiating and monitoring transactions by increasing the number of potential trading partners and reducing the bargaining power of dominant firms/middlemen,” Ateneo de Manila economics professor Leonardo A. Lanzona said in an e-mail.

According to Mr. Lanzona, many small- and medium-sized retailers “who used to contest the market (with) the dominant firms” shut down during the pandemic.

“It is crucial then for the government to restore and bring back the power of these small merchants and even the farmers themselves to gain access once again to the market,” he said.

Mr. Lanzona said that the Department of Agriculture (DA) can provide a centralized database of potential trading partners to reduce the cost of market matching.

Sonny A. Africa, executive director of think tank Ibon Foundation, said in a Viber chat that providing affordable infrastructure and logistics, raising farm incomes, and regulating “profit-seeking private interests” are essential for economic development.

“They are bound by currently underdeveloped public infrastructure and logistics systems which increases costs and, eventually, prices,” he said.

“Their scale and sophistication is bounded by a domestic market that is far below its potential size because of persistent poverty and severe inequalities in income and wealth — which constrains cost reductions from economies of scale,” he added.

John Paolo R. Rivera, an economist at the Asian Institute of Management, said that eliminating middlemen will stabilize prices of commodities.

“[It] will make agricultural produce cheaper because some unnecessary costs of intermediation will be reduced or eliminated,” he said via Viber.

Mr. Africa, however, said that middlemen have a negative reputation because traders have abused their market power over producers.

“Intermediaries will always be an essential part of any supply chain,” he said.

He said that the government should have “a more substantial and responsible state intervention” to correct abuses in the supply chain which may also lead to lower prices.

Even though it provides a direct farmer-to-consumer supply chain, Mr. Lanzona said that the DA’s KADIWA program has disempowered small retailers.

“The KADIWA stores have appropriated the same markets once dominated by these small retailers,” he said.

President Ferdinand R. Marcos, Jr., concurrently the Secretary of Agriculture, has been expanding the KADIWA store network. To date, the network consists of 308 outlets, pop-up stores, and KADIWA-on-Wheels routes, according to the DA’s Agribusiness and Marketing Assistance Service.

“Instead of creating the environment that will lead to greater competition, the KADIWA increased the power of dominant firms by quashing the relatively larger merchants that can compete with these larger firms, thus destroying permanently the supply chains that have been in existence before the pandemic,” said Mr. Lanzona said.

Mr. Africa dismissed KADIWA as “a public relations gimmick more than anything else” if left with insufficient resources.

He added that the program has only reached 1.2 million households or not “even 5% of the families in the country” and 250,000 farmers and fisherfolk, or about 3% of direct rural producers.

“The hyped subsidies to farmers and fisherfolk may help the handful who are reached but are also mainly public relations exercises because they are far from what the sector needs to substantially increase rural productivity,” he said.

Honda Civic Type R (FL5): R-traction

PHOTO BY KAP MACEDA AGUILA

This is not your everyday Honda Civic, it’s a sports car for every day

WHENEVER I think about the Civic Type R, I still recall the incredible enthusiasm that welcomed it to the country in 2017. That’s when Honda Cars Philippines, Inc. (HCPI) formally introduced the FK8 (its codename), based on the 10th generation of the Civic. The initial 100 units allocated to our market were snapped up within 48 hours of the announcement of availability.

Just wrap that thought around your head.

What this tells me, Honda’s considerable fandom aside, is that the pure love for driving and for owning a vehicle that is distinctly tuned to enjoy the road (and track) is still shared by so many of us. The allure of the red-badged, high-performing Honda — which first appeared in 1997 — endures and continues to win new fans over.

The FK8 has been expectedly replaced with a Type R that’s based on the current, 11th-generation Civic. Codenamed FL5, the all-new Type R bears all the goodness of its Civic underpinnings, but get some steroids and a host of R touches to bulk it up into the performance machine we expect it to be.

We start with some noteworthy factoids: The pre-production version of the FL5 set the mark for front-wheel-driven cars at the Suzuka Circuit in March of last year, followed up with a production-model achievement — setting the bar for front-wheel-driven vehicles at the iconic Nürburgring, which it lapped with a time of 7:44.881.

Of course, that only adds to the legend and psychic reward when you make that “informed decision” to get the Type R because, well, you owe it to yourself and that pocket-rocket-loving kid inside you.

For starters, like the 10th-generation Civic, the 11th generation’s looks initially polarized the public. I say initially because its slightly funky appearance has a way of growing on you. That protruding “brow” on its front fascia can be a little disconcerting, or it just might look a little new so you don’t quite know what to make of it. I used to scratch my head as well, until the look, yes, grew on me.

Besides, nerds will delight in the fact that the 6th-gen Type R is “more aerodynamically efficient, therefore, generating, significantly more downforce which improves high-speed stability,” reports HCPI. The Civic hatch-based Type R gets a new bumper and functional front fender air outlets — in addition to a side sill garnish.

If you ask me, I like how less complicated the FL5 looks compared to the FK8. Sure, there is nothing wrong in the older Type R’s more aggressive gait and jet-fighter demeanor, but it can be a little over the top. And hardly anyone will argue against a more non-descript, low-key vehicle, which the FL5 is.

While we’re comparing, the all-new Type R is longer, wider, and lower than the FK8. Honda says the A-pillars have been moved rearward by almost two inches in aid of visibility. That also makes the hood longer.

Up front, the FL5 gets a delicious honeycomb grille upon which the equally yummy Type R badge and red Honda logo are affixed. The car gets LEDs all around — from the headlamps to the redesigned taillamps. Nestled in the black rear diffuser (which also increases downforce while reducing drag) are the updated signature three tailpipes. Honda simplifies matters by ditching the winglets of old, and again employs a large spoiler supported by aluminum stanchions. I hasten to add that this huge appendage will not obscure your rearward view.

As for shoes, the FL5 gets matte-black 19-inch alloys fitted with in 265/30 high-performance Michelins. Our test unit was in Championship White hue, and you can choose another color, the Racing Blue Pearl, if you wish.

All of these exterior appointments make the car a great-looking sports car — and a lot of heads indeed turned our way while we zipped along merrily aboard the FL5 — but the proof is in the pudding.

Step on the clutch and press the start/stop to rouse the turbocharged 2.0-liter, 16-valve DOHC VTEC inline four from slumber. This mill, compared to the FK8’s, ups the output by 10ps (to 320ps) and 20Nm (to 420Nm). Drivers can access the performance promises through a sweet, short-throw six-speed manual with an improved Rev Match Control System. I was surprised that over the course a multi-day lendout, without even half trying (I succumbed to being heavy on the pedal lots of times when situations permitted), the car registered double-digit fuel economy.

Despite it being a manual, the all-new Civic Type R does offer four driving modes — Comfort, Sport, +R, and Individual — to calibrate the willingness of the engine to rev up and deliver performance. The cabin is swathed in healthy doses of red, which is pretty much the royal color for the R — from the Type R bucket seats with Alcantara leather to the carpeting and accents. Neat freaks should be extra careful when boarding the car; check if your soles are clean. And I wouldn’t eat something while in the cabin, as that could potentially stain the seats or the carpet.

That out of the way, the FL5 has everything you love in the “garden variety” Civic and more — justifying the P3.88-million price of admission.

The aforementioned honeycomb grille is mirrored in the trim that runs almost from door to door in front. On the dashboard is a Type R plate with the number of the unit that you have.

The aluminum shift knob can get pretty hot if you leave the unit under the sun, so I suggest to cover it up with something (better if you get a sunshade).

The Alcantara-wrapped steering wheel is absolutely luscious and lends a feeling of premium sportiness, along with the bright-red Honda logo in the center. You know you’re piloting something very special. The company dispenses with analog instrumentation altogether, but the rendering and execution in the 10.2-inch digital cluster are neither cheesy nor gimmicky.

Meanwhile, a nine-inch touchscreen rises from the center of the dash. This supports multimedia functions like Wireless Apple CarPlay and Android Auto, and gives expression to your music through 12 Bose speakers. Automatic air-conditioning allows for brisk cooling, and other touches within make the Type R more attractive even to those who are unfamiliar with what the vehicle stands for.

For instance, a new center console is bestowed large cupholders — perfect even for moderately sized drink bottles. The back row is meant to seat two in comfort; a third is definitely not recommended as there are big cupholders ensconced in the middle of the bench. Plus, there are only two seatbelts back there — in eye-catching Type R red, of course.

While we’re on the topic of space, can the Type R be an everyday car that can do errands and the occasional grocery run? Of course! The cargo capacity with the seatbacks up is a decent 404 liters. This grows to 898 liters with a 60:40 fold.

And though the FL5’s shocks are tuned for sportier inclinations, they are not jarring by any stretch. What they do is bestow you with supreme confidence to safely take twists and turns at speed.

And because this is a performance vehicle that is perfectly suited for the track, wouldn’t it be great to have a way to measure its abilities or, more correctly, your ability to extract the goodness? Say no more. The enhanced version of the Honda LogR Performance Datalogger “combines (the vehicle’s) onboard computer and sensors with a new built-in vehicle app that help drivers monitor and record a variety of performance parameters in real time when driving on the road, on track and other closed courses, helping to improve driving skills.” Aside from providing information such as oil temperature, and pressure and coolant temperature, drivers can check out their lap time and “heat map” along with data like real-time G-force readings.

Perhaps most importantly, the FL5 is imbued with the latest version of Honda Sensing, the brand’s suite of driver assist and safety tech. It employs a camera behind the windshield, and processors and sonar sensors to allow the vehicle to “see” a longer way down the road. Honda says “its camera detects feature points of a target and recognizes attributes of objects such as a vehicle or pedestrian, while the sonar sensor system, on the other hand, detects objects, including other vehicles, located near the front. The fast processor, meanwhile, allows the system to measure distance and the lateral position of objects based on the change in the size of the target object, how long it takes for the change to occur, and the speed of the vehicle. This enables the camera to recognize white lines, road boundaries such as curbs, other vehicles, pedestrians, bicyclists, and road signs.”

The system allows the FL5 to offer features such as Collision Mitigation Braking System, Adaptive Cruise Control, Lane Keeping Assist, Road Departure Mitigation, Lane Departure Warning, Forward Collision Warning, and Auto-High Beam. These offerings join standard safety complements to make the latest iteration of this vehicle not just an athletic one but safer than ever.

And tons of fun, I hasten to add.

JBL, Infinity now under Waido

Waido Marketing and Distribution, Inc. President Edbert Tiu — PHOTO BY KAP MACEDA AGUILA

You deserve a customized, elevated sound experience, say brand officials

TWO WELL-KNOWN and established brands in car audio have gotten a country reboot of sorts. JBL and Infinity Car Audio were recently relaunched in the Philippines under a new and exclusive distribution partner.

Waido Marketing and Distribution, Inc. now oversees the two brands under the Harman parent company. Harman is noted for premium audio and infotainment solutions for customers “around the home, in the car and on the go.”

A media event was held ahead of the Manila International Auto Show, where Waido exhibited two vehicles set up and tuned by EMMA (European Mobile Media Association) Philippines custom installers. EMMA, founded in 2000, is a “fast-growing community” of mobile media enthusiasts, “top-class mobile media specialists,” and entrepreneurs. Today, it remains a “fast-growing” community with a foothold in more than 40 countries. It holds and judges car sounds competitions.

With the reintroduction of the JBL and Infinity Car Audio brands, Waido hopes to appeal to “a new generation of Philippine motorists and to rekindle the excitement and curiosity of upgrading one’s in-car listening experience.” The distributor also explained how the two marques are distinct from each other — even if both are under the ambit of Harman.

“JBL Car Audio embodies the personality of a live concert that is akin to the likes of band music, which is aligned with its generational tagline, ‘Loud & Clear,’ The signature characteristic that can be expected of a JBL system is the experience of a sound stage, leaning toward performance and bass,” said Waido in a release. “Infinity Car Audio, on the other hand, puts emphasis on bringing out finer musical details and characteristics, particularly preferred by listeners of jazz and instrumentals, the blues, or vocal tracks.”

Among those present during the media launch was Harman International Asia Pacific Manager for Product Planning and Strategy (for car audio) Shaun Wong. The Singapore-based executive kicked off a tour of various APAC markets with a stint in the Philippines.

Speaking exclusively to “Velocity,” Mr. Wong shared, “I see good opportunity for Harman during this time. I see growth in this segment through after-market customers — particularly the speaker business.”

But why should car owners upgrade from their stock audio system? “When you upgrade, of course you expect something better than your existing system,” he continued. “People will definitely see the improvement in sound quality. Car installers and the after-market people are upgrading their own skills all the time to keep up with contemporary audio equipment coming from the factories. These are pretty decent and promise good sound quality, but there is greater demand for higher spec and better technology to support the market demand.”

At the end of the day, it’s about tailoring to a customer’s audio preferences — and that truth applies to customers of all kinds, from the mass market to more expensive tastes. Even luxury cars with their premium speakers and setup can prove inadequate or not to the liking of their owners. “OEMs will not tailor to your preference, of course. So, the after-market is about customizing your sound experience,” Mr. Wong underscored.

Waido carries various JBL product tiers from JBL Club, JBL Club SQ, to the top-of-the-line JBL Stadium. The more premium Infinity brand banners the Kappa Perfect for high-fidelity sound quality with power handling, high SPL capability, and detailed response. Next come the Kappa and the mid-range Reference series.

Mr. Wong concluded, “We continue to position ourselves in terms of innovation, and we continue to grow our business categories. As long as there are cars on the road, there will be people who listen to music.”

For more information about the JBL and Inifinity Car Audio lines, visit or follow official Facebook pages (JBLCarPH, InfinityCarPH) or Instagram accounts (@jblcarph, @infinitycaraudioph). — Kap Maceda Aguila

Asian Terminals net profit climbs 96% to P1B as revenues surge

ASIAN TERMINALS, Inc. (ATI) posted a 96% jump in net income attributable to equity holders to P1.18 billion in the first quarter from the P601.18 million it booked in the same period last year.

During the quarter, the company recorded revenue growth of 29% to P3.75 billion from P2.9 billion in the same period in 2022. Net of the government’s share in revenues, the company generated P3.09 billion, up 30% from P2.38 billion a year ago.

In its latest quarterly report, the company said that revenues from South Harbor International Containerized Cargo and Batangas Container Terminal increased from last year by 26.9% and 46.9%, respectively, on account of higher container volumes.

“Moreover, revenues from ATI Batangas were higher than last year by 21.1% on account of higher Roro (roll on/roll off) volumes and higher number of passengers,” it said.

The company’s cost and expenses grew by 16.2% to P1.61 billion in the first three months of the year, from P1.38 billion last year.

Labor costs during the quarter rose 10% to P436.2 million from P396.3 million last year due to a salary rate increase, while equipment running costs went up by 8% to P194.2 million from P179.8 million due to higher fuel costs and higher electricity resulting from higher consumption and increase in rates.

The company recognized a finance income of P42.1 million, an over 18 times jump from the P2.3 million booked in 2022 as it earned higher interest rates on money market placements and a higher cash balance during the quarter.

Finance costs were lower, amounting to P113.5 million, down 11.8% from P128.7 million a year ago.

The company also booked P137.1 million in other income during the quarter, reversing the P76.4 million in other expenses last year, which it attributed to unrealized foreign exchange gain following the appreciation of the local currency versus the dollar.

On Friday, ATI shares climbed eight centavos or 0.54% to P14.78 each. — Justine Irish D. Tabile

Eurovision 2023: Sweden’s Loreen wins for a second time

REUTERS

LIVERPOOL, England — Sweden’s Loreen won Eurovision 2023 with the song “Tattoo” in Liverpool, northern England, on Saturday, becoming the first woman to triumph twice in the contest.

Finland’s Käärijä, a green-bolero-sleeved rapper, came second. He won the viewer vote with “Cha Cha Cha,” but it was not enough to overtake Ms. Loreen’s lead after the result from the juries in the 37 participating countries.

“I am seriously overwhelmed,” Ms. Loreen told reporters.

Comparing her win to 2012, she said: “It’s like coming back to a family.”

Ms. Loreen is the only person after Ireland’s Johnny Logan to win the contest twice, and her victory puts Sweden level with Ireland as the most successful Eurovision countries, 49 years after Abba’s famous victory.

The 67th edition of the musical festival was held in the “City of Pop” on behalf of Ukraine, last year’s winner, which was unable to host this year because of Russia’s invasion.

Organizers had to walk a tightrope between putting Ukraine center stage and steering clear of any overt political messages, which are not allowed in the contest.

They largely succeeded.

Kalush Orchestra, 2022’s winner, mixed video recorded in Ukraine with live performance in Liverpool in an opening sequence that included a cameo appearance from Britain’s Kate, Princess of Wales, playing the piano.

But as the contest was underway, Russian missiles hit the western Ukrainian city of Ternopil, home to electro-pop duo Tvorchi, this year’s entry from the country.

Local authorities, writing on Telegram, said the strike had injured two people.

Ukrainian President Volodymyr Zelensky was barred from addressing worldwide viewers — who numbered 160 million last year —by contest organizer the European Broadcasting Union.

It said that granting his request, which was made with “laudable intentions,” would be against the non-political nature of the event and its rules prohibiting making political statements.

UKRAINIAN SPIRIT
Nonetheless, the show, watched by thousands in person on the banks of the River Mersey and by millions on TV, was infused with the spirit of Ukraine, notably in a rendition of “You’ll Never Walk Alone” jointly sung in the arena and in Ukraine and which brought many in the audience to tears.

The 26 acts in the final spanned musical styles from ballads to heavy rock to rap, and included a handful of bizarre performances that the contest is renowned for.

Germany finished bottom of the table, just behind Britain, but no country received the dreaded “nul points.” — Reuters