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Ardina tops Copper Rock Championship in Epson Tour

FILIPINA ace Dottie Ardina

FILIPINA ace Dottie Ardina scored a career breakthrough as she won the Copper Rock Championship in the Epson Tour by two strokes on Saturday in Hurricane, Utah.

Saving her best for last, Ms. Ardina closed out with a bogey-free seven-under 65 to complete her come-from-behind triumph in the 54-hole event at five-under 211.

It was the lowest winning score after five events in the tour, which earned for the 28-year-old parbuster a cool $30,000 (P1.57 million).

Ms. Ardina, a former amateur standout, struck gold after 18 Top 10 finishes in the circuit. She made the cut five times in 21 starts in the premier Ladies Professional Golf Association (LPGA) Tour.

“I wanted to have fun out there and my goal was 5-under to have a chance. But 7-under is even better,” said the newly-minted champ.

After back-to-back 73s, Ms. Ardina turned in a hot 33-32 round that powered her to the summit over Spaniard Marta Sanz Barrio (67) and Israli Laeticia Beck (68), who finished at 213.

With a 267-yard average off the tee, Ms. Ardina hit all 14 fairways and reached all but three greens in regulation. She only needed 26 putts to complete the round highlighted by birdies on Nos. 1, 5, 7, 8, 11, 13 and 18.

“I’ve played good golf the last few years and knew I was due. I wasn’t expecting it this week because of the weather but took advantage of how nice it was today,” she said.

Ms. Ardina sealed it with a 12-foot birdie putt on No. 18 and made two fist pumps in celebration.

“I kept saying to myself, ‘calm down, calm down, put a good stroke on it and you’ll make the putt.’ I did not look at the leaderboard until No. 18,” said the pride of Canlubang.

“I kept my focus on the line for the putt and as soon as it hit the spot I wanted, that’s when I did the fist pumps because I knew it was going in.”

Compatriot Clariss Guce wound up in share of 14th at 218 after a final 69. Ms. Guce netted $3,252 (P170,000).

Over in the LPGA Tour, Fil-Japanese Yuka Saso banked on an eagle to salvage a two-over 74 in the third round of the LA Open in California on Saturday.

Ms. Saso limped go five-over after 13 holes but holed in an eagle on No. 14 and two birdies sandwiching a bogey from the 16th to the 18th to get her total to 2-over 215.

The reigning US Women’s Open champ, who had earlier cards of 75 and 66, dropped 30 places to joint 49th — far away from the contenders led by Japanese leader Nasa Hataoka (202 after a 67). — Olmin Leyba

OZ Finance says ecozone project in Bataan progressing

By Revin Mikhael D. Ochave, Reporter

OZ FINANCE said it is progressing with its project in Bataan that allows holders of its TOTOZ token to gain access to the economic zone (ecozone) living under Project Open Zone (OZ).

Yui Kay Choy, OZ Finance ecosystem architect, told BusinessWorld that Project OZ has already recorded over 100 registrants. Of the total, there are already two fully-registered residents under the project.   

“More than 100 people have registered for the tokens, though not all are going straight for residency. As of now, we have 2 fully registered residents,” Mr. Choy said in an e-mailed reply to questions.

Recently, OZ Finance announced its partnership with the Authority of the Freeport Area of Bataan as the project’s first ecozone partner under Project OZ, which utilizes blockchain technology to allow residency or business operations in partner ecozones.

According to Mr. Choy, Project OZ aims to link real-world living with the digital economy.

“The current residency program is for non-Filipinos. Anyone can avail themselves of open-zone living provided they pass standard know-your-customer (KYC) and anti-money laundering (AML) checks,” Mr. Choy said.

Further, Mr. Choy disclosed that OZ Finance is consulting with other special ecozones around the world for the project. However, he did not specify the countries being considered.

“We would expect the next ecozone to be announced in the next couple of months,” Mr. Choy said.

Mr. Choy said there are two main residency options under the program: an individual residency program for $75,000 worth of TOTOZ Tokens to be staked for five years and to register as a business for $100,000 worth of TOTOZ Tokens to be staked for five years.

“After five years, to extend the residency or business operations, the token holder just needs to stake the corresponding worth of TOTOZ tokens in the wallet again,” Mr. Choy said.

“For now, people can acquire TOTOZ through our wallet. By June 2022, people can also acquire TOTOZ through third-party exchanges. However, the staking has to be done within OZ’s wallet for residency rights,” he added.

Meanwhile, Mr. Choy announced that OZ Finance has other projects in the pipeline involving digital infrastructure, metaverse, and stablecoin.

He said the planned digital infrastructure includes a blockchain protocol, digital ID, payment interoperability, data exchange, and an authentication and consent framework.

“We want to install digital infrastructure for the ecozone in order to connect the ecozone to the growing digital economy. This will greatly enhance the digital capabilities of the ecozone in terms of smart city services, trade and business enablement, and providing jobs and skill upgrading for the local population,” Mr. Choy said.

“We want to enhance payments and the payment ecosystem through the launch of a stablecoin. We [also] have a unique plan to enhance real estate and property value through the application of metaverse layers to the physical landscape,” he added.

Yields jump on hawkish Fed

YIELDS on government securities (GS) mostly rose last week as players turned cautious following the hawkish comments from US Federal Reserve officials, causing bets on more aggressive rate hikes in the next two meetings to tame surging inflation.

Debt yields, which move opposite to prices, went up by an average of 11.63 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of April 22 published on the Philippine Dealing System’s website.

At the short end of the curve, only the 91-day Treasury bill (T-bill) saw its yield go down, dropping by 1.93 bps (to 1.2466%) on Friday from its April 13 finish. Meanwhile, yields on the 182-, and 364-day T-bills increased by 2.11 bps (1.5262%) and 11.72 bps (1.9169%), respectively.

The belly of the curve rose, with rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) climbing by 9.12 bps (to 3.5111%), 13.17 bps (4.2973%), 11.51 bps (4.9004%), 13.11 bps (5.3546%), and 27.56 bps (5.9293%), respectively.

The long end of the curve also moved upwards with yields on the 10-, 20-, and 25-year papers gaining 8.95 bps (to 6.074%), 7.41 bps (5.8066%), and 25.22 bps (5.9068%).

“Local bond yields continued to trend higher [last week] as market players remained cautious amid aggressive US Fed tightening bets and also the likelihood that other central banks will also follow suit,” a bond trader said via Viber message.

The trader said the bond market remained under pressure amid supply chain disruptions due to the renewed lockdown in Shanghai and the ongoing war between Russia and Ukriane.

“Onshore, yields also tracked the result of the seven-year reissuance by the BTr (Bureau of the Treasury) as it was higher than what the market initially expected,” the trader said.

A half-point interest rate increase “will be on the table” when the Federal Reserve meets on May 3-4 to approve the next in what are expected to be a series of rate increases this year, Fed Chair Jerome H. Powell said Thursday in comments that pointed to an aggressive set of actions ahead, Reuters reported.

With inflation running roughly three times the Fed’s 2% target, “it is appropriate to be moving a little more quickly,” Mr. Powell said in a discussion of the global economy at the meetings of the International Monetary Fund.

A Reuters poll two weeks ago showed analysts expect the Fed to make two back-to-back 50-bp interest rate hikes in May and June to bring down runaway inflation.

The Fed’s policy-setting Federal Open Market Committee (FOMC) began to unwind its pandemic-driven easy stance in March when it hiked key rates by 25 bps to tame inflation.

Another bond trader said in an e-mail that the Bangko Sentral ng Pilipinas (BSP) could also make its move soon, depending on the outcome of the Fed meeting in May 3-4.

Finance Secretary Carlos G. Dominguez III, who sits on the Monetary Board (MB), said in a Bloomberg TV interview on Thursday that the Philippines would be monitoring closely the Fed’s decisions before making its own policy adjustments.

BSP Governor Benjamin E. Diokno, MB chairman, earlier said they would start raising its policy rates by the latter half of the year, when they expect the economy to have returned to its pre-pandemic level.

The MB’s next meeting is on May 19.

Meanwhile, the government raised P35 billion as planned from the reissued seven-year papers it offered last week at a higher average rate of 5.779% on higher inflation expectations as well as hawkish comments from Fed officials. The papers have a remaining life of six years and three months

“It (the bond auction’s result) pulled the belly of the curve higher. Some unwinding was seen in the 3.9-year FXTN (fixed-rate Treasury note) 577 and the 4.8-year RTB (retail Treasury bond) 515. It also gave a precedent of higher yields in [this] week’s 10-year auction,” the second bond trader said. 

On Tuesday, The Treasury is set to offer P35 billion in reissued 10-year papers with a remaining life of nine years and eight months. The bonds carry a coupon rate of 4.875% and were originally issued on Jan. 20.

Both traders said they expect the market to remain cautious while waiting for the Fed’s next meeting and for the curve to continue its upward trend in the coming weeks.

“For this week, it seems that there is no sign of reprieve for bonds in the near-term so GS yields are still expected to trade higher, that will be led by securities on the belly to long-end,” the first trader said.

“Outlook is for the FOMC to hike its rates by 50 bps [and] unveil its plans to reduce its balance sheet. Traders are expected to remain cautious even after the meeting unless inflation will show some solid signs that it’s finally slowing,” the trader added.

“Expect defensive trading, some unwind in the bellies,” the second trader said. “Less speculative trades, portfolio names will be the only ones providing support.” — with Reuters

Honda Cars PHL expects to sell 100 HR-Vs a month

Hybrids coming in the ‘near future,’ confides company president

EVEN CASUAL automobile industry observers know that the crossover market (particularly its subcompact segment) is a busy, popular one — second only, perhaps, to the budget hatches and entry-level rides that have flooded the market and sated its thirst for affordable mobility.

Verily, the SUV has consistently stood and endured among the aspirational goals of those who can afford it. As our population inexorably heads toward increased mobility, a surfeit of marques can only mean good news.

And when one talks SUV, Honda can never be out of topic. The popular CR-V, according to Honda Cars Philippines, Inc. (HCPI) Public Relations Manager Lyka-Mae de la Cruz-Andres, has cumulatively sold some 12.6 million units globally from the model’s debut in 1995 to March 2022.

Meanwhile, the smaller HR-V is no slouch either, with 3.5 million examples finding their way to garages around the world. And since the nameplate’s 2015 introduction in the Philippines, the HR-V has moved some 7,000 units.

Now, the all-new iteration is here.

Understandably, HCPI considers this an important release. The company’s first physical launch event since the COVID-19 pandemic underscored just that — positing that the “Honda HR-V is ready to create a new phenomenon again in the automotive industry by offering new premium value for customers.”

The third-generation HR-V was unveiled at The Blue Leaf Events Pavilion in Taguig — a spectacle simultaneously viewed virtually at Honda Cars Cebu, and was also streamed on Honda Cars Philippines, Inc.’s (HCPI) official Facebook page.

Two variants are available: the S CVT (at P1.25 million), and V Turbo CVT (P1.598 million). Significantly, both are equipped with Honda Sensing, the Japanese brand’s proprietary suite of safety and driver-assistive features.

In an exclusive interview with this writer, HCPI President Masahiko Nakamura said, “Our objective is to increase our sales and market share now that the subcompact SUV segment is growing more and more especially with new products from China and other companies.”

He continued, “By introducing the HR-V, we hope to increase our presence in the Philippines and also we want to enhance our safety strategy in the country.” The executive anticipates a growth of 10% to 15% for the auto industry in 2022, and added that he expects Honda to outpace this “by adding more models.”

Last year, Honda had globally elucidated its aspirations to realize “zero traffic collision fatalities involving Honda motorcycles and automobiles globally by 2050.” Two technologies are expected to make this happen, the company said: the world’s first artificial intelligence (AI)-powered Intelligent Driver-Assistive technology “providing assistance that is suited to the ability and situation of each individual to reduce driving errors and risks, helping the driver achieve safe and sound driving.” Second is Safe and Sound Network Technology, “which connects all road users, both people and mobility products, through telecommunications, making it possible to predict potential risks and help people avoid such risks before collisions actually occur.” A nearer goalpost is a commitment to “reduce global traffic collision fatalities involving Honda motorcycles and automobiles by half by 2030.”

Continuing to develop Honda Safety Sensing is only part of the strategy. It’s about actually making safety technology more universally available in the company’s four-wheeled and two-wheeled vehicles alike. And that’s exactly what HCPI is doing in the here and now.

Commented Mr. Nakamura, “(In two years) we will introduce more models with Honda Sensing. I hope it will contribute to realizing Honda’s vision of a collision-free society.”

Back to the HR-V, the executive said he realizes the model will have its work cut out for it, but it should be up to the task. “When we launched the previous HR-V, there was no competitor, so we could dominate — and the sales are much higher than the current situation,” he confided with a laugh. “But I think with this all-new HR-V we have increased the product competitiveness, and we have set a very competitive price. We hope we can sell more than 100 a month.”

Conceptually, the HR-V takes the overarching theme “Amp Up Your Life,” under which are “functionality, safety and advanced features, sophisticated design and superior driving experience,” based on the three core values of “pleasure,” “confidence,” and “aesthetics.”

On the outside, the HR-V assumes a more dynamic, aggressive look — set off by a new headlamp and foglamp design (featuring LEDs). The headlights are auto on/off, and include daytime running lamps as well. These illuminating eyes frame a mesh-type grille on the V Turbo CVT variant and a black bar type grille on the S CVT. Honda adds more flair to the V trim through a sportier bumper with the so-called Amp Up Line design — akin to an ECG blip.

Viewed from the side, the HR-V maintains its quasi-coupe look with a fastback-like profile, and unobtrusive rear door handles integrated into the C pillar. A shark fin antenna is common to both variants, as are 17-inch alloy wheels (although with differing looks) fitted with 215/60 tires. At the back, an LED taillight bar runs the width of the vehicle, while a dual tailpipe layout with finishers is available on the V variant.

A “human-centric cabin” welcomes the driver and passengers aboard, said Honda in a release, and added that this has been “designed with good ergonomics and treated with quality materials. It also offers optimized comfort, premium features, and subcompact crossover versatility.”

An eight-inch touchscreen display audio device finds expression through a six-speaker (which includes two tweeters) sound system. Mobile devices will be accommodated through Apple CarPlay and Android Auto.

The HR-V boasts a one-push start system, steering wheel-mounted audio controls, and single-zone automatic climate control with rear air vents. An interesting new feature is a so-called air diffusion system “which evenly distributes the natural breeze to all occupants throughout the cabin.” Speaking of which, both trims come standard with a remote engine start function, which allows the driver to start the engine (and, presumably, the AC with it) by pressing a button on the key fob.

Leather wraps the seats of the V Turbo CVT, while fabric is the material of choice for the S CVT. The instrument cluster of the higher variant showcases a seven-inch digital display; the S CVT comes with a slightly smaller 4.2-inch digital display.

Browsers of the HR-V should be delighted with a distinctly Honda (and useful) feature that makes its way to the vehicle: so-called ULT (Utility, Long, Tall) seats. This acronym essentially captures the flexibility of the interior space. In Utility Mode, the two rear seats can be folded for more cargo space — underscored by Honda’s “fold-flat flexibility.” Long Mode sees the front and rear seats folded to swallow particularly elongated payload, while Tall Mode can be achieved by tipping up the rear seats for maximum vertical space. Honda said that this flexibility is an HR-V-exclusive in the segment.

Two mills power the two variants. The S CVT receives a 1.5-liter DOHC VTEC that produces 121ps and 145Nm, while the V Turbo CVT gets a 1.5-liter VTEC Turbo (which makes this HR-V the first to benefit from forced induction) that blurts out 177ps and 240Nm. Both engines are mated with a continuously variable transmission (CVT). Drivers can also tweak the driving modes into Econ (for optimum fuel efficiency), Normal (for general daily driving), and Sport Mode (for the V Turbo CVT only, which accelerates the engine more readily).

As mentioned, both trims get Honda Sensing (the same version of which is seen in the recently launched Civic), which provides the following safety measures: collision mitigation braking system, adaptive cruise control with low-speed follow, lane keeping assist system, road departure mitigation system with lane departure warning, auto high beam, and lead car departure notification system. These functionalities are made possible using a monocular camera with a wider field of view, plus improved software. “The updated safety tech achieves better vehicle, motorcycle, bicycle, pedestrian, and road marking recognition,” maintained Honda. Aside from these, the HR-V’s standard safety, convenience, and protective niceties include: smart keyless entry, security alarm and immobilizer, seatbelt reminder for all passengers, front and side air bags, speed-sensing door locks, Isofix child seat anchors, rear seat reminder, anti-lock braking system, electronic brakeforce distribution, vehicle stability assist, hill descent control, hill-start assist, and more. Rounding these off is a G-force Control (G-Con) body which absorbs impact in case of a collision, for added passenger protection.

HCPI said that the HR-V is now available across its network of 37 dealerships nationwide. It comes in four colors: Ignite Red Metallic, Platinum White Pearl (for an additional P20,000), Premium Opal White Silver Pearl (a new color exclusive to V Turbo CVT, and is available for an additional P20,000 as well), and Meteoroid Gray Metallic.

Meanwhile, we asked Mr. Nakamura about HCPI’s electrification plans. “Honda has already announced that by 2040, we will change our products into all-electric,” he replied. “Sooner or later, we will introduce electric vehicles, but I think it’s better if we start from hybrid. Please look forward to seeing our hybrid model in the near future.”

A hybrid in the near future. You read that here first.

Cooking-oil chaos exacerbates looming world hunger crisis

REUTERS

THE world’s supply of cooking oil — already squeezed by war — is getting smaller.

Two months after Russia’s invasion of Ukraine upended global agricultural trade, Indonesia is set to ban exports of cooking oil in the wake of a local shortage and soaring prices, adding to a raft of crop protectionism around the world. The country accounts for more than a third of global vegetable-oil exports, with China and India, the two most populous countries, among its top buyers.

Indonesia’s supply of edible oil to the world is “impossible to replace,” said Carlos Mera, head of agricultural commodity markets research at Rabobank. “It’s definitely a big blow.”

Indonesia is the biggest producer of palm oil, the world’s most consumed edible oil. The southeast Asian nation’s announcement of the ban on Friday sent US futures tied to soybean oil, an alternative to palm, soaring to the highest price on record for a third straight day. In the UK, some supermarkets are limiting purchases of cooking oils, like sunflower, olive and rapeseed.

Russia’s invasion of Ukraine has thrown the trade of sunflower oil into chaos and is squeezing already tight supplies of other vegetable oils used in food, biofuels and personal care products.

Weather woes across the world’s major producers of edible oils are adding to fears of shortages. Dryness has crimped the size of soybean harvests in South America, the world’s biggest producer, and drought in Canada shrank production of canola, leaving little available supply.

While limited supply and soaring prices are set to worsen inflation of food items like salad dressing and mayonnaise in wealthy economies like the US, developing nations like India are set to feel the worst impacts. Such countries depend on imports of palm oil as a cheaper alternative to more costly soybean, sunflower and canola oil.

“We are terribly shocked by this decision of Indonesia,” said Atul Chaturvedi, president of Solvent Extractors’ Association of India, and edible oil trade group. “We were not expecting a ban like this.”

The surge in core food costs is also leading to the biggest debate in a decade over using farmland to grow crops for producing fuel. The American Bakers Association, whose members produce 85% of US baked goods, is warning about empty grocery store shelves.

“We desperately need the US Environmental Protection Agency to take the right action to allow soybean oil stocks to shift back into food instead of being diverted to biodiesel production,” said Robb MacKie, the trade group’s president.

Food-versus-fuel tensions are also flaring in other regions, including Indonesia.

The latest action by Indonesia is certain to “aggravate” food inflation that’s already at a record high, said Tosin Jack, commodity intelligence manager at Mintec in the UK. Tight vegetable oil supplies are already prompting food manufacturers to improvise with their products, including trying to come up with new formulations and switch to substitutes when possible, according to Jack. 

For makers of packaged items like chips — whose ingredient lists often allow flexibility by stating the food can contain multiple vegetable oils — the move by Indonesia takes one more oil off an ever-shrinking list.

Changing food recipes though can be daunting and “does not necessarily produce a product with the same sensory characteristics,” said Jeannie Milewski, executive director for The Association for Dressings & Sauces, an Atlanta-based trade group that represents makers of products that most often rely on soybean oil.

Soybean oil futures in the US have nearly doubled since the start of 2021, driven in part by higher demand for ingredients to make biofuel. Prices then shot up to the highest on record after Russia’s attack on Ukraine disrupted sunflower oil shipments and set off demand for alternative commodities.

Canadian canola had already climbed to an all-time high last year as devastating drought shrank crops across North American prairies. Palm oil in Asia has risen about 50% and rapeseed in Europe 55% in the past 12 months.

Still, “despite record prices overall, vegetable oil demand remains high because vegetable oils are an essential part of diets in all countries and particularly in countries like India, Pakistan, Bangladesh,” said John Baize, an independent analyst who also advises the US Soybean Export Council.

Mr. Baize calls Indonesia’s restriction on palm oil exports a “big deal” but expects it won’t last long. He noted that Indonesia exported 26.87 million metric tons of palm oil in 2021 compared with consuming 15.28 million metric tons domestically.

For now, Indonesia’s ban intensifies worries about food costs and shortages, with expectations that other countries are likely to make similar moves as the war in Ukraine drags on.

“We’re likely to see a few more,” said Rabobank’s Mera. “That exacerbates the concerns.” — Bloomberg

IM Quizon eyes gold in Hanoi Games

DANIEL QUIZON — BW FILE PHOTO

INTERNATIONAL Master (IM) Daniel Quizon is eyeing nothing less than a chess gold medal in the Hanoi Southeast Asian Games scheduled on May 12-23.

“My goal is to win a gold medal in Hanoi,” said the 18-year-old Mr. Quizon after topping the second edition of the Kamatyas FIDE rated chess tournament at the Multisys Headquarters in Parañaque on Saturday night.

Mr. Quizon, the national champion, will compete in the blitz, rapid and standard events in the biennial event and is optimistic he would strike gold for a country that failed to win one in the last edition in Subic three years ago.

It was evidenced by his strong performance in the Kamatyas event sponsored by Multisys Technologies Corp.’s David Almirol, Jr. and organized by IM Roderick Nava after he scored 7.5 points on six wins and three draws including one versus IM Barlo Nadera in the ninth and final round.

The Dasmariñas, Cavite bet actually ended up tied for first with Grandmaster Darwin Laylo and FIDE Master Randy Segarra but the former emerged with the highest tie-break score and took the title, the winner’s purse worth P30,000 and the trophy.

Mr. Laylo could have won it all if he had converted a queen-versus-rook end game into a win, but he succumbed in extreme time trouble and settled for a draw with Chester Neil Reyes and a second place finish with a P10,000 prize.

Mr. Segarra, for his part, stunned IM Ronald Dableo and ended up at third to claim P7,000.

Mr. Reyes took fourth place ahead of elder brothers Narquingel and Narquinden, who both made it to the top 10.

Rounding out the top 10 finish were Mr. Nadera, Jerry Areque, FM Robert Suelo, Jr., and IM Chito Garma with GM Joey Antonio (senior), IM Angelo Young (PWD), WIM Kylen Joy Mordido (top lady), Mark Jay Bacojo (junior), Al Basher Buto (kiddie) and Marlon Bernardino (media) as category winners. — Joey Villar

Making things simple

Whittling a 10-step skin regimen down to 3 steps

A FEW years ago, not having a 10-step skin regimen meant taking a gamble for getting beautiful skin. But now a homegrown brand founded during the height of the coronavirus disease 2019 (COVID-19) pandemic aims to simplify skincare regimens from 10 or 11 steps to a plain old three, while still giving the same results.

During a press conference earlier this month, The Unbranded Skincare co-founder and tech exec Mells Limcaoco recalled her days working from home during the past two years which were, it turns out, hectic. On top of work, she had to cook and fix things around the house (as well as watch K-dramas). “We didn’t have time to do the 10 steps,” she said. So, she and her friend and co-founder, Mia Bulatao, cooked up the scheme to make a three-step skincare routine of their own.

Unbranded Skincare’s range only has three products: The Unbranded Cleansing Wash, The Unbranded Day Shield, and The Unbranded Overnight Cream. The cleansing wash works triple time as a make-up remover, cleanser, and toner. It is made with squalene sourced from olives that is meant to actively restore lipidic barriers in the skin, as well as other ingredients such as green tea, lotus, angelica, guava, bee venom, calamansi extract, tea tree oil, and niacinamide (a favorite among beauty enthusiasts).

The Day Shield protects skin from photoaging, skin darkening, and pimples, and helps maintain moisture while creating a brighter complexion and fuller, firmer skin overall. It is made from a fermented extract of Aureobasidium pullulans, otherwise known as Black Yeast, which is rich in Beta Glucan that enhances the soothing and protective properties of all the other ingredients by efficiently transporting their effects faster and deeper into the layers of the skin.

It can also be used as a make-up primer.

Finally, the last item in the range is the Overnight Cream, made with Centella asiatica (a.k.a. Gotu kola, kodavan, Indian pennywort and Asiatic pennywort), a key ingredient that improves blood circulation in the skin. Improved circulation leads to proper distribution of nourishment, the initiation of repair, acceleration of healing, improvement of skin integrity, prevention of scarring, and protection from free radicals. The Overnight Cream also contains Vitamin B3, an important component in the improvement and restoration of overall skin-cell-health.

During the press conference, Ms. Bulatao said that they have reformulated the products to contain more squalane, collagen, allantoin, niacinamide, hyaluronic acid, and Centella asiatica. “It’s still the same formulation, except that we added a lot of the ingredients that our customers love,” she said.

Hold on though: a lot of beauty enthusiasts might rail against all-in-one products, due to bad memories of shampoo-conditioner-body wash combinations, among other things. Ms. Bulatao explains: “It’s not an all-in-one. They’re three, but complementary products,” she said. “We put only the ingredients that the skin needs. That’s it.”

She explains that sometimes, people just don’t need that many steps for skin maintenance. “When you put so much there, you’re layering so much onto your skin. They’re superfluous already.”

Who might benefit from a simplified skincare routine? “It’s for busy people.”

The three products can be found on theunbrandedskincare.com, as well as on beautybar.com.ph. — J.L. Garcia

PHL stocks may move sideways as elections near

BW FILE PHOTO

SHARES may move sideways on increased spending ahead of the national elections on May 9 and rate hike fears due to hawkish statements from the US Federal Reserve’s chief.

The benchmark Philippine Stock Exchange index (PSEi) declined by 62.90 points or 0.89% to close at 6,998.59 on Friday, while the broader all shares fell by 30.94 points or 0.82% to 3,721.60.

Week on week, the PSEi inched up by 13.69 points from its finish of 6,984.90 on April 13.

“We expect the PSEi to trade higher this week, boosted by election-related spending as the campaign season draws to a close,” RCBC Securities, Inc. Head of Research Erwin Rommel C. Fuentes said in a Viber message.

“Elections will still be the main concern of investors moving forward. Few days left before the election day, but uncertainty is what most investors see as Ferdinand ‘Bongbong’ R. Marcos, Jr. continues to lead on the surveys,” Mercantile Securities Corp. Analyst Jeff Radley C. See said in a Viber message.

Mr. Marcos kept his lead in Pulse Asia’s latest presidential opinion poll even after his rating fell.

Pulse Asia said 56% of Filipinos would vote for the former senator, 4 percentage points lower than his February rating.

Vice-President Maria Leonor “Leni” G. Robredo, whose rating rose by nine points to 24%, kept her second-place lead.

“Sentiment has been slightly tilted to the downside over the past few weeks [and] arguably, months, ahead of a speculated landmark 50-basis-point rate hike by the Fed in early May,” 2TradeAsia.com said in a report.

The online brokerage said this would lead to higher yielding assets but a less attractive equities market.

“The silver lining is that local rate hikes are not to tango 1:1 with the Fed’s, which means the ripple effect should be cushioned in favor of equity holders,” it added.

“High inflation driven by the Russia-Ukraine conflict and COVID-related shutdowns in China remain a key risk as central banks, including the BSP, signal the end of accommodative monetary policies,” RCBC Securities’ Mr. Fuentes said.

A half-point interest rate increase “will be on the table” when the Federal Reserve meets on May 3-4 to approve the next in what are expected to be a series of rate increases this year, Fed Chair Jerome Powell said on Thursday in comments that pointed to an aggressive set of actions ahead, Reuters reported.

With inflation running roughly three times the Fed’s 2% target, “it is appropriate to be moving a little more quickly,” Mr. Powell said in a discussion of the global economy at the meetings of the International Monetary Fund.

For the coming week, Mercantile Securities’ Mr. See said market sentiment is leaning towards bearish.

Meanwhile, 2TradeAsia.com placed the PSEi’s immediate support at 6,900 and resistance between 7,100 and 7,200. — Luisa Maria Jacinta C. Jocson with Reuters

Investors cash in on ICTSI as Russia-Ukraine war, China lockdowns to weigh on operations

By Lourdes O. Pilar, Researcher

INVESTORS took profit on International Container Terminal Services, Inc. (ICTSI) last week following the risks posed by Russia’s invasion of Ukraine as well as the renewed lockdowns in China to its performance this year.

Data from the Philippine Stock Exchange (PSE) showed a total of 5.08 million ICTSI shares worth P1.15 billion exchanged hands from April 18 to 22, making it the eighth most actively traded stock last week.

The share price of the Enrique K. Razon, Jr.-led port operator finished at P225.00 apiece on Friday, up by 2.1% from a week ago. The stock has increased 15.4% since the start of the year.

“ICTSI felt the impact of the war starting February of this year, but they don’t have any business in Ukraine or Russia,” Mercantile Securities Corp. Analyst Jeff Radley C. See said in a Viber message.

“Similar to the pandemic, the war will bring congestions in many terminals around the world,” he added.

Although ICTSI does not have port operation in Ukraine or Russia, “its port operation could still be affected by trade disruptions and rising commodity prices,” COL Financial Group, Inc. Research Analyst Adrian Alexander N. Yu in an e-mail.

Meanwhile, Regina Capital Development Corp. Equity Analyst Arielle Anne D. Santos said the renewed lockdowns in China placed heavyweight issues like ICTSI into the spotlight last week. 

“My thinking is that the market expects that the operations of ICTSI will be affected by such mobility restrictions, causing the stock to become volatile. Others used this volatility as an opportunity to make quick profits on the stock,” she said in an e-mail interview.

Mr. Razon said during the ICTSI’s annual stockholders’ meeting last week that he is confident regarding the company’s outlook but noted the impact of China’s renewed lockdown policy to contain the surge of coronavirus disease 2019 (COVID-19).

He also noted that they are about to start seeing the effects of Russia-Ukraine war, which started in late February that sent oil benchmarks surging past $100 a barrel for the first time in many years.

In a Bloomberg report, Shanghai’s lockdown has caused congestion at the world’s largest port, with queues of vessels building there and at other stops handling diverted shipments.

A shortage of port workers in Shanghai is slowing the delivery of documentation needed for ships to unload cargoes, according to ship owners and traders.

ICTSI’s gross revenues rose by almost a fourth to $1.93 billion last year from $1.55 billion in 2020.

Meanwhile, its attributable net income jumped more than fourfold to $428.57 million last year from $101.76 million previously.

For this year, it has budgeted approximately $330 million in capital expenditures, the bulk of which will be used for expansion projects and 13% for maintenance.

There will be overall risk aversion globally toward equities, but ICTSI will be relatively more defensive due to the diversified nature of its operation, said Mr. Yu.

“We project revenues to grow by 4% in 2022, as throughout is expected to continue to grow despite the Russia-Ukraine crisis. Meanwhile, we project earnings per share to grow by 15% for 2022 brought about by higher EBITDA (earnings before interest, taxes, depreciation, and amortization) margins,” said Mr. Yu.

Ms. Santos noted that Europe, Middle East, and Africa segments, which contribute 23% on average to ICTSI’s top line, are expected to be affected with the ongoing war between Russia and Ukraine.

“Factoring in the influence of the war in Ukraine, the mentioned segments would probably contribute in the mid- to high teens, but not anywhere close/lower to 10%,” she said.

“For this year, we expect ICTSI’s topline to post double-digit growth, roughly around 15% year on year,” Ms. Santos added.

Ms. Santos expects it to become range-bound again next week as it failed to close above its resistance at P225 on Friday.

She gave ICTSI a support of P220.00 per share and a resistance of P225.00 per share this week.

Mr. Yu, for his part, sees ICTSI to trade this week with support and resistance levels at P215 and P230, respectively.

Ms. See expects the company to trade sideways this week, with support levels at P220.40 and P210.60 and resistance levels at P230 and P236.60. — with inputs from Bloomberg

All-new Toyota Veloz set for April 29 launch

PHOTO FROM TOYOTA THAILAND AND A ‘VELOCITY’ SOURCE

TOYOTA MOTOR Philippines (TMP) has confirmed that it will bring in the Veloz, a spirit sibling of the Avanza MPV (whose all-new version was launched here last March) but is positioned as a subcompact SUV.

The vehicle will be officially unveiled via a livestreamed event on April 29, 11 a.m., through the Toyota Motor Philippines Facebook and YouTube accounts. There will also be a physical display of the Veloz at the BGC Amphitheater from April 29 to May 1, where people may join “experience activities,” said TMP in a statement. Dealerships will also be displaying the model from that date.

“The upcoming introduction of the all-new Veloz marks another milestone for Toyota in the Philippines,” said TMP First Vice-President for Vehicle Sales Operations Sherwin Chualim. “Previously known as the top-grade variant of the Avanza compact MPV range, the Veloz has evolved to become a new standalone brand ready to claim its position as a subcompact SUV of choice for customers seeking new adventures.” Dealerships started taking reservations last April 23.

TMP’s release provided scant information outside of saying that pricing of the Veloz will start at P1.185 million. However, a reliable source shared with “Velocity” that there will be two trims of the model: 1.5 G CVT (which takes the aforementioned tag) and 1.5 V CVT (priced at P1.225 million). The Veloz will be available in four colors: Platinum White Pearl Mica (plus P15,000), Purplish Silver Mica Metallic, Black Metallic, and Dark Red Mica Metallic.

The all-new seven-seater Veloz stretches 4,475mm, is 1,775-mm wide, and stands 1,700mm; it clears the ground by 190mm. Compare this to the Avanza, which measures 4,395mm, is 1,730-mm wide, and assumes the same height.

Powering the Veloz is the Avanza’s familiar 1.5-liter mill, the 2NR-VE — a four-cylinder, inline, 16-valve DOHC with VVTi. Output numbers are the same: 106ps and 138Nm, coursed to the front wheels. Speaking of which, the vehicle gets 17-inch alloys fitted with 205/50 tires (the top-spec Avanza gets 195/60R16s).

More significantly, the higher variant of the Veloz will get Toyota Safety Sense features — particularly the pre-collision system, automatic high beam, and lane departure alert. These join the blind spot monitor, rear cross traffic alert, and the four SRS air bags standard only on the aforementioned range-topping Avanza G CVT.

“The Veloz basically addresses what’s lacking in the Avanza,” said our source. “Plus, it’s really sporty. It provides more value for money, for sure.” — KMA

Peso may depreciate ahead of May polls

BW FILE PHOTO

THE PESO may depreciate versus the greenback this week due to the upcoming national elections.

The local unit closed at P52.315 per dollar on Friday, gaining by five centavos from its P52.365 finish on Thursday, based on Bankers Association of the Philippines data.

However, it weakened by 28.5 centavos from its P52.03 close on April 13.

The peso’s weakest showing on Friday was at P52.45 versus the dollar, while its intraday best was at P52.215 against the greenback.

Dollars exchanged dropped to $1.283 billion on Friday from $1.344 billion on Thursday.

The decline in global oil prices boosted the peso on Friday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Reuters reported that oil prices dropped by nearly 5% on Friday from their levels a week earlier, with the market pricing in prospects of slower global growth, higher interest rates, as well as the impact of the lockdowns in China to demand.

Price of Brent crude dropped by 1.6% or $1.68 to $106.65 a barrel on Friday, while the US West Texas Intermediate crude decreased by $1.72 or 1.7% to $102.07.

The International Monetary Fund on Tuesday slashed its global growth forecast for this year by 0.8 percentage point to 3.6% as it factored in the impact of the war between Russia and Ukraine while economies have yet to fully recover from the pandemic.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the market also factored in hawkish signals from the US Federal Reserve ahead of its May 3-4 policy review.

San Francisco Federal Reserve President Mary Daly on Wednesday said she is backing a broad consensus to increase interest rates to about 2.5% by the end of 2022, Reuters reported.

“Once accommodation is removed, we need to evaluate the effects — observe how financial conditions adjust, how much inflation recedes, and what more remains to be done to ensure a sustained expansion,” Ms. Daly said.

The Fed hiked rates by a quarter percentage point in its March review to start its tightening cycle to quell surging inflation.

For this week, Mr. Asuncion said the peso may continue to weaken versus the greenback due to uncertainties usually associated with election cycles.

Meanwhile, Mr. Ricafort said the next two weeks leading to the polls could lead to increased election-related spending that could partly be financed by funds from abroad.

Former Senator Ferdinand R. Marcos, Jr., the son of the late dictator, is still the survey frontrunner for the presidential elections. His closest rival in the race, Vice-President Leonor G. Robredo, seems to be the market’s preference, based on a Bloomberg poll of analysts and investors.

The market will also continue to watch the unfolding events on the war in Ukraine, Mr. Asuncion said, noting this could lead to safe-haven demand for the dollar.

Russian news agencies reported that Moscow is eyeing to take full control of Donbas and the southern part of Ukraine during the second phase of what it calls a “special military operation.” The war has dragged on for two months, with both sides still not backing down. — Luz Wendy T. Noble with Reuters and Bloomberg

Dairy giant Arla wants to pay farmers more for low-emission milk

REUTERS

DAIRY GIANT Arla Foods is willing to pay European farmers extra for milk based on how many carbon-reducing activities they can tick off a company list.

The reward program would cover about 20 variables, such as using natural additives in feed to cut methane emissions by cows or following precision farming techniques, Chief Executive Officer Peder Tuborgh said in an interview. The bonus amounts still need to be determined, and the plan could be implemented as soon as next year.

The incentives, which are still being hashed out, are meant to help the Denmark-based cooperative achieve its target of reducing farm-level emissions by 30% this decade. The agriculture industry is being pushed to become greener, and Arla has committed to using fossil-free trucks, renewable sources of electricity and low-energy operations at its sites.

“The more activities you do that reduce the climate impact, the better the milk price you get from us,” Mr. Tuborgh said. “We know it will make a huge difference to the farmers if they are financially motivated to do the right thing.”

The Nordic region’s biggest dairy company also is researching how to remove carbon from the atmosphere using plantings and how to make energy production greener by converting manure into biogas or installing solar panels. Those actions could be included in the upcoming milk-price model.

The closely-held producer’s brands include Castello cheese, Lurpak butter and Cocio chocolate milk. It reported revenue of 11.2 billion euros ($12.1 billion) last year, an increase of 6% from 2020.

Arla raised milk prices in April, saying inflation was adding pressure on farmers wanting to invest in animal welfare and sustainability initiatives.

Almost 9,000 producers in Arla’s European network already receive one extra euro cent per liter (34 ounces) of milk in exchange for allowing annual checks of their climate-related practices. Those reviews ask 200-plus questions about herds, feed, crop production, fertilizer use, manure handling, electricity and fuel. The answers are put into a social network-like database, launched in 2020, so farmers can compare their performance.

“They can benchmark themselves up against other farms and see where they are and how they can improve,” Mr. Tuborgh said. That competition is prompting many farmers to adopt practices that not only reduce carbon-dioxide emissions but also improve efficiency, he said. Using 2015 as a baseline, the company has cut emissions from its own production processes and from its energy usage by almost a quarter, according to its annual report for 2021.

Arla’s producers emit about half the amount of carbon dioxide (CO2)-equivalent per kilogram of milk than the global average, the company said. And Mr. Tuborgh believes those emissions can be reduced even more. “We may even end at the point where this can be CO2-neutral,” he said. — Bloomberg

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