URC discloses annual meeting of stockholders on May 11

April 18, 2022 | 9:00 am

UNIVERSAL ROBINA CORPORATION

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

MAY 11, 2022

1:00 P.M.

Notice is hereby given that the Annual Meeting of the Stockholders of UNIVERSAL ROBINA CORPORATION (the “Corporation”) will be held on Wednesday, May 11, 2022 at 1:00 P.M. in accordance with the relevant provisions of the By-Laws of the Corporation which allows meetings of the stockholders to be conducted by remote communication, subject to such guidelines as may be promulgated by the Securities and Exchange Commission.

Stockholders may view the livestream of the Meeting and download the Information Statement at the following web addresses:

The Agenda for the Meeting is as follows:

Proof of notice of the meeting and existence of a quorum.
Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13, 2021.
Presentation of annual report and approval of the financial statements for the preceding year.
Election of Board of Directors.
Appointment of External Auditor.
Ratification of the acts of the Board of Directors and its committees, officers, and management.
Consideration of such other matters as may properly come during the meeting.
Adjournment.

Only stockholders of record of the Corporation as of April 4, 2022 shall be entitled to vote.

Stockholders may cast their votes on or before May 4, 2022 on all matters requiring approval by: (a) accomplishing and submitting the proxy form; or (b) voting in absentia.

The procedures for attending the meeting via remote communication, submission of proxies, and for voting in absentia are explained in the Information Statement.

Proxies shall be sent via email to corporate.secretary@urc.com.ph or hard copies to the Office of the Corporate Secretary, 40F Robinsons Equitable Tower, ADB Avenue cor. Poveda Road, Ortigas Center, Pasig City. Validation of proxies shall be held on May 6, 2022. We are not soliciting proxies.

By Authority of the Chairman

(signed)

MARIA CELIA H. FERNANDEZ-ESTAVILLO
Corporate Secretary

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Altus Property Ventures, Inc., Robinsons Land Corp. and RL Commercial REIT, Inc. issue notice of annual stockholders’ meeting on May 12

April 18, 2022 | 9:00 am

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
MAY 12, 2022

Notice is hereby given that the Annual Meeting of the Stockholders of the following companies (the “Companies”) will be held on May 12, 2022 at the time and place as stated below. In light of current conditions and in support of the efforts to contain the outbreak of COVID-19, stockholders may only attend the meetings via remote communication at the livestream links specified below:

www.altuspropertyventures.com.ph/DIS2022

The Agenda for the meeting of Robinsons Land Corporation is as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13, 2021
3. Presentation of annual report and approval of the financial statements for the preceding year
4. Amendment of Article II of the Articles of Incorporation
5. Election of Board of Directors
6. Appointment of External Auditor
7. Ratification of the acts of the Board of Directors and its committees, officers and management
8. Consideration of such other matters as may properly come during the meeting
9. Adjournment

The Agenda for the meeting of RL Commercial REIT, Inc. is, as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Presentation of annual report and approval of the financial statements for the preceding year
3. Election of Board of Directors
4. Appointment of External Auditor
5. Ratification of the acts of the Board of Directors and its committees, officers and management
6. Consideration of such other matters as may properly come during the meeting
7. Adjournment

The Agenda for the meeting of Altus Property Ventures, Inc. is, as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13,
2021
3. Presentation of annual report and approval of the financial statements for the preceding year
4. Election of Board of Directors
5. Appointment of External Auditor
6. Ratification of the acts of the Board of Directors and its committees, officers and management
7. Consideration of such other matters as may properly come during the meeting
8. Adjournment

The Information Statements of the Companies which contain more details regarding the rationale and explanation for each of such agenda items may be viewed or downloaded at the web addresses indicated above. Stockholders intending to participate via remote communication must notify the Companies by email on or before May 4, 2022 at the corresponding email addresses indicated in the Information Statements of each Company.

Stockholders who wish to cast their votes may do so via the method provided for voting in absentia, or by accomplishing the proxy form. The procedures for attending the meeting via remote communication and for casting votes in absentia are explained further in the Information Statements.

Shareholders who wish to vote by proxy shall send the proxies via email to the corresponding email addresses indicated in the Information Statement of each Company or hard copies to the Office of the Corporate Secretary, 12/F Robinsons Cyberscape Alpha, Sapphire and Garnet Roads, Ortigas Center, Pasig City, not later than May 4, 2022. Validation of proxies shall be held on May 6, 2022. We are not soliciting proxies.

Only stockholders of record of the Companies as of April 4, 2022 shall be entitled to vote at the respective meetings.

By Authority of the Chairman

(sgd.)

JUAN ANTONIO M. EVANGELISTA
Corporate Secretary

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JG Summit Holdings, Inc.’s annual stockholders’ meeting to be held on May 13

April 18, 2022 | 9:00 am

JG SUMMIT HOLDINGS, INC.

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

MAY 13, 2022 • 11:00 a.m.

Notice is hereby given that the Annual Meeting of the Stockholders of JG SUMMIT HOLDINGS, INC. (the “Corporation”) will be held on May 13, 2022 at 11:00 a.m. in accordance with the relevant provisions of the By-Laws of the Corporation which allows meetings of the stockholders to be conducted by remote communication, subject to such guidelines as may be promulgated by the Securities and Exchange Commission.

Stockholders may view the livestream of the Meeting and download the Information Statement at the following web addresses:

The Agenda for the meeting is as follows:

Proof of notice of the meeting and existence of a quorum.
Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 14, 2021.
Approval to amend Article Sixth of the Amended Articles of Incorporation of the Corporation in order to reduce the number of seats in the Board of Directors from eleven (11) to nine (9).
Presentation of annual report and approval of the financial statements for the preceding year.
Election of Board of Directors.
Appointment of External Auditor.
Ratification of the acts of the Board of Directors and its committees, officers and management.
Consideration of such other matters as may properly come during the meeting.
Adjournment.

Stockholders may cast their votes on or before May 5, 2022 on all matters requiring approval by: (a) accomplishing and submitting the proxy form; or (b) voting in absentia.

Proxies shall be sent via email to corporate.secretary@jgsummit.ph or hard copies to the Office of the Corporate Secretary, 40F Robinsons Equitable Tower, ADB Avenue cor. Poveda Road, Ortigas Center, Pasig City. Validation of proxies shall be held on May 10, 2022. The procedures for attending the meeting via remote communication, submission of proxies, and for voting in absentia are explained in the Information Statement.

Only stockholders of record of the Company as of April 4, 2022 shall be entitled to vote. We are not soliciting proxies.

By Authority of the Chairman

(signed)

MARIA CELIA H. FERNANDEZ-ESTAVILLO
Corporate Secretary

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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BSP to tweak rules on large exposures

April 18, 2022 | 12:33 am

makati-skyline-buildings — DMITRY BERDNYK-UNSPLASH

THE PHILIPPINE central bank is proposing to amend the guidelines on large exposures for big banks and their subsidiaries, in an effort to improve credit concentration risk management.

The Bangko Sentral ng Pilipinas’ (BSP) proposed circular also outlines the regulatory reporting requirements for banks under the large exposures framework to ensure that risks will be properly monitored.

“BSP-supervised financial institutions (BSFIs) are expected to properly and accurately identify, measure, monitor, and control large exposures across books and operations in order to protect BSFIs’ solvency from maximum losses resulting in sudden counterparty failure,” the draft circular posted on the BSP website stated.

Under the proposed rules, an exposure is considered a large exposure if it is equal to or higher than 10% of a bank’s eligible capital.

“Large exposures shall refer to exposures to a counterparty or a group of connected counterparties equal to or greater than 10% of covered banks/quasi banks’ Tier 1 capital,” the rules read.

This is a change from the previous definition of large exposure which was 5% of a lender’s qualifying capital.

Tier 1 capital is defined as the core capital of a lender, which includes its disclosed reserves and equity capital. Meanwhile, the qualifying capital is part of Tier 2 which is a supplementary capital for banks.

The framework will be applicable for universal and commercial banks as well as their subsidiary lenders and quasi-banks.

The large exposure framework for universal banks and their subsidiaries will be implemented by Jan. 1, 2024, based on the transitory provision of the circular.

Stakeholders are given until April 29 to submit feedback on the draft regulation to the BSP.

The circular also set the criteria in assessing the economic interdependence of counterparties that have borrowings with banks to ascertain large exposure.

The BSP said banks should monitor whether 50% or more of a counterparty’s annual gross receipt or gross expenditure came from transactions with the other party.

Lenders should also look into whether the financial difficulties, insolvency, or default of one counterparty could in turn spill over to other counterparties in terms of repayments of liabilities.

The central bank said lenders should also assess the funding source of counterparties and if there are no alternative provider of funds that could support the counterparties in case of a default from the major funding source.

“In cases where the criteria do not automatically imply an economic dependence that results in two or more counterparties being connected, covered banks shall provide evidence to the BSP that a counterparty which is economically dependent to another, can still pay its liabilities within a reasonable period of time even if the latter’s financial condition weakens,” the BSP said.

Banks are expected to ensure they have the monitoring and reporting requirements related to their large exposures at any given time it will be verified by the BSP. These large exposures will be reported on a semi-annual basis or every June 30 or Dec. 31 of each year.

The BSP has stressed the banking system remained stable and well-capitalized despite the deterioration in banks’ asset quality amid the pandemic. It attributed this to the regulatory reforms that were implemented following the Asian Financial Crisis and the Global Financial Crisis. — Luz Wendy T. Noble

Banks need to keep close eye on play-to-earn game transactions, AMLC says

April 18, 2022 | 12:32 am

computer-shop — A customer plays a game at a computer shop in Quezon City, Sept. 2, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

THE ANTI-MONEY Laundering Council (AMLC) wants financial institutions to ensure customer due diligence, especially those that serve as payment channels for play-to-earn games such as Axie Infinity.

While Axie Infinity itself is not under the supervision of the Bangko Sentral ng Pilipinas (BSP) and not covered by the “dirty money” watchdog, AMLC Executive Director Mel Georgie B. Racela stressed that financial institutions are involved when players convert in-game tokens into fiat currency.

In games such as Axie Infinity, players receive cryptocurrency in exchange for playing the game. Axie Infinity players earn tokens known as smooth love potion (SLP).

“The payment channels used for the SLP tokens used in the game may include banks and electronic money issuers (EMIs). It must be remembered that banks and EMIs are covered persons and are, thus, required to conduct customer due diligence, keep records, and file covered and suspicious transaction reports (STRs),” Mr. Racela said in a Viber message.

“These covered persons, as payment and settlement facilitators, should closely monitor funds that pass through them (through the purchase or sale of such tokens) for possible links to dirty money and promptly file the corresponding STRs when appropriate,” he added.

Around $600 million worth of cryptocurrency linked to Axie Infinity was stolen from the Ronin Network, a blockchain network that allows users to transfer crypto in the game. It is said to be one of the largest cryptocurrency heists on record.

The US Federal Bureau of Investigation last week said their findings showed that Lazarus Group and APT38, both associated with North Korea, were behind the cybercrime. The Lazarus Group was also involved in hacking the Bangladesh central bank in 2016.

Meanwhile, Swarup Gupta, an industry manager at the Economist Intelligence Unit said the cyberattack showed how there are still gaps in ensuring decentralization for such platforms.

“The small number of validator nodes for the Ethereum sidechain, Ronin, and the even smaller number needed to approve a transaction, shows how such platforms fail to deliver the levels of decentralization that are necessary to ensure sufficient levels of cybersecurity,” Mr. Gupta said in an e-mail.

Sky Mavis, which operates Axie Infinity, earlier said that about 35% of the game’s traffic comes from the Philippines. The company said it raised $150 million in funds which will be used to reimburse players that were affected by the heist.

Despite regulators issuing warnings on risks related to cryptocurrency, Mr. Gupta said gamers have remained “largely undeterred.”

He earlier said the interest for play-to-earn games rose as Filipinos sought new sources of income amid the pandemic.

“Authorities should reach out to gaming guilds in the country and coordinate with them to provide education about the risks inherent with play-to-earn gaming activity,” Mr. Gupta said.

“They should also consider imposing restrictions on the transactions of gamers at the point of conversion to fiat currency since this is an area that is within the government’s jurisdiction,” he added.

BSP Governor Benjamin E. Diokno previously said they are continuously monitoring crypto-related activities that are used in online games. He said they are discussing with other regulators on the appropriate approach for Axie Infinity and other gaming platforms.

The Philippines is under increased monitoring as it was included in the “gray list” of the Financial Action Task Force in June 2021. It needs to prove it has implemented tighter restriction measures to prevent dirty money and terrorism financing activities.

The government hopes to exit the gray list on or before January 2023. — Luz Wendy T. Noble

Faster rollout of booster shots urged amid new coronavirus variants

April 18, 2022 | 12:31 am

vaccination-booster — A woman gets a booster shot at an elementary school in Marikina City, Nov. 25, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Revin Mikhael D. Ochave
and Luz Wendy T. Noble, Reporters

THE DISTRIBUTION of booster doses of coronavirus disease 2019 (COVID-19) vaccines should be accelerated in order to prevent new variants from driving another surge that may derail economic recovery, experts said.

Steven T. Cua, Philippine Amalgamated Supermarkets Association president, told BusinessWorld via mobile phone message last week that the group’s member companies and their employees are being encouraged to get their COVID-19 booster shots as soon as possible.

“I am heavily campaigning to all our employees to get their booster shots. With P2 trillion in loans to partly address this pandemic with 27 million doses of vaccine about to expire and with such a small fraction of the population availing of booster shots, this can hardly be described as a situation (that has been) well handled,” Mr. Cua said.

Previous surges have been driven by COVID-19 variants, such as Delta and Omicron. New recombinant variants such as Omicron XE are being blamed for recent surges in other countries.

Mr. Cua said these new variants are a threat since they may hurt the retail sector’s recovery from the pandemic.

“(New COVID-19 variants) most definitely will (be a threat). The road to recovery has been sidetracked time and again. The solution is right before us for the taking but the government and citizenry are failing to comprehend what it takes to move ourselves forward,” Mr. Cua said.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa noted how previous surges necessitated the imposition of tighter restrictions. He said another COVID-19 surge could dampen both consumer and business sentiment and eliminate the gains from the economy’s gradual reopening.

“The economic recovery will be best maximized with lower levels of restrictions (as this allows the free flow of people and commerce) while virus mitigation also helps bolster business and consumer sentiment,” Mr. Mapa said in an e-mail.

The government is targeting 7-9% economic growth this year, after the 5.7% expansion in 2021.

The ASEAN+3 Macroeconomic Research Office (AMRO) last week said the biggest threat to the Philippines’ recovery is a possible resurgence in COVID-19 infections. Health experts have recently warned of a surge in COVID-19 cases after the May elections, citing the “waning immunity” of many vaccinated Filipinos who have not received a booster shot.

The Department of Health (DoH) has said only 11.8 million out of 45 million Filipinos who are eligible for booster shots have received the additional COVID-19 vaccine dose.

Philippine Retailers Association (PRA) President Rosemarie B. Ong said via mobile phone message that the government should urge people to take their booster shots as soon as possible and to continue to adhere to health protocols.

“Just like any variant, once (these variants) spread, they will be a threat. However, let us remain hopeful that this will not reach our country. Let’s push for more people to avail of the booster shots,” Ms. Ong said.

Mr. Cua said businesses must start “requiring their employees to get their booster shots.”

“The solution is still within our reach. It isn’t too late yet but we (need to) get our act together on this,” he added.

Asian Institute of Management economist John Paolo R. Rivera said the government should also speed up the vaccination rollout while COVID-19 infections are currently low.

“The new surge is always possible given new variants. We should have learned from the past two years that it is best to be preventive than reactive,” Mr. Rivera said in a Viber message.

“It’s a choice of getting vaccinated/boosted with compliance with minimum health standards or procrastinate vaccination with a relaxed safety protocol at the expense of the economy, at the expense of jobs,” he added.

The DoH data also showed 65.9 million Filipinos have completed their vaccine doses as of March 30. This was below the government’s target to fully inoculate 77 million Filipinos by the end of March.

The Food and Drug Administration last week approved the second booster dose of the COVID-19 vaccine for the elderly, immunocompromised individuals, and frontline health workers.

“This second booster dose shall be given at least four months after the first booster. For moderately and severely immunocompromised patients, the second booster could be given earlier subject to the attending physician’s assessment,” the Health department said in a statement.

Seeing Green

April 18, 2022 | 12:09 am

GREEN represents growth and new perspectives, and those seem to be reflected in pieces by Patek Philippe from its exhibition at Watches & Wonders 2022. The annual watch show in Geneva, which ended earlier this month, was relaunched after a two-year hiatus brought on by the coronavirus disease 2019 (COVID-19) pandemic. BusinessWorld was shown the storied watchmaker’s pieces during an online presentation late last month.

For 2022, the Ref. 5205R-011 — first launched in 2010 with two white gold versions — sports a refined olive-green dial, enlivened by a sunburst motif and by a black gradient around the rim. As with its older iterations, it displays day/date/month apertures arranged along the arc of a circle. The case is distinguished by its concave bezel, its hollowed flanks, and its skeletonized lugs. This refined architecture is entirely hand-polished by Patek Philippe’s artisans. A transparent sapphire crystal case back allows one to admire the watch movement — the self-winding Caliber 324 S QA LU 24H — equipped with the patented Patek Philippe Annual calendar mechanism requiring only one manual adjustment per year, at the end of the month of February. The website lists this piece at about P2.9 million.

It really looks like 1999 from the eyes of Ref. 4910/1200A-011 Twenty~4. The Twenty~4 was Patek Philippe’s first exclusively feminine collection. This particular piece sees the sunburst dial with an olive-green face, surrounded by 36 diamonds. This is powered by a Caliber E-15 quartz movement and is rendered in stainless steel. The new olive-green dial contrasts with the applied 12 and 6 o’clock numerals, the applied trapeze-shaped hour markers, and the rounded baton-style hands. The website lists this piece at P812,500.

Another ladies’ watch gets another touch-up: e Ref. 7130R-014 Ladies’ World Time, first launched in 2011. This watch allows one to keep track of time in all of the 24 time zones, thanks to the self-winding Caliber 240 HU. The movement was made ultra-thin to help keep the case extremely slim (with a height of 8.83 mm). Thanks to its city disk and its 24-hour disk (divided into day/night zones distinguished by their color and by the sun/moon symbols), this caliber simultaneously and permanently displays the time in all 24 time zones. This new edition sees it in rose gold, with a hand-guilloched basketweave motif in (of course) olive green. This green motif provides a background for the 62 diamonds on its bezel. A matching strap in the same color allows 27 diamonds on the prong buckle to shine as well, showing true elegance. The website lists this piece at P3.06 million.

Finally, the green line is rounded out by the magnificent Ref. 5270P-014 Chronograph, rendered in platinum. This piece, part of the brand’s Grand Complications, comes with a perpetual calendar. The perpetual calendar display sees the date indicated by a hand and a moon phase at 6 o’clock, as well as a twin day/month aperture at 12 o’clock, complemented by two round apertures for the day/night indication and the leap-year cycle. This is shown on a lacquered green dial, black-gradient rim, and gold applied hour markers. This is powered by the Caliber CH 29-535 PS Q, allowing it to show an Instantaneous 30-minute counter, and a seconds subdial. This piece is pegged on the website for P11.19 million.

In the Philippine, Patek Philippe is sold by Lucerne. — Joseph L. Garcia

‘Jeweler of kings and the king of jewelers’

April 18, 2022 | 12:08 am

JEWELRY brand Cartier — “the jeweler of kings and the king of jewelers” according to King Edward VII, who showered his wife, Alexandra of Denmark, and many other favored women with items from the jeweler — was no slump at Geneva’s Watches & Wonders 2022, showing how they remade their (ostensibly) utilitarian watches into flamboyant status symbols. These were shown in an online presentation earlier this month.

We start off with a bigger Ballon Bleu de Cartier, another watch favored by royalty (the Duchess of Cambridge has been seen wearing one, and quite often), in a version in rose gold. This one is surrounded by 21 brilliant-cut diamonds, set with a sapphire cabochon on its crown. The mechanical movement has automatic winding, and boasts a thickness of 9.96mm, measuring around 33mm in diameter.

Meanwhile, the new versions of the stylish Panthère de Cartier (first launched in 1983) are in rose gold, yellow gold and steel; with dials in golden plum, midnight blue, and black. The Santos de Cartier, once made for aviators, shows a new masculinity with blue on its bracelet and bezel, reflecting perfectly the blue numerals within.

Finally, arguably the company’s most famous watch, the Tank (named so after treads on tanks during the First World War; and worn by icons such as Jackie O and Diana, Princess of Wales), shows off its talons with a red and gray edition. The classic hour marks from one to 12 have been pared down to just four.

Appearing monochrome at first glance, the Tank Louis Cartier watch, depending on the light and the way you view it, reveals different looks according to how the light hits it. To achieve this effect, Cartier’s watchmaking craftsmen used — for the first time at Cartier — an innovative electrochemical engraving technique that allows for very high-precision markings. These almost invisible markings, carried out in different directions, form a group of sections and areas which recreate the graphic pattern featured on the dial of a Cartier Must watch from the 1980s. The techniques used for coloring differ: lacquer for the red dial and a galvanized finish for the grey dial. The dials are then enhanced with a glossy, multi-layered decal that accentuates the Roman numerals.

Another makeover sees the Tank Must (a variation on the tank), in stark plain black, in contrast to its flamboyant scarlet sister.

In the Philippines, Cartier is exclusively distributed by Stores Specialists, Inc., and has boutiques at Greenbelt 4, Shangri-La Plaza, and Solaire Resort & Casino. — JLG

Style (04/18/22)

April 18, 2022 | 12:07 am

UNIQLO-Wireless-Bra — UNIQLO Wireless Bra

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Uniqlo releases wireless bra collection

JAPANESE Global Retailer Uniqlo has launched a new Innerwear collection of wireless bras for Spring/Summer 2022. There are three kinds of Women Wireless Bras — Active Square Neck, 3D Hold, and Relax — made to fit the different needs of every woman, be it in any activity. The Active Square Neck has a flattering design and is very breathable, the 3D Hold stretches to perfectly fit each shape with comfort, and the Relax gives women a feeling of liberation. The Women Wireless Bra (3D Hold, P1,290), is great for everyday wear as its seamlessness makes it invisible under clothes. Its improved cup design also makes it more comfortable for every size and shape. The 3D Hold feature supports while always staying in place, making it light to wear. Meanwhile, made with built-in cups, the Women Wireless Bra (Relax, P1,290) allows the wearer to feel as light and comfortable as possible. Its natural and secure fit and AIRism fabric allows it to be worn for both relaxation and activities. For more information, visit the Uniqlo Wireless Bra Collection online.

Rustan’s goes relaxed with Lady Rustan collections

RUSTAN’s in-house brands are working to beat the summer heat in relaxed style. Featuring simple shapes and refreshing colors, Lady Rustan’s SS22 collection evokes a much-needed calming effect. Tie pants and work blouses and skirts in uplifting citrus shades of lemon, mandarin, and lime exude an air of newness and positivity. Relaxed basics in dusty blues and rose pinks get the wearer in the mood for a soothing weekend. And no Lady Rustan collection is complete without some polished and refined sets in creamy whites, nudes, and stone and wheat-colored hues. All designs are made from breathable cool linens and cotton rayon blends that are meant to carry you through the tropical summer and beyond. Meanwhile, the new SS22 collection of Luna — a sleepwear and lounge brand featuring home garments and pajamas that wearers wouldn’t mind entertaining guests in — is all about comfortable elegance is vibrant and designed to keep the wearer cozy, light, and fresh from day to night. Think airy, loose silhouettes in soft and romantic hues. The SS22 collection is imbued with subtle style touches: a flourish of unexpected ruffle, a statement print in “artistic tile,” or a fabric in georgette or satin carefully selected for its dreamy softness. Lady Rustan’s and Luna are exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Alabang, Rustan’s Gateway, Rustan’s Cebu and Rustans.com.

Out of town style from Lotus’ SS22 Collection

THE SUN is out and revenge travel is a thing. Check out Lotus Resort Wear’s new SS22 collection for picture-perfect contemporary, every day and beach wear made for the Philippines’ tropical weather. Inspired by a love for the ocean, sand, and sky, it features playful apparel that seamlessly transitions from day to evening. Lotus’ SS22 collection features playsuits, sundresses, cover-ups, and coordinates that are easy to pack. Sexy halter tie-neck dresses, robe cover-ups adorned in tassels and fun trims, and bold, tropical floral prints are just some of the brand’s highlights this season, all in shades of mango, sunset, and deep ocean blue. Lotus is exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Alabang, Rustan’s Gateway, Rustan’s Cebu and Rustans.com.

Louis Vuitton, Dior sales jump, defying war and China gloom

April 18, 2022 | 12:06 am

LVMH posted strong revenue growth as the world’s largest seller of luxury goods defied disruptions from the war in Ukraine and the resurgence of coronavirus disease 2019 (COVID-19) in China, a potential harbinger for the rest of the industry.

First-quarter sales advanced 23% on an organic basis to €18 billion ($19.5 billion), led by LVMH’s biggest unit, fashion and leather goods, the Paris-based company said late Tuesday last week. Analysts had expected a gain of 17%.

Led by billionaire founder Bernard Arnault, LVMH is the first European luxury-goods maker to publish revenue for the period. The owner of Louis Vuitton and Dior was buoyed by resilient demand in the US and Europe.

“The stellar 1Q highlights their geographical and business reach and lack of reliance on any one group, considering the disruption to current trading in China,” wrote Swetha Ramachandran, who manages GAM’s Luxury Brand Equity Fund, in response to a Bloomberg query.

The stock rose as much as 1.8% in early Paris trading, trimming its decline this year to 12%. LVMH has a market value of almost €322 billion ($348 billion).

LVMH’s organic revenue in the US and Europe grew at 26% and 45%, respectively, in the quarter. That compares with an 8% gain for Asia, excluding Japan. The US, meanwhile, generated about a quarter of the company’s revenue.

Revenue at LVMH’s fashion and leather goods unit soared 30%, beating analysts’ forecast for a gain of 23%.

CHINA EFFECT
Still, the company said it’s currently seeing a negative impact on demand for luxury products due to lockdowns in China. On a call last Tuesday, Chief Financial Officer Jean-Jacques Guiony told analysts he’s confident about medium to long-term demand in China once the situation gets back to normal.

“Investors are digesting the very strong 1Q performance, but also the uncertain outlook for China,” Bernstein analyst Luca Solca said by e-mail.

The wine and spirits unit was the only division not to grow at double digits due to supply constraints, notably for its Hennessy cognac, where volume decreased 18% during the period. LVMH partially offset the drop in volume with price increases, said Chris Hollis, who oversees investor relations, during the call. Hollis said the first quarter tends to be volatile and a less important period following the holiday shopping season.

The luxury industry has been relying on price increases to offset inflation, and Mr. Guiony said most LVMH brands have increased prices in “a meaningful way” during the period.

LVMH closed its stores in Russia on March 6 following the invasion of Ukraine, a conflict that could dent consumers’ “feel-good factor” when it comes to luxury purchases, according to Telsey Advisory Group. Russian nationals are estimated to account for less than 1.5% of LVMH’s sales, according to Morgan Stanley. — Bloomberg

Philippines bags multiple awards in the 19^th Asian Film Fest

April 18, 2022 | 12:05 am

278426424_352838383556196_658305499648196558_n — FACEBOOK.COM/FDCP.PH

THE PHILIPPINES came out of the 19^th Asian Film Festival with a slew of awards. Film director Brillante Mendoza received a lifetime achievement award, actors Vince Rillon and Christian Bables were jointly named Best Actor, while Erik Matti’s On the Job: The Missing 8 bagged the award for Best Film at the festival awarding ceremony held on April 12 in Rome, Italy.

Mr. Mendoza received the Lifetime Achievement Award, conferred by the Roma Lazio Film Commission.

“Our congratulations to our dear direk Brillante,” Film Development Council of the Philippines (FDCP) Chairperson and CEO Mary Liza Diño-Seguerra said in a statement. “The Lifetime Achievement Award from the Asian Film Festival, a prestigious international film festival known for showcasing auteur cinema from Southeast Asian countries, is a significant achievement not just for direk Brillante Mendoza as a filmmaker, but also for the Philippine Cinema. His valuable contributions through his films have helped the Philippines gain traction in the international scene.”

Mr. Mendoza has directed award-winning films including Kinatay (2009), Lola (2009), Captive (2012), and Ma’ Rosa (2016) which received international accolades and were nominated in film festivals such as the Cannes Film Festival, Venice International Film Festival, and Berlin International Film Festival.

His films Resbak and Gensan Punch are both included in this year’s Asian Film Festival.

Vince Rillon won the Best Actor award for his work in Resbak. In the film, Mr. Rillion plays a young thief avenging himself against a crime syndicate.

In its official Facebook page, the Asian Film Festival’s award citation reads: “Vince Rillon has managed to play the difficult role of a boy who has to survive in an environment dominated by violence, corruption, and continuous prevarication.”

Sharing the award for Best Actor with Mr. Rillon is Christian Bables for his work in Jun Robles Lana’s film, Big Night!

The award citation reads: “Christian Bables has been extraordinary in interpreting the character of Dharna, a gay beautician whose name is mistakenly included in the checklist in the war on drugs. Dharna will have to prove his innocence in the flash of a night. Mr. Bables, who with his comic interpretation even when the situation is dramatic, makes the character lovable in the eyes of the beholder, for his sensitivity and desire for justice towards people oppressed.”

Mr. Bables previously won Best Actor at the 2021 Metro Manila Film Festival (MMFF) for the same film, which also won Best Picture at the MMFF.

In his acceptance speech on video, Mr. Bables restated what he expressed during his MMFF acceptance speech, “I may find it hard to express my thoughts and opinions through words. But please, let me fight for you, and with you through my art.”

Meanwhile, Erik Matti’s On the Job: The Missing 8 bagged the award for Best Film.

“I am just happy that the film gets to be seen all over the world, little by little, with all these festivals picking it up and showing it in their own cities, in their own regions, and in their own territories,” Mr. Matti said in his acceptance speech on video. Earlier, actor John Arcilla won the Volpi Cup for Best Actor at the 78^th Venice International Film Festival for his work in On the Job: The Missing 8.

The 19^th Asian Film Festival was held from April 7 to 13 at the Farnese Arthouse in Rome. It showcased 30 feature films from China, South Korea, the Philippines, Japan, Hong Kong, Singapore, Taiwan, and Thailand. Daniel Palacio’s The Brokers also participated in the film festival. — Michelle Anne P. Soliman

NLEX seeks TRB go signal for C3-Anda Circle expressway project

April 18, 2022 | 12:05 am

NLEX Corp. is awaiting approval from the Toll Regulatory Board (TRB) for the implementation of the first section of the proposed P92-billion NLEX-CAVITEX Port Expressway Link project.

“On Section 1, the Circumferential Road 3 (C3) to Anda Circle section, we are trying to address the questions that the TRB has in relation to the legal structure on how it will be implemented,” NLEX Corp. President and General Manager J. Luigi L. Bautista told BusinessWorld in a recent interview.

“Hopefully we can get approval from the TRB, and then we can already start implementing it,” he added.

The 15-kilometer (km) NLEX-Cavitex Port Expressway Link project is originally a joint unsolicited proposal with the Manila-Cavite Expressway (CAVITEX) submitted to the Department of Public Works and Highways (DPWH) in 2019 to extend the North Luzon Expressway (NLEX).

The project has three sections: the 5.7-km C3 Road to Anda Circle, the 4.8-km Connection from CAVITEX to Buendia Avenue, and the 4.6-km Buendia Avenue to Anda Circle.

“Naisip namin na hinog na ‘yung first section (We thought that the first section was already ripe for implementation), so we went to the TRB to tell them that we are ready to implement this project, but it’s still part of the entire unsolicited proposal,” Mr. Bautista said.

The NLEX-CAVITEX Port Expressway Link project, once completed, is expected to “stimulate development in Manila, Caloocan, Malabon and Navotas, as well as its surrounding areas,” the DPWH said on its website.

It is also seen to decongest Metro Manila traffic, give trucks a 24/7 alternative route and resolve truck-ban problems, provide better access to Manila ports (North Harbor) and airports (Ninoy Aquino International Airport and Clark airport), and complete the connection of NLEX with SLEX.

The project is expected to reduce travel time from SLEX to NLEX to just 20 minutes from two hours, reduce travel time from Clark to Calamba to one hour and 40 minutes from approximately three hours, and benefit at least 35,000 motorists or vehicles per day.

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin