Facebook Instagram Linkedin X Youtube
Home Blog Page 5145

Direct-sale model comes for middlemen in produce trade

BW FILE PHOTO

By Patricia B. Mirasol, Reporter

MARKET forces are a cruel master, forcing economic actors to be efficient enough to thrive even when prices are low. Sometimes, however, they fall too low for most producers to earn a decent living. And that is where organizations like Rural Rising Philippines (RuRi) step in.

RuRi, a self-described “accidental advocacy,” has dedicated itself to the proposition that farm produce is unfairly priced, and that direct purchasing at higher prices and a distribution model light on middlemen might hold the key to a future where everyone in the supply chain benefits. 

The husband-and-wife team that runs RuRi intended to give farmers enough leverage “to stand up to middlemen,” according to co-founder Ace C. Estrada. “Now they say, ‘Oh, Rural Rising pays us this much.’”

Mr. Estrada and wife Andie sell the produce they pick up at higher-than-market prices via a 38,000-member Facebook group, and to 174,000 followers on the RuRi Facebook page.

The enterprise was inspired by news stories during the height of the lockdown in 2020 about farmers forced to throw their produce away because of a lack of buyers.

RuRi supporters “are entranced by the stories of the farmers,” Mr. Estrada said in an e-mail. “We reveal the names of people and places where we get (the produce). This transparency inspires members to help more, because they are now not just buying vegetables but… (also) buying the opportunity to help.” 

The social enterprise purchases produce from farmers from Luzon and parts of the Visayas, including Leyte and Antique.

A farmer from Zambales, for instance, attested to the sale of three tons of sweet potatoes to RuRi for P35 per kilo. Middlemen would have paid P9 per kilo, the farmer told Mr. Estrada.

The inefficiency of transport in rural areas and the fragmented nature of small farms means middlemen have stepped in to consolidate the harvests and transport them to markets. The cut they take at each stage means that squash that sells for P4 at the farmgate will be priced at P50 by the time it reaches a public market in Metro Manila. 

Middlemen are “not necessarily evil,” Mr. Estrada said. “But there should be price regulation.”

TULFO NG AGRI
For his efforts, Mr. Estrada has been called the “Tulfo ng Agri,” a reference to Senator Rafael T. Tulfo’s public affairs show that aids people victimized by fraud and exploitation. 

The problem of the farmers is also an inability to see opportunity in large harvests, he told BusinessWorld.

“We tell them to be entrepreneurial,” he said. “They come to us ‘pag nagtatapon na sila (when they are about to dispose of produce). It’s always, ‘Sir, nagtapon po kami ng (we discarded) four tons.’ It’s never, ‘We are about to harvest in two weeks.’”

One of the latest purchases is from an Aglipay, Quirino province farmer who was able to bring his ripening Japanese sweet potatoes (bintong) to RuRi’s truck in Nueva Vizcaya — right before it had to travel back to Manila.

Prior to RuRi, Mr. Estrada ran a coding bootcamp in Baguio. The IT worldview of dealing with constant disruption gave him a taste for disrupting agriculture, which he considers riddled with “vested interests.”

“Ano ’yung product na political, or laging pinag-uusapan sa Senado (What product is political and always being discussed in the Senate)?” he asked. “May (There are) vested interests to protect.”

“Some products are more dangerous to handle than others, so we stay away from that,” he said, adding that he has received threats as a result of his work.

Future plans include the opening of stores akin to mini-versions of a Food Terminal, Inc., a center for receiving produce from the hinterlands to systematize urban food distribution.

The founders also aim to develop RuRi as a corporation, and make group members and farmers part owners.

Making farmers shareholders will give them another source of income apart from farming, Mr. Estrada said.

“Members can buy shares for a farmer and donate it to him, to inspire him to continue to contribute — both as a producer and an owner,” he added.

Tuxedos and jumpsuits: menswear dazzles on awards season red carpets

EDDIE REDMAYNE attends the 29th Screen Actors Guild Awards at the Fairmont Century Plaza Hotel in Los Angeles, California, US, Feb. 26. — REUTERS/AUDE GUERRUCCI
EDDIE REDMAYNE attends the 29th Screen Actors Guild Awards at the Fairmont Century Plaza Hotel in Los Angeles, California, US, Feb. 26. — REUTERS/AUDE GUERRUCCI

LONDON — From classic tuxedos to shiny jumpsuits, menswear has dazzled on the red carpets this awards season, sometimes even attracting the most attention with eye-catching looks.

Singer Harry Styles arrived at the Grammy Awards in a chest-baring sparkling harlequin jumpsuit, while Oscar nominee Barry Keoghan has chosen ensembles in pale blue and red as his style choices for the Golden Globes and British Academy of Film (BAFTA) Awards.

While classic suits and tuxedos are still a red-carpet staple, menswear now features plenty of variety and bolder choices — vibrant colors, sparkling embroidery or detailing, as fashion favorite, actor Timothee Chalamet has often demonstrated with his non-traditional outfits.

“There is more of an expectation now than perhaps traditionally… definitely more then there would have been 20 or 30 years ago (when it was) much more kind of pre-ordained what guys would be wearing to ceremonies,” Charlie Teasdale, style director of men’s magazine Esquire UK, told Reuters.

“Now it’s much more of a guessing game.”

Oscar winner Eddie Redmayne has won style accolades for his red-carpet choices this awards season, which culminates with Sunday’s Oscars. His looks have included an all-brown suit decorated with a large flower, a black jumpsuit, and high-waisted black trousers paired with a white shirt bearing a massive bow at the neck.

In some instances, ties have been loosened or dropped altogether — actor Andrew Garfield sported a more open-neck look in a dark orange suit for the Globes, while Donald Glover chose white silky pajamas under a black jacket for the same event.

“Lots of the guys that you’re seeing at ceremonies, it’s a place where people really see trends that might be appearing over the next year or two, or even shorter,” Mr. Teasdale said.

“Menswear in that sense, particularly on the red carpet has become super exciting particularly in the last few years, just because you never quite know what is going to happen and it is so influential.”

Mr. Teasdale distinguished between film and music ceremonies, such as the Grammys and BRIT Awards, with the former like the BAFTAs featuring more classic tailored suits, and the latter showcasing more daring looks.

Men’s accessories this season have included shiny lapel jewelry worn by the likes of actors Rege-Jean Page and Rami Malek, diamond-encrusted sunglasses favored by music star Pharrell Williams at the Grammys as well as clutch bags.

Asked what she thought of men’s fashion this award season, Oscar nominee Michelle Yeoh told Reuters last month: “I love it.”

“It’s like men are allowed to have color and to be bold and beautiful and stunning or whatever they want.” — Reuters

J&T Express turns 4

PHOTO FROM J&T EXPRESS PHILIPPINES

EXPRESS DELIVERY service provider J&T Express celebrates its fourth year in the country, and reports that it now boasts “expansive nationwide coverage — with most e-commerce platforms (with) MSMEs putting it on top of their lists as their chosen courier.”

Said J&T Express Philippines President and CEO Dean Ding in a company release, “The difficulties and trials we faced are not to be feared; we take these as opportunities and a driving force for progress. With the normalization of the pandemic, online shopping has become the choice of more customers as the company ushered in new development. We seized the opportunity to continue making broader partnerships with large e-commerce platforms, and we actively support double-day and payday promotions.”

The firm now has over 2,500 branches, close to 50,000 service personnel, and more than 2,000 owned trucks and vehicles. Mr. Ding promised to “continue and improve (the) express delivery service, and (to) invest in more advanced technologies and equipment to improve timeliness.”

This March, J&T Express also launched “Jet Care” for all of its employees. The program, which started in Indonesia in 2017, offers financial assistance to help its employees who are experiencing difficulties in life — such as a critical illness or education. J&T Express will provide help, which comes from the company’s funds and donations from management.

Biofertilizer shift to benefit from expertise in state universities

ATLASFERTILIZER.COM

By Sheldeen Joy Talavera

A SHIFT to biofertilizer will allow users to tap an extensive array of know-how residing in state universities and research agencies, a government researcher said.

“I think we have a solid technological base on which we can build a biofertilizer program,” according to Roehlano M. Briones, senior research fellow from the Philippine Institute of Philippine Studies, speaking by phone to BusinessWorld.

The government has ordered greater use of biofertilizer as an import-replacement strategy, following the disruption in the fertilizer market in the wake of the Ukraine war.

“Definitely, there is a large scope for replacement in the medium to long term. That is why, if you want to realize that in the next five years, you have to start now,” Mr. Briones said.

Mr. Briones said that most of the chemical fertilizers used in the Philippines are imported.

Chemical fertilizers require synthesizing major nutrients, especially nitrogen, phosphorus, and potassium, using intensive industrial processes.

He said urea — a white crystalline compound containing nitrogen — uses ammonium as raw material.

“You draw in nitrogen from the atmosphere using the Haber-Bosch Process. Very intensive in use of chemical reactions,” he said.

Biofertilizer, on the other hand, uses crop residue or animal manure enriched with microorganisms using biological processes.

Mr. Briones added that there is no current standard process for producing biofertilizer, because there are many varieties.

Manure-based fertilizer, he said, can be sourced from livestock farms and produced using a biodigester, in which the raw material will undergo anaerobic composition to become a slurry, which then can be used as a fertilizer.

“For overall soil health and long-term sustainability of your agricultural production, biofertilizer is more favorable. There is also an additional benefit, and it is very important (in addressing) climate change,” he said.

He noted that biofertilizer-treated soil can store more carbon, which can mitigate greenhouse gases.

Marlon B. Deblois, a senior agriculturist with the Fertilizer and Pesticide Authority, said the yield performance of biofertilizer varies widely, depending on the area treated or the season in which it is used. 

“Biofertilizers give off different nutrients (depending on the) microorganism,” he told BusinessWorld by telephone.

Mr. Briones said biofertilizer must also be used in conjunction with other fertilizers, though supplementation with biofertilizer means that “At least you can replace a lot of chemical fertilizer.”

The Philippine Rice Research Institute, recommends using a combination of organic and inorganic fertilizer, which it calculates can save farmers P2,000-P4,000 per hectare, depending on the amounts used, timing, and type of fertilizer employed.

According to Danilo H. Ramos, who chairs the Kilusang Magbubukid ng Pilipinas (KMP), a bag of urea currently costs at least P2,000.

“I heard from our scientists that it is indeed possible as long as there is political will and a program from the government, not rely on foreign inputs,” he told BusinessWorld.

He said farmers have been sustaining losses even before the fertilizer crisis. He cited a 2019 KMP case study in Nueva Ecija estimating the cost of production at P69,000 per hectare, when a bag of urea cost only P800.

He also said any impact from using biofertilizer could be offset by the ongoing government push in favor of hybrid rice seeds.

According to Mr. Ramos, hybrid varieties are expensive and cannot be used for the succeeding cropping season. They are also fertilizer and pesticide-intensive, which keeps farmers in debt.

Treasury bill, bond rates seen to move sideways

BW FILE PHOTO

RATES of Treasury bills (T-bills) and Treasury bonds (T-bonds) may move sideways due to US economic data that could affect the US Federal Reserve’s next policy move.

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 25-year T-bonds that have a remaining life of 12 years and six months.

A trader said the T-bills will trade sideways this week, with the BTr expected to reject some bids again.

Meanwhile, the T-bonds may fetch rates of 6.35% to 6.5%, with the maturity of five-year bonds last week and US data to affect the range.

The trader said US economic data could impact the Fed’s next move, which could likewise affect the Bangko Sentral ng Pilipinas’ (BSP) policy decision this month.

“US labor data and February US CPI (consumer price index) would have a larger say in defrosting local risk appetite, assuming their updates do not pose upside surprises,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion likewise said in a report.

The US Labor department on Friday said nonfarm payrolls increased by 311,000 jobs in February, Reuters reported.

US unemployment growth also hit 3.6%, slower than January’s 3.4% which was the lowest since May 1969.

However, average hourly earnings only increased by 0.2% last month, compared with 0.3% in January. This lowered the year-on-year increase in wages to 4.6% from 4.4% in January.

Meanwhile, February US CPI data will be released on March 14, Tuesday.

US consumer inflation increased 0.5% in January after gaining 0.1% in December. In the 12 months through January, the CPI increased 6.4%.

The inflation report will be the last major data to be released before the Fed’s next policy meeting on March 21-22.

The US central bank hiked its target interest rate by 25 basis points (bps) at its Jan. 31 to Feb. 1 meeting to a range between 4.5% and 4.75%.

Since March 2022, the Fed has raised rates by a total of 450 bps.

Meanwhile, the BSP will hold its own policy review on March 23.

The Philippine central bank last month hiked benchmark interest rates by 50 bps, bringing the key rate to 6%. The move brought cumulative increases since May 2022 to 400 bps.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that T-bill rates could track secondary market movements.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills went up by 9.42 basis points (bps), 15.31 bps, and 10.74 bps week on week to end at 4.7112, 5.3295%, and 5.7163%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

“The upcoming 13-year Treasury bond auction yield could be close to the comparable 12-year PHP BVAL yield currently at 6.41% as of March 10, 2023,” Mr. Ricafort said.

“Lower long-term PHP BVAL yields could also be due to the P76.8-billion five-year Treasury bonds that matured on March 8,” he added.

Last week, the BTr raised just P9.705 billion from its offering of T-bills, lower than the P15-billion program, as rates climbed across the board.

Broken down, the Treasury made a partial P2.455-billion award of the 91-day T-bills versus the P5-billion program, despite tenders reaching P5.712 billion. The average rate of the three-month paper rose by 17.3 bps to 4.586%. Accepted rates ranged from 4.53% to 4.65%.

The government likewise borrowed just P2.25 billion via the 182-day securities, lower than the P5-billion plan, even as demand for the tenor reached P6.8 billion. The six-month T-bill was quoted at an average rate of 5.378%, rising by 20.1 bps, with the BTr only accepting offers with yields of 5.378%.

Meanwhile, the BTr made a full P5-billion award of the 364-day debt papers as bids for the tenor reached P8.157 billion. The average rate of the one-year paper climbed by 13 bps to 5.707%. Accepted yields were from 5.65% to 5.743%.

On the other hand, the reissued 25-year T-bonds to be auctioned off on Tuesday were last offered on Jan. 10, where the government raised the programmed P35 billion. The bonds fetched an average rate of 7.182%, with accepted rates at 7.125% to 7.23%.

The Treasury wants to raise P200 billion from the domestic market this month, or P75 billion via T-bills and P125 billion via T-bonds.

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

Style (03/13/23)

UNIQLO’s A Sporting Way of Life collection collaboration with JW Anderson

Uniqlo and JW Anderson collaborate

GLOBAL apparel retailer Uniqlo will launch on March 24 the A Sporting Way of Life collection, a collaboration with JW Anderson. The Spring/Summer 2023 range reinterprets quintessential British style through JW Anderson’s elegant and playful lens, taking inspiration from the traditional sports of British universities. “This season reworks our idea of classic sportswear, such as a traditional cricket cardigan alongside sports leggings or hand-drawn traditional British sporting team motifs on utility shorts and more traditional knitted polo shirts,” Creative Director Jonathan Anderson is quoted as saying in a statement. The collection includes a women’s Cricket Cardigan with athletic uniform-inspired lines, in a light cotton-linen blend, as well as women’s and men’s AirSense Blazers, which feature for the first time in the collaboration line. The collection reimagines these iconic British preppy items in the innovative lightweight, stretchy, quick-dry fabric, finished with the original JW Anderson logo button. Several items also double as sportswear including a tennis-inspired Pleated Mini Skirt, leggings in the soft, quick-drying fabric of AIRism, and Cropped Bra Sleeveless Top, and a UV Protection Parka in lightweight nylon, with JW Anderson’s offbeat color blocking. The lineup — 15 items for women and 10 for men and two accessory items — will be available at Uniqlo stores nationwide and on UNIQLO.com/ph, although some items will only be available in select stores.

Beauty procedures available in FamilyMart ‘speakeasy’

THERE’S more than just the regular convenience store fare in one FamilyMart outlet as it also offers facials, glutathione drips, and diamond peel treatments, among others. The beautifying procedures will be available at the aesthetics center tucked in the back of the store like a speakeasy. “We want to offer a different level of convenience and a unique experience to our customers because we want them to make the most out of every visit. Aside from achieving their beauty goals through our treatments, they can also take advantage of the extensive offers of FamilyMart,” said KAS Aesthetics, Inc. president Sarah Lim-Sanchez in a statement. Located on the ground floor of Udenna Tower on the corner of Rizal Drive and 4th Ave. in BGC, Taguig, the KAS Aesthetic Lounge recently opened with a full menu of face and body treatments, including a range of slimming procedures, laser hair removal, facials, and whitening drips. With its unique location, KAS customers who want more privacy can enter the convenience store, and discreetly make their way to the back where the clinic is located. Since FamilyMart also offers a full menu of Japanese favorites such as onigiri, ramen, and donburi, clients may opt to have a meal before or after their clinic appointments. A full range of hot and iced coffee drinks under the FamilyMart Coffee Creations line can also be enjoyed in the store’s dining area. While FamilyMart Udenna is open 24/7, KAS Aesthetic Lounge is open from 11 a.m. to 8 p.m., Tuesdays to Sundays. As a special opening promo, a limited number of customers can enjoy a 50% discount on select procedures, or avail of 5+1 deals on packages. Appointments can be made via 0916-603-8355. For more information, contact the KAS Aesthetic Lounge via their Facebook page facebook.com/kasaestheticlounge/.

POP QC bazaar at Gateway Mall

IN CELEBRATION of Women’s Month, the J. Amado Araneta Foundation (JAAF), the social development arm of the Araneta Group, has partnered with the local government of Quezon City to promote women entrepreneurs through a bazaar. The Proudly Original Products of Quezon City (POP QC) bazaar will be held from March 17 to 19, 10 a.m. to 9 p.m., at the ground floor of the Gateway Mall in Araneta City, QC. The three-day event will feature nine groups of women entrepreneurs with interesting products like clothes, bags, and some personally crafted items. Officials from Araneta City and Quezon City government, along with the Binibining Pilipinas 2023 candidates and Quezon City Symphonic Band, will take part in the opening of the bazaar on March 17 at 10:30 a.m. The bazaar is made possible by the Quezon City Small Business and Cooperative Development Promotions Office, J. Amado Araneta Foundation, Gateway Mall and Araneta City.

Gap promo on spring blooms collection

GAP is offering modern and optimistic designs for Men, Women, kids and babies alike with its floral prints for spring. To celebrate the season, the following offers are being made for the entire family this March. VIPs can enjoy 50% off on kids and baby items and 30% off on adult items for a week from March 13-19. The general public can avail Buy 1 Get 1 on Kids and Baby Styles and 20% off on adult regular items from March 17-19. Meanwhile, in celebration of Disney’s 100th year this 2023, a limited collection will be available to celebrate this milestone. Gap has stores at Glorietta 4, Shangri-la Mall, SM Mall of Asia, SM Megamall, Trinoma, Abreeza, Davao and Alabang Town Center (adult styles only). Customers can also shop online at gap.com.ph.

Bazaars and more for summer at Shangri-La Plaza

SHANGRI-LA Plaza mall creates an Ode to Summer as it presents shopping, dining, and creative activities to fill the entire month of March and provide a taste of what’s ahead for the sunniest season of the year. Rustan’s will showcase its must-have fashion fits and accessories for women and kids on March 13-19 with the Summer Town Fair at the Grand Atrium. Toys R US will have the Kids of Summer bazaar on March 28-April 2 at the Grand Atrium. This month the mall will also see the openings of stores from global fashion brand United Colors of Benetton, local jeweler Manila Diamond Studio, and toy brand LEGO. To marks National Women’s Month, The Artologist Gallery presents the first solo exhibition of sculptor Karen Castrillo-Villaseñor, Glamorosa, at the East Atrium until March 19. The collection is composed of copper artworks depicting the beauty and strength of women. Ikebana Manila will have an exhibit of the traditional Japanese flower arrangements at the Grand Atrium on March 21-26. Author Francis Kong is launching an open dated planner with National Bookstore on March 29, 6 p.m., at the East Atrium. More restaurants are joining Shang’s extensive list of eateries including The Manila Baker, known for its Basque burnt cheesecake; Illo’s Buffet, known for its party trays; and Teppanya, popular for its fiery Japanese modern cuisineg. More Bistro Group brands are also opening including seafood spot Fish & Co, Korean BBQ resto Bulgogi Brothers, and American food go-to TGI Fridays. Shang’s Food Forum will also be hosting a series of food bazaars all weekends of March. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Levi’s names NewJeans its global ambassadors

IN CELEBRATION of the 150th anniversary of Levi’s 501 jeans, the brand has named South Korean K-pop girl group NewJeans, as its new global ambassadors. The year-long partnership — spanning Spring/Summer ’23 and Autumn/Winter ’23 — will include a new campaign featuring the brand as well as concerts and appearances. The all-girl group NewJeans broke out with the buzzy music video for their debut single “Attention,” followed up by bold singles “Hype Boy” and “Cookie” from their self-titled debut EP. Their following singles, “Ditto” and “OMG” entered the Billboard Hot 100 while further expanding their sound. In addition to their music, NewJeans has earned fans worldwide for their innovative aesthetics. Known for their Y2K-inspired fashion mixed with modern trends, NewJeans’ name refers to their aspirations to become timeless icons of a new era, like jeans, that people never become tired of putting on. No jeans have been more timeless than Levi’s 501 Originals.  To kick off the partnership, Levi’s will be releasing a brand campaign featuring NewJeans that celebrates the group’s positive energy and each member’s unique personality all while wearing items from the upcoming Levi’s® Spring/Summer 2023 collection. The group can be seen sporting the 501 ’81 and 501 Original as well as Levi’s T-shirts, denim shirts, and truckers. Additionally, NewJeans will celebrate 501 Day on May 20 – the date in 1873 when Levi Strauss & Co. was granted a patent on the process of riveting pants – in Seoul with a live performance.

New PIAA LPX Sport Lamp series now here

Off-roaders are fitted with new PIAA LPX Sport Lamp products. — PHOTO FROM PIAA PHILIPPINES

PIAA PHILIPPINES reports that the new PIAA LPX Sport Lamp series is now available in the country. LPX Sport Lamps come with “an intricately more rugged aesthetic and brighter illumination to satisfy the outdoor lifestyle image of off-roading and overlanding aficionados… and is perfect for any outdoor adventure,” said the company in a release.

The lamps are positioned as tough — offering superior lighting capabilities. The LPX 590 nine-inch round lamps are given a powerful set of 32 LED bulbs, while the LPX 570 seven-inch lamps feature 16 LED bulbs. Both sizes produce a color output of 5,500 Kelvin and each has a built-in DRL rim — giving the driver flexibility, depending on how much road lighting is required.

The LPX 570 seven-inch lamp is also available in a 2,500-Kelvin yellow driving beam. For added protection, the LPX lamps are fitted with a removable stone guard grille. As part of its safety requirements, the PIAA LPX Lamp series comes with a certification that it meets global ECE regulation standards. For more information, check out the PIAA Philippines Facebook (PIAA.PH) and Instagram (@piaa.ph_official) accounts.

Trade show to position PHL as major source of prime food ingredients

THE Department of Trade and Industry (DTI) said it has organized the 16th edition of the IFEX Philippine international food trade show on May 26-28.

The trade show, to be run by the DTI’s export promotions arm, the Center for International Trade Expositions and Missions (CITEM), will take place at the World Trade Center in Pasay City.

IFEX Philippines is expected to feature over 500 exhibitors promoting beverages, specialty foods, fruit and vegetables, biscuits and confectioneries, snacks and crispy savory food products, meat and poultry, dairy products, cereals, grains and starch, seafood, organic and natural products, food ingredients, and equipment and services.

“We want to position the Philippines as a sourcing destination that is not only capable of meeting global demand but also offers some of the most distinct and innovative products on the market,” CITEM Executive Director Edward L. Fereira said in a statement.

“IFEX Philippines aims to further cement the country’s reputation as a reliable source of premium-quality food and ingredients,” he added.

The CITEM said that the 2023 edition of IFEX Philippines will have expanded representation of regional food-related small and medium enterprises, with regional and provincial offices of the DTI and local government units subsidizing their participation.  

Aside from the physical trade show, the DTI said digital storefronts and product catalogs on the digital sourcing platform IFEXConnect will also be on offer.

Last year, IFEX Philippines generated $107.1 million worth of export and attracted almost 6,000 buyers and visitors. — Revin Mikhael D. Ochave

Philstar Media Group bags two silvers at 58th Anvil Awards

PHILSTAR Media Group (PMG) executive vice president Lucien C. Dy Tioco (fourth from right) led PMG’s contingent with PRSP president Harold Geronimo and Philstar anniversary editorial director Sheila Paras (fifth and sixth from right, respectively). Joining them are (from left) BusinessWorld brand specialists Rommel Alorro and Adonis Toreno, 36th anniversary assistant editor Brooke Villanueva, PMG sales and marketing director Jay R. Sarmiento, STAR digital sales head Bryan Escueta, 36th anniversasry staff Allane Orendez and BusinessWorld digital sales lead Jao Malapo. — PHILSTAR PHOTO/JESSE BUSTOS

THE Philippine STAR’s 36th-anniversary campaign, “The Next Page,” and BusinessWorld’s virtual economic forum, “Revolutions 2022: Navigating the Changed World,” bagged silver awards under the Public Relations Tool category at the Public Relations Society of the Philippines’ (PRSP) Gabi ng Parangal held on March 8 at Marriott Hotel Manila.

The STAR was recognized for engaging the audience as thought leaders and for achieving a significant boost in readership and online page views.

BusinessWorld was hailed for executing a virtual forum aimed at helping the Philippine business community recover from the pandemic. Business and thought leaders shared ways on how to face and thrive in the new world.

Considered the Oscars of public relations in the country, the 58th Anvil Awards are presented by the PRSP to outstanding PR programs, tools, and practitioners as discerned by a multisectoral board of jurors.

Yields mixed on inflation data, Powell comments

YIELDS on government securities (GS) traded at the secondary market ended mixed last week following slower February inflation, the movement of US Treasuries and hawkish statements from the US Federal Reserve chief.

Debt yields, which move opposite to prices, went up by an average of 3.32 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of March 10 published on the Philippine Dealing System’s website.

At the short end of the curve, yields on the 91-, 182-, and 364-day Treasury bills (T-bills) went up by 9.42 bps (to 4.7112%), 15.31 bps (5.3295%), and 10.74 bps (5.7163%), respectively.

At the belly, rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) rose by 22.17 bps (to 5.889%), 17.40 bps (5.9765%), 10.36 bps (6.049%), and 2.45 bps (6.1092%), respectively.

On the other hand, the yield on the seven-year bond fell by 6.96 bps to (6.2119%).

At long end, rates of the 10-, 20- and 25-year T-bonds went down by 11.21 bps (to 6.3375%), 15.49 bps (6.589%), and 17.66 bps (6.5814%), respectively.

Total GS volume traded reached P14.60 billion on Friday, lower than the P7.77 billion on March 3.

The bond trader said last week was “eventful” for the local market.

“First, Philippine inflation data revealed a slowdown from the previous month and was lower than what was initially anticipated by the market. Following this, US Federal Reserve Chair Jerome Powell’s hawkish remarks led market players to adjust their peak rate expectations for the year,” the bond trader said in a Viber message.

These developments put pressure on yields at the front end of the curve, while tenors at the belly and the long end remained steady or fell slightly, the trader added.

Philippine headline inflation eased to 8.6% in February from the 14-year high 8.7% in January, preliminary data from the Philippine Statistics Authority showed. Still, this was faster than the 3% in February 2022.

February inflation was below the 8.9% median in a BusinessWorld poll, but within the Bangko Sentral ng Pilipinas’ (BSP) 8.5-9.3% projection for the month.

For the first two months of the year, inflation averaged 8.6%, well above the BSP’s 2-4% target and 6.1% forecast for 2023.

Meanwhile, Mr. Powell said to lawmakers last week that the US central bank is likely to raise rates more than previously expected and warned that the process of getting inflation back to 2% has “a long way to go.”

The Fed hiked its target interest rate by 25 bps at its Jan. 31 to Feb. 1 meeting to a range between 4.5% and 4.75%.

Since March 2022, the US central bank has raised rates by a total of 450 bps. Its next policy meeting is on March 21-22.

US yields also dropped due to risk-off sentiment following news regarding Silicon Valley Bank, the bond trader added.

Startup-focused lender SVB Financial Group became the largest US bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded, Reuters reported.

California banking regulators closed the bank, which did business as Silicon Valley Bank (SVB), on Friday and appointed the Federal Deposit Insurance Corp. as receiver for later disposition of its assets.

Based in Santa Clara, the lender was ranked as the 16th biggest in the US at the end of last year, with about $209 billion in assets. Specifics of the tech-focused bank’s abrupt collapse were a jumble, but the Fed’s aggressive interest rate hikes in the last year, which had crimped financial conditions in the start-up space in which it was a notable player, seemed front and center.

Treasury yields extended their slide on Friday over fears of contagion in the financial sector and strong February employment data showing the economy added more jobs than expected.

Benchmark 10-year US notes last rose to yield 3.6892% from 3.923% late on Thursday. The 30-year bond last rose to 3.6899% from 3.87% late on Thursday.

“GS yields traded 2.5-5 bps lower today as it tracked overnight movements in US Treasuries while many still stayed on the sidelines waiting for nonfarm payroll data and US CPI (consumer price index) data,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail on Friday.

The US economy added a more-than-expected 311,000 jobs last month, while the unemployment rate unexpectedly ticked higher, along with the labor market participation rate.

Meanwhile, February US CPI data will be released on March 14.

In January, consumer inflation increased 0.5% after gaining 0.1% in December.

On an annual basis, the CPI increased 6.4%. That was the smallest gain since October 2021 and followed a 6.5% rise in December.

“Looking ahead, the direction of the market will be largely influenced by two critical data points from the US the nonfarm payrolls and US inflation data. These data points may have a significant impact on the US Fed’s interest rate decision later this month,” the bond trader said.

“The market saw some buying interest and saw the 10-year and 13-year benchmark bonds taken at 6.26% and 6.40%. Lastly, there will be a 13-year auction this week with early indications of 6.35%-6.475%,” Mr. Asuncion said. — Lourdes O. Pilar with Reuters

Philippines still lags in Safety Perceptions Index

The Philippines improved 16 places to 112th out of 121 countries in the second edition of the Safety Perceptions Index (SPI) by the Institute for Economics and Peace. However, its overall score slightly deteriorated to 0.397 (score closer to 1 means high risk impact) and even surpassed the global average of 0.2376. The Philippines tied with Afghanistan and remained the laggard in the region.

Philippines still lags in Safety Perceptions Index

1...5,1445,1455,146...14,238Page 5,145 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube