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Paris Fashion Week

DIOR — DIOR.COM

Dior spins 1950s styles into modern looks; YSL shows broad-shouldered glamor; Valli focuses on tweeds; Westwood honors late founder

PARIS — Dior designer Maria Grazia Chiuri dove into archives from the 1950s for the French fashion house’s fall women’s catwalk show, adding a modern spin to the era’s feminine mainstays. (See the show here: Autumn-Winter 2023-2024 Ready-to-Wear Show – DÉFILÉS PRÊT-À-PORTER – Women’s Fashion | DIOR)

Models strode around a hulking, fantastical set parading familiar silhouettes — neat, short-sleeved button-up shirts paired with full skirts, bustier dresses, trim cardigans and cropped jackets — in somber colors and stylized floral prints.

Ms. Chiuri softened structured jackets and drew on fabrics woven with metal thread to give a new, creased texture to classically-cut dresses — pushing styles into a sporty direction, for daywear.

Accessories including pearls, gloves and thick, black headbands, the tassels tied into bows.

Ms. Chiuri sought to add a Parisian flair to the styles of the period, which are often associated with American Hollywood productions.

“It was very different, the situation in Europe than in the USA,” she told Reuters, noting that the women who served as inspiration for the collection — Christian Dior’s sister Catherine Dior and French singers Edith Piaf and Juliette Greco — were rebuilding their lives following the Second World War.

Moody organ music kicked off the show.

Models wound around the space — a tent in the Tuileries Gardens — under a massive, hanging set, its bulbous tentacles embellished with hand-sewn crochet work, fringes, sequins, and feathers.

Portuguese artist Joana Vasconcelos described her work as an abstract flower, forming a “magical garden like another world, another dimension.”

“It’s quite unique for the contemporary art world to have this connection to the fashion world,” she said, noting the show added intimacy to her monumental art.

SAINT LAURENT
Saint Laurent designer Anthony Vaccarello drew his Paris Fashion Week audience into a dark, chandelier-lined runway last Tuesday night, sending out a sensual lineup of night-club-ready eveningwear derived from office classics — blazers, pinstripes and pencil skirts. (See the show here: SAINT LAURENT Official Store | YSL.com)

The show opened with a series of sharp-shouldered suit jackets — extra wide, double-breasted — worn over skimpy silk tops and slender, knee-skimming skirts.

Models marched down a carpeted catwalk on spiky, pointy-toed sling-backs, some with scarves trailing behind, as the styles moved between airy, feminine pussy bow blouses and more assertive masculine styles, like hulking bomber jackets and long, tailored coats in red plaid.

Aviator glasses and slicked-back hair styles completed the glamorous looks.

The set, which included low-hanging bronze chandeliers, evoked the ballroom of the Intercontinental Hotel, the label’s favored venue for haute couture collections in the late 1970s through the start of the 2000 — but transported into a “radically contemporary black-box setting,” according to the label’s show notes.

The temporary venue was set in the label’s traditional spot facing the Eiffel Tower, which glittered as the last guests streamed out after the show.

The Kering-owned label grew strongly last year, passing 3 billion euros ($3.2 billion) in sales, and the group plans to expand its retail network this year.

GIAMBATTISTA VALLI
Giambattista Valli switched things up for his fall runway show at Paris Fashion Week, taking a step back from his signature, airy floral styles to focus on tweeds, which he also offered for men. (Watch the show here: Fall-Winter 2023-2024 – Giambattista Valli | Haute Couture)

Models marched down the sparse setting, a hallway in the Musee d’Art Moderne de Paris, wearing jumpsuits, long coats and dresses in tweed fabrics, mostly black or ivory and woven with gold thread.

The show opened with a black, sleeveless jumpsuit cinched at the waist with a gold belt, and worn over a white T-shirt.

Further shaking the fabric from its traditional twin-set role, Mr. Valli worked the material into long overcoats, loose jackets, mini-dresses and a bright, red jumpsuit.

There were also white jeans, the hems chopped off, paired with a glittering floral sequined top in one instance, and a long, collarless tweed coat in another — both worn by male models.

Fancy party dresses were included in the lineup, offered in bright colors — hot pink, red and purple — with neat piles of bows decorating the waist.

Popular with the red carpet set, and known for voluminous, tulle dresses, Mr. Valli broadened his fan base with a collaboration with H&M in 2019.

The label has financial backing from the Pinault family holding Groupe Artemis.

VIVIENNE WESTWOOD
Fashion label Vivienne Westwood paid tribute to its late founder on Saturday, taking to the catwalk in Paris with a collection drawn up by her husband and design partner Andreas Kronthaler. (See the show here: Vivienne Westwood® Official Store | Clothing & Accessories )

Models sauntered through the gilded halls of the Hotel de la Marine overlooking the Place de la Concorde in a chic, punk-infused lineup for the Paris Fashion Week show.

Playing with volumes, tailored coats had bold shoulders and wide sleeves, while the lines on tracksuit trousers curved inwards at the bottom, rather than running straight down the leg.

One look mixed a patchwork of floral patterns, with an ample hooded cape thrown over a slim, fitted skirt and carried on towering platform heels, as rock band AC/DC’s growling rendition of “T.N.T.” thumped in the background.

Closing the show was the traditional bridal attire, with Kronthaler accompanying Ms. Westwood’s granddaughter Cora Corre, who wore an ivory lace body suit with matching platform boots.

London Fashion Week, held last month, was dedicated to Ms. Westwood, one of British fashion’s biggest names, who rose to fame dressing punk band the Sex Pistols. She died in December aged 81. — Reuters

Meralco chairman says plan to go nuclear may take 10 years for PHL

MANILA Electric Co. (Meralco) estimates a timeline of 10 years before nuclear power can be added to the country’s energy mix, its chairman said, as he urged the preparation for its inclusion to immediately start.

“I think the best we can do for the moment is take a vigilant watch on what is happening. We’re about five or 10 years away from making a decision. Is the country ready for it? I don’t think we’re ready,” Meralco Chairman Manuel V. Pangilinan said during a virtual press briefing last week.

The power distributor earlier said that it was looking at small modular reactors (SMRs) as part of its adoption of emerging technologies.

“But we should prepare for it now by educating our people. I think Meralco is prepared to sponsor Filipinos in that particular area,” Mr. Pangilinan said.

In 2022, Meralco said that it was in the process of applying for a grant from the United States to do a feasibility study on introducing nuclear energy in the Philippines.

“But it is very difficult to budget nuclear. For instance, if you’re looking at SMRs, the very first of its kind will be delivered only in 2028,” said Ray C. Espinosa, Meralco president and chief executive officer.

Meralco is “keenly looking” at how the pilot project of NuScale Power, LLC will proceed, he added.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Montblanc opens a new boutique in Solaire

MONTBLANC has opened a new boutique in Solaire, showing off how it moves.

This is due to the launch of a new campaign centered on mobility called “On The Move,” featuring a new collection, the Extreme 3.0. This line features bags and small leather accessories with a carbon-fiber motif pattern evocative of kinetic art, but influenced by the Bauhaus movement. “It’s not only about moving from one physical point to another, but it’s also about how we move on a daily basis and how agile we are to achieve our goals with purpose and passion,” said Cedric Audoubert, Montblanc’s Wholesale Director for Southeast Asia during the shop’s March 2 opening. “We believe that what moves you, makes you.”

The new boutique measures about 89 sqm., and it boasts of details made of walnut, travertino, and leather. According to Mr. Audoubert, the new store is the first in the region to use the NEO 3.0 store concept. “That’s very important, and it really means that it is important for Montblanc to develop the Philippine market,” he said. The store’s design, by Noé Duchaufour-Lawrance, draws inspiration from the handwriting evocative of Montblanc’s signature fountain pen.

A third of the store is thus dedicated to pens, including a Meisterstück counter showing off its signature pens. A display is dedicated to its Great Characters pens, with pens inspired by John F. Kennedy, Marilyn Monroe (one with the color of her white dress from The Seven-Year Itch), and Elizabeth Taylor (a pen the color of her eyes). The most expensive pen on display is the Jimi Hendrix (P238,400).

As for timepieces, Montblanc’s Star Legacy Nicolas Rieussec Chronograph is the new store’s star, at P1.4 million. This timepiece boasts of the caliber MB R200, with automatic winding and a column wheel mechanism that can be admired through the sapphire crystal case back. The caliber has two barrels which store enough energy for 72 hours of power reserve. The Montblanc Star Legacy Nicolas Rieussec Chronograph comes in a 44.8 mm stainless steel case with an anthracite dial and a matching anthracite Sfumato alligator leather strap.

“For Montblanc, opening a new boutique it’s always a big moment and a milestone. We think that it’s a pure brand expression through this new concept and it’s also a way to express our DNA,” said Mr. Audoubert.

The newest Montblanc boutique is on the Ground Floor of The Shoppes, Solaire Resort Entertainment City, with opening hours from 11 a.m. to midnight daily. Montblanc is also available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu, Greenbelt 5, City of Dreams, and Resorts World. — Joseph L. Garcia

A battery is for EV — and beyond

As more electric vehicles, like this unveiled a physical concept model of the Nissan Max-Out EV convertible, appear on the horizon, Nissan and its partners are looking at extending the useful life of batteries after their original intent aboard an EV. — PHOTO FROM NISSAN

Recycling solutions made more clever

AN EFFICIENT BATTERY has always been one of the most crucial parts of a successful electric vehicle (EV). It is a strong determinant of the EV’s driving range, influences driving robustness, and can even be tapped for auxiliary purposes such as feeding energy into a grid.

And while in this era of alarming climate change, as EVs have slowly but surely crept into the mainstream of mobility solutions, their batteries have often been pointed out by critics as a likely source of new hazardous waste to be emptied onto the earth.

And I think Nissan Motor Corp.’s engineers stayed ahead of their game by already keeping issues of sustainability top of mind, even as early as back when they were still drafting the technical plans for the first-generation Nissan Leaf. If you will remember, the Nissan Leaf was first launched in Japan and the United States back in 2010 — and it has since been acknowledged as the car model that democratized EVs in the global consumer market.

Now, over a decade later, Nissan’s think tank continues to research and explore various possibilities of how their EV batteries could continue to be useful, even way beyond the lifetime of the original car that it powered. Yes, this means they’re looking at continuing the productive lifetime of their EV batteries, rather than simply disposing of them and harvesting their scrap value.

As a matter of fact, even several months before the very first Nissan Leaf was launched in Japan in 2010, Nissan already forged a partnership with Sumitomo Corp. in order to create the 4R Energy Corp. The goal of the said company is to relentlessly develop new technologies and infrastructure that would enable Nissan to refabricate, recycle, resell, and reuse its EV batteries. Its CEO Eiji Makino shared, “We knew that when it came to an EV, the recycling solution had to be more clever than the norm and have distinct benefits for EV owners. Simply recycling an old car for scrap metal wouldn’t be good enough.”

If you think about it, the typical lifespan of the first EVs were estimated at about 13 years. For the first-gen Nissan Leaf, that time has come now — this 2023. Therefore, it is expected that some of these EV batteries are coming to the end of their useful life in a car. And 4R Energy Corp. says that it is now ready to process them.

4R Energy Corp. explains that they first have to grade the used battery to see whether the components are still almost good as new (which would earn it a grade of A) or whether the components are more worn, which would earn it a grade of B or C, and so on. Basically, A-grade components can still be reused in the making of new, high-performance battery units for new EVs. B-grade components qualify for applications in industrial machinery, such as forklifts. C-grade components can still find use as part of stationary units that store and supply backup power — say, for example, as a backup energy source for lights and refrigerators in a convenience store in the event of a blackout. According to 4R Energy Corp., all these “recovered and reused” batteries are estimated to give another 10 to 15 years of productive life. Therefore, the useful life span of the batteries are further extended, compared to the original thought of scrapping them after their original end-of-life aboard an EV.

From a more utilitarian perspective, it also gives EV owners a greater return on investment when they know that they can still sell their old EV batteries at a certain value. It adds to the overall, long-term savings computation that would justify the initial, higher acquisition price of a good EV (instead of a traditional, internal combustion vehicle).

In case you were wondering, 4R Energy Corp. gets its name from these four Rs: recycle, refabricate, reuse, and resell. These four concepts aiming for sustainability will be especially important for the next generation of EVs that Nissan will be producing. We are already familiar with the all-electric Nissan Ariya — which is now a production model — but that the brand first showcased during the 2019 Tokyo Motor Show. I remember seeing it up close as a futuristic concept car back then, which to many people’s pleasant surprise, transformed into an actual production car earlier than they expected.

This impressive topic and more were all brilliantly discussed during the 2023 Nissan Futures event held last month at the Nissan Global Headquarters in Japan.

CTA grants part of Zuellig Pharma’s tax refund claim

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has granted part of Zuellig Pharma Corp.’s appeal to refund its excess credit withholding tax (CWT) in the amount of P381.86 million for the fiscal year 2012.

In a 35-page decision dated March 2, the CTA Special Third Division said the firm presented withholding tax certificates to prove its entitlement to the said amount.

“In sum, petitioner (Zuellig Pharma) sufficiently proved its compliance with the requisites for granting a CWT refund but only in the amount of P381.86,” according to the ruling penned by Associate Justice Erlinda P. Uy.

The pharmaceutical firm initially sought a CWT refund worth P467.58 million. The CTA reduced the amount due to some taxes withheld not being supported by documents required by the Bureau of Internal Revenue (BIR).

The commissioner of internal revenue argued that the firm did not prove that it remitted its CWT payment to the BIR, which should void its refund claim.

The tax court disagreed, saying the proof of remittance is not a condition of claiming a CWT refund and that certificates of the withholding tax were enough.

It said a court-commissioned certified public accountant verified the documents presented by the pharmaceutical firm.

Zuellig Pharma engages in manufacturing and selling at wholesale and retail all kinds of drugs and medicines.

“The Supreme Court held that the certificate of creditable tax withheld at source is the competent proof to establish the fact that taxes are withheld,” the tribunal said.

“It bears stressing that the Court of Tax Appeals is a court of record, and party litigants should prove every minute aspect of its case.” — John Victor D. Ordoñez

Batik Gobang preserves traditional Indonesian art

HANDMADE batik polos

JAKARTA — Batik Gobang, a traditional garment shop in Jakarta, is keeping Indonesian art and culture alive as well as the livelihoods of many deaf and blind locals.

“The persons with disabilities that we hire are locals that can have a second chance to reintegrate into society through our batik,” Ethys Mayoshi, who owns Batik Gobang, told BusinessWorld in Bahasa Indonesian.

Ms. Mayoshi said her blind and deaf employees can skillfully craft clothing and other fabric designs on premade templates despite their impairments.

She said the most intricate and painstaking batik designs take up to a month to create, while simpler pieces can be done in 10 days.

Batik Gobang, located in Ms. Mayoshi’s residence in West Jakarta, has a staff of about 60 people, mostly women making the batik products.

The designs are inspired by the local flora and fauna found in Jakarta and Central Java. Ms. Mayoshi noted that her batik designs are also based on the Betawi culture, the indigenous people of Jakarta.

The batik patterns are made by creating an outing of a design onto a white cloth with a tjanting, a tool that holds melted candle wax. The outlines are then colored in various colors of dye.

Batik Gobang routinely holds workshops that give visitors a walkthrough on how to create their own batik designs and the tedious process of waiting for the wax to melt away, revealing their own unique design.

The shop’s handmade batik shirts, blazers, and skirts range in price from P6,000 to P30,000. The Jakarta shop also supplies batik products to the Jakarta City Government Tourism Office.

Ms. Mayoshi said her shop aims to give locals a sense of community and solidarity by keeping the time-honored tradition of crafting batik alive.

In 2009, the United Nations Educational, Scientific and Cultural Organization (UNESCO) added the art of making Indonesian Batik to its Intangible Cultural Heritage of Humanity list.

“The craft of batik is intertwined with the cultural identity of the Indonesian people and, through the symbolic meanings of its colors and designs, expresses their creativity and spirituality,” according to UNESCO’s website. — John Victor D. Ordoñez

BusinessWorld traveled to Jakarta as a guest of the Indonesian Embassy in Manila and participated in a batik design workshop.

Hyundai Motor PHL prioritizing customer satisfaction

The Hyundai Mobility Adventure display afforded Ayala Center mallgoers a closer look at the Hyundai vehicle lineup. — PHOTO BY KAP MACEDA AGUILA

HMPH President Dong Wook Lee also says to expect new vehicles this year

Interview by Kap Maceda Aguila

HYUNDAI MOTOR Philippines, Inc. (HMPH), which now controls the local passenger car distributorship of the Korean automotive giant, recently brought its vehicles even closer to where people converge.

The company’s lineup was on display at the Hyundai Mobility Adventure (HMA) showcase held in the Glorietta Activity Center, Ayala Center, Makati City. The theme was derived from the Roblox game platform, where Hyundai holds fort in the metaverse space. Three dedicated virtual zones — Global Driving Center, Philippine Driving Studio, and Philippine Local Culture Zone — were featured there in February until March 1.

“Hyundai Motor is proud to be the first global automotive company to offer such an innovation. For the brand, there are no limits to mobility which is why it equally devotes time and effort toward linking human beings in the real world with objects and tasks in the digital space or metaverse,” said HMPH Managing Director Cecil Capacete in a release. “At HMPH, we embrace this way of thinking as it reminds and encourages us to live out our local tagline of ‘Innovate Everyday.’ Our special feature in HMA helps us not only reassure the local market that Hyundai is and will continuously be a leader in future mobility but also ignite inspiration and aspiration among a younger audience.”

On the sidelines of the event, “Velocity” had a chance to talk exclusively with HMPH President Dong Wook Lee about how the company did in 2022, its plans for the new year, and what its top priorities are. Based on Philippine Automotive Dealers Association data, the company sold 2,595 units in 2022 — peaking in November with 600 vehicles moved. It must be noted that the number includes the months when Hyundai was under the control of Hyundai Asia Resources, Inc. HMPH commenced retail operations in June.

Here are excerpts from our interview.

VELOCITY: How happy are you with the company’s 2022 sales performance?

DONG WOOK LEE: We are satisfied with our 2022 performance, but we’ve just started. In 2022, it was about focusing on consumer confidence. We want them not to worry about the Hyundai brand. This year, we will focus on giving our customers the time and opportunity to enjoy our products, and a chance to understand our products more deeply. The most important thing is our relationship with our customer. Currently, our sales number is a little bit lower than projected, but we anticipate that after more people get a chance to enjoy our product, our sales number will increase continuously. I believe that at the end of this year, we’ll see better performance.

Are we going to see more activities like this mall display?

Yes. For example, this March we want our customers to see our Ioniq 5 on the road. We have already delivered cars to our dealers. Through this kind of event, customers can easily access our products, even enjoy test drives, and explore (vehicle) features. Then we hope our sales number increases.

What are your main goals for the year?

In 2023, we want our customer satisfaction index to increase. We will also launch new models.

Can you tell us what these are?

There will be one totally new model, and an additional variant for the Stargazer. We will be launching at the Manila International Motor Show (MIAS), and in June we will prepare for our anniversary event.

What kind of feedback are you getting from customers?

We’re getting good feedback and comments from customers — especially in the case of the Staria, Tucson, Ioniq 5, and Palisade. So many customers have been waiting for them, so we will increase our supply. We will also prepare worry-free packages. For example, in the case of the Ioniq 5, we will provide free home charging cable installation, a five-year PMS package, and 24-hour roadside assistance by the third quarter. We want to emphasize that worry-free aspect.

How is HMPH doing with regard to unit supply?

Currently, we have challenges regarding supply, but we anticipate it to get better. For example, volume has already been increasing from December to January to February. More customers are enjoying our cars and products. Hopefully, this will continue to improve. Also, our dealership network is preparing for enhanced after-sales service.

When HMPH first took over the business, you promised to put more vehicles in your dealers’ showrooms. Have you kept this promise?

Yes, our customer waiting time is getting shorter and shorter. In the case of the Staria, the wait used to be six months. Now, it’s much, much shorter.

SEC extends submission deadline for annual reports

THE Securities and Exchange Commission (SEC) has extended the deadline for filing annual financial statements (AFS) to allow auditors to finish their work.

“The extension seeks to provide external auditors more time to complete their statutory audits of the financial statements of corporations,” the SEC said in a press release.

Companies whose fiscal year ended on Dec. 31, 2022 are to file their AFS depending on the last digit of their SEC registration or license number.

All corporations’ branch offices, regional headquarters, and regional operation headquarters of foreign corporations must follow the new scheme set in the SEC’s Memorandum Circular No. 1, Series of 2023.

Under the number coding scheme, registration numbers ending in 1 and 2 are to file their reports on May 29 to 31 and June 1 to 2. For those ending in 3 and 4, the filing date is on June 5 to 9. For numbers ending in 5 and 6, the filing date is on June 13 to 16; and for those ending in 7 and 8, the date is on June 19 to 23.

SEC extension offices will also implement the schedule and corporations may submit their report on or before their respective deadlines.

Those not covered by the extension are corporations whose fiscal year ends on a date other than Dec. 31, 2022, corporations whose securities are listed on the Philippine Stock Exchange (PSE), those whose securities are registered but not listed in the PSE, public companies, and entities covered under Sec. 17.2 of Republic Act No. 8799, or the Securities Regulation Code (SRC).

Additionally, corporations whose AFS are being audited by the Commission on Audit (CoA) are also not covered by the extension.

“Such corporations shall provide an affidavit signed by the president and treasurer or chief finance officer attesting to the fact that the company timely provided [CoA] with the financial statements and supporting documents,” the SEC said.

It added that a corporation needs to prove the CoA audit has concluded as well as present a letter confirming the information stated in the AFS.

Additionally, the company’s general information sheet must be filed within 30 calendar days from the date of its annual stockholders’ meeting. — Adrian H. Halili

‘No formula’ to trigger sugar reserve releases, but consumption data key

PHILIPPINE STAR/ MICHAEL VARCAS

By Sheldeen Joy Talavera

THE release of reserve sugar from the buffer stock will come after a determination by the Sugar Regulatory Administration (SRA), which is empowered by law to make such a decision, a government researcher said.

“There’s no formula as such (to release sugar from the reserves), although some calculation and estimates might be used as a basis… More of a judgment call,” Roehl M. Briones, senior research fellow at the Philippine Institute for Development Studies (PIDS), told BusinessWorld by phone.

“The charter of the SRA empowers it. So, by law, the SRA is the authority to decide on importing, marketing, and distribution of sugar. That is how broad its regulatory powers are,” he said.

In January, President Ferdinand R. Marcos, Jr., who also serves as the Secretary of Agriculture, ordered the creation of a two-month buffer stock of sugar to deter speculators, who have been blamed for volatile sugar prices.

“If we see the need to release, we will source (sugar) from the buffer,” Pablo Luis S. Azcona, SRA board member and planter’s representative, told BusinessWorld.

“I hope we will not be using the buffer until almost milling season next year,” he added.

Under Sugar Order No. 6, 440,000 metric tons (MT) of refined sugar are authorized for import — of which 200,000 MT will be released to the market and 240,000 kept in reserve.

According to Mr. Azcona, about 17,000 MT of the sweetener have been landed so far. The SRA plans to bring the retail price of refined sugar to P80-P85 upon release of the shipments.

Asked what data the SRA will study before it decides on releasing sugar, Mr. Azcona said: “We actually assume a monthly consumption of anywhere from 120,000-180,000 MT, so once we see (diverge over a two-month period), that’s where the buffer will enter,” he said.

The exact mechanism would involve a reclassification of “C” (reserve) sugar to “B” (domestic market). The power to reclassify lies with the Sugar Board, whose members include the SRA administrator, the millers’ representative, and the planters’ representative. It is headed by the Agriculture Secretary and an Undersecretary.

He said the release order will come in the form of a board resolution spelling out the volume and date of release.

Mr. Briones said that the SRA may request a study or analysis of supply and demand conditions but the board retains the discretion to authorize imports.

The intent is to refresh the buffer stock with domestic sugar as it depletes, he said.

“We will try to always maintain a balance between the retail price and the farmgate price. So, our farmers are happy, and the consumers are also happy,” Mr. Azcona said.

Leonardo A. Lanzona, Jr., an economics professor at the Ateneo De Manila University, said that the SRA has no fixed regulations in deciding how much sugar to import.

He said one of the issues is that certain types of users have different needs in terms of the volume they need to import.

An industrial user that uses standard refined sugar, he said, can import 5,000 MT while those using bottler’s grade sugar can import up to 10,000 MT.

“Allowing one sector to import more creates a barrier to entry for other new sugar users within the same sector,” he told BusinessWorld via e-mail.

Mr. Lanzona said these rules tend to favor the well-connected, keeping the industry from “achieving its full potential.”

“It is best to disband the SRA, and simply let the private sector compete with one another, allowing the market to determine how much to import,” he said.

Lazada marks 11th year as it reaps effect of pandemic

LAZADA is celebrating its 11th anniversary in the Philippines with an ongoing sale and a 20-foot mannequin in BGC’s Market! Market! mall.

During the March 2 launch of the “Epic 11th Birthday” sale, which is ongoing until March 13, the company unveiled the mannequin, to celebrate its Lazlook category, its 11th anniversary, and Women’s Month this March.

“We want to make sure that we empower each and every one,” said Kitty Calderon, Head of Marketing for Lazada Philippines in a speech, acknowledging the women employees, partners, and sellers on the e-commerce platform. “Women are at the core of what we do,” said Carlos Barrera, the CEO of Lazada Philippines.

Shopping platform Lazada was founded in 2012, and from its Singapore headquarters, it services that country, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. According to a company release, it links 160 million active users to more than one million sellers every month, while aiming to serve 300 million shoppers in the region by 2030.

“It’s been an incredible journey for all of us. I’ve been in the Philippines for over eight years. Many of these brands did not exist. Most of these sellers were starting with a small kiosk in the mall. When we see them today, making billions of pesos and selling nationwide, all our efforts make sense,” said Mr. Barrera.

THE PANDEMIC EFFECT
“We’ve grown so much, we’ve innovated so much as well,” Ms. Calderon told BusinessWorld about their growth over the past 11 years.  “We’re empowering all of the SMEs when it comes to bringing their business up front to the Filipino audience,” she said. “The acceleration of e-commerce and digital was during the COVID season. Right now, if you think about it, we’re still in a pandemic. E-commerce is playing a big role in making sure that we shop safely and conveniently.”

Ms. Calderon discussed the items on the platform that have become popular since the world has reopened after the pandemic lockdowns. Groceries are still a staple, but, “You’d be surprised with the amount of makeup, hair, and personal care products that people are buying, especially now that people are going out,” she said.

With the world’s reopening, will Lazada still be able to maintain its place in the Filipino shopper’s mind? “Even if the pandemic goes away, we’re all so used to shopping online already. The beauty of shopping online is really convenience and safety. I don’t think we’ll go back to those days when you really have to go to a store every single time,” she said. — Joseph L. Garcia

Rates of Treasury bills, bonds to go up on hawkish BSP bets

BW FILE PHOTO

RATES of Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week could rise on expectations of faster inflation last month, which could lead to a more aggressive move from the central bank.

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 10-year T-bonds that have a remaining life of nine years and six months.

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

“The upcoming Treasury bill yields could be again slightly higher week on week, after the latest weekly increase in the comparable short-term PHP BVAL (Bloomberg Valuation Service) yields after the latest signals of a possible 50-bp (basis point) local policy rate hike on March 23 if inflation goes above 9%,” he said.

A trader said T-bill rates could rise by 10 bps to 15 bps, while the 10-year bond could fetch a yield of 6.5% amid expectations of faster February headline inflation, which could lead to higher benchmark interest rates.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills went up by 11.82 bps, 3.49 bps, and 16.25 bps week on week to end at 4.617%, 5.1764%, and 5.6089%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

The 10-year bond also saw its yield increase by 13.18 bps week on week to 6.4496%.

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla on Friday said the central bank may raise rates by 50 bps at their March 23 meeting if February inflation rises above 9%.

The BSP on Feb. 16 raised benchmark interest rates by 50 bps for a second straight meeting, bringing its policy rate to 6%, the highest in nearly 16 years or since May 2007 when it stood at 7.5%.

It has now hiked borrowing costs by 400 bps since May 2022.

Meanwhile, February inflation likely settled within 8.5% to 9.3%, the BSP said last week. This would follow January’s 8.7% print, which was the quickest since November 2008.

If realized, February would mark the 11th straight month that inflation would exceed the BSP’s 2-4% target range.

The upper end of the forecast would also be the fastest headline print recorded in more than 14 years or since the 9.7% recorded in October 2008.

The Philippine Statistics Authority will release the February consumer price index report on March 7, Tuesday.

Last week, the BTr raised P10 billion from its offering of T-bills, lower than the P15-billion program, as rates climbed across all tenors.

Broken down, the Treasury did not award any 91-day T-bills as tenders reached only P4.12 billion, below the P5-billion program. Had it been awarded, the average rate of the three-month papers would have climbed by 45.10 bps to 4.864%.

Meanwhile, the government made a full P5-billion award of the 182-day securities as demand for the tenor reached P9.46 billion. The six-month T-bill was quoted at an average rate of 5.177%, rising by 11.70 bps, with accepted rates ranging from 5.093% to 5.3%.

The BTr also borrowed P5 billion as planned from the 364-day debt papers as bids reached P9.07 billion. The average rate of the one-year papers climbed by 12.20 bps to 5.577%. Accepted yields were from 5.565% to 5.6%.

On the other hand, the reissued 10-year T-bonds to be auctioned off on Tuesday were last offered on Feb. 21, where the government raised the programmed P35 billion.

The issuance fetched an average rate of 6.258%, with accepted rates at 6.199% to 6.3%.

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 external sources to finance its budget deficit, which is capped at 6.1% of gross domestic product this year. — A.M.C. Sy

‘Crossover specialist’ Jetour girds for PHL debut

Jetour Dashing — PHOTO FROM JETOUR

By Kap Maceda Aguila

THE CAT is out of the bag. Another automotive marque has just thrown its hat in the already uber-competitive local market. That means even more options for a market already spoiled for choice.

To be formally launched at the Manila International Auto Show this summer is Jetour, which (for now, at least) exclusively makes crossovers of various sizes. The brand is controlled by Chery Holdings Group which, of course, also owns Chery Automobile Co., Ltd. On its global website, Jetour explained its name thus: “JET + TOUR, meaning convenient + travel, translate literally as ‘convenient travel.’ (This) corresponds to (its) Chinese name.”

Jetour’s Philippine operations will be spearheaded by a couple of young mavericks: 31-year-old Yves Jovicci Licup as president, and Michael Goho (aged 33) as vice-president. Their surnames are definitely familiar to automotive observers as these are attached to multi-brand empires Autospeedygo and the Gateway Group.

“It was offered to us, so we called on a few investors and collaborators,” said Mr. Licup to “Velocity.”

Meanwhile, Jetour Managing Director Miguelito “Lito” Jose, an industry veteran with more than three decades of experience, revealed that three products will be initially made available at launch. We have confirmed that one of these will be the Jetour Dashing, the brand’s flagship product, powered by 1.5-liter engine and highlighted by a 2.7-meter-long wheelbase, futuristic styling, and tech accoutrements.

“Jetour prides itself in having a “travel-plus-leisure-plus-tech” concept. Our unique value propositions include very competitive pricing which will see our comfortable crossovers priced as, say, a subcompact sedan,” continued Mr. Licup.

Asked about the confirmed dealership locations, Mr. Jose revealed, “As of now, Alabang, Quezon Avenue, Cebu City, General Santos City, and Davao City are shoo-ins. But after news leaked about our launch, many parties — even non-automotive groups — have signified their intent to apply for a franchise. They want in because both Autospeedygo and the Gateway Group are known dealers/retailers, and that our way of going about this distribution business will have these dealers’ perspective.”

Mr. Goho also shared that Jetour Philippines is working to finalize a deal with brand ambassadors. “We are focusing on the concept of traveling or journeys. That’s all we can say for now,” he said.

For more information, follow the brand’s Facebook page (Jetour Auto Philippines).

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