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Vivant plans P4.5-B capex focusing on solar, wind power

UNSPLASH

CEBU-BASED energy and water company Vivant Corp. is allocating P4.5 billion for its 2025 capital expenditure (capex), focusing primarily on renewable energy projects such as solar and wind power developments.

This year’s budget is higher compared to last year since most of the projects were in the pre-development stage, said Vivant Chief Finance Officer Minuel Carmela N. Franco. 

“When it’s pre-development, the outlay and investment are very minimal. We’ll start the outlay once development begins,” Ms. Franco told reporters last week.

For 2025, Vivant is expecting to roll out solar power projects with a total capacity of 115 megawatts (MW), as well as a 200-MW wind power project in Samar, said Vivant Chief Executive Officer Arlo Angelo G. Sarmiento.

Among the projects expected to become operational is the 22-MW solar project in Bulacan. 

“A lot of the work involves groundbreaking this year,” Mr. Sarmiento said. 

Most of the power generated from the company’s energy projects will be supplied to its retail electricity supply (RES) arm.

“That’s one of our newer strategies that we’re trying to execute — building plants and then bringing them to market through the RES market, the retail market,” Mr. Sarmiento said. 

In June last year, Vivant said it targeted allocating P15 billion for various renewable energy projects until 2030, part of the company’s projected total equity investment requirement of up to P22 billion. 

Vivant has investments in various companies engaged in electric power generation and distribution, as well as the retail electricity business. It also entered the water industry, “with a diversified portfolio in the areas of bulk water supply, wastewater treatment, and water distribution.” — Sheldeen Joy Talavera

Going beyond the terno

PEACH GARDE

Ternocon tackled the kimona, brought back the panuelo

DESPITE its theme, this year’s Ternocon expanded its reaches far beyond the familiar Filipiniana dress. Not only did it revive the terno’s 1930s structure with the addition of the panuelo (fichu), but it also concentrated on another traditional Filipiniana dress, the kimona.

The terno evolved from the 1800s traje de mestiza (colloquially referred to as the Maria Clara), melding together its elements and modifying the former’s pagoda sleeves into butterfly sleeves (effectively shrinking them) for the changing times of the 1900s. Some elements were taken out through the decades — the tapis (overskirt) for example — and around the 1960s, with the removal of the panuelo, the terno as we know it today took shape.

As for the kimona, it is a loose blouse, often with elongated sleeves, worn with a tube-shaped skirt; it is considered more rural, casual, compared to the urbane terno.

The Balintawak, a second option for Filipiniana dress, is a more casual rendition of the terno, melding together the base form (the baro’t saya or blouse and skirt) with slightly puffed-up sleeves. It was popular throughout the first half of the 20th century. While the terno back then was made of finer materials, the Balintawak is usually made of more common materials like cotton, and is usually accessorized with an alampay — a shawl or a scarf draped over one shoulder.

For this year’s Ternocon, held over a series of months in 2024 and culminating in the Philippine International Convention Center (PICC) show on Jan. 26, the terno’s earlier form, used in the most formal occasions in the pre-war period, took center stage.

ARTISTIC INSPIRATION
The 12 designers were given a brief to take inspiration from 20th-century Filipino artists. These included several National Artists — Jose Joya, Hernando R. Ocampo, Vicente Manansala, Fernando Amorsolo, Benedicto “BenCab” Cabrera, Leandro Locsin (veering from the painters and the sculptors on this list; Mr. Locsin was honored for his architecture) — and artists Ramon Orlina, Onib Olmedo, Nena Saguil, and Impy Pilapil.

That evening, Windell Madis took home the Chief Mentor’s Award for a clever interpretation of the work of H.R. Ocampo.

Ram Silva, meanwhile, won the bronze for his interpretation of Fernando Amorsolo’s paintings, particularly his depiction of idyllic countryside life during harvest time. For this, Mr. Silva showed an excellent use of the simpler kimona. For his collection, he used sweeping grasses on the skirts, with almost photo-accurate renditions of the colors in Mr. Amorsolo’s work, giving the collection the illusion of figures having stepped out of the paintings. The grass fringes were full and lush, reflecting beauty, abundance — and its perishability.

Bryan Peralta won silver for his “collaboration” with Joya, showing the outfits in common canvas (subverting the terno’s usually refined piña make), showing Jose Joya’s abstraction on mesh sleeves and wild, childlike embroidery.

Finally, Peach Garde won the gold for interpreting Mr. Locsin’s iconic buildings into clothes, tapping into the architect’s preference for Brutalism — a style dominating the postwar period with strict shapes and the use of concrete.  The main theater building of the Cultural Center of the Philippines and the Ternocon’s venue, the PICC, were both designed by Locsin. For these, he used geometrical shapes and panels of fabric to give the clothes a shape more akin to edifices than outfits.

Other notable collections that evening included Lexter Badana’s channeling glass sculptor Ramon Orlina. His collection used the signature blues and greens of Orlina’s work, using plastic and other materials to mimic glass, even in its sheen.

Irene Subang’s collection focused on BenCab’s muse Sabel, a homeless woman draped in the world’s misery, so cans painted copper were attached to the dress and an overall look of dereliction made noise on the runway.

Jared Servano’s work, based on Nena Saguil’s, featured a wash of silver and gold on the surface of the clothes, while the fabric’s thread appeared to be spilling off the sleeves, providing movement.

Ternocon’s mentors Rhett Eala, Ezra Santos, and Lulu Tan-Gan also showed off their own collections, as did 2023 Ternocon winner Yssa Innumerable.

Entrepreneur Ben Chan, whose Bench brand is the Cultural Center of the Philippines’ partner in Ternocon, made a speech that evening, saying, “May this gathering tonight ignite within us the same spirit of home, of love for country, and pride in our culture.” — Joseph L. Garcia

Now serving San Juan

Drive+ San Juan is located at 683 Jose Abad Street in Barangay Little Baguio. — PHOTO BY HAZEL NICOLE CARREON

After-sales specialist Drive+ opens new facility

AFTER GARNERING a loyal following and maintaining a strong reputation for providing top-notch automotive service at its inaugural location in Quezon City, Drive+ Car Care Center officially opened its new branch in San Juan, bringing a new level of automotive expertise within easy reach of those in the community. As a well-established company known for its commitment to quality and customer satisfaction, Drive+ said it aims to revolutionize the car care industry with its innovative approach and state-of-the-art facilities.

Staffed with highly trained and experienced technicians, Drive+ San Juan provides a wide range of services including preventive maintenance service, oil change, brake maintenance and repair, automatic transmission fluid change, belt replacement, battery replacement, on-board diagnostics scanning, suspension replacement, tire balancing and alignment, exhaust gas recirculation cleaning, and air-conditioning cleaning and repair.

Service times vary, from less than an hour for quick fixes to multi-day repairs for complex issues.

“Our mission at Drive+ has always been to elevate the car care experience in the Philippines,” said company marketing manager Jason Manabat, promising that customers will “receive the same exceptional service and convenience that have become synonymous with the Drive+ name.”

The new center features 10 service bays with two dedicated wheel alignment bays, two post lifters for heavier vehicles, and six scissor lifters for general maintenance and repairs.

Drive+ partnered with Autoplus to provide Ravenol and Aveno engine oils as well as Yuasa and Lite-Ion batteries. It further upholds its commitment to reliability by offering high-quality tires from Falken, Continental, and Hankook, with the ability to source other brands upon request.

The facility also has a comfortable lounge where motorists can relax while their vehicles are being serviced. Complimentary Wi-Fi access, refreshments, and entertainment options are available to ensure a pleasant waiting experience.

“Customer comfort and satisfaction remain our top priorities. We consistently strive to refine our processes so every visit to Drive+ is seamless and hassle-free, and we’re committed to continually enhance the customer experience with each service,” Mr. Manabat added.

Drive+ has also been known for its transparent pricing. “What we typically do is if (a part) is available locally, we try to source both original and replacement parts so that customers have options on how they want their cars serviced based on their budgets,” the executive explained.

The opening of Drive+ Car Care Center in San Juan is expected to further strengthen the company’s position as one of the leading premium car service brands in Metro Manila.

Drive+ San Juan is located at 683 Jose Abad Street, Barangay Little Baguio, San Juan City. It is open from Monday to Saturday, 8 a.m. to 5 p.m. For more information, contact 8247-0540, 8244-5269 or 8254-5426.

SM: 107,000 job seekers connected to 6,000 employers in 2024

SMSUPERMALLS.COM

THE SM GROUP, through its mall unit, said it is working to support local job creation and workforce development.

In 2024, SM Supermalls hosted 183 job fairs nationwide, connecting 107,000 job seekers with nearly 6,000 employers. Of these, 14,500 applicants were hired on the spot, the company said in a statement over the weekend.

The job fairs, which also provide government services for employment-related documents, are part of SM’s initiative to host weekly job fairs across its malls nationwide.

In the latter half of 2024, SM extended its job fair initiatives to partner with various government agencies, including the Department of Health, Department of Tourism, Technical Education and Skills Development Authority, and Civil Service Commission. 

The company made the statement as online job portal JobStreet hosted the two-day JobStreet Career Con 2025 at SMX Convention Center Manila in Pasay City on Jan. 28 to 29.

The event featured 130 participating companies, including SM Retail, Nestlé, Metrobank, Accenture, and other firms from industries such as information technology, business process management, retail, banking, construction, logistics, food services, and manufacturing.

President Ferdinand R. Marcos, Jr. emphasized the importance of collaboration between the government and private sector in upskilling workers and connecting employers with job seekers.

“Cooperation between the government and the private sector is very important. Ma’am Teresita Sy-Coson, who has been with us from the start, opened the doors of SM malls for job fairs like this, which have been very successful,” he said.

“When we did these job fairs and upskilling programs with SM before, they were very successful. So we said, let’s try to do this more often,” he added. 

Ms. Sy-Coson, vice-chairman of SM Investments, is also a member of the Private Sector Advisory Council’s Education and Jobs Group.

Data from the Philippine Statistics Authority showed that the country’s unemployment rate declined to 3.2% in November from 3.9% in October. — Revin Mikhael D. Ochave

New and pre-owned items on sale at Corso Como 88 in Makati

IN CELEBRATION of its first year in Makati’s One Ayala, premium bag and luxury item store Corso Como 88 is offering up-and-coming European brands — not available yet anywhere else in the Philippines — at sale prices.

Some of the brands shoppers can expect to find there are Gianni Chiarini, a leather bag brand from Florence, and Roberta Pieri, known for its Tuscan-made handbags. Along with new names are familiar ones like Prada, Gucci, and Valentino, as well as rarer finds like Biagini and Buti Pelletterie.

Another must-see part of the store is the perfume section, featuring Bottega Italiana Spigo 1920 (Bois 1920) and Acqua dell’Elba fragrances.

“We champion a lot of the brands which are made in Italy, not yet known in the Philippines, but growing already in the Asian market like Japan and China. For example, Buti and Biagini are already getting bigger in China. Gianni Chiarini is big in Japan,” Corso Como 88 founder Imelda Menguito-Sciandra told the press at the flagship store’s first anniversary event.

Located on the 3rd floor of One Ayala in Makati City, the store invites shoppers to browse the shelves for Italian bags, shoes, perfumes, and other luxury items. Ms. Scandria told BusinessWorld that, as the authorized distributor for these brands in the Philippines, there is a responsibility to bring in the best of the best.

“These are brands that have a level of craftsmanship and quality that make them worth introducing to the Filipino people,” she said.

While Corso Como 88 started with her and her husband buying bags in Europe for friends back home, the vision today is “to make these finds more accessible all over the Philippines.”

The store’s third branch, located in Vertis North, Quezon City, is under construction. Its second branch is in Ayala Malls the 30th in Pasig City.

PRE-OWNED
Celebrities Ruffa Gutierrez and Janine Gutierrez (they are aunt and niece) graced the One Ayala flagship store’s anniversary event. There, the two highlighted the sustainability aspect of fashion.

“The very first important or luxury pieces I ever had, mga minana ko lang (I inherited from family). That’s why when I spend on something, I want it to last to the point that I can share with siblings or future children. It’s all about sustainability, and making the most of what you spend,” the younger Gutierrez told the press.

Corso Como 88 also has a Reuse section dedicated to pre-owned designer bags, shoes, and accessories. Ms. Scandria emphasized that these are “authentic, curated pieces that have been used but are still in good to great condition.”

These pre-loved items, along with the brand-new items on sale, can be found at the Corso Como 88 store in One Ayala, Makati City. Shoppers can also browse online via corsocomo88.com. — Brontë H. Lacsamana

LTFRB: Cause of our traffic congestion

FREEPIK

The mission statement of the Land Transportation Franchising and Regulatory Board (LTFRB) states that LTFRB ensures that the commuting public has adequate, safe, convenient, environment-friendly, and dependable public land transportation services at reasonable rates through the implementation of land-based transportation policies, programs, and projects responsive to an investment-led and demand-driven industry.

In essence, the LTFRB determines the demand for public transport and then issues the necessary franchises to public transport operators who will then supply the necessary vehicles to meet the transport needs of the commuting public.

The issuance of franchises should therefore be determined by the number of public vehicles needed to meet the public demand for transport. Since the population of the Philippines has been growing, we would expect that the number of franchises issued by the LTFRB would also grow.

 

Unfortunately, as shown in the accompanying table, the LTFRB declared moratoriums on the issuance of franchises.

 

The net results of these policies has been a reduction in the service provided by the public utility jeepneys (PUJs) and buses (PUBs) in Metro Manila.The number of trips of the PUJs declined by 50% from 193,221 in 2013 to 95,659 in 2023 while the trips by the PUBs declined by 42% from 36,551 to 21,107.

Over-all trips by private vehicles increased from 2,280,124 trips in 2017 to 3,349,502 in 2023 or a 47% increase while trips by public vehicles declined from 418,927 in 2017 to 284,731 in 2023 or a 32% decrease. As private vehicles occupy the same space as jeepneys but carry only one or two passengers as opposed to eight to 10 passengers for a jeepney, the result is severe traffic congestion, all as a result of the catastrophic decisions of the LTFRB.

The most plausible explanation for the adverse actions of the LTFRB is “regulatory capture.” Regulatory capture occurs when the regulator, in this case the LTFRB, is captured by those organizations it is supposed to regulate, in this case the jeepney, bus, and motorcycle operators.

As a captured agency, the LTFRB serves the interest of the operators rather than the public, in this case, the commuters. Clearly by decreasing the franchises and so the public vehicles on the road, the LTFRB serves the interest of the operators since their vehicles will now be filled to overflowing with passengers, some hanging on for dear life. On the other hand, commuters want more franchises so there will be enough vehicles to meet their transport needs.

Lacking adequate public transport, some of our hapless commuters were forced to buy, usually on installment, motorcycles if they had to have any hope of reaching their destination on time. Thus, the trips by motorcycles increased from 433,340 in 2013 to 1,674,646 in 2023 for a staggering increase of 286%.

Despite this response from the commuting public, there is still the problem of commuters who could not afford to buy motorcycles. This was of no concern to LTFRB but was of great concern to the city mayors of Metro Manila.

They decided to provide the public service that the LTFRB appallingly neglected to provide. The cities of Caloocan, Malabon, Manila, Pasig, Taguig, and Valenzuela started operating public bus services.

In the case of Pasig, the Pasig Bus Service was started in 2015 to provide free shuttle services from Pasig City Hall to key drop-off points in the city of Pasig. Pasig City bought its own buses and hired its own drivers.

In the case of Quezon City, the Quezon City Bus Service was started in 2020 and has now 100 buses serving eight routes with the Quezon City Hall as hub. However, instead of providing the service itself, Quezon City subcontracted the operation to Philtranco, Genesis, and Saulog. The rides are also free.

The city governments had to offer the rides for free since they do not have franchises from the LTFRB. Without the franchise, they cannot operate as a regular bus service. This arrangement has created problems. In addition to the issue of sustainability, the city government is also accused of unfair competition by the private operators.

We argue that instead of trying to be operators regulated by the LTFRB, the city governments should lobby for legislation devolving the regulatory function of LTFRB to the local government units.

At present, the issuance of franchises for tricycle operators has already been devolved to the local governments. And they have handled this responsibility quite well.

Take the case of Siquijor town in Siquijor Province, a popular tourist destination where the principal means of public transportation is now by tricycles. The Sangguniang Bayan regulates the operation of tricycles and has organized their operation efficiently and effectively.

By the way, few are aware that the 60,000 motorcycle taxi drivers are now allowed to operate only because of a pilot test approved by Congress in June 2019, which is valid only until June of this year. And so, Congress has proposed a law regulating these motorcycles drivers. We suggest that under this proposed law, these motorcycle franchises be regulated by the local government units as with the tricycle franchises.

We suggest further that the present PD on LTFRB be amended so that the regulation of public land transport be devolved to the provincial, city, and municipal governments with the LTFRB regulating only the national public transport systems.

We make this proposal for the following reasons:

1.) Given their interest and information on the needs for public transport in their community, the LGUs are in the best position to be the regulator for local public transport franchises rather than the LTFRB.

2.) Given that the regulatory powers will be diffused from one centralized agency to numerous LGUs, regulatory capture will be avoided; and,

3.) The LGUs can be held accountable when traffic congestion occurs in their locality. At present the critical role of the LTFRB in our present traffic congestion is not even realized by both our government officials and the commuting public.

 

Dr. Victor S. Limlingan is a retired professor of AIM and a fellow of the Foundation for Economic Freedom. He is presently chairman of Cristina Research Foundation, a public policy adviser and Regina Capital Development Corp., a member of the Philippine Stock Exchange.

BAIC opens Cavite dealership

BAIC GMA is interconnected with dealerships of Foton and Chery, both of which are also distributed by the United Asia Automotive Group, Inc. (UAAGI). — PHOTO BY HAZEL NICOLE CARREON

By Hazel Nicole Carreon

BEIJING AUTOMOTIVE Industry Holding Company, Ltd. (BAIC) celebrated the grand opening of its newest dealership in General Mariano Alvarez (GMA), Cavite, marking the continued expansion of its presence in the Southern Luzon region, and the pursuit of its goal to bring a diverse range of vehicles closer to Caviteños.

Operated by Frontier Automotive Marilao Corp. (FAMC), BAIC GMA boasts a modern showroom showcasing the brand’s latest models. Furthermore, the dealership features a fully equipped service center staffed by expert technicians, ensuring that customers receive top-notch after-sales support.

The new outlet is FAMC’s first BAIC dealership. “It’s a great time to start the new year with a new brand. We want to sell more and more of these products that we can enjoy at very competitive prices,” said FAMC Dealer Principal Willy Chiongbian II in his speech at the opening ceremony.

Founded in 1958, BAIC has been a dominant player in the Chinese automotive market. It has formed joint ventures with major international car brands like Mercedes-Benz and Hyundai, giving BAIC access to technology, expertise, and an established distribution network. Now, the brand is strategically targeting emerging markets in Asia, Africa, and Latin America.

In the Philippines, BAIC vehicles have been distributed by the United Asia Automotive Group, Inc. (UAAGI) since 2024. The brand aims to cater to the growing demand for SUVs and crossovers in the local market, introducing various options such as the B40 Ragnar off-road SUV, B60 Beaumont hybrid full-size SUV, B30e Dune hybrid off-road SUV, B80 Wagon premium SUV, X55 subcompact crossover, and X7 Grandeza compact crossover.

“We have such a robust product portfolio with very competitive products, and we have very good pricing for the segments in which we are participating in. With the opening of this dealership, we are certain to make it big here in GMA,” BAIC Philippines General Manager and Brand Head Christopher Yu stated.

Every purchase of any BAIC model comes with a 150,000km/five-year vehicle warranty (whichever comes first). BAIC Philippines continues to strengthen its foothold in the local market through strategic dealership expansion and a focus on customer satisfaction. With the opening of BAIC GMA, the brand now has 15 dealerships nationwide, solidifying its commitment to providing high-quality vehicles and excellent service.

BAIC GMA is located at Block 23 Lot 2, Governor’s Drive, Barangay Gavino Maderan, GMA, Cavite. The showroom is open from Monday to Saturday, 8:30 a.m. to 5:30 p.m., while the service center is open from Monday to Sunday.

For more information, visit baic.ph.

Wildflour Hospitality weighs IPO

PHILSTAR FILE PHOTO

PREMIUM casual restaurant operator Wildflour Hospitality Group said an initial public offering (IPO) is a “big possibility” in the near future as the company pursues nationwide expansion.

“It is something that we are talking about. It’s really a big possibility for us in the near future,” Wildflour President and Chief Executive Officer Ana Lorenzana de Ocampo told reporters on the sidelines of an event in Taguig City last week.

“I can’t say yet because it’s still being discussed. But definitely, we are looking at an IPO,” she added.

In February last year, Wildflour announced that it secured a $15-million investment from Singapore-based private equity firm KV Asia Capital to support its expansion plans.

“Our partnership with KV Asia raises the ceiling for us to be able to do these things,” Ms. De Ocampo said.

The Philippine Stock Exchange is targeting six IPOs this year.

According to Ms. De Ocampo, Wildflour is opening 12 to 14 outlets across all its brands. The company currently operates 27 outlets.

She said new stores will open in SM North EDSA, Trinoma, Cebu, Alabang, Makati, and Baguio.

Ms. De Ocampo expects a strong financial year for Wildflour in 2025, noting that the company had a “good start.”

“I’m hoping that the trajectory really goes upward as we go into the year. We wouldn’t be building all these restaurants if we didn’t feel confident about the market,” she said.

“We’re very happy with how the restaurants are performing. I’m hopeful that 2025 will be a good year for us,” she added.

Ms. De Ocampo also acknowledged challenges in retaining manpower and mitigating the effects of inflation.

“It’s very easy to hire people, but training and retaining them are challenging for us,” she said. 

“On inflation, the cost of all our ingredients is rising, which affects many aspects — our menu mix, the prices of menu items, construction costs, and more. It’s really a domino effect. Manpower and inflation are our biggest challenges,” she added.

Wildflour’s portfolio includes various brands, such as Wildflour Restaurant, George & Onnie’s Filipino Restaurant, Wildflour Italian, Pink’s, Farmacy Ice Cream and Soda Fountain, Little Flour Café, Pizza Sisters, Kei Maki, and Antica Osteria. — Revin Mikhael D. Ochave

Paris Fashion Week: Pastel and shoulders at Chanel, petticoats for Dior, and Germanier’s colorful beads

CHANEL.COM

PARIS — Chanel assembled a sprawling runway set in the form of its trademark interlocking C logo for its spring summer 2025 catwalk show, held last Tuesday at the Grand Palais in central Paris.

Models paraded a pastel-colored lineup of glittering dresses and tailored jackets along the white carpet of the sloping set, many emphasizing the shoulders, which were bulked up. (Watch the show here: https://www.chanel.com/us/haute-couture/spring-summer-2025/ )

There were trim jackets with round, broadened shoulders, sheer dresses with piles of feathers, loosened sleeves and flouncy skirts.

At the end of the show, the clapping audience hesitated a moment, seeming to mark the customary pause reserved for a designer’s bow, before standing up and heading out into the blustery weather.

Chanel has been without a creative director since the abrupt departure of Virginie Viard halfway through last year, with her task left to in-house design teams. The privately owned fashion house said in December Matthieu Blazy would succeed her in the role.

The choice of Mr. Blazy, who joins from Kering-owned Bottega Veneta later this year and is credited with helping boost that label’s recent success, signals a new approach for Chanel, famous for tweed jackets and No. 5 perfume.

The haute couture fashion shows in Paris ran through Jan. 30 and featured some of the industry’s best-known labels

DIOR
Dior creative director Maria Grazia Chiuri kicked off the Paris Haute Couture fashion shows on Monday last week with a lineup of hooped petticoats and corsets in sheer, airy fabrics. (Watch the show here: https://www.youtube.com/watch?v=YfTathfqqvc)

Models marched down the runway in low heels parading ruffled and lacy looks, some with voluminous skirts, decorated with tufts of fabrics, sequins or ribbons that streamed behind.

Ms. Chiuri drew on the house’s original La Cigale silhouette from the early 1950s, known for a tightly cinched waist, as well as the looser Trapeze line from the late 1950s, throwing fitted jackets over short, puffy skirts and decorating tulle with embroidery.

Models wore their hair slicked back, in a mohawk-like style, with a row of feather-tipped spikes that added a punk flair to the look.

The LVMH-owned fashion house held the show in a temporary structure in the gardens of the Rodin Museum where the set was decorated by colorful artwork by Rithika Merchant. The artist’s fantastical creatures and tropical vegetation added to the otherworldly flavor of the catwalk presentation.

GERMANIER
Kevin Germanier showed a lineup of short, skin-hugging dresses in brightly colored beadwork for his namesake label’s catwalk outing on Thursday, closing the week of spring/summer 2025 haute couture shows in Paris. (See the show here: https://www.youtube.com/watch?v=S8LwBFxXu5I)

Models marched down the concrete runway, tassels swinging and bead-covered boots clicking. One garment appeared to be decorated with colored felt pens that fanned out in all directions while piles of ruffles added volume to knit dresses.

Mr. Germanier said he used second-hand garments and leftovers from workshops in countries including Brazil and India.

“My client is not just a celebrity, it’s literally a woman who just loves fashion and she wants to go to have tea with her friends looking fabulous,” he said, backstage after the show.

The Swiss designer has dressed celebrities including Taylor Swift, and made costumes for performers at the closing ceremony of the Paris Olympic Games last summer. — Reuters

Reflections on a just transition

VECTEEZY/ PIXFINITYSTUDIO

The Conference of Parties (CoP29) or the climate summit wrapped up in Baku, Azerbaijan in November 2024 with two clear outcomes: having a new target for climate finance to developing countries and laying down initial rules for bilateral and global carbon trading. These are not the ambitious and desired outcomes that climate activists have been hoping for, especially in the light of calls for a “just transition,” but at least the negotiations did not completely collapse.

The Intergovernmental Panel on Climate Change (IPCC) defines just transition as “a set of principles, processes and practices that aim to ensure that no people, workers, places, sectors, countries or regions are left behind in the transition from a high carbon to a low carbon economy.”

One emerging concern is that this transition requires the quick, deep, and massive transition in energy sources, access, and distribution. To deliver this transition to “clean energy,” massive amounts of minerals and raw materials are required, including nickel, cobalt, aluminum, lithium, and other rare earth minerals.

Which creates a dilemma. If we require more minerals to achieve the clean energy transition and pursue a “just transition,” would this mean we are going to open more mines? What if the mineral extractions would result in more deforestation, displacement of communities, or environmental harm?

In response, the extractives industry and some mining countries have touted their intent to expand “responsible mining” to reconcile the demand for more of these “transition minerals” with the triple-bottom lines of profit, people, and planet.

While it is true that transition minerals are needed for renewable energy systems, a large part of the demand for transition minerals is expected to be utilized for electric vehicles, and not necessarily for solar or wind energies.

In Germany, for instance, around 60% of raw material consumption is expected to go to the transport sector. A study by Power Shift investigated the metal requirements in the production of battery-powered cars by Volkswagen. It found out that the batteries alone could require around eight times more aluminum and nickel in 2030 than the entire planned expansion of wind power plants in Germany.

The questions then are: Who will benefit from mining transition minerals? Are they going to be used for solar or wind energies to power our cities and countryside, or are they going to mainly serve the shift to electric vehicles? Are they going to be utilized for the Philippines’ own industrialization, or are they going to be used mainly by rich countries’ energy transition?

More importantly, who will shoulder the costs — environmental, social, and health — of mining? Are there enough safeguards to prevent deforestation, water depletion, and noise and air pollution? Who will bear the impacts of loss of biodiversity, toxic mine accidents, and disasters? How about lost livelihoods by the affected communities?

Responsible mining claims that the jobs generated by mining companies justify acceptance for mining. However, government data from the Mines and Geosciences Bureau show that in 2023, the mining industry’s contribution to total employment is only at 0.45%, while its contribution to GDP is only 0.70% (at current prices).

To fully respond to the challenges of a just transition and towards a clean energy transition, the Marcos Jr. administration must consider the following recommendations:

1.) Enactment of an updated mining law. The Philippine Mining Act of 1995 remains inadequate to address climate change and disaster risk reduction (DRR).

2.) Expansion of the cost-benefit analysis of mining and other extractives projects.

3.) Additional and proper enforcement of no-go zones and protected areas, particularly prime agricultural lands, and primary forests.

4.) A science-based policy that ensures no sacrifice zones are added to the already many vulnerable and high-risk areas susceptible to climate change impacts.

5.) Defining and strengthening the recycling and reuse systems of various industries.

6.) Formulation and adoption of a circular economy framework.

While we can recognize that minerals and metals do have roles and contributions to make in the path to industrialization, mining must not create more sacrifice zones nor deepen the suffering of people and planet to satisfy the increasing needs of already richer countries.

 

Rhoda Viajar is the media/communications consultant of Alyansa Tigil Mina (ATM). She keeps busy by doodling, tending to her 94-year-old father, and spending time with family.

Treasury bills, bonds may fetch lower rates on BSP easing hopes

BW FILE PHOTO

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be auctioned off this week may continue to move lower on expectations of further monetary easing by the Bangko Sentral ng Pilipinas (BSP) after Philippine economic growth fell below the government’s target in 2024.

The Bureau of the Treasury (BTr) will auction off P22 billion in T-bills on Monday, or P7 billion each in 91- and 182-day papers and P8 billion in 364-day papers.

On Tuesday, the government will offer P30 billion in reissued seven-year T-bonds with a remaining life of five years and five months.

T-bill and T-bond auction yields could mirror the week-on-week decline in secondary market rates as softer-than-expected Philippine gross domestic product (GDP) growth last year could support further policy easing by the BSP, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills went down by 3.36 basis points (bps), 5.02 bps, and 13.49 bps week on week to end at 5.2786%, 5.5219% and 5.7118%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data as of Jan. 31 published on the Philippine Dealing System’s website.

Meanwhile, the seven-year bond went down by 7.37 bps week on week to yield 6.0831%, while the rate of the five-year debt, the tenor closest to the remaining life of the T-bonds to be offered on Tuesday, dropped by 9.59 bps to end at 5.9872%.

Philippine GDP expanded by 5.6% in 2024, missing the government’s 6%-6.5% full-year growth target but slightly faster than 5.5% in 2023.

BSP Governor Eli M. Remolona, Jr. on Friday said that a rate cut is “on the table” at the Monetary’s Board’s Feb. 13 policy meeting, with economic growth “a little bit below capacity.”

“If the [output] gap is widening, if it becomes more negative, then it would call for more easing,” Mr. Remolona said.

On Saturday, the BSP chief said the Philippine central bank may cut benchmark rates by 50 bps this year in a gradual manner as “policy insurance” against risks.

Mr. Remolona said the reductions could be implemented in increments of 25 bps each in the first and second half of the year.

The Monetary Board has slashed benchmark borrowing costs by 75 bps since kicking off its easing cycle in August last year, bringing the policy rate to 5.75%.

Meanwhile, a trader said in an e-mail that the reissued bonds on offer on Tuesday could fetch rates ranging from 5.90% to 5.975% before the release of January Philippine inflation data on Wednesday (Feb. 5).

“Higher fuel and some major food items due to weather disturbances are expected to pressure the print,” the trader said.

A BusinessWorld poll of 16 analysts yielded a median estimate of 2.8% for the January consumer price index.

If realized, this would be a tad slower than 2.9% in December and match the 2.8% print in the same month a year ago. This would also be within the BSP’s 2.5%-3.3% forecast for the month.

Alessandra P. Araullo, chief investment officer at ATRAM Trust Corp., said in a Viber message that the T-bonds could be quoted at 5.95% to 6.05%, depending on the market’s appetite for longer tenors.

Last week, the BTr raised P27.6 billion from its auction of T-bills, higher than the initial P22-billion plan, as total bids reached P91.06 billion, more than four times as much as the amount on offer.

The oversubscription led the Treasury to double the accepted non-competitive bids for the three- and six-month debt to P5.6 billion each for the third straight T-bill auction.

Broken down, the Treasury borrowed P9.8 billion via the 91-day T-bills, higher than the programmed P7 billion, as tenders for the tenor reached P32.25 billion. The three-month paper was quoted at an average rate of 5.113%, falling by 42.3 bps from the previous auction, with accepted rates ranging from 5.098% to 5.128%.

The government also made a P9.8-billion award of the 182-day securities, above the P7-billion program, as bids stood at P26.65 billion. The average rate of the six-month T-bill stood at 5.488%, dropping by 13.5 bps, with the BTr only accepting bids with this yield.

Lastly, the Treasury raised P8 billion as planned via the 364-day debt papers as demand for the tenor totaled P32.16 billion. The average rate of the one-year debt decreased by 5.1 bps to 5.724%, with bids accepted having rates of 5.69% to 5.728%.

Meanwhile, the reissued bonds to be offered on Tuesday were last auctioned off on Jan. 7, where the government raised P30 billion as planned for an average rate of 6.06%, below the 6.375% coupon rate.

The Treasury is looking to raise P203 billion from the domestic market this month, or P88 billion from T-bills and P115 billion from T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy

Isuzu PHL leads truck sales for 25 years straight

Isuzu Philippines Corp. President Tetsuya Fujita poses with some key truck models of the brand. — PHOTO FROM ISUZU PHILIPPINES CORP.

ISUZU PHILIPPINES CORP. (IPC) notched a historic milestone, maintaining its position as the leading truck brand in the Philippines for 25 consecutive years. In a release, IPC said this reflects an “unwavering commitment to quality, reliability, and customer satisfaction.” In 2024, IPC sold a total of 4,591 trucks, cornering 41% of the market, and achieving a “triple crown” by dominating all three major truck categories: light-duty, medium-duty, and heavy-duty trucks.

The company reported that the Isuzu N-Series truck remains the best-selling light-duty truck model in the country for an unprecedented 26 straight years. A total of 2,812 units were sold in 2024, capturing 43% of the Category III market share. “The enduring popularity of the N Series can be attributed to its fuel efficiency, durability, versatility, and advanced safety features, making it the preferred choice for businesses across industries such as retail, logistics, and construction,” the company said.

The N Series uses Isuzu’s globally renowned Blue Power Euro 4 technology, ensuring low emissions, fuel efficiency, and compliance with environmental regulations. Various body configurations such as dropside, aluminum van, refrigerated van, and fire truck – cater to diverse business needs. It has a rigid chassis frame with crash safety cabin design for enhanced driver and cargo protection, and gets ergonomic cabin design, adjustable seating, and modern dashboard features for better driving experience and reduced fatigue during long hauls. Meanwhile, Isuzu N-Series Smoother runs on a so-called Automatic Manual Transmission (AMT), making it more comfortable for drivers to operate the truck.

“The Isuzu N-Series continues to be the top choice for Filipino businesses due to its unmatched combination of durability, fuel efficiency, and adaptability to various business applications,” said IPC President Tetsuya Fujita. “We are proud that our light-duty trucks have remained a staple in the industry, providing dependable solutions that help businesses grow and thrive.”

The company’s success extends beyond light-duty trucks. In the Category IV (medium-duty trucks and buses) segment, IPC sold 1,534 units, achieving a 40% market share. Medium-duty trucks, such as the popular Isuzu F-Series, cater to logistics, cold chain, and industrial hauling needs, which have seen significant growth in recent years.

In the Category V (heavy-duty trucks) segment, Isuzu sold 245 units, securing 33.2% market share, further cementing its reputation as the go-to brand for large-scale logistics and infrastructure projects. Isuzu heavy-duty trucks, known for their powerful performance, high payload capacity, and robust chassis, provide businesses with the capability to transport heavy loads efficiently.

IPC attributes its market dominance not only to its exceptional truck models but also to its industry-leading after-sales services and customer support, collectively known as the “Isuzu Advantage.” This comprehensive support system includes a 48-strong nationwide dealership network; comprehensive parts inventory (with a 6,000sqm parts warehouse facility); Isuzu Mobile Medic Trucks which can reach remote areas to provide emergency repairs and maintenance services on site; expert Japanese truck engineers who are deployed to “assist businesses in customizing their trucks according to specific operational requirements, offering tailored solutions that enhance efficiency;” specialized driver and mechanic training programs, and high-quality body applications by authorized builders.

Added Mr. Fujita, “Our commitment goes beyond selling trucks. We are dedicated to being a reliable partner for our customers by offering comprehensive after-sales support that ensures their trucks remain in optimal condition throughout their lifespan. We will continue to provide our customers with exceptional service, ensuring that Isuzu remains their ‘Responsible Partner’ for years to come.”

For more information, visit www.isuzuphil.com or follow Isuzu Philippines on Facebook.

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