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Motolite introduces 2 new batteries

From left are Oriental and Motolite Marketing Corp. Marketing Head Alexander Osias, MEH Head of Operations Mary May Guste, Product Development Section Head Rey Ordinario, and Trade Marketing Group Head Gerom Aquino.

MOTOLITE, the Philippines’ top battery brand, recently introduced two new car batteries: Motolite Excel and Motolite Excel EFB. The company said that its new batteries are made with German technology and in state-of-the-art manufacturing and testing facilities — “to meet the needs of a growing selection of premium automobiles operating in the demanding Philippine climate.”

In a release, Motolite said that the products feature “high-purity electrolyte formulated to minimize water loss and slow down self-discharge, even under extreme temperatures caused by under-the-hood engine heat combined with excessive tropical heat.”

Using a specially formulated paste, the batteries’ cranking capability and cycle endurance have been enhanced. In addition, thick, rigid, and full-framed positive and negative grids with wire architecture optimize current delivery, mechanical endurance, and high-temperature corrosion resistance. A glass-mat laminated polyethylene separator secures active masses, preventing shedding even on deep discharges and tough road conditions for exceptional durability and longer service life. Designed with snug-fitting elements, the batteries have better vibration resistance and mechanical durability, while preventing short circuits.

In particular, the Motolite Excel battery is “designed for delivery optimum starting power for premium automobiles in a broad selection of sizes, including DIN (Deutsches Institutfür Normung or German Industrial Standard) sizes prevalent among European vehicles, and some Japanese, Korean, American, and Chinese cars.” Meanwhile, the Motolite Excel EFB is built for the demands of start-stop engines, include these features.

Both batteries are backed by Motolite’s nationwide warranty coverage — 24 months for the Excel and 18 months (for start/stop vehicles) or 27 months (for conventional vehicles) in the case of the Excel EFB. For free delivery and expert advice on the appropriate size of car batteries, call the Motolite Express Hatid Hotlines: (02) 8370-6686 for Metro Manila, 1-800-10-370-6686 (toll-free outside Metro Manila), 0918-843-6686 for Smart users, and 0917-891 6686 for Globe users. For more information, visit http://www.motolite.com.

Motorists are also advised to download the Motolite Res-Q App to avail of emergency roadside assistance. Qualified personnel can perform battery servicing — including jump-starting a customer’s discharged battery, testing battery health, and recommending recharging (if the battery is still healthy), replacement (if failing, but still under warranty) or new purchase (if warranty has expired). Technicians can also assist in the reinflation of a flat tire or change to a spare, deliver fuel in case a customer runs out of gas, and provide assistance in cases of overheating engines.

Vivienne Westwood: How the brand will maintain the spirit of transgression and rebellion after her death

DAME VIVIENNE WESTWOOD (center) with models on the catwalk following the Vivienne Westwood Red Label Autumn/Winter 2015 London Fashion Week show at the Science Museum in Kensington, west London. — REUTERS

THE death of the English fashion designer Dame Vivienne Westwood at the age of 81 on Dec. 29 2022, has not only moved the fashion industry, but the world. Through her designs and her activism, Westwood had a profound impact on fashion and culture.

I, like so many others, credit Westwood for inspiring my passion for fashion. As a teenager, I spent countless Saturdays wandering down the Kings Road in London with the intention of ending up at Westwood’s World’s End store. On these trips I would stroll past groups of punks adorned in bondage trousers, ripped shirts (undoubtedly influenced by Westwood), and spiky hair.

I remember vividly the quirky interior with wonderful clothing and Westwood, herself, often sitting in the store. My first Westwood purchase was an Anglomania tartan waistcoat, which I am wearing now as I write this piece. It is adorned with a pattern that has become a Westwood signature — The MacAndreas tartan, which Westwood named after her husband and creative partner Andreas Kronthaler. The tartan was given official recognition by The Scottish Register of Tartans in 1993.

With Westwood’s death, many might question what will happen to the brand now it no longer has its namesake at the helm. Westwood had a strong and unique vision, could that be lost with her passing? But some brands have managed to maintain a sense of the creative genius of their founders after their death, just look at Christian Dior and Alexander McQueen.

The loss of Dior in 1957 and McQueen in 2010 have shown how the legacy of their work, including their design philosophies, can continue under the leadership of future design directors.

Dior was succeeded by Yves Saint Laurent who had worked for two years under his predecessor’s guidance. Since Saint Laurent’s time at Dior, there have been many subsequent creative directors who have shaped its history including John Galliano and, more recently, Maria Grazia Churi. But, with each of these changes, a sense of Dior and his vision has remained.

As a couturier Dior was inspired by history, exotic travel and flowers from his garden outside Paris. These passions continue to be referenced in the work of his successors, ensuring his legacy continues.

Similarly, Sarah Burton, who designed alongside McQueen for 14 years, took the helm as creative director for the label following his death. Burton has ensured that the drama and extravagance that defined McQueen’s work continues today.

Take the Spring 2023 show in which Burton referenced Hieronymus Bosch’s painting Garden of Earthly Delights. Bosch’s demons featured in the last show of McQueen’s, which took place after his death.

Like Dior and McQueen, Westwood’s legacy is secure in the hands of a designer who has worked closely with her for years, in this case her husband Andreas Kronthaler. Their personal and creative partnership has seen a meeting of minds through a shared vision for the Westwood brand and passion for design, art history and inspiring future generations.

More recently, Kronthaler took over the role of creative director overseeing the designs for Westwood’s collections, allowing Westwood more time to focus on other causes. At the most recent presentation for spring/summer 2023 in Paris, Westwood was notably absent and Kronthaler took on the role of walking down the catwalk at the end and accepting flowers.

In a statement released after Westwood died, Kronthaler stated:

“I will continue with Vivienne in my heart … We have been working until the end and she has given me plenty of things to get on with. Thank you darling.”

Westwood has created a brand that is unique, radical and rebellious and through Kronthaler’s creative vision there is hope that the spirit of Westwood will live on.

Westwood was a self-taught designer who was known for her radical and deviant style.

Her first real foray into fashion came in 1971 when Westwood opened a shop called Let it Rock at 430 Kings Road, London, with Malcolm McLaren, manager of the Sex Pistols. The shop cemented Westwood’s association with punk and, along with McLaren, she was credited for giving the subculture a radical style that was unlike anything before. Westwood’s creations of bondage trousers, ripped T-shirts and provocative slogans made a mark on culture and later mainstream fashion.

From her first show in 1981, Pirate Collection, Westwood subverted the conventions of traditional fashion. Inspired by fashion history she played with historic styles including the corset and the crinoline, creating innovative garments that will continue to influence fashion’s future.

As well as being a leader in transgressive design, Westwood has left a legacy in fashion activism. Never afraid to speak her mind, she was vocal against capitalism and the decline of the environment.

Her activism was at the heart of her global brand. For Westwood, fashion was a way to get people involved in politics and other societal issues.

Westwood’s story is compelling, radical and sometimes controversial. Her work is imbued with a spirit of rebellion and there is hope that with Kronthaler that spirit will continue. — The Conversation via Reuters Connect

 

Naomi Braithwaite is an Associate Professor in Fashion Marketing and Branding, Nottingham Trent University.

MUFG expects peso to rebound in 2nd half

MUFG Global Markets Research expects the peso to strengthen against the dollar in the second half of the year as it sees inflation easing and the country’s current account deficit narrowing.

“Fundamentals were more domestically supported and externally dragged in 2022. There may be some partial reversal in 2023. A more balanced current account outlook and some potential easing in inflationary expectations are likely supportive of some peso stability in 2023,” MUFG Global Markets Research said in a report on Friday.

It sees the peso ending the first quarter at P56 a dollar, slightly weaker than its 2022 close of P55.755. This could drop further to P56.50 at the end of the second quarter.

However, it sees the peso rebounding to P55.50 against the greenback by the end of the third quarter. It expects the local unit to end 2023 at P54.50.

MUFG Global Markets Research said they see the country’s current account posting a smaller deficit of 4.8% of gross domestic product (GDP) this year from the expected 5.6% of GDP in 2022.

“We see slight improvements from the services and secondary income balances, due to expected growth in the business process outsourcing and overseas foreign workers’ remittances. At the same time, the reduction in import bills as food and energy prices come off will also likely reduce the merchandise goods’ deficit from the trough of 17.6% of GDP in Q1-2022,” it said.

It said headline and core inflation may remain high this year “partly due to imported price pressures and weather-related disruptions.”

This could lead to more rate increases from the Bangko Sentral ng Pilipinas (BSP), which would support the currency, it said.

“We see food inflation hovering around 8-9% between Q1- to Q3-2023 before easing to 5.5% by December 2023. This will mean that the BSP hikes further to 6.25% in the coming months, to fight against inflation and excessive currency volatility. Inflation may still be above the 2-4% target in the coming quarters before coming off in late-2023,” MUFG Global Markets Research added.

Headline inflation averaged 5.8% in 2022, matching the BSP’s forecast but faster than its 2-4% target.

Rising inflation caused the central bank to hike benchmark interest rates by 350 basis points in 2022, bringing its policy rate to 5.5%.

World food prices hit record high in 2022 despite December fall

REUTERS

PARIS — World food prices eased in December, marking the ninth consecutive monthly fall, but gained more than 14% in 2022 compared to the previous year, to reach the highest since records began, the UN food agency said on Friday.

The Food and Agriculture Organization’s (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 132.4 points last month compared with a revised 135.00 points for November.

The November figure was previously given as 135.7 points. For 2022 as a whole, the benchmark index averaged 143.7 points, up 14.3% from 2021, and the highest since records started in 1990.

The decline in the index in December was driven by a steep drop in the international price of vegetable oils, together with some declines in cereal and meat prices, but mitigated by slight increases in those of sugar and dairy, the FAO said.

Food prices surged after Russia’s invasion of Ukraine in February last year on fears of disruptions to Black Sea trade.

They have pared gains in part because of a UN-backed grain export channel from Ukraine.

The FAO said last year that food import costs in 2022 would lead the poorest countries to cut back on shipped volumes.

Its food price index comprises the average of its meat, dairy, cereals, vegetable oils and sugar price indices, weighted to the average export shares of each of the groups for 2014-2016, it said. — Reuters

Ford PHL restores in-person volunteer activities

PHOTO FROM FORD PHILIPPINES

FORD PHILIPPINES returned to in-person volunteer activities last September for its annual Global Caring Month, with employees participating in various community-building programs. In 2022, Ford employee volunteers helped in packing local vegetables and bags of rice in bayongs — benefitting over 600 families. The first 300 bags were distributed to families in Gawad Kalinga (GK) communities in Naic and Trece Martires in Cavite. In one of these villages, GK Hugo Perez, employee volunteers also took part in the repainting of the local library.

Meanwhile, the remaining 300 bayongs reached families in various GK communities in Caloocan City. During the turnover last Sept. 23, volunteers were also able to conduct vegetable farming activities at the GK Enchanted Farm in Angat, Bulacan.

“We are very happy to finally be able to celebrate Global Caring Month in-person and participate in volunteer activities on the ground together with our partners and beneficiaries (last) year. At Ford, we continue with our mission to support nation-building efforts focused on sustainable development, health and nutrition, community development and education. We thank our employees for taking the time off their busy schedules to help us implement our community programs,” shared Ford Philippines Government and Corporate Affairs Director Josie Gonzalez.

Ford also partnered with the American Chamber Foundation (AmCham Foundation) Philippines with a grant donation to support the elderly and abandoned in their desire to live a good and healthy life. Ford employee volunteers visited the Anawim Lay Mission Foundation in Rodriguez, Rizal last Sept. 20 to turn over maintenance medicines, assorted house essentials, food, and 68 wheelchairs.

Another batch of volunteers visited the Mary Mother of Mercy Home of the Elderly and the Abandoned in San Pedro, Laguna on Sept. 29 to distribute grocery items, personalized tumblers, bags, household items, and reading glasses for 19 residents.

Style (01/09/23)

GUCCI Lunar New Year 2023 collection

Gucci celebrates Lunar New Year with a capsule collection

IN celebration of the upcoming Lunar New Year and the arrival of Spring, Gucci presents a vibrant capsule collection full of playful and refined iterations of the rabbit — an animal representing intelligence, health, and longevity. Designed for the Year of the Rabbit, the collection sees a fanciful use of color, print, and embellishment across ready-to-wear, bags, shoes, accessories, jewelry, and timepieces. Diverse depictions of the rabbit appear across the lineup, woven into knitwear, on embroidered patches, or in a distinctive spray-paint-style version seen on T-shirts, leather loafers, and G-Timeless watches. Womenswear sees a selection of printed silk blouses and skirts, along with boldly geometric pieces in contrasting hues. The men’s selection has playful graphic patterns in sporty silhouettes. Shoes conjure the essence of the rabbit with ear-like bows adorning heels and fleece textures enriching loafers. Special renditions of the House’s signature handbags, from Gucci Diana totes with hand-painted stripes to Gucci Horsebit 1955 shoulder bags, featuring precious leathers, tweeds, and studs, complete the capsule. The collection, launched on Dec. 27, is available in select Gucci stores around the world and showcased in dedicated window displays and Pop-Ups inspired by the spray-paint rabbit print from the collection.

Pasalubong shopping at Kultura helps the hungry

PASALUBONG — souvenir — shopping at Kultura at SM may include everything from handmade souvenirs, eco-friendly barong and fashionable Filipiniana to artisanal chocolates and local coffee. Plus, while shopping, one can help the hungry with every purchase at Kultura using one’s SMAC (SM Advantage Card). Globe and SMAC, the loyalty card of retail giant SM, announced that they teamed up to help put meals on the table of those in need through the Hapag Movement, Globe’s technology-driven program against involuntary hunger. Through the partnership, P50 is donated to the Hapag Movement and other SM Foundation programs for every purchase of a new SMAC card. On top of this, until Jan. 15, SMAC members who shop for select items at Kultura can earn up to 1,000 extra SMAC Points. Half of the extra points they earn will then be donated to Globe’s Hapag Movement which helps 100,000 families experiencing involuntary hunger through supplemental feeding and livelihood support. Globe initiated the program to help Filipinos severely affected by the pandemic. An estimated 15 million Filipinos suffer from involuntary hunger, according to the Social Weather Stations. More information about the Hapag Movement can be found on its official page, while shoppers may also visit smac.ph or download the SMAC app to learn more.

Artistry Skin Nutrition offers traceable, vegan skincare products

EFFECTIVENESS is no longer the only measure used when choosing what goes into a daily beauty regimen — clean beauty is also being considered. While there’s no official definition of clean beauty, it is generally considered that these products are free from harmful toxins like parabens and phthalates (known to interfere with hormone functions) that can be absorbed by the skin. Clean beauty is also that which helps divert toxic chemicals away from water sources like streams and rivers, helping reduce marine pollution that can threaten wildlife and ecosystems. One of the significant tenets of clean beauty philosophy would be traceability as transparency in business is one of the best ways to ensure that a beauty brand is delivering on its promise. Amway’s Artistry Skin Nutrition is the company’s clean, traceable, certified vegan skincare line. It is described in a statement as working “like supplements for the skin, thanks to its cutting-edge skin science and the infusion of powerful phytonutrient botanical ingredients like acerola cherry, pomegranate, and spinach from Amway’s Nutrilite, the only vitamin brand in the world to grow, harvest and process plants from their own organic farms which are maintained using sustainable, chemical-free methods with the careful guidance of Amway’s own agricultural experts and scientists.” The beauty brand can identify the manufacturing location, extraction location, all the way to the specific crop of the raw material for every final product that touches the user’s skin. Every Artistry Skin Nutrition formula is infused with White Chia Seed grown in certified-organic Nutrilite farms, the line’s star ingredient, which is a nutrient-dense, ancient grain superfood packed with omega-3, protein, fiber, vitamins, minerals, and antioxidants to effectively achieve healthy-looking skin. The products are also formulated without parabens, phthalates, mineral oil, and over 1,300 other iffy ingredients that customers may be concerned about. The brand also conducts clinical, consumer, safety, in-vitro and ex-vivo testing to support its safety and efficacy claims for its formulas. The formulas are free from animal-derived ingredients and are registered with The Vegan Society of the United Kingdom. Product cartons are produced from paper from sustainably managed forests practicing responsible forest management. These products are also produced in a 90% landfill-free facility. Plus 100% of the electricity required by Amway to manufacture Artistry products in the United States is offset by the company’s continuing investment in sustainable wind power. To learn more about Healthy Beauty and Artistry Skin Nutrition’s new approach to skincare, follow @OfficialAmwayPH on Facebook, @artistryph on Instagram, and the Amway website at www.amway.com.ph.

Gucci Valigeria opens in Paris

LOCATED at 229 Rue Saint-Honoré, nestled between Place Vendôme and Jardin des Tuileries, the first permanent Gucci Valigeria boutique is a two-floor space whose interiors draw inspiration from luxury travel during the Belle Époque. Intimate and refined, the décor evokes the atmosphere of an elegant vintage railway carriage as dark walnut furniture and finishes are contrasted by neutral-toned canvas surfaces. The Gucci Valigeria boutique showcases a curated selection from Gucci’s travel offering ranging from totes, backpacks, and duffles all the way to garment bags as well as vanity cases, hat cases, suitcases, and trunks — both in soft and hard-sided iterations including aluminum trolleys created in collaboration with Italian luxury luggage-maker FPM Milano. “Gucci Valigeria is a powerful reminder of our Florentine roots and our timeless craft,” says Marco Bizzarri, President and CEO of Gucci.” It is a symbol of our legacy, reinterpreted through the ages for the travelers and modern-day explorers of every era. Paris’ Rue Saint-Honoré is the perfect location to house our first Gucci Valigeria boutique, offering a portal into our ever-expanding world of travel and discovery.”

Yields rise on inflation, US jobs data

YIELDS on government securities (GS) edged up last week as headline inflation hit a new 14-year high in December.

GS yields, which move opposite to prices, went up by an average of 6.85 basis points (bps) at the secondary market week on week, according to the PHP Bloomberg Valuation Service Reference Rates as of Jan. 6 published on the Philippine Dealing System’s website.

Yields on the 91- and 364-day Treasury bills (T-bill) increased by 4.04 bps and 5.83 bps to 4.2673% and 5.2682%, respectively, while the 182-day T-bill went down by 2.62 bps to 4.8740%.

At the belly, rates of the two- and three-year Treasury bonds (T-bond) declined by 1.33 bps (to 5.9573%) and 1.60 bps (6.2304%).

Meanwhile, yields on the four-, five-, and seven-year T-bonds climbed by 5.51 bps  (6.4306%), 12.44 bps (6.5944%), and 20.68 bps (to 6.8653%), respectively.

Likewise, rates of the 10-, 20-, and 25-year papers went up by 22.59 bps, 4.93 bps, and 4.87 bps to 7.2119%, 7.2727%, and 7.2692%, respectively, to close the first trading week of the year.

Total GS volume on Friday reached P7.897 billion, higher than the P7.227 billion recorded on Dec. 29.

Analysts said the December 2022 inflation data and positive economic reports in the United States are what drove yields higher last week.

Inflation picked up to a fresh 14-year high last month, as prices of food, particularly vegetables, surged during the holiday season, the Philippine Statistics Authority (PSA) said on Thursday.

Preliminary PSA data showed annual inflation quickened to 8.1% in December, from 8% in November and 3.1% in December 2021. This was the fastest since the 9.1% print in November 2008. 

Inflation was below the 8.3% median estimate in a BusinessWorld poll of 11 analysts and within the 7.8-8.6% estimate given by the Bangko Sentral ng Pilipinas (BSP).

Full-year inflation averaged 5.8%, matching the BSP’s forecast but faster than its 2-4% annual target and the 3.9% average posted in 2021. It also marked the highest since 2008’s 8.2%.

Meanwhile, the latest US jobs report showed wage growth slowed in December, fueling investor bets that inflation is easing and that the Federal Reserve need not be as aggressive as some feared, Reuters reported.

Friday’s data showed the US economy added jobs at a solid clip in December, pushing the unemployment rate back to a pre-pandemic low of 3.5% as the labor market stayed tight, while average hourly earnings rose 4.6% in December from a year earlier, down from 4.8% in November.

Even though the data showed a still-robust labor market, investors read it as a sign that the US economy might be poised for a “soft landing” amid rising rates. A cooldown in wage inflation, an indicator the Fed also monitors when addressing price pressures, added to the optimism.

In another set of data, US services activity declined for the first time in more than 2-1/2 years in December as demand weakened, with more signs of inflation easing.

With the start of the new year, the bond trader said rates may continue to go up amid expectations of more monetary tightening by the BSP and the Fed.

“Near term, upward pressure on yields shall persist given that BSP and Fed hikes are not yet done until probably the first half of the year,” the bond trader said.

“However, long-term PHP BVAL yields and Treasury bond yields would still correct lower, especially if US/global/local interest rates ease further in the coming months of 2023 and… central banks raise policy rates in an effort to better manage inflation and inflation expectations as part of their price stability mandate,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail. — B.T.M. Gadon with Reuters

How much did each commodity group contribute to 2022 inflation?

Headline inflation picked up to a 14-year high of 5.8% in 2022 from 3.9% in 2021, matching the Bangko Sentral ng Pilipinas’ forecast for the year but breaching its 2-4% target range. This was the fastest inflation print since the global financial crisis in 2008.

How much did each commodity group contribute to 2022 inflation?

Democrats’ downgrade of Iowa’s role is a blow to Corn Belt, biofuels

REUTERS

THE Democratic Party’s unseating of Iowa from its position as host of the first US presidential nominating contest every four years is a blow that could also reshape the corn and biofuels industries throughout the Midwest, lobbyists and political consultants say.

Backed by President Joe Biden, the party is set to demote Iowa starting in the 2024 election and replace it with South Carolina, which catapulted him to the presidency thanks in part to the backing of Black voters there.

Iowa’s political importance created a cottage industry out of educating and supporting candidates on issues that corn farmers and ethanol manufacturers care about.

For decades, presidential candidates would crisscross the state, visiting crop and cattle farms and ethanol plants to get a crash course in rural America, often publicly supporting a legislative agenda steeped in Farm Belt politics.

But now, the Democrats’ new map means no early nominating state will be fully in the Central Time Zone: the core of the US Farm Belt. That threatens the primacy of corn in national politics just as Congress is set to negotiate crop subsidies, disaster assistance and other support for farmers in a massive spending bill.

While the farm industry directly contributes just 0.6% of gross domestic product and 1.4% of US jobs, national politicians courted the industry in Iowa to demonstrate they could win support in rural America.

“Forward looking, to get Democratic candidates exposed to farm issues and get these issues in front of them is going to be extremely challenging. The Iowa caucuses did that, and it made a huge difference,” said Aaron Pickrell, an Iowa native who ran Barack Obama’s 2008 general campaign in Ohio.

Iowa’s outsized influence in presidential politics has often spilled over into federal policy making and boosted legislative support on a host of key agricultural issues, from generous subsidies in the multi-billion dollar Farm Bill to ethanol mandates.

In 2018, then President Donald Trump signed an $867 billion bill that received broad bipartisan support and provided billions in federal financial support to US farmers. The bill expires this year, triggering talks in Congress on a replacement package.

In 2021, Iowa’s gross farm receipts totaled $40.58 billion, second only to the much larger and more populous California, according to the US Agricultural department.

Iowa’s figure is nearly double the combined amount of the five states Mr. Biden now wants to see hold early presidential nominating contests.

Dave Walton, 57, is an 8th generation farmer in Iowa who grows corn and soybean and raises cattle. He saw the caucuses as an invaluable way to educate politicians and said losing that opportunity will undoubtedly hurt the industry’s influence in Washington.

“Every four years, we are given the opportunity to show the importance of farming in Iowa and to the US. Now, we you have to wonder what industry fills that void in another state,” Mr. Walton said.

Iowa leads the nation in the production of corn, the biggest crop in the country by volume. The state accounts for roughly 17% of national output. It is also the top producer of corn-based ethanol, an industry that relies on federal mandates requiring it to be blended with gasoline.

“The process ensures that rural issues are a part of the national party’s platform and provide a measure of accountability for candidates when they go back to Washington,” said Brooke Coleman, executive director of the Advanced Biofuels Business Council.

Jeff Link, an Iowa-based Democratic strategist, was part of a group funded by ethanol interests that helped set up tours of ethanol plants for Democratic candidates in 2020, including Mr. Biden and Vice-President Kamala Harris. “Its a blow to the industry, in terms of educating and informing the Democratic candidates,” Mr. Link said. “If you’re a northeast Democrat, what does ethanol matter now for you politically?”

Republicans still plan to hold their first votes of the presidential primary season in Iowa. Link noted that many of the Democratic candidates vying for the nomination were often already serving as elected leaders in Washington or would later become vice-presidents or cabinet secretaries.

The Iowa caucuses helped developed empathy for rural issues that could later be tapped for legislative success.

Ross Wilburn, the Iowa Democratic Party chairman, said the Iowa caucuses also provided a pipeline of young party activists who are exposed to rural issues and can take those experiences to Washington. “All of the young talent and voices that come and move to Iowa and get educated because they’re at townhall meetings, they’re at coffee shops. They come from the coasts and not from the Midwest. And then when we win the presidency, they’re the ones that get hired to help craft policy,” Mr. Wilburn said. — Reuters

Isuzu Philippines shines in 2022 I-1 Grand Prix

Isuzu Philippines President Noboru Murakami (center) with (from left) Isuzu Alabang’s Reynaldo Gepulle, Isuzu Pasig’s Arjay Ang-Angan, Isuzu Pagbilao’s Edcel Saluday, and Isuzu Alabang’s Vicente Collantes — PHOTO FROM ISUZU PHILIPPINES CORP.

ISUZU PHILIPPINES CORP. (IPC) underscored the quality of its after-sales and service programs as its team won second place in the Commercial Vehicles (CV) Division and third place in the Light Commercial Vehicles (LCV) Division of the recently concluded 17th Isuzu World Technical Competition, also dubbed as the annual “I-1 Grand Prix” (I-1 GP). Through the work of the IPC After-sales team and Isuzu Dealers, Isuzu Philippines landed in top five of both divisions for 10 years now — bringing home two championship titles in 2015 and 2018.

Isuzu Motors Ltd. (IML) pushed through with the 2022 I-1 GP virtually amid the lingering threat of COVID-19, with the goal of continually improving the technical capabilities and enhancing the knowledge and skills of individual mechanics, dealers, and entire Isuzu group. A total of 49 countries and 61 teams participated in the 2022 I-1 GP E-Competition, including Asian countries such as Japan, China and Thailand, and other countries from different continents in the world. Although done virtually, competition was tight among participants as they were strictly monitored virtually by IML representatives while conducting their exams in their respective headquarters.

Apart from securing the second and third places in the CV and LCV Divisions Team Category, respectively, Team Isuzu Philippines also triumphed in the individual category in this year’s e-competition. With Gian Franco Cosico from IPC Training Department as CV Division head coach, Arjay Ang-Angan of Isuzu Pasig and Vicente Collantes of Isuzu Alabang won second and fourth places, respectively, in the CV Division Individual Category. For the LCV Division, Reynaldo Gepulle of Isuzu Alabang won third place, while Edcel Saluday of Isuzu Pagbilao won fourth place with Carl Edson Lat from IPC Training Department as LCV Division Head Coach.

“We’re very proud of the recognitions given to Team Isuzu Philippines in (last) year’s I-1 Grand Prix Awards. All these accolades are fruits of hard work and cooperation of IPC After-sales team and the entire dealer network. We appreciate the initiative and dedication of the team and dealers to enhance our after-sales performance. Given these awards, we assure all customers that they will continue to receive the best customer service from all our dealers nationwide,” IPC President Noboru Murakami said after thanking and congratulating the team and dealers.

During the virtual awarding ceremony, IPC also received Triple Star Awards, the highest rating granted to Isuzu distributors who have met the after-sales service standards set by IML. Along with these awards, Team Isuzu Philippines also received recognition in I-CLIPS, the new feature of the e-competition that started last year wherein users can show support by liking videos and images posted by the participating distributor country based on the theme of the competition.

For more information, visit www.isuzuphil.com and like www.facebook.com/IsuzuPhilippines.

Conference, exhibit are highlights of 2023 Philippine Tropical Fabrics Month

NICKOLAS NIKOLIC-UNSPLASH
NICKOLAS NIKOLIC-UNSPLASH

SINCE 2012, every January is celebrated as Philippine Tropical Fabrics (PTF) Month with the aim of promoting textile production using natural textile fibers, technologies, and industries in the Philippines. This is done in order to revitalize the local textile industry, provide inclusive growth through the generation of livelihood for Filipinos and to provide materials that nurture and promote a truly Filipino textile brand. PTF contain natural textile fibers from pineapple leaf, abaca, banana, and Philippine silk, which are produced, spun, woven, or knitted, and finished in the Philippines.

With the theme “Pushing Boundaries for Sustainable, Competitive, and Inclusive Philippine Textile-Garment Industry,” this month’s activities include the launching of the Bamboo Textile Fiber Innovation Hub (BTFIH) in La Union on Jan. 13 and the Silk Innovation Hub in Negros Occidental on Jan. 18; the Philippine Textile Industry Stakeholders’ Conference on Jan. 26; the 4th Philippine Silk Summit on Jan. 27; and the opening of the “Philippine Tropical Fabrics Exhibition” in the Batasan in Quezon City on Jan. 31.

Leading the celebration annually is the Department of Science and Technology-Philippine Textile Research Institute (DOST-PTRI). Public officials and employees are also directly involved in the promotion of PTFs as their uniforms — as per Republic Act 9242 — must use fabrics containing at least 5% by weight of either abaca leaf sheath, banana pseudostem, and pineapple leaf, or 15% by weight of silk.

For more information on the events, visit ptri.dost.gov.ph or e-mail ptri.tips@ptri.dost.gov.ph.

Digital payment systems top BSP agenda in 2023

BW FILE PHOTO

THE Bangko Sentral ng Pilipinas (BSP) said its work program for 2023 will focus on the launch of new digital payment streams, while undertaking preparatory measures ahead of the rollout of a Central Bank Digital Currency (CBDC), Governor Felipe M. Medalla said in his New Year’s message.

“This year, we are targeting to launch other digital payment streams, such as InstaPay Debit Pull and Request to Pay. We also aim to issue a merchant acquiring and aggregation licensing framework and a cooperative oversight framework,” Mr. Medalla said.

According to the BSP, the licensing framework is intended to support the digitalization of merchant payments, which account for about 70% of monthly retail payments in the Philippines.

The cooperative oversight framework will help deter regulatory arbitrage due to inefficiencies and inconsistencies in the regulation of various supervisory authorities.  

“We have also started the conduct of a pilot wholesale CBDC or central bank digital currency, a major capacity-building activity for both the BSP and the financial industry,” Mr. Medalla said, adding that this will help facilitate cross-border transactions.

CBDCs are issued as central bank liabilities. Since 2021, the BSP has been reviewing use cases for wholesale CBDCs through its Project CBDCPh, which studies the potential risks and use of CBDC payment transactions for financial institutions.

Mr. Medalla also added that the bank will take steps to improve the central bank’s reserve management.

“In keeping with our Sustainable Central Banking strategy, we plan to be a signatory to the United Nation Principles for Responsible Investment (PRI),” Mr. Medalla said.

PRI aims to incorporate environmental, social, and corporate governance factors into investment decision-making. Financial institutions participate by becoming signatories to the PRI’s six key principles. 

“We also are looking at developing a Responsible Investment Charter, which will guide the integration of sustainability tests with financial assessments,” Mr. Medalla said.

He added that the central bank will seek to prevent sharp falls in dollar reserves.

The Philippines’ dollar reserves rose to $96.01 billion at the end of December from $95.12 billion a month earlier, the BSP said.

“On financial inclusion, we have launched the Credit Risk Database Project, which will produce a credit scoring model for small and medium enterprises (with the aim of reducing dependence on collateral),” Mr. Medalla said.

The BSP also proposes to add gold buying stations in Butuan, Camarines Norte, General Santos City, and Cagayan de Oro City.

“We will also further carry out our clean note policy and our coin recirculation program through our coin deposit machine project and we will soon see that these machines will actually be strategically located given our partnership with the private sector in this regard.”

The central bank will continue to lobby for the Bank Deposits Secrecy Bill and the Financial Accounts Regulation Act, while also supporting the passage of the Digital Payments Bill.

The proposed Financial Products and Services Consumer Protection Act, also known as the Financial Consumer Protection Act, aims to incorporate financial inclusion, financial education, good governance and effective supervision in one law that protects financial consumers.

Meanwhile, the Bank Deposits Secrecy Bill will equip regulators with the necessary tools to detect fraud, irregularity, or unlawful activity.

“I am confident with all the talent that we have in this institution that this is the year we kick things off and realize our vision — from our targets under the Digital Payments Transformation Roadmap to our sustainability objectives to our plans and process improvements for the organization,” he added.

The BSP has set a digital payments target of 50% of all transactions and financial account ownership of 70% of all adults. — Keisha B. Ta-asan

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