Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5427

Luxury sees billions in Rolex, Hermes and Gucci NFTs

YEEZY BOOST 350 V2 Blue Tint — PHOTO FROM ADIDAS.COM.PH

TIME to get ready for the party. You put on your Balenciaga cap, fasten your Rolex Daytona and don your Louis Vuitton cross-body bag.

But this isn’t In-Real-Life bling. It’s all virtual gear, worn by your digital self, who’s about to be teleported into the metaverse.

Welcome to the new world of luxury, where avatars wear Burberry “skins” and carry Gucci handbags that are not leather totes but non-fungible tokens.

The biggest designer groups are grappling with how to approach the virtual and augmented reality of the metaverse. The new realm promises to help them capture lucrative sales and win over young fans. It could also be a hedge against China’s common prosperity efforts, since it might be harder for the government to crack down on conspicuous consumption in another world.

So far, luxury houses have mainly ventured onto the big gaming platforms. Perhaps the best known is Balenciaga’s collaboration with Fortnite, which sells skins — virtual clothing and accessories for avatars — costing less than $10, as well as a real-life collection of T-shirts, hats and hoodies costing multiple times more. The Kering SA-owned brand is so keen on virtual fashion that it’s creating a dedicated business unit to explore opportunities in the metaverse.

It’s far from alone. LVMH Moet Hennessy Louis Vuitton SE, Burberry Group Plc, Moncler SpA, Ralph Lauren Corp., and Kering’s Gucci have all participated in gaming collaborations. Although not a luxury brand, Inditex SA’s Zara is making its first foray into the metaverse through the Zepeto platform.

According to Morgan Stanley, luxury groups could generate sales of about 10 billion euros ($11.3 billion) from gaming by 2030, although this could be as high as 25 billion euros in its most optimistic scenario.

On top of direct sales — either from skins or physical products tied to a game — getting involved in the metaverse can help the bling behemoths reach new, younger customers. That’s crucial, because generations Y and Z will account for more than 70% of the global luxury market by 2025, according to Bain & Co.

But the most lucrative luxury metaverse play is creating non-fungible tokens (NFTs). They could generate sales of 11 billion euros by 2030, Morgan Stanley says, though this could reach as high as about 22 billion euros. What is most enticing about NFTs is that the profit margins could be extremely high — after all, it costs far less to make a digital watch or handbag than the real thing.

Luxury has so far only dipped its toes into NFT waters, with Dolce & Gabbana, Burberry, and Gucci among those exploring possibilities. Several LVMH brands, including Louis Vuitton, Givenchy, Bulgari, and Rimowa, are also experimenting, although their efforts have been more about testing the concept than generating sales and profit. Adidas AG on Thursday announced an NFT collection, while just a few days earlier Nike, Inc. bought RTFKT, a pioneer of fashion NFTs with virtual sneakers.

The sweet spot will come when NFTs can easily be moved between different virtual platforms, according to Morgan Stanley. This will make them more useful, and therefore more valuable.

This may not be too far away. Jewelry from the website Artsy is available to rent in the so-called Mall of the Metaverse in AltspaceVR, an app owned by Microsoft, Inc. On Altspace, these objects are known as Mixed Reality Extensions, because they are designed to work across different virtual worlds.

With parallel efforts in the NFT market, such developments could enable people’s avatars to wear their digital clothing and accessories in multiple cyber settings. Who needs to buy a real Birkin bag when you can show off a simulacrum at a virtual concert with your avatar pals?

Of course, the leap into the metaverse comes with risks for the luxury industry. The most pressing is how to break into it without losing exclusivity or devaluing brands. One option is to issue NFTs tied to the purchase of physical luxury goods. You can buy your Patek Philippe watch, have its authenticity certified on the blockchain, and get the VR bragging rights, too. But there is also a danger of unauthorized NFTs and other unofficial representations of brands clogging up the space.

Pressure on the cryptocurrencies used to pay for NFTs is another potential peril, as is an effort by the Chinese government to crack down on kids’ screen time, which could hurt gaming and metaverse efforts more broadly.

Some of the virtual reality worlds outside of the big gaming platforms, such as VRChat, are more experimental. Luxury groups will have to tread very carefully as they expand their presence to these outer frontiers.

But right now, the new realm looks promising. With concerns that China’s focus on mass affluence will put consumers off of ostentatious displays of wealth IRL, digital domains offer another option for extravagance. With everything from Moncler puffer jackets to 1990s-inspired Ralph Lauren ski suits to choose from, the metaverse is fast becoming the place to live your most blinged-up life. — Bloomberg

Poultry producers bracing for more imports, limited gov’t aid

PHILSTAR FILE PHOTO

By Luisa Maria Jacinta C. Jocson

POULTRY PRODUCERS said the government’s policy direction has been to import more food with no regard for the impact on domestic producers.

United Broiler Raisers Association (UBRA) President Elias Jose M. Inciong said in a Viber message that the industry is still dealing with “high levels of frozen inventory, both local and imported. Import arrivals remain high.”

“We expect no assistance from the Dar regime,” he added, referring to Agriculture Secretary William D. Dar. “We expect more imports. They are the ones who are helping importers to sell retail.”

Mr. Inciong said poultry farmers have to deal with “high input costs, especially corn, soya, and day-old chicks (DOCs).”

“Everyone is still cautious about production as it continues to ‘self-regulate’ as per Department of Agriculture (DA) pronouncements last year given the high levels of meat imports,” he said.

“Of course, big players are more aggressive as they have the resources to absorb losses caused by sudden drops in farmgate and wholesale prices,” he added.

Chicken farmgate prices peaked on Dec. 10 at P113.41 per kilo live weight. They fell this week to P102.18 on Dec. 17, with retail prices not showing any corresponding drops at P160 per kilo or higher.

As of October, the chicken inventory was 190.74 million birds, up 2.4% from a year earlier. These consisted of 42.9% native or improved chicken, 34% broiler chicken, and 23.1% layer chicken.

The inventory of broiler chicken and layer chicken grew 5.5% and 6.3%, respectively. Native or improved chicken numbers declined 1.9%.

The volume of processed chicken fell to 1.8 million metric tons (MT) in 2020 from 1.92 million MT in 2019.

Central Luzon had the highest chicken population with 29.77 million birds, followed by Northern Mindanao with 27.25 million, and Calabarzon with 23.41 million.

Due to Typhoon Odette (international name Rai), losses are expected along the storm’s track in Mindanao and the Visayas.

“So far, they are complaining of heavy damage to farms and very disrupted supply chains,” Mr. Inciong said.

The storm damage has led the DA to announce that it is considering a price freeze on agricultural products in areas along the storm’s track, which Mr. Inciong called “a political announcement. Whether it will have an impact on prices is another thing.”

Vasquez, Alforte win bronzes in individual kata in Kazakhstan

THE Philippine karate team delivered a medal as promised as John Enrico Vasquez and Sakura Alforte each scooped up a bronze medal in the men and women Under-21 individual kata of the 2021 Asian Championship in Almaty, Kazakhstan on Sunday.

Mr. Vasquez, a double bronze medalist in the 2019 Southeast Asian Games, edged Abdullah Alsalem of Saudi Arabia, 25.54-24.08, while Ms. Sakura edged Lo Sum Man of Hong Kong and Milana Safynbaeva of Kyrgyzstan to snatch the pair of bronzes.

And more are expected to come with World Championship veterans Junna Tsukii and Jamie Lim competing in the women’s -50-kilogram and -61kg divisions of the kumite event, respectively.

“We have four more events coming and we have a pretty good chance of getting a podium finish with Junna Tsukii and Jamie Lim,” said Karate Pilipinas President Richard Lim.

The 24-year-old Ms. Lim will try to ride the crest of her solid effort in last month’s World Championships in Dubai where she emerged the best Asian performer while Ms. Tsukii should be one of the favorites being the No. 4 in the world and No. 2 in Asia behind Japan’s Miho Miyahara in her class.

Also plunging into battle are Alwyn Batican in the men’s -67kg and Remon Misu in the women’s -61kg U21.

Ms. Lim also said they are using the four-day meet, which was being bankrolled by the Philippine Sports Commission (PSC), as an indicator on how the country will perform in the Hanoi Southeast Asian Games and the Hangzhou Asian Games next year. — Joey Villar

Lexus UX 200 F Sport: UX seen nothing yet

Highly maneuverable and well-crafted, this small crossover touts qualities of its bigger, more expensive siblings. — PHOTO BY KAP MACEDA AGUILA

When you’re ready to cross over to luxury, this world beater makes sense

IN 2019, LEXUS flew a small group of media practitioners from the region (this writer being one of them) to Japan. There was no new car or crossover to be previewed or launched; no groundbreaking development to be revealed.

See, the agenda was, arguably, even more important than specific products. Lexus officials went on to actually explain what the brand is all about — distilling for us the values it holds dear. Calling the trip the “Lexus Cultural Experience,” the trip was about pulling back the curtains to lay bare underlying philosophies. Let me be clear though: Lexus is a global brand. And it has probably worked harder than most marques to earn its seat at the premium auto table long dominated by European players.

So I preface this review of the Lexus UX with this overview, if you will. Clichéd as it sounds, to understand the brand is to understand this crucial gateway model. That’s what Lexus Philippines Brand Manager Jade Sison tells me as I borrow the Blazing Carnelian Contrast Layering (I know it’s a mouthful)-colored UX 200 F Sport.

Lexus appropriates the term “omotenashi,” a distinct Japanese quality of “anticipatory hospitality.” Ms. Sison explains, “Our cars are a testament of our brand’s commitment to deliver amazing experiences each and every time. Every Lexus is designed with the customer at the forefront. However, this is further deepened with our passion for craft and omotenashi. This is the art of exceptional hospitality — we endeavor to give our guests the impeccable customer care and experience that only Lexus can give.”

Even as the Lexus UX (with the UX 200 F Sport priced at P3.378 million) is the entry point into the rarefied value propositions of Toyota’s luxe brand, it does bear many accoutrements and the panache of its more expensive brethren. If Lexus wants to be known for attention to detail, then it could not drop the ball with the UX.

Granted it’s more of a raised hatchback with increased capacity and capability than an SUV, the UX embraces its diminutive proportions by rewarding the driver with more spirited driving, as well as the benefits of a best-in-class turning radius of 5.2 meters you obviously don’t get in larger rides. The minutiae do not fall through the cracks. Lexus says high-tensile steel, high-strength adhesives, and laser screw welding are employed in the UX. And how’s this for detail? Pop open the door. You’ll see the plastic-protected door catch in the door sill. In other models, it’s just bare.

On the outside, the Lexus UX is unafraid to show off an ironed suit — donning sharp angles and clever panel folds throughout its body — which helps to play tricks on your eyes into thinking there are several shades of the aforementioned Blazing Carnelian Contrast Layering. However you feel about it, I think this touch serves to make the signature Spindle Grille a coherent feature; the bowtie for this smartly dressed crossover. This is fringed by ultra-compact LEDs with L-shaped DRL brows. Moving to the rear, a continuous light-strip bridges the two oddly shaped taillights that, per Lexus, actually help to channel air for better aerodynamics. The liftgate can be operated by sweeping a foot under the bumper when you have two arms’ worth of groceries.

The UX is significant for many things. One of these is the fact that it’s the first Lexus essentially designed by a woman. “Our aim for the new UX was not to conform to the established crossover look, but to break with contention and create something more distinct and dynamic,” said Chief Engineer Chika Kako. You could say that the lady’s touch comes out in more intuitively design — particularly for features such as the trackpad and the unique center armrest controls for the entertainment system.

There are parlor tricks as well that don’t feel kitschy, such as the LFA-inspired “movable meter ring” that boasts legible, good-looking graphics. The F Sport gets a hefty steering wheel which should serve to inspire the (safe) racer in you when those 18-inch wheels fitted with 225/50 tires are grabbing corners and hitting apexes — motivated by the 2.0-liter four-banger with Direct-Shift CVT that dishes out 168hp. Cornering lights are a great touch at night for added safety and visibility. The F Sport trim gets, among other niceties, sport seats that promise better bolstering for more dynamic drives.

To the right of a luxurious-looking analog clock is the large 10.3-inch multi-information screen that spoils the driver with vibrant, well-executed displays of vitals he or she needs to know such as audio, climate, and navigation info. While there’s no Apple CarPlay, the system did read my phone’s content and played songs complete with metadata (such as album covers) that can appear on both the screen and within the instrument cluster — and played on the Lexus Premium Audio System hooked up to eight speakers.

One of the unique touches on the UX is the location of the Drive Mode Selector, which earns a spot on the dashboard to the right of the instrument cluster. The knob allows the driver to choose from five modes: Normal, Eco, Sport S, Sport S+, and Custom. For symmetry, I suppose, Lexus affixes another knob (which turns the traction control on or off) on the left side.

The choice of materials and level of craftsmanship within are other strengths of the UX. Another Japanese concept, “engawa,” or “harmonious melding of indoor and outdoor spaces” is said to be applied in the driver’s seat not just for aesthetics but ease of operation.

The only downside I see in the UX is that the second row can be a tight squeeze, particularly for taller passengers. Overall, it’s a reasonably sized vehicle that should fit four average-sized adults plus a child.

All told, when you’re ready to, well, cross over to more luxurious brands, it’s hard to beat the UX with its skillset and price of admission. You can get the “base” UX for P2.658 million if you’re willing to let go of some of the pampering. It should still get the job done most nicely — in that inimitable Lexus way.

SEC drafts rules on disqualification of directors, trustees, officers

THE Securities and Exchange Commission (SEC) has drafted rules on the disqualification and removal of company directors, trustees, and officers to apply Sections 26 and 27 of Republic Act No. 11232 or the Revised Corporation Code (RCC) of the Philippines.

The commission released its draft Memorandum Circular on the Disqualifications of Directors, Trustees, and Officers of Corporations; and the Guidelines on the Procedure for their Removal last week. It is now calling on the public to comment on the proposed guidelines.

In a separate statement, the SEC said the rules and guidelines are “part of its efforts to promote good corporate governance.”

Under Section 26 of the RCC, a person will be disqualified from being a director, trustee, or officer of any corporation if within five years before they were elected or appointed, they were convicted by final judgment on an offense with an imprisonment period over six years.

Section 26 also applies if they were found violating the RCC and the Securities Regulation Code.

They will also be disqualified if they were “found administratively liable” for any fraudulent acts and if a foreign court or a foreign regulatory body holds them liable for misconduct or if they find they liable for violating similar rules.

Meanwhile, Section 27 allows the commission to order the removal of a director or a trustee who was elected despite being disqualified after going through the required procedure.

Under the guidelines, a company may independently remove a director, trustee, and/or officer upon the issuance of a verified complaint or through a formal charge issued by the SEC operating department, which will either be its Company Registration and Monitoring Department or the commission’s extension offices.

“The formal charge shall specify the grounds for removal of the company official, provide a statement of material or relevant facts, and direct the respondent to file a verified answer within 15 days from receipt,” the SEC said.

Meanwhile, a verified complaint may be filed by “a real party in interest” for the removal of any company official. The SEC’s operating department will have to determine if they have the authority to act on the complaint.

“Should the director of the operating department determine that they have authority to act over the complaint, a summons will be issued to the respondent/s,” the commission said.

“A clarificatory hearing may also be conducted for the purpose of ascertaining facts, issues, and other matters necessary for the resolution of the proceedings,” it added.

The SEC will decide if the complaint is worth looking into, conduct its investigation on the allegations against the official, and decide whether it merits a formal charge, or if it should be dismissed for noncompliance with requirements.

“The complaint may also be dismissed if there is a pending action or complaint involving the same subject matter or issues in any court, tribunal, or agency; or if there is insufficient evidence that could establish the factual allegations contained therein,” the commission said.

The proposed guidelines include sanctions for the board of directors or trustees who did not disqualify a member even if they knew about the company official’s grounds for removal or disqualification.

“The removal of a disqualified director shall be without prejudice to other sanctions that the commission may impose on the board of directors or trustees who, with knowledge of the disqualification, failed to remove such director or trustee,” the SEC said.

The rules provide proposed guidelines on pleadings, practice, and procedure before the SEC for the hearing and proceedings of independent administrative actions for removing directors, as well as proceedings leading to the removal of directors, trustees, and officers.

The SEC and the Philippine Competition Commission, under Section 26 of the RCC, are allowed to impose “other qualifications or disqualifications” and the two regulators can also impose new sanctions during its administrative proceedings.

“The decisions, resolutions, or final orders, as well as appeals and motions for reconsideration or execution, shall be rendered by the operating department pursuant to the 2016 SEC Rules of Procedure,” the SEC said.

The SEC may remove a company official as a sanction in its proceedings if it was established that there are grounds for their disqualification during their proceedings.

The commission will order the respondent to show cause why they should not be disqualified from their position or be administratively penalized. They will be given a chance to submit a verified response, which if they fail to do so, results in the imposition of the sanctions “as the evidence presented or established in the course of the proceedings may warrant.”

Aside from the removal company officials, the SEC may also issue a permanent cease-and-desist order and/or impose a fine worth P10,000 to P400,000 for each violation of the commission’s order or any other provision of the RCC.

“For one person corporations whose sole director has been removed, the nominee shall take the place of the single stockholder as director and manage the corporation’s affairs,” the SEC said. — Keren Concepcion G. Valmonte

Peso may strengthen ahead of 2022 budget’s signing

BW FILE PHOTO

THE PESO may strengthen versus the dollar this week ahead of the possible signing of the national budget for 2022.

The peso closed at P50.02 against the dollar on Friday, down by six centavos against its P49.96 finish on Thursday, according to the Bankers Association of the Philippines.

Week on week, the local unit appreciated by 33 centavos from its P50.35 per dollar finish on Dec. 10.

The peso strengthened due to the seasonal surge on remittances from overseas Filipino workers ahead of a holiday spending rush, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

US dollar inflows are expected during the Christmas season amid more spending from consumers, including the families of overseas workers, he said, adding that inflows also finance holiday payrolls and other expenditures from businesses with US dollar income sources.

He said major factors that could affect the exchange rate this week include continued remittances as well as the possible signing into law of the 2022 national budget.

Congress last week approved the Bicameral Conference Committee report for the P5.024-trillion budget for 2022.

Senator Juan Edgardo M. Angara, chair of the Senate Finance Committee, had said that he hoped President Rodrigo R. Duterte will sign the General Appropriations Bill before Christmas.

“On external factors, most of the upcoming US economic data expected could still show some recovery from previous levels,” Mr. Ricafort said, noting gross domestic product, consumer confidence, and jobless claims data set for release this week.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion in an e-mail said market activity could trail off ahead of the Christmas holidays and as the market waits for European and British central bank policy meetings.

He said risk appetite may recover this week, which would depend on Omicron variant concerns.

For this week, Mr. Asuncion gave a forecast range of P49.8 to P50.30 per dollar, while Mr. Ricafort said the local unit would range P49.75 to P50.15. — Jenina P. Ibañez

Shoe of the Season: Sandals

Arizona — BIRKENSTOCK.COM

WE might be late to the party, but we predict that sandals will be the shoe of choice for 2022.

We noticed this at the few dinner parties we’ve gone to through the latter part of the year, where both the men and the women wore flat sandals made with minimal fuss. The open-toed shoe has become an easy way to delineate the world inside and outside: one wears comfortable slippers at home, but we don’t see the point in wearing loafers for the short and infrequent grocery run, to sign for deliveries in the lobby, or to welcome the very small number of guests for a short dinner party. It’s dressing up your feet — without actually doing so. Some resort towns in the country have also begun to open up, and no other shoe feels right.

BIRKENSTOCK
We’re starting off with the basic Arizona, which has seen a resurgence thanks to a Gen Z penchant for ’90s nostalgia. The sandal, which has gone through the waves of geek to chic over the years, has been seen on the feet of the Jenner sisters, as well as on a host of other models.

HERMÈS
The Oran sandal from the brand that brought you the most coveted handbags in the world (both the Kelly and the Birkin) is a relatively easy way to gain access to the Hermès experience. Running at a little above $600 (P29,927.87 at our last check), the sandal is made of a flat leather sole, with a strap running across it shaped like the Hermès H. It’s turned into a uniform for the wealthy set to show that they are off-duty.

BOTTEGA VENETA
The Italian brand’s high-heeled Lido, which came out in 2019, has a more casual little sister. The Bottega Veneta Lido, made of soft lambskin, has a rubber-injected leather sole, and is made with the brand’s signature Intrecciato woven pattern. It’s been seen on celebrities such as Rihanna, and the Jenner-Kardashian sisters.

CHRISTIAN DIOR
Christian Dior is slowly becoming an icon of luxurious ease: case in point, the very casual Dior Book Tote, covered in the brand’s oblique pattern. The bag can have a matching shoe for that (expensive) lazy day look: the Dior Dway Slide, with the brand’s name running across the embroidered cotton strap. The leather insole is made with matte leather, while the rubber sole is engraved with a star, the founder’s lucky symbol. The shoe has been seen on local celebrities such as Heart Evangelista. — JLG

Discovery World acquires 70% stake in True Ally

DISCOVERY World Corp.’s (DWC) executive committee has given the go signal for an investment in British Virgin Islands-registered firm True Ally Ventures Ltd., which will be the vehicle for its foray into cryptocurrency and non-fungible token (NFT).

In a disclosure to the exchange on Friday, Discovery World bared its plans to invest P4.2 million for a 70% stake in True Ally. The balance will be owned by a local partner, information technology company Safegate Solutions, Inc.

“True Ally will venture into the cryptocurrency and NFT space through blockchain gaming and other various related services contributing to building the open metaverse,” DWC said.

Discovery World aims to expand its presence in the leisure industry beyond its businesses in the tourism sector. The company sees cryptocurrency and NFT as a “fast-growing sector.”

True Ally will be focusing first on dipping into the blockchain gaming ecosystem.

“[It will] likewise pursue other identified opportunities that may further deliver great value to its shareholders,” DWC said.

On Friday, shares of Discovery World at the stock market went up 19.44% or 35 centavos to close at P2.15 apiece. — Keren Concepcion G. Valmonte

Argentina limits exports of grain in bid to contain runaway food inflation

REUTERS

ARGENTINA is putting a ceiling on exports of corn and wheat in a fresh bid by the leftist government to quell food inflation at home.

The government will first decide how much of the grains are needed in Argentina, and then proceed to stop exporters from registering shipments that would jeopardize those domestic supplies, according to a resolution published on its website on Friday.

“It’s a resolution that the food industry considers necessary to provide predictability,” Agriculture Minister Julian Dominguez said in a statement. “And to safeguard what Argentines need for their own consumption.”

The South American nation is the world’s third-biggest corn exporter and a top supplier of wheat, so any change to exports may have broader implications for global agriculture markets when supply chain snags have disrupted transport and food prices around the world have soared.

Argentina will be able to export 12.5 million metric tons of wheat and 41.6 million tons of corn, Mr. Dominguez said, without specifying the crop season. Farmers have collected two thirds of the 2021-22 wheat crop and are sowing 2021-22 corn plants, which start to get harvested in March.

The government has been seeking to tame food inflation running at 51%. Before Friday’s move, Argentina had blocked agricultural traders from registering exports of some corn and wheat for several weeks. While interventions in grain and beef markets do work in the short term, Argentina’s history shows that over a longer period of time, such controls tend to discourage production and cause supply shortages and higher prices.

“We’re going back to the old and failed system of quotas,” Horacio Salaverri, head of farm group Carbap, told La Nacion newspaper.

The policy comes at the end of a year in which the government tussled with farmers over a move to curb corn exports and then slapped controls on beef, sending shipments plummeting. The latest measure adds to the tense relationship Argentine farmers have with President Alberto Fernandez’s administration since coming to power two years ago.

“You don’t encourage a nation’s production by putting limits on it,” top farm group Rural Argentine Confederations said in a statement. “You need only look at recent history to demonstrate the impact of measures like these, when the result of a set of similar rules was the biggest fall in farmer planting intentions in history.” — Bloomberg

WGM Frayna bounces back strong in beating Galas

WOMEN GRANDMASTER JANELLE MAE FRAYNA _ WOMEN GRANDMASTER JANELLE MAE FRAYNA FB PAGE

WOMAN Grandmaster (WGM) Janelle Mae Frayna vented her ire on fellow national stalwart Bernadette Galas to spring back to life after a shock opening round defeat to child prodigy Ruelle Canino in the 2021 Philippine National Women’s Chess Championship at the PACE in Quezon City.

Reeling from a 96-move loss to the 13-year-old Ms. Canino on Saturday night, the top-seeded Ms. Frayna bounced back strong by edging Ms. Galas in 57 moves of a French Defense in this event staking a Hanoi Southeast Asian Games berth next year and a champion’s purse worth P50,000.

And the country’s highest ranked woodpusher and first and only WGM needed to rely on her superb end game technique in transforming what appeared like an equal rook and bishop ending to a victory.

Ms. Frayna was half a point off pacesetting former national champions Jan Jodilyn Fronda and Shania Mae Mendoza, Olympiad veteran Antoinette San Diego and WGM candidate Kylen Joy Mordido.

Mses. Fronda and Mordido halved the point in 34 moves of an English encounter; Ms. Mendoza smashed Lexie Grace Hernandez in 66 moves of a Queen’s Pawn game; and Ms. San Diego sent Ms. Canino back to earth with a 52-move triumph of a King’s Indian Defense.

Ms. Canino, who placed second to Mhage Sebastian in the National Junior Girls Championships two weeks ago in a tournament where the former came a draw away from winning it, slipped to fifth spot alongside Ms. Frayna and Rinoa Mariel Sadey.

Ms. Sadey bested Allaney Jia Doroy in 44 moves of yet another English battle.

The event is backed by PSC chair Butch Ramirez, Chess Movement, Inc. chair Dr. Ariel Potot, PCSO general manager Royina Garma, Endgame Sports founder Atty. Cris Aspiras, POC President Bambol Tolentino, NCFP chief Butch Pichay and Atty. Roel Canobas. — Joey Villar

Get 2 years free PMS, disinfection service with new Mitsubishi Mirage G4

PHOTO FROM MITSUBISHI MOTORS PHILIPPINES

BUYERS of the new Mitsubishi Mirage G4 will get a free preventive maintenance service (PMS) package and interior disinfection.

“We always strive to form meaningful relationships with our customers and be mindful of their ownership journey,” said Mitsubishi Motors Philippines Corp. (MMPC) President and CEO Takeshi Hara in a release. “Meaning, we not only provide Filipinos excellent craftsmanship but also more importantly peace of mind with respect to after-sales servicing.”

He added, “Echoing our new local slogan (“Life Made Better”), we want to ensure that soon-to-be owners of the new Mirage G4 will be able to relish its sensational style and exceptional practicality without having to worry about maintenance costs.”

The company said that the new slogan celebrates the company’s connection with Filipinos for more than 50 years. “Through it, the brand reinforces its commitment to further enrich lives of Mitsubishi owners in the country, on and off the road, more so now as the country still faces threats brought about by COVID-19,” MMPC stated.

Not transferable and not convertible to cash, the promo covers the oil filter, drain plug gasket, mineral engine oil, air cleaner, cabin filter, plus labor and miscellaneous items that are under the standard 1,000-to-25,000-kilometer PMS. Claiming must be within two years from the vehicle’s release date while at the same time strictly following the recommended schedule below or else eligibility will be revoked:

Service appointments can be booked through Mitsubishi Service Connect for both Android and Apple users, for easier management of service history and schedules. The app also helps search for the nearest authorized dealership or service center whether for test drives or repairs. For more information, visit www.mitsubishi-motors.com.ph or drop by any Mitsubishi dealership.

Yields on government debt drop on auction results, policy meetings

YIELDS on government securities (GS) fell across the board last week, with players taking their cue from auction results.

GS yields, which move opposite to prices, declined by 9.41 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates as of Dec. 17 published on the Philippine Dealing System’s website.

At the secondary market on Friday, yields on all tenors were lower compared with their week-ago levels.

The 91-day Treasury bill (T-bill) went down by 6.42 bps to yield 1.1397%. Likewise, the 182- and 364-day papers declined by 11.81 bps and 2.35 bps to fetch 1.3324% and 1.6539%, respectively.

At the belly, yields on the two-, three-, and four-year bonds went down by 8.51 bps (2.6934%), 8.25 bps (3.2061%), and 8.24 bps (3.6538%), respectively. The rates of the five- and seven-year papers also dropped by 10.54 bps (3.9955%) and 15.94 bps (4.4249%).

At the long end of the yield curve, the yield on the 10-year notes fell by 15.66 bps to 4.8699%. Meanwhile, the rates of the 20- and 25-year bonds decreased by 7.73 bps (4.935%) and 8.11 bps (4.9249%).

“Local bond yields moved lower [last] week following another rejection by the BTr (Bureau of the Treasury) for its reissuance this month,” First Metro Asset Management, Inc. (FAMI) said in a Viber message.

“Amid the absence of supply this month and favorable US Treasuries trading heading into FOMC (Federal Open Market Committee), strong buying interest for bonds was seen [last] week,” FAMI added.

The BTr last week rejected all bids for its offer of reissued seven-year T-bonds even as tenders P52.267 billion, more than twice the P20 billion on the auction block.

Had it fully awarded its offer, the tenor’s average yield would have declined by 7.3 bps to 4.395% from the 4.468% fetched the last time the series was offered.

National Treasurer Rosalia V. de Leon said the government rejected all bids for the reissued bonds as there is room for rates to decline as inflation has eased, with the central bank also saying it would keep borrowing costs steady to support the economy.

The November headline inflation print, despite being a four-month low, was higher than the 4% median estimate in a BusinessWorld poll and the Bangko Sentral ng Pilipinas’ (BSP) 3.3%-4.1% forecast for the month. This was also the fourth straight month inflation exceed the BSP’s 2-4% target for the year.

Still, as expected, the BSP maintained benchmark rates at record lows at its final meeting for the year last week to support the economy amid the threat of the Omicron variant of the coronavirus disease 2019 (COVID-19).

Overseas, the US Federal Reserve on Wednesday said it will end its bond purchases — a key component of its quantitative easing program — by March, with officials expecting to raise rates three times next year as the US battles inflation.

“The BSP’s action to keep rates steady was widely expected…while the Fed’s faster tapering stance may have helped the profit taking during the latter part of the week along,” a bond trader said.

The bond trader said yields “will likely stay sideways” this week ahead of the holidays, although the market will be “cautious on developments regarding the Omicron variant and the damage caused by Typhoon Odette.”

“Yields will likely trade sideways as we approach the yearend due to lack of catalysts,” FAMI said.

“The uncertainties over the Omicron variant and upcoming Fed liftoff on one hand, will support demand for longer bonds and cause the yield curve to flatten,” it added. — B.T.M. Gadon

1...5,4265,4275,428...12,605Page 5,427 of 12,605
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube