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Central bank to look into account hacking complaints

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A man types on a computer keyboard in this illustration picture taken on Feb. 28, 2013. — REUTERS/KACPER PEMPEL/FILE PHOTO

By Luz Wendy T. Noble, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking into complaints posted on social media platforms by some bank customers who claimed their accounts were hacked and their funds stolen.

BSP Governor Benjamin E. Diokno said the central bank is closely working with BDO Unibank, Inc. and UnionBank of the Philippines, Inc. to take remedial measures, including reimbursement of affected bank customers.

“The BSP will do everything to ensure the safety and integrity of the financial system as well as the protection of financial consumers,” he told reporters via Viber.

Mr. Diokno said the BSP has been monitoring a “surge” in complaints posted on social media platforms since earlier this week.

BDO in a statement on Sunday said they are aware of a “sophisticated” fraud technique that affected some of clients and that additional security controls have been implemented.

“We assure our affected innocent clients that we will reimburse their losses,” the country’s largest lender said.

Some Facebook users, who claimed to be BDO clients, recently posted screenshots of allegedly unauthorized fund transfers from their accounts to UnionBank accounts.

The Aboitiz-led lender has already frozen accounts that allegedly received the funds, UnionBank President and Chief Executive Officer Edwin R. Bautista said.

“Several accounts have been frozen and investigated. We will not hesitate to take legal action against individuals (that) use their accounts to facilitate criminal activities,” Mr. Bautista said in a text message.

He said UnionBank will return the funds from the frozen accounts to BDO, “after due investigation.”

Social media posts by some BDO account holders showed the funds were allegedly transferred to a certain Mark Nagoyo’s UnionBank account.

UnionBank Chief Technology and Operations Officer Henry Rhoel R. Aguda said this could be a fake name used by potential money mules.

“I can assure you Mark Nagoyo is not an account holder of UnionBank. When you use InstaPay, you have to use a name, and sometimes its fictitious. But we’re trying to investigate right now,” he said in a phone call.

Mr. Aguda said they are also coordinating with other financial institutions for the funds that were transferred outside their bank.

In a separate statement, the Bankers Association of the Philippines (BAP) President Jose Arnulfo A. Veloso urged the public to be vigilant amid the rise of cybercrimes. 

“Whenever you encounter a cybercriminal, immediately report it to your respective banks and the police. This is so we can work together to take down cybercriminals, such as the fake bank websites they are using to trick others,” Mr. Veloso said in a statement.

He also reminded the public to ensure they keep their personal information confidential.

For its part, BDO said it required all online banking users to update their passwords.

“We at BDO are continuously investing and working towards improving our security infrastructure to protect our clients’ money. While we have put back-end measures in place, we appreciate our clients’ continued vigilance to combat fraud,” the lender said.

Earlier, BAP Cybersecurity Committee Vice Chair Ramon L. Jocson said banking fraud losses could have reached more than P1 billion so far this year, with volumes already three times higher than what was seen in 2019.

BSP Deputy Governor Chuchi G. Fonacier said they are set to issue regulations on fraud management systems of financial institutions to strengthen their cybersecurity capabilities.

“With the rise in cyber-related incidents, supervised banks and financial institutions are expected to employ more robust systems to protect their data and operations for continuous delivery of financial products and services,” Ms. Fonacier said at an online event held by the Chamber of Thrift Banks on Friday.

Mr. Diokno has earlier said that a major cyberattack could affect the stability of the financial system, stressing the BSP will remain vigilant against new cyberthreats.

National Government’s debt service bill surges to P89 billion

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THE NATIONAL Government settled P89.066 billion in debt payments in October, rising from a year earlier mainly due to higher interest payments and amortization, according to the Bureau of the Treasury (BTr).

Preliminary data from the BTr showed the government’s October debt service bill increased over three times from the P27.188 billion during the same month in 2020.

In October, the bulk of the payments or P57.53 billion went to amortization, which ballooned from the P5.118 billion a year ago.

Broken down, P52.706 billion or 91% were principal payments for local debt, while P4.824 billion went to foreign creditors.

At the same time, P31.536 billion went to interest payments in October. This was 42% higher than the P22.07 billion a year earlier.

Broken down, interest paid on local debt increased by 57.6% to P23.989 billion from P15.22 billion a year ago. This includes P1.18 billion in interest payments for Treasury bills, P18.402 billion for Treasury bonds, and P4.33 billion for retail Treasury bonds.

Interest payments on foreign debt increased by 10% to P7.547 billion from P6.85 billion.

For the first 10 months of 2021, the debt service bill jumped by 22% to P1.052 trillion from P861.904 billion in the same period of 2020.   

The National Government paid P682.043 billion for amortization, up 30% from P526.86 billion in the same period last year. This consisted of P458.109 billion for local debt and P223.934 billion for foreign debt.

As of end-October, interest payments went up by 10.7% to P370.884 billion, which includes P281.606 billion interest on domestic debt and P89.278 billion for interest on foreign debt.

The government borrows from both local and foreign lenders to plug the funding gap.

Gross borrowings as of October dropped by 6% to P2.75 trillion from a year earlier.

For 2021, the state has programmed a P1.26-trillion debt service bill, 31% higher than the P962-billion bill in 2020. — L.W.T. Noble

Market jitters over Omicron unlikely to hurt upcoming IPOs

By Keren Concepcion G. Valmonte, Reporter

MARKET JITTERS over the new coronavirus disease 2019 (COVID-19) variant are likely to be temporary, analysts said, noting that upcoming initial public offerings (IPO) may still perform well.

“Investors are just nervous about the big unknown which is Omicron with more scientific data coming out in the next two weeks about vaccine escape, transmissibility, and mortality,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said in a Viber message on Tuesday. 

The emergence of the Omicron variant rattled stock markets around the world, as reports suggested it is more transmissible than the Delta variant. Some countries have already tightened restrictions to curb Omicron’s spread.

The Philippines has yet to report any local case of Omicron. It is currently under Alert Level 2, with new daily infections continue to decline.

Economic managers are hoping the country will be placed under the most relaxed COVID-19 alert level by January to help the economy recover faster. All businesses would be allowed to operate at full capacity under Alert Level 1.

Ms. Ulang said the economy is expected to continue reopening, noting that jitters over Omicron are “very temporary.”

“We will see more sizzling IPOs,” she added.

Concerns over COVID-19 may have affected Medilines Distributors, Inc.’s stock market debut on Tuesday, as its shares closed 30% lower than its IPO price.

“This is the first time an IPO closed at [the] floor bottom on the first day of listing, despite market [ending] positive [and the IPO] more than two times oversubscribed as reported in news media,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message on Tuesday.

Mr. Pangan said Medilines’ market debut may lead some investors to think twice before investing in IPOs.

“It will affect sentiment among investors as this will persist or stick to the minds of the investors who will rethink prior to placing them on a particular IPO and risk their hard-earned money,” he said.   

Medilines did not have a stability fund, which is deployed to support the stock’s price on the market. Mr. Pangan said regulators should consider more policies to protect investors from market volatility “in order to achieve goals of increasing the number of investors [and] maintaining their credibility.”

“Not all volatility is bad as natural volatilities attract investors, but if it is [caused] by manipulation then regulators must act on this especially if there are negative reactions among investors themselves,” he added.

Asked if a stability fund should be required for companies planning to tap the capital markets, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said there are already other mechanisms to protect investors, such as lock-in periods. 

“[Requiring a stability fund] would give greater appeal and protection for investors to somewhat support the price, but I am not sure if this could be imposed by regulators if market forces are allowed to determine the price in the market, while taking the interest and protection of the investing public into consideration,” Mr. Ricafort said in a Viber message on Friday.

PIPELINE OF IPOs
The Philippine Stock Exchange (PSE) still has a robust pipeline for fundraising activities this month and it has also recently approved Haus Talk, Inc., which will be the first IPO for 2022.

Solar Philippines Nueva Ecija Corp. (SPNEC) is scheduled to list at the PSE on Dec. 17. Meanwhile, EEI Corp. will list its follow-on shares at the local bourse on Dec. 23, while Philippine Estates Corp. is slated to list shares from its stock rights offering on Dec. 24. 

Figaro Coffee Group, Inc. (FCG) moved its IPO to January, with the listing date set for Jan. 24.

Analysts said the success of future IPOs will depend on the companies’ fundamentals, financial performance, prospects, and the offer price.

“Although some market participants may feel spooked over the short term given the first day of the [Medilines] IPO, upcoming offerings may perform differently given that each listing may have varying characteristics, underlying market sentiment, among many other factors,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber message.   

FMIC’s Ms. Ulang said catalysts would include the reopening of the economy, improving inflation numbers, and low COVID-19 infection rates.

Japhet Louis O. Tantiangco, senior research and engagement supervisor at Philstocks Financial, Inc., noted that the economy is already “showing signs of strengthening recovery” which bodes well for investments in equities.

“If our economic recovery continues, then [the] general market sentiment is expected to be positive moving forward. For the upcoming IPOs to take advantage of this optimistic market sentiment, however, they must show attractive company fundamentals,” Mr. Tantiangco said in a Viber message.

Lopez-led PI Energy, Climargy plan to develop energy efficiency projects

PI Energy, Inc., an affiliate of First Gen Corp., recently signed a partnership deal with Climargy, Inc., a specialist investment and development company, to develop energy efficiency and conservation (EE&C) projects for businesses.

The two companies aim to cut the electricity use of their client companies by one terawatt-hour — saving P7.5 billion in power costs — through year 2040.

The EE&C projects will help “remove massive amounts of excess, heat-trapping carbon dioxide (CO2) from the atmosphere,” the Lopez-led PI Energy said in a statement released over the weekend.

At the signing ceremony on Dec. 9, PI Energy Chairman Federico R. Lopez said that energy efficiency is fairly new in the region, so the partnership will be a “trailblazer” in the support and financing of energy conservation.

“Once in full play, it brings us closer to that reimagined and redesigned world that we often speak of with all the attendant benefits to businesses, consumers, energy producers, the economy, and the environment,” he added.

Climargy President Alexander D. Ablaza described the deal as a “game changer” in the EE&C market.

“It is still quite rare that energy developers team up to execute a business partnership dedicated to EE&C project assets across multiple energy service companies and multiple end users,” Mr. Ablaza said.

President Rodrigo R. Duterte signed Republic Act 1128 or the Energy Efficiency and Conservation Act in 2019, after almost three decades in Congress. The goal was to systematize energy efficiency and conservation measures by regulating energy-efficient technologies.

The law provides tax incentives to companies with EE&C initiatives in their operations.

On May 11, the Department of Energy issued the guidelines for submitting energy efficiency projects for fiscal incentives. The projects must cost at least P10 million and meet a minimum 15% project boundary or the absolute value of energy savings. — Marielle C. Lucenio

Jollibee Foods, AWS partner to innovate services

JOLLIBEE Foods Corp. (JFC) said it tapped Amazon Web Services (AWS) for its cloud migration in order to respond faster to changes in consumer behavior during the pandemic.

“Social distancing, lockdown restrictions, and in-person dining limits have led to changes in consumer dining habits, making food demand prediction and reaching customers more challenging,” JFC Head of Information Technology Yoly Chua told BusinessWorld in an e-mail interview on Dec. 7.

“It was important for the Jollibee Group to better understand changing consumer behaviors and make it more convenient for customers to buy the food they love,” she added.

JFC is moving its information technology infrastructure to AWS from data centers in the Philippines, Europe, the Middle East, and North America. The group’s headquarters in the Philippines is leading the migration.

The group said it worked with DXC Technology in the Philippines, an AWS partner, to decommission its on-premises data centers and move to AWS in less than 24 hours.

“This has helped the group reduce costs, streamline IT management, and innovate new services,” Ms. Chua said.

“The Jollibee group is becoming an even more data-driven enterprise to gain greater visibility into its sales data and supply chain operations, leveraging the breadth and depth of AWS capabilities, including analytics and database services,” she added.

JFC in the Philippines used Amazon DynamoDB, a database service that performs applications at any scale to help tag, monitor and create sales reports.

It also used Amazon Athena, an interactive query service, which automates the creation of operational dashboards based on sales reports.

Ms. Chua said the insights gained through the AWS tools enable the group “to stock inventory, scale production, allocate staff, and dispatch food across its restaurants nationwide more efficiently.”

JFC has 5,800 stores globally, including in the Philippines, the United States, Canada, China, the United Kingdom, Italy, Spain, Vietnam, Brunei, Singapore, Saudi Arabia, the United Arab Emirates, Qatar, Oman, Kuwait, Bahrain, Indonesia, Costa Rica, Egypt, Panama, Malaysia, South Korea, Japan, and India. — Arjay L. Balinbin

A ‘scrappy’ brand makes it to British Vogue

Saving the Earth one retaso at a time

By Joseph L. Garcia, Reporter

A FILIPINA designer has made it to British Vogue using the power of fabric scraps.

Rio Estuar is the designer behind RIOTaso, a brand that advocates sustainable lifestyles through making clothes out of fabric scraps. She will be on the magazine’s Designer Profile page for its Jan. 2022 issue, which dropped on Dec. 10. A snippet from Ms. Estuar’s Facebook page read: “A fiercely Filipina sustainable brand that repurposes fabric scraps into new textiles and creates one-of-one designs which cannot be replicated.”

“British Vogue reached out and hand selected RIOtaso as a brand they would like to give a feature spot to on the Designer Profile page…,” Ms. Estuar told BusinessWorld in an interview.  “I seized the opportunity as a way to get RIOtaso as well as local, small, and sustainable fashion on an international level. I tapped fellow local brands who also create sustainably to be part of the photoshoot so that more brands can be recognized on an international level.”

RECYLING LEFTOVERS
The brand’s name is a combination of her own name and the Filipino word for fabric scraps (retaso). Ms. Estuar’s scraps come from her days as a fashion student. “I never threw away any of the scraps I accumulated throughout college life and the many clothing line attempts I had. Not because I was a conscious climate justice warrior up in arms against the fast-fashion industry, but simply because I am a hoarder,” she said on her website.

Hasn’t her hoard run out by now? “Some of those supplies are still with me today, four years later,” she said. “That’s how much fabric we used up as students. After college, I tried to reach out to brands and partner up with them as the person who would make sure their scraps wouldn’’ go to waste — this was initially ignored, partly because I think brands are very secretive and this might expose how much waste they produce?

“I am simply proposing a solution to the waste. So instead, I would source outside factories, and at one point, I was able to bring home four rice sacks full of perfectly good fabric waiting to be picked up and trashed. Nowadays brands are more transparent and often reach out to me with their excess fabric. I use only 100% fabric waste and turn them into new textile.”

Ms. Estuar transforms scraps from fabric that would not have reached their full potential and imbues them with new life through care and creativity. Both suits and separates (and even accessories like hats) are released by RIOtaso, and she explains how they’re made. She sorts the scraps by thinking about what she has a lot of at the moment, and what kind of clothing she can make out of them, keeping in mind “comfort, practicality, and pockets.”

“I have always had an idea for color combos as I have been painting since I was five years old and my favorite thing to do is mix colors on a palette to see what colors make up what and which colors go together in an interesting way.”

The scraps are worked in through patchwork to create the base, after which a pattern is created, then sewn. “I don’t have a factory as that would mean I mass produce. I just have my simple home studio plus storage space for all the fabric scraps I save and restore.”

SISTERLY INSPIRATION
Her journey started in 2015, a story detailed on her website (riotaso.com). The brand started when, according to her website, her “sister started to take home trash” (she was collecting plastic waste from her classmates to assemble eco-bricks at home). This started her sister’s journey to becoming vegan and living more sustainably by planting food and composting.

“Though she may be younger than me, her radical change in lifestyle strongly influenced what was to come,” Ms. Estuar said on her website.

At that time, she was working on a streetwear brand of her own called Kalye Rio, which she closed down in 2018. “The brand grew to be a great creative and commercial success, but behind the seams I slowly grew disillusioned with the amount of fabric waste my business was involved in. I had my very own ‘fashion-is-a-crime’ breakdown, withdrew myself from the city, and moved to a small beach town community where I learnt to live sustainably. Through routine beach cleanups, I saw firsthand the negative impact of plastic waste on the environment and the community, to the point that it was no longer a cute or trendy weekend activity,” she said on her website. As for the very detailed brand story on her website, she said, “Transparency is key when advocating for sustainability.”

“I struggled with myself and learned how to live as sustainably as I could (I’m still in the process of learning now), but I greatly missed creating clothes and working with fabrics. I moved back to the city and sorted through the fabric scraps I left behind and decided to incorporate the zero-waste lifestyle into a brand-new fashion line. I found inner peace as I stitched each fabric scrap together and challenged myself to only use fabric waste from then on.”

SUSTAINABLE FASHION
We’ve taken a hard, long look at our own lifestyles during this pandemic, and Ms. Estuar has done the same. She makes her own observations on the pandemic changing how we look at sustainable consumption. “The pandemic hit a lot of people really hard financially, and I noticed a rising argument on social media about how sustainable fashion is elitist. People would question the pricing of small sustainable brands and would compare it with the better value/bargain they would get from a fast fashion brand. And they’ve got a point — you do get more bang for your buck from a fast fashion company.

“But it comes at the cost of supporting a brand with unethical labor practices and environmental abuse. However, I don’t think anyone should be shamed for buying or owning fast fashion pieces. Instead, I advocate that the most sustainable act is not to buy more clothing — but to take care of the clothes you already own, and learn how to mend and repair your existing clothing whether it’s from Zara or RIOtaso.”

Clothing that ticks many boxes on sustainability checklists holds its appeal for consumers who advocate for lifestyles that are better for the environment. “Looking at how one consumes is definitely a good sign that our cause to slow down and create consciously is working. It is important for consumers to take a step back and assess before purchasing anything. I’m not sure if I’ve actually converted any lifestyles radically. However, I do meet a lot of individuals on social media who are trying to live a more eco-friendly lifestyle.”

ONE OF A KIND
The late Vogue editor-in-chief and fashion icon Diana Vreeland once said, “You’re not supposed to give people what they want, you’re supposed to give them what they don’t know that they want yet.” Ms. Estuar’s own vision for sustainability does not just cover the desire to live better for others, but a baser desire among followers of fashion: the need to own something that is only truly theirs. By its nature, no RIOtaso piece will ever be completely the same, and each piece from Ms. Estuar’s hands will be the only one in the world.

“The reason behind the one-offs is simple: I can’t repeat a patchwork pattern twice! That keeps each item I make unique, especially when it’s custom-made because the customer gets to choose which colors they want me to create with,” she said.

“Another reason why my pieces are unique is because I mostly take in custom orders to cater to the measurements of the client and that is one of the reasons people shop RIOtaso. RIOtaso is size inclusive and unique.”

As big brands switch more and more to sustainable textiles and practices (this year, Hermès released a bag made of fungi textile that mimics leather), it seems that being more careful with what we consume is fast becoming the fashion. “Designers who actually care about the consumers and the environment are the future of fashion,” said Ms. Estuar.

On a grim note, she adds, “That’s if there’s still a future to look forward to considering the climate crisis.”

Ms. Estuar’s is one of many start-up brands hoping to make a difference in the environment and in the consumer mindset. However, the battle for a more sustainable Earth cannot be won without cooperation and compromise with giant brands. “All big fast fashion businesses grew through the exploitation of workers and the environment. I’m not sure if compromising on whether to pollute a river with a bit less fabric dye will solve any problems. I think that if a big company wished to be more sustainable, bold and radical changes would have to be made.” said Ms. Estuar.

Shop RIOtaso at https://www.instagram.com/riotasoclothing/.

Macau’s gambling operator Suncity ceases junket operations

EMBATTLED Macau gambling operator Suncity Group ceased its junket operations as of Friday, according to people familiar with the matter, following the arrest of its founder amid Beijing’s ongoing crackdown on the casino hub.

Sun City Gaming Promotion Company Ltd., Suncity’s junket business arm, said it can’t operate because partnerships with other casinos were halted, and company systems were suspended due to legal proceedings, according to an internal notice seen by Bloomberg News.

Suncity employees were notified late on Friday and no follow-up arrangement has been announced, said the people, who asked not to be identified because the information is private. Employees have yet to receive November salaries because company systems and accounts are frozen under the investigation, the people said.

A representative for Suncity didn’t immediately respond to a request for comment outside of normal business hours.

Alvin Chau, who controls Suncity Group, was arrested late last month on allegations of establishing overseas gambling platforms and carrying out illegal virtual betting activities. Suncity has since closed all of its VIP gaming rooms in Macau’s casinos, and was said to have told some staff it will stop paying them amid concerns over cash flow.

Suncity’s travails have rocked the world’s biggest gambling hub, already reeling as the government intensified regulatory oversight. Some casinos, including Wynn Macau Ltd. and Melco Resorts & Entertainment Ltd., decided to close VIP gambling rooms run by junkets given the scrutiny on Suncity, Bloomberg News reported earlier.

Junkets, which have been in the cross-hairs of Beijing’s crackdown for allegedly facilitating money laundering, account for some 75% of Macau’s roughly $3 billion in annual VIP gaming revenue. They provide a service that is part upscale travel agent and part money changer for big spenders in Macau.

Shares of Suncity Group’s listed arm, which doesn’t include its junket operation, were halted on Thursday and will resume trading on Monday. They have plunged 46% since Nov. 30. Mr. Chau resigned on Dec. 1 from his posts as chairman of the board of Suncity Group and as an executive director. — Bloomberg

Septième Rebelle brings Sansó’s textile prints to life

BEFORE becoming known as a painter of landscapes, seascapes, and florals, Juvenal Sansó designed patterns and prints for fabric. Decades after he created them, these prints have come to life on contemporary couture pieces.

Manila-based couture label Septième Rebelle and Fundacion Sansó collaborate on “Sansó Textile Designs X Septième Rebelle: A Fashion and Art Exhibit”, presented at Galerie Joaquin in One Bonifacio High Street Mall in Bonifacio Global City.

Fundacion Sansó is a non-stock, non-profit organization created to preserve, conserve, and promote Mr. Sansó’s artistic legacy.

“The collaboration started when we started activating the lesser-known bodies of work of Mr. Sansó,” Fundacion Sansó director Ricky Francisco told BusinessWorld in a joint Zoom interview with Septième Rebelle founder Robert Bjorn O. Santos.

“Not many people know he was also a very prolific textile designer,” Mr. Francisco said.

EARNING A LIVING
The 92-year-old Spanish-born Filipino painter worked on textile designs while he was a student at the École Nationale des Beaux Artes in Paris, France. This was his way of supporting himself when the Philippine Central Bank had set caps on the financial support that could be sent by his father from Manila.

“When [Mr. Sansó] went to Paris in 1951, he had to make money because there was a rule back then, after the Second World War, that only $150 can be brought out of the Philippines at any given time. His family could only send [him] $150 to live in Paris,” Mr. Francisco explained.

While in Paris, Mr. Sansó met some people who connected him with textile designers in Paris and to fashion houses. He created textile designs for them from the 1950s to the ’60s.

“The textile design enabled him to meet people like (Italian fashion designer) Elsa Schiaparelli, who introduced him to the owner of the gallery in Paris who gave him his first solo exhibition as a painter,” Mr. Francisco said. “It also enabled him to meet Gian Carlo Menotti, the (Italian-American) director and composer who gave him his first opera break (as a costume designer) at the Festival of Two Worlds in Spoleto, Italy in the late 1960s.”

Mr. Sansó’s hand-painted textile designs included florals and foliage, as well as geometric shapes and abstract patterns. The House of Balenciaga was his biggest client.

USING THE PRINTS
Fashion designer and founder of Septième Rebelle, Robert Bjorn O. Santos, pursued design courses in the Istituto Marangoni-Paris, London College of Fashion, and Central Saint Martins. He has a personal preference for asymmetric details, diagonal cuts and slashes. Mr. Santos balanced these details with the aesthetic of the 1950s and 1960s of Mr. Sansó’s textile patterns.

Prior to finishing 38 looks for the exhibition, the team went through almost 200 of Sansó’s textile designs.

“We had to choose the designs that were really representative of Mr. Sansó’s work… It has to have a good representation of each of the genres that he is capable of doing,” Mr. Santos said. “So, when we finally settled on the designs, I had to look for fabrics that would mimic how these textile designs look like.”

For the exhibit, Mr. Sansó’s hand-painted original designs on fabric were digitally printed and clothes using the printed fabric were produced.

In the exhibition are 38 looks which are divided based on color palette, and these are juxtaposed the actual paintings of Sansó. Limited edition Septième Rebelle embroidered bags with patterns inspired by the textile designs are also on display.

“I basically combined a printed piece of clothing with something with more solid colors, just to balance it out. I [also] used a lot of different materials, different trims to make the finishing of clothes more presentable,” Mr. Santos said, adding that he also used beadwork, applique, and ribbon trims in the pieces, which is uncommon for his designs.

“We can live without those [details], however, I felt it would be more of an homage to the artist if we exerted more effort in making some things more beautiful,” he said.

“When people say Sansó, they think of Brittany [in France] or flowers,” Mr. Francisco said. “We wanted to show that he had the journey before he reached the success, and that he was able to do a lot of things.”

“Sansó Textile Designs X Septième Rebelle: A Fashion and Art Exhibit” is on view until Dec. 20, at Galerie Joaquin, One Bonifacio High Street Mall in BGC, Taguig City. The collection is also part of fundraising efforts in partnership with Fundacion Sansó. Follow @fundacion_sanso and @septiemerebelle on Instagram. — Michelle Anne P. Soliman

Mango farmers urged to manage tree canopy to raise fruit quality

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MANGO farmers who do not properly manage canopy growth run the risk of less productive cultivation because the overlap in trees forces fruit to grow in the shade, to the detriment of quality and harvest volume, agronomists said.

Graciela L. Caballero, who chairs the agroforestry department at Southern Philippines Agri-Business and Marine and Aquatic School of Technology (SPAMAST), said at a conference on Friday: “Mango has been allowed to grow in an unlimited manner, more horizontally than vertically.”

She was speaking virtually at the Farms and Industry Encounters through the S&T Agenda (FIESTA) conference on Mango, organized by the Department of Science and Technology, to propagate know-how on mango industry best practices.

“Akala kasi ng karamihan, the bigger the tree, the more the income. Sa ngayon, alam na natin na ito ay mali (Most people seem to believe that the bigger the tree, the more the income. We now know that this approach is wrong),” she said.

Speakers said other benefits of canopy management include minimizing the spread of disease and making pesticide spraying more effective.

“Some mango growers in the Philippines do not follow the concept of allotted space wherein trees are only allowed to grow in the limits imposed by the distance of planting,” SPAMAST associate professor Eddie B. Batoctoy said at the conference. “Mango trees are allowed to grow indefinitely. Consequently, canopies overlap within a few years.”

“Mango trees (are) shy bearers, but they respond well to pruning, which will make them regular bearers,” Mr. Batoctoy said. Pruning improves air circulation and helps keep pests and diseases in check, allowing the trees room to flower and fruit.

The canopy management initiative aims to point the way for farmers to rehabilitate unproductive mango trees, and “optimize nutrition and canopy management techniques with the aim of improving fruit quality, size, and yield,” Mr. Batoctoy said.

Marilou M. Benitez, an associate professor at Visayas State University, said one other portion of the growing process that needs to be better managed is the post-harvest stage, which is where “product salability and income are assured” and where diseases are likely to be introduced.

Anthracnose is the most prevalent disease in mango trees. A latent infection, the disease is caused by fungi and speeds up decay in plants.

“Fruit left in contact with the ground will gain heat and be easily infected,” she added. “The bruising of fruit is due to inappropriate harvesting, and dropping is very common,” Ms. Benitez said.

The time of harvest can also influence product quality. “Harvesting is done early or mid-morning, so that the cool environment can result in reduced product heat and increased picker efficiency,” she said.

Ms. Benitez said practices to manage post-harvest deterioration include hot water treatment, which reduces the respiration rate of the fruit, delays decay, and maintains firmness.

She also cited the need for minimizing sun exposure and using appropriate containers for transport.

The mango industry employs 2.5 million farm workers. — Luisa Maria Jacinta C. Jocson

North Star Meat plans to put up more distribution hubs

MEAT RETAILER North Star Meat Merchants, Inc. is planning to establish distribution hubs in Iloilo and Palawan as part of its expansion efforts, the company’s chief executive officer said.

The company intends to put up distribution hubs in Puerto Princesa and Coron in Palawan and Iloilo, North Star Meat Chief Executive Officer Anthony Ng said at a recent virtual briefing.

“We are eyeing to improve our network. But these are just plans. It can change. We’re looking at Iloilo and Palawan,” Mr. Ng said.

The company’s main cold storage warehouse and meat cutting plant, which has a capacity of four million kilograms, is in Tabang, Bulacan. It also has a cold storage facility in Cebu which can store 858,000 kilograms of meat.

The company’s distribution hubs also serve as the base for its retail operations, according to Mr. Ng.

“It is capable of distribution and also has meat fabrication rooms for retail. That is where we do our cutting and packing of frozen meat for dispensing to convenience stores,” he said.

“If I am allowed to be a little bit ambitious, then I want to break ground next year at least,” he added.

Meanwhile, North Star Meat Chief Financial Officer Jed Tan said the company sees a “very positive” outlook for 2022 in terms of sales following the increase in the purchasing power of customers amid the country’s ongoing economic recovery.

Mr. Tan added that the company is targeting P9.1-billion worth of sales for 2021, an improvement from the P6 billion recorded in 2020.

“During the Christmas (season), the company’s sales are typically at least 50% higher. On top of that, we also have restaurant clients that have been ordering a lot since the economy opened up,” Mr. Tan said.

Previously, the company announced its intention to conduct an initial public offering (IPO) to raise up to P4 billion for the expansion of its cold storage capacity to six million kilograms by 2022.

Mr. Ng said during the briefing that the planned IPO is crucial to North Star Meat, adding that it will enable the company to grow.

The company’s products are a combination of imported and local supply, he said, adding that imports are sourced from Europe and North America, while local products come from the Visayas and Mindanao.

North Star Meat is an end-to-end fresh and frozen meat retailer that operates in all SM markets, including WalterMart and Alfarmart, across the Philippines. It has 397 meat shops and over 2,200 skilled butchers. — Revin Mikhael D. Ochave

Uniqlo parent unveils sustainability plan

FAST Retailing is unveiling an ambitious sustainability plan, with targets set up through 2030 all the way to 2050.

During a press conference in Japan (streamed through Zoom to 12 countries) Koji Yanai, Group Senior Executive Officer of Fast Retailing (the company behind the brand Uniqlo), discussed the retail group’s sustainability commitments, as well as what they had achieved before 2021. “There are things we must do [toward] the future, and there are things we can do right now,” said Mr. Yanai through a translator.

Some of the things they achieved in 2019 include introducing the use of recycled materials. According to the company, by the summer of 2022, about 15% of the polyester used in their clothing will be derived from recycled PET bottles. This initiative began by the introduction of polo shirts in 2019 that used recycled polyester, while waist bags in 2021 used 30% recycle nylon.

A statement said, “The company is expanding its introduction of materials that place a lower burden on the environment, starting with synthetic fibers such as rayon and nylon.”

The year 2019 also saw the beginning of the gradual abolition of single-use plastic in its stores. Since September that year, plastic shopping bags have gradually been replaced with more environmentally friendly paper bags. In Sept. 2020, Uniqlo and GU (another one of Fast Retailing’s brands) introduced a charge for paper bags at all stores in Japan, where 70% of customers now decline shopping bags. From 2020, the company began consolidating packaging materials used in product transport into a single material to simplify recycling. From 2021, in order to recycle packaging materials and waste from product transport, the company launched proof-of-concept areas for recyclables separation, collection, and processing in some Uniqlo and GU stores.

One of the most ambitious goals they have set will be achieving carbon neutrality by 2050. Efforts to do so include reducing their carbon emissions by 20% in 2030. By the end of the fiscal year of 2021, eight Uniqlo stores in Japan achieved Gold Level certification by LEED (Leadership in Energy and Environmental Design). By Aug. 2021, all 64 Uniqlo stores from nine markets in Europe had switched over to renewable energy. By the end of 2021, all stores in North America and in some countries in Southeast Asia will complete this switch.

Fast Retailing also put forward a thrust in protecting the rights of workers. Since 2017, Fast Retailing has published a list of core sewing partner factories, and since 2018, expanded the list to include core fabric mills. By March 2022, the company plans to publish a list of all sewing partner factories it has ongoing dealings with.

In addition to audits at garment factories and core fabric mills, the company aims to establish traceability across the whole supply chain, from upstream spinning mills to raw material level.

Through Fast Retailing site visits, audits by third party organizations, and third-party certifications, the company will identify and correct any human rights or labor environment issues at an early stage. This also includes a gender equity-based policy, including an increase in the representation of female management in the company to 50% by 2030, hiring people with disabilities, and enhancing LGBTQ friendliness of environments for both employees and customers.

“We would like to provide to the world a new way of fashion,” said Mr. Yanai in his speech. “We are all connected in various ways throughout the globe. This is [what] we keenly felt through this pandemic. Just one country becoming very wealthy and enriched and thriving — that is not going to be acceptable, tolerated, going forward.” —  Joseph L. Garcia

SEC issues warning versus four entities

THE Securities and Exchange Commission (SEC) has warned investors against the investment solicitation programs of Wow Negosyo, U-Trade Beauty and Wellness Products Trading, U-Bet Trade International Opc, and Kinney Infotech Corp.

In three separate advisories, the regulator said none of the entities have the necessary licenses to collect investments from the public.

According to SEC, Wow Negosyo is a company of Wealth on Web Company/WOW Company/WOW Trade, for which the regulator issued an advisory in October for its investment activities.

“Wow Negosyo is not registered as a partnership nor as a corporation with the SEC. Hence, it is not authorized to solicit investments from the public as it has not secured prior registration and/or license to solicit investments from the commission as prescribed under Section 8 of the Securities Regulation Code (SRC),” the commission said.

The regulator said it received inquiries on Wow Negosyo’s newly approved “complan” under Wealth on Web Company/WOW Company/WOW Trade.

“The public is advised not to invest or stop investing in any investment scheme being offered by Wow Negosyo and exercise extreme caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of Wow Negosyo,” SEC said.

At the same time, the commission said a certain Phoebe Evangelista Gracilla heads both U-Trade Beauty and Wellness and U Bet Trading International (U-Trade).

It said U-Trade has several investment plans, including a scheme that promises investors passive income worth 500% of their investment within a 25-day “lock-in” period and other referral commissions.

U-Trade Beauty and Wellness Products is registered with Department of Trade and Industry, while U-Trade is registered with SEC. However, neither is licensed to solicit investments from the public.

SEC added that both the Gracilla-led entities are also not registered as virtual asset service providers (VASPs) with the Bangko Sentral ng Pilipinas. Both also lack the certificates of authority as a money service business as required under the guidelines for VASPs.

Kinney Infotech is luring the public to invest “with the promise of high monetary rewards or profits.” It is offering a “project plan” from basic package of P5,000 with a guaranteed return of 18,600, while a “supreme package” of P40 million with P93,6000.

SEC said that while Kinney Infotech is registered with the commission, it is “not authorized to offer, solicit, sell, or distribute any investment/securities to the public.”

The regulator warned that those involved in the operations or those who act on behalf of U-Trade Beauty and Wellness Products, U-Trade, and Kinney Infotech may be “prosecuted or held criminally liable” under Section 28 of the SRC.

Violators may be fined with as much as P5 million and/or a penalty of 21 years behind bars, SEC said.

BusinessWorld tried to reach out to the four entities. — Keren Concepcion G. Valmonte

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