Facebook Instagram Linkedin X Youtube
Home Blog Page 5639

Natori marks 45th year with footwear, men’s collection

BEST known over decades for its silky embroidered nightgowns and loungewear for women, Natori is now expanding into the world of menswear and shoes.

The Natori band celebrated its 45th year with its latest Fall/Winter collection, footwear, and the launch of a men’s line on Nov. 10 at the Manila Peninsula in Makati City.

While it long had slippers to match its loungewear and nightgowns, it has expanded its products to include tuxedo flats, embroidered wedges, strappy stilettos and peep-toe boots.

And for the first time, Natori also launched men’s loungewear — a capsule collection including hoodies, jogging pants, and shirts.

“It’s been fun [designing a men’s line]. I think it’s time. Why not?” Josefina “Josie” Almeda Cruz Natori said during the launch. “[It’s something] you can buy for your boyfriend, husband, and your son.”

She also hinted at a release of a children’s line for spring next year.

THE NEW COLLECTION
The brand’s Fall/Winter 2022 collection uses silk, velvet, jacquard, matelassé, and taffeta fabrics in autumnal palette of greens, purples, reds, and cognac. The brand also introduces the Infinity print which is symbolic of yin and yang.

“This is our 45th year, so we really went to the very essence of Natori. [These] (the designs) are all inspired for my archives,” Ms. Natori said of the new collection during the launch.

Brand evolution is key to a brand’s continuity.

“If we did not evolve, we wouldn’t still be around. You have to keep evolving every year. It’s a different customer base today. My biggest challenge and goal is to be relevant to the new generation — to your generation,” she told this reporter

Ms. Natori’s visit for the brand’s 45th anniversary was her fifth time back in Manila since December 2021, just after the COVID-19 lockdowns. “I love being here today and seeing costumers and getting feedback. It’s something that is important to me to learn,” she said, “[I] love to always do something different each time.”

Natori has long been available in the Philippines through Rustan’s department stores.

“After a tumultuous three years of the pandemic, I am so excited to have our final celebration of 45 years of Natori at Rustan’s, our partner in the Philippines for over two decades,” Ms. Natori was quoted as saying in a company statement.

“I feel very fortunate and proud that after 45 years we are still privately held, family owned, and closer to the lifestyle company I imagined it to be. I’ve always had the vision to build a brand that will live beyond me,” she added.

MCDONALD’S FRANCHISE OR A CARWASH
“Natori is a total concept, a way of life,” Ms. Natori said in the statement. “I just happened to start at the back door with lingerie. Now as the company grows, we grow our sensibility too, taking our concept and making it a whole world.”

Back when Ms. Natori started planning on starting a business following a corporate career in New York City, the ideas ranged from a McDonald’s franchise to a car wash. But it was when she started to explore the idea of an embroidered blouse, which became a night shirt or a nightgown, that things really came together. The nightgown-blouse paved way for other designs in Natori’s lingerie line.

The House of Natori was founded in 1977. Each of the Natori brand collections — Josie Natori, Natori, N Natori, and Josie by Natori — reflects the designer’s East/West aesthetic. The products range from lingerie and sleepwear, home textiles and accessories, footwear, legwear, fine jewelry, and athleisure.

“It’s the mission of bringing art into life with an East West sensibility,” Ms. Natori said in the statement. “I’m proud of my heritage, I’m proud to have built a brand where ‘made in the Philippines’ is synonymous to quality.”

Natori is available at Rustan’s Makati and Rustan’s Shangri-La. For more information, visit www.Rustans.com — Michelle Anne P. Soliman

Megawide continues to bleed; losses widen to nearly P320M

MEGAWIDE Construction Corp. saw its attributable net loss for the third quarter of the year widen to P319.6 million from a loss of P218.9 million in the same period a year earlier.

Revenues for the period slightly increased to P3.97 billion from P3.92 billion previously, the company’s third-quarter financial report showed.

Third-quarter expenses reached P4.5 billion, up 5% from P4.3 billion in the previous year.

For the January-to-September period, the company’s attributable net loss widened to P445.3 million from a loss of P80.8 million in 2021.

The company’s consolidated net loss reached P970 million compared with the consolidated net loss of P510 million in 2021.

This was “due to a higher loss contribution from the airport business as well as landport operations,” Megawide said.

“Operating profit increased slightly by 5% or P43 million but the impact of additional expenses from other charges … resulted in the higher net loss in 2022,” it added.

Revenues for the period reached P11.8 billion, 3% or P361.72 million higher than the same period last year.

“The increase was mainly related to the airport segment, which showed significant recovery during the period, posting a 206% increase or P754 million,” Megawide said.

Meanwhile, construction revenues reached P10.32 billion and contributed 88% to the consolidated revenues.

“The segment experienced a slowdown of operations as certain contracts were under renegotiation due to the impact of rising raw material prices and interest rates,” the company noted.

But the company said it maintains a healthy order book after it secured new contracts from Suntrust Home Developers’ Suncity West Side City project, Landers Aseana, Hampton O&P, and the Department of Transportation’s Malolos Clark Railway Phase 1 Project, a joint venture project with Hyundai Engineering & Construction Co., Ltd. and Dong-ah Geological Engineering Co. Ltd. 

The company said its airport business “remains optimistic” of a turnaround as “vaccination has contained the virus, encouraging global and local air travel.” Nine-month revenue from this segment reached P1.1 billion and contributed 9% to the total consolidated revenue.

“Passenger volume more than doubled from last year’s pandemic level, although still fell short of pre-pandemic levels, with domestic passenger volume, which comprised 90% of traffic, rising to 3.3 million from last year’s 660,000 and international passenger volume soaring to 370,000 from previous year’s 10,000,” Megawide said.

At the same time, the airport merchandising segment experienced an 806% surge in sales to P93 million from P10 million in 2021.

“Landport operations meanwhile delivered revenue of P276 million from office towers and commercial spaces and contributed 2% to the total consolidated revenues,” Megawide said.

“The clamp down on Philippine Offshore Gaming Operators or POGO continues to put pressure on office vacancy and lease rates, affecting tenancy at PITX (Parañaque Integrated Terminal Exchange) and translated to lower revenues from the same period last year,” the company added. — Arjay L. Balinbin

CREIT to hasten buildup of renewable energy projects 

CITICORE Energy REIT Corp. (CREIT) is ramping up the development of renewable energy projects to meet its planned expansion, a company official said last week.

“Currently, we have a pipeline of solar photovoltaic and battery energy storage systems [at a total capacity of] 3 gigawatts (GW),” Oliver Y. Tan, president and chief executive officer of CREIT, told BusinessWorld during the Philippines-Spain Multilateral Partnership forum last week.

He said the company is set to break ground for around 200 to 300 megawatts (MW) of new solar capacity “by next year, by the first quarter.”

Mr. Tan said that next year, CREIT is planning to develop around 800 MW of solar projects.

“Towards the second half of next year, another 400 to 500 MW until we reach the 3 GW in the next five years,” Mr. Tan said.

He said that the solar farm projects will be located in three areas in Luzon.

Meanwhile, Mr. Tan said that CREIT is also expecting growth in its net income for the year.

“We are expecting our earnings to be in line with our full-year forecast,” he added.

CREIT has yet to disclose its net income for the third quarter.

In the second quarter, it reported a net income of P300.83 million, up nearly five times from P65.68 million in the same period last year.

In 2021, it earned P209.48 million, or more than double the P104.11 million recorded in 2020.

For 2023, Mr. Tan said CREIT will acquire assets to host affiliate solar power developers.

Last month, CREIT said it was looking at issuing ASEAN green bonds to expand its real estate portfolio. It plans to offer bonds worth P3 billion, with an oversubscription allotment of up to P1.5 billion. The planned offering is awaiting regulatory approval. — Ashley Erika O. Jose

Dior transforms Harrods in London with glittering holiday light display

GINGERBREAD themed decorations presented as part of ‘The Fabulous World of Dior’ installation hang from the facade of the Harrods store in London, Britain, Nov. 10. — REUTERS/HENRY NICHOLLS

LONDON — French fashion label Christian Dior kicked off the holiday shopping season in London on Thursday, unveiling a Christmas spectacle at Harrods — with tennis star Emma Raducanu presiding over the event.

The LVMH-owned brand outlined the London department store’s façade with lights, emblazoning the entrance with an enormous star, and filling the windows with sugar sculptures and merchandise.

“This is one of the biggest things we ever did together,” Pietro Beccari, Dior’s chief executive officer told Reuters, noting the brand first took over a corner of the classic British upmarket store in the 1950s.

The elaborate holiday set up comes as the luxury sector grows strongly, with wealthy locals and deep-pocketed tourists splashing out on designer fashion despite soaring prices.

“We’re atypical — we focus on the really ultra-high net worth individuals, and they haven’t really been hit by the crisis,” said Michael Ward, managing director of Harrods.

Mr. Beccari said there were ongoing challenges from China COVID-19 lockdowns and store closures in Russia, but that there was still “a great appetite for luxury”.

Inside the store, the French fashion house set up an exhibit of gingerbread-style renditions of buildings from the life of its namesake founder, filling them with intricate displays, open for public viewing through a free online booking system. — Reuters

Team Ironman PHL wins Mototesto Petron overland tilt

PHOTO FROM MOTOTESTO

THE RECENT Mototesto Petron Philippine Overland Expedition saw more than 80 4×4 vehicles take on a 285-kilometer-long challenge, and its attached event — the Philippine Overland Expo 2022 — attract over 50 campers.

The jungle of General Nakar, recently devastated by Typhoon Karding, made for a challenging route — more so because it was inundated with heavy rain during the event weekend. The trail was challenging even for the sweeper marshals who were nonetheless able to survey the place multiple times. One of the major obstacles faced by the competitors was a rigorous two-kilometer stretch, which the rigs treaded for four hours. As one participant pointed out, it was an ordeal that they found extremely difficult and exhausting, yet, ultimately fulfilling. Indeed, a test of endurance and camaraderie for each team.

They began their journey on Oct. 21 with a warm welcome from Mayor Esee Rozul of General Nakar. Jeep Club off-roaders Atkimson Kua and Rhod Ang headed the trail that went through four hours of various terrains and river crossings. The trail masters made sure everyone arrived safely at the campsite — a vast space of greenery where the campers spent three days mingling and relaxing with like-minded individuals.

Competition Director JR Bartolome made sure that despite the extraordinary challenges the participants faced, every point and every second were well-accounted for from start to finish. Among the 25 competing groups, Team Ironman Philippines emerged as the winner. Finishing the challenge in two hours, 17 minutes, and 29 seconds, the team took home the grand prize of P500,000. Team La Union 1 and Team Giba 1 finished second and third, respectively. No one went home empty-handed as Petron, Motolite, CST Tires, and Mototesto generously rewarded all PHOX participants with a number of exclusive freebies.

Mototesto Overland Equipment CEO Tim Tuazon CEO remarked: “It is an honor to be able to bring the overlanding community together in this one epic event. All the long hours, sacrifices, and hard work paid off when we saw the smiles and laughter of the competitors and campers. Truly, this event perfectly resonates the essence of competition, camaraderie, and passion for overlanding and this lifestyle; that was our goal from the very beginning.”

Higher cargo, passenger volumes push ATI income close to P668M

ASIANTERMINALS.COM.PH

LISTED port operator Asian Terminals, Inc. (ATI) saw its third-quarter attributable net income grow 77% to P667.6 million from P376.3 million in the same period a year earlier, primarily driven by higher cargo and passenger volumes.

In its latest quarterly report, the company said its revenues for the period reached P3.7 billion, up 32% from P2.8 billion in the same period last year. Expenses went up 21% to P2.3 billion from P1.9 billion previously.

The company operates the Manila South Harbor, Port of Batangas, Batangas Container Terminal, and off-dock yards in Sta. Mesa, Manila and Calamba, Laguna.

For the January-to-September period, the company saw its attributable net income rise 20% to P1.8 billion from P1.5 in the same period a year ago.

Revenues for the nine-month period reached P9.8 billion, up 20% from P8.2 billion previously. Total expenses increased 13% to P6.2 billion from P5.5 billion in 2021.

The company saw its revenues from international container operations in Manila and Batangas increase by 16.8% and 5.7%, respectively.

Revenues from non-container operations in Batangas were higher by 68.0% “on account of the strong influx of international rolling cargoes and the robust increase of passenger foot-traffic through the modern Batangas Passenger Terminal with the easing of Covid-19 travel restrictions,” ATI said.

The Batangas Port, a car carrier terminal, handled the “resurgent imports” of major car manufacturers and distributors, which reached nearly 170,000 completely built units, representing an 80% year-on-year growth, according to the company.

The company also said that the Batangas Passenger Terminal, a modern interisland transport hub, facilitated the transit of more than 1.6 million outbound passengers, 252% higher compared with the earlier year.

“ATI unveiled a bigger, better, and smarter Batangas Passenger Terminal in June equipped with world-class facilities such as an expansive and fully-airconditioned passenger lounge, orderly ticketing offices, clean and gender-neutral restrooms, provisions for free wi-fi and clean drinking water, and mobility features for the elderly and differently-abled, among others,” it added.

Meanwhile, the company’s Manila South Harbor and Batangas Port handled a consolidated volume of over one million teus or (twenty-foot equivalent units from January to September.

This reflects “modest growth with indicators of sustained volume acceleration into the Holiday season,” ATI said. — Arjay L. Balinbin

New jeans for old

IN an effort to promote sustainability, Levi’s let people swap their old jeans for new at an event at Glorietta on Oct. 25 as a part of its campaign “Buy Better, Wear Longer”.

People were instructed to bring old denim items and were given a number corresponding to how many items they brought. They could then go through a bin and score new pieces, some of them from special edition lines. This reporter scored a pair from the Star Wars-Levi’s collaboration, while another got a Levi’s Hello Kitty Jacket.

“We always try to avoid wastage,” said Kat Costas, Marketing Head for Levi’s in the Philippines. “Let’s say we do receive some damaged jeans. What we do with that is we upcycle it.”

She pointed to the denim bags and the denim wristbands given to the participants of the event, which included members of the media, influencers, and normal shoppers. Those were made from damaged denim. Ms. Costas said they partnered with NGOs to upcycle damaged denim items to make hats, bags, and other products.

“It’s very important for us to practice advocacies like this, to really mount events like this that also amplify the message to our consumers. It’s really the contribution of both,” she said.

Other activities during the event included patching up denim items at their tailor shop. “It’s creating that new item of clothing from something old that you continuously love and will wear again,” she said. “It’s already making the most of what you have.”

It wasn’t a one-day thing: pocket events will be held at Levi’s stores nationwide.

In addition, sustainability measures go all the way up to its US headquarters. Ms. Costas says that they have saved three billion gallons of water with the Water<Less denim line, introduced in the last decade. They have also invested in materials like organic cotton. Ms. Costas said that they have shared their technology with competitor brands. “We want that all of us stand for a better community, a better planet,” she said.

Ms. Costas pointed out that the fashion industry is the third-largest contributor to pollution. According to the United Nations Environment Program, the clothing sector produces between two and eight percent of global carbon emissions. Ms. Costas said, “How can we live with ourselves, knowing that? We want to make the world a better place.”

In buying less, one can reduce their impact on the environment. Buying more durable products will help a consumer become a more conscientious buyer. Next year, Levi’s will celebrate its 150th anniversary. Just last month, a pair of jeans from the 1880s were sold at auction for $76,000. “It was a good pair of jeans. That will tell you that it stands the test of time,” said Ms. Costas. — JLG

All-new Lexus RZ 450e electrifies Black Panther: Wakanda Forever

The Lexus RZ 450e is the brand’s first all-electric vehicle. — PHOTO FROM LEXUS

LEXUS again joined forces with the Marvel Studios Black Panther franchise, this time for Black Panther: Wakanda Forever. Ahead of the film’s global release last week, the RZ 450e battery electric vehicle, driven by Dora Milaje warriors, starred in 60-, 30-, and 15-second spots called “An Electric Future.”

Directed by Anthony Leonardi III, the spot finds General Okoye (played by Danai Gurira) in the RZ 450e as she prepares to fulfill her national duty in the unfamiliar roll of public speaker. General Okoye is joined by her fellow Dora Milaje as they embark on what becomes a spectacular car chase.

The RZ 450e helps the warriors dodge their pursuers thanks to precise steer-by-wire, balanced handling thanks to Direct4 all-wheel drive, and a seamless on-demand application of power via front and rear eAxle motors. Lexus adds that, because of the RZ’s BEV-specific seating placement and versatile digital rearview mirror, all-around visibility for General Okoye’s driver and front passenger is optimal.

Said The Walt Disney Company Senior Vice-President of Global Partnership Marketing Mindy Hamilton, “The power, elegance, and future-forward vision of the Lexus brand aligns perfectly with the Black Panther franchise. We couldn’t be happier to team up with Lexus once again to bring an action-packed story and supporting 360 campaign to life.”

Added Lexus International General Manager for Strategic Communication Michael Moore, “We’re excited and honored to continue our collaboration with the Marvel Studios’ Black Panther franchise… Our all-electric RZ 450e is a perfect fit in the Dora Milaje’s cutting-edge arsenal, bringing an elevated driving experience that intuitively connects with its users through advanced technology and compelling performance.”

Rates of Treasury bills, bonds expected to climb

BW FILE PHOTO

RATES of government securities on offer this week may climb ahead of the anticipated tightening by the Bangko Sentral ng Pilipinas (BSP) at its policy meeting on Thursday.

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in 91-, 182-, and 364-day debt papers.

On Tuesday, the BTr will also offer P35 billion in reissued 25-year Treasury bonds (T-bonds) with a remaining life of 11 years and 11 months.

A trader said the rates of T-bills and T-bonds on offer this week are likely to climb.

“For T-bills, we expect them to fetch yields higher by 5-10 basis points (bps). For the reissuance of the 25-year bond, we expect yields to range between 8% and 8.25%,” the trader said in a phone call.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message that yields could go up as the market is expecting another rate hike by the BSP this week.

“Treasury bill and Treasury bond auction yields could continue to go up for the coming week after PHP BVAL (Bloomberg Valuation Service) yields mostly went up… The markets would anticipate the widely expected 75-bp local policy rate on Nov. 17, as well as signals that local policy rate hikes to match any further Federal Reserve rate hikes in the coming months that could be potentially tempered by the easing trend in the US consumer price index,” Mr. Ricafort said.

Analysts from UnionBank Economics Research said in a market report that expectations of higher benchmark interest rates could cause bid rates at this week’s auctions to climb.

The Philippine central bank will likely hike rates by 75 bps on Thursday as it seeks to match the Fed’s latest move to stabilize prices and support the currency, BSP Governor Felipe M. Medalla said last week.

The BSP has raised borrowing costs by 225 bps since May, bringing the policy rate to 4.25%, as it seeks to rein in inflation.

Philippine headline inflation surged to 7.7% in October, its quickest pace in almost 14 years, from 6.9% in September and 4% in October 2021.

For the first 10 months, inflation averaged 5.4%, still lower than the BSP’s 5.6% full-year forecast but higher than its 2-4% target.

Meanwhile, the Fed has hiked by 375 bps since March, bringing the federal funds rate to a range between 3.75% and 4%.

Markets expect the Fed to begin considering smaller rate hikes by its Dec. 13-14 meeting after October US consumer inflation increased by 7.7% annually, slower than the 8.2% logged in September.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 4.1094%, 4.6397%, and 5.0454%, respectively, based on the PHP BVAL Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the 10-year bond, the tenor closest to the remaining life of the papers to be auctioned off on Tuesday, fetched a yield of 7.6479% and the 25-year bond was quoted at 7.8828%.

The government partially awarded the T-bills it auctioned off last week, even as total tenders reached P21.507 billion, higher than the P15-billion offer.

Broken down, the BTr borrowed just P2.1 billion through the 91-day T-bills, even with total bids reaching P9.35 billion, above the P5-billion program. The average rate of the tenor rose by 203.2 bps to 4.35% from the 2.318% seen on Sept. 5, the last successful award, with the government only accepting offers with a 4.35% yield.

The Treasury also raised only P2.5 billion via the 182-day securities despite tenders reaching P7.457 billion versus the P5-billion plan. The average rate of the six-month T-bill went up by 84.2 bps to 4.8% from the 3.958% quoted for the last successful award on Sept. 26, with accepted rates ranging from 4.7-4.85%.

Lastly, the BTr awarded just P2.1 billion through the 364-day debt papers as demand for the tenor reached P4.7 billion, slightly lower than the P5 billion on the auction block. The average rate of the tenor increased by 121.8 bps to 5% from the 3.782% seen for the last successful award on Aug. 22. Accepted rates were all at 5%.

Meanwhile, the reissued 25-year bonds to be offered this week were first offered on Nov. 3, 2009, where the government raised P6.5 billion as planned. The bonds fetched a coupon rate of 9.25%, with the average at 9.08%.

The Treasury plans to raise P215 billion from the domestic market in November, or P140 billion through T-bills and P75 billion from T-bonds.

The government borrows from local and external sources to help plug a budget deficit capped at 7.6% of gross domestic product this year. — L.M.J.C. Jocson

7-Eleven operator turns profitable

7-11
DUY NGUYEN-UNSPLASH

7-ELEVEN operator Philippine Seven Corp. posted P425.38 million in attributable net income in the third quarter, turning around from its P181.05-million net loss a year ago.

The turnaround comes after revenues rose 46.7% to P16.06 billion for the July-September period, its quarterly financial report shows. Revenues from contracts with customers were the largest contributor with P15.75 billion, 44.8% higher than a year ago.

Philippine Seven’s other income surged by nearly 10 times to P281.78 million from P30.18 million in 2021. Revenues from fees collected by 7-Eleven stores for withdrawals from their automated teller machines (ATMs) are lodged under other income.

Meanwhile, the company’s expenses reached P15.49 billion in the third quarter, up by 38.4% from P11.19 billion in the previous year.

For the nine-month period, the company’s attributable net income stood at P1.32 billion, reversing the P583.95-million net loss incurred a year ago.

Philippine Seven’s year-to-date topline rose by 38.7% to P44.69 billion from P32.22 billion in the same period last year.

Revenues from contracts with customers were the biggest contributor with P44.19 billion, which increased by 38.7% from P32.22 billion in 2021.

Other income was also higher by more than five times at P430.37 million from P76.92 million in the previous year.

Year-to-date expenses amounted to P42.94 billion, up by 30.2% from P32.98 billion in its financial showing last year.

By the end of the third quarter, the nationwide store network of 7-Eleven reached 3,282, broken down as 52% corporate-owned and 48% franchise-operated.

“The sales of our stores near offices are about 10% below 2019, while those near residences already exceeded pre-pandemic level,” the company said.

So far in 2022, the company opened a total of 236 new stores and counted 27 closures, which the company said was better than the 104 new store openings and 63 closures last year.

In its report, the company said that it has a total of 1,965 ATMs across Metro Manila and the rest of Luzon.

“We expect to end this year with 2,500 ATMs in our system and shall include our stores located in Davao City in Mindanao,” it said. — Justine Irish D. Tabile

Import plan expected to erode fishing communities’ livelihoods

PHILIPPINE STAR/ MICHAEL VARCAS

PAMBANSANG LAKAS ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA), an organization of small fishermen, said the fish import program planned for late in the year by the Department of Agriculture (DA) will depress prices and result in hardship for fishing communities.

PAMALAKAYA said in a statement on Sunday that the 25,000 metric tons (MT) of fish imports will make market prices cheaper at a time when fisherfolk are contending with the high cost of inputs like fuel.

The imports were authorized by DA Special Order No. 1002 signed by Agriculture Senior Undersecretary Domingo F. Panganiban on Nov. 10. The shipments are intended to address possible shortages during the closed season for key fisheries which will run until January.

“Our fisherfolk will be forced to sell their produce at a much lower price in order to keep up with the imported fish that are cheap yet inferior in quality. This means a huge loss to the income of fisherfolk who are already battered with inflation and the high cost of production,” PAMALAKAYA Spokesman Ronnel S. Arambulo said.

The DA authorized imports of round scad (galunggong), bigeye scad, mackerel, bonito and moonfish for wet markets. Of the 25,000 MT, 80% is to be allocated to registered importers in the commercial fishing industry, while 20% going to fisheries associations and cooperatives.

The DA special order requires all import permits be issued on or before Dec. 15, valid until Jan. 30.

PAMALAKAYA called for an end to the practice of declaring closed fishing season.

 “The farmgate price of local galunggong in Zambales is at P120/kilogram, compared to the P220-P240 per kilogram market price. When imported galunggong floods the market, middlemen and traders will bargain (with fisherfolk for) cheaper prices,” the group said.

PAMALAKAYA asked President Ferdinand R. Marcos, Jr. to abandon the import plan and instead improve the productivity of the fishing industry.

“Being the concurrent Agriculture Secretary, Mr. Marcos is duty-bound to undertake measures that will strengthen fishing production, instead of continuously relying on imports,” Mr. Arambulo said. — Revin Mikhael D. Ochave

Geely Philippines opens first-ever ‘in-line store’

PHOTO FROM GEELY PHILIPPINES

LAST MONTH, Sojitz G Auto Philippines Corp. (SGAP) continued to increase its efforts to bring the Geely brand closer to more car buyers in the country, via the opening of its first-ever in-line store.

Located within SM City Taytay in Rizal Province, the Geely store, according to SGAP President and CEO Yugo Kiyofuji, “is a realization of (Geely Philippines’) goal to give… customers a more convenient access to (its) vehicles.” He added, “This is a step in going beyond the usual dealerships that we currently have.”

During the celebration of Geely Philippines’ third year in the country last month, Mr. Kiyofuji emphasized that aside from shifting more toward improving the quality of the dealers to satisfy the customers, Geely continues to explore other possibilities in making sure that the brand continues to adapt to its customers’ needs.

The SM City Taytay mall store is under the management of Geely North EDSA, a dealership directly owned by SGAP. The outlet can display up to three cars simultaneously, and customers can also conduct test drives of all Geely vehicles upon inquiry.

With 34 Geely dealerships operating nationwide, the company has declared that it is set on getting to 40 dealer outlets soon.

1...5,6385,6395,640...14,244Page 5,639 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube