Home Blog Page 5686

Globe aims to launch more potential unicorns

GLOBE Telecom, Inc. said the success of GCash operator Globe Fintech Innovations, Inc.’s (Mynt) latest funding round motivates the company to launch more potential unicorns in the near future.

“We believe that our strategy to use the telco business as a platform to become a digital solutions group by exploring adjacencies in high-growth areas such as fintech (financial technology), healthtech (health technology), adtech (advertising technology), and e-commerce, among others, will embolden us to launch more potential unicorns in the near term and pave the way for us to become a leader in the digital space,” Globe President and Chief Executive Officer Ernest L. Cu said in a statement on Friday last week.

Globe recently announced that Mynt had raised over $300 million in fresh funding, bringing its valuation to more than $2 billion (double unicorn status).

GCash now has more than 51 million registered users, 3.9 million digital touchpoints, over 94,000 cash-in and cash-out agents, and more than 750 billers.

Globe said GCash is on track to triple its gross transactions handled to P3 trillion this year from the record P1 trillion reported last year.

The telco saw its attributable net income for the third quarter increase 11.8% to P4.91 billion from P4.39 billion in the same period a year ago.

Total revenues for the period grew 3.8% to P38.09 billion from 36.68 billion previously.

“The rising data consumption and broadband usage in the country remains the biggest driver for this period’s improved topline,” Globe said.

“Total data revenues accounted for 80% of total service revenues from 76% last year,” it added.

As of September this year, the telco’s attributable net income increased 12.8% to P17.90 billion from P15.87 billion in the same period in 2020.

Total revenues for the January-to-September period grew 4.1% to P113.55 billion from P109.10 billion in the previous year.

Globe Telecom shares closed 1.15% lower at P3,430 on Friday. — Arjay L. Balinbin

Will the perfect men’s dress ever exist — and would men wear it?

HARRY STYLES wears a Gucci jacket and dress. — VOGUE.COM/ PHOTOGRAPHED BY TYLER MITCHELL

MORE famous men are wearing dresses: from actor Billy Porter on the red carpet to singer-songwriter Harry Styles on the cover of Vogue. They have prompted much commentary, both positive and negative, leading fashion commentators to ask if frocks might become a regular part of men’s sartorial landscape.

At this year’s Met Gala, racing car driver Lewis Hamilton wore a white lace dress over a black suit and singer Troye Sivan wore a simple black gown. More recently, rapper Lil Nas X wore a purple suit with a matching train to the MTV Video Music Awards and a Cinderella-style gown at an earlier award ceremony.

The trend signifies a return to ancient sartorial norms, when more androgynous clothing was accepted and, indeed, required.

Such clothes were not “dresses” as we understand them today: the dress is a garment that has become indelibly “feminine.” But could skirts and dresses become mainstream garb for 21st century men beyond these celebrity trailblazers?

Our contemporary construct of masculinity is, of course, relatively recent. Until the early 20th century, boys and girls wore dresses until boys were “breeched” (put into breeches or “short trousers”) at around seven years old.

Pink was a manly color, and it was almost impossible to tell boy and girl toddlers apart.

Before the 15th century, much clothing for men and women was fairly androgynous, particularly outside Europe — where in many cultures this continues today.

Japanese kimono are robes with only subtle hints at gender difference. In parts of North Africa, the jellabiya — a long, loose robe perfect for the warm climate — is worn daily by men and women.

Ancient Egyptian men, including pharaohs, wore the schenti, a wrap skirt similar to a kilt. This garment was so practical and versatile it remained popular for over 2,000 years.

Ancient Greece and Rome saw universal wearing of the tunica, a simple gown that was shorter and looser for men, but constructed the same way for both sexes.

The elite wore longer chiton and toga, which could be more elaborately accessorized to indicate the wearer’s gender. In these societies, the higher a man was on the social ladder, the longer his gown.

Divided garments (not then known as “trousers”) were generally worn only by soldiers and the working class. To ancient Greeks and Romans, leg coverings were more representative of the barbarian than powerful, civilized men.

From 800 AD, bifurcated (divided, two-legged) styles slowly emerged in the Christian world, propagated by the medieval emperor Charlemagne as a way of linking physicality and aggression with new European concepts of “manliness.” Such garments later came to symbolize (male) control and authority.

This was a gradual process, however. In medieval Europe, men and women wore long, layered clothing and tunics until the slow advent of tailoring in the 1400s. Even armor, the most “macho” of male attire, could still feature a metal “skirt” pleated similarly to contemporary tunics.

From the 15th century on, shorter tunics took hold for men, beneath which they could wear hose or stockings and, later, breeches.

Aside from brief outlier trends, (for example the lampooned and short-lived “petticoat breeches”) men’s hemlines continued to move north.

The advent of stockings and a codpiece and, until the 1820s, relatively tight-fitting pants for men, acted as a non-verbal reminder of their political and economic power.

This was in stark contrast to the treatment of women’s legs, which as one writer put it in 1818:

although dressed, are […] immediately connected with parts which are not, and which decency strictly conceals from view.

Women fought for a long time to wear trousers, making discreet strides in the adoption of bloomers as underwear in the 19th century. While gradually accepted as trouser-wearers in the early 20th century (and in the professional realm from the late 1960s), the same freedom of clothing choice has not been given to men.

For women, wearing trousers represented physical freedom, making certain jobs — and therefore, financial freedom — easier. Men do not have that same need, in a practical sense, to adopt dresses.

Arguably, a dress does not make any aspect of life easier, but it does allow an individual to express themselves in different ways. Restricting this suggests repression of far more than physical movement.

It could be argued that since the 18th century, (in the west at least), men have played second fiddle to women in terms of glamour and excitement in clothing. Contrary to popular belief, it was generally women who imposed what we now see as extravagant and restrictive sartorial customs, such as the cage crinoline. For many women, fashion was the one area of life over which they had some control.

During the 19th century, an era famously described by psychologist Carl Flugel as the “great male renunciation” of brilliant fashion, men had eye-wateringly little choice of garments compared to women. The monopoly of the (male) suit has perhaps been a result of this one-sidedness. Promoting dresses for men could redress the imbalance.

If dresses are to become a genuine part of menswear once again, we need first to establish what differences, if any, there will be with women’s. How will the fit be determined? How will they be worn?

This is not necessarily the same as producing androgynous or gender fluid clothes. It is about dresses that will allow men, who wish it, to still feel masculine — as trousers can make women feel feminine.

While fashion slacks were often made to conform to a woman’s body (putting aside utilitarian and wartime uniforms) there seem to be very few dresses made exclusively for the male physique.

Billy Porter’s velvet tuxedo gown worn to the 2019 Oscars was an exception. A hybrid male and female garment, it used black to create a link to contemporary womenswear, and men’s traditional evening wear. Crafted by designer Christian Siriano, it consisted of a tuxedo-style bodice with voluminous, ballgown skirt.

This dress was elite rather than mainstream fashion, created exclusively for Mr. Porter. Mr. Styles’ ethereal Gucci number on the Vogue cover is likewise hardly accessible to the everyday consumer, demanding a high level of confidence to pull off.

The same can be said of frocks and frock-spirations chosen by Carl Clemons-Hopkins at the 2021 Emmys and Queer Eye’s Jonathan Van Ness at the Creative Arts Emmys in 2018.

As Oscar Wilde put it when discussing women’s dress reform in the 1880s:

If the divided skirt is to be of any positive value, it must give up all idea of being identical in appearance with an ordinary skirt … [it must] … sacrifice its foolish frills and flounces.

Perhaps men’s dresses should aim for that same end: not to masquerade as anything else, but to take on a life of their own as new, separate garments.

Examples such as Mr. Porter’s and Mr. Styles’ frocks prompt intrigued debate. Other examples of men wearing dresses are usually associated with transvestism or those undergoing gender reassignment.

Huge progress over the past few decades has made their visibility and acceptance far more widespread, along with gender fluid and queer identity becoming a regular part of the fashion landscape, thanks to designers such as Harris Reed, Telfar Clemens, and Charles Jeffrey Loverboy. Each, in their own way, are creating and championing fluid fashion, showing the world how it can be done.

However, we are not yet at the point where most men would consider a dress a viable option, or where a man wearing a dress would not provoke assumptions around sexuality or gender identity. We also seem to be at a crossroads in terms of how men in dresses are received by different communities.

A controversy arose earlier this year when cisgender man, the rapper Kid Cudi, performed on Saturday Night Live wearing a dress intended to pay tribute to Kurt Cobain.

In 1993, Mr. Cobain had boldly donned a similarly patterned, but shorter frock on the cover of The Face magazine, attracting considerable backlash.

In 2021, wearing a fuller, longer, more classically “feminine” style, Mr. Cudi was met largely with praise. However, some commentators — particularly those from the LGBTQI community — felt his choice was nothing but a “costume” worn by a performer.

Some pointed out that what was a publicity stunt for him amounted to a “life and death” decision, for which trans people have been severely bullied. The reality is that however casually a man might wear a dress, and whatever his motivations for doing so, the choice is fraught with political, emotional and social ramifications. It will be commented on and judged, positively or negatively.

Earlier this year, singer Post Malone’s stylist Catherine Hahn put the singer in a dress, another tribute to Mr. Cobain.

The success of this outfit inspired her to create “a unisex dress that could be worn every day. To work, to school, to skateboard in, or on a date.” The result is a calf-length, oversized plaid shirt that recalls ’90s grunge styles and certainly offers a fun, fresh, casual option for men.

However, it is still unisex, rather than aimed specifically at men. Its shirt-like cut makes it a familiar, non-threatening segue for those wishing to experiment with dresses. This style is the closest we have seen to a potentially mainstream, workable male frock option.

Dresses are likely to remain a novelty for many men, a defiant show of bravery and individuality akin to the female pioneers of the rational and aesthetic dress movements of the 19th and 20th centuries.

Mind you, during this pandemic, there has been a surge in male skirt designs by the likes of Burberry and Stefan Cooke.

Many of these take inspiration from the traditional “man skirt,” the kilt. But longer, calf-length, pleated and A-line examples have been championed too. More men may have felt comfortable experimenting with a skirt or dress during the privacy of lockdown.

The year 2020 was a seismic shift in life as well as fashion. But given the highly gendered and ingrained nature of clothing codes, it seems unlikely we will see men’s dresses go mainstream anytime soon.

 

Lydia Edwards is a Fashion historian at the Edith Cowan University.

Megawide cuts net loss as projects’ operations normalize

MEGAWIDE Construction Corp. managed to cut its attributable net loss to P218.91 million for the third quarter from a loss of P321.16 million in the same period last year, as operations of ongoing projects started to normalize and continued to ramp up due to the start of newly awarded projects.

In a stock exchange filing on Nov. 12, Megawide said its total revenues for the third quarter increased by 40% to P3.92 billion from P2.80 billion in the same period in 2020.

Meanwhile, attributable net loss for the first nine months of the year was cut to P80.80 million from a loss of P610.79 million previously.

“From quarantine restrictions imposed by the government on March 16, 2020, construction segment slowly transitioned to normal levels starting third quarter of 2020,” Megawide noted.

It also said that operations of projects continued to ramp up this year due to the start of newly awarded projects such as Suntrust Home Developers’ Suncity West Side City project, Megaworld’s Newport Link project, and the Department of Transportation’s Malolos Clark Railway Phase 1 project.

Direct costs for the period amounted to P9.46 billion and were higher by 27% or P2 billion. 

“The movement was consistent with the revenue performance across all three segments, taking in consideration fixed costs and depreciation expenses despite reduced passenger volumes and lower occupancy rate at the airport and landport terminals,” Megawide said.

The company also saw its total tax expense increased this year due to the improvement in the operations of the construction segment.

“Tax expense under construction increased by P248 million due to the net income recognized for the period, as compared to the net loss incurred last year,” it said.

“This is offset by the decrease in tax expense in the landport segment, which is directly related to the decrease in its net income, and the reduction in tax rate from 30% to 25% under the CREATE (Corporate Recovery and Tax Incentives for Enterprises) law,” Megawide added. — Arjay L. Balinbin

From Olympic medalists to agile businesswomen to pantry organizers: PeopleAsia honors ‘Women of Style and Substance’

HIDILYN DIAZ

WOMEN from the fields of business, politics, entertainment, and now, sports, were given the PeopleAsia Women of Style and Substance Award for 2021.

The event was held on Facebook Live last week, with performances by Jon Joven and Pops Fernandez (who was an awardee herself). Joining Ms. Fernandez as an awardee from the entertainment sector was actress, chef, and restaurateur Judy Ann Santos, for providing employment during the pandemic through her restaurants, as well as providing homemade face shields to frontliners.

From the fields of law and politics, the award was given to Justice Undersecretary Emmeline Aglipay Villar (her battle against online child sexual exploitation has managed to convict 220 perpetrators), Biñan Representative Len Alonte Naguiat, and Representative Stella Quimbo of the 2nd District of Marikina. Aside from being its first female representative, elected in 2019, she was commended for her role in the Accelerated Recovery and Investments Stimulus for the Economy (ARISE) Bill.

In the field of business, the award was given to Wildflour president and CEO Ana Lorenzana De Ocampo (for her successful pivot during the pandemic), and Casa Bella director Stephanie Coyiuto-Tay. Two skincare CEOs made the cut with Glenda Victorio (Brilliant Skin Essentials president and CEO), and Maricor Monton Flores (South Care Cosmetics Manufacturing. Inc. founder and CEO).

Hilton Manila Commercial Director Joanne Golong Gomez also received the award for also helping the Hilton hotels in Manila pivot during the pandemic — all while dealing with her daughter’s cancer diagnosis.

Martha Sazo, the CEO and President of Mynt-Globe Fintech Innovations (behind GCash) was commended for expanding the mobile wallet service, now boasting usage among 40 million Filipinos, including 2.5 million sellers.

An award was also given to Ana Patricia Non, the founder of the Maginhawa Community Pantry, an initiative where people donated goods for others in need to take during the pandemic. Ms. Non’s initiative has sparked similar actions throughout the nation, the magazine numbering the number of community pantries at more than 6,000. “Malaking bagay po talagang ma-recognize niyo po ang pagbabayanihan ng mga simpleng mamamayan. Kwento natin ito (It’s a big thing that you can really recognize the communal unity of ordinary people. Let’s tell this story),” she said in a pre-recorded speech, which saw her during a repacking of goods to be prepared and delivered.

Finally, a special award — The Woman of Strength, Style, and Substance Award — was given to Hidilyn Diaz. Ms. Diaz won the country’s first gold medal at the Tokyo Olympics 2020 for Weightlifting. “Thank you sa pagpapahalaga sa aming mga Filipino athletes at mga kababaihan. Tayo po ay mahusay, matatag, at magaling (Thank you for appreciating our Filipino athletes and women. We are excellent,  steadfast, and good).” — J.L. Garcia

Rates of Treasury bills may move sideways ahead of RTB offering

BW FILE PHOTO

RATES of Treasury bills may move sideways with an upward bias in Monday’s auction ahead of the start of the government’s retail bond offer.

The Bureau of the Treasury (BTr) plans to raise P15 billion via the Treasury bills (T-bills) it will auction off on Monday, or P5 billion each from 91-, 182- and 364-day debt papers.

“Yields of T-bills will continue to move sideways with a basis point (bp) upward bias across tenors. Dealers and investors will now gear up for the government’s 26th retail Treasury bond (RTB) offering where efforts and bulk of the demand will be concentrated in the said offering,” a bond trader said in a Viber message.

“We may see the coupon for the 5.5-year RTB be set to an indicative range of 4.500% to 4.750%.”

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said T-bill yields could be slightly higher following the higher rates fetched for the central bank’s 28-day bills on Friday amid inflation concerns.

“Continued excess liquidity in the financial system would also temper any uptick in T-bill auction yields,” he said. “The upcoming RTB offering could take some of the excess liquidity in the financial system and could add to supply of government securities.”

He said the RTB’s coupon could be around the 4% level, close to the latest five- and six-year secondary market yields.

The BTr will offer 5.5-year RTBs to raise at least P30 billion ($603 million), with a swap offer for bonds falling due in 2022, it said on Friday.

The bond offer will be launched on Nov. 16 and follows the government’s first onshore retail dollar bond issue that raised $1.6 billion in September, helping boost funding for government programs to support the economy’s recovery.

The offer period is set to run from Nov. 16 to Nov. 26, unless the BTr closes it early. The papers will be issued on Dec. 2 and will mature by 2027.

The BTr will suspend the auction of five-year and seven-year Treasury bonds on Nov. 16 and 23 to give way for the offering.

With minimum investments for RTBs at P5,000, the Treasury is targeting small investors that want low-risk, higher-yielding savings instruments backed by the National Government.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 1.2133%, 1.4391% and 1.6575%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the five- and seven-year T-bonds were quoted at 4.1571% and 4.6372%, respectively.

The BTr raised P15 billion as planned via the T-bills it auctioned off on Tuesday as the offer attracted P42.52 billion, almost triple the initial offer and higher than the P41.78 billion in bids logged in the previous auction.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P14.53 billion in bids. The three-month T-bills fetched an average rate of 1.143%, up by 1.3 bps from the 1.13% seen at the previous offering.

The BTr also borrowed P5 billion as programmed from the 182-day securities as tenders reached P15.26 billion. The average yield of the six-month debt paper rose 0.6 bp to 1.401% from 1.395% fetched a week earlier.

Lastly, the government made a full P5-billion award of the 364-day T-bills as the tenor attracted bids worth P12.73 billion. The average rate of the one-year instrument stood at 1.616%, up by 0.3 bp from the 1.613% a previously.

The BTr plans to raise P200 billion from the domestic market in November, or P60 billion via weekly offers of T-bills and P140 billion from weekly T-bond auctions.

The government wants to borrow P3 trillion from local and external sources this year to help fund a budget deficit seen to hit 9.3% of the country’s gross domestic product. — Jenina P. Ibañez

7-Eleven operator trims losses as sales improve

@7ELEVEN11THAVE

LISTED convenience store operator Philippine Seven Corp. narrowed its net loss by 7.4% in the quarter ending September to P181.1 million from P195.6 million on the back of an improvement in sales.

In a disclosure to the exchange on Friday, Philippine Seven said its improved total sales is due to the increased number of operating stores as well as lower base year effect.

“The slowing rate of decrease in same store sales occurred as the adverse impact of the pandemic already matured,” the company said. “The full recovery in sales remains to be dependent on the rate of infection and vaccination efforts.”

The listed firm behind 7-Eleven stores said it logged a 3.4% growth in same store sales in the July-to-September period, better than the 25.2% contraction from a year ago.

“This is the first growth in same store sales after five consecutive quarters of negative growth. The downgrade to a lower quarantine alert level and easing of mobility restrictions contributed favorable to increase in sales,” the company said.

Same stores sales growth (SSSG) in the second quarter this year contracted by 5.1%, and dropped by 20.1% in the first quarter. The last three quarters of 2020 also posted a negative SSSG, ending 2020 with a contraction of 18.4%.

System-wide sales for the third quarter improved by 10.1% to P11.33 billion from P10.29 billion in the same period last year due to improved SSSG.

Merchandise sales revenues also improved by 9.8% to P10.1 billion. This takes into account retail sales of corporate stores, merchandise sold to franchisees at cost, as well as the merchandise sales of five neighborhood wholesale stores.

For the three quarters ending September, Philippine Seven incurred a net loss of P584 million, inching down from the P585.3-million loss recorded year on year.

The company said its average sales are still less than 80% of its pre-pandemic sales and are “a drag to profitability.”

Meanwhile, system-wide sales for the nine-month period declined 2.3% to P33.54 billion from P34.34 billion in the same period last year. Merchandise sales revenues amounted to P28.2 billion, 1.4% less than P28.6 billion from a year ago.

The listed 7-Eleven operator said it ended the period with 3,019 7-Eleven stores, up by 59 branches or 2% compared with the 22,960 stores in the same period last year.

Philippine Seven opened a total of 104 new stores by the end of the third quarter, while it shuttered 63 stores.

“The rate of new store opening is seen to accelerate in the last quarter resulting from the downgrade in quarantine alert level brought about by the declining trend in daily active cases,” Philippine Seven said.

Shares of Philippine Seven at the stock market closed unchanged on Friday at P95 per share. — Keren Concepcion G. Valmonte

Festival of Lights goes online for second year

DURING a normal holiday season, a medley of Christmas music accompanied by dancing lights is played in a garden in the middle of a busy business district. The show begins after sunset, with the medley lasting for about 15 minutes, then it is replayed every half hour. Guests gather to watch the spectacle, sing along to the music, and take photos.

While visiting the garden was curtailed in 2020 because of the coronavirus (COVID-19) pandemic, the audience was still able to enjoy the spectacle, albeit online. For this year, the lights and sound show returns on a second year online.

“Festival of Lights: Virtual Edition 2021” was launched on Nov. 12 on the Ayala Land and Make It Makati official Facebook pages.

“[Festival of Lights] was originally envisioned to serve the Makati community but then over the years it became so well-loved that it actually turned into an annual tradition where families and friends reunite,” said Chrissy Roa. Head of Marketing and Communications of Ayala Land Estates, during an online press launch on Nov. 12.

While the live show attracts thousands of visitors, last year’s virtual show reached 5.5 million viewers.

“This year, we want to reach more people and we want to reach more places not only locally but abroad as well,” Ms. Roa said.

“The Festival of Lights has allowed us to connect with the community in a unique way. The virtual live show allows us to further strengthen this connection as we are now able to reach Filipinos out of the country [who] may not be able to come home for Christmas,” Shiella Aguilar, Project Development Head for Makati, said.

This year, the festival is a two-part show made in partnership with Globe Studios, led by director Quark Henares and Acid House. A medley of holiday songs by singer-songwriter Jose Mari Chan is used in both installments.

“I grew up immersed in happy yuletide music at Christmas time,” Mr. Chan said about the holidays growing up in Iloilo. “So, it’s not surprising that in composing my Christmas songs, it was inspired to derive the happy tunes from all the memorable music that I grew up with.

“It is always delightful to be associated with the most joyful season of the year,” Mr. Chan said about the collaboration. “The spirit of Christmas is always family, so to bring out that spirit in my songs is very important.”

Part One of the “Festival of Lights: Virtual Edition 2021” recreates the light show at the Ayala Triangle Gardens, this time designed within the digital space as a 360-degree animation. Part Two, which launches in December, tells the story of a family.

Mr. Henares, Globe Studios Executive Director, directors the virtual lights and sound show again this year. He said that this year’s show has more character animation.

For Part One, Mr. Henares said that there are more Christmas elements such as Santa’s sleigh and reindeer that go around the garden, as well as Christmas gifts, and decorative balls. The animation accompanies Mr. Chan’s song “A Wish on Christmas Night.”

Part Two will feature 2D animation of a Christmas story about a family and showcase various Christmas traditions. The animation also includes an animated Jose Mari Chan.

To make the light show accessible, on-ground QR code displays and digital boxes will be placed in areas around the Makati Central Business District (CBD) and Circuit Makati such as underpasses, walkways, malls, and parks.

CONTESTS AND OTHER EVENTS
Along with the Festival of Lights: Virtual Edition 2021, augmented reality Instagram filters will also be launched for a complete digital Christmas celebration. Featuring the lights and sound show in the background, the filter transports users to the Ayala Triangle Gardens.

Ayala Land is hosting a contest for the best entries that use the Festival of Lights: Virtual Edition 2021 filters.

From Nov. 20 to Jan. 9, one grand prize winner will receive a four-day, three-night all-expense paid trip to El Nido, Palawan for two, inclusive of airfare in partnership with AirSwift, free food, and RT-PCT testing.

Other prizes include Seda Hotels gift certificates for an overnight stay or a free dine-in dinner for two. Participants can also win four roundtrip airfare tickets from Manila to Boracay. To join, contestants must post their entries on their Facebook page, Instagram Feed, and Instagram Stories with the official tags and hashtags: @makeitmakati @ayalaland from Nov. 20 to Jan. 9.

Meanwhile, Makati is also holding live events for the holiday season. There will be safe alfresco dining opportunities at the Makati Al Fresco Parklets at the Rada Promenade, and the Makati Street Meet at Legaspi and Salcedo Villages, and Riverside Sessions in Circuit Makati daily starting Nov. 20.

There will be live performances of holiday tunes every Friday to Sunday from November to December at Circuit Makati and the Makati CBD.

On Dec. 15, the Jaime Velasquez Park and the Legazpi Active Park will be hosting Simbang Gabi masses.

On Dec. 25, Ayala Land and Make It Makati will present an Online Christmas Concert with Mr. Chan and the Manila Symphony Orchestra.

The Festival of Lights: Virtual Edition 2021 runs until Jan. 9, 2022 on the Make It Makati Facebook page https://www.facebook.com/makeitmakati/videos/4506153449473349. For more information, visit the Makati It Makati and Ayala Land Facebook and Instagram accounts. — Michelle Anne P. Soliman

BIR monitoring LYKA, other online platforms

THE BUREAU of Internal Revenue (BIR) is monitoring social media platform LYKA/Things I Like Co. Ltd. and other taxable online transaction platforms for possible legal violations, the Finance chief said.

Finance Secretary Carlos G. Dominguez III at a press briefing said the agency is working with the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).

“We are looking not only at LYKA, but all other transactions that are taxable going through digital space,” Mr. Dominguez said.

“SEC is going through all these digital companies to check whether or not they are authorized, registered with SEC as they should be. So all the regulators and the tax authorities are focusing now on the digital space, because there’s a very big danger of fraud, of violations of the laws in the digital space since this is so new. But all the major agencies are focusing on this new technology.”

Finance Assistant Secretary Dakila E. Napao said the Bureau of Internal Revenue is studying the LYKA platform, through which users can transact using gift cards in electronic mode or GEMs.

“Based on the BIR’s last update, they’re saying that as of now, they’re still studying the case of LYKA on possible tax issues on its operations,” he said at the same briefing.

LYKA last month said it would apply for an operator of payment system license after BSP said its marketing arm cannot be given the license on its behalf.

The BSP had upheld a cease-and-desist order it issued against LYKA’s marketing arm Digital Spring in July, saying the parent organization itself should register for the license.

Meanwhile, Mr. Napao said the BIR is still working on launching the electronic invoicing system, which the DoF initially said was set to be piloted this year.

“The e-invoicing project will already enter into the pilot stage, and this is projected to be done by January of 2022.” — Jenina P. Ibañez

S. Korea seen as next big market for Davao de Oro cacao, coconut

CACAO products from Davao de Oro. — COMVALP FB PAGE

DAVAO DE ORO agricultural commodities could do well in South Korea market if producers bolster their research and development and ensure stable supply and delivery, a trade official said.

“I challenge MSMEs (micro, small and medium enterprises) to look into R&D… Unless we have a strong R&D, we will continue to be dependent on foreign investors, and foreign investors are also more attracted to countries with strong R&D,” Jose Ma. S. Dinsay, commercial counsellor of the Philippine Trade and Investment Center-Seoul, said during the two-day hybrid Davao de Oro Investment Conference 2021 last week.

He cited coconut and cacao as among the province’s products that can be developed for further export.

“Coconut has one of the biggest potentials… coconut oil and dried coconuts, and activated carbon,” he said, noting that these goods are already among the main agricultural commodities being shipped to South Korea.

“If we develop our own technology and new products for coconut, the opportunity is big… in food and wellness,” he added.

For cacao, which is intercropped with coconut in parts of the Davao Region, Mr. Dinsay said the commodity’s footprint in the South Korean market is limited.

One recently-launched product is Yelo Yolo cacao chips, produced in Davao Region and marketed by a South Korean firm. The brand also offers cacao cookies, as well as coconut, cassava and banana chips.

“Now trying to introduce cacao to South Korea. There is a growing trend for chocolate because of the café market,” he said.

In the fresh banana sector, he said there is a growing demand for organic, which is currently dominated by Peru.

The Philippines is one of South Korea’s top Cavendish banana suppliers and will enjoy zero tariffs in five years following the recent signing of a bilateral free trade agreement.

At the Davao City business chamber’s separate Davao Investment Conference also held last week, Trade Secretary Ramon M. Lopez emphasized the significance of the trade deal.

“This is a major win considering that this has been a long negotiation of about two years, so that we can fast-track for a very good market access of bananas entering the South Korean market and also preserve our exports to South Korea,” he said.

“We will see more of Korea in the years to come,” he added.

Mr. Dinsay also noted potential South Korea-Davao de Oro collaboration in coffee, aquaculture, and mining.

EMERGING SECTORS
Meanwhile, the Department of Trade and Industry’s (DTI) Davao de Oro office is also encouraging the development of new agricultural ventures such as adlai, free-range chicken, poultry farming, sorghum, and cassava.

Speakers representing these industries, including a cooperative and San Miguel Foods, Inc., gave briefings on opportunities for potential investors.

“We are highlighting industries that are promising and providing good returns for our investors, most especially in this time of crisis,” DTI-Davao de Oro Provincial Director Lucky Siegfred M. Balleque said during the forum.

“With the combined activities, the organizers hope to generate at least P500 million in investment for new and expansion projects, assist 50 investors and more than 200 existing and potentials MSMEs and create more than a thousand jobs respectively,” he added. — Marifi S. Jara and Maya M. Padillo

Villar’s AllHome, AllDay post profit growth

VILLAR-LED listed companies AllHome Corp. and AllDay Marts, Inc. recorded income growth as of September this year, the two firms said in separate e-mailed statements.

Without disclosing specific numbers, home improvement and construction firm AllHome said its net income increased by 12% from its second-quarter income and its earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 13%.

Sales improved by 9% to P3.402 billion from P3.132 billion. The company said it remained open, albeit on shortened hours, even as the government reimplemented stringent lockdown restrictions during the period.

“AllHome’s inherent innovative nature fueled its ability to quickly adapt to the COVID-19 (coronavirus disease 2019) pandemic. Our team continuously evaluates our strategies and implement operational efficiency initiatives to maximize earning potential and minimize costs,” Manuel B. Villar, Jr., chairman of AllHome and AllDay, said in the AllHome statement.

For the January-September period, AllHome posted a net income growth of 65% to P973 million year on year after its EBITDA grew 32% to P2.36 billion.

Sales of AllHome for the period grew by 22% to P10.13 billion from P8.33 billion in the same three quarters last year. Its gross profit also posted a 33% growth, with the company’s gross profit margin increasing by 290 basis points to 34.2% from 31.3%.

Benjamarie Therese N. Serrano, president and chief executive officer of AllHome, said the company’s results as of September already surpassed its performance logged in the same period in 2019 with net income after tax rising by 30%, EBITDA by 27%, and sales by 24%.

“We remain optimistic with the industry as more Filipinos become vaccinated, the economy opening up, and the pandemic situation eases,” Ms. Serrano said.

“Given these, in terms of our expansion program, we have already opened five stores as of end of September and we are looking at opening a number of new stores in the [fourth] quarter, which will bring us close to our at least 100 store target by 2026,” she added.

AllHome said it implemented strategic pricing and also increased in-brand house sales contribution to improve margins.

Meanwhile, AllHome also optimized its store capacity and repurposed its branches. Some were used as additional store warehousing and fulfillment areas that serve its e-commerce platform. The repurposed sores are said to be “the basis” of the “new generation AllHome stores.”

“These new stores now carry a smaller footprint of 7,000 to 8,000 square meters (sq.m.) net selling area and requires lesser CAPEX (capital expenditure) fit-out requirement,” AllHome and AllDay Vice-Chairman Camille A. Villar said in the AllHome statement.

ALLDAY RECORDS 61% NET INCOME GROWTH
Meanwhile, newly listed AllDay said it booked a net income after tax of P265 million as of end-September, up by 61% from the P165 million logged in the same period last year.

Nine-month sales improved by 22% to P6.9 billion from last year’s P5.6 billion. The company said this is also a 121% improvement from its sales performance in the same period in 2019.

AllDay said 3.8% of its revenues were generated via its digital platforms, while it accounted for 5.7% of its third quarter revenues. Meanwhile, same store sales growth (SSSG) for the period went up by 3%.

“We are firm in our belief that this will be sustained through our clearly differentiated supermarket concept,” AllDay President and Chief Executive Frances Rosalie T. Coloma said in the AllDay statement.

The company made its debut at the local bourse earlier this month, raising P4.53 billion from its initial public offering (IPO).

“Thanks to our successful IPO, we look to use the fresh funds made available to us to enable an aggressive expansion strategy that will see us posting even better performance results moving forward,” Ms. Coloma said.

The company currently has a store network of 33 branches. It aims to have 45 supermarkets by the end of next year and reach 100 by the end of 2026.

Shares of AllHome at the stock market declined 1.98% or 20 centavos to close at P9.90 on Friday, while AllDay stocks rose 10.81% or eight centavos to end at 82 centavos apiece. — Keren Concepcion G. Valmonte

Ewan McGregor teases lightsaber duel with Vader in Obi-Wan series

A STILL from Star Wars: Obi-Wan Kenobi

LOS ANGELES — Star Wars fans yearning for another battle between Darth Vader and Obi-Wan Kenobi may see the duo face off in a new streaming TV show expected next year, actor Ewan McGregor said in a video released on Friday.

The Scottish actor will reprise his role as the famed Jedi master in Obi-Wan Kenobi on Walt Disney Co.’s Disney+, and Canadian actor Hayden Christensen will return as Darth Vader. The pair last appeared in those roles in 2005 movie Revenge of the Sith.

“The most beautiful thing of all is that it’s brought me back with Hayden,” Mr. McGregor said in a video released by Disney.

If the characters “have another swing at each other, it might be quite satisfying for everyone,” Mr. McGregor said.

The video also included a piece of concept art that showed the characters facing each other with glowing lightsabers crossed between them.

Disney released the video as part of what it dubbed Disney+ Day, an event that featured new programming, trailers and other promotions to encourage customers to sign up for the streaming service it is trying to build to compete with Netflix.

The Mandalorian on Disney+, featuring the popular Baby Yoda, became a global phenomenon.

The Obi-Wan series is set between Revenge of the Sith, the third episode in the Star Wars movie saga, and A New Hope, when Luke Skywalker evolves from humble farm boy to hero.

Obi-Wan, in the new series, “basically he has one task left, which is to keep Luke safe,” Mr. McGregor said.

That is the story’s starting point, director Deborah Chow added. “This is quite a dark time,” she said. “With him being a Jedi, it’s not safe. There are Jedi hunters out there.” — Reuters

Indian firms’ inflation concerns may test easy policy

A CLUTCH of Indian companies have turned increasingly vocal about their inflation concerns, setting the stage for raising prices that could test the central bank’s resolve to keep borrowing costs lower for longer to support the economy.

Companies from Hindustan Unilever Ltd., the Indian arm of Unilever Plc, to Nestle India Ltd. have pointed to profit-squeeze from higher input costs and supply chain strains, while the likes of Dabur India Ltd., a maker of packaged honey and hair oil, and Britannia Industries Ltd. have already passed on some of the increased costs to consumers.

Those increases probably fed into India’s headline inflation, which snapped a four-month slowing trend in October. Data on Friday showed consumer prices rose 4.5% last month, beating economists’ estimate for a gain of 4.4%. Prices are expected to accelerate further as a higher base of comparison from a year ago fades.

While several central banks have responded to price pressures by raising interest rates, the Reserve Bank of India (RBI) has stuck with its inflation-is-transitory narrative as it sees the headline number edging lower on higher food output after a bountiful monsoon.

The expected food price-led moderation in India’s inflation was cited by Governor Shaktikanta Das as reason enough to continue with the easy monetary policy to support what he called a “delicately poised” economic recovery. The RBI’s rate-panel is scheduled to meet early next month to review policy settings.

Although the central bank sees inflation ending at 5.3% for the year to March 2022, well within its 2%-6% target range, economists see the headline number hiding persistent price pressures. Last month, the central bank unexpectedly suspended a government-bond purchase program after surplus funds in the banking system neared a record, posing an upside risk to inflation.

Prime Minister Narendra Modi’s administration earlier cut an excise levy on diesel and gasoline, with an aim to check inflationary pressures and allow the central bank more room to keep borrowing costs low. The move, according to economists including those at IDFC First Bank Ltd. and Yes Bank Ltd., would help lower consumer price inflation by 10 to 14 basis points.

Still, a surge in pent-up demand from Indians emerging out of lockdowns could see businesses regain pricing power that could drive inflation faster.

“A substantial rise in prices charged for the provision of services in India had no detrimental impact on demand,” said Pollyanna De Lima, economics associate director at IHS Markit. “That said, service providers were concerned that persistent inflationary pressures could deter growth in the coming year.”

Those are among risks, according to Incred Capital Chief Economist Jay Shankar, that could turn the RBI hawkish sooner than currently being priced in by markets. — Bloomberg