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Next DICT chief cool to lowering spectrum user fees

UNSPLASH

By Arjay L. Balinbin, Senior Reporter

SPECTRUM USER FEES (SUF), which telecommunications companies described as excessive, are unlikely to be lowered under the Marcos administration, as the government needs to boost revenue collection to cope with the crisis, the next chief of the Department of Information and Communications Technology (DICT) said.

“That’s part of revenue generation for our government. We’re a bit short of funds due to the pandemic and since we’re in a fuel crisis, the prices of goods are rising. We’re expecting an energy crisis also soon, DICT Secretary-designate Ivan John E. Uy said in a mix of Filipino and English during a recent BusinessWorld interview.

The country’s major telecommunications services providers PLDT, Inc., its wireless arm Smart Communications, Inc., and Globe Telecom, Inc. said last year that the spectrum fees were becoming excessive.

Spectrum user fees are collected annually from public telecommunications entities (PTEs), or those engaged in the provision of telecommunications services to the public for compensation.

For Mr. Uy, the government has to maximize income generation. “The spectrum is a limited asset. Once it is given or sold to one group, it cannot be sold or used by others. Of course with the limited resource, the government has to maximize the generation of those income,” he added.

PLDT and Smart expected to spend P2.4 billion on spectrum user fees in 2021, similar to the previous year’s expenditure, according to Roy Cecil D. Ibay, Smart Communications vice-president for regulatory affairs.

The proposed measure, which was approved by the House of Representatives and transmitted to the Senate on Sept. 22 last year, seeks to adopt a license-free, zero SUF policy in line with “best international practices.”

It also aims to protect public interest by limiting the use of outdoor Wi-Fi frequency access points or base stations and links to the government and duly enfranchised public telecommunications entities. The Senate failed to pass its counterpart measure.

Globe has said it expects that this policy will increase public access to Wi-Fi technology and, eventually, lower the cost of telecoms services for the public.

“When spectrum prices are set too high, operators are likely to invest less in their networks, which impacts the quality, affordability, and reach of services,” Globe General Legal Counsel Froilan Vicente M. Castelo said in a statement.

He said the telco has been actively pursuing the lowering of spectrum user fees with the National Telecommunications Commission, an attached agency of the DICT, and Congress.

COLLABORATION
The DICT under the new administration will work more closely with the private sector to pursue reforms and achieve the government’s goal of providing Filipinos with affordable, reliable, and inclusive internet, Mr. Uy said.

“It will be very collaborative. It’s a partnership. The government cannot work on its own. It has to work very closely and in synergy with the private sector,” he said.

Mr. Uy was Philippine Chamber of Commerce and Industry’s (PCCI) corporate secretary when he was tapped by President-elect Ferdinand R. Marcos, Jr. to head the DICT.

“So that’s what we’re saying, government-private sector partnership. I was tapped by the government, but I came from the private sector, especially from the business community, which is the PCCI, the largest business organization in the country,” he said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Maserati electrifies its best-selling SUV

The Maserati Levante GT Hybrid weighs less than its solely ICE-powered siblings. — PHOTO BY KAP MACEDA AGUILA

The Italian luxury car brand looks to charge up its PHL operations

“YOU KNOW, ever since we took over in 2020, there have been a lot of changes in Maserati in terms of branding, in terms of visibility,” said Modena Motorsports President Sam Verzosa in an exclusive interview with this writer. He stated that fun runs were staged in the “north and south,” along with the “largest caravan” of Maserati vehicles — and a lot of “private events.”

The executive attributed these activities to a subsequent sales growth. “Sales were improved dramatically,” he underscored.

Now, the official distributor of Maserati in the Philippines has brought in the electrified version of its best-selling Levante. After making the Ghibli Hybrid available, the Levante GT Hybrid is the first electrified SUV for the Italian luxury vehicle maker.

Power comes from a four-cylinder, two-liter engine supplemented by a 48-volt hybrid system. The setup delivers 330ps and 450Nm of torque delivered from 2,250rpm. Available in all-wheel drive, the new Levante Hybrid boasts brisk performance — a standstill-to-100kph time of six seconds, onward to a top rate of over 240kph.

Maserati revealed that the Levante GT Hybrid can save as much as 20% of fuel over its non-hybrid brethren. Part of it can be explained by an energy recuperation scheme that generates power from deceleration and braking. Another advantage is a lightweight setup compared to the six-cylinder variants, and better weight distribution — with the battery placed in the rear, without compromising load capacity.

To look the part of the environment-conscious car that it is, the Levante GT Hybrid boasts blue accents such as on the signature three side air ducts, brake calipers, and C-pillar logo. The embroidered seams in the seats are also in blue.

Maserati sees the Levante GT Hybrid as another piece of evidence that the brand is “(pressing) ahead into a future in which all new Trident models will be electrified.” Still, officials from Modena emphasized that the brand will continue to aim for improved performance while staying faithful to its values — “delivering speed and agility while saving on fuel and reinforcing… dedication to driving pleasure and luxury.” Part of what engineers focused on, for instance, is keeping the distinctive sporty engine roar of the vehicle.

The Levante GT Hybrid is distinctively in the here and now as well. It boasts the Maserati Connect program — enabling the constant monitoring of the car’s health. “Maserati Connect will alert the driver when a service is due, improving the customer care experience. With a Smartphone or Smartwatch, drivers can stay in contact with their car via the Maserati Connect App; this is also possible from home via their virtual personal assistant (Amazon Alexa & Google Assist),” said Maserati.

For his part, Mr. Verzosa expressed confidence that the Levante will continue to generate good business for Maserati. “Of course, the Philippines is an SUV country, and the Levante is a sports car, luxury car, and SUV all in one,” he said.

The executive promised that a series of caravans and events — including the launch of the super sports car MC20 — is coming this year. “There’s a lot to look forward to with the brand — and we have a new showroom coming soon on EDSA,” he intimated to “Velocity.” Work on the facility commenced 2020 with the demolition efforts on the existing structure, but the pandemic had overtaken and subsequently impeded progress. Mr. Verzosa shared that the edifice, which stands on a 1,500-sq.m. lot and will boast three floors, is now slated to open its doors next year.

He revealed that the Maserati regional office is also in agreement with Modena Motorsports about expanding the presence of the brand by opening up even more showrooms. Places like Cebu and Davao are being considered.

Again, the main goal is to scale up visibility and presence of the brand, which the executive believes people generally have an idea about. “These are the among most luxurious Italian sports cars; this is what we want people to know — the brand, its history, what the cars are all about. So that’s what we did with the series of events that we did. We invited our friends who are car enthusiasts but were not so familiar with the brand. And when they were introduced, and they tried it for themselves. Now a lot of our friends and car enthusiasts bought Maseratis for themselves already.”

The next step, maintained Mr. Verzosa, involves relying on word of mouth as well — through the good experience of customers with the brand and its vehicles — to further grow the business.

Though by no means a volume seller, Maserati is nonetheless looking at fortifying and solidifying the business in the country. “From a visibility and branding standpoint, definitely you will really see more Maserati in the next coming months and years,” underscored Sam Verzosa. “Since we took over operations in the Philippines, Maserati in the Philippines has been one of the top sellers in the Southeast Asian market. So, they are happy with us — and we’re so excited for the future of Maserati here.”

Quizon remains Philippine rapid chess king in third straight time

DANIEL QUIZON — BW FILE PHOTO

WUNDERKIND Daniel Quizon kept his crown as Philippine rapid chess king as he completed a three-peat feat in the strong third Kamatyas FIDE rated rapid tournament at the SM Sucat over the weekend.

The 17-year-old Quizon drew with IM Ronald Dableo in the ninth and final round and finished with eight points out of the possible nine to crown himself champion for the third straight time in as many editions this year.

For his feat, the Hanoi Southeast Asian Games silver medalist pocketed the top purse worth P30,000 and the beautifully crafted trophy courtesy of David Almirol, Jr., founder and CEO of software engineering solutions provider Multisys Technologies Corp. and organizing Kamatyas Chess Club head IM Roderick Nava.

FIDE Master David Elorta downed FM Nelson Mariano III to seal second while Dableo wound up at third to take the cash purse worth P10,000 and P7,000, respectively.

Rounding up the top 10 were Kevin Arquero, FM Roel Abelgas, IM Angelo Young, Grandmaster Joey Antonio, Nouri, Remark Bartolome and Leonel Escote with IM Chito Garma (senior), Johann Cedrick Gaddi (varsity), Paul Matthew Llanillo (junior), Francois Magpily (lady) and Marlon Bernardino (media) as category winners.

The tournament is one of its kind as it not only FIDE-rated and awards one of the biggest prizes in the country today, it also gives hefty appearance fees to the country’s top masters to encourage them to see action and help develop the young and aspiring players. — Joey Villar

Chery Auto Philippines hits record sales in April, sells out Tiggo 8 Pro

Chery Tiggo 8 Pro — PHOTO FROM CHERY AUTO PHILIPPINES

CHERY AUTO PHILIPPINES reported a 143% surge in sales last April, which the company attributed to “much better consumer brand awareness and buoyed by growing market confidence in an improving pandemic climate.”

Launched in the country just before the hard lockdown in March 2020, the Chery brand is on a sales uptrend even as it continues to grow its portfolio here. The Chinese brand is known for its range of crossovers — namely the subcompact Tiggo 2, Tiggo 2 Pro, and Tiggo 5x, the compact turbocharged Tiggo 7 Pro, and the top-of-the-line midsize seven-seater turbocharged Tiggo 8. The Tiggo 8 Pro was launched just last month.

“We at Chery Auto Philippines/United Asia Automotive Group, Inc. make sure that we offer the right models and services at the right price,” said UAAGI President Erroll Duenas. “People need fully equipped yet affordable mobility and we have the right mix of value-packed Tiggo models with luxury, comfort, and safety features to suit any requirement or budget.”

Last May, Chery staged two batches of media drives up and down Mount Samat in Bataan aboard the new Chery Tiggo 8 Pro. “We were pleased to read about the highly positive media feedback about our new (vehicle),” declared Mr. Duenas. “Our pre-selling activities were also received very well by the market, and we are now proud to announce that our whole initial inventory of Tiggo 8 Pro models has been sold out. Needless to say, we expect even higher growth in the coming months as new stocks of our flagship model arrive.”

The Chery Tiggo 8 Pro showcases a suite of Advanced Driver Assist System (ADAS) features with 12 functions for unparalleled safety, namely: Rear Cross Traffic Assist, Blind Spot Detection, Autonomous Emergency Braking, Door Opening Warning, Forward Collision Warning, Adaptive Cruise Control, Lane Keeping Assist, Traffic Jam Assist, Integrated Cruise Assist, Intelligent High-Beam Control, Lane Departure Warning, and Speed Limit Sign Recognition. It boasts powerful yet fuel-efficient petrol engines (195hp for the Tiggo 8 Pro 1.6 Turbo, and a combined 320hp for the gasoline engine and electric motor for the Tiggo 8 Pro PHEV variant).

The entry point into the Chery stable is the feature-packed Tiggo 2 subcompact crossover, which is powered by a Euro 5-compliant 1.5-liter DOHC 16-valve VVT engine and comes in manual (P695,000) and automatic (P770,000) variants, with the Tiggo Pro AT priced at P818,000.

Meanwhile, the Tiggo 5x subcompact crossover shares the Tiggo 2’s drivetrain and also comes in manual (P818,000) and automatic (P860,000) versions. Boasting a sunroof and a generous array of comfort and convenience features, the Tiggo 5x Luxury goes for P970,000. Until June 30, Chery Auto Philippines slashes an additional P5,000 from the Tiggo 5x tag. The European-inspired Tiggo 7 Pro (P1.198 million), on the other hand, is motivated by “strong yet fuel-efficient” turbocharged 1.5-liter VVT engine mated to an automatic transmission.

Chery’s industry-leading warranty and PMS program, Chery Premium Preserv, gives a 10-year/one-million-km engine warranty, five-year general warranty (seven years for the new Tiggo 8 Pro), and free full preventive maintenance service (PMS) for three years. Buying a Chery is also made easier through auto loan packages enabled by the brand’s bank partners, and the company also highlights its EC Mobile Home Service.

First Philippine Overland Expedition boasts P1-M kitty

At the event launch are (from left) Carlo Restoles (Bad Boy Sagad), Jec Zornac (Jec Episodes), Paolo Abrera, Richard Gutierrez, Event Director Tim Tuazon, Competition Manager Eddie Alvarado, Event Coordinator Former Sen. Mar Roxas, SMC President and CEO Ramon S. Ang, Competition Director JR Bartolome, Event Manager Neil Palabrica, Petron Trade Marketing Activations Manager Jojo Manalo, and Motolite Trade Development and Manager Gerom Aquino. — PHOTO FROM MOTOTESTO

MOTOTESTO OVERLAND Equipment and Petron Philippines are sounding the call for competitive urban adventurers with very capable 4×4 vehicles. The 2022 Petron Philippine Overland Expedition: Pacific Coast Challenge — to happen simultaneously with the 6th Philippine Overland Expo — is happening from Oct. 12 to 16. Thirty teams are expected to “take on the task of crossing one of the most uncharted paths along the Pacific coastline.” At stake for winning teams is a total prize kitty expected to exceed P1 million. The event champion will get P500,000, second place P200,000, third place P100,000, and two special awardees will receive P75,000 each.

Contestants will depart from the LausGroup Event Center in San Fernando, Pampanga, and travel a 285-kilometer stretch that will end in General Nakar, Quezon. The teams will earn points based on the completion of “quests” across the trail comprised of 160 kilometers of asphalt road, and 120 kilometers of gravel, sand, mud, rocky paths, and river crossings. The team with the highest score at the finish line will be declared the country’s first-ever Petron Philippine Overland Expedition Champion. The teams are expected to be greeted at the last stop by outdoor enthusiasts and spectators at the Overland Expo. Campers will enjoy four days and three nights of “undistracted nature adventure,” with like-minded individuals that “share the same passion and adrenaline for the extraordinary.”

Mototesto President and CEO Tim Tuazon, himself an overlanding enthusiast, said, “The main goal of creating this event is to showcase the beauty of the Philippines, and strengthen the bond with our Mototesto customers, while fostering unforgettable experiences with them.” The company has been part of the off-roading community since 2011, and is the official distributor of Koni Suspensions, MMOV, EcoFlow, Softopper, and other brands relevant to the off-roading scene. The partnership with Petron Philippines is expected to develop into a long-term tie-up between the oil company and the country’s growing 4×4 community. Petron boasts world-class quality products such as Petron Turbo Diesel, Diesel Max, and Rev-X. Continued Mr. Tuazon, “The Philippines has the perfect terrain and topography for overlanding, and Petron products are the perfect partners in fueling our intense passion for this lifestyle. Mototesto is honored to have them onboard in taking overlanding to the next level.”

Meanwhile, General Nakar Mayor Eliseo R. Ruzol expressed his appreciation at the press launch, and said his municipality looks forward to gain tourism opportunities. Notably, part of the Petron Philippine Overland Expedition’s CSR initiative is to donate “excess proceeds,” which might potentially total a million pesos, to different communities of the local government unit.

Each team must be comprised of a six-person team and three 4×4 vehicles. Part of the requirements is that each vehicle must be a production variant retaining at least 80% of its original body and chassis structure, and must also have full recovery and river crossing capacity. This entails having the necessary equipment such as a winch and snorkel. Each team is expected to be self-reliant, bringing provisions such as food and water, power source, as well as critical vehicle spare parts and supplies to last them throughout the whole event. “This expedition will definitely test each team’s endurance, resilience, camaraderie, off-road driving abilities, and survival skills,” said Mototesto in a release.

On the other hand, the 6th Philippine Overland Expo is where fans of the outdoors, spectators, families, and friends can gather and engage in a four-day camping experience. The campsite will be the final stop of the Overlanding Expedition, and is where the awarding ceremony will be held as the 30 teams complete their journey. “We are expecting at least 300 vehicles this coming October,” explained Mr. Tuazon. “The merging of the two events will see the biggest gathering of overlanders and outdoor enthusiasts in the country, and we hope to show our nation that this extraordinary lifestyle is growing and will continue to rise in the years to come.”

For more information, visit www.mototesto.com, and follow the Overland Philippines Facebook Page.

SSC outlasts Perpetual Help in 5 sets, shares second spot

LADY STAGS celebrate a point against Lady Altas. — SYNERGY/GMA NETWORK, INC.

SAN Sebastian College (SSC) continued to build a reputation as the league’s comeback kids as it repulsed University of Perpetual Help, 24-26, 26-28, 25-20, 25-20, 17-15, yesterday to grab a piece of second spot in the NCAA Season 97 volleyball at the Paco Arena.

MVP leader Reyann Cañete fired a career-high 25 points while super rookie Katherine Santos scattered 18 hits as the Lady Stags battled back from two sets down and two match-points to scrape out their fourth win in five outings, which was good for No. 2 with the Arellano U Lady Chiefs.

It was the second come-from-behind, five-set triumph by SSC after surviving Jose Rizal U, 24-26, 19-25, 32-30, 25-5, 15-11, Wednesday.

It was also the Lady Stags’ third five-set game of the season after dropping a 15-25, 25-23, 25-18, 19-25, 15-12 decision to Mapua last March 15.

“I just told them the fifth set isn’t for the weak-hearted. I’m happy they responded,” said SSC coach Roger Gorayeb.

Mr. Gorayeb dug deep from his bag of tricks as he tapped Bianca Ordona off the bench and chipped in 10 points, the same outputs of Kristine Dionisio and KJ Tan.

SSC blew big leads in the first and second sets that allowed UPHSD to steal both frames and build a 2-0 lead.

The Lady Altas were also on the verge of snaring the win when it led, 14-13, and 15-14, in the decider but the Lady Stags resiliently rallied back to snatch the win.

UPHSD slipped to 2-3. — Joey Villar

SEC warns public vs investing in three entities

THE Securities and Exchange Commission (SEC) has warned the public against investing in three unregistered entities that are not authorized to solicit investments.

The SEC issued advisories on June 24 against J Shoes Footwear Trading, Accure Wealth Finance, Southpole Finance or Southpole Administration of Financial Marketing.

“This advisory is prompted by inquiries, reports and information received by the commission that individuals and/or groups of persons claiming to represent an entity named J Shoes Footwear [or] J Shoes Footwear Trading, are enticing the public to invest their money in the said entity with promise of high monetary rewards or profits equivalent to a guaranteed 8% monthly interest,” the agency said.

It said the entity is not registered with the commission either as a corporation or partnership.

The public is advised “not to invest or to stop investing in the investment scheme being offered by any individuals claiming to represent said entity.”

Meanwhile, Accure Wealth Finance, according to the SEC, “entices” the public to invest in the entity “online or through the internet.”

“An investor shall earn 5% up to 20% interest daily with a minimum investment of P200. Further, it also has a direct referral bonus of 20% on the 1st level and 2% from 2nd to 6th level,” the agency said.

“Accure Wealth Finance is not registered with the commission,” it noted.

On Southpole Finance or Southpole Administration of Financial Marketing, the agency said the entity is “offering investments to the public ranging from P500 up to P100,000.”

“Investors earn 50% for the first 10-day period; 50% for the next 10-day period; and 200% for the following 10-day period, for total accumulated earnings of 300% in just 30 days.”

“Investors may also earn through affiliate commissions, namely: direct referral bonus of 50% at the first level and indirect referral bonus of 1% at the second to 10th level,” it added.

The entity, which the SEC said is not authorized to solicit investments from the public, is allegedly earning through buy and sell, finance, forex trading, and IQ Option MT5.

According to the agency, those who act as salesmen, brokers, dealers or agents or claim to act as such for such entities in selling or convincing people to invest in the investment scheme being offered, including solicitations and recruitment through the internet, may be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum fine of P5 million or penalty of 21 years of imprisonment or both.

“Also, those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly as held by the Supreme Court in the case of Securities and Exchange Commission vs. Oudine Santos,” it also said.

BusinessWorld tried to reach out to J Shoes Footwear Trading and Accure Wealth Finance through the contact information provided on their websites or social media pages. There were no immediately available contact details for Southpole Finance or Southpole Administration of Financial Marketing. — Arjay L. Balinbin

MG PHL launches brand jingle

IMAGE FROM MG PHILIPPINES

MG PHILIPPINES launched a new, original song entitled “Coming Home.” Serving as the brand’s soundtrack is an electro-pop single that is upbeat and energetic, featuring a driving rap verse that “invites listeners to visualize celebrations, family get-togethers, road trips, and the Filipino’s penchant for coming together and being one in a festive setting.”

Said MG Philippines President and CEO Atty. Alberto B. Arcilla, “(The company) brings people together, and the song ‘Coming Home’ stems from this concept of being together. Filipino families are tight-knit. Despite oftentimes dealing with physical distance between family members due to work obligations and other endeavors, ‘family’ and ‘coming home’ are regarded with the highest importance.” He added that the first original song from MG Philippines is dedicated to Filipinos here and all over the world. “It is our hope that this uplifting tune becomes the soundtrack that fosters the joy of driving and togetherness.”

The song is said to tie in with the brand’s promise to offer modern, safe, and attainable mobility options for Pinoys and be a reliable partner for journeys back to loved ones.

Since its launch in 2018, MG Philippines has seen music as one of its brand pillars and a tool to establish a connection with Filipinos given their inherent love for music. The company staged numerous MG Live! free concerts in key areas around the country, “which featured and celebrated some of the country’s top OPM acts. MG Philippines rekindles the brand’s organic association with music, while introducing a song that embodies Filipino family values.”

“Coming Home” by MG Philippines is now streaming on Spotify and YouTube Music, and can also be found in the music libraries of TikTok, Facebook and Instagram. The song is also being played on FM radio stations. Scan the QR code above to listen to the song.

Earvin N’gapeth leads France in win over Germany in four sets

FOREFRONT trio of Team Japan — VOLLEYBALL WORLD

Crowd-favorite  Team Japan defeats Slovenia

TOKYO Olympics MVP Earvin N’gapeth came back from a one-game respite energized as he carried France to a 25-16, 25-19, 19-25, 25-21 blitz of Germany in yesterday’s Week 2 Volleyball Nations League action at the Smart Araneta Coliseum.

N’gapeth, who was rested in a 25-22, 27-25, 25-16 sinking of Japan Saturday, showed renewed vigor and dropped an 18-point performance to keep the Roosters comfortably perched on top with 21 points, or three points ahead of the Poles, on seven wins in eight outings.

It also completed a four-game sweep by the reigning Olympic champions on their Philippine sojourn.

“For me, it’s my first time that I discovered the Philippines. It’s nice to play here, it’s really great to play here,” said Stephen Boyer, who had an all-around effort with 16 points and six digs.

After a dominant first two sets, the French lost concentration in the third that allowed the Germans to regroup, launch their own spiking offensive and steal the third set to stay alive.

It turned out to be Germany’s last, as N’gapeth and Boyer took charge in delivering the killer blows.

Germany fell to No. 11 with seven points.

In the other game, crowd darling Japan bounced back from its defeat to France with a 25-21, 22-25, 25-18, 25-19 spanking of Slovenia to leap back to third with 18 points.

Yuki Ishikawa and Tatsunori Otsuka were at the forefront of the Ryuji Nippon’s attack with 21 and 13 hits, respectively, while Yuji Nishida, back after a one-game absence, contributed 11 points.

The Slovenians faltered to ninth with nine points.

Fans were specifically delighted by the return of the high-leaping, power-spiking Mr. Nishida, who was one of the most popular players who suited up in Week 2 here as far as Filipino fans were concerned.

And while Mr. Nishida played third fiddle on this one, the bigger than life figure did enough to get him more endeared to the hosts.

PLDT is a presenting partner while The STAR, Quezon City headed by Mayor Joy Belmonte, Maynilad, Philippine Sports Commission and the Philippine Olympic Committee are among those backing this ultra-competitive 16-country event. — Joey Villar

Treasury bills, bonds to fetch higher rates

BW FILE PHOTO

RATES of government securities on offer this week are expected to move sideways with a slight upward bias as the market expects the Bangko Sentral ng Pilipinas (BSP) to continue hiking borrowing costs.

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

On Tuesday, the BTr will auction off P35 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and 10 months.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said rates of the T-bills on offer this week could end slightly higher and track secondary market yields.

Yields at the secondary market mostly inched up last week due to expectations of further gradual tightening by the BSP due to rising inflation that could also be affected by the peso’s recent decline against the dollar.

The first trader on Friday likewise said the average rate of the reissued seven-year paper could go up as the BSP is expected to continue raising benchmark interest rates. The trader gave a forecast range of 6.8% to 7.125% for the seven-year bond.

Meanwhile, a second bond trader on Friday said rates of the debt papers on offer this week are expected to remain steady on ample demand for longer tenors, noting the result of last week’s auction of fresh 10-year bonds.

“[The] BTr able to almost fill the [P35 billion] on offer at 7.25% shows there is demand for this tenor,” the trader added. “The yields also didn’t move despite the BSP tightening by 25 [basis points (bps)], as has been transmitted by them for weeks prior and with the threat of CPI (consumer price index) running away.”

The trader expects the seven-year bond to fetch rates ranging from 6.75% to 7%.

“The reissue of the seven-year paper on Tuesday may provide further direction. It will be a case of where the market will want to be compensated versus how high the concession award will be for the BTr,” the second trader said.

The BSP on Thursday raised benchmark interest rates by 25 bps for a second straight meeting to cool rising prices and continued to signal gradual normalization, even as it said it is prepared “to take all necessary policy action” to bring inflation within its target over the medium term.

The BSP raised its average inflation forecast for this year to 5% from 4.6% previously, well above its 2-4% target. For 2023, the BSP now sees inflation averaging 4.2% from 3.9% previously and then slow to 3.3%, back within target, in 2024.

Inflation rose to 5.4% in May, the highest in three and a half years, amid the continued rise in food and fuel prices. The implementation of a daily minimum wage hike in 14 regions and a P1 increase in fares for public utility jeepneys in Metro Manila, Central Luzon, Calabarzon and Mimaropa earlier this month will likely add to inflationary pressures.

With the market hoping for a 50-bp increase from the BSP as inflation risks mount, the local currency dropped to its lowest in nearly 17 years on Friday, closing at P54.985 against the dollar, data from the Bankers Association of the Philippines showed. It was the peso’s weakest finish since it closed at P55.08 on Oct. 27, 2005.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills were quoted at 1.6262%, 1.9347%, and 2.4186%, respectively, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the seven-year bond fetched a rate of 6.6664%.

Last week, the BTr raised just P10.54 billion from its offer of T-bills as rates rose across all tenors, even as bids reached P22.605 billion, above the P15-billion program.

Broken down, the Treasury partially awarded its offer of the 91-day T-bills, raising just P3.07 billion against the P5-billion program, even as tenders reached P11.285 billion. The average rate of the tenor climbed by 18.7 bps to 1.759% from 1.572%.

The BTr likewise awarded only P3.62 billion in 182-day securities versus the P5-billion offer even as bids hit P5.82 billion. The average rate of the six-month tenor went up by 19.8 bps to 2.132% from 1.934%.

Lastly, the government made a partial award of its offer of one-year debt papers, borrowing just P3.85 billion against the P5-billion plan even as tenders hit P5.5 billion. The average rate of the one-year T-bill went up by 12.9 bps to 2.454% from 2.325%.

Meanwhile, the last time the Treasury offered the reissued seven-year bonds to be offered on Tuesday was on May 17, where it raised just P20.1 billion against the P35-billion program. The securities were awarded at a coupon of 6.5% with the average rate at 6.428%.

The BTr wants to raise P250 billion from the domestic market in June, or P75 billion through T-bills and P175 billion via Treasury bonds.

The government borrows from local and external sources to help plug a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product. — T.J. Tomas

Hermes trots out seahorses and shimmery windbreakers at Paris Fashion Week

MARINE SERRE — SCREENSHOT FROM YOUTUBE/FATALEFASHIONIII

PARIS — Hermes swept through a tree lined runway for its menswear presentation Saturday, sending out models in polo shirts emblazoned with seahorse designs, shimmery windbreakers in vivid colors and hefty travel bags for a summer escape.

Held in the open-air grounds of the Gobelins tapestries workshops in central Paris, the show opened with a sweater featuring a vibrant sunset. It was paired with dark shorts and sandals in neoprene, a teasing nod at the Parisian sky threatening rain. (See the show here: https://www.youtube.com/watch?v=jwpspO5b6tw)

A succession of minimalist pants and shorts followed, along with jackets in technical canvas in lilac, pink and orange, zippered straight blousons and high-neck sweaters in cashmere.

Models casually carried the label’s Haut a courroies bags, the ancestor of the iconic Kelly and Birkin handbags, which seemed to sprout at the end of their arms.

Originally designed in the early 20th century to carry horse saddles and riding boots, the trademark bag took a more contemporary turn with a distorted check pattern.

Veronique Nichanian, at the helm of men’s line since 1988 — an eternity in the ever-changing world of fashion —  sought to convey a “feeling of lightness that makes you float in the sunshine,” as described in the show notes.

OFFICINE GENERALE
Contemporary French label Officine Generale took to a grand, column-lined courtyard in the historic Marais district of Paris for its latest collection of classic tailored designs for men and women, sending crisp poplin shirts and relaxed, pleated trousers with matching blazers down a cobblestone runway. (See the show here: https://www.youtube.com/watch?v=OW3Gjs2H1Xs).

Models marched in a straight line as a breeze tugged at the looser styles, blowing the tails of silk scarves into the air and adding drama to the evening show.

“I think when you put on a pair of white jeans with a black sweater and pair of sandals, you might perhaps be closer to the French dream than some of the extravagance we see,” designer Pierre Maheo told Reuters, describing his approach to fashion. “You can’t just have things that are all over the place on the podium.”

Founded by Mr. Maheo a decade ago, the label has been quietly building up a loyal following and has recently joined a wave of French brands opening stores in the United States, including Ami, which held a show at the foot of the Sacre-Coeur Basilica earlier this week.

Officine Generale is one of the regulars on the Paris Fashion Week calendar known for more intimate crowds.

DIOR
Dior transported its audience to a seaside garden between Normandy and Sussex on Friday for its latest menswear collection, aristo-chic with a utilitarian flair. (See the show here: Dior Men Spring-Summer 2023 Runway Show at Paris Fashion Week #PFW #SS23).

A-lister celebrities including supermodel Naomi Campbell, Hollywood couple Justin Timberlake and Jessica Biel, ex-soccer star David Beckham, and rival designers Olivier Rousteing of Balmain and Matthew Williams from Givenchy, sat on real grass, along with the rest of the guests, surrounded by wildflowers.

Dior menswear artistic director Kim Jones set up the runway in a makeshift space in central Paris for the show during Men’s Fashion Week. The catwalk was transformed into a lawn of purple, orange, and pink flowers, with a blue-sky painted panorama and a life-size reproduction of Christian Dior’s pink house in Normandy.

It was faced by a reproduction of a country house once frequented by the Bloomsbury Group, a British collective of writers, intellectuals and artists in the early 20th century that are often cited by Mr. Jones as an influence.

The first model kicked off the show in a monochromatic look that married a beige suit with very sporty backpack —  illustrating Mr. Jones’ style of blending sharp tailoring with streetwear.

Others followed in pale blue destructured gardening clothes, as well as double-breasted jackets paired with pleated Bermuda shorts or wide-leg pants.

The artwork of Bloomsbury painter Duncan Grant was reproduced on knitted sweaters and technical fabrics.

More for style than sun protection, some models paraded with cannage hats, an openwork grid pattern favored by Christian Dior that was also found on padded long coats in blue and khaki green.

MARINE SERRE
French label Marine Serre sent athletes and artists to stroll a track field runway on Saturday evening, showcasing a sport-inspired wardrobe infused with artistic references in an all-ages, open-to-the-public fashion show. (Watch the show here: Marine Serre | Spring Summer 2023 | Full Show ).

Like Olympic opening ceremonies, delegations succeeded one another.

First up was a squad of male and female models in recycled fiber swimwear that melded to the body, framing the curves. Then came a collection of upcycled denim silhouettes with crisp patchwork. Adding color, was a series in pink, including a Chanel-like twinset — but made with towel material.

Lourdes Leon, 25, Madonna’s oldest child, sashayed down the athletic field in a crescent-moon print catsuit, piled with gilded jewelery.

Ex-Liverpool striker Djibril Cissé, 40, soccer ball in hand, wore a floral shirt and short set, while French actor Joey Starr, 54, strutted along in leather pants paired with a jewel print zip-up jacket.

In addition to the usual fashion-industry guests —  clients, journalists and influencers — 900 tickets were handed out online, reservations granted on a first-come, first-serve basis. Tickets sold out in seconds.

“It is crucially important for Marine Serre to be truly inclusive, guaranteeing that our designs and experiences are accessible to all,” the label said in show notes handed to the media.

“What a crazy opportunity —  a beautiful gift —  she has offered us,” said plastic arts student, Carolina Bourassi, 20. “It would be nice if other brands did the same. It is not like on YouTube or Instagram,” she added.

Following the show, guests were offered drinks to celebrate the label’s sixth anniversary and take part in an open-air party.

One of the industry’s young, rising stars, Ms. Serre, 30, has won a number of fashion prizes, including the LVMH prize, handed to her by Rihanna in 2017.

LOUIS VUITTON
Louis Vuitton cranked up the volume at Paris Fashion Week Thursday, spiriting Florida’s famous Marching 100 band into the heart of the Louvre to kick off a show for its latest lineup of colorful menswear styles — in honor of the label’s popular, late designer Virgil Abloh. (See the show here: https://eu.louisvuitton.com/eng-e1/magazine/articles/men-spring-summer-2023-show-paris# ).

“Virgil, long live Virgil,” rapper Kendrick Lamar intoned, seated next to model Naomi Campbell on a bright yellow runway — a blown-up toy racetrack that wound around a cobblestoned courtyard with a fountain running in the center.

Performers from the Florida A&M University band twirled flags to the fanfare of the brass instruments, breaking out into dance moves before marching off the runway in formation, clearing the way for the models.

For the spring-summer collection, the fashion house’s men’s studio drew on Abloh’s signature tailoring, sending out elongated suits in pastels, jackets covered with wildflower prints or embellishments like paper airplane shapes and dangling patches in the form of scissors. There were twisted, psychedelic biker jackets, fringed jean jackets, knit hats and shirts with jagged edges worn with loose, Bermuda shorts.

At the end of the show, models carried out a lightweight strip of pastel rainbow fabric, recalling Abloh’s first Paris show for the label in 2018 which he held on a rainbow runway, symbolizing his approach to diversity.

Abloh, fashion’s highest-profile Black designer, died last year at age 41 after a battle with cancer. He was known for taking inspiration from the streets and credited with cementing the arrival of streetwear into the world of high-end fashion.

AMI
Micro shorts, thigh-high boots, marinières and oversized coats took to the runway at Ami women’s and men’s fashion show on Thursday at the foot of Sacré-Coeur Basilica, as the French label sought inspiration in classic Parisian chic with a daring twist. (Watch the show here: https://www.amiparis.com/ph/ ).

Audrey Tautou, star of Amelie, opened the spring-summer show in the perfect attire of the Parisian woman: a timeless cream trench coat, a simple shirt and white pants.

Designer Alexandre Mattiussi put blazers atop not totally unbuttoned shirts and added a bubble-gum-pink coat to a simple pair of beige pants.

For the more festive look, one model shimmered in black sequin pants with matching bikini top while another paraded in a see-through A-line dress.

Skirts were mini, pleated or done in blue Vichy pattern, and slung low.

In pairing sneakers, joggers and leather jackets, Ami stuck to its relaxed approach to fashion.

One of the highlights of Ami’s show was the final outfit, worn by 1990s supermodel Kristen McMenamy in a totally red look. — Reuters

Petroleum firms continue talks with DoE on exploration in WPS

TALKS continue between Philippine companies holding exploration service contracts with the government and the Energy department after the termination of joint oil and gas negotiations with China, the agency said over the weekend.

The Department of Energy (DoE) said it “firmly stands for the assertion of Philippine sovereign rights through the promotion of exploration” in the West Philippine Sea (WPS).

It made the statement after outgoing Foreign Affairs Secretary Teodoro L. Locsin, Jr. announced the termination of joint oil and gas negotiations with China, as reported on Thursday.

Mr. Locsin’s announcement came after the Security, Justice, and Peace Cabinet Cluster (SJPCC) suspended in March this year all oil and gas activities in the WPS.

“Following the SJPCC’s suspension order and now with the termination of negotiations with China, the [DoE], in coordination with the SJPCC for safety and security concerns, continues to pursue talks with existing service contract holders so they can proceed with their work programs,” the Energy department said.

The DoE said it previously held meetings with the holders of Service Contract (SC) 72 and SC 75 to restart their investments in exploring oil and gas in the contested seas.

The SC 72 concession is located in the WPS, west of Palawan island and southwest of the operating Malampaya gas field. The contract was put under force majeure on Dec. 15, 2014 due to the maritime dispute with China.

SC 72 is operated by PXP Energy Corp. subsidiary Forum (GSEC 101) Ltd. with a 70% participating interest. Within the exploration block is the Sampaguita gas discovery, which is estimated to contain about 2.6 trillion cubic feet of contingent gas resources.

In October 2020, the DoE notified PXP Energy and its partners that the force majeure imposed on SC 72 had been lifted with immediate effect. The joint venture had 20 months from the date of the lifting of the suspension to drill two commitment wells.

For the DoE, the decision to lift the exploration ban “was an exercise in foresight given the current global energy crisis.”

SC 75 in northwest Palawan is operated directly by PXP Energy with a participating interest of 50%. Its partners in the exploration block are state-owned PNOC Exploration Corp. and PetroEnergy Resources Corp.

Similar to SC 72, the DoE lifted the force majeure over the block in October 2020.

The department said it had held 11 meetings and briefings with service contractors together with maritime law enforcement and security experts.

SUSPENSION OF EXPLORATION ACTIVITIES
The DoE said that among the reasons given by the SJPCC for the suspended activities starting in March this year was China’s harassment of the survey vessels hired by the service contractors.

“At that time, the negotiations with China were also cited as another reason for the suspension,” it said in the statement.

With a few days left before the end of the Duterte administration, hopes fade of a joint exploration between the Philippines and China under their 2018 memorandum of understanding on cooperation in oil and gas development.

The memorandum created the inter-governmental joint steering committee that served as the official negotiating forum between the two countries. The committee convened only once on Oct. 28, 2019 and no agreement was reached during the meeting, the DoE said.

The Energy department said that “it has always strongly believed in the value of negotiating with China and other claimant-countries such as Vietnam.” — Victor V. Saulon

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