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Geely PHL opens dealership in Dumaguete City

IMAGE FROM GEELY PHILIPPINES
IMAGE FROM GEELY PHILIPPINES

GEELY official local distributor Sojitz G Auto Philippines Corp. (SGAP) announced the opening of Geely Dumaguete, in Central Visayas at the heart of Negros Oriental.

An addition to the Gateway Group’s Geely showrooms, Geely Dumaguete is a 971-sq.m. facility that can accommodate six cars for display and has four work bays for service. The outlet is located at Poblacion, Sibulan, Negros Oriental, Dumaguete City.

“Dumaguete is definitely one of the best places to put up a Geely outlet in order to capture the increasing vehicle demand supported by its booming tourist attractions. I would like to congratulate the Gateway Group for opening yet another dealership in the Visayas region. Starting with just one outlet, it quickly expanded to multiple outlets nationwide. The firm confidence in Geely pushes us to further get this young brand achieve greater heights,” said SGAP President & CEO Yugo Kiyofuji in a release. For more information, customers may reach Geely Dumaguete at 0906-242-8706 or sales.geely.dumaguete@gatewaygroup.com.ph.

Lloyd’s of London’s Ascot, Marsh provide insurance for Ukraine Black Sea corridor

REUTERS

LONDON — Lloyd’s of London insurer Ascot and broker Marsh on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway.

Russia and Ukraine signed a deal last week, brokered by Turkey and the United Nations, to reopen grain and fertilizer exports that have been blocked by war to ease an international food crisis.

UN aid chief Martin Griffiths said on Thursday he was hopeful that the first shipment of grain from a Ukrainian Black Sea port could take place as early as Friday, but “crucial” details for the safe passage of vessels were still being worked out.

The Lloyd’s of London facility will provide up to $50 million of cover in marine cargo and war insurance, Lloyd’s, Ascot and Marsh said in a statement. The cover would “add essential protections to the deal brokered by the UN last week and represents the latest support from Lloyd’s and the insurance industry to help the international community respond to the conflict,” said Patrick Tiernan, chief of markets at Lloyd’s.

Insurers have previously said they were only willing to cover grain moving out of Ukrainian Black Sea ports if there are arrangements for international navy escorts and a clear strategy to deal with sea mines.

A Russian missile attack on Odesa only a day after the deal was signed has added to their concerns. “This bespoke, mission-focused facility allows the insurance market to play its part in enabling the vital transportation of grain and food products out of Ukraine to the wider world,” said Chris McGill, head of cargo at Ascot.

The cost of such insurance will vary according to cargo, shipowner and port but is likely to be steep, insurance sources say. Premiums to go into the broader Black Sea area have risen sharply, to as much as 5% of the value of the ship from 0.025% before the invasion. — Reuters

‘Look, no tie’: Spanish PM urges casual wear to stay cool, save energy

SPAIN’s Prime Minister Pedro Sanchez attends a news conference, sans tie, at the Moncloa Palace in Madrid, Spain, July 29. — MONCLOA PALACE/FERNANDO CALVO/POOL VIA REUTERS

MADRID —  Spanish Prime Minister (PM) Pedro Sanchez asked his ministers, public officials and private sector employees on Friday to stop wearing ties and stay cool as heatwaves sweep parts of Europe, stoking demand for energy-guzzling air-conditioning.

“I’d like you all to note that I am not wearing a tie,” Mr. Sanchez told a news conference. “This means we can all save from an energy point of view.”

High summer temperatures are straining Europe’s power systems and raising concern about the prospects for a regional drive to save more gas in case the war in Ukraine prompts further reductions in supplies from Russia.

Striking a more serious note, Mr. Sanchez said his government would introduce emergency measures next week to improve efficiency and energy saving.

For now, he said: “I have asked ministers, all public officials, and I would like to ask the private sector too, if they haven’t already done so, not to wear a tie when it isn’t necessary because that way we will be confronting the energy saving that is so important in our country.” — Reuters

CTA declines to review Marubeni unit’s tax dues

CTA.JUDICIARY.GOV.PH

THE Court of Tax Appeals (CTA) has affirmed its division’s ruling denying Maxima Machineries, Inc.’s appeal to review and set aside its tax liabilities worth P32.14 million for the fourth quarter of the 2016 fiscal year.

In a 43-page decision on July 25 and made public on July 28, the CTA full court said the company’s appeal lacked merit since it failed to prove that it was entitled to an input value-added tax refund traced to zero-rated sales.

It added that it found no compelling reason to overturn its division’s ruling.

The company is a subsidiary of Japanese business conglomerate Marubeni Corp.

“As to Marubeni Corporation, while petitioner was able to submit proof of its foreign incorporation, it failed to present Marubeni Corporation’s Securities and Exchange Commission (SEC) Certificate of Non-Registration,” according to the ruling penned by CTA Associate Justice Lanee S. Cui-David.

“We have determined that petitioner (Maxima Machineries) has no excess input VAT (value-added tax), which will entitle it to a refund.”

The court added that the conglomerate is doing business in the Philippines since it maintains a branch office through Maxima Machineries.

Under the country’s revenue code, companies must be supported by an SEC certificate of non-registration of corporation and proof of incorporation/registration in a foreign country.

The revenue code provides that a sale may qualify for a 0% VAT rate if the recipient of services is a foreign corporation doing business outside the Philippines, the payment for services was made in acceptable foreign currency based on the Philippine central bank rules, and if the services fall under services other than “processing, manufacturing or repacking goods.”

“Accordingly, a foreign corporation with a branch office is deemed to be doing business in the Philippines,” said the tax court. “It cannot be classified as a non-resident foreign corporation for purposes of taxation.”

It added that a company applying for a tax refund or tax credit certificate must not only prove its entitlement to the claim but also comply with all documentary requirements provided by the country’s tax laws.

The tax court noted that a company must prove every minute aspect of its case for entitlement to a refund.

“The burden is on the taxpayer to show that he has strictly complied with the conditions for the grant of the tax refund or credit,” said the tribunal. — John Victor D. Ordoñez

Analysts’ July 2022 inflation rate estimates

INFLATION likely accelerated in July due to higher food prices and transport fares, but a cut in electricity rates and rollback in pump prices may have tempered the price pressures, according to analysts. Read the full story.

Analysts’ July 2022 inflation rate estimates

Yields mixed on demand for long tenors, Fed hike

YIELDS on government securities (GS) were mixed last week on strong demand for longer tenors and US Federal Reserve’s continued policy tightening.

GS yields, which move opposite to prices, at the secondary market fell by 10.12 basis points (bps) on average week on week, based on the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of July 29 published on the Philippine Dealing System’s website.

The front end of the curve rose as the rates of the 91-, 182-, and 364-day Treasury bills (T-bills) went up by 13.19 bps (to 2.2683%), 14.92 bps (2.8857%), and 14.05 bps (3.2775%), respectively.

Meanwhile, yields at the belly of the curve dropped. The rates of the two-, three-, four-, five-, and seven-year bonds declined by 0.04 bp (to 4.8256%), 10.42 bps (5.1993%), 20.56 bps (5.4902%), 29.94 bps (5.7181%), and 51.49 bps (6.0617%), respectively.

At the long end of the curve, yields ended mixed. Yields on the 10- and 25-year papers dropped by 51.49 bps (6.293%) and 1.44 bps (6.8696%), respectively, while the 20-year T-bond’s rate edged up by 0.49 bp to 6.8983%.

Total GS volume traded last Friday almost doubled to P20.697 billion from the P10.693 billion seen on July 22.

“The local GS curve continued its flattening trend, which means yields of short-term securities rose compared to the significant drop of yields on the belly to long-end securities,” a bond trader said in a Viber message last Friday.

“Dealers and investors alike are seen extending their duration for yield pickup as evidenced by very strong demand during the 14-year auction last Tuesday,” the bond trader added.

The Bureau of the Treasury made a full P35-billion award of its offer of reissued benchmark 25-year T-bonds last week as tenders reached P93.998 billion. The bonds, which have a remaining life of 13 years and four months, were awarded at yields ranging from 6.75% to 6.949%, causing the average rate to reach 6.894%, lower than the 8.125% fetched the papers were first offered on Dec. 14, 2010.

“The strong market demand for long-term government securities and corporate bonds recently also partly led to the sharp decline in the long-term PHP BVAL yields, after local bond yields reached pre-pandemic highs (highest in 2-3 years) and among economic cycle highs amid possible US economic recession,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail on Friday.

Mr. Ricafort expects yields on short-dated papers to continue to go up and those on longer tenors to ease further this week after the US Federal Reserve hiked rates anew on Wednesday.

“Treasury bond auction yields and long-end PHP BVAL yields could continue to ease after reaching pre-pandemic highs last month (highest in 2-3 years) amid risk of US recession that could slow down any future Fed rate hikes,” he said.

The Fed last week raised its key rates by 75 bps for the second straight meeting, as expected, to temper rising inflation. To date, the Fed has raised its policy rates by a total of 225 bps.

The bond trader expects yields to move sideways this week, driven by the 3.5-year T-bonds to be auctioned off on Tuesday and the July inflation print to be released on Aug. 5.

“BSP (Bangko Sentral ng Pilipinas) Governor Felipe M. Medalla earlier pronounced that monetary policy tightening will persist in the coming months mainly to mitigate risks to inflation,” the trader said.

“Consequently, market players could be more cautious for the week which may cause yields to consolidate given the recent bond market rally,” the bond trader said.

Mr. Medalla last week signaled an interest rate hike of 25 or 50 bps at their Aug. 18 meeting, although he ruled out another off-cycle increase.

The Monetary Board has raised benchmark interest rates by a total of 125 bps so far this year as inflation continues to remain elevated.

A BusinessWorld poll of 14 economists last week yielded a median estimate of 6.2% for July headline inflation, within the central bank’s forecast of 5.6% to 6.4% for the month.

If realized, this would be faster than the 6.1% reading in June as well as the 3.7% posted the same month last year, and would be the quickest in nearly four years (45 months) or since 6.9% in October 2018.

It would also mark the fourth straight month that inflation went above the central bank’s 2-4% target this year. — Ana Olivia A. Tirona

Style (08/01/22)

Bridal gown collection out

FRANCIS Libiran Bridal has released its S/S 2023 collection consisting of 10 wedding gowns with a variety of silhouettes which were inspired by the love stories and personalities of the clients the designer has worked with in his 23 years in the industry. “As a person who has weaved pieces for all kinds of women, it is no surprise that I have been inspired by a spectrum of brides who has fleshed out this diverse roster of gowns,” the designer said in a statement. “I made this collection having in mind those brides who rely on a more visual experience and worry about not seeing the design. With this, all they have to do is to choose among the 10 gowns, then, they can customize it to their body proportions and liking,” the designer said. For over six years, Francis Libiran Bridal has been a favorite among brides who opt for a boutique experience. It offers an array of designs that women can fit and choose from. The boutique also offers customization and add-ons for brides who want to make the style more personal. The Francis Libiran Bridal S/S 2023 collection is now available in-store and online. Francis Libiran Bridal is located at 2/F Greenbelt 5, Makati.

COS going to New York Fashion Week

COS has announced its New York Fashion Week (NYFW)debut this September with its Autumn Winter 2022 campaign featuring American model Paloma Elsesser, alongside actor and producer Natasha Lyonne, shot in New York City by Mario Sorrenti. Drawing inspiration from the dynamic energy of global cities, COS aims to celebrate New York’s diverse communities and individual expression against the city’s own backdrop. Scheduled as part of the official shows of the Council of Fashion Designers of America (CFDA), the COS show will take place on Sept. 13, 2 p.m. EDT, and will be streamed live on cos.com. CFDA CEO Steven Kolb comments, “CFDA welcomes COS to New York Fashion Week. Each season we curate an official schedule that reflects creativity, and we are pleased to count COS among this season’s line-up. NYFW is increasingly a destination for international brands wanting to connect to NYC culture and the vast American audience.”

New Balance releases Sustainable Collection

WITH self-expression, sustainability, style, and quality in mind, New Balance released its new Sustainable Collection globally on Earth Day. It consists of footwear and apparel that passed the brand’s Green Leaf Standard, which means that at least 50% or more of the materials used in it are sourced as environmentally preferred. Customers can easily spot which ones passed the green leaf standard by looking for the green leaf logo on the garment care label, footwear hangtag, or the product listing on the New Balance website. This is New Balance’s response to the worsening case of climate change. As a member of RE100 and a signatory to the UN Fashion Industry Charter for Climate Action and the ZDHC Roadmap to Zero, the corporation is committed to creating a more sustainable future by achieving zero waste to landfill in their footwear factories by 2025. Since polyester and leather are the two largest drivers of climate impact for New Balance, preferred leather and recycled polyester are now being used to reduce environmental impacts across the supply chain and reduce reliance on fossil fuels. Apart from having environmentally preferred materials, the sustainable collection boasts a wide range of clothes and shoes to choose from, and it fits any style–from stylish and sporty to comfy and casual. The sustainable collection can be purchased from New Balance Bonifacio High Street, Glorietta, Powerplant Mall, Alabang Town Center, Marquee, Ermita, Trinoma, Cebu, and the New Balance Viber Community: http://bit.ly/NBPHViber.

Tommy Hilfiger releases holiday essentials

THIS season, Tommy Hilfiger carries fresh floral-inspired dresses and bold-colored classics for summer in classic American styles with an elevated twist. Complete each look with a pastel tote or slip-on flat. From breathable polos and lightweight button-downs to sophisticated sandals and chic accessories, beat the heat in style. In the Philippines, Tommy Hilfiger is exclusively distributed by Stores Specialists, Inc., and has stores at Central Square in Bonifacio High Street Central, Alabang Town Center, Ayala Center Cebu, Marquee Mall, Trinoma, Mall of Asia, Greenbelt 5, Newport Mall, Rustan’s Makati, Rustan’s Shangri-La, Tommy Jeans Robinsons Place Manila, Tommy Hilfiger Rockwell, and online at Trunc.ph, Rustans.com, Zalora, and Lazada.

M&S celebrates 30 years of Percy Pig

THIS year, British retailer Marks & Spencer (M&S) is celebrating 30 years of Percy Pig with Percy Pig fruit gums and more. Since celebrating the 25th anniversary in 2017, the retailer’s iconic Percy range has continued to expand. Once only existing in the form of chewy sweets sold in a handful of UK stores, Percy is now a national treasure with a loyal following, and whose presence continues to grow internationally – Percy Pig products are available in 147 different countries. Today, Percy has branched out into clothing. Customers can go to stores and online to get their hands on Pure Cotton Percy Pig Pyjama Sets for men, Pure Cotton Percy Pig Short Pyjamas for kids and Percy Pig Mule Slippers with Freshfeet. Percy Pig’s 30th birthday with treats available in stores, on marksandspencer.com.ph and same-day delivery apps: Grabmart, Metromart, Foodpanda and Pickaroo.

Glovebox

The limited-edition Elliot Brown Holton Land Rover Trophy II Expedition timepiece will be limited to 1,000 examples, and costs £595 (around P40,000) each. — PHOTO FROM JAGUAR LAND ROVER

CELEBRATING the continuing partnership of Land Rover Classic and watchmaker Elliot Brown, 1,000 examples of the Elliot Brown Holton Land Rover Trophy II Expedition watches will be made available.

Priced at £595 (around P40,000), the timepiece is inspired by the New Classic Defender Works V8 Trophy II, which in turn is a homage to seven decades of global Land Rover exploration and adventure. The watch is based on the best-selling Holton Professional model of Elliot Brown, and bears features influenced by the iconic 4×4. For instance, it highlights the unique camouflage of each car, and bears a design with the outlines of 23 locations that have played a part in Land Rover’s off-roading and exploration adventures for more than 70 years.

The watch is available in addition to the unique Competitor’s Edition timepiece reserved exclusively for customers of the vehicle.

The case is made of 316L marine-grade stainless steel, and the caseback is individually numbered, stamped and engraved with the Land Rover Trophy logo and Union Jack, and is bolted down with oversize seals. The bezel is a 120-click divers type with high grip, 1200HV stainless steel inserts and SuperLuminova markings. A Swiss Ronda Caliber 715 with low battery indicator drives the movement — secured in an internal “floating” shock-absorption housing.

In a release, the watchmaker said “hidden silhouettes of Defender series Land Rovers both old and new (which) are visible in the dark and by day via a UV torch that is supplied with each timepiece.” Meanwhile, the camouflage design extends to the watch dial, which boasts SuperLuminova that glows in white, ice blue, and pale green in the dark.

On the dial are black hands and a white lollipop counterbalance on the blue-tipped second hand. At the base of the dial under the “6” baton are “Freezing Point,” along with a “frozen star” at the 32 seconds position. “The case displays the unique number given to every watch, along with the Land Rover Trophy logo, Union Flag and silhouettes of Series Land Rovers, brightly brushed in contrast to the dark matt background,” continued the release. The watch is matched with a soft rubber deployant strap.

Each watch comes with strap-changing tools plus the aforementioned high-power UV/white LED rechargeable micro torch. The watch is pressure-tested “three times including in water at 200 meters.” For more information, visit https://elliotbrownwatches.com/pages/land-rover-classic-trophy.

Ghana parliament approves $1.3-B loan to buy cocoa

REUTERS

ACCRA — Ghana’s parliament on Thursday approved a $1.3-billion syndicated loan to finance the purchase of cocoa for the 2022-23 season.

The receivable-backed trade finance facility is between the Ghana Cocoa Board (COCOBOD) and a consortium of banks and financial institutions with the government as the guarantor.

Ghana, one of the world’s two top cocoa producers with Ivory Coast, borrows money every year to purchase cocoa from farmers.

The loan was approved despite efforts to overcome an economic crisis and a nearly $1-billion balance-of-payments deficit.

With inflation at 29.8% in June, a debt-to-GDP ratio up to almost 85%, and the cedi currency losing nearly a quarter of its value this year, the government has had to turn to the International Monetary Fund for help stabilizing the economy.

COCOBOD also canceled the remaining $250 million of a $600-million loan it secured from the African Development Bank in 2019. The cancellation was mainly due to uncertainties over crop forecasts and unfavorable cocoa prices, according to the Parliament Finance Committee report. — Reuters

Metro Manila’s construction materials retail price index

THE GROWTH in retail prices of construction materials in Metro Manila continued in May to its highest level in more than 13 years, driven by the higher cost of imports and the reopening economy. Read the full story.

Metro Manila’s construction materials retail price index

Top 5 Auto Brands by unit sales H1

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