Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5843

PHL, Thailand seek to settle trade dispute

UNSPLASH

THE PHILIPPINES and Thailand have signed a bilateral understanding to resolve their 14-year dispute over the customs valuation of cigarettes, the World Trade Organization (WTO) said on Saturday.   

The WTO said in a statement on its website that the understanding signed on June 7 is meant to help the two countries come up with agreed procedures for the “comprehensive” settlement of their longstanding trade dispute over Thailand’s customs and fiscal measures on cigarettes imported from the Philippines.

The understanding was signed by the permanent representatives of the Philippines and Thailand to the WTO in Geneva, Switzerland namely ambassadors Manuel A.J. Teehankee and Pimchanok Pitfield, respectively.   

This marks the successful result of the mediated facilitator-assisted process that began in 2021.

“Throughout the facilitation process, the Philippines and Thailand have actively and constructively engaged in discussions, both in Geneva and through their respective capitals and demonstrate the commitment of the parties to the WTO Dispute Settlement System,” Permanent Representative of Australia to the WTO and facilitator between the two parties George Mina said.

The Philippines first complained in 2008 of Thailand’s customs valuation of Philippine cigarette exports.

In 2010, the WTO decided in favor of the Philippines. However, Thailand had not complied with the measures included in the ruling issued by the WTO, resulting in strained trade relations between the two countries.

Under the latest agreement, the two parties decided to create a bilateral consultative mechanism, which will become a channel for their respective government authorities to coordinate and build confidence for support efforts to reach a settlement on the dispute.

“Taking into account the progress made in the implementation of their cooperation, it should ideally lead to the notification by the parties of a mutually agreed solution under Article 3.6 of the Dispute Settlement Understanding,” the WTO said.

It said the understanding can still be terminated by either party up to 60 days after its signing.

Philippine Trade Secretary Ramon M. Lopez said in a statement on Sunday that the understanding shows the countries’ “good faith and strong commitment…to resolve their differences and support the WTO’s rules-based dispute settlement system.”

“Thailand and its agencies of government including its judicial branch, have shown positive progress towards upholding WTO rules and the Customs Valuation Agreement,” Mr. Lopez said.   

He said the Thailand Appellate Court recently affirmed with finality the acquittal of Philip Morris Thailand employees in a case related to cigarette imports from the Philippines while also lowering the civil penalties and other fines that could deter improved trade between the two countries. — Revin Mikhael D. Ochave

Gov’t must continue giving investors tax breaks, other perks

FREEPIK

THE PHILIPPINES should continue offering “globally competitive” fiscal and non-fiscal incentives to attract more foreign investments that could boost the economy, the Philippine Economic Zone Authority (PEZA) chief said, after a business process outsourcing (BPO) firm decided to give up these perks to keep its current work setup.

“A major source of attracting investors is our globally competitive fiscal and non-fiscal incentives like the ease of doing business and in lowering the cost of doing business especially in our economic zones,” PEZA Director-General Charito B. Plaza said in a mobile phone interview with BusinessWorld.

“(The government) must attract huge capital investments to the country with zero or the least tax to create multiplier effects to the economy, total development and social progress,” Ms. Plaza said. “Those huge capital investments will develop our lands, bring in new technology, create thousands of jobs and livelihood, grow micro, small, and medium enterprises (MSMEs), more businesses, and industries as suppliers of raw and manufactured materials, others as the utilities, facilities and service providers to the principal and sub-industries.”

The PEZA chief’s comments came after the Finance department’s statement on the decision of BPO firm Concentrix to give up its tax perks in exchange for a continued hybrid work setup.

Finance Assistant Secretary Juvy C. Danofrata last week said that the company’s decision shows these incentives are “not that important to investors doing business in the Philippines.”

Ms. Danofrata, who also heads the Fiscal Incentives Review Board (FIRB) secretariat, added that this move also validates the Finance department’s policy thrust to avoid granting “unnecessary” perks due to its impact on government revenues. The FIRB monitors the tax breaks granted to registered businesses.

She added that some BPO firms have been enjoying these incentives “for a long time.”

For her part, Ms. Plaza said the FIRB’s stance is “sending wrong signals that the government is only after taxes.”

“Successful economies use strategies that provide both fiscal and non-fiscal incentives and even provide subsidies to investors. Foreign direct investments and multinational companies who have branches in many countries of the world weigh the efficiency factors that contribute in lowering the cost of production, of profitability, and in doing business,” Ms. Plaza said.

Incentives granted to BPO companies located in economic zones are tied to how much work they perform on-site. The on-site work rules were eased during the pandemic, but the relaxed regime expired in March, mandating all businesses to implement a 100% on-site work arrangement in order to keep their incentives.

On the other hand, the PEZA is allowing its registered firms to implement a 70% on-site and 30% remote work arrangement until Sept. 12, or the end of the declared national state of calamity, as long as they apply for letters of authority.

Under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, companies registered with investment promotion agencies like the PEZA are eligible for perks like an option to pay a 5% special corporate income tax in lieu of other taxes, an income tax holiday, and enhanced deductions.

These incentives are subject to compliance with Section 309 of the Tax Code, which requires that the company’s business must be conducted “within the geographical boundaries of the zone or freeport” in which the project or activity is registered. — Revin Mikhael D. Ochave

UN climate champion urges new administration to boost commitment to tackling climate change

FREEPIK

By Arjay L. Balinbin, Senior Reporter

MADRID, Spain — President-elect Ferdinand “Bongbong” R. Marcos, Jr. should strengthen the country’s commitment to tackling climate change to avoid putting it at greater risk, a United Nations (UN) climate champion said.

“Well, I would say to your president (Mr. Marcos) that this is an absolute urgent agenda. It’s an agenda that brings a lot of opportunities as well as many risks if you don’t follow the agenda and integrate it into your policies and the way you run the country,” Gonzalo Muñoz, chairman of the board for the UN climate champions, told BusinessWorld at the recent South Summit 2022, a global business summit in Madrid co-organized by the IE University.

“We cannot allow…the Philippines to be out of the center of the climate action agenda,” he added.

Mr. Muñoz served as the UN’s high-level climate action champion for COP25, or the twenty-fifth session of the Conference of the Parties in 2019.

“There’s no doubt that, in this moment, climate and the environment are strategic and competitive elements for every country in the world. If you don’t embrace the agenda, you are probably putting your nation at a higher risk.”

Climate Reality Project Philippines, a climate advocacy group, said in a statement in May that it expects the Marcos administration to “elevate the Philippines’ position as a formidable champion of climate-vulnerable countries in this critical decade for climate and environmental action,” as the new government’s “success or failure in implementing climate policies will decide who survives and thrives in this country.”

“The new president’s success or failure in leading the country’s transition to a renewable energy system will determine whether or not the Filipino people will finally enjoy cleaner air, healthier communities, and access to clean, reliable, and affordable electricity,” it added.

The group noted that the Philippines experiences “escalating losses” every year due to natural disasters, especially typhoons.

“This cycle of destruction and rehabilitation can only be addressed by deploying science and evidence-based solutions and by ensuring that the global community follows through with its commitment to limit global warming to the critical limit of 1.5 degrees Celsius above pre-industrial levels, as enshrined in the Paris Agreement.”

According to Mr. Muñoz, there is “a big moment” for Southeast Asian countries like the Philippines due to the attention that oceans are gaining.

“The oceans will be much more central to climate discussions… We need to integrate oceans in this moment into both environmental and social solutions.”

“We should have in the second semester of the year the Asia-Pacific Climate week, then I should be going there definitely; and if that allows me to visit the Philippines, I would be delighted,” he added.

The Department of Finance said last year that climate-related hazards have caused P506.1 billion (around $10 billion) in losses and damage to the Philippines over the past decade despite the country contributing only 0.3% of the world’s total greenhouse gas emissions.

Annual average losses of P48.9 billion from climate events represent 0.33% of each year’s average gross domestic product, it noted.

For Socioeconomic Planning Secretary Karl Kendrick T. Chua, climate change adaptation and mitigation must be placed at the center of socioeconomic planning for the Philippines to realize its 2040 goal of eradicating extreme poverty.

“Addressing the triple planetary crisis [of climate change, biodiversity loss, and pollution] has become our top development challenge. If we are to eradicate extreme poverty in the Philippines by 2040 and hand down a better planet to our children and grandchildren, climate change adaptation and mitigation need to be placed at the heart of socioeconomic planning,” Mr. Chua was quoted as saying in a statement on June 7.

According to the National Economic and Development Authority, the government has formulated an action plan for sustainable consumption and production aimed at providing the guiding framework towards the shift to sustainable and climate-smart practices and behaviors across sectors.

The Asian Development Bank (ADB) also recently approved a $250-million policy-based loan to help boost the country’s climate change efforts, noting that the Global Climate Risk Index 2021 ranked the Philippines fourth among countries most affected by extreme weather globally from 2000 to 2019.

“The pandemic has heightened the country’s vulnerability to the economic impact of severe weather events,” it said in a statement.

The ADB said the new program targets policy reforms and is expected to help the country build planning, financing, and institutional systems to scale up climate action. It also aims to improve the resilience of farmers and fisherfolk through sustainable solutions.

Debt service bill down on lower principal payments

BW FILE PHOTO

THE NATIONAL Government spent P42.975 billion to pay its debt in April, declining from a year ago, as it made significantly lower principal payments while disbursing more for interest, data from the Bureau of the Treasury (BTr) showed.

The BTr reported that the government’s April debt service bill was down by 33.15% from P64.29 billion in April 2021 and by 36% from the P67.389 billion seen in March 2022.

Out of the total debt service bill for April, over 86% went to interest payments and the rest was spent to return the principal amount borrowed.

Interest payments in April grew by 56.61% to P37.303 billion from P23.819 billion in the same month a year ago.

Broken down, payments made for interest on domestic borrowings soared by over 70% year on year to P29.86 billion.

Domestic interest payments were made up of P24.626 billion for fixed-rate Treasury bonds, P3.575 billion for retail Treasury bonds, and P1.32 billion for Treasury bills.

Meanwhile, interest expense for the government’s foreign debt climbed by 17.85% to P7.45 billion.

On the other hand, principal payments for April plummeted by 86% to P5.672 billion from P40.469 billion in the same month last year. This was made up entirely of payments for foreign debt.

From January to April, the National Government’s total debt service bill stood at P356.625 billion, falling by nearly 40% from P585.80 billion a year ago, as it spent less on repaying the principal amount of its obligations.

Principal debt payments made up 47.66% of the total bill for the period, while interest expense cornered the remaining 52.33%.

Broken down, amortization for the period slumped by 61% to P170 billion from P436.12 billion in the previous year.

Payments made for domestic debt totaled P153 billion in the first four months of 2022, a 47% decline from P291 billion a year prior, while spending on repaying foreign obligations stood at P16.98 billion, down by 88% from the P145.10 billion recorded in the same period last year.

Meanwhile, interest payments for the four-month period went up by 24.69% to P186.632 billion.

The government plans to spend P1.298 trillion for debt payments this year, with P785.21 billion to go to repaying the principal amount of its borrowings and the remaining P512.59 billion programmed for interest expense.

The Philippines logged a debt-to-gross domestic product (GDP) ratio of 63.5% as of the first quarter. This is higher than the 60% debt-to-GDP ratio considered manageable by multilateral lenders for developing economies.

Finance Secretary Carlos G. Dominguez III has said it would take 10 years to bring this ratio back to pre-pandemic levels.

The government expects the economy to grow by 7-9% this year. Philippine GDP expanded by a faster-than-expected 8.3% in the first quarter. — T.J. Tomas

A chance to get up close and personal with Farrales’ couture

ONE of my first-ever fashion shows was a 2013 retrospective of the work of the late Benjamin Farrales, dubbed by the press as The Dean of Philippine Fashion. He was still alive then, and he was wheeled to the end of the runway to the strains of “O Sole Mio.” Two outfits, culled from his archive, struck me the most. There was a dress with a shawl made of purple orchids, some of the petals dropping off the model’s shoulder as she walked down the runway. The finale dress was a traje de mestiza of white lace and gold, seemingly made for a goddess, reflecting the light from the photographers’ flashbulbs. One can imagine how beautiful this dress must have been, to make an impression even to those in the nosebleed seats of fashion shows (which was anything beyond the fourth row).

I saw this dress, and many other masterpieces of Ben Farrales, up close at an exhibit at the De la Salle College of St. Benilde titled “Farrales X FDM: Benilde Fashion Design Students meet Ben Farrales”.

While the highlight of the exhibit were the dresses by this late master, who passed away last year at the age of 89, miniature dresses inspired by the master and made by students of the AB Fashion Design and Merchandising Program of the De La Salle-College of Saint Benilde (DLSU-CSB) also shared the limelight.

The exhibit showcases 41 dresses from Mr. Farrales’ own archive, from fashion shows and other activities, donated by his family to the DLSU-CSB.

The oldest dress in the collection, as pointed out by the exhibit’s curator and Director for the Center for Campus Art, architect Gerry Torres, was a gown made of raffia, sinamay, and a banig trim, worn by writer and socialite Bambi Lammoglia Harper at a Malacañang Palace ball during the 1957 to 1961 tenure of President Carlos P. Garcia. During an interview with BusinessWorld, Mr. Torres said that the clothes are maintained by keeping them in a room that is air-conditioned 24/7, wrapped in acid-free paper and kept in boxes of the same material. “These exhibits of vintage clothing, they would not always be around. The clothes are so fragile. Every time you handle it for an exhibit, there’s always that chance of them being destroyed.”

While silk taffeta and satin may have been the fabric du jour of couture in the 1950s and ’60s, Mr. Farrales was one of the first to champion the use of local Filipino textiles. Growing up in Mindanao, he sought inspiration from the colorful fabrics of the indigenous people around him. For example, there’s a dress in black, covered all over with little paillettes, which turned out to be little capiz discs.

Getting the purest expression of the Filipino spirit got him the honor of exhibiting around the world, himself holding the distinction of being the first Filipino designer to exhibit at the Kennedy Center in Washington D.C. in 1984.

“He found inspiration in beauty. He found inspiration in everything around him. He would study people. He was just a true person,” said his great-niece, Leana Farrales-Carmona, who was present at the event. In an interview with BusinessWorld, she said, “I think it’s in that understanding of people and cultures that he finds a way to express that in fashion. It was a time when that was never done.”

She remembers a story from her younger days, when her Tio Ben (as she called him; his clients called him Mang Ben), made her a pantsuit from a roll of fabric he got from somewhere, mindful that she was going to move around while wearing it. Asked if she enjoyed some special access to him, when other women would have to line up to see him, she said, “No! No. Tio Ben’s life was pretty compartmentalized.”

She pointed out his devotion to the Sto. Nino. A Sto. Nino’s robes are the first thing one sees at the DLSU-CSB exhibit, embroidered in gold and silver. Plastered along the walls of the exhibit are his life story, pieced together from the various interviews he had done from his heyday in the ’50s and ’60s, as well as magazine covers which showed his designs worn by the it-girls of their day.

“He was just a normal guy,” said Ms. Farrales-Carmona. “To me, he was just Tio Ben…. he didn’t have any airs, and anything like that.”

In Ben Farrales, Fifty Years in My Fashion, a book by the late Abe Florendo, Mr. Farrales was quoted as saying that during the height of haute couture, “Back then, women had money to spend. There were endless parties. Women nonchalantly changed clothes twice or three times a day. Rich families vied with one another for the grandest weddings, birthdays, and debutante balls. They knew what they wanted and they could talk endlessly about clothes.”

“Tio Ben was haute couture, when haute couture was Paris, New York, and all. I think that age is gone now,” said Ms. Farrales-Carmona. She said that with the entry of ready-to-wear pieces and the arrival of the shopping mall, her great-uncle could have chosen to put his name on a clothing line. “He wasn’t into that,” she said. “He was about the relationship with his customers, and really getting to understand their life; getting to know what they wanted out of that occasion where he would dress them up.”

Since she points out that the way of life that once wore Ben Farrales has since faded away, would there still be room for another designer to willingly and lovingly create clothes made with such detail and precision? “Absolutely. We have wonderful artists, all over the world,” she said.

“Tio Ben made the Filipino open up to the world stage. He was the Dean of Asian Fashion. Now, with the internet and borders becoming invisible with our digital world, the Filipino creativity and meticulousness for detail – it’s there for the world to see. That’s Tio Ben’s legacy.”

“Sure. If they are as committed, as passionate, as hardworking, as talented,” said Mr. Torres when asked if another Filipino designer with that eye for detail can rise again.

“Madami tayong talent eh (we have a lot of talent). But Mang Ben’s stamp was really his work ethic,’ he said, pointing out that Farrales stayed in his Malate atelier from Monday to Saturday, from 9 a.m. to 6 p.m. “I think it’s a lesson for our young people, that you should be committed to work. Fashion is not just the fun stuff, and the shows and the models. It’s also the hard work behind it. Mang Ben was ready to commit to the hard work.” He mentioned that Mr. Farrales would admonish young designers, “‘Magtrabaho kayo ng tama! (Work right!) And don’t party too much.’”

“There’s work to be done,” said Mr. Torres. “To have a career as long as his: you have to put in the hard work.”

The exhibit is open for viewing until Sept. 10 at the College of St. Benilde School of Design and Arts, 950 Pablo Ocampo Ave., Malate, Manila. — Joseph L. Garcia

Fashion designer Salvacion Lim Higgins named National Artist

SALVACION LIM HIGGINS terno with unique floral embellishments, created in the late 1950s. — PHOTO FROM FACEBOOK.COM/SLIMSFASHIONSCHOOL
SALVACION LIM HIGGINS terno with unique floral embellishments, created in the late 1950s. — PHOTO FROM FACEBOOK.COM/SLIMSFASHIONSCHOOL

FASHION designer Salvacion Lim Higgins (better known as Slim) is now a National Artist, as conferred by President Rodrigo Duterte. This was announced on a Facebook post by the National Commission for Culture and the Arts on June 10.

Ms. Higgins, who passed away in 1990, shared the honor this year with Agnes Locsin for Dance, Nora Villamayor a.k.a Nora Aunor, Ricardo “Ricky” Lee, and Marilou Diaz-Abaya for Film and Broadcast Arts, Gemino Abad for Literature, Fides Cuyugan-Asensio for Music, and Antonio “Tony” Mabesa for Theater.

The post read: “On June 10, 2022, Malacañang Palace, upon joint recommendation of the National Commission for Culture and the Arts (NCCA) and the Cultural Center of the Philippines (CCP), officially announced the eight new National Artists by virtue of Proclamation No. 1390.

“The Order of National Artist, established under Proclamation No. 1001 signed in 1972, is the highest national recognition conferred upon Filipinos who have made distinct contributions to the development of the Philippine arts and culture.”

Ms. Higgins was named as a National Artist for Design (Fashion), an honor she shares with Ramon Valera, so far the only other National Artist for Fashion.

Ms. Higgins revolutionized Philippine dress by applying avant-garde couture techniques on traditional Philippine dress, giving the terno and the traje de mestiza a more modernized, streamlined look; and made the clothes have a life of movement of their own.

Her tenure as couturier began in 1947, up until her death in 1990, just days after working on her last dresses.

“Casting off literal interpretations of Filipino and Western fashion, her work helped define modern Philippine couture with three characteristic elements. The first was inventive, often audacious, construction. Her trademark draping accented the female form, yet she also often altered it, through whimsical or geometric shapes,” said a biography of her on a website created for an archival show in 2009 at the National Museum (slimslegacy.com).

She also founded a fashion school, Slim’s Fashion & Arts School, who could count among its alumni such couturiers as Joe Salazar and Cesar Gaupo.

In the school’s official Facebook page, it posted: “Slim’s Fashion & Arts School is deeply honored to announce that our founder, Salvacion Lim Higgins has just been conferred the title of National Artist in the category of Design. The Order of National Artists Award (Order ng Gawad Pambansang Alagad ng Sining) is the highest national recognition given to Filipino individuals who have made significant contributions to the development of Philippine arts and letters.

“Slim’s Fashion & Arts School was founded in 1960, and is now not only the oldest fashion institution in the country, but the only fashion institution founded by a National Artist.” — Joseph L. Garcia

Manila Water looks at Africa, Latin America for expansion

RAZON-LED Manila Water Co., Inc. is looking at further expanding its reach to overseas areas where its affiliate firm has business exposure, and where the Philippines shares similar economic and cultural characteristics, a company official said.

“We’re looking at Latin America and Africa,” Manila Water Chief Administrative Officer Roberto R. Locsin told reporters on Friday.

He said the water company, which serves Metro Manila’s east zone, is studying countries where International Container Terminal Services, Inc. (ICTSI) operates, as candidates for its expansion since partnerships with local entities already exist.

Manila Water and ICTSI are both chaired by Enrique K. Razon, Jr. The billionaire businessman took over control of the water company from the Ayala group in a series of transactions, starting with his group’s subscription to shares in Manila Water in February 2020.

Mr. Locsin said Manila Water would “leverage” the regulatory expertise of ICTSI “on the ground.”

“The preference is management control,” he said about the company’s strategy to further expand overseas.

“We want to make sure that our style is the style that gets embedded in the local team,” he said. “That’s the value of what we’re trying to do — export the talent.”

Incorporated in 1987, ICTSI operates and develops the Manila International Container Terminal, which handles international container cargo at the Port of Manila.

“Latin America is a big target if you take a look at the big economies like Mexico, Colombia,” Mr. Locsin said.

He said ICTSI is also “all over Africa,” making the continent a possible expansion target since its nations have similar economic characteristics as the Philippines.

Based on its annual report, the port operator has exposure in various countries including Madagascar, Pakistan, Australia, the Democratic Republic of Congo, Mexico, Brazil, Nigeria, and Iraq.

“We’re doing a lot of work now. The deal pipeline is healthy. It’s just that these things take time,” Mr. Locsin said.

Before further expanding overseas, he said Manila Water is likely to launch a few projects in the Philippines.

“We’d like to close a few deals before the end of the year,” he said, without disclosing details.

He said Manila Water is coming up with a new local project by the end of the first half.

“There could be water district, there could be bulk [water] supply, so if you look at the water value chain, we have water supply, we have water distribution, sanitation, sewage, and then other services,” he said.

Manila Water’s wholly-owned subsidiaries include Manila Water Philippine Ventures, Inc., the holding company for domestic operating units including those that have bulk water supply deals in Clark, Cebu, Boracay, and Davao; and Manila Water Asia Pacific Pte. Ltd., the holding company for international ventures, which include Indonesia, Thailand, and Vietnam-based affiliates and associates.

Manila Water earlier this year said that it had spent P13.7 billion last year to improve its service coverage, up 28% from its record capital expenditure the earlier year since the Philippine capital’s east zone water service was privatized in 1997.

For 2021, Manila Water recorded an attributable net income of P3.67 billion, down 18.4% from P4.5 billion the earlier year.

Revenues dropped due to lower billed volume across all segments in its east zone concession area and lower customer consumption due to the pandemic.

Shares in the company dropped 1.35% or 24 centavos to close at P17.60 each on Friday. — Victor V. Saulon

Kim Soo Hyun on style and acting

SOUTH KOREAN actor Kim Soo Hyun _ FACEBOOK.COM/BENCHTMOFFICIAL

KOREAN actor Kim Soo Hyun wore a white Bench round neck shirt last week upon arrival at the airport.

Five years since his first visit to the country, Mr. Kim arrived in Manila for “One Extraordinary Day” — a meet-and-greet event on June 10 hosted by the Filipino clothing brand, Bench. Mr. Kim joined the roster of its brand ambassadors in July 2021.

The 34-year-old actor recently starred in It’s Okay to Not Be Okay — the sole Asian nominee for Best TV Movie or Miniseries at the International Emmy Awards in 2021). His performance as Moon Gang-tae earned him a Best Actor nomination at the 2021 Baeksang Arts Awards. Mr. Kim is best known for his roles in TV series like My Love from the Star (2013), Moon Embracing the Sun (2012), Dream High (2011); and films such as Secretly, Greatly (2013), and The Thieves (2012).

A day prior the fan meet and greet at the SM Mall of Asia Arena, a press conference was held at the Peninsula Manila where the actor talked about his personal style and future projects.

Mr. Kim appeared dressed in a casual all-black ensemble and white sneakers which he said he put together himself.

He talked about his personal style and how it aligns with the brand.

“Bench brand is a very friendly and popular brand,” Mr. Kim said in Korean, speaking through an interpreter. “In my personal time I prefer wearing casual and comfortable clothes. I also prefer all-black [clothing].”

KIMSOOHYUNxBENCH
In line with the actor’s ambassadorship to the local retail brand, Bench released the KIMSOOHYUNxBENCH collection last year. Items in the collection include the “Everything Will Be Okay” shirt (P399.75), the “Good Vibes With Me” Ringer shirt (P399.75), the “FINE” Crew Neck Tee (P399.75), the “Heal Your Soul” shirt (P399.75), a mesh cap (P349), denim pants (P899), and a denim jacket with brown accents (P1,299).

As for style advice, Mr. Kim said, jokingly: “[On my way] from the airport… I was seeing billboards of Bench. If you dress exactly the same as the billboards, I guess you will look great.”

Mr. Kim took his time to think before answering questions about his future goals as an actor.

“I want to try a lot of things as I age… As I take more projects, I would like to ask for your support as I try my best to be a better actor,” Mr. Kim said.

As for future projects, Mr. Kim is currently looking at scripts, but nothing is certain at the moment.

The KIMSOOHYUNxBENCH collection is available in stores nationwide and online at Lazada, Shopee, and Zalora. — Michelle Anne P. Soliman

Alsons readies 2 more hydro projects after Siguil

ALSONS Consolidated Resources, Inc. (ACR) has lined up two run-of-river hydroelectric power plant projects as the follow-up to the Siguil hydro development that recently secured financing.

Philip Edward B. Sagun, ACR deputy chief financial officer, said the Siayan hydro project in Zamboanga del Norte and the Bago hydro project in Negros Occidental “are the next two projects in the pipeline.”

“Securing and finalizing financing is dependent on the progress of the ongoing project development stages and various permitting from relevant agencies,” he said in an e-mailed response to questions.

The 21-megawatt (MW) hydropower plant in Zamboanga del Norte is being developed by ACR’s Sindangan Zambo-River Power Corp.; and the 42-MW Bago river hydroelectric power plant in Negros Occidental will be the company’s first power project outside of Mindanao.

On Friday, ACR said its unit Siguil Hydro Power Corp. had signed a P3.3-billion omnibus loan and security agreement for the 14.5-MW plant with state-led bank Development Bank of the Philippines (DBP).

Mr. Sagun said the loan deal comprises 75% of the total project cost of the Siguil hydro plant.

“Equity will shoulder the rest of the cost,” he said.

ACR Chairman and President Nicasio I. Alcantara said, “eventually,” renewable energy sources would comprise at least half of ACR’s long-term energy mix.

“We share a common mission of bridging development gaps to improve the well-being of the people in the communities we are active in, doing so in a sustainable manner, and protecting the environment,” said ACR Chairman and President Nicasio I. Alcantara about the partnership with DBP.

“We hope DBP will be involved in those future projects as well,” he added

The Siguil hydro run-of-river hydroelectric power plant is currently under construction in Maasim, Sarangani province.

The project is ACR’s first renewable energy development. It is expected to begin commercial operations in the second quarter of 2023. Once operational, the plant will be a source of renewable power to key areas of Mindanao.

ACR, which is said to be Mindanao’s first private sector power generator, plans to develop at least seven more run-of-river hydro power facilities in Mindanao and other parts of the southern Philippines.

At present, the group operates four power facilities in Mindanao with a total generating capacity of 468 MW. The plants serve more than eight million people in 14 cities and 11 provinces in the country’s second-largest island.

In 2021, the company’s attributable net income rose 24.4% to P404.56 million from P325.11 million while consolidated revenues increased by 6.2% to P10.05 billion from P9.46 billion.

ACR said that its 210-MW Sarangani Energy Corp. baseload power plant was a key revenue and income driver, producing 974 gigawatt-hours last year from 952 gigawatt-hours in 2020.

On Friday, shares in the company climbed by 2% or two centavos to close at P1.02 apiece at the stock exchange. — Victor V. Saulon

The Velocity Q&A: Christopher Chan (PGA Cars Planning Director)

Mr. Chan is also concurrently managing director for Audi and Bentley in the Philippines.

Interview by Kap Maceda Aguila

IT MAY be a little hard to believe, but the first hybrid vehicle formally made its way into the country more than decade ago. And while the idea then of a traditional internal combustion engine supplemented by an electric motor wasn’t really a box-office hit, it surely managed to open some eyes on the long-term practicality — and inevitability — of electric mobility.

That’s what electrification in the mobility sector is: inevitable. Today, most car makers have articulated their desire to be carbon-neutral or to dispense with fossil-fuel-powered engines by a fixed year in a bid not just to adhere to ever-tightening international fuel economy and emissions standards, but to earnestly make a transition to cleaner transportation to assure a healthy, viable planet for those who will come after us.

And what was novel then is certainly more widely accepted now. Electrified vehicles from hybrids to plug-in hybrids to full electrics have made their way into the country — in no small part due to the laudable efforts of both public and private sectors (take a bow, Electric Vehicle Association of the Philippines). Legislators and other open-minded officials have also plugged into the program to aspire to an electrified future.

Still, there’s quite a bit of resistance, and work, left before we convincingly open the EV floodgates. What’s clear to someone who has been covering the auto beat is this: the private sector (notably OEMs and distributors) can’t be sitting on their thumbs in anticipation of the state to roll out the red carpet for the industry. Rather, the smart money should be on the dichotomous leap of calculated faith. Good things happen to those who wait, but those who grab the bull by its horns can get their reward, too, and now.

That’s precisely what the folks at PGA Cars appear to be doing. Established in 1996 by Robert Coyiuto, Jr., the company is the country’s steward for a prestigious set of brands in Audi, Bentley, Lamborghini, and Porsche.

You can say that the brand is championing the local premium auto sector’s push for electromobility. It’s not all motherhood statements, either. Through its “FutureNow” program, PGA Cars has sunk in more than P300 million to ready itself and its people for the “unique requirements and safety standards of electric vehicles.”

On the ground, the company is also engaging in discussions with relevant stakeholders “like mall owners, property developers and fuel companies which have set up (or have plans to set up) public charging stations,” according to a release. “Plus, all PGA Cars showrooms and service centers are equipped with charging facilities, which Porsche and Audi owners use for free.”

Even as the Porsche Taycan (launched here in 2020) and the Audi e-tron SUV and e-tron GT (unveiled just last February) embody PGA Cars’ electric dreams for the moment, the Bentley and Lamborghini brands will enter the picture sooner than later.

“Bentley has already launched the Bentayga Hybrid and the Flying Spur Hybrid worldwide, and we can expect our first few cars within the year as well,” said PGA Cars Planning Director Christopher Chan. “Lamborghini has this in its plans as well. Hybridization is a win-win. You don’t only get more power, you get power delivery at low RPMs compared to more traditional engines. It just adds to what Lamborghini is, and to what Bentley is — effortless power for Bentley at lower engine speeds, and for Lamborghini it’s really about high performance.”

Here are more excerpts of our talk with Mr. Chan about how PGA Cars is making the premium electric car, well, more commonplace.

VELOCITY: So what does FutureNow mean for PGA Cars?

CHRISTOPHER CHAN: It’s not only a mantra, but basically how we move forward with everything. It’s our statement for electric vehicles, because electric vehicles shouldn’t be an afterthought in the industry. They were probably thinking, okay, electric cars will be coming in maybe three years, five years from now. But what we’re seeing is that they’re here, they’re here now. The future is here now, and you can drive it today. And you can own it today.

We learned that quite a number of your buyers of the Audi e-tron and Porsche Taycan are actually first-time buyers into these brands. Were you surprised by that? What do you think explains it?

It was surprising at first, but once we analyzed the data a bit more, it made sense. These cars are mainly Audis and Porsches — just with a different power drive. From gasoline to diesel to hybrid, it’s still an Audi, it’s still a Porsche — and drive like them. It’s the same experience that you get just from a different power plant. At the same time, the curiosity for EVs is really there, and you really see this sustainability trend. It’s really the new luxury for a lot of people, and, when they see brands like Audi and Porsche they would want to know and see the cars that are being built as sustainable vehicles. It’s so easy to shift.

A lot of people in the industry have also been talking about a reluctance to bring in fully electric vehicles because they see the challenges — specifically the lack of charging infrastructure. So what was the point when you guys decided to pull the trigger and say, okay, the e-tron and Taycan are here and the Philippine market is ready for them?

We started off with that same problem as well. We were thinking okay, charging infrastructure is not here yet. But talking more and more with our principals, we found out that 90% of charging basically happens at home. So given that, given that very strong number, we talked to our customers, we did some initial surveys, and got very good feedback in terms of the demand for the EVs. So with that, we took the jump and went into the electric vehicle market, head first.

There’s a lot of good news coming through legislation and policies that are making things a little more conducive for the industry like the EVIDA Law. As far as government support is concerned, are you guys happy at PGA Cars? What do you think still needs to happen to get us to that tipping point for more people to get into electrics?

I think we’re in the right direction when it comes to the measures of government. There’s a push on parking spaces and other benefits for EV owners. But of course, we’d like to see more on the importation side of things, that government helps out in term of duties. But again, it’s really more of the infrastructure that they can really help out with, because from what we’ve seen in other countries, the infrastructure was really set up by the government or heavily subsidized by the government — so from petrol stations to office buildings and schools and public parking areas. There would be government-funded or government-supported infrastructure to help make things easier because of course, as we know, in the Philippines not everybody would easily have a ready parking space or even parking spaces near their homes. So it would be easier for the industry to move forward with full government support in these aspects.

What sort of concerns or worries do some people have about electric vehicles? Of course, one of them would be range, right? What are you seeing from your end?

It is a concern for some, but not really a major one. It’s a different market for people with, say, one cars, two cars versus people with three or four cars. So they would have an alternate for longer journeys. But with that said, we’ve tried to go on long distances with the e-tron SUV. We went to La Union with over 24% left in the battery. So that’s some 300 kilometers and it’s not really concerning. And the driver wasn’t even doing eco-driving or anything. It was just normal driving. So I wouldn’t think it’s such a big hurdle for most people. It’s part of the lifestyle; part of getting into an EV you usually are more conscious about how you use the vehicle; how you use the energy in the vehicle. Living a more sustainable lifestyle is part of how the transition to EVs is looking like.

Electric cars have far less moving parts, which means, one would guess, they would cost less to maintain right now. If we’re talking about ownership cost, over the long term, how would EVs stack up against ICE-powered cars?

Less moving parts mean maintenance is definitely much, much easier. You don’t have oil going into these things, and the brakes pretty much last forever. So it’s really, really easy; much more cost-effective to run these cars in the long run, and the batteries last a good eight to 10 years. That’s it; everything’s modular and easily replaceable.

What’s the PMS schedule?

It’s one year or 10,000 kilometers but, of course, most of the first year and let’s say the third year would be more of inspections, checking on the coolant — minor things.

Where will the P300 million that PGA Cars earmarked for FutureNow actually go to?

It is a sizable amount, and it keeps on growing as we go along. New models, new tools and training, new facilities. At the same time, we push forward in terms of charging points. So we’re also doing our own groundwork and, of course, not waiting for the apple to fall from the tree and get all this support from the government. For the training of the people, as I mentioned, it’s something new, it’s not an engine that just changes from generation to generation with some minor tweaks; it’s an electric motor. It’s a whole battery with multiple cells. Our people need to learn how to do it and then that’s what we’re really investing in. It’s not just about selling it. How do we service it properly in Metro Manila, in Cebu, in Davao? We’re preparing for all that in the coming years as well.

Kimono fashion unfurls in New York exhibition

Kyōgen Suit (Suō) with Rabbits Jumping over Waves — PHOTO FROM METMUSEUM.ORG

NEW YORK — Kimonos, covered with polka dots, Cubist patterns, and big-eyed animé characters, are on display in New York’s Metropolitan Museum of Art, showing how East and West influenced each other to transform the traditional Japanese garment.

“Usually when you think of fashion, you think of big brands made in the Western world. But the kimono also had a fashion system going back to the 17th century,” said Monika Bincsik, Diane and Arthur Abbey Associate Curator for Japanese Decorative Arts at the museum.

More than 60 kimonos are on display alongside Western dresses in the first show co-hosted by the Met’s Japanese Gallery and Costume Institute.

“The Japanese kimono had a big influence on Western fashion going back to the early 20th century,” Ms. Bincsik said.

For example, French couturier Paul Poiret created a kimono coat, while Western abstract art inspired the bold geometric patterned “Meisen” kimonos of the early 1900s.

The exhibit runs through Feb. 20, 2023. — Reuters

Dottie Ardina at joint 14th after three rounds of LPGA Classic

DOTTIE ARDINA — REUTERS

THE Philippines’ Dottie Ardina shot an even-par 71 on Saturday and slipped to joint 14th after three rounds of the Shoprite Ladies

Professional Golf Association (LPGA) Classic at the Seaview Hotel and Golf Club in Galloway, New Jersey.

Unable to sustain her hot start of 67, Ms. Ardina shot two birdies against two bogeys in a 36-35 round to drop 11 places with her tally of four-under 138.

From two down, the 28-year-old found herself facing a five-stroke deficit against Sweden’s Frida Kinhult (9-under 133 after a 67) going to the final round.

Compatriot Bianca Pagdanganan submitted a 70 in the second round but ultimately failed to make the cut with a 5-over 147 aggregate.

Ms. Pagdanganan’s bid was set back by her opening 77.

Ms. Ardina hit 12 of 14 fairways and 15 of 18 greens but needed 33 putts, reaching the turn at one-under after stroking birdies on the par-5 third and ninth holes to offset a bogey on the second hole. She dropped a stroke on the 14th  heading home. — Olmin Leyba

1...5,8425,8435,844...13,782Page 5,843 of 13,782
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube