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Jollibee to invest €10M for more stores in Spain 

JOLLIBEE Foods Corp. (JFC) will be spending €10 million to fund its expansion in Spain, with the first store opening in the European country on Sept. 23.

The budget is a fifth of the €50-million investment it set for its Europe expansion. JFC wants to have 50 stores across the continent in the next five years.

In Spain, the restaurant group will be launching its first store at Puerta Del Sol in Madrid. The store will open at Calle Arenal, said to be one of Madrid’s “busiest thoroughfares.”

“Jollibee’s first Spain restaurant has a dining capacity for 180 guests, and features the brand’s store design reimagined for European customers,” JFC said in an e-mailed statement on Saturday.

The store was also designed to ensure safety with outdoor seating made available, a designated take-out collection area, and hand-washing stations. It will also have digital kiosks for transactions.

Jollibee Madrid will have a double-height dining hall to accommodate a full-sized palm tree at the center of the store.

The listed restaurant operator is banking on its international businesses to drive growth this year. It has 5,815 branches under its 17 brands in 44 countries.

The company aims to open 450 stores this year, majority of which will be launched abroad.

JFC shares on Friday declined by 3.43% or seven pesos, closing at P197 apiece. — Keren Concepcion G. Valmonte

DoF says no privatization for crop insurance firm

NDRRMC.GOV.PH

By Beatrice M. Laforga, Reporter

THE DEPARTMENT of Finance (DoF) said there are no current plans to privatize the Philippine Crop Insurance Corp. (PCIC), following fears expressed by farmers that premiums will rise if the government exits the industry.

“Privatization of PCIC is not being considered at this time. However, involving the private sector through tools such as reinsurance of agriculture risks will be explored,” Finance Secretary Carlos G. Dominguez III said Sunday, in response to a BusinessWorld query.

“Re-insurance will most likely allow the expansion of coverage to more farmers, more crops and livestock,” he added.

Federation of Free Farmers National Manager Raul Q. Montemayor said the government may be thinking of privatizing the PCIC after Executive Order (EO) No. 148, signed on Sept. 14, transferred the state-run crop insurance firm to the DoF from the Department of Agriculture (DA).

He cited DoF Undersecretary Gil S. Beltran’s remarks in May 2019, in which he first brought up the idea of privatizing the PCIC and convert it into a reinsurer.

The PCIC provides subsidized insurance protection to farmers against losses from natural disasters and plant and animal diseases, particularly for corn and rice.

“Without the subsidy, crop insurance will be prohibitively expensive, specially for small farmers… If the risk premium plus overhead costs are fully charged to clients, the premium will go up to 15% of the sum insured,” Mr. Montemayor said via Viber Friday.

The farmers group has maintained that EO 148 could make the insurer less responsive to the needs of farmers. It reconfigured the PCIC Board to make the Finance secretary chairman, relegating the Agriculture secretary to vice-chairman and reducing the number of farmer representatives on the board from three to one.

“The transfer of PCIC was done without any consultation with stakeholders. The DoF clearly has an anti-farmer bias, it does not want to consult the sector, and as with the Coco Levy, it does not want farmers meddling in its affairs. By reorganizing the PCIC Board, it has effectively changed the mandate and thrust of the PCIC as originally defined in its charter,” he said.

He maintains that the PCIC should still be mainly overseen by the DA for it to focus on its specific mandate to serve small farmers, rather than be run primarily as a financial institution.

“The DoF can be placed on the board to look after the financial health of the PCIC, but to place the PCIC under the DoF and to fill the Board with institutions that are under the supervision of the DoF smacks of overkill and is clearly a ploy to take full control of the agency,” Mr. Montemayor said.

Members of the board include the PCIC president, the Land Bank of the Philippines president, the Government Service Insurance System president and general manager, a private insurance industry representative, and a farmer representative.

In a Viber message last week, Finance Assistant Secretary Paola Sherina A. Alvarez said the transfer to the DoF was intended to ensure that the PCIC is “managed effectively for the benefit of the farming community.”

She said the PCIC will receive P4 billion in subsidies next year, but added that the government must ensure that taxpayer money is used “efficiently for the agriculture sector’s benefit.”

Peso to rise ahead of BSP meet

BW FILE PHOTO

THE PESO may appreciate versus the greenback this week as the market widely expects the central bank to keep rates low to support the economy.

The local unit finished trading at P49.95 per dollar on Friday, gaining two centavos from its P49.97 close on Thursday, data from the Bankers Association of the Philippines showed.

However, it weakened by 8.5 centavos from its close of P49.865 versus the dollar on Sept. 10.

The peso strengthened against its Thursday close amid the arrival of more vaccine doses in the Philippines, which boosted prospects for herd immunity and economic recovery, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Additional 661,200 doses made by AstraZeneca Plc were delivered to the Philippines on Friday morning. They were procured by the private sector through the National Government.

The country has already received over 58.2 million doses of coronavirus vaccines since February.

Despite this, the country’s fully vaccinated rate of 16.63% remains relatively low compared with its regional neighbors, only faring better than Indonesia (16.3%) and Vietnam (6.21%), based on latest data from the vaccine tracker of the Johns Hopkins University. The government is targeting to vaccinate 70% of the population by end-2021.

Peso-dollar trading last week was also affected by upbeat remittance data.

Cash remittances increased by 2.5% to $2.853 billion in July from $2.783 billion a year earlier, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday. July’s inflows were the biggest since the $2.89 billion in December.

This brought cash remittances for the first seven months of 2021 to $17.771 billion, up 5.8% from the $16.802 billion in the same period of 2020.

This week, Mr. Asuncion said the market will take its cue from the Bangko Sentral ng Pilipinas’ (BSP) monetary policy review on Sept. 23.

A BusinessWorld poll last week showed 17 out of 18 economists see the BSP keeping its key policy rate at an all-time low of 2%.

Analysts said policy support from the BSP remains crucial as the country has become the region’s “laggard” in terms of economic recovery from the pandemic. They said the Monetary Board will likely look past the beyond-target inflation as it is mainly caused by low supply.

Meanwhile, Mr. Ricafort said more vaccine arrivals and the increase in infections could also provide leads for investors.

Infections rose by 23,153 on Saturday, which was the second-highest daily tally after the 26,603 logged on Sept. 11. This brought active cases to 184,088, the Department of Health reported.

For this week, Mr. Ricafort gave a forecast range of P49.70 to P50.15, while Mr. Asuncion expects a slightly wider band of P49.70 to P50.20 per dollar. — L.W.T. Noble

Maynilad offers free desludging services to COVID-19 facilities

MAYNILAD Water Services, Inc. has been extending free desludging services to 56 quarantine centers, hospitals, government checkpoints, and other coronavirus disease 2019 (COVID-19) facilities since March last year.

The west zone water concessionaire said the COVID-19 facilities that benefited include Sta. Ana Hospital, Tondo Hospital, Quezon Institute, and Cavite City Hospital, as well as several government checkpoints and major quarantine facilities in Parañaque, Manila, Pasay, Quezon City, and Cavite province.

“The company has been regularly cleaning the septic tanks and portable toilets of these facilities for free, to help maintain good sanitary condition — through proper wastewater management — for the medical personnel and patients who use these COVID-19 centers,” Maynilad said in a statement.

Aside from the free desludging service, Maynilad said it distributed food donations, hygiene materials, and drink-wash stations for several government centers.

“In 2020, Maynilad also donated tents and other supplies to the quarantine facility in the University of the Philippines-Diliman and built a P15-million COVID-19 testing and laboratory center inside the Delos Santos Medical Center compound in Quezon City to help boost the country’s testing capacity,” it said. 

Maynilad provides water to Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City, as well as parts of Cavite province including Bacoor, Imus, Kawit, Noveleta, and Rosario.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Chicken farmgate prices expected to remain soft on weak demand 

PHILSTAR FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

THE farmgate price of chicken is expected to remain soft in the coming months despite more freedom of movement and business operations promised by the new quarantine scheme, the United Broiler Raisers Association (UBRA) said. 

UBRA President Elias Jose M. Inciong said in a mobile phone interview that prices will remain soft because the underlying demand remains weak due to the pandemic. Only an “unexpected event in the near future” could cause prices to rise, he added.

UBRA estimates that as of Sept. 17, the average farmgate price of an off-sized broiler chicken fell 10.4% week on week to P73 per kilogram (/kg), while the average farmgate prices of regular-sized and prime broilers fell 10.7% and 12.6% to P75/kg and P73.63/kg, respectively.

Mr. Inciong said the production cost for broiler chicken ranges from P83 to P90/kg.

He said the increase in overseas Filipino worker (OFW) remittances and the upcoming start of the campaign for the 2022 elections may help address soft prices.

“The industry is hoping that people can set aside more funds for food as the economy opens up (so) we start to recover in the coming months. Hopefully the 13th month pay, OFW remittances, and the election spending will have some sort of positive impact. But we do not know given the deep wounds inflicted by the COVID-19 pandemic,” Mr. Inciong said.  

“Everyone is hoping for a recovery. But you have to be realistic,” he added.

Between Sept. 16 and 30, Metro Manila will be placed under Alert Level 4, with so-called granular lockdowns in selected districts rather than a uniform setting for the entire territory covered by the quarantine level.

Under Alert Level 4, outdoor or al fresco dine-in services in restaurants are permitted to operate at 30% capacity regardless of vaccination status, while indoor dine-in services are allowed only for fully vaccinated individuals.

The new system has five alert levels with varying guidelines on freedom of movement and business operations.

According to Mr. Inciong, demand typically picks up by October in a non-pandemic year.

“Normally, a presidential campaign has an impact in the spending. But this may be undermined by COVID-19 pandemic,” Mr. Inciong added.

The prevailing price of a kilogram of whole chicken in Metro Manila markets was P140/kg, according to the Sept. 17 price monitoring report of the Department of Agriculture.

Avon ladies working to save the world, one brochure at a time

WHILE already taking care of the face and body, global cosmetics direct-selling brand Avon has given itself the obligation to also take care of the planet.

During an online press conference on Sept. 10, Avon Philippines laid out Avon’s global sustainability goals, all slated for 2030, under the campaign “The Beauty of Doing Good.”

“The principle behind this vision is to provide business solutions to the social and environmental problems that the world is facing, and to generate a positive impact,” said Razvan Diratian, General Manager of Avon Philippines.

He presented the three points on which the goals are anchored, namely: ensuring human rights and becoming human-kind across their business, embracing circularity and regeneration, and tackling the climate crisis and protecting the Amazon.

Mr. Diratian reminded guests that in 2019, Avon was acquired by Brazilian cosmetics group Natura & Co., which also owns Aesop and The Body Shop, both known for their environmental consciousness.

“We are pleased to confirm that we met and even (exceeded) all of the 2020 environmental goals, based on our 2005 baseline data,” said Brefelin Jamias-Robles, APAC Regional Environment, Health & Safety Coordinator, Avon Philippines, while discussing their progress along sustainability goals for 2020.

Three out of the five 2020 goals were fulfilled by 2020. These included a 20% total reduction in carbon emissions (with a goal of being net zero in 2030), a 20% increase in the total recycling rate (achieved in 2019), and a 30% reduction in waste (with a goal to have zero landfill waste by 2025). The goals they achieved in 2020 included having reduced water intensity of 40% (with a goal to reduce it by 45%), and using 100% certified or post-consumer recycled paper for their Avon brochures.

In light of this and digitization advances, they have also released the Avon ON App for Avon representatives. On the subject of packaging, the company has a goal of having all of packaging recyclable, compostable, or reusable by 2030; and have begun developing a renewable plastic alternative with 98% made from sugarcane.

Finally, they have eliminated all animal testing in their products, ending all of their regulatory required animal testing in China. “We believe that animal testing is unnecessary,” said Ms. Jamias-Robles.

Avon has also partnered with The Plastic Flamingo, a social enterprise that aims to tackle marine plastic pollution, to implement Avon’s empty container collection initiative.

The shift to becoming eco-friendly is now more accessible for consumers through Avon’s Beauty+ products, comprised of sustainably produced items ranging from intimate apparel made of organic material, accessories made of PVC-free vegan leather, eco-resin jewelry, and reusable kitchen helpers.

“We want to achieve to give back to the planet more than we are taking,” said Mr. Diratian. — JL Garcia

Chevrolet Tracker LT Redline Edition: The Bowtie’s back, alright

The Chevrolet Tracker combines versatile functionality, head-turning styling, intelligent connectivity, advanced turbocharged small-displacement engine technology, luxury car safety features, and smart cargo space. — PHOTO FROM MANNY DE LOS REYES AND CHEVROLET PHILIPPINES

Testing Chevrolet’s sharp-looking new compact SUV

IT’S BEEN some time since a Chevrolet has been top of mind in the small crossover realm. The Captiva is long gone, having come ahead of the now-common compact seven-seater crossovers (and was one of the rare models available with either a gasoline or diesel engine). The smaller Trax followed, and while that model sold reasonably well, it was never a top three player — a solid and delightfully quick performer that was sadly overlooked by the market too focused only on the leading players.

Which is why Chevrolet had to roll out something decidedly more compelling to grab attention in a segment that’s fast becoming oversaturated.

That “something” is the all-new Tracker.

And, to put it all in a nutshell, the Tracker has all the right ingredients — looks, space, build quality, performance — it needs to carve a big bite out of the compact crossover pie. Chevy’s new contender combines versatile functionality, head-turning styling, intelligent connectivity, advanced turbocharged small-displacement engine technology, luxury car safety features, and smart cargo space.

The Tracker may be an all-new vehicle, but in terms of being a Chevrolet model nameplate, it’s not. The Bowtie brand has used the Tracker name before when it marketed the first-generation Suzuki Vitara in America as the Chevrolet Tracker in the late ’80s through the ’90s. Curiously, the Tracker name was also used for the Trax in South America and Russia when it was launched there in 2013.

Spec for spec, though, the new Tracker blows its predecessors away. Chevy’s new baby is the latest model in the Bowtie brand’s new-generation, global SUV lineup and has quickly become the best-selling vehicle in major Latin American markets, including Brazil, Mexico, and Argentina. It is currently making waves in China (where the Philippine model comes from), one of the biggest markets not just for Chevrolet, but for many global brands. So, yes, the new model has tasted success in markets much bigger than ours and is eager to repeat the experience in crossover-crazy Philippines.

The Tracker comes in two variants: the base Tracker LS priced at P1,142,888 and my striking Tracker LT Redline Edition test unit which is stickered at P1,242,888. There’s a special introductory discount of P30,000 on both the Tracker LS and LT until Sept. 30.

The most impressive part is that the two Tracker variants are priced lower than the two outgoing Trax variants — despite the Tracker being bigger in length, width, and the all-important wheelbase.

Style-wise, the new Tracker draws from Chevrolet’s sporty American DNA you’d see in their cars — from the Camaro’s front to the US-model Blazer SUV’s sharp, angular lines, sculpted panels, and distinctive rising windowline. L-shaped LED daytime running lights, which double as turn signals, further enhance the Tracker’s striking fascia.

The Tracker Redline Edition adds even more distinctiveness with a striking horizontal red trim and a black Chevy Bowtie emblem. This design element continues on the car’s black heated side mirrors, which have a bright L-shaped red trim, and on the 17-inch black alloy rims, which sport eye-catching red accents.

Similar styling treatment is carried throughout the well-crafted minimalist interior of the Redline Edition with an all-black dual cockpit and very supportive black seats adorned with red double stitching. The Tracker LS, on the other hand, offers a more playful, sporty lifestyle look and feel, with its two-toned black-and-blue interior. And don’t let the Tracker’s compact exterior size fool you; the cabin is surprisingly generous in head-, elbow-, and legroom.

The Tracker boasts sporty bucket-type front seats and a racy flat-bottom leather steering wheel with audio controls. Exclusive to the Tracker Redline Edition is a panoramic sunroof, smart keyless entry, push-button engine start/stop, and automatic climate control. Infotainment comes from a floating eight-inch touchscreen running on the latest Chevrolet MyLink infotainment system with Bluetooth, Apple CarPlay, and voice control via Siri. There are four USB ports and even an SD card reader slot. The Tracker has more than 20 smart storage solutions to keep things organized inside the cabin, as well as multiple seating configurations including 60/40 split-folding rear seats. That’s an impressive combination of toys and versatility.

The Tracker is powered by a compact, lightweight, new-generation turbocharged 1.0-liter three-cylinder DOHC Ecotec engine (mated to a six-speed automatic) that delivers 116hp at 5,800rpm and 175Nm of torque at a wide spread from 1,500 to 4,200rpm. Those who might dismiss a 1.0-liter engine better not be in another car facing off with a Tracker at a stoplight drag race. They will be sorely embarrassed. Turbocharging is the automotive steroid that will enable the Tracker to make mincemeat of any non-turbo 1.5- or 1.6-liter-powered car. It really feels so quick and torquey. But just as much as the energetic engine, I appreciated the Tracker’s brilliant combination of a supple ride and responsive handling.

On the safety front, the Tracker boasts a very extensive array that reads like a luxury car’s: four-wheel disc brakes, ABS, Electronic Stability Control (ESC), Emergency Brake Warning, Rollover Mitigation, Enhanced Understeer Control, Mini Spare Detection, Cornering Brake Control (CBC), Traction Control System (TCS), Engine Drag Control (EDC), Panic Brake Assist (PBA), Hill Start Assist (HSA), Low Vacuum Brake Assist (LVBA), No Vacuum Brake Assist (NVBA), Fading Brake Assist (FBA), Torque Vectoring Brakes (TVBB), Engine Immobilizer, Anti-theft Alert System, Express-Up Window with Anti-Pinch function, Tire Pressure Monitoring System (TPMS), driver, front passenger, and side air bags, Isofix system, electric heated side mirrors, and reverse camera with a wide 130-degree viewing angle.

The Tracker comes in five eye-catching colors: Agate Red Metallic, the elegant yet sporty Satin Steel Gray Metallic of my test unit, Black Meet Kettle Metallic, Summit White, and cheekily named Pow Zinga Metallic (a color exclusive to the LS variant). It also comes with the Chevrolet Complete Care package, which includes a five-year warranty, automatic enrollment to the 24/7 Chevrolet Roadside Assistance for three years, and immediate access to the 24/7 Chevy Hotline for convenient vehicle service and ownership needs.

All things considered, the Tracker should handily vault itself to the top of the compact crossover race. It looks great, has superb build quality and cabin space, and is an absolute ball to drive. And it’s priced right. If that’s not a winner in your book, I don’t know what is.

Investors warm up to Robinsons Land REIT

RL Commercial REIT, Inc. ended up as one of the most actively traded stocks in the Philippine Stock Exchange (PSE) last week after its market debut on Tuesday.

The real estate investment trust’s (REIT) performance saw a total of P945.16-million worth of 146.31 million shares exchanged hands on the trading floor from Sept. 14 to 17, data from the PSE showed, making it the 12th most traded issue during the week.

RL Commercial shares closed with P6.45 apiece on Friday, unchanged from its initial public offering (IPO) price.

“RL Commercial is among the active stocks after it got listed last Sept. 14 wherein it is the biggest capitalization among REIT companies,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a mobile phone message on Friday.

“As it is among the stable occupancy among REIT listed at 98%, it is expected to have a yield of 5.7% among its investors but expected to move up in revenue as it eases on reopening the economy,” he added.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a phone message that investors showed quite an appetite for RL Commercial given the attractive cash dividend projections for the next few years.

“In addition, some key views that drove the positive sentiment include, but not limited to the following: full occupancy as of end-Aug. 2021, all buildings are PEZA (Philippine Economic Zone Authority)-accredited and the potential for dividend-accretive acquisitions. Revenue expected to be stable and hoping it can surpass forecasts given tenant stability,” added Mr. Limlingan.

RL Commercial was among the most traded stocks at a value of P499.70 million on Tuesday with 77.28 million shares traded during its maiden performance in public.

Its P64.2-billion market capitalization is said to be the biggest among REITs locally. It is the fourth and the “largest” REIT listing at the local bourse, breaking records upon listing.

Robinsons Land Corp., its parent firm, will use the P23.5-billion REIT listing proceeds to build more projects.

Other REITs in the country are AREIT, Inc., DDMP REIT, Inc., and Filinvest REIT Corp.

RL Commercial has branded itself as the most geographically diverse REIT, with over 94% of its initial portfolio spread in the business districts of Makati, Bonifacio Global City, Ortigas as well as in Mandaluyong, Quezon City, Metro Cebu, Metro Davao, Naga, and Tarlac.

The initial portfolio of RL Commercial includes 14 PEZA-accredited assets, spanning over 400,000 square meters of gross leasable area across Metro Manila business districts and commercial hubs beyond the region.

“With the recent result of US inflation rate on the downtrend, it lends credence to the statement of United States (US) Federal Reserve Chief Jerome H. Powell that inflation is transitory wherein supply will balance with demand as the situation normalizes thus there is no need to taper on stimulus,” added Diversified Securities’ Mr. Pangan.

Reuters reported that the US Labor Department on Tuesday the overall consumer price index rose 0.3% in August, slowing from the 0.5% in July. This was also softer than the 0.4% estimate by economists in a Reuters poll.

“With this position, we may continue to see the prevailing low interest rates in the market which is favorable for REIT companies such as RL Commercial with a projected yield of 5.7% but expected to move up as economy reopens on increase occupancy rate aside from injection of additional assets by next year,” said Mr. Pangan. 

He placed the stock’s immediate support at P6.44 per share and immediate resistance at P6.55 per share.

“Price movements will be sideways until release of earnings and/or dividends. Price will adjust whether they or above, within or below expectations,” said Mr. Limlingan.

He pegged the stock support at P6.42 and resistance at P6.50 per share. — Lourdes O. Pilar

Gov’t debt yields flat on mixed trade

YIELDS ON government securities (GS) ended flat last week on mixed trading as the market tracked developments at home and abroad.

GS yields, which move opposite to prices, inched up by an average of 1.33 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Sept. 17 published on the Philippine Dealing System’s website.

Yields on the 91-, 182- and 364-day Treasury bills (T-bills) fell by 3.25 bps, 2.56 bps, and 0.66 bp, respectively, to 1.1128%, 1.3832%, and 1.6328%.

At the belly, the rate of the two-year Treasury bonds (T-bonds) declined by 1.87 bps to 1.934%. On the other hand, the three-, four-, five-, and seven-year debt papers saw their respective yields go up by 1.02 bps (to 2.2758%), 3.17 bps (2.6133%), 4 bps (2.9633%), and 2.98 bps (3.6108%).

Yields at the long end of the curve also increased, with the 10-year T-bond rising by 6.22 bps to 4.1976%, the 20-year papers adding 3.64 bps to 5.0253% and the 25-year debt rising by 1.93 bps to 5.0061%.

A bond trader said in a Viber message that local GS yields moved within a tight range as market players continued to be “defensive amid a multitude of factors.”

“Aside from the continued rise in COVID-19 (coronavirus disease 2019) cases onshore, inflation concerns have somewhat been reinvigorated due to continued rise in energy prices and elevated prices of select food products. Adding fuel to the fire is also the market trying to time US Federal Reserve’s announcement on tapering, which is expected to be announced sometime within the year,” the bond trader said.

Inflation accelerated to 4.9% in August, its fastest pace in 32 months, driven by higher food and utility prices amid the stricter lockdown that was implemented in Metro Manila and surrounding areas that month. This brought the year-to-date average to 4.4%, still above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range this year and its 4.1% forecast for the entire year.

BSP Governor Benjamin E. Diokno earlier said the central bank has enough leeway to support economic recovery, with conventional policy instruments far from being utilized.

The Monetary Board will have its policy-setting meeting on Thursday.

A second bond trader said local yields tracked the movement of US Treasuries.

“Currently, the US bond movement is about slightly higher by about 1.28% to 1.35% for 10-year, so consequently the local market moved in the same range also, showing the recent issue of the local 10-year paper at [4%],” the second bond trader said in a phone interview.

“[I]f you look at the T-bills, they have been flat for the past four weeks. The short end has been very much supported given the lack of supply but the 7- to 10-year [papers] steepened quite a bit compared to the short end and the belly due to the supply concentration on that curve,” the trader added.

US Treasury yields declined following the lower-than-expected increase in the inflation rate.

The Federal Open Market Committee (FOMC) will meet from Sept. 21-22 to discuss monetary policy.

Asked whether the Bureau of the Treasury’s (BTr) offering of retail onshore dollar bonds (RDBs) on Wednesday had any effect on the local market, the trader said it was “minimal at this point.”

“[T]here’s still no clarity, and it is hard to gauge whether it’s influencing the local bond movement on a higher degree,” the bond trader said.

The BTr awarded $551.8 million in five-year RDBs and $314.4 million in 10-year notes during the price-setting auction on Wednesday.

The dual-tranche offer attracted tenders of $607.8 million for the five-year bonds and $330.4 million for the 10-year papers, exceeding the initial offer of $200 million for each tenor.

The five-year bonds, which mature in October 2026, fetched a coupon rate of 1.375%. Meanwhile, the 10-year bonds due in October 2031 were quoted at 2.25%.

The offer period runs until Oct. 1, unless shortened by the Treasury. The RDBs are available at a minimum investment of $300 (P15,000), with increments of $100 thereafter.

The government last offered dollar-denominated bonds onshore was in December 2012, when it raised $500 million from 10.5-year bonds from $1.7 billion in total tenders. The issuance, however, was only available to institutional investors due to the high minimum investment requirement.

The RDB is similar to the peso-denominated retail Treasury bonds that the government offers every year to cater to small local investors.

The first bond trader expects the local market to continue monitoring US Treasury yield movements this week.

“Given that the BSP is hell bent on keeping the economy afloat and interest rates at least at low levels, the local market will likely look at the US Fed meeting for September for guidance. At this point, it is really hard to gauge how much the Fed will be addressing its tapering due to higher Delta COVID-19 variant cases… and the weaker jobs that came out this month,” the bond trader said.   

“At this point, it is going to range about slightly higher on the local bond for next week, and the curve to continue to steepen quite a bit because of the supply concerns on the 7-10-year paper,” the bond trader added.

The second bond trader said the market is likely to take cues from the policy meetings of the Fed and the BSP.

“Aside from the said meetings, market will also look to the results 7-year auction where it is expected to range around 3.775% to 3.850%. Until any firm developments arise, yields are just expected to continue their consolidation phase,” the second bond trader said.   

The Bureau of the Treasury will offer P35 billion in reissued 10-year papers with a remaining life of six years and 10 months on Tuesday. — B.T.M. Gadon

FDI-friendly policy review underway for agriculture

AGRICULTURE SECRETARY WILLIAM DAR FB PAGE

A REVIEW of policy is ongoing to make agriculture more attractive to foreign direct investment (FDI), with a view to supporting the sector’s modernization, the Department of Agriculture (DA) said. 

Agriculture Secretary William D. Dar said during a virtual 9th Session of the Economic Fora organized by the Department of the Interior and Local Government on Sept. 17: “Foreign investments are an integral part of an open and effective global economic system, and a major catalyst for modernization and development.”

He called for policy to “stimulate the flow of resources, and improve government support for the provision of fiscal, financial, technical, or technological investment.”

“Here is where decisive and immediate action is needed. Many of the laws and policies that currently govern FDI into this country’s agriculture no longer serve the sector’s present needs — unsuited as they are to the requisites of economic growth in a time of national crisis,” Mr. Dar said.

“As modernization and industrialization are two of the four major pillars of the department’s reform agenda, the DA will continue to (facilitate) raising capital for the agriculture sector, and FDI is vital to this process,” he added. — Revin Mikhael D. Ochave

Style (09/20/21)

Toy brand Joan Miro opens online store in PHL

EUROPEAN children’s toy brand, Joan Miro, has launched on LazMall and other leading e-commerce platforms in the Philippines this September. Widely recognized across Europe as the originator of the A.P.T. (Art-Play-Think) theory, the brand believes that “Every child is an artist’’ and that the best way for children to learn and express themselves is through art. Joan Miro toys, also known as Jar Melo in Europe, were first brought into the Philippines in May 2020 through the distributor, BebeBata Corp. The brand Joan Miro is named for the 19th century Spanish surrealist whose free-spirited, innocent child-like approach to art and life was the brand’s inspiration. The toy brand has three lines: The Art product line features artist boxes, drawing books, origami sets, stickers, and card sets as well as washable paints and markers; The Play and Think lines comprise of sand kits, modeling doughs, and simple card games. Available in the Philippine market as well is the Alpabetong Filipino Ring Flash Card Set to introduce children to Filipino vocabulary, food, culture, geography, and animals. For more information visit https://www.joanmiro.ph/.

Panerai combines signature elements in one watch

FOR the new Panerai Luminor Marina Carbotech Blu Notte PAM01664, the watchmaker combines two signature elements — a Carbotech case and a Blu Notte dial — in one watch. Carbotech is known for offering greater resistance to external forces and corrosion. To create the material, alternating layers of carbon fiber are fused with cutting-edge polymers under high temperatures and pressure. This encases the lustrous blue dial where light appears to play across its surface, reminiscent of sun rays filtering through fathoms of the sea. From developing the groundbreaking luminescent material Luminor to inventing its patented crown protecting device, the history of Panerai abounds with advances and this watch is part of the brand’s latest chapter. This limited-edition offering of 500 pieces will be made available exclusively on Panerai’s new phone sales channel in Singapore (at 1800-429-8361) and Australia (at 1800-271-037).

Vans launches Vans World in the Roblox Metaverse

THE GLOBAL platform Roblox and sports brand Vans have announced the launch of Vans World, an interactive virtual skatepark experience created by Vans on Roblox. Vans World will serve as a persistent 3D space where fans can practice their ollies and kickflips with friends, and try on and acquire exclusive Vans gear directly in the experience. This is the brand’s first venture into the metaverse. Fans can use the Vans shoe customizer to create their own unique style, and full skate shop to build their perfect board. Four Vans silhouettes will be available for fans to customize, purchase, and wear in the experience. Vans World was inspired by the brand’s signature locations such as House of Vans, the Vans Off the Wall Skatepark in CA, owned retail shop environments and skate destinations from all over the globe.

Michael Kors brings back the Everest watch

MICHAEL Kors has brought back the Everest watch. The iconic laid-back yet luxe Everest watch was originally introduced 10 years ago, when it became an instant must-have thanks to its boyfriend-style silhouette and distinctive glamor. Now, it’s been brought back in a collection of five styles: three exact recreations of the original, and two updated takes. In the Philippines, Michael Kors is exclusively distributed by Stores Specialists, Inc., and is located at Central Square in Bonifacio High Street Central, Greenbelt 5, Newport Mall, Power Plant Mall, Rustan’s Makati, and Shangri-La Plaza Mall and online at Trunc.ph and Rustans.com.

Tory Burch’s Spring/Summer 2022 collection

TORY Burch’s Spring/Summer 2022 collection is inspired by Claire McCardell’s ingenuity and her legacy of American sportswear which revolutionized the way women dress. She discarded the rules of what women should wear, instead problem-solving for the reality of their lives. Her designs instilled a sense of freedom, encouraged self-expression and empowered women with a casual elegance that is as relevant today as it was in the late 1940s. The season reflects these then-radical ideas with a mix of versatility, function, integrity and joy. There are striking contrasts of color, print and fabric. Chiffon and linen, jersey and broderie anglaise; dresses collaged in picnic and Madras plaids, engineered stripes and solids, and color-blocked reversible jersey tops. Waists are softly defined with broad belts, long sashes and tech-knit bandeaus, balanced by the proportion of full skirts and relaxed trousers. There are cat’s-eye sunglasses and sculptural silver jewelry. The Lampshade, a new bucket bag silhouette, is the inverse of a 1950s-inspired lampshade hat. This, along with oversized totes, hobos and crossbody envelopes, is crafted in suede, napa, double top-stitched leather and T Monogram raffia. An artisanal silver plaque is threaded with a hand-stitched leather logo detail, seen on bags, pendants and mules. Pointed and rounded flats accented with ankle ties or studs. Included are two reissues of McCardell’s designs: a flat she created with Capezio in 1953, and a striped silk-cotton boot. In the Philippines, Tory Burch is exclusively distributed by Stores Specialists, Inc., and is located at Greenbelt 5, Power Plant Mall, Rustan’s Makati and Rustan’s Shangri-La. Visit facebook.com/ToryBurchPhilippines or follow @ssilifeph on Instagram for more information.

Uniqlo launches White Mountaineering Collaboration Line

GLOBAL apparel retailer Uniqlo has launched Uniqlo X White Mountaineering, the first collaboration with the global Japanese brand White Mountaineering. Items will be available in the Philippines starting Oct. 15. This new collaboration merges the theme of family, embraced by White Mountaineering’s designer Yosuke Aizawa, with the Uniqlo concept of LifeWear that is made for all. The line features nine items for men, women, and children. These are: the Hybrid Down, a new generation outerwear featuring a combination of down and cotton padding (for men and women); the men’s Parka features a double zip on the front which is an icon of White Mountaineering, while the women’s style has a more relaxed silhouette, incorporating a distinctive back design suggestive of a cape; the Fleece Jacket, created by layering two types of fleece fabric, is finished in a military style to match urban fashion and appeals to both men and women. The children’s items utilize the same basic designs as for adults, while including details that younger wearers will love, such as a structure at the neck that makes the coats easier to put on and take off, presented in blue and red colors. They will be available at the Uniqlo Manila Global Flagship Store and Uniqlo online store uniqlo.com/ph and the Uniqlo App Special website: (https://www.uniqlo.com/whitemountaineering/21fw/ph/) starting Oct. 15.

Rimowa reveals new Essential season colors

RENOWNED for making the world’s first polycarbonate suitcase, now Rimowa has updated its selection of Essential suitcase colors with two fresh seasonal hues that evoke the balmy atmosphere of tropical locales — Mango, a bright and sunny orange, and Bamboo, a soft shade of light green — as inspired by Thailand’s famed floating markets. The new Rimowa Essential range is matched — from the handle and zipper, to the badge and wheel housing — for a monochromatic appearance. Available in three sizes, Cabin, Check-In L, and Trunk Plus, the Rimowa Essential in Mango and Bamboo is now available in Rimowa stores worldwide. In addition to three suitcase sizes, selected accessories in this pastel-colored palette will soon be available. Visit the official Rimowa website (https://www.rimowa.com) to get a hold of the new line.

Rustan’s opens its Christmas Village

RUSTAN’S Christmas Village, a one-stop-shop for all things festive, opened on Sept. 15, and will stay open until Dec. 31. There, one will find unique home décor, accents, trees, trimmings, food boxes, gifts, and tokens. Customers can be inspired by the various Christmas themes: Red & Gold with traditional deep-red décor with luxurious gold accents, glimmering balls and velvet stockings, and golden candle holders; Red & White with snowflake pillows, swirl and candy cane ornaments, polka dot and striped stockings, and decorative ribbons; Pink Holiday Chic as Rustan’s also carries an assortment of décor in millennial shades like rose gold and cream including a frilly pink tree with pearls, fabric flowers, and Christmas balls; Blue and Silver, embellish a white Christmas tree with frosted shades of dusty blue, cream, and silver; and Christmas Woodland with pine cones, rattan balls, beige-toned ribbons and stockings, plus animal decorations for a feel of the outdoors. Rustan’s also has a wide collection of Santa Claus mugs, figurines, trains, and décor, and a nutcracker collection which ranges from traditional red, wooden, or modern white-and-gold styles to suit any holiday color palette. One can also build a Christmas Village at home. Or go local by choosing Rustan’s partner merchants for one’s festive needs: table napkins and placemats at Amber & Anne; handcrafted ornaments, capiz shell decor and accent pieces from Shell Arts; and lighting pieces with all-natural materials from Tadeco Home. Create a Nativity scene with Rustan’s exquisite range of figurines of the Holy Family and angels; and light up doors and windows with Pampanga parols. Rustan’s Flower Shop also answers one’s Christmas wreath needs, with various arrangements including traditional design with cypress, palay, and pine cones, as well as modern selections like wreaths with misty pink accents. For Frequent Shoppers Program (FSP) members, Christmas shopping will see them earning five times more points when they purchase regular-tagged items at World of Rustan’s Home until Sept. 30, and 10 times more FSP points on Rustan’s Filipiniana Our Very Own merchandise during the weekends of Sept. 18 to 26.

Free ShopeePay credits, giveaways with Jose Mari Chan

SINGER Jose Mari Chan has been a holiday fixture for years, and he is joining the year-end shopping festivities along with the latest Shopee endorser, actor Jackie Chan. Shopee has a lineup of Jose Mari Chan-themed games, activities, and giveaways during the holidays. In December, Mr. Chan and several other celebrities and influencers will give away pamasko via ShopeePay. Play the game to receive ShopeePay credits and use ShopeePay to send pamasko to all your loved ones, with a variety of holiday-themed virtual cards. Start your holiday shopping on a festive note with discounts up to 90% off on Shopee Mall and exclusive gift bundles with the latest gaming consoles, holy grail beauty items, skincare must-haves, and more. From September to December, catch Jose Mari Chan on holiday-themed in-app games such as Shopee Catch and Shopee Collectibles. Catch and collect aguinaldos and Christmas decors exclusively in-app for a chance to win prizes such as coins, discount and cashback vouchers, product giveaways, and ShopeePay credits. Shopee will also grant 10 lucky users’ wishes. From November to December, submit a letter via the comments section on Shopee’s official Facebook page for a chance to make a Christmas wish come true. Tune in to the Merry-Galo Countdown for the 60-day, and 30-day countdowns to Christmas (Oct. 26, and Nov. 25, all at 7:30 p.m.) which include mini-games, exclusive discounts for Christmas deals, and special vouchers. Jose Mari Chan will serenade shoppers at the Merry-Galo Party on Shopee Live in December. Get a chance to have Mr. Chan grant one item from your wishlist during the show by entering Shopee’s #DearNinong contest this November. During the live stream, Jose Mari Chan will also welcome viewers to his home and host a Q&A.

Using Kojie.san soaps and lotions together

PAIRING Kojie.san soap and lotion with each other to achieve an even skin tone as quickly as possible. Kojie.san soaps and lotions contain Zero Pigment Light technology that zeroes in on dark spots, age spots, scars, melasma and hyperpigmentation. Used individually, the soaps and lotions deliver results. But when used in combination with each other, they promise better performance, twice as fast. That’s because the Kojie.san soaps and lotions are especially formulated to work in tandem for optimal results. In the shower, lather up with either of Kojie.san’s soaps: the original Kojie.san Skin Lightening Classic Soap and Kojie.san Skin Lightening HydroMoist Soap. Then use Zero Pigment Light-powered Kojie.san lotions. Both also come in a light, non-greasy HydroMoist formulation that’s easily absorbed by your skin. Kojie.san Skin Lightening Body Lotion with HydroMoist deeply moisturizes skin to keep it soft, smooth, and well hydrated for up to 72 hours. Kojie.san Skin Lightening Body Lotion SPF25 w/ HydroMoist protects the skin with its UVA UVB filters. Kojie.san is available at all leading supermarkets and drugstores nationwide, as well as Kojie.san’s official LazMall on Lazada and Beauty MNL.

Porsche PHL now has the country’s first ultra-fast DC charger

Porsche Taycan owners who buy their cars from Porsche Center Philippines will get exclusive and free use of the high-powered DC charger. — PHOTO FROM PORSCHE PHILIPPINES

PORSCHE PHILIPPINES now makes available a new high-powered direct current (DC) charger for its all-electric Taycan buyers. Designed to complement the owners’ own AC home charging system, the electric vehicle (EV) DC charger is located at Porsche Center Philippines in EDSA Greenhills.

In a release, Porsche Philippines said the charger is the first of its kind in the country. Identical to chargers used by Porsche in other markets around the world, it allows a Taycan to charge from low battery status to 100% in just under 30 minutes.

Porsche Philippines told “Velocity” that it will “continue installing a mix of DC and AC chargers across the country.” The company said it “continues to pioneer electric-powered mobility in the country through the Porsche Taycan — Porsche’s first fully electric model.” It seeks to lead efforts in paving the way for the wider adoption of electric vehicles here.

“With the Porsche Taycan, we are proving that electromobility is sustainable in the Philippines. We are taking the lead in this area to open possibilities for future partners and stakeholders so the technology can be adopted more widely by progressive consumers. Fully electric cars are not mere concept vehicles as proven by not a few of our forward-thinking customers who regularly drive their Taycan on the country’s roads,” said Porsche Philippines President and CEO Roberto Coyiuto III.

Taycan owners who bought their cars from Porsche Center Philippines get exclusive and free use of the high-powered DC charger. After booking an appointment, they can simply drive to the facility to top up their car. Taycan specialists at Porsche Center Philippines will be on hand to assist customers.

Porsche said the new high-powered DC charger presents Taycan owners an added option for their charging requirements by complementing the Porsche Mobile Charger Connect that comes as a standard equipment in every Taycan. “In contrast to the new DC charger, the Porsche Mobile Charger Connect uses alternating current (AC), and functions as a simple and convenient home-charging solution that allows Taycan owners to charge their car overnight,” the company said.

The plan to install advanced charging facilities in key local destinations is in line with the continuous efforts at building the necessary ecosystem supporting the Taycan’s operation in the country. More than P150 million thus far has been invested not only for charging solutions but also for original Porsche and other manufacturer-approved equipment, tools and software specific for servicing electric vehicles, stocking an inventory of genuine Taycan parts, as well as the construction of relevant infrastructure.

“Besides these outlays, Porsche Philippines has also invested in training our personnel, which was conducted by Porsche AG, so they are properly equipped to service electric vehicles like the Taycan. They are certified as Gold-level technicians, the highest awarded by the factory,” Mr. Coyiuto assured.

Porsche expects worldwide sales of the Taycan to double this year as deliveries of the model in the first six months of 2021 nearly equaled its full-year total in 2020 — or 19,822 Taycan models sold from January to June this year compared against 20,015 units for all 12 months last year. Porsche set a new record for first half-year sales with deliveries of 153,656 vehicles worldwide, representing a 31% increase compared to last year.

“Our electric strategy is working,” said Porsche AG Chairman of the Executive Board of Porsche AG Oliver Blume as he noted that half of all Porsche models sold in 2025 will have an electric motor, and that more than 80% of these will be fully electric by 2030. “We have a marathon called transformation ahead of us. We have taken our first big step with the Taycan, and more will follow in the years to come.”

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