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SLMC Bonifacio Global city MAB Corp. announces schedule of stockholders’ meeting

SLMC Bonifacio Global City MAB Corp.

NOTICE OF ANNUAL MEETING OF THE STOCKHOLDERS

To:                     The Stockholders
From:                 The Corporate Secretary

Please be notified that the Annual Stockholders’ Meeting of SLMC Bonifacio Global City MAB Corp. (the “Corporation”) will be held on September 8, 2021, 12:00 noon through teleconference. The access to the meeting and the relevant Definitive Information Statement, Management Report, Annual Report (SEC Form 17-A) will be distributed prior to the meeting.

CONRADO S.DARSANTOS
Corporate Secretary

 
 
 
 
 

 

ANNUAL MEETING OF THE STOCKHOLDERS
September 8, 2021
12:00 noon
Through teleconference

AGENDA

  1. Call to Order
  2. Certification of Notice and Quorum
  3. Approval of the Minutes of the Annual Stockholders’ Meeting held on September 9, 2020
  4. President’s Report
  5. Financial Report
  6. Election of Directors
  7. Approval of the Audited Financial Statements for Year Ended December 31, 2020
  8. Amendment of the Articles of Incorporation and Bylaws
  9. Ratification of Acts of Management and Board of Directors
  10. Appointment of External Auditor
  11. Other Matters
  12. Adjournment

 

The Indo-Pacific economy beyond COVID: An Indian view

Dr. S. Jaishankar, External Affairs Minister of India

By Dr. S Jaishankar

The Indo-Pacific represents a return of history. A seamless and integrated space was disconnected decades ago by the strategy of the day. Today, as many Indian Ocean economies trade further east and as Pacific ones have displayed a presence south and westwards, we are quite sensibly seeing the landscape for what it really is. Indo-Pacific reflects the reality of globalization, the emergence of multipolarity, and the benefits of rebalancing. It means the overcoming of the Cold War and a rejection of bipolarity and dominance. Most of all, it is an expression of our collective interest in promoting global prosperity and securing the global commons. The Indo-Pacific Oceans Initiative advanced by India clearly validates this assertion.

The transformation of the last decade is today overshadowed, unfortunately, by the impact of the COVID-19 pandemic. It has disrupted our supply chains, negatively impacted manufacturing, made international trade unpredictable, and ruined many services sectors. Globalized production networks remain vulnerable and fragile, with global merchandise trade falling by 5.6% in 2020, compared to 2019, and the predicted trade in services declining by as much as 15.4% in the same duration. This decline in merchandise trade is the sharpest since 2009, whereas the decline in services trade is the biggest since 1990. The hit taken by travel, transport, and tourism activities is alarming and really moves us into unchartered territory.

Even as we each plan our national and collective recovery in these difficult circumstances, there are three issues that the pandemic has brought to the fore: 1) The salience of health, 2) the power of the digital, and 3) the importance of building or re-building greener.

COVID-19 had brought out many inadequacies in the global health system and resulting debates. What is relevant for us here is to recognize that in every society, the expectation of our public with regard to health has gone up. This is particularly so in developing countries, including India. Whether it is the next wave, the next pandemic, or indeed something quite different, part of the answer lies in greater international collaboration. This means working together not just of governments, but of businesses and the medical and scientific professions.

Prime Minister of India Narendra Modi has called for adopting a ‘One-Earth-One-Health’ approach at the recent G7 Summit where India was a guest. We need meaningful partnerships, sharing of advanced technologies, collaboration in vaccine and pharmaceutical production, capacity building, and transparency in health information. And in all of this, the role of our private sectors is critical.

The compulsions of the COVID era have all made us much more digital. This may be literal in terms of contact tracing and vaccination registration; facilitative in terms of home delivery and virtual calls; or just a lifestyle, in case of work from home. New opportunities and efficiencies have been discovered in that process. And accordingly, the risks, too, have magnified.

High-speed internet, cybersecurity, enhanced digital literacy, deeper technical cooperation, regional e-commerce, and efficient e-governance will have a more salient place in the conversations in the coming days. The strengthening of digital connectivity both within and between the countries of the Indo-Pacific is an essential condition for our economic prosperity and development. Like-minded countries must work together for data-driven digital development partnerships. The templates of that could draw on the framework that governs existing development partnerships.

COVID may have slowed the building of the global economy and the promotion of economic development; it has obviously not stopped it. This is, therefore, an occasion to reflect on how to build greener. Collaborating more closely is obviously to our mutual benefit. Our collective efforts can certainly redefine the quality of infrastructure and indeed the nature of urbanization. They can make agriculture more sustainable and harness the Blue Economy more seriously. Physical and digital connectivity remain important for supporting shorter, efficient, and diversified supply-chains, risk mitigation, enhanced trade facilitation, and reduction in the costs of intra-regional trade.

India is responding to these challenges of recovery and re-building. We have reformed even as we have rebuilt. On health, our programme of wider coverage has been accelerated by the rapid expansion of health infrastructure. Currently, mass vaccination and addressing the ongoing waves are the focus. But the goal is to transform the sector entirely by augmenting human resources, equipment, and capacities. On the digital side, the expansion of connectivity, a skills initiative, and a start-up culture are helping to change the game. On infrastructure, a range of initiatives is unfolding that will surely spur greater investment. On agriculture, empowering farmers and enabling freer trade has been matched by a stronger commitment to post-harvest infrastructure. And across 13 key sectors, performance-linked initiatives promise to upscale manufacturing. And all of this is encapsulated by a framework that envisages an India of deeper strengths, greater capacities, and more responsibility.

In conclusion, my message is this: India is fast emerging out of the second wave and will witness a strong economic recovery. It will be a more dynamic and friendlier business destination. We will contribute to being an engine of growth for the global economy. And we will be very much a part of more reliable and resilient supply chains that the post-COVID world requires. International cooperation, especially among businesses, will be very much a key to the better world that we all seek. The Indo-Pacific — a region in which we are so deeply invested historically — will be an arena of particular activity and energy for India.

Based on the External Affairs Minister of India Dr. S. Jaishankar’s address to the CII Indo-Pacific Business Conference on 6 July 2021

Debt payments surge in first half

BLOOMBERG

THE National Government’s debt service bill rose to P773.79 billion in the first half, as principal payments nearly doubled from its year-ago level, data from the Bureau of the Treasury (BTr) showed.

Preliminary data from the BTr showed overall debt payments went up by 41.4% in the first six months of the year, from P547.35 billion paid in the January-June period of 2020.

In June alone, debt payments increased by 146.6% to P150.195 billion from P60.911 billion recorded in the same month last year.

The government borrows from local and foreign sources to plug its budget gap that is seen to widen to 9.3% of gross domestic product (GDP) this year. Its borrowings were ramped up in 2020 as revenues plunged and spending ballooned amid the coronavirus pandemic. This translated to bigger debt payments as obligations matured.

The bulk or 80% of the total debt payments in June went to settle amortizations, with the rest used to pay off interest.

Principal payments skyrocketed by 1,661% to P120.27 billion in June from P6.826 billion a year ago, largely because of BTr’s P113.424-billion redemption of its existing local debt during the month.

The Treasury also paid P6.846 billion to its foreign creditors in June.

Interest payments also increased by 8.6% to P29.925 billion from P27.561 billion in the same month a year ago. This consisted of P27.11 billion in interest payments on domestic debt and P2.815 billion interest payments on foreign loans.

Out of the interest paid to local debt, P14.16 billion went to settle interest on outstanding retail Treasury bonds, P9.655 billion for Treasury bonds and P2.73 billion for Treasury bills.

June’s debt service bill pushed the overall payments in the first half higher to P773.79 billion, which consisted of 73% in amortization payments and 27% in interest payments.

Principal payments went up by 57% to P565.26 billion in the first half from P359.67 billion a year ago. Of which, P405.232 billion were paid to local creditors and P160.02 billion went to settle foreign obligations.

Meanwhile, interest payments grew by 11.1% to P208.53 billion in the six-month period from P187.68 billion the year before. Broken down, this comprised of P159.34 billion in interest for domestic debt and P49.2 billion for external loans.

The government aims to pay a total of P1.794 trillion of its existing debt by end-2021, and borrow P3 trillion from local and foreign creditors to support its P4.5-trillion spending plan meant to drive recovery from the pandemic.

So far, it has raised P1.93 trillion in the first half, up 12.2% year on year.

The economy grew by 11.8% in the second quarter coming from a deep 17% slump in the same period last year. Renewed lockdowns in late March to April, however, slowed down growth and resulted in a 1.3% quarter-on-quarter GDP contraction.

“The re-imposition of stricter but localized quarantine measures will have consequences on economic activities in the third quarter. Note, however, that unlike last year, this year’s stricter quarantine measures are much more localized,” the Department of Finance (DoF) said in an economic bulletin on Sunday.

The DoF said more supply of vaccines and a faster inoculation program should provide protection to a bigger portion of the population and minimize the pandemic’s impact on the economy.

Reforms like the recently passed law that slashed the corporate income tax and streamlined incentives, should also help boost the economy’s competitiveness.

The DoF reiterated that Congress should pass bills that will ease restrictions on foreign investor participation in the country. These measures are the amendments to the Public Service Act, Retail Trade Liberalization Act and Foreign Investments Act. — B.M.Laforga

Moody’s Analytics trims growth outlook for PHL economy anew

PHILIPPINE STAR/ MICHAEL VARCAS
A contact tracer is seen talking to a resident of a barangay in Quezon City, amid the enhanced community quarantine. — PHILIPPINE STAR/ MICHAEL VARCAS

MOODY’S ANALYTICS lowered its growth forecast for the Philippine economy to 4% this year, citing the impact of prolonged restriction measures that were paired with “limited” government support.

“Our forecast now for this year is only for about 4% growth, that’s fairly weak growth compared to the 6-7% growth we’ve gotten used to over the years prior to the pandemic,” Moody’s Analytics Chief Asia-Pacific Economist Steven Cochrane said in an interview with BusinessWorld Live on One News last week.

“Just a couple of months ago, we really thought that we would begin seeing a period of steady quarter-on-quarter growth as different parts of the economy began to accelerate,” he added.

This new projection is lower than the 4.9% gross domestic product (GDP) growth outlook penciled in last month, and is below the 6-7% full-year target of the government.

Moody’s Analytics revised the full-year forecast after the Philippines reported an 11.8% GDP annual growth in the second quarter. Quarter on quarter, GDP declined by 1.3%, reflecting the impact of the stricter lockdown from late March to April.

Mr. Cochrane said quarter-on-quarter growth was initially expected to continue its recovery, but this was proven wrong.

“Normally, we would think that there would be a good stability in exports and when the quarantines are lifted, we would see consumer spending grow quickly, and followed by government support, and infrastructure projects are restarted and accelerated and so forth.  But none of that process is happening right now,” he said.

Mr. Cochrane said the outlook for Philippines’ recovery has dimmed, as the government once again placed the capital region under an enhanced community quarantine (ECQ) to curb the Delta-driven surge in coronavirus disease 2019 (COVID-19).

It also does not help that infection rates are again peaking, he added.

The Health department on Sunday reported 14,749 new COVID-19 cases, the second-highest daily increase since the pandemic began. This brought the active cases to 102,748.

Also on Sunday, the government reported 182 cases of the more infectious Delta variant and the first case of the Lambda variant in the country.

Mr. Cochrane warned that “limited” support from the government for those affected by the restriction measures could worsen the economic impact of the pandemic, especially on the most vulnerable sectors.

The government has released P10.894 billion for financial aid meant for the bottom 80% of the population in Metro Manila. The Department of Budget and Management said low-income families are expected to receive P1,000 to P4,000 per household.

“The longer this [lockdown] goes on and the fact that there is only a limited amount of support from government in terms of lending a helping hand to either unemployed households or small- and medium-sized businesses, there’s a good chance that many of these businesses that employed people simply won’t have the ability to come back,” Mr. Cochrane said.

To avoid this scenario, another round of fiscal stimulus will be a welcome development, although it would have been better if it was implemented six months ago, Mr. Cochrane said.

He said this support should come in the form of assistance for businesses so they can retain employees and expand production once restrictions are lifted.

“It will depend on how long the quarantine will lasts. If the quarantines take longer, I would say there would be a need for more [support],” he said.

The proposed Bayanihan to Arise as One Act allocated P400 billion for stimulus response and included P108 billion in cash assistance which is equivalent to P2,000 for all Filipinos. The measure has been approved by the House of Representatives but remains pending in the Senate. — Luz Wendy T. Noble

LGU projects may face delays once full devolution starts

PHILIPPINE STAR/ MICHAEL VARCAS

LOCAL GOVERNMENT UNITS (LGUs) should boost their capacity to implement projects or risk delays in the implementation of certain functions that will be devolved to them starting next year, according to experts.

“I think there will be a slowdown (in project implementation) especially for LGUs who have lower capacity compared to bigger and highly urbanized LGUs,” Zy-za Nadine Suzara, executive director of the think tank Institute for Leadership, Empowerment, and Democracy (iLEAD), said in a mix of English and Tagalog over a phone call recently.

Ms. Suzara noted the National Government had identified the functions that will be devolved to LGUs quite late, putting added pressure on local units that are already constrained due to limited knowledge in planning, budgeting and implementation.

“LGUs need a huge capacity-building because they are going to receive funds and it’s supposed to benefit their constituencies, but how will their constituencies benefit directly from those higher fund allocations from the National Government if in the first place, they don’t know how to plan, budget, and they don’t have the technical capacity,” she added.

In response to a Supreme Court ruling on Mandanas case that increased the LGUs’ share from national taxes, President Rodrigo R. Duterte issued Executive Order No. 138 in June mandating the National Government to begin transferring certain functions to local units next year.

Budget data showed LGUs will be receiving P959.041 billion in national tax allotments (NTA) — or their share from national tax collections — in 2022. Broken down, this will mean allocations of P220.6 billion to 82 provinces; P220.6 billion to 146 cities; P326.1 billion to 1,488 municipalities; and P191.81 billion to 41,933 barangays.

“Based on our analysis of LGU budget data, absorptive capacity is a concern, particularly for capital outlay projects such as infrastructure investments,” World Bank Country Economist Kevin Cruz said in an e-mail.

“On average, only half of LGU budgets on capital outlays is spent, and this ratio tends to decline as the budget for infrastructure increases. The increase in underspending due to limited absorptive capacity, particularly for capital outlays, was one of the main risks,” Mr. Cruz said.

In a special chapter of a June report, the World Bank estimated LGU underspending could rise by up to P155 billion next year if their project implementation capacities will not be improved.

Despite these challenges, the experts believe that devolving functions to LGUs remains to be the most efficient way for the government to deal with the fiscal impact of the Mandanas ruling, instead of other measures like a tax hike to raise more funds.

“Increasing revenues (such as new taxes) in response to the increase in transfers to Local Government Units is not ideal given the current circumstances of the economy. Raising revenues is certainly an option, but it isn’t the ideal response right now,” Mr. Cruz said.

Ms. Suzara said raising taxes could also negate the move of the government to lower the personal and corporate income taxes under its comprehensive tax reform program.

“It’s less of a fiscal issue, it’s more a question of service delivery, especially those that will be devolved from the National Government. The Department of Finance already factored in the lower tax collections,” she said, adding the National Government and LGUs should develop stronger coordination while they are in the process of transferring key functions.

World Bank’s Mr. Chua said the government can also create an environment that will encourage LGUs to be more transparent and accountable, especially after the funds will be increased because of the Mandanas ruling.

“In general, we recommend policies which would focus on mechanisms which improve citizen participation in the budgeting process, leaning on digitalization initiatives to boost transparency and accountability, civic monitoring of intergovernmental transfers; and monitoring of local service provision,” he added.

BusinessWorld sought the Department of Budget and Management (DBM) for comment but did not get a response.

A DBM circular showed LGUs were mandated to formulate their own Devolution Transition Plans that will be used as a guide in monitoring and assessing their performances, while a capacity development agenda will be developed to further guide the local units. — BML

EDSA Greenways seen completed by Nov. 2024

AN ARTIST’S RENDITION of the EDSA Greenways.

By Arjay L. Balinbin, Senior Reporter

THE COMPLETION of a P8.79-billion project that aims to build elevated walkways along Epifanio de los Santos Avenue (EDSA) will be pushed back by nearly two years to 2024, as the Metropolitan Manila Development Authority (MMDA) now only allows utility relocation work at night, the Transportation department said.

“The project timeline completion was extended from December 2022 to November 2024 because MMDA only allowed night works schedule for the utility relocation versus the original plan of 24/7 works,” the Department of Transportation (DoTr) said in a document detailing the EDSA Greenways project’s progress obtained by BusinessWorld on Saturday.

The EDSA Greenways involves the construction of elevated walkways at four mass transit stations, namely the Balintawak station of Light Rail Transit (LRT) Line 1, Cubao station of Metro Rail Transit Line 3 (MRT-3), Guadalupe station of MRT-3, and Taft station of MRT-3 and LRT-1.

The DoTr noted that having 24/7 and simultaneous relocation of underground and aboveground utilities, including electricity, drainage, and telecommunications, may require more lane closures along the already traffic-clogged EDSA.

“A consecutive sequence of relocation works was envisaged instead of simultaneous works. Moreover, new information of the estimated relocation timelines provided by the utility service providers were also added in the overall project timeline,” the department added.

The government is planning to bid out the design-and-build and construction supervision consultancy packages of the EDSA Greenways project in September 2021, the DoTr said.

The design-and-build contract is targeted to begin by March 2022, starting with “site mobilization” or the preparatory stage prior to the civil works, which are expected to commence in July of that year.

“The partial operability is at Guadalupe station with the completion of Landing 2 from MRT-3 to Guadalupe Commercial Complex, and at Cubao station with the completion of Footbridge 1 at EDSA corner Monte de Piedad Street to the Five Star Bus terminal,” the DoTr said.

The DoTr said it anticipates that the walkway at the Guadalupe station will be partially open by February 2023, with Cubao station following in July of the same year.

The DoTr has already received no objection letters from the local government units (LGU) of Pasay City, Quezon City and Caloocan City. It is still waiting for the no objection letter for the project from Makati City LGU.

The total cost of the EDSA Greenways project, as approved by the National Economic and Development Authority, is P8.793 billion, with P6.954 billion coming from the Asian Development Bank (ADB) and the ASEAN Infrastructure Fund. The remaining P1.839 billion will be funded by the government.

The DoTr said an amount of P1 billion, under the General Appropriations Act 2021, is allocated for the utility relocation costs to be incurred by the utility service providers.

The P4.953-billion ADB loan “will be utilized for the civil works/build and design construction of the EDSA Greenways Project,” it added.

Crypto fashion: Why people pay real money for virtual clothes

THE “BIOMIMICRY” digital ready-to-wear collection made by the digital fashion company Auroboros. — PHOTO FROM AUROBOROS.CO.UK

LONDON — People care what their avatars are wearing.

When the virtual world Decentraland said in June that users could make and sell their own clothing for avatars to wear on the site, Hiroto Kai stayed up all night designing Japanese-inspired garments.

Selling kimonos for around $140 each, he said he made $15,000-$20,000 in just three weeks.

While the idea of spending real money on clothing that does not physically exist is baffling to many, virtual possessions generate real sales in the “metaverse” — online environments where people can congregate, walk around, meet friends and play games.

Digital artist and Japan-enthusiast Kai’s real name is Noah. He’s a 23-year-old living in New Hampshire.

After making as much in those three weeks as he’d earn in a year at his music store job, he quit to become a full-time designer.

“It just took off,” Mr. Kai said.

“It was a new way to express yourself and it’s walking art, that’s what’s so cool about it… When you have a piece of clothing, you can go to a party in it, you can dance in it, you can show off and it’s a status symbol.”

In Decentraland, clothing for avatars — known as “wearables” — can be bought and sold on the blockchain in the form of a crypto asset called a non-fungible token (NFT).

Mr. Kai’s kimonos include exquisite crushed blue velvet pieces with golden dragon trim.

NFTs exploded in popularity earlier this year, as speculators and crypto enthusiasts flocked to buy the new type of asset, which represents ownership of online-only items such as digital art, trading cards, and land in online worlds.

The niche crypto assets are also capturing the attention of some of the world’s biggest fashion companies, keen to associate themselves with a new generation of gamers — although most of their forays so far are for marketing.

LVMH-owned Louis Vuitton launched a metaverse game where players can collect NFTs, and Burberry has created branded NFT accessories for Blankos Block Party, a game owned by Mythical Games. Gucci  has sold non-NFT clothing for avatars within the game Roblox.

“Your avatar represents you,” said Imani McEwan, a Miami-based fashion model and NFT enthusiast. “Basically what you’re wearing is what makes you who you are.”

Mr. McEwan reckons he has spent $15,000 to $16,000 on 70 NFT wearable items since January, using profit from cryptocurrency investments. His first purchase was a bitcoin-themed sweater and he recently bought a black beret designed by his friend.

SELFIE SHOPPING
The overall size of the NFT wearables market is difficult to establish. In Decentraland alone wearable sales volume totaled $750,000 in the first half of 2021, up from $267,000 in the same period last year, according to NonFungible.com, a website which tracks the NFT market.

Some proponents say wearables and shopping in virtual shops could be the future of retail.

“Instead of scrolling through a feed and shopping online, you can have a more immersive brand experience by exploring a virtual space — whether you are shopping for your online avatar or buying physical products that can be shipped to your door,” said Julia Schwartz, director of Republic Realm, a $10-million virtual real estate investment vehicle which has built a shopping mall in Decentraland.

For NFT enthusiasts, online fashion does not replace physical purchases.

But Paula Sello and Alissa Aulbekova, co-founders of the digital fashion start-up Auroboros, say it could be an environmentally friendly alternative to fast fashion.

Customers can send Auroboros an image of themselves and have clothing digitally added for 60 pounds ($83) to 1,000 pounds.

Ms. Sello argued that the virtual garment concept could limit the waste of consumers buying clothes to wear on social media, citing a 2018 Barclaycard study which found 9% of British shoppers have bought clothes for social media photos, then returned them.

“We need to have the shift now in fashion. The industry simply cannot continue,” said Ms. Sello.

Virtual sneaker company RTFKT sells limited edition NFTs representing sneakers which can be “worn” in some virtual worlds or on social media via a Snapchat filter.

“It really took off when COVID started and loads of people went more online,” said Steven Vasilev, RTFKT’s co-founder and CEO.

The company has posted $7 million of sales, with limited edition sneakers selling in auctions for $10,000-$60,000, he said. While the majority of customers are in their 20s and 30s, some are as young as 15.

RTFKT’s NFTs can also be used as a token to get a free physical version of the shoe, but one in 20 customers do not redeem that token.

“I didn’t do the redemption stuff because I couldn’t be bothered,” said Jim McNelis, a Dallas-based NFT buyer who founded NFT company, nft42.

“I try to avoid the physical stuff as much as possible.” — Reuters

DMCI unit to build P800-M solar-diesel plant

WIRESTOCK/FREEPIK.COM

By Angelica Y. Yang, Reporter

CONSUNJI-LED DMCI Holdings, Inc. said its unit will be pouring in P800 million to develop a 12-megawatt (MW) hybrid solar-diesel power plant, which is set to provide power in Masbate’s off-grid area by next year.

“Our off-grid energy business, DMCI Power [Corp.], is building a hybrid solar-diesel plant in Masbate, which is set for commercial operation by Q2 (second quarter of) 2022. The solar plant is 4 MW while the diesel plant is 2 x 4 MW (8 MW in total),” DMCI Holdings told BusinessWorld via e-mail on July 11.

The listed company said it is allocating “estimated capital expenditures of P800 million” for the hybrid plant. The planned project will be linked to the mini-grid of the province’s missionary area.

Three months ago, an executive from one of the firm’s subsidiaries Semirara Mining and Power Corp. said its parent company was looking at opportunities in the country’s renewable energy (RE) sector.

“DMCI Holdings is bullish on off-grid renewable energy. We believe the grid is already saturated, but the missionary market is ripe for RE expansion,” the firm said last week.

If the new Masbate plant does well, the company hopes to build similar plants in Palawan and Oriental Mindoro in the medium term.

DMCI Holdings fully owns DMCI Power, which was established to power up remote and off-grid islands in the Philippines.

On its website, DMCI Power said it continues to pursue its vision of becoming a “major off-grid player” in the local power industry.

At present, DMCI Power’s wholly owned unit DMCI Masbate Power Corp. operates a 15-MW circulating fluidized bed thermal plant in Brgy. Tugbo, Mobo.

NBA’s online PHL store celebrates first year with new T-shirt collection

NBAStore.com.ph is celebrating its first anniversary with the second NBA Philippines Tees Collection, which features two designs, namely “Hoop Tee” and “Homecourt Tee.”

TO CELEBRATE its first anniversary, NBAStore.com.ph has released a new T-shirt collection which is exclusively available in the country.

It is the second NBA Philippines Tees Collection from the online store, and features two designs which take inspiration from the Philippine flag’s blue, red, and yellow hues.

The “Hoop Tee” set takes a minimalist yet bold expression of the National Basketball Association (NBA) logos.

At the back of the shirt is the primary NBA logo at the center of a basketball outline, aptly describing the popularity of the game in the Philippines. Below the symbol are the statement “Made in the Philippines” and the country’s coordinates, which represent the unique brand of basketball played on this side of the world.

The shirt comes in black and white and in sizes from 2XS to 2XL.

“Homecourt Tee,” meanwhile, spotlights the etymology of the Philippines.

The shirt has the various names the country has taken throughout history printed in front of the shirt beside the NBA logo.

The back of the shirt has a heat map of the 7,641 islands superimposed on a basketball court that pins the NBA logo at the heart of an entire nation, showcasing the Filipinos’ passion for the world’s premier basketball league.

The shirt, too, comes in black and white and in sizes ranging from 2XS to 2XL.

The NBA Philippines Tees Collection shirts are available at nbastore.com.ph for P995.

The NBAStore.com.ph was relaunched last year to replace the physical stores here which closed in 2018. — Michael Angelo S. Murillo

SEC flags Rising Opportunity for unlicensed solicitations

THE Securities and Exchange Commission (SEC) has released an advisory against Rising Opportunity International (ROI) Business for its unlicensed investment solicitations.

Led by a certain Jayson Regañon Nuevaespaña, the entity also goes by ROI Business Development Services and ROI System.

The corporate regulator said these are not registered with the commission as a corporation or as a partnership.

“It is not authorized to solicit investments from the public as this entity did not secure prior registration and/or license to solicit investments from the commission as prescribed under Section 8 of the Securities Regulation Code (SRC),” the SEC said.

Rising Opportunity International is offering multiple compensation plans to the investing public for as low as P500 up to P50,000. The entity promises a return of investment from P600 up to P90,000 or a 120% to 150% return for 10, 15, 20, or 30 days.

It also issues an “investment contract” to its clients.

Under the SRC, securities should not be offered for sale or distribution within the Philippines without a registration filed with and approved by the commission. Offering and selling securities without the proper license is a violation of the SRC.

The SEC said those who invite or recruit others to join or invest in the entity may be held criminally liable under the SRC and may be penalized with up to a P5-million fine and/or face 21 years behind bars.

“The public is hereby warned that the investment schemes being propagated by Rising Opportunity International (ROI) Business/ROI Business Development Services/ROI System are considered as securities in the nature of investment contracts subject to the regulatory authority of this commission,” the SEC said.

The commission is also warning the investing public to “exercise caution before investing in these kinds of activities.” — Keren Concepcion G. Valmonte

Plywood revival in Mindanao planned

DTI.GOV.PH

THE MINDANAO Development Authority (MinDA) and the Development Bank of the Philippines (DBP) will enter into a partnership to revive the plywood and veneer industry in Mindanao.

MinDA Chairman Emmanuel F. Piñol said in a social media post over the weekend that efforts to revive the industry will involve farmed, fast-growing tree varieties.

Mr. Piñol said that DBP President Emmanuel G. Herbosa and Director Jeannie N. Sandoval expressed their support for the industrial tree farming program.

He added that the scheme involves organizing stakeholders and establishing processing facilities.

“Mindanao was known for its quality plywood produced by such companies as Sta. Clara and others. Later, the tree industry shifted to growing Falcata for the country’s largest paper mill, the Paper Industries Corp. of the Philippines (PICOP) in Bislig City, Surigao del Sur,” Mr. Piñol said.

“PICOP shut down its operations several years ago due to mismanagement,” he added.

Mr. Piñol said Falcata is a fast-growing tree species planted in mountainous terrain, particularly in the Caraga region, with the potential to generate income for rural families.

However, he said tree farmers are disorganized, while the majority of the logs are purchased by private processors or exported to China.

“The logs exported to China are processed into plywood and veneer and sold back to the Philippines depriving the farmers of added value for their trees,” Mr. Piñol said.

Mr. Herbosa said: “This is the approach that we should take in undertaking development projects to provide jobs and boost the economy at the same time.”

MinDA is planning a virtual convention of tree farmers by the end of August to organize the Mindanao Industrial Tree Farming Development Council. — Revin Mikhael D. Ochave  

Making the app grade

IMAGE FROM TOYOTA MOTOR PHILIPPINES

myToyota levels up on mobile experience

AS THE COUNTRY’s bout with the pandemic seems to be far from over, companies continue to improve on their business models in order to adapt to the changing definition of what is normal. Local car companies have strengthened their online presence more than ever, and Toyota Motor Philippines (TMP) remains among the leaders in offering their customers more convenient ways to own and maintain a vehicle.

In case you haven’t heard, TMP just recently launched its newly upgraded myToyota app. The application is completely free, and can be downloaded from either AppStore or Google Play. What this latest version of the app does is allow Toyota customers to manage all their vehicle needs and requirements — say, schedule a vehicle for servicing, order parts upgrades or even renew a car’s insurance plan — without having to physically visit a dealership.

Meanwhile, new or potential customers can use myToyota to explore TMP’s current vehicle lineup and view their features and their prices without having to leave the safety of their homes. This is basically available through the app’s “online showroom” which offers a 360-degree virtual viewing of any of TMP’s available vehicles, alongside a complete listing of each of its specifications.

And the fun part for car shoppers is that one can now better visualize what his or her future car would look like, via virtually building and personalizing his or her Toyota vehicle. This can be easily done through the app’s vehicle configurator, which displays a complete listing of each vehicle type’s available color options, applicable accessories, and the like.

Moreover, a financing calculator is also available in order to provide the customer with an idea of what his payment options might look like. And should the client wish to proceed with directly communicating with a Toyota dealer, the app also facilitates direct inquiries to specific dealers and also provides all dealers’ contact information. Directly chatting with dealers’ representatives via the app is also possible.

If you’re already a Toyota vehicle owner, you can also order car accessories — like new wheels, car covers and luggage trays — or service packages, and even schedule your regular PMS visits, via the app. Once your order is placed with just a few taps, you can even indicate your preferred delivery schedule and track the status of your order. The app also enables customers to inquire about used cars and Toyota’s vehicle trade-in programs.

TMP First Vice-President Sherwin Chualim shares, “Now more than ever, the need for accessible products and services is more crucial to better serve our customers’ needs. Part of our commitment to providing ever-better products and services is continuously improving the customer experience — from inquiring about your dream Toyota, acquiring and taking care of your vehicle, and moving on to your next Toyota — through any one of our 71 Toyota dealerships nationwide or through our amplified digital touchpoints.”

Sherwin further emphasizes, “With the new myToyota App, life with Toyota is made easy, worry-free, and happier in a tap.”

Interested customers may register to Toyota’s new portal by visiting www.toyota.com.ph/mytoyota.

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