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Agriculture dep’t forms devolution task force

PHILIPPINE STAR/ GEREMY PINTOLO

THE DEPARTMENT of Agriculture (DA) has created a task force on devolution in preparation for the transfer of responsibilities from the National Government to the local government units (LGUs).

Agriculture Secretary William D. Dar signed Special Order No. 513 that created the Task Force on Further Devolution, which will set the guidelines ahead of the preparation of the DA’s Devolution Transition Plan. 

Mr. Dar said the task force will also coordinate with the various agencies and offices on behalf of the DA’s Committee for Devolution, created earlier under Special Order No. 432.

The task force is chaired by DA Field Operations Director Bernadette F. San Juan while DA Administrative Service Director Abraham P. Guiao will serve as co-chair.

Under the special order, the task force will also identify data and information requirements needed for the preparation of the transition plan; lay the groundwork for the creation of the transition plan such as the research framework, and data gathering; orient LGUs on research procedures; and organize workshops.

Recently, Mr. Dar said the DA will use the remainder of President Rodrigo R. Duterte’s term to transition to the Province-led Agriculture and Fisheries Extension Systems (PAFES) to improve the distribution of assistance to farmers and fisherfolk.

He added that improving the delivery of extension services is in preparation for the Mandanas-Garcia ruling set to be implemented in January, which will give LGUs with a larger share of national taxes.

“PAFES would serve as the modality of implementing banner programs in the provinces. Under the system, we at the National Government will do the steering, while the LGUs will do the rowing,” Mr. Dar said. — Revin Mikhael D. Ochave

PLDT: Pursuit of fair competition boosting efforts to improve connectivity

PLDT group said on Sunday the government’s pursuit of fair competition in the telecommunications industry, including its initiative to investigate cases and complaints involving exclusive partnerships for alleged “abuse of dominance,” is bolstering its efforts to improve connectivity.

In a joint statement e-mailed to reporters on Sunday, PLDT, Inc. and its wireless arm Smart Communications, Inc. expressed their support for the government’s initiatives “to ensure fair competition in the industry, [as] these boost PLDT and Smart’s efforts to improve customer experience.”

Aileen D. Regio, first vice-president and head of PLDT’s Regulatory and Strategic Affairs, said: “Entering exclusive developments remains a challenge, but we are committed to expand the coverage of our networks to serve as many Filipinos across the country.”

She said the group supports the Philippine Competition Commission’s (PCC) decision to form a task force “to investigate cases and complaints involving exclusive partnerships between condominiums, subdivisions, and other development property owners and internet service providers for ‘abuse of dominance.’”

The PCC announced in July that it formed a task force to look into exclusivity deals.

“Our first abuse of dominance case involved a condo-internet exclusivity deal that limited condominium residents’ choice of an internet service provider. More than a year after we had resolved the case, we started receiving various complaints and queries about similar cases,” PCC Chairman Arsenio M. Balisacan said in a statement.

“After reviewing the reports, we filed similar charges against another condo developer last February and are currently investigating a subdivision owner. Due to the number of such complaints, we have received and cognizant of the importance of internet services amid the pandemic, we set up a task force that will look into similar cases,” he added.

Alfredo S. Panlilio, PLDT and Smart president and chief executive officer, said: “We stand with our government, and grateful for these undertakings, as we work towards providing world-class connectivity for all Filipinos.”

“Together, we will continue to support our increasingly connected societies, especially in the new normal,” he added.

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

Here comes the new Honda Civic Type R

Still based on the 10th-generation Civic, the Honda Civic Type R gets a slew of updates in aid of aesthetics and performance. — PHOTO FROM HONDA CARS PHILIPPINES, INC.

HONDA CARS Philippines, Inc. (HCPI) brings in the updated version of the aspirational (and popular) Honda Civic Type R — the top expression of its classic Civic nameplate.

Now bannering a “new sporty exterior design and mechanical updates which aim to further improve the model’s already exhilarating driving performance,” the Civic Type R was first introduced locally in 2017. The 100 units initially allocated for the market then were snapped up within 48 hours after announcement of availability.

HCPI said that the warm reception is “due to the model’s strong following, multiple recognitions, rich racing heritage, and several track records broken in some of the world’s most challenging racetracks.”

The new Civic Type R gets a sporty update to its aerodynamic package. The front and rear bumpers receive a new lower fog light surround, with a new symmetrical design, smooth surfaces, and sleek styling blades which contribute to the car’s clean styling. Also on the front and rear bumpers (plus side skirts) are a carbon fiber effect front splitter, side under-spoilers, and rear diffuser with a sporty red accent line.

Out back is a Type R spoiler with “vortex generators” diverting airflow across the tail while giving additional downforce to the rear wheels for improved road-holding ability.

A thinner beam and new design define the front grille. The intake area has been enlarged by 13%. “Combined with the Type R’s updated radiator core, this decreases coolant temperature by up to 10 degrees (under Honda internal testing) during high-demand situations, such as track driving,” explained Honda. Wheel arches have been enlarged, and the Civic Type R is fitted with 20-inch Berlina Black alloys.

Still predicated on the 10th-generation Civic, the new Civic Type R features a high center console, and Type R bucket seats with a suede-effect red and black fabric trim. There are carbon center inlays and red accents on the dashboard which extend to the side door panels. The exclusive Type R serial number plate is found below the gear shift lever.

As for the instrument display, a seven-inch full color thin film transistor (TFT) LCD display is in the center area of the cluster. It reveals a variety of different function readouts including, driving mode display (+R, Sport, Comfort), LED gearshift indicator light, turbo boost pressure gauge, throttle/brake input display and g-meter.

Meanwhile, on top of the center console is an updated seven-inch touch screen display audio system with Apple CarPlay and Android Auto connectivity. “Control functions for the infotainment and climate control system have been updated with additional physical buttons and tactile knobs for optimum usability and functionality,” reported Honda.

The familiar 2.0-liter VTEC Turbo resides under the hood, and produces a maximum power output of 310ps at 6,500rpm and peak torque of 400Nm from 2,500rpm to 4,500rpm. The driver can access the performance through a six-speed manual transmission equipped with a rev match control system enabling the car to sustain maximum power during gearshifts. The new Civic Type R also now comes with Active Sound Control (ASC) to augment and complement its triple exhaust system note. “With the ASC, the Type R’s audio system provides an enhanced engine sound within the cabin during aggressive driving in Sport and +R modes, refining it during acceleration in Comfort mode and enhancing the driving experience,” reported Honda.

Improvements on the suspension and brake systems are intended to result in better responsive and sharper handling. The Adaptive Damper System control software gets an upgrade to allow faster road condition evaluation, for improved damper reactions. Braking power comes from Brembo four-piston calipers paired to a new two-piece floating 350mm front brake discs and new brake pads. Honda said that the braking system promises improved thermal efficiency, reduced brake fade — perfect for high-intensity driving, which makes the Type R even more of a track weapon.

The Civic Type R now also comes equipped with the Honda Sensing suite of driver-assistive functions. A monocular camera and wave millimeter radar work together to “monitor and assess various road conditions in front of the vehicle.” The system will alert the driver of potential hazards. Honda Sensing makes the following features possible: adaptive cruise control, collision mitigation braking system, lane keeping assist system, road departure mitigation, and lane departure warning. Aside from this suite, the Type R boasts front driver and passenger air bags, side and side curtain air bags, anti-lock brakes with electronic brakeforce distribution, vehicle stability assist, hill start assist, and a multi-view reverse camera with guidelines.

The new Honda Civic Type R has a suggested retail price of P3.21 million, and will be available in three colors: Championship White, Racing Blue, and Sonic Gray. HCPI said that the SRP is exempted from the Safeguard Duty Bond, and an introductory discount of P100,000 will be extended from July 27 to Sept. 30. For more information, visit www.hondaphil.com or a Honda dealership.

David vs Goliath: Venice ban may not end cruise ship battle

REUTERS

VENICE — When the first cruise ship since the start of the pandemic sailed through the Venice lagoon last month, hundreds of people rallied on land and small boats in protest.

A few weeks later, the government seemed to listen, announcing that to defend Venice’s ecosystem and heritage, cruise liners would be banned from the lagoon from Aug. 1. The move ended years of political hesitation, apparently putting the demands of residents and culture bodies above those of port workers and the tourist industry.

“For us it’s a big victory,” Tommaso Cacciari, a member of the No Grandi Navi (No Big Ships) campaign group, told Reuters. “Many compared us to David against Goliath.”

But the battle may not be over.

While campaigners worry about pollution and erosion in a city already in peril from rising seas, port workers hit by months of lockdowns fear for their livelihoods.

“It was a very huge blow, I felt awful,” said Antonio Velleca, who has worked for a baggage handling co-operative for cruise ships in Venice for 15 years.

“I felt I had lost the certainty of my life,” he added as he peered through the locked-up gates of the partially closed terminal.

Ships over 25,000 tons will be banned from the shallow Giudecca Canal that leads past Piazza San Marco, the city’s most famous landmark. Cruise liners typically weigh at least four times as much.

The future remains uncertain. Rome has passed legislation numerous times in the past to limit liners’ access to Venice, but an alternative docking point is not yet ready.

The government wants to fast-track a docking station at the industrial port of nearby Marghera, but there are no signs that this will be completed soon.

Jane da Mosto of the We are Here Venice group that focuses on environmental and social projects, welcomed the ban on cruise liner “monsters” but feared it was not a long-term solution.

Filippo Olivetti, managing director of the Bassani group that provides port and tourism services, said Venice could not survive without cruise ships.

“It’s just crazy for a port and an area that made its fortune on port activities, on maritime traffic. They are going to become just a little bit more than a small marina,” he said. — Reuters

Frosts stain Brazil coffee belt, growers see nearly a third of fields hit

REUTERS

VARGINHA, BRAZIL — Brownish spots have stained large areas of coffee fields in the south of Brazil’s top producer Minas Gerais, a sign that the worst cold snap in nearly 30 years will hurt production for at least the next two crops, according to an agronomist.

Adriano de Rezende, technical coordinator at the Minasul coffee cooperative, estimated that between 20% and 30% of the crops were hit by the unusually cold temperatures that reached the region on July 20, spurring the worst frost since 1994, according to farmers and analysts.

“It was worse than I imagined,” said Rezende said after flying over the region on Thursday. “It’s hard to see a field that hasn’t suffered any damage.”

Rezende flew over farms in Varginha and other areas in Minas, such as Eloi Mendes, Paraguaçu, Alfenas, Machado, Boa Esperança e Carmo da Cachoeira.

The agronomist and local farmers said that frost struck the region again on Friday but it was less intense, also hitting the Serra da Mantiqueira area, as a new polar mass advances through the center-south region.

Minasul operates in the south of Minas Gerais, a region that accounted for around 40% of arabica coffee production in Brazil in 2020. Arabica is the main type used by large coffee companies such as Starbucks and Nestlé.

Another key producing region, the Cerrado Mineiro, has also been severely impacted.

Minasul President Jose Marcos Rafael Magalhaes estimates the coffee sector in Minas Gerais will lose 5 billion to 6 billion reais ($971.5 million-$1.17 billion) due to lost production.

The frosts in Brazil, the world’s largest producer and exporter of coffee, sent prices in New York sky-rocketing to above $2 per pound for the first time since 2014 earlier this week.

Rezende believes it is early to estimate production losses precisely, as more frosts were expected.

He also said that the intensity of the burning by the cold varies even in the same field in a farm, what makes the evaluation harder.

The production cycle of arabica coffee alternates years of high and lower production, since trees get stressed after a large crop and produce less the following year.

Brazil is currently in an off-year, with production seen at around 55 million 60-kg bags by analysts, down from around 70 million bags in 2020. The worst drought in 90 years has also impacted output.

A larger production in 2022 was considered key by analysts to guarantee a balanced global supply next year, as consumption grows around the world due to the reopening of coffee shops after coronavirus-related restrictions.

FALLING LEAVES
While visiting the Mato Dentro farm in Varginha, the agronomist said that in a month’s time, all the burned leaves will be on the ground, which will make it easier to check how badly the trees were damaged.

The more heavily damaged trees will need a heavy pruning, which means they will only produce again after two years.

Farmer Flavio Figueiredo de Rezende, who produces coffee in Varginha and Carmo da Cachoeira, said that before the frosts, he was expecting near record production in 2022.

“But now, if we produce the same as this year’s, it would be already good. It is sad, but that is part of our struggle.”

The farmer said the damage will not increase much, since the same areas are likely to be hit by the new polar mass.

Magalhaes, Minasul’s president, who is also a farmer, said that most of the production potential for coming crops was lost.

He also said that a lot of coffee seedlings, which became key for the recovery work ahead, were also burned by the cold.

“The recovery will take long. Beyond the damage to young trees, there are no seedlings to plant or expand,” he said. — Reuters

Mitsubishi Xpander headlines MMPC’s June sales

PHOTO FROM MITSUBISHI MOTORS PHILIPPINES CORP.

MITSUBISHI MOTORS Philippines Corp. (MMPC) reported that sales of the Mitsubishi Xpander grew in June versus May. The Xpander ended the month with a sales total of 794 units, a 62% increase. The Xpander is the country’s best-selling MPV, and remains to be one of the strongest nameplates for Mitsubishi. MMPC noted that the Xpander seven-seater has won several local industry awards.

Overall, MMPC sold 2,933 units in June and “retained its strong number two position in the Philippine automotive industry,” reported the company in a release.

“We are very fortunate to receive such strong support from the market. We truly appreciate the trust and confidence that they show for our brand. We are also thankful for the amazing efforts that our dealer partners are making to reinforce the strong number two position of Mitsubishi Motors. Our customers can trust that MMPC is committed to reciprocate the strong patronage by providing dedicated customer service,” said MMPC President and CEO Takeshi Hara.

For more information, visit www.mitsubishi-motors.ph.

MPIC, MPIF, Huawei tie up for sustainability initiatives

COMMUNITIES are set to benefit from the partnership among Metro Pacific Investments Corp. (MPIC) and its partners through the listed conglomerate’s Gabay Kalikasan sustainability initiatives.

In a statement, MPIC said it had signed a memorandum of agreement with Metro Pacific Investments Foundation (MPIF) and Huawei Philippines with deed of donation to support various community impact programs.

It said the partnership is anchored on the shared goal of MPIC, MPIF and Huawei to protect the environment through “cutting-edge technology solutions” such as Internet of Things, artificial intelligence and cloud computing. The tie up seeks to help mitigate illegal logging in protected watershed and forest areas, thus helping to protect the ecosystem.

“I’ve always believed that sustainability is a collective responsibility. It is only through us working together that we will be able to achieve a pervasive impact to make a difference in the world,” said MPIC Chief Finance Officer and Chief Sustainability Officer Chaye Cabal-Revilla.

The signing of the memorandum of agreement was also attended by MPIF President Melody M. Del Rosario and Huawei Philippines Vice-President Daniel Guo.

Ms. Cabal-Revilla said Huawei’s contribution “will be of great help to the communities that we’ll be putting this into.”

Ms. Del Rosario those in MPIF “feel an even stronger sense of responsibility and accountability to further improve our programs and serve a greater purpose.”

“We are privileged to have a partner in Huawei Technologies, a company that is not only reliable but equally determined to achieve our goals for the present and for the future through Gabay Kalikasan,” she added.

Meanwhile, Mr. Guo said: “MPIC is known for its effective and long-term sustainability programs. Huawei Philippines would like to join MPIC’s programs and be part of the great contributors to the Philippines.”

MPIF said its strategic program is geared towards three fronts of social infrastructure: education, environment and economic empowerment.

Huawei promotes the use of technology to support sustainability to keep people ahead in the digital world.

“Huawei’s strategy centers on digital inclusion, security and trustworthiness, environmental protection, and healthy and harmonious ecosystem, which are aligned with the UN Sustainable Development Goals,” the MPIC statement said.

Style (08/02/21)

UNIQLO.com marks 1st anniversary with exclusive offers and promos

UNIQLO Philippines is celebrating its online store’s 1st anniversary by offering limited edition items and new collections, exclusive offers, special promotions and premiering online events from July 30 to Aug. 5. The newest payment option, Cash on Delivery, is also now made available for an easier shopping experience. Now existing and new customers can purchase items through the website or from the UNIQLO App and pay for items to the delivery rider once items arrive at their doorstep. Among the anniversary promos, AIRism Masks will be given to those who download the UNIQLO app during the anniversary celebration period from July 30 to Aug.5. Customers who purchase LifeWear items worth P5,000 or more until Aug. 1 from UNIQLO.com or the UNIQLO app will also be given a limited-edition tote bag designed by Trese co-creator Jonathan A. Baldisimo. Customers can also get a 25% cash rebate for qualified members who use their JCB Credit Card for a minimum single receipt purchase of P4,000 from UNIQLO.com or on the UNIQLO app. A free Coffee Bean Tea Leaf Swirl Rewards Card will also be given to customers when purchasing items through the Click & Collection option. Special offers are also available on select LifeWear pieces such as the Men’s and Women’s U Crew Neck Short Sleeve Shirt now at P390, Men’s Pocketable UV Protection Parka at P990, Women’s Wireless Bra (Beauty Light) at P990, AIRism Bed Sheet now available at P1,490 to P2,490, Kids’ Easy Shorts at P390, and Baby Toddler Leggings at P290. In an exclusive online event on the UNIQLO Philippines Facebook Page on Aug. 4, actor-athlete Matteo Guidicelli will show how to wear and move with UNIQLO’s Sport Utility Wear and Athleisure pieces when stretching or exercising. To know more about the special offers and promotions during the anniversary celebration, visit https://www.uniqlo.com/ph/en/spl/anniversary.

Harlan + Holden releases the 02 collection

THE LATEST collection of Alessandra Facchinetti, the Harlan + Holden 02 collection, is meant to be one’s 7/7 weekday to weekend uniform by focusing on key pieces that not only work for any time of the day, but for any day of the week. It aims to showcase how the customer can build a wardrobe with staples that can be easily mixed and matched. To check out the collection, visit the website at www.harlanholden.ph and Instagram @harlanholden.

Céleteque releases new micellar cleansers

THE SECRET to great skin is proper cleansing — whether you spend the day outside wearing a mask or inside working in front of a laptop, dirt and unnecessary oils accumulate throughout the day. While facial washes are great for one’s skin, there’s always stubborn dirt and makeup that doesn’t go away by simply washing one’s face, double cleansing is necessary. So here come the newly launched Céleteque Micellar cleansers in two variants: Céleteque Hydration Micellar Water cleanses and moisturizes, removing dirt and makeup without stripping one’s face of moisture, plus improving skin moisture by 35% upon application; and, Céleteque Brightening Micellar Milk which cleanses, brightens, smoothens skin thanks to its Vitamin B3 to help brighten the skin and Rice Milk Extract to help soften the skin in as early as seven days, as the brand promises. Both products are dermatologist-tested to be hypoallergenic and safe for everyday use. They are also non-comedogenic, paraben-free, and alcohol-free. Céleteque Hydration Micellar Water is available for P169 (250 ml) and Brightening Micellar Milk for P199 (250ml) at www.celeteque.com, and major supermarkets, drugstores, beauty stores, and e-commerce marketplaces nationwide.

Contemporary Pinoy touch at Studio Artesan

RUSTAN’S believes there’s something to be said for the timeless quality of traditional, Filipino design, and has opened its Studio Artesan concept, dedicated to local, hand-crafted and ethically made products. Some of the home décor, furniture, and lifestyle brands there are Amber and Anne, known for handmade beaded placemats and coasters which combine natural raffia with pearls, table runners, embroidered table napkins, crocheted napkin rings, and hand-crafted bags made from sustainable materials; Manang PH, a social enterprise founded during the pandemic to support local artisans and weavers from Negros and Cebu, and focusing on products made from natural materials such as rattan and abaca; the Olive Tree Corp., known for its fine linens and original, digitally created prints on throw pillows, placemats, napkins, beddings, and even face masks; Philux furniture, offering contemporary takes on Filipino furniture classics made from high quality, sustainable materials; Tadeco Home, which creates décor made from the woven tribal cloths of indigenous Mindanao tribes, including votives, candle holders, lighting fixtures, and cushion covers that are made out of abaca fiber; Tienda Verda which focuses on items made from inabel; WVN Living which features a variety of home products from kitchen and dining to bed and bath, and outdoor collections created by women weavers in Bangar, La Union, Cavite, Isabela, and Albay; Casa Mercedes’ Monchet y Cia, a bespoke line of artistic fans made from Filipino fabrics and accentuated with unique embellishments; Mithi, which reinterprets traditional Filipino wear such as barongs into modern silhouettes; Pili Ani skincare line developed from pili and elemi oils; Silnag jewelry line, made from recycled byproducts from the Philippine food and farm trade such as water buffalo horn, cow bone, shell, and scrap wood; and, Theo and Philo bean-to-bar single origin chocolate which comes in uniquely Filipino flavors such as Milk Chocolate Turon and Dark Chocolate with Calamansi. Shop Studio Artesan at the www.rustans.com/pages/studio-artesan, at the 2nd level of Rustan’s Makati, or through the Personal Shopper On-Call at 0917-111-1952.

Hogan releases Fall/Winter 2021 collection

THIS Fall-Winter season, Hogan launches new sneaker models that are fashionable and versatile. The new H585 for women is revisited with contemporary color combinations and a sculptural silhouette. The ergonomic design comes with fluid lines, a super lightweight sole and a memory foam footbed. The latest H580 for men combines the iconic H logo with a contrasting shade and a clean silhouette for a casual chic look. It is structured with an EVA extra-light sole unit and a memory foam footbed, providing an instant elevation. The classic Hyperactive men’s sneakers feature an extra-light, chunky out sole with a sleek trim on the thermo-formed upper. Crafted in leather with shiny patent leather detailing, this limited-edition style features side perforations, zigzag stitching and the Hogan logo stamped on the side. Characterized by the smooth and dynamic forms, the limited edition Hyperlight for women is an ultra-dynamic model with a memory foam insole and a lightweight outsole hand-decorated, featuring a leather upper enhanced by the technical touch loop on the back. In the Philippines, Hogan is exclusively distributed by Stores Specialists, Inc., with a shop located at Shangri-La Plaza.

Defensil Isopropyl Alcohol launches official Shopee and Lazada stores

DEFENSIL Isopropyl Alcohol has launched its new Shopee and Lazada flagship stores. More than a year in quarantine and as the country continues to roll out its coronavirus disease 2019 (COVID-19) vaccination program, experts continue to remind the public of the importance of following health protocols: from regular washing of hands, maintaining physical distancing, to always disinfecting with at least 70% alcohol solution, proper sanitation remains key to help prevent the spread of the virus. Defensil 70% Isopropyl Alcohol is recommended by the Philippine Society for Microbiology (PSM) as it kills 99.9% of germs and starts to kill them on contact, with up to 12 hours of protection with constant use. Defensil 70% Isopropyl Alcohol is now available in its online stores in 60 ml, 250 ml, 350 ml, 500 ml, one liter, and 3.7 liter bottles.

Yields on gov’t debt slip

YIELDS on government securities (GS) slipped after the US Federal Reserve left its rates and bond-buying program unchanged at its meeting last week and following the Treasury bureau’s announcement of its August borrowing program.

GS yields, which move opposite to prices, slipped by 2.31 basis points (bps) on average week on week, data from PHP Bloomberg Valuation Service Reference Rates as of July 30 published on the Philippine Dealing System’s website showed.

Yields moved sideways across the curve on Friday from their July 23 finish. At the short end, the rates of the 91- and 364-day Treasury bills (T-bills) fell by 2.72 bps (to 1.1292%) and 0.13 bp (1.6361%) respectively, while the 182-day tenor inched up by 1.5 bps (1.4293%).

At the belly of the curve, the yields on the two-, three-, four- and five-year T-bonds declined by 4.05 bps (1.9694%), 3.87 bps (2.3322%), 2.53 bps (2.6703%), and 0.48 bp (2.9925%), respectively. Meanwhile, the seven-year bonds saw its rate increase by 1.74 bps to 3.4992%.

At the long end, the yields on the 10-, 20-, and 25-year tenors went down by 1.89 bps (3.8795%), 7.39 bps (4.7615%), and 5.62 bps (4.7479%), respectively.

A bond trader said demand for longer-dated tenors has been strong due to the lack of supply.

“Recent auctions have been concentrated on the five- and seven-year tenors so there are supply concerns in that area of the curve,” the bond trader said in a phone interview last Friday.

The trader added that the US Federal Reserve’s policy meeting last week “kept investors buying local bonds as yields have been trending lower as well.”

“[Federal Reserve Chair Jerome C.] Powell did not rock the boat and he kept everything status quo and his rhetoric the same. More or less, it provided some relief for the market,” the trader said.

The Fed kept its key rates near zero last week, as expected. Mr. Powell said the US job market still has “some ground to cover” before the Fed can scale down its $120-billion monthly bond-buying program.

Meanwhile, Jose Miguel B. Liboro, ATRAM Trust Corp. head of fixed income, said yields closed mostly flat or marginally higher last week despite decent trading volumes.

“[The Bureau of the Treasury’s (BTr)] seven-year bond auction was the initial market catalyst — issuing to strong demand. Even the P10-billion tap offer was fully awarded as the market digested the supply easily,” Mr. Liboro said in an e-mail.

“Announcement of the August auction schedule later in the week, which showed incoming supply on the long end of the curve, caused yields to retrace,” he added.

The BTr on Tuesday raised P35 billion as planned via its offer of reissued seven-year T-bonds with a remaining life of six years and eight months. The bonds fetched an average rate of 3.651%.

Total bids for the papers reached P69.758 billion, making it nearly twice oversubscribed and causing the Treasury to open its tap facility to raise additional P10 billion from the tenor. 

For this month, the Treasury plans to borrow P200 billion from the domestic bond market, lower than the P235 billion programmed in July. It is looking to offer P60 billion in T-bills and P140 billion in T-bonds.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product.

For this week, Mr. Liboro expects yields to adjust higher in the short term due to the 10-year bond auction on Aug. 3.

“But depending on where it clears, we expect yields to adjust lower given expectations that inflation for June may come in below the 4% level,” he said.

The bond trader sees yields remaining range-bound despite the announcement of a lockdown in Metro Manila.

“Generally, fixed income would benefit on quarantine measures given the fact that inflation can be tamed/most likely lower given the demand side will be lower. Volatility would remain given the fact that ECQ (enhanced community quarantine) will provide some uncertainty to the market,” the trader said.

The government on Friday announced that the National Capital Region will be under ECQ, the strictest quarantine classification, from Aug. 6 to Aug. 20 to contain the spread of the highly transmissible Delta variant of the coronavirus. — N.M.A. Bo

Mindanao banana farm rehabilitated after bout with Panama disease

A BANANA FARM in Bukidnon has been successfully brought back after having been infested with Panama disease by a local team of farm experts and plant pathologists, the Mindanao Development Authority (MinDA) said.

MinDA Chairman Emmanuel F. Piñol said the group led by Lalaine Albano-Narreto, Jose Barrosa, and soil experts from Unifrutti Tropical Philippines have succeeded in rehabilitating the Manupali Agri-Development Corp. (MADC) Cavendish banana farm in Valencia City, Bukidnon after six years.

“After a six-year field experiment (that) started in 2015, MADC was brought back to life with the banana farm area expanded from 280 to 371 hectares. While there are still negligible cases of the disease, the problem is effectively under control and easily prevented from spreading,” Mr. Piñol said in a Facebook post over the weekend.

Panama disease, also known as fusarium wilt, is a soil-inhabiting fungus that causes bananas, mostly Cavendish, to die.

Ms. Albano-Narreto said the fields had been abandoned, leaving the area barren for a period.

“We replanted after three months but the disease manifested again. So, we extended it to six months. Still the disease came back. Finally, we ‘scorched’ the land for one year and denied the fungus any host to survive,” Ms. Albano-Narreto said.

Ms. Albano-Narreto added that a new banana variety was introduced, UCL4, while an old variety, called Tall Williams, was replanted.

Currently, the rehabilitated farm employs 1,000 workers and produces 4,200 boxes of Class A bananas per hectare every year.

“The MADC success story is also a game changer for the country’s Cavendish banana industry which had suffered reversals because of the devastation of fusarium wilt. With this development, the Philippines could again regain its status as one of the top Cavendish banana producers in the world,” Mr. Piñol said.

Mr. Piñol said in a separate Facebook post that MinDA will launch a field learning program for Cavendish banana farmers who wish to learn the methods used by MADC in controlling the disease.  

He said the field learning program will be implemented after an offer by Unifrutti and its officers in the MADC farm in Bukidnon to share their practices with interested farmers.

During a July 20 virtual briefing, Pilipino Banana Growers and Exporters Association, Inc. Chairman Alberto F. Bacani said the Philippines remains the number two exporter of Cavendish banana.  

Mr. Bacani said the country produced 162.2 million boxes of Cavendish banana in 2020, down 17% from the prior year, due to Panama disease. — Revin Mikhael D. Ochave

Chevrolet PHL awards Grandmasters

IMAGE FROM CHEVROLET PHILIPPINES

ALL 22 CHEVROLET dealers from different parts of the country gathered online last June 29 for the virtual launch of the all-new Tracker, Chevrolet’s latest entrant to the highly competitive local crossover SUV segment, as well as to celebrate the big winners of the 2020 Grandmasters.

Said Chevrolet Philippines-The Covenant Cars Company, Inc. (TCCCI) President and Chief Executive Officer Atty. Albert B. Arcilla, “The launch of the all-new Chevrolet Tracker marks a very exciting time for Chevrolet Philippines as we introduce a new generation of models that will further invigorate and strengthen the Chevy brand in the Philippine market.”

TCCCI, the exclusive importer and distributor of Chevrolet automobiles and parts in the country, also named its 2020 Chevrolet Grandmasters for Best in Sales, Best in Service, and Dealer of the Year. The winners are: Chevrolet Iloilo, “three-peat” Grandmasters for Best in Sales (led by Grandcars Chairman Peter Po, President Jan Andrew Po, and Comptroller Caroline Po); Chevrolet Cebu Mandaue, named Grandmasters for Best in Service (led by Genesis Motors Corp. President and CEO Franklin O. Ong and EVP and Chief Financial Officer Emily S. Ong); Chevrolet Iloilo, named Dealer of the Year for three consecutive years (led by Grandcars Chairman Peter Po, President Jan Andrew Po, and Comptroller Caroline Po).

Remarked Atty. Arcilla, “Our dealers have been instrumental in our drive to find new roads and build a customer-oriented dealer network in the country. We are grateful to have dedicated dealer partners who have done a remarkable job in calibrating their business operations during a very challenging 2020, to ensure that Chevrolet customers are given the best quality service expected from the Chevy brand.”

The Chevrolet Grandmasters is an annual event that recognizes the “exemplary commitment of individuals and Chevrolet dealers in serving Chevrolet customers across sales, service, and after-sales.”

For more information, visit www.chevrolet.com.ph, follow Chevrolet Philippines on Facebook and Instagram, or subscribe to the Chevrolet Philippines YouTube channel. For convenient and contactless Chevy vehicle shopping experience, visit www.shopclickdrive.com.ph.

Earnings report, lockdown announcement drive BPI stock movement

THE latest earnings results of Bank of the Philippine Islands (BPI) and news on putting Metro Manila at the strictest form of lockdown led to increased trading activity in the bank stock last week.

The Ayala-led lender was the tenth most actively traded stock last week with a total of 8.12 million shares worth P675.33 million having exchanged hands on the trading floor from July 26-30, data from the Philippine Stock Exchange showed.

BPI shares closed at P80.50 apiece on Friday, down 6.9% from its July 23 closing price of P84.50 apiece. Year to date, its price has gone down by 2.3%.

“There were a lot of factors that affected BPI stock price movement [last] week. But the most significant one for the overall market sentiment… was the last-minute announcement of ECQ (enhanced community quarantine) for NCR (National Capital Region) starting Aug. 6 to 20 because of the threat of the new Delta variant,” said I.B. Gimenez Securities, Inc. Research Head Joylin F. Telagen in an e-mail, referring to the more infectious variant of the coronavirus disease 2019 (COVID-19).

In a Viber message, Mercantile Securities Corp. Analyst Jeff Radley C. See attributed the stock movements to BPI’s second-quarter earnings report released on July 22 and the updates surrounding its merger with thrift bank subsidiary BPI Family Savings Bank (BFSB).

The government approved last Friday the imposition of ECQ in Metro Manila to curb the spread of COVID-19’s Delta variant. The ECQ, which is the country’s strictest form of lockdown, will span from Aug. 6 to 20.

The announcement came just after Malacañang said on Wednesday that Metro Manila and nearby provinces of Bulacan, Cavite, Laguna, and Rizal, or the NCR Plus bubble, will remain under the lighter general community quarantine (GCQ) until mid-August.

Prior to the ECQ, Metro Manila was placed under GCQ “subject to heightened and additional restrictions” from July 31 until Aug. 5. Under the added restrictions, indoor and al fresco dining will be prohibited, and only authorized persons will be allowed to travel to and from the NCR Plus bubble.

Meanwhile, BPI in earlier July obtained the approval of the Philippine Deposit Insurance Corp. to pursue its planned merger with BFSB. A few days later, the Philippine Competition Commission said the merger can be exempted from its review as it qualifies as an internal restructuring.

BPI will still need to secure approval from other regulators, including the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission (SEC), to push through with the merger.

To recall, BPI announced its plan to absorb BFSB in January with the former as the surviving entity. The plan was approved by a quorum or at least two-thirds of BPI’s stockholders in April.

BPI’s net income stood at P6.8 billion in the second quarter, 28.8% higher than the P5.4 billion posted in the same period last year, it said in a disclosure to the stock exchange on July 22.

This brought its profit for the first half to P11.8 billion, up by 1.2% from the P11.756 billion seen a year ago.

“On conservative note, I’m looking at P23.50 billion for the year,” I.B. Gimenez Securities’ Ms. Telagen said when asked on her outlook on the bank’s financial performance this year.

For Mercantile Securities’ Mr. See: “[BPI’s] earnings would be consistent going forward. Not much news so far for the company as the Delta virus is still the number one concern of investors.”

“The stock is nearing support level of P80, which may go below due to bearish market sentiment, while resistance is at P84 pesos,” he said.

For Ms. Telagen: “BPI is fundamentally good, but technically, BPI is consolidating at P79-P90 within the long-term uptrend channel,” she said.

“Breakdown within the P79-support might revisit P65 per share. Breakout to P90, [the stock] will retest P100 to the [all-time high] P129,” she added. — Abigail Marie P. Yraola

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