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SEC flags more unlicensed investment schemes

Year’s tally mounts with addition of Asiaworks, 247STOCKTRADEFX 

THE Securities and Exchange Commission (SEC) released two separate advisories against the investment schemes of Asiaworks Digital Marketing Services and 247STOCKTRADEFX.

“The SEC Advisories are issued in order to guide the public in making informed [decisions] regarding their investments and to warn all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code (SRC), the Revised Corporation Code, and such other rules and regulation enforced by the commission,” the corporate regulator said.

It has issued eight advisories against unlicensed investment schemes of unregistered entities in July. A total of 55 advisories have been released so far this year.

Asiaworks is said to be founded and led by a certain Ivan Henry Prieto Enrijo. It is a “triple your money” investment scheme, wherein investors are promised a 10% daily revenue in 30 days per subscription.

The entity’s investors are asked to create an account using a referral link or through its website, www.asiaworksco.com, where investors can track their subscriptions. Those who participate in the scheme can also earn via referrals.

“The above-described scheme offered by Ivan Henry Prieto Enrijo is clearly in the nature of solicitation of investments from the public in the form of investment contract. Simply, the scheme is ‘subscribe, wait, and earn,’” the corporate regulator said.

Asiaworks is not registered as a corporation or as a partnership with the commission. However, it has been issued a Certificate of Business Name Registration by the Department of Trade and Industry with Business Name No. 2875993 under Mr. Enrijo.

Despite this, Asiaworks does not have the necessary license to solicit investments from the public as required under the SRC.

As of writing, its website can no longer be reached.

Meanwhile, 247STOCKTRADEFX’s headquarters is said to be based in Liverpool, Australia.

“[It is] soliciting investments in the Philippines without the necessary license and/or authority from the commission through the assistance of its supposed brokers, accounts managers, agents, and/or representatives that [appear] to be using synthetic or fraudulent identities,” the SEC said.

The commission named Blessing Chima, Maryam M. Yau, and Itz Osmaneh as those working for the Australia-based entity. None of its representatives have the needed registration and/or the appropriate license to offer or sell securities to the public.

247STOCKTRADEFX’s investment program “shows indication of a possible Ponzi Scheme,” wherein investments of new members are used to pay the “profits” of earlier investors.

The entity is operating a digital exchange platform in the Philippines without proper registration with the commission, the SEC noted. It is not registered as a virtual asset service provider with the Bangko Sentral ng Pilipinas, and it also lacks the required Certificate of Authority as a Money Service Business.

Names of all those involved in the operations of Asiaworks and 247STOCKTRADEFX will be reported to the Bureau of Internal Revenues to assess appropriate penalties and taxes.

The commission calls on the investing public not to invest or to stop investing in both entities.

Those who recruit anyone to invest in or join unauthorized investment programs may incur criminal liability, the SEC said. Salesmen, brokers, dealers or agents of unauthorized entities may be criminally prosecuted and be fined a maximum of P5 million and/or face 21 years of imprisonment. — Keren Concepcion G. Valmonte

Spike Lee jumps gun at Cannes with Titane Palme d’Or reveal

HTTPS://WWW.CHOPARD.COM/

CANNES, France — Titane, a wildly imaginative film about a serial killer by French director Julia Ducournau, won the top Palme d’Or prize at the Cannes Film Festival on Saturday —  as revealed by jury head Spike Lee ahead of time in a gaffe at the ceremony.

Ms. Ducournau, 37, became only the second woman to win the top award at Cannes.

In a moment of confusion when asked in French to reveal what one of the prizes was, the US film director read off a card and prematurely announced the best movie winner.

“No excuses, I messed up,” Mr. Lee told a news conference after the event. “I’m a big sports fan, it’s like the guy at the end of the game at the foul line, he misses a free throw, or the guy misses a kick.”

It was not the first blooper moment at an awards ceremony: at the 2017 Oscars, musical La La Land was incorrectly announced as best movie, instead of Moonlight.

Ms. Ducournau, 37, became only the second woman to win the top award at Cannes. Her violent film, where the heroine has sex with a car, split critics, with some praising its originality but others put off by its frantic and messy approach.

“Ducournau’s beautiful, dark, twisted fantasy is a nightmarish yet mischievously comic barrage of sex, violence, lurid lighting and pounding music,” critics at the BBC broadcaster said. “It’s also impossible to predict where it’s going to go next.”

Described as a “body horror” movie and based around a character with a titanium plate in her head, the film impressed with its energy.

“I’ve never seen a film in my life…. where a Cadillac impregnated a woman,” Mr. Lee said.

Ms. Ducournau had previously found critical success with Raw in 2016. The only previous female winner of Cannes’ top award was Jane Campion who shared the prize in 1993 for The Piano.

The world’s biggest film festival returned to the French Riviera after a 2020 hiatus due to the coronavirus pandemic in one of the most unpredictable contests in years.

STARS HAPPY TO BE BACK
The event drew stars such as Matt Damon and Sharon Stone to the red carpet, with moviemakers and actors delighted to be back though attendance was down on previous years.

Once the awards were officially announced, other big winners included Leos Carax, picked as best director for Annette, a musical about two artists caught in a twisted love affair.

Hamaguchi Ryusuke and Takamusa Oe of Japan won best screenplay for their tale of heartbreak and loss Drive My Car.

Renate Reinsve won best actress for her role in The Worst Person In The World by Joachim Trier, a modern-day romantic comedy that was a big hit with critics.

Compartment no6 by Juho Kuosmanen, about a woman who embarks on a train journey across Russia, tied with A Hero by Iran’s Asghar Farhadi, which features a prisoner faced with a moral quandary, for the Grand Prix distinction.

Caleb Landry Jones, who starred in Australian film Nitram, won best actor.

The Jury Prize, another runner-up award for best movie, went to two films: Ahead’s Knee by Israel’s Nadav Lapid and Memoria by Thailand’s Apichatpong Weerasethakul. —  Reuters

NLEX targets to start P2-B QC extension by early Sept.

NLEX Corp. is targeting to start the construction of a two-kilometer expressway connecting its Mindanao Avenue toll plaza to Quirino Highway in Novaliches, Quezon City by late August or early September, a company official said.

“We are targeting late August or early September, if we get the approvals required,” Romulo S. Quimbo, Jr., NLEX Corp. senior vice-president for communications, told BusinessWorld in a phone message on July 16.

The P2-billion expressway section is expected to benefit NLEX commuters who “currently face daily traffic gridlock in the congested portions of Mindanao Avenue,” NLEX Corp. President and General Manager J. Luigi L. Bautista said in a recent statement.

The section will be integrated into the future NLEX expansion to C5/C.P. Garcia near Katipunan Avenue.

“We foresee an interconnected tollway network that will be accessible to the west, east, north, and south sides of Metro Manila,” Mr. Bautista said.

The new project is part of the government’s Build, Build, Build program. It is also part of the 11.5-kilometer NLEX C5 Link between Mindanao Avenue, Quirino Highway, Regalado Avenue, Congressional Avenue and C.P. Garcia Avenue in Quezon City.

The extension project will provide an alternate route to the ports of Manila via NLEX Harbor Link all the way to the new Navotas Interchange along Mel Lopez Boulevard, or R-10.

The company said the entire NLEX C5 Link is expected to be used by 45,000 motorists daily and reduce travel time between Mindanao Avenue and Commonwealth Avenue to 10 minutes from the usual 45 minutes.

NLEX Corp. is a unit of Metro Pacific Tollways Corp., itself the tollways unit of Metro Pacific Investments Corp., one of three key 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 a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Charging into the age of electro-mobility

The Nissan Leaf is now available in the Philippines. — PHOTO FROM NISSAN PHILIPPINES

9th Philippine Electric Vehicle Summit looks to speed up country’s shift to electric

By Kap Maceda Aguila

THE NINTH edition of the Philippine Electric Vehicle Summit (PEVS) kicks off on Aug. 26. Unbowed by the pandemic, confab organizer Electric Vehicle Association of the Philippines (EVAP) resorts to an online staging anew for a multi-sectoral coming together for the electrification of transportation.

EVAP “envisions a nation wherein the use of electric vehicles is highly promoted, encouraged and supported by its government and the society in order to develop a transportation landscape that is one with the environment ecologically and economically.”

The summit is once again supported by Manila Electric Co. (Meralco) and the Department of Energy (DoE) and is themed “Accelerating the Switch to Electro-Mobility in the Philippines.” The overarching vision is the “fast-tracking (of) electric vehicle adoption in the local transport sector in line with the government’s medium-term goal of attaining a low-carbon economy.”

Said EVAP President Edmund Araga, “We need to step up our efforts to achieve our goals for rapid EV deployment, and to do this, government and private sectors need to collectively reaffirm their commitment to do so.”

Last week, organizers held a preliminary press conference to drum up support for — as well provide an outline of what can be expected from — the PEVS. Mr. Araga said that among the expectations is the “reaffirmation of commitment from key representatives of government agencies, from academe, from civil society in pushing transition of a sustainable transport system.”

We wait with bated breath for the much-anticipated and hoped-for approval at the Congressional level of the Electric Vehicles and Charging Stations Act authored by Sen. Sherwin Gatchalian. SB 1382 has already been okayed by the Upper House last May.

Once passed into law, the measure, according to a Senate press release, “will lessen the transport sector’s dependence on imported crude supply, a sustainability solution that will also be beneficial to the environment as it will have zero gas emission.”

Not only that, it espouses EVs while giving impetus to our “manufacturing sector because what is incorporated in the bill is not only the promotion of the use of EVs but also the development of the EV industry, not just the vehicle itself but the whole ecosystem as it includes the charging stations, batteries, other parts and components.”

Aside from the lessening (direct) dependence on fossil fuels, the wider adoption of EVs also spells relief for our embattled lungs. Meralco Vice-President and Chief Sustainability Officer Raymond Ravelo said that this is doubly appropriate as respiratory health has become a key focus area in this age of the pandemic. He additionally stressed the importance of the PEVS as a “platform for knowledge sharing, policy dialogue, and platform for identifying synergies… This is a team game; we cannot go at it alone. We need earnest effort and collective action.”

Nissan Philippines, one of the event sponsors and participants, recently introduced in a big way the global EV model Leaf. “It’s a very big milestone,” underscored Nissan Philippines Assistant General Manager and Head of Communications Dax Avenido. “And this is the first EV Summit since (making the Leaf available).” Embodied in the model are Nissan’s sustainability aspirations.

“It ties in with our campaign for zero emissions, and the Leaf as a partner in sustainability,” Mr. Avenido added.

For his part, Department of Energy-Energy Utilization Management Bureau Director Patrick Aquino said, “We’ve always said that the future is electric, and we will be supporting electric vehicle charging stations — and the infrastructure bill.” What seems to be the tipping point that will enable a quicker, more widespread transition into electric (or at least electrified) vehicles appears to be the knocking down of barriers of cost.

Fiscal relief and other incentives will effectively turbocharge the industry until the traditionally higher cost admission for EVs gets to the level of regular internal combustion engine-powered automobiles. “The bill will also ensure an expedited registration procedure for EV users,” said Sen. Gatchalian in a release. Parity can also happen more quickly as the price of EV batteries plummet with time and more polished manufacturing practices.

To be fair, OEMs have been separately moving on their own in varying speeds toward electrifying their vehicle portfolios — largely as a function of the intent of their global headquarters. Brands such as Volvo, Porsche, Jaguar, BYD, Mitsubishi, Hyundai, and more have made electrified vehicles aspirational parts of their portfolio. And when we say aspirational, we do not mean in a price-prohibitive sense. But EVAP has been doing sterling groundwork on multiple fronts by engaging all relevant stakeholders — including local and national government, and legislature — to keep electrification top of mind and never out of sight. The PEVS is certainly a critical ingredient to its success thus far.

Toyota Motor Philippines (TMP) introduced the now-iconic Prius hybrid more than a decade ago, but the acquisition cost — sans relief from government — didn’t make it a blockbuster hit. Certainly, Filipinos weren’t too keen then about electrification, either.

That is certainly not the case now as Toyota is offering better-priced hybrid options that allow thoroughly guilt-free mobility at more reasonable prices. Still, kudos to TMP for daring to pioneer despite the hurdles of being the first mover. But I digress. Perhaps you can see TMP reaping the fruits of its EV labor/information drive in the success of its luxury brand Lexus in selling hybrids.

Just to give you an idea from recent numbers, out of 269 units sold from January to June this year, Lexus Philippines (through Lexus Manila) delivered 43 hybrid units to customers. “That’s around 16%. But in the case of the IS, hybrid versus regular gasoline models the proportion can vary from 30% to 50%,” shared Lexus Manila President Raymond Rodriguez with “Velocity.”

Mr. Araga said to this writer, “We’re waiting for the approval of the bill. If you give companies the right incentives, we can expect more (electrified) models.”

For Mr. Ravelo, it’s not a matter of if but when. “Electric vehicles are inevitable,” he declared.

Style (07/19/21)

Avon develops gender-free underwear

ACCORDING to an international study in 2015 by the United Nations for LGBT Equality, 10% of the world’s population identify as part of the LGBTQ+ community. This encompasses the full spectrum of the community including non-binary individuals who do not fall into the traditional binary masculine and feminine standards. This diversity is yet to be fully reflected by the garments industry, with gender-neutral options still sparse among fashion retailers, even more so when it comes to intimate apparel. Avon is stepping into the gap with its first gender-free intimate apparel line, the Avon Limitless collection, which is designed with breathable, quick-dry materials and a universal fit. “If we can stretch our support in terms of sizes, breast shapes, and life stages, what’s stopping us from stretching support to be inclusive of gender identity?” says Avon Marketing Director, Anna Garces. “Avon has been producing high-quality, innovative, and affordable creations for Filipinos and Filipinas for decades. It’s only right to expand our years of expertise on intimates to support the needs of all gender identities and sexual orientations.” The Limitless collection provides gender-neutral silhouettes that can literally be worn by everyone with breathable fabric that gives a soft four-way stretch in every wear. The Andy 2-in-1 Ultra-stretch boxers come in black and gray variants, designed with a double layer panel on the crotch area so it can fit anyone with or without a penis. On the other hand, the Andy Ultra-stretch Support Top can be used as a minimizer, a molded bra, or even just a casual top with removable molded cups and expandable hook and eye, so anyone can sport it with or without breasts. The Limitless collection can be purchased online at avonshop.ph or through Avon representatives.

Tommy Jeans goes red, white, and blue for summer

THE SUMMER 2021 Tommy Jeans collection blends iconic red, white and blue color blocks with a modern tie dye twist across denim and knit categories. The collection features raised embroidered graphics and rich bold textures on statement pieces. This season, Tommy Jeans continues to push for sustainability in denim by repurposing deadstock fabrics to deliver contemporary yet iconic styles. In the Philippines, Tommy Jeans are available at Tommy Hilfiger stores at Central Square in Bonifacio High Street Central, Alabang Town Center, Ayala Center Cebu, Marquee Mall, TriNoma, Mall of Asia, Greenbelt 5, Newport Mall, Rustan’s Makati, Rustan’s Shangri-La, Tommy Jeans Robinsons Place Manila, Tommy Hilfiger Rockwell, and online at Trunc.ph, Rustans.com, Zalora, and Lazada.

NBAStore.com.ph carries Space Jam: A New Legacy collection

NBAStore.com.ph, the official online NBA Store in the Philippines, will carry official merchandise from the Space Jam: A New Legacy movie starring four-time NBA Champion LeBron James. NBAStore.com.ph will offer a selection of Space Jam: A New Legacy merchandise, including footwear and headwear from Nike and New Era respectively. The following Nike shoes are available: LeBron 18 Low “Bugs vs. Marvin” (P8,295); LeBron 18 Low “Sylvester vs. Tweety” (P8,295); and LeBron 18 Low “Wile E. vs. Roadrunner” (P8,295). Meanwhile, New Era offers Los Angeles Lakers x Space Jam 9FIFTY White and Los Angeles Lakers x Space Jam 9FIFTY Blue hats for P2,295.

UNIQLO launches T-shirt design tilt

Global apparel retailer UNIQLO announces the launch of the UT Grand Prix 2022 T-shirt design competition. Entrants from around the world can submit designs using a T-shirt as a canvas to freely express ideas through graphics and messages. The theme for this contest is Peanuts, the comic strip first published in the US in the 1950s, marking the 100th anniversary of the birth of its creator, Charles M. Schulz. The judging panel for the competition features representatives from the Charles M. Schulz Museum and Charles M. Schulz Creative Associates. UNIQLO is seeking designs that freely express the world of Peanuts through such characters as Charlie Brown and Snoopy as well as the storylines that touch on life and human nature. The Grand Prize winner will receive $20,000. Grand prize and second prize winners will also be invited for an internship at Charles M. Schultz Creative Associates. Winning designs will be featured in UNIQLO’s 2022 Spring/Summer collections and sold at UNIQLO stores worldwide. Entries are being accepted until Aug. 31. Entry details can be found on the special UTGP 2022 site (https://www.uniqlo.com/utgp/2022/ph/).

Home items in Casa de Memoria’s auction

AT CASA de Memoria’s Tercero auction — now live online until July 31 — features many items to elevate the home, from paintings and chandeliers to furniture and more. Among the highlight lots at the auction are intricate lamps, some of which have been refreshed by Michelle Lao of Solano. These include Artepiu Este Gilt Ceramic Lamp with Peony Motif, a late 20th century Italian ceramic lamp, having gilt field painted with peonies (Lot 34, price starts at P25,000) and Artepiu Este Gilt Ceramic Lamp with Oriental Male Figure, a late 20th century Italian ceramic lamp, having gilt field painted with Oriental male figure amid plants (Lot 36, P20,000). There are chairs like a pair of 19th century Portuguese mahogany fauteuils in Louis XV style upholstered with settees with a toile hunting scene by Monchet Olives (Lot 63, P40,000 and a “lips” style chair (Lot 61, P15,000), and a pair of early 20th century Spanish barber’s armchair seats with soliya seats and backrests by Daniel Acha (Lot 1, P160,000). To explore the auction pieces online, visit bit.ly/CasaDeMemoriaOnline. For more information, visit www.casadememoria.com, call 8253-3994, or e-mail hello@casadememoria.com.

Hogan’s Autumn 2020/21 now available

HOGAN’S has released its Fall/Winter 2020 collection featuring  all-new styles — the Hyperactive Sneakers and Iconic Interaction Daddy Sneakers for Women and the Interaction Sneakers and classic H365 Sneakers for Men. In the Philippines, Hogan is exclusively distributed by Stores Specialists, Inc., and is located at Shangri-La Plaza.

Vans SpongeBob SquarePants shoe collection

SHOE brand Vans has collaborated with Nickelodeon’s SpongeBob SquarePants on a range of Classic footwear for fans of all ages. Key piece from the Vans x SpongeBob SquarePants collection include: Old Skool checkerboard emblazoned quarter panel featuring SpongeBob and Gary, hidden amongst the checks, and finished with a leather yellow Sidestripe and “Off The Wall” written in SpongeBob font; Spongebob IMAGINAAATION; SpongeBob 124 Conch Street (For toddlers); Spongebob Black/Blue Bikini Bubble; and AlohaBob. The Vans x SpongeBob SquarePants in-line collection for men, women and children is now available at Vans Stores at Greenbelt 3, SM Megamall, Glorietta 3, Ayala Cebu, Alabang Town Center, Festival Mall, UP Town Center, SM North EDSA, and Market! Market!

Pinay wins Best Sustainable Design at Asia Young Designer Summit

PHILIPPINE representative and Interior Design student Margaret Therese Hagad bagged the Best Sustainable Design title at the regional finale of the prestigious Asia Young Designer Award (AYDA). The De La Salle-College of Saint Benilde undergraduate competed against participants from nine other countries and clinched the title for Interior Design for the 2020 Nippon Paint Asia Young Designer Awards (NYPDA) Philippines. Her adviser Benildean instructor Dr. Karol Ann Antonio was likewise named Best Mentor. Entitled “Bagasse Mountain Resort,” her winning entry introduces a sanctuary of wilderness and wellness equipped with sustainable, corporeal and human-centered design considerations. She chose Negros Occidental, the Sugar Capital, as the location of the project and explored how bagasse, the dry pulpy fibrous residue from crushed sugar cane stalks, may be used as partial replacement for cement. AYDA, with the help of its roster of internationally acclaimed industry experts, likewise recognized Dayana Aripin and Evva Lim Yee Fah from Malaysia with the Asia Young Designer of the Year Awards for Architecture and Interior Design, respectively. Neha Harish from India with the Best Sustainable Design title for Architecture, while the Best Design Impact recognitions were granted to Eldon Ng Yew Keong from Singapore (Architecture) and Mai Ngoc Anh from Vietnam (Interior Design). The Nippon Paint Awards were given to Sri Lankan representatives Ironi Padmaperuma (Architecture) and Dilik Abeyakoon (Interior Design), while honorary Mentions went to Mahek Khawaja from Pakistan and Marietta Stefani from Indonesia (Architecture) and Suangchanok Wongpollakrit from Thailand (Interior Design). Founded in 2008, AYDA has provided a platform for future-proof ideas and has since gathered thousands of young creators from Bangladesh, China, Hong Kong, India, Indonesia, Iran, Japan, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand, Turkey and Vietnam.

foodpanda shops now feature Watsons

IT’S NOW more convenient to get skin basics and other beauty essentials from Watsons as foodpanda shops now includes its extensive catalogue. Choose from the wide array of skin care products, hygiene needs, and wellness aids by browsing on the foodpanda shops section and have these delivered to your doorstep in as fast as 20 minutes. Save on Watsons products by availing of the 10% off promo on a minimum order of P499.

Loewe announces HyunA as global ambassador

LOEWE has announced that South Korean singer-songwriter and rapper HyunA is the new global ambassador for the house. In a statement, Loewe Creative Director, Jonathan Anderson says, “I am thrilled to welcome HyunA to the Loewe family. Very much looking forward to this exciting partnership and working closely together.” The South Korean solo female singer HyunA has been captivating global audiences since her debut in 2007. Her latest album is I’m Not Cool, and its eponymous title track, released in January, has topped the charts of major music streaming platforms in Korea, with the album itself topping iTunes’ world wide album chart.

Rates of T-bills, T-bonds likely to inch up further

BW FILE PHOTO

RATES of government securities on offer this week may rise further as the market turns cautious after Fitch Ratings revised its outlook for the Philippines and the detection of local transmissions of the Delta variant of coronavirus disease 2019 (COVID-19).

The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Monday, broken down into P5 billion each in 91-, 182- and 364-day debt papers.

On Wednesday, the BTr will offer P35 billion in fresh 10-year Treasury bonds (T-bonds). The T-bond auction was moved from the initial Tuesday schedule as July 20 is a regular holiday in observance of Eid’l Adha.

Two bond traders expect T-bill yields to move sideways or higher by up to 5 basis points (bps).

For the 10-year bonds, the first trader sees its coupon settling between 3.875% and 4.125%, while the second trader gave a narrower forecast range of 3.875% to 4%.

“Market is still very much armed with liquidity and still opts to place in government securities even for longer tenors to reach for yields,” the first trader said via Viber.

Investors will likely continue to price in Fitch Ratings’ revised outlook for the Philippines in the upcoming auctions, the trader added.

Fitch last week maintained its investment grade “BBB” credit rating for the Philippines but revised its outlook to “negative” from “stable” due to the impact of the prolonged coronavirus pandemic.

The “negative” outlook means Fitch may downgrade the Philippines’ credit rating if it reverses reforms or departs from the prudent macroeconomic policy framework that leads to continued higher fiscal deficits. A weaker macroeconomic outlook over the medium-term and “diminishing policy credibility” may also lead to a downgrade.

Fitch has kept the Philippines’ rating at “BBB,” which is one notch above the minimum investment grade, since December 2017.

Meanwhile, the detection of the first cases of local transmissions of the Delta variant of COVID-19 in the country will also affect yield movements this week, according to the trader.

The Health department on Friday reported 16 new Delta variant infections, with 11 of these locally transmitted. This brought the country’s case count for the highly infectious variant to 35.

It also reported 6,040 new COVID-19 infections on Saturday, bringing active cases to 47,257 so far.

The first trader said local yields will also take their cue from the recent dovish speech of the US Federal Reserve Chairman Jerome Powell at a congressional hearing, where he said the US jobs data was “still a ways off” from the progress they are aiming for before they can reduce central bank support for the economy.

The BTr last week fully awarded the P15 billion in T-bills it auctioned off even as rates inched up across the board. The short-term securities attracted combined tenders worth P42.086 billion.

Broken down, it borrowed the programmed P5 billion via the 91-day papers at an average rate of 1.068%, up from the 1.044% seen during the July 5 auction.

The Treasury also raised P5 billion as planned via the 182-day T-bills. The six-month papers fetched an average rate of 1.384% from 1.351% previously.

Lastly, the government made a full P5-billion award of the 364-day securities at an average yield of 1.593%, higher than the 1.568% quoted for the tenor the week prior.

Meanwhile, the last time the BTr offered 10-year T-bonds was on June 22 when it raised P35 billion as planned from the reissued papers with a remaining life of five years and 10 months.

Total bids for the tenor hit P65.091 billion at that auction, higher than the P50.25 billion in tenders seen when the bond series was last offered on March 9. The notes were quoted at an average rate of 3.185%, down from 3.732% previously.

At the secondary market on Friday, the 91-, 182- and 364-day T-bills were quoted at 1.162%, 1.413%, and 1.612%, respectively, while the 10-year T-bonds fetched a yield of 3.9097%, based on the PHP Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The Treasury is looking to raise P235 billion from the local market this month: P60 billion via weekly offers of T-bills and P175 billion from weekly auctions of 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. — B.M. Laforga

Dole plans Philippine expansion

DOLE Sunshine Co., the food and beverage company with global reach that grows most of its pineapples in the Philippines, is planning to expand its operations in the provinces while increasing its investments to include growing other fruits and producing biofuel from crop waste.

Christian Wiegele, global president of Dole Sunshine’s fresh produce group, said in an online interview with BusinessWorld on July 14 that the company plans to increase its farm production area in the country. He declined to disclose specific figures.

“We are working together with our local teams, local municipalities, and local partners to increase our hectares for pineapples. The same goes for other selected produce. We definitely plan to continue investing and growing our business here in the Philippines across the whole brand portfolio,” Mr. Wiegele said.

Mr. Wiegele said the firm had been growing its produce across more than 30,000 hectares of farmland that cover areas in Davao, General Santos City, Bukidnon, and Cagayan de Oro in Mindanao, and a small farm operation in Luzon.

Dole provides direct and indirect employment to 40,000 employees, he said, adding that the majority of the company’s overall output comes from the Philippines, particularly for bananas and pineapples for export to other countries. He did not give exact production numbers.

“In terms of pineapple production, it is definitely much more than half. The majority of our pineapples are grown in the Philippines and are sold as fresh produce or packaged into processed products out of the Philippines. For bananas, it is definitely more than half,” Mr. Wiegele said.

“The main export markets of Dole’s fresh produce grown in the Philippines include Malaysia, Hong Kong, Singapore, China, Japan, New Zealand, Saudi Arabia, and the United Arab Emirates,” he added.

In terms of investments, Mr. Wiegele said Dole is preparing for the launch of a new packing house in the northern part of Mindanao as part of efforts to reduce food waste during the packing process, together with the growing of other fruits such as papaya and avocado.

He added that other planned investments of the company include employee training, biofuel, artificial intelligence technology, and drones to help Dole move forward with agricultural technology.

“There are some exciting plans on repurposing our waste and some tangible benefits we are investing into biofuel, which will repurpose banana waste, pineapple waste into biofuel,” Mr. Wiegele said.

Further, Mr. Wiegele said the company also allocated a significant amount for capital expenditure this year but did not provide figures.

“It is definitely a significant amount. It’s definitely much more than $10 million dollars. It is significantly more than last year,” he said.

Moving forward, Mr. Wiegele said the company is looking at double digit revenue growth and is expecting positive momentum despite the pandemic.

He added that there is enough demand in the markets around the world for healthy nutrition.

“One of our commercial strategies is not only to grow our products in the Philippines, but also to offer those products to Philippines’ operations. That is one of the opportunities that we have, not only to grow and export, but also offer these products to the Philippines itself as a market, a very important market in Asia,” Mr. Wiegele said. — Revin Mikhael D. Ochave

Full-inspection regime for farm imports deemed impractical

SBMA

THE DEPARTMENT of Agriculture (DA) needs to implement a risk-based method for determining which agricultural import shipments to inspect, a University of the Philippines economist said.

Ramon L. Clarete, chief of Party of the B-Safe Project and a University of the Philippines School of Economics professor, said costs will rise if the DA goes ahead with its plan for 100% inspection of all agricultural cargoes.

“We are against smuggling and importation of unsafe food. But to do this (inspection) in every case is really just crazy. It is mind boggling how the DA can do that,” Mr. Clarete said during a webinar over the weekend.

“We need to have a risk-based strategy of conducting this inspection. Otherwise, it imposes a huge burden on the part of importers,” he added.

According to Mr. Clarete, the sanitary and phytosanitary clearance system does not incorporate a risk-based management strategy since it requires the registration of all products, regardless of the risk profiles of goods.

“If true that there is 100% inspection of all goods covered by sanitary and phytosanitary measures under the first border inspection, the plan may be just another illustration of a weak understanding of what a risk-based management system requires,” Mr. Clarete said.

On June 30, Agriculture Secretary William D. Dar met with Subic Bay Metropolitan Authority (SBMA) Chairperson Wilma T. Eisma on the DA’s proposal to use a 2,000 square-meter lot at the Subic Bay Freeport Zone for an agricultural import inspection facility.

The DA and the SBMA have reached an agreement in principle for the construction of the facility, pending approval from the SBMA Board.

“Once operational, the facility will conduct full and thorough inspection of containerized agricultural commodities through risk assessment, complemented by x-ray screening of the Bureau of Customs. This means all farm, fishery, meat, and food imports will be subjected to 100% sampling and laboratory testing,” the DA said.

“Each facility will feature controlled temperature systems that will capacitate quarantine officers to thoroughly inspect the contents of an identified high-risk containerized shipment and prevent the possible spread of hazardous biological agents, such as toxins, and radioactive elements carried by imported agricultural products,” it added.

Other inspection facilities are also planned for the ports of Manila, Batangas, Cebu, and Davao. Funding for the facilities is P521 million, provided by the Office of the President. — Revin Mikhael D. Ochave

Emira calls

The mid-engined Emira is the last of a legendary line of petrol-burning Lotuses — each one a legacy of Colin Chapman, the genius engineer/designer whose initials adorn the logo of the cars. — PHOTO FROM LOTUS CARS

Lotus celebrates its last petrol-powered sports car with the all-new Emira

EMIRA.

The name alone sounds like royalty — an elegant name given to the latest of a long and illustrious line of world-beating sports cars from Hethel, a small historic village in Norfolk, England.

It’s also the last of a legendary line of petrol-burning Lotuses — each one a legacy of Colin Chapman, the genius engineer/designer whose initials adorn the logo of the cars. All future Lotuses will be purely electric-powered.

“The Emira is an absolute game-changer for Lotus. It’s a hugely significant milestone in our path to becoming a truly global performance car brand. It’s a new sports car — our first in many years — and what an offering it is from Lotus!” exclaimed Lotus Cars Managing Director Matt Windle.

The mid-engined Emira looks more like a supercar than just another new sports car. There are traces of its predecessor, the Evora, as well as newer design elements from Lotus’s upcoming Evija electric hypercar.

The Emira measures 4,412mm x 1,895mm x 1,225mm (LWH). It’s less than an inch longer and a hairline (2mm) taller than the 11-year-old Evora but is a substantial three inches wider. It also mirrors the Evora’s 2,575mm wheelbase (including that car’s ultra-light extruded and bonded aluminum construction).

Just as in the Exige and Evora, power comes from the same 3.5-liter Toyota Camry V6 engine turbocharged to the tune of 394bph and mated to a manual or automatic transmission. Available for the Emira next year is a turbocharged four-cylinder Mercedes-AMG engine developing 355bhp (mated exclusively to AMG’s dual-clutch automatic). Performance targets are zero to 100kph in under 4.5 seconds and a top speed of 290kph.

Lotus, now owned by Geely, is targeting prices under £60,000. Price-wise and performance-wise, the two-seater Lotus Emira V6 matches up with the two-seater Porsche 718 Cayman GTS.

Driving purity comes from a hydraulic power steering system and rear-wheel drive — a snub to modern sports cars’ electric power steering and all-wheel drive. Tires are bespoke-compound Goodyear Eagle F1 Supersport as standard or Michelin Cup 2 as options.

Inside, the Emira’s fully lined cockpit is easily the most luxurious — and most spacious — ever from Lotus. There is space for a bag in the trunk and a couple of small suitcases behind the seats. There are even cupholders and storage bins on the console and door panels.

The hour-long live-action unveiling was centered on the iconic Hethel test track and culminated in a high-octane lap of the north circuit by an Emira.

Former Formula 1 World Champion and Lotus customer Jenson Button was the evening’s special guest. A video of him putting the Emira through its paces on the Hethel track was played, with Jenson delivering his exclusive “first drive” review live to the audience.

“It’s being called a junior supercar, but it would give a lot of supercars a run for their money… and it’s more comfortable than most of them! The Emira is exceptional and I’m a big fan,” he shared.

The Emira premiere was broadcast live via the Lotus website and social media platforms. In a nod to global travel restrictions, Lotus had invited scores of international Lotus “superfans” to be involved in the premiere. Exactly 131 of these owners and enthusiasts were selected to be part of a high-tech real-time “fan wall” which appeared on the box’s TV screens. The number “131” reflects the Lotus type number allocated to the Emira before it was officially named.

Lotus retailers across the globe — from China and Japan to North America and Europe — staged parties in their showrooms, inviting valued customers and Emira prospects to watch the event live. In addition, highlights from the broadcast played through the next week on billboards internationally — at London’s busy Liverpool Street station, where the train line from Norwich ends in London, and in downtown Los Angeles.

Guests were also treated to a parade of historic Lotus cars on the test track, including an Elan S3 and Colin Chapman’s own Esprit Turbo.

As well as providing a platform for the Emira’s debut, the event was designed to turn the spotlight on Hethel itself — upgraded as part of a £100-million-plus investment in Lotus UK operations. Guests took part in a walking tour of the site to see the transformation, which includes the all-new production line and paint shop where the Emira will be built, starting later this year.

Just two days after its global reveal, the Emira stunned attendees of last weekend’s Goodwood Festival of Speed, where the car turned a wheel in anger in public for the first time. Lotus is the “Featured Marque” at this year’s GFOS event, which means the “Central Feature” — the giant sculpture outside Goodwood House — will celebrate Lotus.

As the event closed, Matt Windle commented: “What an amazing night we’ve had and what a fantastic way to launch the Emira. We have a sensational new sports car — the most accomplished Lotus ever — and we’ve unveiled it at a rejuvenated Hethel, a site still changing every week because of our investment. Together they are the perfect illustration of the ongoing transformation of Lotus.”

French fashion school offers scholarships

ISTITUTOMARANGONI.COM/EN

ISTITUTO Marangoni’s Paris School of Fashion is offering 15 scholarships to young talents for its 15th anniversary, with applications accepted until July 23.

SoFA Design Institute is Istituto Marangoni’s official affiliate in the Philippines, serves as an information and application hub, which facilitates all inquiries, requirement processing and applications for Istituto Marangoni. SoFA Design Institute founders, Amina Aranaz-Alunan and Loralee Baron-Soong are both graduates of Istituto Marangoni.

The Paris school will award 15 scholarships to young talents starting their studies in the Intensive courses (styling, fashion business, digital marketing), first year of the BA Hons Degree or the Cycles de Spécialisation (Fashion Design; Buying and Merchandising; Styling, Creative Direction, and Digital Content; Luxury Brand Management; Fashion Communication and Digital Media) in the academic year 2021/2022.

Participation in the Initiative is free: each candidate can submit only one application by uploading the required documents on the scholarship platform. Documents for intensive courses application include a high school diploma, high school grades certificate, passport scan or ID, a signed personal statement serving as a letter of motivation explaining why one wishes to join and one’s career goals, and six creative ideas (sketches, photographs, and the like). All items must be submitted in A4 or A3 format, in .pdf,.tiff, .jpg, .zip.

The Three-year Courses and the school’s BA offerings also add a language certificate to the requirements. The Cycles De Spécialisation programs require a university transcript of records and diploma, two letters of reference, a CV, and a portfolio with 10-12 items; in addition to the requirements for BA applications.

Istituto Marangoni was founded in Milan in 1935. It has branches in Florence, London, Paris, Miami, Mumbai, and Shanghai.

Global names attached to the institute include Moschino founder Franco Moschino, Alessandra Facchinetti (formerly of Prada, Gucci, Valentino, and Tod’s), and Domenico Dolce (of Dolce & Gabbana — though he did only stay for a few months).

DAR cuts requirements for transfer of private agricultural land

THE DEPARTMENT of Agrarian Reform (DAR) said it has streamlined the process of obtaining clearances for the transfer of private agricultural land.  

Agrarian Reform Secretary John R. Castriciones said DAR Administrative Order No. 4 was issued streamlines the process for land transactions involving private agricultural land whose owners have not been issued a notice of coverage.   

“We have reduced the number of processing days in compliance with certain provisions of the government which require the revision of existing rules and guidelines on the transfer of agricultural lands and also to adjust to the new normal brought about by the coronavirus disease 2019 (COVID-19) pandemic,” Mr. Castriciones said in a statement over the weekend.

According to Mr. Castriciones, the administrative order is authorized by Republic Act (RA) No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act, Proclamation No. 922, which declared a state of public emergency throughout the Philippines, Proclamation No. 929, which declared a state of calamity throughout the Philippines due to COVID-19, and RA No. 11494 or the Bayanihan to Recover as One Act.

“The issuance of the land transfer clearance (LTC) on this administrative order excludes agricultural lands covered under any other agrarian reform program, under Presidential Decree No. 27, RA No. 6657, as amended, and land transactions with exemption/exclusion/conversion orders issued by the DAR,” Mr. Castriciones said.   

“The applicant-transferor and transferee, or the duly authorized representative shall file a written application or request for the issuance of LTC before the DAR provincial office where the property is registered with the Register of Deeds,” he added.

Mr. Castriciones said DAR will not accept written applications or requests sent through e-mail or filed personally unless proof of payment and all documentary requirements are attached and submitted.

He added that electronic copies of all applications or requests and their annexes will be accepted, but DAR will also require the submission of printed copies through mail or personal submission, in order to check the authenticity of the documents.

“Applicants may also store the files, applications, or requests and documentary requirements, in a portable storage device … which should be properly labeled as to their contents and submit the same to the DAR provincial office in a sealed envelope through the postal office or by any other accredited couriers,” Mr. Castriciones said.

“A filing fee P2,000 for every land transaction shall be collected by the issuing DAR provincial office through its cashier or through online banking, and deposited to the Bureau of Treasury local accounts,” he added. — Revin Mikhael D. Ochave  

Ayala Land unit eyes geothermal power for green energy option – DoE

AYALA Land, Inc. subsidiary DirectPower Services, Inc. will be largely sourcing 360 megawatts (MW) of clean power from geothermal facilities for the government’s green energy option program (GEOP), the Energy department said last week.

The Department of Energy’s Renewable Energy Management Bureau (DoE-REMB) told BusinessWorld in an e-mail on July 16 that based on submitted documents, Tiwi and Makban geothermal plants have available capacity to supply to the GEOP customers of DirectPower.

The bureau said the main source of the Ayala Land unit for the required capacity for the program will be AP Renewables, Inc. — at 130 MW from Tiwi and 230 MW from Makban geothermal plants.

AP Renewables is a subsidiary of listed holdings firm Aboitiz Power Corp.

The Tiwi facility has a total capacity of 234 MW, while the Makban plant has 448.8 MW.

The DoE earlier announced that DirectPower is the latest firm to join the government’s GEOP.

DirectPower, a retail electricity supplier (RES), currently supplies the requirements of 45 contestable customers or those whose consumption is big enough to allow them the choice of power providers.

According to the DoE-REMB, the wholly owned Ayala Land unit received its operating permit, which was approved and signed by the Energy secretary, on June 18.

Launched in 2018, GEOP is a voluntary policy mechanism that allows consumers using at least 100 kilowatts of power to source renewable energy supply from a qualified RES.

The Energy department believes that it is an opportunity for end users to “contribute to the development and use of renewables in a least-cost and sustainable manner.”

At present, the DoE-REMB is evaluating the applications of two retail electricity suppliers and one power generation company for the program.

DirectPower’s entry into the GEOP brings the number of eligible power firms to 13 as of June.

The other entities are Shell Energy Philippines, Inc.; Green Core Geothermal, Inc.; Citicore Energy Solutions, Inc.; Aboitiz Energy Solutions, Inc.; Prism Energy, Inc.; Adventenergy, Inc.; Bacman Geothermal, Inc.; First Gen Energy Solutions, Inc.; SN Aboitiz Power-Magat, Inc.; SN Aboitiz Power-Res, Inc.; AC Energy Philippines, Inc.; and the Sparc-Solar Powered Agri-Rural Communities Corp.

In April last year, the DoE issued the rules for suppliers who wanted to participate in the program.

Approved renewable energy suppliers must ensure that the total power dispatched from their facilities are greater or equal to the total kilowatt per hour sold to their consumers. They must also register in the spot market before supplying power to end users. — Angelica Y. Yang

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