THE Securities and Exchange Commission (SEC) is warning the investing public against unauthorized Reposco Trading Ltd., which is said to be run by Benjamin Mari Limjap.
Reposco Trading was flagged for its Ponzi-like scheme, where investments of new investors are used to pay off prior investors.
“The offering and selling of securities in the form of investment contracts using the ‘Ponzi Scheme,’ which is fraudulent and unsustainable, is not a registrable security,” the SEC said in its advisory.
Reposco Trading also goes by Reposco and Reposco.IO. It apparently uses blockchain technology for its investment plans.
Investors are promised weekly dividends through investments in sports arbitrage, foreign exchange, and oil options. Mr. Limjap has lured investors by guaranteeing returns of 20% within a 90-day maturity period.
“All investments will allegedly be tagged as Reposco dividends and profits earned will be used to reinvest in the funds and to repurchase tokens, thereby guaranteeing that the portfolio’s value grows consistently,” the SEC advisory said.
Reposco Trading is not registered with the commission either as a corporation or a partnership and it is not registered as a crowdfunding intermediary or funding portal.
It also does not have the license to solicit investments from the public as required under the Securities Regulation Code.
The SEC said that those involved in the operations of Reposco Trading may be held criminally liable, and calls on the public to report information about Reposco Trading for investigation. — Keren Concepcion G. Valmonte
Ferrari is racing through the gears to bring its Prancing Horse brand to the catwalk and fine dining in an attempt to woo wealthy customers beyond its faithful fans.
The Italian company renowned for its Formula One racing team and high-powered sports cars adorned with the Cavallino Rampante logo was to launch a fashion collection on Sunday and reopening a restaurant in its hometown of Maranello two days later.
The clothing line comes from creative director and former Armani designer Rocco Iannone while Michelin-starred Italian chef Massimo Bottura is relaunching the restaurant where founder Enzo Ferrari once dined with friends and Formula One stars.
Nicola Boari, Ferrari’s chief brand diversification officer, told Reuters the aim was to reach new clients “in terms of both age and culture” —beyond its racing fans and sports car clients who already covet its branded jackets, T-shirts, and hats.
The customer base for Ferrari’s cars is limited by design to under 10,000 vehicles a year —fewer clients than Mr. Bottura’s new restaurant could serve in the same time —and the luxury carmaker has said it hoped its so-called brand extension strategy would account for 10% of profits within a decade.
Ferrari is far from the first luxury car brand to venture into lifestyle businesses. Others like Volkswagen’s Lamborghini and Bentley, as well as US motorcycle maker Harley-Davidson, have turned to clothing collections.
Ferrari’s foray into haute cuisine too follows in the steps of luxury fashion groups, including France’s LVMH and Kering’s Gucci, which also turned to Mr. Bottura for its first restaurant in Florence and a second in Beverly Hills.
“Ferrari is one of the strongest brands in the world and definitely the strongest brand in the luxury industry,” said Massimo Pizzo of Brand Finance, a brand valuation consultancy.
“It has the potential to succeed even in the luxury apparel industry,” he said.
LUXURY PROFITS Ferrari’s former chief executive Louis Camilleri unveiled the brand extension strategy, which includes fashion, restaurants and other luxury experiences, in 2019 just before the coronavirus pandemic struck and delayed the plans.
The launch now comes days after the appointment of new Chief Executive Benedetto Vigna, a 52-year-old physicist who has spent 26 years at semiconductor maker STMicroelectronics and is expected to drive Ferrari into the era of electric cars.
Mr. Camilleri said Ferrari’s brand spin-offs were too stretched and planned to cut about half of the carmaker’s license agreements and trim some 30% of its product categories.
Perfumes have since disappeared from the shelves of Ferrari’s existing stores, for example, as have some low-end products with no real value beyond the logo.
Analysts said it would take time for Ferrari’s new brand strategy to succeed, while some were cautious about its potential contribution to profitability.
“Given the kind of scale you need to be profitable in luxury, I don’t think this will be accretive to Ferrari’s margins, which are quite high already,” said Susy Tibaldi, luxury analyst at Swiss bank UBS.
Last year, 11.3% of Ferrari’s net revenue came from its sponsorship, commercial and brand category —which includes the Formula One team and revenue generated by the brand through merchandising, licensing, and royalties —down from 14.3% in 2019.
Ferrari’s direct rival Lamborghini offers several branded collections based on partnerships, including menswear, kids wear and living, while Bentley’s brand extension strategy focuses on accessories and luxury furniture.
Both companies said their brand extension strategies made important, and growing, contributions but declined to detail how much revenue they generated.
Harley-Davidson has long profited from a wide range of branded lifestyle gear with its general merchandising accounting for 5.7% of the company’s motorcycle division revenue last year.
RENEWING TRADITION Ferrari, which plans initially to sell its fashion line through its stores and online, will be competing with luxury heavyweights in a market estimated to be worth some 280 billion euros ($341 billion) this year.
Ferrari’s parent Exor, the investment company of Italy’s Agnelli family, has also been moving into luxury.
It recently bought 24% of shoemaker Christian Louboutin and became the biggest investor in Chinese luxury group Shang Xia, which was co-founded by France’s Hermes.
Ferrari declined to give details of its collection ahead of the big reveal on Sunday.
As it moves away from the licensed apparel it already sells, industry sources expect the clothing line to fall within a “middle luxury” category, a notch below top brands such as Gucci or Italy’s Prada and Dolce & Gabbana.
The collection is expected to include ready-to-wear items made with high-end fabrics, rather than more relaxed streetwear looks, the sources said.
The creations could draw from Iannone’s background at Italian fashion house Armani and tailor Pal Zileri, with clean-cut, elegant lines and subtle, minimalist details.
“Clearly there must be a narrative, with a focus on ‘Made in Italy,’ they cannot just come out with a T-shirt with a logo,” said Ms. Tibaldi at UBS.
As for the Il Cavallino restaurant in front of Ferrari’s headquarters, staff are busily preparing for the opening this week in rooms decorated with a Formula One nose section, framed photos of Enzo with friends and Ferrari racing posters.
Standing near an old V12 engine and a more modern version used in one of Michael Schumacher’s cars, Mr. Bottura told Reuters he plans to give local specialties such as tortellini and tagliatelle a fresh, contemporary look.
“I am looking at the past in a critical way, not in a nostalgic one, to bring the best of the past into the future, to renew tradition, exactly as Ferrari does,” he said. — Reuters
WELLS Fargo & Co. will maintain its business process outsourcing (BPO) presence in the country even as it leaves its Manila representative office to simplify the bank’s international operations.
“While we are closing our Philippines representative office, we will continue to operate our growing global capabilities center in Manila. We will continue to serve our customers in these countries from other global offices,” Rebecca Galarowicz, Communications Senior Consultant for Asia-Pacific Communications at Wells Fargo, said in an e-mail to BusinessWorld.
Last week, the Bangko Sentral ng Pilipinas (BSP) in Circular Letter No. CL-2021-045 noted the decision of Wells Fargo Bank, N.A.–Manila Representative Office to close its operations effective May 31.
Representative offices of foreign lenders serve as liaison offices that allow them to promote their services or products to the local market.
Ms. Galarowicz said the US lender is repositioning by strategizing its presence to “core client needs and capabilities.”
“We are adopting a centralized approach to supporting our clients, aligning strategic jurisdictions and physical locations to our core client needs and capabilities. This approach simplifies and strengthens our international platform, improves risk management, and creates a more efficient operating model — while helping us serve our clients more effectively,” she explained.
Bloomberg reported last year that Wells Fargo was planning to cut its work force in the Philippines to move some jobs to India and shift its technology employees in fewer locations.
Wells Fargo has remittance service partnerships for local financial institutions such as BDO Unibank, Inc., Philippine National Bank, Bank of the Philippine Islands, Metropolitan Bank & Trust. Co., as well as M Lhuillier Financial Services, Inc. and Cebuana Lhuillier.
The bank’s operations center in Bonifacio Global City, Taguig was established in 2011. It has since then evolved to provide risk, project management, data analytics, and finance and accounting services.
In April, Citigroup, Inc. also disclosed that it would exit its consumer banking business in 13 Asia-Pacific markets, including the Philippines, although it would maintain its local corporate banking presence.
BSP officials have stressed the local banking industry remains stable and well-capitalized despite the impact of the continuing crisis.
There are 11 representative offices of foreign banks left in the country, based on BSP’s directory. The Korea Development Bank in April has also shut its liaison office in the Philippines. — Luz Wendy T. Noble
MARKS & Spencer, Leather Stitch Detail Belt (P2,150), Dune London, TYCOON (P4,250), and The Somerset Toiletry Company, Mr. Perfect Soap + Wash Set (P750).
IT’S time to say a little thank-you to Daddy with sweet and thoughtful gifts for Father’s Day, which falls on June 20. And some of them are pretty enough to borrow when he isn’t looking. Here are a few gift suggestions: the expensive ones can be scored at discounts, while some gifts are available at below P5,000 (and everybody gets to use them too).
For example, check out this collaboration by Rustan’s and Himpossible Recipes. Register for P3,950 at Himpossible Recipes’ Facebook and Instagram (@himpossible.recipes) pages to receive the complete ingredients for a Father’s Day cookout, featuring a Truffled Mushroom and Steak Bruschetta and Shrimp and Saffron Risotto. The cooking classes will be held on June 16, Wednesday, and June 20, Sunday, from 4 to 6 p.m. in a Zoom class. Kits will be delivered to every registered participant’s doorstep.
A fashionable daddy (and a son raiding his father’s closet) can get up to 50% off on selected items from Adolfo Dominguez, Hackett, Ricardo Preto, Emporio Armani and Mismo. The same discount is extended at Ascot Chang, Pedro del Hierro, Allen Edmonds, and Smythson. Speaking of Ascot Chang, until June 30, for every order of two custom shirts or a custom Ascot Chang suit, patrons get one complimentary Ascot Chang Custom Shirt. Also, until June 30, Philips offers 33% off on hair clippers.
Meanwhile, over at Montblanc, for every P15,000 purchase, patrons get a free Montblanc Wireless Charger until June 20. Make it more special and pick something from Montblanc’s leather goods and have it personalized at a complimentary service. Furthermore, Rustan’s Silver Vault offers up to 50% on select items from Carerra Y Carerra, Damiani, and John Hardy Men’s. Drop by the nearest Rustan’s, call the Personal Shopper hotline at 0917-111-1952 from 10 a.m. to 7 p.m., or shop online through www.rustans.com.
Over at Trunc (trunc.ph), one can see shirts from Tommy Hilfiger (P3,950) and matchy chinos from Cortefiel (P2,415). Complete the outfit with a Marks & Spencer Leather Stitch Detail Belt (P2,150), and Tycoon Trainers from Dune (P4,250). Pair the last item with MUJI’s Red Cedar Shoe Keeper (P1,450), made from natural red cedar that keeps pests away and deodorizes footwear.
For grooming, check out the 1902 Tradition in the scent Naturelle (P950), or else the Somerset Toiletry Company’s Mr. Perfect Soap + Wash Set (P750). If Daddy doesn’t care much for a beard, start him off with an enriching Barber Shaving Cream from Hairgum (P750) and moisturize post-shave with Creightons Post Shave Balm (P495) to restore and soothe the skin. If Daddy has a big beard, get him grüum’s bård Beard Wash (P550) to cleanse and hydrate his facial hair.
For gifts for the home (aka things you can use when he isn’t looking), try MUJI’s PE Flakes Black Cushion (P995), or a Gold Rimmed Drinkware Set from West Elm (P4,950). In the kitchen, Daddy can whip his favorites with a Cuisinart 10” Frittata Non-Stick Set (P4,950).
For a more luxurious gift, try wellness and massage chairs from Ogawa. The Master Drive AI is a 4D Thermo Care massage chair with features like Face Recognition, Health Tracker and Scanner, and AI-Powered Automated Analyst. It’s more like a personal health assistant than just a massage chair. The latest technology from Ogawa has real-time detection analysis and massage recommendations with personalized program delivery, so every massage is a different experience. Did we mention it also has Voice Command Control? A welcome feature, especially whenever all he wants to do is kick back and relax. As for another option, there’s the Master Drive Plus. It precisely targets acupunctural points with a human-like full-body massage. It also comes in three different colors: Espresso, Black Edition, and Fox Red. The Master Drive Premium Leather has all the features of Master Drive Plus but constructed with 100% premium genuine leather. Another option is the Smart Vogue Plus that comes with eight full-body automatic programs. It’s designed according to the body curve to provide better massage sensations, while the Smart Jazz model has an immersive surround sound to play music pop loves to listen to while relaxing. — JLG
THE cacao industry is being positioned as a potential growth driver for the agriculture sector due to growing demand, but its rise will depend on the establishment of more postharvest facilities, according to a non-profit promoting the industry.
Marco G. David, Cocoa Foundation of the Philippines, Inc. (CocoaPhil) director, said in a phone interview with BusinessWorld that most farmers are reluctant to venture into cacao because the product requires processing to make the produce saleable.
“Unlike other crops like banana and mango that you can sell it after harvest, cacao needs to undergo postharvest processing. You have to ferment and dry it in order to monetize it,” Mr. David said.
Mr. David said the cost of investing in postharvest facilities needs to be weighed against cacao’s potential to be a strong contributor to the economy.
He said beans are currently exported to Switzerland and Belgium in the form of cocoa butter, which is used in pharmaceuticals and cosmetics, as well as cocoa powder for use in the food industry.
“Cacao is the next big thing. The industry has a lot of potential. You can export cocoa powder at P270 per kilogram, but the cocoa butter is priced higher at around P2,000 per kilogram,” Mr. David said.
Mr. David said his organization encourages cacao planting, citing the crop’s ability to grow anywhere with minimal maintenance.
He said the cacao tree only needs water and is perfect for “absentee” farmers with idle lots. The crop can only be grown around the equator in conditions of high humidity, abundant rain and ample sunlight.
“It takes around two to three years for the cacao tree to bear fruit. The harvest is estimated is to be around one kilogram of cacao per tree per year. If you have 1,000 trees, that is one ton of dried cacao beans,” Mr. David said.
“As long as your farm is properly irrigated, I recommend to plant cacao and let it grow. Even before you plant cacao, it already has a market since the demand is so high. We should exploit this since the country meets the requirements needed to grow cacao, such as the climate,” he added.
The Philippine Statistics Authority (PSA) estimates 2020 output of cacao at 9,340 metric tons (MT), compared to 8,488 MT in 2019, and 7,983 MT in 2018.
The PSA also estimates the value of cacao production in constant 2018 prices at P765 million in 2020, from P695 million in 2019 and P654 million in 2018.
In September, the Department of Agriculture (DA) named Davao City the “Cacao Capital of the Philippines” after the city topped production within the Davao Region, which produced 5,960 MT in 2019, or 70.21% of cacao output nationwide.
Mr. David said some of the other provinces that produce cacao include Quezon, Laguna, and Batangas.
According to the 2017-2022 Philippine Cacao Industry Road Map issued by the DA and the Department of Trade and Industry (DTI), the government is aiming to produce 100,000 MT of fermented cacao beans by 2022.
MPCALA Holdings, Inc., a unit of Metro Pacific Tollways Corp. (MPTC), is seeking the implementation of initial fees on the Cavite-Laguna Expressway’s (CALAX) Subsection 5, the Toll Regulatory Board (TRB) said.
“Notice is hereby given that MPCALA Holdings, Inc. filed a supplemental petition to include and implement the approved initial base toll in Subsection 5 of the Cavite-Laguna Expressway,” TRB Executive Director Alvin A. Carullo said in a notice on June 3.
“Any interested expressway user may file within… 30 days from the date of the first publication of this notice a petition for review with the TRB,” he added.
The notice and the company’s supplemental petition were published in a newspaper on June 12.
In its petition, MPCALA said that the regulator had issued a permit on Feb. 7, 2020, authorizing it to collect the initial authorized toll rates for the operational Subsections 6, 7, and 8 of CALAX, effective on Feb. 11.
MPCALA filed another motion on Jan. 21 this year for the final approval of the initial authorized toll rates.
The motion remains pending with the board, the company noted.
The company added that it expects the issuance of a certificate of substantial completion for another segment of CALAX — Subsection 5 — “on or before June 15.”
Subsection 5 is a 6.175-kilometer portion of the project that runs from Silang East Interchange to Santa Rosa-Tagaytay Interchange.
“In view of the… completion of Subsection 5, MPCALA is targeting its commercial opening to the motoring public on June 30, 2021, and the collection of the initial base toll rates thereon, as provided in the CALAX Concession Agreement and as currently implemented in the operational Subsections 6, 7, and 8,” the company said.
The company is seeking the TRB’s issuance of a toll operation permit and a notice to start collection effective June 30 for Subsection 5.
The fees range from P15 to P64 for class 1 vehicles or ordinary cars, P30-P128 for class 2 vehicles (buses and small trucks), and P45-P192 for class 3 vehicles (large trucks and trailers).
MPTC is 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
SELF-CARE isn’t selfish, and especially not when one uses products that not only benefit the self but the planet.
Beauty Bar recently turned the spotlight on skincare products by Burt’s Bees. Founded in 1984, Burt’s Bees espouses beauty by community with nature. “They were sort of hippies during their time. They were very close to Mother Nature. They would keep talking about beekeeping, community involvement, recycling, repurposing, giving back — very early on,” said Reena Rosario, Merchandise Group Manager of Stores Specialists, Inc. about Burt’s Bees founders Burt Shavitz and Roxanne Quimby during a press conference last week.
Both founders were urban exiles: Mr. Shavitz had been a Manhattan photographer, while Ms. Quimby had been raised in the East Coast before moving to study in San Francisco. Mr. Shavitz left the city to move to rural Maine, where he kept bees. After meeting Ms. Quimby (after her own move to Maine), they began a relationship, and sold candles, then cosmetics, made out of the beeswax from Mr. Shavitz’ beehives (which were simply labeled “Burt’s Bees” then). The two had separated by the 1990s, and Mr. Shavitz was bought out by Ms. Quimby. The company eventually came to be owned by Clorox in 2007. Still, a lasting memory of its founder can still be found: it is Mr. Shavitz’s face that graces some of their labels up to this day. Mr. Shavitz died in 2015.
“Even before the buzzword ‘conscious beauty’ came about, conscious beauty is something that’s been embedded in the values of our own brand,” said Daye de los Reyes, Brand Manager of Burt’s Bees for Southeast Asia. According to her, the brand is hinged on four things: ingredients from nature (the lip balms are still made of beeswax), responsible sourcing, recyclable packaging, and no animal testing. Most of its lip balms and lip shimmers are cellophane-free. Overall, it uses 52% post-consumer recycled plastics in its packaging as part of its sustainability efforts.
These lip balms, in different flavors and tints, are especially favored by Dr. Jenny Diaz, dermatologist and founder of Skin 101, who was a guest on the press conference, joining via Zoom. She also favors their toners and cleansers. “They can be used on any skin type,” she said.
Other products highlighted during the launch, aside from the lip balms, include the Overnight Intensive Lip Treatment with 100% natural emollients, waxes, and oils that work into the lips as one sleeps. It restores and repairs lips with a ceramide-rich formula that supports the skin’s barrier.
Ms. Diaz also made a case for the importance of skincare during a stressful pandemic: “The skin can actually act as a check-engine light for our internal health.” According to her, diseases like diabetes can express itself as skin dryness, while some rashes can be linked to liver or kidney disease. “When skin looks good, we also tend to feel better about ourselves,” she said. “Self-care, in many multicenter studies, have been shown to have a direct correlation between skincare routines.
“Pampering the skin regularly triggers a cascade of mood-boosting chemicals in our brain,” she said. — J.L. Garcia
THE RATES of government securities on offer this week may continue to go down on easing inflation concerns and as they track the decline in yields on US Treasuries.
The Bureau of the Treasury (BTr) wants to borrow P15 billion via the Treasury bills (T-bills) on Monday, broken down into P5 billion each via the 91-, 182-, and 364-day papers.
On Tuesday, the BTr will offer P35 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and 24 days.
Two bond traders interviewed on Friday said they expect the rates of the T-bills to decline by 5 to 10 basis points (bps) this week.
Meanwhile, for the reissued 10-year bonds, the first trader sees the tenor’s rate ranging from 3.75% to 3.875% while the second trader gave a lower forecast range of 3.6% to 3.8%.
The first trader said yield movements at this week’s auctions will reflect easing concerns over inflation as well as declining US Treasury rates.
The second trader echoed this, adding that markets are also awaiting the results of the upcoming Federal Open Market Committee (FOMC) policy meeting of the US central bank.
“Despite US inflation figures rising, US Treasury yields fell. That might just mean that both local and foreign traders view inflation levels as temporary and are expecting the Fed to set a tone which is accommodative regarding the setting of interest rates and tapering,” the trader said via Viber.
Headline inflation was steady for the third straight month at 4.5% in May and fell within the 4-4.8% estimate of the Bangko Sentral ng Pilipinas (BSP).
Year to date, inflation averaged at 4.4%, higher than the 2-4% target of the BSP and its revised forecast of 3.9% for the year. May was the fifth month in a row that inflation went beyond target.
Meanwhile, the yield on the benchmark 10-year US Treasuries fell to 1.47% on Friday from 1.56% a week ago, and further down from its peak at 1.73% in early April.
The US Federal Reserve’s policy-setting body is set to meet on Tuesday and Wednesday and while it is widely expected to keep borrowing costs steady, it may discuss tapering its massive asset purchases.
At the secondary market on Friday, the 91-, 182- and 364-day T-bills were quoted at 1.254%, 1.434% and 1.671%, respectively, while the 10-year tenor was at 3.852%, based on PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.
The BTr upsized the volume of T-bills it awarded last week to P21 billion from the initial plan of P15 billion as rates dropped across the board. Total bids stood at P92.52 billion.
Broken down, it raised P7 billion from the 91-day papers, up from the P5-billion program, from P26.359 billion in tenders. The tenor’s average rate fell to 1.176% from the 1.235% fetched in the previous auction.
The Treasury also upsized the 182-day T-bills it awarded to P7 billion from P5 billion at an average rate of 1.422%, down from 1.472% previously.
Lastly, the Treasury borrowed P7 billion via the 364-day securities, higher than the planned P5 billion. The one-year papers yielded 1.649%, down from 1.723%.
Meanwhile, the reissued 10-year T-bonds on offer on Tuesday were first issued in July 2020 and carry a coupon rate of 2.875%.
The last time the BTr offered this bond series was on March 23, where it raised P30 billion as planned from P53.92 billion in bids. The notes fetched an average rate of 4.614%, a sharp increase from the 3.066% seen in the previous auction of the same bonds on Feb. 2.
The Treasury wants to raise P215 billion from the local debt market this month: P75 billion via weekly offers of T-bills and P140 billion from weekly auctions of T-bonds.
The government is looking to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.4% of gross domestic product. — Beatrice M. Laforga
TWO PROGRAMS that combine agricultural and renewable energy development in off-grid areas of Mindanao were recently launched as part of the rural growth strategy for the southern Philippines.
One project, the Integration of Productive Uses of Renewable Energy for Sustainable and Inclusive Energization in Mindanao (I-PURE Mindanao), will cover 10 pilot areas that are already agriculturally productive but lack power supply to expand.
With 4.5 million euros (P264.91 million) worth of funding from the European Union (EU), I-PURE Mindanao will set up solar-powered facilities to run coffee dryers, ice-making machines, and irrigation systems in communities in the Bangsamoro and Soccsksargen regions.
These communities include: Picong, Lanao del Sur; Sitangkai and Sibutu, Tawi-Tawi;Kalamansig, Lebak, Bagumbayan, and Ninoy Aquino, Sultan Kudarat; Tulunan, Arakan, and Kidapawan City, Cotabato; and Glan, Sarangani.
Ileana Miritescu, program manager for energy of the EU delegation to the Philippines, said the power facility will also provide electricity to households in these communities.
“It will provide electricity to widely dispersed households. It will also increase the quality of life in those areas and bring clear benefits including to women and children. We hope that this will serve as a platform to scale up (in increasing) access to renewable energy solutions in far-flung areas,” Ms. Miritescu said during the Mindanao Power Forum last month.
I-PURE Mindanao is expected to be completed towards the end of 2022.
SEAWEED Meanwhile, P262 million in EU funds have been allocated for a solar and diesel hybrid power facility for four seaweed farming towns in Tawi-Tawi, the Philippines’ southernmost province.
The Renewable Energy for Tawi-Tawi Seaweeds (RETS) Project, with implementation led by the United Nations Industrial Development Organization (UNIDO), will benefit some 5,000 households.
UNIDO Regional Director Stein Hansen said the project is expected to increase value-added activities in Tawi-Tawi, one of the country’s top seaweed producers.
“This will serve as a catalyst in terms of increasing economic capacity and increase access in the availability of electricity of off grid areas like Sitangkai (town),” Mr. Hansen said.
The RETS Project is undertaken in partnership with the Mindanao Development Authority (MinDA), local governments, the Tawi-Tawi Electric Cooperative, Mindanao State University in Tawi-Tawi, Island Light and Water Energy Development Corp. (ILAW), and the Bangsamoro regional government.
“These projects concretize our efforts to help accelerate agricultural growth while promoting renewable energy deployment in Mindanao,” said MinDA Secretary Emmanuel F. Piñol. — Maya M. Padillo
THE Court of Tax Appeals (CTA) has stopped the Bureau of Internal Revenue (BIR) from collecting the deficiency taxes it assessed from SM Synergy Properties Holdings Corp. for taxable year 2009 amounting to P512.76 million.
The said taxes include income, value-added, expanded withholding, and documentary stamp taxes.
In the CTA’s 29-page decision promulgated on May 28, it said the BIR “is enjoined and prohibited from collecting the said amount against [SM Synergy]” as “the tax examiners assigned to the case “were not authorized to conduct the investigation.”
As such, “all of the subject tax assessments cannot be enforced against [SM Synergy].”
Under the BIR’s Revenue Memorandum Order 29-07, “the equivalent of a Regional Director in the Large Taxpayers’ Service is the Assistant Commissioner/Head Revenue Executive Assistants, for they are the ones authorized to issue a (Letter of Authority)” or to delegate it.
However, the Memorandum of Assignment to conduct the tax audit of SM Synergy was signed only by the Officer-in-Charge-Chief LT Regular Audit Division 2 of the Large Taxpayers Service of the BIR.
The petition to declare the assessed taxes “null and void” was filed by SM Synergy on July 27, 2016.
SM Synergy is a real estate company that is a subsidiary of SM Development Corp. owned by the Sy family. — Bianca Angelica D. Añago
The Changan CS35 Plus has a European design feel. — PHOTO BY MANNY N. DE LOS REYES
PHOTO BY MANNY N. DE LOS REYES
Discovering great value (and impressive performance) in the Changan CS35 Plus
IT’S NOT EVERY DAY I get to test drive a “brand-new” car with 100,000 kilometers on the odometer. In fact, I’ve never officially tested a demo unit with that kind of mileage. However, I have owned several cars that have seen six figures on the odometer. And boy, can I tell you how old those cars felt!
But the 100,000-km-old Changan CS35 Plus was a totally different matter. Here was a subcompact crossover that looked new, smelled new, and more importantly, ran like new.
Of course, that’s mostly because all those kilometers were accumulated in just a span of two months of nonstop driving — which means that all the age-related wear and tear won’t appear at all — no wear on the steering wheel or upholstery or carpeting, no doors that won’t stay open, no windows that get misaligned when rolled down, no roughness at idle. Other than all the kilometers under its belt, the car was practically two months old.
Changan says that the only parts replaced over the course of the 100,000 kilometers were the distance-related wearables like motor oil, filters, tires, and brake pads.
And I believe them. Back in 1991, I was part of a team that drove a new Nissan Sentra 31,000 kilometers in 30 days. That’s a thousand kilometers a day, which is roughly 50 times the average distance a motorist travels every day. The car also received regular maintenance service — and nothing else — throughout the 30 days. And guess what? The rest of the car didn’t look any worse for the wear (which means that for a car, time results in more aging than distance).
But it doesn’t take anything away from the Changan CS35 Plus, which has a surprisingly low introductory price of P999,000 (SRP is P1.069 million). Driving 100,000 kilometers — whether accumulated in months or in years — is no mean feat. That it did so while leaving everything feeling nice and tight is a testament to a car’s build quality and reliability.
I like the styling of the CS35 Plus. It’s clean and minimalist with just the right amount of design details to set it apart from the many crossovers in the market. In keeping with the new generation of China-built crossovers, the overall design is very European, giving it an upmarket feel. The front end’s grille and headlights actually remind me of the visage of the newly launched Volkswagen T-Cross. The car rolls on nice, big 18-inch alloy wheels.
I’ve also seen the black bar treatment on the D-pillar, the full-width taillights, the silver faux “skid plate” under the rear bumper, and the twin taillights (and dual tailpipes) on several new crossovers. It’s hard to say who’s copying whom, but suffice to say that we see many of these design elements on crossovers and SUVs from Japan, Korea, China, America, and Germany. So you can’t blame any brand if it offers all these positive styling touches. They actually deserve plaudits.
The CS35’s unique styling touches are the squarish fender openings with reflectors above them. I’m not sold on the reflectors, but I like the squarish fender wells — something you’ll see in a Lamborghini Urus and the newly revealed Toyota Land Cruiser 300 (which isn’t even on the market yet).
On the road, the CS35 displays impressive quietness and responsiveness from its torquey 158hp/235Nm 1.4-liter gasoline direct-injection (GDI) turbo engine. The generous torque is available from as low as 1,500rpm all the way to 4,000rpm, endowing the CS35 Plus with diesel-like oomph from down low.
I’m not a big fan of dual-clutch transmissions, but the seven-speed wet-type DCT of the CS35 works very smoothly and responsively — with none of the jerkiness or hesitation of the earlier generations of DCTs that almost threatened to ruin their reputations.
The MacPherson strut/torsion beam suspension of the CS35 is clearly biased for comfort. There is some bounce when you go over humps and potholes, but nowhere near enough to make it feel floaty or wallowy. This suspension damping will make for a very comfortable long-distance cruise. The good news is that the car will still confidently track through a corner taken at a higher-than-average speed in the hands of a skilled and spirited driver.
Inside the spacious cabin, the CS35 is very refined, with very little noise and vibration filtering inside. There’s excellent legroom and headroom, thanks to the high roofline and long-for-a-subcompact 2,600-mm wheelbase. The dashboard and console are superbly executed in terms of aesthetics and ergonomics. It’s got push-button start and a nice and big 10-inch touchscreen six-speaker Bluetooth/USB infotainment system. The driver’s seat is six-way adjustable, but power-adjustable only in two ways (manual adjustment in four ways, like the passenger seat).
Nature-friendly faux leather covers the seats, steering wheel, and shift knob. There are A/C vents for the rear, remote engine start, blind-spot view camera, a touch-panel-activated automatic climate control system (with N95 cabin filter), electric parking brake, speed-sensing door locks, and a panoramic sunroof — all welcome upscale touches, especially for a car in the CS35’s price range. Safety features include six air bags (front, side and curtain) plus a full alphabet soup of ABS, ESP, EBD, etc.
There are many crossovers on the market today, but for its eminently reasonable price, the Changan CS35 packs a lot of compelling value, space, features, and surprisingly impressive performance in a very good-looking package.
THE Harden Vol. 5 ‘Manila Heritage’ shoe is born out of the partnership between adidas and renowned Filipino toy designer and visual artist Quiccs.
“MADE in Manila, made for the world.” This is how adidas describes the latest colorway of the fifth iteration of its popular James Harden basketball shoe line, done in collaboration with renowned Filipino toy designer and visual artist Juanito “Quiccs” Maiquez.
It is part of the continued partnership between the global sportswear brand and Quiccs which started last year.
“This is big for local independent artists like me for a brand like adidas to reach out and give us an opportunity to show what we can do,” said Mr. Quiccs during the media launch of the Manila Heritage shoe on Thursday.
“I like the Harden Vol. 5 shoe, and I like James Harden, so I really put in the time and work to bring justice to the design of the Manila Heritage colorway,” he said.
The Harden Vol. 5 Manila Heritage boasts of a color palette inspired by the Philippine flag —yellow, which symbolizes hope for a brighter tomorrow; red, for blood and valor; and blue, for freedom and imagination.
The flag’s Three Stars — representing the three island groups Luzon, Visayas, and Mindanao — also make an appearance in the design as three yellow dots on the shoe’s heel tab.
The Philippine country code “+63” can also be found on the shoe’s upper.
Brooklyn Nets superstar Harden also gets a shoutout in the shoe, with the date “06.26.19,” marking the player’s last Manila visit, seen on the shoe’s collar.
Mr. Quiccs is also well represented with the “QUICCS” and crossbones logo on the shoe’s heel counter and his signature character TEQ63 and Quiccs-ified Harden character on the sole.
As a nod to the world-class quality of the Manila Heritage shoe, Mr. Harden wore the shoe in Game Three of his team’s first-round National Basketball Association playoff game against the Boston Celtics.
“‘Proud’ is an understatement for how we at adidas Philippines feel about this launch. Basketball is such a big part of our culture and identity, so we’re beyond thrilled to get this opportunity to work with Quiccs in creating for and sharing with our kababayans (countrymen) something that’s uniquely Filipino,” said adidas Philippines Brand Activation Manager Jen Dacasin.
The Harden Vol. 5 Manila Heritage was officially released on June 12, Philippine Independence Day. It is available in adidas stores, adidas.com.ph, and through the adidas app for P7,000. — Michael Angelo S. Murillo
