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AbaCore turns profitable in Q1 after last year’s loss

ABACORE Capital Holdings, Inc. posted P74.8 million in first-quarter (Q1) net income attributable to parent firm equity holders, soaring from the P2.52-million profit logged in the same period last year.

The profit surge came despite an 89% decline in revenues to P112,819 from P1.04 million previously.

“For 2021, the company will be pursuing the implementation of its project involving its coal mining properties,” AbaCore Capital said.

Abacus Coal Exploration and Development Corp. is said to still be in its pre-operating stage completing post-approval requirements such as securing environmental compliance certificate for some projects and clearance from the National Commission on Indigenous Peoples for others.

“For its real estate portfolio, the company will be pursuing the completion of its project in Matuco and Pagkilatan, Batangas City,” AbaCore Capital said, adding that it will look into developing other properties.

In 2020, the company incurred P89.14-million net loss attributable to parent firm equity holders after revenues declined, reversing its previous year’s P618.41-million net income.

The company’s topline last year plunged to P824,048 from P414.34 million in 2019.

Shares of AbaCore Capital at the stock exchange went up by 1.89% or two centavos on Friday, closing at P1.08 each. — Keren Concepcion G. Valmonte

Shell Marilao is brand’s first ‘mobility station’ in North Luzon

Pilipinas Shell VP and General Manager for Mobility Randy del Valle (second from right) poses with Department of Trade and Industry (DTI) Bulacan representative Cristy Valenzuela (left) inside the Shell Select store of Shell Marilao. — PHOTO FROM PILIPINAS SHELL

It’s more than a place where you gas up

FOR SOME time now, Pilipinas Shell Petroleum Corp. has publicly shrugged off the moniker “gas company” or “energy firm” in its communications, preferring to call itself a “mobility company.” This is far from a semantic prerogative; this catch-all term more accurately reflects the breadth of the company’s activities — including, one may add, its corporate social responsibility (CSR) projects.

You could say that Shell rightfully takes terms and labels very seriously because some have, through the years, become downright dated, and even onerous. So, it was important for the company to drive home the point that its new Marilao, Bulacan facility was not “just” a gas station.

Rather, this “mobility station,” boasts “improved features for mobility, sustainable innovations, local enterprises, and customer-centricity at the core of its agenda.” Said Pilipinas Shell President and Chief Executive Officer Cesar Romero, “The pandemic demonstrated just how important mobility is in our daily lives. It kept some jobs and businesses afloat during a volatile period by expanding in new and innovative ways.”

He added during the station’s inauguration, which was streamed online, “Gone are the days of dirty and dingy gas stations. Instead of getting out of there as quickly as you can, you can stay as long as you want because the experience is good.”

In a real way, Shell Marilao encapsulates the company’s avowed emphasis on environmental sustainability, and Pilipinas Shell said it is taking on the fundamental role in shaping the mobility future of the country through the recalibration of its stations and evolution of its retail business model. The new model delivers “improved features for mobility, sustainable innovations, local enterprises, and customer-centricity at the core of its agenda.”

Joined Pilipinas Shell Vice-President and General Manager for Mobility Randy del Valle, “We’re evolving to serve not only those who drive vehicles but even those who walk or ride a bike. We are here for you.” Shell can even deliver products from its Select stores via Grab or Food Panda.

An important component of Shell Marilao is livelihood. Every time the company builds a station, it adds more or less 20 jobs, but because of the retail component, that number can be doubled — good news that gets more amplified during the time of the pandemic.

Shell Marilao is a veritable one-stop destination where “customers can get fuel-based products as well as vehicle maintenance checks through the Shell Helix Oil Change+ and car wash facilities. To address the growing community of motorcyclists, the Shell Marilao mobility station also offers motorcycle care and free helmet and motorcycle seat cleaning through the Shell Advance Moto Care Express. Customers can also get essential items like food supplies through Shell Select and deli2Go, as well as from local locators like Chatime and Fariñas that offer various food choices.”

The change is stark, as mobility stations are not just the place to go when the gas tank needle approaches “E.” Shell is systematically changing the formula by rolling out “leisure and lifestyle destinations catering not only to motorists, but also tapping larger market segments with varying interests and needs like tourists and business travelers.”

Shell Marilao reflects this kind of paradigm where local flavors (sometimes quite literally) are adopted. People who drop by the Shell Select Station “will find that, aside from the aforementioned food and beverage brands, they can also buy some of the best products and goods that Bulacan can offer including turmeric tea, chicharon, mushroom chips, condiments, and processed meat.”

Pilipinas Shell Non-Fuel Retail Manager Rolyn Tomarong affirmed the role that the Shell Marilao Mobility Station plays in the larger entrepreneurial ecosystem, saying, “We do not exist within the confines of this site alone, but exist as part of a wider community. This is an exciting opportunity to use the Shell Select platform to serve more people and provide livelihood to the community. Some of the non-food products from Bulacan that we promote are native fans and bags, home furnishings, handicrafts and jewelry.”

Select today is a refined product of a hit-and-miss process. “(It) was a complete failure before because Shell wanted 80% to 90% of the products as standard. We ended up moving products and selections irrelevant to the community. It was 85% uniform and 15% discretion,” shared Mr. Romero. That formula has been turned on its head: 15% uniform and 85% discretion. This affords not just variety but the flexibility to accommodate local content.

He added, “We’re able to work with small and medium enterprises — and feature specialties of the region.” As for Shell Marilao, he explained that it makes sense for the company to strengthen its position there.

For his part, Mr. Del Valle said that people can expect more mobility stations to appear in North Luzon — specifically in Mexico, Pampanga and Pangasinan. The network of more than 1,000 Shell stations around the country are continuously evolving along with some 400 Select stores.

Again, Pilipinas Shell remains committed to support local micro, small, and medium enterprises (MSMEs) all over the country by providing entrepreneurs a venue to sell and promote their products through the network — aligned with the efforts of the Department of Trade and Industry (DTI) to “elevate locally made products from across the Philippine islands by showcasing the creativity, capability, and ingenuity of the Filipinos through the One Town One Product (OTOP) initiative.” The Shell Marilao Mobility Station currently has 100 partner suppliers that are OTOP-accredited.

DTI Secretary Ramon M. Lopez described the national relevance of the Shell Marilao Mobility Station: “We are excited with this program. This is a meaningful project that supports MSMEs and OTOP-reneurs. This partnership shows the spirit of bayanihan in times of crisis. It’s one way to build back better for a post-pandemic future.”

Shell also proudly shares that it is the first to offer carbon offset products to the market — in keeping with its vision to achieve low carbon operations through sustainable solutions. The station was built using Shell Bitumen FreshAir, which reduces emissions associated with the laying down of asphalt — equivalent to reducing 40 cars’ worth of NO2 per kilometer of asphalt laid per year. The perimeter wall, on the other hand, is made of eco bricks or reusable building materials made out of plastic bottles filled with solid plastic to make them denser. “This allows for greater insulation, which drastically reduces energy consumption in the long run, resulting in lower financial costs and environmental impact,” said Shell.

The future is digital

FANJIANHUA /FREEPIK.COM

Dentsu study looks into consumer marketing

IN THE next 10 years, it is projected that consumers will prioritize technology dependence, hold new concepts of identity, and demand real experiences.

A study conducted by global marketing services group Dentsu International titled the Dentsu Consumer Vision 2030: The Age of Inclusive Intelligence, included inputs from academics, authors, and experts, and multiple proprietary consumer surveys from more than 20 countries. The study focuses on how consumer behavior evolved during the pandemic and its outlook in the next decade.

“Dentsu’s study gives us a glimpse into how the consumer landscape will evolve and, in turn, how brands can seamlessly build loyalty. These trends are not just focused on brand survival but equip brands with long-term vision as they navigate the next 10 years,” Dentsu Philippines CEO JC Catibog said in a statement.

Mr. Catibog hopes that the study will help guide brands to incorporate new views, values, and behaviors in building lasting relationships with Filipino consumers.

Out of the 12 global trends in the study, Dentsu highlighted eight key trends that are most relevant to the Philippines. These are: Acclimatise Now; Kaleido-dentity; Virtual Sets the Standard; Tech Togetherness; Rise of the Titan Brands; Every Brand is a Health Brand; 5-Star Citizens; and Human Dividend.

At a presentation of Dentsu’s Consumer Vision 2030 held via Zoom on June 3, professionals from various fields were invited to share third-party insights on how brands can respond to these trends in the future.

One of them was Bea Evardone, the Chief Operating Officer of the Republiq Group of Companies, who works on marketing for consumers in Visayas and Mindanao.

She was reacting to the “Tech Togetherness” trend, in which people are expected to continue to immerse themselves in virtual technology for interaction, purchasing, learning, and events despite the distance.

She said that whether consumers follow the trends is dependent on the habits they created during the pandemic. She also said that the future is to go digital.

“We’ve been advocating for [digital] but there [had been] a bit of resistance for a while in the Philippines and in some parts of the world. The pandemic somehow catapulted us to that reality,” Ms. Everdone said.

She also said that all demographics are dependent on technology now in purchasing, learning, and consuming content.

“We get to connect with people from all over the world, and we feel included in the conversation. So, brands have to be on the lookout for making sure that our messaging is not just for the sake of looking like we care, but we really need to do something about it,” she added.

The study also found that the increase in e-commerce paved the way for the “Rise of the Titan Brands” trend, where online retailers will increase in size and scope.

Based on the study, Dentsu Philippines Connections Planning Head Roki Ferrer said that device user experience will meet customer experience in the retail sector. Mr. Ferrer noted retail space transforming with the integration of technologies such as augmented reality, and artificial intelligence. In addition, as more businesses move to contactless and cashless transactions, brick and mortar stores will need an e-commerce counterpart, and that shop streaming or live shopping on social media will increase.

Similarly, the “Virtual Sets the Standard” trend showed that the community quarantine increased interest for eSports and virtual gaming.

The study showed that under “Every Brand is a Health Brand” trend, consumers’ top priority is securing long-term health in the next decade. The “Acclimatise Now” trend focuses on the growing concern on businesses’ environmental impact and their response to climate change.

The “Kaleido-dentity” trend focuses on consumer confidence in realistic advertisements and media representation on diversity and identity.

“As an MSME, you can really find a viable market if you know your niche and if you go beyond how you segment your consumers today. It’s actually an exciting time, you can find your specialized area in the marketplace,” Dentsu One Manila’s Executive Planning Director Melissa Torre said.

For Dentsu Jayme Syfu’s Chief Strategic Planner Diday Alcudia, brands will focus on adapting to trends and understanding the consumer and their needs

“If you really want to take that leap, then you have to think of ideas, and ideas are not exclusive to big companies. You can think of ideas that are relevant to the times, consumers, and their needs. Human desires do not change — it’s the way we fulfill these desires that change,” Ms. Alcudia said.

The “Human Dividend” trend emphasizes putting a premium on human interaction where real experiences will translate to more active breaks from technology.

Lastly, the “5-Star Citizens” trend indicates that brands and governments will have a standard practice on rating their consumers and citizens. In a press release, this trend was explained thus: “Companies will increasingly use a reward and punishment system, based on their consumers’ behavior, to determine access to transportation, accommodation, and the quality of goods they can buy. At the same time, these ratings may determine how citizens can access exclusive and public services.”

Dentsu’s report is available to download at: https://consumervision.dentsu.com/consumer-vision-2030 — Michelle Anne P. Soliman

Gov’t debt yields decline

YIELDS ON government securities (GS) at the secondary market went down last week following the release of several key economic reports and the results of the Bureau of the Treasury’s auction of bonds.

GS yields fell by an average of 7.91 basis points (bps) week on week, based on the BVAL Reference Rates published on the Philippine Dealing System’s website as of June 11.

The short end of the curve saw rates on the 91-, 182-, and 364-day Treasury bills (T-bills) fall by 4.83 bps, 4.03 bps, and 8.34 bps, respectively, to 1.2543%, 1.4335%, and 1.6714%.

Tenors at the belly also rallied, with yields on the seven-year Treasury bonds (T-bonds) falling by 16.83 bps to 3.5092%. This was followed by the five-, two-, three-, and four-year papers whose yields went down by 11.69 bps (to 3.0547%), 10.99 bps (to 2.0308%), 9.29 bps (2.4055%), and 9.25 bps (2.7510%), respectively.   

At the long end, yields on the 10-year T-bonds dropped by 15.71 bps to 3.8515%. On the other hand, the rates of the 20- and 25-year bonds rose by 1.67 bps and 2.27 bps to 4.9927% and 4.9936%, respectively.

“Local yields declined…on the average as Philippine inflation remained manageable at 4.5% in the past three months which was within market expectations,” a bond trader said in an e-mail.   

“Yields likewise declined amid the uptick in Philippine unemployment rate at 8.7%, and due to some market caution ahead of the release of US consumer inflation report for May 2021,” the bond trader added.

Headline inflation was at 4.5% in May, unchanged for the third straight month, the Philippine Statistics Authority (PSA) reported. The figure matched the median estimate in a BusinessWorld poll and likewise fell within the 4%-4.8% estimate given by the Bangko Sentral ng Pilipinas (BSP) for the month.

The year-to-date average of 4.4% settled slightly above the BSP’s 2-4% target, as well as its revised inflation forecast of 3.9% for the year.

Meanwhile, the country’s unemployment rate stood at 8.7% for the month of April, inching up from the 7.1% reported in March, the PSA reported last week.

Economic managers and private sector analysts attributed this uptick to the reimposition of stricter lockdowns in Metro Manila and nearby provinces due to a surge in coronavirus cases.

On the other hand, US consumer prices rose solidly in May, leading to the biggest annual increase in nearly 13 years as a reopening economy boosted demand for travel-related services, while a global semiconductor shortage drove up prices for used motor vehicles, Reuters reported.

The consumer price index (CPI) increased 0.6% last month after surging 0.8% in April, which was the largest gain since June 2009. Food prices rose 0.4%, but gasoline declined for a second straight month. In the 12 months through May, the CPI accelerated 5%. That was the biggest year-on-year increase since August 2008 and followed a 4.2% rise in April.

For his part, Philippine Bank of Communications (PBCom) Senior Trader Justin Robert G. Ladaban attributed last week’s yield movement to strong demand for the Treasury’s offer of reissued seven-year debt, which added to the momentum from the week prior.

“We saw strong interest in the secondary market from market players as the yield curve flattened,” Mr. Ladaban said in a Viber message.

The Treasury raised P35 billion as planned on Tuesday via the reissued seven-year T-bonds, which have a remaining life of six years and 10 months. Tenders reached P83.684 billion or more than twice as much as the initial offer, albeit lower compared with the P90.386 billion in bids recorded when papers were first offered on April 21.

The seven-year bonds fetched an average rate of 3.685%, up by 0.7 bp from 3.678% previously and by 6 bps from the 3.625% coupon fetched for the series.

For this week, analysts said the market will watch out for US data for leads, as well as policy meetings of major central banks.

“Domestic bond yields might rise amid likely strong US producer inflation and retail sales reports might fuel hawkish policy views. However, this upward bias might be capped as the US Federal Reserve and Bank of Japan are still expected to keep their monetary policy settings unchanged, while possibly hinting at some tapering of asset purchases,” the bond trader said.

“[W]e’ll see if the momentum continues heading into the 10-year auction… Market players will likely take its cue from there, although we could see some demand still as portfolios look to lengthen their duration,” PBCom’s Mr. Ladaban said.

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.

It will auction off P15 billion in T-bills on Monday and P35 billion in reissued 10-year bonds on Tuesday. — AMPY with Reuters

DHSUD partners with DAR, LGUs for farmer housing 

BLOOMBERG

THE Department of Human Settlements and Urban Development (DHSUD) said it entered into agreements with the Department of Agrarian Reform (DAR) and 19 local government units (LGUs) to develop housing for farmers. 

The DHSUD said in a statement Sunday that the program aims to establish decent and affordable housing communities for farmers.  

Housing Secretary Eduardo D. del Rosario signed memoranda of understanding with the DAR and LGUs for the housing project.

“It is part of our responsibility to help informal settler families, especially the poorest of the poor, and capacitate them together with our key shelter agencies for them to be able to have a house of their own,” Mr. Del Rosario said.

“It also aims to uplift farmers’ morale and strengthen their emotional attachment to their farms; this in turn will help empower the agricultural industry,” he added.

LGUs are responsible for securing property for the housing scheme, while DHSUD will be in charge of land development.

Construction funding will be the responsibility of the Pag-IBIG Fund, the Social Housing Finance Corp., and the National Home Mortgage Finance Corp.

“This is a milestone. I hope we can sustain this,” Agrarian Reform Secretary John R. Castriciones said.

“This is a convergent effort. We need the cooperation of LGUs and other government agencies,” he added.  

The DHSUD said farmers and fisherfolk were identified as the poorest members of society with a 34% poverty rate between 2006 to 2015, citing Philippine Statistics Authority data.  

Other participants in the project are the Department of Trade and Industry and the Department of Social Welfare and Development, which will provide additional livelihood options for farmers and their families. — Revin Mikhael D. Ochave

ICTSI expansion spree attracts investors

By Lourdes O. Pilar, Researcher

INVESTORS loaded up on International Container Terminal Services, Inc. (ICTSI) last week as it continues to expand its operations locally and abroad.

Data from the Philippine Stock Exchange (PSE) showed a total of 8.57 million shares worth P1.28 billion exchanged hands from June 7 to 11, making it the third most actively traded stock last week.

The share price of the Enrique K. Razon, Jr.-led port operator finished at P151.00 apiece on Friday, up by 2% from a week ago. The stock has increased by nearly a fifth since the start of the year.

Philippine National Bank Senior Equity Research Analyst Jonathan J. Latuja noted news on Brazilian subsidiary ICTSI Rio Brasil adding rail logistics to its operations helped the port operator became one of the most active stocks last week.

“We believe the new service to be introduced in the port subsidiary can further improve volumes and yield,” Mr. Latuja said.

The Brazilian unit’s newly formed company, IRB Logistica, will take over the operations of the terminal from Multitex Logistica starting July 1, ICTSI said last week.

It will offer cargo handling, transport, and storage services to the growth centers in Rio de Janeiro, Minas Gerais, and São Paulo.

“Despite the pandemic, the company continues to expand its operation as it bought additional stake in Africa under their subsidiary ICTSI Africa and bought 100% of Manila Harbour Center Port Services, Inc.,” Mercantile Securities Corp. Analyst Jeff Radley C. See said in a Viber message.

Earlier this month, ICTSI entered into a P2.45-billion share purchase agreement with its related party, Prime Strategic Holdings, Inc., to buy 100% of the shares of Manila Harbour Center Port Services, Inc. (MHCPSI).

MHCPSI is a 10-hectare international breakbulk and bulkport facility at the Port of Manila.

Transfer of the facilities to ICTSI will take place by mid-2021, once all conditions precedent and all required regulatory approvals have been secured.

The transaction is seen to generate synergies and value-accretive returns for ICTSI’s shareholders.

Meanwhile, ICTSI announced last May that its unit, ICTSI Africa B.V., had concluded the acquisition of an additional 10% stake in International Container Terminal Services, Inc.–DR Congo (IDRC).

This increased ICTSI Africa’s ownership of IDRC to 62% from 52%.

Mr. Latuja expects a 12% year-on-year growth in ICTSI’s revenue this year.

ICTSI’s gross revenues from port operations went up by 15.9% to $435.59 million in the first three months of the year.

Its attributable net income in the same period likewise jumped by 51.1% to $90.07 million from $59.60 million last year.

It handled 2.71 million twenty-foot equivalent units (TEUs) in the first quarter, 8% higher than the 2.51 million TEUs handled in the same period a year earlier.

For this week, Mr. Latuja expects near-term selling pressure to limit potential upside of the stock.

“ICTSI went beyond its all-time high at P148.90 last week,” Mr. See said.

“Resistance levels that stock might hit next will be P172.60, P185.00 and P202.70 but be cautious as the stock is trading at overbought levels,” he added.

He pegged the stock support levels at P145.00 to P147.00.

Toyota Dipolog is dealership #71

PHOTO FROM TOYOTA MOTOR PHILIPPINES

TOYOTA MOTOR Philippines (TMP) has just opened a sprawling facility in Zamboanga del Norte, in the so-called “gateway to Western Mindanao,” Dipolog City. Operated by a team of veteran franchise owner Betty Lu, Toyota Dipolog is the 71st dealership of the country’s leading automaker.

Measuring 7,200 square meters, the facility (the second in Zamboanga) is located in Barangay Sicayab. Ms. Lu also leads franchises in Northern Mindanao, the Zamboanga Peninsula, and CARAGA region.

TMP President Atsuhiro Okamoto said in a statement, “Toyota Cagayan De Oro, Inc. headed by Betty Lu has been TMP’s partner for decades. And the opening of this new dealership in the middle of the pandemic is a testament of confidence in the management capabilities the group, as well as our optimism in seeing economic recovery with job opportunities generated for the members of the community. We look forward to Toyota Dipolog in bringing better mobility to more people in Zamboanga.”

TMP said Toyota Dipolog will offer the same Toyota Sure Advantage reflected in vehicle and parts sales, and services. It boasts a 2,600-sq. m. showroom and spacious service workshop. A so-called Express Maintenance line “adopts the renowned concept of the Toyota Production System to provide faster and more efficient service.” The workshop area has six bays for general services, eight bays for body and paint requirements, and another for periodic maintenance. Up to 32 units a day can be serviced.

The dealership is said to feature design adapted for a “new and emerging generation of customers.” It has lounges and comfortable spaces including a customer café.

“We could say that Toyota Dipolog is worth waiting for. As we are very fortunate to open shop during the pandemic, we will strive to continue delivering Toyota’s tradition of excellent customer service and being the brand of choice among Zamboangeños,” Betty Lu commented.

Toyota Dipolog is open from Monday to Saturday, from 8 a.m. to 5 p.m. For more info, customers may call (065) 906-0009, 906-0010, 906-0011 and 906-0013. Visit https://toyota.com.ph/showroom and follow the official Facebook page, Toyota Motor Philippines (https://facebook.com/ToyotaMotorPhilippines).

Style (06/14/21)

Tesoros’ Independence Day sale runs to June 15

DISCOUNTS of up to 40% on select items are being offered in Tesoros’ Independence Day Sale which runs until June 15. Caps, mugs, keychains, pins, T-shirts are among the items included in the sale. Shop online. Meanwhile, Tesoros has also opened its newest store at Plaza San Luis in Intramuros, Manila. Shop for authentic Filipino items and enjoy snacks while taking in the view of the recreated 19th-century Filipino homes in the Plaza. Open daily from 10 a.m. to 7 p.m.

Arts and crafts market at Eton Centris

PUESTO Manila and Eton Centris present “We Art Centris,” a pocket arts and crafts market arrives in Quezon City. There will be artworks, stickers, keepsakes, handmade jewelry, journals, shirts, bags and other handcrafts on sale on June 18 to 20 at the Centris Walk, Eton Centris. The art and craft booths will be set apart from each other. Face masks and face shields should be worn at all times. For more information, visit www.facebook.com/puesto.manila/posts/4131227710325916.

Habi Kalayaan Online fair

FOR INDEPENDENCE Day, the textile council presents the Habi Kalayaan Online Fair, ongoing until June 20. Habi’s virtual mall offers a selection of hand-woven and handcrafted products from over 30 merchants representing various local weaving communities in the Philippines. These sustainable and ethical fashion and lifestyle goods are carefully curated with the intention to breathe new life into one’s spaces and fit right into one’s new normal routines. As part of the fair, a number of talks have been scheduled. Upcoming are: cultural historian D. Fernando Butch Zialcita who will give a talk “The Advent of National Costumes in the Philippines and Mexico via the Galleons” on June 14, 2 p.m.; journalist Howie Severino “On Filipino Creativity Atin To! Baybayin Then and Now” on June 16, 7 p.m.; and, cartoonist Mannix Abrera on “Bulwagan ng Misteryo! Mga Kwentong Komix Nayon New Normal”on June 18, 3 p.m. The talks will be livestreamed over facebook/HABIPhilippineTextileCouncil. The sale is ongoing on www.shophabifair.com.

BOSS celebrates Pride Month with a capsule collection

THIS Pride Month, BOSS is celebrating the LGBTQIA+ community with a capsule collection, created in support of ILGA World — a worldwide federation of more than 1,700 organizations from over 160 countries and territories campaigning for equal rights for LGBTQIA+ people. The new capsule features Pride flag colors and slogans, such as “Love for all” on unisex style essentials, from classic T-shirts to hoodies to bodywear. In the Philippines, BOSS is exclusively distributed by Stores Specialists, Inc., and is located at Greenbelt 5, Shangri-La East Wing, Rustan’s Shangri-La, Rustan’s Makati, City of Dreams, 158 Designer’s Blvd. Newport Mall and Rustan’s Cebu. Visit www.hugoboss.com, www.Trunc.ph, and www.ssilife.com.ph or follow @ssilifeph and @trunc.ph on Instagram for more information.

Rimowa launches line of Personal cases in new colors

RIMOWA is introducing a brand-new collection of Personal cases crafted in the latest polycarbonate Essential collection colors. The product launch marks the 21st anniversary of Rimowa’s pioneering launch of the first-ever polycarbonate suitcase in 2000, an innovation that reverberates throughout the industry to this day. The Rimowa Personal was first unveiled on the runway of Dior’s Summer 2020 collection as part of a limited-edition capsule collection collaboration with Kim Jones. Made in Germany and crafted for the first time in ultra-lightweight, dent-resistant grooved polycarbonate, the Rimowa Personal is a unisex hard-shell crossbody bag meant to house and transport daily personal essentials. It can be worn with the detachable, adjustable leather body strap or carried like a clutch. Inside, the interior features two open compartments, a zipped pocket and three card slots. The new collection is available in four polycarbonate glossy colors; two permanent (Black and White) and two seasonal hues (Desert Rose and Cactus) that match the latest Rimowa Essential collections inspired by the Mojave Desert. The Rimowa Personal collection is now available in RIMOWA stores worldwide.

Lacoste unveils its first sustainability report

LACOSTE has published its first sustainability report which details another way of thinking about the textile industry. Aware of the impact of the fashion industry, Lacoste has set itself two distinct roadmaps: first, to make equal opportunities a reality, and second, to give life to the principles of circular economy in the fashion sector. The Lacoste Sustainable Development Report highlights the company’s progress on these issues and sets out its ambitions for 2025. Lacoste has therefore set itself three objectives between now and 2025 to ensure that, on its own scale, it fights against inequalities: to involve 1,000 Lacoste employees in the Elevating Journey program which is based on three axes: reinforcing self-confidence, developing professional qualifications, and helping people to create their own businesses; to support 10,000 young people in their social and professional advancement; and, to co-finance 50 projects improving local living conditions for the populations involved in the Lacoste supply chain. At the end of 2020, Lacoste joined the Ellen MacArthur Foundation’s “Make Fashion Circular” initiative. Lacoste has set itself four objectives by 2025: to achieve the Lacoste standard of social and environmental excellence for 100% of cotton producers and industrial suppliers; to reduce the environmental impact of each garment sold by 15%, by optimizing the use of natural resources and reducing pollution throughout the production chain; to double the life span of its entire range of polo shirts; and, to offer a second life to 100% of textile waste and unsold goods. These ambitions have been made possible by the traceability policy implemented by the company. Lacoste is among the first companies in the sector to have transparently communicated the complete list of its industrial partners, from its garment workshops to the spinning mills. Discover more about Lacoste’s Durable Elegance and to read the full Lacoste Sustainable Development Report at www. Corporate.lacoste.com.

Personal Collection pioneers use of biodegradable packaging in PHL

THE PHILIPPINES is currently the third largest plastic polluter in the world, generating 2.7 metric tons of plastic thrown into the ocean. If this trend continues, there will be more plastic than fish in Philippine waters by 2050. This information pushed Personal Collection Direct Selling, Inc. (PCDSI) to launch its A Green Life is A Great Life movement. To do this the company is pioneering the use of 100% biodegradable containers, using material that is expected to decompose in landfills within approximately five to 10 years. That’s 100 times faster than the standard plastic bottle which could take up to 1,000 years to disintegrate. The new packaging will also contribute to the creation of biogas, a potential source of sustainable energy. By doing this, Personal Collection believes they can help save the oceans, one biodegradable bottle at a time. More initiatives will be launched in the coming months as Personal Collection explores the use of organic, all-natural ingredients in its product lines. Watch out for Personal Collection’s new biodegradable package design this month. Environmental awareness campaigns, both online and offline, can be expected in the months to come.

How PSEi member stocks performed — June 11, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, June 11, 2021.

How much goods and services can minimum wage earners afford when accounting for inflation?

How much goods and services can minimum wage earners afford when accounting for inflation?

Peso to rise vs dollar ahead of Fed decision

BW FILE PHOTO

THE PESO is likely to appreciate versus the greenback this week ahead of the US Federal Reserve’s policy meeting, where it is expected to keep borrowing costs low to support the recovery of the world’s largest economy.

The local unit closed at P47.70 per dollar on Friday, strengthening by 6.5 centavos from its P47.765 finish on Thursday.

It also gained five centavos from its P47.75-per-dollar close on June 4.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s strength to the US jobs data released on Thursday.

US inflation data released that same day also backed the peso, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

US consumer prices rose solidly in May, leading to the biggest annual increase in nearly 13 years as a reopening economy boosted demand for travel-related services, while a global semiconductor shortage drove up prices for used motor vehicles, Reuters reported.

The consumer price index (CPI) increased 0.6% last month after surging 0.8% in April, which was the largest gain since June 2009. Food prices rose 0.4%, but gasoline declined for a second straight month. In the 12 months through May, the CPI accelerated 5.0%. That was the biggest year-on-year increase since August 2008 and followed a 4.2% rise in April.

Inflation could get a boost from the labor market, where layoffs are subsiding. In another report on Thursday, the US Labor department said initial claims for state unemployment benefits fell 9,000 to a seasonally adjusted 376,000 for the week ended June 5.

Though layoffs are subsiding, claims remain well above the 200,000 to 250,000 range that is viewed as consistent with a healthy labor market. They have, however, dropped from a record 6.149 million in early April 2020.

For this week, peso-dollar trading could be driven by the upcoming policy review of the US central bank, where it is expected to maintain rates and give further signals on its plan to taper its massive bond-buying program, Mr. Asuncion said.

The Federal Open Market Committee will meet to review its stance on June 15 to 16.

The Fed has said rising inflation will not last long enough to warrant a sooner-than-expected end to easy-money policies. It has maintained that it has the tools to deal with accelerating inflation.

The central bank may open discussion at the meeting about when to begin unwinding its $120 billion per month purchases of government bonds, though most analysts don’t expect a decision before the Fed’s annual Jackson Hole, Wyoming, conference in August.

Meanwhile, Mr. Ricafort said Philippine remittances data due could also be a driver for the peso this week.

The Bangko Sentral ng Pilipinas (BSP) is expected to release the April remittances data on June 15.

Cash remittances increased by 4.9% to $2.514 billion in March, marking the second straight month of a year-on-year increase in inflows, latest BSP data showed.

For this week, Mr. Ricafort gave a forecast range of P47.60 to P48.85 per dollar, while Mr. Asuncion expects a wider band of P47.60 to P47.90. — LWTN with Reuters

Market to take cues from data, vaccine rollout

BW FILE PHOTO

INVESTORS will watch out for the government’s decision on quarantine measures, progress in the vaccination program, and the release of more economic reports this week, analysts said.

The 30-member Philippine Stock Exchange index (PSEi) went up by 32.08 points or 0.46% to close at 6,907.79 on Friday, while the broader all shares index gained 20.29 points or 0.48% to finish at 4,174.65.

Week on week, the index gained 111.45 points from its 6,796.34 finish on June 4.

“The market advanced to the 6,900 level [last] week, as investors felt positive over the economic reports that were released this week in the country… despite the negative report about the unemployment rate,” Darren Blaine T. Pangan, trader at Timson Securities, Inc., said in a Viber message on Friday.

“The progress made over the country’s vaccination program may have also contributed positively to the market sentiment,” Mr. Pangan added.

The country’s unemployment rate was at 8.7% in April, higher than the 7.1% logged the previous month, the Philippine Statistics Authority (PSA) reported last week. Meanwhile, preliminary results from the agency’s Monthly Integrated Survey of Selected Industries showed factory output surged in April to 162.1% year on year.

On the other hand, the government last week started to inoculate those in the A4 category or economic frontliners, covering some 35 million persons.

It also received its biggest single-day vaccine delivery of around 3.2 million coronavirus disease 2019 (COVID-19) jabs from China-based Sinovac Biotech Ltd. and from Pfizer, Inc. and BioNTech SA. Over 11 million more doses of COVID-19 vaccines are scheduled to arrive this month.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted the increase in net foreign buying at the stock market in the past two weeks.

For this week, Mr. Ricafort said the progress in the country’s vaccination program will continue to contribute to the market’s movement.

“But new COVID-19 cases still need to ease/improve further while waiting for the expected increase in COVID-19 vaccine arrivals and rollouts partly through intensified observance of strict health protocols/other stringent measures,” Mr. Ricafort said in an e-mail on Friday.

Central bank data on remittances and the country’s balance of payments to be released this week will also be drivers for the PSEi, he added.

“Catalysts that may affect the market include the government’s decision on the quarantine measures to be implemented after June 15, as well as other economic reports such as the dollar reserves of the country for the month of May,” Timson Securities’ Mr. Pangan said.

“Resistance to watch may be placed at 7,080, while the 6,760-6,800 level may be considered an immediate support area,” he added. — K.C.G. Valmonte

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