Home Blog Page 6513

SEC flags Gaza’s digital currency Xian Coin

THE Securities and Exchange Commission (SEC) flagged Xian Coin, which is an unregistered “digital currency” promising big returns with Christian Albert Gaza or Xian Gaza as the sole issuer.

Xian Coin is said to be a centralized digital currency powered by the Etherium Blockchain traded exclusively by its coin holders. A blockchain or distributed ledger is a “peer-to-peer” database across computer networks, recording transactions that may never be altered.

“Unlike other digital assets which are decentralized and use consensus [mechanisms] such as proof-of-work/proof-of-stake or mining and whose value is dependent on supply and demand, Xian Coin is centralized, pre-mined or generated and whose supply and purported value is controlled by Xian Gaza,” the SEC said.

Xian Coin is not registered with the SEC as a corporation or as a partnership and it is also not authorized to solicit investments from the public.

It is also not registered as a Virtual Asset Service Provider with the Bangko Sentral ng Pilipinas, as required under Circular No. 1108, series of 2021, or the Guidelines for Virtual Asset Service Providers.

The advisory noted Xian Coin is not registered and traded with recognized cryptocurrency exchanges and has no particular use cases.

The commission also pointed to the “unsavory reputation” of Mr. Gaza to warn the public. Mr. Gaza apparently said he would be using the money generated from Xian Coins to support his “underground activities.”

Mr. Gaza has been the subject of another SEC advisory for his Cristiano Alberto Real Estate Fund.

The commission noted that Xian Coin does not have a white paper, which should detail how it will generate business, and neither does it have a working model that “[determines] how the money of the investors will make returns.”

“The scheme employed by Xian Coin clearly shows indication of a possible Ponzi scheme, where monies from new investors are used in paying ‘fake profits’ to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent member in case of scarcity of new investors,” the SEC said.

BusinessWorld sought comments from both Mr. Gaza and NYEAM VLOGS Facebook Page, where Xian Coin transactions are facilitated, but neither has responded as of writing.

The SEC reminded that those who are involved in the venture may be held criminally liable under the Securities Regulation Code, and may face a fine of up to P5 million, may be jailed for 21 years, or both. — Keren Concepcion G. Valmonte

Waking after a pandemic-lost year

SOME of the outfits shown during the Panasonic Manila Fashion Festival by: Bessie Besana — PHOTO FROM PMFF WEBSITE

PMFF relaunches fashion shows at an empty Okada

By Joseph L. Garcia, Reporter

IT SHOULD be of no surprise that fashion shows and fashion itself were asleep last year, when we launched PPEs at work or lounged in pajamas at home. As society opens again slowly, we try to see what it would be like to step out again in our threads.

The Panasonic Manila Fashion Festival (PMFF) relaunched its show series last week. It had been active from 2014 to 2019, but went into slumber like the rest of the fashion world in 2020. While globally, the fashion industry had been able to stage shows in unconventional venues and platforms (Moschino’s puppet fashion show comes to mind), Manila hasn’t been able to catch up: this reporter recalls attending only two Filipino shows last year, both online: one by designer Rajo Laurel, and another through Singapore’s first virtual fashion show, streamed through thefrontrow.style, featuring Filipino talents Jojie Lloren, Paolo Raymundo, Ezra Santos, Bea Samson, and Furne Amato.

PMFF called its 12th season “A Fashion Reboot.” The title seems apt in more ways than one: PMFF used to be held by impresario Art Personas, but has since shifted management to its new organizer, Go Lifestyle Group, according to its website.

Still, the goals are the same: to bring Filipino fashion to the world (a much easier task thanks to streaming) but also collecting talents from all over the Philippines (as opposed to focusing on designers based in the capital).

Day 4 of the show series showed Bessie Besana’s collection, “Pavement,” predictably in grays. Blues were thrown into the mix, executed as a blue floral print on a black background. As for the silhouettes, there was a surprising boiler suit for men, which shows a cheerful look into a possible dystopia (or that’s just the pandemic creeping on to me).

Uniformly, across all collections in Day 4 and 5, we see a relaxed, loosened fit, which points to two factors: the youth are rediscovering the baggy styles of the late 1990s and early 2000s; but also that the relaxed styles and fits of pandemic loungewear has trickled up from sofas to runways.

Chris Diaz’s collection, “Neo Desiderium,” fights the sobriety of the first show with bright outfits trimmed with, of all things, feathers. Dexter Alazas makes a case for fun with attractive and functional pieces in what I call the new neutral — leopard print.

Some designers, however, have a bit of an out-of-touch extravagance during these times. I completely understand bright tones and trimmings, but I certainly can’t imagine huge ballgowns at a time like this; and neither the annoying tendrils of fabric extending from the shoulder and trailing on the floor, seen on the looks of at least three more designers. I can’t quite imagine anyone wanting to wear a potential safety hazard, with or without a pandemic; plus the fact that there are hardly any parties to go to and show off. I imagine a scenario where these gowns could go into the night, into a better world, and they’d still be outsized and ill-constructed.

We’re not making a case against luxury: there’s a lovely tulle dress by Mark Rancy, that, while using a questionable bubblegum color palette, has a weight and silhouette perfect for walking around your own home reminiscing about the chatter of parties.

On another note, Steph Tan’s collection, “Spill The Tea” (a play on an idiom for gossip) is perfectly polite and girlish, with a palette of pastels and details like ruffles and bell sleeves. The collection is perfect for the garden parties and weddings that have come to dominate the scene since the pandemic began.

Alodia Cecilia’s collection, meanwhile, makes a case for appropriate, sober luxury: while her palette speaks of sunshine, tones like mustard are splashed on to well-cut shift dresses beneath white coats, bubble-hemmed hoodies paired with blush-toned shorts, and, a personal favorite, hooded sweaters beaded in the baroque style, combining magisterial extravagance with functionality and comfort.

Benjie Panizales also looks towards the local with a collection called “Thrive My Tribe,” showcasing indigenous fabrics on such delightful pieces as a fire-alarm red cocoon-sleeved pantsuit.

The shows were shot at an eerily empty Okada, along walks, fountains, and pools once filled with people. The outdoor setting, at least, can be used to its full advantage, such as a moment during Mr. Panizales’ show where a gray silk vest was whipped into a frenzy by the wind, showing off multiple possibilities where the outfit might be worn. Gil Macaibay III’s collection, simply titled “Hope,” shows chili-red youthful outfits (and some mustard — must be a trend), but also these well-constructed tulle outfits.

Mavy de Leon Ladlad, with a collection romantically called “Kiss of the Silver Moon,” starts strong with a silver evening dress with a flowing cape (perhaps my earlier distaste from shoulder-based ornamentation comes from bad construction); and follows up with a line of silver evening wear for both men and women.

Here was also a familiar shade of blue — former Miss Universe and Albert Andrada really did a number by winning a pageant in that blue dress, now all one can ever think about when one sees a tall woman in royal blue is that she’s out there to win something. A model for this collection already looked like she won a prize, thanks to a blue number with a really, really big bow.

Rates of Treasury bills, bonds to decline on strong demand

RATES of government securities on offer this week could move downward on strong investor demand and following the release of data showing steady inflation in May.

The Bureau of the Treasury (BTr) is looking to raise P15 billion via its offer of Treasury bills (T-bills) on Monday, broken down into P5 billion in 91-day debt, P5 billion in 182-day papers, and P5 billion from the 364-day securities.

On Tuesday, the BTr will offer P35 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and 10 months.

A bond trader said the yields of the T-bills on offer on Monday will decline by 5 to 10 basis points (bps) due to the lower volume on offer and as inflation remained steady in May.

The government 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.

This is bigger than the P170-billion program for May, which was broken down into P100 billion from T-bills and P70 billion from T-bonds. The government adjusted the volume of the weekly T-bill offerings to P15 billion from P25 billion previously and scheduled a T-bond auction per week instead of fortnightly.

Meanwhile, inflation was steady for the third straight month at 4.5% in May, matching market expectations.

The figure was within the 4-4.8% estimate by the Bangko Sentral ng Pilipinas (BSP) for that month and also matched the median estimate in a BusinessWorld poll.

Year to date, inflation was 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.

On the other hand, the trader expects the reissued seven-year bonds on offer on Tuesday to fetch a rate between 3.75% and 3.875%.

“There are more factors to consider for this one — how convinced the market is on the phase of reopening of economy and the tone of US Treasury yields come day of auction,” the trader added.

The BTr raised P21 billion from its offer of T-bills last week, higher than its P15-billion program, after it accepted more non-competitive bids for all the tenors amid a decline in rates.

Total bids for the short-tenored securities stood at P87.173 billion on Monday, making the offering over five times oversubscribed.

Broken down, the Treasury awarded P7 billion in 91-day debt papers, higher than the initial offer of P5 billion, as it accepted P4 billion in non-competitive bids versus the original program of P2 billion. Tenders for the tenor reached P22.15 billion.

The three-month T-bills fetched an average rate of 1.235%, down by 3.4 bps from the 1.269% quoted previously.

The Treasury likewise borrowed P7 billion from the 182-day T-bills versus the P5-billion program after bids hit P27.41 billion. The average rate of the six-month papers went down by 6.9 bps to 1.472% from 1.541%.

Lastly, for the 364-day securities, the government awarded P7 billion, up from the P5-billion plan, as the tenor attracted tenders worth P37.613 billion. The one-year papers were quoted at 1.723%, 7.3 bps lower than the 1.796% seen in the previous auction.

Meanwhile, the reissued seven-year bonds on offer on Tuesday were first offered on April 21, where the Treasury raised P35 billion as planned. Total tenders reached P90.386 billion, making the offer 2.6 times oversubscribed.

The seven-year notes fetched a coupon rate of 3.625% at that auction.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills were quoted at 1.3026%, 1.4738%, and 1.7548%, respectively, while the seven-year bond fetched a rate of 3.6775%, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The government is looking to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 8.9% of gross domestic product. — IBC

SC affirms CTA order to refund Philex’s P18.6-M tax

THE high court has affirmed the Court of Tax Appeals’ (CTA) decision for the Commissioner of Internal Revenue (CIR) to refund Philex Mining Corp.’s P18.6-million unutilized and excess input value-added tax (VAT) attributable to its zero-rated sales for the fourth quarter of 2009.

In its ruling dated Jan. 18 and made public on May 26, the Supreme Court (SC) said it found “no reversible error” in the assailed CTA decision.

It also ruled that it need not review Philex’s substantiation of its claim for refund as the CTA had already proven its validity and because the SC “is not a trier of facts.”

The Court also found “no merit in the CIR’s contention that Philex’s judicial claim was premature or that its supporting documents were incomplete” as Philex observed the rules for timely claim of refund under Section 112(c) of the National Internal Revenue Code (NIRC) and submitted complete documents.

Further, under the NIRC, the CIR has to decide on the application for a tax refund within 120 days from the date of submission of complete documents.

If it fails to do so, the taxpayer may appeal the unacted claim with the CTA.

The Court also said in its decision that the CIR could have asked Philex to submit additional documents within the 120-day period, but it failed to do so.

Meanwhile, the completeness of documents for the start of the 120-day period was clarified in the Bureau of Internal Revenue’s Revenue Memorandum Circular No. 49-2003 as being ultimately determined by the taxpayer. — Bianca Angelica D. Añago

adidas celebrates Pride Month with ‘Love Unites’ collection

ADIDAS’ 30-plus collection ‘Love Unites’ draws inspiration from the DIY culture that has played an important role in LGBTQ+ sport communities.

IN CELEBRATION of Pride Month 2021 this June, adidas recently released its “Love Unites” collection in the local market.

A 30-plus collection, Love Unites draws inspiration from the do-it-yourself (DIY) culture that has played an important role in LGBTQ+ sport communities. It was also released alongside a global campaign spotlighting influential members and allies of the community.

The collection is an extension of the first-ever adidas Pride Pack released in 2015, which served to symbolize the brand’s rich history in sport and merging it with its long-standing support for the LGBTQ+ movement.

The DIY aesthetic highlighted in Love Unites, adidas said, features fluid geometries and expressive and layered graphics.

These can be seen in special Pride colorways of classic adidas silhouettes like Nizza, Forum, UltraBoost 5.0 DNA and AdiZero Pro V1 as well as a colorful lineup of apparel from bucket hats and jumpsuits to sports bras, shorts, and jerseys.

adidas said in coming up with its latest Pride Pack, it was also important that it gets to sustain its push in helping break down barriers for LGBTQ+ communities, including ending homophobia and transphobia in sport, which they have been doing in partnerships with organizations like Athlete Ally and Stonewall UK.

For this year’s “Love Unites” campaign, it has teamed up with a collective of athletes and artists who have made strides forward as champions of inclusivity.

They include Layshia Clarendon, the first openly transgender professional basketball player; Amanda Zahui B, professional basketball player and vocal supporter of the Black Lives Matter movement; Ashlyn Harris and Ali Krieger, professional soccer players, teammates, and married couple; Tom Daley, former world champion 10m diver and current World Series champion; Thebe Magugu, a  South African fashion designer; and Cody Rigsby, a famed fitness trainer.

The adidas “Love Unites” collection was released in the country on June 1 and is available on http://adidas.com/loveunites. For more details, visit https://www.facebook.com/adidasPH. — Michael Angelo S. Murillo

BSP outlines application process for COE to sell assets under FIST Law

BW FILE PHOTO

THE CENTRAL BANK has released rules to guide financial institutions on the process of securing a certificate of eligibility (COE) for the nonperforming assets (NPAs) they seek to offload through Republic Act (RA) 11523 or the Financial Institutions Strategic Transfer (FIST) Law.

Memorandum No. M-2021-034 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier on June 4 outlined the process for the submission of the master list of eligible NPAs and the application for COEs, which financial institutions will need to offload their bad assets.

Based on the guidelines, the central bank will assess COE applications received on or before Feb. 24, 2023, provided that transactions involved were done within the two-year effectivity of the FIST Law from Feb. 18, 2021 to Feb. 18, 2023.

“The BSP, Securities and Exchange Commission (SEC) and BIR (Bureau of Internal Revenue) shall coordinate to ensure the integrity of the COE,” the memorandum said.

The guidelines said a COE will be issued by the BSP to prove the eligibility of NPAs for the availment of tax exemptions and privileges under the FIST Law. These NPAs include NPLs and real and other properties acquired (ROPA) of BSP-supervised financial institutions.

“Prior to the filing of an application for COE, the BSP-supervised financial institution shall coordinate with the BSP, through the appropriate supervising department, its intention/plan to sell/transfer its NPAs pursuant to the FIST Act and its implementing rules and regulations, and to develop a reconciled and final master list of eligible NPAs,” the central bank said.

The BSP will process COE applications within 20 working days from the submission by a BSP-supervised financial institution as long as they come with the complete requirements. A duplicate copy of issued COEs will also be provided to the SEC and BIR.

The BSP said financial institutions should first accomplish a master list of eligible NPAs before applying for a COE. A final master list, which could be initial or updated, should include their eligible NPAs on or before a quarter-ended reference date and should be submitted to the central bank after two to three months.

Under RA 11523 and BSP Circular No. 1117 Series of 2021, NPAs which can be offloaded to FIST corporations are loans and assets of financial institutions that will be recognized as nonperforming until Dec. 31, 2022.

“Once the Master List is validated and verified as acceptable, the BSP shall provide the BSP-supervised financial institution with a copy of the Final Master List as reference for its COE application,” the central bank said.

For the COE application, the BSP has set specific processing fees for financial institutions: P50,000 for universal and commercial banks, P20,000 for thrift banks, P15,000 for rural and cooperative banks, and P10,000 for nonbank financial institutions.

Meanwhile, a processing fee of P5,000 will be applicable for a dation in payment or dacion en pago arrangement — or settling of debt through other modes of payment — by an individual or corporate borrower.

The same P5,000 rate will be applicable for transfers that involve a single-family residential unit ROPA, an empty lot ROPA or a nonperforming loan secured by a real estate manager for the said single-family residential unit or empty lot.

Signed in February, the FIST Law offers tax incentives for transactions related to offloading bad assets of lenders to FIST corporations, including exemption from the payment of documentary stamp tax, capital gains tax, creditable withholding income taxes and value-added tax, among others.

The central bank expects banks to sell at least P152 billion in NPAs through FIST Law to clean their balance sheets.

Among the country’s major lenders, Bank of the Philippine Islands, Rizal Commercial Banking Corp. and the Philippine National Bank earlier said they are open to offloading their bad assets through the law. — L.W.T. Noble

Citicore to make 30 MW available for green energy option program

UNSPLASH
RE firm operates eight solar farms with 163-MW installed capacity. — UNSPLASH.COM

RENEWABLE energy (RE) firm Citicore Power, Inc. said over the weekend that it plans to dedicate an initial 30 megawatts (MW) from its solar portfolio for the government’s green energy option program (GEOP).

“Beginning third quarter of this year, about 30 MW will be initially used for GEOP, as this will become available due to expiration of an existing contract,” Citicore, through its corporate affairs department, told BusinessWorld in a text message on Sunday.

The firm clarified that the capacity would come from its solar farms, but did not state which of its facilities will be providing the 30-MW allotment. At present, Citicore operates eight solar farms across the country with an aggregate installed capacity of 163 MW and are fully contracted.

The Department of Energy (DoE) previously named Citicore Power’s retail electricity supplier Citicore Energy Solutions, Inc. as one of the 10 entities that qualified for the GEOP.

Launched in 2018, the GEOP is a voluntary mechanism that allows users consuming at least 100 kilowatts of power to source their supply from retail electricity suppliers that sell power from renewable sources.

“To be included in the DoE’s GEOP… list is indeed a very welcome development for Citicore,” Citicore President Oliver Y. Tan said in a statement issued on Friday.

“Due to the ill effects of climate change, there is a growing consciousness to shift to clean and RE among consumers and given that GEOP advocates the consumers’ rights to choose, we believe that our diverse portfolio provides us with a distinct advantage… We can cater to those who prefer solar, hydro, or biomass energy sources,” he added.

The firm also owns 100% of the Rio Norte Hydro Corp., which is developing the 19.7-MW run-of-river hydro projects in Echaque, Isabela, and 60% of Citicore Candlewick Biomass, Inc., which uses sustainable techniques in producing wood biomass products that can be used as alternatives to fuel.

Citicore previously said that its subsidiary Citicore Solar Energy Corp. signed a deal with Ayala-led AC Energy Corp. to build a 50-MW photovoltaic solar facility in Arayat and Mexico, Pampanga. The plant is expected to go online this November.

In February, Citicore reported that it was allocating P4 billion as capital expenditures for solar and hydro projects. Of the amount, some P2.5 billion will go to solar projects, and P1.5 billion will be allotted for hydro projects. — Angelica Y. Yang

Lexus NX 300: A buttery-smooth drive with a stress buster

PHOTO FROM LEXUS PHILIPPINES

OF THE BRAND’s five current SUV models, the NX was the fourth Lexus to debut (in 2014), making it the second newest crossover from Japan’s premiere luxury brand, after the subcompact UX (which came out in 2018). The earlier three models (the midsize RX and the full-size LX and GX) predate the NX by a lengthy 19 years to a whopping 26 years.

This makes the fact that the NX has now become the second best-selling Lexus SUV worldwide (after the RX) an impressive achievement.

Chalk it up partly to its ideal size. The NX is the compact crossover in the Lexus lineup, which puts it squarely in the size-and-price sweet spot of a vast majority of buyers, which are mostly those who have older (or even adult-aged) children but don’t need the extra space and size of the RX.

These are also people who desire a distinctively designed SUV (I freely use both “crossover” and “SUV” to describe the NX because it capably covers the differences between the two) that has arguably the most comfortable ride in its class. It’s a luxury brand, after all. And what could be more luxurious than a smooth, plush ride in a heavily soundproofed cabin?

Lexus is renowned for producing among the quietest, most refined, and most comfortable automobiles in the world, which makes them ideal for the high-stress conditions of Metro Manila traffic. And which is why I looked forward to testing the Lexus NX in our metro streets.

The Lexus NX is available in three variants: the hybrid NX 300h (P3.688 million), the NX 300 F Sport (P3.718 million) flagship, and my test unit, the NX 300 (P3.218 million).

Style-wise, while I’m a big fan of the Lexus spindle grille design language, I have always preferred its execution on the sedans and coupes. I feel that the aggressive front has a slight disconnect with the bulkier dimensions of an SUV, which is why the spindle grille looks relatively better on the smaller NX and UX than their three bigger siblings — at least for my taste.

In any case, the NX cuts a distinctive profile from any angle, thanks to that bold front end, the sculpted fenders, that arrowhead rear quarter window, and the angular character lines that run through the doors.

Under the hood of the NX 300 (and the NX 300 F Sport) is a twin-scroll-turbocharged direct-injection 2.0-liter inline-four developing an impressive 235hp and 350Nm of torque (mated to a six-speed automatic delivering power to all four wheels). A four-cylinder motor will never be as smooth as a V6 or V8, but leave it to Lexus to employ its cutting-edge NVH-suppression measures to banish any untoward noise or vibration. The generous outputs also gave the NX 300 an agile responsiveness that belies its grace and smoothness. Its generous torque is available at a very flat spread from as low as 1,650rpm all the way to 4,000rpm, which means that a slight prod on the throttle is enough to get the NX smartly moving. Zero-to-100 kph time is a surprisingly brisk 7.1 seconds.

Power delivery is one thing, but where the NX likewise shines is in its exceptional road-holding manners. The front MacPherson strut/lower arm and rear double wishbone suspension has been tuned to perfectly balance ride and handling. The springs, stabilizer bars and bushings have been tweaked for improved turn-in response and steady-state cornering while the finely tuned shock absorbers help deliver that trademark Lexus buttery-smooth ride.

Inside, you’ll find a very spacious and artisan-crafted cabin where most of the surfaces you can touch are leather-covered and plushly padded. Nearly all the controls and switches inside the NX, including the drive mode selector, shift knob and door handles, have a metallic satin finish, enhancing the premium look and feel of the cabin.

On the center console is an enlarged touch pad with a thoughtful padded and leather-covered wrist support, a charger tray for wireless smartphone charging, and USB ports with higher amperage for faster charging. The beautifully minimalist analog clock nestled within the A/C control display boasts a dark gray dial and satellite control, which automatically adjusts the time in different time zones.

On the safety front, eight air bags line the cabin while wide-angle cornering lights provide additional illumination when turning. Drive Mode Select also lets you choose from five different modes: Normal, Eco, Sport, Sport +, and Custom — the latter allowing you to decide on the car’s powertrain, Adaptive Variable Suspension, power steering, and air-conditioning settings. A foot-actuated power tailgate opens automatically for hands-free convenience.

The NX was designed to meet the expectations of those looking for a capable crossover that delivers an engaging on-road driving experience while still capable of tackling more challenging terrain. Knowing that you have a competent vehicle when the need arises is empowering. If the weather turns nasty or if road conditions degrade to less than ideal — two conditions that happen all too often in the Philippines — then having a vehicle that is more than up to the task of getting you to your destination without drama is indeed an asset. All that luxury, comfort, refinement and that legendary Japanese reliability are just the icing on the cake.

Free shipping, promos, and discounts mark 6.6 sale

SHOPEE Mid-Year sale, running from June 6 to July 7 (6.6, 7.7. Shopee has a penchant for repeating dates) will see users enjoying free shipping, daily ₱1 deals, and up to 20% cashback from certain brands.

“Shopee welcomes the second half of the year with a bang as we launch the Shopee 6.6-7.7 Mid-Year Sale,” said Martin Yu, Director at Shopee Philippines, during a press conference last week. “We’re proud of all the milestones we’ve achieved in the first half of the year, and starting with this campaign, we look forward to reaching new ones. With our supersized 6.6-7.7 Mid-Year Sale and TV Special, Shopee aims to spread joy to Filipinos, cater to their needs, and remain a valued partner to our brands and sellers.”

Mr. Yu made a case for brands to jump onto the platform. According to him, “Shopee saw its top-selling brands achieve up to thirty-fold uplift in orders,” he said. Meanwhile, at the last Mega Shopping Sale (3.3-4.4), Mr. Yu reported a six-fold increase in “items sold across the region.”

Mr. Yu also announced the regular payday sales at Shopee (every 15th day of the month, following the payday calendars of many companies). “We want Filipinos to look forward to payday shopping with the same anticipation and excitement as our monthly mega sales,” he said during the press conference.

Shoppers can look forward to discounts up to 90% on brands such as P&G Beauty, Olay, NIVEA Philippines, Abbott Philippines, Equal Philippines, Maybelline, Del Monte, Mentos and Chupa Chups, Colgate-Palmolive, Havaianas Philippines, Unilever Beauty, OPPO, vivo, Enfagrow, GSK, Deerma Official Store, Colourette, Revlon, The SM Store, Nestle, and Xiaomi.

A TV special hosted by Shopee Ambassador Willie Revillame, aired yesterday on June 6, was broadcasted live from Araneta Coliseum, and gave away P1 million and a house and lot; among many other prizes. — JLG

Cebu Pacific carries new batch of COVID-19 vaccines from China

FOURTH batch of vaccines brings total transported doses to 3.5 million.

CEBU Pacific on Sunday transported a million coronavirus disease 2019 (COVID-19) vaccines to Manila from China.

The airline transported this fourth batch of vaccines in partnership with the Department of Health to reach a total of 3.5 million doses sent to Manila from China and another 1.1 million doses to various part of the Philippines.

The vaccines were inspected by authorities on arrival on Sunday morning before being transferred to cold storage vans and facilities.

Cebu Pacific, operated by Cebu Air, Inc., also recently carried 51,800 vaccine doses to Puerto Princesa, Cagayan de Oro, Cotabato, Zamboanga, and Tuguegarao.

“We are keen to transport the vaccines, whether internationally or domestically, so that our national vaccination campaign meets its targets,” Cebu Pacific Chief Strategy Officer Alex Reyes said.

With the new shipment, the country has received around 6.5 million doses of the vaccine developed by Chinese firm Sinovac Biotech Ltd.

Airlines are eyeing simpler travel guidelines for vaccinated individuals to speed up the recovery of sectors affected by the pandemic. Cebu Pacific last month said that travel requirements should be standardized to ease domestic travel. — Jenina P. Ibañez

China to make climate information disclosure mandatory

CHINA aims to make disclosing climate and carbon emission information disclosure mandatory in the future, after first testing it with some commercial banks and listed companies, central bank Governor Yi Gang said.

“Our goal is to make a uniformed disclosure standard, and in the future, we will go in the direction of mandatory disclosure of climate-related information,” Mr. Yi said on Friday during a panel discussion at the Green Swan conference hosted by the Bank for International Settlements.

President Xi Jinping’s pledge to make China carbon neutral by 2060 means the world’s top-polluting nation will need a drastic shift from fossil fuel to clean energy. The People’s Bank of China is seeking to contribute to that change by developing green finance and addressing related financial risks.

To cut emissions, the country will need an estimated 2.2-trillion yuan ($343 billion) of investment every year by 2030, and the figure will rise to 3.9-trillion yuan for the three decades leading to 2060, Mr. Yi said in April.

The PBOC has conducted stress tests to assess climate risks and provided policy incentives for banks to extend loans for green projects, according to Mr. Yi. It is also assessing the impact on inflation forecasts from the economy’s transition to green energy, he said.

The PBOC will publish the stress test results in the future, according to Mr. Yi. The review is part of broader testing that the central bank plans to conduct on all 4,024 banks this year to gauge their readiness to deal with potential shocks.

Mr. Yi also said China’s green bond taxonomy is about 80% similar to a separate one produced by the European Union. The PBOC and the EU are working on converging their taxonomies for green investment, with the aim of publishing a jointly recognized classification standard by the end of this year, he said in March.

The PBOC is tasked to ensure the country’s transition to green energy is a smooth one, avoiding “sudden moves” that may trigger crises, Mr. Yi said.

China and other large developing countries need to set an emission cap and clear roadmaps as soon as possible, in order to show their determination and ensure their promises will be delivered, former PBOC governor Zhou Xiaochuan said in a speech earlier at the conference. China also must rely on more investment in research and development to cut emission, he said. — Bloomberg

IWC, Mercedes-AMG release titanium chronograph

The IWC Pilot’s Watch Chronograph Edition is enrobed in titanium. — PHOTO FROM IWC

A tried-and-tested partnership delivers on time

HERE COMES another attractive piece of wrist candy, courtesy of two internationally renowned brands.

After first forging a partnership in 2004, IWC (International Watch Company) Schaffhausen and Mercedes-AMG have consistently leveraged their reputation and expertise to produce memorable, desirable timepieces over the years. Beginning with the Ingenieur Collection AMG, a procession of significant releases and collaborations have followed — various AMG Special Edition models, cockpit clocks, other special edition watches, and racing projects, plus experiences as well. And, owing to the success of one Lewis Hamilton in Formula 1 racing, even casual observers today should be familiar with the IWC and its affinity with Mercedes-AMG.

Recently, another chapter was opened in the partnership, as the two European brands jointly revealed the IWC Pilot’s Watch Chronograph Edition “AMG.” The 43mm wristwatch is the first of its kind for IWC (with 85 years of history in this type of timepiece) to be encased in Grade 5 titanium, lending a matte-gray finish to the watch. Described IWC Schaffhausen CEO Christoph Grainger-Herr during the product’s recent global launch, “It’s a material directly derived from automotive engineering — a material that’s extremely hard, lightweight and very scratch-resistant indeed.” At the heart of the automatic-winding timepiece is IWC’s in-house 69385 caliber with a frequency of 28,800vph/4Hz and power reserve of 46 hours. It utilizes woven carbon fiber for its dial, something “directly derived from AMG’s aero components.” It gets black hands and a black leather strap, along with a sapphire crystal with an arched edge. This in turn receives anti-reflective coating on both sides.

Sub-dials count off hours, minutes, and seconds; and the racing-inspired black dial contrasts with the Silver Arrow-inspired sub counter calling to mind motorsport instrumentation. Flip the watch to reveal a tinted crystal case back emblazoned with a large Mercedes-AMG logo. A black embossed calf leather strap with contrast stitching and folding clasp keeps the watch on the wrist.

Mr. Grainger-Herr said that IWC’s affinity with everything automotive “runs really deep, and goes all the way back to history.”

Of the partnership with Mercedes-AMG, he explained, “(It) also has something to do with (our) unique location here in the east of Switzerland,” explained the executive. “We are removed from the western valley of Switzerland, much closer to the German automotive industry just up the road. Now, we’ve been a longstanding partner with Mercedes-AMG and there’s only a short one-hour motorway run that is connecting us to Affalterbach, the home of AMG.”

For his part, AMG CEO Philipp Schiemer declared, “IWC is our longest standing partner over 17 years. I think this is not usual in the industry, and I think the reason why is because we share the same values.”

Both companies admit to being technology-driven, while creating “very emotional products.” Mr. Schiemer continued, “With IWC you are not just looking at the time, you want to have a smile in your face. It’s the same with driving an AMG. When you enter the car, you don’t think about where to go. You just enjoy the ride.”

The Pilot’s Watch Chronograph Edition “AMG” is now available for pre-order from www.iwc.com, through IWC boutiques, and authorized retail partners.