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Mane points

A new logo, an upmarket move, and electrification are in the cards for Peugeot

WHAT’S IN a logo?

“Every one of us loves brands, and we immediately recognize a brand by its logo,” said Peugeot Brand CEO Linda Jackson, during the global reveal of the French car maker’s newest insignia. If you’re counting, it’s only the 11th iteration of the brand’s emblem since it opened shop back in 1850. “But it’s not just about a logo, but adding value (and conveying that) our brand is desirable.”

The reimagined symbol is expected to first appear on a vehicle through the all-new Peugeot 308 sedan to be launched this year, and will systematically roll out to the company’s global network of some 1,500 sites. Peugeot Design Director Matthias Hossann said he expects completion by the end of 2022 or 2023.

The new marque, a roaring lion graphic ensconced within a coat of arms, was created in house by the Peugeot Design Lab. In concert with the debut, Peugeot will mount a worldwide campaign in support of the new graphic and, more importantly, to convey its aspirations connected to brand values.

Ms. Jackson spoke of “turning time into quality time,” referring to improving the experience of the customers across all Peugeot touch points and not just in the vehicles themselves. The brand also metaphorically fancies its clients as lions. Lions of the past commanded influence and money; today’s lions “now have full control of their own time.” The executive said that, over the last decade, Peugeot has been hard at work toward achieving one goal: to create value and new engagement with customers.

Another key message that Peugeot wants the world to know is its “bold electrification strategy and its desire to enhance the ownership experience through pioneering new technologies.” The company envisions to electrify 80% of all its cars sold in Europe by the end of the year — and complete the electrification by 2025. Note that this timetable might not necessarily apply to our region. Still, it’s about going “full watt with electrification,” maintained Ms. Jackson, to make mobility engender a “safe, fun, and responsible future (for) customers all around the world.”

The brand is also looking at going “upmarket” — perhaps in anticipation of its electrification move. “We’re stepping out of the ranks of generalists,” continued the executive, into a “true high-end generalist… our upmarket move finds its first expression today.”

Peugeot has adopted the new logo into its websites, and promises to present an appropriate lifestyle collection of clothing and accessories later this year.

Replying to a question from the media, Ms. Jackson said that the logo change had been in the plans for a while, and is not an initiative following Peugeot’s integration into Stellantis, formed by the merger of Fiat Chrysler and the French brand earlier this year.

So what’s in a logo?

“In one fell swoop it embeds our legacy, our present, and our future,” concluded Linda Jackson.

2GO Group says business may start to recover in latter part of 2021

By Arjay L. Balinbin, Senior Reporter

WITH the coronavirus vaccine rollout seen happening soon, 2GO Group, Inc. expects its business to start recovering in the latter part of the year, its chief operating officer said.

The vaccine rollout “will improve our business outlook as travel accounts for about 15% to 17% of our business,” 2GO Group Chief Operating Officer Waldo C. Basilla told BusinessWorld via e-mail on Feb. 23.

“However, we’re expecting it to happen in the latter part of 2021,” he added.

The vaccine rollout is seen to result in a more lenient transportation system and more people getting employed and going to work.

“The opening up of the economy will also drive manufacturing and consumption. This will allow us to support our customers in production, as well as allow us to support the transportation of finished goods for both B2B (business-to-business) and B2C (business-to-customer),” Mr. Basilla said.

The pandemic crisis has forced 2GO to look at its business in a different way. “We organized our business to cater to the ‘new normal’ or the ‘next normal,’” Mr. Basilla noted.

“We have rationalized our business and streamlined our operations to achieve a much lower cost base. We have introduced specialized solutions that are relevant to the ‘next normal,’ and more importantly, we have also introduced new technology on warehousing and transportation that increases product availability, time to market, and product visibility,” he explained.

The company sees the length of recovery to be a critical challenge. “I think it’s not going to be immediate, so we have to be financially prudent, while we continue driving operational efficiencies,” Mr. Basilla said.

“We also need to continuously innovate to meet the new demands of the market, and continuously win,” he added.

2GO Group announced last week that it recently started servicing pharmaceutical and e-commerce companies with its “alternative to air freight” called 2GO CabinCargo.

The company’s new service promises to deliver products to consumers at the key ports of the Visayas and Mindanao “within five days.”

The listed company’s total revenue for the first nine months of 2020 stood at P13.69 billion, 15.6% lower than the amount reported in the same period in 2019.

2GO Group saw its nine-month shipping revenues drop 45.1% to P3.06 billion. Revenues from logistics and other services went down 14.5% to P4.29 billion, while the goods segment generated P6.33 billion, 12.7% higher than the previous year’s figure.

The company said its various business units have been “significantly affected” by the community quarantine measures, which resulted in limited business operations.

T-bill rates to rise as demand weakens

RATES OF THE Treasury bills (T-bills) on offer this week could increase further as investors become more concerned over high inflation and with demand seen to weaken as the retail Treasury bond (RTB) sale continues.

The Bureau of the Treasury (BTr) is looking to borrow P20 billion via its offer of T-bills on Monday: P5 billion each from the 91- and 182-day debt papers and P10 billion via the 364-day instruments.

Bond traders interviewed last week expect the yields on the short-term papers to move sideways or increase by five basis points (bps).

“For [this] week, our prediction is sideways to higher by five basis points because the demand for the T-bills now is very weak, coupled with high inflation,” a trader said by phone on Friday.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said on Friday that inflation likely settled between 4.3% and 5.1% in February, faster than the two-year high of 4.2% in January and beyond the 2-4% annual target.

Mr. Diokno said the expected pickup in prices is due to the continued rise of fuel and food costs. He said the central bank expects inflation to breach the four-percent level until the third quarter as supply side issues remain.

Meanwhile, another bond trader sees the T-bill rates increasing further as the local bonds track the sustained yield uptick in US Treasuries.

“The market is factoring in expectations for local inflation as well as rising interest rates in the US. Economic data in the US show signs of progress in their recovery,” the trader said.

The benchmark 10-year Treasury note on Thursday shot to a one-year high of 1.614%, a move that rocked world markets, Reuters reported.

Yields on the 10-year note fell steadily throughout Friday’s session to trade 11.7 bps lower at 1.3981%.

“The market is also anticipating the eventual lifting of restrictions as some think MGCQ might not be that far away. Despite some delay, the vaccines may also have an effect on the lifting of restrictions and recovery of the economy,” the second trader added.

President Rodrigo R. Duterte last week rejected the economic team’s suggestion to put Metro Manila under the most relaxed form of quarantine starting March, formally known as the modified general community quarantine (MGCQ), until the government’s vaccination program starts.

Economic managers earlier argued that looser mobility restrictions will help the country recover faster.

The first trader also noted that demand for the T-bills has weakened and will continue to do so as money shifts to the Treasury’s ongoing retail bond sale.

The government is selling three-year RTBs until March 4, unless the offer period is closed earlier. The bonds carry a coupon rate of 2.375% and are being sold for a minimum investment of P5,000.

The Treasury sold an initial P221.218 billion in the RTBs at the rate-setting auction held on Feb. 9.

The BTr made a full P20-billion award of the T-bills auctioned off last week even as rates increased across the board after months of decline.

Broken down, the Treasury raised P5 billion as planned from the 91-day debt papers, with tenders reaching P12.613 billion. The three-month papers fetched a higher average rate of 0.875% against the 0.845% seen during the Feb. 15 auction.

It also borrowed the programmed P5 billion via the 182-day T-bills from P13.127 billion in bids. The average yield of the six-month instruments inched up to 1.067% from the previous rate of 1.046%.

Lastly, the government made a full P10-billion award of the 364-day securities on offer last week as tenders hit P24.311 billion. The average rate of the one-year bills climbed to 1.527% from 1.416% previously.

At the secondary market on Friday, the three-month, six-month and one-year papers were quoted at 0.996%, 1.113%, and 1.556%, respectively, based on PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The BTr wants to raise P160 billion from the local bond market this month, broken down into P100 billion of T-bills to be offered weekly and P60 billion via auctions of Treasury bonds every other week.

The government is looking to borrow P3 trillion this year from local and foreign lenders to help fund its budget deficit seen to hit 8.9% of gross domestic product. — B.M. Laforga

Milan Fashion Week: Fun with fashion

IF Milan Fashion Week this year is an indicator of anything, it’s that we can still have fun.

Italy was one of the hardest-hit regions of the coronavirus disease 2019 (COVID-19) pandemic, and last year’s Milan Fashion Week sort of predicted the disasters of 2020, with looks nodding at the opulence of periods that saw pride before their fall.

This year the fashion houses of Milan are dusting themselves off, and this time, the looks are a little bit more optimistic.

MOSCHINO
It’s always fun at a Moschino show, with full-on glamor and a charming insouciance. The same words could be used to describe The Women, George Cukor’s 1939 film about American socialites starring Norma Shearer, Joan Crawford, and Rosalind Russell. Dressed to the nines for the 1930s, the all-female cast exchanged painful barbs: “I’ve gotten you into some of our very best homes,” says one. “Yes, for some of their very best insults,” replied another. Norma Shearer says, “I’ve had two years to grow claws mother. Jungle Red.” It is from this line that Moschino gets the title of its FW2021 collection, Jungle Red. It even directly references The Women.

Moschino’s show is an homage to the Technicolor fashion show scene in the otherwise black-and-white 1939 film, and quotes that scene’s opening lines word for word. Surely we’re in for a spin when Burlesque performer and vintage clothing enthusiast Dita von Teese is in the house. The music has that cheery music indicative of the period they reference, and Art Deco opulence predictably appears on the runway, with pinstripe skirt suits with broad shoulders. There are multiple nods to Surrealist fashion designer Elsa Schiaparelli here (although her playground was in Paris, with her rival Coco Chanel). There are houndstooth suits printed with numerals, and wide-lapelled suits with zippers (Schiaparelli was one of the first designers to use zippers as closures in couture).

Moschino’s sense of fun comes to the fore with a segment dedicated to the countryside: there’s a darling puffed-sleeve ball gown printed with clouds; the skirt is printed with cows; and a model’s checked mint green suit recalls farming plots, and this one is paired with a windmill hat and cloud-printed shoes. Taking cues from the Great Depression of the 1930s, models are also shown in opulently styled suits and dresses, complete with hats, gloves, and handbags — printed with patterns from sacks (a trick used by poor women then to clothe their children).

In another segment, the ladies are taken to the safari, with such treats such as a golden alligator coat… with a tail, a flamingo floating on a black asymmetrical dress, and other animals like cheetahs and giraffes.

Finally, the film ends with a segment on evening dresses: another nod to Schiaparelli is seen in a handbag shaped like a boot (Schiaperelli made a hat shaped like a shoe), and other surrealist elements are seen: think a black dress studded with little golden bags and shoes, and a black dress studded with pearls in a pattern that forms only the suggestion of a necklace. Finally, Dita von Teese comes out in a red dress with a sweetheart neckline appliqued with little black sequinned sweethearts. She turns her back to reveal a cheeky heart-shaped cutout — that reveals her rear end, which is appropriately the show’s end.

Watch it here: https://www.moschino.com/us_en/fashion-show-fw21

FERRAGAMO
Ferragamo’s presentation has a futuristic slant, themed as it is about space. It takes cues from the 1960s space-race designs of André Courrèges, seen in the use of plastic and lots and lots of white.

Color comes in masculine hues of electric blue and acid lime. The masculinity continues in almost-utilitarian separates made of leather, showing the house’s mastery in the material’s manipulation. Some softness comes out in flowy garments in pink and lilac.

As for accessories, we’re noting a trend towards silver, so glossy they appear to be mirrors (the same trend appears on the Louis Vuitton runway from earlier this year). The collection is mostly sober, save for the last few pieces, where the models are painted in silver and dressed in chainmail.

See stills here: https://www.ferragamo.com/shop/aus/en/sf/winter-2021-looks

FURLA
Furla’s handbags for this season are easy on the eyes, by design. A link to a website furlaillusions.com/ shows a video of the Portagioia, a patent handbag with ladylike curves. It appears to have a kisslock closure. Meanwhile, it’s presented with calming music, with a backdrop of clouds and butterflies — a symbol of hope for a world locked in. This backdrop is reflected on the bag’s glossy surface and shiny hardware.

See it here: https://furlaillusions.com/

TOD’S
Tod’s plays with proportion and size in their show, featuring for example, a coat one closes by knotting the coat itself, baggy shorts, and oversized hobo bags. There’s also a play on texture with shearling, suedes, and sheer. Dainty little pumps and loafers are given bulky creeper soles, and aggressive pointed-toe, two-tone shoes are given little kitten heels.

See stills here: https://www.tods.com/ww-en/tods-world/woman-fashion-show-fw/looks.html

PRADA
Prada released a statement in 2019 that it will no longer use real fur in its collections, with the change taking effect for the SS2020 collections. They took it to heart, showing their FW2021 collection in a Rem Koolhaas-designed set of fake fur and marble.

Androgyny is the name of the game for the collection: female models are dressed like long-haired rich surfer dudes told to tone it down for the boardroom. Think pinstripes (certainly a trend) and creeper sole oxfords (take note).

On the other hand, there are multiple faux fur coats and faux fur wraps, shift dresses in a flowy fabric, and, finally, the return of the women’s jumpsuit (a trend that has gone up and down in recent years; but if Prada says they’re in right now; they are). The show ends with fully sequined iridescent coats.

Watch the show and view stills here: www.prada.com/ww/en/pradasphere/fashion-shows/2021/fw-womenswear.html. — Joseph L. Garcia

A City out of the city

Up the twisties of Tanay aboard the Honda City RS

WHEN WAS the last time you were at Pinto Art Museum, the contemporary and most-visited museum in Antipolo, Rizal featuring the art collection of Filipino neurologist and patron of the arts, Dr. Joven Cuanang?

If it’s been a while, now is a good time to revisit, as they’ve only very recently opened Gallery #7 — an impressively large additional space with lots of new, modern art pieces (paintings, sculptures, art installations — you name it) to add to their collection.

Now is also a pretty convenient season to go, as any possible traffic heading there is significantly reduced, thanks to the dawn of online classes and work-from-home arrangements. Moreover, the museum is large and airy, and is definitely not one of those crowded, high-risk areas. For a sum of P250 as an entrance fee per person, I find that it is a pleasurable and worthwhile experience for any art enthusiast or individual who would like to grow his or her knowledge in the arts.

As the art space is nestled in Antipolo, getting to Pinto Museum involves some long, curvy, uphill driving. It was therefore a brilliant idea for Honda Philippines to mark this as a destination drive to test one of their best-selling products in the country — the practical and super comfortable Honda City.

Now, Honda takes its product review opportunities quite seriously. So, in order to offer a more well-rounded test drive experience for the City, the company designed us a special drive route that had us depart from the Bonifacio Global City (BGC) in Taguig, drive through C5 into Marikina, and eventually uphill to Antipolo. We didn’t immediately drive straight to the destination though, and instead took a little detour — up the long, winding and hilly roads of Marilaque Highway in Tanay. These were mostly paved but also had small sections of rough road. This enabled us to better experience the performance, drive comfort, and fuel efficiency of the Honda City over a long, three-hour drive. Normally, the journey to Pinto Art Museum from BGC would only take about an hour or even less.

The latest-gen Honda City has always been one of my personal favorites in its market segment. It has always impressed me with its clever spaciousness combined with the ergonomics and drive quality ever present in a Honda. I have always argued that these qualities combined with a good engine had always justified that little extra you’d have to shell out to acquire a Honda. And well, the City is one of the brand’s most practical and affordable products in its lineup.

This time was more special for me though, because I got to drive the Honda City RS. I absolutely know what it feels like to be a college student or young professional who seeks that little extra excitement in a first car. And the Honda City RS is now here to serve this market and bring them some delight.

The sporty 1.5-liter RS CVT variant carries cool, exterior upgrades such as a glossy black front bumper and grille with, of course, the RS emblem displayed. It carries LED headlights and fog lights, and is also already equipped with daytime running lights. Sixteen-inch, specially designed alloy wheels make the RS immediately recognizable; while a glossy black trunk spoiler — also garnished with the RS emblem — decorates its rear.

If you drive a Honda, you can expect with no doubt that you’ll be controlling a well-engineered engine with great responsiveness combined with that extra perk of fuel efficiency. As usual, the RS also carries that classic Eco button you could use, should you wish to be mindful of your fuel consumption or simply concerned about your carbon emissions.

A quality in the RS that stood out for me was its very impressive handling — how it had not much body roll even during fast, downhill corners. Output of 121ps and 145Nm made the uphill climbs and overtaking maneuvers nowhere near a struggle. It was indeed an enjoyable journey driving up and down Tanay — and it actually reminded me how much I had missed the fun of this type of spirited driving since the onset of the pandemic.

As one can expect, the interior of the RS exuded an aura of sportiness — with its seats that combined leather and suede, black and red “racing style” stitching, its sport pedals, and a multi-information display with sporty red illumination.

All variants of the new City are now equipped with an eight-inch touchscreen display that supports Apple CarPlay, Android Auto, Bluetooth, and Weblink connectivity. The RS variant flaunts a keyless entry system with a push-button start. Furthermore, the RS is now also capable of a remote engine start, which is the first time this feature is being offered in any Honda City.

For a price tag of P1.058 million, the Honda City 1.5 RS CVT offers a first-time car buyer some extra excitement and more. You can never really go wrong with Honda’s driving dynamics and cabin comfort — and should you wish, you can even go greener (thanks to its i-VTEC engine) while you’re at it.

ABS-CBN shutdown pulls down its tech partner Stratpoint’s revenue despite increased demand

REUTERS

SOFTWARE company Stratpoint Technologies, Inc. said the shutdown of the broadcast operations of its partner ABS-CBN Corp. had heavily impacted its revenue last year despite the rapid increase in technology demand triggered by the pandemic crisis.

“The revenue decrease, a lot of it — I mentioned that ABS-CBN was a big client of ours — was due to ABS-CBN. We were actually impacted a lot by the shutdown of ABS-CBN,” Stratpoint Chief Executive Officer Mary Rose “MR” Dela Cruz said at an online briefing on Friday.

“There’s increased demand, but what happened was that a big client of ours really scaled down, she added, noting that it caused a decline of up to 30% of the company’s revenue last year.

Stratpoint saw a 62.5% year-on-year growth in revenue in 2019, and “it is looking forward to returning to that kind of growth,” Ms. Dela Cruz noted.

Stratpoint and its partner Amazon Web Services (AWS) faced the media on Friday to talk about their partnership and services through the Amazon Partner Network (APN), a global partner program focused on helping its partners build an AWS-based business by providing them with business, technical, and marketing support.

“Seventy-five percent of our revenue is AWS-related because 58 out of 78 of our current customers are on AWS,” Ms. Dela Cruz said.

Among the biggest clients of Stratpoint, aside from ABS-CBN, are UnionBank, P.J. Lhuillier, Unilab, Globe, Solaire Resort & Casino, and Singlife.

Stratpoint, as an AWS APN partner, is a builder of modern applications. It specializes in providing agile software development, cloud, data engineering, and artificial intelligence (AI) services.

According to Stanley Chan, head of technology partners at AWS, there are two categories of AWS partners: consulting partners (IT consulting and system integration) and technology partners (software and operating systems).

Among the competencies the APN uses to support its partners differentiate themselves in the market are industry expertise, solutions, and expertise that focuses on workload types.

Stratpoint is an advanced AWS APN consulting partner. “AWS has allowed Stratpoint to have separate business units such as Stratpoint Cloud and our data engineering units that are mainly driven by our AWS expertise and AWS workloads,” Ms. Dela Cruz said.

APN partners begin their journey by building and developing their practices such as creating a business plan and establishing goals, acquiring knowledge and expertise, and building their own AWS practice, Mr. Chan said.

He added that AWS also works with its partners to build ways to differentiate themselves in the market by helping them identify APN programs that will help accentuate their business area of focus and gain the validation they need to solve customer problems.

Stratpoint does AWS Enterprise Landing Zone for ABS-CBN, Lockton, and Solaire. It has also managed their cloud and supported their application development teams using AWS services, according to Ms. Dela Cruz.

“The demand for these technologies has really increased during this pandemic crisis. Companies realized that they have to shift a lot of their systems to the cloud for resilience,” she said. “The first order of the day of the pandemic was really a resilience question — that when disasters like a pandemic strikes, can I still continue with my business operations?” — Arjay L. Balinbin

Securing the digital space amid the new normal

By Marissa Mae M. Ramos, Researcher

THE RAPID growth in digital transactions has often been cited as the silver lining for economies currently constricted by lockdown restrictions due to the pandemic. Even so, this increase has also exposed businesses and households to an increased threat of cyberattacks.

In an e-mail to BusinessWorld last month, the Bangko Sentral ng Pilipinas (BSP) said the reported cyber incidents were higher compared with pre-pandemic levels.

“With the shift to digital financial services due to the pandemic, the cyber threat landscape has naturally evolved and brought in more opportunities for threat actors…,” the BSP said.

While the BSP did not provide specific figures, one can glean from other sources the extent of the increase in cyberattacks.

In the Asia-Pacific Online Policy Forum last August 2020, internet security firm Kaspersky noted the number of new malicious applications collected increased to 400,000 during the pandemic from 300,000 previously.

Kaspersky also reported in an e-mailed statement on Feb. 15 on cyberattacks aimed at the education sector the use of popular online learning platforms or video conferencing applications as lures. It noted users around the globe who encountered threats distributed under the guise of these applications reached 168,550 from January to June 2020, around 205 times more compared with the number of cases in the same period in 2019. As of January this year, the number of users encountering these threats rose by 60% to 270,171.

To counter these threats, BSP supervised financial institutions (BSFIs) were said to have implemented heightened security controls and processes such as multi-layered network controls, authentication controls, and cybersecurity awareness programs during the pandemic, the central bank said.

“While their tactics were constantly shifting from distributed-denial-of-service (DDoS) to malware attacks, these cyber threat actors heavily relied on social engineering attacks such as phishing,” the central bank said, adding that phishing attacks remain the top cybersecurity concern among banks and other businesses.

Bank of the Philippine Islands (BPI) Head of Enterprise Information Security Management and Data Privacy Jonathan B. Paz shared the same assessment: “Cybercriminals have taken advantage of the surge in the number of people using the bank’s digital platforms. This mass migration to digital channels induced more criminals to shift to phishing and other related scams,” he said in a separate e-mailed response to queries.

Mr. Paz classified three “generic” types of attacks seen during the pandemic: (1) state-sponsored attacks in the form of DDoS or ransomware; (2) wholesale attacks in the form of “advanced persistent threats” (APTs); and (3) retail attacks in the form of phishing, “vishing” or voice phishing, and SIM-swaps.

“Per the latest Interpol report survey covering 194 countries, the retail attacks comprise 59% of all reported attacks in 2020,” Mr. Paz said.

“For the phishing e-mails, there has been a surge of COVID-themed phishing attacks last year. Some of these include offering cures, preferential priority for vaccines, and other COVID-19 related matters,” he said, noting the phishing sites they took down in 2020 increased to as many as 500 a month from 300 previously.

Some victims fall for these phishing sites as these typically include the usual layout and graphics used by banks with promises of gifts and other promotional prizes. Links to the site and e-mail addresses used are also just slightly different from typical addresses in disseminating bank announcements and other information.

“Online scams are all about identity/credentials theft. Banks have implemented multi-factor and out-of-band authentication mechanisms, and encryption.  They have also tightened know-your-customer/onboarding processes to help ensure that clients are better protected by giving them more control over the access to their accounts,” Mr. Paz said.

In a separate e-mail, Maybank Philippines, Inc. President and Chief Executive Officer (PCEO) Officer-in-Charge Abigail Tina M. del Rosario said its incident response amid the pandemic evolved through the adoption of multi-channel and collaborative escalation and detection processes across all of its employees.

“Maybank Philippines adopts a vigilant 24/7 security operation center to monitor, detect and identify security threats; response to such incidents is therefore triggered right away, so incidents that could lead to a potential data breach is immediately contained, without compromise to operations and resources,” she said.

KEEPING LINES OPEN
Meanwhile, the BSP has also kept their lines open in communicating consumer concerns and complaints with the BSFIs, particularly when one has fallen to the schemes of these fraudsters. It has been a common practice to loop in the Consumer Affairs unit of the central bank in airing concerns to banks.

“[I]n order to provide a more accessible venue for the public to communicate their concerns, the BSP has recently launched an online consumer chatbot, named BSP Online Buddy or BOB, where the public can submit their concerns and questions regarding their transactions with BSFIs,” the BSP said.

“This is on top of the other available consumer assistance channels such as e-mail, snail mail, telephone/fax, and the Consumer Assistance Desk. Customer complaints received by the BSP’s Consumer Affairs unit are referred to the concerned BSFI for appropriate action,” it added.

Apart from raising consumer awareness, there has also been a campaign to continuously remind banks and other financial institutions of industry-wide best and up-to-date practices in improving cyber protection.

“Cybercriminal activities undermine public’s trust and confidence in the financial system… During the pandemic, the BSP’s approach in addressing cybersecurity challenges include providing a conducive environment for digital innovation, espousing vigorous cybersecurity measures, and promoting dynamic consumer protection mechanisms,” the central bank said.

There have also been baseline assessments of the pandemic’s impact to these financial institutions and their clients by constant surveillance of the operating and cyber threat environment, according to the BSP.

“From providing the necessary regulatory reliefs to fostering greater digital innovation, issuing coherent cybersecurity and technology policies, to ramping up cyber awareness campaigns for financial consumers, the BSP made sure that supervisory actions were risk-informed, data-driven and intelligence-led,” it added.

The Bankers Association of the Philippines (BAP) also launched the BAP Cybersecurity Incident Database (BAPCID) as an information-sharing platform in 2019 which “proactively counter emerging cyber threats and raise overall situational awareness.”

“Since the launching of BAPCID, participating BSFIs were able to have wider visibility on emerging cyber threats having access to threat intelligence reports and statistics. The BSP also uses the platform to share relevant cyber threat specific advisories and memoranda so BSFIs can proactively respond and do the necessary remediation to minimize potential impact and losses,” BSP said.

The central bank further stretched its cybersecurity efforts with a new framework to be introduced this year.

“The BSP is currently developing a Cybersecurity Capability Maturity Model (CCMM) Framework consisting of four levels to facilitate cyber maturity assessment levels of BSFIs, with Level 4 as the most mature and Level 1 as the baseline. With this framework, BSFIs can chart their own progress and pinpoint specific areas where they need to improve to move to the higher level,” the central bank said.

The regulator continues to closely monitor the capability of BSFIs to address evolving cyber threats and risks.

“For instance, cyber spending of BSFIs increased by as much as 43% from 2018 to 2019. This is a good indicator that BSFIs are putting greater emphasis on strengthening cybersecurity and in ascertaining the level of support and commitment of the BSFIs’ board and senior management on cybersecurity concerns,” said the BSP.

Maybank Philippines particularly enhanced its network and infrastructure cyber defense mechanism to strengthen its cybersecurity measures during the pandemic.

“As a leading financial institution within a global network, Maybank Philippines has long realized the impact of cybersecurity risks in its operations and have therefore made significant yet balanced investments in cybersecurity-related activities year on year,” Ms. Del Rosario said, noting the bank took proactive activities to ease risks as well as appoint and scout the right people for their cybersecurity team.

For BPI, Mr. Paz said the bank has intensified its focus and investment on heightening public awareness, saying cybersecurity is a “shared responsibility.”

“For fraudsters to be successful, they need user IDs, passwords, and the registered mobile numbers. The user IDs and passwords are usually captured via phishing e-mails and/or non-secure forms while mobile numbers are attacked either via taking control of the device (e.g., SIM swapping, device binding) and deceiving clients to divulge their OTPs or one-time-passwords,” he said.

“The best defense against these attacks is public awareness,” he added.

LANDBANK looking to expand lending program for small firms

LAND BANK of the Philippines (LANDBANK) will expand its lending program for small firms and cooperatives to help them recover from the impact of the pandemic — PNA.GOV.PH

STATE-RUN Land Bank of the Philippines (LANDBANK) plans to expand its lending program for small businesses and cooperatives further to extend credit to more borrowers at a lower interest rate.

LANDBANK said in a statement on Sunday that it will create a sub-credit facility under its lending program for micro, small and medium enterprises (MSMEs) and cooperatives called the Interim Rehabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19 or I-RESCUE program.

The new facility will allow MSMEs, cooperatives and self-employed individuals to take out at least P100,000 in loans or up to 85% of the working capital they need. The loan carries a fixed interest rate of 3% per annum and matures in three years.

“We are enhancing the I-RESCUE lending program to cover a wider range of key industries that need greater access to credit. LANDBANK is keeping in step with emerging requirements under the new normal in support of the country’s ongoing economic recovery,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying.

The program was created in April 2020 to help small businesses cope with the impact of the coronavirus pandemic by extending low-interest loans and restructuring schemes. It is available until the end of 2022.

LANDBANK has approved P6.95 billion of loans to 227 borrowers under the program as of January. Of this total, it has already released P5.28 billion to 167 MSMEs, 34 cooperatives, four microfinance institutions and three large companies.

LANDBANK received a P27.5-billion equity infusion from the government last month as authorized by Republic Act No. 11494 or the Bayanihan to Recover as One Act to expand its lending program for affected sectors.

The lender’s net income dropped by 7.57% to P17.1 billion in 2020 from P18.5 billion in 2019. — BML

Missoni, Fendi, Armani look to the future and past

MILAN — Italian brands Missoni and Fendi kicked off the first day of Milan Fashion Week last Wednesday, with designers once again forced to swap the buzzing catwalks for digital presentations due to the coronavirus disease 2019 (COVID-19) pandemic.

A year after Italy registered its first positive case of the coronavirus in the north, leading to the first lockdown in Europe, designers have had to find new ways to entice fashionistas with their creations.

Known for its zig-zag “Fiammato,” or flamed, pattern and colorful designs, Missoni was the first fashion house to stream a video of its latest womenswear, blending clothes for autumn/winter with those for spring/summer.

Filmed at Milan’s Assago Forum, a venue that has been shut for months, models re-enacted social gatherings from bowling games to catch-ups with friends.

They wore sparkling knits, loose trouser suits, long ribbed dresses and casual wear in an array of colors. Some donned hats and scarves while others modeled swimwear in the video, which was filmed as if in one continuous shot.

There was glittering party wear as well in what Missoni described as “a celebration of the return to a normal social life.”

“I mixed and matched pieces from different seasons to highlight the concept of wardrobe,” creative director Angela Missoni said in a statement.

Designer Kim Jones made his ready-to-wear debut at Rome-based Fendi, presenting a neutral- toned autumn/winter line.

Following in the footsteps of late designer Karl Lagerfeld, who collaborated with the brand for 54 years, Mr. Jones opened the presentation with a fur coat, a Fendi staple.

Coats, cropped knit tops, high-waisted trousers and pinstripe silk shirt dresses followed. Models wore utilitarian jackets, marbled silk or draped dresses and fringed scarves in pale pink, white, mink, grey and black.

Mr. Jones nodded to past creations of the Fendi family, who founded the brand in 1925, and Lagerfeld. “I’m taking the amazing, strong women who I both know and work with, and listening to their needs,” Mr. Jones said in show notes. “There’s a usefulness to the collection, explored in a chic, timeless way.”

It was during last February’s Milan Fashion Week that the town of Codogno, about an hour’s drive from Milan, was closed off as the virus took hold in the Lombardy region, which became the worst-hit in Italy.

Then, veteran Giorgio Armani held his show behind closed doors in an empty theatre. This season’s Milan Fashion Week runs until March 1, with brands such as Armani, Prada and Valentino sharing their collections videos on a digital platform.

EMPORIO ARMANI NODS TO 1980S
Giorgio Armani is taking fashionistas back to the 1980s for his fall Emporio Armani line, nodding to the era’s bright colors in his latest creations at Milan Fashion Week.

The veteran designer, affectionately called “King Giorgio” in his native Italy, presented plenty of hot pink and purple creations, high-waisted trousers and chunky jewelry in the autumn/winter 2021-2022 collection called “In the mood for pop.”

In a video presented at the virtual Milan Fashion Week on Thursday, models wore wide-leg trousers with suspenders, velvet jumpsuits and round-shouldered jackets and coats, some with boule buttons, others with shiny patterns.

Against a backdrop of the brand’s name lit up in colourful neon signs, models strutted down the catwalk to the sound of club music.

Black outfits had flashes of hot pink and purple appearing on jumpers, jackets, trousers, gloves and necklaces.

The 86-year-old put prints and embroidery on black dresses. Black evening gowns came in velvet or shimmered with sequins.

For men, there were loose trouser suits in black and grey, chunky knits and relaxed casual wear. Trousers were turned up at the bottom and blazers came without collars. For the evening, Armani presented black velvet suits.

Milan Fashion Week is a virtual event this season with designers sharing videos of their presentations on a digital platform instead of hosting the usual buzzing catwalk shows due to COVID-19 restrictions. — Reuters

The Toyota Innova gets a refresh

TOYOTA MOTOR PHILIPPINES (TMP) recently released the latest update of its popular multi-purpose vehicle, the Innova. Still belonging to the second generation first released in 2015, the new Innova (badged as a 2021 model) continues to be assembled in the Philippines — at TMP’s factory in Sta. Rosa, Laguna. The refreshed model is expected to further spur the sales of the country’s leading MPV, which has cumulatively sold some 240,000 units to date since its first introduction.

The Innova gets a new front grille flanked by LED headlamps and LED front fog lamps (for the V grade), and redesigned side turn signal lamps. A black outline distinguishes the rear combination lamps of both the V and G grades. The V trim additionally receives daytime running lamps (DRLs), 17-inch alloy wheels, plus push start and smart entry features; 16-inch alloys go on the G and E grades. Apple CarPlay and Android Auto compatibility are now standard on the V, G, and E.

“The new Innova has come a long way compared with its practical and well-loved predecessors — the Tamaraw FX and Revo. The MPV now prides itself with notable improvements in design and innovation that continuously evolved since its debut in the Philippine market in 2005,” said the company in a release.

The V and G grades feature a new two-tone Noble Brown/black interior; the V units get second-row captain seats. A foldable seat-back table with cup holder (for V and G variants) “give passengers a convenient place to put on-the-road snacks or gadgets and other items.” All Innova units come with SRS air bags (seven for the V variant), three-point ELR seat belts, anti-lock brakes with brake assist and electronic brakeforce distribution, vehicle stability control, and hill-start assist control. A reverse camera goes into all V and G variants, supplemented with clearance and back sonar, emitting an audible warning for guidance.

The Innova is now exclusively powered by Toyota’s reliable 2.8-liter diesel engine, with available Eco and Drive modes.

“The introduction of the New Innova could not have been timelier as the current situation has allowed us to appreciate moments shared with our families and loved ones,” said TMP First Vice-President for Marketing Sherwin Chualim. “As we slowly go back to the roads to rediscover the happiness of traveling together, it is important to have a car that can keep us safe, while providing power, comfort, luxury, and style. The new Innova has all that and more.”

Please see table for pricing of the new Toyota Innova.

For more information on the Innova, visit TMP’s official website at www.toyota.com.ph and follow the official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), @ToyotaMotorPH (Twitter), and Toyota PH (Viber and Telegram).

The Seashore Beach Club forges settlement deal with SEC

THE Seashore Beach Club, Inc., a company that sells membership shares, has entered into a settlement agreement with the Securities and Exchange Commission (SEC), the corporate regulator said.

The settlement comes after the commission in July 2020 issued an advisory against Seashore, warning the public against investing as it did not have a secondary license to sell shares of the membership beach club.

In Nov. 2020, Seashore submitted to the SEC a settlement offer amounting to P3.67 million, which is equal to 50% of the imposable penalty for its unauthorized investment solicitation activities.

The settlement offer was approved by the commission the following month.

“The approved proposal of Seashore states that the 30% down payment shall be paid immediately upon approval of the offer of settlement. The remaining 70% balance of the approved settlement offer amounting to P2,545,000.00 shall be paid in 6 equal monthly installments through the issuance of post-dated checks (PDCs) dated every last Monday of the month,” the commission said.

Seashore completed the 30% downpayment of the settlement agreement on Feb. 9, which amounted to P1.13 million. The balance will be paid through monthly payments of P424,166.67 from March until August this year.

The agreement will be effective once Seashore fully pays the amount due and upon the announcement of the SEC on its official website, the commission said.

“The above-captioned case is now deemed settled without determination of guilt on the part of The Seashore Beach Club, Inc. Accordingly, the SEC advisory issued against The Seashore Beach Club, Inc. is hereby lifted,” the SEC said.

BusinessWorld sought a comment from Seashore officials regarding the development, but representatives have not replied as of press time.

However, a resort manager said on a phone call on Sunday morning that the selling of the company’s shares will resume once the commission gives Seashore a certification. — Keren Concepcion G. Valmonte

Addressing consumer complaints in the new normal

JENNIFER L. DACANAY, a 48-year-old housewife wished to upgrade her credit card status. Unfortunately, she faced credit card fraud and lost some money in the process.

Just last December, Mrs. Dacanay received a phone call from someone posing as a bank officer and promised her with a “lifetime of free annual membership fee, an upgrade to the next tier (from Platinum to Titanium) and a P1,000 [gift certificate] to boot.” In the hopes of obtaining the upgrade, she agreed and met up with a said representative of the bank.

“I was out when he came to deliver the letter and [gift certificate] and so he asked my whereabouts and met me there. He gave me the letter, the [gift certificate] and also [took] my card which he ‘cut’ in front of me,” Mrs. Dacanay said in an e-mail interview to BusinessWorld.

Later on, Mrs. Dacanay received a phone call from the bogus representative that same afternoon and asked to disclose her phone PIN. “Because of this, they were able to successfully withdraw P40,000 from my credit card through its cash advance facility,” she said.

She immediately reported the incident to the bank hotline, but was informed by the bank that she was liable for the fraudulent transactions due to her disclosing her PIN to the perpetrator. The bank sent a replacement card within three to five days after being notified of her case.

Mrs. Dacanay’s case was one of the many incidents that were not elevated to the Bangko Sentral ng Pilipinas (BSP). The number of those that did reached 23,000 last year, the BSP told BusinessWorld.

Majority of the consumer complaints raised were categorized under deposits, credit card and money lending. Of that number, 25% were related to credit card concerns and 24% were online banking and automated teller machine (ATM) transactions.

“We think that the volume of complaints BSP received is an indication that more people are now more aware of the BSP’s Consumer Assistance Mechanism (CAM),” the central bank said.

CAM facilitates communication between the consumer and the BSP supervised financial institutions (BSFI) to address the former’s concerns. To aid the regulator in enforcing this mechanism, it launched on August last year the BSP Online Buddy (BOB), an online chatbot system. Once the consumer submits a complaint to the chatbot, the latter will then automatically refer the complaint to the concerned BSFI to which it is expected to directly respond via e-mail to the consumer filing the complaint and address it within a given timeline. 

According to the BSP, it processed more than 25,000 conversations from the public since its launch up until end-December 2020. BOB has referred around 3,000 complaints to BSFIs or 13% of the total volume of complaints received, which are also referred to banks concerned on the same date of the complaint receipt. On average, BOB processed 21 complaints a day last year.

The central bank also cited the BSP Regulations on Financial Consumer Protection (FCP) as among the programs launched by the BSP in dealing with consumer complaints.

“Pursuant to BSP Circular No. 857 as amended by Circular 1048, consumer protection standards must always be adhered to by BSFIs including the effective redress of consumer concerns. With the amended FCP framework, BSFIs are expected to institutionalize their redress mechanism and have in place an effective FCP framework and risk management system commensurate with their business profile/operations,” the BSP said.

The central bank added the amended framework also provides BSFIs “more flexibility” in adopting and implementing their FCP framework proportionate to their asset size, structure, nature of products and services provided, and the complexity of operations.

In time for digitalization, the central bank also initiated the Digital Literacy Program that remind consumers of the importance of protecting their online banking accounts. With assistance from a strategic communications firm and the BSP media relations team, tips and messages are constantly disseminated for the public’s knowledge. These campaign messages inform consumers how to start an online account, tips on creating strong passwords, keeping personal information confidential, and warning them of phishing e-mails and spoofed websites.

“The BSP is also continuously advocating the enactment of one of its top priority measures — the proposed Financial Consumer Protection Act. The proposed measure aims to institutionalize consumer protection standards by directing financial service providers to, among others, adhere to consumer protection standards of fair and respectful treatment of clients, transparency, privacy, and protection of client data and access to redress mechanism…,” the BSP said.

In a briefing, BSP Governor Benjamin E. Diokno said the bill will encompass the central bank’s goals in financial inclusion and education as well as good governance and tight supervision.

In fulfillment of strengthening the central bank’s consumer protection program, it has also taken steps to work with technical assistance partners to modify and improve data analytics for evidence-based decision making and an expansion of personnel to supervise its chatbot tool.

BDO FINDING WAYS
Just like any firm last year, BDO Unibank, Inc. had to adapt to the constraints imposed by community lockdowns as they operated at less than full capacity.

“Against this backdrop, we provided assistance to our employees in terms of transportation and accommodation, among others, to ensure more consistent attendance and allow us to cater to more customers and handle complaints effectively,” BDO said in an e-mail.

BDO noted common complaints from customers last year to be mostly related to electronic fund transfers and the adjustments made for loan repayment amortization schedules following the implementation of Republic Act 11469 or the Bayanihan to Heal as One Act which provided a 30-day loan holiday. This was in contrast to the year before wherein most complaints were “transaction-related” such as withdrawal issues and online/on-site transaction disputes.

“Complaints are received via the different channels of communication… such as BDO Customer Contact Center (calls and e-mails) and social media posts. These then go through a filtering process where cases are evaluated, sorted, and forwarded to the concerned business/fulfillment units for resolution, feedback, and service recovery action (when applicable),” BDO said.

“Banks can enhance their digital capabilities to enable them to meet the evolving demands of clients,” it added. — Ana Olivia A. Tirona

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