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DTI, PhilDev launch programs to support startups 

THE Department of Trade and Industry (DTI) and PhilDev Foundation recently launched two programs that seek to support the growth of startups in the country.

On Jan. 12, the DTI and PhilDev introduced the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) programs to help local startups.

According to the DTI, the two programs will provide customized support such as coaching, mentoring, training, and workshops to address issues faced by local startups.

“Along with micro, small, and medium enterprises (MSMEs), startups are the bedrock of the economy. Hence, supporting startups would be crucial to create a huge pipeline of quality startups,” Trade Undersecretary Rafaelita M. Aldaba said.

The DTI said the IDEA program is for early-stage tech startups. The said program encourages collaboration among startups, mentors, investors, and the government to produce market-ready innovative science and technology products and services.

In contrast, the ADVanCE program is targeted at growth-stage tech startups. The program seeks to help the expansion of business operations and allow startups to deliver products and services that aim to solve societal needs.

“These programs are designed to nurture, develop startups, and ensure that they will become economic assets, as competitive job-generating platforms. In these programs, startups will access tailored workshops and mentorship from global talent, market readiness assessment, legal and financial support services, and many more,” PhilDev Foundation Executive Vice-Chairman Eric Tomacruz said.

The DTI said startups that are interested in the program can send their applications to PhilDev’s website until Jan. 17.

“Let us all work together towards increasing business ideas and creating committed founding teams with an aligned vision and high innovation potential. I also look forward to our strong collaboration with PhilDev and other partners towards the successful implementation of these programs and supporting our startups in their business venture journey,” Ms. Aldaba said. — Revin Mikhael D. Ochave

Rates of T-bills, bonds to drop

BW FILE PHOTO

RATES of government securities on offer could ease this week amid excess liquidity in the financial system.

The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, or P5 billion each in 91-, 182- and 364-day securities.

On Tuesday, it will auction off P35 billion in fresh 10-year Treasury bonds (T-bonds).

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said T-bill yields could ease in response to excess liquidity and the effects of slower inflation.

“The National Government’s cash position increased after P300-billion borrowing from the Bangko Sentral ng Pilipinas (BSP) as well as the retail Treasury bond issuance that could reduce the need for the government to borrow/crowd out in the local market,” he said.

Meanwhile, a bond trader said T-bill yields could drop by 5 to 10 basis points (bps), while bids for the new 10-year notes could range between 4.7% to 5.1%.

“It appears demand for government debt will remain at the short end with end users still purchasing T-bills. However, demand for notes especially those at the long end of the curve may not be as robust despite inflation coming in lower than expected and the BSP Governor saying that a rate hike is unlikely in the first half of 2022,” the trader said in a Viber message.

“This may be because investors are focusing on developments abroad such as the Fed looking to hike rates three to four times this year.”

Headline inflation in December eased to 3.6%, its lowest in a year, from the 4.2% recorded in November as food and transport costs slowed.

The December print brought the 2021 average to a three-year high of 4.5%, breaching the 2-4% target of the central bank as well as its revised 4.4% forecast.

US Federal Reserve Governor Lael Brainard last week said interest rate hikes could start as soon as the US central bank ends its bond purchases, which is set for March.

The International Monetary Fund said emerging economies should prepare for a US Fed policy tightening that could rattle financial markets.

At the secondary market on Friday, the 91- 182- and 364-day T-bills were quoted at 0.9438%, 1.1246%, and 1.4809%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the 10-year bonds fetched a yield of 4.8243%.

The Treasury last week raised P15 billion as planned via the T-bills it offered as total tenders reached P73.58 billion, almost five times the initial offer and higher than the P71.05 billion logged a week earlier.

Broken down, the Treasury bureau raised P5 billion as planned via the 91-day securities from P23.7 billion in bids. The three-month debt paper fetched an average rate of 0.969%, down by 10.6 bps from the 1.075% seen previously.

The BTr also borrowed P5 billion as planned from the 182-day securities it offered on Monday from P24.98 billion in tenders. The average rate of the six-month T-bill fell by 14.8 bps to 1.121% from 1.269% previously.

Lastly, the government made a full P5-billion award of the 364-day debt papers as bids reached P24.9 billion. The average yield on the one-year instrument stood at 1.468%, down by 13.2 bps from the 1.6% fetched a week earlier.

The BTr plans to raise P200 billion from the domestic market this month, or P60 billion via T-bills and P140 billion from T-bonds.

The government borrows from local and external sources to help fund a budget deficit seen to hit 7.7% of gross domestic product this year. — Jenina P. Ibañez

Here comes the sun

Seiko’s PHL edition watch looks to the sunrise

A WATCH exclusive to the Philippines tells us to look past these troubled times and look to the sunrise.

Seiko’s SRPH38K1 Prospex watch was unveiled at an online event last week. This piece follows the heels of the first Philippine edition Prospex, the SRPF33K1, launched in 2020. That first watch was inspired by the Tubbataha Reef. The SRPH38K1, meanwhile, is inspired by the sunrise.

It has a sapphire crystal with magnifier, a water resistance of 200 meters, 24 jewels, Day/Date display, stop second hand function, and an automatic movement with a manual winding capacity using Caliber 4R36. Its dial is a bright yellow, meant to evoke sunlight.

There are only 1,000 pieces in the market, with each costing P31,000.

Watch collector Jordan Bergantin, a speaker during the launch, said about the SRPH38K1, “What makes it unique is its color and the fact that it’s exclusive for us Pinoys.”

During the event, Seiko also unveiled the Prospex  SLA055 and SLA057, made with Seiko’s high grade steel and Zaratsu finish. The 055 only has 1,000 pieces in circulation, while the 057 only has 600 in circulation. A portion of the sales made in the Prospex Save the Ocean series will go into marine conservation efforts as a part of the brand’s initiative to support this cause and advocate to stop climate change. — JL Garcia

CAMPI, TMA report 20% vehicle sales growth in 2021

CAMPI/TMA member companies sold a total of 268,488 vehicles last year. — PHOTO BY KAP MACEDA AGUILA

AS EXPECTED, 2021 — at least by the yardstick of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) — proved to be a “recovery year” for the auto industry.

The two associations’ most recent joint report revealed that member companies amassed total sales in the month of December 2021 of 27,846 units — a 5.3% increase versus the 26,456 units recorded in November. The December’s total takeup is the highest the group has mustered “since the pandemic hit the industry in March 2020,” according to its release.

CAMPI President Atty. Rommel Gutierrez stated, “Looking back at last year’s performance, the automotive industry has remained remarkably resilient with an overall growth of 20% compared with the same performance a year ago; that is no small feat, indeed.”

All told, CAMPI/TMA sold 268,488 units in 2021 — 20% more than the 2020 figure.

Toyota Motor Philippines Corp. (TMP) led December sales with 13,502 units (up 6.4% versus November’s 12,690 vehicles sold); it accounted for 48.49% of total sales for the month. For 2021, TMP sold 129,667 units — growing by 29.6% versus its 2020 performance when it moved 100,019 units. Overall, Toyota cornered 48.3% of sales last year.

In second place is Mitsubishi Motors Philippines Corp. (MMPC) with 4,065 vehicles sold in December — up by 3.8% versus the 3,918 units it delivered in November. The company accounted for 14.61% of sales in December. MMPC’s 2021 sales total is 37,548 or a 13.98% share.

Nissan Philippines, Inc. (NPI) is in third for the month with 2,240 units sold (down by one unit versus November’s 2,241 total). It accounted for 8.04% of CAMPI/TMA sales. NPI sold a total of 19,603 units in 2021 — 9.9% below 2020’s performance — and places fourth overall.

Ford Motor Company Philippines, Inc. (FMCPI) is in fourth place for December with 1,851 units sold, (slightly down from 1,860 in November). It accounted for 6.65% of total sales in November. Year 2021 unit sales total is 20,005 — good for third overall and 7.45% share.

Bringing up fifth place in December is Suzuki Philippines, Inc. (SPH), which attained 6.56% market share for the month as it sold 1,826 vehicles — 10.1% more than its November sum of 1,658 units. YTD, SPH is also in fifth place overall for the year as it sold 19,393 automobiles (accounting for 7.22% share).

“The industry remains optimistic for a continued recovery this year from the COVID-19 pandemic downturn as progress on inoculation has provided hopes for a better outlook for the wider economy, but ‘business as usual’ is still unlikely as challenges remain at hand,” Atty. Gutierrez concluded. — Kap Maceda Aguila

Philippine Business Bank taps PLDT Enterprise for telco services

PLDT Enterprise has partnered with Philippine Business Bank (PBB) to support the latter’s operations amid the coronavirus disease 2019 (COVID-19) pandemic.

In a statement, PLDT Enterprise said it is supporting the telecommunication needs of PBB, allowing the bank to continue its services despite the pandemic.

“One of the things that we have, I think, did properly was to partner with PLDT Enterprise. That partnership has ensured us as to the continuity, the connectivity, and most of all, the reliability in being able to comply with our Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP),” PBB President and Chief Executive Officer Rolando R. Avante said.

“During this pivotal change, what is important is that the connectivity is being supplied to us on a higher percentage. From our experience, it has risen to as high as 95-97% and this is important for all our branches for the processing of the transactions. It enables our clients to avail the products and services of the bank on a regular basis,” Mr. Avante said.

PLDT Enterprise recently launched its Unbreakable Commitment campaign, which highlights its partnerships with various institutions across the Philippines.

The said campaign is also part of PLDT Enterprises’ commitment in enabling organizations via digital transformation and technologies.

“PLDT Enterprise has been empowering industries to make them more resilient and agile in adapting to the challenges of the next normal. With our digital solutions and innovative technologies, we are delighted to support our partners in making their unbreakable commitment of serving their stakeholders across different business conditions,” PLDT and Smart Enterprise Head Joseph Ian G. Gendrano said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

CIC to give access to credit reports via more channels

CREDIT Information Corp. (CIC) will allow access to credit reports through financial institutions to streamline the process, its president said.

“This will expedite the process of getting a credit report which is currently available only through CIBI Information, Inc., one of our accredited credit bureaus,” CIC President and Chief Executive Officer Ben Joshua A. Baltazar said in a statement.

The offering is expected to start within this quarter.

Once operational, accessing entities may tap the CIC database or get access to credit reports through accredited credit bureaus such as CIBI Information, Inc. CRIF Philippines, and TransUnion Information Solutions Philippines. These financial institutions can then provide the credit reports to their clients.

The move will be in line with findings from a survey done last year, which showed that over 50 accessing entities of the CIC are interested in enabling their clients to access credit reports directly through them. These include banks, leasing companies, private financing companies, microfinance firms, as well as a government financial institution.

The CIC is in talks with financial institutions to develop an efficient process of issuing credit reports to clients.

Disputes on any erroneous, incomplete or outdated credit data may be forwarded by consumers to the online resolution process system of financial institutions, the CIC said.

“Apart from driving fresh consumer interest to their institution — be it physically or virtually — this initiative is an avenue for our accessing entities to engage their clients during this pandemic,” Mr. Baltazar said.

There are 130 financial institutions authorized to access basic credit data from the CIC as of Dec. 28. Meanwhile, 662 institutions are submitting data to the agency.

In August 2021, the CIC adopted a wholesale pricing scheme for financial institutions that tap the agency for credit reports. — LWTN

Lacoste snaps back at M&S in lawsuit over crocodile trademark spat

FIRST caterpillars, now crocodiles — Marks & Spencer (M&S) Group Plc is embroiled in another trademark battle over the shape of a creature.

Lacoste sued the British retailer over allegations it’s infringed its famous crocodile logo by using similar images on dungarees to duvet covers, and even a kid’s bucket hat.

Lacoste said in the suit filed at a London court that it had written to the storied retailer last year demanding it cease advertising and selling of the goods. Marks & Spencer refused. The French fashion brand has now asked a London judge to impose an injunction against the chain and an order to destroy all items bearing the crocodile at its own expense.

It’s not the first spat over creature trademarks that Marks & Spencer has found itself. The retailer sued grocery rival Aldi, over allegations it copied its iconic Colin the Caterpillar cake with a similar looking sweet, tasty treat called Cuthbert.

“Animal prints are incredibly popular with our customers and last season selected ranges included decorative crocodile patterns,” a spokesperson for Marks & Spencer said by e-mail. Part of Lacoste’s claim relates to products that featured in Marks & Spencer’s Roald Dahl collection, most of which has been sold. The retailer has previously featured other creatures from children’s author Roald Dahl’s stories on its products.

“All of these products were created independently of any other retailer and we’re confident are unique to M&S and will robustly defend against the claim,” the spokesperson said. It’s yet to file its defense papers.

The Lacoste brand was created in around 1933 by tennis player René Lacoste who was nicknamed “the Crocodile,” lawyers for the French company said in their filing. Marks & Spencer “had no due cause to adopt branding which is likely to cause confusion, to give it an unfair marketing boost.”

A spokesperson for Lacoste didn’t respond to a request for comment. — Bloomberg

Suzuki ‘Ride Your Adventure Promo’ offers deals on 3 models

PHOTO FROM SUZUKI PHILIPPINES

SUZUKI PHILIPPINEs (SPH) kicks off the new year with its “Ride Your Adventure Promo.” The country’s pioneer compact car distributor holds its campaign for the entire month of January.

“Suzuki welcomes the new year with renewed hope and a reinvigorated desire to elevate the level of service to our loyal patrons, past, present and future, to newer heights,” shared Suzuki Automobile Division Vice-President and General Manager Keiichi Suzuki. “We are truly excited for what 2022 has in store for the ever-growing Suzuki family, in terms of potential growth and reach across the country.”

The campaign dangles low down payment deals and generous cash discounts on the Ciaz, all variants of the Vitara AllGrip, and the Suzuki Dzire. The Ciaz GL AT is being offered with a low down payment of P29,000, and a cash discount of P100,000. The Vitara AllGrip, bannering “power, efficient performance, and advanced features,” is available with low down payment of P69,000 and/or a cash discount of P250,000. Finally, the subcompact sedan Dzire is available for as low as P39,000 down payment, and with a discount of up to P60,000.

For more information, visit any of the 72 Suzuki Auto dealerships nationwide or http://suzuki.com.ph/auto/. Like Suzuki Auto Ph’s Facebook page at https://www.facebook.com/SuzukiAutoPh, follow on Twitter at https://twitter.com/SuzukiAutoPh, and Instagram at @suzukiautoph.

No Jack Animam for Gilas women’s team in SEA Games

JACK Animam in action in Serbian League. — JACK ANIMAM FB PAGE

THE Gilas Pilipinas women’s team will be in for a tough title defense bid in the Southeast Asian  (SEA) Games this May with the expected absence of seasoned anchor Jack Animam.

Ms. Animam last week went through ACL surgery after an injury-hit campaign in Serbia, leaving a huge hole in the Gilas squad that is out to capture a second straight gold medal in Hanoi, Vietnam.

“Jack’s recovery would take at least six months so we may not have her for the SEA Games,” coach Pat Aquino told The STAR.

“It will be a hard one without Jack, but we will do our best. The rest of her teammates will do everything to get that gold again,” he added.

Ms. Animam, the 6-foot-5 ace, led the Philippines to a twin-gold medal harvest in 2019 by ruling the traditional 5-on-5 event and the inaugural 3×3 hoopfest.

The National University standout since then embarked on an international journey with stints in Taiwan for Shih Hsin University (SHU) and in Serbia for Radnicki Kragujevac.

Ms. Animam steered SHU to a perfect championship run and made a solid impression in Serbia behind a double-double average of 20.0 points and 14.3 rebounds before suffering an unfortunate injury last month.

Without her service this time for the SEA Games, Aquino will bank on a hybrid unit led by veterans Afril Bernardino and Janine Pontejos as well as young bloods Ella Fajardo and Camille Clarin. — John Bryan Ulanday

Fertilizer prices seen dictated by importers in absence of price caps

ATLASFERTILIZER.COM

By Luisa Maria Jacinta C. Jocson

THE Fertilizer and Pesticide Authority (FPA) said the high price of fertilizer reflects the market power of importers after the removal of price caps that came with the industry’s liberalization.

“Because of the Trade Liberalization Act, (we) cannot impose a price ceiling in the sale of fertilizers. It is the importers who set the price,” the FPA’s Fertilizer Regulations Division (FRD) said in an e-mail interview.

The FRD declined to name an official to attribute the interview to, saying that its answers are based on consolidated input from several persons.

According to the FPA, the fertilizer trade was first deregulated in 1981 through the removal of procurement controls, the scrapping of the government’s price-setting functions, and the withdrawal of an import licensing scheme for fertilizer.

The government has since “stopped imposing import quotas for fertilizer and reduced the corresponding import duties and tariffs on fertilizer imports.” The subsequent deregulation measures were outlined in a 1986 FPA memorandum circular.

In the memorandum circular, the FPA relinquished its control over the procurement of fertilizers, particularly on the determination of import requirements, the allocation of import volumes, and the management of tenders for fertilizer imports.

As a result, the FPA lost its power to set prices and “assure the agricultural sector of adequate supply of fertilizer and pesticide at reasonable prices.”

The coronavirus disease 2019 (COVID-19) pandemic also set off a scramble in various countries to ensure they have adequate supply to ensure food security.

“For instance, big countries like India, Australia, and Brazil have (greater) fertilizer demand than their pre-pandemic requirement,” the FPA said.

“The recent gas shortage in Europe also made domestic fertilizer manufacturers cut production due to higher energy prices. The region now has to compete for the global fertilizer (supply). Fertilizer prices in North Africa… and the Middle East have been also moving upward,” it added.

With the rise in energy prices, fertilizer manufacturers in China have also reduced their operations. “The Chinese government also made the decision to reduce carbon emissions in preparation for hosting the 2022 Winter Olympic Games. Reduced energy and carbon use now means reduced fertilizer production,” the FPA said.

China’s inspection and quarantine policy also effectively cut fertilizer exports by making the application process more complex.

“China, the largest supplier of Philippine fertilizer imports, has allocated their fertilizer production for their domestic use,” the FPA said. “This resulted in reduced fertilizer exports to the Philippines.”

The FPA is proposing a 25% increase in the fertilizer subsidy to encourage increased production.

“The government must subsidize cooperatives and associations by (also) providing loans on zero interest,” the FPA said. “This would increase local fertilizer supply and promote market competition to balance local prices.”

The FPA said the government needs to provide guidance on pricing imported fertilizer to set a baseline for price monitoring.

Italy bans truffle hunting after swine fever outbreak poses risk

REUTERS

IN AN unusual twist of culinary fortunes, a swine-disease outbreak in Italy means the harvest season for its renowned truffles is getting cut short.

African swine fever was detected in wild boar this month in the country’s northwest. To quell further spread of the illness, which is highly contagious and fatal for pigs, officials issued a six-month ban on activities from mushroom-collecting to hunting and mountain biking to keep people from areas where the boar roam.

That includes scouting for truffles, the prized mushrooms shaved on pasta and infused in oils that can cost thousands per kilogram. Italy’s Piedmont region, where the infected pig was found, is famous for the delicacy and hosts an annual showcase in Alba for haute cuisine fans. Truffles grow on tree roots and are often scouted deep into the forest, with dogs trained to sniff out their musky scent.

The restrictions — announced this week by the agriculture and health ministries — are being enforced in some municipalities and are likely to expand across the region, according to Daniele Stroppiana, a truffle hunter and merchant in Piedmont. January marks the end of the season for white truffles, the most expensive variety which has sold at €6,000 per kilogram this year. But the ban will hurt the harvest for lower-valued black truffles that runs through March.  

“We hope that the ban won’t help the import of truffles from abroad. Slovenia, Croatia, Romania and Iran are producers,” Stroppiana said by phone.

Truffle markets have been upended in the past two years as the pandemic shuttered restaurants and halted tourism, curbing demand for high-end food. Stroppiana said he secured a special permit for truffle searching during the lockdowns, but buyers were lacking.

Still, the new collection limits could ultimately aid future harvests of the elusive mushrooms.

“Truffles would rest for a season and there may be more the next year,” Stroppiana said. “Intensive collecting is making truffles more difficult to find than before. A rest would be bad in economic terms, but not for natural cycles, for sure.” — Bloomberg

Data of Globe customers can be donated to Odette victims 

GLOBE.COM.PH

CUSTOMERS of Globe Telecom, Inc. can now convert their unused data into rewards points that can be donated to victims of Typhoon Odette.

The telecommunications company said that starting Jan. 15, its customers can go to the rewards section of the GlobeOne app and convert data from the account of their choice to help typhoon victims via donations.

“Data conversion is as follows: 1 gigabyte (GB) = P10; 5GB = P50; (and) 10GB = P100,” Globe said in a statement.

“Mobile customers both prepaid and postpaid, as well as home broadband customers both prepaid and volume-based postpaid, can convert their points into donations via the new GlobeOne app,” the company added.

According to Globe, the donations will be used in the relief efforts of Ayala Foundation, GMA Kapuso Foundation, Rise Against Hunger Philippines, Tzu Chi Foundation, ABS-CBN Foundation, and PGH Foundation in areas affected by Typhoon Odette.

The telecommunications firm added that donations via Globe rewards and GCash are still open for interested individuals.

“Our aim is to arm our customers with as many options as possible to help and reach our kababayans (compatriots) affected by Typhoon Odette — all from the safety of their homes. This first-in-the-industry Data-As-Currency offer gives our customers means not only to maximize their data subscriptions, but also extend a helping hand,” Globe Chief Commercial Officer Issa Guevarra-Cabreira said. — Revin Mikhael D. Ochave

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