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Villar developing 2,000-hectare business district

EVIA Lifestyle Center facade, featuring Villar group brands such as AllAmerican, AllBikes, and AllHome. — PHOTO BY KEREN CONCEPCION G. VALMONTE

By Keren Concepcion G. Valmonte, Reporter

REAL ESTATE tycoon Manuel B. Villar, Jr. said he is developing a 2,000-hectare central business district in the southern part of the Greater Manila.

“This is going to be my biggest project,” Mr. Villar told reporters at a virtual briefing on Friday. “It’s much bigger than Vista; it’s much bigger than any project I’ve ever done.”

The 2,000-hectare business district, which is being developed through the Villar Land, is “going to be bigger than Makati,” the businessman noted. It will be “expandable” up to 2,500 hectares.

“I want this to be the biggest and the best,” he also said.

The development may be accessed through a new light rail transit line. The Muntinlupa–Cavite Expressway “cuts across” the project, Mr. Villar noted.

“You’ll be surprised that it is in the center of 11 cities,” he said, adding that the project is located along the boundaries of Parañaque, Las Piñas, Muntinlupa, San Pedro in Laguna, Bacoor, Imus, and Dasmariñas of Cavite. “[It] will be seen as the heart of 11 cities.

Some of the retail components have already been built along Daang Hari Road in Las Piñas, such as Evia Lifestyle Center, SOMO (South of Molino) – A Vista Mall, and NOMO (North of Molino) – A Vista Lifestyle Center. Mr. Villar noted malls under listed Vista Land & Lifescapes, Inc. have already eclipsed pre-pandemic foot traffic.

The development will be outlined by parks and plazas. It will also include a market, the “trading center of the South.”

“There is no rush to do an IPO (initial public offering), there is no rush to develop this,” Mr. Villar said.

MORE STORES, NEW CONCEPTS
Meanwhile, the Villar group launched more than 20 new brands and concepts recently, as it had to innovate after some retailers in its malls were hit by the public health crisis.

The new brands include Napa, San Marco, Dear Joe, Roma, SOMO Market, Global Market, Green Centrale, Pet Buddies, KAL, No Name, All Green, Get All, All American, Shieldtech, Yummy Bakes, All Bikes, Pet Café, Sombrero, All Digital, Bread Basket, Boston Chicken, and Crossing Café.

“I want to create Filipino retail brands that are world-class,” Mr. Villar said in Filipino. The new brands will be featured in Villar Land.

The group will continue to use its “premiumization” strategy for the retailers, the businessman noted.

Other Villar-led listed firms, AllHome Corp. and AllDay Marts, Inc., will be opening 10 more stores each next year.

REIT, COFFEE PROJECT IPO
The Villar group also intends to take several of its companies public next year through small IPOs, depending on market conditions.

Mr. Villar said the group is planning to take its homegrown café business Coffee Project to the capital markets.

The Villar group launched several Coffee Project spin-offs this year, including the Ruined Project in Tagaytay. Mr. Villar said they want the Coffee Project to have over 100 stores by next year from its current 64 branches.

The group is also planning to launch a real estate investment trust (REIT) early next year, which will include office developments. Some of the buildings have limited commercial spaces. It was previously said that the REIT unit will be launched this year.

“It’s okay that the REIT was delayed because rates and occupancy are starting to improve,” Mr. Villar said in Filipino.

Rates of Treasury bills, bonds to rise on strong US jobs data

BW FILE PHOTO

RATES OF government securities on offer this week could inch up this week due to improved US jobs data and concerns over the Omicron variant of the coronavirus disease 2019 (COVID-19).

The Bureau of the Treasury (BTr) will offer P10 billion in Treasury bills (T-bills) this week, broken down into P2 billion in 92-day instruments, P3 billion in 183-day debt papers, and P5 billion in 365-day securities.

The government will also auction off P20 billion reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine year and seven months.

Yield may inch higher due to improved US job data, which further strengthens the case for the Federal Reserve to quicken their tapering, a trader said in a Viber message.

The US Labor department on Friday reported that the unemployment rate dropped to a 21-month low of 4.2% in November, reflecting that the labor market is tightening, Reuters reported.

Meanwhile, nonfarm payrolls increased by 210,000 last month, the lowest increase since December 2020.

Developments on the Omicron variant could also affect yields, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The World Health Organization’s emergencies director Mike Ryan said there is not enough evidence to show the need for a new vaccine tailored for Omicron.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills were quoted at 1.2229%, 1.4583%, 1.6596%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the 10-year T-bonds fetched a yield of 4.9874%.

The Treasury made a full P10-billion award of T-bills last week as demand reached P37.65 billion, nearly four times the offer and also higher than the P33.76 billion in bids the previous week.

Broken down, the BTr raised P2 billion as planned via the 91-day debt papers with bids reaching P11.38 billion. The average rate of the papers slipped by 1.4 basis points (bps) to 1.164% from 1.178% previously.

The BTr likewise borrowed P3 billion as programmed from the 182-day T-bills as bids hit P13.98 billion. The tenor’s average rate went up by 0.6 bp to 1.449% from the 1.443% quoted in the prior auction.

The government also made a full P5-billion award of its offer of 363-day T-bills, with the papers fetching tenders worth P12.35 billion. The tenor’s average rate increased 0.8% to 1.636% from 1.628% previously.

Meanwhile, the BTr raised P35 billion as planned via its previous offer of the reissued T-bonds on Nov. 9, which attracted bids amounting to P55.37 billion. The papers, which have a remaining life of nine years and eight months, fetched an average rate of 5.13%, up by 44.1 bps from 4.689% previously.

For this month, the Treasury is eyeing to raise P70 billion from the local market, where P30 billion will be sourced from T-bills while P40 billion will come from Treasury bonds.

The government is looking to raise P3 trillion from both external and local sources this year to plug a budget deficit seen to hit 9.3% of the country’s gross domestic product. —L.W.T. Noble with Reuters

Retailers expect ‘handsome’ sales despite Omicron

By Revin Mikhael D. Ochave, Reporter

LOCAL retailers remain optimistic about strong holiday sales despite the threat of the potentially more contagious Omicron coronavirus variant.

Retailers are looking forward to “revenge spending” during the holiday season, said Steven T. Cua, president of the Philippine Amalgamated Supermarkets Association.

“Barring any strong negative effects or impact from the Omicron variant, the retail industry is hoping to reap handsome sales from revenge spending by consumers this Yuletide season,” he said in a phone message.

“This hoped-for revenge buying won’t compensate for the tremendous drop in sales since the initial lockdown, but it should partially make up for lost sales,” he added.

Further, Mr. Cua said retailers should enforce safety protocols, avoid overstocking to reduce carrying costs, stock up on products, and instill discipline in personnel and customers to prevent prolonged lockdowns.

Retailers are anticipating an increase in spending as a result of the upcoming national elections, he noted.

“For the food retail industry, we look forward to accelerated spending by current public servants and aspiring local candidates who look forward to getting votes or re-elected next year,” he said.

“Christmas is the perfect season to put food on the table for constituents and would-be supporters.”

Roberto S. Claudio, Philippine Retailers Association (PRA) vice-chairman, said in an e-mail interview that the group also continues to be optimistic despite the situation.

“We continue to be optimistic that the Omicron variant will not be as harmful as previous variants,” he said. “For so long as there will no longer be any prolonged or severe lockdown, we can meet our targets for this year.”

He added that businessmen and retailers have to continue operations despite the emergence of the Omicron variant.

“We have to learn how to live with this virus; businessmen and retailers can no longer wait and see on where the Omicron variant will go,” Mr. Claudio said.

Mr. Claudio also recommended hastening vaccination rollouts and enhancing contact tracing to better manage the possible entry of the Omicron variant.

“More lockdowns will not solve the virus problems if the medical issues are not addressed,” he said.

“We will instead create two problems of economic and medical proportions. We need economic activities to address the economic issues.”

The Department of Health recently said there is still no indication that the Omicron variant, which was first detected in South Africa, has entered the country.

What is adaptive clothing and how can it make life easier for people with a disability?

Nike’s Go FlyEase — NIKE.COM/PH/FLYEASE

Have you ever tried to do up a zip or button a shirt one-handed? Put on a pair of jeans while seated? Do you know someone with Autism Spectrum Disorder who can’t stand the feeling of certain fabrics against their skin? If your feet are different sizes, or you only have one foot, how do you buy shoes?

Advances in “adaptive clothing” aim to address these problems.

Adaptive clothes are specially designed for people with a disability. This can mean providing one-handed zippers on shoes, replacing buttons with magnetic closures or designing clothing and footwear so you can get dressed while in a seated position.

The key to effective adaptive clothing is catering for the vast array of needs different consumers have, while maintaining style and fashionability.

Recently, fashion brands have begun to provide on-trend clothing with new styles, combining fashion and technology for people with a variety of disabilities.

Here are five different ways fashion is approaching adaptive clothing.

Under Armour were one of the first to adopt a magnetic zipper in clothing. Their redesigned jacket zip called MagZip uses magnets to connect the ends of the zip, making clothing easier to do up one-handed.

Magnets have also been used in shirts, pants and other garments in lieu of buttons. These enable individuals who don’t have the dexterity or ability to use buttons to better dress themselves.

Different iterations of shoes also aim to make the process of tying laces easier, or remove the need all together. Zips can replace traditional laces, enabling shoes to be done up one-handed.

Another design is Nike’s Go FlyEase, a sneaker utilizing a hinge design. The wearer steps into the shoe and the hinge opens, holding the shoe in place.

The first FlyEase shoes proved popular with a wider audience, creating supply issues and a large resale market. This shoe is an example of Universal Design — a principle which proposes products should be designed in such a way that anybody can use them.

Many people with autism are sensitive to certain fabrics or to tags and clothing labels.

Adaptive brands, such as JAM the Label, screen-print labels, avoiding physical tags and offer a range of hyposensitive bamboo and linen fabrics.

Baby onesies and traditional bathers which cover the stomach are not always practical for everyone. Their design can be restrictive to people who are tube feed or use ostomy pouches.

Among other designs, Australian adaptive clothing manufacturer Wonsie sells garments with stomach access for both children and adults who require frequent access to the stomach, meaning medical devices need not be a barrier to fashion.

In the past, adaptive products were often designed to be unobtrusive, such as black wheelchairs or flesh-colored prostheses and hearing aids. But this is changing too.

3D printing and advanced manufacturing are allowing for great flexibility and customized designs of various devices and fashion items.

Open Bionics used 3D printing to create the Hero Arm, a bionic arm powered by muscle movements. By using 3D printing to customize the arm to the user, the company is also able to provide users options around designs ranging from colors to branded content: a blend of function and fashion.

The technology behind adaptive fashion is not limited to product design: it is also used in sales and marketing.

Every Human’s Unpaired system allows consumers to purchase single shoes, while searching by size, width and a range of adaptive features such as easy to put on, and friendly for those who are wearing ankle/foot orthosis.

This can benefit people who have different sized or shaped feet or with prosthetics, where traditional shoes would not suit.

While it seems like a relatively simple idea, this requires brands to have more sophisticated ordering systems. Products must be itemized individually, rather than in traditional pairs, and tagged with additional features such as left or right shoe, and which adaptive features each side possesses, so consumers can search by their needs.

Like many consumers, people with a disability simply want to be able to shop in physical or online stores and find clothing they like and that fits. So, while technology is helping retailers offer an increasing range of adaptive clothing, it is not the only solution.

The next step is to not only think about the clothing itself, but also about the wearer and how they want to shop.

All fashion brands should be adapting their items to the vast array of consumer needs: the technology is already here.

 

Louise Grimmer is a Senior Lecturer in Retail Marketing, University of Tasmania. Gary Mortimer is a Professor of Marketing and Consumer Behavior, Queensland University of Technology. Jason Pallant is a Senior Lecturer of Marketing, Swinburne University of Technology. Jessica Pallant is a Lecturer in Marketing, Swinburne University of Technology.

Calendar girl times 5

GINEBRA San Miguel’s new Calendar Girl —  actress, dancer, reality star, and model Chie Filomeno – not only graces five new calendars from the spirits brand, she comes to life through an online interface.

Each one-page calendar features the full year and Ms. Filomeno in one of five poses: on roller skates, with a surfboard, at a photoshoot, working out, and in a car.

This year’s edition goes beyond just a calendar to tack on a wall: each of the Ginebra San Miguel calendars features a QR code which can be scanned with a smartphone. This leads to behind-the-scenes videos of the calendar girl photoshoots and message from Ms. Filomeno.

During an online launch on Dec. 1, Allan Mercado, Sales and Marketing Manager for Ginebra San Miguel said, “Every year, we have consistently chosen the exemplary Filipina: not just for her beauty and her excellent physique, but more importantly, for her character, which personifies Ginebra San Miguel’s brand values of matapang (brave), ganado (energized), and ‘never-say-die’.”

Ms. Filomeno, who has 16 credits to her name on her IMDB page (this includes her stint on Pinoy Big Brother just this year, her stint on noontime TV show It’s Showtime, and acting credits on films such as Crazy Beautiful You) joins a roster of Ginebra’s calendar girls that includes former Miss Universe Pia Wurtzbach and actress Anne Curtis. “This calendar girl is a long-held tradition in Ginebra San Miguel, and an important part of our history. Since its inception in 1988, beauty queens, actresses, and models who have made their mark in their respective industries have graced our calendars,” said Mr. Mercado.

Upon being announced as next year’s Ginebra San Miguel Calendar Girl, Ms. Filomeno appeared onscreen in a red spaghetti-strap crop top and a sequinned skirt. She danced while behind-the-scenes clips of her posing for the calendar played in the background. “Very overwhelmed ako (I’m very overwhelmed),” she said. “Lahat ng paghihirap namin, from the staff of Ginebra, as in, thank you po from our hearts. (All of our trials, from the staff of Ginebra, thank you from our hearts). We love you all.”

Asked how she started out in showbiz (her earliest credits were from 2012), she admitted that, “It started with me trending on social media at some point.” This was possibly when she was with a dancing girl group called Girl Trends, which became famous for a performance on noontime TV show It’s Showtime, which featured her and her co-dancers not dancing in sync.

Asked how she prepared for her calendar shoot, she said that she worked out every day and contacting her trainer when she found out she was chosen for the role.

“It’s more than just being sexy. I want to be strong,” she said. “I’m hoping that our new strength paves the way for new wins and successes in the coming year,” she said.

“Ngayong pandemya, higit na mahalaga ang papel ng ating Ginebra San Miguel Calendar Girl (In this pandemic, the role of our Ginebra San Miguel Calendar Girl is more important),” said Mr. Mercado. “Iyon ay para magsilbing inspirasyon sa nakakarami; bilang simbolo ng pag-asa, katatagan at ang bagong tapang (That is to serve as inspiration for many; as a symbol of hope, strength, and new bravery).” —  JLG

Deutsche Bank traders face ‘choppiest times’ in market

REUTERS

DEUTSCHE BANK AG traders are facing almost unprecedented volatility in interest rates, currencies and emerging markets in the fourth quarter, even as other parts of the investment bank benefit from rising stock markets and a surge in dealmaking.

Fixed-income markets have been “a tale of two cities,” with credit trading and financing performing well along with stock markets, trading head Ram Nayak said in an interview. But debt securities more sensitive to global economic developments “have gone through the choppiest times we have seen.” 

“We’ve managed the choppiness quite well,” he said. “In credit and financing, we have kept the momentum going.”

Rates, currencies and emerging markets have been a key driver for the investment bank, contributing about half of the unit’s revenue in the first nine months of last year. A slowdown there would add to challenges for Deutsche Bank Chief Executive Officer Christian Sewing as he enters the final year of his turnaround plan, which has been carried largely by the trading and securities unit. The corporate lending business he initially prioritized, meanwhile, has struggled with negative interest rates.

Nayak’s comments are among the first indications of how major investment banks performed in the final months of the year. As inflation accelerates, threatening to end a three-decade hiatus, traders who for the most part haven’t lived through such a period are having to contend with unusual swings in everything from government bonds to currencies.

In the US, Treasury yields surged Wednesday after Federal Reserve Chair Jerome H. Powell suggested Tuesday that stubbornly high inflation warranted increasing the pace of policy tightening. That saw the market reverse course after benchmark 10-year yields fell to a two-month low this week on fears that the new omicron variant of the coronavirus could be resistant to existing vaccines. At the Bank of England, meanwhile, a widely anticipated increase in interest rates could be delayed by the emergence of omicron.

Still, for Deutsche Bank’s traders, Nayak gave a cautiously upbeat outlook on next year, saying his unit can “possibly do a bit better” than the 5% drop forecast by analysts for fixed-income trading across the industry.

“Our goal is not to give back any market share, and we’re confident we can,” he said. Nayak’s unit has been growing faster than the Wall Street average for much of 2021, suggesting his traders have regained market share that was lost in previous years while Deutsche Bank was going through a period of instability.

Speaking in the same interview, Mark Fedorcik, the head of the advisory business, struck a more positive tone after his unit made dozens of hires this year at the level of managing director or director, more than offsetting departures.

“We have the most momentum and the best team in three years,” he said. The business of advising on mergers and debt origination performed particularly well in the fourth quarter, he said, adding he expects that trend to continue into the first quarter of next year.

Revenue in the business led by Fedorcik, known internally as origination and advisory, was up 22% in the first nine months of the year. That made it the fastest-growing unit by far at Deutsche Bank among the businesses for which the lender provides a revenue breakdown.

The investment bank led by Nayak and Fedorcik is the largest revenue contributor to Deutsche Bank and its performance has exceeded Sewing’s expectations when he unveiled his strategy a little over two years ago. Fedorcik said there’s no reason to change the lender’s previous full-year guidance that investment banking revenue will be at least as high as last year.

The investment banking division generated €9.3 billion ($10.5 billion) in revenue last year. It has also said it expects the unit to make about €8.5 billion next year.

The performance also means that its staff can expect substantial payouts, Fedorcik’s comments suggest, even though he declined to comment directly on whether bonuses would rise. “We had two very strong solid years and you want to keep that momentum going,” he said in response to a question about variable pay. “You need to compensate people commensurate with performance and market.”

In addition, Fedorick pointed to intense competition for bankers as a pay factor. There is “upward pressure on salaries” across the industry, he said, especially for junior bankers and associates.

“Demand for talent is the highest I’ve ever seen,” he said. — Bloomberg

Haus Talk to lead initial public offerings in 2022

By Keren Concepcion G. Valmonte, Reporter

THE Philippine Stock Exchange (PSE) has approved the initial public offering (IPO) of residential property developer Haus Talk, Inc., the first company to list on the local bourse in 2022.

This comes as more companies are set to list on the main board of the PSE this month.

“Haus Talk is one of the companies in [the] PSE’s handholding program for potential IPO listing applicants,” PSE President and Chief Executive Officer (CEO) Ramon S. Monzon said in an e-mailed statement on Sunday.

“We are pleased to see that their IPO journey will soon come into fruition,” he added.

The PSE’s handholding program is an initiative to encourage and guide more companies in tapping the stock markets to raise capital.

Over 30 companies have availed of the program, the majority of which are applicants for the PSE’s small, medium, and emerging board.

“We have long wanted to grow the number of SMEs (small and medium-sized enterprises) listed,” Mr. Monzon said. “To achieve this, we relaxed our listing rules and beefed up the support we provide to potential listing applicants.”

The offer period for Haus Talk is slated to run from Jan. 3 to 7, with a tentative listing date of Jan. 17. According to its preliminary prospectus dated Aug. 25, the company plans to list under the ticker symbol “HTI.”

“We hope that the IPO of Haus Talk will set the tone for 2022 in encouraging other SMEs to consider raising capital through the stock market,” Mr. Monzon said.

The company will be offering to the public up to 500 million primary shares for up to P1.50 apiece. It will set the final offer price on Dec. 27 after its book-building process.

“Investors may still be looking forward to the final offer price in a few weeks, to help them decide on how to go about with their subscriptions to this IPO,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message on Friday.

Haus Talk engaged Investment & Capital Corp. of the Philippines (ICCP) as the transaction’s issue manager and underwriter.

The PSE has a couple more firms slated to list this month. Analysts said investors remain excited for IPOs and other share sales.

“There would still be some market excitement for some IPOs or share sales amid the context of improved economic recovery prospects that could help shore up valuations,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a separate Viber message on Friday.

Timson Securities’ Mr. Pangan said it would be “interesting to see how the upcoming offerings would perform” given the holiday season.

“Although the first three days of trading for the month of December has been volatile given the weak sentiment brought about by the spread of the Omicron variant across the globe, the progress made over the country’s vaccination program may help boost sentiment in the remaining trading days of the month,” Mr. Pangan said.

Last week, the benchmark Philippine Stock Exchange index (PSEi) plunged to the 6,900-level over worries on the new coronavirus disease 2019 (COVID-19) variant.

First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said the drop was a “knee-jerk reaction” and that the country’s growth momentum remained intact on the back of “adequate system liquidity and continuing business confidence.

“Earlier selldown to 6,900 was [a] knee-jerk reaction to [the] Omicron [variant], but Philippine reopening and growth momentum [are] still intact, which is reflected in market resiliency. Thematic IPOs can still fly, those in healthcare and clean energy,” Ms. Ulang said in another Viber message on Friday.

Medical equipment distributor Medilines Distributors, Inc. is scheduled to list on the main board of the PSE on Tuesday, Dec. 7. It will list under the ticker symbol “MEDIC.”

Medilines has been dubbed as the country’s “first pure-play healthcare IPO.”

Its offer saw an “overwhelming market response,” both from institutional and retail investors. The IPO demand exceeded P4.7 billion, which resulted in an oversubscription of 2.5 times the offer size of P1.9 billion.

“It was a pleasant surprise to see overwhelming interest from a diverse set of investors — spanning from high quality, long-only domestic institutional investors and thousands of Filipino retail investors from across the world,” Medilines Chairman Virgilio B. Villar said in an e-mailed statement on Friday.

Medilines plans to use part of the IPO proceeds for its plans to get into the medical consumables business.

“Increased spending on medical and health-related products since the pandemic and in view of the need keep people healthy and support the healthcare system to prevent lockdowns would still benefit those related industries such as medical supplies, pharmaceutical, hygiene, and other related products,” RCBC’s Mr. Ricafort said.

Medilines tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the IPO.

On the other hand, Solar Philippines Nueva Ecija Corp.’s (SPNEC) offer period will run until Dec. 7. It is scheduled to list on the main board of the PSE on Dec. 17 under the ticker symbol “SPNEC.”

SPNEC is offering to the public 2.7 billion common shares priced at P1 apiece. The company plans to use its IPO proceeds to fund the first 50-megawatt-direct current (MWdc) for “Phase 1A” of its 500-MW solar project.

“Renewable energy would still be interesting for some investors as favored in view of the need to comply or adhere with ESG regulations or requirements on various investments worldwide, as encouraged and even required by regulators locally and internationally,” RCBC’s Mr. Ricafort said.

SPNEC assigned Abacus Capital and Investment Corp. as the issue manager and lead underwriter for the offer, while ICCP is a participating underwriter.

Virgil Abloh honored in his final fashion collection show in Miami

EU.LOUISVUITTON.COM

LOUIS Vuitton honored Virgil Abloh at his last fashion collection show in Miami on Tuesday, just days after his sudden death prompted an outpouring of tributes for the industry’s most high-profile black designer.

Drones formed Mr. Abloh’s initials and spelled out the words “Virgil was here” in the sky outside Miami’s Marine Stadium where the memorial event was held. There was also a giant statue of Mr. Abloh.

Chicago-based rapper Scott “Kid Cudi” Mescudi walked the runway before a live audience that included streetwear designer Don Crawley, known as Don C, Kim Kardashian and rapper ASAP Ferg, according to Instagram posts.

As the show began, roughly 16,000 viewers tuned in to watch on YouTube (https://www.youtube.com/watch?v=8z9jJh1yHAg).

Models were clad in Vuitton jerseys, while others wore black top hats, bright red jumpsuits and blue suits. Female models carried blue and pink lockbox purses, while the men sported gray duffle bags.

Mr. Abloh, the American-born son of Ghanaian immigrants, died Sunday at age 41 following a private battle with cancer. LVMH Moet Hennessy Louis Vuitton decided to move ahead with a catwalk show that had been in the works, transforming it into a tribute to Mr. Abloh.

Kendall Reynolds, chief executive of Kendall Miles Designs, said in an interview before the show that Mr. Abloh had inspired her to start the luxury brand of Italian handcrafted products.

“His indelible mark on the disruption of traditional European fashion houses will be a legacy that all young designers, like myself, can learn from,” she said.

The 45-minute livestream of the show closed with an eruption of fireworks and a recording of Mr. Abloh’s voice.

“There’s no limit,” said Mr. Abloh in the recording. “Life is so short that you can’t waste even a day subscribing to what someone thinks you can do versus knowing what you can do.” —  Reuters

Big diesel

The 5.8-meter-long pickup boasts a 600-mm water wading capability. — PHOTO BY KAP MACEDA AGUILA

Ford picks up the new-gen F-150

FORD PHILIPPINES found itself in quite the unusual situation in June last year when it brought back the mighty F-150 (its 13th generation) just as the 14th generation of the model was being unboxed in the US.

Nonetheless, the two-variant return of the (now previous-gen) Ford F-150 did make waves here — a testament to how much the market missed the model that once had a healthy presence on local streets. That brief flirtation is over, as the current iteration of the Blue Oval’s most popular global pickup line is now here. Ford envisions “reinforcing (its) truck leadership in the (Philippines),” according to a release.

In a statement, Ford Philippines Managing Director Mike Breen said, “The all-new F-150 is a formidable addition to our truck lineup and will continue to strengthen our truck leadership in the country. Purpose-built from the ground up, the all-new F-150 is redesigned to be the toughest and most productive (version) ever. Our deep understanding of truck customers reflects in the new features available on the all-new F-150 that help take productivity to the next level.”

Mr. Breen also noted that, “The F-150 is part of Ford’s F Series, America’s best-selling truck for the 44th straight year, and America’s best-selling vehicle for the 39th straight year.”

Despite its short sales stint, one could make the argument that the previous-gen F-150 did achieve to both whet the market appetite as well as help Ford Philippines fine-tune its offering here based on genuine feedback. That mayfly-like pickup model did serve to open the doors to the current generation.

This massive, 5.8-meter-long pickup boasts an appropriate power plant. Under the hood is a 3.0-liter, four-valve DOHC Power Stroke V6, a turbocharged V6 with auto start-stop function. The mill generates 253ps and 596Nm. The driver can access this promise through a 10-speed SelectShift automatic transmission with Progressive Range Select and Selectable Drive Modes “for work-ready power and optimization, while remaining exceptionally fuel-efficient.”

During the simultaneous, multi-dealership physical launch, Ford Philippines Marketing Director Patrick Manigbas revealed to “Velocity” that the company brought in the sole diesel-powered variant in response to market demand.

Priced initially at P3.398 million, the all-new F-150 comes with a unique set of features such as LED cargo box lighting with “zone lighting” and power-deployable running boards. The running boards are not new to Ford, but they now feature a kick switch for on-demand deploying or stowing. The pickup’s LED reflector headlamps have “dynamic bending,” and it gets LED fog lamps with cornering lamps, configurable daytime running lamps and LED tail lamps. Standard wheels are 20-inch six-spoke dark alloy-painted aluminums fitted with all-terrain tires.

A visual highlight of the spacious cabin is definitely the large 12-inch digital instrument cluster screen. A neat parlor trick is the stowable shifter, which collapses forward at the press of a button when the vehicle is parked. Aside from creating more space, this can be another theft-deterrent measure. Ford also gifts the F-150 with a remote keyless entry system, accessory delay for power features, dual-zone electronic automatic temperature control, and power-adjustable pedals with memory feature. Overhead is a large twin-panel moonroof.

Its front seats are bucket seats swathed in premium leather, with heating and ventilation function. The second-row seats are covered in leather as well, get a similar heating function, and 60/40 split one-touch flip-up seat with folding armrest with cupholders.

Sync4 will “help owners connected and make their days more productive,” according to the company, while the infotainment system — platformed on a 12-inch LCD center stack touch screen — already boasts wireless Apple CarPlay and Android Auto connectivity. An eight-speaker system (including a subwoofer) is hooked onto a B&O Sound System by Bang & Olufsen. The F-150 gets six charging ports.

A big deal for the big pickup is the Ford Co-Pilot360 2.0, which is the brand’s newest and most advanced suite of safety technologies. Through this, the F-150 gets Pre-Collision Assist with Automatic Emergency Braking (AEB), Blind Spot Information System (BLIS) with Cross-Traffic Alert, Lane Keeping System (LKS), Auto-High Beam headlamps, Reverse Sensing System, Reverse Brake Assist, and Post-Collision Braking. The vehicle also features Intelligent Adaptive Cruise Control with Stop-and-Go, Lane Centering and Speed Sign Recognition, and Evasive Steering Assist. A 360-degree camera system also enables Ford’s Active Park Assist 2.0.

Units will be directly sourced from the United States, said Mr. Manigbas. For now, Ford Philippines is pretty happy with the lone Lariat Diesel variant, and believes it is pretty well appointed to get — and hold — the attention of a growing subset of people enamored with the pickup format.

Come to think of it, the all-new Ford F-150 again makes another case for pickups having dichotomous utilitarian and luxurious virtues existing together.

LANDBANK’s agriculture loans reach P233.6B

LAND BANK of the Philippines (LANDBANK) extended agriculture loans amounting to P233.6 billion in the first 10 months of 2021, with the bulk of the borrowings extended to small agri-businesses, based on a report from the Department of Finance (DoF).

At this level, the state-owned bank has already disbursed 93% of the P251.5 billion it seeks to extend to the agriculture sector for the year.

Broken down, two-thirds or P150.16 billion of the credit LANDBANK disbursed to the agriculture sector supported small, medium, and large agribusinesses, the DoF said.

Meanwhile, the state lender extended financing worth P50.52 billion for agri-aqua related projects of government corporations, while P32.92 billion were disbursed to small farmers and fishers.

LANDBANK provided financing worth P1.34 billion through direct lending to small farmers and fishers, while P31.58 billion was extended to conduits like cooperatives and farmers associations, rural financial institutions, and other credit mechanisms.

The state lender financed agri-processing and trading activities (P84.48 billion), the livestock sub-sector (P34.95 billion), crops (P17.74 billion), and fisheries (P2.43 billion) at end-October.

The bank has likewise already released the P65 million meant for agrarian reform beneficiaries, which was administered by the Department of Agrarian Reform.

In a separate statement, LANDBANK said it is also backing the government’s “Build, Build, Build” program as the bank has completed the right-of-way appraisals of 19,214 properties that are part of 142 infrastructure projects.

“LANDBANK fully supports the National Government’s ‘Build Build Build’ program by fast-tracking right-of-way acquisitions,” LANDBANK President and Chief Executive Officer Cecilia C. Borromeo said in a statement. “We will continue to contribute to the country’s infrastructure agenda to drive our ongoing economic recovery, geared towards attracting foreign investments and creating more jobs,” she added.

LANDBANK is in the process of appraising 68 projects of the Department of Public Works and Highways covering 2,513 lots, as well as four Department of Transportation projects with 999 lots and 2,989 structures or improvements.

The lender’s net income increased by 21.2% year on year to P16.72 billion at end-September. — LWTN

Converge entering more provinces

CONVERGE ICT Solutions, Inc. is targeting more customers in provinces as it connects more areas with low fiber penetration, its chief operations officer said.

Converge is “lighting up” customers in Masbate, Mindoro, Panay, and soon in Butuan, Converge Chief Operations Officer Jesus C. Romero told BusinessWorld in a virtual interview on Dec. 3.

“There is still a lot of work to be done, [especially in the] Visayas and Mindanao,” he noted. “Now that we have our own backbone, the backbone that we built ourselves, we are now in a position to fiber up our customers.”

Converge recently completed its P6-billion domestic submarine cable project that connects the Philippines’ major islands from Luzon to the Visayas and Mindanao to its national fiber backbone.

The company said the 1,800-kilometer subsea cable made its final landing in Coron, Palawan on Oct. 31.

“There is still a whole lot more demand that is unserved,” Mr. Romero said. “So for us, let’s make fiber available because if there is no fiber in the area, there can be no customers.”

Converge will soon launch its services in Palawan, according to Mr. Romero.

Meanwhile, the company has opened 23 business centers across the country as of the end of November.

“In regional areas, many people are still comfortable transacting face-to-face, and that’s why we are still rolling out business centers just so we can accommodate the needs of this particular segment,” Mr. Romero noted.

Converge also aims to increase the value of its offerings in addition to expanding its services across the country.

“As you know, last month, we increased the bandwidth allocation of our subscribers,” Mr. Romero said.

Previously, Converge’s 25 megabits per second (Mbps) was valued at P1,500 and 200Mbps at P3,500; but after reaching one million customers last year, its 25Mbps was upgraded to 35Mbps for free.

The company hit 1.5 million subscribers recently, so it rolled out new plans (FiberX plans) starting with Plan 1,500 for 50 Mbps with an add-on for 10Mbps for P99, Plan 2,500 for 300 Mbps, and Plan 3,500 for 800 Mbps. — Arjay L. Balinbin

Armani to ban angora wool from next winter season

MILAN —  Armani Group said on Wednesday it would no longer use angora wool starting from the 2022-23 autumn/winter season, adding it to the list of excluded materials under its fur-free policy.

The Italian luxury company joins a string of brands banning the extremely soft wool removed from live rabbits, under pressure from animal rights organizations and more environmentally conscious shoppers.

Last month, People for the Ethical Treatment of Animals (PETA) announced that luxury e-commerce platform Farfetch would stop selling angora wool by April 2022.

The organization launched a campaign years ago to ban angora wool, which is mainly produced in China, describing the techniques used to strip the fur from rabbits as cruel.

Armani’s move marks another step towards sustainability after the group banned animal fur in 2016 and signed in 2019 the Fashion Pact with other major industry players to address climate change, the company said in a statement. — Reuters

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