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Smart agritech projects seen as good candidates for PPP

REUTERS

PUBLIC-PRIVATE partnerships (PPPs) are considered a suitable vehicle for implementing smart agriculture technology projects, a government researcher said.

Roehlano M. Briones, a senior research fellow at the Philippine Institute for Development Studies, said in a recent webinar organized by the Asian Productivity Organization that the private sector needs the help of the government to reach out to small farmers to roll out such technology. 

According to Mr. Briones, examples include the use of drones for pesticide application and data collection; controlled farming such as greenhouses and automated factories; sensor devices for animal health management in the livestock industry; and supply chain applications such as e-commerce and traceability programs.

“It is difficult for the private sector to look for these farmers and get proper cooperation. But if local officials and National Government support and really cooperate with them, it will really accelerate the process,” Mr. Briones said. 

“I find it absolutely important. The greater cooperation between these two, the more accelerated you will see trends in smart agriculture technology,” he added.

Mr. Briones said the public sector can provide support such as insurance and credit for farmers. 

He said the government can “help provide the funds directly or broker the farmer groups to a credit service provider.”

Meanwhile, Mr. Briones said young farmers could be the entry point for such technology, eroding the reluctance of older farmers to be technology adopters.

“The hope is the young people in the farmers’ households. They are the ones who are more open. If we can reach the young people, I hope the entire household will be encouraged, especially if they see the beneficial results from these new technologies,” Mr. Briones said.  

Asked about the issue of internet access in rural areas, Mr. Briones said data services through radio signals transmitted by cellular phone towers can be the starting point in enticing farmers to practice smart agriculture.

“But this is a high-cost solution. Ultimately, you want something that is more physical hardware-based. But we can take this one at a time. We want a more affordable option through the promotion of wireless fidelity (WiFi) services and optic fiber networks. This is what is needed in the long run,” Mr. Briones said.  

“If you rely entirely on the private sector, it may not push for the physical-based system because it actually competes with their data provision service. There’s a role for government to push either to make the investment themselves or mandate increasing the spread of internet services in more remote areas,” he added. — Revin Mikhael D. Ochave 

Tax court cancels P101-M payment of insurer

THE Court of Tax Appeals (CTA) has affirmed its division’s 2019 decision to cancel and set aside the tax payment of PGA Sompo Insurance Corp. amounting to P101.03 million due to the Bureau of Internal Revenue’s (BIR) void tax assessment.

In its decision promulgated Sept. 15, the CTA reiterated that “only the CIR (Commissioner of Internal Revenue) or his duly authorized representatives can authorize the audit examination of taxpayers for purposes of assessment of any deficiency taxes.”

For this case, however, the BIR Large Taxpayers Service’s officer-in-charge issued a letter of authority to examine PGA’s taxes, and being unauthorized to do so, the tax court held the assessment invalid.

The CTA Special First Division on Aug. 8, 2019 canceled and set aside the P101.03-million assessment of the BIR for PGA’s “deficiency income tax, documentary stamp tax, value-added tax, and administrative penalties” for taxable year 2009 for the same reason.

The invalid letter of authority, however, was not raised during the trial for the said case, hence the petition of the BIR for review of the 2019 decision arguing that the CTA division had “no authority to rule” on the earlier case.

With this, the CTA held that under Section 1, Rule 14 of the court’s revised rules, the tax court is not limited to the issues raised by the parties involved in a case and “may also rule upon related issues necessary to achieve an orderly disposition of the case.” — Bianca Angelica D. Añago

Autohub Group welcomes Mitsubishi into portfolio

Mitsubishi Valenzuela — PHOTO FROM AUTOHUB GROUP

AUTOHUB GROUP, which counts more than 20 automotive brands under its fold, added Mitsubishi to its diverse portfolio with the simultaneous launch of Mitsubishi Global City and Mitsubishi Valenzuela.

Operated by a separate company (Global Excellence Motors, Inc. or Mitsubishi Autohub), the two dealerships represent a “dream come true” for automotive executive Willy Tee Ten. “It is with great pride and honor to finally have the Mitsubishi brand in the Autohub Group. It was indeed a challenging experience for us given the tough lockdown situation. With all the support from Mitsubishi Motors Philippines Corp. (MMPC) combined with Autohub Group’s 22 years of automotive experience, I am very positive that we can contribute to the promise, positioning and prestige of Mitsubishi here in our country amidst this global pandemic,” said the Global Excellence Motors, Inc. president and dealer principal.

For his part, Mitsubishi Motors Philippines Corp. President and CEO Takeshi Hara said, “The opening of these two new dealerships in the middle of the pandemic is a testament of our confidence in the management capabilities of the Autohub Group and as our optimism in seeing economic recovery. Further, we applaud the Autohub Group for the job opportunities for more Filipinos generated by this expansion.”

Replying to a question from “Velocity,” Mr. Tee Ten revealed that negotiations for the Mitsubishi dealerships began in 2019, “but everything was delayed because of the pandemic.” On the decision to add Mitsubishi into the Autohub collection of brands, he commented, “We need the biggest competitor to the number-one position.”

The Mitsubishi Global City facility, with a floor area of 3,800 sq.m., is located at Block 15 Rizal Drive, Crescent Park West, Bonifacio Global City, Taguig. It boasts a five-car showroom display and an after-sales facility that can accommodate up to 48 vehicles for service daily. Mitsubishi Valenzuela is at 260B MacArthur Highway, Dalandanan, Valenzuela City. Sprawled across 3,959 square meters, its showroom can feature seven vehicles, while after-sales can service up to 50 vehicles daily.

During the online launch, it was revealed that Valenzuela City Congressman Weslie Gatchalian sourced 18 units of the L300 from Mitsubishi Valenzuela for use of the city’s public school system. Meanwhile, MMPC Executive Vice-President for Sales and Marketing Takanobu Suzuki stated that, “This strategic dealer expansion in the heart of Bonifacio Global City and Valenzuela City ensures that our quality products and top-notch after-sales services are now within an arm’s reach to more Filipinos in key areas in the metro.”

MMPC’s Mr. Hara said that the decision to make Autohub a partner was because of the company’s “great operations,” and “hospitality.” He also cited a customer-centered approach to business.

For his part. Mr. Tee Ten underscored, “We want to make our clients our friends as well,” and said that Autohub has long explored digital tools to be able to safely continue doing business during the time of the pandemic. — Kap Maceda Aguila

Peso may weaken on inflation expectations

THE PESO is expected to weaken versus the greenback this week on expectations of faster inflation in September.

The local unit closed at P50.79 per dollar on Friday, appreciating by P21 centavos from its P51 finish on Thursday, data from the Bankers Association of the Philippines showed.

However, it shed 14 centavos from its P50.65-a-dollar close on Sept. 24.

The peso appreciated from its Thursday finish on data showing improved factory activity in September, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The Philippines Manufacturing Purchasing Managers’ Index stood at 50.9 in September, beyond the 50 mark that separates expansion from contraction, IHS Markit reported on Friday. This is a turnaround from the 46.4 logged in August and is the best reading since the 52.2 in March.

IHS Markit attributed the improvement to eased restrictions last month following the strict lockdown in August.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said there was safe-haven demand for the dollar last week on concerns over the debt crisis faced by Evergrande Group.

Reuters, citing sources, reported some of Evergrande’s bondholders were unable to receive a due coupon payment on Wednesday even after the developer reached a $1.5-billion deal with a Chinese bank to settle its debt.

For this week, Mr. Asuncion said market sentiment will be guided by elevated inflation expectations.

A BusinessWorld poll of 17 analysts yielded a median estimate of 5% for September headline inflation, closer to the upper end of the central bank’s 4.8%-5.6% estimate for the month and above its 2-4% target for the year. If realized, this will be faster than the 4.9% in August as well as the 2.4% a year earlier. It will also be the quickest print since the 5.1% in December 2018.

Analysts said higher food and utility prices as well as base effects likely caused a continued uptrend in inflation last month.

On the other hand, Mr. Ricafort said relatively lower coronavirus infections in the previous days may fuel optimism and support the peso’s strength.

New cases rose by 14,786 on Saturday to bring the total active infections to 144,061, data from the Department of Health showed. This marked the seventh straight day that new cases were lower than 20,000.

For this week, Mr. Asuncion gave a forecast range of P50.70 to P51.20, while Mr. Ricafort expects a stronger trading range for the peso at P50.50 to P51 versus the greenback. — L.W.T. Noble with Reuters

You can never go wrong with black

“THE SYMBOLISM of black as a color for clothing seems stronger and longer lasting than that of any color except white — and black maintains its edge because of its standard connotations of the sinister,” wrote Anne Hollander in her seminal work Seeing Through Clothes, a discussion of fashion and its representation and symbolism in art and society.

Luxury brand Montblanc seems to agree, launching a collection called Ultrablack. A statement from the brand reads, “Black is the absolute of all colors, statement of infinite beauty and exceptional design in luxury.” The same statement points out that ebonite (a type of hard rubber) was used as the main ingredient in the production of Montblanc’s original writing instruments, and one of only two colors in the company’s emblem, created in 1913.

In a press conference on Sept. 29, the brand introduced the collection consisting of the Montblanc Ultrablack Leather Collection, the Montblanc Starwalker Ultrablack Writing Instruments, and the Montblanc 1858 Geosphere Ultrablack Watch. The company also delves into electronics with a smartwatch (the Montblanc Summit Lite Aluminum Leather Strap x Montblanc Ultrablack Collection),  headphones (the Montblanc MB 01 Over-Ear Headphones x Montblanc Ultrablack Collection), and augmented paper (Montblanc Augmented Paper x Montblanc Ultrablack Collection).

The Ultrablack Leather collection consists of a backpack, a clutch, and a Mini Folio. The bags feature an embossed pattern made of the letter M, and comes in all black. A new expression of the iconic Montblanc emblem takes the iconic star from decorative element to a functional feature of the design, technical, tactile, and playful in anodized aluminium. The emblem closure becomes a distinctive element and allows for easy opening. The Backpack is equipped with exterior and interior pockets including a padded compartment for a laptop; the Clutch and the Mini Folio can be hand-carried or worn cross-body thanks to the detachable shoulder strap.

The Montblanc Starwalker Ultrablack Writing Instruments feature a Montblanc emblem that seems to float in mid-air on a grey base. The line-up includes a Precious Resin edition in all-black with contrasting metal fittings, and a Doué edition with a black resin barrel paired with a metal cap or forepart. Each edition is available as a fountain pen, ballpoint, and fineliner pen.

The watch, in turn, features the Manufacture Worldtime complication with two turning domed hemisphere globes which make a full rotation in 24 hours, providing an instinctive way of reading different time zones. This timepiece comes in a distinctive, black-coated steel case with a special satin finishing, achieved by manual washing and brushing. The 1858 Geosphere UltraBlack glows in the dark as the cathedral-shaped hands, the indexes, the compass indications, and the hemisphere globes are all coated by hand with white SuperLumiNova. On the caseback is engraved a drawing of the Mont Blanc mountain, two crossing ice picks and a compass surrounded by all seven summits, namely Mount-Everest, Aconcagua, Denali, Kilimanjaro, Elbrus, Vinson, Puncak Jaya.

In a different configuration, the smartwatch’s all-black lightweight 43mm case is crafted from recycled aluminium, and the original Montblanc M_Gram 4810 M pattern is embossed on the black leather strap. The watch features a special UltraBlack color watch face. The first smartwatch for the brand was crafted in 2017.

As for the headphones, they feature sleek metal and leather finishes, and the Montblanc M_Gram 4810 M pattern embossed on the silicone ear cups. The first headphones for the company were released just last year.

Finally, the company being known for its writing instruments, the Montblanc Augmented Paper makes it possible to transfer notes written by hand to a mobile device and translated into digital text. The fact that it comes within an embossed black leather envelope only adds to its appeal.

“Black has been the DNA of the maison since its inception in 1906. It’s iconic to the brand,” said Benjamin Goh, Regional Marketing Director of Montblanc Southeast Asia during the press conference. “I think black is a timeless color. If we interpret it in a different way, we’re looking to launch a timeless collection.

“It goes well with anything,” he said. “You can never go wrong with black.” —  Joseph L. Garcia

Agriculture imports in 2020 fall 11% by value led by rice

PHILSTAR

THE VALUE of agricultural imports in 2020 fell 11% to P623.98 billion due to the lower imports of commodities such as rice, according to the Philippine Statistics Authority (PSA). 

The PSA said that notwithstanding the decline, the value of agriculture imports as a share of all imports rose 14%.  

According to the PSA, the volume of rice imports in 2020 fell 28.7% to 2.23 million metric tons (MT). They fell 22.1% by value to P43.56 billion. Rice accounted for 7% of the overall value of farm imports.

The volume of tobacco imports declined 12.5% to 46,503.7 MT. By value, imports of the commodity dropped 1.7% to P10.06 billion, and accounted for 1.6% of all agricultural import expenditures.

Imports of rubber for 2020 fell 29.2% to 39,727 MT, while value declined 39.3% to P3.10 billion. Rubber accounted for 0.5% of all farm imports by value.  

Garlic imports in 2020 rose 4% to 88,509.8 MT but fell 6.9% by value to P1.18 billion. Garlic accounted for 0.2% of total value of farm imports.

Corn imports by volume in 2020 rose 67.6% to 768,534.7 MT. By value, corn imports rose 30.8% to P9.91 billion and accounted for 1.6% of the value of agricultural imports.

Onion imports in 2020 rose 271% by volume to 87,525.5 MT, while rising 230% by value to P755.59 million. Imports accounted for 0.1% of all farm imports.  

Coffee import volume was 46,277.9 MT, up 31.9%, and rose 17% by value to P3.63 billion. It accounted for 0.6% of the total value of agricultural imports.  

Imports of mung bean rose 11.9% by volume to 41,002.6 MT and rose 10.2% by value to P1.78 billion. It accounted for 0.3% of all farm imports by values.  

“The contribution of other crops such as banana, coconut, sweet potato, and cacao was less than 0.1% each in the total expenditures for agricultural imports,” the PSA said.

“Other crops such as mango, sugarcane, pineapple, cassava, eggplant, tomato, ampalaya, cabbage, and calamansi had no recorded imports in 2020,” it added. — Revin Mikhael D. Ochave

Megaworld REIT surges on market debut

MREIT, Inc., the REIT company of Megaworld, debuts on the Philippine Stock Exchange (PSE) on October 1 with a symbolic bell-ringing ceremony for its listing in four locations: the PSE Trading Floor in BGC, Eastwood City in QC, McKinley Hill in Taguig, and Iloilo Business Park — a first in PSE history. (From top, then bottom left to right) Leading the ceremonies at PSE were PSE AVP and Head of Issuer Regulation Division Atty. Marigel B. Garcia, MREIT, Inc. President and CEO Kevin Andrew L. Tan, Megaworld Chairman and CEO Dr. Andrew L. Tan, Department of Finance Sec. Carlos G. Dominguez III, PSE President and CEO Ramon S. Monzon, and PSE SVP and COO Atty. Roel Refran; MREIT, Inc. Director Katherine L. Tan, Megaworld COO Lourdes T. Gutierrez-Alfonso, and MREIT, Inc. Chairman Francisco C. Canuto in Eastwood City; MREIT Property Managers President and CEO Eric John C. Enriquez, MREIT Fund Managers, Inc. Corporate Planning Officer Englebert Teh, and MREIT, Inc. Legal Counsel Atty. Gina Alvarez in McKinley Hill; and Richmonde Hotel Iloilo GM Natalie Lim, Megaworld Hotels & Resorts Cluster GM for Visayas Avinash Menon, Megaworld Iloilo VP for Sales and Marketing Jennifer Palmares-Fong, and Reed Elsevier – Iloilo HR Director Maria Katrina Selina L. Ledesma in Iloilo Business Park. MREIT’s share price soared 3.7% on listing day, closing at P16.70 per share.

How close are we to making the e-switch?

Electric Vehicle Association of the Philippines President Edmund Araga speaks at the opening of the 9th Philippine Electric Vehicle Summit.

The 9th Philippine Electric Vehicle Summit showed we’ve gone so far that we can almost see the finish line. Almost.

IN MY YEARS of covering this annual conference of our local electric vehicle industry rock stars, I’ve truly never seen a shortage of enthusiasm and, dare I say it, chutzpah to try to reach further than our arms can realistically manage.

To the people unaware of how hard these EV champions have been working behind the scenes, electrified mobility has largely been a pipe dream only to be realistically entertained by economies more prosperous than ours. For a time, the concept seemed like a novelty — a parlor trick even — designed to pique our curiosity about what our mobility future could be like.

Two main hurdles have always caused us to snap out of our reverie and go back to our internal combustion engine (ICE)-powered rides: cost and range. But if we’ve been paying attention to local and international EV news, the price of admission has started to go down while range has gone the other direction. EVs have not only become contenders; they are, well, Thanos.

Inevitable.

In his welcome speech at this year’s staging of the Philippine Electric Vehicle Summit (PEVS), Electric Vehicle Association of the Philippines (EVAP) President Edmund Araga said as much. “Years ago, EVAP started with just a small pool of local vehicle parts manufacturers that share the interest on pushing for a local EV industry beginning with the electric jeepneys.

“Our membership has started to grow faster following the first Philippine EV Summit, with more local players joining the association. The annual PEVS has been instrumental in quickly spreading knowledge, and has become the platform for the whole EV value chain to gather, share ideas, create partnerships, and push the advocacy forward.”

Mr. Araga correctly described a significant development in the EV scene as “the second wave” — the influx of electrified offerings from OEMs (original equipment manufacturers). And then “in the past 12 months alone, EVAP has welcomed three EV charging system suppliers and network providers. Their entry heralds the beginning of the third wave.”

It appears that a snowball effect has started in earnest, and EVs — both as a result of global developments and the aforementioned efforts of key private and public figures in the Philippines — are starting to become feasible. Mr. Araga delivered the additional happy news that EVAP was approached by “local and foreign-owned major electronic and automotive parts and component manufacturers” to better understand the industry.

Thankfully, legislative and policy relief is coming at the right time. The much-awaited Senate Bill 1382 or the Electric Vehicles and Charging Stations Act, authored by Sen. Sherwin Gatchalian, has passed the Upper House third reading last May. Meanwhile, its Lower House equivalent, House Bill 4075, has hurdled its second reading. Mr. Araga expressed hope that these twin bills will soon be signed into law.

For its part, the Department of Energy released last July charging infrastructure guidelines and policy, which “covers the development, establishment, and operations of EV charging stations nationwide. That circular provides a pathway for fiscal incentives to motivate businesses to put up and adopt EV charging stations,” added Mr. Araga. Finally, the Land Transportation Office released an administrative order to firm up the guidelines on the classification, registration, and operations of types of EVs — ultimately making it clear to the end user just what EVs entail or mean.

Department of Energy Secretary Alfonso G. Cusi said during the opening ceremonies that he had endorsed to the Board of Investments a P2.5-billion project to bring in 20,000 imported EVs. Part of the plan involves the installation of 5,000 EV charging stations over five years. The Department of Trade and Industry, on the other hand, is said to be crafting an EV incentive strategy.

Despite a pandemic hiccup of sorts which slowed the influx and purchase of EVs, Mr. Araga shared that, overall, the country has a total of 12,965 registered EVs from 2010 to 2020. That’s certainly very good news.

That’s because, at this point, it’s fairly obvious the writing is on the wall. If we don’t want to be EV laggards reduced to gaping and gawking at the countries with a thriving EV scene (and all the benefits it brings), then we should follow through on our dreaming with concrete steps to achieve them. The legislative and governmental follow-through is key.

So, from our vantage point at least, things seem to be coming along nicely.

Shares to move sideways ahead of inflation data

BW FILE PHOTO

STOCKS could move sideways this week on fears of faster inflation and with the market waiting for more hints from the US central bank on its plan to wind down stimulus measures.

The Philippine Stock Exchange index (PSEi) lost 29.28 points or 0.42% on Friday to close at 6,923.60, while the broader all shares index inched up by 0.67 point or 0.01% to 4,326.51.

Week on week, the benchmark PSEi shaved off 27.93 points from its 6,951.53 finish on Sept. 24.

“[This is] after US stock markets corrected lower recently to the lowest in one to two months, and after NCR’s (National Capital Region) alert level or quarantine restrictions [were] maintained until Oct. 15, thereby tempering or limiting further reopening of the economy,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail on Friday.

The S&P 500 lost 2.2% week on week, while the Nasdaq declined 3.2% and the Dow Jones Industrial Average went down by 1.4%.

Back home, Metro Manila will remain under Alert Level 4 until mid-October, the government said last week. However, restrictions on gyms, restaurants, and some personal care services were eased for those fully vaccinated.

For this week, analysts said leads will include September inflation data, which will be released by the Philippine Statistics Authority on Tuesday, Oct. 5.

“Inflation fears will cap market upside on PSEi’s attempt at breaking above the 7,000 mark,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message on Saturday.

A BusinessWorld poll of 17 analysts yielded a median estimate of 5% for September headline inflation, closer to the upper end of the central bank’s 4.8%-5.6% estimate for the month and above its 2-4% target for the year. If realized, this will be faster than the 4.9% in August as well as the 2.4% a year earlier. It will also be the quickest print since the 5.1% in December 2018.

Analysts said higher food and utility prices as well as base effects likely caused a continued uptrend in inflation last month.

PNB Securities, Inc. President Manuel Antonio G. Lisbona said investors will also monitor the US Federal Reserve.

“The market will be looking closely at any developments relating to stimulus tapering by the US Fed as the factor to take money off the table in the coming sessions. This is on the back of rising and persisting inflation, which has frustrated the US central bank’s claim that it would be transitory,” Mr. Lisbona said in a separate Viber message on Saturday.

“While the Philippines has enough monetary policy space, the market will be affected by global market volatility in the short term,” he added.

“It looks like the market will trade between 6,780 and 6,980 with the midpoint as the initial support area,” Mr. Lisbona said. — K.C.G. Valmonte

Local yields track US debt

YIELDS on government securities (GS) traded at the secondary market climbed last week amid increasing inflation expectations and rising US Treasury rates.

Debt yields, which move opposite to prices, went up by an average of 10.06 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of Oct. 1 published on the Philippine Dealing System’s website.

Yields at the secondary market increased almost across the board on Friday from their close on Sept. 24. At the short end of the curve, yields on the 91-, 182-, and 364-day Treasury bills (T-bills) inched up by 0.86 bp (to 1.1301%), 2.10 bps (1.3927%), and 0.26 bp (1.6628%), respectively.

At the belly, the rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) went up by 17.36 bps (to 2.1163%), 21.72 bps (2.5327%), 23.11 bps (2.9201%), 22.35 bps (3.2886%), and 17.86 bps (3.8989%).   

At the long end, the rate of the 10-year T-bonds increased by 16.86 bps to fetch 4.5092%. On the other hand, those of 20- and 25-year papers went down 5.23 bps and 6.57 bps, respectively, to 5.0117% and 4.9900%.   

“Local bond yields skyrocketed on a week-on-week basis amid a multitude of catalysts. The reasons for the sell-off were attributed to the surge in US Treasury yields due to the US Federal Reserve’s hawkish tilt and that it may taper its bond buying program soon, then the rally in global oil prices also weighed on sentiment,” a bond trader said in a Viber message.

“[O]nshore, the BSP (Bangko Sentral ng Pilipinas) released its inflation forecast for the month of September and that it could possibly go up to a 5.6%, a level not since mid-2018 if therefore realized,” the bond trader added.   

First Metro Asset Management, Inc. (FAMI) said the market also reacted to the Bureau of the Treasury’s monthly borrowing schedule.

There was a sell-off in US Treasuries last week as the Fed said it could begin winding down its $120-billion monthly bond buying program as early as November. While yields on the benchmark 10-year Treasuries dipped in the latter part of the week, they were still around 20 bps higher compared with levels seen in end-August.

Back home, BSP Governor Benjamin E. Diokno said at an online briefing on Thursday that the consumer price index (CPI) likely quickened to 4.8-5.6%, beyond the central bank’s 2-4% goal for this year.

The BSP raised its inflation forecast for this year to 4.4% from 4.1% amid potential supply-side issues. Inflation estimates for 2022 and 2023 were also raised to 3.3% and 3.2% from 3.1% for both.

Inflation averaged 4.4% so far this year following the 32-month high 4.9% print seen in August.

Meanwhile, the BTr said plans to borrow P200 billion from the local debt market this month, less than the P250-billion plan in September, as well as the actual amount raised that month worth P264.95 billion. For October, the Treasury looks to borrow P60 billion via T-bills and P140 billion from T-bonds during its weekly offerings of government debt.

“Market will look now at BTr’s willingness to award [this] week’s 7-65 reissuance at even higher levels which would likely prompt another round of sell-off for seven-year and longer tenors,” FAMI said, referring to the reissued seven-year bonds on offer on Tuesday.

“Focus will also be on September inflation as cost side pressures mounted pushing inflation well past BSP’s 2-4% target,” it added.

For the bond trader: “[T]he yield curve is expected to maintain its steepening bias ahead of the release of September CPI and as market players continue to monitor developments abroad such as news surrounding the call to raise the debt ceiling in the US and then vigilance as well on Evergrande Group’s developments. The market will also likewise monitor BTr’s seven-year auction and the conclusion of the retail dollar bond (RDB) offering as to its final issue size.”

The government raised $1.593 billion (P80.91 billion) from its first-ever onshore retail dollar bond sale that concluded last week, the BTr said.

Finance Secretary Carlos G. Dominguez III said over the weekend that the BTr reported that it closed its two-week offering of five-year and 10-year RDBs on Friday, awarding nearly four times as much as the $400-million target amid strong participation via electronic channels.

BDO Unibank, Inc. Chief Market Strategist Jonathan L. Ravelas said in a Viber message that yields will “continue to move sideways to up in the near term.” — Lourdes O. Pilar

Hino Insure to provide total support for customers

Hino Motors Philippines President Mitsuharu Tabata (left) and Standard Insurance President and CEO John Echauz sign the memorandum of agreement between their two companies to offer the Hino Insure product. — PHOTO FROM HINO MOTORS PHILIPPINES

HINO MOTORS Philippines (HMP), the exclusive manufacturer and distributor of Hino trucks and buses in the country, partnered with Standard Insurance for the Hino Insure product.

Hino Insure is a specially designed insurance package which includes roadside assistance; easier, faster, and accurate claims processing; big cost savings for repairs done at Hino dealers; and smooth and hassle-free placement of the insurance policy.

Protection is provided for the insured vehicle against damage or loss caused by “collision, self-ignition, lightning, malicious damage, and theft.” This also includes coverage against Acts of Nature which is not a standard feature in most comprehensive truck insurance packages. An Acts of Nature cover will ensure that Hino trucks will be restored to their original running condition in the event of damage caused by flooding, typhoon, earthquake, and other natural phenomena. The insurance package also protects the owner from medical and hospital bills to treat injuries of the driver, passengers, pedestrians, and third parties — as well as repair costs to third-party property damage caused by the insured vehicle. The special insurance package for Hino trucks and buses is available in all Hino dealerships nationwide.

Said HMP President Mitsuharu Tabata, “One of the many things we’ve learned during this pandemic is to always be prepared. Guided by our Total Support philosophy, we at Hino always try to think ahead and provide holistic quality service for our vehicle owners. We believe that with this new partnership with Standard Insurance, we can continue to provide our customers not just our excellent vehicles and services, but also the peace of mind from having a secure and continuous business operation.”

Meanwhile, Standard Insurance President and CEO John Echauz added, “Having Hino as our partner is a great opportunity, and allows us to reach business owners who wish to protect their assets. We recognize the need to secure business during these trying times and recover possible losses when unforeseen circumstances arise. We are committed to delivering hassle-free claims and other necessary support to Hino’s customers.”

For more information, visit www.hino.com.ph, and follow @HinoMotorsPH on Facebook or Twitter.

Style (10/04/21)

THE Musée du Louvre UT Collection 2021 Autumn/Winter

Uniqlo marks 3rd anniversary with new collection, promo

THE UNIQLO Manila Global Flagship Store is celebrating its third anniversary with the latest 2021 Fall/Winter LifeWear collection, updated store designs, exclusive offers, and local community collaborations. From Oct. 1 to 7, Uniqlo Manila customers can enjoy exclusive limited offers on select LifeWear pieces for men’s, women’s, and children. Additionally, for every P3,000 purchase, they will get a free gift from Uniqlo and its community partners. Available at the store this month are the new LifeWear 2021 Fall/Winter Collection, the UT Collaboration Collection with the manga and animé series Jujutsu Kaisen (featuring exclusive designs from the animé television series, including battle scenes), the Musée du Louvre UT Collection 2021 Autumn/Winter T-shirts with graphics focusing on historical masterpieces such as the Mona Lisa and the Winged Victory of Samothrace, and the Uniqlo x Theory Fall/Winter 2021 Collection of sophisticated everyday wear which expands the boundaries of gender and sensibility. Uniqlo LifeWear is simple, high-quality everyday wear that enhances the lives of all people with a practical sense of beauty and sophisticated design. Installations have been created on each floor to convey the appeal of this concept at a glance. For its third anniversary, Uniqlo Manila collaborated with local artist Manix Abrera to capture the concept of Neighborhood Living in his designs. His special art style allows customers to create their own one-of-a-kind T-shirt using photos, text, and stickers they can choose in-store. Mr. Abrera is best known for Kikomachine, a series of comics that have since been turned into bestselling books. For more updates, visit Uniqlo Philippines’ social media accounts, Facebook (facebook.com/uniqlo.ph), Twitter (twitter.com/uniqloph) and Instagram (instagram.com/uniqlophofficial) and the Uniqlo Philippines’ website at uniqlo.com/ph.

Vintage Avon posters get a 2021 makeover

IN CELEBRATION of its 135 years, direct selling company Avon has collaborated with British illustrator Bett Norris to reimagine a series of its iconic posters, showcasing a variety of people who have embodied and built the company throughout its history. Taking a selection of advertising assets from Avon’s archive, Norris has given the visuals a modern twist, reimaging the people and the products in a contemporary perspective. Throughout the evolution of selling and distribution with a more diverse representation of the market, these posters retain the core values of Avon — creating a better world for women while doing beauty differently. Visit www.avon.ph or like and check out Avon Philippines on Facebook to find out more.

ShopSM’s first October Super Month

SHOPSM is the online shopping platform of the largest retail chain in the Philippines, SM. With its massive selection of brands from every department — men, women, and kids’ fashion, bestselling beauty products, and cosmetics, to home essentials, plus groceries, customers can easily shop in just a few taps. During ShopSM’s first October Super Month, customers can avail themselves of a number of deals. Get an extra 10% on orders when one checks out from 8 to 11:59 p.m. daily on Oct. 8-14. No minimum spend is required and the customer can get a daily discount of up to P2,000 when they use the code SUPERMONTH19 from Oct. 8 to 14, and SUPERMONTHALLDAY from Oct. 15 to 17. There are also freebies thanks to “10 Days of Gifts.” Customers can choose which gift to receive including Viu and iflix premium subscriptions, Grab vouchers, and more from SM Markets. There will be discounts of up to 70% on selected items during the Super Month. Payment options include Cash on Delivery, credit and debit cards, GrabPay, and GCash, and the shopper can earn SMAC points even when shopping online. SMAC members can also get exclusive discounts and vouchers for their ShopSM haul. Visit ShopSM’s official Facebook, Instagram, and TikTok to stay updated and score deals at ShopSM’s October Super Month. The ShopSM app is available on the App Store or Google Play Store.

Gap’s Fall 2021 collection focuses on ‘individuals’

GAP continues to champion modern American optimism by celebrating individuals who represent the positive impact of being their true self. Gap’s Fall 2021 INDIVIDUALS adult platform is fueled by nostalgic fashion, with Gap essentials made iconic in the 1990s, reinvented for today, including new loose, relaxed fits in denim and khakis, hoodies, crisp white and plaid button-downs, and transitional outerwear. Fall 2021’s denims offer jeans that fit and flatter every body. The women’s line reintroduces the Vintage slim, formerly known as the cigarette. Fitted through the hip and thigh with ankle-skimming that hits above or at the ankle, it’s sleek and slim but not as tight as jegging and skinny fits. Also available in High Rise Fit. The men’s line has the Relax Taper Fit with five-pocket styling in stretch denim for extra flexibility and comfort. These denims are part of Gap’s water-saving Washwell program that uses at least 20% less water than conventional wash methods. Fan favorite Fit Tech for Men’s shirts now are loaded with cool details and innovations such as hidden pockets and more. Created with recycled poly and organic cotton, this season’s performance pieces are made with moisture-wicking fabric and dissolvable mesh, making them breathable. As an added extra, pieces are also made of ionic plus fabrication to help fight odor. Men’s Gap Fit is exclusive at gap.com.ph. Meanwhile, VIP customers can enjoy an extra 10% off on top of primary promos. Plus, Welcome and Milestone vouchers can also be used on regular-priced and promo items. Customers get P10 off when they bring their own paper bag when shopping at Gap. For more information on the new collection including teens and children’s clothing, visit www.gapinc.com.

Havaianas launches the Rainbow Walkway

HAVAIANAS Philippines has launched the Rainbow Walkway in Bonifacio High Street. Inspired by Pride March, the Rainbow Walkway aims to serve as a creative alley and safe space for the LGBTQIA+ community and their allies. People strut down the PRIDE Catwalk or chill on the socially distanced Rainbow Benches. There’s a Charging Station for mobile phones or e-bikes, as well as vibrant #AllLoveWelcome String Art. Havaianas Philippines introduced its first-ever Pride Squad earlier this year with the hopes of creating a welcoming environment during the month-long Pride celebration. To further support the community, a percentage of every purchase from the Pride Collection is donated to All Out (a global LGBTQIA+ non-profit organization) and the Metro Manila Pride Organization (a local LGBTQIA+ non-profit organization), non-profit organizations that are focused on empowering the LGBTQIA+ community and defending their rights.

Shopee intros new endorser Kim Chiu, 10.10 Brands Fest

E-COMMERCE platform Shopee introduces its newest brand ambassador, Kim Chiu, alongside the launch of the 10.10 Brands Festival, its biggest brands sale of the year. The actress will feature in Shopee’s new TV commercial and many in-app activities. Among other appearances, Ms. Chiu will be found on in-app games such as Spin & Win and Guess It Right. This October, users can join the #10BrandFaves contest featuring Ms. Chiu for a chance to win 1,000 Shopee coins. There will be behind-the-scenes videos on Shopee’s official YouTube and TikTok channels, and Kim Chiu-themed Instagram stickers. Users can also interact with the actress herself during her Twitter takeover on Shopee’s official Twitter account on Oct. 9. Until Oct. 10, shoppers can enjoy free shipping with no minimum spend, big brand giveaways, and up to ₱1,000 off brand vouchers at Shopee’s 10.10 Brands Festival. Lucky shoppers can win ₱430,000 worth of prizes, such as vouchers, bundles, newly launched items, and even a lifetime supply of products, from over 30 participating brands. Leading up to 10.10, shoppers can also look forward to Nestle, Deerma, GoMO!, Lactum, Colgate Palmolive, Shigetsu, P&G Beauty, Garnier, and Belo Brand Days on Shopee Mall, where they can get discounts up to 80% off, branded items as low as ₱179, and a free gift with every purchase. Shoppers can check out different themed sales on Shopee including the Mom & Baby Fair on Oct. 4, Work From Home Fair on Oct. 5, Gadgets and Gizmo Fair on Oct. 6-7, and Beauty and Wellness Fair on Oct. 8-9. At the 10.10 Brands Festival, shoppers can use ShopeePay to buy load, pay bills, and scan to pay. They can activate their ShopeePay wallet and top up through online banking, debit card, and over-the-counter partners to get up to 50% discount on load from Globe, Smart, Sun, and TNT; 50% cashback from Maynilad, PLDT, and a growing list of partner billers; and ShopeePay ₱1 Deals from Puregold, Ultramega Supermarket, Potato Corner, and other partner merchants. For more information, visit https://shopee.ph/.

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