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Trump to add China’s SMIC and CNOOC to defense blacklist

WASHINGTON — The Trump administration is poised to add China’s top chipmaker Semiconductor Manufacturing International Corp. (SMIC) and national offshore oil and gas producer China National Offshore Oil Corp. (CNOOC) to a blacklist of alleged Chinese military companies, according to a document and sources, curbing their access to US investors and escalating tensions with Beijing weeks before President-elect Joseph R. Biden takes office.

Reuters reported earlier this month that the Department of Defense was planning to designate four more Chinese companies as owned or controlled by the Chinese military, bringing the number of Chinese companies affected to 35.

It was not immediately clear when the new tranche would be published in the Federal Register. But the list comprises China Construction Technology Co. Ltd. and China International Engineering Consulting Corp., in addition to Semiconductor Manufacturing International Corp. (SMIC) and China National Offshore Oil Corp (CNOOC), according to the document and three sources.

The Defense Department (DOD) did not respond to a request for comment.

The move, coupled with similar policies, is seen as seeking to cement outgoing Republican President Donald J. Trump’s tough-on-China legacy and to box incoming Democrat Biden into hardline positions on Beijing amid bipartisan anti-China sentiment in Congress.

The list is also part of a broader effort by Washington to target what it sees as Beijing’s efforts to enlist corporations to harness emerging civilian technologies for military purposes.

Reuters reported last week that the Trump administration is close to declaring that 89 Chinese aerospace and other companies have military ties, restricting them from buying a range of US goods and technology.

SMIC was already in Washington’s crosshairs. In September, the US Commerce Department imposed restrictions on exports to the company after concluding there was an “unacceptable risk” that equipment supplied to it could be used for military purposes.

The list of “Communist Chinese Military Companies” was mandated by a 1999 law requiring the Pentagon to compile a catalogue of companies “owned or controlled” by the People’s Liberation Army, but DOD only complied in 2020. Giants like Hikvision, China Telecom, and China Mobile were added earlier this year.

This month, the White House published an executive order, first reported by Reuters, that sought to give teeth to the list by prohibiting US investors from buying securities of the blacklisted companies from November 2021.

The directive is unlikely to deal the firms a serious blow, experts said, due to its limited scope, uncertainty about the stance of the Biden administration and already-scant holdings by US funds.

Still, combined with other measures, it deepens a rift between Washington and Beijing, already at loggerheads over the coronavirus and China’s crackdown on Hong Kong.

Congress and the administration have sought increasingly to curb the US market access of Chinese companies that do not comply with rules faced by American rivals, even if that means antagonizing Wall Street. — Reuters

Catch-up spending seen to lift Q4 GDP

STATE AGENCIES will have to significantly ramp up spending in December to boost fourth-quarter gross domestic product (GDP), after the government continued to underspend amid the coronavirus pandemic.   

“The agencies were asked to implement catch-up plans to meet their original spending plans for the year. The catch up [spending plan] is intended to shore up the economy this Q4,” Budget Undersecretary Laura B. Pascua said via Viber on Friday.

Finance Secretary Carlos G. Dominguez III told various departments to ramp up spending in the remaining weeks of 2020, during a meeting of the Economic Development Cluster (EDC) two weeks ago.

Representatives from the Departments of Public Works and Highways (DPWH), Transportation (DoTr), Education (DepEd), Tourism (DoT), Trade and Industry (DTI), and Agriculture (DA) attended the EDC meeting, said Ms. Pascua.

Anemic government spending was blamed for the 11.5% GDP contraction in the third quarter, which was worse than most analysts expected but slightly better than the -16.9% GDP in the second quarter.

Government spending remained weak in October, declining by 6.84% year on year to P290 billion. Year to date, spending remained higher by 12.75% from a year ago to P3.312 trillion.

While some have suggested more fiscal stimulus is needed to ensure economic recovery, economic managers are not keen on another Bayanihan package.

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said the government will have to focus on spending this year’s P4.1-trillion budget and the P140 billion allotted under Bayanihan II first, before another stimulus package is considered.

“Let’s prioritize spending fully the 2020 budget and Bayanihan II. Congress is also thinking of reallocating the 2021 budget to priority areas,” Mr. Chua told reporters in a Viber message on Nov. 25.

Two bills proposing another stimulus package, Bayanihan III, have been filed at the House of Representatives. A measure co-authored by House Ways and Means Committee Chair and Albay Rep. Jose Maria Clemente S. Salceda would provide P247 billion for stimulus measures, while another filed by House Defeat COVID-19 Committee Chair and Marikina Rep. Stella Luz A. Quimbo allocates P427 billion for recovery efforts.

“Another double-digit decline in GDP is possible this quarter if the government continues to underspend,” said Emilio S. Neri, Jr., the chief economist at the Bank of the Philippine Islands (BPI), in a note issued on Friday.

“The latest GDP report suggests that consumer confidence remains weak and its recovery will likely take a long time. Meanwhile, private businesses will not spend on expansion activities in an environment where consumer demand is weak. The government is the only institution right now that has the capacity to spend,” he added.

Mr. Neri noted state spending fell drastically in the third quarter from its 50% jump in the second quarter — when huge emergency grants and wage subsidy programs have been launched during lockdown. Government expenditures dipped 4.3% year on year in the third quarter, which also contributed to the 28% decline in public construction.

He said the economy could have recorded a softer decline in the third quarter if public construction and state spending on infrastructure did not contract.

Government spending on infrastructure declined by 33% to P153.5 billion between July and September, but was 12% higher than the P137-billion reduced target for the period.

Even the release of stimulus funds under Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II) has been delayed. The law will expire on Dec. 19.

As of Nov. 24, only P92.35 billion has been released or two-thirds of the P140-billion budget for Bayanihan II, while the remaining P25 billion in standby funds have not been tapped.

The economic team remained firm on maintaining fiscal prudence in anticipation of a prolonged battle against a coronavirus pandemic.

The Development Budget Coordination Committee (DBCC) will meet this week to review macroeconomic projections. — Beatrice M. Laforga

Cash aid for Filipinos to buy food also becomes avenue for corruption

By Vann Marlo M. Villegas, Reporter

LEO ANGELO V. SACAYAN, a 41-year-old sea-faring sous-chef from Malabon City, got P15,600 in government aid after coming home at the start of the year amid a global coronavirus pandemic.

He spent the money buying a desktop computer for the online classes of his son, who is in Grade 10 at a local private school. He’s been jobless after declining three offers from Magsaysay Maritime Corp., his employer, to sail again.

“Working again on a cruise ship scares me. I don’t want to get infected but money is tight,” he said via Facebook Messenger chat. “I’ve decided to sail once I get another offer.”

BW Bullseye 2020-focus“The government aid was a big help but I need to work soon,” Mr. Sacayan said.

Nine of 10 beneficiaries used their cash aid to buy food, according to a survey by the Social Welfare department and United Nations World Food Programme. They also bought hygiene kits and paid for essential health and medical expenses.

More than half of those who received the aid also used the money to pay for debt.

“The result of this initial survey is a concrete affirmation that the social amelioration program has achieved its goal of enabling the low-income beneficiaries cope with the economic effects of the ongoing COVID-19 pandemic,” Social Welfare Secretary Rolando D. Bautista said last month.

The Philippine government has released P99.2 billion out of P100.7 billion in subsidies to 17.6 million Filipino families affected by the pandemic under the first tranche, according to the Social Welfare department website.

It has also released P83.2 billion out of P92.7 billion to about 14 million families under the second tranche of the program as of Nov. 20.

President Rodrigo R. Duterte locked down the entire Luzon-island in mid-March, suspending work, classes and public transportation to contain the pandemic. The quarantine in many areas of the country have since been eased, but life for many has never been the same.

The President signed a law declaring a state of public health emergency nationwide because of the pandemic, allotting as much as P275 billion in response to the health crisis.

The law that lapsed in June provided subsidies to about 18 million low-income households worth P5,000 to P8,000 a month for two months.

The country’s jobless rate rose to a record 17.7% in April, or 7.3 million unemployed Filipinos, according to the Philippine Statistics Authority. It eased to 10% in July or 4.6 million jobless Filipinos, but still higher than 5.4% a year earlier.

Government subsidy is “very important” because thousands of Filipinos lost their jobs during the lockdown, Nymia P. Simbulan, a professor from the Department of Behavioral Sciences at the University of the Philippines in Manila, said by telephone.

More than a third of Filipinos are part of the informal sector, earning their keep daily.

‘NOT ENOUGH’
“During the lockdown it was really the state’s obligation to provide financial assistance to workers and their families because people’s movement was limited by the quarantine,” Ms. Simbulan said.

But the amount was not enough to cover food and non-food essentials compared with when one’s working with a minimum wage, she said.

About 7.6 million families went hungry at least once during the coronavirus pandemic from July to September, according to a poll by the Social Weather Stations. About 82% of Filipinos felt their quality of life worsened in the past year, it said.

“The social amelioration package for low-income families may not be enough to sustain them,” said Marlon A. Villarin, a political science professor from the University of Santo Tomas. “Somehow, it can mitigate the socioeconomic impact of the COVID-19 health crisis.”

Granted, one had to go through a cumbersome application process and wait a long time before getting the aid.

Juan Francis B. de Jesus, a 39-year-old dispatcher also from Malabon City, waited for two months before he got a subsidy worth P15,900.

He used the money to pay for bills and buy food for his three children including a 10-month old infant. “It was a big help to my family,” he said by telephone. “It’s not easy to earn P15,900.”

The program was also plagued with corruption especially at the local government level.

More than 400 local officials and their civilian co-conspirators were facing criminal charges, while 626 more were under investigation by police, the Department of the Interior and Local Government said in August.

Some officials were found to have pocketed some funds by falsifying the master list of beneficiaries. Some officials were also criticized for favoring some families.

The Interior department in September said the Ombudsman had suspended almost 100 village captains after complaints were filed against them for the anomalous distribution of the subsidies.

They were facing charges involving serious dishonesty, grave misconduct and abuse of authority.

Mr. Villarin traced the corruption to the state’s “vague and fragmented information” about the program. This aggravated the distress felt by citizens and implementers on the ground, he added.

“This corruption incident could have been prevented or made such attempts a high-risk and low-reward activity had local governments expeditiously communicated the list of targeted beneficiaries to the National Government,” he said.

Cash aid distribution anomalies could also have been avoided had the government consulted with the target beneficiaries and allowed them to participate in the decision-making process, Ms. Simbulan said.

“Local governments failed to create venues for people to be able to actively contribute or participate in coming up with policies and programs related to the pandemic,” she said.

Mr. Sacayan, the seaman, is raring to leave the country and sail away. “As soon as I get an offer from my company to step on a ship, I will grab the chance.”

“The money from the government could only support you for a while. It’s better to have a job.”

PHL schools need new curriculum to boost talent competitiveness

By Jenina P. Ibanez, Reporter

THE Philippines should improve the education curriculum to boost competitiveness of its future workers, business leaders said.

The Philippines inched up one spot to 48th out of 63 economies in the IMD World Competitiveness Center’s World Talent Ranking 2020, which the institution attributed to poorer performance by other economies.

The country continued to lag behind other Asia-Pacific economies after poor showing in criteria like educational assessment and public expenditure in education. It ranked 12th out of 14 economies in the Asia Pacific, with Singapore, Australia, and Hong Kong taking the top spots.

“There should really be a public-private partnership relative to developing a business-centric or a technology-centric curriculum for the next generation of students so that when they graduate, they can hit the ground running and be aware of the requirements of the job market,” Willis Towers Watson Head of the Philippines James G. Matti said in a recent phone interview.

Mr. Matti said that educational institutions must develop programs that will enhance English-language learning and critical thinking, including programs in science and technology.

Filipino students had some of the lowest mean scores in reading comprehension, science, and math in the Program for International Student Assessment (PISA) ranking released last year. Included by IMD in its measurements, the PISA score placed the Philippines in 58th place in educational assessment.

“When it comes to critical thinking, there’s a huge skills gap there,” Mr. Matti said, explaining that those skills will be needed after pandemic accelerated digitalization and artificial thinking. “It’s very important for companies to invest in upskilling.”

He said the government and the private sector should develop a new curriculum that would help the talent pool keep up with the future requirements of business.

“(The curriculum) should be contemporized so that it will really meet the current needs and demands — so we can have at least a window that whoever graduates five to 10 years from now are still very competitive in the job market.”

HIGHER COMPENSATION
The IMD report also measures the country’s appeal in attracting overseas talent. Under this factor, the country ranked 8th in effective personal income tax rate and 15th in cost of living. But the Philippines ranked 48th in quality of life and 50th in the justice factor.

The Philippines also took the 35th spot in remuneration for management, and 43rd for remuneration in services professions.

“You can always attract highly skilled workers from abroad if you pay more competitively and I think in fairness to the Philippines, pay has vastly improved compared to the last decade. But of course, we can’t compare ourselves to Singapore and Hong Kong in terms of top pay but I think we’re getting to be a bit more competitive,” Mr. Matti added.

He said the current environment should become more business-friendly by improving communications and electricity infrastructure.

Employers Confederation of the Philippines (ECoP) President Sergio R. Ortiz-Luis, Jr. in a phone interview said that good compensation compared with regional competitors will give the country an edge.

“At the end of the day, it will be the income that the companies here can offer,” he said.

Mr. Ortiz-Luis added the lifestyle and comfort in living in the Philippines would also help in attracting talent.

“Thailand is still more attractive because of the low cost of living and higher earnings. They have a better perception of peace and order in the media,” he said.

IMD said that investments in education at every level will be needed to improve the entire education sector in the country.

“In order to attract more highly skilled workers from abroad, improvements in attractive job opportunities, safety and the justice system would be needed,” the institution said.

AllHome sees improved sales as it adds stores

VILLAR-LED AllHome Corp. is looking at improved sales in the fourth quarter as it continues its store expansion in the Luzon region.

The home improvement retailer said in a statement over the weekend that it recently opened a new store in Cabanatuan City to mark the 48th store in its portfolio.

It is also planning to open one more store in Bulacan before the year ends, which will leave it with a total of 49 stores heading into 2021.

“We resumed opening of new stores as soon as we have seen the positive results of the previous months. This is a testament to how fast we can mobilize our store expansion programs, which we attribute to our synergies with the Villar group of companies,” AllHome President Benjamarie Therese N. Serrano said.

AllHome Cabanatuan is seen to target not only customers from the city, but also from Pampanga, Bulacan, Tarlac and Aurora. Other Villar-owned stores are also in the area, such as AllDay Supermarket, Coffee Project coffee shop, and Bake My Day bakery.

“The AllValue retail eco system has proved to be valuable in the expansion of AllHome. The presence of AllDay Supermarket, Coffee Project, and Bake My Day helped to capture the local market,” AllHome Chairman Manuel B. Villar, Jr. said in the statement.

“The third quarter showed promising results. Based on historical sales, we are looking forward to a better fourth quarter with the holiday rush coming in,” he added.

In the July to September period, the company booked an attributable net income of P312 million, flat from a year ago but 6,140% higher than the previous quarter’s P5 million.

As lockdown rules were eased, AllHome recorded sales of P3.47 billion in the third quarter, up by 11% from last year.

But for the nine-month period, its attributable net income fell 21% to P588 million due to dampened sales when its stores were closed during the strict lockdown in the first half.

“Being a home essential provider, AllHome will continue to provide service to those who are fixing their own homes or contractors who have resumed construction activities,” AllHome Vice-Chairman Camille A. Villar said in the statement.

Shares in AllHome at the stock exchange closed at P8.52 each on Friday, up 43 centavos or 5.32% from the previous session. — Denise A. Valdez

Naval Group hopes to help modernize PHL capabilities

FRANCE-BASED shipbuilder Naval Group is looking to open an office in Manila as part of its plan to help the country in improving its naval capabilities.

Naval Group, an industrial contractor, designer and overall integrator of whole warships and combat systems, said in an emailed statement that it is hoping to bring to the Philippines its technical expertise in “ships and submarines with combat systems and all critical equipment and services necessary to engage naval power in a theatre of operations.”

Alain Guillou, Naval Group’s senior executive vice president, said: “We are the only provider with previous experience in helping a country develop a submarine force from scratch, and we stand ready to assist the Philippine Navy by providing the submarines.”

He said the Naval Group also aims to provide training and set up the facilities required to operate a fully operational submarine fleet.

Naval Group noted it has a history of more than 400 years in the defense industry, with more than 50 partners globally.

Anne Clausard, country head of Naval Group, said the creation of the submarine force serves as an opportunity for the company to partner with the local shipbuilding industry “where there will be transferring of knowledge and technology.”

She said the company expects the program to produce “hundreds of jobs.”

State-controlled media Philippine News Agency reported in December last year that Defense Secretary Delfin N. Lorenzana had visited France to check the Naval Group’s Scorpene diesel-electric submarine, which he said was “appropriate” for the Philippines’ needs.

In 2018, Mr. Lorenzana said Moscow had offered the Philippine Navy two kilo-class diesel electric submarines with an option of a soft loan if the Philippine government was short on funds. — Arjay L. Balinbin

After 10 years, Jil Sander collaborates again with Uniqlo

JIL SANDER is back for a Uniqlo collaboration after almost 10 years after her last one. The German fashion designer best known for her stark lines and Euro-flavored minimalism, started collaborating with the Japanese clothing firm in 2009 after she opened a fashion consultancy. Uniqlo’s parent, Fast Retailing, signed on as its first client, coming up with a line called +J. The revived collaboration is now available in the Philippines.

A press release clarifies that “+J is a collaboration between Uniqlo and designer Jil Sander personally and it is not affiliated with the Jil Sander brand or design house.” This is due to its founder departing after the company itself changed hands many times, after it went public in the 1990s (the Prada Group had been one of its many owners).

The +J collection was introduced earlier this month via a styling session and video launch. None other than former Vogue creative director Grace Coddington appeared in the pre-recorded video. “It goes backwards and forwards, I think; my thoughts about fashion since COVID. I sincerely hope people won’t just continue to walk around in track pants forever, because that would be very boring. I think what Jil excels at is she keeps coming back at us. That is something I really admire,” she said. Meanwhile, Carla Sozzani, the founder of the chic dining and shopping complex 10 Corso Como, said in Italian, “An individual’s characteristics are more important than femininity, and fashion shouldn’t conceal one’s characteristics. It should enhance them without destroying it. Jil is the first person to achieve this.”

Zooming into the collection reveals excellently woven fabrics with a severity of form akin to military uniforms. The men’s button-downs have nipped collars reluctant to flare, while some don’t even have collars — a bit like mandarin collars without the fuss. The similarly severe coats have an almost monastic strictness to them, displaying high collars, cowl-like hoods and such. This severity is toned down by the looseness in fit, manifesting in folds that seem to cocoon the wearer. The women’s lines are a bit softer: the stark lines are toned down with details like pussy bows.

Stylist Pam Quiñones, who facilitated the styling session, described the sort of person who would crave the +J look: “I think more than anything, it’s people who want a very uncluttered lifestyle. They want pieces that almost have an idea of an attractive stylish uniform, so that it makes their lives easier.”

Jil Sander said in a release, “I set out to define the global modern uniform with this in mind: Clothes should be long-lasting and enduring. They should serve the wearer and give her or him the energy and self-assurance which is so much needed in our global reality.” — J.L. Garcia

T-bill, bond rates may inch up

THE RATES of Treasury bills and bonds on offer this week may end flat or inch higher amid improved economic prospects.

The Bureau of the Treasury (BTr) will borrow P20 billion via Treasury bills (T-bills) on Tuesday: P5 billion each in 91-day and 182-day papers and P10 billion in 364-day securities.

On Wednesday, the government will auction off P30 billion in reissued three-year Treasury bonds (T-bonds), which have a remaining life of two years and nine months.

A trader said the rates of T-bills may remain unchanged as investors weigh potential risks to inflation even as they remain liquid and prefer short-term debt.

“Oversubscription to shorter tenors and their lower yields have shown strong liquidity among investors. However, a possible uptick in inflation may slightly increase T-bill rates,” the trader said in an e-mail.

The trader said a pickup in economic activity as more businesses reopen could stoke inflation.

Another trader said T-bond yields could increase as investors anticipate improved business activity and progress on vaccine candidates against the coronavirus disease 2019 (COVID-19).

“Investors will seek higher returns as they expect the economy to further recover with increased business activity and developments in COVID-19 vaccines and amid competition with other investment options,” the second trader said in an e-mail.

The government made a full award of T-bills it offered last week as yields declined across the board on the back of ample liquidity among investors and the central bank’s surprise rate cut.

The BTr borrowed P20 billion as planned via the T-bills as the offer was almost four times oversubscribed, with bids amounting to P73.42 billion.

Broken down, the BTr borrowed the programmed P5 billion through the 91-day T-bills as tenders reached P18.85 billion. The three-month debt’s average rate fell below one percent and fetched 0.986%, down by 3.3 basis points (bps) from the 1.019% seen in the previous auction.

The Treasury also awarded another P5 billion as planned in 182-day debt as bids amounted to P20.8 billion. The six-month papers were quoted at an average rate of 1.385%, declining by 5.8 bps from the 1.443% logged in the previous week’s offering.

Lastly, the government made a full P10-billion award of the 364-day securities as tenders totaled P33.77 billion. The average rate of the one-year securities was at 1.695%, lower by 5 bps from the 1.745% seen during the previous auction.

The BTr also opened its tap facility to raise another P5 billion in one-year papers to take advantage of the strong demand and lower rates.

Meanwhile, the government made a full P30-billion award of the reissued three-year bonds when they were last offered on Nov. 4. The papers, which have a coupon of 2.375%, fetched an average rate of 2.224%, higher than the 2.182% logged in the previous auction.

At the secondary market on Friday, the three-month, six-month and one-year T-bills were quoted at 1.131%, 1.428% and 1.704%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website. Meanwhile, the three-year T-bonds fetched a yield of 2.19%.

Inflation likely settled between 2.4% and 3.2% in November on higher oil prices and crop damage caused by typhoons, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Friday.

Inflation quickened to 2.5% in October from 2.3% in September, the fastest pace in three months.

The uptick was mainly due to faster increases in prices of food and nonalcoholic beverages, as well as in education, restaurant and miscellaneous goods and services.

Inflation has averaged at 2.5% to date, within the BSP’s 2-4% target.

The Philippine Statistics Authority will report November inflation data on Dec. 4.

In its latest meeting, the BSP upgraded its inflation forecast for this year to 2.4% from the 2.3% it gave in the October review.

The inflation outlook for 2021 and 2022 were, meanwhile, lowered to 2.7% (from 2.8%) and 2.9% (from 3%), respectively, due to the slower-than-expected pickup in domestic activity, the decline in global crude oil prices, and the strengthening of the peso.

Philippine gross domestic product contracted by 11.5% in the third quarter, better than the record 16.9% decline posted in the previous quarter.

Year to date, the economy shrank by 10%.

The Treasury plans to borrow P120 billion from domestic lenders in December: P60 billion in weekly T-bill auctions and P60 billion in fortnightly T-bond offerings.

It is also offering another tranche of Premyo bonds to raise at least P3 billion. The offer period is set to run from Nov. 11 to Dec. 18.

The government wants to raise around P3 trillion this year from local and foreign lenders to help fund its budget deficit, which is expected to hit 9.6% of the country’s gross domestic product.

Uniqlo opens branches in Pasay, Parañaque, Zamboanga and Butuan

UNIQLO has opened a roadside store in Pasay City, and has plans to open in-mall stores in Parañaque, Zamboanga, and Butuan early next year.

Uniqlo has found that roadside stores are successful in Japan, Korea, Taiwan, and in the Philippines. A roadside store promises a simple, local, one-stop shopping experience for customers to enjoy a quick and convenient trip close to their home. The Uniqlo Blue Bay Walk Roadside store in Pasay City,  which officially opened on Nov. 27,  is one of them.

The store includes a parking lot for customers and is carefully designed to ensure that there is space and accessibility for all: for families with children, for elderly people, and for people with disabilities. Free parking is available for the first three hours for customers who spend a minimum single-receipt purchase of P500.

Uniqlo is also set to open more stores in Paranaque, Zamboanga and Butuan.

It will be opening a branch at SM City Sucat brand at the Ground Level of Building B on Dec. 18. Residents from nearby areas will be able to shop a wide variety of items in 1,014 sqm of shopping space.

Following this, Uniqlo will also open two new retail stores in Mindanao in the first quarter (Spring/Summer) of 2021.

It will open its first store in Zamboanga City at SM MindPro. The store will be located at the ground floor near the main entrance of the mall. Accessible from the main road, this new store will offer a 766 sqm of shopping space. It will also open a store in Uniqlo SM City Mall Butuan. The store will occupy 859 sqm of shopping space and will be strategically located on the ground floor of the mall.

All three new stores will showcase the latest and complete line-up of Uniqlo LifeWear, carrying all items for women, men, kids and babies, including Uniqlo shirts, pants, jeans, denims, dresses, the AIRism collection, and UV Protection pieces.

For updates, visit Uniqlo Philippines’ website at www.uniqlo.com/ph and follow its social media accounts.

Firms going digital amid pandemic

THE MARKET has seen an increase in smaller businesses amid the coronavirus pandemic, with most firms tapping digital platforms to reach their customers.

Lazada Philippines said some of its merchants have seen a sizeable increase in sales as they used the platform amid the coronavirus pandemic.

“During COVID, we have 2.5 times more in daily sales than we had back in February… A fresh seller [logged] 2.3 times increase in sales since onboarding in May. Another seller… who on-boarded in 2017… (has seen) sales that were three times higher,” Lazada Philippines’ chief executive officer Ray Alimurung said during BusinessWorld’s Virtual Economic Forum on Wednesday, citing in-house data.

Mr. Alimurung said the e-commerce platform started offering fresh goods, such as meat, fruit, vegetables, and fish to respond to consumer needs during the height of a government-mandated lockdown.

Lazada also recently enhanced its livestream platforms, with new programs such as a “Price Is Right” — inspired guessing contest and a singing competition, he said.

“We noticed that customers want to engage online and so we allowed brands to actively engage customers real-time,” he said, adding one brand got about 10,000 views per livestream.

The company also enabled digital donations through its For Good program, which has raised over P39 million to help local communities, Mr. Alimurung said.

The restrictions due to the pandemic led to the rise of independent sellers who primarily operate on social media, Ninja Van Philippines country manager Martin Cu said during the same forum.

“We’ve seen a real emergence of micro-SMEs (small- and-medium sized enterprises), small shippers, independent shippers who sell mainly on social (media) or are doing this as a hobby. I think all this time at home and the shutdown of retail businesses had forced people to find a new outlet,” Mr. Cu said.

To streamline the movement of essential goods during the start of the lockdown, Ninja Van Philippines opened same day delivery services for their business partners, Mr. Cu said.

Digitalization is one of the “mega-trends” driving growth among businesses, said Holcim Philippines Senior Vice-President for Marketing and Innovation Ramakrishna Maganti, as the pandemic has pushed firms to go online.

Mr. Maganti said some of the digital solutions Holcim is currently using include the remote tracking of equipment health, statistical demand forecasting, and using an online customer portal to connect with clients. — A.Y. Yang

BoE’s Haldane sees inflation risks as countries bounce back

LONDON — Bank of England (BoE) Chief Economist Andy Haldane said inflation could rise by more than expected as progress on coronavirus disease 2019 (COVID-19) vaccines and huge amounts of stimulus raised the chances of a swift economic bounce-back.

“As the economic recovery gathers pace next year, it will be important central banks remain squarely focussed on their core medium-term price stability mandates,” Mr. Haldane said in a speech to a University College London webinar on Saturday.

Mr. Haldane has consistently sounded more upbeat than his fellow interest-rate setters about the prospects for an economic recovery in Britain after the record 25% slump triggered by the first coronavirus lockdown in the spring.

Mr. Haldane said recent news of progress with the development of COVID-19 vaccines “offers some economic light at the end of the long, dark tunnel of this year” and there could be a rapid economic recovery in Britain and globally.

“Taken together with the huge amounts of policy stimulus provided this year, this will in my view leave risks to the economic outlook more evenly balanced than for some time, including risks to inflation over the medium term,” he said.

Britain’s most recent consumer price index showed inflation at 0.7%. — Reuters

Under Armour Sportsmask now available

EVEN athletes have to wear masks these days, so Under Armour (UA) has come out with the Under Armour Sportsmask, which is now available in the country in select Under Armour brand houses in the metro.

Boasting of Under Armour’s latest innovation, the sports mask is a reusable, water-resistant, and first-of-its-kind performance face mask designed to optimize breathing and provide maximum comfort.

It has athletes and active people in mind, those who want to continue with their dynamic lifestyle despite the limitations of the current situation with the coronavirus pandemic.

UA touts the sports mask as reducing the spread of respiratory droplets by the wearer.

The top of the mask features a moldable nose-bridge to secure it in place and mitigate airflow to the eyes, preventing glasses from fogging.

It features a unique, three-layer model engineered for athletes during performance. Layer 1 is the spacer fabric which is light but has air pockets for structure, so it stays off the mouth and nose for better airflow; layer 2 is the open-cell foam which is the breathable middle layer that lets air through but makes it hard for moisture and sweat to pass; and layer 3 is the UA ISO-CHILL — a fabric that feels cool against the skin, stretches, and is treated with PROTX2TM, a non-metal anti-microbial technology which inhibits growth of bacteria on the mask to keep it fresh.

The UA Sportsmask is available for P1,395 at select Under Armour brand houses, namely, Bonifacio High Street, SM Mall of Asia, Trinoma, Megamall and Greenbelt 3. Soon it will also be made available at Under Armour Ayala Cebu.

For more information on the sports mask, follow @AthletesProPH, the official distributor of Under Armour in the Philippines, on Instagram and Facebook. — Michael Angelo S. Murillo