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NBA licensed merchandise in Decathlon stores soon

NATIONAL Basketball Association (NBA) licensed merchandise will soon be available in Decathlon stores in the country after the French sporting goods retailer was recently named an official licensee of the United States-based basketball league.

In an announcement officially made on Friday, the NBA said it signed a multiyear merchandising partnership with Decathlon, making the latter an official licensee of the NBA across Africa, Asia, Europe, the Middle East and Latin America.

The deal marks Decathlon’s first partnership with a North American sports league.

Under the deal, a dedicated range of NBA team and league-branded base layers, accessories and footwear designed by Decathlon and sold under its basketball brand Tarmak will be made available in Decathlon stores worldwide, including those in the Philippines, and online at Decathlon.com.

Products will be available for pre-order beginning in March this year ahead of the April launch in stores.

“Since the creation of Tarmak four years ago, it has been our dream to collaborate with the NBA, the greatest basketball league in the world,” said Tarmark leader Damien Dezitter in a release. “We have a common objective to develop basketball all over the world, so it’s natural to work together to make this possible.”

The same sentiments were shared by the NBA, with Steve Griffiths, NBA EME Director, Global Partnerships, saying, “We are excited to partner with Decathlon, a leader in sporting goods retail with a global footprint. Through this partnership, NBA fans and basketball players around the world will have access to an exciting and innovative range of merchandise to help them get in the game.”

Decathlon Philippines trumpeted the recent deal, posting on its official Facebook page “that something exciting with the NBA” is coming in March.

The sporting goods retailer set up its first store in the country in 2017 at the Festival Mall in Alabang, Muntinlupa. Company officials back then said that the reason they opened shop in the country is in recognition of the vibrant sports and active lifestyle scene in the Philippines.

Aside from popular sports such basketball, football, volleyball, and running, Decathlon stores in the country also have products for hiking, rollerblading, dancing, and fishing, among others.

Other Decathlon stores are located at Tiendesitas in Pasig City and in Masinag in Antipolo City. — Michael Angelo S. Murillo

Alsons allots P6.54 billion for four projects

By Angelica Y. Yang

ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) has earmarked around P6.54 billion as capital expenditures (capex) for four projects under development, including three hydro plants, the listed firm said over the weekend.

ACR, which claims to be the first private sector power generator in Mindanao, has an aggregate installed capacity of 468 megawatts (MW).

“Capex in 2021 specifically allotted to projects under development is around P6.54 billion. This would cover the prospective (105-MW) San Ramon Power, Inc. (SRPI) baseload thermal plant in Zamboanga City and three of our prospective hydroelectric power plants,” ACR Executive Vice President and Chief Operating Officer Tirso G. Santillan, Jr. was quoted as saying via e-mail.

These planned hydro plants, he said, include the 14.6-MW run-of-river Siguil hydro plant, which is under construction in the Sarangani province; the 22-MW Siayan (Sindangan) hydro plant in Zamboanga del Norte; and the 42-MW Bago Hydro plant in Negros Occidental.

Mr. Santillan said that the Siguil hydro plant is targeted to begin commercial operations next year, while the SRPI thermal plant is targeted to go online by 2024.

The listed firm said that it planned to focus on ramping up its hydro facilities in the coming years. “For the long term, we are slated to focus on renewables with seven more run-of- river hydroelectric plants in our pipeline. Once completed and operational, these hydro power plants will comprise the bulk of the company’s power facilities,” Mr. Santillan said.

Once ACR’s first three hydro plants are operating, earnings from the listed firm’s RE facilities are expected to take up 35% of ACR’s profits, he said.

“In the long term, when all eight hydro plants are operating, we project that renewable energy (RE) contribution to ACR earnings will be around 45%,” Mr. Santillan said.

In September, Alsons issued P1 billion worth of commercial papers, the proceeds of which would go to finance eight of its renewable power projects in the pipeline.

Last week, local debt watcher Philippine Rating Services Corp. (PhilRatings) issued a “PRS A+” issuer credit rating with a stable outlook” to ACR for the first tranche of its commercial papers program this year. It earlier announced that it would issue P3 billion in short-term commercial papers, which would be issued in one or more tranches.

According to PhilRatings, a PRS A+ credit rating is an assessment that shows the company’s above-average capacity to meet its financial commitments relative to other firms. A “stable outlook” is given when a rating is likely to be maintained or to remain unchanged in the next 12 months.

Shares in ACR on Friday were unchanged at P1.29 apiece.

Latest version of Adidas Ultraboost available in February

THE LATEST version of the adidas Ultraboost shoe line will be available in the country beginning next month.

Designed and developed with input from runners and testers, the Ultraboost 21 features a bold new design combined with the latest in performance technology.

At the center of the development of the Ultraboost 21 is the redesign of the shoe’s torsion system. The new adidas LEP (Linear Energy Push) is used to provide a 15% increase in forefoot bending stiffness for a more responsive stride. This works alongside adidas’ midsole BOOST technology, which packs in 6% more “boost” than its predecessor (Ultraboost 20) through an exaggerated heel curve, providing runners with notable energy return and comfort in every step.

The global brand said the Ultraboost 21 remains in line with its push of using sports — running in particular — to transform lives and coming up with products that embody its commitment to bring energy to people to drive positive change and self-betterment. Such a mission could not be more fitting during this time of the coronavirus pandemic, it said.

Citing a global study it commissioned, the power of running is said to have aided positive transformation and improved physical and mental wellbeing in communities. Runners were shown to be 20% more likely than non-runners to experience increased energy levels, while over 40% of respondents that increased their running frequency also said that they developed a more positive outlook on life. Over 33%, meanwhile, identified the mental health benefits of running as one of their core motivating factors.

“Ultraboost has consistently been a unique and sensational blend of iconic design, revolutionary innovations, unparalleled performance and unique consumer experience. BOOST and Primeknit (a knitted fabric which brings a sock-like fit to the feet) have created and elevated new industry standards, while Primeblue (a product made out of recycled polyester from plastic) has set a new benchmark of sustainability and adidas LEP is setting new standards of performance,” said Alberto Uncini Manganelli, general manager/senior vice-president, adidas Running, in a release.

“Ultraboost has always been a ‘first,’ a ‘pioneer,’ delighting millions of worldwide users every day, winning their hearts and minds and changing the way they see and feel running,” he added.

The Ultraboost 21 is set for a Philippine launch on Feb. 4 and will retail for P9,500. For more details, visit adidas.com/ultraboost21. — Michael Angelo S. Murillo

Treasury bills to fetch lower rates as investors wait for GDP report

RATES OF Treasury bills (T-bills) on offer on Monday will likely move sideways or slightly lower ahead of the release of full-year gross domestic product (GDP) data on Thursday.

The Bureau of the Treasury (BTr) is looking to borrow P20 billion via the T-bills on Monday: P5 billion each from the three-month and six-month debt papers and P10 billion via the one-year securities.

Bond traders said the yields on the short-term bills will likely move sideways or drop by 5 basis points (bps) ahead of data on the economy’s performance last year.

“I think it should move sideways to 5 bps lower from the previous auction ahead of the release of the country’s full-year 2020 GDP print,” a bond trader said on Friday via Viber.

A BusinessWorld poll of 18 economists and one institution last week yielded a median estimate of a 8.5% GDP contraction for the fourth quarter and a steeper slump of 9.5% for full-year 2020.

If realized, the fourth-quarter forecast would be better than the 11.5% slump in the previous three-month period and the record 16.9% plunge in the second quarter. It would also match the worse end of the 8.5-9.5% decline expected by economic managers.

“Investor demand for T-bills is expected to persist as the market remains abundant with liquidity given the dearth of investment outlets amid risk aversion,” the first trader added.

A second bond trader sees T-bill yields moving the same way at today’s auction and said “banks aim to place their excess liquidity there and as demand for local government securities remains at the short end.”

The Treasury last week upsized the volume of T-bills it awarded to P22 billion from the P20-billion program as total tenders reached P87.11 billion.

Broken down, the BTr raised P5 billion as planned via the 91-day debt papers from P17.76 billion in bids. The three-month T-bills fetched an average rate of 0.984%, inching up by 0.7 bp from the 0.977% in the Jan. 11 auction.

Meanwhile, it borrowed P7 billion via the 182-day T-bills, higher than the P5-billion program, with the Treasury accepting more bids from the non-competitive sector as tenders hit P24.296 billion. The six-month papers were quoted at an average rate of 1.348%, down 1.2 bps from 1.36% previously.

For the 364-day securities, the government awarded P10 billion as planned from tenders worth P45.055 billion. The average rate of the one-year instruments also went down by 2.3 bps to 1.582% from the previous rate of 1.605%.

At the secondary market on Friday, the three-month, six-month and one-year T-bills were quoted at 1.165%, 1.36% and 1.596%, respectively, based on the PHP BVAL Reference Rates posted on Philippine Dealing System’s website.

The Treasury plans to borrow P140 billion from the local debt market this month: P80 billion via weekly auctions of T-bills and P60 billion from fortnightly Treasury bond offerings.

The government aims to raise P3 trillion this year from local and foreign sources to fund its budget deficit that is seen reaching 8.9% of GDP. — Beatrice M. Laforga

ASF test kit mass production provided P80-M funding — DA

AGRICULTURE Secretary William D. Dar said P80 million has been allocated for the development and mass production of test kits for the detection of African Swine Fever (ASF).

The test kits, which go by the name ASFV Nanogold Biosensor, promise rapid results. The developer was Clarissa Yvonne J. Domingo of Central Luzon State University, in collaboration with the Bureau of Animal Industry (BAI).

“With this development, BAI personnel and veterinarians of local government units can now administer the kit for biosecurity measures, profiling of farms for repopulation, and surveillance and monitoring activities, at a much faster rate right at the so-called “ground-zero” and more economically,” Mr. Dar said.

The rapid test kits use a nucleic acid-based test that can detect the virus and differentiate it from hog cholera and other swine-related viruses.

It can detect the disease via the surface swabbing of pig barns and delivery trucks, saliva and nasal swabs, feces, water, semen, feed, aspirated whole blood or blood-soaked swabs, and domestic flies.

“We can even have these test kits on standby at the port of entry for a quick sampling of the meat products entering the country,” Mr. Dar said.

According to Mr. Dar, the ASF test kits cost P350, but can be as cheap as P70 in pooled testing of five surface swabs, saliva, or feces from the same pig farm.

The test kit has been tested at 32 commercial and nine backyard farms in Bulacan, Rizal, Laguna, Pampanga, Tarlac, Pangasinan, and Nueva Ecija.

BAI offers free ASF testing while private laboratories charge around P3,000 per test.

Mr. Dar said the Department of Agriculture will arrange with Vietnam a field test in the Philippines after learning that the Vietnamese had developed an ASF vaccine.

ASF is a severe and highly contagious hemorrhagic viral disease in pigs that poses no health risks to humans. — Revin Mikhael D. Ochave

Court of Tax Appeals affirms denial of gaming firm’s refund

THE Court of Tax Appeals (CTA) affirmed the denial of the tax refund claim of a junket gaming operator over the corporate income tax it paid worth P24.4 million for 2014.

In a 10-page ruling dated Jan. 8, the court, sitting en banc, denied for lack of merit the petition of Prime Investment Korea, Inc. that sought to nullify the 2019 ruling of the special second division, which denied the refund claim.

The firm claimed that junket gaming revenues are not subject to corporate income tax and as contractee/licensee, the tax exemption of Philippine Amusement and Gaming Corp. (PAGCOR) extends to its gaming operations, essential services, and technical services.

The operator also claimed that contractees and licensees are “liable only for 5% franchise tax in lieu of all kinds of taxes, including corporate income tax” and the classification of income from junket gaming operations as “other related operations” is erroneous and inconsistent with Presidential Decree No. 1869 on the franchise of PAGCOR.

The Bureau of Internal Revenue, on the other hand, said that the claim of Prime Investment Korea that it is exempt from corporate income tax has no legal basis and contractees should pay the said tax for income derived from junket operations.

“Petitioner’s arguments are mere rehash of its case before the Court in Division. We find no cogent reason to deviate from the Court in Division’s disquisitions,” the court said.

Citing a Supreme Court decision, the court noted that PAGCOR’s income is classified into two: first is income from operations and licensing gambling casinos, clubs, and similar places, and second is from “other related operations.”

It said that income from junket operations, which is classified under “other related services,” is subject to corporate income tax and not franchise tax.

The CTA also said that it had “consistently” ruled that income from junket operations is classified as “other related services” that is subject to corporate income tax, noting the decision of its division.

It also cited a jurisprudence, which ruled that as PAGCOR is subject to corporate income tax for other related services, “contractees and licensees” should also pay the same tax for income from such related services.

“The language of the law is too plain and unambiguous to be construed. It is a basic tenet in statutory construction that when the statute is clear, it must be given its literal meaning and applied without any attempted interpretation,” it ruled.

“Considering that petitioner’s income from junket operations is subject to corporate income tax, its claim for refund or issuance of TCC (tax credit certificate) arising from alleged erroneous payment of taxes has no legal mooring. Accordingly, We affirm that petitioner is not entitled to the refund or issuance of TCC for the taxes paid for TY 2014,” it added. — Vann Marlo M. Villegas

No one was hurt in the creation of the Human Leather collection

DESPITE its name, no one involved in Silence of the Lambs was involved in the creation of avant-garde fashion designer Kelvin Morales’ Human Leather collection, nor was anyone hurt in the process.

Rather Mr. Morales explores the anatomies of the human body, as well as the essence of their touch and movement in his experimental collection. He asked himself: “What if the human skin can be used as material for clothing without the judgmental social hiss on cannibalism? What would it look like in the modern day?”

Fueled by this curiosity and his passion for the wide array of possible materials, the young contemporary artist, who formally honed his creativity and fascination under the Fashion Design and Merchandising Program of the De La Salle-College of Saint Benilde, started researching extensively and embarked on crafting different boards for various moods, fabrics, silhouettes and colors.

Human Leather was the end result, a 14-piece collection that exhibits the peculiar beauty of the human skin through the incorporation of tattoo-inspired embroideries, colorized human hair, manual hand embroidery, local fabrics and bespoke details that embody the conceptual and tactile qualities of individuals.

“Clothes should be an extension of one’s self and with this collection I took that literally,” Mr. Morales noted in his look book. “I interpreted skin as clothes and translated it into clothing that mimic that concept. This contextualizes the human body and the function of fashion in a different way, dismantling the stereotyping of beauty.

“I wanted to highlight the diversity of human skin and equality of different races and colors,” he noted.

Mr. Morales is currently gearing up for the PHX 2020-2021, an incubation project of the Center for International Trade Expositions and Missions (CITEM) and the Department of Trade and Industry for young and emerging Filipino designers to showcase their original creations and collections in Tokyo.

View his works on his Instagram account @kelvinmmorales or through his official website www.kelvinmoralesph.com.

Kia rebrands with new logo and philosophy

Massive changes will surely future-proof the global car maker

By Kap Maceda Aguila

EVEN AS its 15-year-old slogan “The power to surprise” will be mothballed in favor of “Movement that inspires,” Kia Motors pulls off a, well, surprise.

Last week, Kia unveiled a vastly changed logo — embodying what it calls its “new brand purpose and ambitions for the future.” The company also drops the word “motors” from its moniker.

During an online showcase, Kia President and CEO Ho Sung Song said, “At Kia, we believe that transportation, mobility, and movement represent a human right. Our vision is to create sustainable mobility solutions for consumers, communities, and societies globally. Today, we start putting this vision into action with the launch of our new brand purpose and strategy for the future.”

The South Korea-headquartered car maker did some “deep introspection” and interviewed industry experts, Kia employees and customers, and even “those who have never considered buying Kia to objectively hear how people feel about us,” said Mr. Song.

“These voices are the reason for our transformation, the reason to reinvent ourselves, and the reason why we are relaunching the Kia brand,” he continued. Kia now rolls out a “new brand purpose, new corporate mission, new business direction, new design philosophy, and a new working culture that empowers (its) employees and puts… customers at the heart of actions and discussions.”

In a recent press conference, Kia Philippines Marketing Director Franz Decloedt said that the old tagline was better suited to an underdog brand. “‘Movement that inspires’ captures our brand purpose and (denotes a) future-leading quality. We are bold, connected, and expansive,” he underscored. “It’s not just a logo change.”

Kia wants to move away from what it calls its “traditional manufacturing-driven business model,” reflected in its dropping “motors” from its name. The firm promises to “expand into new and emerging business areas by creating innovative mobility products and services to improve customers’ daily lives.”

The new brand purpose envisions Kia as meeting “changing customer expectations about how they move, and how their movement impacts the world around them. Consumers are increasingly seeking out flexible, environmentally conscious, and integrated forms of transportation.”

Meanwhile, new brand strategy calls for the company to “respond to — and shape… changing expectations by developing a range of products and services to meet customers’ needs in markets around the globe. These will offer greater access to a wider range of environmentally conscious mobility products and services to meet growing demand from customers worldwide for flexible, customizable, individualized mobility solutions, enabled by data and new technologies.”

The company also vows to promote “more sustainable production” by using clean energy and recyclable materials, and commits to develop seven battery electric vehicles (BEVs) by 2027 — a lineup comprised of passenger vehicles, SUVs and MPVs “across several segments, each incorporating industry-leading technology for long-range driving and high-speed charging from Hyundai Motor Group’s new Electric-Global Modular Platform (E-GMP).” Kia is also looking at producing a range of purpose-built vehicles (PBVs) for corporate customers as the firm anticipates demand for these to grow five times by 2030, fueled by growth in e-commerce and car-sharing services.

The global brand said it will roll out the first of its next-generation BEVs (which will boast a crossover-inspired design) by the first quarter, but Kia Philippines stated that the earliest we can see these is next year.

The firm added that this vehicle will have a driving range of over 500 kilometers and promise a high-speed charging time of under 20 minutes. This new vehicle will also be the first to receive the new logo. “With its growing range of BEVs, Kia is targeting a 6.6% share of the global BEV market by 2025, and global annual sales of 500,000 BEVs by 2026.”

The rebranding will be cascaded here as early as the second half of the year, according to Kia Philippines, with the corporate image rolling out to dealerships within two to three years.

Banks miss agri-agra lending quota

BANKS failed to comply with the required lending for the agriculture and agrarian (agri-agra) reform sectors in the third quarter of 2020, central bank data showed.

The banking system disbursed P662.62 billion in credit to these sectors in the three months ended September, based on preliminary data from the Bangko Sentral ng Pilipinas (BSP).

Total loanable funds during the quarter reached P6.510 trillion. With the 10% agrarian reform and 15% agriculture credit required under Republic Act 10000 or the Agri-Agra Reform Credit Act of 2009, the minimum credit allocation for the sectors was at P1.627 trillion.

Broken down, banks’ agrarian reform credit allocation amounted to P55.836 billion, only 0.86% of total loanable funds and failing to meet the 10% quota.

Lending to the sector by big banks, thrift, and rural banks reached P43.406 billion, P3.654 billion, and P8.776 billion of their respective loanable funds, respectively, all failing to meet the required amount.

Meanwhile, loans extended to the agriculture sector reached P606.786 billion, only comprising 9.32% of the banking system’s loanable funds versus the 15% requirement.

Only rural and cooperative banks were able to reach the quota as their lending allocation to the sector reached P20.903 billion, equivalent to 20.71% of their loanable funds.

On the other hand, universal and commercial and thrift lenders disbursed agriculture loans worth P568.383 billion or 9.26% of loanable funds and P17.5 billion or 6.43% of their loanable funds, respectively.

The Department of Agriculture and the Department of Agrarian Reform last week expanded the implementing rules and regulations (IRR) of RA 10000, allowing banks to include more types of loans as compliance with the quotas under the law.

The revised IRR allows lending to households of agrarian reform beneficiaries and agrarian reform communities as compliance with the 10% required lending to the sector.

Meanwhile, loans for activities in the agricultural value chain like production, processing and marketing will also be counted as part of 15% quota.

The central bank has also said they are looking into including green loans in the credit quotas.

Banks have been paying fines instead of complying with the Agri-Agra credit quotas due to the risks they associate with lending to these sectors.

In 2019, loans to these sectors made up only P733.92 billion out of bank’s P6.173 trillion worth of loanable funds. This is below the P1.543 trillion that should have been lent out based on the 25% minimum compliance. — L.W.T. Noble

Geely charges up for the future

Smart electrified mobility is on the horizon

A FEW MONTHS ago, Geely Holding launched its Sustainable Experience Architecture (SEA) — the world’s first open-source electric vehicle architecture. It is extremely valuable because this architecture can accommodate A- through E-class vehicles, making it versatile and ultimately, very cost-effective. The vehicles compatible with this architecture range from regular sedans to SUVs, MPVs, small city cars, sports cars, trucks, and even some anticipated future vehicles.

You see, the style of modular manufacturing allows for significantly reducing the development time of vehicle technologies because, in essence, they could be shared across different vehicle types. Having said that, Geely Holding has foreseen that SEA will cut the software development cycle for its smart electric vehicles by more than 50%. Hopefully, this will translate to a faster turnover of innovations in the realms of electric power, smart connectivity, autonomous driving, interior space, performance, and safety.

Geely has also rebranded itself as no longer being just a traditional automobile manufacturer, but rather a mobility technology service provider. Having said that, Geely promises that starting this year, it will embark on the rapid development of smart electric vehicles — slated to transform Geely into a powerhouse of mobility technology.

Based on Geely’s new SEA, the company will make use of a super-efficient battery that has been tested to be capable of retaining its range without any observable degradation for at least 200,000 kilometers (km). With a design life that should last 2,000,000km (under specified operating conditions), it is bound to address the concerns of typical range anxiety and other common consumer demands.

When it comes to charging speed, Geely’s SEA flaunts the ability to recharge 120km worth of driving range in less than five minutes. This is made possible via its ultra-high speed 800V charging system, which has been developed to offer impressive, practical solutions.

And it gets even more exciting. Geely’s SEA architecture aims to launch fully autonomous driving features for the open road come 2025. These will include highly autonomous functions such as hands-free driving, eyes-off driving (yes, really!), autonomous parking, automatic lane changing and intelligent navigation. In fact, Geely’s timeline says that such autonomous driving on select roads will be achieved as early as 2023.

Furthermore, Geely Holding recently announced a partnership with Chinese search engine and AI company Baidu, aiming to develop several intelligent and connected electric vehicles. Baidu has eight years of experience in the field of intelligent transportation, and an extensive portfolio of vehicle technologies, including Apollo autonomous driving, DuerOS for Apollo, and Baidu Maps. You can think of Baidu as China’s Google.

In the Philippines, Geely — whose local distributorship is handled by Sojitz G Auto Philippines (SGAP) — has been received by the public very positively. As a matter of fact, they have recovered quite impressively despite the pandemic, with the Geely Coolray even emerging as a top-seller among the five-seater subcompact crossovers, recorded for three months in 2020.

SGAP President and CEO Mikihisa Takayama shared: “We want to keep our eyes on the bright spots amid the pandemic and other future challenges this year may bring us. I personally think that quality, affordability and customer delight should be instilled in businesses during the crisis. This period of decline in our economy is a good time to prove to our customers the quality and efficiency our brand could offer without having to burden them too much financially. We welcomed the year with high hopes that 2021 will be a lot better for us. Let us all move forward together.”

Geely Philippines in 2020 has also managed to supplement its maiden dealership outlet in North EDSA with another six new dealerships: Quezon Avenue (NCR), Cagayan de Oro, Lipa (Batangas), Zamboanga, General Santos, and Imus, Cavite. And as further demonstration that it is here to serve, Geely also announced that it is looking at opening 21 more dealerships in key markets in the Philippines.

In a conversation we had with SGAP’s General Manager for Sales Froilan Dytianquin, he affirmed that Geely has indeed been proud to be in the global news lately for showing how serious and aggressive the company is in pursuing smart and connected EVs for the future. After announcing its partnership with Baidu, he shared that a week later Geely also announced its joint venture with Apple’s supplier, Foxconn. This is as Foxconn and Geely have decided to partner in producing original equipment such as vehicle parts, intelligent drive systems, and even whole vehicles — to supply to other global car makers. And then most recently, it also announced a collaboration with telecom firm Tencent to develop smart car technology assets, such as an intelligent cockpit and other solutions for autonomous driving.

Said Mr. Dytianquin: “Geely’s announcement on partnerships with Baidu and other technology companies paves the way for the preparation of smart-connected new energy vehicles, which will soon be the next generation of mobility. Though our market is still not ready to realize full EV mobility, Geely’s initiative to partner with leading technology companies will pave the way for making smart, efficient transportation, and at the same time make EV’s acceptance and popularity grow in Asia.”

It certainly looks like there’s a lot of electric-smart-autonomous surprises brewing in there. Kudos to Geely. When the time is ripe, we too shall enjoy these cutting-edge mobility solutions in Southeast Asia.

Gov’t to provide P1.2B to help boost bamboo industry of Mindanao

STATE-RUN Development Bank of the Philippines (DBP) has committed P1.2 billion to help jumpstart the Mindanao bamboo industry development program, which is intended to protect watersheds and provide livelihood to farmers and remote communities.

Funding from the DBP Forest Program will help set up a processing facility in each of the eight initial bamboo cluster sites located in major river basins, according to Secretary Emmanuel F. Piñol, chairman of Mindanao Development Authority (MiNDA), which organized the Mindanao Bamboo Summit on Jan. 19 in Cagayan de Oro City.

DBP President Emmanuel G. Herbosa was among the signatories to the Pledge of Commitment for the bamboo program signed during the event.

Among the other signatories were Bukidnon Giant Bamboo Resources Corp. Chairman Roderico R. Bioco, business chamber representatives, and Mr. Piñol.

Each of the pilot bamboo areas is targeted to cover at least 1,000 hectares.

The program aims to have a million hectares of bamboo sites over the next 10 years, with complementary infrastructure such as roads and processing facilities as well as a marketing program for various bamboo products.

The Mindanao Bamboo industry Council, established during the summit, will oversee the program. It is composed of representatives from local governments and the private sector.

The resolution creating the council estimates a global bamboo market of about $99 billion by 2026, with Europe, the US and Japan as the biggest buyers of bamboo and shoots.

The bamboo program is part of MinDA’s Green Mindanao Project, which also promotes the development of high-value fruit farms and harvestable tree species across the southern mainland, particularly in denuded mountain areas.

“We cannot continue to exploit our forests and natural resources without an aggressive effort to replenish, reinvigorate and heal the ecological and environmental wounds,” Mr. Piñol said in a statement. — Marifi S. Jara

PayMaya says it now has over 200k touchpoints nationwide

DIGITAL payments firm PayMaya Philippines, Inc. said it now operates over 200,000 touchpoints nationwide, serving over 28 million users.

“With over 200,000 touchpoints across the country, PayMaya currently operates the largest footprint for financial transactions nationwide, allowing its more than 28 million users to easily pay, add money, cash out, or remit using their PayMaya accounts,” PayMaya said in an e-mailed statement over the weekend.

The company added that its network is six times larger than the combined 12,371 bank branches and 22,162 ATM terminals nationwide.

“PayMaya has become a lifeline to many people during the pandemic, and we’re seeing it become even more essential for consumers, businesses, and the government in the years to come,” PayMaya President Shailesh Baidwan said.

PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc.

Among the businesses that use PayMaya’s cashless technology are Megaworld, McDonald’s Philippines, Jollibee Foods Corp., Goldilocks, Unilever, Petron, Shell, Robinsons Malls, SM Supermalls, Smart Communications, Angkas, and Food Panda, among others.

PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan expects PayMaya to be profitable by 2024.

Voyager’s portfolio, aside from the PayMaya e-wallet and app for consumers, includes PayMaya Enterprise for end-to-end merchant-acquiring solutions and Smart Padala, which has over 37,000 partner agent touchpoints nationwide.

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

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