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US disease expert Fauci says vaccine verdict due by early December

LONDON — US infectious disease expert Anthony S. Fauci said on Sunday it would be clear whether a COVID-19 vaccine was safe and effective by early December, but that more widespread vaccination would not be likely until later in 2021.

“We will know whether a vaccine is safe and effective by the end of November, the beginning of December,” Mr. Fauci told the BBC.

“When you talk about vaccinating a substantial proportion of the population, so that you can have a significant impact on the dynamics of the outbreak, that very likely will not be until the second or third quarter of the year.” — Reuters

[B-SIDE Podcast] Bend, don’t break: business lessons from bamboo

Follow us on Spotify BusinessWorld B-Side

The COVID-19 pandemic wiped out 80% of the revenue of Bambike, a socio-ecological enterprise that handcrafts bamboo bicycles. Prior to the lockdowns, Bambike was renting out thousands of bikes a month for its ecobike tours, which won the company a Tripadvisor award in March. Bambike founder Bryan Benitez McClelland tells BusinessWorld reporter Patricia B. Mirasol how the company is bouncing back. “Be resilient like the bamboo,” he said.

TAKEAWAYS

Recognize the value of your assets.

When Bambike’s city tours evaporated, Mr. McClelland realized that he could turn his idle fleet of bamboo bikes into transportation for frontliners who were having trouble getting to work because of the lockdowns.  

Bicycles are enjoying a growing acceptance among a populace long burdened by poor public transport. Bambike has pivoted from conducting tours to selling bikes to customers. While operations are still not back to pre-pandemic levels, Bambike nonetheless finds itself fortuitously positioned in a growth market. 

“Your business plan is never executed exactly as you wrote it… We’re very fortunate to be positioned in a growth market. We are able to survive now,” he said.

The future of transportation is electric.

Bambike began producing e-bikes during the pandemic. Capable of covering longer distances with less pedaling power (and less perspiration), e-bikes get people around without emitting carbon. Bambike offers a range of e-bikes, from 500-watt commuter kits for easy cruising to 1,500-watt turbo kits for long distances to 3,000-watt hauler kits for extra power. 

“We’re making sure we’re doing the right thing for people and the planet as we become part of the new green economy and the next normal,” said Mr. McClelland. 

Support local.

Mr. McClelland makes a case for supporting MSMEs like Bambike instead of hopping on e-commerce platforms and importing goods. “There’s a lot to be said about still purchasing things from the palengke, or going to the small shops, or finding the entrepreneurs that just opened their online stores and are trying to continue to make a living,” he said.  “We should always look to buy Filipino first. It will pay off in the long run.” 

Be like bamboo.

This year is going to be “a year of survival, tenacity, and grit,” according to Mr. McClelland, who considers Bambike to be a customer service company at heart and counts on his team to adjust to the needs of the times, whether it’s by touring clients or selling bikes. “The goal is to keep all people employed and pull through together,” he said. “Be resilient like the bamboo, where you bend but you stay strong and stay firm throughout the challenging times.” 

Recorded remotely on October 1. Produced by Nina M. Diaz, Paolo L. Lopez, and Sam L. Marcelo.

Follow us on Spotify BusinessWorld B-Side

PLDT, Smart select Nokia’s WING for breakthrough IoT services

First IoT offer for enterprises in the Philippines

PLDT Inc., through PLDT Enterprise and its Wireless arm Smart Communications. Inc., is in an advanced stage of discussion with long-time partner Nokia to provide next-generation Internet of Things (IoT) services for its customers. Together, Smart and Nokia intend to build the “Smart IoT Platform” – the first of its kind for enterprises in the Philippines. This platform aims to help businesses easily deploy IoT services and solutions to manage their connected devices for growth opportunities in the future.

“IoT is a technological revolution with immense potential in improving the way we do things, and we are finalizing a partnership with Nokia to fortify our initiatives in this space. With Smart’s proven robust network and Nokia’s Global IoT ecosystem, this strategic partnership aims to simplify IoT deployment at scale,” said Jovy Hernandez, ePLDT President & CEO and SVP & Head for PLDT and Smart Enterprise Business Groups. “Our aim is to further complement PLDT Enterprise’s already extensive solutions portfolio with the launch of this platform.”

With its newfound capability, PLDT Enterprise intends to scale its current LTE based IoT offerings. This platform will also enable their customers, to explore and deploy 5G based IoT solutions, on Smart’s 5G network — which is on a virtualized core network, and deployed on a software-defined transport network, launched earlier this year. This IoT initiative is part of PLDT’s strategy in building a complete 5G ecosystem.

This enables PLDT to deliver the next-generation digital services like Machine Learning (ML) and Artificial Intelligence (AI) enhancing the IoT solutions, at a faster and more cost-effective manner. Now, with the platform being available for 5G IoT use cases, customers can opt for different combinations of ultra-low latency, high security, and enhanced throughput based services—fortifying the group’s commitment to provide critical public services, real-time industrial monitoring, and control, as well as remote healthcare.

Given this, the group aims for the public sector, as well as the transport & logistics, manufacturing, utilities, and retail industries to be among principal beneficiaries of the platform. These IoT solutions will be fully ready by 2021 but PLDT is already in discussions with enterprise clients that intend to utilize IoT technology for their operations.

The platform is set to be powered by Nokia’s Worldwide IoT Network Grid (WING). This simplifies the expansion of current LTE based IoT to 5G based IoT solutions, providing mission-critical services. The 5G ultra-low latency services are enabled by separating and extending the user plane functions (UPF) to the far network edge or enterprise premises. Such capability, of Multi-Access Edge Computing (MEC) technology, provides the support for real-time, compute-intensive IoT services, such as AR/VR based maintenance.

Further, the PLDT Group’s roll-out of 5G SA (Standalone) will enable their customers to leverage WING’s cloud-native architecture—effectively laying the groundwork for network slicing and providing them with more comprehensive 5G based IoT use cases.

“I look forward to seeing our Enterprise customers, utilizing this platform, to expand their deployment of IoT solutions and services, easily, on our LTE and 5G networks,” said Joachim Horn, PLDT Group Chief Technology Advisor. “This will also be a catalyst for the Philippines manufacturing industry, to embrace IR4.0.”

PLDT Enterprise and Nokia executives will introduce the Smart IoT Platform in time for the PLDT group’s upcoming Philippine Digital Convention (PH Digicon) 2020 on October 28-30, the first all-virtual event featuring key technology industry leaders with more than 10,000 expected global attendees.

“We recognize the great value potential of IoT. In 2025, the projected value creation potential is at US$3.7 Tn/year for factories, US$1.7 Tn/year for smart cities, and US$1.6 Tn/year for humans. With Nokia WING, we will continue to drive the adoption of next-generation technologies, providing our customers with not only connectivity but solutions to maximize their IoT potential,” said Andrew Cope, Country Manager for Nokia Philippines.

PH Digicon 2020 will introduce the latest industry 5.0 solutions to delegates and customers. The Industry 5.0 Breakout Session will cover enterprises’ need for a seamless, automated and zero-touch client experience. It will also tackle the co-existence of man and machine, and how this collaboration affects the ever-evolving digital world.

For more information, visit pldtenterprise.com.

Gov’t borrowings hit P2.56 trillion

THE National Government (NG) borrowed P2.56 trillion from local and foreign sources in the first nine months of 2020, data from the Bureau of the Treasury (BTr) showed.

The government’s gross borrowings in the nine-month period surged by 179% from the P917.282 billion recorded a year ago.

In September, borrowings reached P90.6 billion, more than five times the P15.46 billion logged in the same month in 2019. Domestic debt accounted for 55% of the total.

Gross domestic borrowings stood at P50.02 billion in September, versus the P14.45 billion in net redemptions made the year prior. The Treasury issued P45 billion worth of Treasury bonds (T-bonds) and P5.02 billion of Treasury bills (T-bills) through its regular auctions in September.

Excluding the P300-billion debt paid that month, domestic borrowings resulted in net redemption — or when more debts were repaid than new debts obtained — worth P249.98 billion.

Foreign debt reached P40.575 billion in September, up 162% (15.46) from a year ago. This included P38.35 billion worth of program loans and P2.22 billion in project loans.

Less the payments made worth P6.142 billion that month, net external borrowings totaled P34.43 billion.

Year to date, gross borrowings made up 85% of the government’s plan to raise P3 trillion for the entire year. Around 78% were from local creditors and the rest from foreign lenders.

Domestic debt hit P2 trillion, up 219% from a year ago.

Funds raised through retail Treasury bonds (RTBs) accounted for the bulk at P827.12 billion, after the BTr offered the debt papers twice this year, in February and August.

T-bonds issued so far amounted to P492.9 billion, while the net issuance of T-bills hit P390.3 billion.

The government also settled an outstanding P300-billion debt with the central bank at the end of September. After it was settled, the Bangko Sentral ng Pilipinas (BSP) approved another P540 billion in direct provisional advances to the government.

Meanwhile, gross external debt jumped 89% to P550.3 billion, with P344.9 billion in program loans, P19 billion in project loans, and the issuance of global bonds through dollar-denominated notes (P118.7 billion) and euro bonds (P67 billion).

Excluding all the repayments made, net borrowings hit P2.048 trillion as of end-September, up 157% year on year.

The budget deficit narrowed to P351 billion in September, but the nine-month shortfall was still up 194% to P879 billion from a year ago on the back of falling revenues and rising pandemic expenses.

The government runs a budget deficit as it spends more than the revenue it generates. It borrows to fill in the budget gap expected to hit 9.6% of gross domestic product this year. — Beatrice M. Laforga

Legal issues hinder privatization of state mining assets — DoF

By Beatrice M. Laforga, Reporter

THE Department of Finance (DoF) has created a task group to address the lawsuits and other legal issues that are slowing the efforts to privatize state mining assets.

“We are forming an interagency team to study ways on how we can clear the path for these assets to be privatized and revive their operations,” Finance Secretary Carlos G. Dominguez III said in a statement.

The newly created body consists of representatives from the DoF, the Department of Environment and Natural Resources (DENR), Mines and Geosciences Bureau (MGB), the  Privatization and Management Office (PMO), and the Office of the Solicitor General (OSG).

Aside from legal issues, MGB Director Wilfredo G. Moncano said the technical working group will also look at economic, environmental, social and technical issues.

“It appears there are legal impediments in at least two of these assets, social and environmental issues in some, and therefore a resolution of all these challenges will be ideal before the privatization can proceed, or there may be potential investors willing to shoulder the risks, provided they knew prior that there is or are such issue(s) existing,” Mr. Moncano said in a Viber message on Sunday.

“The government agencies will work to mitigate if not eliminate these issues,” he added.

Chamber of Mines of the Philippines (COMP) Executive Director Ronald S. Recidoro said developing the old and unused mines could help with overall economic recovery as well as resolve the long-standing social and environmental issues surrounding the abandoned assets.

“Government can avail of a range of legal options to resolve the legal entanglements involving these assets. The interagency team can review these options and make the proper recommendations to the DoF. But if time is of the essence, they may opt to negotiate with the parties and arrive at a good faith settlement that will be beneficial for all parties,” Mr. Recidoro said in a Viber message Sunday.

However, he stressed that the privatization efforts should be completed as soon as possible so the mines can be productive again.

“Government may also want to look at its other mineral assets that are similarly burdened by legal issues and package these into projects that may be opened for bidding,” he added.

Among the government’s idle mining assets are the copper-gold project of the Maricalum Mining Corp. (Maricalum Mining) in Negros Occidental, the nickel mines of the Nonoc Mining and Industrial Corp. (Nonoc Mining) in Surigao del Norte, and the gold- and copper-rich North Davao Mining property (North Davao Mining) in Davao del Norte, according to the PMO.

The DoF said the copper mines of the Basay Mining Corp. (Basay Mining) in Negros Oriental and the nickel mine that had been operated by the Marinduque Mining and Industrial Corp. (MMIC Bagacay Mine) cannot be operated because of the “legal concerns” hindering the privatization of the assets.

Mr. Dominguez earlier this month said the government is looking at privatizing its mining assets to revive the industry, raise more revenues and provide more jobs especially in rural areas.

The DoF said it once tried to auction off some shares of these mining companies but when the highest bidder did not fulfill its obligations, this led to “decades of litigation” and left the assets idle.

PMO estimates showed Basay Mining may have at least 105 million tons of copper ore and could generate at least P1 billion. Its operations were suspended in 1983 due to insufficient funds. The company had obtained credit and loan accommodations from the Philippine National Bank (PNB) through its deed of assignment of mining claims and leasehold rights.

Executive Order 79, issued in 2012, placed a moratorium on new mining permits “until a legislation rationalizing existing revenue-sharing schemes and mechanisms shall have taken effect.”

Converge makes market debut amid pandemic

By Denise A. Valdez, Senior Reporter

CONVERGE ICT Solutions, Inc. is set to debut on the  local stock market today (Oct. 26), with the fiber internet provider only the second company to conduct an initial public offering (IPO) this year amid the pandemic.

Despite being the country’s second-largest IPO to date, analysts expect Converge’s share price to close lower on its first trading day.

The fiber internet provider concluded its P29.08-billion IPO on Oct. 16, where it offered up to 1.51 billion common shares at P16.80 each. It will list its shares on the PSE main board under the stock symbol “CNVRG.”

“At P16.80 per share, our projected 2020 price to earnings ratio for Converge is at 48.64x. With this, we see CNVRG as overvalued relative to its peers. Thus, our projection for CNVRG’s trading (on Monday) is quite biased to the downside,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a text message.

In an Oct. 12 disclosure, the company said its market capitalization is projected at P126.44 billion and public float at 20% after the IPO.

Other internet providers currently listed on the PSE are PLDT, Inc. and Globe Telecom, Inc. As of Friday, PLDT’s market capitalization was P288.43 billion, and Globe’s was P271.94 billion. The two debuted on the market in 1953 and 1975, respectively.

In terms of earnings for the first six months of 2020, Converge posted a net income of P1.26 billion, while PLDT and Globe booked P12.28 billion and P11.48 billion in attributable net income, respectively.

Converge was initially targeting to raise up to P41.55 billion from its IPO with a maximum offer price of P24 per share. It lowered the ceiling price by 30% after securing cornerstone investors, or foreign groups that pre-committed to subscribe to its shares ahead of the IPO.

“Though its offer price has become less expensive, the possibility of correction could not be discounted due to its lofty valuation,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.

However, the local market has been rising since last week due to improving investor sentiment on the relaxation of quarantine rules in the Philippine capital. This may provide a cushion for Converge on its debut, Mr. Pangan said.

“The maiden offer of Converge comes at an opportune time when the local market is on an uptrend supported by net foreign buying,” he said.

The PSE index closed at 6,484.06 on Friday, up 585.59 points or 10% on a weekly basis. Foreign investors have also been posting net buying for three straight days.

Converge’s competitors PLDT and Globe closed at P1,337 per share and P2,020 per share, respectively, on Friday.

“With its vast expansion in the Visayas and Mindanao regions, you could expect Converge to sustain its growth momentum and increase its market share especially as a leading fixed broadband business in the country with better value for money proposition among its peers,” Mr. Pangan added.

In its prospectus, the company claimed to have a 55% market share in terms of high-speed residential fixed broadband as of end-June, citing research provider Media Partners Asia. During the first semester, its revenues surged 65% to P6.49 billion due to heightened demand for internet services as more people worked from home.

Converge is owned by Pampanga-based businessman Dennis Anthony H. Uy and is backed by US-based private equity firm Warburg Pincus. It intends to use the proceeds from its IPO to support expansion in Visayas and Mindanao.

US-EU trade spat reignites investment relocation talks

By Jenina P. Ibañez, Reporter

THE TRADE department is positioning the Philippines as an investment destination amid brewing tension between the United States and the European Union (EU) by leveraging its tariff perks in both economies.

The World Trade Organization (WTO) has given the EU permission to impose tariffs on $4 billion worth of US products per year in retaliation against US subsidies for aircraft maker Boeing Co. The EU could be cleared to impose tariffs after it requests authorization at the Oct. 26 meeting.

The Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB), in e-mailed comments, said the Philippines can gain opportunities in both economies since it can export at reduced tariffs under the US Generalized System of Preferences (GSP) and the EU Generalized Scheme of Preferences Plus (GSP+).

US-based firms, the bureau said, may move manufacturing to other countries to avoid EU tariffs.

“Certain lines of handbags are covered under the EU GSP+ which the Philippines is a beneficiary of. This makes the Philippines an attractive location for exporting to the EU of these products,” the bureau said.

US manufacturing firms will be increasingly encouraged to relocate to the Philippines, DTI-EMB Director Senen M. Perlada said in a phone interview.

“In fact that’s happening, and it’s happened now. US brands like the Coach bags, and that’s going into the EU, and the reason why is precisely because of the EU GSP+,” he said.

The Philippines has also been touted as a beneficiary of the US-China trade war, but has taken a backseat as a relocation destination to countries like Vietnam and Thailand. The local Japanese business chamber in April noted that the country is not a top destination for relocating Japanese firms due to local problems in the supply chain and raw material production.

The Board of Investments (BoI) had recently disclosed 14 leads on businesses that could possibly relocate to the Philippines.

Continued Philippine export perks to the EU are also uncertain after the European Parliament voted to ask the European Commission to remove the country’s GSP+ access, citing human rights concerns. The country can export with reduced duties under GSP+ as long as it follows a set of international human rights conventions.

Other countries that have EU GSP+ benefits include Armenia, Bolivia, Cape Verde, Kyrgyzstan, Mongolia, Pakistan, and Sri Lanka.

SUPPLY CHAIN DISRUPTION
Mr. Perlada said trade impact on the Philippine supply chain depends on taxed US exports to the EU that incorporate Philippine parts and components exports. The preliminary list of products that could be taxed include fish, fruits, ketchup, wine, handbags, road tractors, helicopters, bicycle parts, and airplanes.

The Philippines exports aircraft parts to both economies, sending 45% of the goods to the US and 21% to the EU.

“The Philippines is one of the newcomers to aerospace (global value chain). Its participation is concentrated in the manufacture and assembly of a small number of components and subassemblies in the interiors and flight controls systems and (maintenance, repair, and operations) activities,” DTI-EMB said.

Exports under “other parts of aeroplanes and helicopters” to the US last year were valued at $345 million, or around three percent of $11.6 billion in total exports to the US, government data showed.

The local aircraft parts industry, however, is not concerned about the effect of the trade tensions on Philippine exports, explaining that the bigger concern of the industry is the country’s inability to attract investments.

“I don’t think we have any problem there… we’re too small (an industry) because we gave up all our business to — Vietnam is taking most of the aerospace business,” Aerospace Industries Association of the Philippines President Dennis Chan said in a phone interview on Friday.

Return of full hotel operations seen to lift stocks

By Denise A. Valdez, Senior Reporter

HOTEL operators are gearing for their return to operating at full capacity, which analysts expect will prop up stock market activity for the tail end of the year.

In separate messages to BusinessWorld, Filinvest Hospitality Corp. and DoubleDragon Properties Corp. said they are welcoming the government’s easing of restrictions that now allow hotels to operate at 100% capacity under current quarantine protocols.

The Tourism department announced on Wednesday that it would relax the hotel safety guidelines, which used to limit hotel operations to a skeleton workforce.

“With the recent pronouncement of the Department of Tourism (DoT), the hotels of DoubleDragon will now be operating at 100% capacity with continued safety protocols implemented,” DoubleDragon Chairman and CEO Edgar “Injap” J. Sia II said via e-mail.

“We expect this to create revenue step-ups in the last quarter, and will not only positively benefit the hotel businesses but also our economy in general,” he added.

DoubleDragon operates hotel brands Hotel 101 and Jinjiang Inn, which contributed P269.73 million revenues to the group during the first six months of 2020. The contribution was down 8% from last year’s P291.64 million.

The company’s gross revenues, which include contributions from retail, office and industrial leasing, rose 50% to about P8.11 billion. Attributable net income grew more than double to P3.3 billion.

For Filinvest Hospitality, a wholly owned subsidiary of listed Filinvest Development Corp. (FDC), the development is seen to help efforts for economic restart under the “Ingat Angat” program of the government. The company operates hotel brands Crimson Hotels and Resorts, Quest Hotels, and Grafik.

“We look forward to welcoming our guests to our hotels. We assure the public that we continue to fully implement the strict health and safety protocols…, ensuring the well-being of our guests in all Quest and Crimson Hotels nationwide,” Francis Nathaniel C. Gotianun, senior vice-president of Filinvest Hospitality, said via e-mail.

Hospitality operations added P844.6 million to FDC’s revenues and other income in the first semester, lower by 49% from last year. The whole group posted total revenues and other income of P40.63 billion, with attributable net income up 24% to P7.2 billion.

Since the DoT announcement last week, the Philippine Stock Exchange had already started rebounding to its best performance since June. The main index grew 139.43 points or 2.19% to 6,484.06 on Friday, putting it up 585.59 points or 10% on a weekly basis.

“The market has been buoyant the past few days and reopening hotels will  be taken as a further sign that we may have rounded the corner. What we will have [to] watch for now is if cases spike up anew,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.

However, he warned any possible rise in fourth quarter revenues of hotel operators “will likely not be enough to put them in the black for this year.”

While the easing of restrictions may allow for more economic activity, the down side is the fear of risking a spike in coronavirus cases, Philstocks Financial, Inc. Research Associate Piper Chaucer E. Tan said.

“I think that the next challenge for these industries is to convince the general public that ‘Hey, it is safe to travel and have a vacation.’ It’s more on a collaboration of the private sector and government,” he said in a text message.

Mr. Gotianun of Filinvest Hospitality shared the same sentiment: “While this measure is a step in the right direction, we believe that demand can be further stimulated by streamlining and standardizing travel and health requirements.”

Coronavirus cases in the Philippines stood at 367,819 as of Saturday, accounting for 2,057 newly reported cases.

Some of the other listed companies with exposure to hotel operations are Megaworld Corp.; Ayala Land, Inc.; SM Prime Holdings, Inc.; Robinsons Land Corp.; Bloomberry Resorts Corp.; and Cebu Landmasters, Inc. They were unable to respond for comment for this story as of deadline.

Cebu Pacific clears 51%, Emirates 95% of refund requests

BW FILE PHOTO

By Arjay L. Balinbin, Senior Reporter

BUDGET carrier Cebu Pacific and Emirates, the flag carrier of the United Arab Emirates, said they had settled 51% and 95%, respectively, of the refund requests from their customers.

“We continue to receive an unprecedented number of refund requests due to the flight cancellations brought about by this pandemic. To date, we have refunded over P2.6 billion in booking cancellations related to COVID-19 (coronavirus disease 2019), equivalent to 51% of refund requests received,” Candice A. Iyog, Cebu Pacific vice-president for marketing and customer experience, told BusinessWorld in a phone message last week.

In an e-mailed statement, Emirates said: “For customers in the Philippines who have purchased their tickets directly from us, we’ve already cleared nearly 95% of backlogged refund requests.”

The Philippine Travel Agencies Association (PTAA) said last week Cebu Pacific, operated by Cebu Air, Inc., and Emirates were among the top airlines with pending refunds.

“Emirates is committed to honouring refunds to our customers. We have authorised all refund requests from Philippine travel agent partners up till 31 July; and from 1 August, [we] have made it easier for them to process refunds for Emirates tickets themselves via the GDS (global distribution systems),” Emirates told BusinessWorld via e-mail.

Cebu Pacific’s Ms. Iyog also assured the budget airlines’ customers that it remains committed to complete pending refunds “as soon as possible.”

“We will provide updates to our passengers once their requests have been processed. We are currently working through refund requests filed in May,” she said.

“We continue to ask for your patience and understanding as we work on resolving this soonest. We know how difficult this crisis is for everyone, and we sincerely apologize for the delay,” Ms. Iyog added.

Cebu Pacific has said refunds may take up to six months to process from the time the request was filed.

“We thank our passengers for their support as we continuously work on enhancing our processes,” Ms. Iyog further said.

PTAA, which has 439 members, said travel agencies were keen on offering their services again, but they were waiting for airlines to provide full refunds for the canceled flights since March.

The government has allowed travel agencies, tour operators, reservation services and related activities to resume operations at 50% capacity for areas placed under general community quarantine (GCQ) and at 100% capacity for areas placed under the modified GCQ (MGCQ).

The ban on non-essential foreign travels by Filipinos has been lifted.

Airlines still owe P315.55 million, said PTAA President Ritchie Tuaño.

“We want our member travel agencies to have the ability to immediately refund their clients, whose flights were canceled while at the same time, have enough flexibility to slowly resume operations even as the country is still dealing with the pandemic,” he added.

Halloween bling for that Zoom party

JUST because you’ll have to spend Halloween at home doesn’t mean you can’t spend it in style. As folks are arranging themed Zoom parties — with some asking participants to wear full-on costumes, to simple hat parties, to others encouraged to slather on the scary make-up — some may opt for a simpler but opulent way to mark this freaky Friday. Here are a few scary accessories we’ve found from both local and international brands that fit the bill.

HELENA ALEGRE
Helena Alegre Sculptural Jewelry is still at it with a new collection centered on bugs. A ring she presents in lapis lazuli has a Brachycerus weevil resting on a large sample of the semiprecious stone. She has other items like brooches, also centered on the theme of the creepers and the crawlers in nature. In a previous interview with BusinessWorld, she said that she started her line when a beetle appeared while she was thinking of a new collection; the deal was sealed when a lizard crawled up her neck while she was having her nails done.

Another ring features a Chalcosoma caucasus beetle resting on a large block of turquoise. The Chalcosoma caucasus is a beetle found in Southeast Asia with a fierce fighting spirit. Perhaps you can wear one to remind yourself of what you have during these trying times?

For orders, visit www.instagram.com/helenaalegresculpturaljewelry.

SCHIAPARELLI
In the 1930s, designer Elsa Schiaparelli, Coco Chanel’s greatest rival, had a flirtation with Surrealism. A friend of artists such as Salvador Dali and Man Ray, Schiaparelli included motifs such as eyes, insects, and moving body parts as part of her collections. The designer closed her doors in the 1950s, but has been revived in the 2000s. Daniel Roseberry has now been sitting as Creative Director for the Maison for almost two years.

While the clothes at last season’s Autumn/Winter show took center stage, we can’t help but note the accessories that are, mercifully, on sale (provided you have thousands of euros sitting prettily in your wallet). Schiaparelli presents earrings shaped like teeth clutching on to white baroque pearls (800 euros), and necklaces of enamel eyes that threaten to wink (1,900 euros). The eyes are repeated in bangles and earrings in gilded brass, inspired by the Surrealist Jean Cocteau.

View the rest of the collection (and maybe get a piece or two) at schiaparelli.com.

ALEXANDER MCQUEEN
Yep, him; the one and only. The late designer had long had a fascination with the mortality associated with the skeletal form — his graduate collection was based on Jack the Ripper (and it was the first time his signature skulls would be seen, in 1992). Other accessories featuring his skulls can be seen in the locks of his clutch bags and his scarves (a ubiquitous accessory during the great emo phase of the early 2000s). Today his brand carries a collection of spiders and skulls made with brass and Swarovski crystals.

Alexander McQueen is distributed in the Philippines by the SSI group, with a store in Shangri-La Plaza.

FAKE ALCHEMY
Handmade jewelry by local brand Fake Alchemy takes a creepy tone with pieces rendered in silver and gemstones. They’re shaped like eyes, the moon and the stars, and sometimes, the claws clutching the cabochon gemstones just look sinister. The use of cabochon gemstones (a rounded dome) also has a mystical air, as if looking into them can reveal a secret.

While custom orders are closed for now, some of their pieces are still available at www.instagram.com/fakealchemy. — Joseph L. Garcia

Socialized housing requirement lowered for BoI-backed projects

LOW-COST housing projects given tax breaks must now place 15% of their project area under socialized housing, lower than the earlier 20% requirement.

The Board of Investments (BoI) in memorandum circular 2020-012 signed on Oct. 15 revised several requirements in its investment priorities plan, under which registered enterprises are given tax breaks. BoI said that it made these changes amid economic disruptions during the pandemic.

All low-cost housing must fulfill the socialized housing requirement covering 15% of the project area or of the total BoI-registered project cost for subdivision housing. They must cover 15% of the total floor area of saleable housing of residential condominium projects.

Developers that don’t comply with the 15% requirement may be denied for succeeding projects.

They may develop new settlements directly or through joint ventures with local government, the social housing finance corporation, or with developers or non-government organizations accredited  by the Department of Human Settlements and Urban Development, not the Housing and Land Use Regulatory Board.

Amendments to Republic Act No. 7279, or the Urban Development and Housing Act, requires at least 15% of total subdivision area or project cost be made available to underprivileged families, reducing the requirement from the previous 20%. At least five percent of condominium area or project cost must do the same.

In addition, wastewater treatment projects now also qualify under the incentives program. Previously, only new bulk water treatment and supply qualified for registration. The wastewater enterprise must submit pollution control certification and wastewater discharge permits before commercial operations.

Other infrastructure and logistics projects that could register include airports and seaports, transport, natural gas storage, oil and gas pipelines, and tollways, among others.

Relocation of facilities from other countries to the Philippines or to less congested areas may utilize used capital equipment, revising an earlier rule requiring the use of brand new equipment, under the condition that foreign national employment is subject to existing labor laws.

Used capital equipment is allowed as long as they are up-to-date, market appropriate, and comply with environmental standards.

“Relocation of facilities from other countries into the Philippines or relocation within the Philippines from congested urban areas into the countryside and less congested areas shall be highly encouraged,” the memorandum said.

The BoI also added the definition for the official commercial start of biomass projects, which is the date the plant starts selling power to the grid and can attain its committed export capacity. This helps enterprises identify requirements that must be fulfilled prior to the start of commercial operations. — Jenina P. Ibañez

Manila FAME goes online

WHILE the pandemic has closed trade fairs around the globe, forManila FAME, the show must go on.

In lieu of the onsite show, the Philippines’ premier design and lifestyle promotion event has come up with FAME+, a new digital trade platform for the home, fashion, and lifestyle industries. Led by the Center for International Trade Expositions and Missions (CITEM), the export promotion arm of the Department of Trade and Industry (DTI), FAME+ provides a new avenue for exhibitors to showcase their products and creativity to the world.

CITEM formally launched FAME+ with a virtual event on Oct. 22 over Zoom and streamed live on the Manila FAME Facebook page.

CITEM partnered with IPG Mediabrands to create the FAME+ platform. IPG Mediabrands is a global company with offices in the Philippines that specializes in creating automated and digital innovation solutions through its network of media agencies. For FAME+, IPG built the website from the ground up, including the product catalogues and digital storefront for exhibitors, and will be providing technical support to CITEM.     

“Manila FAME’s venture to digital is the new direction of Philippine design,” said CITEM Executive Director Pauline Suaco-Juan. “If Manila FAME were to grow and attract more buyers and more prestigious trade exhibitions abroad, we need to invest in and strengthen its digital presence. FAME+ is the realization of the government and private sector’s collective effort to become more competitive with the rest of the world.”

Presented during the FAME+ launch was the new online home of one of Manila FAME’s show highlights, Design Commune. The digital Design Commune is envisioned to be a pilot program that reimagines the process of product development through 3D rendering and virtual exhibitions. Design Commune featured designs and products developed for the Ambiente trade show and the Maison&Objet and More Digital Fair.

The PH x Tokyo 2020-2021 Program was also launched that day. This new initiative from CITEM is an offshoot of the partnership with the Fashion and Design Council of the Philippines (FDCP) and the Philippine Trade Training Center (PTTC). PH x Tokyo is an incubation program that aims to help young and emerging Filipino designers introduce their brands to Japan’s thriving fashion market.

With FAME+ now up and running, CITEM is looking to build its community by onboarding exhibitors, getting buyers to register, and sharing stories and content through its online magazine Touchpoint. FAME+ will also host digital events focusing on information, creativity, and entertainment for its registered members, making sure that using the website will be an engaging experience.     

Among the benefits in joining FAME+ are 24/7 year-round promotion of products in a virtual showroom, a digital storefront for each exhibitor, complimentary digital content production and curation for 100 exhibitors, one-on-one consultations with product development specialists, and access to forecasts and industry insights to keep stakeholders updated on the latest trends.

The website also has messaging and conferencing features to connect exhibitors with buyers and other brands and manufacturers. Exporters can build their online presence and enjoy these benefits at no initial cost until October 2021.

Visit www.fameplus.com for more features and information.

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