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Style (06/21/21)

COS to open first Manila store this week

COS, the London-based fashion brand, will be opening its first store in the Philippines on June 25. Located at SM Aura Premier in Bonifacio Global City, the new COS store houses womenswear and menswear and will launch with the Spring Summer 2021 collection. Remaining aligned with the COS aesthetic, the store is designed in line with the brand’s core aesthetic of modern, timeless, and minimal design, with the use of sustainable materials.

Penshoppe taps Cha Eun-Woo for ‘The Conscious Generation’ Collection

LOCAL fashion brand Penshoppe champions eco-friendly fashion with the release of its newest “The Conscious Generation (TCG) Collection” featuring Cha Eun-Woo, a member of the K-pop group Astro. The TCG Collection features everyday wearable pieces fabricated from recycled PET bottles spun into yarns and blended with cotton. To promote the collection, Cha Eun-Woo has been photographed sporting the collection’s T-shirts, pullovers, trousers, bags, and caps, all of which are partially woven with what were once disposable plastic bottles. All TCG pieces come with a small QR Code design, which functions to let consumers know how the items were made and what the items were made of. The Conscious Generation Collection is now available on penshoppe.com, Shopee, Lazada, and Zalora. Meanwhile, Penshoppe has released its first limited edition Team Penshoppe Catalog featuring its global ambassadors of the year: BLACKPINK’s Lisa and Astro’s Cha Eun-Woo. Each 18-page catalog contains the two performers Penshoppe-exclusive photos, and fans can take their pick from three catalog versions. The catalog is included with a minimum single-receipt net purchase of P1,200 on penshoppe.com, and will be available in select Penshoppe stores starting June 25 until supplies last. For more information on the promo mechanics, visit penshoppe.com and watch the Team Penshoppe Catalog promotional video.

Ascot Chang offers promo in June, July

THE ICONIC brand Ascot Chang, known for its heritage of traditional Shanghai tailoring with a contemporary edge, and which offers bespoke tailoring, has a special promo in June and July. Shop Ascot Chang at Rustan’s and for every order of a custom Ascot Chang suit, buyers receive one complimentary Ascot Chang custom shirt. For every purchase of two bespoke shirts, customers receive one free shirt. The promo runs until July 31. Ready-made Ascot Chang blazers, pants, dress shirts and accessories are also now offered with discounts of up to 70% off. Call 0917-111-1952 to shop through Rustan’s Personal Shopper On-Call.

Zara Group holds end-of-season sale

THE ZARA End of Season Sale is here, available both in-store and online, with discounts of up to 50% off. From chic summer dresses, to denim shorts that pair with cute tees, or tropical print shirts, this Zara sale has hundreds of fashion staples on offer. The rest of the Zara Group brands — Massimo Dutti, Bershka, Stradivarius, and Pull&Bear — also have ongoing End of Season Sales. Zara has branches at Ayala Center Cebu, Glorietta 3, Greenbelt 5, Mega Fashion Hall, One Bonifacio High Street, Power Plant Mall, Shangri-la Plaza Mall, SM Mall of Asia, and TriNoma. Massimo Dutti has branches at Greenbelt 5 and Power Plant Mall. Stradivarius has branches in Glorietta 2, Megamall, Shangri-la Mall East Wing, and SM Aura Premier. Bershka has branches at Ayala Center Cebu, Glorietta 2, Mega Fashion Hall, Shangri-la Mall, and SM Mall of Asia. While Pull&Bear has branches at Ayala Center Cebu Mega Fashion Hall, and TriNoma.

New mask sheets focus on the derriere

GET CHEEKY WITH BUTTITUDE MASKS SHEETS

RUSTANS The Beauty Source launches Buttitude, a beauty mask brand that focuses on the derriere. The mask sheets are uniquely designed to smoothen, hydrate, and detoxify skin in one’s nether region. Made from all-natural, FDA-approved ingredients including citrus, lava seawater, and volcanic ash unique to Jeju Island, Buttitude is something different to try. With all these active ingredients present in each Buttitude sheet, the user can get rid of butt acne, roughness, and dry skin. There are three variants to choose from: Smoothing Butt Mask (orange), formulated with Jeju tangerines, it exfoliates skin while reducing the appearance of fine lines and wrinkles, and when used regularly, the mask also evens skin texture, restores elasticity, and brightens the bum cheeks; Hydrating Butt Mask (blue), a hydrogel sheet mask infused with moisturizing Jeju lava seawater that maintains the skin’s moisture balance, thus promoting elasticity and softness around the butt; and, Purifying Butt Mask (green), designed to clear clogged pores are clear acne through the use of Jeju volcanic ash, a cleaning ingredient that regulates the overproducing sebum pores in the skin while cleansing, exfoliating, and removing unwanted toxins. For best results, use the masks one to two times a week.

IKEA Philippines searches for magazine cover models

IN PREPARATION for the opening of the first store in Pasay City, IKEA Philippines is producing a magazine to share the brand’s milestones and inspiration to the Filipinos. IKEA will feature Filipino families or individuals on the cover and will be searching for a magazine cover model. The search to be on the cover of the magazine is open to all Filipinos. Five families or friends or individuals will be selected to be on the printed and/or digital cover of the magazine. Selected participants will also receive P30,000 worth of IKEA shopping vouchers. Entries to the search will be collected from June 15 to 30. Winners will be announced via IKEA Philippines Facebook page. For more information and to see full contest mechanics, visit the IKEA Philippines website, www.IKEA.ph.

Rimowa releases Never Still bag collection

RIMOWA has launched multi-use soft bag line, the Rimowa Never Still. The collection draws on the brand’s long history of rethinking the look and feel of travel meeting an evolving mobility landscape head-on. Made in Italy, this unisex collection consists of three products designed for a wide range of uses. Each features the marks of the iconic German luggage house such as modern timeless shapes, the Rimowa grooved design, bespoke hardware showcasing the brand’s monogram and logo, a flexible travel strap that allows customers to fix their bag onto their suitcase, a personalizable address tag, and a color palette that matches favorites from Rimowa’s Essential collection, including Black, Gray, Cactus, and Desert Rose. The Never Still Backpack and the Backpack Small have plenty of practical pockets both inside and out. Crafted out of premium canvas and lined with a tone-on-tone grosgrain fabric, the backpacks feature adjustable shoulder straps and either one or two front zip grooved leather exterior pockets with unique debossed grooves created exclusively for this collection. The Never Still Weekender is made in Italy from the collection’s signature premium canvas and leather. It has a spacious interior with two zipped compartments including a series of considered interior pockets that hold up to a 15” laptop, a mobile phone and more. The additional strap can be used to go hands-free for convenience on the go. The Rimowa Never Still collection is now available in the Philippines.

Cetaphil gives extra protection for sensitive skin

DERMATOLOGIST-recommended Cetaphil has a wide range of products formulated with gentle yet effective ingredients that are safe to use even on sensitive skin. With products that cover face and body skin needs, Cetaphil also offers protection against the five signs of skin sensitivity (dryness, irritation, roughness, tightness, weakened skin barrier). Cetaphil Sun is a lightweight, dermatologically tested and highly water-resistant face and body sunscreen suitable for sensitive skin. With its SP 50+ and UVA and UVB protection, Cetaphil Sun is good for daily use without leaving any white cast on the face. The Cetaphil Face line includes: Gentle Skin Cleanser, the cult favorite cleanser that’s formulated with micellar technology to gently yet effectively remove dirt, makeup, and impurities; Gentle Foaming Cleanser that softens as it cleans without stripping skin of its natural moisture balance; Daily Exfoliating Cleanser, a gentle cleanser that buffs away dry, dull, and dead skin cells; Hydrating Eye Cream-Serum, a powerful but lightweight creamy serum that helps improve and promote skin’s natural elasticity and firmness; Rich Hydrating Night Cream with Hyaluronic Acid, a nighttime cream clinically proven to provide intense hydration for 24 hours without irritating the skin. Cetaphil Body includes: Ultra Gentle Body Wash, a fragrance-free body wash containing hydrating pro Vitamin B5 and Aloe Vera extract; Deep Cleansing Bar, a hypoallergenic cleanser; Antibacterial Bar, a mild antibacterial non-soap cleansing bar; Moisturizing Lotion, a fast-absorbing lotion that enhances skin’s natural moisture; and Moisturizing Cream, a rich cream that provides 24-hour hydration. Cetaphil Sun, Face, and Body products are available in Mercury Drug and Watsons stores nationwide, as well as via online at the official Cetaphil Philippines stores in Lazada and Shopee.

Great gift suggestions for your car-loving dad


AUDI SPORT ZIP-OFF JACKET
Audi Sport, the Ingolstadt-headquartered automaker’s high-performance division, lends its insignia to this jacket that is perfect for wet weather. Audi said this is “perfect for a Le Mans outing.”

PGA CARS, local distributor and service provider of Audi, Bentley, Lamborghini, and Porsche automobiles, trots out a procession of lifestyle items from these iconic car companies that any car-crazy father will most definitely fall for. Father’s Day may have come and gone, but it’s still fairly close enough to warrant getting an additional gift for your pops. And in case you actually forgot to score him a present, we’re pretty sure he’ll forgive you if you get any of these below.

“Get him some awesome stuff not found in malls but rather from the car showrooms he loves,” underscored PGA Cars in a release.

• AUDI

 

• BENTLEY

• LAMBORGHINI

• PORSCHE

For more information on the products, call +632 8727-0381 to 85.

Profit taking pulls down Ayala Land stock price

PROFIT taking drove much of Ayala Land, Inc.’s stock activity last week.

Ayala Land was the third most actively traded stock last week with P2.47-billion worth of 67.37 million shares having exchanged hands on the trading floor during the week from June 14 to 18, data from the Philippine Stock Exchange (PSE) showed.

Ayala Land shares closed at P36 apiece on Friday, down 6% from the June 11 close of P38.3 per share. Year to date, the stock has gone down by 14.3%.

“Ayala Land declined as selling pressure picked up due to profit taking. It has gained 23% in the last four consecutive weeks, said AAA Southeast Equities, Inc. Head of Research Christopher John A. Mangun in an e-mail.

Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio shared a similar assessment: “Ayala Land’s fundamentals are solid despite the pandemic-related shocks to profit, so the recent selldown was likely caused by a technical correction. Naturally, a lot of investors would secure their profits after continuous week-on-week gains,” she said in a separate e-mail.

Ms. Agravio noted news of property firms’ plans of listing of their REITs (real estate investment trust) did little to affect Ayala Land’s share price as the property subindex was sold down during the latter half of last week.

REITs allow investors to earn dividends from specific revenue-generating properties of developers. There are currently five real estate firms that look to tap REITs for raising funds, with two having already been listed in the PSE — Ayala Land’s AREIT, Inc. and DoubleDragon Properties Corp.’s DDMP REIT, Inc.

Last week saw Megaworld Corp. announce putting 10 of its office, retail, and hotel assets into a REIT that looks to sell up to P27.3-billion worth of shares in an initial public offering.

A week earlier, Ayala Land has executed the deed of exchange for the property-for-share swap transaction with AREIT, Inc. The transaction will issue Ayala Land and its subsidiaries, Westview Commercial Ventures Corp. and Glensworth Development, Inc., 483,254,375 primary common shares of AREIT at P32 apiece in exchange for Ayala Land’s properties valued at P15.46 billion altogether. The shares will be sourced from AREIT’s authorized capital stock, which it seeks to raise to P29.5 billion from P11.74 billion, pending approval from the Securities and Exchange Commission.

The transaction will expand AREIT’s portfolio to 549,000 square meters (sq.m.) from 344,000 sq.m., as its deposited property value will also increase to P52 billion from P37 billion. This will also bump up Ayala Land’s ownership in AREIT to 66% from 50.1%.

The properties in the property-for-share swap include the following: Vertis North Commercial Development, Evotech Buildings 1 and 2, Bacolod Capitol Corporate Center, Ayala Northpoint Technohub, and office condominium units at BPI-Philam Life Buildings in Makati and Alabang. 

The week of the announcement saw Ayala Land’s share price go up 5.22% on a week-on-week basis to P38.3 on June 11. It later fell by 6% to P36 per share last Friday from the previous week with most market players choosing to take profits on the stock.

Latest financial statements show Ayala Land’s attributable net income went down by 36% year on year to P2.8 billion in the first quarter, as revenues slipped by 13% to P24.6 billion.

Property development revenues fell 6% to P16.2 billion, while commercial leasing revenues slumped by 41% to P5.1 billion as operations of malls, hotels and resorts remain restricted. Residential sales reservations jumped 15% to P28.5 billion, as Ayala Land reported robust local demand.

“The biggest drag on Ayala Land is the lack of mall traffic. The easing of restrictions will definitely be positive for their retail leasing operations,” AAA Southeast Equities’ Mr. Mangun said.

For Regina Capital’s Ms. Agravio, Ayala Land is moving towards a “V-shaped” recovery.

“While its malls will still be under a lot of pressure, given the mobility restrictions related to the pandemic, its property development revenues are expected to recover more quickly. Sales reservations and launches were already up in [first quarter] on a year-on-year basis,” she said.

Ms. Agravio placed Ayala Land’s support and resistance levels at P35 and P38.3 per share, respectively.

Meanwhile, AAA Southeast Equities’ Mr. Mangun pegged the stock’s primary and secondary support price levels at P35.7 and P33.8, respectively, while its primary and secondary resistance price levels are at P38.35 and P42. — N.M.A. Bo

Ivory Coast says chocolate traders failing to pay farmers living wage premium

REUTERS

ABIDJAN — Major chocolate traders in Ivory Coast are failing to pay a $400-per-ton premium on beans aimed at curbing farmer poverty, the country’s cocoa regulator said in a draft letter seen by Reuters Friday.

The Coffee and Cocoa Council (CCC) said companies including Mondelēz International, Inc. were offsetting the Living Income Differential (LID) by offering a negative country differential — normally a premium of 70 to 150 pounds ($99-$212) per ton to reflect the quality of Ivory Coast’s beans.

Mondelēz said it was paying the full LID. “(Mondelēz) does not offer or have any influence over negative country differentials,” the company said in a statement to Reuters.

Buyers have been pressing for the country differential to be turned into a country discount, so farmers receive the extra cash but prices stay globally competitive.

“In recent weeks, when we have seen an upturn in economic activity and therefore in demand, the major groups have refused to pay the LID,” CCC said.

The world’s top cocoa producer has been locked in talks with exporters over the price of its beans as a bumper crop and weak global demand caused by the coronavirus pandemic, coupled with the introduction of the LID, pushed down sales.

“(We will) stop all the sustainability and certification programs of Mondelez that are ongoing with Cargill, and all the other exporters,” said an official at CCC who asked not to be identified.

In November, Ivory Coast and Ghana suspended Hershey Co.’s cocoa sustainability schemes in their countries for six days, accusing the US-based chocolate maker of trying to avoid paying the LID.

“Unlike Hershey, this time we are going to be tough on chocolate makers who want to bypass the LID. For us this is unacceptable,” the CCC official said. — Reuters

How PSEi member stocks performed — June 18, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, June 18, 2021.

Analysts’ Expectations on Policy Rates (June 24)

THE BANGKO SENTRAL ng Pilipinas (BSP) will likely keep benchmark interest rates steady on Thursday to support the “fragile” economic recovery, with inflation improving on the back of government initiatives to ease supply issues. Read the full story.

Analysts’ Expectations on Policy Rates (June 25)

Stronger peso expected before rate pause

BW FILE PHOTO

THE PESO is likely to appreciate versus the greenback as the market expects the Philippine central bank to keep benchmark interest rates at record lows at its meeting on Thursday.

The currency on Friday lost five centavos to close at P48.43 a dollar from a day earlier, according to data posted on the Bankers Association of the Philippines website. It weakened by 73 centavos from a week earlier.

Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc. traced the depreciation to market volatility after the US Federal Reserve said policy tightening could come earlier.

US central bank officials on Wednesday said rate increases could come a year earlier in 2023. Thirteen of 18 policy makers foresaw a “liftoff” in borrowing costs that year and 11 expected two quarter-percentage-point rate increases, Reuters reported.

Seven of the officials said they expected rates to start increasing next year.

Fed Chairman Jerome Powell said they had started initial discussions about when to pull back on the Fed’s $120 billion in monthly bond purchases.

The government’s move to continue reopening the economy was also a major factor that led to the depreciation of the peso, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in a text message. This could boost imports and demand for the dollar, he pointed out.

Mr. Ricafort expects the peso to trade from P48.30 to P48.50 against the dollar this week, while Mr. Asuncion expects it to move between P48.20 and P48.50.

President Rodrigo R. Duterte on Monday relaxed the lockdown in Metro Manila and Bulacan province due to easing coronavirus infections.

Investor sentiment, which could affect foreign exchange trading, would be affected by the central bank’s policy meeting, Mr. Asuncion said.

A BusinessWorld poll last week showed 14 out of 16 analysts expecting the central bank to keep rates unchanged to support the economy.

The market would also be watching the latest budget deficit data, Mr. Ricafort said. The Bureau of the Treasury is set to release the data on June 22.

The budget deficit fell to P44.4 billion in April from P273.9 billion a year earlier and from P191 billion in March. It was the lowest deficit in three months. — LWTN

Stocks may take cue from govt’s vaccine rollout

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

PHILIPPINE shares would probably take their cue this week from the government’s continued rollout of coronavirus vaccines and further lockdown easing, analysts said at the weekend.

Stocks may also move based on expectations of easing inflation, they said.

The Philippine Stock Exchange index (PSEi) could breach 7,000 points with “more positive news in both the vaccine supply and speed of vaccination, and inflation tempering,” Cristina S. Ulang, head of research at First Metro Investment Corp. said in a Viber message.

The stock index on Friday shed 0.53% or 36.54 points to close at 6,851.38, while the all-share index fell by 0.43% or 18.06 points to 4,166.90. It lost 56.41 points from a week earlier.

The index rose before June 15 as investors expected the government to ease quarantines amid falling coronavirus infections, Aniceto K. Pangan, a trader at Diversified Securities, Inc. said in a mobile phone message.

But the growth outlook turned sour as investors took profits after the US Federal Reserve signaled future benchmark interest rate increases, he added.

The US central bank delivered a strong message on Wednesday when Fed Chairman Jerome Powell said officials have discussed tapering bond buying. Fed officials also added two rate increases to their 2023 forecast, where there was none before.

Ms. Ulang said the Fed statement had triggered a “correction from the top.” The mild correction suggests that the market needs good news on the vaccine and inflation fronts for the index to go above 7,000 she added.

The Philippine central bank would probably keep a loose monetary stance to support economic recovery as inflation risks subside by next year, Monetary Board Member Felipe M. Medalla said on June 12.

The inflation spike was temporary, he said, adding that inflation would be close to 3% from more than 4% now. May inflation was unchanged at 4.5% for the third straight month.

The policy-setting Monetary Board is set to meet on June 24. It maintained the key policy rate at a record low of 2% on May 13.

The government eased the lockdown in Metro Manila and Bulacan last week, putting it under a general community quarantine with some restrictions until the end of the month. The provinces of Rizal, Laguna and Cavite remained under a general lockdown with heightened restrictions.

About 1.5 million more doses of CoronaVac arrived from China on Thursday, the third delivery this month. Another batch of 24 million doses is expected to arrive on June 24.

Meanwhile, the arrival of 250,000 doses of the vaccine made by Moderna, Inc. was delayed to June 25.

The country will also receive about two million doses of the vaccine from AstraZeneca Plc and 150,000 shots of Sputnik V from Russia. 

The government has given out more than 8 million coronavirus vaccine doses since its vaccination drive started in March.

“The arrival of more vaccines and the pickup in the vaccination drive in some local government units will refocus investors to the promise of local reopening and improving growth prospects,” FMIC’s Ms. Ulang said.

The Health department reported 6,959 coronavirus infections on Saturday, bringing the total to 1,35 million.

“We may see investors continue their profit taking mode next week, with the index immediate support at 6,700 and the psychological resistance at 7,000,” Mr. Pangan said. — Keren Concepcion G. Valmonte

DoE weighing green energy auction delay beyond June

BW FILE PHOTO

By Angelica Y. Yang, Reporter

THE Department of Energy (DoE) is considering delaying the first round of the green energy auction (GEA), with the auction committee continuing to compile data, an official said last week, noting that any new findings may have an impact on the design of the offer.

The department had announced earlier that it may conduct the auction for green energy suppliers this month.

The GEA allows qualified renewable energy developers to supply a portion of the electricity generated by their facilities to eligible customers who may, in turn, enjoy power prices below market rates.

“The Green Energy Auction Committee is still firming up and finalizing its calculations and this may affect auction design and framework,” Renewable Energy Management Bureau Director Mylene C. Capongcol told BusinessWorld in an e-mail Friday.

“As to the conduct of the first round of auction this June, the GEA Committee also recommended that the scheduled auction in June this year be deferred to a later date,” she said.

Ms. Capongcol said the changes will be presented to stakeholders as soon as they are finalized.

She said that the DoE chose to remove the GEA from the program of the Luzon Energy Investment Information, Education, and Communication (IEC) event on July 8 “because the effects of the pandemic changed the numbers on the demand side.”

The IEC did not mention the GEA in its list of breakout sessions for the event.

Separately, DoE Spokesman Felix William B. Fuentebella said in a virtual briefing Friday that the GEA’s “numbers have changed due to the pandemic” thus requiring recalculation.

“We also need to align with our targets towards the Clean Energy Scenario. Hence, it may not be ready for an information education campaign,” Ms. Capongcol said.

In July 2020, the department released a circular which detailed the guidelines for the conduct of the GEA. Projects eligible for the auction are those covered under the renewable portfolio standards.

Qualified participants from on-grid areas can be from the biomass, wind, solar, hydro, ocean, geothermal, and waste-to-energy industries.

Gov’t proposal to return to power generation viewed as admission EPIRA has failed

THE government’s proposal to once again take part in power generation is an admission of failure for a two-decade-old law that reformed the industry by privatizing most of it, and will impose a heavy burden on public funds, an energy analyst said.

“I do not agree that the government should now go back and be allowed to go into limited power generation,” Nicanor S. Villaseñor III, who teaches energy engineering at the University of the Philippines Diliman, told BusinessWorld in a video call over the weekend.

“By doing so, it sets a precedent. You will have to change the legislation. In short, you’re saying that the spirit of EPIRA (Electric Power Industry Reform Act of 2001), of privatization has failed,” he added.

EPIRA, signed into law during the Arroyo administration, sought to “restructure” the power industry while allowing for the sale and transfer of the National Power Corp.’s assets to private entities.

The government will also need to look for funds to finance its proposed initiatives in power generation, Mr. Villaseñor said.

Earlier this month, Energy Secretary Alfonso G. Cusi asked the Senate Committee on Energy to consider letting the government engage in “limited” power generation — not to compete with private firms but to provide emergency energy when needed.

He added that government-owned power plants can supply their reserves to the power grid, calling this measure an “antidote” to the grid operator’s failure to comply with the minimum contracted requirement for reserves, known as ancillary services (AS).

“They have to fund the facilities and fund the operation. That will be a financial burden to the government,” Mr. Villaseñor added.

For Mr. Villaseñor, the Department of Energy (DoE) proposal is not “the best solution,” adding that it should focus instead on implementing its interruptible load program (ILP).

The DoE works in coordination with distribution utilities and electric cooperatives to implement the ILP, which calls on large users with their own generating facilities to voluntarily not draw power from the grid during periods of tight supply.

“The inconvenience will not be that much and it’s a cheaper cost of addressing the issue because you don’t have to finance a (power generation) facility just for reserves… If the DoE strictly enforces (the ILP), then they can pressure NGCP to perform and fulfil its obligations. (With) proper enforcement, then (the DoE) will send a strong message to the generators,” he said.

Chairperson of the Philippine Solar and Storage Energy Alliance (PSSEA) Ma​. Theresa C. Capellan says it’s not practical for the government to build and operate power generating facilities.

“If ‘engaging’ means (that the) government will finance, build, and operate, PSSEA believes this is not the practical solution to the problem… Creating a strong incentive for the private sector to build ancillary services is the more practical way forward,” Ms. Capellan told BusinessWorld via Viber last week.

She said that the government should prosecute “those that failed to comply with the obligation to supply reserves, while offering incentives to the private sector who can finance, build, operate and maintain AS.”

“(The) government enjoys tremendous regulatory and fiscal powers. It can prosecute violators or cancel the franchise or concession if it finds an entity wanting in its obligation to the public. It can also deploy capital (like the feed-in tariff) to provide infrastructure that will promote consumer welfare or comply with its international obligations,” Ms. Capellan said.

In a June 11 interview with ANC Headstart, Senate Committee on Energy Chairman Sherwin T. Gatchalian expressed reservations about the government returning to the power sector.

“I have a lot of reservations about the government stepping back into business because when the government steps into business, corruption ensues, that’s for sure. And the reason why the government moved out of the power sectors is because of corruption,” he said.

He said the NPC was “saddled” with trillions of pesos of debt because of corruption.

The Senate Committee on Energy has held two hearings to seek long-term solutions to power supply shortages during the dry months. Earlier this month, rotating outages hit portions of Luzon when its grid was placed under red alert for three consecutive days. — Angelica Y. Yang

Coal plant phaseout seen accelerating shift to sustainable energy

THE phasing out of coal-fired power plants and the repurposing of current  plants will fast-track the shift to a sustainable energy future, the University of the Philippines Institute for Maritime Affairs and Law of the Sea (UP IMLOS) said last week.

“We need legislation that lays out very clearly a schedule and system for the phaseout of brownfield coal plants and prohibition of greenfield coal plants, repurposing and conversion of these coal plants and the phaseout, eventually, of fossil fuel pass-through costs,” Jay L. Batongbacal, IMLOS director, said at a virtual event on June 18.

He said that the Asian Development Bank and the Department of Finance are currently in talks to repurpose and convert coal plants into facilities generating cleaner energy so it “would be good to prepare for such a possibility through legislation.”

The phasing out of coal plants is one of the measures included in the IMLOS’ proposed legal design highlighting the actions required to facilitate the energy transition.

Other key measures needed to accelerate the shift include subsidies for ocean energy development, the removal of public listing requirements for generation companies, and incentives for clean transport technologies and electric vehicles, among others, according to a proposed blueprint prepared by IMLOS.

Mr. Batongbacal said that the blueprint, which was turned over to the Senate and House Committees on Energy on June 18, provides a transition framework which can help the country achieve decarbonization, decentralization and digitalization in the energy industry.

“Right now, our centralized, carbonized and analog systems are very vulnerable to… environmental conditions (along) with climate change. You also need to sort of reinforce (the Philippine energy system) against those changes,” he said.

Manila Observatory Energy Collaboratory Director and Senior Fellow on Climate Change Antonio G.M La Viña, who attended the event as a reactor, said the blueprint details the particulars of how the energy sector can contribute to achieving the nationally determined contributions (NDCs) for reducing greenhouse gases.

The government-approved NDC calls for reducing greenhouse gas emissions by 75% by 2030. The five-page document covers the modernization of the industry and the pursuit of low-carbon and resilient development for the agriculture, waste, industry, transport and energy sectors.

“What’s missing in the NDC is that there are no particulars. The blueprint, I think, if implemented, gets us to that, you know, nearer to that 75% (target). Certainly, if we implement everything in that blueprint, we can do a lot even without climate finance from outside the Philippines,” Mr. La Viña said.

NDCs are a component of the Paris Agreement on Climate Change, which aims to limit the global temperature rise to below 1.5 degrees Celsius. NDCs also detail the efforts of countries in reducing emissions and adapting to the impacts of climate change. — Angelica Y. Yang

Partner benefits, neutral restrooms seen as key to inclusive workplace

REUTERS

TELUS International Philippines (TIP) said it is exploring inclusive-workplace initiatives like health benefits for employees’ same-sex partners, domestic partners and dependents, and has implemented restrooms better suited to employees’ gender preferences.

TIP Vice-President of Brand, Marketing and Culture Warren Tait, who sponsored diversity consultant Spectrum Philippines in conducting gender-sensitivity training within the company, said “Diversity is a strength we continuously nurture. By enabling our team members to come to work and be their whole selves, we create a workplace that better facilitates a wider exchange of ideas, promotes better talent retention, and inspires creativity and innovation.”

TIP and Spectrum conducted online sessions within the company on Sexual Orientation and Gender Identity Expression (SOGIE) in celebration of Pride Month, the company said in a statement.

“Gender plays a huge role in the workplace. It is one thing to be gender sensitive but another thing to be gender responsive. Throughout human history, there has been a struggle not only for women but also for the members of the LGBTQIA+ community when it comes to equal opportunities in the workplace,” according to managing director of public relations firm Castro Communications Janlee Dungca, a guest speaker at the sessions and a member of the LoveYourself Foundation.

“It all starts with empathy and the willingness to listen, because there’s so many arguments that we can use when we talk to people, especially when we want to win people over,” she said. “If there is a genuine desire to [really be] an ally, then that’s where it starts — empathic listening, and really being interested in knowing our stories, our struggles, and having informed opinions about the things that we experience.”

To make workplaces safer for LGBTQIA+ employees, Ms. Dungca suggests that creating gender neutral restrooms, conducting gender sensitivity sessions in the company, and implementing gender diverse and inclusive policies.

TIP said Spectrum has encouraged the company to introduce benefits that are more inclusive, such as extending HMO coverage to dependents, domestic partners and same-sex partners of team members. Sharing their insights with the human resources and leadership teams has led to changes, such as the introduction of gender neutral, self-identified male, and self-identified female restrooms at all of TIP’s sites.

TIP and Spectrum have an ongoing fundraising effort for the benefit of the LoveYourself Foundation and its education efforts about HIV/AIDS for the LGBTQI+ community and the Filipino youth. — Michelle Anne P. Soliman

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