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Peso to weaken versus dollar as infections go up

THE PESO may continue to weaken against the greenback this week due to the surge in coronavirus infections which has forced the government to tighten restriction measures anew.

The local unit finished trading at P48.62 per dollar on Friday, appreciating by six centavos from its P48.68 close on Thursday, based on data from the Bankers Association of the Philippines. However, it shed 16.5 centavos from its P48.455-per-dollar close a week earlier.

The peso’s climb on Friday was supported by the downward correction in oil prices, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the increase in daily COVID-19 cases drove market sentiment last week.

For this week’s peso-dollar trading, Mr. Asuncion said he expects investors to continue monitoring new infections.

The Philippines on Saturday logged 7,999 new cases, the highest daily increase since the pandemic started. This brought the tally to 656,056, of which 80,642 are active cases.

He added that a continued increase in US benchmark yields could also fuel risk-off sentiment that could cause the peso to weaken against the greenback.

US Treasury yields have been picking up in past weeks, with the benchmark 10-year notes and 30-year papers on Thursday fetching their highest yields since January 2020 and August 2019, Reuters reported. However, they marginally retreated by Friday due to the decline in oil prices.

For his part, RCBC’s Mr. Ricafort said the market will also watch out for the local central bank’s policy decision on Thursday for further signals on inflation expectations.

A BusinessWorld poll held last week saw 19 analysts expecting central bank policy makers to maintain the key rate at its all-time low of 2% at their meeting this Thursday. They said lower rates and fiscal measures from the government are increasingly necessary amid a supply side-driven spike in inflation.

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board left benchmark interest rates untouched at its Feb. 11 meeting but raised its inflation forecast for this year to 4% from 3.2% previously due to rising oil prices. The central bank last year slashed rates by 200 basis points to provide support to the virus-stricken economy.

Headline inflation stood at 4.7% in February, picking up from 4.2% in January 2021 and 2.6% in February 2020, the government reported earlier this month. It was also the fastest pace since the 5.1% print in December 2018.

Year to date, February inflation settled at 4.5%, beyond the BSP’s 2-4% target for the year.

BSP Governor Benjamin E. Diokno said earlier this month that the central bank is not inclined to tighten monetary policy yet as they see the uptick in inflation as “temporary,” with pressures coming from the supply side.

For this week, Mr. Ricafort gave a forecast range of P48.50 to P48.70 per dollar while Mr. Asuncion expects the peso to move within a wider band of P48.50 to P48.50 versus the dollar. — L.W.T. Noble with Reuters

Tips on getting a good night’s sleep

AS WE roll into a second year in a lockdown, we take on one of the health issues this pandemic has brought to our homes: bad sleep. A mattress company and a health tracker have both come up with suggestions on how to maximize sleep and improve its quality.

To celebrate World Sleep Day (Mar. 19 around the world), mattress company Uratex held a Zoom conference on sleep, since, naturally, it takes sleep seriously. “Uratex has been advocating for quality of sleep. We put a premium on the value of sleep,” said Josephine Casal, Uratex Sleep Business Unit Marketing Head. Its campaign for this year is: “Better Sleep, Better U.”

Ms. Casal addressed sleep problems during the pandemic: “A lot of people have suffered, and maybe, still suffer from anxiety, depression, and COVID-somnia. It’s not even over yet. These mental and sleep health problems are still affecting us.”

Dr. Keith Aguilera, President of the Philippine Society of Sleep Medicine, said that they noticed there was “COVID-somnia,” based on what their patients and clients said during teleconsultations at the beginning of the lockdowns last year. According to him, these people did not have sleep-related issues until the lockdowns came into place.

He then gave tips for getting better sleep. For good quality sleep, he said, one has to consider duration, continuity and depth. The optimal sleep time is seven hours for adults. “We don’t like you sleeping for more than nine hours, and definitely having a shorter sleep of less than five hours is not good for your health,” he said. One must make sure that one is sleeping continuously throughout the seven hours, going through each stage of sleep: light, deep, and REM (rapid eye movement). Going through the deep sleep stage improves wakefulness and cognitive function, while going through REM brings psychological well-being and consolidates complex learning.

For this, health tracker Fitbit, which pioneered sleep tracking technology over a decade ago, has a range of sleep technologies that are geared to understand sleep and provide the exact data and insights needed to improve sleeping habits, including Sleep Mode, which turns off notifications and disables the screen to sleep without distractions, the Sleep Score which measures the quality of sleep including heart rate, restlessness, time awake, and Sleep Stages,  which tracks time spent in each sleep stage, as well as time awake.

Fitbit also came up with a list of tips for a better sleep, many of which reflect those given by Mr. Aguilera. Here are some tips for a better night’s sleep according to Mr. Aguilera and Fitbit:

  1. Establish a regular sleeping and waking time, said Mr. Aguilera.
  2. Take a nap when tired —  with a caveat: “We often recommend [a] 30-minute nap. If you can avoid naps, that’s better. Try to use all your tiredness at night,” said Mr. Aguilera.
  3. Manage stress, said Fitbit. With how long and hectic days can be – especially in a pandemic where the work-life balance has been upturned for those working from home — stress can set in, possibly leading to elevated heart rates, quickened breathing, and the increase of stress hormones in the body which can inhibit the body’s natural need to relax. As the onset of stress can impact sleep, simple destressing practices such as meditation, deep breathing exercises, or meditative movement like yoga can go a long way towards improving a person’s emotional well-being, which can possibly improve one’s quality of sleep.
  4. Control substance use, like smoking, drinking, or taking stimulants, for these affect your sleep, and set a caffeine cut-off time. Mr. Aguilera recommends not taking caffeine six hours before your prescribed bedtime.
  5. Don’t go to bed hungry — a little snack can help (with an emphasis on “little”), said Mr. Aguilera. Fitbit, meanwhile, suggested that the ideal diet to promote better sleep quality is one rich in fruits, vegetables, lean meats, whole grains, and dairy. Additionally, one ought to limit intake of heavily processed foods, sugar-rich snacks, as well as caffeine and alcohol can promote positive outcomes in terms of sleep quality. It did note that food consumed throughout the day — not just before bedtime —  affects the quality of sleep. Eating sugary foods throughout the day can affect blood sugar levels — leading to feelings of fatigue which can affect sleep patterns, it notes. And due to the need to digest food, consuming a heavy meal before bedtime can interfere with the body’s natural process of winding down.
  6. While exercise can help regulate sleep patterns, don’t work out less than three hours before your prescribed bedtime, said Mr. Aguilera.
  7. Get comfortable —  this includes bedding, said Mr. Aguilera, setting a room temperature at about 21-24 degrees celsius, and eliminating light: “The darker the room, the more melatonin your body [produces],” the doctor pointed out.
  8. Reserve your bed for sleeping (and other bed-related activities). A bed isn’t for working.

“The truth is, we spend up to one-third of our lives sleeping. The best investment for your lifetime is getting a good bed. Sleep is a basic human need, much like eating and drinking, and is crucial to our overall health and well-being. Quality sleep is crucial to ensure good health and quality of life. There’s no effort in getting good sleep, because it’s practically free. You just have to help yourself,” he said. —  JLG

Nestlé recycles cocoa fruit waste to replace sugar in chocolate

ZURICH — As confectionery groups scramble to reduce added sugar, chocolate sweetened with cocoa fruit pulp is about to hit supermarket shelves with food giant Nestlé ready to launch its “Incoa” bar.

Using cocoa fruit pulp, which is normally discarded, to flavor products reduces sugar and cuts food waste while boosting the income of cocoa farmers who can “upcycle” their cocoa by selling both the pulp and the beans.

That ticks several boxes with health- and environmentally-conscious consumers.

“This is a big launch, we give it to all the customers who want it and don’t limit supplies,” Alexander von Maillot, Nestlé’s global head of confectionery, told Reuters this week.

The company is launching Incoa, which has no added sugar, in supermarkets in France and the Netherlands with other European markets to follow.

Nestlé is sourcing the raw material from cocoa farms in Brazil, but also working with partners in West Africa to see if pulp production could work there. Von Maillot said cocoa farmers could boost their income by 20-40% if they also sold the pulp.

Lamine Keita, a cocoa farmer in Duekoue, Ivory Coast, said he hadn’t yet been asked to sell cocoa fruit pulp. “If we can sell more than the beans to increase our income, that’s all we can ask for because beans alone are not enough to get us out of poverty,” he said.

Jerome Koffi, who cultivates cocoa on four hectares of land in Soubre, also said he’d gladly sell more, but at the moment there was only demand for beans.

Fruit pulp doesn’t come cheap — Incoa bars on Dutch retailer Albert Heijn’s website cost about 50% more than other dark chocolates. But Von Maillot said although the cost meant pulp was not suitable for replacing sugar in mainstream products, there may be other uses for cocoa fruit chocolate, for example in baking.

Lindt & Spruengli and Germany’s Ritter Sport have also launched limited editions of cocoa fruit chocolate which sold out quickly. Both said they planned to launch the products on a larger scale once enough cocoa fruit was available.

Swiss chocolate maker Felchlin’s cocoa fruit preparation found its way into macarons and truffles that high-end chocolatier Spruengli — unrelated to Lindt — called a “world novelty.”

Lindt and Felchlin source cocoa fruit pulp from Swiss-Ghanaian startup Koa koa-impact.com, which uses solar-powered mobile units to process fresh pulp from 1,600 small farmers. Koa is able to process 250 tons a year but wants to increase its capacity 10-fold within the next two years.

Industry Major Barry Callebaut, meanwhile, is getting ready to supply its WholeFruit Chocolate to chefs and artisans. It has also set up a dedicated brand, Cabosse Naturals, to sell cocoa fruit ingredients to customers like Mondelez International to use in fruity snacks. 

The Upcycled Food Association said commercializing cocoa fruit worldwide could reduce greenhouse gas emissions by more than 20 million tons per year. It defines “upcycling” as using food ingredients that humans wouldn’t consume, with verifiable supply chains and a positive environmental impact.

Brigette Wolf, head of Mondelez’s SnackFutures, said upcycling appealed to those who want to “make an impact” with their food choices.

The company plans to have three varieties of CaPao Cacaofruit Fruit Bites on sale this year, in more than 2,000 stores by the end of 2021 or early 2022.

Commodities specialist Tedd George said extracting additional value from the crop could boost West Africa’s cocoa sector because current incentives were only focused on growing and selling more beans.

“There’s an opportunity for new products made from cocoa fruits to also be health products and that changes the game for the value you can get out of them,” he said, citing health benefits associated with dark chocolate.

Nestlé has been repositioning itself as a health and well-being company, reducing sugar in its products, and has also set sustainability targets including for cocoa.

George said the launch of cocoa fruit products didn’t address fundamental issues like child labor or deforestation, but could fuel investment and drive change in cocoa-producing communities.

He said companies should also develop cocoa products for African tastes. “If there was also local demand for cocoa, that would boost farmers’ pricing power.” — Reuters

Court denies FCF Minerals’ tax refund claim

THE Court of Tax Appeals (CTA) denied the claim of mining company FCF Minerals Corp. for a refund of its payment for value-added taxes (VAT) and customs fees worth P57.9 million for its importation of capital equipment in 2013.

In its March 15 ruling, the CTA denied the petition for “lack of merit” as FCF must comply with all the requisites for tax exemption on the importation of capital equipment in the Financial or Technical Assistance Agreement (FTAA).

FCF and the Philippine government entered the FTAA in September 2009 for FCF’s Runruno Gold Molybdenum Project in Quezon town, Nueva Vizcaya.

Under the said agreement, FCF would be exempted from VAT and customs fees on its importation of capital equipment, subject to five requisites.

FCF claimed the refund based on the first requisite that the importation should have taken place during or before the company’s recovery period.

The court ruling, referring to Revenue Memorandum Circular (RMC) No. 17-2013, said the recovery period is “five years or at a date when the aggregate of the net cash flows from the mining operations is equal to the aggregate of its pre-operating expenses, reckoned from the date of commencement of commercial production, whichever comes first.”

The court affirmed FCF’s claim that its importation took place before its recovery period, but ruled that FCF did not satisfy the second requisite that “the capital equipment [should not be] available domestically in comparable price and quality.”

FCF submitted to the court a certification that its imported capital equipment was not available domestically, but the court did not find it acceptable as the certificate was for only one brand of equipment, although there were other brands in the market that were comparable in price and quality. — Bianca Angelica D. Añago

Lexus Ambassador Tabuena wins big at Eagle Ridge

PROFESSIONAL golfer and Lexus brand Ambassador Miguel Tabuena took home the trophy during the recently held Philippine Golf Tour ICTSI Eagle Ridge Championship. Mr. Tabuena won by two strokes over his closest competitor.

Mr. Tabuena is no stranger to the course, where he played a few times. His last local triumph happened at Eagle Ridge in 2018 before campaigning abroad. “I was pretty familiar with the conditions and it wasn’t the hardest because the greens were actually in good shape and it was pretty easy to read the putts,” he said in a Lexus Philippines release. Nevertheless, it was still a hard-fought victory over some of the best golfers in the Philippines.

He fell behind early on, but was able to rebound strong via four birdies in a seven-hole stretch from no. 3 to storm ahead. “Playing golf at such a young age gave me the chance to learn, from early on, how to be competitive,” he revealed. “I enjoy the thrill of competition and I think if there’s something I learned from playing competitive golf since I was about five years old, it was how to win gracefully and lose gracefully.”

But it was all about winning during that weekend. Mr. Tabuena wants his game to speak for itself. This eliminates the temptation to try too hard to make things work. “If I prepare well, remain focused and quietly confident, the wins will come.”

Mr. Tabuena is the highest-ranked Filipino golfer in the Official World Golf Rankings after cementing his dominance in our region. He won his first Asian Tour title at the Philippine Open in 2015 — the first Filipino since 2008 to win his national open. In 2016, he represented the Philippines in the World Cup of Golf and in the Summer Olympics. The golfer won a second title on the Asian Tour at the Queen’s Cup in Thailand hosted by the Jade Foundation in 2018.

Mr. Tabuena is now preparing himself for future tournaments. “It’s a matter of getting back to work and fixing few things that I think I could improve on,” he added. The golf pro shared that he still finds time to practice regularly on the golf course and at the driving range, and he has been working hard on his physical and mental conditioning. As a Lexus brand ambassador, Mr. Tabuena is familiar with the quest to constantly improve and evaluate one’s self. “I suppose I love the pressure because it helps assure me that I am in the right place,” he said. “What’s a win without the pressure?”

The golfer concluded, “One day I hope to be someone other golfers can look up to… I know I have been given a talent by God, and this is something that I don’t take lightly. I have a responsibility to hone this craft and make the most of what I’ve been given.”

Debt yields track US Treasuries’ climb

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

Debt yields, which move opposite to prices, went up by an average of 5.58 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of March 19 published on the Philippine Dealing System’s website.

Yields on the 91-, 182- and 364-day Treasury bills increased by 3.93 bps, 10.61 bps, and 7.78 bps to 1.2772%, 1.4474%, and 1.9318%, respectively.

At the belly of the curve, the rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) rose 6.43 bps (2.5317%), 6.84 bps (2.9452%), 6.34 bps (3.2499%), 9.34 bps (3.5423%), and 23.06 bps (4.1061%), respectively.

Meanwhile, the 10-year T-bond went up by 8.69 bps to fetch 4.4636%, while the yields on the 20- and 25-year papers fell by 10.24 bps to 4.999% and 11.45 bps to 5.0009%, respectively.

“Local GS yields continue to weaken as risks of higher inflation remain and US Treasury yields ascend. The short-term rates are likewise subjected to the upward pressure given heightened inflation risks,” First Metro Asset Management, Inc. (FAMI) said in an e-mail.

FAMI added that even with risk aversion among investors due to the surge in coronavirus disease 2019 (COVID-19) cases, there hasn’t been any significant increase in demand for debt papers as inflation risks remain.

The US Federal Reserve expects growth in the world’s biggest economy to remain above trend for at least two years and pledged to keep the benchmark overnight interest rate to near zero despite expectations of inflation to pick up. Fed Chair Jerome Powell has said that the US economy is “clearly on a good path.”

The yield on the benchmark US 10-year note rose to 1.74% on Thursday — the first time it reached this level since January 2020.

Back at home, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said the central bank will remain accommodative, saying they are “not inclined” to tighten policy settings at this time as the inflation uptick is only temporary and is attributed mainly to supply-side pressures.

Inflation reached 4.7% in February, the fastest in 26 months, as food costs continue to rise.

This brought average inflation for the first two months to 4.5%, already above the 2-4% target set by the BSP.

The BSP Monetary Board will have its second policy-setting meeting for the year on Thursday. It maintained benchmark rates on Feb. 11, but raised its inflation forecast for this year to 4% from 3.2% previously.

ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro pointed to the upcoming 10-year bond auction to be key in determining short-term movement in yields.

“Indicative interest in the market is looking at the issuance to clear higher than current levels, along the 4.3%-4.5% range,” he said in an e-mail.

“If the Bureau of the Treasury (BTr) finds the market bid too high at the 10-year auction and opts to reject, we could see some stabilization in the yield curve. Alternatively, given that inflation is expected to continue to adjust higher over the short-term, we feel that the BTr may opt to issue successfully within the range indicated above and that there would be sufficient market demand to keep it at those levels post-auction,” Mr. Liboro added.

The BTr wants to raise P160 billion from the local bond market this month, broken down into P100 billion in T-bills to be offered weekly and P60 billion via fortnightly auctions of T-bonds.

The government is looking to borrow P3 trillion this year from local and foreign lenders to help fund its budget deficit, which is seen to hit 8.9% of the country’s gross domestic product.

Meanwhile, FAMI said the government would need more funds to support economic recovery efforts, noting it expects the Treasury to accept higher rates in its auctions.

“Yields might find support next week from the FXTN 7-57 maturity which will inject P136 billion back to the market. Upward bias remains though for 10-year and longer ahead of the FXTN 10-65 reissuance on [Thursday],” FAMI added.

Security Bank Corp. Chief Economist Robert Dan J. Roces said in an e-mail that yields are expected to stay rangebound as players stay on the sidelines ahead of this week’s auction and as they remain “defensive given the movement of US Treasuries.” — Jobo E. Hernandez

PSEi to drop further as coronavirus cases surge

PHILIPPINE SHARES are expected to continue to decline this week amid the continuous spike in coronavirus disease 2019 (COVID-19) infections in the country, which has forced several businesses to halt operations again to curb the spread.

The Philippine Stock Exchange index (PSEi) fell by 194.75 points or 2.93% to finish at 6,436.10 on Friday.

Week on week, the benchmark index shaved off 292.45 points from its 6,728.55 close on March 12.

“Last-minute selling forced the market to close at 6,436.10 [on Friday],” UPCC Securities Corp. Equities Trader Aristotle D. Reyes, Jr. said in a text message. “I think [it] has been affected by the news that the government might restrict again in some services.”

“For the past [few] days, we see the [COVID-19] cases going up and [hospitals getting] filled, so investors are getting cautious about the market again,” he added.

The Health department reported nearly 8,000 new COVID-19 cases on Saturday, the highest single-day tally recorded since the pandemic broke out. This brought the country’s total infections to nearly 660,000.

The Philippines is battling a renewed surge in infections, including those of the new and more transmissible variants, delaying the further reopening of its pandemic-stricken economy.

It has the second-highest COVID-19 cases and deaths in Southeast Asia after Indonesia.

Researchers from the University of the Philippines’ OCTA Research Group previously told ABS-CBN News Teleradyo that the country’s daily infections could reach 8,000 by the end of the month if the government fails to curb the spread of the virus. Several non-essential business establishments have been ordered to halt operations beginning March 22 to April 4, with local government units (LGU) also implementing their own restrictions.

“With the targeted lockdowns at the LGU level due to the virus infection spike and vaccination delays, local bourse valuation is looking expensive,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message on Friday.

“Investors are worried about [the] rising risk of a weaker than expected corporate earnings picture and so the PSEi’s downward bias,” Ms. Ulang added.

“But the silver lining that makes the PSEi dips an opportunity is the global growth recovery this year back to the [pre-pandemic] level according to rating agencies. That should filter [through] in the [overseas Filipino workers’] remittances, BPO (business process outsourcing), and exports,” Ms. Ulang said.

UPCC Securities Corp.’s Mr. Reyes said some stocks may see a recovery this week.

“But generally, [the] market will continue downward or sideways because investors continue to be wary of [COVID-19] cases in the country that might result [in] businesses shutting down again,” he added. — Keren Concepcion G. Valmonte with Reuters

Australian wheat farmers double down after record harvest

SYDNEY — Australian wheat farmers are scouring the market for crop-planting machinery, fertilizer and other farm products, weeks out from the country’s main wheat-planting window as suppliers struggle to keep pace with strong demand.

After harvesting their biggest-ever wheat crop in 2020, many farmers are betting on back-to-back bumper seasons, buoyed by good moisture levels in some of the country’s main grain-growing areas.

Their optimism has been fueled by global grain prices near 7-year highs, driving demand for farm equipment amid a broad economic upturn in Australia in the wake of the coronavirus pandemic, including rising home prices and a stronger jobs market.

“Farms thought they’d just ring up and seeders would be available and they are being told they’ll be a 6-month wait,” said grains farmer Xavier Martin, from the state of New South Wales, which was the country’s biggest grain-producing state last season.

Wheat is Australia’s main agricultural crop, bringing in export earnings on average of about A$6 billion ($4.6 billion) each year, and the country is typically one of the top four global exporters of the staple commodity.

Grain and livestock farmer David Jochinke, from the southern state of Victoria, said some farmers may need to plant their crops without their usual fertilizer program.

“We are seeing higher prices for farm inputs. Even if you can get a price on it, supply is an issue,” said Jochinke.

While farmers can sow their April/May grain crops without fertilizer, they risk suffering a “yield penalty” should the crops come under stress, he said.

Demand for fertilizer has also been boosted because of last year’s strong harvest, which depleted soil nutrients. Farmers told Reuters that some deliveries of farm equipment and products had also been held up by pandemic-driven supply disruptions.

The strain on suppliers marks a stark turn-around from just 18 months ago, when drought-ravaged Australia’s eastern states and most equipment lay idle.

Farms are now in a strong cash flow position, according to major rural lender Rabobank, prompting many farmers to expand their property holdings and improve on-farm infrastructure such as silos.

Wheat is also not one of the commodities and products that have been caught up in trade bans and other restrictions by China, a major buyer of the grain, amid souring diplomatic relations with Canberra.

Still, farmer confidence about this year’s wheat crop contrasts with more sombre forecasts by the government’s chief commodity agency which warns that anticipated drier conditions later this year could cut yields.

The Australian Bureau of Agricultural and Resource Economics and Sciences expects wheat production during the 2021/22 season to total 25 million tons, a drop of 25% from last season’s record harvest of more than 33 million tons and in line with 10-year averages.

But at machinery auctions, farmers know that unless they pay above the asking price, they risk missing out on having the necessary equipment to plant their crop.

Tractor dealer Roger Moylan from the major New South Wales grain-growing area of Quirindi said he sold a second-hand tractor at auction priced at 50% more than expected.

“We had eight people bidding for it,” said Moylan.

“They have to buy second-hand because new orders won’t arrive in time for planting.” — Reuters

Style (03/22/21)

Tommy Hilfiger launches circular design denim collection

TOMMY Hilfiger has launched its first EMF Jeans Redesign collection featuring garments made to be more durable and recyclable — two critical components in creating a circular economy. Crafted in-line with the company’s 2019 pledge to the Ellen MacArthur Foundation Jeans Redesign project, the denim range will be available online at tommy.com and in select Tommy Hilfiger and Tommy Jeans stores. The seven garments in the collection, including five pairs of jeans and two denim jackets, were made with durability, material health, recyclability, and traceability in mind. This was achieved by rethinking the design of the jeans according to circular principles, including using detachable buttons; the replacement of metal rivets with bar tacks; the removal of all metal zippers; removal of the leather patch; and use of 100% organic fabric. To increase durability of the products, each piece features wash and care instructions on the pockets, along with advice on how to repair, donate or recycle the product after use. To date, Tommy Hilfiger has trained more than 80% of its designers on circular design principles and recently launched Tommy for Life, its first circular business model. Under the Tommy for Life program, the company takes back items from customers and partners, cleans, repairs and resells them, keeping products in use longer. Tommy Hilfiger is also driving transformative change in the denim industry, producing more than two million pieces of lower impact denim, which is finished through a process that uses less water and energy than traditional processes, and becoming the first major company in the denim market to use 100% recycled cotton at scale. For more information about Tommy Hilfiger’s sustainability journey, visit sustainability.tommy.com.

DLSU-CSB, Gateway Gallery team up for virtual exhibit

THE DE LA SALLE-College of St. Benilde (DLS-CSB) has partnered with Araneta City’s Gateway Gallery for the first virtual presentation of the school’s annual Sinulid: Epilogue exhibit. From Mar. 20 to Apr. 10, the “Sinulid Epilogue 20-21: Unconventional Threads” exhibit may be viewed by the public through http://sinulid-epilogue-20-21-gatewaygallery.aranetacity.com/. The virtual exhibit will feature a collection from 16 top students of DLS-CSB’s Fashion Design and Merchandising (FDM) program Batch 2020 who presented their unique take on Filipino identity through art. The virtual exhibit will showcase different materials, various weaving designs, and artistic points of view of the students threading their interpretations of the modern Filipino. It will reflect the historic heritage of the islands and the seas (religious deities, mythical folklore, and oriental influences), local pop cultures (OFW balikbayans, cockfighting), and the challenges of daily life mirroring the extremely rich and vibrant Filipino culture. This year’s exhibit includes the works of graduating students Eunhye Cho, Pamela Madlangbayan, Erika Mae Ng, Isabelle Shayne Casi, Shanica Chua Sy, Sean Carlo Betco, Katrina Ysabel Rivera, KC Roshelle Dayao, Gianina Dwaigne Lilagan, Coleen Anne Aytona, Angelica Mae Achacoso, Raya Aleczandra Abastillas, Tricia Alexi Butler, Adrienne Carmela Cruel, Miri Angela Hwang, and Angela Denise Santos. Apart from the virtual exhibit, there will be series of webinars and student-related activities. The “Sinulid” exhibit is the latest offering of Gateway Gallery, Araneta City’s art museum devoted to the promotion of Philippine culture, heritage, and art. Also available for viewing via the Gateway Gallery website is the exhibit “Art Heals: Echoes of the Pandemic.” The long-running “SiningSaysay: Philippine History in Art” exhibit and “#YouMatter” mental health exhibit can be viewed via the mobile app Gateway Gallery Pocket Museum.

Robinsons Malls to hold six-day sale

DISCOUNTS up to 70% are up for grabs at Robinsons Malls for six days, from Mar. 26 to 31, as it holds the Epic Summer Sale. Meanwhile, several Robinsons malls will remain open over Holy Week. The following will be open on regular mall hours on Apr. 1, Maundy Thursday and Apr. 2, Good Friday: Robinsons Place Antipolo, Robinsons Luisita, Robinsons Tagaytay, and Robinsons Cainta (Robinsons Supermarket only). For Maundy Thursday: Robinsons Place Ilocos, Robinsons Place Palawan, Robinsons Place Pangasinan, Robinsons Starmills, and Robinsons Place Tuguegarao will operate regular mall hours while Robinsons Place Dasmariñas and Robinsons Place GenTrias will open from 9 a.m. until 6 p.m. Apart from these branches, all other Robinsons Malls shall be closed on Maundy Thursday and Good Friday. All regular mall schedules will resume on Apr. 3, Black Saturday, following regular mall hours. The Robinsons Malls participating in the Epic Summer Sale are: Robinsons Galleria, Robinsons Place Manila, Robinsons Magnolia, Galleria South, Robinsons Galleria Cebu, Robinsons Metro East, Forum Robinsons, Robinsons Cainta, Robinsons Place Las Piñas, Robinsons Place Antipolo, Robinsons Town Mall Malabon, Robinsons Starmills, Robinsons Place Pangasinan, Robinsons Angeles, Robinsons Place Malolos, Robinsons Place Santiago, Robinsons Place Ilocos, Robinsons Place Tuguegarao, Robinsons Place Imus, Robinsons Place Palawan, Robinsons Place Dasmariñas, Robinsons Place Lipa, Robinsons Place GenTrias, Robinsons Place Naga, Robinsons Town Mall Los Baños, Robinsons Place Bacolod, Robinsons Place Dumaguete, Robinsons Place Iloilo, Robinsons Place Jaro, Robinsons Place Antique, Robinsons Place Roxas, Robinsons North Tacloban, Robinsons Place Tacloban, Robinsons Fuente, Robinsons Place Pavia, Robinsons Place Ormoc, Robinsons Place Butuan, Robinsons Place GenSan, Robinsons Place Iligan, Robinsons Place Tagum, and Robinsons Place Valencia.  For more information, visit www.robinsonsmalls.com or its Virtual Directory bit.ly/RMallsEpicSummerSale; or follow Robinsons Malls on Facebook; @RobinsonsMallsOfficial on Instagram; and @RobinsonsMalls on Twitter.

Anastasia Beverly Hills launches augmented reality app for brow problems

THE RIGHT brows have the power to transform an entire look. Unfortunately, it’s also a beauty trick that most people find very hard to master. To help, Anastasia Beverly Hills created an augmented reality app that can help the user shape, groom, and even fill their eyebrows from the comfort of their own home. The app is now available on iOS and later this month on Android. To download, search for Anastasia Beverly Hills in the App Store. The Brow App combines Anastasia Soare’s Golden Ratio eyebrow shaping method with custom 3D tech and a patented algorithm to provide a filter-like image of the user with the best brow shape and color. The app works by analyzing the user’s facial structure and having them answer a series of questions — from their experience with eyebrows to their hair color and preferred brow look — to understand and recommend the brow shape, shade, and style for them. The Brow App also has a Look Library that allows the user to virtually try on different styles and shapes of eyebrows — without having to commit to anything. Another feature of the app is the Brow Mirror which shows an outline of the chosen style that serves as a guide for drawing or plucking brows. It also has a step-by-step guide — from filling and detailing to finishing and highlighting the desired brow shape and style. It also has in-depth makeup tutorials, and run-throughs of specific Anastasia products and their purposes. Anastasia Beverly Hills eyebrow products, such as the Brow Definer and Brow Powder Duo, are also available to purchase via the app and partner retailers.

Anya Resort Tagaytay offers far infrared spa therapy

Anya Resort Tagaytay, managed by AHG, has brought it in a revolutionary wellness device: France’s Vital Dome, an infratherapy machine. Patented and manufactured in France, the Vital Dome uses Far Infrared Rays (FIRs) generated by carbon panels within the device to give users a sense of relaxation and renewed well-being. Unlike traditional saunas or massage machines, the Vital Dome’s FIRs penetrate deep into the skin, accelerating regeneration on a cellular level as it safely raises the body’s core temperature. This enables the body to sweat out toxins and other impurities as a way to stay healthy and keep infections at bay. Likewise, the regenerative action of the FIRs reduces internal inflammation which, in turn, helps in long-term pain management. It is also instrumental in healthy weight management and body shaping. The wellness machine is no stranger to the hospitality industry, as numerous hotels and spas across Europe now offer it among their health, wellness, and aesthetic amenities. Among those that already have the Vital Dome in place are the Hotel Prince of Wales in Paris, the Hotel Barriere Le Royale in Deuville, and the Hotel Sassongher in Badia BZ, Italy. Anya is the first resort in the country to offer it. Guests who wish to try the latest addition to Anya’s fitness and wellness amenities can try it out at the resort’s Niyama Wellness Center as a standalone treatment. Use of the Vital Dome will be included in future suite and staycation packages. For more information on the Vital Dome, visit the official Philippine website at https://vitaldomeph.com. Follow on Instagram and like on Facebook @vitaldomeph.

Viktor&Rolf Fragrances now available in Rustan’s

VIKTOR&ROLF’S Flowerbomb is an ode to femininity, modern flower power exuding an air of opulence, with rich, meticulously layered notes. Viktor&Rolf has added to its Flowerbomb line with Flowerbomb Dew, which melts onto fresh skin enveloping the senses with a Dewy Rose Accord, Sensual Iris Concrete, and Intimate Musks creating a glowing floral sensation. Viktor&Rolf has recruited actress Anya Taylor-Joy to be the face of Flowerbomb as she is at once sensual and powerful, feminine and bold and uniquely multi-dimensional. Featuring both Flowerbomb and the new powerbomb Dew fragrances and harkening back to the iconic Flowerbomb imagery, the new ad campaign reveals Taylor-Joy fresh-faced and lightly veiled with pink tulle and radiant skin. The Flowerbomb Collection offers a Choose Your Intensity range with Flowerbomb Dew, the iconic Flowerbomb Eau de Parfum, and Flowerbomb Nectar from the lightest to the most intense. Viktor&Rolf Fragrances are exclusively distributed by Rustan Marketing Corp. Thy are available at Rustan’s, Robinsons and Landmark Department Stores, SM Watsons Stores, Look At Me at SM Aura, rustans.com and lookatme.com.ph. Flowerbomb and Flowerbomb Dew are available in 50ml (P6,250) and 100ml (P8,350) eau de parfum spray bottles.

Bio-Water Vitamin B5 Gel from Bio-Science launched

BIO-SCIENCE Philippines’ Brand Ambassador, actress and TV personality Janine Gutierrez, unveiled the Bio-Water Vitamin B5 Gel on Mar. 14 at LOOK, in SM Aura Premier, Bonifacio Global City, Taguig. The event commemorated the first anniversary of Bio-Science in the Philippines. The Bio-Science Skincare range is infused with Bio Energy Complex, the unique proprietary formula that is said to boost the skin’s intake of oxygen while increasing the absorption of nourishing bio-ingredients. Bio-Water Vitamin B5 Gel is formulated with 5% Vitamin B5 concentrate and Hyaluronic Acid, which enhance the skin elasticity and softness leading to smooth and intensely hydrated skin. Bio-Science Bio-Water Vitamin B5 Gel. The Bio-Water Vitamin B5 Gel from Bio-Science is now available at Watson’s Drugstores, LOOK, Shopee, and Lazada. Prices start at P399.

Robinsons Malls offer personalized shopping service

Robbie & Rosie is the new personalized shopping service available at select Robinsons Malls: Robinsons Galleria, Robinsons Magnolia, and Robinsons Place Manila. The user spends a few minutes texting or chatting with the personal shoppers who will do all the shopping. The shopping service user can choose almost anything from the Virtual Mall Directory — whether its food, essentials, fashion merchandise, toys and gadgets, tools and hardware, beauty products, and more — and only pay one delivery charge. And since they are dealing with real people, Robbie & Rosie may even provide timely shopping suggestions not originally on their list, such as pointing out shopping discounts, bundled product promos, or limited-time offers, for example. Robbie & Rosie can also get items gift-wrapped, and even turn on their cameras when shopping, so the user can see the actual condition or the prices of the items on their list. If they are not completely satisfied with the condition or size of the item when it arrives, they can have it replaced provided they have the original receipt subject to the Return and Exchange policy of the store. The user just sends a message to Robbie & Rosie at the mall of their choice — Robinsons Magnolia (0921-499-2958), Robinsons Galleria (0968-294-9444), or Robinsons Place Manila (0919-430-5887) — and they’ll send a link to a Virtual Mall Directory to select the items to put on the shopping list. The shopper is asked their preferred mode of communication. Then Robbie & Rosie will summarize the order to ensure everything is accurate and complete. Once confirmed, the user will receive a QR code and instructions on how to pay via various e-wallets such as GCash, PayMaya, WeChat Pay, PayPal, or other contactless payment options. The final easy step is to pick up the order at the designated stations at the mall, or have it delivered by courier. Customers may book the couriers themselves, but Robbie & Rosie will arrange the booking if requested and even take a photo of the items being loaded by the courier to show their customers that the order is on the way. Robinsons Malls will offer its Robbie & Rosie Epic Summer Promo from Mar. 26 to 31, with no delivery charge to boot if the user is within a three -kilometer radius from the selected mall. Robbie & Rosie can be booked from anywhere in the Philippines and have the items delivered to a recipient in Metro Manila.

Ferragamo links art, culture, fashion

FERRAGAMO champions cultural sustainability in the second part of its multimedia series. The star of this new chapter is the Ferragamo Gancini monogram, in a reworked version called Gancini Iconic. Launched with the Pre-Spring 2021 season, this composition is seen on footwear, bags, small leather goods, silk, and ready-to-wear. For the Gancini Iconic chapter of the multimedia series, Ferragamo went to Shanghai and Hong Kong. In Shanghai, Ferragamo collaborated with Master Huang Hongyu, who is carrying forward the tradition of hand-made Chinese lanterns. While Hong Kong sees the turn of the Dotes architecture duo and four local artists. In collaboration with the lantern artist Huang Hongyu, Ferragamo celebrated the Spring Festival last month with a series of themed installations in its Shanghai Center boutique. Special Gancini lanterns were produced for the occasion. The Gancini icon was integrated into the design of the lanterns in a creative fusion of East and West, tradition and contemporary. In Hong Kong, Ferragamo opened a travelling pop-up truck for Gancini Iconic products. This truck is inspired by the traditional bingsutts, literally “ice rooms,” the historic cafés that were very popular in the 1950s and 60s, serving iced drinks and food. For the Gancini truck, Ferragamo collaborated with Dotes, an emerging duo comprising Justin Chow and Ka Chi Law (specializing in creative dialogue between cultural issues, craftsmanship and progress), imagining a modern-day bingsutt inspired by the Ferragamo monogram. The Gancini Truck parked in three key streets in the old Sheung Wan district, birthplace to the culture surrounding the bingsutt. The Gancini Bing Sutt Truck was not just a pop-up truck — it was also an art gallery, showing four bingsutt-related works.

Investors shift to ALI on bond offer, swap deal

By Ana Olivia A. Tirona, Researcher

AYALA LAND, Inc. (ALI) attracted investors last week following its offer of P10-billion bonds and commercial property infusion in its real estate investment trust unit.

A total of 55.38 million ALI shares were traded last week worth P1.97 billion, making it the third most actively traded stock from March 15 to 19, data from the Philippine Stock Exchange showed.

The property firm of the Ayala group finished at P34.50 apiece on Friday, 6.8% lower than its P37-per-share finish last March 12. Since the start of the year, the stock has dropped by 17.9%.

Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in an e-mail interview that ALI’s P10-billion bond sale and its P15.5-billion commercial property infusion in the Ayala group’s real estate investment trust firm contributed to the stock’s movement last week.

Meanwhile, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message the stock’s movement last week was due to the rapid increase of coronavirus disease 2019 (COVID-19) cases last week, allowing investors to buy ALI at a lower price.

Last March 12, the Securities and Exchange Commission received ALI’s plan to sell P10 billion worth of fixed-rate bonds due in 2025 to pay for early redemption of its P8-billion fixed-rate papers due in 2025 issued in 2014 and also fund its projects in Laguna and Cavite under its unit Alveo Land, Inc. and in Quezon City under Avida Land Corp.

Separately, ALI approved last week a P15.46 billion worth of commercial property infusion into AREIT, Inc. under a property-for-share swap where the former will subscribe to 483.25 million primary common shares in the latter at P32.00 apiece.

This will increase AREIT’s leasing portfolio to 549,000 square meters (sq.m.) from 344,000 sq.m. and its deposited property value to P52 billion from P37 billion.

AREIT also greenlighted to hike its authorized capital stock to P29.50 billion from P11.74 billion.

Both deals will be subject for regulatory approval as well as AREIT shareholders at their annual meeting on April 23.

“Based on current prices, ALI has particularly high valuation levels. With a 2020 price-to-earnings (P/E) ratio at 48.93 times the estimated earnings, the company operates at rather significant levels of earnings multiples,” Mr. Arce said.

The price-to-earnings ratio is used by investors to find a listed company’s valuation by relating its current share price to its per-share earnings. It shows how much investors are willing to pay per peso of earnings.

Severely impacted by the lockdown restrictions amid the pandemic, ALI’s attributable net income shrank by 73.7% to P8.73 billion last year from P33.19 billion previously.

Despite this, Mr. Arce said that ALI continues to be fundamentally strong.

“Ayala Land has acknowledged COVID-19 as a prominent risk which affected its business in 2020 with spillover effects to 2021. The lessons from the pandemic would enable it to improve business continuity plans moving forward,” he said.

He sees ALI’s bottom line to rebound to P23.151 billion this year and P30.529 billion in 2022 as the economy slowly recovers.

For his part, Mr. Pangan said the market sentiment in the real estate industry is down with the increase in COVID-19 infection rate as it results into tighter restrictions that cause economic slowdown.

“Basically, net income will be a challenge again this year depending on how the virus could be contained and how the economic activity will normalize,” he said.

This week, Mr. Pangan expects ALI’s immediate support level to be at P33 and immediate resistance at P36.75.

“ALI may still outperform in the weeks or months ahead,” Mr. Arce said, placing the stock’s support level between P32 and P30, while resistance between P37 and P38.

Filipinos more hopeful of economic recovery for this year

Filipinos more hopeful of economic recovery for this year

How PSEi member stocks performed — March 19, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, March 19, 2021.

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