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Tax appeals court upholds refund of P56.8 million to Pilipinas Shell

THE Court of Tax Appeals (CTA) upheld its ruling granting P56.8-million excise tax refund to Pilipinas Shell Petroleum Corp.

In a resolution dated Dec. 21, the court, sitting en banc, denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue (BIR) over the tax refund granted to Pilipinas Shell.

The BIR claimed that the court erred in ruling that the company is entitled to the refund representing excise taxes it paid on Jet A-1 fuel sold to tax-exempt international carriers.

The court said the arguments raised were “mere restatements” of those in the previous pleadings.

“Petitioner utterly failed to raise any new or substantial matter let alone any compelling reason to warrant the modification much less reversal of the Court En Banc’s findings.,” the court said.

“The Court En Banc stands by its ruling that respondent is entitled to the refund of duly substantiated excise taxes paid on petroleum products sold to international carriers from August 12, 2013 to December 31, 2013,” it added.

The court said that Pilipinas Shell in its comment maintained that excise tax on petroleum products is a tax on property and the exemption is granted under Section 135 of the Tax Code.

The court in June 2020 denied the petition for review of the BIR and upheld the 2018 decision and resolution of its special third division that partially granted the tax refund claim of Pilipinas Shell, ordering the BIR to refund the amount of P56.8 million out of its P61.5-million claim.

Only the amount granted was properly substantiated by relevant documents, the court said.

The CTA in its previous decision cited Sections 135(a) of the Tax Code, which states that petroleum products sold to international carriers of Philippine or foreign registry on their use or consumption outside the country are exempt from excise tax. — Vann Marlo M. Villegas

Metro Manila Film Festival 2020: A plotting waste

By Joseph L. Garcia, Reporter

MOVIE REVIEW
The Missing
Directed by  Easy Ferrer

GREAT promise was certainly seen in Easy Ferrer’s first horror flick. But promises don’t always translate to something concrete, and that promise went, well, missing, in this movie.

We’re not about to say that horror is an easy task. An increasingly difficult world has made audiences jaded, and therefore, less easy to scare. Ritz Azul (unconvincingly) plays an architect named Iris, who is an expert in the field of restoration. An ex-lover of hers, Job (Joseph Marco) hires her for a (hah!) job. A former professor wants to restore his creaking, possibly cursed, ancestral house in Japan, where they meet Miles Ocampo’s Len, a protege of Job’s. Easy enough, right?

A layer of complications is added on to the story, due to Iris’ mental illness — she suffers from PTSD (Post-Traumatic Stress Disorder) after her sister was kidnapped and disappeared. While I now sympathize with her, I’m also dealt with the burden of whether she sees the supernatural or is simply hallucinating (I may hasten to add that psychotic symptoms in PTSD are not as common and widespread as the film may suggest).

The premise and mise en scene are wasted on numerous deficiencies. I commend the cinematography, which makes full use of the Japanese countryside in autumn, as well as the meticulousness with which the sets are made and shot, making for a visually appealing (but not quite arresting) film. The score also has sophistication, and I’d gladly stream it if it were available.

The jump scares are rife in this film, with ghosts appearing as if they were born in the East Asian horror traditions in the early 2000s. That actually adds to the film’s appeal, but they can only hold my attention and scare me for so long. The routine eventually gets old, but the film at least doesn’t try to make the scares funny: well, save for one, where Iris battles with a ghost, but the ghost looked too corporeal for me to take her seriously.

The narrative is also relatively loose compared to the tautness of the film’s look, thus undermining it. The plot refuses to linger in the mind, and I probably won’t lose sleep over it. I do have to commend the actors: they aren’t great, but there’s an honesty and earnestness in their portrayals that make you root for them. They are a little bit transparent in their motivations, and our lead isn’t exactly convincing, but you have to give them something for effort.

Should you watch this? Maybe. A serious film aficionado might have an okay time with the visuals, but I’m sure they’ll have better material for that. Less-serious watchers may enjoy it for the cheap scares, or they can watch it so they can go around telling their friends about how they figured out the plot before the characters do.

Palay farmgate price rises 1.1% in second week of December

THE average farmgate price of palay, or unmilled rice, rose 1.1% week-on-week to P16.14 per kilogram in the second week of December, with the price increasing 2.2% year on year, according to the Philippine Statistics Authority (PSA).

In its weekly report on palay, rice, and corn prices, the PSA said the average wholesale price of well-milled rice fell 0.2% to P37.42 while the retail price fell 0.3% to P41.01.

The average wholesale price of regular-milled rice fell 0.1% to P33.42 while the retail price fell 0.2% to P36.21.

The farmgate price of yellow corn grain rose 0.3% week-on-week to P12.12 per kilogram.

The average wholesale price of yellow corn grain rose 0.1% to P19.59 while the retail price rose 0.7% to P24.78.

The farmgate price of white corn grain rose 1% to P13.27 per kilogram.

The average wholesale price of white corn grain rose 1.1% to P16.31 while the retail price rose 0.3% to P25.43. — Revin Mikhael D. Ochave

MG opens 3 new dealerships in Dec.

THE COVENANT Car Company, Inc. (TCCCI), exclusive distributor of the MG brand of automobiles, recently announced the opening of three more MG dealerships: MG North EDSA, MG Otis, and MG Camarines Sur. This brings the current total of MG Philippines dealerships up to 34. In a release, MG Philippines said that its network now provides greater access to MG’s sales and aftersales services to a larger number of clients all around the country.

“As we continue to expand our national dealership network, we are committed at MG Philippines to upholding the high standards set by the global MG team, ensuring that the services made available to all our clients are of the same caliber as those in other international MG markets such as the UK, Australia, the Middle East, South America, the Netherlands, and Shanghai, but tailor-fit to the needs of a very progressive Filipino market,” said MG Philippines President and CEO Atty. Alberto Arcilla. “Our goal, as we strengthen our dealership network and increase the reach of the MG brand to more locales around the Philippines, is twofold: First, to provide reliable aftersales services for the growing number of MG vehicles on our roads; and second, to make MG more accessible in various locations around the country in an effort to address the growing interest for quality MG products among Filipinos. Likewise, our national dealership network expansion is closely tied to the positive response our esteemed dealer principals and the motoring public have extended towards the MG brand, its modern and attainable products, and its rich motoring heritage.”

The MG Philippines dealership network currently includes: (in Metro Manila) Alabang, Araneta-Cubao, BF Parañaque, Commonwealth, EDSA Centris, Marikina, Sucat, Makati, Pasay, Quezon Avenue, and Congressional; (in Luzon) Batangas, Cabanatuan, Carmona, Dasmariñas, Lipa, Sta. Rosa, San Fernando, Pulilan, Taytay, Bacoor, and Calasiao; (in Visayas) Cebu-Mandaue, Iloilo, Tacloban, Bohol, and Bacolod; (in Mindanao) Davao, Cagayan de Oro, Zamboanga, and Valencia.

The company said it will further grow its network this year. Visit https://www.mgmotor.com.ph/dealers for more information, or follow MG Philippines on social media: OfficialMGPhilippines (Facebook) and @mg_philippines (Instagram and Twitter). The 24/7 MG Philippines hotline is (02) 5328-4664; send a message directly to the website using the MG Live Chat Service.

Pandemic shifts the fashion trends for 2021

THE YEAR 2020 began with a call for the extreme and the flamboyant. But with the onset of the coronavirus disease 2019 (COVID-19) pandemic, the sudden shift to work-from-home arrangements forced everyone to slip into something cozier. For this coming 2021, comfort, versatility and function remain de rigueur, said fashion design and merchandising expert Christine Benet.

The newly appointed Associate Dean for Environment Cluster of De La Salle-College of Saint Benilde School of Design and Arts, has revealed next year’s style trends, in line with the predictions of giant trend forecaster World’s Global Style Network (WGSN), comprised of a team of over 250 experts and data scientists that curate an immense online library of insights and inspirations on fashion, retail, and the whole lifestyle industry.

The financial anxiety brought by the economic decline highlights consumer needs rather than commercial concepts. The need to stay-at-home drove a new interest in flexible easy-to-style and easy-to-wear outfits.

“The pandemic did not stop consumers from their purchasing behavior. Rather, there is a shift towards more practical products,” Ms. Benet noted. “Fashion pieces are now considered to be investments that will last beyond the pandemic.”

For ladies, long dresses and skirts with slim silhouettes are a go-to. Loungewear definitely reigns, and it is now more about print and texture rather than embellishments. Soft crochet gives an artisanal comfy vibe, while historic details and openwork embroidery bring romance to easy shapes.

“Loungewear has significantly risen in the Philippines and it goes to show how consumers have adjusted to the pandemic and created their own new normal at home,” Ms. Benet said.

Ribs and shirring likewise add a gentle touch in the over-all nightwear-look, while rustic fringing gives the ensemble a boho spirit. Patchworks like lace and ditsy florals as well as embroidered sheers create character in a minimalist ensemble.

Those who opt for an edgier touch can play with black and white contrasts in feminine looks, cutout cross-category bodywear or fine strappings in stretchy bra tops.

For men, fitted styles are likewise in. For cozier options, crew-neck sweats remain king, while universal cover-ups and oversized cuts provide layered slouchy looks. Sets and coordinated pieces are the focus, especially when matched with parka, bomber, and track jackets.

The work-from-home set-up likewise led to the so-called “Above the Keyboard Dressing,” which gives importance to the visible pieces such as necklines that give a professional touch.

“It took time for consumers to weave in their work schedule with their home environment. This goes the same with personal grooming,” Ms. Benet explained. “It may be simpler. Trying to look presentable during online work, while performing household chores, posted a challenge. However, consumers were slowly able to identify appropriate pieces that are still functional and fashionable, highlighting top clothing.”

Meanwhile, the popularity of sneakers, especially the growing interest in eco-sneaker materials, show how the pandemic has affected the consumers’ priorities when it comes to comfort and function.

“The pandemic brought awareness to social issues, as the general public saw its effects even in the manufacturing sector of the fashion industry. Now, there is more interest in social entrepreneurs and sustainable products,” Ms. Benet added.

Benilde is a subscriber to the WGSN, which is used by businesses and professionals to gather consumer insights and design movements.

India’s protesting farmers hold key to self-reliance in edible oils

MUMBAI/NEW DELHI — Indian farmer Shingara Singh has grown grain for 35 years and is one of thousands of protesters against agricultural reforms who have the power to help slash a huge annual bill of $10 billion for imports of vegetable oils.

But Singh, 55, says he will only switch to growing oilseeds, such as rapeseed and sunflower, on his 15-acre (six-hectare) plot in the northern state of Punjab, if the government promises guaranteed rates for his produce.

“Sometimes we grow sunflower, but we don’t get to sell it at the MSP,” said Singh, 55, referring to the Minimum Support Price (MSP) the government pays for his rice and wheat.

“In fact, we often have to sell sunflower at deep discounts,” added the blue-turbanned Singh, a participant in the farmers’ daily sit-ins on the edge of the capital, New Delhi.

Such a switch by farmers in the breadbasket states of Punjab and Haryana could cut shipments of edible oils that have tripled over the last two decades to rack up India’s third biggest import bill, after crude oil and gold.

That would also melt bulging inventories of rice and wheat worth billions of dollars that lie unsold in government warehouses, after years of bountiful harvests.

But industry experts say grain growers are unlikely to make the switch in large numbers unless the government offers financial assistance.

“Farmers will shift to oilseeds if the government agrees to give incentives of a few thousand rupees per acre for diversification, which is necessary,” said veteran trader Govindbhai Patel, the head of G.G. Patel & Nikhil Research Co.

Such a move looks unlikely during the stand-off over three new farm laws adopted by Prime Minister Narendra Modi’s government in September, which protesting cultivators call a ruse to abandon MSPs.

These prices are set for more than 20 crops each year, but state buying agency the Food Corporation of India applies them only to purchases of rice and wheat, blaming a lack of funds and storage space.

Only the prospect of financial support will encourage farmers to switch from grain crops, with their government-set prices, to the less predictable gains of oilseeds.

“We’ve requested the government to give that kind of support to farmers,” said B. V. Mehta of industry body the Solvent Extractors Association of India.

The government, which earns 350 billion rupees ($4.77 billion) from levies on edible oil imports, can easily set aside 40 billion rupees a year for crop diversification, through more taxes on such imports, Mehta added.

Higher output of oilseeds and fewer imports of oils will boost farmers’ incomes, create jobs in the domestic crushing industry and help save precious foreign exchange, he said.

The growers’ transition away from grain is a key step in a government plan to boost oilseed production, said a senior government official, who sought anonymity in line with policy.

Once the government resolves the farmers’ month-old agitation, it can chalk out financial incentives to drive crop diversification, industry officials say. Negotiators for both sides are to meet on Jan. 4 to try and break the deadlock.

Government purchases, initially meant to promote self-sufficiency in domestic staples, have spurred farmers, especially those with access to better irrigation, to favor grain over the years, rather than oilseeds and pulses.

That has pushed India to the rank of the world’s second-biggest producer of rice and wheat, but caused a glut. At the same time, lower oilseed output has made it the world’s biggest importer of oils, to meet nearly 70% of consumption.

Such imports have surged to 15 million tons from 4 million two decades ago and could touch 20 million by 2030, boosted by a growing populace with higher incomes to satisfy a penchant for calorie-laden curry and deep-fried food.

India buys palm oil from Indonesia and Malaysia and soy oil and sunflower oil from Argentina, Brazil, Russia and Ukraine.

Oilseeds are now mainly grown in rain-fed areas with low crop yields, but Punjab, with efficient irrigation, can expect higher yields, experts say.

Farmers in the state and neighboring Haryana can produce 6 million tons of rapeseed if they divert half the area now under wheat, bringing a domestic supply boost of 2.5 million tons, Mehta estimated.

“Both central and state governments should work out a financial package that will get this crop diversification rolling,” said former government adviser Ashok Gulati. —  Reuters

QBO incubator targets 150 new startups this year

STARTUP incubator QBO Innovation Hub plans to add 150 new startups into its ecosystem by the end of 2021, its operations head said.

The incubator now has around 450 startups in its system, falling short of its target of 500 for 2020.

QBO Operations Head Natasha Dawn S. Bautista said in a recent online interview that the shortfall was caused by the incubator’s busy November and December months, along with a decline in the number of startups it could reach after the onboarding of hundreds.

QBO is also assessing its database of startups as some may have shut down or pivoted, which means that its current numbers may fall.

The effects of the pandemic on startups have been mixed, she said. Sectors like financial and health technology that address pandemic-related concerns grew, while some companies had to pivot to other types of businesses.

QBO expects steady growth going into 2021.

“We’re actually seeing a few startups being made because of the pandemic. Traditional businesses are also starting to listen to our meetings; a lot of traditional entrepreneurs are moving into this digital age finally, and that’s a big factor to consider. That’s why I feel like it will be growing even more (in 2021),” Ms. Bautista said.

QBO is planning online bootcamps and incubation programs to help create new startups.

A study by Isla Lipana & Co./PwC Philippines found that startup founders identified the financial impact and effects on operations, potential global recession, and difficulties with funding as top concerns caused by the pandemic.

According to the survey done in May, founders who said that they needed additional funding identified its use for their working capital requirements, technology improvements, and hiring.

For startup funding, Ms. Bautista is hoping for assistance from the Innovative Startup Act or Republic Act No. 11337, which provides incentives for startups and enablers. Its implementing rules and regulations (IRR) was signed the other year.

“From private money, we have a few venture capital players in the ecosystem that actually have been quite busy also even (in 2020),” she said.

She found that QBO received more funding in 2020. Most pre-pandemic funding came from the local public sector, she said. But last year, the incubator received grants from international private and public sources.

Ms. Bautista is optimistic about the future of Philippine startups as more companies look into funding and adopting digital tools.

“I do believe that our economy will be hit hard (in 2021), for another two or three years, but I do see that it’s forcing us to shift towards the digital age,” she said. — Jenina P. Ibañez

JAC Motors adds 4 key markets to network

TRIESENBURG AUTO Corp. (TAC), the official local distributor of JAC passenger and light commercial vehicles in the country, opened three new dealerships in South Luzon and one in the Visayas.

The recent opening before yearend of the Alabang, Makati, and Sta. Rosa, Laguna facilities, plus one in Iloilo, brings the total dealership network of the brand to six. “Despite the very challenging year that it has been especially with the automotive industry, TAC continues to be optimistic and confident that the situation will improve in 2021,” said the company in a release.

JAC Motors Iloilo, owned and operated by Iloilo Great Cars Corp. with Peter Paul Yap as dealer principal, is located at Pison Avenue, Barangay San Rafael, Mandurriao, Iloilo City. The showroom measures 250 sq.m., and can also provide aftersales service. JAC Motors Iloilo can be reached through its Facebook page or 0908-888-8200.

The brand is also set to open JAC Motors Kawit, Cavite (on the Centennial Road) owned by Atty. Arlan Profeta’s APGS Auto Trading, and JAC Motors Bauan, Batangas (on the National Road in Barangay San Roque) operated by CESCO Offshore Construction of Fructuso Montano.

“JAC Motors wants to change how dealership business is run and give the opportunity to more budding entrepreneurs to own and operate their own JAC dealership more easily,” maintained TAC. “We are open to any entrepreneur who wants to put up their own car dealership business even if they don’t have an existing dealer network and even if they don’t have previous experience running a car dealership.”

The company also said that having a large showroom isn’t a requirement, which means smaller capitalization. “This is one of the largest expenses that prevent people’s entry into the dealership business — the huge expense on building a showroom. JAC believes that smaller showrooms can work as effectively as large showrooms. Strategic locations are important, but the traditional dealership setup is not essential.”

Geely is now ready to serve Imus, Cavite

JUST BEFORE the end of 2020, Geely Philippines opened a new facility south of Metro Manila: Geely Imus — managed by Sojitz G Auto Philippines (SGAP) dealer partner the ANC Group of Companies.

Said SGAP President and CEO Mikihisa Takayama in a release, “It’s hard to invest in these trying times as the world copes up with the unprecedented challenges and while businesses are trying to recover from their losses. I would like to thank our partners, ANC Group of Companies, for staying by our side and for trusting us and the potential of our brand.”

Added the executive, “Rest assured that during this crisis, we will continue to beef up our efforts in keeping everything in the right direction especially in terms of distribution and product support system. Our partnership has so much to look forward to this year and beyond.”

The ANC Group of Companies has been in the Philippine automotive business for over two decades, and has at least 60 automotive dealership outlets in the country, mostly located within Metro Manila, North and South Luzon, Visayas, and Mindanao.

ANC Group of Companies President and CEO Anthony Cheng said, “I believe in the potential of Geely based on how it has performed since it entered the Philippine market. The Coolray did well in terms of market reception. I think this brand and what it can offer are something to look forward to in the years to come… We also look forward to the new Geely models which will surely bring excitement to car buyers,” Mr. Cheng added.

Geely Imus was constructed based on the company’s global showroom standards with the objective of providing a customer-friendly and relaxing atmosphere for everyone who visits it. Geely Imus is located on Emilio Aguinaldo highway, Anabu 1-D, Imus. For inquiries, contact 0917-820-6054.

Capital infusion and market sentiment lift AC Energy stock

AYALA-LED AC Energy Philippines, Inc. ended the year on a high note amid the sustained positive investor sentiments and following the company’s infusion of capital in its subsidiary to acquire potential project sites.

Data from the Philippine Stock Exchange (PSE) showed 123.14 million AC Energy shares worth P1.02 billion exchanged hands from Dec. 28 to 29, making it the second most actively traded stock in the last trading week of 2020.

Shares in the Ayala energy unit closed higher by 22.1% to P9.00 apiece from its P7.37 finish on Dec. 23, 2020. Compared with the first trading day last year, its latest share price has gone up almost four times.

Local financial markets were closed on Dec. 30 until Jan. 1 in observance of mandated holidays.

“The stock has consistently been hitting a new all-time high almost every week since September 2020. It has ended as one of the best performers of the year,” AAA Southeast Equities, Inc. Head of Research Christopher John Mangun said in an e-mail.

In a separate e-mail, Mercantile Securities Corp. Analyst Jeff Radley C. See noted the positive sentiment surrounding the stock.

“AC Energy is a monster stock this year despite the pandemic hitting our country. The company made a lot of efforts just to grow and create value for the firm,” Mr. See said.

Mr. See also noted AC Energy’s recent transaction with wholly-owned subsidiary Buendia Christiana Holdings Corp. (BCHC), which has helped fuel the stock’s rise.

AC Energy announced on Dec. 23 that it had signed an agreement to subscribe to 3.5 million preferred shares with a par value of P100. These shares are scheduled to be issued out of the increase in the unit’s authorized capital stock. These shares will then be paid in tranches with a partial payment of P150 million on the acquisition day.

On the terms of payment, AC Energy said the balance of the subscription price is payable upon demand, with the approval of BCHC’s board of directors.

It added that the transaction is subject to the necessary regulatory approvals from the Securities and Exchange Commission on the increase in the authorized capital stock of BCHC and the full payment of the subscription price.

The Ayala Corp. subsidiary has said in a disclosure that the subscription will be used by BCHC to “fund the acquisition of potential project sites.”

BCHC is a special purpose vehicle that will own the land for its parent company’s development projects.

A week prior to the transaction, AC Energy approved around P11 billion in funding for a Pampanga-based solar energy projection and a wind farm to be constructed in Ilocos Norte.

AC Energy posted an attributable net income of P977.78 million, or around three times higher than the P322.3 million recorded a year ago. For the three quarters to September, attributable net income amounted to P2.94 billion — a reversal of its loss of P229.57 million in the comparable period in 2019. 

AAA Southeast Equities’ Mr. Mangun noted AC Energy’s strong uptrend “may continue… all throughout [this] year.”

“There is some support at P8.00 and then another support level at P7.30. It may continue higher and break above P10.00 in the first trading week of January based on its momentum,” Mr. Mangun said.

Meanwhile, Mercantile Securities’ Mr. See said investors should watch how well AC Energy would execute its projects and joint ventures this year.

“The stock may reach P10.00 for now as it has already run its course. Support level will be at P8.50 and P8.00,” he said. — Michelle Anne P. Soliman

Gov’t debt yields flat on rate cut hints

YIELDS ON government securities (GS) moved sideways during the last trading week of 2020 as market players repositioned after the central bank chief hinted on more policy rate cuts in the medium term.

On average, GS yields — which move opposite to prices — went down by an average of 0.6 basis point (bp) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Dec. 29 published on the Philippine Dealing System’s website.

Financial markets were closed from Dec. 30 to Jan. 1.

Despite the shortened trading week, yields on nearly all tenors retreated on Tuesday from their Dec. 23 finish except for the 20- and 25-year papers, which went up by 6.9 bps and 7.1 bps, respectively, to fetch 3.965% and 3.95%.

The rate of the three-year bond dropped the most, losing 4.3 bps to end at 2.077%, followed by the four-, two-, five-, and seven-year papers, which decreased by 3.8 bps, 3.2 bps, 3.1 bps, and 2.2 bps, respectively, to yield 2.299%, 1.846%, 2.503%, and 2.783%.

Yields on the three-month and six-month Treasury bills likewise declined by 1.4 bps (to 1.117%) and 1.3 bps (1.414%), while the 10- and one-year bonds shed 1.2 bps (2.996%) and 0.1 bp (1.712%).

“This is mostly driven by positioning ahead of potential easing measures by the BSP (Bangko Sentral ng Pilipinas) in the early months of 2021, especially following comments about more room for accommodative policy in the short-to-medium term and BSP’s goal of keeping interest rates low until 2022,” Security Bank Corp. First Vice-President and Head of Wholesale Treasury Sales Carlyn Therese X. Dulay said in an e-mail.

“The buying is mostly skewed around the three-year basket, given that next month’s bond auctions will be on the five- and seven-year sector,” Ms. Dulay added.

“Last two weeks of 2020 saw more activity than expected for this time of year as demand picked up on the belly (three- to seven-year bonds) of the yield curve. Buying interest surged with some investors waiting until the end before deploying cash over the New Year holiday,” ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro said in a separate e-mail interview.

BSP Governor Benjamin E. Diokno, in an interview with Bloomberg TV on Dec. 22, said the central bank has monetary space available as it plans to keep a low interest rate environment until end-2022.

The central bank last year trimmed the rates on its overnight reverse repurchase, lending, and deposit facilities by a cumulative 200 bps to record lows of 2%, 2.5%, and 1.5%, respectively, to prop up the consumption-driven Philippine economy reeling from the fallout brought by the coronavirus pandemic.

Meanwhile, the Bureau of the Treasury (BTr) will borrow P140 billion from the domestic debt market this month — P20 billion more than it programmed last December — leveraging on robust demand seen during previous auctions.

Ms. Dulay sees local yields moving “range-bound” this week, with a slight upward bias for tenors of five years and up, as the market will be taking in P30 billion in five-year bonds.

“This will thicken the supply in the already heavy five-year sector hence market might show some defensiveness on the bid side until clearer downward catalysts emerge,” she said.

The Treasury will offer reissued 10-year bonds with a remaining life of 4.8 years worth P30 billion on Tuesday.

Mr. Liboro expects yields to consolidate early on, with investors gauging market interest during the BTr’s five- and seven-year note auctions in January.

“Given the persistent demand on that portion of the curve, the five-year auction should generate decent demand and clear within the 2.5%-2.75% range. Given that we are currently trading around the 2.5% level, an award at the higher side of that range could cause rates to adjust marginally higher in the short-term,” Mr. Liboro said. — Lourdes O. Pilar

Style (01/04/21)

Guess launches capsule collection with singer

TO CELEBRATE Indonesian singer NIKI’s debut album, Moonchild, GUESS Originals has collaborated with the singer to create a limited capsule edition that brings the artist’s vision of a fictional realm and character to life. The collection is composed of stylish and comfortable pieces which are very much in line with the recent work/study-from-home outfit trends that we’re seeing now. The pieces come in dark purple and black moody tones and pastel pink purple for its graphic prints. The GUESS Originals x NIKI ‘Moonchild’ capsule collection pieces range in price from P1,898 to P5,498 and include a women’s tank top that pairs with a matching biker short in a constellation print. The rest of the collection suits both men and women, including a selection of short sleeved T-shirts, hoodies, jogger pants, and baseball hats in both black and purple hues that mimic the lunar-themed album imagery. The garments feature NIKI’s signature Moonchild logo across the back.

Gucci collaborates with North Face

ITALIAN luxury house Gucci revealed its collaboration with activewear brand The North Face that celebrates the spirit of exploration. Whether literal exploration of places and cultures or the more metaphorical adventures encouraged today by Creative Director Alessandro Michele, Gucci has always catered to the curious, presenting its clothes as tools that push the wearer into different territories. This special cross-category collection for men and women comprises ready-to-wear, soft accessories, luggage, and shoes, as well as some more unexpected pieces linked to the outdoor world of The North Face, such as tents and sleeping bags. The North Face x Gucci Collection is in line with the commitments of both the two brands to eco-sustainable activities.  The luggage contains ECONYL®, a nylon fabric sourced from used material (fish nets, carpets, and other scraps) that can be recycled and recreated, aiding in decreasing its ecological footprint. The color palette was inspired by the 1970s and is based on The North Face materials library. Archival fabrics have been partially incorporated into the collection to give them a new life. Packaging for the pieces come in vibrant pink featuring The North Face X Gucci logo. The garment and carrier bags, boxes and pouches have been strategically designed to reduce their environmental impact at every step of creation. All paper and cardboard come from sustainably managed forest sources and an uncoated paper has been used to ensure it is fully recyclable. To reduce the amount of paper, boxes are equipped with handles to avoid using shopping bags. Larger items come in shopping bags and cotton covers without boxes.

Rustans Boxing Day sale until Jan. 15

THE FESTIVITIES continue at Rustans Boxing Day sale runs until Jan. 15,  with marked down prices of up to 50%. Customers can get their hands on stylish pieces whether in the stores in Metro Manila and Cebu, through Personal Shopper on Call, or online via rustans.com. In addition, until Jan. 31, all credit card holders can take advantage of 0% interest installment up to 12 months. Shopping from home is made easier through Rustan’s Personal Shopper On Call. Get expert one-on-one assistance from trained personnel who are dedicated to help patrons do the shopping for them — just dial one universal number, 0917-111-1952.

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