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Adidas releases latest version of Mitchell’s footwear line

DONOVAN Mitchell and his Utah Jazz may have been eliminated from the National Basketball Association (NBA) playoffs but one can still stay connected with the All-Star guard with the release locally of the latest version of his signature shoe with adidas — the D.O.N. Issue #2.

Done in collaboration with Marvel and Crayola, the new Mitchell shoe stays true to the player’s personal mantra of “Determination Over Negativity” and serves to inspire especially during this tough time with the coronavirus pandemic.

The D.O.N. Issue #2 collection, which was prominently paraded during the Jazz’s recent run in the NBA playoffs, features a BOUNCE midsole for enhanced comfort and stability for explosive on-court movements. The sneaker boasts of great traction, complementing one’s speed and power.

New to the latest model is a higher heel counter, calling attention to Mitchell’s spider-inspired logo. The upper features an engineered soft and breathable mesh that provides improved lateral support through a webbed lacing system.

D.O.N. Issue #2 has two colorful and youthful collaborations with Marvel and Crayola to celebrate Mitchell’s admiration for Marvel superheroes, his creative nature and dedication to youth development.

Mitchell sported the kicks during his team’s recent first-round playoff matchup with the Denver Nuggets, which went the full route of seven games, where he averaged an NBA-best 36.3 points to go along with five rebounds and 4.9 assists.

First to be released is the Marvel “Spidey-Sense” colorway which presents a glow-in-the-dark silhouette with Glory Mint, Signal Green, and Solar Red hues. A Spider-Man graphic inside the tongue, “Spidey-Sense!” inscription on the lacing and “BOOM” and “POW” text on the outsole complete the comic book-like feel of the shoe.

Meanwhile, the Crayola pack, which will be released in October, features three solid, bright colored sneaker sets in iconic colors: Sky Blue, Banana Mania, and Jazzberry Jam, a nod to Mitchell’s team. It boasts of the inscription “Free to Create” on the lacing and “Crayola” written on the outsole.

The D.O.N. Issue #2’ Marvel “Spidey-Sense” colorway and those in the Crayola pack are all priced at P5,500 at adidas.com.ph and select retailers.

More styles will be released throughout the year, adidas said, including nine different colors as part of the “Team” pack, “Gummy,” an ode to the guard’s love for candy, a retro purple and gold hued “Pick & Roll” sneaker, and “Mind Over Matter,” a tribute to an important motto for Mitchell.

The launch of the D.O.N. Issue #2 is complemented by the release of Mitchell’s inaugural apparel collection. — Michael Angelo S. Murillo

Tax court grants Jollibee Worldwide’s P18-M refund

THE Court of Tax Appeals granted the petition of Jollibee Worldwide Pte. Ltd. for a refund of the P18.4-million tax it paid for 2009.

In a decision dated Aug. 26, the court’s third division ordered the Bureau of Internal Revenue  to refund or issue a tax credit certificate to the company as its right to due process was violated.

“In this case, considering that petitioner’s right to due process was violated by respondent, the Court has the power to grant the refund prayed for by petitioner,” it said.

The court said the final assessment notices and formal letter of demand to Jollibee Worldwide was issued prematurely as they were received by the company only five days after it received the preliminary assessment notice.

Under Section 3 Revenue Regulation No 12-99, a formal letter of demand and assessment notice should be issued if a taxpayer fails to respond within 15 days from receipt of the preliminary assessment.

“Respondent, in failing to await the lapse of the fifteen (15) day period, correspondingly disregarded the mandatory due process requirement laid down under RR No. 12-99. As a consequence, the petitioner was denied of its right to due process,” it said.

“As a result, the assessments issued in this case are void, and all the proceedings and orders emanating from there are likewise void. As a rule, a void assessment bears no valid fruit,” it added.

The warrant of distraint and/or levy issued by the bureau in March 2015 was declared null and void, the court ruled.

Jollibee Worldwide paid the amount when the case was pending.

The company filed separate appeals to the preliminary assessment and final assessment notice in January and February 2013. The regional director, in August that year, issued the final decision and requested the company to pay the alleged tax liabilities, according to the court.

Jollibee Worldwide raised the appeal to the commissioner for the cancellation and was denied in February 2015.

The company elevated the case to the court in March 2015. In the same month, the bureau issued the warrant of distraint and/or levy.

It also filed a motion to quash the warrant but was denied for lack of merit. The court allowed the petitioner to file an amended petition for review as it deposited its alleged tax liabilities to the BIR.

The BIR argued that the assessment is final, executory and demandable, and the claim of the company that it was not given the opportunity to reply to the preliminary assessment was erroneous, among others. — Vann Marlo M. Villegas

Financial advisers give women worse advice than men — study

WOMEN LOOKING to manage their investments wisely now have another thing to worry about: whether the advice they are getting is biased.

A two-year academic study covering every local financial-planning firm in Hong Kong found consultants frequently pushed women into chancier investments than they recommended for men with similar risk appetite.

“Advisers think they can fool the women and get away with selling them advice with sub-par results,” study co-author Utpal Bhattacharya of the Hong Kong University of Science and Technology said, suggesting that’s because they perceive women to be less financially literate than men. “This is what we call statistical discrimination.”

The motivation, the researchers suggest, is the financial planners saw an opportunity for commissions. The logic goes that women were less likely to be able to spot bad advice and more likely to buy products if the recommendation chimed with what they wanted to do anyway.

It’s an attitude that could cost not only clients but backfire on the advisers themselves. A separate gender-bias survey from Bank of America Corp. recently found wealthy female investors who have negative experiences with their financial advisers are infact more likely than men to fire them.

The researchers hired 32 mystery shoppers, half men and half women, to pose as potential clients in Hong Kong. Each was randomly alloted three traits: a high or low risk tolerance, a high or low level of confidence, and an inclination towards domestic or international investments.

Giving all participants such characteristics, which they were told how to convey to the planners, enabled the academics to control for reasons other than gender why varied advice may be given.

The results showed over a third of women (37%) were directed towards undiversified investments — such as individual stocks, complex insurance products and real estate investment trusts. Just 14% of men were funneled towards such risky strategies. Women were also advised to invest more in domestic assets than internationally compared with men.

So if you are a woman in Hong Kong looking for investment advice, what can you do to protect yourself?

If you have good financial knowledge and you know what you want, you could do the trades yourself via a brokerage house where the cost of transactions is very low, Bhattacharya suggests.

“If you have less financial knowledge, then you have a problem.” — Bloomberg

‘Expect Extraordinary’ is new MG PHL tagline

FROM “MEET MG” when it first assumed stewardship of the brand here in October 2018, The Covenant Car Company, Inc. (TCCCI) reveals the new MG Philippines tagline: “Expect Extraordinary.” MG Philippines said in a statement that it will “(continue) to provide well-appointed, modern, attainable British-heritage cars, and client- and consumer-centric aftersales services for every Filipino.”

According to the company, “the catchphrase was an invitation to come and check out how (the) British heritage car brand (which dates back to Oxford, England in 1924) has evolved; to be excited by it, and to strike up an acquaintance with a car brand that is both rich in heritage, yet built and crafted with the modern driver in mind.”

“Expect Extraordinary” is said to capture how the company has “developed a deep connection with its clientele and its target market and is both humbled and enthused by the positive tone surrounding the brand in public conversation.”

Said MG Philippines President and CEO Atty. Alberto Arcilla: “To get behind the wheel of a modern MG is to ‘Expect Extraordinary.’ It is our privilege at TCCCI to witness the continuous growth and expansion of MG here in the Philippines, and this motivates us to stay on course to always deliver on our brand promise. We are poised to uphold this — no matter the circumstance — fueled by the confidence afforded to us by our international principals, our clients, shareholders, bank partners, media affiliates, and followers. We are likewise reinforced by the strength of our vehicle lineup and its attractive pricing, and numerous aftersales complements we have prepared for our clients which will indeed make owning an MG a unique and extraordinary experience.”

India’s sugar crop faces delays with COVID-19 raging throughout nation

MUMBAI/NEW YORK  — India is facing potential delays in the harvest of its massive sugarcane crop, threatening supply worldwide, as millions of migrant workers needed for the harvest may be scared to travel as coronavirus infections surge throughout the country.

India’s sugar harvest begins in October, when other major producers are winding down. The country’s industry is not mechanized, however, relying on migrant workers to travel throughout the nation to cut cane. But with 3.7 million coronavirus infections, the third highest worldwide, there are fears that the harvest could act as a vector for further infections in India.

Harvest delays would result in Indian mills producing sugar more slowly at a time when Brazilian sugar production will be winding down and large producer Thailand is harvesting its smallest crop in 10 years, reducing availability of sugar in the global market.

The slow pace of crushing in India could support global prices SBc1 LSUc1 that are trading near their highest levels in five months.

“We are anticipating some delays at the beginning of the season. Many things depend on how much work is available at local level and the spread of coronavirus in October,” said B.B. Thombare, president of the West Indian Sugar Mills Association (WISMA).

India produces 370 million tons of cane annually, second-most worldwide behind Brazil. But mechanization accounts only for about 5% of the work in a nation that employs nearly 50 million sugarcane farmers and 700 factories, according to the government.

“The fear of getting infected may prompt some of the laborers to accept less lucrative work around their native place,” Thombare said.

Sugar mills in the producing states of Maharashtra, Karnataka and Gujarat rely on seasonally migrating labor to harvest sugarcane, and many of these laborers may not come this year, he said.

“I believe that Maharashtra relies on 700,000-900,000 cane cutters that travel from within the state and from other states,” said Michael McDougall, managing director at agricultural commodities broker Paragon Global Markets in New York. The harvest pace in the largest producing state will depend on how much movement is allowed between states and if workers will want to travel, he said. 

Brazil’s sugar industry is nearly 100% mechanized and farms are larger, which makes it easier for mills to recoup investment in machines. The large mechanization helped Brazil cope with the pandemic and keep its cane harvest, which started in April, free of problems.

In India, most of cane farming is done manually in very small areas. Those farmers lack the capital to buy a machine that can cost around $200,000. But mills, which assist farmers to harvest and transport cane to the factory, are slowly making that investment.

Jakraya Sugar, a mill based at Solapur in the western state of Maharashtra, which has reported the highest number of coronavirus infections in India, has seven sugarcane harvesters and has placed orders for 15 more to overcome a worker shortage, said Sachin Jadhav, managing director. “One machine replaces nearly 100 workers,” he said.

Sugar mills have been approaching cane harvester producers such as CNH Industrial to add machines before the start of the crushing season in October. “Since the COVID-19 pandemic was declared we have seen a clear increase in both sales enquiries and orders for sugarcane harvesters,” CNH Industrial said in a statement to Reuters.

Prakash Naiknavare, managing director at the National Federation of Cooperative Sugar Factories Ltd., said mills are rushing to buy machines. He said mills nationwide have placed orders more than 200 cane harvesters recently. — Reuters

Style (09/07/20)

GW by GREAT Women presents loungewear collection

GW by GREAT Women, a Slow Fashion retail concept, has released its 2020 loungewear capsule collection made using handwoven textiles from Kalinga and Marawi made of 100% cotton, non-mercerized, dyed thread.  These one-of-a-kind, unisex, free-size pieces represent sustainability and conscious fashion. The seven-piece collection includes shirt and shorts sets, short- and long-sleeved kaftans, and cover-ups. For details visit the Great Women Philippines Corp., 851 A Arnaiz Ave., Makati or e-mail info@greatwomenasean.com.

Skin 101’s new maskne set

THANKS to COVID-19, we all have to wear masks when stepping out of the house. While masks help keep the coronavirus at bay, the masks themselves can end up causing mask induced acne or, as it is now called, maskne, an irritation from formed oil, moisture, sweat, and bacteria. In reaction to this issue, Skin 101 has come out with a new Maskne Set — available at 25% off during Skin 101’s 9.9 sale from Sept. 9 to 20. The set includes the Moisture Rich Facial Cleanser (P150), a hypoallergenic, fragrance-free, and non-comedogenic cleanser; the Renew Serum (P450), formulated to prevent the formation of pigmentation spots and other signs of aging; the Acne Clear Gel (P300), infused with niacinamide to help reduce inflammation and speed up the healing process; and Sunblock Gel (P200). To avoid maskne, it is best to keep reusable masks regularly washed and one’s face make-up free to lessen the chances of breakouts. The severity of maskne also depends on the type of mask (Skin 101 highly recommends cloth type! And how long it is worn. Skin 101 recently reopened more of its clinics, and appointments can be scheduled via https://www.skin101.ph/clinics. For more information on Skin 101 products, visit https://www.skin101.ph/products.

Beat the heat with Haiku L industrial strength fans

WITH work and school now being done at home and online, there has been a rise in energy consumption in many households. To help in keeping costs in line and carbon footprint at a minimum, Geogreen has launched its newest line of the Haiku L series fans, a range of high quality, industrial-strength fans that can bring style and comfort to homes in an eco-friendly way. As with other Haiku Fans, the Haiku L Series boasts functional design and superior energy efficiency. It comes with an award-winning permanent-magnet motor and seven airflow settings. Its ergonomic design allows it to cool rooms at the fraction of the cost of air conditioning, with a cooling effect that is 80% more efficient than conventional ceiling fan motors. In the Philippines’ sweltering mid-afternoon heat, these fans can make a room feel cooler by six degrees. The Haiku fan guarantees a silent operation. With three diameter options, the Haiku L series can easily fit into rooms of different sizes. The smallest of the Haiku L Series, at 112 centimeters in diameter, can be used in spaces with limited ceiling heights. It has durable hybrid-resin aerofoils with black or white finish options to go well with home interiors. Users can also enjoy hands-free control by using Haiku’s mobile app and voice integration, available as a wi-fi option. Philippine Geogreen provides customer support and service. For more information, check out www.philgeogreen.com or contact e-mail contact@philgeogreen.com or call 7239-1648, 7239-8281, or 0917-587-0185

Staying fit at home with Decathlon

IT IS IMPORTANT to keep fit and healthy while safe at home and Decathlon is ready to help with training equipment at www.decathlon.ph. It has yoga mats in prices ranging from P450 (4mm) to P1,200 (8mm); 20 kilo kettlebells for for P2,750; gliding discs for P750; adjustable 1 kilo wrist/ankle weights for P550; 7.5 k hex dumbbells for P1,600; and a cross training AB roller for P550. Shop online and collect the purchase at the store with the Click and Collect option. There is also a delivery option.

Celeteque’s anti-aging solution

AS TIME passes, people start to notice discoloration on their skin like age spots, sun spots, blemish marks, melasma, pekas, and hyperpigmentation. These are manageable through skincare products that can target the blemishes and age spots like Céleteque DermoScience Advanced Anti-Aging Age Spot Erasing Serum, a skincare product specifically designed for this purpose. The serum contains the anti-aging ingredient retinol which has long been touted by dermatologists as a way to reverse the damage caused by the sun and time. The serum has ReverCell Complex, which contains retinol to stimulate skin renewal, resulting, the company says, in the lightening of age spots and smoothening of wrinkles in just seven days. The product addresses age spots and blemishes specifically, unlike other anti-aging products that claim to address all signs of aging in one bottle. Since this is a spot treatment, the product needed to be light enough to penetrate the skin quickly, but powerful enough to deliver results — hence, the serum format instead of a heavy cream that would take time for the skin to absorb. Log on to Watsons.com.ph to purchase this and other Céleteque products from the safety of home.

Swarovski celebrates glamor with Fall/Winter 2020 collection

THIS YEAR, Swarovski celebrates 125 years of refined craftsmanship, creating jewelry and accessories. Building on its history, the Swarovski Fall/Winter 2020 (FW20) Collection tells the stories of two defining moments in the brand’s history. Fall seeks inspiration from the vibrant glamor and creativity of the 1970s, when Swarovski created its first crystal products, while Holiday is a nod to the refined royal glamour of 1895, the year Swarovski was born. For the Fall Collection, Swarovski has explored its archives to reinterpret iconic pieces from the past, as well as to design new, on-trend pieces. The brand introduced its first crystal figurine in 1976, it kick-started a new product-focused era that led to the creation of its first jewelry collections. Throughout the Fall Collection, versatile earth tones meet pops of vibrant color, while bold silhouettes are infused with refined Swarovski crystal detailing. The collections include Twist, a literal “twist” on Swarovski’s previous Spiral family. Its intertwined shapes create the impression of optical illusions, perfect for day-to-night style. With the Elements Collection, Swarovski associates a zodiac sign with the energy of a natural element. In the Holiday Collection, Swarovski dials up a sense of royal glamour with a sparkling modern twist. In this new Collection, opulent embellishments are combined with a rich color palette of golden tones, emerald  green, ruby red, and Swarovski’s iconic blue. Mixed Swarovski stone cuts, showcasing the Pointiage technique and pavé embellishment. The Holiday line includes the Tennis Deluxe Collection, introducing new pieces with mixed cut stones which showcase a modern twist to the classic Tennis design, and the Sparkling Dance Collection which capture the signature movement of the dancing stone.

PHL stocks to move sideways on lack of catalysts

By Denise A. Valdez, Senior Reporter

LOCAL SHARES are expected to move sideways this week as investors continue to weigh the impact of continuing quarantine measures that restrict many sectors to limited operations.

The Philippine Stock Exchange index (PSEi) closed Friday’s session up 12.23 points or 0.21% to 5,785.09. But on a weekly basis, it went down 1.68% or 99.09 points.

Value turnover last week fell 34% to an average of P5.99 billion, but net foreign selling was trimmed 3% to an average of P946.36 million.

Last week’s trading was cut to four days due to a holiday for National Heroes’ Day on Monday.

“Weakness reigned, with not enough positive catalysts at home to nudge the bellwether higher. Investors weighed-in on the (lockdown) extension in Metro Manila, and on the release of labor numbers for July,” online brokerage 2TradeAsia.com said in a market note.

The government announced last week that existing quarantine protocols in Metro Manila, which restrict several business sectors to limited operations, will be extended for the whole of September.

This means sectors that facilitate a heavy volume of people, such as construction, entertainment, tourism and accommodation, and food services, would have capacity limitations of 30-50% even in the least restrictive quarantine protocols, 2TradeAsia.com noted.

“This highlights the critical need for (local government units) to revert to quarantine-free — not just relaxed quarantine — policy to fast-track recovery of the labor market,” the brokerage said.

This concern was on one end of investors’ considerations, while on the other end was the improvement of labor data for the month of July. The government reported last week that unemployment in July was reduced to 4.6 million from a record 7.3 million in April.

“Recall that labor directly feeds into (gross domestic product), and sentiment will remain glued on whether the recovery can remain steady-state until the next survey in October,” 2TradeAsia.com said.

For the coming week, the PSEi is seen to move within the 5,500 to 5,800 range barring any shocks or surprises, PNB Securities, Inc. President Manuel Antonio G. Lisbona said.

“The primary driver for strong upward move will be positive developments on a vaccine or treatment or strong evidence that infection rates have gone down. Drivers for strong downward move: US election uncertainties, sustained decline in US markets, anti-COVID-19 vaccine delay and evidence of rising cases,” he said in a text message.

US markets ended lower on Friday’s session, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices all losing 0.56%, 0.81% and 1.27%, respectively.

2TradeAsia.com is putting immediate support for the PSEi at 5,500 and resistance within 5,800-6,000.

Oscar Reyes joins Boards of Pioneer Companies

Former Manila Electric Company (Meralco) President and CEO Oscar S. Reyes accepted the invitation of the Pioneer group of companies to become a Board Member of Pioneer Insurance and Surety Corporation (PISC), and Pioneer Intercontinental Insurance Corporation (PIIC); and Board Advisor of Pioneer Life Inc. (PLI). He will also become a member of various Board committees of these Pioneer companies.

Reyes’ involvement  with Pioneer group dates back to December 2017, where he was  Chairman of M Pioneer Insurance Inc., a joint venture between Pioneer Insurance and Surety Corporation and Meralco. He served as Chairman until his retirement from Meralco in May 2019.

Reyes brings with him a wealth of leadership experience,having held various key positions in some of the country’s leading companies in diverse industries, most notably as the Country Chairman of the Shell Companies in the Philippines, a position he held concurrently as President and Chief Executive Officer of Pilipinas Shell Petroleum Corporation and Managing Director of Shell Philippines Exploration B.V., operator of the Malampaya Deep Water Gas production facilities.  Before joining the Shell Companies, hewas  Executive Vice President and General Manager of Philippine Petroleum Corporation, the first and only lubricating oil refinery in the country.

Presently, he is the Chairman of Link Edge, Inc. Reyes is also a member of the Advisory Boards of PLDT, Inc. and Basic Energy Corporation, and the Council of Advisers of Bank of the Philippine Islands (BPI). He is Chairman of  Pepsi Cola Products Philippines, Inc.  Additionally, he sits as an Independent Director of Manila Water Company, PLDT Communications and Energy Ventures, Inc., Cosco Capital Inc., D.M. Wenceslao & Associates Inc., Sun Life Financial Plans, Inc., Sun Life Prosperity Funds, Grepalife Mutual Funds, Team Energy Corporation, Philippine Dealing System Holdings Corporation and Subsidiaries, among other firms.

He is a Board  Trustee of Pilipinas Shell Foundation, Inc., and El Nido Foundation, Inc.

With his new roles as Board Member and Advisor, Reyes adds  insight and vision, no doubt bolstering Pioneer’s position as a major industry player.

 

Yields on gov’t securities climb on inflation data

By Marissa Mae M. Ramos, Researcher

YIELDS ON government securities (GS) went up last week as market players took profit ahead of last Friday’s release of slower-than-expected August inflation data.

Bond yields, which move opposite to prices, climbed by an average of 6.3 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates published as of Sept. 4 on the Philippine Dealing System’s website.

At the secondary market last Friday, yields of the 91- and 182-day Treasury bills (T-bills) inched up by 0.6 bp and 2.1 bps, respectively, to 1.209% and 1.461%. On the other hand, the 364-day debt paper dipped by 0.8 bp to 1.807%.

Rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) climbed by 4.5 bps (2.163%), 7 bps (2.354%), 8.8 bps (2.514%), 9.3 bps (2.637%), and 8 bps (2.784%).

At the long end, the 10-, 20-, and 25-year tenors increased by 7.9 bps, 15.2 bps, and 6.5 bps to fetch 2.876%, 3.672%, and 3.695%.

“Local yields generally increased during the week amid initial market bets of a continued uptick in local inflation for August 2020 and after the local unemployment rate was recorded at 10% for the third quarter of 2020, better from the record-high level in the previous quarter,” a bond trader said in an e-mail.

First Metro Asset Management, Inc. (FAMI) saw the uptick as a market reaction to the “less dovish rhetoric from the BSP (Bangko Sentral ng Pilipinas) and hefty domestic borrowings of the government slated for 2021.”

“T-bills remained to be of demand as investors park in very short-term bills amid rising yield environment. Meanwhile, players continue to trim bond holdings as local yield curve track the steepening move that has been seen in global bond yields on the lack of fresh leads,” FAMI said in a separate e-mail, 

The latest Budget of Expenditures and Sources of Financing report released on Aug. 26 showed the government’s outstanding debt is expected to rise to P10.16 trillion by the end of 2020 from P7.731 trillion in 2019.

Additional borrowings next year are expected to total P3.48 trillion with principal repayments of P1.72 trillion. By the end of 2021, the outstanding debt is projected at P11.982 trillion.

Meanwhile, the Philippine Statistics Authority’s (PSA) latest inflation report on Friday showed headline inflation easing to a three-month low 2.4% in August. This was slower than both the 2.7% logged in July, and the 1.7% recorded in August 2019.

The August inflation result fell below the 2.8% median estimate in a BusinessWorld poll as well as settling at the low-end of the BSP’s 2.5%-3.3% forecast range for the month.

Year to date, the country’s headline inflation rate averaged at 2.5%, a tad slower than the BSP’s forecast of 2.6% for 2020.

On Thursday, the PSA also reported an unemployment rate of 10% in July, easing from the record-high 17.7% in April, albeit still higher than the 5.4% jobless rate in July 2019.

“Given that August CPI (consumer price index) came out better than expectations, yields on the front-end to five-year securities seems to have stabilized. Our medium-term view is for a steeper curve as dealers and end-users alike sell backend bonds and shift to the front,” FAMI said.

The firm also said BSP’s bond-buying program would likely temper the expected uptick, which is caused by the “overall defensive tone” as investors trim risk positions, in the near term.

“FAMI holds on to its view that monetary policy will remain accommodative as the globe face and recover from the pandemic,” it said.

For the bond trader: “[B]enchmark tenors are expected to decline as August inflation report came in way below than expected. This weak inflation reading might spur market bets of a possible rate cut from the BSP on the Oct. 1 policy meeting before the release of the September inflation data.”

The central bank has cut benchmark rates by 175 bps this year, putting the overnight reverse repurchase, lending and deposit rates at record lows of 2.25%, 2.75% and 1.75%, respectively.

Toyota rewards Vios referrers with P5,000 worth of GCs

THE TOYOTA Referral Rewards programs offers an incentive for successful Vios referrers who are current Toyota owners as well. The promotion, ongoing from Aug. 10 to Sept. 30, gives P5,000 worth of digital gift certificates when a Vios buyer is referred to any of the 70 Toyota Motor Philippines Corp. (TMP) dealerships nationwide.

Said TMP First Vice-President Sherwin Chualim, “Through the Toyota Referral Rewards program, we want to give incentives to the loyal Toyota customers who best know the great value and quality of a Toyota vehicle. After all, who better to share the advantages and fulfillment of owning a Toyota than our own customers?”

To be included in the reward process, Toyota customers need to register at www.toyotareferral.com.ph. TMP says that purchases of Vios units under fleet accounts or vehicles to be invoiced under a company or government institution are not qualified to join this program. Questions and referrals may also be coursed to Toyota’s Customer Assistance Center at customerassistance@toyota.com.ph or (02) 8819-2912. The referrer’s Toyota vehicle must be invoiced under his or her name. A Toyota representative will verify the referral via e-mail using the registered information from the microsite and referrer will be requested to submit a copy of the vehicle OR/CR together with a valid ID.

Each successful referral earns P5,000 worth of gift certificates which may be used on a wide selection of partner merchants such as restaurants, clothing and apparel stores, supermarkets, department stores, and more.

For more information, visit www.toyota.com.ph or join Toyota’s official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter).

Filipino Fund, Inc. announces stockholders’ meeting via remote communication

Bill shock fine sparks Meralco selling

By Lourdes O. Pilar, Researcher

MARKET players sold their shares in Manila Electric Co. (Meralco) after the power distributor was fined for failure to inform the consumers that their bills during the lockdown had been estimated.

A total of 1.26 million Meralco shares worth P331.21 million were traded from Sept. 1 to 4, data from the Philippine Stock Exchange (PSE) showed. The local stock market was closed last Monday in observance of the National Heroes’ Day.

Meralco finished at P259.60 apiece last Friday, shedding 3.5% from its Aug. 28 close. Shares in the company have declined by 17.9%, since the start of the year.

“When a company’s ability to legally conduct its business is threatened, you can be sure that it would cause investors to worry,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in an e-mail.

“Meralco is one of the resilient stocks in the PSE Index since this coronavirus disease 2019 started. Recent news came out that they will be fined for P19 million, but I believe this is just a small amount compared to the amount that Meralco is earning,” Mercantile Securities Corp. Analyst Jeff Radley C. See said in a separate e-mail.

On Aug. 27, the Energy Regulatory Commission (ERC) slapped Meralco a P19-million fine for failing to inform consumers that their bills from March to May at the height of the lockdown had been estimated as well as failing to comply with the order to allow consumers to pay in installments.

The ERC charged Meralco P100,000 for every continuing violation starting May 5, when the former first issued its lockdown billing advisory, up to July 9, when the utility company issued personalized letters to consumers explaining their bills.

President Rodrigo R. Duterte implemented a Luzon-wide lockdown in mid-March to help contain the spread of the coronavirus. The lockdown was extended twice in the island and thrice for Metro Manila. Containment measures have been relaxed in many areas since then.

Meanwhile, Senator Sherwin T. Gatchalian, who heads the Senate energy committee, said in a radio interview on Aug. 30 that electricity providers risk their franchises being reviewed or canceled for violating government billing rules.

The power distributor — which covers Metro Manila as well as cities, municipalities, and barangays of Bulacan, Cavite, Rizal, Batangas, Laguna, Pampanga, and Quezon — holds a 25-year congressional franchise until June 28, 2028.

Meralco’s net earnings attributable to equity holders of the parent fell by a third to P4.23 billion in the second quarter. For the first semester, its attributable net income nearly halved to P6.84 billion from a year ago.

The analysts expect the company’s revenue and net income to remain weak this year amid dampened industrial and commercial electricity demand due to the impact of the lockdowns.

“Investors will be closely watching developments on how Meralco addresses the fees and more importantly, resolving the billing issues that sparked customer complaints in the first place,” Mr. Lisbona said.

He pegged Meralco’s immediate support and resistance levels this week at P255 and P280, respectively, while longer-term support at P250 and resistance at P315.

“Meralco might continue to go down [this week] as it created a lower high at P280.00,” Mr. See said, placing its support level between P255 and P253 as well as resistance level at P268 and P280.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

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