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Black Panther film star Chadwick Boseman dead at 43, after cancer battle

LOS ANGELES — Black Panther film star Chadwick Boseman, an actor whose work celebrated African-American pioneers and culture, has died at age 43 after a four-year battle with colon cancer, according to an announcement posted on Friday to his social media accounts.

Boseman, a native of South Carolina who began his screen career in episodes of television dramas such as Third Watch, Law & Order, and ER, passed away at his home, with his wife and family at his side, the statement on Twitter and Facebook said. It did not specify when he died. He resided in Los Angeles.

Boseman made his feature film debut with a small part in the 2008 sports biopic The Express, a drama based on the life of college football hero Ernie Davis, the first Black player to win the Heisman trophy.

He went on to star as a number of other real-life characters famed for breaking America’s racial barriers, including soul singer James Brown in Get on Up, Supreme Court Justice Thurgood Marshall in Marshall, and baseball pioneer Jackie Robinson in 42.

But the actor’s most memorable role was his performance as T’Challa, king of the fictional, futuristic African kingdom of Wakanda and the crime fighter known as Black Panther, in the first major studio superhero movie featuring a predominantly African-American cast.

Embraced by global audiences, Black Panther became the second highest grossing movie at box offices worldwide in 2018, heralded for its vibrant celebration of African culture and applauded as a milestone for racial diversity in Hollywood.

The film was nominated for six Oscars, including best picture. It won three Academy Awards — in the best original score, best costume design, and best production design categories. It also won the top Screen Actors Guild award that year for best movie ensemble.

Boseman originated the Black Panther film role two years earlier in Marvel’s Captain America: Civil War, and reprised the part twice more in 2018’s Avengers: Infinity War and 2019’s Avengers: Endgame.

In June, Boseman joined more than 300 Black actors and filmmakers who signed an open letter urging Hollywood to steer away from entertainment glorifying police brutality and corruption and to invest in anti-racist content.

The letter was written in the midst of a cultural and political reckoning with systemic racism in the United States in the wake of the George Floyd death in Minneapolis.

Tributes and expressions of shock poured in on Twitter from fans and fellow Hollywood figures, including Marvel film co-stars Mark Ruffalo (the Incredible Hulk) and Chris Evans (Captain America).

The Twitter-Facebook statement said Boseman was diagnosed with stage 3 colon cancer in 2016, an illness that progressed ultimately to stage 4 and went publicly undisclosed until his death, though he had grown noticeably thin in recent public appearances and social media posts.

“We never know what people are enduring,” Bernice King, the daughter of the late civil rights leader Martin Luther King Jr., wrote on Twitter in a salute to the actor. “Humans … we are wonders. Thank you, Chadwick, for gifting us with your greatness in the midst of a painful struggle.” — Reuters

Court rejects Ginebra’s P715-M tax refund claim

THE Court of Tax Appeals has denied Ginebra San Miguel, Inc.’s tax refund claim of P715.2 million.

Ginebra earlier said it had paid tax on the ethyl alcohol it bought in January to May 2013, which was used as raw material in the production of blended liquors.

The company argued that under the Tax Code, removing its finished products from the inventory of ethyl alcohol for which taxes had been paid are no longer taxable.

But the tax court said it could not determine the ratio of raw alcohol to finished goods, only how much raw alcohol was used and how many finished goods were produced during the period.

It said Ginebra must show how many units of raw alcohol were needed to produce one unit of finished goods.

“The court finds that the petitioner failed to prove the factual aspect of its claim for refund,” it said in a 34-page decision promulgated on July 28. — Vann Marlo M. Villegas

Validation starts for EU-backed network of 22 fish centers

SITE VISITS are under way for the proposed 22 fish centers across Mindanao, which will be connected to a common a digital platform that will serve as a direct link to the market.

In a statement on Friday, the Mindanao Development Authority (MinDA) reported that three areas have so far been visited for the Mindanao Fish and Aquaculture Development (MINFAD) Program.

One is Panabo City in Davao del Norte, which has a mariculture park that is mainly used for bangus farming.

The others are Pitogo, Zamboanga del Sur, and Mati City, Davao Oriental.

Davao Oriental, which held its first Fisheries and Aquaculture Summit last week, is positioning to be a key fish center in southeastern Mindanao, facing the Pacific Ocean.

The MINFAD fish centers are planned to each have post-harvest facilities, cold storage and processing and packing equipment.

“All of these Fish Centers will be interconnected through a digital platform which will monitor the volume of daily catch and the classification. The digital platform will serve as a virtual market which will identify where the catch can be marketed under the Mindanao Food Supply and Demand Map,” MinDA Chair Emmanuel F. Piñol said in a statement.

MinDA, which will initially be handling the digital platform, has endorsed MINFAD as one of the key programs for funding under the Mindanao Rise Program with a P2.1-billion grant from the European Union.

The MINFAD Program aims to double Mindanao’s annual fisheries and aquaculture production from the current 2.1 million metric tons.

“In my travels to the remotest areas of the country, even when I was Agriculture Secretary, I saw the squandering of opportunities in the fisheries and aquaculture sector simply because of the lack of a simple ice-making facility and cold storage,” Mr. Piñol said. — Marifi S. Jara

BMW PHL plugs into electrification with 7 Series

 

The Munich-based automaker takes a step forward with its first PHEV here

EXCLAIMED SMC Asia Car Distributors Corp. (ACDC) Chairman Ramon Ang, “Maganda ang performance, matipid pa sa fuel, and grabe ang low-end torque (It performs well, is fuel-efficient, and has awesome low-end torque. Who would’ve thought that a four-cylinder engine could perform this way?” during an online press conference held right after BMW Philippines’ official, virtual launch of the 2020 BMW 7 Series in the country.

“Cars from before were more front-heavy,” he continued. “But paliitan na ng makina ngayon (It’s a competition of smaller engines now).”

These statements from Mr. Ang were in reference to the latest turbocharged four-cylinder engine, which brings the brand the opportunity to price its long-running flagship sedan starting from as low as under P6 million — positioning itself as an extremely strong contender against its toughest rivals in the local luxury segment.

Just like before, the BMW 7 Series is offered in two body variants. And for the first time in the Philippines, BMW will be offering a PHEV (plug-in hybrid electric vehicle) variant, the BMW 745Le Pure Excellence, which will carry a 3.0-liter BMW TwinPower, six-cylinder gasoline-powered engine paired with an electric motor that can offer up to 55 kms of pure-electric range (driven under ideal circumstances). Its combined petrol and engine output is a whopping 394hp, alongside 600Nm of torque. And all that pulling power can come at your bidding for a price tag of P9.59 million — which is not bad at all, considering all that you get, plus the standard five-year/200,00-km (whichever comes first) manufacturer’s warranty.

“It’s a game-changer and is bound to shake things up!” exclaimed a confident SMC ACDC President Spencer Yu during the press exchange.

The ICE (internal combustion engine) variant of the 7 Series is the BMW 730i Pure Excellence, that carries a thrifty but powerful 2.0-liter BMW TwinPower four-cylinder engine spitting out a laudable 265hp and 400Nm. This costs P5.99 million, and also comes with the aforementioned manufacturer’s warranty.

Both the 745Le (which comes with a longer wheelbase) and the 730i variants are 23mm longer in wheelbase measurement than their older siblings, while their width and height have remained the same. The 730i sports 18-inch light alloy wheels in Multi-spoke Style 619, while the 745Le comes with 19-inch light alloy wheels in Double-spoke Style 630 Bicolor. Both are equipped with run-flat tires.

Perhaps the most immediately noticeable change in the 2020 7 Series is its ever-so-enormous pair of BMW kidneys, which have now grown by 40%. Also noticeable is how the front bumper now has air deflectors meant to help cool the brakes. The taillights that complement the front’s adaptive LED headlights are noticeably slimmer, and there is a light bar that now stretches across the tail to connect these rear lights visually.

Inside the cabin of the 7 Series, you will find nothing less than excellent workmanship and the use of choice materials. Automatic four-zone climate control is standard, as are its electric roller sun blinds, leather steering wheel with new multifunction buttons, and one of my favorite discreet features of luxury — the lovely, soft-close function for all doors.

The 745Le exudes a high level of sophistication with its Nappa leather trim with extended quilting, and fine-wood trim in Poplar Grain Metallic Gray high-gloss. It offers active seat ventilation for the front and rear seats, and a luxurious massage function for all passenger seats. Also special in the 745Le is its exceptional Rear Seat Entertainment Experience — which includes 10-inch full-HD touchscreens in the back, plus a tablet integrated into the middle seat armrest that serves as a remote control. Complementing the suite of features with an exemplary acoustic experience is a Harman Kardon Surround Sound system.

Meanwhile, the 730i comes with leather Dakota upholstery, fine-wood trim (Fineline high-gloss with aluminum embellisher), electrically adjustable rear seats, and also nothing less than a Harman Kardon Surround Sound system.

Another stark difference of the 2020 7 Series to its predecessor is a fully digital instrument cluster display and control display. The BMW Live Cockpit Professional, composed of an iDrive controller and touchscreen, features a navigation and multimedia system, a digital high-res instrument cluster that is 12.3 inches large, and a hefty control display that measures 10.25 inches. Apple CarPlay compatibility also comes as standard amid BMW’s proprietary Operating System 7.0 software.

Included in BMW’s driver assistance technology is a parking assistant — which offers automatic assisted parking for parallel or perpendicular (to the road) configurations. It also includes automatic maneuvering out of parallel parking spaces! Also standard is its park distance control, basically comprised of front and rear parking sensors paired with a rearview camera. Surround view is available on the 745Le, as is the brand’s innovative Gesture Control.

The new BMW 730i Pure Excellence and 745Le Pure Excellence are both icons of sophistication and elegance, alongside innovative in-car controls and driver-assistance and connectivity technology. The model clearly makes its commitment to comfort and quality with all its bells and whistles, standard two-axle suspension, and cavernous rear space. It is undoubtedly an aggressively priced, feature-packed, and formidable contender in the local luxury market.

T-bills seen fetching higher rates

RATES OF Treasury bills on offer this week will likely climb as yields move higher on the central bank’s expectations of faster inflation this year.

The Bureau of the Treasury (BTr) is looking to borrow P20 billion via the Treasury bills (T-bills) on Tuesday, broken down into P5 billion each from the 91- and 182-day debt papers and P10 billion via the 364-day instruments.

A trader said yields on the T-bills on offer this week will likely increase by 10 basis points (bps) as investors want higher yields following the central bank’s forecast of faster inflation.

“Yields have risen steadily since the upgrade of inflation forecast and the announcement of the government planned 2021 borrowings,” the trader said.

A second trader also sees T-bills rates climbing by 10 bps as higher consumer spending likely pushed up inflation in August following an easing of lockdown restrictions and reopening of businesses.

The Treasury last week fully awarded the T-bills it auctioned off even as rates inched up after the central bank’s decision to halt monetary easing and amid hopes of a “flattening” in the country’s coronavirus curve.

The BTr borrowed P20 billion via T-bills as planned out of P50.277 billion in bids, or more than twice the offered amount.

Broken down, the BTr made a full P5-billion award of the 91-day debt papers offered from P12.178 billion in tenders. The three-month papers fetched an average rate of 1.131%, up 1.3 bps from the 1.118% logged the previous week.

It also raised P5 billion as planned via the 182-day T-bills out of total bids worth P11.661 billion. The average yield of the six-month papers inched up 1.9 bps to 1.407% from 1.388% previously.

For the 364-day securities, the Treasury raised the programmed P10 billion out of P26.438 billion in bids. The one-year instruments yielded an average rate of 1.751%, up by 0.6 bp from the previous rate of 1.745%.

The Bangko Sentral ng Pilipinas (BSP) now expects inflation to average at 2.6% this year, it said in its Aug. 20 policy review, up from 2.3% previously. This is still within its 2-4% target for 2020.

The central bank said it raised its forecast following faster-than-expected prints in June and July. Inflation in July stood at 2.7%, bringing the seven-month average to 2.5%.

The BSP said on Friday that August inflation likely ranged at 2.5% to 3.3%, mainly driven by an increase in oil prices.

The Philippine Statistics Authority will report official August inflation data this Friday, Sept. 4. 

The Treasury is looking to raise P160 billion from the domestic market in September — P100 billion via weekly auctions of T-bills and P60 billion via Treasury bonds to be offered fortnightly.

The government is looking to borrow around P3 trillion this year from local and foreign lenders to plug a budget deficit expected to hit 9.6% of the country’s gross domestic product. — KKTJ

Behind the masks

By Zsarlene B. Chua, Senor Reporter

LAST year, I started wearing face masks. It feels like a lifetime ago today, but I decided to wear face masks because having to deal with pollution during my daily commute was triggering my allergies. But while I did not get allergies as often thanks to the masks, I also had to deal with a downside, acne, because the moist environment inside the mask allows bacteria to grow.

Last year, when wearing face masks was optional and they were used only while using public transport (and if we were sick but still needed to go to work), acne that developed while wearing masks didn’t have a name. Now it does — maskne ( a portmanteau of the words “mask” and “acne”).

So this piece is all about product and routine recommendations for people who are now dealing with maskne coming from a person who had already experienced it before the COVID-19 pandemic came to town. (This writer has been working and staying at home for almost six months now and has not gone outside — so no masks for me.)

The first and probably the most important step in any skincare routine is cleansing. If you’re spending a lot of time outside, it means that you’ve been wearing a mask for the last six months, and the moist environment that is created behind the mask is a breeding ground for bacteria. That’s why it’s important to clean your skin at the end of the day and in the morning before putting the mask on again.

A good cleanser which has been on my rotation since last year is Hada Labo. The Japanese brand launched in the country last year and prides itself on using hyaluronic acid in its formulas. Hyaluronic acid is a molecule that attracts and retains moisture from the air to hydrate the skin, which is important because if the skin is properly hydrated, it means that the skin will function properly: keeping bacteria away.

As a person with dry skin, I have been using the Gokujyun Hydrating Face Wash (P385/100g). I love this facial wash because it doesn’t dry out my skin, but for those with oily to combination skin that needs help with oil control, try out the Hada Labo face wash with Japanese Green Tea extract (P295/100g). This face wash is said to help control and remove excess oil. It also has bentonite clay which absorbs excess dirt, oil, and impurities from pores.

Another recommendation is the Celeteque Acne Solutions Exfoliating Cleansing Stick (P295/30g). It comes in a solid stick form and contains tea tree oil to treat acne. You use it by rotating the dial on the bottom of the product as you would a deodorant stick and apply it in gentle, circular motions on wet skin. The product has physical micro-exfoliants that could make your skin more sensitive if you go rough on it. Also, while the product says that it can be used every day, I advise using it maybe three times a week maximum because you don’t need to scrub your skin clean that often.

Note that if you use makeup throughout the day, you should double-cleanse with a balm or oil cleanser before using a face wash. I like Palmers Facial Cleansing Oil (P550/150ml) because it does remove makeup quickly.

The next step is to tone. Toners prepare the skin so the next products (serum, facial oil, or moisturizer) will be absorbed into the skin better. While I usually require my toners to be hydrating because I have dry skin, when irritation and acne do come, I want a toner that will calm the irritation. This is why I like the Calendula Herbal-Extract Toner from Kiehl’s (P2,425/250ml). It uses calendula flowers (also called marigolds) which is meant to soothe the skin. The brand recommends it for people with normal to oily skin types, but as a person with dry skin, I use this toner whenever I need my skin to calm down for a minute before I put on my favorite toner next. You don’t have to do this if you feel that your toner does enough for you.

Going back to exfoliation which I touched on a bit earlier with Celeteque, people may also need chemical exfoliation (which is a gentler form of exfoliation as it get rids of dead skin cells without rubbing the skin raw) and it doesn’t matter what kind of skin you have — your skin usually needs help getting rid of dead skin cells. I have been loving the Diva White AHA BHA Glass Glow Skin Serum (P199/15ml) because it has niacinamide (it improves skin texture and controls oil production), tea tree, and for acne-prone skin: it has salicylic acid. I have been using it twice a week for months now so a little bottle goes a long way. Another plus: Diva White is a local beauty brand.

After cleansing, toning, and exfoliating (twice or thrice a week, max, for the later), I would recommend you use a serum or moisturizer you know that works for you. Even if you have oily skin, try water gel moisturizers because all skin types need moisture because it helps keep the balance of the skin healthy.

But if you find yourself developing dark spots and blemishes as a consequence of a maskne outbreak, you may need to use a spot corrector to even out skin tone. The AHC Peony Bright Spot Corrector (P1,799/20ml) is a good one. It’s a cream used on dark spots and blemishes that uses pink peony extract and vitamin C derivatives to even out skin tone.

And the most important part of one’s routine is to put on sunscreen in the morning. Vitamin C and chemical exfoliants may make the skin sensitive to sunlight (and it doesn’t care if the skin in question is behind a mask). So please, please, please put on sunscreen everyday.

Times are hard and wearing a mask every day and general stress can wreak havoc on one’s skin, but no matter how busy or how stressed you are, carve a few minutes out of your day to take care of your skin and yourself. It’s important, now more than ever, to focus on what keeps you feeling beautiful and happy.

The products mentioned above are available in Watsons (online and at physical stores), in BeautyMNL, or in their respective official stores on e-commerce websites such as Lazada and Shopee.

Electric utilities risk franchise cancellation — senator

ELECTRICITY providers risk their franchises being reviewed or canceled for violating government billing rules, a senator said.

“Your past sins may get revealed and affect your franchise renewal application,” Senator Sherwin T. Gatchalian told dzBB radio in Filipino on Sunday. “Just because you got away at first doesn’t mean it will be forgotten.”

The corporate regulator last week fined Manila Electric Co. (Meralco) P19 million for ignoring advisories on billing customers during the lockdown.

The utility giant failed to inform clients that their bills for March to May had been estimated, while failing to comply with an order to allow them to pay in installments, the Energy Regulatory Commission (ERC) said.

It said Meralco had neglected to provide accurate and timely information during the coronavirus pandemic and created chaos and confusion among consumers.

The regulator said it had evaluated billing statements submitted by complainants, its own employees, the office of Mr. Gatchalian and consumer group National Association of Electricity Consumers for Reforms.

It charged the utility P100,000 for every continuing violation that started on May 5, when the ERC first issued its advisory on lockdown billings, to July 9, when Meralco issued personalized letters to consumers explaining their bills.

Mr. Gatchalian, who heads the Senate Energy Committee, said Meralco’s fines were small compared with the confusion it caused and the hefty utility charges that millions of consumers were paying for.

“Exploitation during the crisis and pandemic deserves due punishment,” he said.

Meralco, which earlier said it would file a pleading, should accept the penalty instead of fighting the regulator, Mr. Gatchalian said.

“If they do, we will advise the ERC to raise their penalties and look for other ways to get them penalized,” he added.

Meralco was also ordered to shoulder P275 million worth of distribution, supply and metering charges of about two million poor consumers with less than 100 kilowatt-hours of consumption.

But Ray C. Espinosa, the company’s chief executive officer, had told congressmen at a hearing last week the company would cover charges worth P101 million.

A number of consumers reported a spike in their May electricity bills, which later turned out to be just estimates. The government had allowed such estimates based on consumers’ power usage three months before the lockdown.

This prompted ERC to order electricity distributors to conduct physical meter readings and charge consumers for actual consumption during the quarantine months.

President Rodrigo R. Duterte locked down the entire Luzon island in mid-March to contain a coronavirus pandemic. People should stay home except to buy food and other basic goods, he said.

The lockdown on the island was extended twice and thrice for Metro Manila. The lockdown in most areas has since been relaxed.

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. — Adam J. Ang

PHL agriculture worker wages averaged P331.10

PHILIPPINE farm workers received wages averaging P331.10 per day in 2019, according to the Philippine Statistics Authority (PSA).

In a report, the PSA said the 2019 rate is 8.1% higher than the level reported in 2018.

CALABARZON (Cavite, Laguna, Batangas, Rizal and Quezon) posted the highest wages at P399.08 per day, followed by MIMAROPA (Mindoro, Marinduque, Romblon and Palawan) at P394.27, and Ilocos Region at P354.65.

Meanwhile, Central Visayas recorded the lowest daily wage at P276.43, followed by Zamboanga Peninsula at P280.39, and Northern Mindanao at P280.73.

By crop, the PSA said palay workers received the highest daily wage of P351.39.

Palay farmers in the CALABARZON Region earned P422.27 per day, followed by MIMAROPA at P397.64, and Cagayan Valley at P380.35.

Meanwhile, palay farmers situated in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) earned P270.88, the lowest of all regions.

The daily average wage of coconut farmers was P338.72.

Coconut farmers in Cagayan Valley earned P443.33, followed by MIMAROPA at P416.54, and CALABARZON at P391.17.

Coconut farm laborers in Zamboanga Peninsula earned P279.54, the lowest of any region.

The daily average wage of sugarcane farmers was P309.08.

Sugarcane farm workers in Davao Region earned P374.50, followed by Ilocos Region at P353.25, and CALABARZON at P340.30.

However, sugarcane farm workers in SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City) had the lowest daily wage of P277.85.

The daily wage of corn farmers averaged P288.04.

Corn farmers in CALABARZON earned P391.02, followed by Central Luzon at P348.64, and Ilocos Region at P315.48.

Meanwhile, corn farm workers in BARMM had the lowest wage of P244.45.

Male farmers received an average daily wage of P335, 10% higher than the wage of female workers.

According to the Department of Labor and Employment National Wages and Productivity Commission, the current nominal minimum wage for the National Capital Region as of July ranges from P500 to P537. — Revin Mikhael D. Ochave

Maxus PHL brings in affordable compact 8-seater MPV

By Kap Maceda Aguila

MAXUS PHILIPPINES last week digitally launched the G50, a compact eight-seater multi-purpose vehicle (MPV).

In a release, the company said that the nameplate, which now takes its place as the fourth vehicle in the British heritage brand’s local lineup, features “modern design, spacious interior, superior features, and value-for-money pricing across the compact and subcompact MPV segments.” It positions the MPV for “young entrepreneurs and up-and-coming corporate managers who need not just an all-in-one vehicle, but also a ‘more-in-one’ MPV.”

Arguably the biggest value proposition that Maxus is proffering in the G50 is its more affordable pricing relative to segment competition. “The G50 is loaded with features that other compact MPVs do not have with an attractive price that will rival most subcompact MPVs,” said Automobile Central Enterprise, Inc. President Felipe Estrella in a speech.

Under the hood is a turbocharged 1.5-liter gasoline engine delivering 167hp and 250Nm. Across all variants, this power plant is mated to a seven-speed dual-clutch automatic transmission. All G50 trims get a reverse camera, park distance control, keyless entry, push start/stop button, electronic stabilization program, and electronic parking brake with auto hold. The Premium and Elite variants receive a 12-inch infotainment system screen, 360-degree-view camera, and leather seats; the Premium adds a panoramic sunroof, mobile wireless charging, LED headlights and power tailgate.

Speaking in the virtual press launch, AC Industrials CEO Arthur Tan described the G50 as a “game-changer” in a “very special niche.” He added that Maxus may not be as well known in this country, but the 124-year-old brand is produced by SAIC, the largest auto manufacturer in China. “(They) get to produce vehicles in the most advanced car manufacturing facilities in the world. Testament (to this) is the warranty period, and the quality of the product — something that everybody, I hope, would be able to see and appreciate.” The executive pointed to “changing transportation needs” of the country, and how auto brands need to deliver the “right product, right service and right customer experience.”

For his part, Mr. Estrella declared that it’s about “matching needs and wants,” saying that the G50 is ideal transportation for “businesses and even (for) essential life-saving customers… (along with) logistics, health, agriculture, construction, transport and others.”

Maxus Philippines General Manager Reginald See joined, “The G50 is an MPV that can take in even your extended family members since it’s an eight-seater. It’s ideal for long road trips and family picnics. The great thing about this is that it has the price of a subcompact MPV.”

The G50 — measuring 4,825mm x 1,825mm x 1,778mm — comes in three variants with the following pricing: 1.5 Turbo DCT Pro (P1.088 million), 1.5 Turbo DCT Elite (P1.168 million), and the 1.5 Turbo DCT Premium (P1.288 million).

Maxus Philippines reported that the G50 1.5 Turbo DCT Pro comes in Warm White, Warm Argent, Metal Black and Water Blue; the G50 1.5 Turbo DCT Elite in Roland Purple, Polar Ash and Warm White, plus the Deep Golden exclusive to the variant. The G50 1.5 Turbo DCT Premium is also available in Roland Purple, Polar Ash and Warm White.

The MPV is backed by a five-year/100,000-km warranty (whichever comes first), plus 24/7 emergency roadside assistance and on-site servicing for corporate fleet accounts.

For more information, visit www.maxus.com.ph. Like and follow Maxus Philippines’ Facebook page and Instagram account at @maxusph. Maxus showrooms are located on Sheridan in Greenfield District Mandaluyong, Quezon Avenue along Quezon City, Pedro Cayetano Boulevard in Taguig South, Madrigal Business Park in Alabang, North Reclamation Area in Cebu City, Mandurriao in Iloilo City, Araneta St. in Bacolod City, and Pueblo in Cagayan de Oro City.

Peso may rise on inflation expectations

THE PESO will likely strengthen further against the greenback this week on expectations of slow inflation and as the second economic stimulus bill awaits the signature of President Rodrigo R. Duterte.

The local unit closed at P48.485 versus the greenback on Friday, appreciating by 14.50  centavos from Thursday’s P48.63 finish, data from the Bankers Association of the Philippines showed.

Week on week, the peso also surged from its P48.68-per-dollar close on Aug. 20.

Markets are closed on Monday for National Heroes’ Day

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the local unit may move within P48.40 to P48.70 versus the dollar this week.

Mr. Asuncion said he sees high demand for peso as inflation remains manageable.

“Prices in August may reflect a generally benign inflation. Based on our forecast, probably, it will be at 2.9%,” he said in an e-mail.

Inflation likely ranged at 2.5% to 3.3%, mainly driven by an increase in oil prices, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Friday.

The Philippine Statistics Authority will release August inflation data on Sept. 4.

Last month, the consumer price index rose 2.7%, quicker than the 2.5% in June as well as the 2.4% in July 2019. Year to date, inflation averaged 2.5%.

The central bank last week raised its 2020 inflation forecast to 2.6% from the 2.3% it gave in June, still well within its 2-4% target.

Mr. Asuncion, however, said expectations of higher unemployment may put some downward pressure on the local currency.

“On the other hand, third-quarter unemployment rate which is anticipated to be still double-digit may counter the peso’s appreciation,” he said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said progress on the P165-billion stimulus fund for the poor and other sectors under the Bayanihan II bill will also affect the peso-dollar trading this week. He expects the local unit to strengthen to the P48 to P48.25 levels.

Mr. Ricafort added further discussions on Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill could also support the peso.

“Any progress on other legislative measures such as the CREATE Bill that would immediately cut corporate income tax rate to 25% from the current 30% and the FIST Bill, among others, would all help improve economic recovery prospects, especially as the economy further re-opens from lockdown,” Mr. Ricafort said.

The Financial Institutions Strategic Transfer (FIST) bill aims to set up corporations that will acquire, manage and sell nonperforming loans and stagnant property assets of banks. — K.K.T. Jose

Style (08/31/20)

Curated functional fashion with Shangri-La Plaza

SHANGRI-LA Plaza mallers can now easily purchase clothes through New Style for the New Normal, a selection of practical, functional, easy-to-match, and stylish clothes, shoes, bags, and other accessories that are comfortable and convenient. It goes with the Spot the Dot campaign that helps guests quickly identify these items with eye-catching dot stickers, so trips to the mall can be completed quickly and with minimal exposure to others. With New Style for the New Normal, Shang is turning the spotlight on “Local Brands” like CMG, CLN, Plains and Prints, R.A.F. and K & Company in support of Filipino entrepreneurs especially in these challenging times. “Nudes and Neutrals,” which can be easily found at shops like Mango and Harlan & Holden, have that elegant, timeless appeal making them a great investment for a seasonless wardrobe. For those who want to add a hint of color that’s perfect for Zoom meetings or parties, pick out clothes in “Pastels” from Harlan + Holden, Ever New, Parfois, and Kate Spade. As schools forego uniforms for online learning, dress up schoolchildren with Mango Kids that offer comfy clothes in lighter, refreshing colors. Take a look at Shang’s “Whites, Rubbers, and Sports” selection that feature no-nonsense staples from brands like Columbia, Porsche Design, Res Toe Run, Cole Haan, Complex Lifestyle Store, Moressi, and Calvin Klein Underwear. Make sure to keep keys, smartphones, cards, sanitizer sprays, and extra face masks ready any time by stashing them inside bags that are sturdy and compact yet sleek and chic with Shang’s picks for “Small Bags,” including pieces from Cole Haan, Steve Madden, Parfois, Moressi, Samsonite, Michael Kors, Mango, and Escada. Aside from the mall’s new retail approach with Spot the Dot, each store is also taking the safety of shoppers very seriously. When fitting clothes, the stores are equipped with special sanitizers to ensure the clothes are sanitized before they are brought out in the racks. Fitted clothes are then steamed after use, and some brands even keep them in storage for 48 hours before they are let out again. Makeup stores have suspended all contact-heavy facial services. Disposable foot covers are also available when trying on shoes. For inquiries about New Style for the New Normal, call 8-370-2597/98 or visit www.facebook.com/shangrilaplazaofficial.

MUJI moves to the ground floor of SM Mall of Asia

MUJI, home of Japanese lifestyle essentials, has moved its store at SM Mall of Asia from the 2nd Level of the South Main Mall to the 1st level of the North Main Mall. The 520 square meter store, which opened on Aug. 28, has a fresher look with a design inspired by nature and carries a wide range of health and beauty items, stationery, travel stuff, kitchenware, houseware, furniture, and electronics products as well as men’s and women’s apparel, innerwear, bags, shoes, and accessories. MUJI’s newest store also highlights basic essentials that customers can use to adapt to the new normal. Some of these include storage boxes that can be used to organize the home, organic cotton T-shirts that can be easily styled and worn every day, PET bottles, and EVA cases that can be used to create sanitary kits, and tote bags and other carry essentials needed for everyday living. Exclusive opening giveaways and promotions also await customers in MUJI’s newest store concept. For more information about MUJI SM Mall of Asia’s Store reopening, customers can register to MUJI Membership for free at https://woobox.com/vhqgji and visit MUJI Philippines’ official social media accounts on Facebook, Instagram, and Twitter. Customers can also shop for MUJI essentials via The Specialist: SSI Group Customer Service Team (e-mail customerservice@ssigroup.com.ph; call 8-830-5000 or 0917-552-9359; visit facebook.com/SSILifePH).

Araneta City reopens Farmers Plaza Bazaar

AFTER months closed due to the COVID-19 lockdown, Farmers Plaza Bazaar resumes operations to revitalize Araneta City’s offering of quality and affordable goods. Stalls at the Farmers Plaza Bazaar have started reopening to cater to the needs of bargain-hunters and thrift savvy shoppers, offering a selection of clothes, shoes, apparel, and food at a bargain. With safety prioritized, social distancing measures and sanitary regulations have been put in place at the bazaar. Merchants are required to wear face masks and face shields at all times. Disinfectants are made available in all kiosks. Floor markings and numerous safety reminders are made visible around the bazaar. Shoppers are required to wear face masks and face shields in the bazaar. A company ID or quarantine pass issued by the local government unit is also needed to be shown upon entry. Patrons are also advised to bring their own shopping bags to minimize physical contact. Occupying the whole 4th floor of Farmers Plaza, the bazaar can be easily accessed by EDSA-MRT commuters and Araneta City visitors. Patrons may also use the Araneta City-Zen Personal Shopper and buy items at Farmers Bazaar remotely. Through this service, patrons may book a personal shopper using the MyKuya app on any mobile device to do the shopping and item delivery on their behalf.

Manila Water trading volume rises after billionaire takeover

By Jobo E. Hernandez, Researcher

AYALA CORP. was among the most actively traded stocks last week after the Philippine Competition Commission approved Philippine billionaire Enrique Razon’s takeover of unit Manila Water Co., Inc.

A total of 994,220 Ayala Corp. shares worth P724.63 million were traded from Aug. 24 to 28, according to data from the Philippine Stock Exchange.

Ayala Corp. shares fell 1.3% to P733.50 apiece at the close of trading on Friday. The stock has lost 4.7% this year.

Investors might still be digesting the government’s approval of the takeover, Darren Blaine T. Pangan, head of online trading at Timson Securities, Inc., said in a Viber message.

The commission approved the purchase by Trident Water Holdings Co., Inc. — a unit of Razon-led holding company Prime Metroline Infrastructure Holdings, Inc. — of a 51% voting interest in Manila Water.

Trident Water, which has interests in hotels, casinos, mining, infrastructure, power generation and distribution, and port services, will buy the controlling stake after subscribing to 820 million common shares of Manila Water’s unissued capital stock, the commission said in a statement last week.

The deal was unlikely to cut competition in the water supply market of the east zone concession area, the regulator said. It noted that as the sole water distributor in the area, Manila Water has a captive customer base and no downstream competitors.

Manila Water told the stock exchange in March Prime Infra would own 28% of the company after it buys 820 million shares at P13 each. At the time, Trident Water had not been incorporated.

The purchase will cut Ayala Corp.’s ownership in Manila Water to 30% from 41%. Public ownership will go down to 41% from 58%, while foreign ownership will decline to 9.18% from 10.41%.

The regulatory approval comes after Manila Water disclosed on Monday that it had received regulatory approval to increase its authorized capital stock to P4.4 billion after the Securities and Exchange Commission (SEC) approved changes to its incorporation articles.

The utility also said the SEC had approved the increase in its carved-out shares to 900 million unissued common shares, which are reserved for cash, properties or assets to carry out its business.

The commission’s approval might “spurred trading activity somewhat,” Regina Capital Development Corp. stock analyst Anna Corenne M. Agravio said in an e-mail. She added that the stock’s activity might have also been affected by the “leftover effects” from the MSCI rebalancing announced in mid-August that will take effect this week.

“We think its effect is only minimal,” she added.

Ayala Corp.’s net income plunged by 95.7% to P1.28 billion in the second quarter from a year earlier. First-half profit fell by 79% to P7.94 billion.

“As more developments unfold in the coming days, we’ll have to see how market participants interpret these new pieces of information,” Mr. Pangan said.

The coronavirus pandemic has seriously affected Ayala Corp.’s major business segments, Ms. Agravio said. “In our bear-case scenario, the conglomerate’s profits for 2020 will decline by double digits,” mostly dragged by unit Bank of the Philippine Islands’ increased loan loss provisions, she added.

Ms. Agravio put Ayala Corp.’s immediate support — the price that prompts traders to buy the stock — at P715, while Mr. Pangan put it at P700 to P710.

She put the share’s resistance level — the price that prompts traders to sell it — at P760 each.

The reactionary buying causes a stock price to stop dropping and start rising, while the selling causes the opposite.

“While P760 is where traders may experience some selling pressure given that this seems to be a minor resistance area, the P800 level remains as the major resistance level to clear,” Mr. Pangan said.

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