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Tax appeals court grants geothermal firm’s refund

THE Court of Tax Appeals partially granted the tax refund claim of the Philippine Geothermal Production Co., Inc. (PGPI) representing its excess and unutilized value-added tax (VAT) attributable to zero-rated sales for 2015.

In a 24-page decision dated Oct. 28, the court’s second division ordered the Bureau of Internal Revenue to refund or issue a tax credit certificate to the company worth P10 million out of its initial P24.5 million claim.

The court said that only P22.7 million out of the P24.5 million claimed represents valid input VAT. Of the said amount, only P13.6 million can be traced to zero-rated sales.

“Due to the BIR’s previous partial approval of petitioner’s claim up to the amount of P3,589,914.20, the excess input VAT attributable to valid zero-rated sales of P13,619,625.28 should be further reduced,” the courts said.

“Hence, petitioner is entitled to a lesser input VAT claim of P10,029,711.08 after taking into consideration the BIR’s partial grant of its claim,” it added.

PGPCI, a renewable energy developer, is entitled to zero-rated value added tax on purchases of local supply of goods, properties, and services needed for the development of plant facilities, according to Republic Act No. 9513 or the Renewable Energy Act of 2008.

The Tax Code also states that sale of power or fuel generated through renewable sources of energy are subject to zero-rated VAT.

The court said that of the P3.9-billion reported sales for 2015, the court-commissioned accountant verified that the zero-rated sales were attributed to steam sales. Only P3.4 billion were supported with receipts and qualified as valid.

Of the declared input VAT of P24.5 million, around P22.7 were valid, it said.

“Although petitioner has a total valid input VAT of P22,769,549.78, the same, however, is not entirely attributable to zero-rated sales since petitioner also had VATable sales,” the court said.

The court also said the input VAT claimed was not applied to any output VAT liability and the claim for refund was filed on time.

The company first filed its claim in March 2017 with the BIR and was granted P3.5 million. The claim was then elevated to the court. — Vann Marlo Villegas

Other Ayala Malls treats

The Happiness Hymn

In collaboration with National Artist Ryan Cayabyab, Ayala Malls sets the mood of festive joy through an original composition called “It’s Gonna Be a Happy Day.” This bouncy, feel-good track is performed by Reese Lansangan. The launch of its music video on Nov. 4 signals the start of more festivities ahead. A special holiday-themed music video of “It’s Gonna Be a Happy Day” will also be released by December in collaboration with Steps Dance Studio.

Treats and Talks

Ayala Malls is partnering with the Department of Tourism to roll out a mobile food truck concept with Kulinarya Pampanga Chefs. Classic Filipino Christmas Noche Buena favorites will be driven down from Pampanga to Nuvali as part of the Kain Na! Food and Travel Festival from Dec. 18 to 20. Chefs will bring the Food Haven of Pampanga closer to the people through creative local dishes, food demos, and sampling. This initiative will also help the livelihood of local food and farm tourism stakeholders.

Food Flash Sales

Celebrate intimate gatherings at your favorite restaurants with the Food Holiday Flash Sales. Having started on Sept. 30, the monthly one-day flash sales of food vouchers are offered on Klook for dine-in and takeout. Participating restaurants include Italianni’s, Ramen Nagi, Fat Fook, TGI Friday’s, California Pizza Kitchen, Buffalo Wild Wings, Mama Lou’s, and many more.

Lifestyle Webinars

Ayala Malls is also hosting a series of Lifestyle Webinars that inspire and equip families for gift-finding and party preparations this holiday season. Featuring different merchants and lifestyle topics, the lineup follows: Coffee, Cocktails, and Craft Beer (Nov. 7); Jewelry: Pearls and Diamonds (Nov. 28); All About the Watch (Dec. 5); and Christmas Cooking (Dec. 19).

I-Remit sees OFW remittances growing in Q4 as economic activity resumes

I-REMIT, Inc. sees a double-digit growth in remittances from overseas Filipino workers (OFWs) in the last quarter, saying economic activity is resuming even amid the ongoing coronavirus pandemic.

“We expect a double-digit increase in remittances for the last quarter compared to the third quarter of this year, industry wide. Things are beginning to pick up in most countries now,” I-Remit Senior Assistant Vice President of Global Marketing Maria Cristina S. Castillejo said in an e-mail on Friday.

The fund transfer company said most of the remittances will come from Europe and North America.

Money sent home by OFWs declined 2.6% year on year to $19.285 billion in the first eight months of the year, Bangko Sentral ng Pilipinas (BSP) data showed. The BSP expects inflows to drop by 2% this year before bouncing back and growing by 4% next year.

The top source of remittances during the eight-month period was the United States, from which 40.2% of the inflows came from. It was followed by Singapore, the United Kingdom, Japan, Saudi Arabia, United Arab Emirates, Canada, Hong Kong, Taiwan and Qatar.

Amid the pandemic, Ms. Castillejo added the growth in remittances will be mostly driven by industry’s shift to online platforms to ease fund transfers from around the world.

“The positive impact is the shift to digital, which saw a marked increase in our online remittances. It’s a three-digit percentage increase at least for I-Remit,” she said.

The firm said its adoption of US-based Ripple’s blockchain technology, a digital data storage, has boosted its fund transfer transactions since 2018.

I-Remit serves 23 countries. It plans to boost its operations in Hong Kong, US, New Zealand, Austria, Macau, Italy and Manila using part of the P79.04 million in proceeds from its initial public offering, it said last month. — KKTJ

Maynilad invests P179 million for new sanitation trucks

MAYNILAD Water Services, Inc. has allocated P179 million to buy 19 new vacuum truck units in the west zone water concessionaire’s efforts to strengthen its septage collection.

In a statement, Maynilad said the new vacuum trucks can clean 190 septic tanks daily and will help the delivery of the company’s sanitary services for customers who are not connected to its sewer network.

Maynilad Chief Operating Officer Randolph T. Estrellado said the company’s new acquisitions will help meet its sanitation targets, which have been hindered due to restrictions caused by the coronavirus disease 2019 (COVID-19) pandemic. 

“We are appealing to our customers to have their septic tanks desludged because not doing so will result in serious environmental, health, and safety risks to their family and community,” Mr. Estrellado said.

According to the water provider, it has cleaned some 147,900 septic tanks and has treated around 223 million liters of septage in 2019.

Maynilad said the collected septage is transported to its septage treatment facilities for processing and treatment. After treatment, the by-product is sent to a processing plant where it will be converted to organic fertilizer.

The water provider’s wastewater infrastructure network includes 19 sewage treatment plants, two joint sewage and septage treatment plants, and one septage treatment plant.

Combined, the network has a total treatment capacity of 664,000 cubic meters of wastewater per day.

Maynilad provides water to areas in the west zone of the National Capital Region such as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City; and parts of Cavite province such as Bacoor, Imus, Kawit, Noveleta, and Rosario.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

DoT, Nissan PHL promoting resumption of ‘safe trips’

By Kap Maceda Aguila

THE DEPARTMENT of Tourism (DoT), according to Secretary Bernadette Romulo-Puyat, recently conducted a survey to ascertain people’s confidence with traveling — “even in the absence of a cure or vaccine for COVID-19.” The official reported that respondents (who were sought from different regions) “showed a preference to initially travel to destinations closer to home.”

People expressed a desire to go to the beach (69%), go on a road trip (54%), and a staycation (41%).

Delivering a speech at an online press conference to announce a DoT partnership with Nissan Philippines, Inc. (NPI), Sec. Romulo-Puyat explained, “When choosing potential trips within the same geographical region, respondents from Luzon showed a preference for heading to the beaches of La Union, with treks to the summer capital of Baguio. For Luzon residents outside the NCR, visiting Metro Manila was another top choice.

“Heading South, respondents from the Visayas dreamt mostly of traveling to Boracay and Cebu, with many of Cebu and Iloilo’s residents wanting to travel within their own province. In Mindanao, many wish to travel around Davao, to Siargao, and Cagayan de Oro.”

The DoT sees the significance in this readiness, as the Secretary underscored the importance of domestic travel to the national economy, describing local tourists as the “backbone of the country’s tourism industry.” She maintained that “reviving the sector is immensely crucial.”

In 2019, local tourists made some 110 million trips, generating P3.4 trillion for the sector. “What’s even more impressive is that our sector contributed 12.7% to the country’s GDP, with 10.8% of this figure attributed to domestic tourism,” Sec. Romulo-Puyat revealed.

The DoT has inked a memorandum of agreement (MoA) with NPI, represented by its President and Managing Director Atsushi Najima, to work together on what they call the “Safe Trips” campaign.

This hopes to promote responsible and safe travel, with the road trip described by Sec. Romulo-Puyat as “one of the oldest and truly memorable ways to see and explore the beauty of the Philippines. As more people have started to travel locally, we look forward with great optimism that livelihoods and jobs in the tourism sector will soon return.”

Meanwhile, Mr. Najima declared that the campaign is also about engaging communities in the identified destinations, and inspiring Filipinos to safely “rediscover the beauty of the Philippines.” Nissan Philippines will leverage its dealership network and social media presence to boost the effort. “Safety is still the priority,” continued the executive.

The Tourism Secretary stressed that the campaign will be marked by observance and mindfulness of health protocols set forth by the World Health Organization and the Department of Health. “By adopting globally standardized health and hygiene protocols, the Philippines recently received the Safe Travels stamp from the World Travel and Tourism Council, a timely recognition that travel around the country is safe in spite of the continuing pandemic. Let’s do our best to keep it this way.”

In a subsequent question-and-answer portion, DoT Assistant Secretary for Branding and Marketing Communications Howard Lance Uyking reminded that while regulations may be different among local government units (LGUs), “minimum health standards (are) not.”

Replying to a question from “Velocity,” DoT Assistant Secretary for Tourism Development Planning Roberto Alabado III said that LGUs interested to be on the list of DoT-approved destinations “have to write the IATF (COVID-19 Inter-Agency Task Force for the Management of Emerging Infectious Diseases)” then “the DoT will ensure that health and safety protocols are in place prior to opening.”

The DoT also promised to spotlight locations that are not traditional destinations, and identify local products that the agency can promote in aid of jump-starting local economies.

Wearing BTS on your feet

FOOTWEAR company Skechers has launched a special edition collection featuring characters from Universtar BT21 from online communications app LINE and created by Korean boy group BTS. Each shoe in the Skechers BT21 Collection features BT21 characters — Koya, RJ, Shooky, Mang, Chimmy, Tata, Cooky, and Yan — and features Skechers’ signature Air-cooled Memory Foam insole. The collection is limited and can be pre-ordered  via SkechersPH on Facebook.

Palay performance pointing to improved agriculture output

AGRICULTURAL OUTPUT is likely to have improved in the third quarter due to favorable indications from the rice harvest, supported by good weather and the easing of quarantine restrictions, according to the Agriculture department and industry experts.

The Philippine Statistics Authority (PSA) is scheduled to release production indicators for the farm sector today, Nov. 9.

Asked to comment ahead of the data release, Department of Agriculture spokesperson Noel O. Reyes said the agriculture sector’s performance during the third quarter was positive.

In a mobile phone interview, Mr. Reyes based his assessment on a PSA report which estimated the output of palay, or unmilled rice, at 3.542 million metric tons (MT) in the third quarter, which if borne out would represent a 16.1% increase year on year.

“That increase is huge. It will affect the country’s entire agricultural output figures. Palay takes up more than half of crop production. We are seeing that agricultural output remains positive,” Mr. Reyes said.

In the second quarter, agricultural production rose 0.5%, propelled by growth in the crops and fisheries subsectors, but weighed down by declining output in the livestock and poultry subsectors.

Pampanga State Agricultural University professor Roy S. Kempis said better weather conditions during the period led to higher rice and corn production.

“Agricultural performance in the third quarter of the year could (skew) upwards, ranging from 0.51% to 0.91%,” Mr. Kempis said in an e-mail interview.

Mr. Kempis said rice and corn planted in May and June were harvested in September, raising overall supply of the commodities, which will be reflected in the third quarter.

“(Improvement in) fruit and vegetable production has likewise been seen in more products displayed and sold in the market — in public markets, supermarkets, and roadside stalls that have propped up,” he added.

Glenn B. Gregorio, director of Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA), estimated growth in the agriculture sector at 0.8% in the third quarter.

“However, this value needs to be significantly improved to at least 2% or higher if we are to maximize the agriculture sector’s transformative role in the Philippine economy,” Mr. Gregorio said in an e-mail interview.

Mr. Gregorio said fisheries output is likely to have increased due to the relaxed quarantine protocols when compared to the two previous quarters.

“The easing of mobility restrictions has significantly fueled the increase in demand for fishery resources, which in turn may have further spawned an increase in fishing effort,” Mr. Gregorio said.

On the other hand, both experts are expecting a decline in livestock production, particularly the hog subsector, due to African Swine Fever (ASF).

Mr. Kempis said major slaughterhouses in Tarlac, Cabanatuan, and Angeles City suggest a 50% drop in hogs brought in for slaughter.

“Commercial pig farms in Central Luzon, both for hybrid and native pigs, have had their stocks wiped out. They have not yet re-started their operations,” Mr. Kempis said.

However, he said poultry output for the third quarter is likely to have improved with contract growers probably increasing their production as consumers seek substitutes for pork due to worries about ASF.

SEARCA’s Mr. Gregorio called for better biosecurity measures to ensure sustainable and safe livestock and poultry production.

“We suspect that the ongoing concerns related to the COVID-19 pandemic have resulted in unintended additional restrictions on livestock and poultry production,” Mr. Gregorio said.

“There is a need for urgent interventions like tunnel ventilation technologies along with greater public awareness,” he added.

In October, the PSA said that the palay harvest area likely increased 15.7% to 859,533 hectares, with a yield per hectare estimated at 4.12 MT.

According to PSA data, the farm sector accounts for about a tenth of gross domestic product and a quarter of the workforce. — Revin Mikhael D. Ochave

EDC puts up temporary power in typhoon-hit Bicol areas

GEOTHERMAL company Energy Development Corp. (EDC) has started providing 20 to 40 megawatts (MW) of temporary power to Albay and Sorsogon provinces after the Bicol region was hit by Super Typhoon Rolly on Nov. 1.

EDC’s Bacon-Manito geothermal facility worked with Sorsogon I Electric Cooperative, Inc.; Sorsogon II Electric Cooperative, Inc.; Albay Electric Cooperative, Inc. to serve their power needs even without a power supply agreement with them, the Lopez-led company said.

The move, which also covered some of the larger commercial establishments in Albay and Sorsogon, is with the support of privately led grid operator National Grid Corporation of the Philippines (NGCP), it added.

“We express our deepest gratitude to NGCP for making it possible for us to energize our two host areas that have about 400,000 households and a population of about two million,” said Liberato S. Virata, EDC engineer, senior vice-president and head of the company’s facilities O&M group, in a press release over the weekend.

Since Nov. 1, the two provinces have been without electricity after power lines and facilities were damaged by the typhoon.

Aside from temporary power, EDC is also providing more than 2,300 sacks of rice to both provinces as well as Catanduanes and Camarines Sur. It is distributing food packs and bread to severely affected families in Guinobatan, Albay in partnership with the Lopez Group Foundation, Inc.

“Through this initiative, we hope to help our local communities recover from the damages caused by Super Typhoon Rolly and from the impact of the COVID-19 pandemic,” Mr. Virata said.

EDC said BacMan’s temporary power for Albay and Sorsogon will revert to the normal setup and operations once the NGCP grid line from Naga to Daraga has been restored and power is once again supplied from the grid.

EDC, with its subsidiary Bac-Man Geothermal, Inc., operates the 140-MW Bacon-Manito geothermal facility that spans Manito in Albay and Bacon in Sorsogon. It supplies clean and reliable power to the Luzon grid and to retail electricity customers.

EDC has more than 1,200 MW of installed geothermal capacity, which accounts for about 62% of the country’s geothermal capacity.

A different Mazda MX-5 experience

The world’s favorite two-seater is now more bespoke

THE EVER-CHARISMATIC MX-5 — often fondly referred to as the Mazda Miata by many — is quite a magical car. Historically, it revived the world’s passion for roadsters at a time when its kind was dying out. That is, thanks to the brilliant, Japanese-born Tom Matano aka “Father of the Miata,” who had the ingenious concept of creating an affordable, open-top roadster that brought people joy because of how fun it was to own and drive.

In 2000, the Mazda MX-5 became the world’s best-selling two-seater sports car. Unsurprisingly, some, 853 units have been sold in the Philippines since 2014 — making our homeland the country with the largest population of MX-5s in Asia outside of Japan.

And it is for this very reason — being part of a population that fiercely loves open-top sports cars, despite the economic situation our country may find itself in — that Mazda headquarters agreed for the Philippines to be the first country in the world to announce the small car company’s newest program for the MX-5’s 2021 model: Mazda’s Premium Automotive Experience.

Under this new program, customers will be offered the pleasure to “build” their own MX-5. What this means is that MX-5 owners-to-be will now have the freedom to choose from 78 combinations of car options — to better cater to their personality. Previously, there were more limited specifications for the roadster locally available, depending on whether you would go for the manual or automatic variant. Anecdotally, there have been customers who wished they could avail of a manual MX-5, but rather in combination with a higher-spec interior that would include say, Nappa leather. And well, now you actually can!

Mazda Philippines also announced the introduction of its newest, premium body color to the local market: Deep Crystal Blue Mica, which is set to replace its previous shade of blue. Therefore, customers can now avail of a premium-grade, soft-top manual MX-5 that comes with black leather or Nappa leather, together with a dark-cherry-colored soft top, if he wanted to. The RF models can now also be ordered to come with either a body-colored top or a black-colored top. Of course, all MX-5 units still come with the previously available safety assist technologies such as Lane Departure Warning and Smart Brake City Support.

The Build Your Personal MX-5 Program already begins this November, applicable to the 2021 MX-5. Obviously, pre-ordering the car set to your specs (within the allowed options to choose from) will be necessary, with a waiting time of around four to six months from order to delivery. All MX-5 units are completely built in Hiroshima, Japan, and will require some time and love to produce the cars meeting the customers’ specified transmission, exterior color, interior trim, soft top or retractable fastback (RF), and color of top.

The 2021 MX-5 units offer premium-grade, six-speed manual transmission, soft-top variants as among the new choices. This will include red Nappa or premium black leather interiors, a nine-speaker Bose sound system, Bilstein dampers, and front strut bars.

“Good design lasts forever!” pointed out Mazda Philippines President and CEO Steven Tan, further highlighting that Mazda is known for its beautifully designed, meticulously engineered cars that ooze with premium quality.

He also explained that by giving customers the opportunity to personally design and customize their very own MX-5 cars with Mazda’s interactive, online and showroom ordering guide, their clients “will surely feel an even deeper and longer-lasting bond with their cars. This is a privilege previously found only in luxury sports car brands. And now, we make it available to Mazda clients who wish to create an even more personal MX-5 to suit their personality.”

Ordering a personalized MX-5 soft top will cost anywhere from P1.98 million to P2.26 million, while a personalized RF may cost from P2.29 million to P2.39 million.

Emotional cars were never really a commodity — as can be seen in the Mazda MX-5’s sales figures, which remain robust amid the ongoing economic challenges of the pandemic.

Agri dep’t to launch internship program for technical experts

THE Department of Agriculture (DA) will hire technical experts as interns as part of an agreement with the Department of Labor and Employment (DoLE) in order to address the need for more agriculture professionals, the Labor department said.

In a statement Sunday, the DoLE said the memorandum of agreement will result in the hiring of “hundreds of technical and agricultural biosystems engineers and graduates” by the DA in order to “fill the gap in the demand for the professions in agriculture.”

DoLE said these professionals will be employed under the Government Internship Program, running three to six month, with interns to be paid the prevailing minimum wage in their regions.

According to data from the Bureau of Local Employment, around 1,000 new agricultural and biosystems engineering graduates are expected to enter the labor market. The bureau also reported hard-to-fill jobs in agricultural economics, animal husbandry, aquaculture, among others.

DoLE said many professionals “prefer to work abroad, seek higher pay or have problems with work schedule or location.”

Labor Secretary Silvestre H. Bello III said addressing the demand for manpower in the agribusiness sector will help eradicate poverty in the agriculture industry.

“From the labor and employment perspective, the development of the rural sector is crucial first step for the country to provide more and better jobs for the poor. Three quarters of the poor are found in the rural areas and agriculture employs most of the poor, which means agriculture plays a key role in efficiently reducing poverty,” he said in the statement. — Gillian M. Cortez

Exciting time for skincare enthusiasts

By Zsarlene B. Chua, Senior Reporter

SPENDING months mostly indoors has inspired many people to take stock and make improvements on their skincare routines, especially now that skincare is widely considered as a form of self-care.

The past few weeks have been pretty exciting for skincare enthusiasts as established skincare brands have either launched new products or are making a case for why you should choose their products. This is a short rundown of new launches, promotions, and holiday bundles you might consider adding to your routines.

(NOTE: I have been sent some products and while I do intend to review them, I haven’t gotten around doing so because this writer typically takes at least a month to see if the product works or not.)

ELLANA COSMETICS
Local beauty brand Ellana Cosmetics, known for its skin-caring, clean, vegan, and cruelty-free cosmetics, has now expanded its line to include skincare products promising “clean, conscious, and concentrated products,” according to a press release.

The line is said to be made “with the latest in Korean technology” and features serums and serum sprays made from “pure extract bases,” to ensure “maximum amount of skincare results without buffers or ‘fillers.’”

The serums from the line are: Glass-C Skin Brightening Serum (P1,000 for 50 ml) which contains “74.6% Sea Berry Extract and 15% Ascorbic Acid.” The brightening serum is said to promise brighter, “glass skin” — skin that looks clear, poreless, and dewy, evoking a clear piece of glass — over time. The sea berry extract is said to protect against aging because of its mineral and phytonutrient-rich profile, while ascorbic acid (Vitamin C) is meant to fade dark spots, protect against environmental stressors, and promote collagen production. The serum also contains Niacinamide that helps with hyperpigmentation and includes lavender and chamomile to “reduce reactivity and ensure your skin is less prone to irritation.”

I will do a short review on this product because I have been using it for more than two weeks now.

It is not bad for its price, especially considering its size and the ingredients in it. It comes in an amber glass bottle with the longest dropper I’ve seen so far in a serum bottle, which I do appreciate because it ensures that I can get every single drop.

Since it has a pretty high concentration of Vitamin C, the amber bottle is non-negotiable because Vitamin C does oxidize very quickly when exposed to light.

If it’s your first time using a Vitamin C serum, here are two tips: you will experience tingling for a few days to a week once you start using it because your skin is acclimating, the tingling should be mild and if ever you feel the tingling is unbearable, please stop using it. The second tip is to apply it in the morning (to take advantage of the environmental protection) and to use sunscreen (SPF 30 is good but 50+ is better) because Vitamin C can make the skin more prone to sun damage.

In all, this is a good serum because it doesn’t have a strong fragrance and the watery texture makes it perfect for those with oily or combination skin, although I like it as well even if my skin is normal-dry.

The next Ellana Cosmetics serum is the Cream Skin Hydrating Serum (P1,000 for 50ml). It is made of a vegan alternative to snail mucin and is intended for those with dry, textured, sensitive skin. It has “89% Wild Yam extract,” said to protect the skin from irritation and provides “intensive hydration,” and Panax Ginseng Root to protect the skin from stress and further damage.

While I haven’t tried this serum yet (and I will, once I finish with my current hydrating serum), I am very excited to do so because hydration has always been a priority of mine. A note though, when putting on hydrating serums, make sure that you use a hydrating toner first and that your skin is moist (not wet) before using the serum because in my experience, putting hydrating serums on dry skin makes the serum pull out moisture from the skin and dry it further, and we don’t want that since the whole point is to introduce more moisture and not take it away.

The final serum in the lineup is the Clear Skin Clarifying Lightweight Face Oil for Oily Skin (P1,000 for 50ml). This clarifying oil serum fights pimples and redness thanks to a concentrated botanical blend of Boswellia serrata extract to reduce redness and inflammation, and grapeseed oil to treat microbes that cause blemishes.

Here’s a tip for those who are suffering from inflamed, irritated skin: temporarily replace your facial wash with a colloidal oatmeal wash — where you soak traditional oats (not instant) in water overnight and use the water to wash your face (let it stay for a seconds before wiping gently) in the morning and at night — the wash protects the skin from more irritants and harsh surfactants the facial wash may have. After cleansing with this oatmeal wash, you can introduce the clarifying serum, a moisturizer, and sunscreen in the morning.

Aside from serums, Ellana Cosmetics also introduced two serum sprays: Uplift Hydrating Niacinamide + Vitamin C Serum Spray and Unwind Clarifying Green Tea + Tea Tree Serum Spray (both at P799 for 60 ml). Both sprays promise hydration and brightening and clarifying in a convenient spray bottle.

Of all the Ellana skincare products they released, this is probably the line that doesn’t excite me, mostly because a face mist for P799 is too much despite saying it’s a serum. The thing about face mists is that it refreshes the skin but does not offer a lot of skincare benefits because a spray releases a very small amount of product and most of it does not even land on your face. But then again, my rule in skincare is if it makes you happy and if you feel it adds something to your routine, and as long as it’s not damaging, go ahead because skincare is personal and it can be different for different people.

All in all, this is a solid first skincare launch and I do appreciate the accessible price point, the packaging and the overall promised skincare benefits.

The Ellana Cosmetics skincare line is currently at 15% off on the Ellana Cosmetics website www.ellanacosmetics.com as an introductory offer. The brand plans to hold a sale on Nov. 11.

CETAPHIL BRIGHT HEALTHY RADIANCE LINE
US skincare line Cetaphil, known for its gentle products, has launched a new line of products focused on this year’s most popular skincare ingredient: Niacinamide.

(If you noticed, Ellana Cosmetics also has several products with Niacinamide, as do several other skincare brands.)

If 2019 was the year of Hyaluronic acid and hydration, this year is all about brightening as Niacinamide is touted to be able to do.

Called the Bright Healthy Radiance Line, the new line includes seven products: Brightness Reveal Creamy Cleanser (P480 for 100g), Brightness Refresh Toner (P725 for 150ml), Daily Brightening Protection Cream SPF15 (P1,035 for 50g), Brightening Night Comfort Cream (P1,035 for 50g), Brightening Lotion (P1,035 for 245ml), Brightness Reveal Body Wash (P679 for 245ml), and Brightness Reveal Bar (P363 for 100g).

First of all, I really appreciate such a complete line of face and body care products, and secondly, I’m so excited that Cetaphil has finally expanded its repertoire from the usual gentle cleansers and creams.

Cetaphil has always been my go-to skincare product, especially in the mornings when I require a gentle cleanser, and I am looking forward to trying the new products.

A piece of advice for those who will be buying the Daily Protection cream, while it has SPF, I would still recommend using an SPF50 sunscreen because SPF15 is not nearly enough to protect your skin from sun damage. Yes, even indoors.

The Cetaphil Bright Healthy Radiance is available in Lazada and Shopee.

KIEHL’S HOLIDAY GIFT SETS
It’s that time of the year when American skincare brand Kiehl’s comes out with limited edition packaging of its best-selling products and promotes its gift sets. This year’s designs are crafted by Lyon-based graphic artist and illustrator Maite Franchi, known for her colorfully bold and graphic designs.

The Kiehl’s special packaging features Ms. Franchi’s colorful style, presenting vibrant and playful depictions of Christmas ornaments and symbols and a dancing Mr. Bones clearly infected with holiday cheer.

The gift sets start at P800 for a bath and body set and can go up to P6,895 for its Radiant Essential package which includes the Powerful Line-Reducing Concentrate 50ml, Powerful Line-Reducing Eye and several deluxe samples.

This writer’s personal favorites from the brand are the Midnight Recovery Concentrate, the  Creamy Eye Treatment with Avocado, and the Powerful Line Reducing Concentrate.

Kiehl’s also opened a pop-up store in Bonifacio Global City (BGC) at One Bonifacio High Street for those who want to see the gift packs in person before purchasing.

Starting Nov. 1, Kiehl’s is giving away a free Ultra Facial Oil-Free Gel Cream for the first 50 customers who purchase P5,000 worth of Kiehl’s products. The next 150 customers will get a deluxe lotion hand and body set, while the first ones to visit the BGC pop-up store can get first dibs at the Kiehl’s Holiday Advent Calendar Set (P6,000).

Yields decline on inflation data, US election

YIELDS ON government securities (GS) moved south as local bonds tracked US Treasuries after the Philippines’ headline inflation print in October remained within market expectations.

GS yields, which move opposite to prices, went down by an average of 2.5 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Nov. 6 published on the Philippine Dealing System’s website.

At the secondary market on Friday, rates at the short end of the curve dropped, with the 91-, 182-, and 364-day Treasury bills losing 3.4 bps, 4.8 bps, and 4.4 bps, respectively, to 1.106%, 1.503%, and 1.777%.

At the belly, yields on the two-, three-, four-, five-, and seven-year Treasury bonds fell by 3.2 bps (2.039%), 3.4 bps (2.291%), 2.6 bps (2.531%), 2.5 bps (2.725%), and 1.3 bps (2.925%).

The rate of the 10-year debt picked up by 1.5 bps to fetch 2.992%. Meanwhile, other long-dated tenors such as the 20- and 25-year notes declined by 3.2 bps and 0.7 bp, respectively, to finish at 3.921% and 3.908%.

“Local bond yields trended lower as market players hunted for bargains on select territory of the curve after inflation in October printed well-within expectations,” Robinsons Bank Corp. peso sovereign debt trader Kevin S. Palma said in a Viber message last Friday.

“Dealers and investors alike also took cue from lower US Treasury yields mainly due to waning optimism that a larger fiscal stimulus will be passed in the US amid the high degree of uncertainty surrounding the election,” Mr. Palma added.

First Metro Asset Management, Inc. (FAMI) said in an e-mail: “US Treasuries bull-flattened after the Blue Wave scenario did not pan out and sentiment somewhat spilled over to the local space as 5-10 year securities were seen lifted.”

FAMI also noted that upside risks to inflation “remain subdued.”

Headline inflation in October increased to 2.5%, the fastest pace in three months or since the 2.7% logged in July, preliminary data released by the Philippine Statistics Authority on Thursday showed.

The latest figure was quicker than the 2.4% median estimate in a BusinessWorld poll. However, it still fell within the 1.9-2.7% expected by the Bangko Sentral ng Pilipinas (BSP) Department of Economic Research for October.

Inflation averaged at 2.5% in the first 10 months of the year, versus the BSP’s 2-4% target as well as its 2.3% forecast.

Meanwhile, on the external front, the trading week ended with the US still awaiting the results of its presidential election as five swing states were not finished going through ballots.

US President-elect Joe Biden declared it was “time to heal” a deeply divided America in his first speech after prevailing on Saturday in a bitter election, even as President Donald Trump refused to concede and pressed ahead with legal fights against the outcome, Reuters reported.

Mr. Biden’s victory in the battleground state of Pennsylvania put him over the threshold of 270 Electoral College votes he needed to clinch the presidency, ending four days of nail-biting suspense and sending his supporters into the streets of major cities in celebration.

Mr. Trump, who was golfing when the major television networks projected his rival had won, immediately accused Mr. Biden of “rushing to falsely pose as the winner.”

Mr. Trump has filed a raft of lawsuits to challenge the results but elections officials in states across the country say there has been no evidence of significant fraud, and legal experts say Mr. Trump’s efforts are unlikely to succeed.

Before the election, Mr. Trump refused to commit to a peaceful transfer of power if he lost, and he falsely declared victory long before counting was complete.

The networks’ declaration for Mr. Biden came amid concerns within Mr. Trump’s team about the strategy going forward and pressure on him to pick a professional legal team to outline where they believe voter fraud took place and provide evidence.

When Mr. Biden enters the White House on Jan. 20, the oldest person to assume the office at age 78, he likely will face a difficult task governing in a deeply polarized Washington, underscored by a record nationwide voter turnout.

The US economy remains technically in recession, and prospects are bleak for a return to work for millions, especially in service industries such as hospitality and entertainment, where job losses hit women and minorities particularly hard.

For this week, analysts expect the release of the Philippine third-quarter gross domestic product (GDP) data on Tuesday to be one of the major catalysts for trading.

“[T]his will provide policy makers more data points to ponder in the coming Monetary Board meeting on Nov. 19. The GDP data, along with developments in the US Presidential Elections, will dictate the tempo of local yields this week. Interest in short term debt securities will persist given all lingering uncertainties we have in our plates as of now,” Robinsons Bank’s Mr. Palma said.

For FAMI: “We see the two-way interest to continue as some players reposition ahead of the Monetary Board meeting. Local bond yields might move downwards and will take a cue from the release of third-quarter GDP…”

“A worse-than-expected figure on Tuesday will increase the chances of another rate cut from BSP on Nov. 19,” it added.

A BusinessWorld poll of 19 economists last week bared a third-quarter GDP median forecast of a 9.2% decline, easing from the 16.5% contraction posted in the second quarter.

If realized, this would result in an 8.8% fall in GDP for the first three quarters of the year, worse than the government’s -4.5% to -6.6% forecast. — Marissa Mae M. Ramos with Reuters

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