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Lucio Tan hospitalized for COVID-19; family asks for prayers for speedy recovery

LT GROUP, Inc. Chairman and Founder Lucio C. Tan is in “stable” condition and “recovering” after he was hospitalized for coronavirus disease 2019 (COVID-19), according to his daughter Vivienne K. Tan.

“Thank you for all your concern and prayers. My dad was admitted to the hospital after he tested positive for COVID-19,” Ms. Tan said in an Instagram post this late Saturday. “He is in stable condition, responding well, and recovering.”

“We would like to request some privacy at this time. Please continue to pray for his speedy recovery. Thank you,” Ms. Tan, who is also a director of LT Group, added.

Mr. Tan is 925th on the Forbes rich list, with a net worth of $3.3 billion, almost double from last year’s $1.7 billion.

LT Group is involved in banking, airline, property development, and tobacco.

In February last year, the board of directors of PAL Holdings, Inc., the listed operator of flag carrier Philippine Airlines, appointed Mr. Tan as the company’s president “on concurrent capacity” to his position as chairman, more than three months after his eldest son Lucio K. Tan, Jr., who served as PAL president and chief operating officer, passed away. — Arjay L. Balinbin

Time does not stop

CALATRAVA

WHILE most of us have lamented the strange passing of time this past year, time doesn’t stop for brands like Patek Philippe. Founded in 1839, the brand has been seen on some of the world’s most famous wrists; in fact, they can lay claim to inventing the first wristwatch in 1868, setting a tiny watch in place of a central jewel on a bracelet owned by Hungary’s Countess Koscowicz. Last week, they launched their new pieces via an online press conference from their new building in Geneva, one they began to occupy last year.

Thierry Stern, President of Patek Philippe, briefly discussed their new working situation during the press conference. They have been in the new building for about a year now, and it now boasts of what he calls a “TV studio,” in order to communicate during these socially distanced times.

“Today I have to speak about Patek, about the watches, from Geneva, through a camera. This is something quite new for us, but I think, like any other brand, we have to adapt,” he said.

Apparently, last year, they had to close down the factory for two months, owing to the pandemic. Still, “Business was not that bad, to be frank.” They used to aim for a target of 60,000 watches annually, but, “Sadly, this year, we close the factory for two months, so of course, we couldn’t achieve the right number that we expected,” he said.

Stil,that did not halt the development of the new watches.

There’s the new Calatrava, first launched in 1932 as the Ref. 96, established in legend as the first to come out of their factories with a reference number. The new Calatrava is slightly bigger at 39mm. Black lacquered Roman numerals on a white background in the 3919 and 5119 models have been replaced by faceted obus markers in 18K gold (with double markers at 12 o’clock). The hands have a resemblance to the original Ref. 96, but have three, instead of two facets. The round bezel is decorated with a guilloched hobnail pattern, thus showcasing an elegant and immediately noticeable texture, and exhibits a slightly wider chamfered profile as well as a thin, polished fillet that frames the box-form sapphire crystal.

Meanwhile, they’ve also launched the Complications 49471A. This one has a painted Annual Calendar that boasts that it only requires one correction per year (as opposed to other calendar watches that need to be wound again during a month that ends in either 30 or 31). It has a self-winding mechanical movement, using the Caliber 324 S QA LLU; displays the day and month with hands, and displays the phases of the moon in a tiny window above the 6 o’clock mark. It’s made of steel with a sapphire crystal caseback, and has a blue dial with gold numerals.

Its grander sister, the Grand Complications 5236P, is made of platinum, and the day, date, and month appear in a large single aperture at 12 o’clock. It also boasts of a perpetual calendar, with a self-winding mechanical movement using the Caliber 31‑260 PS QL. It has an elegant dial with a blue-black gradient with a vertical satin finish, and gold applied hour markers.

One of Patek Philippe’s flagship products, the Nautilus, favored by many celebrities, gets a new look. The Nautilus Haute Joaillerie appears in a new rose gold version, entirely paved with diamonds snow-set on the case, bezel, and bracelet. The diamonds total to about 2,553 brilliant-cut stones. The new Nautilus has luminescent-coated hands, applied hour-markers and Arabic numerals. —  J.L. Garcia

Rates of Treasury bills, bonds expected to move sideways

BW FILE PHOTO

THE RATES of government securities on offer this week will likely move sideways as US Treasury yields continue to ease.

The Bureau of the Treasury (BTr) is looking to raise P25 billion via its offer of Treasury bills (T-bills) on Monday, broken down into P5 billion in 91-day debt, P8 billion in 182-day papers and P12 billion in 364-day securities.

On Tuesday, the BTr will offer P35 billion in fresh seven-year Treasury bonds (T-bonds).

Two bond traders said the yields of the T-bills will move sideways with a slight upward bias at Monday’s auction.

Meanwhile, the first trader expects the seven-year bonds to fetch a coupon rate of between 3.625% and 3.875%, while the second trader gave a higher forecast range of 3.75-4%.

“For the factors to consider, the market is looking at the movement of the US Treasury so they take directions from there. On the T-bills, there is still strong demand while the seven-year bonds could be oversubscribed by two times,” the first trader said by phone on Friday.

The second trader said the market will “continue to demand higher yield for longer tenors.”

The rate of the benchmark 10-year US Treasuries went down by 8 basis points (bps) to 1.59% on Friday from 1.67% the week before.

The BTr made a full P25-billion award of the T-bills it auctioned off last week even as the rates of some tenors went up. Total tenders reached P54.74 billion.

Broken down, the Treasury raised P5 billion as planned via the 91-day debt from P11.032 billion in bids. The three-month papers fetched an average rate of 1.325%, up from the 1.295% seen during the April 5 auction.

The BTr also borrowed the programmed P8 billion from the 182-day T-bills. The average rate of the six-month papers rose to 1.695% from 1.646% previously.

Lastly, the government made a full P12-billion award of the 364-day debt at an average yield of 1.903%, down from the previous week’s rate of 1.912%.

Meanwhile, the last time the Treasury offered the seven-year tenor was on Jan. 21, 2020, when it awarded P27.203 billion in reissued papers out of the P30-billion program. The bonds were quoted at an average rate of 4.322%.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills were quoted at 1.3804%, 1.6197%, and 1.8961%, respectively, while the seven-year bond fetched a rate of 3.7233%, based on the  PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The government wants to raise P170 billion from the local debt market this month: P100 billion via weekly offers of T-bills and P70 billion from fortnightly auctions of T-bonds. It is looking to borrow P3 trillion this year from domestic and external sources to help fund a budget deficit seen to hit 8.9% of gross domestic product. — Beatrice M. Laforga

All-new Harley-Davidson Pan America 1250 Special now available from P1.4 million

PHOTO FROM HARLEY-DAVIDSON

THE ALL-NEW Harley-Davidson Pan America 1250 Special has made its way into the country. The first in the brand’s portfolio of adventure touring motorcycles and an extension into a new segment, the bike is designed with premium features, outstanding performance, and innovative technology — and is priced from P1.4 million.

Globally unveiled last Feb. 22, the bike is now available at local dealerships, while participating Harley-Davidson showrooms across the country will host an open house exclusively for the Pan America 1250 Special on May 2.

“We are excited for our fans and motorcycle enthusiasts in the Philippines to meet the Pan America. More than a century ago when many roads were little more than dirt trails, Harley-Davidson stood for adventure and continues to do so until today as we present our first adventure touring motorcycle in the Philippines. Offering a differentiated riding experience, we invite adventure seekers to find their freedom across new terrains and experience the world on a motorcycle,” said Harley-Davidson Managing Director for Asia Emerging Markets and India Sajeev Rajasekharan in a release.

The Pan America 1250 Special is powered by the new Revolution Max 1250 engine, a liquid-cooled 1,250cc-displacement V-Twin. The bike is “designed to offer a broad powerband that builds to a rush of high-RPM power.” This Harley-Davidson also gets an industry-first Adaptive Ride Height, “a revolutionary new suspension system which automatically transitions between a low stopped position and optimal ride height when the motorcycle is in motion.”

The adventure touring motorcycle also boasts tubeless laced wheels which save on weight by nixing the inner tube. The Pan America 1250 Special is available in Vivid Black; Gauntlet Gray Metallic; Deadwood Green, two-tone Baja Orange and Stone Washed White Pearl; all with Split Graphic.

Pork prices expected to remain high despite EO lowering tariffs

PORK PRICES are expected to remain high despite the issuance of Executive Order (EO) No. 128, which lowered tariffs on imported pork products, the United Broiler Raisers Association (UBRA) said.

UBRA President Elias Jose M. Inciong said in a position paper filed with the Senate that imports since the Philippines’ adoption of World Trade Organization rules have failed to make domestic producers more competitive and efficient, with their costs remaining high.

“The stated purpose of EO 128 to bring down pork prices to affordable levels and dampen inflation will not happen,” Mr. Inciong said.

“The animating mindset in the last 25 years since we acceded to the World Trade Organization (WTO) in 1995 has been that imports will lead to low retail prices for consumers and at the same time, it will force producers to become competitive. In agriculture, this certainly did not happen,” Mr. Inciong said.

“Retail prices have remained expensive for consumers because of a disconnect with farmgate prices and even with imports,” he added.

Citing data from the Bureau of Animal Industry, Mr. Inciong said pork imports rose 150.7% to 110.419 million kilograms in the first quarter of the year even without the tariff cuts.

EO 128 was signed by President Rodrigo R. Duterte on April 7, lowering the tariffs on imported pork falling within the minimum access volume (MAV) quota to 5% in the first three months, increasing to 10% in the following nine months.

The order also reduced the tariffs on out-of-quota pork imports to 15% in the first three months, and to 20% in the succeeding nine months.

Previously, pork imports within the MAV quota were charged 30%, while out-of-quota imports paid 40%.

MAV refers to agricultural commodity quota that can be imported at low tariffs under the WTO system.

Agriculture Secretary William D. Dar also recently set a suggested retail price (SRP) for imported pork products, with pork shoulder or kasim at P270 per kilogram, and pork belly or liempo at P350 per kilogram. No SRPs were set for domestic pork products.

According to Mr. Inciong, the SRP for imported pork products is not cheaper than the prevailing prices, adding that the government should maintain the previous tariff rates instead.

“If this is the expected retail price after reducing the tariff for pork, then there is no improvement in the situation of our consumers. Since there will be no significant change in retail prices, why forego badly needed revenue by reducing tariffs on imported pork?” Mr. Inciong said.

On April 15, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said during a hearing of the Senate Committee of the Whole that increased pork imports will not “kill” the hog industry as volumes will ultimately be limited by the lack of cold storage facilities.

Mr. Chua added that if supply is augmented with imports, full-year inflation is projected to fall 0.4 percentage points to 3.8%, which is within the central bank’s target of 2% to 4%.

The Department of Agriculture has estimated a supply deficit in pork of around 400,000 metric tons (MT) due to the effects of African Swine Fever on the hog inventory.

As a result, Mr. Duterte recommended that Congress increase the pork MAV allocation by 350,000 MT, on top of the current 54,210 MT quota. — Revin Mikhael D. Ochave

Chelsea hoping for Swiss challenge for Davao airport modernization this year

CHELSEALOGISTICS.PH

CHELSEA Logistics and Infrastructure Holdings Corp. is hoping to advance its proposal to modernize the Davao International Airport to the Swiss challenge stage this year, its top official said.

“We are awaiting the final approvals after the revisions, then hopefully can proceed to the next step which is the Swiss challenge,” Chelsea Logistics President and Chief Executive Officer Chryss Alfonsus V. Damuy told BusinessWorld in a phone message on April 16.

The company is “hoping” that the Swiss challenge will take place this year, he added.

The proposal, Mr. Damuy noted, underwent revisions to include the pandemic impact and other requirements.

The proposal “went (through) several iterations between and among NEDA (National Economic and Development Authority), DoTr (Department of Transportation), CAAP (Civil Aviation Authority of the Philippines), and the proponent, Chelsea Logistics,” according to a statement from CAAP forwarded to BusinessWorld by Transportation Assistant Secretary Goddes Hope O. Libiran on April 16.

“Basically, NEDA wanted the proponent, which was also true for other PPP (public-private partnership) proponents, to comply with some necessary revisions and additional requirements, through DOTr and CAAP in compliance with relevant legal provisions for similar PPP proposals,” CAAP noted.

“Just today, April 16, 2021, CAAP transmitted to NEDA the project evaluation report, revised PE (project evaluation) forms, jobs generation report, proponent’s letter indicating sufficiency of net worth to undertake the project, financial and economic models, and revised draft concession agreement, all in compliance with the ICC (Investment Coordination Committee) checklist of documentary requirements,” it added.

Chelsea Logistics was granted the original proponent status for the airport modernization project in 2018. It was initially set at P49 billion.

The project involves the reconfiguration and expansion of the airport’s terminal building, the construction of a parallel taxiway, the improvement of airside and landside facilities, and the installation of modern airport information technology systems. — Arjay L. Balinbin

adidas Originals unveils latest version of  ‘green’ Stan Smith sneakers

adidas Originals recently unveiled the latest version of its sustainable “Stan Smith, Forever” collection done in collaboration with Disney.

IN LINE with its journey to help End Plastic Waste, adidas Originals recently unveiled the latest version of its “Stan Smith, Forever” offering done in collaboration with Disney. The sneaker collection features a white “primegreen” upper, a series of high-performance recycled materials, matched with a recycled rubber outsole which the brand hails as a new approach to sustainable design and ushers in a new era for the classic silhouette.

One of the pairs in the new version of the collection is brought to life with the iconic muppet Kermit The Frog.

The shoe has Kermit’s name embossed on the heel and his portrait printed on the left tongue. It has co-branded sock liners, additional green laces, and the Muppet character’s popular catchphrase “It’s Not Easy Being Green” embossed across both heel tabs.

The collection also features different takes on the shoe inspired by a number of iconic characters from Disney, Pixar, and Marvel. They include Marvel’s the Hulk, Rex from Disney and Pixar’s Toy Story, Tinker Bell from Peter Pan, WALL-E from Disney and Pixar’s WALL-E, and Mike Wazowski from Disney and Pixar’s Monsters, Inc.

The pairs, too, have unique details of their own in reference to the characters, such as graphic outsoles, embossed details, bold graphics, playful prints, and additional lace options.

adidas Originals is offering as well a more sustainable Stan Smith sneaker in the silhouette’s classic look, featuring a white recycled “primegreen” upper and a white recycled rubber outsole, complemented by the Stan Smith’s archetypal green heel tab.

The collection, the brand said, serves to add a push to the brand’s mission of making its products sustainable and earth-friendly which gained much headway in 2020 when 50% of the polyester used was recycled. It aims to use only recycled polyester by 2024.

The Stan Smith, Forever with Disney collection is now available in select adidas retailers and adidas.com.ph. Michael Angelo S. Murillo

Bangko Sentral receives two applications for digital banking licenses

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is processing two more applications for digital banking licenses, BSP Deputy Governor Chuchi G. Fonacier said.

“Additional two applications have been received. Another partnership between local and foreign entities,” Ms. Fonacier said in a Viber message.

The BSP in January received an application for a digital banking license from a partnership between local and foreign entities. This came following the central bank’s issuance of its framework in November that differentiates an all-online lender from those with a largely brick-and-mortar presence such as commercial, thrift, rural, and Islamic banks.

“All three [applications] are currently in various stages of processing and progressing well,” Ms. Fonacier said.

The government-owned Overseas Filipino Bank obtained the first digital banking license from the Monetary Board in March. Ms. Fonacier earlier said the Monetary Board has set an initial limit of five digital banking licenses.

Digital banks are required to have a minimum capital of P1 billion and are expected to carry out their services mostly through online platforms in lieu of the branch transactions done with traditional lenders.

Foreign lender units such as CIMB Bank Philippines, Inc. and ING Bank N.V. Manila currently operate as all-online banks. East West Banking Corp.’s Komo and Rizal Commercial Banking Corp.’s Diskartech also offer similar services.

Tonik Digital Bank, Inc. (Philippines) also launched an all-online app last month focused on high-yield savings for retail consumers.

Last week, financial technology player SquidPay Technology, Inc. said it is looking to inject up to P900 million to buy 60% shares in Batangas-based Phil Star Development Bank to form a joint venture and seek a digital banking license. — L.W.T. Noble

Get a Lexus ES 350 or LS 500 with 30% down payment

PHOTO FROM LEXUS PHILIPPINES

LEXUS PHILIPPINES offers great deals on the ES 350 and the 2020 edition of the LS 500. Either can be had via 30% down payment and a payment term of 24 months without interest.

With a price of P4.478 million, the Lexus ES 350 is said to be “an expression of the new generation of Lexus vehicles which offer an exciting driving experience coupled with unparalleled luxury.” It heralded a new era of design and performance when it was introduced. The Lexus engineering team responsible for it had clear intentions: To turn a sedan known primarily for comfort and quietness into one equally capable of delivering class-leading handling and power that can be felt and heard.

Rising on the GA-K platform which promises high torsional rigidity and low center of gravity, the ES features a sleek, bold exterior and a spacious, luxurious interior. Like other Lexus models, the vehicle also highlights exciting driving performance.

Lexus said in a release that the platform/powertrain combination “delivers flawless silky, smooth ride comfort, inheriting and further enhancing the DNA of past ES models. With sharp handling response and rock-solid stability, the ES exemplifies the successful pairing of two contradictory ideas — its smooth, silky ride yet sharp handling.”

Lexus said that “traditional buyers will find the new ES more spacious, quieter, and safer than ever before while a new generation of customers will be introduced to a sedan with sharpened performance, class-leading safety technology, and a level of craftsmanship rarely found in this segment.”

For more information, visit the Lexus website’s promo page at https://fal.cn/3eHlv or its social media pages on Facebook and Instagram (@lexusmanila). Arrange a consultation with a personal sales consultant through the Lexus Remote page at https://www.lexus.com.ph/en/lexus-remote.html.

Initial batch of piglets to repopulate hog farms delivered to Batangas

REUTERS

THE initial batch of pigs intended to repopulate farms devastated by African Swine Fever (ASF) has been delivered to Batangas and other areas that have been ASF-free for at least 90 days, the Department of Agriculture (DA) said.

Agriculture Secretary William D. Dar said in a statement over the weekend that the ‘sentinel pigs” — so called because they serve as early warning for the presence of ASF before larger-scale repopulation proceeds — will be initially implemented in eight regions — Ilocos, Cagayan Valley. Central Luzon, Calabarzon, Bicol, the Cordillera Administrative Region, Davao, and Soccsksargen. The beneficiaries are about 8,000 small hog-raising businesses, Mr. Dar said.

“We are currently implementing the sentinel and repopulation program in the province of Batangas, where we also launched early this year the ‘Bantay ASF sa Barangay‘ surveillance and biosecurity program, in partnership with hog raisers’ groups, the Batangas provincial government, Lipa City and several municipalities, the private sector, academe and veterinary associations,” he said.

Ruth S. Miclat-Sonaco, DA National Livestock program director, said the sentinel approach is also being implemented in Benguet and Camarines Sur.

“Of the three provinces, Batangas is undertaking a more extensive implementation of the sentinel protocol as it hopes to regain a pink zone ASF status sometime in May 2020,” Ms. Miclat-Sonaco said.

Agriculture Undersecretary William C. Medrano said all participants in the sentinel program should be trained in biosecurity measures, adding that the farm facilities should meet minimum biosecurity standards for smallholder and commercial pig farms.

Mr. Dar said the DA will provide the sentinel package, while monitoring and technical assistance will be supplied by local government units. Hog raisers will be given three to five sentinel piglets including feed, veterinary drugs, biologics, and anti-viral agents during the six-month fattening period.

“The ASF incidence has significantly gone down from 3,060 in the third quarter of 2020 to 935 in the first quarter of 2021, but our fight is not over, we have a long way to go to get back to where we were,” Mr. Dar said.

The DA has said P400 million was initially allocated to the sentinel initiative, P200 million for swine breeder multiplier farms to ensure a stable source of piglets, and P1.2 billion for biosecurity and surveillance. — Revin Mikhael D. Ochave

Everise to keep remote work for BPO operations

BUSINESS process outsourcing (BPO) firm Everise plans to permanently retain hybrid remote and office-based operations as it expands its Philippine workforce, a company official said.

The company shifted to work-from-home operations at the start of the strict lockdown in March 2020, and maintains remote work for 90% of its employees this year.

Everise in its United States headquarters had a work-from-home model before the pandemic, transferring processes and technologies to the Philippines when the lockdown started. Outsourcing companies were allowed by the government to continue at least some on-site work during the strictest lockdown last year.

“Part of the big plan is actually to bring more work here in the Philippines… we wanna at least try to be better than we did last year,” Everise Philippines Vice-President for Operations Kristine P. Bondoc said in an interview on Wednesday.

Everise hired 1,000 people in March and April 2020, and now has about 3,000 employees.

As the company retains hybrid remote work, Ms. Bondoc said that some of Everise client contracts are exclusively for work at home.

“There will be a balance between having both [remote and on-site work],” Everise Chief Marketing Officer Chris Greenough said.

Ms. Bondoc said that the company will look for the “right balance” between both modes, depending on client requirements. Because of the remote work measures, the company assesses its potential recruits’ internet connection while hiring.

Everise is banking on growth from investments in artificial intelligence and other technology-based solutions, she said, with the company expecting higher revenues in the next few years as it continues to focus on the health care and technology sectors.

“I would say that we would continue to expand in terms of revenue, but it might not be equal to the amount of bodies as well because we provide other services.”

Clients, she said, transitioned their own operations to digital during the pandemic.

“For example, servicing social media — we have that. We automated; we provided chatbots to some of our clients,” she said. — Jenina P. Ibañez

Black Panther director won’t boycott Georgia for superhero sequel

IMDB.COM

LOS ANGELES — Black Panther director Ryan Coogler said on Friday he would shoot the hit movie’s sequel in Georgia as planned, despite his opposition to restrictions on voting rights in the state that have prompted calls by some for a boycott.

Mr. Coogler said in a guest column for Hollywood trade website Deadline.com that pulling out of Georgia to make the sequel would adversely affect the lives of people involved in making the film.

“For those reasons I will not be engaging in a boycott of Georgia,” Mr. Coogler wrote. “Our film is staying in Georgia. Additionally, I have made a personal commitment to raise awareness about ways to help overturn this harmful bill.”

Black Panther, the first superhero movie with a predominantly Black cast, made more than $1.3 billion at the global box office. Starring the late Chadwick Boseman, the Walt Disney Co. film was the highest-grossing movie in North America in 2018.

Mr. Coogler announced his decision two days after more than 100 companies, and Hollywood stars including George Clooney and director J.J. Abrams, declared their opposition to voting curbs in Georgia and other states.

Civil rights groups and others say the measures unfairly target Black and ethnic groups.

Actor Will Smith and director Antoine Fuqua said this week they would move production on their runaway slave thriller Emancipation out of Georgia, which has become a major production hub for Hollywood.

Mr. Coogler on Friday wrote that he was “profoundly disappointed” at the passing of the bill in Georgia in March but had decided to educate himself before making a decision about filming the sequel there.

“Having now spoken with voting rights activists in the state, I have come to understand that many of the people employed by my film, including all the local vendors and businesses we engage, are the very same people who will bear the brunt of SB202,” he said, referring to the name of the bill. — Reuters