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Budget-friendly home redesign tips from expert

FROM repurposing old knick-knacks to handcrafting personalized home décor, an interior design expert shares her budget-friendly tips and tricks on how to restyle rooms and studio apartments.

“Nowadays, because of the pandemic, 90% of our time is spent at home. It made us assess what is missing or what needs to be done,” interior designer Katherine Anne Correa, the Chairperson of the Interior Design Program of the De La Salle-College of Saint Benilde School of Design and Arts,  explained.

According to Ms. Correa, first on the to-do list is to declutter. Identify which items can be disposed of or can be upcycled and reused. “When you rearrange and fix your space, it feels rejuvenating,” she said. “Somehow we feel like we enhanced some parts of our lives. This is actually therapeutic.”

Repainting could be next on the list. A repainted accent wall gives a new vibe, while wallpaper is another option. “There are a lot of wallpapers that are less expensive,” she noted. “You can buy sticker options that are affordable and are easy to install. I actually did a whole plan using this type.”

For those who wish to accentuate their spaces and get extra crafty, Ms. Correa suggests exploring découpage or the art of decorating an object by blending recycled colored paper cut-outs, special paint effects and art elements. “You can use old books, paint it over with a polyurethane finish and hang it on your shelves,” she said.

Large mirrors may be a great addition to a wall, both as an aesthetic yet functional piece and as a tool to double the impression of space in any tiny zone. “This is a trend now and a lot of different styles of mirrors have been coming out in the market,” Ms. Correa said.

Refurnishing does not necessarily mean purchasing new furniture. Old wooden chairs may be repainted or reupholstered with bright colors for a refreshing new look, while night tables may be constructed out of a pile of old hardbound books. “Use an upcycled bottle and add dried flowers as an accessory or wrap some fairy lights around it — this will serve as your bedside lamp,” she said.

For those who think they need new furniture, Ms. Correa suggests visiting flea markets or thrift shops first. “The items are second hand but are a lot cheaper,” she noted. “There are a lot of good buys if you know what you are looking for.”

“Accentuate [a space] with personalized crocheted or handwoven bedspreads and throw pillows. You can also buy traditional weaves such as inabel or inaul.”

She believes it is possible to achieve a trendy, stylish, and “Instagrammable” home without spending much. The keyword: Do-it-yourself. “DIY projects always make for reasonable and affordable home décor,” she said.

Porsche tops 2021 JD Power dependability ranking among European brands

PORSCHE is the best European automotive brand, according to the JD Power 2021 US Vehicle Dependability Study (VDS). The honor was helped to be realized by the Porsche 911, which ranked first among all models in terms of trouble-free ownership (the second time in three years it has achieved the feat), and the Porsche Macan, cited as most dependable among premium compact SUVs.

Porsche customers reported 18 fewer PP100 in the latest study to bring the overall score down to 86 PP100, compared to this year’s luxury average of 118 PP100. The 911 came in with 57 PP100, the fewest of any model across the automotive sector.

PP100 represents the number of problems per 100 vehicles experienced during the past 12 months by original owners of three-year-old vehicles. A lower score reflects higher dependability, and the study covers 177 specific problems grouped into eight major categories of vehicle features, such as infotainment systems, engine and transmission, and interior and exterior equipment.

Said Porsche Cars North America, Inc. President and CEO Kjell Gruner, “Porsche strives to make our customers’ sports car dreams come true. It is gratifying to see our iconic 911 and Macan exemplify our commitment to developing, building and maintaining exciting and dependable Porsche vehicles.”

Meanwhile, the Porsche 718 Cayman won its category in the JD Power 2020 US Best Resale Value Awards. In the study, the 718 Cayman was found to retain more of its value than any other model in its class.

The latest VDS reveals vehicle dependability is at an all-time high, with the overall level of problems cited by owners declining 10% from a year ago. The 2018 model-year vehicles measured in this year’s study were first examined in the JD Power 2018 US Initial Quality Study when new-vehicle quality had improved for the fourth consecutive year and reached its best level. Six of the 10 brands that ranked highest in that study also appear among the 10 highest ranked in the 2021 VDS. This is the 32nd year of the survey.

DITO to bring 5G tech to Davao City by late 2022; Eastern Communications starts service for businesses

DAVAO CITY — DITO Telecommunity Corp. is aiming to bring in 5G technology to Davao City by 2022, simultaneous with the company’s planned rollout of the fifth generation (5G) technology in other parts of the country.

As the newest telecommunications industry player prepares to officially launch services in the central and southern parts of the Philippines by March 8, DITO Chief Administrative Officer Adel A. Tamano said they are already planning on the network upgrade by next year.

“Our purpose is to bring the first world not just 4G, but 5G technology in the Philippines so we will start off initially with 4G technology, but it is 4G convertible to 5G,” he said during the online forum hosted by the Davao City Chamber of Commerce and Industry, Inc. on Friday.

“And hopefully by the latter part of next year, we can bring the 5G in Davao City and the rest of the country,” he added.

DITO will start its commercial operations in 17 cities of the Visayas and Mindanao, and launch later this year in Metro Manila and other parts of Luzon.

“Part of it is because we are Mindanao-based, but also because we truly believe that we want to send a different message that the DNA of DITO is to serve the underserved,” Mr. Tamano said.

DITO, formerly known as Mindanao Islamic Telephone Company, Inc., is a joint venture of Davao City-headquartered Udenna Corp., Chelsea Logistics Holdings Corp., and China Telecommunications Corp.

EASTERN COMMUNICATIONS
Meanwhile, internet service provider Eastern Communications, which is said to be the country’s oldest telecom firm, has started offering its products to Davao City.

“We have recently opened businesses in Davao City, in the CBD (central business district) in Metro Davao, but we also have plans of covering as well areas outside of the CBD,” Eastern Communications Strategic Segment Marketing Head Tonie Casas said in another forum on Friday hosted by the European Chamber of Commerce.

The company is initially providing services to business clients.

“With the addition of Eastern in Davao, you can now really rely on additional bandwidth for the businesses… 100 gigabytes per second,” Mr. Casas said.

He added that they are currently rolling out cables “that will address the need of Mindanao for connectivity.”

Eastern Communications allocated a P2.8-billion capital expenditure budget in 2020 for the expansion of its coverage in various parts of the country, including Tarlac, Cagayan Valley and La Union in Luzon, Iloilo and Bacolod in the Visayas, and Davao and Cagayan de Oro in Mindanao. — Maya M. Padillo and Marifi S. Jara

Challenges for big banks continue in Q4 2020 as total loans decline, soured loans grow

THE COUNTRY’S biggest banks lent less to households and firms in the fourth quarter of 2020, as profits fell and soured loans increased amid the coronavirus pandemic. Read the full story.

Challenges for big banks continue in Q4 2020 as total loans decline, soured loans grow

Economic rebound, asset quality to drive bank stocks — analysts

ANALYSTS expect bank stocks to perform better this year as market players look for catalysts that will aid on economic recovery, but noted banks’ provisions for credit losses to continue weighing down on their outlook.

The barometer Philippine Stock Exchange index (PSEi) jumped 21.8% in the fourth quarter of 2020, a reversal from the 5.5% decline in the previous quarter and faster than the 0.5% pace logged in the same period in 2019.

Likewise, the financials subindex, which included the banks, surged by 26.8%, a big rebound from the 7.5% drop in the third quarter.

The fourth quarter period saw all of the 14 listed banks logged quarter-on-quarter increments on their share prices with 12 posting double-digit increases. Among the banks, Security Bank Corp. (ticker symbol: SECB) marked the biggest climb at 45.4%, followed by Philippine Business Bank (PBB, 35.0%), UnionBank of the Philippines, Inc. (UBP, 32.7%), Metropolitan Bank & Trust Co. (MBT, 28.4%), Philippine Bank of Communications (PBC, 26.0%), East West Banking Corp. (EW, 25.4%), Philippine National Bank (PNB, 25.4%), Bank of the Philippine Islands (BPI, 24.1%), BDO Unibank, Inc. (BDO, 23.8%), China Banking Corp. (CHIB, 14.7%), Rizal Commercial Banking Corp. (RCB, 14.4%), Philippine Trust Co. (PTC, 12.1%). Philippine Savings Bank (PSB, 5.2%), and Asia United Bank (AUB, 0.9%).

“In a broader sense, the pandemic is still the greatest influence over the banks’ 2020 profitability. Demand for loans is likely still muted in the fourth quarter for both the retail and corporate client bases,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said.

For Philippine National Bank (PNB) Senior Equity Research Analyst Wendy B. Estacio and Equity Research Analyst Marco R. Mauleon, the share price increases among listed banks were driven by the overall bullish investment sentiment during the October to December period.

“There were more bullish investors in the [fourth quarter 2020] as news on the vaccine started coming out as interest rates in the Philippines continued to go down,” they said.

The fourth quarter saw the Bangko Sentral ng Pilipinas (BSP) cut rates unexpectedly by 25 basis points (bps) in their November policy meeting and then maintaining these rates in its final meeting in December. In total, the BSP slashed benchmark interest rates by 200 bps last year, bringing down the overnight reverse repurchase, lending, and deposit facilities to record lows of 2%, 2.5%, and 1.5% respectively. These settings were likewise maintained in its first policy meeting this year.

Unicapital Securities, Inc. Head of Research Justin Lawrence J. Tembrevilla said the low interest rate environment persists to be beneficial for banks to book higher net interest income on the back net interest margin (NIM) expansion, as funding costs remain cheap.

In addition, Mr. Tembrevilla noted that provisions for loan losses continued as the “main focal point” for banks in the fourth quarter.

BSP data on universal and commercial banks (U/KBs) showed NIM — the ratio that measures banks’ efficiency in investing their funds by dividing annualized net interest income to average earning assets — improved to 3.58% as of December 2020 versus 3.44% in December 2019.

Meanwhile, provision for credit losses on loans and other financial assets among universal and commercial banks (U/KBs) reached P192.71 billion in the fourth quarter, 4.3 times more than the P45.13 billion recorded in the same three months in 2019.

Unsurprisingly, this increase in provisions dragged net income among U/KBs in the fourth quarter. For the period, the country’s biggest banks booked a P142.56 billion in net income, 32.6% lower than the P211.57 billion posted in the same period in 2019.

Meanwhile, the nonperforming loan (NPL) ratio among U/KBs stood at 3.11% at end-December 2020, lower than 3.26% in November but still higher than the 1.57% in end-December 2019.

The banks’ asset quality remains the “main theme for 2021” along with the potential recovery of loan demand following the contraction seen last year, COL Financial Group, Inc. Senior Research Analyst John Martin L. Luciano said.

“The improvement in the visibility of asset quality generally drove the banks’ share prices higher. Recall that banks underperformed last year (before third quarter results) on the back of the uncertainty caused by the loan moratorium under Bayanihan I (Republic Act No. 11469 or the Bayanihan to Recover as One Act),” Mr. Luciano said.

The Bayanihan I gave a one-month debt holiday to borrowers, which expired on June 24 last year. Another 60 days were granted upon passage of Bayanihan II that expired in December.

OUTLOOK
Analysts expect listed banks to be among those that will perform better this year.

“We expect the sector to benefit from the gradual recovery of the economy from the COVID-19 pandemic. Moreover, with the availability of the vaccines domestically, we believe that the government could further ease restrictions, boosting consumer and business confidence and ultimately increasing the demand for loans,” Mr. Luciano said.

“More importantly, the further reopening of the economy would allow more businesses to operate at higher capacities, which could temper the rise in NPLs,” he added.

Meanwhile, Mr. Tembrevilla expects listed banks to “perform slightly better” than the PSEi, explaining the financial sector will not be a “direct beneficiary” of a faster COVID-19 vaccine rollout.

“Banks have been somewhat resilient during the stretch of community quarantine, with bottom line impact deriving only from the front-loaded provisions for loan losses,” Mr. Tembrevilla said.

He also advised investors to keep an eye on the asset quality of banks amid expectations of faster NPL formation following the expiration of the loan moratorium under Bayanihan II last December.

“If banks managed to record NPLs below the consensus of 4-6%, then this should translate to a healthier macro backdrop and faster recovery trajectory,” he said.

Ms. Estacio and Mr. Mauleon shared a similar view, saying investors should be looking at how banks will be adapting to the lifting of the loan moratorium under the Bayanihan Act.

“This will give a clearer indication of how the pandemic affected the bank and the overall economy. Therefore, investors should continue watching out for banks’ capital buffers, which will provide cushion to potential deterioration in asset quality,” they added.

Ms. Estacio and Mr. Mauleon also noted that investors would likely consider adding banks that would be able to maintain or improve their NIM despite the low interest rate environment.

“Moreover, banks that will be able to exhibit acceleration in loan growth without damaging asset quality should also be a strong investment case. However, these should also result in profit growth for the bank,” Ms. Estacio and Mr. Mauleon said.

For China Bank Securities Corp. Research Associate Zoren Philip A. Musngi, investors will likely take positions in bank stocks once the outlook for economic recovery improves, noting the performance of banks to be “largely tied” to the state of the economy.

“[E]conomic outlook remains heavily predicated on pandemic containment efforts and vaccine rollout, so positive developments with regard to these should also consequentially affect investor sentiment for bank stocks,” Mr. Musngi said.

Mr. Musngi also advised investors to monitor “monetary policy actions and regulatory developments” that may drive interest into bank stocks such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill and the recently signed Financial Institutions Strategic Transfer (FIST) Act (Republic Act No. 11523).

The FIST law allows financial institutions to clean up their books by selling their soured loans to so-called FIST Corporations.

Meanwhile, the CREATE bill will immediately slash the corporate income tax (CIT) to 25% from 30%. It further cuts CIT to 20% for micro, small, and medium enterprises with net taxable income below P5 million and total assets below P100 million.

CREATE will also lower the minimum CIT to 1% from 2% from July 2020 to June 2023, as well as taxes on nonprofit hospitals and educational institutions to 1% from 10% within the same period.

The measure, which was originally known as the Corporate Income Tax and Incentives Reform Act, also streamlines the government’s fiscal incentives program. As of this writing, Congress has ratified the final version of CREATE, which is now awaiting President Rodrigo R. Duterte’s signature.

This is best time to “slowly accumulate” on bank stocks, said I.B. Gimenez Securities, Inc. Research Head Joylin F. Telagen.

“Financials are the biggest sector losers last year 2020 and I think the worst is over and time to slowly recover… [T]he best strategy is slowly accumulate bank stocks and be part of the portfolio. And since it’s coming from a low base, financials could possibly perform better than PSEi/other sector indices,” she said.

Mr. Limlingan said that investors interested in the banking sector should keep an eye out for the BSP’s decision on interest rates and reserve requirement ratio, as well as banks’ earnings performance, and loan and deposit appetite.

“The top three banks underperformed compared to the PSEi last year, especially during the beginning of the lockdown. Hence, their current levels are comparatively cheaper. It may attract some investors to position. However, earnings performance and progress in the vaccine will still play a role,” he added, referring to BDO, BPI, and MBT. — Jobo E. Hernandez

Yields on government debt climb on US Treasuries’ movement, inflation

YIELDS ON government securities (GS) jumped last week amid rising inflation expectations and US Treasury rates.

GS yields, which move opposite to prices, went up by an average of 21.97 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Feb. 26 published on the Philippine Dealing System’s website.

“The rising 10-year US Treasuries and rising inflation expectations were reasons for the rise,” Jonathan L. Ravelas, chief market strategist at BDO Unibank, Inc., said in a text message.

“Basically, the theme [last] week was higher interest rates on inflation concerns. Adding to the pressure is the same upward pressure in bond yields in US,” a bond trader said in a Viber message.

The Bangko Sentral ng Pilipinas (BSP) gave a February inflation forecast range of 4.3% to 5.1% last Friday on faster fuel and food price increases. This is already beyond the 2-4% inflation target this year and faster than two-year high of 4.2% in January.

The February inflation report will be released on March 5.

The central bank left benchmark interest rates untouched at record lows at its Feb. 11 policy meeting but adjusted its average inflation forecast for this year to 4% from 3.2% previously, citing upward pressures from food and oil prices. For next year, it trimmed its inflation forecast to 2.7% from 2.9%.

It will hold its next policy meeting on March 25.

Meanwhile, yields on the benchmark 10-year US Treasuries surged above 1.6% last week for the first time in a year amid weaker-than-expected bids for offered seven-year notes, Reuters reported.

US bond yields had accelerated last week after adjusting for inflation, an indication that central banks would begin to scale back ultra-loose policies even officials keep a dovish stance.

US Federal Reserve Chair Jerome Powell said on Wednesday that the US central bank would not tighten its policy until the economy gets better.

Back home, yields increased across the curve. Yields on the 91-, 182- and 364-day Treasury bills went up 14.67 bps, 5.26 bps, and 5.92 bps, to 0.9962%, 1.1131%, and 1.5555%, respectively.

At the belly, the rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) rose by 11.93 bps (2.1151%), 10.88 bps (2.4536%), 11.53 bps (2.7532%), 15.58 bps (3.027%), and 34.49 bps (3.4814%).

Rates on long-tenored papers likewise climbed, with the yields on the 10-, 20-, and 25-year T-bonds rising by 60.40 bps (3.893%), 41.35 bps (4.4601%), and 29.61 bps (4.3132%), respectively.

Analysts said bond yields will likely move sideways this week as the economic environment remains uncertain.

“Markets to remain wary given uncertainty over inflation…and will likely remain so until the BSP’s guidance, if at all, when the February inflation number is released on Friday,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in an e-mail.

“Continue to expect interest rates to move sideways to up in the near term,” BDO’s Mr. Ravelas added.

“We see continuous upward pressure on yields ahead of the February CPI (consumer price index) data,” the bond trader said. — Lourdes O. Pilar

Cocoa producers Ivory Coast, Ghana, others urged to join forces

LONDON — Top cocoa producers Ivory Coast and Ghana need to control supplies and join forces with other producing countries if they want to achieve higher prices, the head of the International Cocoa Organization said.

Speaking at the Chocoa sustainable cocoa conference, Michel Arrion said Ivory Coast and Ghana recently acknowledged the need to control cocoa supplies, but they could be scuppered if other producers increase output.

“Ivory Coast and Ghana with 65% of world production are still price takers, if they were 90% they wouldn’t be price takers, so we need more producers (on board),” Michel told Chocoa participants via a virtual platform.

The head of the intergovernmental organization said that to this end, he would work towards getting other producers, as well as consumers in Asia and the United States to join the recently launched European Union (EU) cocoa dialogue with Ghana and Ivory Coast.

The global cocoa market is expected to record a surplus of more than 200,000 tons this season, with output in Ivory Coast and Ghana set to grow and demand still under pressure from the coronavirus pandemic.

Seeking to tackle farmer poverty, Ivory Coast and Ghana have added a fixed ‘living income’ premium to their cocoa sales, but their efforts have not been wholly successful and they have been forced to offset the premium by cutting other parts of their sales price.

Also, producers like Nigeria, Cameroon, Ecuador are not involved in the scheme so their cocoa is both cheaper than that of the top growers, and plentiful given surplus global supplies.

The cocoa sector remains blighted by widespread ethics abuses like child labor and deforestation despite years of industry, government and civil society efforts to produce the chocolate ingredient sustainably.

Although agricultural commodity prices have rallied this year on economic recovery hopes, cocoa prices are little changed. Michel said the sector will never be sustainable without higher prices.

The EU has launched its cocoa dialogue this year with Ivory Coast and Ghana ahead of the introduction of due diligence laws aimed at preventing the import of commodities like cocoa linked to deforestation and human rights abuses.

The laws could come into effect as early as 2024, forcing companies and producing countries to clean up their supply chains. — Reuters

Style (03/01/21)

Shopee 3.3 Mega Beauty Sale

E-COMMERCE platform Shopee will hold a Mega Shopping sale from Feb. 28 to March 3 covering different categories including those in the newly launched Shopee Beauty page. Among the items are The Ordinary’s Niacinamide serum (on sale for P400) for those looking for a tried-and-tested serum to lighten dark spots, Paula’s Choice Skin Perfecting BHA Liquid Exfoliator (on sale for P1,299) for those who want to handle breakouts, and Belo Tinted Sunscreen (on sale for P450) because even if one is spending more time indoors, one still needs to wear sunscreen because the harmful UV rays can still come through the windows and doors. These products and more are available on the Shopee Mega Shopping sale that promises discounts of up to 90% off.

Nivea Sun new products

GERMAN personal care brand Nivea has added several products to its Sun line including the Nivea Sun Face BB (P339 for 50 ml) and Nivea Sun Face Anti-Age and Anti-Pigments (P339 for 50 ml) creams alongside the Nivea Sun Protect & Moisture SPF50 Lotion (P349 for 75 ml) and Face Cream (P379 for 50 ml). The new additions to the line are targeted towards those who want a more natural face base as the BB Cream and Anti-Age face creams function as tinted sunscreens — it will not replace the function of foundations and concealers but it should work pretty well to even out one’s skin tone slightly while providing protection from the sun. There should also be no problem in layering other makeup products on top of the sunscreens. The products are available offline and online.

Kiehl’s Clearly Corrective Dark Spot Solution promotion

American cosmetics brand Kiehl’s is holding a promotion for its best-selling serum, the Clearly Corrective Dark Spot Solution (P3,200 for 30 ml) that will run from March 1 to Oct. 31 with a special bundle priced at P5,500 which includes two 30 ml jars/bottles. The serum contains a stabilized form of Vitamin C to address uneven skin tone and hyperpigmentation, white birch extract to restore hydration, and peony extract — a natural antioxidant that protects the skin and together with the other ingredients that enhances skin clarity. Kiehl’s has also introduced a subscription program for the serum where those who purchase three bottles within the promo period can get complimentary gifts and free shipping. The serum is available in offline stores and in Lazada.

ÀMEN launches new mask collection

IN CELEBRATION of Women’s Month, local brand ÀMEN will launch its newest mask collection on March 5 via a virtual fashion show on its official social media pages. The digital fashion show features highly produced 3D finger puppets that will serve as models and are inspired by empowered women like Selena Gomez, Black Pink’s Jennie, Frida Kahlo, Amelia Earhart, Helen Keller, and Michelle Obama, Heart Evangelista, Catriona Gray and Vice-President Leni Robredo. ÀMEN masks have passed the 4 Crucial Safety Test of The MASQ Collection standard. Each mask has nose contours and curve-structured silhouette for breathability; contains a silk pocket for filters; has adjustable ear straps that makes it comfortable to use; is uniquely designed (no two masks are the same); and each purchase comes with 10 sheets of PureMASQ Filters and a silk dust bag. ÀMEN will donate 10% of its proceeds to women in need. To know more about ÀMEN, visit the website at https://www.amen.com.ph/.

MUJI opens largest store in the PH at Shangri-La Plaza

JAPANESE lifestyle brand MUJI is set to open its largest store in the Philippines at Shangri-La Plaza in March, offering everyday and specialty products and a suite of exclusive services focused on the in-store experience. The largest MUJI store in the country spans 1,400 sqm (previously 400 sqm). Around 4,000 items will be available including the brand’s array of health and beauty items, stationery, travel items, kitchenware, houseware, furniture, and electronics products, as well as men’s and women’s apparel, children’s wear, innerwear, bags, shoes, and accessories. There are also specialty products and services exclusively offered at the MUJI store in Shang. This includes MUJI Labo, MUJI’s unisex clothing line that can be worn by anyone regardless of age, gender, and body type with its simple and streamlined design featuring colors and shapes for easy coordination. Customers will also get access to MUJI Advisors, who will offer free consultation services for three specific segments: interior, styling, and experience. The Interior Advisor will provide recommendations on what MUJI furniture best fits a customer’s lifestyle at home. The Styling Advisor will help address styling concerns such as questions on fit, color, and sizing options. And the Experience Advisor will help customers better understand the different products that MUJI offers under the stationery and health and beauty departments. MUJI will also introduce a free water refilling station at its Shang store. As part of its efforts to further reduce plastic waste, it will start to carry reusable water bottles priced at P160 each that customers can use to avail of the free water refilling service. The store also has Open MUJI, a space where the brand can showcase MUJI concepts and house various activities. For inquiries, call 8-370-2597/98 or visit www.facebook.com/shangrilaplazaofficial. 

Longchamp unveils the Brioche bag

FOR its Spring-Summer 2021 collection,  the French leather goods brand Longchamp unveils the Brioche, named after the sweet pastry. To respond to a general desire for softness, Longchamp has created a bag that is silky smooth with a streamlined design that also features the puffy contours and shape of its namesake. Vertical quilting with tone-on-tone topstitching gives it a structured look, free of superfluous detail. The large flap is fastened with a rectangular metal closure, trimmed in leather. The shoulder strap consists of a sliding chain, attached to both sides of the leather handle. The chain is adjustable, allowing the user to walk hands free. It will be available starting March at all Longchamp points of sale. Longchamp is exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu, Greenbelt 5 and Rustans.com.

UNIQLO opens shop in Butuan

JAPANESE global apparel retailer, UNIQLO, is set to open its first store in Butuan City on March 26. Situated at the ground floor of SM City Butuan, along JC Aquino Ave., the opening of the store marks the brand’s commitment to provide affordable, stylish, and functional essentials to more locals in helping them with their everyday clothing lifestyle needs. The 859 sqm store will feature the complete lineup of LifeWear clothing for women, men, kids, and babies, including UNIQLO shirts, pants, jeans, denims, dresses, the AIRism collection, and UV Protection pieces. On the opening week, customers can enjoy special offers on selected UNIQLO items. For updates, visit UNIQLO Philippines’ website at www.uniqlo.com/ph and download the UNIQLO APP via Google Play Store or Apple Store.

VeMoBro holds 3.3 sale

VEMOBRO, the country’s newest Filipino-made e-commerce platform, will hold a day of nonstop promotions on March 3. There will be a number of deals including P300 off for the first 33 buyers with a minimum cart value of P1,000; flash deals of up to 50% off; discounts on some items like a wearable air purifier at 15% off, wireless Bluetooth earbuds at 20% off, and bacon and franks at 6% off. Then there are the BOGO deals: purchase two of some select items and get the second item at 20% off. VeMoBro will also give away discount vouchers (check out VeMoBro’s website and mobile app and follow VeMoBro on Facebook and Instagram). VeMoBro will be treating its customers to free shipping courtesy of its logistics partners, Blue Panther, Cargo Padala Express, and Byaheros Express. VeMoBro says its merchants undergo a stringent screening process before they can officially sell their products on the platform. VeMoBro will have a special giveaway from March 4 to 12 where shoppers can win up to P10,000 worth of prizes. Create a VeMoBro account at vemobro.com.ph or download VeMoBro’s mobile application from the Google Play Store.

Swarovski to open new Wonderlab stores

THE NEW Swarovski Creative Director, Giovanna Engelbert,  has reimagined the Swarovski Swan through the filter of the Wonderlab, Engelbert’s imaginary crystal world. In her own words, “The Wonderlab is where science and magic meet, where extra and elegance collide, it is a feeling of wonder that everyone should experience as we invite them into our new world at Swarovski.” The swan takes on a streamlined form — with an elongated neck and positioning crafted to reinforce the brand’s ever-forward momentum. The finishing touch of Swarovski’s new brand icon comes in the form of a candylike octagon wrapping. Representing rebirth, the octagon is an immediate nod to a faceted crystal, evoking the craftsmanship of Swarovski’s master cutters. The Swarovski Wonderlab comes alive with the unveiling of 28 Instant Wonder stores in key global markets. Beginning with Milan’s Galleria on Feb. 23, a further 27 store openings will follow across North America, Europe and the Asia Pacific region, including new locations in Paris and New York. The retail spaces (designed in partnership with Paris-based Villa Eugenie) feature vibrant colors and textures, metallic sculptures, and innovative materials that work together to encourage exploration and self-expression, a candy-like dreamscape filled with the full spectrum of crystal lifestyle pieces — loose components, jewelry, watches, figurines and accessories — and furnished with a backdrop of Swarovski’s octagonal logo silhouette, created from the new packaging. The Instant Wonder store unveilings will be supported by both live and digital activations, including virtual tours, sneak previews of collection pieces and lifestyle content.  In the Philippines, Swarovski is available in Rustan’s Alabang, Rustan’s Makati, Rustan’s Shangri-La, and Rustan]s Ayala Cebu. Swarovski is also available through boutiques owned and operated by Stores Specialists, Inc., located at Alabang Town Center, Glorietta, Newport Mall, TriNoma Mall, The Podium Mall, Power Plant Mall, and SM Mall of Asia.

Chery PHL opens Sta. Rosa, Laguna dealership

UNITED ASIA Automotive Group, Inc. (UAAGI), the official distributor of Chery vehicles in the Philippines, grew its network of dealerships to 18 with the recent opening of Chery Sta. Rosa, Laguna. The dealership is operated by Antara Ventures, Inc. headed by Irene Montemayor.

“We are proud and excited to welcome Chery Sta. Rosa to the fast-growing Chery network of dealerships,” said UAAGI President Rommel Sytin, in a release. “We are growing our family of Chery dealerships and service centers at a very difficult and challenging time — but with the deep talent behind the management and staff of Chery Sta. Rosa, we are confident that we have all the ingredients to successfully market the Chery brand and its automobiles.”

Located at Greenfield Automall on the Sta. Rosa-Tagaytay Road in Don Jose, the showroom is open from 8 a.m. to 6 p.m. every day.

Chery Sta. Rosa has a 130-sq.m. four-car showroom as well as six spacious service bays, which can accommodate the full line of Chery Tiggo crossovers and SUVs. The dealership maintains a fleet of test drive units and invites prospective buyers to try out the latest Chery Tiggo models under full health and safety protocols.

“Sta. Rosa is the best central business district in the south and is a center of industrial parks,” added Chery Sta. Rosa dealer principal Montemayor. “We want local residents and expatriates of the area to have one more choice when looking for a car that would take them to great places,” she added.

Ms. Montemayor said she chose Chery for its “safety and technology — two of the features that consumers always ask for. Chery vehicles have basic yet modern technology that you’d wish to have inside your car. With the technology, it’s easier to navigate and enjoy the ride.”

UAAGI and Antara Ventures commit to work hand in hand to offer high-quality vehicles and services to the Philippine market and to accomplish Chery Philippines’ goal to be the top choice for small to midsize vehicles for both business and leisure use. With an excellent mix of subcompact, compact and midsize crossovers and SUVs powered by naturally aspirated and turbocharged engines with manual and automatic transmissions, Chery has rapidly grown its brand and dealership network since its launch in November 2019.

“With the support of the whole Chery Sta. Rosa team, we are confident that the Sta. Rosa showroom will be a significant contributor to the brand’s growth,” said Mr. Sytin. “Consistent excellent customer sales and after-sales service relations are what our consumers can expect to experience from Chery Sta. Rosa. Our products are the best in their class,” added Ms. Montemayor.

Chery Auto Philippines currently carries four crossover models: the subcompact Tiggo 2 and Tiggo 5X, the all-new compact Tiggo 7 Pro, and the midsize seven-seater Tiggo 8. All have 1.5-liter DOHC 16-valve EFI VVT Euro 5-compliant engines (turbocharged for the Tiggo 7 and Tiggo 8) and have automatic transmissions on all models (MT available on the Tiggo 2 and Tiggo 5X). Prices range from P695,000 for the Chery Tiggo 2 to P1.28 million for the Chery Tiggo 8, with special financing promos (subject to bank approval) available.

Customers may call 0968-313-7779 for more information.

Plans for soft launch, interconnection deals drive DITO stock

NEWS of telecommunications firm DITO Telecommunity Corp. passing its first technical audit, its interconnection agreements and its plan to start commercial operations on March 8 in Mindanao and the Visayas, led market players to take profits on the DITO CME Holdings Corp. stock with some loading positions in the last trading day last week.

A total of 535.77 million shares of DITO CME shares worth P8.90 billion were traded on Feb. 22-24 and 26, making it the most traded stock that week, data from the Philippine Stock Exchange showed. Financial markets were closed on Feb. 25 in observance of the 35th anniversary of the EDSA People Power Revolution.

The Dennis A. Uy-led firm closed at P16.14 apiece, down by 10% from the Feb. 19 finish of P17.94 each. Since the first trading day of the year, the stock has grown by 24%.

“DITO’s movement for the past few days was influenced by reports regarding the interconnection deal… and as market participants digested the news that the company is set for its commercial launch on [March 8],” Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan told BusinessWorld in a Viber message.

“[T]ogether with the broader market, the stock experienced a lot of volatility [last] week, given that the overall sentiment remains uncertain amid the ongoing assessment of investors on the COVID-19 (coronavirus disease 2019) vaccine rollout, as well as inflation concerns across the globe,” he added.

Meanwhile, AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said via e-mail the sentiment is “mainly driven by the excitement on the progress” of DITO Telecommunity.

“The company successfully passed its technical audit by the National Telecommunications Commission (NTC). They also announced that they would have their commercial launch on March 8… Investors are very excited and it is clearly showing in the price movement. This is despite the fact that several insiders have been unloading shares recently,” he said.

Asked how DITO CME’s stock movements differ from that of the other stocks actively traded last week, Mr. Mangun said its performance is “incomparable,” calling its traded volume and volatility as “unique.”

“The stock trades 5-10 times the next most traded issue. It also saw wild swings in price movement, something you wouldn’t see in a stock that trades large amounts. It continues to stand out compared to its sector peers,” he added.

In an online briefing, DITO Chief Administrative Officer Adel A. Tamano said the company’s commercial rollout will be done in phases, starting in 17 cities and municipalities in Mindanao and the Visayas. Mr. Tamano expects DITO services to be available nationwide by June.

On Monday, the NTC declared DITO compliant with its requirement to cover 37.03% of the country’s population and provide a minimum average broadband speed of 27 megabits per second (Mbps) in its first year of service.

The telco has a commitment to achieve 55 Mbps and 85% coverage during its second to fifth year of commercial operations. The next technical audit will be held in July.

According to its officials, DITO recently signed interconnection agreements with PLDT, Inc. and Globe Telecom, Inc. The infrastructure for both interconnections is expected to be finished within the month.

Latest financial statements show DITO CME’s attributable net income for the first nine months of 2020 at P69.95 million, 38.7% more than the P50.42 million in the same period in 2019.

AAA Southeast Equities’ Mr. Mangun expects the DITO CME’s stock price to rise in the coming weeks as it approaches its technical launch. “Investors will be very interested in its performance as a telco provider once they start rolling out,” he said.

Mr. Mangun placed the stock’s first support and first resistance levels at P14.4 and P19, respectively.

“[The support] level needs to hold if the price will continue higher. This remains a buying opportunity as long as it stays above this level,” he said.

“First resistance is at its all-time high of P19.00. Breaking above this level will be very bullish for the stock,” he added.

For Timson Securities’ Mr. Pangan: “[T]raders may watch closely if it stays above its nearest support at P14.00. Otherwise, its immediate resistance may be pegged at P19.00.” — Ana Olivia A. Tirona

How PSEi member stocks performed — February 26, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, February 26, 2021.

Peso expected to weaken vs dollar as focus turns to vaccines

THE PESO will likely weaken against the greenback this week on risk-off sentiment due to the recurring delay in vaccine delivery, which is seen dimming prospects for the country’s recovery, as well as expectations of quicker inflation.

The peso closed at P48.59 versus the dollar on Friday, appreciating by 1.5 centavos from its P48.605 finish on Wednesday, based on data from the Bankers Association of the Philippines.

However, the local unit weakened by 13.9 centavos from its close of P48.451 a week earlier.

The peso appreciated on Friday following the “hot money” data released by the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Foreign portfolio investments yielded a net inflow of $97.92 million in January, reversing the $486.1 million in net outflows seen a year ago as well as the net $1.607 billion that left the country in December.

The BSP identified key events during the month such as the shift to the new US administration which may have caused risk-off sentiment in the market.

For this week, Mr. Ricafort said the market will be on the lookout for the arrival of COVID-19 vaccines and the start of the government’s inoculation program.

Sinovac vaccines donated by the Chinese government were expected to arrive on Sunday. The doses were originally expected to be delivered earlier in February.

Presidential Spokesperson Herminio “Harry” L. Roque on Saturday said more than 526,000 doses of AstraZeneca doses are also expected to be delivered on Monday. 

Meanwhile, a trader said expectations of faster inflation may weaken the local unit this week.

A BusinessWorld poll of 16 economists yielded a median estimate of 4.8% for February inflation, closer to the upper end of the 4.3% to 5.1% estimate of  the central bank. If realized, it will be the second straight month of headline inflation breaching the 2-4% target following the 4.2% print in January.

Analysts said upside risks during the month likely came from higher prices of meat and fish as well as oil price hikes.

For this week, Mr. Ricafort gave a forecast range of P48.40 to P48.70 per dollar while the trader expects the local unit to move within the P48.45 to P48.65 band. — L.W.T. Noble

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