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Style (02/08/21)

COS to open first PHL store

COS, the London-based brand known for its modern yet timeless style, will open a branch in the Philippines in early 2021. It will be located in SM Aura in Taguig. “Opening in the Philippines is an exciting step for the COS Brand. We have been hoping to enter the market for some time and I think our new Manila store is a great place to start. I’m excited to see how new customers will engage with our brand and collections,” says Christoffer Sellin, COS Asia Pacific Managing Director. The new store will open with COS Spring/Summer 2021, featuring wardrobe staples from tailored sets to lightweight knitwear and effortless blazers. The collection features sustainably-sourced materials such as organic cottons, jewelry crafted from recycled yoghurt pots and zero-waste seamless knitwear sets, with each piece designed to take the wearer beyond the season.

MUJI to open its largest store in PHL

Japanese lifestyle brand MUJI will open its largest store in the Philippines by the first quarter of 2021. This will be an expansion of its store in Shangri-La Plaza, which temporarily closed for renovation back in September 2020. From a size of 400 sqm, it will expand to 1,400 sqm. The newly expanded Shangri-la Plaza store will showcase various textures and natural materials such as old wood and metal. Around 4,000 items will be available in MUJI Philippines’ largest store, including the brand’s array of everyday life essentials such as health and beauty, stationery, travel, kitchenware, houseware, furniture, and electronics products, as well as men’s and women’s apparel, children’s wear, innerwear, bags, shoes, and accessories. In addition, MUJI Shangri-La Plaza will exclusively introduce to the Philippine market some specialty products and services including MUJI Labo — MUJI’s unisex clothing line, and services such as consultation for furniture, storage, and interior coordination, styling coordination, and product recommendations as provided by MUJI Advisors. This store will also feature the first MUJI Water Refilling Service and Open MUJI area (a space where the brand can showcase MUJI concepts and house various activities) in the Philippines and will reintroduce its best-selling items at better prices with its Price Review Campaign. MUJI also has branches at Greenbelt 3, C1 Bonifacio High Street Central, Power Plant Mall at Rockwell, Shangri-La Plaza East Wing, and SM Mall of Asia.

Lucky objects at Rustan’s for Lunar New Year

FEB. 12 marks the beginning of the Year of the Ox. Rustan’s invites everyone to wish loved ones and friends well this Chinese New Year through meaningful traditions and symbolic gifts. The lucky colors for the new year are red — one of the luckiest colors in Chinese culture and often worn at big celebrations and believed to scare away spirits of bad fortune and is a bearer of happiness and success — and the Pantone Colors of the year, Ultimate Gray and Illuminating Yellow, which symbolize stability and assuredness. Rustan’s premium brands feature wide selections in these colors which are perfect for the season. For men, Hackett offers complete apparel and accessories including bright red shirts. Phone accessories and gadgets from Cygnett and Ideal of Sweden are great options for boosting work productivity. For women, brands such as Adolfo Dominguez, Ricardo Preto, Strathberry, LoQ, and Longchamp offer eye-catching pieces ranging from tops, bottoms, bags, and footwear in red, yellow, and grey. Accessorizing for prosperity may also be considered: for example, Christian Louboutin’s logo belt and Aquazzura’s suede sneakers are comfy go-to’s for errands and casual days. For kids, they can spend their hongbaos on toys that stir imagination and curiosity. Lego’s Chinese New Year-themed set familiarizes children with the importance of tradition. Space-themed sandwich cutters from Lunch Punch and cooler bags from SoYoung also make snacks more enjoyable during playtime and home school sessions. Cute backpacks, Banz sunglasses, and Micro bikes and gear will also help children enjoy the rare taste of the outdoors. For the home, decorating in red is believed to bring luck all year long. Gorenje refrigerators in Fire Red add a strong yet minimalistic design to the kitchen. KitchenAid stand mixers come in Empire Red. Finally, tableware from Noritake, Bordallo Pinheiro, Bugatti, and Christofle create a luxurious atmosphere at home reminiscent of fancy dinners at restaurants. Use these on the eve of Chinese New Year for a memorable and stylish celebration. Meanwhile, Rustan’s East Cafe now has nián gāo, better known as tikoy. It is offering the Fortune Fish Tikoy Set for P580 until Feb 12. Pre-orders with down payments are processed three to five days prior to pick up. This is only available at East Cafe in Rustan’s Makati. For inquiries, contact 8812-0233.

Shop&Shop Valentine’s Day sale

WHETHER Valentine’s Day indoors or via Zoom, visit Shop & Shop — the new chat commerce channel of Rustan Marketing Corp. — on Facebook and find the perfect gift for your significant other or shop something the two of you can enjoy together. Until Feb. 13, score discounts up to 70% on beauty, fashion, luggage and home products, and have the item delivered right to the recipient’s doorstep for free with a minimum purchase of P1,000 (except on Tefal products). Shop & Shop is open from Monday to Saturday at 10 a.m. to 7 p.m. For weekly updates on the latest product offerings and daily exclusive promos, customers can stay connected via the following channels: Viber Community (Shop & Shop), Whatsapp (Shop & Shop), Facebook and Messenger (Shop & Shop by Rustan Marketing Corporation), and Instagram (@shopandshopbyrmk).

Self-care products from Shopee’s Valentines sale

WHO says you need a significant other to enjoy Valentine’s Day? What used to be an occasion meant only for couples is now a celebration for all kinds of love — including self-love. Enjoy up to 90% off on these self-care products during Shopee’s Valentine’s Day sale. Buy yourself some chocolate like the Dark Roca Chocolate Gift Box; or treat your skin with Mixdair Hyaluronic Acid Face Serum (it keeps skin plump and supple and improves skin elasticity and brightens skin tone); a Blackhead Vacuum Remover (it features three suction levels to accommodate different skin types and conditions); Teeth Whitening Activated Charcoal clears stains sans toxic ingredients (and helps fight cavities, gum disease, and bad breath); a Collagen Body Mask; the Innisfree Jeju Root Energy Mask (it has eight variants, each offering skincare benefits such as brightening, moisturizing, nourishing, firming, and clearing); the Etude House My Lash Serum which promises longer, stronger lashes); an Electric Massage Pillow comes with an optional heating function and eight massager nodes to relieve knots and muscle tension; and Onikuma K10 Pro Gaming Headset with noise reduction capabilities, stereo sound effects, and a flexible microphone; or the Lahome Juice Blender. These and more products are available with discounts of up to 90% until Feb. 14 on Shopee.

Tag Heuer, Porsche commence partnership with special-edition chronograph

Swiss luxury watchmaker TAG Heuer and Stuttgart-headquartered car maker Porsche announced the commencement of a longtime partnership with the launch of a new automatic chronograph. Launched online last Thursday, the TAG Heuer Carrera Porsche Chronograph Special Edition comes in a 44mm case, and is fitted with either a soft calf leather strap with Porsche-inspired stitching, or an interlocking bracelet. “What I really love about this watch is that it’s a Carrera sport chronograph infused with subtle and elegant design codes of Porsche,” said TAG Heuer CEO Frederic Arnault. A bright red “Porsche” inscription is engraved on the ceramic bezel which also features a tachymeter scale, while a textured dial is reminiscent of asphalt which TAG says “perfectly expresses a passion for the road.” Arabic numbers reflect the same style as that on the instrumentation of a Porsche vehicle. The watch is equipped with a Heuer 02 movement boasting 80 hours of power reserve; even the oscillating mass of the automatic chronograph is redesigned with inspiration from Porsche’s iconic steering wheel.

Investors pick Apollo as unit’s Cagayan offshore mining operations begin

By Jobo E. Hernandez, Researcher

MARKET investors snapped up Apollo Global Capital, Inc. shares last week after it firmed up its majority owned unit’s 10,000-ton-per-day magnetite iron ore offshore mining operation in Cagayan this month.

A total of 13.05 billion Apollo shares worth P2.78 billion were traded from Feb. 1 to 5, data from the Philippine Stock Exchange showed, making it the third most actively traded issue last week.

Shares in Apollo finished the week at 20.3 centavos apiece, 4.6% up from Jan 29’s 19.4 centavos. These have jumped by 24.5% since the start of the year.

“There was already a lot of positive speculation regarding Apollo’s mining operations beginning mid-January, which drove its share price to significant highs. [S]o once the firm confirmed the news [last] week, it was more or less already priced in — as seen from the thin price range Apollo has been trading at since the start of February,” Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said in an e-mail.

“It looks like investors are overall pretty optimistic about the prospects of the country’s mining industry, which could have also fueled Apollo’s trading volume,” Ms. Agravio added.

Mercantile Securities Corp. Analyst Jeff Radley C. See shared a similar view saying that the huge mineral reserve as well as iron ore gave a boost to Apollo’s share price.

“The market reacted positively even last year as news came out that it is the first ever offshore mining in the Philippines,” he said in a text message.

In a disclosure last Tuesday, Apollo said that its 90.47% owned subsidiary JDVC Resources Corp. is set to begin its magnetite iron ore offshore mining in Cagayan this month after it secured all environment and mining requirements.

JDVC also secured “satisfactory community acceptance” from the local government of Gonzaga, Cagayan.

It also said that JDVC partnered with Kinetic Holdings Corp. of nickel and restaurant magnate Frank Lao, who invested in three deep-sea mining vessels for a combined minimum output of 10,000 tons of ore per day.

Apollo said that its mining vessel MB Siphon I is already positioned to the mining site pending “favorable” weather conditions.

Apollo’s unit has a mining area of 1,902.59 hectares located 14 kilometers offshore the municipality of Gonzaga, Cagayan.

Magnetite ore is a source of iron for the iron and steel industries.

Last December, the Environment department gave the go-signal for the country’s largest offshore mining operations to JVDC to start in January after it secured necessary permits.

Apollo secured an up to P416-million credit line from the Development Bank of the Philippines last October to jump-start its iron ore production.

Incorporated in 1998, JDVC’s prime businesses are exploring, prospecting, and operating mines and quarries of all kinds of ores and minerals.

“The question now is how much can the company actually mine per vessel, and if the weather condition will cooperate. This is what the market is waiting for,” Mr. See said.

“On a technical standpoint, Apollo’s price range also attracted a lot of retail investors because of its volatility,” Ms. Agravio said.

This mining operation may provide a boost to the company’s earnings in the long term, not immediately, she said.

Apollo’s attributable net loss in the nine months to September widened to P11.11 million from P7.27-million loss in the same period in 2019.

For this week, Ms. Agravio pegged the stock’s support and resistance levels at 18 centavos and 24 centavos, respectively.

Mr. See expects Apollo to trade in a range for now between 19 centavos and 25 centavos.

How much did each commodity group contribute to January inflation?

How much did each commodity group contribute to January inflation?

How PSEi member stocks performed — February 5, 2021

Here’s a quick glance at how PSEi stocks fared on Friday, February 5, 2021.

PSEi to move sideways on profit taking, BSP meet

By Revin Mikhael D. Ochave, Reporter

SHARES are expected to move sideways this trading week as investors pocket their profits while they await the central bank’s decision at its first policy meeting for the year.

The benchmark Philippine Stock Exchange index (PSEi) ended at 7,019.18 on Friday, higher by 115.43 points or 1.67% from its previous close of 6,903.75.

On a weekly basis, the main index likewise improved by 406.56 points or 6.15%.

The market’s average turnover fell 4.08% to P9.97 billion last week, while average net foreign selling declined 60.18% to P528.12 million.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the market is projected to move sideways this week as investors are seen to book their profits ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.

“Investors may be waiting for more earnings reports to be released, as well as taking into consideration the interest rate decision to be announced this week,” Mr. Pangan said.

The central bank’s policy-setting Monetary Board is scheduled to have its first meeting for the year on Feb. 11, Thursday.

The central bank will likely maintain benchmark interest rates when it revisits its policy settings this Thursday, according to 17 out of 18 analysts in a BusinessWorld poll held last week.

Analysts said going further into the negative real interest rate territory may cost more damage than benefits at this point, noting that fiscal policies may be more advantageous to quell soaring inflation.

The overnight reverse repurchase or key policy rate is currently at two percent, well below the 4.2% inflation print in January.

The BSP slashed the rates on its overnight reverse repurchase, lending, and deposit facilities by 200 basis points last year, bringing them to record lows.

Online brokerage 2TradeAsia.com said the local bourse will be tested in the coming trading week due to increased volatility caused by the release of earnings reports.

“The PSEi showed a strong return to the 7,000 level, but its staying power will be tested, given heightened volatility from the upcoming earnings season,” 2TradeAsia.com said in a market note.

“Globe Telecom, Inc. will be the first to report fiscal year 2020 earnings next week, but other index names are expected to follow suit for the remainder of February until March,” it added.

2TradeAsia.com said the market’s immediate support is seen at 6,900, secondary at 6,820, and its resistance at the 7,150 to 7,200 level.

“The market may eventually retest its nearest resistance at 7,300, with 6,600 being considered the major support area,” Timson Securities’ Mr. Pangan said.

Peso to climb vs dollar on policy meeting, faster inflation

THE PESO may strengthen versus the dollar this week on market expectations of a continued low interest rate environment following the above-target headline inflation print logged last month.

The local unit closed at P48.07 per dollar on Friday, inching up from its P48.08 finish on Thursday, data from the Bankers Association of the Philippines showed. The peso also closed at P48.08 per dollar a week ago.

The peso closed slightly stronger on Friday following the higher-than-expected January inflation print, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The consumer price index rose 4.2% last month, quicker than the 3.5% in December and the 2.9% in January 2020, the Philippine Statistics Authority reported on Friday.

The January print was also beyond the 2-4% annual target of the Bangko Sentral ng Pilipinas (BSP) and was the highest reading since the 4.4% print logged in January 2019.

Inflation spiked due to higher food and transport prices, based on data from the Philippine Statistics Authority.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the latest balance of payments data also supported the peso’s strength last week.

The country’s BoP stood at a record $16.022-billion surplus last year, more than twice the $7.843 billion surfeit seen in 2019, backed mostly by inflows from foreign debt as well as the import decline amid the crisis, central bank data released on Feb. 2 showed.

Last year’s surplus was also larger than the $12.8-billion surfeit the BSP expected for 2020, based on projections given in December.

For this week, the market will be monitoring the BSP Monetary Board’s first policy meeting for the year.

The central bank will likely maintain benchmark interest rates when it revisits its policy settings this Thursday, according to 17 out of 18 analysts in a BusinessWorld poll held last week.

Analysts said going further into the negative real interest rate territory may cost more damage than benefits at this point, noting that fiscal policies may be more advantageous to quell soaring inflation.

The overnight reverse repurchase or key policy rate is currently at 2%, well below the 4.2% inflation print in January.

The BSP slashed the rates on its overnight reverse repurchase, lending, and deposit facilities by 200 basis points last year, bringing them to record lows. Central bank officials have said the recent uptick in inflation would have occurred even without last year’s easing moves as the climb was caused by supply side factors like weather disruptions and the pickup in global oil prices.

Meanwhile, Mr. Asuncion said the elevated inflation print in January could push the peso higher against the dollar to make food imports cheaper.

For this week, Mr. Ricafort gave a forecast range of P48.03 to P48.12 versus the dollar while Mr. Asuncion expects a wider trading band of P47.95 to P48.15. — L.W.T. Noble

Pope Francis appoints more women to Vatican posts

VATICAN CITY – Pope Francis has appointed two women to Vatican posts previously held only by men, in back-to-back moves giving women more empowerment in the male-dominated Holy See.

He appointed Nathalie Becquart, a French member of the Xaviere Missionary Sisters, on Saturday as co-undersecretary of the Synod of Bishops, a department that prepares major meetings of world bishops held every few years on a different topic.

The previous day, Pope Francis named Italian magistrate Catia Summaria as the first woman Promoter of Justice in the Vatican’s Court of Appeals.

Becquart’s position, effectively a joint number two spot, will give her the right to vote in the all-male assemblies, something many women and some bishops have called for. She is 52, relatively young by Vatican standards.

Women have participated as observers and consultants in past synods but only “synod fathers”, including bishops and specially appointed or elected male representatives, could vote on final documents sent to the pope.

During a synod in 2018, more than 10,000 people signed a petition demanding that women get the vote.

“A door has been opened. We will see what other steps could be taken in the future,” Cardinal Mario Grech, the synod’s secretary-general, told the official Vatican News website.

While upholding the Church’s tradition barring female priests, Pope Francis has set up commissions to study the history of women deacons in the early centuries of the Catholic Church, responding to calls by women that they be allowed to take up the role today.

Last year, in one fell swoop, Pope Francis appointed six women to senior roles in the council that oversees Vatican finances.

He has also appointed women to the posts of deputy foreign minister, director of the Vatican Museums and deputy head of the Vatican Press Office. – Reuters

House proposes P420B for Bayanihan III stimulus

LEGISLATORS at the House of Representatives proposed a third stimulus worth P420 billion, which would be the largest of the Bayanihan series of stimulus packages if passed.

Speaker Lord Allan Jay Q. Velasco and Marikina City 2nd District Representative Stella Luz A. Quimbo filed House Bill (HB) No. 8628, which if passed will be known as the Bayanihan to Arise as One Act (Bayanihan III).

They said the first two Bayanihan laws were insufficient to resuscitate the economy after the pandemic.

The Bayanihan to Heal as One Act (Bayanihan I) was signed in March and authorized the President to repurpose about P275 billion worth of budget items to pandemic-containment programs. The Bayanihan to Recover as One Act (Bayanihan II) was signed in September and allocated up to P165 billion to revive the economy.

Legislators typically propose large stimulus packages at the bill-writing stage, with the total whittled down as government economic managers provide their input on the resources available to the government.   

In a statement, Mr. Velasco said Bayanihan III will help the economy gain momentum as it gradually reopens after the lockdowns of 2020. He added the two earlier Bayanihan laws were “not sufficient” to effect a recovery.

“Given that actual economic output in 2020 was far below what was assumed for budget purposes, and further losses may still be incurred as the COVID-19 pandemic is expected to prevail well into the current fiscal year, an additional economic stimulus package is needed to help the government meet its recovery targets for the year,” he said.

The P420-billion economic recovery package includes P108 billion for social amelioration program assistance to families affected by the pandemic; P100 billion for capacity-building among establishments in critically-impacted industries; P70 billion in capacity-building for workers in the agriculture sector; and P52 billion for subsidies to help small businesses meet their obligations to employees.

The stimulus bill also includes P30 billion for the labor department’s programs for the unemployed; P30 billion for internet expenses for educational institutions; and P5 billion for the rehabilitation of typhoon-affected areas.

Mr. Velasco said most of the House supports the measure.

“So far, 115 members of major political parties and power blocs comprising the supermajority in the House of Representatives have expressed their support and signified their intent to co-author HB 8628.” — Gillian  M. Cortez

DENR shuts down LGU-run open dumpsite in Pampanga

THE Department of Environment and Natural Resources (DENR) said that it shut down a four-hectare open dumpsite managed by the municipal government of Sta. Ana, Pampanga.

In a statement issued over the weekend, the DENR said its Environmental Management Bureau (EMB) in Region 3, along with the Philippine National Police-Maritime Group and Sta. Ana Municipal Police Station, issued the cease-and-desist order against the dumpsite in Barangay San Nicolas, Sta. Ana.

The Ecological Solid Waste Management Act of 2000 defines open dumpsites as those into which solid waste is deposited without planning and consideration for environmental and health standards. They are illegal to establish or operate.

The EMB also directed the Sta. Ana municipal Environment & Natural Resources Office to submit a safe closure and rehabilitation plan in a week’s time.

The open dumpsite in Sta. Ana, according to DENR Undersecretary for Solid Waste Management and Local Government Units Concerns Benny D. Antiporda, was on land classified for farming.

“You can see napakaganda po ng ating kabukiran then lalagyan mo ng basurahan sa gitna, malalason po ang tubig sa ilalim ng lupang ito kung kaya’t kailangang ma-safe closure and rehab ito (The beauty of the fields is spoiled by the dumping of garbage, which also risks poisoning the groundwater. That is why the site needs to be closed for safety reasons and rehabilitated),” Mr. Antiporda was quoted as saying in the statement.

Last month, Environment Secretary Roy A. Cimatu ordered Mr. Antiporda and the department’s regional offices to close all dumpsites by the end of March. — Angelica Y. Yang

Mindanao summit to push for rationalized infrastructure projects, dev’t programs

THE Mindanao Development Authority (MinDA) said stakeholders in the southern island’s development will meet in an online summit on Feb. 10 to propose the rationalization of big-ticket infrastructure projects in the last full year of the government’s term.

Secretary Emmanuel F. Piñol, MinDA chairman, said the Mindanao Speaks Up forum will tackle the progress of the Mindanao Railway, Marawi City’s rehabilitation, and the Samal-Davao bridge.

“The Marawi Rehabilitation Project is under the Task Force Bangon Marawi, the Mindanao Railway is handled by the Department of Transportation while the Davao City-Samal Bridge is a flagship project of the Department of Public Works and Highways. Of these three, the Mindanao Railway Project has raised great expectations from the people of the region as it promises convenient and easy movement of people and goods. The project, however, has not only suffered delays but also revision in the design,” Mr. Piñol said.

MinDA Deputy Executive Director Romeo M. Montenegro, in an interview, said the summit will tackle how the projects will raise productivity, sustain the gains of the peace process, and trigger recovery from the pandemic.

“It also seeks to promote collaboration among leaders to ensure the realization of the identified priority proposals under the first Mindanawon Presidency,” MinDA said in a statement, referring to the Davao origins of President Rodrigo R. Duterte.

Expected to join the forum organized by MinDA are representatives from the Philippine Economic Zone Authority, Southern Philippines Development Authority, and the Regional Development Committee – Mindanao Area. — Maya M. Padillo

Fintechs challenged by PHL attachment to cash

THE continued preference for cash is proving to be a major hurdle for financial technology (fintech) companies, as they seek to build trust in their platforms’ security while spreading awareness of the advantages to using their offerings during the pandemic, industry representatives said.

“We know that we are dealing with a market that still chooses to pay in cash. There are a lot of security concerns on digital payments and awareness of e-payment platforms remains low,” Xendit Philippines Managing Director Yang Yang Zhang said at a virtual briefing Friday.

In 2018, online payments accounted for 10% of the total volume of transactions, up from 1% in 2013, according to estimates provided by the United Nations-affiliated Better Than Cash Alliance. By value, such payments made up 20% of the total in 2018, from 8% in 2013.

The central bank is promoting a transition to a so-called a cash-lite society by 2023, in which e-payments will make up 50% of the total volume and value of transactions.

Ms. Zhang said her Indonesia-headquartered fintech, which provides payments infrastructure for both merchants and consumers, processed 65 million transactions per year, or about 5 million each month.

“I think that it is exciting to see the Philippines starting to comprise a growing percentage of that number as well,” she said.

Ms. Zhang said opportunities in the Philippine fintech sector are abundant because of the “friendly” regulatory environment, allowing for “more disruptive, more interesting solutions that could be built here than anywhere else in the region.”

This year, Ms. Zhang said the company hopes to expand its network of banks and retail outlets linked to its platforms.

“We want to make sure that we are building experiences that are intuitive and easy enough that more Filipinos can transition to more digital payments painlessly,” Ms. Zhang said.

Xendit Philippines has a partnership with credit app BillEase, with Xendit serving as a channel to facilitate installment payments directly from consumers’ bank accounts, BillEase CEO Georg Steiger said.

He added that fintechs hope to relieve Filipinos from the burden of having to turn to predatory lenders.

“I think the best way to end (predatory lending) is to ensure better options are available. Any crackdown will only just basically push this stuff to darker corners of the market, and if it’s not online then it will be offline,” Mr. Steiger said, noting so-called five-six lending schemes have long predated online lending and are entrenched.

He said the national ID and the availability of more information sources will help both consumers and lenders bridge the credit data gap. — Luz Wendy T. Noble

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