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‘Blooming’ during the pandemic

FIVE MONTHS into quarantine, people have more or less settled in the new normal — staying at home or working outside while taking the necessary measures to protect themselves. This also means that more people are taking self-care seriously, even if it’s just to lessen the stress of living in such a volatile world.

Two beauty brands, Avon and Nivea, have taken steps to promote self-care as they encourage women (or men, or anyone, really) to live life “in full bloom,” with both announcing two lines with floral motifs and/or ingredients.

AVON FLORAL WONDERLAND
“The new Floral Wonderland collection is the latest manifestation of our work for women empowerment which Avon has always stood for,” Anna Garces, director of marketing at Avon Philippines, said during the launch on Aug. 4 via Zoom.

The Floral Wonderland lipstick collection is a limited edition collection featuring six of Avon’s most popular colors in matte finish inside  floral packaging: Floral Fuschia, a vivid mid-tone pink with blue undertones; Ruby Rose Red, a classic rose-burgundy; Midnight Orchid, a deep bruised plum; Dainty Coral, a red with hints of burnt apricot; Red Poppy, a bright true red; and Nude Petals, a stripped neutral brown.

Ms. Garces said the collection not only allows women who purchase it to “live life in full bloom” but also helps Avon representatives as each purchase, whether through a representative or online, benefits the representatives.

Aside from launching the collection, the direct-selling company also introduced the newest face of the Floral Wonderland collection, actress Bea Alonzo.

“From her career as an actress, screenwriter, entrepreneur, to her current mission as a philanthropist, she never lets anything — not hardship, heartbreak, not even a pandemic, get in her way of accomplishing her dreams,” Anna Fernandez-Llamas, Avon Philippines’ head of beauty, said in a statement.

Ms. Alonzo established the I Am Hope organization which supports frontliners, helps women to have livelihood, and underprivileged kids get an education. The organization was created during the strict lockdown  which  was announced in March and lasted until May.

“The quarantine actually allowed me to realize that I have a bigger purpose,” Ms. Alonzo said during the event.

The Floral Wonderland collection can be purchased through an Avon representative or online via Avonshop.ph. Each lipstick is priced at P349 each or get any two colors for P399.

NIVEA BLOOMING PINK
In a similar vein, Nivea’s new Blooming Pink range is all about helping “Filipinas [bloom] confidently and beautifully so you can face a better tomorrow,” according to a release.

The range includes lotions, micellar cleansers, foam cleansers, and a deo essence. Most of the products in the range include Hokkaido Rose extract or oils, said to contain “36 times more antioxidants for clean and glowing skin.”

“Above all else, Nivea puts caring as its utmost priority. Hence, the Nivea Blooming Pink Range was born — for healthy, beautiful, glowing skin you can easily achieve at home,” Jamie Sanico-Sy Ching, Beiersdorf Philippines, Inc. marketing director, said at the Aug. 7 digital launch event.

Beiersdorf is the manufacturer of Nivea.

Nivea’s new range includes the Fair & Glow Whip Foam (P179 for 100 ml) and the Fair & Glow MicellAir Cleanser with 0% Alcohol (P179 for 200 ml). Both cleansers can be used during a double cleanse routine with the micellar cleanser removing makeup and the foam used to remove any other residue.

Nivea also has the Healthy Glow Cooling UV lotion (P249 for 200 ml). The lotion contains lotus extract, licorice extract, for that “instant cool” feeling, Vitamin C, and “added UV protection” for even-toned skin. Another variant, the Dewy Sakura (P199 for 200 ml), includes jojoba and argan oils and is scented with cherry blossoms and rose.

Finally, the range also has a Whitening Deo Essence with 0% Alcohol which comes in either Hokkaido Rose or Sakura (both priced at P114 for 50 ml). The deodorants are said to give 48-hour protection from sweat and odor and contain natural ingredients like licorice and Vitamin E to whiten underarms.

The new Nivea products are available online via Lazada or Shopee and at physical stores nationwide. — Zsarlene B. Chua

Airspeed online delivery platform SpeedFood readies nationwide expansion

SPEEDFOOD, the online takeaway and delivery platform of express courier company Airspeed Philippines, Inc., will soon be available in Clark, Cebu and Davao, as it targets to serve more restaurants that are now transitioning to the takeout-only model amid the pandemic crisis.

“We are planning to come up with locations outside Metro Manila in two or three weeks. We will be in Cebu, Clark and Davao,” Airspeed Chairperson and President Rosemarie P. Rafael told BusinessWorld in a phone interview on Aug. 13.

SpeedFood, an online multi-service platform developed by Airspeed for restaurants, is currently available in 12 locations in Metro Manila, including Megamall, SM Southmall, SM San Lazaro, SM Aura, Podium and some in North EDSA, Mandaluyong, Fairview, Masinag and Makati.

Ms. Rafael said Airspeed started operating SpeedFood in May, “as it saw the need to serve” customers, especially the food sector, amid the coronavirus pandemic.

“SpeedFood started during the lockdown. Around that time, we saw the need for a food delivery that’s different from present aggregators. We came up with a platform and an app that we introduced to the merchants, to restaurants because dine-in restaurants don’t have any experience in food delivery. So we presented the technology that will do the backend for them and the delivery and ordering platform,” she said.

“The merchants are our clients. So when the customers call in, the merchants call us to schedule the delivery,” she added.

SpeedFood explained on its website that the customer may also place an order through the restaurant’s website, if available. The restaurant will then make a delivery booking via SpeedFood’s platform.

SpeedFood said its platform enables restaurants to cater to more customers and increase their revenue. — Arjay L. Balinbin

Ford PHL moves in new Territory

 

Small SUV looks to cash in on growing segment

WE ALL remember that some years back, Ford found great success in creating a unique market space — for the mini utility vehicle — in the Asian automobile market, which is embodied by the Ford EcoSport.

The EcoSport was a huge hit, and many other brands soon followed its lead and created their own versions of vehicles that filled that demand. Fast-forward to several years later, and Ford once again recognized the wide gap forming between the mini and small utility vehicle markets. This fresh market opportunity welcomed the new Ford Territory — a small utility vehicle that is a class above the EcoSport, and that provides great value to customers who put greater premium on utility space, while keeping to an affordable budget.

Thus, not losing any time, Ford Philippines had just over the weekend formally launched its new Ford Territory in an online event. The five-seater small SUV capitalizes on Ford’s global expertise when it comes to vehicle design, engineering and driver-assist technologies. Its introductory price starts at a very convincing P1.179 million for the Trend and P1.299 million for the Titanium+, and that already includes a free three-year scheduled service plan (for purchases until Sept. 15).

The Territory was developed by Ford Motor Co. (extensively involving its Design Studio based in Melbourne, Australia, for its aesthetics and adherence to the design principles of Ford SUVs) and its JV partner, Jiangling Motors Corp. (for the development of its engine in China).

Here in the Philippines, it is offered in two variants: Trend and the top-tier Titanium+.

“The Ford Territory will boost our growing SUV lineup as a new product borne out of Ford’s long-standing heritage and expertise in the utility segment. We are confident that the Ford Territory will offer a new driving experience to Filipino customers as a modern, spacious and technologically advanced SUV that delivers great value,” remarked Ford Philippines President and Managing Director PK Umashankar.

An important product in Ford’s Asian portfolio, this small SUV has also been meticulously tested in both of Ford’s testing centers in Nanjing, China and at the Geelong Proving Grounds in Melbourne, Australia. The resulting product boasts of a finely-tuned suspension in true Ford fashion, and of good NVH (noise, vibration, and harshness) levels.

One of the things I like most about this Ford Territory is its 1.5-liter EcoBoost engine which offers a sprightly, stop-go city drive alongside commendable fuel economy. I’ve always been a fan of Ford’s EcoBoost engines; and using it on this Territory combined with CVT transmission makes for a smooth-driving, urban SUV that still has room for a bit more of fun with its Sport Mode that can be activated at the push of a button.

The vehicle is also the widest in its segment, offering commodious passenger space and ample shoulder room. Overhead is a very lovely, panoramic moonroof — an impressive premium feature for this car segment, I must say. Other bells and whistles are: Front seats that can either be heated or cooled; a 10-inch full digital display instrument cluster that you can personalize by choosing from three selectable display themes, namely: Normal, Sport, and Fashion; and, another one of my favorites, the ability to choose from seven different car ambient lighting color options, so you can always match your cabin with your mood.

Furthermore, Ford has always held great strength in its smart, driver-assist technologies, and the Territory certainly does not disappoint. Complementing its impressively large, 10-inch touchscreen — divided into four quadrants to make navigating through options quicker and easier — are four USB ports and six speakers for the Trend variant (eight speakers for the Titanium+). Of course, Apply CarPlay and Android Auto compatibility are standard. The Titanium+ goes as far as offering wireless mobile phone charging.

The Titanium+ also has Ford CoPilot360, a suite of modern safety technologies that includes Active Park Assist — which allows the car to park itself (under the driver’s supervision) in either parallel parking situations or even perpendicular parking (a segment first). Worries are vanquished with its 360-degree Around View Monitor that allows you to take a full look at your surroundings. Of course, you also get the usual adaptive cruise control with forward collision warning, autonomous emergency braking, blind spot information system, and lane departure warning.

Standard in both variants are electronic stability control, ABS, EBD, traction control, hill launch assist, rear parking sensors, and six air bags. Child seat Isofix anchorage points are ready on demand. A feature that I find extra delightful is that you can check your tire health at any time using a tire pressure monitoring system, which does not only show up once your tires are already going flat. You can literally monitor individual tire pressure at your bidding, by selecting the option from your display.

I had the opportunity to briefly drive the new Territory around the Bonifacio Global City, and one of the things that caught my attention was that the vehicle has commendable brakes — smooth and strong — even after a fast sprint driving on Sport Mode. What proved quite handy in stop-and-go traffic is its Brake Hold feature, which automatically applies the park brake whenever you come to a full stop. Stepping on the accelerator automatically releases the brake hold, and allows you to move forward with less steps compared to say, engaging and disengaging a handbrake.

The 10-inch touchscreen is now more easily manipulated using an ergonomic toggle, which is located on the driver’s right-hand side. There is quite a lot to tinker around with on the dashboard — but since this model is aimed at young, tech-savvy individuals… then it’s pretty spot-on for the market. Perhaps all one will need is a proper orientation session prior to driving, to familiarize oneself with the multitude of options.

The Ford Territory will be offered in six colors, namely: Ruby Red, Diffused Silver, and Panther Black for both variants; Star White specifically for the Trend variant; and Crystal Pearl White and Moonstone Blue for the Titanium+.

With 43 shades, Credo’s Exa sets a new standard for clean makeup

THE conventional cosmetics industry has struggled with shade inclusivity for decades. Supermodel Iman launched her namesake makeup line in 1994, due to the lack of options for women of color, and fellow legend Naomi Campbell has long been a vocal critic of the lack of inclusion in the beauty and fashion worlds.

Tremendous strides have been made in recent years. In 2017, Fenty Beauty by Rihanna created the Pro Filt’r Foundation in 40 shades. (Today it has 50.) M.A.C.’s Studio Fix Fluid is available in 63. Even Estee Lauder’s Double Wear Stay-in-Place Makeup has 56.

On the other hand, clean cosmetics — products made without ingredients that are known or suspected to be harmful to the body — have lagged behind. Westman Atelier’s Vital Foundation Stick is available in 14 shades. The Skin Esteem Liquid Foundation from Antonym Cosmetics is currently available in six shades.

In the meantime, makeup artists such as Katey Denno have had to get creative. “It’s been a lot of scraping off the orange lipstick and mixing it with a concealer that’s almost the right color,” she says.

On Aug. 7, clean beauty retailer Credo announced a breakthrough: Its private label line, Exa, includes a High Fidelity Foundation that is available in 43 shades, double what most clean cosmetics offer.

With nine stores in such cities as Los Angeles, Chicago, and New York, servicing a diverse customer base is vital to Credo co-founder Annie Jackson. “I come from beauty, so I come from a world where matching everyone that comes through the door is a prerequisite,” Jackson explains. “‘I’m sorry, we don’t have anything here for you’ is the worst possible outcome.” Credo carries around 135 lines — Rituel De Fille, Kjaer Weis and W3LL People are just a few — and none are owned by large corporations or conglomerates.

And clean beauty is booming. “We know that six out of 10 beauty consumers want to buy clean beauty — and especially Gen Z,” reports Monica Arnaudo, chief merchandising officer at Ulta. According to Euromonitor International’s Beauty Survey 2019, 24% of global respondents said “all natural ingredients” influenced their color cosmetics purchase.

Growth is promising, but small brands struggle with high costs. Annie Lawless, who founded Lawless Beauty, says sourcing clean colorants and the research and development process required to cover a wide shade range requires a bigger financial investment than conventional brands face. “It is more complicated, with the limitations clean presents,” she says, “from an inventory perspective, with a higher cost of goods, and minimum order quantities per shade.”

Companies are expanding their shade range. “Balancing business with being socially conscious is a constant challenge — and one that I’ve learned, after a decade, does require capital in order to execute properly,” Ilia founder Sasha Plavsic says. The line will expand its roster of 18 foundations next spring. Lawless Beauty will debut additional products next year. “We have two exciting complexion collections, and with them will nearly double the number of complexion shades available,” says Lawless.

Jackson is confident that the clean category will continue to trend positively. “Like, 2-1/2 years ago, the average range in a clean brand was 10,” she says. “Now, it’s 15. They get it, and they know that this is socially the right thing to do. It’s just a real financial barrier.”

According to Vapour co-founder Krysia Boinis, whose brand is sold at Credo, finding the money isn’t the hardest part. “The bigger challenge is finding strategic investors who recognize and appreciate brand values and come to the table as true partners with industry experience, a wealth of relationships, and who can add tangible value beyond just dollars.”

Credo chose the name Exa, which is the largest unit of measure, as a nod to the notion of inclusivity as an endless thing. It took the team two years to develop the breathable, yet buildable, foundation. It’s made with micro algae (an anti-pollutant), maqui berry, cocoa fruit powder, and peach leaf. The primer, which has a blurring effect on the skin to the point where the foundation may not be needed, is formulated with antioxidant-rich raspberry seed oil, CoQ10, and cocoa fruit powder.

A hefty investment from San Francisco-based Nextworld Evergreen enabled Credo to tackle the ambitious shade-inclusive launch. Credo’s late co-founder Shashi Batra was friends with Sebastien Lepinard, Nextworld’s founder, and the partnership is close and personal. As for the exact figure, Jackson says only: “It’s not for the faint of heart.” — Bloomberg

Vista Land posts 39% profit drop in first half

VILLAR-LED Vista Land & Lifescapes, Inc.’s net profit in the first semester declined by 39% to P3.5 billion as the global coronavirus pandemic impeded its operations.

The listed property developer recorded P18.3 billion in total revenues between January and June, 22% lower than the figure in the same period a year ago.

“This pandemic has impacted our performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,” Vista Land Chairman Manuel B. Villar, Jr. said.

Mr. Villar noted signs of recovery from the company’s residential business when quarantine policies eased further in June.

“In fact, our June sales are already at about 70% of pre-COVID level with sales in July tracking better than June,” he added.

So far, the company has spent P9.4 billion in capital expenditures since the start of 2020.

The integrated real estate developer took advantage of the demand for its houses outside Metro Manila by launching P1.8 billion worth of projects there in the first six months of the year. 

“We are continuously revisiting our planned project launches as well as the expansion program of our leasing business and are always making the necessary adjustments to our operations in order to better position the company once the economy recovers,” Vista Land President and Chief Executive Officer Manuel Paolo A. Villar said.

Vista Land said it is focusing on developing an integrated urban development called Communicities, which combines lifestyle retail, office space, a university town, healthcare, themed residential developments and leisure components. — Adam J. Ang

T-bill rates to dip ahead of BSP decision

RATES OF THE Treasury bills (T-bills) to be auctioned off this week will likely decline as investors wait for the central bank’s policy decision on Thursday.

The Bureau of the Treasury (BTr) plans to borrow P20 billion via the T-bills on Monday, broken down into P5 billion each from the 91- and 182-day debt papers and P10 billion via the one-year securities.

On Tuesday, the BTr will offer P15 billion in 35-day T-bills.

Bond traders expect the short-tenored securities to fetch lower rates ahead of the policy-setting meeting of the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)on Thursday.

“For the T-bills auction, we expect the 91-days to move around 5-10 basis points (bps) lower then on 182-day and one-year, sideways. [The movement of the rates will be affected] possibly on the expectations on the outcomes of the MB meeting. [BSP] Governor [Benjamin E.] Diokno mentioned that he plans to keep rates steady at the present level,” a trader said by telephone on Friday.

The Monetary Board has cut benchmark interest rates by 175 bps so far this year, bringing the rate on the BSP’s overnight reverse repurchase, lending and deposit facilities to record lows of 2.25%, 2.75 and 1.75%, respectively.

Mr. Diokno said last week there is “no compelling reason” to slash benchmark interest rates at the moment despite the disappointing second-quarter gross domestic product (GDP) data since monetary policy works with a lag.

The economy shrank 16.5% last quarter, taking the first-half GDP average to a 9% contraction and plunging it into a technical recession.

Meanwhile, another bond trader said they expect strong reception for the debt papers on offer this week as the market remains awash with cash. This will bring down rates on the T-bills by 5-10 bps, the trader said.

The trader said the three- and six-month T-bills may end up thrice oversubscribed, while the one-year papers may receive tenders twice as much as the amount on offer.

Last week, the Treasury raised P20 billion via the three-month, six-month and one-year T-bills out of tenders worth P60.298 billion.

Broken down, it borrowed P5 billion as planned via the 91-day debt papers at an average rate of 1.113%, lower than the 1.221% logged in the Aug. 3 auction.

It also made a full P5-billion award of the 182-day papers at a lower average rate of 1.386% from 1.454% previously.

For the 364-day securities, the Treasury fully awarded the programmed P10 billion. The one-year instruments fetched an average rate of 1.746%, down from the previous rate of 1.749%.

The second trader sees the average yield of the 35-day papers slipping by five basis points from the 1.157% fetched in the Aug. 4 auction where the BTr made a full P15-billion award.

At the secondary market, rates of the 35- 91-, 182- and 364-day T-bills stood at 1.137%, 1.237%, 1.489% and 1.779%, respectively, based on Bloomberg Valuation Service Reference Rates posted on Philippine Dealing & Exchange Corp.’s website.

The government has set a P170-billion borrowing program for August. It will auction off P110 billion in T-bills weekly and P60 billion in T-bonds fortnightly.

It borrows from local and foreign lenders to plug its budget deficit seen to hit 9.6% of GDP this year. It plans to borrow around P3 trillion this year.  — B.M. Laforga

Fruit growers sign logistics deal for major-city delivery

FRUIT GROWERS in Mindanao and a Davao City logistics firm have signed an agreement to bring fresh produce to Metro Manila and other major urban areas starting September.

The Durian Industry Association of Davao City (DIADC) will provide 15 tons of various fruits daily that will be transported six times a week by John Gold Cargo Forwarder.

“Since there will be no tourists coming to the city during the durian peak season, we need to bring our products to major cities to minimize if not eliminate waste,” said DIADC President Emmanuel Belviz in a statement from the Department of Agriculture (DA)-Davao Region office.

Aside from durian, the deal also covers mangosteen, lanzones and marang.

The regional agriculture office’s Agribusiness and Marketing Assistance Division facilitated the logistics deal, which was signed on Aug. 12.

“The agreement is a big help to our farmers as we are assured of cargo space that will bring our harvest to major markets such as Metro Manila, Cebu, and Iloilo,” Mr. Belviz said.

John Gold President and Chief Executive Officer John T. Baricuatro said his company will provide aircraft space at a special rate of P35 per kilo.

The agreement is good for a month, but Mr. Baricuatro said extensions are a possibility.

“If tourists and consumers from other parts of the country cannot visit Davao City during this year’s harvest season, then we will bring the fruits to their localities,” DA-Davao Regional Executive Director Ricardo M. Oñate, Jr. said.

MINDA TIENDA
Separately, the Mindanao Development Authority (MinDA), said it is preparing to bring its Tienda program to Manila.

Tienda was initiated last year to help Mindanao farmers bring fresh produce directly to market. The rolling store concept was also tapped for areas affected during last year’s earthquakes.

MinDA Tienda sa Manila will be expanded to include various processed food products and other manufactured goods from the south.

It is scheduled for Sept. 20-26 at the Mehan Garden in Manila.

MinDA Chair Emmanuel F. Piñol, in a statement last week, said Manila Mayor Francisco M. Domagoso has given a permit for the market.

Mr. Piñol said among the goods that will be showcased are fruits from the Davao Region and central Mindanao areas, seafood “from as far as Sulu and Tawi-Tawi,” organic rice, vegetables from Bukidnon’s IMTASULA Vegetable Complex, and indigenous woven products. — Marifi S. Jara

Ford gets territorial in the mini, small SUV segments

FORD PHILIPPINES President and Managing Director PK Umashankar succinctly described the all-new Territory SUV it launched last Friday as one that “delivers on space, size, technology, and powertrain.”

But when viewing from a strategic perspective, the introduction of the Territory (particularly at its size and price point), you could almost see how Ford is nicely filling in the price gaps of its portfolio. The new SUV clearly slots in between the EcoSport and Everest.

Compared to the EcoSport, the Territory is taller, longer, wider, and with a longer wheelbase as well, but it’s still considered a smaller SUV. Now don’t get lost in the jargon: The EcoSport is a mini SUV, while the Territory is considered as covering the niche between “mini” and “small.” More on that later.

I asked Mr. Umashankar during our Zoom session as to how Ford distinguishes one from the other at least from a marketing standpoint. He said that the EcoSport is “targeted toward youngsters who are stepping into the utility space that wasn’t there before. Actually… we created that space.” He should know as well as anybody since the executive was once involved in the regional launch of the EcoSport.

“The Territory is taking it one level higher. It gets into the operating space of a small utility… delivering (the) right space, a wider track, ample shoulder room, better powertrain capabilities, a higher platform, more driver-assist technologies engineered in the vehicle at a base level. By pedigree it’s a class above.”

Obviously, Mr. Umashankar is keenly looking at how the segments of the EcoSport, and additionally the Territory, are faring in this new normal. “Each product occupies its own space in the marketplace,” he explained. “The mini utility segment today in the Philippines is much bigger than the small utility segment.”

He revealed that mini utility vehicles “(account for) about eight to nine percent of the total automotive market because of the price band where it operates — below P1 million all the way to P1.1 million-P1.2 million.”

If you didn’t hear about it yet, Ford had basically nixed sedans in many markets (although we still have the Mustang, of course) in favor of SUVs and pickups. Speaking of pickups, Ford Philippines has an industry-leading 15 models in the Philippines.

As for the EcoSport and Territory: “It’s an appropriate price band (which) overlaps the sedan space. Consumers might want to switch to a different body style (i.e., an SUV) for practicality, higher ground clearance, ability on rough terrain,” stated the executive, and added that SUVs have proven to be a better draw for millennials anyway.

More mature or developed SUV markets, Mr. Umashankar posited, have overlapping points between mini, small, and large utility vehicles. “In a market like the Philippines with our size, you do not see that. You have very disparate set of elements. (There’s a) wide gap between mini and small.”

Again, the Territory is envisioned to “fill the value between the mini and small so that you come in and offer a proposition to the mini utility customers who are not comfortable with the compactness and not so practical nature of it, and want to jump to something real and give all of that.”

The affordable price positioning in the Territory should also “attract small utility customers who do have as much technology today that they would want, but they are paying a huge premium for what they have.”

The game plan, shared the Ford executive, is to “attack from both sides,” operating between the mini and small segments.

Consider that ours is the first, well, territory in the 100-strong International Markets Group (IMG) of Ford Motor Co. to get the Territory. Ford Philippines AVP for Communications Edward Joseph Francisco explained that the IMG is comprised of “a mix of growth and emerging markets” such as Thailand and Vietnam in the ASEAN region, plus “the company’s operations in Africa, ASEAN, Australia, India, Mexico, Middle East, New Zealand and South Korea.”

Clearly, Ford likes what it sees in the Philippines. And that doesn’t end with the Territory, of course. “Yes, the search is always on — the pursuit of getting more products is always on and we continue to look at more options to bring into the market,” concluded Mr. Umashankar.

Peso to strengthen as investors expect easing of restrictions

THE PESO will likely appreciate further this week on increased risk appetite amid expectations that restriction measures in Metro Manila will be lifted to support the economy.

The local unit closed at P48.765 per dollar on Friday, appreciating by 7.50 centavos from its P48.84 finish on Thursday, data from the Bankers Association of the Philippines showed. Week on week, the peso strengthened by 27.6 centavos from its P49.041-per-dollar close on Aug. 7.

The peso rallied last week as investors were looking ahead and factoring in the possible easing of restriction measures, said UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“Expectations of looser quarantine conditions coupled with some commercial flows also encouraged more selling in the dollar-peso spot market,” Mr. Asuncion said in a text message.

Metro Manila and some nearby provinces are under stricter lockdown until Aug. 18. President Rodrigo R. Duterte said last week he is unlikely to extend the modified enhanced community quarantine, saying funds are depleted and people need to go out and work.

Presidential Spokesperson Harry L. Roque, Jr. said on Saturday a general community quarantine will continue to be imposed in some key business areas outside Metro Manila, including Batangas, Quezon, Iloilo City, and Cebu City, among others.

Meanwhile, the fate of the National Capital Region, as well as Bulacan, Laguna, Rizal, and Cavite, will be announced by Mr. Duterte himself this Monday, Mr. Roque added.

The peso’s gain also came after gains in the US stock market which led to risk-on sentiment, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“The peso closed stronger amid continues weakness in the dollar after improved global market risk appetite that sent most US stock markets among 5.5 month highs,” he said in a text message.

For this week, the market will factor in the government’s decision on restriction measures as well as the Monetary Board’s policy-setting review on Thursday, Mr. Ricafort said.

A BusinessWorld poll last week said 11 out of 16 economists predict key policy rates will remain untouched as the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board meets on Aug. 20.

Mr. Diokno last week signaled they do not see enough reasons to adjust rates at the moment, saying the current policy stance could be kept “for the next few quarters” as the central bank’s previous decisions were preemptive.

The Monetary Board’s 50-basis-point cut in its June meeting brought the central bank’s total reductions this year to 175 bps. This brought the reverse repurchase, lending and deposit facilities to 2.25%, 2.75% and 1.75%, respectively.

Meanwhile, Mr. Asuncion said some external developments, including the prospects of a finalized economic stimulus package in the United States, will also impact the peso.

For this week, Mr. Asuncion gave a forecast range of P48.80 to P49.50 per dollar while Mr. Ricafort expects the peso to trade within the P49.60 to P49.00 band. — L.W.T. Noble

China’s fashion grannies return to Beijing street ‘catwalk’

BEIJING — Four famous amateur model grandmothers took off their masks during a saunter down the streets of Beijing last Thursday to demonstrate life returning to normal as the COVID-19 (coronavirus disease 2019) pandemic eases in China.

Glamma Beijing, a group of four women who met during a modelling training course after retiring 20 years ago, became an internet sensation in China last year.

A 15-second video of them walking in Sanlitun, one of Beijing’s busiest shopping districts, wearing traditional qipao dresses and oversized dangling fringe earrings, was viewed more than 50 million times in a day, according to local media.

Since then, Lin Wei, Wang Xinghuo, Sun Yang, and Wang Nianwen, all aged over 60, have enjoyed dressing up and performing in videos on short-video platform Douyin for likes.

“Your life is grey if you are always afraid of ageing and death,” said Lin Wei, 64, explaining her philosophy on growing older and enthusiasm for donning stylish clothes and makeup.

“You are old, you have wrinkles, you don’t have too much energy, or your figure becomes baggy. But this is something you can’t go against, so you need to face it with positivity.”

During the COVID-19 pandemic, when the group had to stay indoors, they reverted to creating videos about their lifestyle. They now have more than a million followers on Douyin.

On Thursday, the stylish grannies, as they call themselves in Mandarin, turned heads as they walked in figure-hugging qipaos down a street like a catwalk, in Beijing’s central business district of Guomao.

“Beauty is in all ages,” said Liu Jing, a passer-by. “You can be young and stylish, or feminine. And you can also be elegant just like these grannies.” — Reuters

Robusta coffee bean purchases rise 27%

FOOD and beverage manufacturer Nestlé Philippines, Inc. reported a 27% year-on-year increase in the local buying of Robusta coffee beans for crop year 2019-2020 due to better crop yields than originally expected.

In a statement, the manufacturing giant said that through its long-term coffee road map dubbed Nescafé plan, Robusta coffee farmers in the country have improved their output and incomes.

Nestlé Philippines said the production and earnings of 1,500 farmers in Bukidnon and Sultan Kudarat have increased under Project Coffee+, the company’s training initiative that is a part of Nescafé plan.

“On average, production by participating farmers has doubled, while incomes have tripled, as independently verified by the Rainforest Alliance,” Nestlé Philippines said.

Nestlé Philippines Chairman and CEO Kais Marzouki said the company consistently made efforts to assist Filipino coffee farmers who are in need of aid from various stakeholders such as consumers.

“With Nescafé as the biggest domestically produced coffee brand in the Philippines, we are buying as much coffee as we can locally, and are increasing our direct purchasing from farmers and cooperatives,” Mr. Marzouki said.

“As we help generate livelihood opportunities, we offer a ready market for Robusta coffee farmers based on world market prices,” he added.

Last year, Nestlé Philippines updated its criteria for local coffee bean procurement, while keeping the quality of its products.

For instance, one of its products, Nescafé Classic, has only one ingredient: green coffee. Nestlé Philippines said that during the manufacturing process, only green coffee and water are used.

The company said that processing time for coffee was reduced, which increased the frequency of deliveries. Farmer workload also went down, particularly in harvesting, drying and sorting produce.

“Farmers selling coffee beans to the company have said the new criteria are making it easier for them to sell their produce and to provide greater volumes to the company,” Nestlé Philippines said. — Revin Mikhael D. Ochave

Fish production rises 3.1% in second quarter

FISHERIES OUTPUT rose 3.1% year on year to 1.18 million metric tons (MT) in the second quarter led by commercial fisheries and aquaculture producers, the Philippine Statistics Authority (PSA) said.

In its fisheries situation report, the PSA said production of commercial fisheries, which accounted for 27.3% of total output, rose 13.5% to 321.72 thousand MT.

Harvests from aquaculture farms rose 3.4% to 566.94 thousand MT and accounted for 48.2% of total production.

Production of municipal fisheries fell 7.1% to 287.81 thousand MT and accounted for 24.5% of fisheries output.

Of the total output, 88.7% or 255.27 thousand MT consisted of fish unloaded at municipal landing centers while the rest were fish caught in inland waters.

The PSA said that of 20 major fish species in the country, the biggest increase in production was in bali sardinella (tamban) at 45.7% to 125,996 MT, followed by skipjack (gulyasan) at 19.7% to 74,048 MT, and round scad (galunggong) at 18.6% to 74,709 MT.

Other fish showing output gains were cavalla (talakitok), up 8.1% at 7,086 MT, yellowfin tuna (tambakol/bariles), up 3.5% at 29,847 MT, tiger prawn (sugpo), up 2.3% at 12,652 MT, milkfish (bangus), up 2.2% at 106,915 MT, and seaweed, up 1.1% at 312,480 MT.

Registering declining output were fimbriated sardines (tunsoy), down 45.9% at 13,096 MT, Indian mackerel (alumahan), down 24% at 13,906 MT, slipmouth (sapsap), down 17.5% at 9,324 MT, squid (pusit), down 15.2% at 12,694 MT, and big-eyed scad (matangbaka), down 13.2% at 25,994 MT. — Revin Mikhael D. Ochave

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