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Style (03/08/21)

Summer style the UNIQLO way

GLOBAL apparel retailer UNIQLO has launched its new and refreshed summer essentials line-up for 2021. Dedicated to making lives easier through clothing, LifeWear is rooted in the Japanese values of simplicity, quality, and longevity. “UNIQLO’s versatile line of summer essentials, made up of shirts, dresses, short pants, and premium and linen items, are perfect for different lifestyles and any type of summer activity whether at home or going out,” said Masayoshi Nakamura, Chief Operating Officer of UNIQLO Philippines, in a statement. For a casual work life there is the Linen Blend Kaftan Dress featuring a linen-blend fabric that provides an effortless style perfect for working at home. For men, the linen cotton stand collar shirt is a versatile basic that is designed for a laid-back or corporate feel. For the home, check out the Women’s Mid Rise Denim Shorts, designed with the authentic and vintage feel of denim, yet come in a mostly cotton material and a good stretch for a comfortable fit;  and the Women’s Linen Blend Open Collar Short Sleeve Shirt which comes in off-white, yellow, blue, and navy. Men can check out the Supima Cotton Crew Neck Short Sleeve Shirt, which combines style and function. At first glance, the shirt looks stylish with its looser fit that drapes towards the hem. When worn, the 100% Supima cotton material feels high-quality as its extra-long staple fiber guarantees strength, softness, and color retention. Pair this with the Men’s Easy Shorts (Jersey), a light and cool garment perfect for lounging at home. It comes in a variety of prints for added style. For exercise, there is the DRY-EX Crew Neck Short Sleeve, made with an extremely fast-drying fabric with anti-microbial and anti-odor properties for sweaty situations. Its highly-breathable woven surface keeps fitness enthusiasts cool, while the mesh holes dry sweat quickly. The Men’s Nylon Geared Shorts suit a more rugged lifestyle as it is made with a light and durable ripstop nylon material with an added water-repellent coating. The shorts have an above-the-knee silhouette that makes it easy to move around in, while six functional pockets can carry necessities. For more updates, visit UNIQLO Philippines’ website at uniqlo.com/ph and download the UNIQLO APP via Google Play Store or Apple Store.

CITEM joins first-ever virtual AIFFS

THE CENTER for International Trade Expositions and Missions (CITEM) will bring in 10 Philippine brands for the fully digital edition of the first virtual edition of the ASEAN International Furniture & Furnishings Show VX 2021 (AIFFS VX). Representing the best of Philippine craftsmanship in the home and lifestyle sectors at AIFFS are FAME+ exhibitors Acento Colleccions, E. Murio, Enpekei International, Goltrio, Junk Not, La Galuche, Mejore, Obra Cebuana, Prizmic & Brill, and Stonesets International. Each brand has shown its commitment to paying homage to Philippine culture through their designs. Launched in October 2020, FAME+ is CITEM’s response to the evolving and rapidly digitizing demands of trade and export. The digital trade platform improves the searchability and discoverability of its over 200 exhibitors from the home, fashion, and lifestyle (HFL) sectors to buyers and design enthusiasts across the globe. Through its digital magazine Touchpoint, FAME+ tells the story of Philippine design excellence as reflected in the materials, techniques, traditions, and people that make these export products. Organized by the ASEAN Furniture Industries Council, the AIFFS will be hosted by the Chamber of Furniture Industries of the Philippines, Inc. and will be participated in by seven ASEAN countries: the Philippines, Indonesia, Laos, Malaysia, Singapore, Thailand, and Vietnam. Visitors can interact with exhibitors on the AIFSS VX online platform from March 9 to 12, and can still view exhibitor catalogues from March 13 to 18. Visitors and buyers may log on to www.aiffsvx.com to register.

Tiangge Daily Sale at Greenhills this March

THE GREENHILLS Shopping Center — which continues to provide shoppers with everything they need from mobile and technology, local jewelry, specialty goods, everyday essentials, fashion, unique shops for collectibles, to food — is holding a month-long Tiangge Daily Sale where different retail categories will be on sale on different days. The schedule is as follows: Mobile Monday will offer discounts on mobile phones and accessories; Thrifty Tuesday will see promos on essentials such as masks, face shields, alcohol, and more; Wow Wednesday offers great deals on local products like pearls, wooden items, and hand-woven products; Techy Thursday sees price offs on cameras, speakers, laptops, and tablets; Fashion Friday offers a price cut on shoes, bags, and clothes; Savory Saturday specializes on special markdowns on delicacies; and Super Sunday where discounts of up to 70% off are offered on selected items mall-wide.

Cartier reinterprets the Tank Cintrée

FOR THE occasion of the Tank Cintrée’s 100th birthday, Cartier presents a limited edition of 150 numbered pieces, all sold before the launch, illustrating the success of the new editions of Cartier watchmaking’s signature designs. A very faithful tribute to the original model that marks its entry into the 21st century. For this new watch, the Tank was elongated and is characterized by the curvature of its case. Comfort and ergonomics, its name comes from its curved shape which allows the watch to mould itself naturally to the wrist. While the thickness of its case measures 6.40 mm today, all of its signature aesthetics remain: the “rail track,” Roman numerals, apple-shaped hands, beaded winding crown set with a sapphire cabochon and ardillon buckle bracelet. An aesthetic signature that remains unchanged since its creation in 1921, it is a watchmaking classic that is now equipped with a manufacture movement with manual winding, the calibre 9780 MC. In the Philippines, Cartier is exclusively distributed by Stores Specialists, Inc., and is located at Greenbelt 4, Shangri-La Plaza, and Solaire Resort & Casino.

Comfort by Sealy

ADMIT IT — working from home often means working from your bed. Not the best idea, say some experts. But who wouldn’t look at their bed after yet another Zoom meeting and decide to just lie down and maybe answer some e-mails then take a nap? Spending so much time in bed certainly highlights the flaws that might otherwise have been ignored. A mattress that’s too soft can initially provide comfort but actually lacks the proper support, leading to back pain and other orthopedic problems. On the other hand, a stiff mattress won’t be flexible enough to adapt to your specific body type. So it might be time to upgrade. The Sealy Posturepedic provides quality conformance, comfort and support. Its revolutionary patented spring technology, perfected over a span of 140 years, is the most advanced spring system within the mattress industry. One can choose from a wide collection of orthopedic mattresses and 5-star hotel bed sets. And for those who like working in bed, Sealy Philippines also carries the first and only spring adjustable bed system in the country.

Nuxe offers summer discounts

KNOWN for the cult-favorite multi-purpose dry oil Huile Prodigieuse, Nuxe has curated a three-step guide for one’s summer skincare routine. Plus, it is offering discounts up to 30%. The three-step process starts with cleaning with the Rêve de Miel Face Cleansing & Make-Up Removing Gel which is infused with honey and sunflower or the Rêve de Miel Face & Body Ultra Rich Cleansing Gel that’s also infused with honey and sunflower. It’s texture is thicker and honeyed for daily use on dry and sensitive skin while maintaining the hydro-lipidic film. Step 2 is hydration with the Huile Prodigieuse Beauty Dry Oil that’s packed with seven botanical oils and 98% natural ingredients that gives long-lasting hydration. It also has an anti-pollution shield effect, and now comes in a limited edition bottle for girls on-the-go. Step 3 is to protect your skin by wearing sunscreen like the Nuxe Sun Melting Face Cream SPF 50. Its melt-away texture cloaks the face in an evanescent finish and the notes of sweet orange, tiare, and vanilla. Apply the product liberally over the entire face, avoiding contact with the eyes, 30 minutes before going out in the sun. Reapply frequently, especially after swimming or towel-drying. For more nourished and well-protected lips, apply the Rêve de Miel Ultra Nourishing Lip Balm that combines honey, botanical oils and propolis. From March 13-16, save up to 20% off on Nuxe products in LazMall and Shopee Mall. For a minimum spend of P1,500, get a free Nuxe tote bag, or a free Nuxe deluxe sample for a minimum purchase of P2,500.  Buyers also get P50 off on the shipping fee plus P100 collectible vouchers. To top it all off, buyers get an additional 3% off when they buy two Nuxe products and 5% off when they buy three. Meanwhile, customers who prefer to shop in stores can head to Rustan’s Department Stores on March 13-16, and receive a free Nuxe Tote Bag for a minimum single receipt purchase of P1,500 or a free Nuxe deluxe sample for a minimum single receipt purchase of P2,500 worth of Nuxe products. Those who prefer to shop at Landmark (Trinoma, Alabang, Nuvali), Robinson’s Ermita and Look Store at SM Aura can enjoy discounts of up to 30% off on Nuxe skincare products. Promo is also valid in Rustans.com, beautybar.com.ph and lookatme.com.ph.

Rustan’s celebrates Women’s Month

RUSTAN’S The Beauty Source kicked off International Women’s Month with #GRLPWR Make It Happen — a campaign that showcases women’s stories about rising up despite challenges and setbacks. The month-long celebration will include virtual live events featuring local female leaders, with special promos and raffle prizes up for grabs. Following the success of its 2020 run, #GRLPWR: Make It Happen presented Leaders in Heels, an online event, which broadcasted on March 5 at Rustan’s The Beauty Source’ Facebook Page, featured writer and student Nikki Huang; director, entrepreneur, and content creator Janina Manipol; multimedia host and PAWS advocate Joey Mead-King; and journalist, CNN Philippines senior anchor and correspondent Pinky Webb. Next up is Girl Talk with The Beauty Edit’s Nicole Limos on March 12, 4 p.m., via the @RustansTheBeautySource and @TheBeautyEdit.PH Instagram Accounts. She will host the Girl Talk Live together with Jam Avelino, Education Manager of Rustan’s The Beauty Source. Meanwhile, gifts and discounts are being given throughout March and April to loyal customers. Offers are applicable via in-store purchase at any Rustan’s The Beauty Source, through its online site at Rustans.com, or via the Personal Shopper On Call service which now has one universal number — 0917-111-1952. #GRLPWR’s exclusive offers that are valid from March 6 to 15 from brands like Murad, Jo Malone, Perricone, Neal’s Yard Remedies, Giorgio Armani, Maison Francis Kurkdjian, Phyto, Jane Iredale, Mario Badescu,and Laura Mercier. There will be discounts of up to 50% on select Beauty and Fashion brands. Beauty Addict members can earn x5 Beauty Addict points when they shop at Rustan’s The Beauty Source from March 6-15. Every purchase worth P2,500 gets the customer one e-raffle coupon to qualify for the #GRLPWR Raffle Promo where prizes include a Nespresso Inissia Gift Set in Black (3rd prize); Rustan’s The Beauty Source Beauty Exclusive Beauty Kit worth P15,000 (2nd prize); and a P30,000 Shopping Spree at Rustans The Beauty Source (grand prize). The raffle promo is applicable in stores, Rustans.com, and Personal Shopper On Call from March 16 to April 15.

Chris Hemsworth is the new face of BOSS

Actor Chris Hemsworth takes the spotlight as the international face of BOSS, with a new campaign for Spring/Summer 2021. As the brand’s first global ambassador, the Hollywood actor will front fashion campaigns in 2021 and into 2022. Aside from being an actor, Hemsworth is a dedicated environmentalist, and strategically leverages his popularity to draw attention to climate change and species protection. With the appointment of Hemsworth – a passionate surfer who epitomizes a well-balanced lifestyle – HUGO BOSS is taking another step in its casualization process of the BOSS brand. He represents a new vision for the BOSS man, one that redefines what it means to be successful. Lensed by Australian photographer Georges Antoni, the campaign captures the actor in casualwear and eased-up tailoring from the new Spring/Summer 2021 collection, reflecting his easy going character and natural sense of style.

Greater than normal palay weakness expected if global rice prices decline

RICE TRADERS are expected to depress their offer prices for palay, or unmilled rice, to give themselves a margin of safety should the international price of rice fall, threatening to flood the Philippine market with cheap imports, a farming organization said.

Federation of Free Farmers National Manager Raul Q. Montemayor said the buying price of palay, the form in which farmers sell their crop, could be purchased at “lower than normal prices to play safe” should traders come to believe that “international prices will eventually go down and cheap imports might surge again.”

Currently, Mr. Montemayor said in a mobile phone message, high international rice prices are keeping import volume down.

“I would have expected imports to be much larger but I think the high international price is discouraging imports,” Mr. Montemayor said.

“Most importers will wait and see for the meantime. Importers will bring in mostly premium grade rice that they can sell at a high price to well-off consumers to maintain their margins,” he added.

Import values, as reflected in rice tariff collections, are signaling higher international rice prices on a year-on-year comparison. The Department of Finance said in a statement Friday that the average value of rice imports in January rose 11.5% year on year to P20,262 per metric ton (MT). As a result, tariffs from rice imports collected by the Bureau of Customs (BoC) rose 58% to P2.04 billion in January.

Preliminary data from the BoC also indicated that volumes imported in January rose to 287,957 MT, up 29% from a year earlier.

In 2020, the BoC announced the collection of P15.494 billion from imports of 2.38 million MT, down 24% from collections in 2019, the first year of implementation of Republic Act No. 11203 or the Rice Tariffication Law. — Revin Mikhael D. Ochave

How PSEi member stocks performed — March 5, 2021

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

Philippines slips in Tholons 2021 ranking of ‘Digital Nations’

THE Philippines dropped out of the top 10 in a list of countries that are considered attractive destinations for technology, digital and innovation, and business process management, after seeing a decline in the workforce population amid the pandemic. Read the full story.

Philippines slips in Tholons 2021 ranking of ‘Digital Nations’

Peso to drop vs dollar on import bets

THE PESO is likely to weaken against the greenback this week as the market waits for more vaccines to arrive in the country, which could signal a wider economic reopening and bring in more imports.

The local unit finished trading at P48.56 per dollar on Friday, appreciating by six centavos from its Thursday close of P48.62 against the greenback.

Week on week, it also gained three centavos from its P48.59-per-dollar finish on Feb. 26.

The peso’s appreciation versus the dollar on Friday followed the close of the  government’s retail Treasury bond (RTB) sale, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The Bureau of the Treasury raised P463.3 billion through its offering of three-year RTBs. This is the second-biggest issuance next to the record P516.3 billion in five-year RTBs it issued in 2020.

Meanwhile, a trader attributed the peso’s movement versus the dollar last week to developments in the US financial market.

“The local currency was little changed last week after Federal Reserve Chairman Jerome Powell said he is monitoring financial conditions and would be “concerned” by disorderly markets, but stopped short of offering specific steps,” the trader said in a Viber message.

Mr. Powell said in a Wall Street Journal forum that they remain committed to maintaining ultra-easy monetary policy until the economy is “very far along the road to recovery.”

The trader added that the peso’s P48.56 close on Friday “signals the rising dollar theme is gaining traction.”

For this week, Mr. Ricafort said the market will be tracking the arrival of more coronavirus disease 2019 (COVID-19) vaccines in the country.

“More COVID-19 vaccine arrivals and rollouts would increase the likelihood of a nationwide moderate general community quarantine sooner, thereby improving market sentiment and the overall economic recovery prospects,” Mr. Ricafort said.

Mr. Ricafort gave a forecast range of P48.45 to P48.75 per dollar while the trader expects the local unit to move within the P48.50 to P48.70 levels. — L.W.T. Noble

PSEi likely to move sideways amid mixed leads

STOCKS are expected to react to developments in the country’s coronavirus disease (COVID-19) situation this week, with more cases of people infected with different virus variants being reported in the past few days.

The benchmark Philippine Stock Exchange index (PSEi) went down by 1.12 points or 0.01% to finish at 6,881.37 on Friday.

Week on week, however, it went up by 86.51 points from its 6,794.86 finish on Feb. 26.

“The index was up 1.3% [last] week, snapping three straight weeks of losses as sentiment improved following the start of the country’s vaccination drive,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message on Friday.

The Philippines started its COVID-19 inoculation on Monday after receiving the first batch of CoronaVac vaccines from Chinese pharmaceutical Sinovac Biotech Ltd. on Sunday, Feb. 28. Over 487,000 doses of the AstraZeneca vaccine from the World Health Organization’s COVAX program also arrived in the country on Thursday, March 4.

“It managed well despite pressures from a corrective US market and inflationary threats,” COL Financial Group, Inc. Chief Technical Analyst Juanis G. Barredo said in a separate Viber message on Friday.

“For [this] week, eyes will remain on the US market and see if it can rally or roll down further. A rise in US bond yields have been the thorn on its side and whose concerns have reverberated worldwide,” Mr. Barredo said.

“Philippine bond yields have also picked up, soaring to around 4% from 3% into the onset of 2021. This was likely due to the rise of inflation, which threatens the possible rise in rates. Such headwinds may keep the market in consolidation bounds for the meantime,” he added.

Consumer prices rose faster for a fifth straight month to a 26-month high in February as food prices continued to surge, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary data from the PSA showed headline inflation at 4.7% last month, picking up from 4.2% in Jan. 2021 and 2.6% in Feb. 2020.

The February inflation result marked the fastest pace since the 5.1% in Dec. 2018.

The latest headline figure is a tad lower than the 4.8% median in a BusinessWorld poll but falls within the 4.3%-5.1% estimate given by the Bangko Sentral ng Pilipinas (BSP) for February.

Year to date, February inflation settled at 4.5%, beyond the BSP’s 2-4% target for the year.

COL Financial’s Mr. Barredo expects the market to close between 6,600 to 7,400 this week, while AB Capital Securities’ Mr. Soledad sees the index closing from 6,750 to 7,000 as “investors digest a slew of negative and positive news.”

“Faster inflation, increasing cases of the UK and South African COVID-19 variant, and the rising positivity rate might [weigh] on sentiment. On a positive note, vaccine doses continue to arrive in the country, which can accelerate the rollout,” Mr. Soledad added. — Keren Concepcion G. Valmonte

FIST oversight panel wary of incentives abuse

THE TWO chambers of the legislature will form a Joint Congressional Oversight Committee (JCOC) to monitor the implementation of the Financial Institutions Strategic Transfer (FIST) Law, with its co-chairs saying that the panel will ensure that FIST incentives are not abused by parties availing of its tax-light asset-transfer rules.

“(The JCOC) will particularly ensure that the provisions on the FIST corporation applications and plans, transfer of assets, and availment of incentives and privileges are followed,” Senator Grace S. Poe-Llamanzares, who chairs the Committee on Banks, Financial Institutions and Currencies, said in a text message.

Ms. Poe-Llamanzares will co-chair the joint committee along with her House counterpart alongside Quirino Representative Junie E. Cua, who heads the House Committee on Banks and Financial Intermediaries.

The JCOC is authorized by Section 27 of the FIST Law, which went into the books as Republic Act No. 15523 after it was signed in February.

The law facilitates the transfer of non-performing loans and their underlying collateral assets to FIST corporations, which are known as FISTCs under the law. Unburdened by bad assets, banks are thus expected to resume their focus on lending growth to help the economy recover. The FISTCs will then specialize in managing the transferred assets, disposing of them or restructuring as necessary. They will also be allowed to sell shares to large investors to raise capital and allow investors to benefit from any returns generated.

“There should be a periodic evaluation of the incentives provided in Sections 15-17 as this is the portion of the law that can be abused,” Mr. Cua said in a text message.

The FIST Law allows financial institutions to sell their non-performing assets to FISTCs. The transfer rules apply to assets that become non-performing until Dec. 31, 2022.

The law provides for tax exemptions and fee privileges for transactions related to the transfer of non-performing assets from banks to FISTCs. These exemptions include documentary stamp tax, capital gains tax imposed on land transfers, value-added tax and creditable withholding tax in relation to the transfer of the assets.

It also gives additional tax exemptions and fee privileges for FIST corporations by excluding them from income tax on net interest income and documentary stamp tax.

“There should be a careful analysis of the transfer of assets from the financial institution to a FISTC and to a third party to ensure that there is no circumvention of the law,” Mr. Cua said.

“Ultimately, the Oversight Committee will ensure that all of the parties’ rights are respected,” Ms. Poe said.

The Bangko Sentral ng Pilipinas estimated the industry’s bad loan ratio at 3.7% in January, against 3.61% in December and 2.16% a year earlier.

In January, non-performing loan volume rose 0.15% month on month to P392.256 billion and rose 67% year on year. — Luz Wendy T. Noble

Measure regulating loan rates to go before House committee this week

THE House Committee on Banks and Financial Intermediaries will discuss a bill this week that proposes amendments to the Usury Law that will cap interest rates for credit cards and otherwise set a prescribed range of fixed rates for various forms of lending.

The Committee Chairman, Quirino Province Representative Junie E. Cua, said the measure will set rates by law. Rates are currently only regulated by memorandum orders of the central bank and Supreme Court decisions.

“The idea is to set a cap on interest especially on credit cards. It will also apply to all lending services,” he said in an interview with BusinessWorld on Sunday.

Bataan Rep. Geraldine B. Roman filed House Bill (HB) 7967 on Nov. 6 as proposed amendments to the Usury Law.

HB 7967 sets the maximum interest rate for credit card charges and other cash advance arrangements at 12% annually, or any such rate prescribed by the Monetary Board of the Bangko Sentral ng Pilipinas, subject to some constraints.

The limitation on the Monetary Board-set rate on loan, forbearance agreements, and credit card charges is “not more than the three percentage points higher than the rate of 91-day treasury bills in the quarter preceding the monetary board’s imposition of the said maximum rate.”

The Monetary Board is also authorized to prescribe maximum rates for the various types of borrowing, subject to the limits described above.

Ms. Roman in the bill’s explanatory note said the proposed amendments will “benefit individual borrowers who are especially vulnerable to the economic impact of the pandemic.”

Mr. Cua said there will be a hearing on the matter Friday, and invited the financial industry to make known their positions.

“I don’t want to pre-empt the stakeholders who have yet to submit their positions… Consumers want something fixed while these businesses want something flexible,” he added. — Gillian M. Cortez

DENR shutters Pangasinan sanitary landfill

THE Department of Environment and Natural Resources (DENR) has closed an 18,000-square meter sanitary landfill in Urdaneta City, Pangasinan on Friday, after the facility failed to address its violations within the deadline set for it.

In a statement issued over the weekend, the DENR said that its Region 1 Director Maria Dorica Naz-Hipe and local environment officials served the cease-and-desist order (CDO) on the sanitary landfill in Barangay Catablan.

In January, the Urdaneta landfill received two CDOs for violating the Ecological Solid Waste Management Act and the Philippine Clean Water Act. The landfill had until February to improve its facilities by “adding a water treatment facility, siphoning garbage seepage and identifying a new ideal cell, among others,” DENR Solid Waste Management and Local Government Units Concerns Benny D. Antiporda said.

At a follow-up inspection on March 1, the DENR found out that the facility was still not in compliance. “There was no action taken by the local government unit. (Mr.) Antiporda said that the engineered sanitary landfill was given a grace period to correct the necessary violations, but they were not able to do so,” the department said in a statement.

Mr. Antiporda said that although sanitary landfills were “better alternatives to open dumpsites,” this alone did not immediately guarantee a permit to operate.

“With the marching orders of DENR Secretary (Roy A.) Cimatu to close all dumpsites by end of March, the demand for SLFs increased significantly in several areas across the country… We want to send a strong message to all those who take the reminders for granted,” he was quoted as saying.

Open dumps are sites where solid waste is deposited without planning and consideration for the environment and health standards. They are illegal to establish or operate. At present, there are some 169 open dumps that are still operating nationwide. A sanitary landfill is a waste disposal site where possible significant environmental impacts are controlled, according to the environment depart ment. — Angelica Y. Yang

GOCC subsidies top P230 billion in 2020, up more than 14%

SUBSIDIES PROVIDED to government-owned and -controlled corporations (GOCCs) rose 14.34% in 2020 to P230.418 billion, with close to half going to the Philippine Health Insurance Corp. (PhilHealth) and the Social Security System (SSS), which implemented a wage subsidy program designed to keep workers employed during the pandemic.

The subsidy totals were released by the Bureau of the Treasury over the weekend.

The overall subsidies exceeded the reduced P191-billion budget for the year by 53%.

In December, subsidies rose 68% to P42.561 billion.

Some P113 billion went to PhilHealth and the SSS, with the former receiving support for its increased coverage for coronavirus disease 2019 (COVID-19) cases and the pension fund implementing the wage subsidy program.

Subsidies to PhilHealth amounted to P62.397 billion, down 14% from a year earlier.

The SSS received P51 billion in budgetary support last year, as opposed to zero subsidies a year earlier.

The ramped up support for the state pension fund more than offset the reduced funding for GOCC subsidies last year, when the government diverted funding to support the pandemic containment effort.

The government subsidizes state-run firms to cover operational expenses not supported by their revenue.

The National Irrigation Administration received subsidies worth P33.677 billion, down 8%.

The Land Bank of the Philippines received P23.3 billion, down 24%.

Subsidies to the National Housing Authority rose 31% to P18.14 billion, while support given to the National Food Authority rose 50% to P10.522 billion.

Subsidies to the National Electrification Administration totaled P6.3 billion (up 29%), Light Rail Transit Administration P3.5 billion (down 5%) and Philippine Crop Insurance Corp. P3.164 billion (down 20%).

GOCCs receiving at least P1 billion in subsidies last year were the Bases Conversion Development Authority, National Power Corp., Philippine Children’s Medical Center, Philippine Fisheries Development Authority, Philippine Heart Center, Philippine National Railways and People’s Television Network, Inc.

The five state-owned firms at the bottom of the subsidy table were the Philippine Ports Authority (P3 million), Philippine Tax Academy (P18 million), Cagayan Economic Zone Authority (P31 million), Philippine Center for Economic Development (P34 million), and Zamboanga City Special Economic Zone Authority (P42 million).

This year, the government budgeted P148.188 billion for GOCC subsidies, down 22%. — Beatrice M. Laforga

ADB sets $80-billion climate financing target

THE Asian Development Bank (ADB) said Friday that it has set a target of $80 billion worth of climate financing by 2030.

The ADB is committed to helping its member countries access clean and reliable energy, ADB Chief of the Energy Sector Group Yongping Zhai said.

“Our target is to reach $80 billion in climate financing for 2019-2030. From 2009 to 2019, our clean energy financing totaled $23 billion,” Mr. Zhai told BusinessWorld in an e-mail interview Friday.

On its website, the bank committed to ensure that at least 75% of its projects will address climate change mitigation and adaptation by 2030.

The ADB said 86% of projects it funded last year are expected to contribute to mitigating climate change.

On Wednesday, a newly-formed international coalition of civil society organizations and people’s movements called on the ADB to end the funding and support for gas, coal and oil. The “Fossil Free ADB Coalition” claims that the bank has “spent around $10 billion on fossil fuel projects since 2009.”

“The ADB’s continued support for fossil fuels undermines its mission to achieve a ‘prosperous, sustainable, inclusive and resilient’ Asia and the Pacific and undercuts its commitment to climate action,” the Fossil Free ADB Coalition said in a statement.

ADB has said that it is in the process of revising its 2009 energy policy, which will guide its investment decisions until 2030.

On Friday, ADB’s Mr. Zhai said that the bank has conducted three rounds of consultations with non-governmental organizations on its updated energy policy, and will continue to consult with stakeholders.

“The new policy will reflect the global commitments on climate and sustainable development and will support our Asian developing members in their low-carbon transitions,” he said. — Angelica Y. Yang

A better working world where #SheBelongs

Today, as we celebrate International Women’s Day, we continue to recognize that women’s advancement is an economic imperative for increased prosperity, stronger communities and a key factor in building a better working world. Women all over the globe continue to demonstrate their crucial role in keeping the wheels of society turning, as well as breaking down traditional gender stereotypes.

SGV & Co., as a member firm of EY Global, will be initiating a series of activation campaigns and communications that focus on women empowerment and appreciation in line with an EY global campaign that rallies the advancement of women in the workplace. We wholeheartedly support EY’s timely message that gender equality is not a problem that needs to be solved, but a solution to the most complex challenges faced by businesses and society. The key campaign narrative articulates the vital importance of making sure that #SheBelongs across all levels of an organization and is closely involved in decisions, design and execution of value-creation operations.

In line with our long-standing value of meritocracy, SGV has always recognized the importance of advancing women and institutionalizing gender equality in the workplace. Not only is this part of our environmental, social, and governance (ESG) agenda, but it is also in alignment with our purpose of inclusively nurturing leaders, regardless of gender. Moreover, it is an integral element of our focus on sustainable development, aligning with the UN Sustainable Development Goals (UN SDGs).

EQUAL OPPORTUNITY, REGARDLESS OF GENDER
This parity-based culture has been embedded in the firm since its earliest years. SGV was one of the earliest Philippine companies to admit a woman into the partnership, Linda Villanueva, in 1961 and one of the first to elect a woman chair and managing partner, Gloria Tan-Climaco, in 1992.

As of the beginning of FY 2020, women comprised 60% of our people, exhibiting a strong gender diversity across the talent pipeline. It is proof that SGV provides the necessary policies and support to foster a secure working environment where women can thrive as they pursue their careers. As of Jan. 1, 2021, the gender statistics within the firm saw women comprising 47% of the leadership and 49% of the partnership. Our dynamic female partners rose through the ranks on their own merit and deliver valuable contributions to the firm. They possess a deep understanding of the career journey for women in SGV and are in the position to mentor more future women leaders in the organization.

As proof of its commitment to close the corporate gender gap and promote diversity and inclusiveness (D&I) in the workplace, SGV was the first EY member firm and the first professional services firm in Southeast Asia to obtain the Economic Dividends for Gender Equality (EDGE) Assess-level certification through the Philippine Business Coalition for Women Empowerment (PBCWE) in 2018. EDGE is the leading global assessment methodology and business certification standard for gender equality. It measures where organizations stand in terms of gender balance across their pipeline, pay equity, effectiveness of policies and practices to ensure equitable career flows, as well as inclusiveness in their culture.

ADVANCING WOMEN BEYOND THE FIRM
SGV is also an active supporter of various organizations that focus on advancing D&I and gender equality.

The firm celebrates women in its programs, such as when Socorro Ramos, the founder and general manager of National Bookstore became the first woman to win the prestigious Entrepreneur of the Year Philippines (EOYP) in 2004. She was followed by Natividad Cheng, chairperson and CEO of Multiflex RNC Philippines, Inc. (Uratex), who won Entrepreneur of the Year Philippines in 2017. The EOYP program also dedicates a category to recognizing outstanding woman entrepreneurs.

In addition, EY has the Entrepreneurial Winning Women (EWW) program, which identifies ambitious women entrepreneurs from around the world whose businesses show potential to scale. This customized executive leadership program provides them with the resources they need to achieve their full potential. This includes an elite global network of high-growth companies led by women, where participants can expand their knowledge with the latest executive dialogues and research about business practices and strategies.

SGV Senior Adviser, Ambassador Delia D. Albert, is also an exemplary woman leader, with a career that includes being the first female diplomat to serve as Secretary of Foreign Affairs in the Philippines and the ASEAN region. Spurred by her concern for the welfare of the thousands of overseas Filipino women workers, she initiated a resolution to promote and protect these women’s rights at the Geneva Commission on Human Rights in 2004.

SGV & Co. is also a founding member of the PBCWE, which was launched in 2017 through a partnership between the Philippine Women’s Economic Network (PhilWEN) and Investing in Women, an initiative of the Australian government. The coalition is made up of influential businesses that are large employers who will take appropriate steps to improve gender equality in their own workplaces and influence other businesses to become better employers of women. SGV alumna-partner Ma. Aurora D. Geotina-Garcia is the chair of PhilWEN and co-chair of PBCWE.

ENSURING THAT #SHEBELONGS
Celebrating the economic, political and social achievements of women around the world allows us to drive discussion around initiatives that accelerate gender equality and promote inclusion. We cannot wait for years to close the economic gender gap, and every small action taken now can make a difference towards positive and meaningful change.

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views reflected in this article are the views of the author and do not necessarily reflect the views of SGV, the global EY organization or its member firms.

 

Maria Vivian C. Ruiz is the Vice Chair and Deputy Managing Partner of SGV & Co.

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