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Kiehl’s offers skin checks at special set-up

AMERICAN beauty brand Kiehl’s is encouraging people to start the new year right with better skincare as it promotes its Ultra Facial and Ultra Facial Oil-Free Moisturizers to keep skin hydrated and protected from the elements.

“It doesn’t matter what skin type you have, you need a good moisturizer to keep your skin healthy,” Kaila Nicdao, business unit director for L’Oreal Luxe, told BusinessWorld during an event on Jan. 29 at the Glorietta Activity Center in Makati City.

The experience at the Glorietta Activity Center, which runs until Feb. 4, encourages visitors to have their skin checked by Kiehl’s customer representatives so they can “best determine the ideal skincare routine for your needs,” according to a press release.

Moisturizers are products that protect the skin from transepidermal water loss from the skin’s moisture barrier — in short, it helps the skin retain moisture. The skin’s moisture barrier — the skin’s outermost layer — protects the body against bacteria and environmental damage. If the barrier loses too much moisture, environmental aggressors can penetrate the skin.

The Kiehl’s Ultra Facial cream, which has been a company staple since the 1970s, and Oil-free formula both contain Antarcticine, a “glacial glycoprotein extract” meant to moisturize dry skin and hold even in extreme cold. It also contains Imperata Cylindrica roots said to contain high concentrations of potassium which provide “immediate and lasting hydration for the skin,” and the Kiehl’s signature product: squalane, a botanical lipid similar in molecular structure to natural skin lipids. Squalane is said to absorb easily in the skin and help restore the skin’s moisture balance.

Ms. Nicdao noted that while Kiehl’s original Ultra Facial Cream has always sold well, they noticed that in the past year that the oil-free gel formula has gotten more popular which is “a good sign that even people with oilier skin are starting to use moisturizers.”

“In the past, people with oily or combination skin shies away from moisturizers because they’d feel it makes them oilier, but with our oil-free formula, it provides moisture without making you feel oilier,” she said.

Both products claim to provide “24-hour hydration.” The Ultra Facial Cream is priced at P995 for a 28 ml tube, and P3,600 for 125 ml. The Oil-free gel cream is priced at P1,850 for 50ml. — Zsarlene B. Chua

Robinsons Bank targets to book P1-B net income

GOKONGWEI-LED Robinsons Bank Corp. is looking to grow its earnings to hit the P1-billion mark this year after ending 2019 with about P700 million in consolidated income, its top official said.

Robinsons Bank President and CEO Elfren Antonio S. Sarte told BusinessWorld that the bank will hit its P1-billion profit goal this year by growing its loan portfolio, especially its consumer loans, which posted double-digit growth in 2019.

While the bank has yet to release its full-year 2019 earnings report, Mr. Sarte said they likely hit their P700-million income target for 2019.

“Hopefully, we get to an income level of about a billion this year. From P700 (million) to P1 billion… We are growing our loan books quite fast. I think we are really more of a lending bank, both on commercial and corporate…but on consumer, we’re growing double-digit… I think year on year, we are growing about 30% in our consumer business,” he said on the sidelines of the central bank’s annual reception for the banking community on Jan. 24.

A P700-million consolidated income for 2019 will be more than double the P317-million bottom line Robinsons Bank booked in 2018.

The bank booked a net income of P461.28 million in nine months to September last year, surging by 56% from P294.96 million posted in the same period in 2018.

Mr. Sarte said the bank ended 2019 with P128 billion worth of assets and targets to grow this by at least P30 billion this year.

As of end-September 2019, Robinsons Bank was the 19th largest bank in the country in terms of assets with P107.638 million.

Mr. Sarte earlier said the Gokongwei-led bank will still push through with its plan to be upgraded to a universal bank and eventually do an initial public offering within four years or by 2024.

BOND OFFER
Meanwhile, Mr. Sarte said its P10-billion fundraising program that it will launch this year will be offered in two tranches worth P5 billion each.

He said they have yet to finalize the details of the bonds but they can issue them as corporate bonds, notes or long-term negotiable certificates of deposit (LTNCD).

“We can do either corporate bonds or we can also look at corporate notes and LTNCD, but total is P10 billion this year. I’m looking at possibly two tranches — P5 billion each,” he said.

The bank’s board members approved its P10-billion fundraising plan for the year last month.

In October last year, the lender raised P2.5 billion via two-year bonds, the second tranche of its P10-billion corporate bond program for 2019. The bank also raised a total of P5 billion from two-year bonds in August last year from the first tranche of the fundraising program. — Beatrice M. Laforga

Unifrutti plans banana farm in Basilan

DAVAO CITY — Banana exporter Unifrutti Tropical Philippines, Inc. is finalizing plans to develop a 1,000-hectare farm in the island province of Basilan.

“There is already a tripartite agreement between the local government, ourselves and the cooperatives there,” Unifrutti Philippines President Alberto F. Bacani said in a press conference Friday.

The agribusiness venture agreement is awaiting approval from the Provincial Agrarian Reform Council.

Mr. Bacani said the area is just the initial project, and they see a potential of developing the province into a “banana island in the future.”

The project will be financed by the Land Bank of the Philippines, with a loan value of about $30,000, or more than P1.5 million, per hectare that will be available to the growers.

Unifrutti will provide technical and management assistance as well as ensuring a market for output.

The project was proposed by local officials to develop former coconut plantations that were devastated by pests.

Mr. Bacani also announced that the company was finalizing a partnership for the development of new farms in the town of Ampatuan in Maguindanao.

He said Unifrutti continues to explore areas within the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), which includes Basilan and Maguindanao, because of the potential of its vast arable land that is “flat and can be irrigated.”

Unifrutti has previously developed a banana plantation in Paglas, Maguindanao and pineapple farms in Wao, Lanao del Sur.

Mr. Bacani said experience in the region has taught the company that the key to successful expansion projects is finding “good partners,” which means respected and dynamic community leaders who can bring together the individual growers to establish large-scale farming.

He added that the BARMM, set up last year replacing the Autonomous Region in Muslim Mindanao, has “technocrats that are not political, but they are people who know how to run businesses and do corporate governance.” — Carmelito Q. Francisco

China December soybean imports from US soar amid easing trade tensions

BEIJING — China’s imports of US soybeans surged in December from a year earlier, data showed on Friday, as China ramped up purchases during a thaw in the two country’s trade war.

China brought in 3.09 million tonnes of soybeans from the United States in December, 44 times the level a year ago, data from the General Administration of Customs showed.

The figure was also up from 2.56 million tonnes in November, after some delayed cargoes cleared customs, but was still shy of the six million-plus levels for US December imports to China in 2017 and earlier years.

Friday’s data provided a breakdown of China’s buying by origin after figures released earlier in January showed it bought 88.51 million tonnes of soybeans overall in 2019, just up from 88.03 million tonnes in 2018.

Beijing has pledged to buy billions of dollars more in agricultural goods from the United States as part of a Phase 1 deal to calm a bitter trade row. Soybeans made up more than half of its US agricultural purchases in 2017 before the trade war erupted and are expected to make up a key part of any increased purchases.

For all of 2019, China brought in 16.94 million tonnes of US soybeans, edging up from 16.6 million tonnes in 2018, when shipments nearly halved from the previous year due to the trade dispute.

China usually turns to US soybeans in the fourth quarter of the year when the American harvest dominates the market. But US cargoes nearly halted in late 2018 after Beijing slapped retaliatory tariffs on a list of US products including soybeans.

Chinese buyers, however, resumed some purchases of US beans after a truce in their trade row and after Beijing issued extra tariff-free waivers for some American shipments in a goodwill gesture to Washington.

China’s December shipments from Brazil, its largest supplier of the oilseed, came in at 4.83 million tonnes, up 10% from a year earlier, and up 25.1% from November.

For the full year, China brought in 57.67 million tonnes of soybeans from Brazil, down 12.8% from 66.1 million tonnes in 2018.

Chinese importers bring in soybeans to crush into cooking oil, and soymeal to feed the livestock sector.

Overall imports in 2019 were down from 95.54 million tonnes in 2017, with China’s demand curbed by the deadly African swine fever disease, which has nearly halved the country’s massive pig herd.

The 2017 imports included 32.85 million tonnes of US soybeans and 50.93 million tonnes from Brazil. — Reuters

Shares may move sideways as virus fears persist

By Denise A. Valdez
Reporter

PHILIPPINE SHARES may continue moving sideways this week as the novel coronavirus (nCoV) outbreak continues to scare investors into the sidelines.

The bellwether Philippine Stock Exchange index (PSEi) dropped 2.59% or 191.89 points to close at 7,200.79 on Friday. This translates to a 5.54% decline for the main index on a weekly basis.

“Funds sought safety, as headlines related to the novel coronavirus outbreak in more than 20 countries stymied global sentiment. The PSEi fell…, highlighted by a deep Friday sell-off, after DoH (Department of Health) reported the country’s first confirmed nCoV case,” online brokerage 2Tradeasia.com said in a market note.

Value turnover last week dropped 18% to an average of P5.49 billion, while foreign investors sold an average of P608.37 million from the prior week’s P330.83 million.

“Health outbreaks, such as that of the novel coronavirus, neither have timelines nor definite endgames — and markets would have to deal with this uncertainty for now,” 2Tradeasia.com said.

The Philippines reported its first death of a person with the novel coronavirus yesterday, the first casualty on record outside mainland China. The victim was a 44-year-old Chinese man from Wuhan who arrived in the country on Jan. 21. He was the companion of the 38-year-old woman that the Health department reported last week as the first case of coronavirus in the country.

Deaths in China due to the virus have soared to 304 with 14,380 confirmed cases as of end-Saturday, Reuters reported yesterday. More than 130 cases of persons with the virus have also been reported across more than 20 countries.

While the virus is often likened to the Severe Acute Respiratory Syndrome or SARS and Middle East Respiratory Syndrome or MERS outbreaks in 2003 and 2012, respectively, which “did little to spook the PSEi,” 2Tradeasia.com said it must be noted that the novel coronavirus has a faster mode of transmission due to a “more globalized 2020,” and its impact may be greater because of the “present global supply chain’s increased dependency on Chinese capital and labor.”

“Brace for further volatility from hereon, as markets digest developments on the nCoV side and its accompanying economic repercussions,” it said.

As questions on the virus outbreak pile up and with fears yet to subside, 2Tradeasia.com said the market could only hope for a positive inflation report from the government on Feb. 5 and the central bank’s policy decision on Feb. 6 to drive up activity from investors.

“Note that the central bank previously hinted trimming at least 50 bps (basis points) for 2020, 25 bps of which may come by (first quarter 2020). Any supportive move may inject zeal, in tandem with earnings announcements from sector giants Bank of the Philippine Islands and Globe Telecom, Inc.,” it said.

“Immediate support is 7,000, secondary at 6,900, resistance 7,300-7,400,” it added.

Through fire and ice in the Subaru Forester

Text by Angel Rivero
Photos by Jakob Kurc

IT’S HARD to find a country more intriguing than the so-called “land of fire and ice” — a place born out of volcanic eruptions over millions of years, formed somewhere in the North Atlantic Ocean and just barely skipping the Arctic Circle region.

Among its first powerful settlers, the Vikings found this land sometime in the ninth century and thought it was so special they decided to name the place “Iceland” in an attempt to fool other humans into thinking that it had a harsh and geographically unattractive environment.

Meanwhile, they named their neighboring island in the farther north “Greenland” — a sly, but undeniably smart tactic to divert other settlers to that place instead which, in reality, is less inhabitable because most of the land is frozen. In the end, they succeeded in cornering this land as their own. And today, Iceland remains a nation of Nordic culture — rich with Viking heritage and countless, passed-down sagas.

The country has, in the last few years, boomed in terms of tourism. As a matter of fact, if you choose to visit anytime within the Western summer months, you will almost certainly be met by large, (occasionally annoying) crowds who plan to go Instagram-crazy over locations of social media fame — most of them conveniently located within the country’s Golden Circle tourist circuit.

The Golden Circle is an approximately 300-kilometer-long route in Southern Iceland that includes a multitude of extremely picturesque, natural formations that are easy to visit and quite close to one another. It is very conveniently accessible from the capital, Reykjavik, and is thus one of the busiest and most touristy destinations in the entire country.

Rather than joining the typical tour group, I highly recommend a comfortably paced self-drive through the main attractions instead. In fact, I strongly suggest not only exploring the Golden Circle tourist stops, but also opting to drive around the entire country once! Believe it or not, Iceland’s Ring Road — the national road paved roughly around the perimeter of the entire country — is only a bit over 1,300 kilometers long. In theory, one could drive around the entire country nonstop in less than a day.

Being unexcited about large tourist crowds and rather seeking the quiet magnificence of Iceland’s occasionally desolate landscapes, my husband and I chose to drive around the country once — completing the Icelandic Ring Road from point to point, but stopping overnight in several towns along the way — and we did it in a fourth-generation Subaru Forester.

An important factor to consider about Iceland is that the country’s weather shifts swiftly and dramatically — from biting cold, to intermittent rain, to vicious winds, to a surreal sunny moment (in the spring). Road conditions are certainly not for frail vehicles, and the Subaru Forester totally fits the bill with its crossover versatility combined with its iconic, Symmetrical All-Wheel Drive. The SUV is perfect for a road trip here because it offers sufficient creature comforts within the cabin that merit continuous, lengthy drives spanning several days across remote towns and national parks, without sacrificing utility and performance on demand. Spontaneous road closures are not uncommon in this unforgiving but magnificent land, and the Forester is ready to take on any type of terrain, as it is also especially gifted with an X-mode function that can be activated when more challenging, off-road action is required.

Furthermore, the Forester’s hefty ground clearance of 220mm is always a plus when having to traverse more rugged terrain. Its built-in safety features and preparedness free worries from your head. At the end of the day, the one thing a vehicle should be able to give you for an epic journey like this is the confidence of being able to drive anywhere you’d like to go.

Iceland is crazy expensive but is well worth being one of the epic trips of your lifetime. From volcano trekking, to glacier hiking, to marveling at some of the grandest waterfalls in all of Europe… From relishing the eerie black sand beaches and ruggedly beautiful lava flows that crawl far into the horizon, ever beyond what your eyes can see… to even “fan-girling” at some famous Game of Thrones shooting sites — there is so much to discover in this land of light and darkness. The country undergoes constant reshaping via powerful subterranean forces — and therefore no two visits will ever be exactly the same.

How PSEi member stocks performed — January 31, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, January 31, 2020.

 

Labor inspections resume this month

THE Department of Labor and Employment (DoLE) said it will resume labor inspections this month, covering company compliance with labor law and workplace safety standards.

DoLE said Sunday that it issued Administrative Order No. 27, Series of 2020 directing all regional offices to resume labor inspections in their jurisdictions.

“The labor law compliance officers (LLCOs) who will conduct the inspections are tasked to ensure the compliance of private companies on general labor standards, such as proper payment of wages during holidays, overtime pay, implementation of the minimum wage law, remittance of social benefits of their workers, and others. Also subject to inspection is the compliance of companies to health and safety standards,” DoLE said.

There are nearly a million private establishments across the country, of which the DoLE inspected 57,514 last year and 34,263 businesses the year before.

Labor inspections were suspended in December in preparation for this year’s inspections. The only inspection processes that were not suspended were those dealing with occupational safety and health standards (OSHS), technical safety, complaints, and other tasks directly assigned by the Labor Secretary. — Gillian M. Cortez

POGOs to be taxed at 30% under new Senate bill

A MEASURE proposing a 30% tax rate on the Philippine Offshore Gaming Operator (POGO) industry has been filed at the Senate.

Senate President Pro Tempore Ralph G. Recto, in Senate Bill No. 1295,said the tax rate will apply to “the taxable income derived in the preceding taxable year from all sources within and without the Philippines.”

The proposed law covers Philippine-based operators, and local gaming agents and service providers.

Mr. Recto said the tax regime aims to address the confusion on whether POGOs should be taxed. In the bill’s explanatory note, he said the amendment to the national tax code is “necessary to remove any doubt and avoid the confusion whether or not POGOs are taxable in our jurisdiction.”

The Office of the Solicitor General has clarified that foreign-based POGO firms are not covered by local taxes. In Mr. Recto’s version, he also proposed to levy an income tax rate worth 30% of the gross income of foreign-based POGOs

The bill provides for a 5% franchise tax on gross receipts, already enforced under Revenue Memorandum Circular No. 102-2017.

Currently, POGOs must pay a 5% franchise tax, collected in lieu of all kinds of taxes; normal income tax, value-added tax and other taxes on other related services income from non-gaming operations, among others.

Senator Pia S. Cayetano, who chairs the Ways and Means Committee, said she is open to measures that will tax the POGO industry.

“If you’re doing business in the Philippines, dapat mata-tax ka (you need to be taxable),” Ms. Cayetano said in a briefing Tuesday.

“Like anything else basta sakop ng trabaho ko (within my area of responsibility) I always have an open mind; (but) taxing them in what sense?”

A counterpart measure, House Bill No. 5777, has been approved by the House Committee on Ways and Means and is currently awaiting plenary action.

The House version sought to impose an income tax on foreign nationals working in offshore gaming firms, amounting to 25% of the salaries, wages, compensation and other fees. It also carries a 5% franchise tax on gross revenue or receipts.

The POGO industry will be investigated at the Senate this week with the Committee on Labor, Employment and Human Resources Development looking into the influx of unregistered foreign workers.

The Tuesday hearing will also tackle the industry’s failure to remit taxes to the Bureau of Internal Revenue and threats to national security. — Charmaine A. Tadalan

China to inject $174 billion of liquidity on Feb. 3 as markets reopen

SHANGHAI — China’s central bank said it will inject 1.2 trillion yuan ($173.8 billion) worth of liquidity into the markets via reverse repo operations on Monday, as the country prepares to reopen its stock markets amid a new coronavirus outbreak.

China’s authorities have pledged to use various monetary policy tools to ensure liquidity remains reasonably ample and to support firms affected by the virus epidemic, which has so far claimed 305 lives, all but one in China.

The People’s Bank of China made the announcement in a statement published on its website on Sunday, adding the total liquidity in the banking system will be 900 billion yuan higher than the same period in 2019 after the injection.

According to Reuters calculations based on official central bank data, 1.05 trillion yuan worth of reverse repos are set to mature on Monday, meaning that 150 billion yuan in net cash will be injected.

Investors are bracing for a volatile session in Chinese markets when onshore trades resume on Monday after a break for the Lunar New Year which was extended by the government.

China’s stock, currency and bond markets have all been closed since Jan. 23 and had been due to re-open last Friday.

There will be no further delays to the reopening, the country’s securities market regulator said in an interview published by the state-backed People’s Daily newspaper on Sunday.

The China Securities Regulatory Commission (CSRC) said it had taken the decision after balancing various factors, and believed the outbreak’s impact on the market would be “short term.”

To support firms affected by the epidemic, the CSRC said companies that had expiring stock pledge agreements could apply for extensions with securities firms, and it would urge corporate bond investors to extend the maturity dates of debt.

The CSRC is also considering launching hedging tools for the A-share market to help alleviate market panic and will suspend evening sessions of futures trading starting from Monday, it said.

“We believe that the successive introduction and implementation of policy measures will play a better role in improving market expectations and preventing irrational behavior,” it told the People’s Daily.

China is facing mounting isolation as other countries introduce travel curbs, airlines suspend flights and governments evacuate their citizens, risking worsening a slowdown in the world’s second-largest economy.

On Sunday, the Philippines reported the growing epidemic of a coronavirus has claimed its first fatality outside of China, where new confirmed infections jumped by a daily record to top 14,000 cases. — Reuters

Bill seeking insurance for builders sent to TWG

THE HOUSE Committee on Labor and Employment has ordered the creation of a technical working group (TWG) to draft the final version of House Bill 2479, which seeks to make insurance coverage mandatory for all construction workers.’

“Right after my sponsorship of House Bill 2479 in the committee, the chairman immediately moved for the creation of a TWG and no one objected. Kaya talagang nagpapasalamat ako sa mga kasamahan ko sa pagsuporta sa aking panukalang batas (I thank my colleagues for their support for the bill). And I am hopeful my bill will be discussed and passed on third and final reading in the soonest time possible,” Construction Workers Solidarity (CWS) Party List Representative Romeo S. Momo, who is also the senior vice chairman of the House Committee on Public Works and Highways, said in a statement Sunday.

Under the bill, a contractor who employs at least 10 construction workers must provide for “mandatory group personal accident insurance coverage.”

“The duration of the insurance shall start from the commencement of the service of the construction worker until the completion of the construction project or upon termination of the employment contract,” according to the bill.

The coverage calls for a payout of P100,000 in case of death, and a burial benefit of P30,000 payable to beneficiaries within 48 hours after death.

In the event of total and permanent disability, a construction worker will be entitled to P75,000 for disabilities incurred at the construction site or while performing work-related tasks.

A construction worker granted the Total Permanent Disability benefit who later dies within two years of the onset of total and permanent disability will be eligible for death and burial benefits for his beneficiaries.

The measure also seeks insurance coverage for the construction worker’s hospitalization fees and injuries resulting from accidents over the course of the employment contract.

The bill also proposes that violators be fined between P200,000 and P300,000 for first offenses, with subsequent violations warranting one to six years of imprisonment and a maximum fine of P500,000, or both, at the discretion of the court.

“In this way, a speedy and efficient delivery of service to compensate for any injury, disability or death arising from any job-related accident or illness suffered during the course of employment may be given to construction workers.” Mr. Momo said.

A similar House bill was filed by then Valenzuela Rep. Sherwin T. Gatchalian during the 16th Congress but failed to pass into law. — Genshen L. Espedido

House agri-tourism bill calls for DA, DTI assistance to farmers

A LEGISLATOR has filed a bill seeking to promote agri-tourism by providing technical and marketing assistance to farmers and local governments.

Quezon City Representative Alfred D. Vargas filed House Bill 6046 on Jan. 23, which if passed, will be known as Agri-Tourism Promotion Act.

Under the bill, the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) will provide marketing advice, technical expertise, promotional support and product development related to agri-tourism to assist the Department of Tourism (DoT).

Tax credits will also be provided to farmers engaged in agri-tourism operators to “make up for costs of going into the agri-tourism business and to provide incentives to interested entities.”

The tax credit will cover 20% of the agri-tourism liability insurance, not exceeding P50,000 in any tax year.

Agri-tourism involves any agriculture-based operation or activity that brings visitors to a farm or ranch for “outdoor activities, education, shopping, dining or even lodging,” according to the Development Bank of the Philippines.

“The agri-tourism philosophy aims to improve the income of our farmers and promote the quality of living in rural areas. Agri-tourism also contributes to the alleviation of poverty and decongestion of urban areas as it creates employment and revenue opportunities for the rural community,” Mr. Vargas said in the bill’s explanatory note.

“In addition to these, the promotion of agri-tourism may also contribute to the improvement of other industry sectors like food and beverage, transport infrastructure, and hospitality,” he added. — Genshen L. Espedido

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