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Style (10/05/20)

Michael Kors releases the SoHo shoulder bag

MICHAEL Kors introduces the SoHo shoulder bag, named after the iconic New York City neighborhood, known for its cobblestone streets, art galleries, and high-end boutiques. The shoulder bag draws inspiration from the neighborhood and its unique mix of uptown and downtown. Quilted leather in a mixed checkerboard pattern makes a polished uptown statement, while a push lock closure and metallic hardware add downtown edge. Available in large and extra-large sizes and in a variety of chic colorways, the SoHo shoulder bag features a chain-link strap that can also be worn crossbody for hands-free ease. Interior and exterior pockets provide practical storage for everyday essentials. In the Philippines, Michael Kors is exclusively distributed by Stores Specialists, Inc., and is located at Central Square in Bonifacio High Street Central, Greenbelt 5, Newport Mall, Power Plant Mall, Rustan’s Makati, and Shangri-La Plaza Mall. Visit www.ssilife.com.ph or follow @ssilifeph on Instagram for more information.

Park Seo Jun is the new face of BYS Philippines

TO COMMEMORATE its 8th year in the country, beauty products brand BYS Philippines is introducing its newest endorser: K-Drama leading men, Park Seo Jun. “BYS has always prided itself on being a relevant brand. Since the Hallyu wave is at its peak, we’ve chosen one of the biggest K-Drama stars to be the cheerleader of the brand and encourage women to Be the Extra in the Ordinary,” said Angie Goyena of BYS Philippines in a statement. BYS is available at Watsons, The SM Store, and online on Amorfia and Lazada.

Lacoste teams up with Chinatown Market

CHINATOWN Market and Lacoste join forces for a new collaboration. With its casual nostalgic touch, Chinatown Market (CTM) injects a dose of unique boldness and streetwear flair to the crocodile brand’s most creative line. Chinatown Market launched in 2016 with just a few shirts at ComplexCon. Since then the brand has become a leader in the sportswear/streetwear world known for its nostalgic and fun products ranging from T-shirts and fleece to basketballs, rugs, collectables and DIY (do-it-yourself) kits. The brand is no stranger to Lacoste, with a collaboration at 2018’s Hypefest where fans worked with the CTM team on the ground customizing air-brushed polos. For this collaboration, Chinatown Market invented a fierce crocodile in an XXL-version on a T-shirt, or embroidered in different colors on sweatshirts and caps. A nod to its soaring digital rise and its ironic creations, Chinatown Market seals this collaboration with a globe motif featured on short-sleeve shirts. The Chinatown Market x Lacoste collection is now available exclusively at lacoste.com.ph.

New brand Spotlight Cosmetics

A NEW brand of makeup is coming to the racks of beauty online shops and department stores. Spotlight Cosmetic, which will be offering a wide selection of “professional quality” makeup. Its products include Primetime Liquid Foundation (P495), a lightweight, long-wearing foundation which comes in four shades; Primetime Press Powder (P295) available in three shades and providing a second skin finish; Primetime 2-way Powder Foundation (P395), an anti-shine and two-way powder foundation with medium to full coverage available in four shades; Superstar Matte Lips (P295) and Superstar Liquid Lips (P295) that both come in six shades; moisturizing lip products like the Superstar Lip Crayon (P295) available in five shades and Superstar Creamy Lips (P295) which comes in six shades; the multipurpose Rising Star Lip and Cheek Tint (P295); and the Rising Star Lip Balm (P195), a lightly-tinted balm. Spotlight Cosmetics will also be releasing eye makeup products ranging from eyeshadows like the Scene Stealer Gel Eyeshadow (P295), smooth, lightweight, and intensely colored yet blendable gel eyeshadows available in five shades; the Scene Stealer Liquid Eyeshadow (P295), versatile and budge-proof liquid eyeshadows available in four shades in shimmer and matte; and the Scene Stealer 8-in-1 Eye Palette (P495) with six matte shades and two shimmer shades; waterproof eyeliner pencil Showstopper Eyeliner Pencil (P195); smudge proof eyeliner pen Showstopper Liquid Eyeliner (P295); Megahit Eyebrow Pen (P295) with fine-felt tip and the Megahit Eyebrow Pencil with spoolie (P295),  both available in three shades; and the Megahit Eyebrow Pencil & Powder (P395), a 2-in-1 pencil and powder combination which comes in four shades. Spotlight Cosmetics will soon be available at Watsons, The SM Beauty, and SM Call to Deliver. It is now available at Spotlight’s official page on Lazada and Shopee.

Kiehl’s releases Vitamin C anti-aging products

THIS MONTH, Kiehl’s Philippines unveils the Powerful-Strength Line-Reducing & Dark Circle-Diminishing Vitamin C Eye Serum. Best paired with the Powerful-Strength Line-Reducing Concentrate for the face, this potent, lightweight, and layerable eye serum is clinically demonstrated to help decrease the appearance of lines, crow’s feet, and dark circles under the eyes for a smoother and noticeably brighter appearance in just seven days. Together, these two serums provide the superior Vitamin C answer to full anti-aging benefits for smoother, brighter and more-rested looking skin and eyes. The concentrated, water-free serum with a trio of highly efficacious ingredients: pure Vitamin C, a potent antioxidant; Tri-Peptide, a building block of amino acids that develops keratin, elastin, and collagen to improve skin tone, texture, and hydration; and Fragmented Hyaluronic Acid which is known to quickly absorb 1,000 times its weight in water. Prices are P2,995 (50ml) for our Powerful-Strength Line-Reducing & Dark Circle-Diminishing Vitamin C Eye Serum, and P3,900 (50ml) and P4,900 (75ml) for the Powerful-Strength Line-Reducing Concentrate. For more information, visit Kiehl’s Philippines on Facebook, and online at http://www.kiehls.com.ph.

Syne Label launches silk loungewear

AT A TIME when everyone is forced to stay at home, any business specializing in bridal and eveningwear has had to make major adjustments. After lockdowns prompted the temporary closure of Syne Label’s atelier, designer and owner Patty Baligod decided it was time to revisit her archives. “Since quarantine we’ve been getting a lot of inquiries about the restock of our Silk Intimates collection, which was a collaboration I did with Lanai a few years back. When we put that on sale last May, the collection sold out in days,” she said in a statement. With an emerging need for stylish loungewear in the new normal, Syne Home was born. Syne Label’s skilled team of silk sewers started to work on a collection of silk lounge sets.  The collection consists of Syne Label’s signature double cowl neck short set and a basic silk tee and shorts set. The double cowl neck short set features a double layer scoop neckline, adjustable straps, and is paired with gartered shorts. The set is available in emerald green, stone gray, and black. The second set is a classic oversized silk tee paired with high waisted, double layer garterized shorts and comes in olive green, stone gray, and bone white. Other silk home essentials like silk face masks, pillowcases, bedding, and home slippers will soon be launched on their revamped website, Synelabel.com.

Longchamp collaborates with Pokémon

ON OCT. 13, the Longchamp x Pokémon collection will arrive in stores and online all around the world (exclusively available in Japan from Oct. 9). A new Longchamp avatar backpack accessory in Pokémon GO became available on Oct. 2. The collection pairs the French brand Longchamp and its legendary bag, Le Pliage, with Pokémon, the global cultural phenomenon from Japan. The collaboration sees Pikachu, on Le Pliage, the Maison Longchamp classic.  Pikachu brings a touch of fun to these bags which are available in four exclusive versions. In black and white LGP canvas, in embossed leather or in a numbered, limited edition. Lastly, in black canvas featuring a Pikachu specially designed for the fashion house and wearing a jockey’s helmet that pays homage to the Longchamp logo. To help celebrate the collaboration, a new Longchamp x Pokémon avatar backpack accessory item is now available until Nov. 17. Longchamp is exclusively available at Rustan’s Makati, Rustan’s Shangri-La, Rustan’s Cebu, Greenbelt 5, and Rustans.com.

Yields on gov’t debt drop

YIELDS ON benchmark government securities (GS) fell last week as the central bank hinted at further policy easing amid a benign inflation environment.

GS yields dropped by an average of 6.1 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Oct. 2 published on the Philippine Dealing System’s website.

At the close of trading in the secondary market last Friday, the yield on the 91-day Treasury bill (T-bill) dropped 1.4 bps to 1.135%. Meanwhile, the rates on the 182- and 364-day T-bills increased by 6.6 bps and 1.2 bp, respectively, to 1.579% and 1.853%.

Yields on the two-, three-, four-, five- and seven-year debt papers dropped 6.9 bps (to 2.078%), 9 bps (2.307%), 10.4 bps (2.494%), 10.2 bps (2.647%), and 9.8 bps (2.812%), respectively.

At the long end of the curve, the 10-, 20- and 25-year Treasury bonds (T-bonds) also fell by 18.9 bps, 4.1 bps, and 4.2 bps, respectively, to fetch 2.832%, 3.887%, and 3.874%.

“The local bond market had a full plate this past week and traded down yields across the GS curve with the Monetary Board (MB) opting to keep its benchmark rate steady, as widely expected. The market also reacted to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno’s statements that there’s still room to ease the policy rate further and noted that the reserve requirement ratio remains elevated,” Robinsons Bank Corp. peso sovereign debt trader Kevin S. Palma said in a Viber message last Friday.

He added the P540-billion cash advance approved by the MB for the National Government is a “huge boost to the markets” as it would lift some of the burden for the government to borrow from investors.

“[B]argain hunters opted to put cash to good use as inflation is expected to remain anchored within the government’s target of 2% to 4% for this year until 2022, as forecasted by the BSP after its MB meeting,” Mr. Palma said.

A bond trader said via text that liquidity continued to anchor shorter-term debt last week.

“[T]he BTr’s (Bureau of the Treasury) October borrowing plan was composed of relatively short-dated issuances, mitigating supply pressures in the long end of the curve. While the BSP move to hold interest rates steady was widely expected, the lower [inflation] forecasts for 2020 and 2021 kept a further cut in reserves on the table as the Governor stated,“ the trader said.

The Monetary Board on Thursday kept rates on the BSP’s overnight reverse repurchase, lending, and deposit facilities at record lows of 2.25%, 2.75% and 1.75%, respectively. It has cut borrowing costs by a total of 175 bps this year.

The BSP said inflation is expected to average at 2.3% this year, slower than its previous 2.6% estimate due to lower oil prices and slower-than-expected inflation rate in August. Inflation forecasts for 2021 and 2022 were also revised downwards to 2.8% (from three percent) and three percent (from 3.1%), respectively.

Meanwhile, the central bank on Thursday approved a P540-billion cash advance to the National Government.

This is the second loan granted by the BSP this year, bringing the direct provisional advances so far to P840 billion or P10 billion less of the P850-billion limit stipulated in Republic Act (RA) No. 11494 or the Bayanihan to Recover as One Act, which amended Section 89 of RA 7653 or The New Central Bank Act.

On the other hand, the Bureau of the Treasury earlier said it plans to borrow P140 billion from the domestic market this month, less than the P160 billion in September.

Both traders expect yields to trend lower in the coming weeks.

“[L]ocal bond yields may move range-bound with downward bias with the market to take its cue from the release of September CPI (consumer price index) data and the three-year FXTN auction that are both due on Tuesday,” Robinsons Bank’s Mr. Palma said.

For the bond trader: “[W]e’ll continue to see support in the short end and any movement in the other parts of the curve will depend on the BTr’s borrowing plan in the coming months.” — Marissa Mae M. Ramos

October deals, Brio giveaway as Honda Cars PHL turns 30

HONDA CARS Philippines, Inc. (HCPI) is offering generous cash discounts, great deals and other offerings in October as part of the “Honda@30: The Dream Lives On” promo to celebrate its 30th anniversary. Until Oct. 31, 2020, buyers of the Honda City, BR-V, Brio, Civic, CR-V, and Mobilio can get the following cash discounts, special all-in down payment schemes, and other exciting deals:


A free Blaupunkt Air Purifier Airpure AP 1.0 is also given free to buyers of select City, Civic, CR-V and Mobilio variants. All buyers also get a free Petron-Honda Value Card that earns an additional P100 point bonus for every 140 liters (gasoline) or 200 liters (diesel) accumulated purchases per month. Other benefits of the Petron Value Card include free towing and roadside assistance, and year-round personal accident insurance.

Additionally, from Oct. 1, 2020 to March 18, 2021, all Honda car owners who successfully register and provide or update their contact information (via phone call and e-mail verification) in the microsite link of HCPI at https://hondaphil.com/raffle will get one e-raffle entry for a chance to win exciting items — including a Honda Brio 1.2 S MT. Other prizes include:

• Free gas worth P8,000 each
(25 winners)

• iPhone 11 (64GB) (one winner)

• Nintendo Switch (one winner)

• Third-generation iPad Air (64GB) (one winner)

• Blaupunkt Air Purifier (five winners)

• Rustans Gift Certificates worth P5,000 each (three winners)

• Sodexo Gift Certificates worth P2,500 each (three winners)

Honda car owners who successfully register online can get an additional e-raffle entry should they bring in their vehicle for preventive maintenance, aside from registering or updating their contact information during the e-raffle duration. A special all-in financing program at 10% down payment, with 36 to 60 months payment terms for select models are available through BPI Family Savings Bank, RCBC, China Bank Savings and Bank of Commerce, subject to bank approval.

Other all-in financing promo option offers such as low cash out; low monthly amortization; and free one-month amortization at 15%, 20% and 25% all-in down payment with 36 to 60 months payment terms are available through BPI Family Savings Bank, RCBC, Bank of Commerce, China Bank Savings, BDO, PNB, PSBank, East West Bank, Robinsons Bank and Security Bank. Customers may also submit their bank loan applications online through the Auto Loan link page in the HCPI website for select bank partners, subject to bank approval.

All offers include three-year LTO Registration and Chattel Mortgage and a free one-year Comprehensive Insurance with Acts of Nature through select bank partners.

HCPI President Masahiko Nakamura said, “This October, as HCPI celebrates its 30th year, we aim to commemorate our milestones by showing our appreciation and giving back to our dear customers for their unending support and patronage to Honda throughout the years.”

For more information, visit a Honda Cars dealership, or access Honda Cars Philippines, Inc.’s Virtual Showroom through www.hondaphil.com.

Investors keen as Ayala Land eyes more bond offers

By Lourdes O. Pilar, Researcher

PROPERTY DEVELOPER Ayala Land, Inc. (ALI) became the eighth most active issue last week after it disclosed plans for more bond issuances to bolster its balance sheet, which coincided with an upbeat quarterly central bank home prices index report.

A total of 24.39 million ALI shares worth P730.28 million were traded from Sept. 28 to Oct. 2, data from the Philippine Stock Exchange (PSE) showed.

ALI finished at P30.70 apiece last Friday, up by 1.5% from its Sept. 25 close. Shares in the company have declined by 31.6% since the start of the year.

“We believe that ALI was among the most actively traded stock [last] week following the report on the growth of second-quarter nationwide residential property prices published by the BSP (Bangko Sentral ng Pilipinas) last [Sept. 25],” Wendy B. Estacio, senior equity research analyst at Philippine National Bank’s (PNB) Research Division, said in an e-mail.

According to the central bank’s latest Residential Real Estate Price Index (RREPI), residential prices in the country accelerated by 27.1% year on year in the second quarter of 2020, the highest since it started releasing the index report in the first quarter of 2016.

The RREPI is used as an indicator for assessing the real estate and credit market conditions in the country.

Aniceto K. Pangan, equity trader at Diversified Securities, Inc., said that ALI is eyeing more bond offerings to strengthen its capital structure as it will be difficult to grow amid the pandemic.

“Increasing debt at low fixed rates with longer maturity is among the step to strengthen [ALI’s] debt structure or to maintain financial stability. Investors reacted positively to the move as it stabilized the price of ALI,” Mr. Pangan said in a mobile message.

After listing its P6.25 billion five-year fixed-rate bonds at the Philippine Dealing & Exchange Corp. last Tuesday, ALI Chief Finance Officer Augusto Cesar D. Bengzon said that the company plans more bond offerings to strengthen its balance sheet, taking advantage of “remarkably resilient” local capital markets.

“In our view, this should benefit the company given the potential to reduce its financing cost. In fact, ALI has already reduced its borrowing cost from 5.2% as of end-2019 to 4.9% in the first half of 2020 as a result of recent debt refinancing. We believe ALI’s balance sheet would continue to be healthy,” Ms. Estacio said.

ALI’s revenues halved to P40.20 billion in the first six months of the year amid lower project bookings and suspended construction activity, coupled with restricted mall and hotel operations, and the closure of resorts during the lockdown period. This caused its attributable net income to decline by 70.3% to P4.52 billion in the first half.

Ms. Estacio sees signs of “positive recovery” with ALI’s product lines amid the pandemic.

“We forecast ALI’s full-year 2020 revenues to decline by 50.7% year-on-year to P82.2 billion and project net income to decline by 66% year-on-year to P11.3 billion,” added Ms. Estacio.

Mr. Pangan noted that 2020  will be a challenging year for ALI in terms of revenue and income as the first half alone showed a double-digit percentage contraction in both.

“Though we may see an improvement in the second half with the ease of restriction but still lower than last year, in the long term, we may expect a resumption of growth as it addresses its short-term contraction with the improvement in its capital structure,” said Mr. Pangan

For this week, PNB’s Ms. Estacio gave a revised net asset value-based target price of P33.90 on ALI.

For Diversified Securities’ Mr. Pangan: “Definitely we may continue to see a consolidation from immediate support of P30.30 and resistance of P 31.95 per share, but with an upward bias.” 

Stocks may extend climb on sustained optimism

PHILIPPINE SHARES may rise in the coming days amid signs of investor bullishness in the local bourse last week.

The benchmark Philippine Stock Exchange index (PSEi) ended Friday’s session at 5,999.40, higher by 54.53 points or 0.91% from the previous day. It also marked the index’s third straight day of growth. On a weekly basis, the PSEi is up 160.74 points or 2.75%, snapping two consecutive weeks of decline.

Value turnover went up 26% to a weekly average of P5.31 billion. But foreign investors were still in net selling mode, with net outflows jumping 69% to an average of P751.44 million.

“The PSEi surprised investors as it ended higher, right at the 6,000 key level. There was little activity at the beginning of the week as the general sentiment remains cautious… (but) on Thursday, we saw the market rally right at the close as buyers noticed the diminished selling pressure and started picking up battered index issues,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in a market note.

“Trading volumes picked up, but remain below its weekly average. This tells us that a lot of investors are still on the sidelines, waiting for a stronger trend before coming back in,” Mr. Mangun said.

But the overall movement of the market indicates that while investors are cautious, they have not lost hope. “The PSEi closed right at the 6,000-resistance level, which it may blow through at the beginning of the new trading week,” Mr. Mangun said.

Heading into the last quarter of 2020, among the primary drivers of the market will be the third quarter gross domestic product (GDP) report, scheduled for release on Nov. 10, and the third quarter corporate earnings reports, scheduled for release starting mid-October.

“Using our back-of-envelope assessment for the third quarter, some sectors are bound to perform better than others, at least sequentially: residential real estate, particularly those that have made leaps and bounds in revenue recognition; power, as commercial demand is back in the total demand equation; logistics, as outside of Metro Manila, mobility has been anecdotally improving sharply; and mining, as metal prices have starred in the third quarter,” online brokerage 2TradeAsia.com said.

However, it warned the market may see volatility due to the speakership row at the House of Representatives.

Other possible drivers of volatility in the near term would be the United States elections scheduled in November, and as incumbent US President Donald Trump contracted the coronavirus.

“Stay cautious and opt for modest gains, at least until visibility for positive ‘spark plugs’ take form,” 2TradeAsia.com said.

The brokerage is setting immediate support for the PSEi at 5,750 and resistance within 6,000 to 6,150. AAA Southeast Equities’ Mr. Mangun puts support within 5,800, to 5,690 and resistance within 6,000 to 6,165. — Denise A. Valdez

Co Ban Kiat Hardware: 100 Years of Providing More Years of World Class Hardware Solutions

Rooted from its humble beginning that started in 1920, Co Ban Kiat Hardware Inc., the giant hardware today was founded in the heart of Binondo, Manila’s own Chinatown, due to the business acquisition efforts of the Cobankiat family patriarch. The wholesale buy and sell hardware business was no exception and highly devastated when World War II happened. Hanging by a thread after the war, Co Ban Kiat resume business in the makeshift shanty and begun helping people in rebuilding their homes and establishments by providing hardware materials. 

Reflecting on the year 1952, when CBK Hardware was incorporated and from that day on an endless market expansion effort was made.  Business flourished and prospered further due to the fourth generation of the Cobankiat family under the leadership of Johnny Cobankiat who introduced the retail concept for hardware products in the country. His accomplishments include the inauguration of Hardware Workshop as the first retail hardware chain of stores, Coby’s Design Center as a means to answer the increasing demand of high-end architectural hardware products and the accreditation and introduction of Ace Hardware USA in the country, with CBK Hardware Inc. as one of its suppliers. Today, CBK Hardware has gone nowhere else but upward in its journey to supply the country with world-class, life-improving technological and hardware solutions.

Its promising milestone of achieving a century of excellence was made possible witha wide-ranging portfolio of products. Over the years, Co Ban Kiat Hardware consistently expanding its products with a one common personality; the highest quality only and its vision to be the largest network of supplier of the biggest brands in the world for hardware industry. This vision was made possible by partnering with 68 trusted global brands of building materials, electrical, houseware, power equipment, outdoor, plumbing, hand and power tools, encompassing completely any product type for building and construction and home comfort.  A key source champion global hardware products including Stanley, Lincoln Electric, Baldwin, Chubbsafes, Dormakaba, Facom, Fairbanks Scales, Nilfisk Professional Cleaning Equipment, Westinghouse, Yale Locks, and more. These brands are all being smoothly distributed to customers who want to get more bang for their buck when it comes to home and facility improvement, safety and security, D.I.Y projects, energy conservation, cleaning solutions, and the like. Supplied and shared out by CBK Hardware Inc., these brands are truly together in excellence. 

The founding belief of the company to provide the Filipino access to quality products was translated by the expansion of its geographic presence, supplying to over 2000 partner wholesale and retail stores nationwide, which includes D.I.Y stores, traditional hardware stores, depots, and much more for 68 brands and over 6,000 SKUs. CBK Hardware utilizes wide array of its product portfolio to realize market leadership in every market segment. Solidifying its distribution network is the integration of well-known business sectors and boasts an expansive list of automotive, hospitality, service, and other industry clientele as well as distinguished real estate developers and construction companies nationwide considering CBK Hardware as the most trusted supplier.  Reaping the benefits of ecommerce, CBK Hardware prides itself to be the first hardware distributor to aggressively offer products online through several ecommerce platforms and to its social media accounts.

Business in the hardware industry is not the only way the brand is helping the world become a better place. CBK Hardware Inc. is also partaking in multiple advocacies, philanthropic endeavors, humanitarianism, and charity work, because those in the company are wholeheartedly committed to contributing towards the growth of society and the environment. Hundreds if not thousands of people from different walks of life have benefited from CBK Hardware Inc.’s initiatives, from the intensive CSR programs to the hardware donations for the improvement of living facilities. The goodwill of CBK Hardware Inc., was also gifted to the neglected children and elders by teaming up with many GOs and NGOs.  And as part of 100 years celebration, Co Ban Kiat Hardware will massively deepen its dedication to create valuable contributions to the society and environment by launching 100 Years Donation Drive, a 10-month long CSR project that aims to help 100 organizations.

As the company enters a new century,there will be even more local and global brands to acquire and form partnerships with, more ways to help out and give back to the community, more homes and buildings to improve using many tools and appliances the brand has in its disposal, and more individuals to help in any way.

Going forward, Philippines will expect Co Ban Kiat Hardware to remain true to its heritage of providing more years of world class hardware solutions. 

To inquire online, visit https://www.cbkhardware.com/. Follow their social media account: www.facebook.com/CBKHardware and join CBK Viber Community: https://bit.ly/2S4N8KB.

Ivory Coast raises 2020/21 cocoa farmgate price by 21%

YAMOUSSOUKRO, Ivory Coast — Ivory Coast has raised the fixed farmgate price paid to cocoa farmers more than 21% to 1,000 CFA Francs ($1.80) per kg for the main crop of the 2020/2021 season starting Thursday, President Alassane Ouattara said.

The decision by the world’s top cocoa producer is in line with a price rise announced by neighboring Ghana on Sept. 24. The two countries account for over 60% of global cocoa bean output.

Addressing thousands of cocoa farmers in the city of Yamoussoukro, Ouattara said the price amounted to state support of 355 billion CFA francs given that the current market price stands at 791 CFA francs per kg.

The increases are largely due to the two governments implementing a price floor of $2,600 per ton and a Living Income Differential (LID ) of $400 per ton, meant to tackle poverty among farmers.

Farmers at the event welcomed the move. “We can invest even more in the farm and take better care of ourselves and our family,” said Augustin Beda, who tends four hectares in the western region of Soubre, at the heart of the cocoa belt. US chocolate maker Mars, Inc. said in a statement that backed by a transparent process that ensures the additional income reaches farmers, and measures that limit further expansion of land use for cocoa farming, the LID will help address the income challenge faced by farmers.

In August, the two West African nations created a joint body to improve coordination in research, price setting and the fight against child labor.

Ghana cocoa regulator the COCOBOD, said in a statement that purchases of the 2020/2021 main crop started on Friday, Oct. 2. It confirmed the over 20% increase in farmgate price to 10,560 cedi ($1,836.52) per ton. — Reuters

How PSEi member stocks performed — October 2, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, October 2, 2020.

Lawmaker hits bigger budget for mothballed nuclear plant

STATE-OWNED National Power Corp. (Napocor) has sought a bigger budget for next year to preserve the mothballed Bataan Nuclear Power Plant (BNPP).

During a House plenary debate on the Energy department’s budget late Friday, Albay Rep. Edcel C. Lagman questioned the P92.3-billion budget for next year’s maintenance of the plant that he called a “memorial of the corruption and greed during the Martial law regime.”

With an average yearly budget of P50 million, the country might have spent more than P2 billion on the facility in the past four decades, the lawmaker said.

Napocor got P52.55 million this year and P86.64 million last year to maintain the nuclear plant in Bataan province, 100 kilometers west of Manila, the capital.

Zamboanga City Rep. Jose M. Dalipe, who sponsored the Energy department’s budget, said the money would be used to replace the roofs of the facility’s main building and fix

the fences.

The 620-megawatt Bataan nuclear plant was built during the administration of the late dictator Ferdinand E. Marcos, and was shut down in 1986 due to alleged corruption and safety concerns. It was completed in the 1980s but was never used.

Construction started in 1976 and was stopped after the Three Mile Island nuclear accident in the US in 1979.

A safety inquiry into the plant revealed more than 4,000 defects. Among the issues raised was that it was built near a major geological fault line and close to the then dormant Mount Pinatubo in central Luzon.

By 1984, when the plant was nearly complete, its cost had reached 2.3 billion. Debt repayment of the plant had been the country’s biggest single obligation.

President Marcos was overthrown by a popular uprising in February 1986. The government of then President Corazon C. Aquino mothballed the plant days after the April 1986 Chernobyl nuclear disaster in the former Soviet Union.

President Rodrigo R. Duterte has ordered the Energy department to conduct a public consultation with Bataan citizens on the possible reopening of the nuclear generator, presidential spokesman Harry L. Roque said on Thursday.

In July, the President signed Executive Order 116 ordering various agencies led by the DoE (Department of Energy) to evaluate the viability of nuclear power as a long-term energy option. This includes a study on the potential revival of the Bataan plant.

Energy Secretary Alfonso G. Cusi earlier said the Philippines was almost through with the industry requirements for nuclear development as prescribed by the International Atomic Energy Agency (IAE). However, it still has to enforce a policy and regulatory framework to allow the re-entry of nuclear energy in the generation mix.

Mr. Cusi expects the government to adopt a national policy to revive nuclear generation by December. — Adam J. Ang

COVID-19 infections top 322,000; deaths nearing 6,000 mark

THE DEPARTMENT of Health (DoH) reported 3,190 coronavirus (COVID-19) infections on Sunday, bringing the total to 322,497.

The death toll rose by 100 to 5,776, while recoveries increased by 18,065 to 273,079, it said in a bulletin.

There were 43,642 active cases, 85.4% of which were mild, 9.2% did not show symptoms, 1.7% were severe, and 3.8% were critical.

Metro Manila had the highest number of new cases with 1,279, followed by Rizal with 212, Laguna with 147, Cavite with 146 and Bulacan with 122.

Of the new deaths, 36 came from Metro Manila, 28 from the Calabarzon region, nine from Western Visayas, seven from Central Visayas, and five from the Bicol region, the agency said.

Central Luzon reported three new deaths, while Eastern Visayas, the Davao region and Caraga reported two each.

The Ilocos region, Northern Mindanao, Soccsksargen, Mimaropa and Cordillera Administrative Region reported one death each. More than 3.6 million people have been tested for the disease, DoH said.

Meanwhile, Trade Secretary Ramon M. Lopez said that the government might allow more young people to leave their homes during the lockdown.

People below 21 years old and above 60 years old must stay home under current lockdown measures.

“We will review the adjustments to the age limits,” Mr. Lopez told ABS-CBN Teleradyo on Saturday. “We will not say that all those below 18 will be allowed, but it may be graduated.”

Like the reopening of the economy, young people allowed outside would be gradual, Mr. Lopez said, adding that more people might be allowed to leave their homes during the holidays. Mr. Lopez, a member of the government’s COVID-19 (coronavirus disease 2019) national inter-agency task force, said people aged 18 to 21 and more than 60 have been allowed to go to work. The Department of Trade and Industry has been allowing more businesses to increase their capacities. Restaurants have been allowed to increase their dine-in capacity, depending on local government rules. — Jenina P. Ibañez

More than 300,000 cash aid applications from OFWs approved

MORE than 300,000 applications for aid by migrant Filipino workers have been approved, according to the Labor department.

The agency said the Philippine Overseas Labor Offices (POLO) and Overseas Workers Welfare Administration (OWWA) had received more than 600,000 applications or aid amid a coronavirus pandemic. Almost 280,000 migrant Filipino workers have received the cash aid under the program.

As of Oct. 2, the department had released about P2.85 billion to both on-site and repatriated overseas Filipino workers (OFW). The program is a one-time cash aid of P10,000 given to overseas workers.

The labor department said that as of Oct. 3, no OFW had been infected with the coronavirus in Malaysia, Thailand, Myanmar and Laos.

It said two new positive OFW cases were being monitored in Singapore, while there were three new cases in Israel, according to Labor attache Rudy Gabasan.

In Europe, 101 Filipinos had been monitored for the coronavirus as of Oct. 2. Eighty-five Filipinos there have recovered, six died, eight were positive, and two were negative. In the Middle East, Qatar had 17 OFW deaths as of Oct. 2. Total infections increased by nine to 3,132, according to a report from the Labor office in Qatar on Saturday. There were no reported deaths among overseas workers in Los Angeles in the US as of Sept. 30, according to the Labor office in LA. No OFW case was reported in Canada, the Labor department said.

OWWA Administrator Hans Leo J. Cacdac told a news briefing last month a P2 billion fund would be allotted for the program that will benefit 200,000 migrant Filipino workers. — Vann Marlo M. Villegas

Regional Updates (10/04/20)

DoTr suspends mandatory use of Beep cards for EDSA bus system

THE DEPARTMENT of Transportation (DoTr) has suspended the mandatory use of electronic cards for fare payments on the EDSA bus system starting October 5 after the provider declined to waive the fee for the card itself. Effective Monday, commuters will again have the option to pay in cash through collection points at the bus stations or use the beep card system. “We are saddened by the refusal of AF Payments, Inc., the provider of the automatic fare collection system at the EDSA Busway, to waive the cost of the beep card despite consistent pleas made by the government,” DoTr said in a statement on Sunday, “This would have made a big difference to the commuters, mostly daily wage earners who are the most affected by the COVID-19 pandemic.” DoTr started to implement the “no Beep card, no ride” policy on Oct. 1, but it drew flak from commuters who complained of the initial cash out of P180, covering P80 for the card itself and a P100 load value. AF Payments, composed of Metro Pacific Investments Corp. (MPIC) and Ayala Corp., last week said it is collecting the card fee “at cost.” DoTr said the EDSA Bus consortia “will look for another” system provider “who can offer a better solution to the existing problem,” with meetings set on Tuesday. Prior to the DoTr announcement, a lawmaker filed a resolution calling for a policy that will waive both the card fee and required maintaining balance. In House Resolution No. 1272, Quezon City 2nd District Rep. Precious H. Castelo said that while the intent to shift to cashless transactions is laudable, “the cost of one Beep card is too much for the minimum wage earners who often have only the exact fare for the day for their daily commute.” MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group. — with a report from Kyle Aristophere T. Atienza

Solo parents in Pasig to get expanded benefits

THE PASIG City council has passed an ordinance outlining a package of social development and welfare services for solo parents and their children, in line with Republic Act No. 8972, the Solo Parents’ Welfare Act of 2020. Ordinance No. 43 s. 2020 localizes the national law that provides special benefits to a person, either a birth parent or carer, who solely provides the parental duties to a child or children. Among the benefits for Pasig solo parents are special discounts on hospital bills, medicine, cash gifts, and other privileges during Christmas, and educational scholarship grants to their children. The ordinance orders business establishments in Pasig City to provide flexible work schedules and parental leave for solo parents. Solo parents and their children will also be prioritized in scholarship programs and admission to local schools such as the Pasig City Institute of Science and Technology and Pasig City Science High School. Qualified beneficiaries are those with children 18 years old and below. — Kyle Aristophere T. Atienza

Apo Agua doubling workforce to 4,500 to finish bulk water supply project by 2021

ABOITIZ-LED APO AGUA Infrastructura, Inc. (AAII) is aiming to have 4,500 workers by the end of the year to meet the 2021 target completion date of its bulk water supply project in Davao City. “That is doubling the manpower commitment just to make sure that we can finish the project,” Shake A. Tuason, AAII operations head, told Businessworld. Before the quarantine restrictions imposed starting mid-March due to the coronavirus outbreak, the company was starting to install pipes for the treated water facilities with nearly 2,200 workers at the peak of construction. Mr. Tuason said they want to double the workforce with 2,300 laborers, 2,000 skilled workers, and 200 welders to catch up with the schedule by implementing the different construction activities simultaneously. “That would take some time finding workers again and because of the protocols we also have to house the workers on site,” Mr. Tuason said. AAII has partnered with the Public Employment Service Offices of local governments to help source the needed workers. “Its all system go for us to deliver the project. Overall, we’re confident but again COVID (coronavirus disease 2019) has wrecked havoc in the entire world and our project was really not spared. We are still assessing the impact of COVID and we are working very hard to finish the project as soon as possible,” Mr. Tuason said. AAII, a joint venture between Aboitiz Equity Ventures, Inc. and JV Angeles Construction Corp., will provide 300 million liters of water per day sourced from the Tamugan River to the Davao City Water District. — Maya M. Padillo

Parañaque extends amnesty on property tax penalties to Dec. 31

PROPERTY OWNERS in Parañaque City with unpaid real estate taxes in the last five years have until Dec. 31 to settle their dues without the corresponding surcharges and penalties. The city council passed Ordinance 2020-21, published on Sunday, extending the amnesty period that was originally set January-March 2020 under Ordinance 19-32. The condonation program does not cover properties sold at public auction, subject to expropriation, or under a compromise agreement relating to other ordinances.

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