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Zamora partners with Chinese firm for WiFi, digital TV

BUSINESSMAN Salvador B. Zamora II, who chairs listed Philippine Telegraph and Telephone Corp. (PT&T), signed a memorandum of understanding (MoU) with Chinese firm CITIC Networks Co. Ltd. to offer WiFi internet access, digital television and satellite network services in the Philippines.

In a statement over the weekend, PT&T said Tranzen Group, Inc., another company chaired by Mr. Zamora, signed the MoU with the Chinese firm.

“The MoU includes construction of infrastructure for nationwide WiFi Internet connectivity in various capital cities and towns throughout the Philippines. The signing of the business agreement was held in Beijing during the visit of President Rodrigo R. Duterte in China,” it said.

PT&T will be in charge of implementing the project by allowing its fiber internet network to be used for the rollout.

“PT&T’s 100% Fiber Internet network and host of IT services will complement the advanced infrastructure designs of Tranzen,” Mr. Zamora was quoted as saying.

Beijing-based CITIC, meanwhile, is in the business of system integration and IT consultancy services.

Under the MoU, the companies will build a WiFi network using PT&T’s fiber assets, which will be used to deliver emergency and information services, digital TV and satellite network services.

PT&T President and Chief Executive Officer James G. Velasquez said the signed agreement is in line with the company’s plans to expand in the country.

“PT&T is fully on board with the government’s initiative to modernize the country’s ICT landscape and we are participating in the Public WiFi program. We also plan to develop capabilities in Smart Cities and Emergency Response in line with the MoU,” he was quoted as saying.

In 2017, PT&T also signed a memorandum of agreement (MoA) with Chinese firm Chengdu Zhongxing Tiantong Technology Corp. for putting up free wireless broadband services in public areas in the country. — Denise A. Valdez

All aboard!

Text and photos by Carmela Inez V. Joaquin

FOLKS who are seriously into underwater adventure can explore top dive sites with the help of Discovery Fleet, a company whose two ships — Discovery Adventure and Discovery Palawan — bring visitors to dive sites in the Philippines and Palau.

The company has different tours depending on the time of the year, and from January to March, Palawan is where it is at — divers can explore the world’s second-biggest contiguous coral reef in the world (Apo Reef) and the numerous Japanese wrecks from WWII in Coron.

But non-divers will not be left behind as they can enjoy a full day of beach and island visits, snorkeling, kayaking and more.

Along with the Apo Reef-Coron tour, Discovery Fleet’s Cebu-Malapascua-Visayas route (October to December) is also open to non-divers. Divers, meanwhile, will enjoy a tour of the various reefs in the area and have close encounters with thresher sharks and whale sharks. From late March to mid June, the two ships tour the Tubbataha Reefs Natural Park off Palawan — this is for divers only — then the Discovery Adventure goes to the tiny Pacific island nation of Palau where from October to March she brings divers to the Blue Corner, Chandelier Cave, and Ulong Channel.

Discovery Fleet recently took a group of non-diving media people on a tour of Palawan, with stops at Apo Reef, Culion, and Coron. This is their story.

DAY 1 — MANILA TO BATANGAS
We traveled from Discovery Suites Ortigas to Batangas Port where Collin, the boat manager, greeted us as we boarded the Discovery Palawan.

Built in 1972 in Holland, the ship sailed in the Caribbean until she was brought to the Philippines to serve as an adventure cruise ship. Renamed Discovery Palawan in 2013, she underwent a $1.5-million renovation and today serves as a dive boat. With a gross tonnage of 539 tons, the 49.20 meter-long ship has an air-conditioned salon, a sundeck, a dining deck and separate bar deck. She has 16 standard cabins at the lower deck with centralized air-conditioning and four upper deck cabins with personal climate control.

As we were welcomed with drinks and lunch, the staff brought our luggage to our respective rooms. We proceeded to our rooms where we found goodie bags containg tumblers, caps, reef-safe sunscreen and caps, all of which we could use on our trip to practice eco-friendly traveling. After getting settled, we returned to the saloon for a briefing on the trip, then proceeded to have cocktails on the deck, followed by dinner. But we did not stay up late, opting to get rested up for the adventures ahead.

DAY 2 — APO REEF
The day started with Sunrise yoga on deck. Afterwards we exercised drills in case of emergency. All warmed up, we went on to have a bit of breakfast and then got ready for our day trip at Apo Reef, located between the island of Mindoro and the northern Palawan island of Busuanga.

There was a pavilion on the tiny island in the middle of Apo Reef Natural Park which became our base — we were lucky to have the island pretty much all to ourselves. We went snorkeling and spotted an eagle ray, a white tip shark, and lots of turtles. We had lunch on the island then in the afternoon indulged in some sunbathing, explored the mangroves, then went up the island’s lighthouse before heading back to the boat. Had another round of cocktails while admiring the sunset. Had dinner then headed to bed. It was a long, fun day.

DAY 3 — CULION/CALUMBAYAN
We woke up off the coast of Culion Island in the north of Palawan. We had breakfast on the ship then took the small chase boats to get to the island. We visited Culion town’s church, La Immaculada Concepcion Church, for a few prayers, then proceeded to its museum/archives which tells the island’s unusual history. A bustling town during the Spanish era, the American colonial government transformed it into a leper colony by the in 1906, and was maintained as the country’s leprosarium until 1998 when, after nearly a century, administrative control over the island was transferred from the Department of Health to the Municipality of Coron. The Culion Leprosy Archives was officially inscribed to the UNESCO’s Memory of the World Register — Asia and the Pacific.

It was a quick morning tour then we headed back to the boat in time for lunch before sailing for Calumbayan island for another round of snorkeling and yoga. This time yoga was held on the beach at sunset.

Again we were pretty much the only tourists around so it was pretty private. We headed back to the boat for dinner then spent the night exchanging stories over cocktails making the most of our last night of the cruise.

DAY 4 — CORON
We woke up in Coron, anchored just a few meters away from the famous Kayangan Lake. Those who could wake up early enough had a round of early morning meditation before breakfast. After breakfast we headed for Kayangan Lake for some snorkeling (again) — this time in fresh water. Some of the group went on to see the popular snorkeling spot Siete Pecados while the rest headed back to the boat to pack up their things.

We had our last lunch together then hopped on the chase boats to head to the main island of Coron where our vans were waiting to take us to the airport. It was a smooth ride from there, flight was a bit delayed but no trouble.

We said our goodbyes as we collected our luggage at the airport terminal.

It had been a full and fun three days.

For details on Discovery Fleet, visit its website at https://www.discoveryfleet.com/#/

To see more of the Discovery Fleet trip to Apo Reef-Culion-Coron, view this video at https://www.youtube.com/watch?v=2nqGtDn2JEk

Shell Eco-marathon Asia shows way to energy future

Text and photos by Kap Maceda Aguila

SEPANG, MALAYSIA — It was a gallant stand, but the 11-member contingent from the Philippines ultimately fell short of their goal to gain podium places at the 10th Shell Eco-marathon (SEM) Asia.

SEM is “a unique global program for science, technology, engineering, and math students to design and build ultra-energy-efficient cars, and then take them out on the track in competition,” according to the SEM website.

“We’re trying to teach the future scientific and engineering leaders to think about what drives us — — and that is energy,” explained SEM General Manager Norman Koch in response to a question from BusinessWorld on the sidelines of the event. “With energy, we need to be more efficient, to create more (of it) with less CO2. The only way to do that is to become more efficient, and that’s what the Shell Eco-marathon is all about. Whichever energy you use — hydrogen, battery electric, or gasoline — you want to optimize the usage; to be as efficient as you can be.”

The Asian edition of the multi-territory competition was held from April 29 to May 2 at the Sepang International Circuit — marking a return to the former F1 racing track which had hosted the very first Asian staging of the competition back in 2010.

“It’s an educational program, a competition for students from all over the world to come up with ideas that enable energy-efficient mobility whichever energy you use,” continued Mr. Koch, a graduate of the University of Technology Dresden in Germany, and a Masters degree holder in Electrical and Precision Engineering.

Over 100 student teams from some 18 countries in the Asia Pacific and Middle East participated, with the Philippines fielding the following teams: DLSU-D Stallions Hiraya (De La Salle University-Dasmariñas), DLSU Eco Car Team-Battery Electric (De La Salle University), DLSU Eco Team-ICE (De La Salle University), NU Prime Sprinter (National University), PLM Agsikapin (Pamantasan ng Lungsod ng Maynila), PUP-Hygears (Polytechnic University of the Philippines-Manila), ATLAS Valor (University of Perpetual Help System-Dalta), UST Eco-Tigers I (University of Santo Tomas), Dagisik UP (University of the Philippines-Diliman), Alamat (University of the Philippines-Diliman), and Team UMindanao Wildcats (University of Mindanao).

Two key competitions were held: the Mileage Challenge (won by teams whose cars travel the longest on the least amount of fuel), and the qualifier for the Drivers’ World Championship, “a race to see who crosses the finish line first without running out of their limited allocation of energy.” Leading groups also qualified for the 2019 Drivers’ World Championship to be held in London this July.

University or high school students competed in two main categories: Prototype (featuring more futuristic vehicles) and UrbanConcept (bearing a practical form and more similar to contemporary cars). The vehicles were required to pass a battery of thorough technical inspections — 11 in total — before being allowed on-track testing (and they must run a minimum of 30 minutes); and may be powered by an internal combustion engine (using gasoline diesel, or ethanol), a battery, or hydrogen fuel cell.

Teams from Indonesia locked out the podium places in the UrbanConcept-internal combustion engine (ICE) category. Taking first place was ITS Team Sapuangin of Institut Teknologi Sepuluh Nopember (395 km/l), followed by Garuda UNY ECO Team of Universitas Negeri Yogyakarta (383 km/l), and Sadewa of Universitas Indonesia (348 km/l). Among battery electrics, Vietman emerged victorious via Lac Hong University’s LH-EST Team (170 km/kWh), followed by Indonesia’s Nogogeni ITS Team 1 of Institut Teknologi Sepuluh Nopember (169 km/kWh), and Bumi Siliwangi Team 4 of Universitas Pendidikan Indonesia (165 km/kWh). The Nanyang E Drive of Nanyang Technological University (Singapore) (94 km/m3), ITS Team 5 of Institut Teknologi Sepuluh Nopember (Indonesia) (90 km/m3), and UiTM Eco-Planet Universiti Teknologi Mara (UiTM) Shah Alam (Malaysia) (45 km/m3) took the trophies among hydrogen fuel cell-powered entries.

In the Prototype (ICE) category, the winners were Thailand’s RMUTP Racing of Rajamangala University of Technology Phra Nakhon (registering a figure of 1,547 km/liter), China’s Zeal Eco-Power Proto of Tongji University (966 km/l), and Indonesia’s Rakata of Institut Teknologi Bandung (926 km/l). Two entries from Singapore showed the way in hydrogen: TP Eco Flash of Temasek Polytechnic (403 km/l), and The Black Order of Ngee Ann Polytechnic (122 km/l). Among battery electrics, China’s HuaQi-EV Guangzhou College of South China University of Technology (502 km/kWh), India’s Averera of Indian Institute of Technology-Banaras Hindu University (465 km/kWh), and Indonesia’s Semar Proto UGM of Universitas Gadjah Mada (387km/kWh) led the way.

“The role of Shell in SEM is to be a convener of ideas and innovation. We want to invite and encourage… give (students) a purpose to try out their ideas and put them down on the track and see how they compete with ideas from other universities,” explained Mr. Koch. “We see it as an investment in the bright young minds of the future who will be the designer of the car that you and I will be driving in 10 or 20 years.”

Shell isn’t playing any favorites in terms of the future energy sources readily used and available to mankind. “The future of mobility will be a mosaic of energy. All the energy that we have here — hydrogen, electric, and gasoline — have their advantages and disadvantages. It’s very likely that the mobility of the future will be fueled by a mix of energy sources,” stressed the SEM lead. “It’s about driving the efficiency of each energy to the maximum.”

Aside from bragging rights, category team winners get US$3,000 for their schools. An additional four off-track awards (also receiving US$3,000 each) go for those who exhibit excellence in areas from “communication to vehicle deign,” and to participants with the “greatest team spirit and perseverance in the face of adversity.” The total kitty amounts to US$50,000.

PGA Cars opens Porsche, Audi, Lamborghini, Bentley showrooms in BGC

By Manny N. de los Reyes

PGA CARS, the exclusive importer and distributor of Porsche, Audi, Lamborghini, and Bentley, recently opened a four-brand showroom located at the heart of the bustling upscale metropolis of Bonifacio Global City (BGC) in Taguig. This gallery of luxury and ultra-luxury automobiles reflects each brand’s global corporate identity, taking inspiration from their respective company’s rich history.

The Porsche showroom is in full compliance with the strict corporate identity guidelines of Dr. Ing.h.c. F. Porsche AG. It fully communicates the brand values of Porsche, aimed at providing customers with utmost comfort. A remarkable vehicle customization area is designed to meet the various needs of customers, offering personalized services to create their own bespoke dream car.

It also offers the latest Porsche 911, Macan, and Cayenne models as well as a Lifestyle corner featuring the most current Driver’s Selection by Porsche Design merchandise. The home of Porsche in Global City also proudly showcases an impressive Porsche heritage wall which tells the story of Porsche through the years.

The Audi showroom, meanwhile, features the brand’s international city showroom concept with a space that puts on display the latest model range from the brand with the Four Rings. Featured in this showroom is the all-new Audi Q8, the addition to Audi’s SUV family, which recently made its debut in the Philippines early this year. Among its amenities is the Audi exclusive corner where customers can customize their car according to their preferences.

The spectacular new Lamborghini showroom, on the other hand, incorporates Lamborghini’s revamped corporate design that is characterized by polygons, sharp forms, raw surfaces and a diffusion of light and color. This reflects the need for increased space as the brand expands its model lineup with the recent launch of its phenomenal new Super Sport Utility Vehicle (SSUV), the Urus, in the Philippines last November.

Opportunities abound for customers to literally ‘touch and feel’ the world of Lamborghini with a client lounge that includes a car configuration system to guide the customers through specifying their Lamborghini and Ad Personam areas that provide samples of exterior and interior finishes, allowing customers to physically touch and play with combinations of colors and materials, such as soft leathers or the appearance of carbon fiber. The showroom also features the Collezione Automobili which offers a wide range of luxurious lifestyle pieces from Lamborghini.

Last but far from least, the stunningly elegant new Bentley showroom combines its company’s rich heritage with modern-day luxury retailing. It features a private personalization area where customers can choose from the brand’s extensive palette of exterior paints and leather options to commission a truly bespoke car. The showroom also features a three-car display area, showcasing the latest Bentley models including the Mulsanne, the Bentayga and the new Continental GT, Bentley’s renowned Grand Tourer. An elegant boutique lounge and a fully equipped bar await a Bentley customer as they enter the showroom.

For more information, visit any of the PGA Cars showroom located in 28th Street corner 11th Avenue, Bonifacio Global City, Taguig or contact Porsche: 0917 555 8874; Audi: 0917 813 9064; Lamborghini: 0917 555 3771; Bentley: 0917 837 0527.

The PGA Cars Center showroom is located at the corner of 28th Street and 11th Avenue in BGC.

The Porsche showroom communicates the brand’s values aimed to provide a comfortable experience.

The Audi showroom features the brand’s international city showroom concept.

The new Bentley showroom combines its company’s rich heritage with modern-day luxury retailing.

The Bentley showroom welcomes guests with an elegant boutique lounge with a fully-equipped bar and a private customization area.

Customers have the chance to literally touch and feel the world of Lamborghini with a lounge and Ad Personam areas that include client-centered specification options such as paint and leather samples and a car configuration system.

The new Lamborghini showroom incorporates the brand’s latest corporate design characterized by polygons, sharp forms, raw surfaces and a diffusion of light and color.

Can ukay-ukay save the planet?

EVERY outfit tells a story, but are you sure you’re telling the right one? In the years to come, will your choices today place you on the right side of history? The choice you made will still be evident years from now, when that shirt you bought on impulse will still sit in a landfill, intact when you won’t be. A movement called FashionRevolution, starting in the UK and finding roots in the Philippines, rises from the simple question, “Who made my clothes?”

The question is important to the organization: Fashion Revolution began as a response to the 2013 Rana Plaza collapse, where a commercial building housing sweatshops in Bangladesh collapsed, killing 1,134 people. It was then revealed that many of the factories in the building were making clothes for several brands in fast fashion, solid evidence of the problems the convoluted supply chain of the fashion industry creates.

The organization has held Fashion Revolution Week worldwide, extended from a day of commemoration held every year on April 24, the day Rana Plaza collapsed. “Not many people know that there are a lot of social and environmental issues in the fashion industry,” said Sophia Calugay, country coordinator for Fashion Revolution Philippines, during a press conference. Among these issues are human trafficking (through modern-day wage slavery), and pollution caused by factory operations. “We love fashion but we don’t want our clothes to come at the cost of our people and our planet. We believe in a fashion industry that values the people, the environment, creativity, and profit — in equal measure,” she said.

During the talk, Fashion Revolution presented research they conducted about what they see as a solution to some of the fashion industry’s issues: used clothing, locally called ukay-ukay. The research extols the ability of used clothing to recirculate resources and delay the appearance of textiles in landfills. However, the same research says that the used clothing industry in the country is technically illegal: it breaks Republic Act No. 4653, which bans the importation of used clothing and “rags,” to “safeguard the health of the people and maintain the dignity of the nation.”

Fashion Revolution’s research reveals that misdeclaration of goods, redirection of relief goods, and gifts from abroad enable the trade, thanks to widespread corruption in the Bureau of Customs. For instance, the research says that a common way to enforce the law is to confiscate and destroy only a fraction of the secondhand clothes: the rest are set free in exchange for a bribe.

Ms. Calugay, said that after the clothes enter the country, their resale is considered a gray area, legally and morally, considering that several businesses are legally registered as secondhand clothing stores. A solution posed by the organization is to revise the law, conduct impact assessments, and restrict secondhand stores only to some parts of the Philippines, the better to control the influx of imported secondhand clothes, the sheer volume of which, in the dozens of tons, can rival the shipments of fresh clothing from fast fashion brands.

Ms. Calugay also pointed to changing consumer patterns especially in developing countries that contribute to the problems posed by the growing fashion industry. “You have a soaring middle class population [who buy] a lot of clothes. You want to address that population.”

Ms. Calugay gives several solutions to reduce consumption in fashion: there’s thrifting, buying local (to reduce the carbon footprints in buying imported clothing), swapping (Ms. Calugaypointed to a silk skirt she and her mother swapped), and repairing clothes that are already in one’s closet.

“Just fall back in love with the clothes you already have,”she said.

Fashion in the age of climate and social change has to transform from an exclusionary exercise in economic ability, to a show of moral responsibility for the planet and its people. “We want consumers to buy less, and buy with quality.

“If you need it today, are you going to wear it again tomorrow?” — Joseph L. Garcia


Ukay-ukay shopping tips

ON an excursion to secondhand shops or ukay-ukay in Makati Cinema Square and Guadalupe Nuevo in Makati, Sophia Calugay, country coordinator for Fashion Revolution Philippines, pointed out the various branded outfits she spotted, along with real Dr. Martens boots, and gave a few tips.

• Check for holes and stains to make sure you’re getting your money’s worth.

• Wear a mask, for some of the clothes have been taken fresh out of containers and boxes, unwashed, and might trigger allergies.

• Sanitize purchases by running them under hot water, and then thoroughly handwashing them (machine washing might damage the fabric beyond repair).

While there are sustainability benefits from thrift-shopping, of course there’s an an emotional benefit too: there’s the thrill in finding treasures, but also, “It’s quite fun to do it with friends,” said Ms. Calugay.

Limketkai, 72, leaves legacy of his visions in Cagayan de Oro

CAGAYAN DE ORO City tycoon Lorenzo U. Limketkai passed away at age 72 and he will be laid to rest Monday, May 6, in his hometown.

Mindanao Business Council Chair Vicente T. Lao described Mr. Limketkai as a pioneering entrepreneur who helped in the growth of the southern island.

“He was a good Mindanao businessman and a visionary,” Mr. Lao said in a mobile text message to BusinessWorld.

Mr. Limketkai was considered a driving force in the growth of the family enterprise, which was started by his parents in 1927 as a rice and corn mill and later grew into the large-scale manufacture of corn oil and other food products under Limketkai Manufacturing Corp.

The Limketkai name is also well-known in Cagayan de Oro City for their over 40-hectare mixed-use complex, considered one of the first and biggest leisure centers in Mindanao, that houses retail shops and supermarkets, the Limketkai Luxe Hotel, other entertainment facilities, and a 4,500-capacity convention hall.

“We mourn the untimely demise of another great economic pillar of Mindanao. I had the opportunity to have met him when I was chair of the Mindanao Business Council. He shared his vision of transforming Cagayan to become one of the top economic hubs of Mindanao. So with courage and his vision. The biggest and 1st shopping mall of CDO was born,” said Davao City-based business leader Joji Ilagan-Bian, also currently the honorary consul general of Bangladesh.

The Limketkai Center was developed and managed by Limketkai Sons, Inc.

“He will always be remembered by the younger business leaders as a person with sharp vision and tenacity to make things move at great speed,” Ms. Bian said. — with a report from Carmelito Q. Francisco

Yields on T-bills likely to decline

RATES OF Treasury bills (T-bill) on offer today are expected to decline across all tenors, as market participants price in the recent sovereign debt rating upgrade of the Philippines and gear up for the slew of domestic data to be released this week.

The Bureau of the Treasury (BTr) is offering P15 billion worth of Treasury bills (T-bill) today, broken down into P4 billion and P5 billion in three- and six-month papers, respectively, and P6 billion in one-year securities.

Traders interviewed before the weekend said yields on the T-bills to be auctioned off Monday will likely be flat or decline by five basis points (bp) across all tenors from the previous offer.

Last week, the BTr partially awarded the T-bills it placed on the auction block, borrowing just P13.01 billion out of P29.257 billion in total bids and the P15 billion it wanted to secure.

Broken down, the Treasury borrowed P4 billion as planned via the 92-day tenor as tenders reached P9.85 billion. The average rate declined 4.5 bps to 5.563%.

The government also made a full award of the 183-day T-bills, accepting the programmed amount of P5 billion, with total offers amounting to P10.947 billion. The tenor’s average yield slipped 1.8 bps to 5.978%.

Meanwhile, for the 365-day T-bills, the government borrowed just P4.01 billion out of the P6 billion it wanted to raise, even with tenders totalling P8.46 billion. The average yield on the papers picked up 3.3 bps to 6.085%.

At the secondary market on Friday, the three-month, six-month and one-year papers were quoted at 5.693%, 5.942% and 6.064%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.

Robinsons Bank Corp. trader Kevin S. Palma said demand for the T-bills on offer today will likely “still possibly skewed on the shorter dates” following the credit rating upgrade of the country.

S&P Global Ratings last week raised the country’s long-term credit rating to “BBB+” from “BBB,” just a notch away from the “A” level.

“So far, the market already rallied. The market is now pricing in the recent upgrade,” another trader said.

Both traders added that market participants will also position ahead of a data-rich week.

“April inflation and first quarter GDP (gross domestic product) growth data will be released just in time to set the stage for the much anticipated Monetary Board meeting on May 9,” Mr. Palma said.

Inflation likely eased further eased for the sixth straight month in April on the back of a decline in rice prices. A BusinessWorld poll of 10 economists yielded a 3.1% median estimate for last month, which if realized will be slower than the 3.3% rate the previous month.

According to a separate poll, the country’s first-quarter GDP growth is expected to be at 6.1%, easing from the 6.3% expansion the previous quarter and 6.5% in the first three months of 2018, taking into account the impact of the four-month delay in the enactment of the national budget.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno sees room to ease monetary policy at its review on Thursday, as the recent credit rating upgrade is “another factor” to “move faster.”

“Local bond yields have trended lower after the S&P announcement, so the market may have already priced in the upgrade. But we may see this rally grow legs after BSP Governor Diokno’s pronouncements that the S&P upgrade could hasten monetary policy easing,” Mr. Palma added.

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion in Treasury bonds.

It is looking to borrow P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of the country’s gross domestic product. — Karl Angelo N. Vidal

Palay prices remain under pressure in mid-April

THE farmgate price of palay, or unmilled rice, continued to decline during the middle weeks of April, with domestic prices still under pressure amid expectations of more liberal imports of cheap rice, even as the government concentrates all its procurement efforts on domestic rice.

According to the Philippine Statistics Authority, the average farmgate price of palay in second week of April fell 0.32% week-on-week to P18.64 per kilogram (kg). In the third week, the corresponding decline was 1.12% to P18.48/kg.

The average wholesale price of well-milled rice fell 0.37% week-on-week to P40.01 during the second week of April, and fell by a further 0.25% to P39.91 during the third week.

At retail, the average price of well-milled rice fell 0.18% week-on-week to P43.79, and fell by a further 0.25% to P43.68 during the third week.

Agriculture Secretary Emmanuel F. Piñol said that his department cannot arrest the price drop because of the deregulation of imports. “Wala na kaming [We do not have] control… that’s why we are strengthening the NFA (National Food Authority),” he told reporters.

Under the Rice Tariffication Law, the NFA has shifted its focus to palay procurement from domestic producers in order to maintain a buffer stock for calamities and emergencies.

He also noted that “As of the moment, stable na stable ‘yung supply ng bigas [the rice supply is very stable]. There is no danger that there will be a spike.”

He added that the last shipments of rice imported by the NFA are still good for five months, which means that such stocks of lower-cost rice are not yet competing in the market during the domestic harvest.

As of April 15, the NFA has breached the two-million bag level for palay procurement. It has procured 2.12 million 50-kilo bags since January, with 845,891 bags bought in April. The procurement target is 350,000 metric tons (MT) of domestic palay.

Meanwhile, the NFA has assured that it is only buying palay from legitimate farmers amid allegations that the agency is buying from fake cooperatives used by traders to sell to the agency at a higher price. Generally, a passbook is needed to be able to sell to the agency.

“First of all, farmers need to secure a passbook from NFA before they can sell to the agency. Requirements for securing this passbook include a filled out Farmer’s Information Sheet with identification picture, and certification from the Barangay Captain, Municipal Agriculturist, Municipal Agrarian Officer or National Irrigation Administration where his farm is located,” NFA Officer-in-Charge Administrator Tomas R. Escarez said in a statement on Sunday.

Farmer organizations must secure a master passbook by submitting their certificate of registration, assembly resolution, and masterlist of members. In cases when a walk-in farmer would want to sell, he can do so up to 200 bags only for the first time. He will then fill out a farmer’s information sheet, so that future transactions will be recorded in a passbook.

The PSA also noted that the average farmgate price of yellow corngrain fell 0.07% week-on-week to P14.06/kg during the second week of April, and fell 0.07% during the third week to P14.05/kg.

The average farmgate price of white corngrain during the second week of April fell 0.44% week-on-week to P15.89. In the third week the average price rose 1.51% to P16.13/kg.

The average wholesale price of yellow corngrain was unchanged at P20.21 during the second week, but rose 0.25% week-on-week to P20.26 in the third week.

At retail, the average price fell 0.08% week-on-week to P24.79 during the second week, but rose 0.56% week-on-week to P24.93/kg during the third week.

The average wholesale price of white corngrain in the second week fell 1.39% week-on-week to P22.73, and fell further in the third week by 0.44% to P22.63.

The average retail price fell 0.88% week-on-week to P29.12 in the second week, and was unchanged in the third week. — Vincent Mariel P. Galang

BWORLD TEST: Toyota Fortuner TRD Sportivo

Text and photos by Ulysses Ang

THIS MUCH is obvious: midsize 7-seat SUVs have become today’s family car. Aside from a seating configuration that allows the entire caboodle to hit the mall in style, they’re tall (read: flood-proof), durable, and most importantly, powered by a thrifty diesel engine.

Naturally, not one SUV could have it all. Or could it? Say hello to the Toyota Fortuner TRD Sportivo — a big family-friendly daily driver with a dose of sportiness.

From the outside, the Fortuner is all swoopy and sleek. It may have hit the scene three years ago, but it’s fresh and head-turning. It makes the previous model (and some of its rivals) look old. On top of that, Toyota recently introduced this new TRD variant. Based on the 2.4 G, it nets you a White Pearl shade (the most affordable variant that actually gets this color) along with a new grille, bumpers, wheels, rear spoiler, and of course, the usual stickers and badging.

Now, Toyota may have done most, if not, all of the Fortuner TRD’s upgrades outside, but it doesn’t mean that the cabin’s a bad place to be in. On the contrary, it’s surprisingly solid, modern-looking, and well-made. There are still some hard plastics present (particularly on the upper dash), but at least, Toyota’s managed to integrate a few luxury cues as well. From using the right shade of colors for the interior (a combination of black and dark brown) to the application of matte wood and blue lighting, the overall look and feel of the Fortuner’s been uplifted.

The Fortuner offers a sliding second row that divides knee room across rows two and three, but the swoopy roofline also robs some usable headroom in those two areas. The side-folding third row, a throwback to traditional SUV design, may offer better bolstering and back support for occupants, but it can be a pain to fold them up when not in use. It also takes away some of the usable cargo room too.

It’s equally a pain to fold them when not in use. This configuration means proper seating in the third row (it’s not knees up), but it also takes away some of the usable cargo room which is down 35 liters versus the Isuzu mu-X with the third row up.

For day to day driving, the Fortuner TRD Sportivo feels peppy. At these speeds, the Fortuner’s 2.4-liter 2GD-FTV is quiet and smooth. It’s remarkably civil with just a hint of diesel clatter at the top end. It can gobble up 100 km/h without you having to thrash the accelerator.

Likewise, the 6-speed automatic is a good match to the engine. It commits to a gear and doesn’t hunt as much.

The traditional hydraulic power-assist steering feels hefty, contributing to a less than agile feel especially when doing low-speed maneuvers or parking. However, equipped with four-wheel disc brakes, it does the job of stopping this close-to two-ton SUV. When it comes to the all-important ride, the Fortuner still doesn’t like small, undulating surfaces such as badly-patched roads or road cracks, but as roads turn to trails, it absorbs them way better. Plus, it’s got good highway stability with a flat, smooth ride.

People flock to the Fortuner because it’s still unquestionably the reliable, durable, and practical choice. Sure enough, get one and no one would question this choice; it’s a safe bet. That said, the addition of the TRD Sportivo variant at least adds a dose of sportiness to a midsize SUV that’s already pleasingly modern. It may not have the most luxury amenities (that’s what the V variants are for), but for those who want that added dose of sportiness to go with their practical family car, this one’s worthy of consideration.

Based on the Fortuner 2.4 G variant, the TRD Sportivo nets you a White Pearl shade (the most affordable variant that actually gets this color) along with a new grille, bumpers, wheels, rear spoiler, and of course, the usual stickers and badging.

Designer Resty Lagare returns to Butuan

A NUMBER of Filipino fashion designers have made it big beyond the country’s shores: among the best known are Michael Cinco, Francis Libiran, Rocky Gathercole, and Lesley Mobo.

While also made a name in the international scene, Resty Lagare is relatively unknown to Filipinos.

He is currently the resident fashion designer of Lovely Fashion, one of the biggest haute couture stores in Kuwait. He has dressed up celebrities for the Academy Awards and the Grammy Awards, and his creations have been showcased in New York Fashion Week, LA Fashion Week, Phoenix Fashion Week, and the TV show Germany’s Next Top Models, among others.

A native of Butuan City, he left in 1991 to pursue his dream to become a designer and he is coming back to give back via a charity fashion show in his home town.

“I vividly remember that I was on the boat from Nasipit and then I looked at Butuan to bid goodbye. I told myself that I will come back one day when Butuan can be proud of me,” he was quoted as saying in a press release.

A high school graduate from the Father Saturnino Urios University in Butuan, he dropped out of college to work for a garment factory in Manila before going to Dubai.

The Resty Lagare Charity Fashion Show will be held on May 20 at the LMX Convention Center in Butuan. It is produced by Butuan-based social enterprise One Closet and all the Rotary Clubs of Butuan (Rotary Club Area 3I and 3J).

Isabela Blancas, the 15-year-old founder of One Closet, was quoted as saying in the press release, “It was not difficult to convince Tito Resty to come home. He agreed to return on the condition that we put up a charity fashion show.”

The event aims to raise funds for two shelters for disadvantaged children, namely the Gesu Eucaristico Children’s, Inc. for abused girls in Buenavista, Agusan del Norte which is run by the Sisters Disciples of Jesus in the Eucharist; and Balay Silonganan, a home for abandoned and neglected children in Barangay Pinamangkulan in Butuan which is run by the Missionary Sisters of Our Lady of Fatima.

All of the event’s profits will go to the beneficiaries.

“I’m very excited about the show because we are helping marginalized kids who are close to my heart,” Mr. Lagaren was quoted as saying. “My parents worked hard selling fish in the market to provide for our family. I felt that I was so blessed. My heart goes out to kids who were abandoned or abused.”

Aside from Mr. Lagare, local fashion designers Dannah Mae Paclibar, Edzel Macion, King Aranchado, Kim Amora, and Johnbert Hubabib will be showing their creations in the charity event.

“With this event we get to show the creativity of Butuan’s fashion industry to attract both clients and investors,” said Mr. Lagaren. “I, myself, is looking for investment opportunities to help my fellow Butuanons.

“My first show in the Philippines has to be in Butuan. I’m glad that generous organizations and individuals are helping us with the show.”

For tickets and sponsorships, contact Frederick Blancas at 0917-863-2070.

PhilRealty profit jumps 48% in 2018

PHILIPPINE Realty & Holdings Corp. reported its net income grew by 48% in 2018, on strong sales of its projects in Quezon City and Bonifacio Global City, as well as higher valuation of its assets.

In a regulatory filing, the listed property developer said its net income attributable to the parent company stood at P392.63 million in 2018, from P264.36 million in the previous year.

“The improved valuation of our investment properties as well as the sustained increases in our real estate and rental businesses led to our bottomline leap,” PhilRealty President and Chief Executive Officer Alfredo S. del Rosario, Jr. said in a separate statement.

PhilRealty said property sales jumped by 28% to P1.009 billion, driven by demand for properties such as SkyVillas and Skyline in Balete Drive, Quezon City, and Icon Plaza in Bonifacio Global City (BGC), Taguig.

Rental income also rose by 117% to P102 million on the company’s expansion of leasable spaces and new lease agreements.

Other income also increased by 84% to P662 million on the re-valuation of investment properties, such as commercial, office and storage condominium for lease and parking spaces for lease at Philippine Stock Exchange Center (Tektite Towers) in Ortigas Center and the Icon Plaza.

Recently, PhilRealty closed the 20-year-old legal case with Universal Leisure Corp. (ULC) which involved a 2,370 square meter (sq.m.) penthouse unit and 74 parking lots in Tektite Towers. RLT paid P231 million that allowed it to re-acquire the properties. The company started buying Tektite units back in May 2017 when it acquired the units owned by the Philippine Stock Exchange totaling 4,492.22 sq.m.

For this year, PhilRealty said it is looking at doubling its authorized capital stock to 16 billion common shares. The new shares will be issues to Greenhills Properties, Inc., which will be intended for two lots in BGC where a high-end residential condominium project will be constructed. — V.M.P.Galang

Climate change leads US fund managers to adjust investments in agriculture

NEW YORK — After historic floods devastated Midwestern agricultural states this spring, some fund managers are evaluating how climate change will affect the long-term value of companies that make or sell products ranging from tractors to fertilizer.

The issue is not simply the unpredictability of weather. Instead, fund managers say, they are struggling to model how extreme weather events from droughts to more powerful storms will affect commodity prices and, in turn, spending by farmers on equipment or seeds.

In November, the US government published a report that found climate change will boost costs in industries including farming and energy production by increasing the frequency and severity of storms. The US-China trade war has also clouded the outlook for US farmers.

Early estimates of crop and livestock losses from this year’s floods are approaching $1 billion in Nebraska alone, and damages are expected to climb much higher for the region. The US Department of Agriculture, meanwhile, has no way to compensate farmers for crops that were damaged when floods overtook their record-high stockpiles of grain.

“I just don’t know how to value these companies now,” said Christopher Terry, a portfolio manager at Hodges Capital in Dallas. “It’s harder to invest around a theme when you’re talking multi-decade impacts.”

More extreme weather in the Midwest, for instance, will boost the cost of grains for feed, which will cut margins of egg producers like Cal-Maine Foods Inc, he noted. Barge companies such as Kirby Corp that move commodities down the Mississippi River may have more days that operations are out of service because of flooding, he added.

Other fund managers said they were seeking agricultural companies that might actually benefit from more severe weather.

Michael Underhill, chief investment officer at Capital Innovations, said he is focusing on midstream companies such as grains merchant Archer Daniels Midland Co and production companies like equipment maker Deere & Co that may benefit from greater volatility in commodity prices. ADM has a proven track record of hedging commodity bets, he said, while Deere may benefit if higher crop prices following extreme weather prompt farmers to invest in new machinery.

“If you think the next 10 years will look like the last 10 years you are in a for a rude awakening,” he said.

LOOKING FOR WINNERS
Incorporating the impact of climate change on agricultural stock valuations is something Wall Street analysts from firms including William Blair, Wedbush and R.W. Baird have largely avoided because it is hard to predict the impact on any one quarter or season. Analysts at these firms follow companies ranging from Bayer AG to retailer Tractor Supply Co.

“If weather conditions continue to have a more unforeseeable impact on agro business the best way to model this would be … to increase the beta-factor within the discounted cash flow model used by me. And no, I have not yet done so,” said Ulrich Huwald, an analyst who covers Bayer.

Private research companies like Four Twenty Seven have stepped into that void by providing quarterly climate risk scores for specific companies that focus on the impact of climate change events ranging from wild fires to rising sea levels on supply chains, operations, and trading markets.

Lucas White, a portfolio manager at GMO, runs one of the few actively managed mutual funds that target companies that may be significantly affected by climate change. While his fund has outsized positions in solar companies such as SolarEdge Technologies Inc and First Solar Inc, he also focuses on potash and phosphate producers that may see increasing demand as more severe storms wash away soil nutrients.

“Nobody knows what will happen with commodity prices and it’s more or less impossible to predict,” he said. “But farmers spend all this time getting their soil to be very productive and all of a sudden a huge downpour comes and they have to start from scratch again. It’s very difficult to produce agriculture in a world that is increasingly impacted by climate change.” — Reuters