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All-new 2020 Range Rover Evoque lands in Manila

By Ulysses Ang

COVENTRY Motors Corporation, the exclusive Philippine importer and distributor of Jaguar and Land Rover vehicles, launched recently the all-new 2020 Range Rover Evoque, bringing to the Philippines a luxury SUV that promises to change the standards of style, refinement, safety, and capability.

Based off Range Rover’s Velar platform, the new Evoque is created with Land Rover’s new Premium Transverse Architecture, making it wider and longer than its predecessor. The new platform also accommodates components for both plug-in and mild hybrid systems.

“We are very proud to bring to the Philippines the all-new Range Rover Evoque, which offers refinement and comfort required for modern city living while still providing all-terrain capability our customers expect from a Land Rover. I’m confident that our Filipino customers will rediscover the joy of driving with the all-new Evoque,” said Christopher Ward, president of Coventry Motors Corporation.

Building on the brand’s instantly recognizable look, the Range Rover Evoque dons a sportier silhouette, defined by the fast roofline and rising waist. It’s further amplified by the pronounced shoulders and wheel arches that’s filled with 20-inch wheels. Furthermore, the Evoque is fitted with super-slim LED headlights and flushed door handles. For the R-Dynamic HSE models, there are burnished copper accents that add a more distinctive appeal.

Land Rover also introduces jewel-like elements for the Evoque such as super-slim Premium LED head lamps that provide a more sophisticated front and rear lamp graphic. The R-Dynamic HSE models, on the other hand, come with burnished copper accents that add a distinctive appeal.

The Evoque’s longer wheelbase yields extra room, especially at the back (+ 20mm rear knee room) while also allowing for more storage of small items. The cargo hold is also larger by 10% (591 liters) enabling it to fit a set of golf clubs or two suitcases side-by-side. Furthermore, fold the rear seats down and the hold increases to 1,383 liters.

More than space, Range Rover has crafted a cabin that focuses more on usability. Using simple, uncluttered lines and surfaces, it’s juxtaposed with premium materials for a truly calm and serene space. Technologies such as a twin 10-inch touchscreen Touch Pro Duo system and a premium Meridian sound system come standard across all models. Differentiating the various trims, the Evoque comes with either two-tone Perforated Windsor leather seats (R-Dynamic HSE) or Perforated Grained Leather (SE) with 16-way seat controls.

Living up to Land Rover’s all-terrain capability, the Evoque features all-wheel drive, Active Driveline with Driveline Disconnect, and Adaptive Dynamics — technologies designed to minimize fuel consumption without any detriment to its legendary off-road capabilities. Furthermore, it also comes with Terrain Response, which automatically detects the surface being driven on and adjusts the setup accordingly.

In terms of numbers, the Evoque has a water-wading depth of 600mm, a ground clearance of 212mm, and generous approach (20.8 degrees) and departure (20.6 degrees) angles.

For safety, the Evoque comes with the segment-first ClearSight Rear-View, which turns the standard rear-view mirror into an HD video screen. Not only does this provide a wider field of view and superior visibility in low light, but can give an unobstructed view of the back even if the rear seat visibility is compromised by passengers or bulky items. The ClearSight Ground View technology, meanwhile, effectively makes the hood invisible by projecting a 180-degree view under the front. This is useful for navigating in tight spaces. This is all backed up with 360-degree Surround Camera.

Finally, it also comes with a variety of active safety features such as Hill Descent Control, Gradient Release Control, All Terrain Progress Control, and Driver Condition Monitor. The R-Dynamic HSE units also have Lane Keep Assist and Autonomous Emergency Braking.

Powering the 2020 Evoque is a choice between a 2.0-liter gasoline or 2.0-liter diesel engine, both turbocharged. The diesel-fed variant produces 180hp and 430Nm of torque coupled with a 9-speed automatic. Meanwhile, the 2.0-liter petrol makes 250hp and 365Nm of torque, while the Mild Hybrid Electric Vehicle (MHEV) evens it out to 300hp and 400Nm thanks to a 48-volt electric motor.

The Evoque comes in four variants with the following prices: SE 2.0 Diesel — P5,090,000; R-Dynamic HSE 2.0 Diesel — P5,490,000; R-Dynamic HSE 2.0 Petrol — P5,590,000; and R-Dynamic HSE MHEV 2.0 Petrol — P6,190,000.

The Evoque will also be offered in a Black Limited Edition on the three R-Dynamic models, for an additional P100,000. All purchases of the new Evoque come with a 5-year service plan.

PSALM seeks ERC approval to recover 2018 stranded debt of P4.72B

THE Power Sector Assets and Liabilities Management Corp. (PSALM) is seeking approval from the Energy Regulatory Commission (ERC) to pass on to end-users the P4.72 billion in stranded debt (SD) of the National Power Corp. (NPC) in 2018.

The state-run agency, which is tasked to privatize the NPC’s power assets, said the Universal Charge (UC)-SD true-up adjustment cost is equivalent to P0.0063 kilowatt per hour (kWh), covering a six-year-and-a-half recovery period.

The cost is calculated by dividing the total stranded debt by the Department of Energy’s projected energy sales from January 2020 to June 2026.

The ERC defines stranded debt as financial obligations which have not been liquidated by proceeds from the sale of state power assets.

PSALM said revenue from the sale of electricity of remaining assets does not suffice to cover operational costs and provide funds for the payment of NPC debt and obligations.

“To address the funding gaps, PSALM is forced to resort to temporary solutions by borrowing, which entails borrowing costs, which in turn will form part of the UC-SD, effectively increasing the UC burden of all electricity end-users,” PSALM said.

As such, PSALM is also petitioning for the provisional authority “to charge, collect the computed UC-SD true-up rate or such amount granted by the [ERC].”

“[I]f PSALM will be allowed to immediately recover the UC-SD under this petition through provisional approval, new loans and refinancing to service maturing debts and lease obligations would lessen. This would redound to the benefit of electricity end-users due to reduced borrowing costs, effectively reducing the UC burden,” PSALM said in its petition.

The agency is also requesting that the ERC deem its true-up adjustment for 2011 and 2012 in “full compliance” with the ERC’s June 27, 2017-issued resolution.

Under the resolution, the ERC authorized PSALM to recover P24.298 billion at the rate of P0.0265 kWh. The ERC ordered all distribution utilities and the NGCP to collect this rate starting August 2017 billing period.

The amount under recovery as of end-2018 for the 2011-2012 true-up adjustment stood at P21.545 billion.

PSALM has an annual March 15 deadline to request a true-up adjustment but the company sought an extension of up to June 30 this year. — Janina C. Lim

Investors take positions on ISM amid backdoor listing hopes

By Christine J.S. Castañeda
Senior Researcher

DEVELOPMENTS on new telecommunications player Mislatel consortium and hopes on the backdoor listing of Dennis Uy’s Udenna Corp. through ISM Communications Corp. (ISM) made the latter one of the most actively traded stocks last week.

Data from the Philippine Stock Exchange showed P776.17 million worth of 112.92 million shares exchanged hands on the trading floor from June 17-21, making it the 11th most actively traded stock during the period.

Its stock price closed at P6.99 apiece on Friday, up 7.4% from its P6.51 finish on June 14. Year to date, it is up 17.9%.

“So far, ISM’s movements in the market is lifted by the hopes that the backdoor listing of businessman Dennis Uy’s holding company [Udenna Corp. through ISM] would be finalized by the SEC (Securities and Exchange Commission),” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financial, Inc., said in an e-mail.

“These hopes also link ISM to the positive developments of Mislatel Consortium of which Udenna Corp. is a member… [t]his is what’s keeping ISM’s share price up for the week,” he added.

Mr. Tantiangco also noted the stock’s trading activity on Thursday, which was the biggest for the week, with a volume turnover of 69.31 million and value turnover of P477.54 million. Thursday’s transaction marked a sell-off that brought the stock’s closing price to P6.86 per share, down two percent from the previous day.

“Apparently for ISM, it’s still buoyed by hopes and speculations without any concrete fundamentals making it more susceptible to episodes of profit taking,” Mr. Tantiangco added.

Meanwhile, in a text message, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan attributed the stock movement mainly to expectations of the Mislatel consortium, of which ISM is connected through consortium member Udenna, to get its license to operate by July.

For Unicapital Securities, Inc. Technical Analyst Jeff Radley C. See: “Investors are already anticipating the third telco that is why [ISM] was actively traded.”

Udenna is in the process of conducting a share swap with ISM. This will involve the issuance of 24.058 million ISM shares to shareholders of Udenna in exchange for two billion Udenna shares. ISM’s name will then be changed to Udenna Holdings Corp.

The transaction is still pending approval from the SEC.

In a disclosure to the stock exchange, Chelsea Logistics and Infrastructure Holdings Corp. said the Mislatel consortium finalized the share-purchase agreement last June 13. The deal was signed by Udenna Chairman Dennis A. Uy, Chelsea President and Chief Executive Officer Chryss Alfonsus V. Damuy, and China Telecom Deputy Managing Director Xiao Wei.

The Mislatel consortium is composed of China Telecommunications Corp. and Davao-based businessman Dennis A. Uy’s companies — Udenna Corp. and Chelsea Logistics and Infrastructure Holdings Corp.

The Department of Information and Communications Technology (DICT) earlier said that it is targeting to award the consortium with its frequencies and permit to operate by the end of June.

ISM posted a net income of P2.56 million in the first quarter of 2019, down 92.9% from the P35.97 million in the same period a year ago.

Diversified Securities’ Mr. Pangan pegged the stock’s support and resistance at P5.95 and P7.40, respectively.

For his part, Philstocks’ Mr. Tantiangco: “Support is set a P6. Initial resistance is at P7 [while] next resistance is at its Feb. 7, 2019 high of P7.4.

Unicapital’s Mr. See said support levels are seen at P6.55, P6.00 and P5.75, while resistance levels are P7.40 and P8.60.

Davao City, Tagum positioning to attract more Muslim tourists

By Carmelito Q. Francisco
Correspondent

THE CITIES of Davao and Tagum are positioning to become the top destinations for Muslim tourists and investors in the Davao Region as Malaysian and Indonesian businesses seek out opportunities.

The Department of Tourism’s Davao Regional Director Tanya Virginia Rabat-Tan said the two urban areas, although not predominantly Muslim, can adopt measures to make them more Muslim-friendly.

“We need activities like this one to ensure that our business establishments know the importance of halal and being Muslim-friendly, not only to attract more tourists, but also to assure our Muslim brothers and sisters that we are with them in promoting halal,” Ms. Rabat-Tan told BusinessWorld at the opening of the Hariraya Open House in Tagum City last week.

Tagum Mayor Allan L. Rellon said the city government is planning to put up a halal complex for products that pass Islamic standards and issue a local law requiring a halal lane in supermarkets.

“This is still in the planning stage but I want to pursue it,” he said at the event.

In Davao City, Investment Promotion Center head Lemuel G. Ortonio said the city aims to strengthen the implementation of halal-related ordinances.

Among these laws are the formation of the Halal Industry Development Council and the segregation of halal products in supermarkets.

“We need these laws to push our city to become a Muslim-friendly city,” Mr. Ortonio said during last week’s Davao Investment Conference 2019.

At the same conference, Marilou W. Ampuan, trustee of the Davao City Chamber of Commerce and Industry, Inc., said delegates from Indonesia and Malaysia are looking for investment opportunities.

“They are always looking for opportunities where they can grow their investments,” said Ms. Ampuan, one of the advocates of halal tourism.

Mariam Pasigan-Daud, executive director of the Muslim Mindanao Halal Certification Board (MMHCB), said certifying bodies at this point are only looking at accrediting hotels and other business establishments in relation to their food offerings.

“Right now, we cannot completely certify a hotel as completely halal because it is very difficult to comply with the requirements, as all aspects of the hotel need to be looked into,” Ms. Pasigan-Daud told BusinessWorld.

She noted that it is much easier for establishments to become fully halal-certified in Muslim-majority countries like Malaysia and Indonesia.

However, Vernon B. Prieto of Surabaya-based Aneka Kartika Tours and Travel, said non-Muslim countries like Taiwan have made strides in attracting the Muslim tourism market.

“We don’t know the number of tourists from Muslim countries that visit Taiwan, but the fact that there are many Muslim-friendly establishments indicate that the number is huge,” he told BusinessWorld during the Hariraya Open House event.

US to allow grazing on unplantable acres to help farmers after floods

CHICAGO — The US Department of Agriculture (USDA) on Thursday announced a new measure to help farmers who were unable to plant corn and soybeans due to widespread flooding across the US Midwest.

Cover crops such as grasses are seeded to avoid erosion on acres where flooding deterred growers from planting grains and oilseeds.

In most years, farmers who make a crop insurance claim on these so-called “prevented plant” acres are not allowed until November to chop the fields for silage used to feed livestock.

The USDA’s change, which is only for 2019, means growers can hay, graze or cut cover crops for silage on prevented plant acres on or after Sept. 1 and maintain eligibility for their full-year 2019 prevented planting indemnity.

The earlier date should make more forage available for livestock.

University of Illinois agricultural economist Scott Irwin said the changes should encourage farmers to file for prevented-plant claims and seed cover crops on more acres.

“It clearly moves the needle toward prevent planting at this point. What is hard to figure out is how much,” Irwin said.

With the new rule, he said farmers may be able to get three types of income from on prevent-plant acres, including an insurance indemnity, plus the value of the silage produced, as well as a potential payment from the USDA’s $16 billion farm aid package announced May 23 to offset losses from an ongoing trade dispute with China.

“This will help farmers keep their head a bit further above water, but it’s still not much above water,” Irwin added.

US Agriculture Secretary Sonny Perdue earlier this month had said the USDA was “exploring legal flexibilities” to provide aid payments to farmers for acreage that is not planted.

The USDA also announced that its Farm Service Agency will extend the deadline to report prevented planting acres in select counties, US House Agriculture Committee Chairman Collin Peterson said in a statement. — Reuters

Kim Jones takes Dior to dreamy wasteland where past, future coexist

PARIS — Kim Jones played with time on Friday in his simultaneously classic and dystopian collaboration with Daniel Arsham, filling Christian Dior’s latest menswear collection with tonal, feminine-inspired pieces with a modern edge.

The house’s Summer 2020 collection linked Dior’s history as the industry’s salient interpreter of femininity with the French house’s daring, gender-bending future by way of draped sashes and floral pins off-set with ultra-modern, sometimes tattered accessories and textures.

Amid a pink and white set, the models became explorers in a eerie, beautiful wasteland.

They trekked through a sea of gradient pink sand around colossal, plaster letters spelling out Dior. Each letter had a ruined aspect about it, as if the sand and wind had worn it down for millennia.

Singer Lily Allen, model Kate Moss, her daughter Lila and Louis Vuitton menswear creative director Virgil Abloh figured among the stars present for the exploration of Dior through the ages.

The idea of relics took center-stage, a favorite subject for collaborator and category-defying artist Arsham.

Known for conceptually driven sculptures, Arsham has collaborated with Dior before, working on window installations in some of their biggest stores and stylized fitting rooms in the Los Angeles Dior Homme store for then creative director Hedi Slimane.

Beyond the sculptural element of the set and the pink-sand runway, the collection, a highlight of Paris’s fashion week, too, evoked sculptural origins while simultaneously embracing long, summery, slim-cut menswear.

The models donned pieces as diverse as multi-piece suits, mesh tops, re-interpreted trenches, jumpsuits in toile and adventure-ready looks for a dystopian traveler featuring fabric draped around their necks and faces, caps and wide glasses.

The intricately designed and intellectually driven show reaffirmed parent group LVMH’s effort to invest more in men’s fashion on and off the runway.

Studded with jewelry and bags, the show confirms Dior’s push for more accessories in menswear — items that bring in the most money for the house.

Jone’s collection featured Dior’s first-ever collaboration with luxury luggage brand Rimowa, giving the collection futuristic, metal handbags, clutches and backpacks.

More traditionally cut suits were accented with feminine handbags or saddle bags. The clean lines and supple cuts were punctuated by threadbare, frayed hats and other accessories.

After the show’s finale, Jones appeared on stage for no more than five seconds.

The enigmatic designer came on board as creative director in March last year, striking the fashion world off-the-bat with a first collection that attracted the most celebrity-heavy front row in the brand’s history.

Before, as head of Louis Vuitton men, he brought streetwear to the world of high fashion and then reinvigorated the art of tailoring for a more modern audience. — Reuters

Peso to rise further on US-China

THE PESO will likely strengthen against the dollar this week, as market players await the trade meeting between the United States and China.

On Friday, the local unit strengthened further versus the greenback to hit a one-year high, closing the session at P51.57 per dollar.

Week on week, the peso also strengthened from the P52.02-per-dollar finish last June 14.

“The peso could continue to be relatively stronger in the coming week and would partly take cue on the G-20 meeting of US President (Donald J.) Trump and China President Xi (Jinping),” said Rizal Commercial Banking Corp. economist Michael L. Ricafort in a text message.

Mr. Trump confirmed last week he will meet with his Chinese counterpart on the sidelines of the G-20 Summit in Osaka, Japan on June 28-29.

The meeting of the two leaders raises hope both countries will reach a truce after their relations recently soured again after they imposed tit-for-tat tariffs against each other’s imports.

“Trump signalled willingness to agree on a trade deal with China but also ready to expand by at least $300 billion US imports from China with higher tariffs of 25% and even sharply raise tariffs further in case China is not interested to…deal,” Mr. Ricafort said.

He added that the decision of the Bangko Sentral ng Pilipinas (BSP) to keep interest rates steady will likely support the peso.

“[N]o cut in local policy rates tends to make peso interest rate returns higher from the point of view of international investors, especially amid more dovish Federal Reserve… and lower benchmark bond yields in the US and other developed countries.”

The BSP left rates untouched during its Thursday meeting. BSP Governor Benjamin E. Diokno said the “prudent pause” in trimming rates allows them to assess the effects of prior adjustments such as the reduction in banks’ reserve requirement ratios.

For this week, Mr. Ricafort expects the peso to trade between P51.20 and P51.70, while a foreign exchange trade gave a P51.30-P51.60 range for today.

“We’re still seeing recovery in the dollar slightly, but on the technical side, we still expect the dollar to depreciate,” the trader said in a phone interview on Friday. — Karl Angelo N. Vidal

Auto Asia brings SsangYong and Changan brands under one roof

By Ulysses Ang

A BRAND-NEW retail concept brings two Asian brands under one roof to serve customers who seek vehicles whether it’s for business or pleasure: Auto Asia. With the Auto Asia retail concept, Korean SUV specialist SsangYong and one of the largest Chinese auto brands, Changan, join together to offer customers a wide product line that covers more than 40% of the local market by model.

“When a buyer walks into an Auto Asia dealership, one can choose from a wide range of products from SUVs, pickup trucks, MPVs, or small trucks for both the family and one’s business. And they will get the same brand of sales and after-sales service that puts the customer first,” says Japheth Castillo, president of SsangYong Berjaya Motor Philippines, Inc. and Berjaya Auto Asia, Inc., the newly appointed distributor of Changan vehicles.

The first Auto Asia dealership is located along the National Road, Purok 3, Pulong Sta. Cruz, Sta. Rosa, Laguna, with a facility that measures 1,300sqm in size. Aside from a well-lit display area, there is an 8-vehicle service bay for both brands.

Marking the milestone, Auto Asia launched two new offerings for SsangYong and two for Changan.

The fiercely fought 7-seater midsize SUV segment finds a strong new entry in the Rexton. Designed first as an SUV (unlike its competitors which are all pickup truck-based), it has the longest wheelbase (2,855mm) and widest body (1,950mm) in its class, making for an extremely roomy cabin and plush ride.

Powered by a 2.2-liter diesel motor, the Rexton puts out 181hp and 420Nm, and has a 7-speed automatic. It’s also available in either a 4×2 or 4×4 variant.

The Rexton’s list of standard equipment are impressive: leather seats, power driver’s seat, LED interior lighting, dual-zone climate control with rear vents, and an 8-inch infotainment screen with Apple CarPlay and Android Auto. The 4×4 ups that with HID headlights, 20-inch alloy wheels, ventilated seats, power front passenger’s seat, moonroof, power tailgate, a Super Vision instrument cluster with a 7-inch LCD display, and six air bags.

The Rexton is priced at P1,730,000 for the 4×2 A/T and P2,230,000 for the 4×4 A/T.

Meanwhile, the Musso Grand is SsangYong’s definitive answer for buyers who want their pickup truck to do more. Completing the Musso range, the Musso Grand gains 310mm of extra length, making it the longest one-ton pickup truck in the market today (5,405mm). The extra length is all concentrated at the bed where it can accommodate 1,434 liters of cargo.

The Musso’s coil spring rear suspension is replaced with traditional leaf springs on the Musso Grand. This pushes up the payload capacity to 1,025kgs from the Musso’s 850kgs. And with this move, SsangYong is the first manufacturer in the country to offer two rear suspension setups depending on the pickup truck the buyer will choose.

Like the short wheelbase Musso, the Musso Grand is powered by the 2.2-liter e-XDI engine making 181hp and 420Nm of torque. This engine can be mated to a choice of a 6-speed manual or 6-speed automatic as well as 4×2 and 4×4 drivetrains.

Further pushing the luxury envelope in the pickup truck class, the Musso Grand 4×4 is the only one that offers a moonroof. This is complimented by premium brown ventilated seats, a touchscreen infotainment system with Apple CarPlay and Android Auto, front and rear A/C vents, and even Active Rollover Protection with Hill Descent Control and Stability Control.

The Musso Grand is available in three variants: the 4×2 M/T at P1,180,000, the 4×2 A/T at P1,230,000, and the 4×4 A/T at P1,650,000.

For Changan, there’s the Honor S 7-seater MPV and Star Truck small truck. Both vehicles are targeted at clients looking for a ride for the family or for their small- to medium-scale business that won’t break the bank.

The Honor S goes for just P585,000 yet offers a value-for-money proposition with its bevy of features and specifications that surpass its price range. The 7-passenger MPV is powered by a 1.5-liter gasoline motor with variable valve timing that puts out 105hp and 145Nm, mated to a 5-speed manual transmission driving the rear wheels. It boasts of features such as a 10-inch Android-based infotainment system. There’s also an option for an 8-seater configuration.

Meanwhile, entrepreneurs looking for an affordable yet quality ride can check out the Changan Star Truck. Available in either Cab and Chassis, and Dropside body styles as well as one with an aluminum box, the small truck gets its power from a 1.2-liter gasoline engine with 97hp and 119Nm of torque, paired with a 5-speed manual driving the rear wheels. While its primary purpose is to haul cargo, driver and passenger still get a 2-DIN CD player, as well as 3-point seat belts to keep them entertained and safe while on the go. The Star Truck retails for P435,000 for the Cab and Chassis, P455,000 for the Dropside body style, and P488,000 for the variant with a built-in aluminum box.

Completing the Auto Asia concept is their new Mobile Service Van. As its name suggests, it will provide periodic maintenance service to customers within a 100-kilometer radius from the dealership. Furthermore, SsangYong vehicles are covered by a 5-year/100,000km warranty with a 3-year/60,000km free PMS service for all its vehicles. For Changan, the warranty differs between models, depending if it’s a commercial or passenger vehicle.

The Auto Asia dealership concept will open in key areas around the country bringing the Korean SUV specialist, SsangYong, and one of China’s top automotive brands, Changan, together for Filipino buyers looking for vehicles either for business or for pleasure.

Auto Asia Sta. Rosa can be contacted through the following numbers: 63 917-804-8838 (sales), 63 917-806-5150 (service), or e-mail customer.care@baai.ph.

Visa vows to strengthen payment security in PHL

By Mark T. Amoguis
Senior Researcher

SHANGHAI, CHINA — Payments provider Visa, Inc. unveiled a three-year road map that aimed to strengthen payments security in the Philippines, where many Filipinos still prefer to use cash over credit despite the rise of e-commerce.

“There’s amazing benefits of data but data is also a problem. If we’re using it in a sophisticated, consistent, standard, well-governed way, data is also the answer to the problems we’re facing as we think about the future as well,” said Visa Regional President for Asia-Pacific Chris Clark said during the Visa Security Summit in Shanghai, China last week.

The Future of Security Roadmap for the Philippines focuses on a number of key initiatives which includes devaluing data (removing sensitive data from the ecosystem and making stolen account details invalid); protecting data (implementing safeguards to protect personal data as well as account details); harnessing data (identifying potential fraud before it occurs and increasing confidence in approving genuine transactions); and empowering everyone (including account holders, third-party providers, and merchants to play an active role in payment security).

According to Dan Wolbert, Visa country manager for the Philippines and Guam, Visa is working collectively with its clients and partners to bring down fraud rates to historic lows.

“Through the release of the roadmap, we will take the lead in championing security for the Philippines, and ensure we address any gaps in payment security for the country,” Mr. Wolbert said in a statement released on Friday.

“Visa is committed to ensuring that security moves at the speed of innovation through collaborations with the industry stakeholders, merchants, policy makers, law enforcement, and accountholders,” the statement read.

In the Philippines, there are 9.4 million credit card users as of end-2018, an 18% year-on-year increase from 8 million in 2017, Bangko Sentral ng Pilipinas (BSP) data showed.

According to the central bank’s Financial Inclusion dashboard as of fourth quarter last year, e-commerce and mobile banking penetration rates in the country is at 39% and 28%, respectively, citing We Are Social 2018 data.

SPECIFIC INITIATIVES
Shivakumar Sriraman, Visa chief risk officer for Southeast Asia, described the roadmap as a set of market-specific initiatives.

“Some of them might be common among different countries. Some of them might be slightly different because everyone is in a different stage when it comes with the evolution of payment security,” Mr. Sriraman told the reporters during the Visa Security Summit in Shanghai, China last Wednesday.

“This roadmap is not cast in stone because what we see as a threat or an attack today might not be one probably six months down the lane. We might have to amend the security roadmap. This will be reviewed on a periodic basis,” he said.

During the media briefing, Visa said its existing security solutions include Payment Card Industry Data Security Standard (PCI DSS), third-party agents registrations, and EMV migration.

For the next three years, the company is batting for the adoption of 3-D Secure 2.0, tokenization, transaction alerts/transaction controls, risk-based authentication, and card-on-file tokenization.

“E-commerce is growing extremely fast so we need to be extra careful if we think about it,” said Joe Cunningham, Visa head of risk for Asia-Pacific, adding that as commerce is shifting to digital so are the criminals.

He said the percentage of e-commerce merchant attacks was logged at 27% in 2015 but it ballooned to 76% in 2017.

“The ideal set of security solution is a multilayer solution. We should never rely on one thing,” Mr. Cunningham said.

In a country where the cash remains the king, the BSP targets to hike the share of digital payments to 20% by 2020 of total transactions from a measly 1% recorded in 2013.

Under the National Retail Payment System, the central bank plans to shift cash-heavy transactions to digital avenues. In implementing this, BSP launched two clearing houses: the PESONet (batch payments) in 2017 and InstaPay (small value payments) in 2018.

When asked if the Philippines can meet its 20% target by next year, Visa’s Mr. Clark said: “We’re working very hard. Everyone in the system is working very hard in this and we’ve seen a lot of growth. The most important thing is that the government and the regulator is 110% behind what the industry is trying to achieve.”

“And when you have that support, it makes the outcome much more achievable,” Mr. Clark added.

April debt service bill P53.84 billion, up 93%

THE national government had a debt service bill of P53.84 billion in April, up 93.35%, the Bureau of the Treasury (BTr) said.

Based on BTr data, total debt payments for the first four months amounted to P274.019 billion, up 21.22%.

Interest payments for the month amounted to P23.536 billion, up 1.57% from a year earlier.

The government paid P16.528 billion to domestic lenders in April, up 2.61% year on year.

Interest paid to foreign lenders fell 0.79% to P7.008 billion.

In the first four months of the year, interest payments totaled P131.306 billion, up 9.12% from a year earlier.

Amortization for the month totaled P30.304 billion, up 548.35% year on year.

In the first four months, amortization payments amounted to P142.713 billion, up 35% from a year earlier.

Finance Secretary Carlos G. Dominguez III has said that the Philippine government had to take advantage of low interest loans before the country becomes an upper middle-income economy.

“If we are not growing and borrowing, that’s really bad. But because we are growing, we have the ability to borrow more because we have the productive capacity to pay more,” Mr. Dominguez said.

According to Mr. Dominguez, once the country reaches upper middle-income status, “our cost of money is going to be higher because we will no longer qualify for the lower interest rates for poorer countries.” — Reicelene Joy N. Ignacio

Argentina raises this season’s wheat sowing estimate thanks to rain

BUENOS AIRES — Argentine farmers are expected to plant 6.5 million hectares of wheat in the 2019/20 season, the government said in a report on Friday, citing good rainfall as the reason for the increase from its previous forecast of 6.46 million hectares.

“Good soil moisture conditions have favored planting,” the agriculture secretariat said in its monthly grains report.

Wheat in Argentina is planted in June and July and harvested in December and January. Some 39% of this season’s wheat crop has been planted so far, the report said.

Heavy rain in eastern Argentina this month has caused some delays in wheat sowing. But crop weather experts say the storms should end up helping farmers grow more of the grain this season as water reserves become replenished.

The Rosario grains exchange has said that Argentina could harvest a record 22 million tonnes of the cereal this season, up from 19.5 million tonnes in the 2018/19 crop year.

Argentina’s 2018/19 corn crop was seen at 57 million tonnes versus a previous forecast of 56 million tonnes, the report said. Government estimates include corn used by growers to feed their own livestock. Many private estimates in Argentina count only commercial corn crops. Some 60% of Argentina’s 2018/19 corn crop had been harvested as of Friday, the report said.

The report slightly downgraded the government’s 2018/19 soy crop estimate to 55.6 million tonnes from the previous forecast of 55.9 million tonnes. — Reuters

Style (06/24/19)

Avon’s Butterfly watch

AVON’s Butterfly watch

AVON’s Free as a Butterfly watch supports NGOs that empower abused Filipinas. Available for P899, the watch is in line with the company’s #Stand4Her campaign — P100 of every piece purchased goes straight to Avon’s partner NGOs: the Luna Legal Resource Center for Women and Children in Davao ([082] 222-3448), Gender Watch Against Violence and Exploitation in Dumaguete ([035] 422-8405, 0915-259-3029), Women’s Care Center, Inc. in Manila (514-4104 or 0999-577-9631), and Ing Makababaying Aksyon in Pampanga ([045] 323-4750).

Max Factor’s new Volume Infusion Mascara

Max Factor’s new mascara

THE new Max Factor Volume Infusion Mascara is a two-in-one mascara with a formula that creates long and healthy-looking lashes. The formula of Volume Infusion Mascara features keratin and biotin. Meanwhile, the gentle fibre brush ensures maximum volume. One can also prepare and beautify their eyes with Max Factor’s new multi-benefit range with a product line-up including the new Miracle Prep Eye Shadow Primer and Masterpiece Nude Palettes in two new shades. Eyeshadow creases become a thing of the past with Max Factor’s first-ever Miracle Prep Eye Shadow Primer. The primer is applied with a soft, sponge applicator that makes it easy to apply, and achieve even and intensified color when next wearing eyeshadow. Less is more. Too much primer won’t settle properly, so only add a thin layer. Meanwhile, the two new Max Factor Nude Palettes has two colorways: Skylight Nudes and Earthy Nudes. Max Factor Volume Infusion Mascara, which comes in Black and Brown/Black, is available for P595. The Max Factor Miracle Prep Eyeshadow Primer is P395 while the Max Factor Masterpiece Nude Palettes are sold for P895.

A cloudy orange jumpsuit and a quilted vest and snake pants are two of the outfits from the Spectrum Kidz line.

Clothes for autistic kids

Graduating students from the Fashion Design and Merchandising (FDM) Program of the De La Salle-College of Saint Benilde (DLS-CSB) — Angela Bautista, Diane Bobier, Allana Nicolas, and Darlenne Rivera — created the homegrown brand Spectrum Kidz, a 20-piece ready-to-wear line which consisted from basic clothing necessities to cutting-edge ensembles, fit for children from ages two to eight years old on the autism spectrum. The wide range of selection of choices used meticulously selected textiles such as cotton, poplin, neoprene, plush, corduroy, velvet, cotton twill, jersey knit, brush twill, geena silk, satin silk, maong denim, and cotton denim ready to address preferences. “These fabrics offer the most comfortable choices for them,” team spokesperson Ms. Bobier stated. “Some opted for clothes that are soft to their touch such as jersey knit, cotton and neoprene. Other children preferred stiffer fabric like denim.” Attention was given to jacket zippers and snaps, which allowed ease of access and give opportunities to children to effortlessly dress themselves. “The adoption of ordinary closings such as buttons may bring a challenge,” Ms. Bobier said. The vibrant and weighted Shibori Bomber Jacket gives Deep Touch Pressure (DTP). “It allows a calming and soothing effect for children with autism who have self-regulation difficulties and sensory processing disorder (SPD),” said Ms. Bobier. “This kind of jacket may be appreciated whenever kids feel anxious or scared or when they are undergoing tantrums.” Another shirt features artwork sketched by a young boy with autism. Spectrum Kidz was part of the display of distinct collections in Sinulid: Prologue, a large-scale exhibition that provided a sneak-peek to the promising talents of college’s budding fashion designers as they gear towards their main show scheduled for July.

SM Home Fair on June 28

Following the successful run of the SM Home Turnover Fair at the SMX Center in SM Aura, this year SM Home will be doing it bigger and better in the SMX Center beside the Mall of Asia. This year’s SM Home Fair will feature discounts of 10% to 50% on selected new items (as opposed to old stock) from over 50 premium brands carried by SM Home. The fair will also feature expert-led talks by some of the country’s up and coming designers who will offer practical advice and design hacks to guests at the fair. There will also be product and cooking demos featuring some of the latest and most innovative cooking appliances available in SM Home stores. In keeping with SM Home tradition, there will be design vignettes positioned all over fair from which guests can learn a thing or two, and derive inspiration from. The SM Home fair is open to the public, entrance is free. The fair opens on June 28 at the SMX Convention Center, in the Mall of Asia Complex.

HABI Pop Up of Culture

Shangri-La Plaza will host HABI Pop Up of Culture at the Grand Atrium of Shangri-La Plaza’s Main Wing (Level 2) starting on Friday, June 28. The fair focuses on local weaving traditions.

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