THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to keep monetary policy settings steady on Thursday, according to comments from economists late last week, in which three said they see a reduction in benchmark interest rates while five projected a cut in banks’ required reserves in the months ahead. Read the full story.
JAKARTA/MANILA — Low inflation sweeping across Southeast Asia is here to stay, raising the odds some of the region’s biggest economies may reverse course on interest rates this year.
Food prices have been falling across the region, driving down inflation and pushing up real interest rates.
Malaysia is already in deflation, while others like Thailand are seeing almost stagnant price growth. With the Federal Reserve turning more cautious on rate hikes, investors are bracing for further monetary policy easing in Asia after India took the first step last month.
While the three Southeast Asian central banks deciding rates this week — Indonesia, the Philippines and Thailand — are likely to stay on hold, they may signal some willingness to cut in coming months.
“With a more favorable external backdrop and more dovish turn from other central banks, we think the Philippines and Indonesia could afford to cut rates,” said Mohamed Faiz Nagutha, an economist at Bank of America Merrill Lynch in Singapore.
“But they won’t be in a hurry given growth is generally still firm.” The case for further tightening in Thailand “is becoming less compelling,” he added.
In Malaysia, where the central bank has kept interest rates unchanged since a 25 basis-point hike in January 2018, calls for rate cuts are also getting louder. Data on March 22 will probably show consumer prices fell for a second month in February.
CURRENCIES STABLE
Indonesia and the Philippines both hiked rates by a total of 175 basis points last year to ward off inflation pressures and shield the economy against the emerging market rout. Thailand delivered its first rate hike since 2011 in December.
This year the story is very different.
Currencies like the rupiah and peso have stabilized after the sell-off in 2018, inflation is at its lowest level in almost a decade in Indonesia and back in the target band in the Philippines. In Thailand, price growth remains below the central bank’s goal.
In the Philippines, the central bank also has a new governor, Benjamin E. Diokno, a former budget secretary who’s said the slowdown in inflation provides room to ease monetary policy.
The weak inflation backdrop is tricky for policy makers in a region vulnerable to food and utility price swings.
An expected El Niño dry spell this year could stunt harvests and boost food inflation, while global fuel prices could also creep up, keeping central banks on guard.
Even so, inflation is expected “to remain unconcerning in the medium term,” said Chidu Narayanan, Asia economist at Standard Chartered Plc in Singapore.
With Indonesia, Thailand and the Philippines all holding elections this year, authorities are also trying their best to keep costs under control, another reason inflation is set to remain subdued.
Indonesia has capped fuel price increases, while the Philippines has eased import restrictions on rice and fish.
For Indonesia, much will depend on the currency’s outlook. Policy makers are likely to remain “cautious” when it comes to rate moves and wait “until the coast clears for the rupiah to be more stable or even appreciate,” said Euben Paracuelles, an economist at Nomura Holdings Inc. in Singapore.
“As for Thailand, monetary conditions are the tightest in the region by our estimates, due to a combination of high real rates as a result of low inflation, and the baht’s appreciation,” he said.
“That means it is difficult for the Bank of Thailand to follow up with another rate hike and indeed we expect it to stay on hold throughout this year.” — Bloomberg
IT’S HARD to imagine that Manila Fashion Fest started only in 2014, establishing itself as the premier fashion show series of the country. In October, it will celebrate its fifth anniversary, but before the landmark occasion it will first hold its tenth season from April 2 to 5 at the EDSA Shangri-La hotel in Mandaluyong City.
Designers from this season will include Cheetah Rivera, Chris Nick, Anthony Ramirez, Daryl Maat, Steph Tan, Cherry Veric, and Jaz Cerezo — and that’s just day one.
About 38 runway shows are scheduled throughout the four-day festival, including shows by Avel Bacudio and John Herrera (who won the Britain’s Top Designer competition in 2017).
The shows have partnered with online retailer, Zilingo, as they aim to sell the clothes featured on the runway on the site.
The event will also host talks and workshops by photographers, filmmakers, and videographers in fashion throughout the week, in a series called Point of View.
There is a lot to look forward to: some designers previewed their collections last week in Makati, and we’re already in love with the hot pink tweed ensembles from Yong Davalos, rich outfits featuring indigenous textiles from Windel Mira,and charming feminine dresses from Philipp Tampus.
Several regional collaborations are also in place throughout the year, beginning with shows in April, featuring a handful of designers from Laos, Japan and Korea. A Filipino-founded brand from New York, Gable & Grant, will also make an appearance on the runway.
Asked about the collaborations’ purpose, Ronnie Cruz, CEO of Art Personas (the company which sets up the shows) said that it all points to the goal of setting up Manila as the fashion destination of Southeast Asia.
“That’s pretty much part of the strategy in terms of positioning,” he said during the launch on March 14 at the iAcademy in Makati City.
In previous interviews with BusinessWorld, Mr. Cruz expressed that the aim for Manila Fashion Festival, aside from creating excitement, was to actually sell the clothes, paving the way for a healthier garment industry sector.
The goal has since expanded, with Mr. Cruz saying during the launch, “I want to bring in investors here.”
Mr. Cruz has tried, for the past few years, to bring some international brands into the country by introducing them in the Manila Fashion Festival shows, but so far, none have taken the bait. Mr. Cruz is hoping that investors in manufacturing and textiles could give Manila a chance, in part through seeing the creations that go down the runway.
“A small private entity like ours can’t really do this, but we can start it, for sure,” he said. — Joseph L. Garcia
DMCI Power Corp. continues to be on the lookout for more power contracts in several islands in the country to improve its sales volume, after it grew by a fourth to 308 gigawatt hours (GWh) in 2018.
The off-grid electricity supplier said it has recently won the contract for a three-megawatt (MW) facility in Siargao, while also looking to participate in the bidding process for projects in Marinduque, Occidental Mindoro, and Ticao Island in Masbate this year. DMCI Power President Nestor D. Dadivas said they won the Siargao project at P83 million per year, on top of variable costs. The company is now in the review process for the power supply agreement.
“Siargao is connected to the grid, so it’s an easy contract that can grow because we have big plans in Mindanao, we might need some ancillary facilities,” Mr. Dadivas told reporters during a recent media briefing.
The build-operate-transfer contract will last for 15 years, after which the facility will be turned over to the government. DMCI Power expects the facility to start running within the next four to six months.
Meanwhile, Mr. Dadivas said the local governments of Marinduque and Occidental Mindoro might be sending out bids for private electricity providers within the year. The Marinduque contract is seen to have a capacity of 12 MW to 15 MW, while the Occidental Mindoro project will have a total capacity of 22 MW.
“Right now they (Occidental Mindoro) have temporary contracts for 20 MW, that will be bid out. Wala pang existing supplier. They will still have to come up with their terms, so it depends on the technology, size,” Mr. Dadivas explained.
Electricity in Ticao Island, which Mr. Dadivas described as a tourism-oriented island, is currently being supplied by the National Power Corp. DMCI Power said the state-run firm is now asking for interested private providers in the area.
DMCI Power said it posted record sales volume in 2018 to 308 GWh, 25% higher than the 247 GWh it booked the year before. The company attributed the performance to strong power demand alongside improved distribution and transmission line systems during the period.
Mr. Dadivas also noted that the six-month closure of Boracay positively affected Palawan and Oriental Mindoro — where it provides electricity.
Palawan energy sales grew 34% to 131 GWh, while sales in Masbate went up 111 GWh, 12% higher year on year. Energy sales in Oriental Mindoro also increased 32% to 66 GWh.
On the other hand, sales volume in Sultan Kudarat rose 21% to 170 megawatt hours from 140 MWh in 2017. DMCI Power acts as a backup or reserve power provider in the area.
DMCI Power’s net income climbed 30% to P465 million in 2018 from the P359 million it realized the year before. — Arra B. Francia
HER JACKETS and jeans, bangles, and bags can instantly send tongues wagging and designers’ sales soaring.
Since being catapulted into the global spotlight as Prince Harry’s girlfriend in 2016, Meghan’s outfits have been scrutinized and copied, often crashing websites selling her apparel.
Fashion blogs and social media accounts dedicated to the American’s style have mushroomed, just as they sprang up for her sister-in-law Kate, Prince William’s wife, allowing followers to comment on her latest sleek looks usually in a monochrome palette.
“The Meghan effect is this economic phenomenon similar to the Kate effect… where if she wears it, it turns to gold,” said Christine Ross, co-editorial director of Meghan’s Mirror fashion blog, describing Meghan’s style as “very on trend and modern.”
Almost everything she wears up to and around the $300 or £300-mark — a pretty high price point — sells out she added.
Designer dresses, luxury handbags, and stylish stilettos are the fashion dream of many women, but for a young royal they are the staple of an everyday wardrobe.
For her busy royal diary, the now Duchess of Sussex usually wears expensive labels, namely French couture house Givenchy whose British artistic director Clare Waight Keller designed Meghan’s wedding dress.
Dior, Ralph Lauren, Carolina Herrera, and Oscar de la Renta are among other formal and eveningwear go to brands.
“Meghan’s wardrobe is really unique because there are so many bespoke pieces in it and we’ll really never know how much those cost,” Ross said.
She estimates her wardrobe at about £500,000 ($657,750) a year.
‘STYLE MUSE’
While becoming a trendsetter, Meghan, named 2018’s best dressed woman by People magazine, has stayed loyal to smaller brands she wore before her global fame.
The 37-year-old, who used to film the TV drama Suits in Toronto, has worn Canadian labels Mackage, Aritzia, and Line the Label.
For casualwear, she has worn J.Crew and brands known for their environmental and social credentials: a Reformation dress, Veja sneakers, Outland Denim jeans, and jewelry made from recycled metal.
“Meghan carved this niche for supporting these sustainable fashion brands,” Holly Rains, digital editor at magazine Marie Claire UK, said. “People are now going to Meghan as a style muse… She crashes sites.”
It is particularly her more affordable accessories that are snapped up by consumers.
“The jewelry, the bags, the belts is where we can dip in and get that kind of Meghan touch to our outfits,” Rains said.
Ross said Meghan’s casual jean looks proved popular with readers. Her maternity wear as she awaits her first child is also eagerly followed.
“She’s done a lot of bespoke pieces, a lot of customization pieces that aren’t maternity at all and it’s really been a difference,” Ross said.
Royal fashion expert Michael Talboys said he hoped to see Meghan wear more British labels. She has worn items from UK brands Victoria Beckham, Strathberry, Marks & Spencer and her second wedding gown was a halterneck dress by Stella McCartney.
“She should, as an English duchess, really be patronizing English designers and promoting them in the eyes of the world,” he said.
Kate frequently wears British high street dresses.
On the streets of London, student Savanah Edwards said Meghan’s “classic” style was having an impact.
“I personally cannot afford anything that she wears but it does influence me to try new pieces,” she said. — Reuters
CEBU AIR, Inc. reported its net income plunged 50.6% to P3.9 billion in 2018, from P7.9 billion in the previous year, due to the “challenging macro environment.”
In a statement over the weekend, the operator of Cebu Pacific noted the high fuel prices, volatile Philippine peso, rising interest rates, increased competition, six-month closure of Boracay, and operational limitations of key airports as factors that affected its bottomline last year.
Airlines around the world took a hit from rising jet fuel prices last year, which only started going down in the fourth quarter, based on data from the International Air Transport Association (IATA). The average price of jet fuel during the nine-month period was at $85.37 per barrel, 36% up from $62.89 per barrel in the same period in 2017.
Adding to Cebu Air’s problem is the weakening of the Philippine peso, which recorded an average of P52.66 per dollar in 2018, a steep decline from the P50.40-per-dollar it recorded in 2017.
But despite the slump in its net income, Cebu Air said its revenue grew by 9% to P74.1 billion in 2018, driven mostly by its cargo business which posted a 19% growth. Passenger revenue was also up 9% to P54.3 billion in 2018.
“Despite the pressures posed in 2018, we remained resilient. We were able to expand our network by upgauging our flights touching congested airports,” Cebu Pacific Chief Operations Officer Michael Ivan S. Shau was quoted as saying.
In aviation, “upgauging” is a strategy used by airlines to increase capacity by replacing smaller planes with larger ones.
Cebu Pacific said it ferried 20.3 million passengers last year, 2.7% higher than the previous year.
The budget carrier said it is hopeful it will bounce back in 2019 with the acquisition of fuel-efficient planes and opening of new routes.
“We will continue to pursue our fleet upgauging strategy and invest in the latest aircraft technologies, as well as develop secondary hubs like Cebu and Clark. We will also continue to grow our cargo business with the incoming ATR freighters as well as continue our digital transformation for us to be more agile and adaptable to changing customer expectations,” Mr. Shau said in the statement. — Denise A. Valdez
THE Department of Agriculture (DA) lacks the capacity to apply stringent biosecurity measures to counter the threat of African Swine Fever (ASF), a group of farmers claimed.
“We are gravely concerned over the apparent inadequate preparation of our Agriculture department towards preparing the country for possible outbreak of ASF into our territory, (without a) prevention and control program,” Teody De Belen, National Vice President of the Association of Free Farmers (AFF), said in a statement on Sunday.
“We are concerned because one of the main sources of livelihood and domestic consumption in the country is farming and backyard hog raising. And once the disease manages to get into our swine, it will have a very serious national implications in terms of the livelihood of our rural folk and job losses for those working in pig farms,” Mr. De Belen added.
According to AFF, local government officials should have the capacity to respond to certain situations.
“They need to know what to do in order to prevent it. But if ever it gets into our borders, they need to know how to control it. So the technical assistance that can be provided by the DA is very strategic and very important at this stage,” Mr. De Belen said.
Agriculture Secretary Emmanuel F. Piñol said that the DA has met with hog raisers to address ASF issues. Inspections in ports are also being performed to ensure that pork and pork products contaminated by the virus will not gain entry into the Philippines.
“I just met with the hog raisers’ group last week and we are all ready to face the challenge,” Mr. Piñol said in a mobile message, also on Sunday.
In a social media post, Mr. Piñol said that dogs will also be deployed to the ports to help inspect luggage that may be carrying pork.
“The DA-BAI (Bureau of Animal Industry) has issued an invitation to companies offering the services of sniffer dogs to immediately coordinate with the Office of the Secretary for the emergency engagement of their services,” Mr. Piñol said.
“The sniffer dogs will be deployed in all airports and ports of entry and will be employed in checking for the presence of meat in the luggage of incoming passengers.”
“The DA is also preparing an Administrative Order which would impose stiff penalties for violating Quarantine Protocols which include bringing in plant and animal products without the needed Sanitary and Pytho-Sanitary Permits,” Mr. Piñol added. — Reicelene Joy N. Ignacio
ANY WOMAN knows that a well-planned wardrobe can be a factor for self-confidence and success. This is why the fashion industry is driven by women — with designs that are made to fit and flatter the feminine form, as well as the personalities of fellow women who wear them.
This month, Philippine upmarket department store Rustan’s turns the spotlight on its female designers, whose brands are built on something more than fabrics that are sewn together: outfits that are made to empower wearers through their creativity and fine craftsmanship.
PASSIONS IN FASHION
It was an entrepreneurial spirit and a can-do attitude that has launched Carissa Cruz-Evangelista’s Beatriz brand to local and international attention.
Her luxe and modern accessories have been featured in prestigious international fashion publications, and has won a Katha Award, but her biggest reward is being able to raise the livelihood levels of women in underprivileged communities who craft her items using local and recycled materials.
“Being a woman means raising a tribe aside from hoisting yourself up from the bootstraps and believing in your dreams rain or shine,” said Ms. Cruz-Evangelista in a company press release.
Criselda Lontok’s designs have long been the go-to for women who want to express their individual style within the sphere of classic fashion pieces.
“I believe that my designs have given confidence to my female clients. They have become confident not only in themselves, but also in giving compliments to other women. Having them feel beautiful and elegant at all times is my personal mission,” said Ms. Lontok before adding that the brand also has “highly competent and loyal female employees” who helped make the brand what it is now.
Chiara Ferragni is the creative force behind her pop shoe brand Chiara Ferragni Collection.
She started out as an Instagram personality who channelled her creativity towards building her footwear brand that carries her fun sense of style.
Susan Parker and Erika Rosenfeld of Bari Jay took over their father bridal shop business when he passed away, keeping with them his lessons on hands-on hard work, and keeping up with trends in the bridal fashion industry.
Karen Kane’s designs are all about timelessness and offering women the easier choice, guided by the unwavering belief that women should feel beautiful and comfortable, always. Jewelry brand Carolee is committed to help women love themselves. Their choice of former model and self-love advocate Phoebe Pojo of the “Models That Eat” movement on Instagram as the face of Carolee is a reflection of their dedication to lead others towards their own journeys to break free from the expectations of society.
Cyd Beard of Finders Keepers brought her Aussie style to a global platform by believing in the power of women — 80% of their employees are female and they have made it their mission to celebrate women and the female form.
“We thrive to promote confidence and make women feel beautiful whenever she is wearing Finders Keepers,” said Ms. Beard.
Designing doyenne Josie Natori, whose global brand of loungewear and lingerie has captivated the fashion world for its combination of comfort in sleek, luxurious, and alluring designs, is knownn to incorporate her Asian aesthetic and work ethics into her line.
After growing up in a household where the women are trained to be entrepreneurial and to ‘never rely on a man,’ her mantra today is ‘always evolve — never become complacent.’
Behind every Tali product is a special woman who creates it by hand, in the tradition of true craftsmanship. Its co-founders, Liza Morales Crespo and Marielle de Leon-Lazaro, represent the new wave of social entrepreneurs that merge quality production and design with the principles of sustainability.
“Our collections draw inspiration from the ethnic tribal patterns unique to the Philippines, symbolizing a long tradition of independent, empowered women. Bag shapes and designs are versatile pieces that reflect the modern lifestyle of the Tali woman,” said Ms. Morales Crespo.
Viajecito was born out of a common passion for traveling, and unique finds shared by three enterprising women, infused with a desire to create cool and modern pieces and modified with a personal touch.
Marla Aquino-Batallones, Pia Ugarte Garcia-Morera, and Marta Garcia-Morera, the women behind the brand, offer products that are made with the fashionable traveller in mind.
“We believe women empowerment has a lot to do with the freedom of self-expression. Fashion choices are an extension of one’s personality, a form of self-expression. We hope that we encourage other women, through the use of our products, to be comfortable and confident in whatever form of expression they choose,” said the brand in the release.
JOLLIBEE Foods Corp. (JFC) will be opening its first store in Guam this April, as part of its efforts to increase revenues from its international business.
The homegrown food giant said in a statement over the weekend that it will open a Jollibee store in the United States territory on April 6, located near Micronesia Mall in Dededo.
This will be added to the 37 Jollibee stores that JFC currently has in the US, spread out across several states such as New York, Florida, Texas, California, and Hawaii.
“This is a special moment in Jollibee’s history. We’ve long dreamed of the day we could serve the beautiful island of Guam, with its unique blend of Pacific, Asian, and American cultures and cuisine,” JFC Head of International Business for Europe, Middle East, Asia, and Australia Dennis M. Flores said in a statement.
While looking to attract overseas Filipinos working in the area, JFC also targets to cater to the local market. The company noted that they have started to bring in more local customers in its Vietnam, Brunei, Singapore, Hong Kong, and Manhattan stores.
“The milestone store opening comes as JFC continues to even the split between its domestic and international sales,” the company said.
JFC Founder and Chairman Tony Tan Caktiong earlier said that they want revenues to be equally provided by their local and international businesses.
The listed company allocated to spend P17.2 billion in capital expenditures this year, almost double its actual spending of P9.6 billion in 2018, in order to support its aggressive store expansion both locally and overseas. Part of the budget will also go to the renovation of existing outlets and investments in manufacturing plants.
JFC said it targets to have 8,000 stores by 2022 coming from both organic growth and acquisitions.
By end-2018, JFC had a total of 4,521 stores across several brands such as Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, Pho 24, Yonghe King, Hong Zhuang Yuan, and Highlands Coffee, among others. It also entered four new markets last year, namely Italy, Macau, United Kingdom, and Malaysia.
The firm’s latest acquisitions include American burger chain Smashburger, which was fully purchased by the group last December. It has also recently invested in Mexican restaurant chain Tortas Frontera LLC founded by chef Rick Bayless.
JFC booked a net income attributable to the parent of P8.33 billion in 2018, 17% higher than the P7.11 billion it generated in the year before. Systemwide sales grew 24% to P212.19 billion, including sales from both company-owned and franchised stores. — Arra B. Francia
DAVAO CITY — Noble Endeavors Mindanao, Inc. (NEMI), a non-profit based in President Roxas, Cotabato and funded by Global Development group (GDG) of Australia, is working with indigenous people (IP) communities to make goat’s milk.
“It started when I retired as a provincial nurse supervisor in Amas, Kidapawan City and was informed that NEMI was looking for experts on health and agriculture,” Virgie O. Laquihon, NEMI project manager for North Cotabato, told BusinessWorld in an interview.
Ms. Laquihon’s son, a doctor who was part of a team that conducted a medical mission in the area, introduced her to Ian Mckay, GDG managing director.
She said the area, mostly inhabited by Manobos along with Terurays and Muslims, is among the poorest villages in the country and used to be in the top five with the most malnourished children.
The barangay used to have a school set up by GDG with eight teachers, but lack of local government support, particularly in terms of teachers’ salaries, did not make it sustainable.
“We suggested to Mr. Mckay that we should instead just provide a scholarship program for the children and establish an income-generating project,” she said.
With her husband, Generoso A. Laquihon, as agricultural consultant, they put up a goat-raising project in 2014 starting with 10 head that were all pregnant. Within a month’s time, the project was generating extra income from milk.
“The Australians were impressed so they decided to expand the project,” she said.
With a P5 million in financial support from the Australian group, NEMI established the Ethical Harvest Goat’s Milk brand with 200 goats.
NEMI now has a processing plant with modern equipment for milk processing, set up using P2.4 million in financial assistance from the Australian government.
The plant processes an average of 53 liters of milk per day, packaged and sold either fresh or chocolate-flavored.
“We are fully mechanized and we now have 12 outlets in Kidapawan City,” she said.
Ms. Laquihon, also president of the micro, small and medium enterprises group in Cotabato province, wants to expand the brand’s reach by signing up distributors outside the province.
Aside from the goats in the barn, NEMI has also turned over some goats to be raised by the IP families.
“We have eight family raisers and for every family we provide them five goats as part of the dispersal project,” she said, adding that the children in the household are also scholars of the group.
NEMI now assists 257 scholars from the area.
“The Australian group plans to expand the project by putting up a gelato ice cream factory in Davao so that’s extra income for the IP again since the goats milk will be the main material for the ice cream,” she said.
“We are happy that we are able to provide the IP with extra income but our end goal is to encourage the community to become self-supporting and self-determining so they can help the community in alleviating poverty,” she added. — Carmencita A. Carillo
By Karl Angelo N. Vidal
Reporter
RATES OF THE Treasury bills (T-bill) on offer today will likely move sideways with an upward bias amid tepid demand for the short-term securities following the recent retail Treasury bond (RTB) sale.
The Bureau of the Treasury (BTr) is offering P20 billion worth of T-bills on Monday, broken down into P6 billion each for the three- and six-month papers and P8 billion in the one-year instruments.
A trader said yields on the T-bills on offer today will climb by five basis points (bp) across all tenors from the previous offer.
Last week, the government raised P20 billion as planned from the T-bills auction as tenders reached P31.771 billion.
Rates went down across all tenors to 5.716%, 5.936% and 6.018% for the three-month, six-month and one-year papers, respectively.
At the secondary market on Friday, the 91-, 182- and 364-day IOUs were quoted at 5.676%, 5.905% and 6.054%, respectively.
“The question is the liquidity. There was still a supply overhang on the RTB, so most of the banks’ money are in the recently issued security,” the trader said in a phone interview.
“For the T-bills auction, it will still be fully awarded, but probably 1.5 times. Most of the liquidity went to the RTB,” the trader added.
The government raised P235.935 billion from its 22nd RTB sale but offers from individual and institutional investors were “much higher,” according to the Treasury, although no exact figure was given.
The five-year bonds carry an interest rate of 6.25%, which is higher than rates at the secondary market and from the yield fetched in previous offerings.
Another trader said the one-year T-bills will likely fetch a rate between 6-6.1%, while the three- and six-month debt instruments will fetch steady to slightly higher yields.
“I’m not really watching [the three- and six-month papers] now… We see more demand for five to 10 years tenor now,” the second trader said in a text message. “Normally this happens when investors are convinced on CPI (consumer price index) outlook.”
“That said, people normally demand higher yields for short tenors because there’s reinvestment risk,” the second trader added.
Headline inflation in February stood at 3.8%, easing for the fourth straight month and settling within the 2-4% target of the government for this year.
On the other hand, the first trader noted that expectations of a cut in banks’ reserve requirements will likely temper the upward bias in yields.
Some economists in a BusinessWorld poll see the Bangko Sentral ng Pilipinas trimming the reserve requirement ratio of big banks by a percentage point from the current 18% at its meeting this week. Doing so will unleash billions of pesos into the market, which may be parked in debt papers.
For this quarter, the government is planning to borrow P360 billion from the domestic market. Some P240 billion will be borrowed this quarter through 12 weekly T-bill auctions. On the other hand, P120 billion worth of Treasury bonds will also be issued through six fortnightly auctions.
BARBIE, the fashion doll famous around the world, celebrates her 60th anniversary this month with new collections honoring real-life role models and careers in which women remain under-represented.
This has been part of Barbie’s evolution over the decades since her debut at the New York Toy Fair on March 9, 1959.
To mark the milestone, manufacturer Mattel, Inc. created Barbie versions of 20 inspirational women from Japanese tennis star Naomi Osaka to British model and activist Adwoa Aboah.
The company also released six dolls representing the careers of astronaut, pilot, athlete, journalist, politician and firefighter, all fields in which Mattel said women are still under-represented.
Barbie is a cultural icon celebrated by the likes of Andy Warhol, the Paris Louvre museum, and the 1997 satirical song “Barbie Girl” by Scandinavian pop group Aqua. She was named after the daughter of creator Ruth Handler.
Barbie has taken on more than 200 careers from surgeon to video game developer since her debut, when she wore a black-and-white striped swimsuit. After criticism that Barbie’s curvy body promoted an unrealistic image for young girls, Mattel added a wider variety of skin tones, body shapes, hijab-wearing dolls, and science kits to make Barbie more educational.
Barbie is also going glamorous for her six-decade milestone. A diamond-anniversary doll wears a sparkly silver ball gown. — Reuters
