Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 9797

Fruitas aims to keep growth momentum this year

By Arra B. Francia
Reporter
FRUITAS HOLDINGS, Inc. (FHI) is upbeat on sales prospects for the year as it hopes consumers will spend more due to the election season.
“We expect the growth momentum to continue. We will continue to expand our store network and also look for additional brands,” FHI Chief Financial Adviser Calvin F. Chua told reporters on the sidelines of a company media event last Friday.
The food cart operator’s optimism for 2019 comes on the back of expectations that the Philippine economy will continue to expand, especially since inflation is now stabilizing.
“And I think because this is an election year, consumer spending will be particularly strong,” Mr. Chua added.
The company plans to file its application for an initial public offering (IPO) with the Securities and Exchange Commission within the second or third quarter of the year, in time to debut at the Philippine Stock Exchange by yearend.
First Metro Investment Corp. and BDO Capital & Investment Corp. were tapped as underwriters for the issuance.
“We continue to monitor market conditions and we’re still targeting 2019,” Mr. Chua said, adding that they are waiting for the market to become more stable and for valuations to pick up.
FHI looks to raise up to P2 billion from the initial offering, in a bid to double its store network in the next five years.
The company ended 2018 with around 950 stores, with about 150 to 200 more to be added this year. Brands under its portfolio include Fruitas, Johnn Lemon, Juice Avenue, The Mango Farm, Jamaican Pattie Shop, and Friends Fries, among others.
“We’re looking at opportunities to expand our store network nationwide from Metro Manila to provincial areas,” Mr. Chua said.
He noted the company’s model is to own majority of their stores, pointing to the 80-20 ratio of company-owned versus franchised stores.
“That’s really grounded on our ability to better control our operations, also have ears on the ground by having more stores actually stationed with area managers, supervisors, and they have the pulse of our market,” Mr. Chua explained.
Asked if Fruitas plans to have more franchised stores in the future, Mr. Chua said they expect company-owned stores to not go much lower than 80% in the next three years.
“I think we will see if there are areas where franchisees can provide value and that’s where we will choose to franchise.”
Franchising fees range from P500,000 to P1.5 million, depending on store size and location.
FHI was founded in 2002 by businessman Lester C. Yu from a single food cart location in Manila. Aside from food carts, it now has three food parks in Quezon City, namely 150 Maginhawa Food Park, Le Village, and Cascades.

On runway, SM sends message: I’m every woman

WHEN SM said that they’ve got it all for you, they weren’t kidding. BusinessWorld saw how SM wanted to cater to every woman during a fashion show held last week for SM Woman’s Spring/Summer 2019 collection in SM Megamall’s Fashion Hall.
BusinessWorld saw a palette of dusty pastels like old rose and mustards on blazers, tops, and slacks. This season, floral and tropical prints appear on jumpsuits, while kimonos in bold floral prints are all the rage. Plaids, checks, and tartans, meanwhile, take one from the resort to the boardroom with a playful tune thanks to blazers paired with shorts.
Speaking about the clothes’ resemblance to looks that have just been seen on the international runways, Jo Dy-Juanco, senior vice-president for SM Store events said, “You can also see a bit of Kate Spade there. [But] what is the take of the Filipino?”
That’s nice and all, but it was even better to see women of all shades, sizes, and ages on the runway: think Bubbles Paraiso and Phoemela Baranda, and then Frenchie Dy and Bituin Escalante representing plus-sized women. Finally, Angie King, in her first fashion show walk, glided down the runway in a black floral kimono, preceded by her spouse, Joey Mead King.
“When we say fashion for every woman, we’re serious about that,” said Ms. Dy-Juanco. “We wanted every woman, of any size, or race, to be able to wear that,” she said about the clothes.
She really is serious when she said that the clothes should fit every woman: before the pieces even hit SM stores, Ms. Dy-Juanco and her team take the time to wear the clothes themselves, the better to see how each item falls, fits, and drapes. “In all the clothes that we’re looking for, it’s all about the fit.” SM apparently does not design its own clothes, and functions as a buyer by buying their stock from suppliers.
Ms. Dy-Juanco takes a hands-on approach to the clothes, going as far as sending prototypes to friends to get feedback. “We listen to our customers — a lot,” she said. “It’s not just about the color; it’s how comfortable we feel when we wear something. We wanted women to have that freedom.”
It could be argued, then, that SM Woman is a brand by women, for women. “It has been for the longest time,” said Ms. Dy-Juanco, “My boss is a woman.” (She was, of course, referring to Teresita T. Sy-Coson, co-vice chairperson of SM Investments Corp.).
This March, tagged Women’s Role in History Month, customers can get up to 50% off on selected SM Woman items. Every Wednesday, SM Advantage Card holders get an extra 10% discount for a minimum single receipt of P3,000. — Joseph L. Garcia

SMPC spends P2.9B to rehabilitate Panian pit

SEMIRARA MINING and Power Corp. (SMPC)’s rehabilitation efforts for the southern portion of its Panian pit reached P2.9 billion in 2018.
In a statement sent over the weekend, the Consunji-led energy firm said bulk of the spending went to the acquisition of dump trucks, excavators, and other support equipment at P1.83 billion. These helped facilitate the company’s stripping and hauling operations in Semirara Island.
More then P1 billion was spent for fuel, labor, and other cash needs.
The rehabilitation efforts address a 2017 order by the Department of Energy (DoE) to fast-track the backfilling of the southern portion of Panian pit, to be used as a model for open pit mine rehabilitation in the country. It follows a five-year work program and budget submitted to the DoE.
SMPC has since unloaded 120 million bank cubic meters (BCM) of overburden materials into the southern portion of Pania pit.
BCM refers to the volume of earth lying naturally that is neither loose nor compact due to mine-site activities such as excavation.
The pit’s current elevation is now at zero meters, significantly better than its starting elevation of negative 260 meters — about the same height as a 78-storey building.
The company will start putting humic acid, compost, and other materials once the pit is completely filled in. This will restore soil nutrients in the area before the company can proceed with reforestation. SMPC will then plant trees endemic and suitable to the area.
This rehabilitation aims to restore Panian’s original landscape that had open grasslands with a variety of trees and shrubs.
SMPC shut down operations in the Panian pit in September 2016, after the DoE certified the depletion of its mineable coal reserves. The company now has operations in the Molave and Narra pits.
The company saw its consolidated net income drop by 15% to P12 billion in 2018, after coal production declined two percent to 12.9 million metric tons. It attributed the slowdown to heavy rains experienced in the third quarter. — Arra B. Francia

Palm Beach is ‘Fantasy Island’ for CEOs

A MAGNET for billionaires built by a billionaire (adjusting for inflation), Palm Beach is in full swing come springtime, when the weather is pitch-perfect and the social scene has given way to real R&R.
More than a century after Henry Flagler envisioned it as “a magnificent playground for the people of the nation,” and social arbiter Frank Crowninshield called it “merry, sumptuous, and expensive,” the Florida destination is welcoming a standard-raising clutch of cultural, hotel, and restaurant openings. At a gala celebrating the Norman Foster-led renovation of the Norton Museum of Art last month, Bill Koch went so far as to describe the new-and-improved Palm Beach as “Fantasy Island.”
Want to make the most of your next visit? Follow the leads of local insiders, who opened up their exclusive black books just for Bloomberg.
FRENCH ACCENT
Palm Beach has plenty of French flair, and not just from the Cremieux shirts and Vilebrequin swimsuits. Food-wise, the bistro of choice is Chez Jean-Pierre, where the unassuming dining room is a blank canvas on which fancy diners can see and be seen. “I can never decide between the whole artichokes with perfect French dressing, the endive salad, or the mushroom salad,” said Hilary Geary, author of Palm Beach People and wife of Secretary of Commerce Wilbur Ross. Chris Meigher, the chairman of society-centric Quest Magazine, goes for the caviar eggs, Dover sole, and fries, which he describes as “even better than McDonald’s.”
For your straight-out-of-Paris bakery fix, there are two options: the outdoor tables at Patrick Lézé start bustling at 8 a.m. (Get a latte and croissant, then a round of chocolates and palmiers to go.) Bleu Provence opens an hour later amid the scent of tarte aux pommes wafting, with the most delicious chicken-curry salad for lunch.
THE MORNING ROUTINE
Those in vacation mode will appreciate Meigher’s typical itinerary: a stop at the Classic Bookshop for newspapers (“Yes, printed!”) to read over a greasy breakfast at SurfSide Diner. Then it’s off to the “well-groomed public courts on Seaview Avenue” for tennis and “a swim on the public — but seemingly private — beach at the end of Clarke Avenue.”
If you’re more Type A, trail Keith Bloomfield, chief executive officer of Forbes Family Trust. He kicks off the day at SoulCycle’s pop-up in the newly buffed Royal Poinciana Plaza, followed by breakfast next door at New York offshoot Sant Ambroeus.
OLD STANDBYS AND NEW CLASSICS
Mr. Bloomfield (and everyone else) swears by Palm Beach Grill, which takes reservations a month in advance but is basically a gussied-up Houston’s, like the East Hampton Grill. “I order the fried oysters with creamed spinach and aioli mayo on top,” he said. Honor Bar, which shares its kitchen, offers a lower-key bar and dining experience, but don’t expect a big nightlife scene. It closes at 10 p.m. on weekdays, even in season.
Of course, Mar-a-Lago is on most socialites’ lists; Ms. Geary said they make “the perfect steak and paper-thin chicken paillard.” Lately, she’s been rediscovering West Palm Beach, which opened in 2013 but recently hit its stride. “The simple, grilled fish with charred lemons is the best I’ve ever had,” she said.
Another reboot: Club 44, whose old-fashioned menu (beef stroganoff; broiled Scottish salmon) has gained street cred with the introduction of chef Philip Kroesen, a former Southhampton fixture. Jonathan Steinberg, founder and chief executive officer of video news site Cheddar, recommends going on a Tuesday. “It’s chicken pot pie night — they always sell out.”
Looking for a hidden gem? Ask a restaurateur. Piper Quinn, who owns Buccan and Grato, recommends Oceano Kitchen in Lantana, whose menu focuses on a wood-fired oven and changes daily. Its former owners now run Jewell, another fantastic, no-frills spot in Lake Worth, where everything, from the Florida seafood to the original mango pie, is consistently delicious.
THE BEST NIGHTCAPS
Coyo Taco may look just like a regular Mexican joint, but “hidden in the back,” said Lilly Leas Ferreira, general manager at Royal Poinciana Plaza and the granddaughter of Lilly Pulitzer, is a late-night speakeasy “for tequila and signature margaritas.”
For her late-night fix, DJ Marjorie Gubelmann heads to sushi spot, Imoto. “It turns into a party at the bar around 10 p.m.”
Want to dance? Cambridge Capital Chief Executive Officer Ben Gordon said Cucina is a “Palm Beach classic.” And there’s great jazz at the Colony Hotel’s bar — especially if Copeland Davis is playing.
SHOPPING FOR THE LOOK
With Hermès, Kirna Zabete, and Alice and Olivia stores, Royal Poinciana Plaza “is my new favorite place,” said reality star Tinsley Mortimer. But for boutique menswear brands, fashion entrepreneur Wyatt Koch said Worth Avenue still has the two best spots: Trillion and Gentlemen’s Corner. “I prefer stores that offer interesting and colorful clothing,” he said. Palm Beach is also a vintage shopper’s paradise. Art dealer Sarah Gavlak said the buzz around perennial favorite Church Mouse is worth it; her finds have ranged from “ball gowns to 1960s Gucci highball glasses.”
LOW-BROW SPOTS, HIGH-BROW FANS
Unassuming strip mall restaurants can be one of South Florida’s secret calling cards. For art collector Beth Rudin DeWoody, the winner is a Thai spot in West Palm Beach called Oriental Market. “You go there and think, ‘What is this crazy place?’” she said, adding that the summer rolls, Pad Thai, and papaya salad are classics done right. Mr. Quinn also suggested an “authentic taco joint” on Dixie Highway called Los Altos Jalisco: “It’s very casual, but the food is excellent.”
TUNE UP
“The best facials on the planet are at Tammy Fender,” a “luxurious” full-service West Palm Beach spa with Fender’s own products, said Ms. Gubelmann. “There are these poufy feather beds on top of the treatment tables, so you’re in heaven just lying there, getting pampered. I literally have never ever had anything come close.”
NOT YOUR OBVIOUS CULTURE FIX
Though the newly renovated Norton Museum is the talk of the town, artist Rob Wynne said the Bunker “is utterly surprising” and “the heart of the new” in Palm Beach. The year-old space — a converted toy factory — features Ms. DeWoody’s art collection (think early works by Cindy Sherman and gems by Edward Hopper), and is open by appointment. Don’t miss the library, where curator Maynard Monrow has put such books as Wicked Palm Beach and How to Be Poor on display.
If you want to get hands-on, Avenue Pottery’s Lani Goodrich offers monthly workshops around town and private ones in her West Palm Beach back yard. “I also do private Ghost nights, where we listen to Unchained Melody and re-enact scenes from the movie,” joked Ms. Goodrich, who mostly accepts custom commissions through Instagram. “Whatever you’re into.” — Bloomberg

Delbros says sugar industry should prepare for greater mechanization

DELGADO BROTHERS (Delbros) Group, a logistics and agriculture company, said it backs the mechanization of the sugarcane industry in the face of the threat from more liberal sugar imports.
“Liberalization of the sugar industry will foster greater competition across industry players and will result in a leaner, more globally competitive sugar industry, which is ultimately beneficial to the Filipino consumer. In order to participate in this shift, farmers will require modernization and mechanization,” Delbros Group Managing Director Jose Paolo L. Delgado told BusinessWorld in an email interview on March 18.
“Specifically in the sugarcane industry, farmers are limited by traditional farm practices, labor costs, and lack of financing and infrastructure support,” Mr. Delgado added.
Mr. Delgado said farmers need the right technology in order to produce more in less time and at lower cost.
“With the right technology, farmers will be able to produce more with limited resources such as land, finances, and time. On the other hand, consumers will be assured of a reliable supply of sugar,” Mr. Delgado said.
“Sugar farming in the Philippines has changed little over almost 200 years, and we believe it is time to kickstart that change. Mechanization and modernization will increase yields and lower costs per hectare. It will provide better management of fields and result in higher quality produce.”
“Delbros believes that this will attract a younger generation of farmers that are comfortable with technology and who can change the current mindset to one of modernization, experimentation, and constant change,” according to Mr. Delgado.
The Philippine Chamber of Commerce and Industry (PCCI) and the Philippine Food Processors and Exporters Organization, Inc (PhilFoodex) have lobbied for the liberalization of the sugar industry with rice tariffication as a model, with sugar imported more freely and charged tariffs that will help develop the domestic sugarcane sector.
The organization said that if liberalization is not implemented, food and beverage products which use sugar will not be internationally cost-competitive.
The Sugar Regulatory Administration (SRA) has claimed that high sugar prices are caused by retailers and not by farmers.
Delbros said it sees many opportunities in the sector through its sugarcane farm solutions unit Cane Express (CaneX).
“There are a lot of opportunities for agriculture and food production. Farmers are looking for ways to circumvent challenges in the industry such as high labor costs and urbanization, which takes up what was once agricultural land, and this can be done through more advanced and efficient mechanization,” Mr. Delgado said.
CaneX recent;y launched its 48-feet triple axle Intermodal Trailers for use in sugarcane farming.
The trailer employs the company’s “drag and drop” model and can haul multiple loads in one day which leads to shorter overall delivery time of sugarcane, according to Mr. Delgado.
“With CaneX technology, Delbros can help farmers overcome these challenges and produce more with their limited resources,” Mr. Delgado said, noting that the company’s trucks can cut the usual three to four hours manual loading time to only 50 minutes.
“Through the Filipino-designed CaneX trucks, mechanized cane harvesters and loaders are expected to cut hauling, harvesting, and loading time, allowing farmers to focus on growing crops as best as they can, and for sugar mills to get the freshest sugarcane,” Mr. Delgado said.
“CaneX trucks allow for three to four trips with bigger loads for hauling, as opposed to the current process that is limited to two trips a day. Compared to traditional farming that takes 10 people three to four days to harvest one hectare of land, mechanized harvesters can cut 1.2 hectares per day. Additionally, manual loading usually takes up to three to four hours to fill a 10-wheeler truck, while mechanized loaders efficiently cut the process to just 50 minutes,” he added.
Mr. Delgado said that Delbros products are designed by Filipinos, and have a large presence in the Philippines.
“We know the industry and the market well, and we designed our machines based on how we can close the gap in the industry. As one of the country’s pioneers in agriculture and logistics, Delbros group has over 4,000 trucks, trailers, harvesters, loaders and containers deployed nationwide, mowing cargo, produce and fresh food,” Mr. Delgado said.
“We have operating facilities by the majority of ports and farm producing areas in the country. We also have a manufacturing presence in China and a team of technicians that work closely with our people on the ground to develop the right designs for our operations.” — Reicelene Joy N. Ignacio

Hitachi interested in PHL transportation projects

By Victor V. Saulon
Sub-Editor
THE LOCAL office of Japanese equipment maker Hitachi Asia Ltd. is keen on participating in upcoming projects in the transportation sector as it plans to boost its presence in the country after staying quiet in the past decades, an official of the company said.
“We are monitoring the development of NCC (New Clark City) and also the connection, the connectivity of Metro Manila and Clark,” Mitsuhiko Shimizu, Hitachi Asia general manager for the Philippine branch said in recent interview.
“We are very much excited to hear this kind of development from the current administration,” he added.
Mr. Shimizu’s optimism comes after Hitachi stayed low-key in the Philippines for years.
“Frankly speaking [in the] last 20 years Hitachi was relatively quiet in this market. We focused on the Japanese domestic market,” he said about the time when the company further made its presence felt in the United States.
“In 2013-2014 we decided to focus on this market again,” he said about Hitachi’s initiative to host what it called “innovation forum” from 2016 and the succeeding years.
Founded in 1910, Hitachi in the Philippines is just a small part of the Tokyo-base company with 879 units worldwide, of which 202 are in Japan.
The Philippine branch was established in 1993 and provides solutions to the diverse needs of its customers. It markets a wide range of products and services for industrial sectors like power generation systems, transmission and distribution systems, heavy industrial equipment and components as well as elevators and escalators.
Mr. Shimizu said Hitachi has long been doing business in the country as it had delivered hydro turbines in Davao City in the 1930s, before recording its first trade business in Manila in 1938.
He said Hitachi was the first non-US power generation equipment supplier to distribution utility Manila Electric Co. in the 1960s.
Mr. Shimizu declined to disclose specific numbers on the company’s revenues or profit in the Philippines. But he said the company, which placed global revenues at $88.17 billion as of March 2018, have grown significantly in recent years.
“I would say [in the] last five years, our total sales amount in this market (the Philippines) is growing. The ratio of the growth is more than GDP growth,” he said.
He said the company is keenly observing the development of the subway project in Metro Manila to see how it can participate in terms of supplying the necessary equipment.
For Bonifacio Global City, the company is also interested in cornering a slice of the required transport equipment, as Mr. Shimizu suggested an above-ground monorail system for one of Metro Manila’s most populous commercial districts with heavy traffic during rush hours.
Hitachi’s head count in the Philippines stands at 3,498 as of end-2018 working in the group’s 11 companies in the country.
The Japanese company is offering what it calls “social innovation business” that offers complete solutions in sectors such as artificial intelligence, analytics, energy, research and development, robotics, manufacturing, security, transportation, and urban development.

Hermes becomes latest victim of casual dress as men shed ties

HERMES International has become the latest fashion industry victim of men’s casual dress, signaling weakness in its silk business as neckties lose their allure.
Revenue from silk and textiles rose 3% in 2018, the slowest growth of the French luxury-goods maker’s business units. Chief Executive Officer Axel Dumas said Wednesday the company has been shifting production to adjust to men’s new preferences.
“There’s a structural decline” in neckties, Dumas said on a call with reporters. “We have a lot of novelties coming. We’re launching more scarves for men.”
As Goldman Sachs Group, Inc. pushes a freer dress code, makers of formal wear have been changing tack to maintain sales growth. Hugo Boss AG CEO Mark Langer said earlier this month that men’s dress codes will never return to their strictness of the 1990s, and so it’s branching out more so its portfolio includes more sweaters and casual shoes instead of such a big focus on suits.
Top-end leather goods for women like the $10,000-plus Birkin and Kelly handbags dominate the Hermes balance sheet. But neckties have long been a key driver for the company’s menswear business, as gents could don jumping horses or interlocking “Hs” at the office for a more modest $195.
Hermes has been pushing its silk cashmere blend for men, hoping to win them over with products such as the $780 Last Night Scarf, which features the image of a DJ’s turntable. The company also occasionally throws parties and events where customers are taught how to tie scarves while being entertained with music and Champagne.
The French maker of Birkin bags also said demand from Chinese consumers kept rising in the start of the year after operating profit rose 6% in 2018, maintaining its margin at the top among luxury-goods makers. The company raised prices globally by about 3% on average last year. — Bloomberg

Rates on T-bills, bonds likely to move sideways

By Karl Angelo N. Vidal
Reporter
RATES OF the government securities on offer this week will likely move sideways amid ample demand after the local central bank both kept interest rates and banks’ reserve levels steady during its latest meeting.
The Bureau of the Treasury (BTr) is offering P20 billion worth of Treasury bills (T-bill) today, broken down into P6 billion each for the three- and six-month instruments and another P8 billion in one-year papers.
The BTr will also offer on Tuesday reissued seven-year Treasury bonds (T-bond) amounting to P20 billion with a remaining life of six years and 10 months.
A trader interviewed said rates of the T-bills on offer will likely move sideways from the previous auction.
The BTr made a partial award of the T-bills offered last week, borrowing just P13.4 billion out of its P20-billion program at its auction on Monday.
Rates of the 91-, 182- and 364-day papers picked up slightly to 5.786%, 5.987% and 6.052%, respectively.
Meanwhile, another trader said the T-bills on offer today may remain steady or move lower by 10 basis points (bp), as the market “might see some demand” for the papers.
For the T-bonds, the first trader expects it would fetch an average rate between 6% and 6.125%, while the other gave a 5.95-6.05% range.
In January, the government made a full award of the seven-year bonds it placed in the auction block, borrowing P20 billion as planned out of the P66.917 billion worth of tenders raked in. The seven-year notes fetched a 6.25% coupon rate.
At the secondary market on Friday, the three-month, six-month and one-year papers fetched a rate of 5.751%, 5.921% and 6.081%, respectively, while the rate of seven-year IOUs stood at 5.981%.
“As the BSP (Bangko Sentral ng Pilipinas) kept its policy rates and RRR (reserve requirement ratio) untouched, we might see some demand for the T-bills,” the first trader said in a text message on Friday.
The central bank kept borrowing costs steady on Thursday, saying it was not yet time to start reversing the 175 bps it fired off in 2018, as it flagged risks to economic growth this year even as inflation has been easing steadily.
From a nine-year peak of 6.7% in September and October, inflation has steadily dropped to 3.8% in February, the lowest in a year and returning to the BSP’s 2-4% target range.
The BSP also adjusted its full-year forecast to three percent from 3.1% previously.
Meanwhile, the central bank also kept the RRR untouched during its last meeting, as it considers the timing of reducing banks’ reserve requirement from the current 18%.
“The seven-year bonds may get good demand as well especially for end user clients,” the trader added.
Meanwhile, the other trader said the rates of the T-bills will move sideways given the abundance of supply.
“There is still a lot of supply because of the weekly Treasury bill auctions. There’s not a lot of breathing room for market participants, so the tendency for the rates is to move sideways,” the trader said.
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 T-bonds will also be issued through six fortnightly auctions.

Onion stockpiling plan to provide cold storage

THE Department of Agriculture (DA) will provide a P200 million loan to onion farmers’ associations to fund a stockpiling scheme for their produce which will allow them to wait out low-price periods, Agriculture Secretary Emmanuel F. Piñol said.
Stockpiled onions “will be kept in reefer vans” while awaiting release to the market, Mr. Piñol said in a social media post over the weekend.
He said farmers’ groups will be validated prior to the supply of refrigerated vans,” Mr. Piñol added.
The DA has banned imports of bulb onions, pending the conclusion of an investigation into alleged cartels manipulating the price of domestic onions.
Mr. Piñol said that the moratorium on the issuance of sanitary and phytosanitary (SPS) permits for onion imports will run until the investigation is completed.
“Earlier, the DA asked the Philippine Competition Commission and the National Bureau of Investigation to investigate reports that at least four cold storage facilities have been leased in advance by traders and closed to force farmers to sell at low prices,” Mr. Piñol said.
Mr. Piñol said that DA has also already ordered its Field Operations office to source reefer vans to be used as temporary storage facilities by the farmers.
“The traders are expected to consolidate local production as they await the time when they are allowed to import,” Mr. Piñol has said.
“With the farmers’ produce bought at very low prices cornered and consolidated, traders cab control the pricing of onion and generate huge profits,” according to Mr. Piñol. — Reicelene Joy N. Ignacio

It’s shoe time — new releases for both road and trail


ATTENTION, runners. Here is a roundup of recent releases from adidas and Columbia.
ADIDAS: REBOOSTED AND NEW COLORWAYS
It has been a busy stretch of drops for global footwear maker and lifestyle brand adidas, particularly in its running shoe line with a “reboosted” Ultraboost and new seasonal colorways of the PureBoost Go.
Released on Feb. 21, the Ultraboost 19 is an upgrade of the original UB from 2013 with adidas hailing it as its “most responsive” shoe in the market.
adidas said the Ultraboost 19 is the result of the collaboration among its designers, product developers, and thousands of runners around the world, trimming the 17 parts from its original model to four to provide it with 20% more boost but with a far lighter feel.
The four key components of the Ultraboost 19 — Optimized BOOST, Torsion Spring, Primeknit 360, and 3D Heel Frame — give this shoe more support, adaptability, and responsiveness than ever before, adidas said.
To show off the features of Ultraboost 19, the local office of adidas hosted the Recode Running Festival on March 16 in Bonifacio Global City.
At the event, adidas invited runners to explore an urban setting like BGC with a pair of Ultraboost 19 on their feet.
“The Recode Running Festival is a great way for our runners to experience a redefined way of running with the Ultraboost 19. Along with our adidas Runners Manila core team, guests of the event were able to explore the city and test out the shoe’s capabilities through the different challenges and checkpoints,” said Jen Dacasin, adidas Brand Communication and Sports Manager, at the event.
Response to the reboosted Ultraboost was overwhelmingly positive.
“It’s really a good shoe. To be honest, I like the Ultraboost for walking and comfort and for leisure. But the UB 19 is good for long-distance running. I can really feel the difference. I feel more agile and explosive and run lighter. In the Phlippines, people use the Ultraboost for lifestyle. But with the UB 19 you can use it for both running and leisure,” said Jules Aquino, a member of adidas Runners Manila and an all-around athlete, in an interview.
The Ultraboost 19 retails for P9,300 and is available in-store and online at adidas.com.ph/running_ultraboost.
PUREBOOST GO
A month after unveiling the Ultraboost 19, adidas released the PureBoost Go in new seasonal colorways inspired by military and industrial rawness.
Coming in new black with ivy/orange details and clear mint colorways, the PureBoost Go is refreshed to include Clima Moisture Management Yarns as well as reflective post-treatment for better protection when running at night.
adidas said that this latest version of the PureBoost Go is a continuation of its focus on sustainability, with better efficiency in the shoe’s pattern production for less material waste.
The brand went on to say that the PureBoost Go was created specifically to elevate the street running experience, with an Expanded Landing Zone to provide the agility and adaptability required to explore the city with confidence while combining it with adidas’ industry-defining Boost technology which delivers endless energy return.
The new colorways of the adidas PureBoost Go are available online at adidas.com and in-store.
COLUMBIA MONTRAIL
The new set of Columbia trail running shoes was recently released with the brand promising the collection as giving high performance and affording one the ability to go the distance.
Columbia Montrail, a shoe designed for the elite athlete and trail runner is available with three new styles — the men’s Rogue F.K.T. II, the women’s Trans Alp F.K.T. II, and the Fluidflex X.S.R. — as part of its latest collection.
Montrail’s high-performance trail running shoes, Columbia said, should keep the wearer comfortable and protected at any time and whatever trail conditions they may be in.
The men’s Rogue F.K.T (Fastest Known Time) II trail running shoe is touted to deliver superior lightweight protection and stability even in tough, uneven terrain. The women’s Trans Alp F.K.T. II shoes sport an abrasion-and-water-resistant forefoot shield which protects the feet from rocks and debris.
The Fluidflex X.S.R., meanwhile, is a versatile cross-surface running shoe that combines a composite bootie and a lockdown lacing system for ultra lightness and support. It also boasts firm cushioning and deep grooves for easy transition from road to trail.
All the shoes in the collection are equipped with a full-length FluidFoam midsole which enhances cushioning, flexibility and support.
The men’s Rogue F.K.T. II and the Fluidflex X.S.R retail for P6,990 while the women’s Trans Alp F.K.T. II is sold for P7,690.
The new Columbia Montrail collection is available at select Columbia stores and R.O.X. BHS. — Michael Angelo S. Murillo

FNI earnings decline amid higher taxes, costs

LISTED GLOBAL Ferronickel Holdings, Inc (FNI) reported a 34.6% drop in net income to P509.5 million in 2018 from P779.7 million posted in 2017, mainly due to higher taxes and increased operational costs.
In a statement, FNI said its bottomline was affected by the 200% increase in local business taxes, alongside a rise in excise tax to 4% from 2%.
“Due to the strong regulatory requirement and the new Temporary Revegetation Program (TRP) imposed by the Mines and Geosciences Bureau, the company’s Environmental Protection and Enhancement Program (EPEP) cost printed at P56.2 million versus P42.4 million in 2017,” the nickel producer said.
“However, these were tempered by the decrease in royalties to claim owner and the reduction of contract hire expenses following re-negotiation with mining contractors,” it added.
FNI’s sales of nickel ore slipped 5.7% to P5.48 billion in 2018, from P5.81 billion in the previous year.
“The Company’s revenues in 2018 remained strong despite challenging market conditions due to management’s decision to shift to selling higher grade ores and favorable foreign exchange rates,” FNI said, noting this decision was prompted by the continued weakness of nickel ore prices.
For 2018, the company shipped a total of 5.7 million wet metric tons (WMT) of nickel ore, 4.4% down from the 5.97 million WMT shipped in 2017.
The company said that it has shipped 47% low-grade ore and 53% medium-grade ore in 2018, as compared with the 61% low-grade ore and 39% medium-grade ore it has shipped in 2017.
Even though the price of medium-grade nickel ore and low-grade nickel ore dropped by 8.7% and 18.4% year on year respectively, FNI said its average realized price only slipped by 6.3%.
“We have proven time and again that our organization remains resilient to withstand changing regulatory landscape, tax regime, and market conditions,” Dante R. Bravo, FNI president who also heads the Philippine Nickel Industry Association (PNIA), was quoted as saying in a statement. — R.J.N.Ignacio

Pag-IBIG Fund profit hits P33B in 2018

THE HOME Development Mutual Fund (Pag-IBIG Fund) saw its net income rise by 10% to a record P33.17 billion in 2018, driven by robust loan payment collections and improved operational efficiencies.
“We previously said that 2017 was our best year ever. But the year 2018 was even better. Pag-IBIG Fund earned P33.17 billion in net income which is the highest net income in the history of the Fund,” Eduardo D. del Rosario, chairman of the Pag-IBIG Fund Board of Trustees, was quoted as saying in a statement.
The Pag-IBIG Fund said it has sustained double-digit growth in the last five years and doubled its net income over a four-year period. Total assets also grew by 9% to P533.72 billion as of end-2018.
Mr. del Rosario said 86% of Pag-IBIG’s net income or P28.23 billion will be given back to its members in the form of dividends. He said this was the highest dividend the fund has declared in its history.
Dividend rates were at 6.91% for regular Pag-IBIG savings program, while 7.41% for the Modified Pag-IBIG 2 (MP2) savings program, a special savings mechanism offered to members and retirees.
Acmad Rizaldy P. Moti, chief executive officer of Pag-IBIG Fund, said the higher collections from loans and operational efficiencies helped drive its net income to a new high.
Last year, home loan payments went up by 9% to P55.73 billion, also a record. Mr. Moti attributed this to the fund’s high performing loans ratio (PLR) recorded at 90.26%, which means nine of 10 borrowers are consistently paying their loans.
Cash loan payments also jumped 4% to P53.21 billion in 2018.
“Pag-IBIG Fund’s success story in 2018 is built on the trust and support of its members. Because of our members’ trust, they continuously avail of Pag-IBIG programs and ensure timely payment of their loans, which result in Pag-IBIG Fund’s strong and stable financial position,” Mr. Moti was quoted as saying.
Earlier this year, Pag-IBIG Fund reported its collections in members’ savings grew by 11% to P40.27 billion in 2018. This included P4.47 billion from the MP2 Savings Program. — V.M.P. Galang

1...9,7969,7979,798...12,837Page 9,797 of 12,837
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube