Home Blog Page 9872

Vestas P134M tax refund affirmed

THE Court of Tax Appeals (CTA) affirmed the P134.3 million partial tax refund claim to Vestas Services Philippines, Inc. over its unused excess input value-added tax.

In a three-page resolution on Feb. 13, the court denied for lack of merit the motion for reconsideration of the Bureau of Internal Revenue (BIR).

“In view of the foregoing, the Court finds that respondent failed [to] put forth any compelling reason to justify the reversal or modification of the assailed Decision,” the ruling penned by Associate Justice Cielito N. Mindaro-Grulla read.

The BIR claimed that the evidence presented by Vestas did not include “conclusive evidence of payment and remittance” and it failed to present various payors and withholding agents to establish that withholding and remittances were made.

It said failure to show those, “the present claim must therefore fail.”

The court agreed with the comment of Vestas that the case is a claim for refund of excess of unutilized input VAT traced to its zero-rated sales.

It noted that under Section 112(A) of the Tax Code, those claimed by the BIR is not among the requisites that have to be established to be entitled for refund or issuance of tax credit certificate in such cases.

The court on Sept. 20 last year, partially granted the refund claim of Vestas, allowing only the amount of P134.3 million out of P185 million claim of the company for the second quarter of 2014.

Associate Justices Juanito C. Castañeda, Jr. and Jean Marie A. Bacorro-VIllena concurred in the decision. — Vann Marlo Villegas

World’s largest sugarcane plant mulls using corn to boost ethanol output

SAO PAULO — The world’s largest plant to process sugarcane, Brazil’s Sao Martinho mill in Pradopolis, Sao Paulo state, could add corn as a second source of raw material to be able to boost its ethanol production, the company that controls the plant said on Tuesday.

Several cane-based sugar and ethanol plants in Brazil are adding machinery to produce ethanol using corn as well, a model seen as profitable because plants use cane waste as an energy source to process the corn and expand production period to a full year, instead of just during the cane crop from April to December.

The company, named Sao Martinho after its main unit, said it is weighing the possibility of making the investment to process corn and boost ethanol production capacity in the huge Pradopolis installation.

“It is a project under evaluation. Logistics is an important issue, since we would have to bring corn from the center-west,” said Felipe Vicchiato, Sao Martinho’s chief financial officer, during a conference call with analysts and investors on Tuesday.

He said the size of the mill in Pradopolis could compensate for the logistic costs and make the project financially feasible, but a final decision has yet to be taken.

Brazil is witnessing a boom in corn-ethanol investment, but most projects take place in center-west states such as Mato Grosso and Goias, large corn producers.

Some analysts had suggested the possibility to produce corn-ethanol as well in Sao Paulo, Brazil’s main sugar belt, since a lot of corn produced in Mato Grosso usually crosses the state on its way to the export port of Santos.

Sao Martinho is already building an attached installation to produce ethanol from corn at its Boa Vista mill, located in Quirinopolis, Goias state. — Reuters

Peso may weaken anew as virus death toll continues to increase

THE PESO could weaken anew this week following the previous week’s rally, depending on market sentiment on developments in the coronavirus disease 2019 (COVID-19) outbreak.

The local unit ended trading at P50.56 on Friday, depreciating by six centavos from its Thursday close of P50.50.

Week on week, however, the peso strengthened by 19.50 centavos from its P50.755-per-dollar close on Feb. 7.

A trader attributed the peso’s strength week on week to the outlook upgrade from Fitch Ratings and some local data.

“When Fitch announced the outlook upgrade, the peso strengthened. This, along with narrowing trade deficit made the peso stronger,” a trader said in a phone call.

On Tuesday, Fitch Ratings upgraded its outlook for its credit rating on the Philippines to “positive” from “stable,” citing the country’s sound macroeconomic policy is poised to continue which could bolster growth and keep inflation stable.

A positive outlook could mean a country’s rating will be maintained or upgraded.

The global ratings agency affirmed the country’s credit rating at “BBB,” which is a notch above the minimum investment grade. The government is targeting an “A” level rating to clinch lower debt rates as the country is poised to become an upper middle income country.

Meanwhile, data from the Philippine Statistics Authority showed the country’s trade deficit was at $2.48 billion in December, narrower than the $4.17-billion gap in the same month of 2018. This was the lowest in six months or since the $2.37-billion trade deficit seen in June.

For the whole of 2019, the trade gap reached $37.05 billion, narrowing from the $45.53-billion gap the prior year.

For his part, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted that the peso’s performance was affected by market sentiment from signals from the US Federal Reserve.

“The peso was weaker on Friday, but still among the strongest in two years, amid recent Fed signals about steady key US interest rates,” Mr. Ricafort said in a text message.

Reuters reported that Fed Chairman Jerome Powell assured the Congress on Tuesday that the US economy is still in a good place despite potential threats due to the virus outbreak.

“There is no reason why the expansion can’t continue,” Mr. Powell said, repeating the central bank’s view that its current target range for short-term borrowing costs, between 1.50% and 1.75%, is “appropriate” to keep the expansion on track.

The trader said the peso may trade sideways this week.

“Moving forward, you will expect the peso to trade sideways. It’s because the dollar has slightly oversold,” the trader said.

For his part, Mr. Ricafort said that developments related to the coronavirus could dictate market movements including trading this week.

“Any increase in global market risk aversion due to lingering concerns over the coronavirus disease especially if cases and deaths increase sharply, could lead to lower demand for oil, slower global economic growth and slower global inflation that could prompt more dovish monetary policy by various central banks,” he said.

Reuters reported that total cases in Hubei, which is the center of the outbreak, have reached 56,249 on Saturday, citing data from the province’s health commission. Meanwhile, deaths have risen to 1,669.

Chinese President Xi Jinping has instructed the country’s officials to keep economic and social control as they battle against the virus.

For this week, the trader expects the peso to trade at a range of P50.30-P50.60 against the dollar, while Mr. Ricafort sees the local unit playing around the P50.30-P50.70 levels. — L.W.T. Noble with Reuters

Living in the lap of luxury

IT’S ONE THING to own a luxury item, but it’s a completely different matter to live a life cocooned in luxury. By the time one gets their hands on one of Sovrano’s furniture offerings, we expect that the customer already lives some sort of rarefied existence.

Sovrano, a new concept by Living Innovations (responsible for bringing luxury Italian furniture brand Minotti), presents three fashion furniture brands, all under one roof in Shangri-La at The Fort: Fendi Casa, Bottega Veneta, and Armani/Casa.

BusinessWorld took a tour through their showrooms last week, and felt a little out-of-touch from everything sinister the world might offer. Over at Fendi, how could you feel anger when you’re sitting on velvet chairs edged with blue crocodile leather? It was hard to feel any other sensation but comfort while sitting on a grey Fendi bed with an enormous headboard upholstered in nubuck. There was the feeling that one had intruded upon the home of some Hollywood lioness.

It was hard to comprehend any hint of despair when one sat on a Bottega Veneta chair, made with the rustic elegance conveyed by their woven leather works. The set displayed was completed by a leather writing desk, and a mirror framed in woven leather. Finally, sadness might be left behind at the door when one strokes the patterned silk of the Armani bed. A desk on display was covered with immaculately worked beige leather, while a low console offered secretive, discreet luxury for being so unassuming, but turned out to be covered in shagreen on the inside.

Everything we had just described just fell short or just above the P1 million mark (the Fendi bed, for example, cost about P900,000; the one from Armani cost P1.2 million).

“I’m calling this our second entry to Shangri-La,” said Ferdinand Ong, founder of Living Innovations, recalling that their first Minotti store was built in the Makati Shangri-La (but now occupies a space in BGC).”

Asked why he chose the brands to express his vision. “Fendi, for me, is one of the biggest fashion brands in the world, so it was a no-brainer to get them,” he said. “Armani was a company that I saw had a lot of presence in Asia, and globally. They were also able to create an Armani look distinctly theirs.

“For me, Bottega (Veneta) was just me liking it, so I got it.”

While Mr. Ong’s company is also behind the distribution of Gaggenau (appliances), Bulthaup (kitchens), and Bang & Olufsen (audio systems), looking at his portfolio, he seems to trust the Italians when it comes to furniture.

“Italy is the base of design. I think they create things with flair… their aesthetic is really clean, inside and out. They breathe and do everything like that.” This is after all, the nation behind the notion of la dolce vita. And yet, Mr. Ong finds something in common and close to home with these Italians: “When you see then, and talk to them, they are genuinely, pretty much also Filipino like: family oriented.”

While many wealthy Filipinos have already been furnishing their homes with Italian furniture, surely, it must be a feat to manage to bring all those brands here to set up shop. Mr. Ong recalled his own experiences with bringing Minotti here almost 18 years ago, when he was just 22. “When they first came here, they didn’t want to be here. Minotti was the only brand that I came into that opened up the market.

“They [then] wanted to be here. They believed in a 22-year-old boy to carry their brand for them.”

It’s quite hard to imagine that a 22-year-old with so much energy would decide to make a living with selling luxury furniture, but Mr. Ong said, “I had fallen in love with design ever since. The reason why I started was to educate Filipinos on the essence of ‘Bakit mahal? (Why is it expensive?).’ Maganda siya all throughout (It’s beautiful all throughout). It’s not because kamukha lang siya ng something else (It’s not because it only looks like something else).

“I didn’t do it because I wanted to make money. I wanted to do it because I think there was a purpose for us to do it. I think we wanted to touch, and show Pinoys that Pinoys can [live like] this: if they can also achieve a certain brand, if they follow certain basics of this philosophy.” Judging by Mr. Ong’s words, offering luxury for him is not just a venture, but a vocation.

This reporter once heard someone saying about selling luxury in a developing country: “You have a population of 100 million. Your one percent is still 1 million people willing and able to spend.” Pointing this out to Mr. Ong, he said, “We have more brands than any countries here (in the area).” Of course he meant furniture, pointing out that thanks to the multicultural influences in the Philippines, we’re more open to brands coming here: whether European, American, or Asian, in a variety of aesthetics for each of the aforementioned 1 million one-percenters.

He also pointed out that even luxury haven Singapore does not have a lot of American brands, and leans more towards luxury European furniture brands. The smaller living spaces in Singapore, apparently, also preclude more flamboyant furniture sales. Meanwhile, in the Philippines, land developers are scrambling to create luxury high-rises, and Mr. Ong is simply riding the wave to furnish these. “People now have more focus on spending on homes, and making them nice. We believe that plays a big part in where our presence is. We’re just filling in a need in the market.”

We come back to the notion of selling not just luxury furniture but a completely packaged lifestyle of luxury. Mr. Ong says, for example, that one can match the Fendi bed with anything else Fendi that one already owns, and everything else in the store is completely customizable (if you’re going to drop P1 million on a bed, you might as well be absolutely in love with it). “I think there’s always a certain niche for people who want more. We don’t encourage people who don’t have the means to do it.” — Joseph L. Garcia

A northern trek with the Kia Seltos

Text and photos by Angel Rivero

HAVE YOU already tried driving the Kia Seltos? It’s one of Kia’s latest products — launched just last November, and the third of three new vehicles launched by the brand ever since its distributorship was acquired by Ayala-owned AC Industrials in early 2019. As a matter of fact, this month marks its first anniversary under Ayala management. Its latest contender for the subcompact crossover segment is, in my opinion, a strong one. There is much to discover and to love about the new Kia Seltos.

Its looks are appealing; its drive convincing. Convincing enough, in fact, for us to take it on a long sojourn to northern Luzon — all the way up to Nueva Ecija, and then east towards the surfing haven of Baler.

We drove in a tight convoy of 10 vehicles, comprised of all three variants of the Seltos: the entry-level LX, the mid-range EX, and the top-of-the-line SX. My initial vessel was the best-equipped Seltos SX, and I happily drove it out of Manila traffic and straight into the North Luzon Expressway (NLEX), later penetrating into the Tarlac-Pangasinan-La Union Expressway (TPLEX), and eventually through provincial roads which were a mixture of both properly paved and uneven roads.

My strong, first impressions were that aside from the fact that the crossover looks very good with its signature tiger-nose grille, 17-inch mag wheels, and fancily contoured LED daytime running lights, the cabin was also surprisingly quiet with hardly any audible road noise — a delightful convenience, especially for this car segment which usually prioritizes economics. Speaking of things audible, the crossover is also gifted with a notably impressive six-speaker sound system, controlled via its eight-inch infotainment display screen, to which you can pair several mobile phones via Bluetooth all at once. And as the standard is these days, the system supports both Apple CarPlay and Android Auto, as well as offers USB ports for plugging phones in the front.

Powering all three tiers of Seltos variants is the same 2.0-liter dual-CVVT Atkinson-cycle gasoline engine mated with its Intelligent Variable Transmission (IVT). I attest to feeling the difference this made in terms of extremely smooth shifting, and I admit I was surprised to experience this kind of fluidity for this segment. And although power output has never been the thrust of vehicles in this class, I could say that the Seltos is amply powered at 147hp, and that it could squeeze out some 179Nm at 4,500 rpm when the situation requires it to.

LEDs are used to power the headlamps and fog lamps of this top trim (which make it more physically attractive), while smart entry with remote start are among the other bells and whistles equipped here, controlled via the car’s smart key. Electronic stability control is only offered in this top-end variant.

Our first stop on this trip was to have lunch at the relatively new Highland Bali Resort and Spa in Nueva Ecija — a classy, Balinese-inspired resort that overlooks the beautiful Pantabangan Lake. This lake is not a natural lake but, rather, the reservoir portion of an embankment-type dam on the Pampanga River. One could also drive down to the lake from the resort in just a few minutes to enjoy unique views and windy banks.

The Seltos did not have any issue moving through the rugged earth and back. It has sufficient versatility for some out-of-town adventures; and carries other relevant niceties for out-of-town travel, such as: rear reclining seats (I love this!) from 26 to 32 degrees, a high cabin ceiling and (I should highlight) some amazing legroom in the back! Its exterior size and interior space are equivalent to that of a class above. And of course it’s always great to exceed expectations.

All variants of the Seltos are also equipped with a drive mode selection knob — which allows the driver to choose between Eco, Normal, and Sport driving. Typically this is not a feature found in the regular subcompact crossover class.

Upon leaving Nueva Ecija, we headed east towards the coastal city of Baler, the capital of Aurora province, located some 230km Northeast of Manila. Baler has become one of the most talked-about surfing destinations in the country — charming, less touristy, and perfect for learning how to surf for the first time!

A treasure of scenic views surround the municipality, and delicious eats also abound. The next time you’re there, try Kubli Restaurant which is located just a stone’s throw away from the large Costa Pacifica Hotel. Another thing you must also not miss trying in the area is the amazing, homemade peanut butter branded as “Nanay Pacing,” which is locally produced by a family there.

The Kia Seltos did not fail to impress with its commendable comfort, unbelievably smooth shifting, passenger cabin spaciousness (headroom and legroom), and undeniable good looks. At price points of P1.098 million for the LX, P1,198,000 for the EX, and P1,505,000 for the SX, it is definitely a persuasive proposition for people looking into buying a car in this popular segment.

AGI to be carbon neutral by 2030

ALLIANCE Global Group, Inc. (AGI) targets to create a least five million direct and indirect jobs in 10 years as the listed holding firm commits to be carbon neutral by 2030 as part of its contribution to the United Nations Sustainable Development Goals.

In a statement, AGI said companies under the Andrew L. Tan-led firm have rolled out their programs and activities to support the UN goals during the conglomerate’s “SustainAGIlity Summit” at Hilton Manila.

“We must start to become more conscious and responsible for the long-term social, economic, and environmental impact of our businesses. As a responsible corporate citizen, our decisions should no longer just be driven by what is good and profitable, but by what is right,” Kevin L. Tan, the firm’s chief executive officer, said during the one-day conference.

The companies are Megaworld Corp. for real estate; Emperador, Inc. for liquor; Travellers International Hotel Group for gaming, entertainment and hotels; Golden Arches Development Corp. for quick service restaurants under the McDonald’s brand; and Infracorp Development, Inc. for infrastructure.

AGI employs more than 80,000 people in its various businesses.

“Our collective strength as a conglomerate certainly gives us the ability to make these positive changes happen,” Mr. Tan said.

AGI said Megaworld and its subsidiaries — Empire East Land Holdings, Inc., Global-Estate Resorts, Inc., and Suntrust Properties, Inc. — have committed to continue creating sustainable townships and communities that utilize renewable energy and promoting “plastic neutrality.” They employ at least 5,000 people.

In 10 years, they have committed to create around three million direct and indirect jobs in its various developments.

Another unit Emperador plans to continue using technologies that save water and reduce emissions. The company has vast vineyard properties across Spain and state-of-the-art distilleries in Scotland.

Its commitment to use resource-saving technologies include adopting renewable energy such as biomass and solar for vineyards and distilleries in Spain, Mexico, and the Philippines.

It will also continue using water conservation methods for irrigation of vineyards in Spain and Mexico. The company maintains vineyards and forest lands in Spain spanning up to 1,500 hectares.

Malaysia denies withdrawing option to sue EU on palm oil

KUALA LUMPUR — Malaysia has not retracted its option to file a World Trade Organization (WTO) suit against European Union (EU) restrictions on palm oil-based biofuel, the minister in charge of palm oil said.

Minister Teresa Kok said a Reuters report on Wednesday misquoted her as saying that Malaysia no longer plans to file the suit and will instead seek to convince the EU to change its treatment of the crop in a review scheduled for 2021.

“We continue to view the Delegated Regulation as a discredit to the Malaysian palm oil industry’s commitment towards mandatory sustainability since it creates additional trade barriers and impedes our sustainability efforts throughout our palm oil supply chain,” she said in a statement on Friday.

Kok said she had requested a review of the Delegated Regulation.

The review process is scheduled to take place soon and should be completed by June 2021, she said. — Reuters

More firms to join EGov Pay facility

SIX MORE government entities and a lender will soon join the EGov Pay facility of the government in a move to boost digital payments in the country, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno.

Moreover, Mr. Diokno said initiatives have been in place to look into allowing multiple settlements in one day for electronic fund transfer (EFT) service PESONet.

“Since its launch in late 2019, nine government agencies and three banks are now participants to the EGov Pay Facility,” Mr. Diokno said in a briefing on Friday held at the central bank.

This year, the Philippine Overseas Employment Administration, Environmental Management Bureau, City Government of Davao, Land Transportation Office, Philippine Regulatory Commission and the Philippine Charity Sweepstakes Office are expected to get onboard the EGov Pay Facility, which allows online payments to government agencies.

Meanwhile, also within the year, Philippine Savings Bank will join participating banks that are already onboard the EGov Pay Facility like Land Bank of the Philippines, Rizal Commercial Banking Corp., Robinsons Bank Corp. and UnionBank of the Philippines, Inc.

In its pilot launch last year, agencies such as the Bureau of Internal Revenue, Department of Trade and Industry, Philippine National Police, as well as local government units of Manila, Quezon City, Valenzuela, General Santos, San Pedro, Laguna, and Baler have gotten onboard the facility.

Mr. Diokno also said they are looking at allowing PESONet settlements multiple times in a day in order to cut waiting time for users of the retail payment facility.

Currently, PESONet, which is an EFT under the central bank’s National Retail Payment System (NRPS), allows a batch of fund of transfers to be credited by the receiver by the end of the banking date.

Its retail counterpart, InstaPay, allows real-time fund transfers for amounts less than P50,000.

In a previous interview, PESONet Steering Committee Head John Cary L. Ong has said having two to three times of settlements in a day could be possible for PESONet.

The latest report by United Nations-based Better than Cash Alliance report showed the volume of e-payments climbed to comprise 10% of total transactions in 2018 from a mere 1% in 2013.

Mr. Diokno has said he wants 50% of the total transaction volume in the country done digitally by the end of his term in mid-2023. — L.W.T. Noble

Hand sanitizers, face masks must-have accessories

LONDON — Hand sanitizers and face masks were the new must-have accessories as London Fashion Week opened on Friday, in what was expected to be a subdued gathering hit by the absence of many Chinese attendees because of coronavirus.

London Fashion Week runs from Feb. 14 to 18.

Fashionistas queued for catwalk shows sporting face masks in different shades of pastel as buyers, designers, students, and social media influencers came prepared at a time of global anxiety about the spread of the virus.

Kicking off the catwalk shows was Chinese designer Yuhan Wang, who overcame the difficulties wrought by the virus outbreak to present a first solo collection of Victorian-inspired waisted jackets in floral prints and lace-trimmed outfits accompanied by whimsical pearl jewelry.

Wang, who is known for her feminine designs, said delayed shipments of some items meant that some creations were not exactly as she had envisaged.

“Due to the virus all the hand-crafted things that were made in China weren’t able to arrive, and all the factories shut down, and the couriers not working, so I had to cut down the looks,” she told Reuters backstage after the show.

British Fashion Council Chief Executive Caroline Rush said the number of attendees this year would be down due to the coronavirus and said that the shut-down of transport links and factories in China was being felt.

“We’ve had one designer that isn’t able to show because their collection hasn’t arrived from China due to the logistics issues,” Rush told Reuters ahead of the show’s opening.

With a reputation for being a launch-pad for bold new designers, London Fashion Week is also showing collections from established brands such as Burberry and Vivienne Westwood, and this year will also host Tommy Hilfiger.

DEEP CLEAN
The fashion industry as a whole is facing a problematic few months if restrictions on traveling and working continue in China, the world’s largest producer of textiles.

The virus, which originated in China late last year, has claimed more than 1,380 lives and spread to other countries.

Rush said London Fashion Week was taking precautions against the spread of the virus by providing anti-bacterial sanitizers and undertaking regular deep-cleaning.

“Hygiene is a priority,” she said.

London Fashion Week will ensure that Chinese journalists, buyers and social media influencers unable to attend can still join in by promoting content and encouraging conversations on Chinese social media platforms Weibo and WeChat as well as other platforms, Rush said.

Luxury labels such as Gucci-owner Kering have already said coronavirus will mean smaller crowds at the month-long catwalk season. The London leg is due to be followed by shows in Milan and Paris later this month.

Lower Chinese attendance is potentially a major blow for fashion brands since Chinese spending accounted for a third of luxury global market sales in 2018, according to Bain & Company.

The coronavirus outbreak has forced the cancellation of many international business gatherings and sporting events. Shanghai Fashion Week has been postponed from its end of March date. — Reuters

Senate bill seeks to counter consumer fraud and abuse

A MEASURE giving more power to financial regulators to counter consumer fraud and abuse in availing financial products has been filed in the Senate.

Under Senate Bill No. 1329, or the “Financial Consumer Protection Act of 2020,” Senator Juan Edgardo M. Angara seeks to address crimes that go with the development of complex financial products.

“Time and again, we hear stories of consumers putting their lifelong savings in investment scams or suffering from or facing collection cases due to over indebtedness,” he said in the bill’s explanatory note.

The measure recognizes as regulators the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, Insurance Commission and the Cooperative Development Authority.

These regulators are given the authority to impose policies, conduct surveillance and examination, and monitor the financial market.

Further, the regulators will also be authorized to adjudicate on claims or relief prayed for by financial consumers worth up to P100,000.

Mr. Angara also proposed penalizing financial service providers with a fine ranging from P50,000 to P2 million, imprisonment of 1-5 years, or both.

The bill says in case “profit is gained or loss is avoided as a result of the violation, a fine of no more than three times the profit gained or loss avoided may also be imposed.”

The measure will also subject the provider to administrative sanctions and may, at the recommendation of the financial regulators, be ordered suspended or canceled.

The bill, among others, mandates that financial service providers should design financial products appropriate to their target consumers. This includes ensuring the product’s affordability and suitability to the client.

The provider should also grant a clear cooling-off period, allowing the consumer to consider the cost and the risk and decide whether to cancel the contract without penalty unless the product is a contact of insurance, which cannot be returned.

Moreover, the bill noted that financial contracts will be declared illegal if they carry a provision that waives a client’s right to “sue the financial service provider, receive information, have their complaints addressed and resolved,” among others. — C.A. Tadalan

Designer overcomes virus obstacles for NY Fashion Week

THE CLOTHES arrived from Shanghai in six suitcases, hastily packed, full of wrinkles.

It wasn’t how Wang Tao’s latest collection was supposed to get to New York Fashion Week, which ran from Feb. 3 to 12. But the designer considers it lucky they arrived at all.

“It’s like a Hollywood movie,” Wang, 52, said in the New York showroom where she had unfolded, ironed and sorted dozens of silk dresses and cashmere coats for the runway.

Coronavirus has created a global public health emergency that has taken lives and wreaked havoc in major and minor ways. This is the story of the professional obstacle the virus presented to one Chinese designer, and how she got around it.

Wang started her made-to-measure Taoray Wang label five years ago, designing for “the empowered career woman.” One customer she points to is Ida Liu, head of private banking in North America for Citigroup Inc.

“I am a huge fan,” Liu said in an e-mail. “She has impeccable tailoring and work-appropriate styles with a twist.”

With prices ranging from about $500 for a blouse to $3,800 for a coat, she sells to a global clientele, including in Washington, where Tiffany Trump wore a white Taoray Wang suit to her father’s inauguration.

Wang traces her tailoring skills to her job as a menswear designer for Junko Koshino. Eventually she moved to England from Tokyo, then returned to her native Shanghai to work with broadcast.bo, a women’s brand that’s part of Ribo Fashion Group, which also owns Taoray Wang.

About a month before her show, Wang had designed and made about 95% of the collection she planned to show in New York. She assumed she’d fly to Shanghai to make final adjustments, once her team had returned from the lunar New Year holiday.

But as the coronavirus crisis escalated, she realized her plan was impossible. The holiday was extended. Logistics companies were shut down. Chinese were not allowed to leave the country.

“At first I thought it was not that serious, then I was terrified,” she said of the virus.

She turned to e-mail. First, she had to identify people with US passports who were already making the trip out of China, and would be willing to take the clothes. Second, she needed someone in the office to pack them.

A message to her staff explaining the predicament produced a fortunate response: A member of her design staff — Bonan Tian — had stayed in the company dormitory for the entire holiday and was already on the premises.

In a matter of hours, he stuffed the suitcases — six instead of the 14 Wang would have used — and got them delivered to an Chinese-American couple with US citizenship flying to JFK airport.

“He is my hero,” she said.

The suitcases arrived in New York on Feb. 3 — the cue it was all clear to send out the invitations. Wang arrived from her home in England two days later.

And on Feb. 11, the show went on. Actresses Annet Mahendru (The Americans) and Sherri Saum (Locke & Key) were watching from the front row as models paraded in her feminine, edgy power suits.

Wang called the show “Cafe a l’hiver,” inspired by a Paris morning watching women on their way to work “looking romantic and sexy, their hair moving, their silk dresses moving.”

The color palette reflects that scene, with blues, grays and pinks of dawn, and creams and browns of her cappuccino and croissant.

Even before the virus disrupted production in Shanghai, Wang was planning to have any orders produced in the city that inspired the collection, aided by a new business relationship: She has started designing clothes for Paris-based shoe brand Charles Jourdan.

But no matter where they are made or worn, she vows not to skip her signature — silk linings with a traditional Chinese design of black-billed magpies on red plum branches.

“These birds,” she said, holding open her cashmere coat, “are legendary bringers of good fortune.” — Bloomberg

Sun Life celebrates 125th year in the Philippines

This 2020, Sun Life of Canada (Philippines), Inc., the country’s first and leading insurance company, marks its 125th anniversary in the Philippines with the theme “Beyond Lifetimes.”.

Since it started its operations in the country in 1895, Sun Life Philippines has continued to achieve its mission of helping Filipinos enjoy lifetime security and live healthier lives.

To kick off its celebration, Sun Life Philippines Chief Executive Officer and Country Head Benedict Sison announced during the company’s 125th Anniversary media launch that Sun Life Philippines has reached a milestone of hitting its five million client mark last December 2019, a year ahead of its December 2020 target.

He also revealed the growing number of millennial clients and financial advisors. Over 50% or 80,000 of Sun Life Philippines’ client base today come from the millennial market while most of the current 20,000 Sun Life Philippines advisors nationwide are millennials.

A Prosperous 2020

This year, Mr. Sison shared that the company aims to deepen the quality of relationships between advisors and clients through providing the latter with holistic advice, relevant solutions, 24/7 servicing, and meaningful interactions.

Sun Life Philippines will also launch new products this year including the Sun Cancer Care, a specialized health insurance plan that provides cash benefits upon diagnosis of a covered early and late stage cancer, as well as for treatment and recovery.

Mr. Sison said Sun Life Philippines is also embarking on a digital transformation journey to better serve its customers and to further grow the business.

For instance, the Sun Life Prosperity Funds are now available online for the convenience of clients who want to invest in mutual funds.

Paperless application and straight-through processing may also be enjoyed by clients who will avail of select Sun Life products.

Beyond business, Sun Life Philippines continues to champion financial literacy through various programs. One of these is the Sun Pera-Aralan, a financial management project led by its philanthropic arm, Sun Life Financial-Philippines Foundation, Inc.

Launched in partnership with the Department of Education and mounted with the help of Sun Life advisors, Sun Pera-Aralan aims to help 125,000 Filipino public school teachers lessen their debt and properly budget their salary.

To attract more Filipinos to achieve their financial goals, Sun Life Philippines will also conduct a year-long promo for new clients. Winners will be treated to birthday and anniversary celebration packages.

“All of these offerings aim to strengthen our relationship with the Filipino people and reiterate our commitment to help them achieve a brighter future,” Mr. Sison said.

Beyond Lifetimes Campaign

As part of its celebrations, Sun Life Philippines will be showcasing stories of their clients that highlight the authenticity of the company’s purpose. One such story is that of the Sy Family of Cagayan De Oro, which has been a Sun Life client for six generations now.

Having trusted the company to help secure their future and fulfill their dreams since 1907, the Sy Family perfectly exemplifies the company’s promise to be a lifetime partner to its clients. Their inspiring story will be among those featured in digital short films in Sun Life’s social media assets.

The Sy Family is also among the five paintings featured in “Portraits Beyond Lifetimes” client stories exhibit at the lobby of Sun Life Centre in BGC, Taguig City.

The exhibit, which commemorates Sun Life’s 125 years in the Philippines, includes artworks — made by the country’s outstanding young artists today — that are “inspired by powerful narratives that represent partnerships that forged a lifetime bond between Sun Life and Filipinos.”

A Commemorative Marker was also unveiled at the Sun Life Centre that “commemorates the establishment of Sun Life of Canada in the Philippines in 1895, making it the first and longest-standing life insurance company in the country today.”

Leading the unveiling ceremony were Sun Life executives and Insurance Commissioner Dennis B. Funa who recognized Sun Life Philippines’ contributions in the growth of the country’s insurance sector.

A Beyond Lifetimes Concert Musical, a symphony of exceptional performances celebrating Sun Life’s 125th anniversary in the Philippines, was also recently held at the SMX Convention Center in Pasay City.

A Crown Jewel in Asia

During the media launch, Sun Life Asia President Leo Grepin highlighted the importance of the Philippines to Sun Life’s success in the region.

“Sun Life Philippines is a crown jewel in our business. To be the first life insurer 125 years ago and the leading insurer today is a testament to our commitment to Filipinos through thick and thin, to a company culture focused on delivering for our clients over their lifetime, and to generations of employees and advisors who have led the evolution of the industry in the Philippines,” he said.

Sun Life Global President and CEO Dean Connor also recognized Sun Life Philippines’ successful evolution through the years.

“Sun Life Philippines has done an excellent job in championing financial security and healthier lives across generations of Filipinos,” he said. “How they continually evolve and keep up with the times, while remaining true to the company’s purpose, has been a source of inspiration for all of us at Sun Life.”

Mr. Sison said Sun Life Philippines looks forward to continue keeping its promises, fulfilling dreams, and making Filipinos’ lives brighter.

“For us at Sun Life, it is and will always be an honor to be the Filipinos’ partner in their pursuit of a brighter future today, tomorrow, and Beyond Lifetimes,” he said.

For updates on Sun Life’s 125th anniversary celebration, visit sunlife.com.ph and follow @SunlifePH on Facebook, Instagram, and Twitter.

ADVERTISEMENT
ADVERTISEMENT