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Chelsea Logistics mulls bond offering this year

CHELSEA LOGISTICS Holdings Corp. (CLC) may conduct a bond offering up to P7 billion to finance its expansion plans for the year, following the company’s withdrawal of its proposed share offering earlier this month.
CLC Vice-President for Finance Ignacia S. Braga IV said they are currently working with local debt watcher Credit Rating and Investors Services Philippines, Inc. (CRISP) to rate CLC. CRISP guides investors by rating companies based on their investment risks in the debt market.
“We are working with CRISP to do a rating of Chelsea Logistics…so that if we decide to do it under debt, under bond-raising, commercial papers, at least we will be ready,” Ms. Braga told reporters on the sidelines of ISM Communications Corp.’s special stockholders’ meeting last week
The listed logistics firm earlier planned to offer three million preferred shares, with an overallotment option of up to two million preferred shares, priced at P1,000 each, to raise up to P5 billion this year. The capital raised was meant to fund its expansion and acquisitions.
Asked if the fund-raising activity will still constitute P5 billion, Ms. Braga said it could now reach P7 billion due to additional capital expenditure requirements.
Ms. Braga noted most of the company’s capex is for a warehouse facility on a 2.5-hectare property in Taguig.
“We’re building a warehouse complex. We need about P2.5 billion to complete (the) project, but we have already acquired the property so it’s (gonna be less than that). We have already awarded the construction of the building… And to support the warehouse, you need the delivery vehicles,” Ms. Braga explained.
The Taguig warehouse will be fully leased out to local logistics solutions firm, Worklink Services, Inc.
The CLC executive said the company is also beefing up its container yards following their acquisition of Trans-Asia Shipping Lines, Inc., which operates two freighters, among others. The company currently has container yards in Davao and Manila. The expansion of the container yards entails the purchase of more terminal equipment, flat beds, and trucks.
Meanwhile, Ms. Braga said there are no allocations for infrastructure projects for this year since the company will only be conducting project feasibility studies to submit unsolicited proposals.
CLC has already received the original proponent status for four projects. This includes its P49-billion offer to develop and operate the Davao International Airport, an P11.2-billion proposal to develop and operate the Sasa Port in Davao City, a monorail system in Davao, and a light rail system in Cebu.
CLC’s net income attributable to the parent dropped 72% to P43.01 million in the first nine months of 2018, amid a 61% uptick in gross revenues to P3.69 billion during the same period. — Arra B. Francia

Yields on gov’t debt drop

By Marissa Mae M. Ramos
Researcher
YIELDS ON government securities fell last week amid a risk-off tone in the market following dovish sentiments by the US central bank and expectations for the Bangko Sentral ng Pilipinas (BSP) to keep rates steady, with inflation showing signs of slowing.
On average, debt yields — which move opposite to prices — dropped by 19.06 basis points (bps) from week-ago levels, according to the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website last Feb. 1.
“Main driver [last] week has been external — the US Federal Reserve kept its interest rate unchanged and hinted that future rate adjustments higher might be limited,” said Deanno J. Basas, president and managing director of ATRAM Trust Corp. (ATRAM Trust).
At home, Mr. Basas noted market expectations of domestic inflation slowing further this year.
“With the Fed move, the market is expecting that BSP will also put rate hikes on hold, especially as local inflation is also seen to move lower. Longer-term bond yields have moved more with investors favoring these bonds to lock in at these higher yield levels,” he said.
Carlyn Therese X. Dulay, first vice-president and head of Institutional Sales at Security Bank Corp. (Security Bank), concurred: “The dovish FOMC meeting fueled the downward trend in addition to strong buying interest from both local and offshore dealers and end clients,” she said, referring to the Fed’s policy-making Federal Open Market Committee.
In addition to the pause in rate hikes, Ms. Dulay also noted expectations the BSP will cut banks’ reserve requirement (RR) ratio. “A possible RR cut in the near future also emboldened market participants to take positions on increased liquidity in the system should the cut be executed soon.”
The Fed opted not to raise interest rates in its policy meeting last week. It previously hinted that it will tighten its interest rates by two times this year. However, some officials said the central bank “will be patient” in raising borrowing costs as it will gauge the economy’s performance.
Meanwhile, at home, the BSP last year raised key rates by a total 1.75 percentage points in an attempt to temper inflation, which hit a nine-year high.
With inflation likely to rebound within the 2-4% target this year, BSP Governor Nestor A. Espenilla, Jr. hinted that the central bank will go back to cutting the reserve ratio for universal and commercial banks, which is presently at 18%.
The BSP chief aims to cut the reserve standard to a single digit before his term ends in 2023.
January inflation data will be released by the Philippine Statistics Authority on Tuesday, while the Monetary Board’s first meeting for this year is scheduled on Thursday.
As trading hours ended in the secondary market last Friday, yields on government debt papers fell across the board from a week ago.
Yields on the 91-, 182-, and 364-day Treasury bills (T-bills) went down by 3.7 bps, 19.1 bps, and 9.2 bps, respectively, to 5.436%, 5.813%, and 5.977%.
At the belly of the curve, the seven-year Treasury bonds (T-bonds) dropped 20.6 bps to fetch 6.181%. The two-, three-, four-, and five-year debt papers were quoted at 6.014%, 6.070%, 6.106%, and 6.131%, respectively, which were 20.2 bps, 19.6 bps, 19.4 bps, and 19.9 bps lower than the rates seen the previous week.
The 10-, 20-, and 25-year T-bonds also went down 22.2 bps (6.256%), 26.4 bps( 6.52%), and 29.4 bps (6.626%), respectively.
Security Bank’s Ms. Dulay expects yields to continue to trade within range this week, even as risk events such as inflation data and the Monetary Board meeting “may cause some volatility.”
For ATRAM Trust’s Mr. Basas: “[W]e might see a bit more downward movement in yields especially if inflation comes out lower than expected and if the BSP statements become more dovish, but we expect it to be limited.”
“We are getting to support levels, with the 10-year [bonds] near 6%. We would not recommend chasing the market beyond these levels, as we expect to see it consolidate here, given how quickly it has moved over the past couple of months,” he said.

USDA extends deadline for farm assistance to Feb. 14 after shutdown

WASHINGTON — US farmers now have until Feb. 14 to apply for federal aid designed to offset the impact of retaliatory Chinese tariffs on American crops, the US Department of Agriculture said on Monday, after delays caused by the month-long government shutdown.
The previous deadline for the aid program, officially known as the Market Facilitation Program (MFP), was Jan. 15. But a partial 35-day government shutdown that ended last Friday had delayed the application and payment processes for the aid.
“If you are a farmer or rancher whose commodities have been directly impacted by tariffs, you now have until February 14 to submit your application,” USDA said in a tweet.
The Trump administration last year pledged up to $12 billion in aid to help offset some of the losses for crops hit by retaliatory Chinese tariffs imposed in response to Washington’s tariffs on Chinese goods.
A USDA spokesperson on Monday said the department has as of Monday paid out a total of $5.94 billion to farmers in trade aid, with the top five commodities that received aid being soybeans, corn, wheat, dairy and sorghum.
The top five states that received aid were listed as Illinois, Iowa, Kansas, Minnesota, and Nebraska.
China had zeroed in on US farmers with tariffs after President Donald Trump imposed duties on $250 billion worth of Chinese goods last year as part of his vow to cut the US trade deficit with China.
Beijing slapped a 25 percent tariff on US soybeans in retaliation. That effectively shut down US soybean exports to China, worth around $12 billion last year.
With China typically taking around 60 percent of US supplies, the loss of that export market has left farmers struggling with a supply overhang.
Separately, the USDA will release several key grain reports on Feb. 8 including quarterly US grain stocks, winter wheat seedings and a final report on 2018 crop production, the department’s chief economist told Reuters via email on Monday.
The reports, which were delayed by the partial US government shutdown that ended on Friday, were originally scheduled for release on Jan. 11. The USDA also plans to release a monthly crop supply/demand report on Feb. 8.
Traders are also awaiting data on US export sales of grain, beef and pork, which the USDA reports on weekly. Those weekly reports were suspended during the government shutdown.
Traders are also keen to see backlogged weekly Commitments of Traders reports from the US Commodity Futures Trading Commission, the main futures regulator. This data offers a look at whether speculators and hedgers hold net long or net short positions in various derivatives, including CBOT grain and oilseed futures. Also pending are monthly USDA updates on winter wheat condition ratings for key states in the southern Plains and Midwest. — Reuters

Learning to overcome obstacles at a pretty active training facility


PEOPLE WHO want to achieve their fitness goals beyond logging time in typical gym work may want to check out Pretty Huge Obstacles (PHO).
Touted as Asia’s largest indoor obstacle course training facility, PHO boasts of a huge number of physical obstacles designed to toughen up one not only physically but also mentally in a fun and collaborative way.
Located at the second floor of the Civic Center at SM Aura Premier, Bonifacio Global City in Taguig, PHO’s obstacles, the people behind the facility said, are configurable into over 100 flexible combinations, ensuring a “pretty awesome workout.”
The facility has adult and kid obstacle zones, a 100-meter elevated indoor race track, five-star level changing rooms, and a health food lounge.
Among the obstacles inside are quintuple angle steps, monkey bars, a five-foot wall, a balance beam, small wheels, a nine-foot wall, island hops, gymnast rings, a weaver, a cliffhanger, a Tarzan swing, and a wave wall.
PHO also offer three types of functional group classes that are handled by certified and highly capable instructors who work to motivate members to go beyond their limits and reach their potential.
There are classes that are suited for someone who is looking for yoga classes, high-intensity interval training (HIIT) and pilates, while functional training classes work best for mobility.
And for those who are training for their next obstacle course race, obstacle course training classes will unleash the champion in them.
PHO also has an adjunct facility called Physio-PHOrtress which provides outcome-based health programs for obstacle course racers through sports-specific individualized assessment and intervention.
As a testament to its top-class offering, PHO was recently designated by the Philippine Olympic Committee (POC) as the official cross-training venue for the country’s national athletes.
The Philippine obstacle course racing team, which is set to see action at the Southeast Asian Games here in November, is also to train at PHO.
“When we started conceptualizing this we wanted to bring together families and friends [for a fun and effective fitness journey] and we are confident that the concept will do well here in the Philippines,” said Ritsuo Arao, chief operating officer of PHO, during the media launch of the facility on Feb. 1, speaking of the concept behind PHO.
“As this comes together we’ve realized the seriousness of this and it has become more and more important for us as went about setting it up. So we are honored to be in this position and we are not going to let the people down and we believe we can deliver the right thing here,” Charz Kelso, PHO chief strategic officer, said.
PHO is currently on soft opening for early members and those who want to see for themselves what it is all about. It is targeting to officially open on March 1.
For membership, training programs, and race event inquiries, contact info@prettyhugeobstacles.com. For the latest updates on the facility, meanwhile, visit PHO’s Facebook and Instagram pages at @prettyhugeobstacles.
PHO is also set to launch a mobile app where members and non-members can check out what it offers and updates. — Michael Angelo S. Murillo

Skyway RFID-only lane still under review by TRB

OPERATOR OF THE Skyway system said the proposal to have a “radio-frequency identification (RFID)-only” lane at the elevated toll road is still being reviewed by the government regulator.
In a statement over the weekend, San Miguel Corp. (SMC), which manages Skyway Operations and Maintenance Corp. (SOMCO) under its infrastructure business, said the plan to have RFID-only lanes for the Doña Soledad and Dr. A. Santos exits of the Skyway “is still being reviewed and will only be implemented upon approval by the Toll Regulatory Board (TRB).”
Once approved, SMC said the scheme is expected to bring “faster and more efficient throughput at elevated toll plazas” and benefit motorists due to the easing of road congestion.
Late last year, SOMCO issued a traffic advisory saying the Doña Soledad (Bicutan) and Dr. A. Santos (Sucat) exits will “soon” be exclusive to RFID users.
“The objective is to have the Skyway Elevated exclusive to RFID users to provide motorists the convenience they are paying a premium for,” SOMCO President Manuel M. Bonoan said in the statement.
However, Muntinlupa Rep. Rozzano Rufino B. Biazon raised his opposition to the scheme during a Jan. 18 meeting with SOMCO and TRB officials.
“I raised the point of denying motorists the option of paying cash while using the Skyway, but they maintain their position that they will push through with the plan. We will have to get TRB to deny it if SOMCO doesn’t change its plan,” he said in a social media post.
Mr. Biazon noted that SOMCO admitted not having a traffic impact study on the proposed scheme and that the advisory is part of a “sensitivity analysis” to gauge the feedback of stakeholders.
“I believe that with the franchise given to SOMCO by the government, there should be equal access by all motorists. In addition, they should make sure that any scheme they implement should not be detrimental to the interests of those using roadways that would be affected by their plans,” he said.
For his part, SOMCO’s Mr. Bonoan said the Skyway Management “continues to look for ways to help ease traffic congestion and make daily drives faster, safer and convenient for motorists.”
The operations and maintenance of the part of Skyway linking to the Bicutan-to-Sucat section is handled by SOMCO, with concession-holder Citra Metro Manila Tollways Corp. (CMMTC). — Denise A. Valdez

Peso to move sideways vs dollar on mixed US data, PHL inflation

THE PESO is expected to move sideways against the dollar this week amid likely upbeat domestic developments and potentially mixed US data.
The local currency ended last week at P52.21 versus the greenback, weakening by nine centavos from the P52.12 finish on Thursday, as the greenback recovered after the Wall Street’s rally.
However, the peso strengthened week-on-week from its P52.525-per-dollar finish last Jan. 25.
A market analyst said in an e-mail yesterday that the dollar is expected to strengthen against the peso in the first two days of the week supported by the upbeat US employment report.
The US economy added 304,000 new jobs in January, exceeding the expectations of a 180,000 rise in payrolls.
However, the unemployment rate rose to four percent from December’s 3.9%, partly due to the 35-day partial US government shutdown.
“US job creation reached an 11-month high in January 2019, supporting views that a rate hike this year from the US Federal Reserve is still on the table, despite some dovish hints from various US policy makers,” the analyst said.
The analyst added that the dollar’s upward momentum might be tempered by the “likely softer Philippine inflation report” for the first month of the year.
Headline inflation likely decelerated last month as food prices sustained its declined, offsetting the effects of higher oil prices. A BusinessWorld poll of 12 analysts yielded a 4.5% median estimate for the January rate, which if realized will be slower than the actual 5.1% tallied in December.
Still, after depreciating in the first few days, the peso may bounce back on the back of potentially softer US data on non-manufacturing and fourth-quarter gross domestic product (GDP) growth.
“Based on forecasts, the US economy likely expanded by 2.5% in the fourth quarter of 2018 after growing by 3.4% in the prior three months,” the analyst said.
This, along with stronger domestic industrial production and possible hawkish remarks from the Bangko Sentral ng Pilipinas’ policy meeting on Thursday, may improve peso’s appeal and weaken the dollar.
All economists covered by the poll expect the local central bank to keep its benchmark rates steady at the 4.25-5.25% range during its first review for the year scheduled this week.
For this week, the analyst expects the peso to trade between P52 and P52.70 versus the dollar, while a foreign exchange trader gave a slimmer P52-P52.45 range. — Karl Angelo N. Vidal

EU to challenge US duties on Spanish olives

BRUSSELS — The European Union will begin legal action at the World Trade Organization this week against US duties imposed on Spanish olives, EU trade chief Cecilia Malmstrom said on Monday.
Malmstrom, the European Trade Commissioner, tweeted that the duties imposed by the United States were unjustified, unwarranted and went against WTO rules.
“Tomorrow, we are taking this case to the WTO dispute settlement system, requesting consultations with the U.S.,” the commissioner said on Twitter.
“From the Commission side, we have already raised this case with our US counterparts at many occasions. Together with Spanish authorities, we will continue to vigorously defend the interests of EU producers,” she continued.
US imports of Spanish olives were worth $67.6 million in 2017.
The US Commerce Department has concluded that Spanish olives are being sold too cheaply and benefit from unfair subsidies. It has imposed anti-subsidy tariffs of between 7.52 and 27.02 percent and anti-dumping duties of between 16.88 and 25.50 percent, according to the producer, to counteract this.
Under WTO rules, the two sides have 60 days to try to settle the dispute, after which time the European Union could ask the WTO to adjudicate.
But the WTO’s dispute system is facing an imminent breakdown because the United States is blocking appointments of judges to hear trade dispute appeals.
Disputes filed now risk falling into legal limbo and may never get resolved, unless an agreement can be found before two of the three remaining appeal judges leave in December. — Reuters

The 29-year-old who rocked Facebook has big data plans for H&M

FASHION retailer Hennes & Mauritz AB wants to get a better sense of what makes its customers tick. To help it, the Swedish company just hired a man best known for revealing a data privacy scandal that rocked Facebook Inc. and raised serious questions around how some corners of technology are shaping human existence.
At H&M, 29-year-old Christopher Wylie will help the company use big data and artificial intelligence to make sure it actually designs things shoppers want. If successful, the Cambridge Analytica whistle-blower might be able to help fix some of H&M’s most pressing issues, including getting its inventory under control and ultimately making the company more profitable.
“If you better understand what people like to wear, and how they like to wear it, and how they want to feel when they’re wearing it, you’ll naturally start to create insights as to modernizing and updating your collection,” Mr. Wylie said in an interview at H&M’s Stockholm headquarters on Thursday.
Mr. Wylie says Cambridge Analytica — a political consulting firm used in Donald Trump’s 2016 presidential campaign — was “one of the worst examples of how data can be misused.” The firm ceased its operations last year.
COMPLIANCE
But with H&M, “everything that it does when it comes to data goes through a compliance process and lawyers review everything,” he said. “Beyond that, there is an ethos within the company that really does boil down to ‘are we doing good and the right thing for our customers?’”
Before he was at Cambridge Analytica, Mr. Wylie worked as a fashion-trends forecaster. When H&M learned of his former life, it started talking to the Canadian about a potential collaboration.
ROASTED CAULIFLOWER
The meetings between Mr. Wylie and H&M representatives went on for several months. He even sat down with H&M Chief Executive Karl-Johan Persson, who joined the devout vegan for a roasted cauliflower lunch to discuss hiring him. The self-proclaimed poster-boy of data protection agreed, and started working at H&M in December.
Mr. Wylie’s job includes analyzing data from the 30 million members of H&M Club to get a better sense of how to cater to their demands. H&M hopes the process will help it avoid the kind of waste that builds when clothes don’t get sold, and old stocks get unmanageable.
Mr. Wylie says it was H&M’s focus on reducing waste and what he described as the company’s aim “to do good” that finally convinced him to join.
THE CRITICS
Critics of artificial intelligence (AI) have questioned its effectiveness. Investments are usually high up front and benefits can take long to realize, eating into profit margins. But according to H&M’s CEO, spending on AI is already paying off and the company is having to resort less often to discounts.
Last quarter, H&M managed to reduce its inventory. Its stock-in-trade fell to 17.9% from 18.9% in the third quarter, marking the first decline in inventory levels over a three-month period since the spring of 2017. H&M also said it expects markdowns in relation to sales to drop by about one percentage point in the first quarter from a year earlier.
“We’ve invested a lot in AI, and we’re still in the beginning of the journey,” Mr. Persson said. “Now we need to go from the test phase to scaling it out to different parts of our operation.” — Bloomberg

DLPC plans up to P2.36 billion worth of projects

DAVAO Light and Power Co. (DLPC), the third-biggest privately owned power distribution utility in the country, is seeking regulatory approval for up to P2.36 billion for its capital expenditure projects covering five years ending in 2022.
In its filing with the Energy Regulatory Commission (ERC), the Aboitiz-led company classified its proposed budget as mostly network-related expenditure, including substation and line expansion projects.
“Projects on DLPC’s distribution system are necessary to address the needed capacity upgrades to accommodate increasing demand, prevent overloading, as well as improve safety and reliability of the system,” the company said.
DPLC, a unit of publicly Aboitiz Power Corp., is seeking provisional authority from the ERC to implement its proposed projects ahead of the regulator’s final approval of its application.
“Other projects are necessary to comply with local ordinances. Furthermore, various projects are necessary for DLPC to accommodate new customer applications,” it said.
Of the items being sought for ERC approval, the biggest allocation will go to a 13.8 kilovolt (kV) underground distribution system at P228 million, which the company plans to spend between 2018 and 2021.
The second biggest expenditure item is the upgrade of its P. Reyes substation at P161 million. The upgrade involves the purchase and installation of an additional unit of a 50 MVA power transformer, construction of three bays 69 kV breaker-and-a-half scheme, laying of power cables, and acquisition and installation of associated materials and equipment in the substation.
DLPC is the grantee of a legislative franchise under Republic Act No. 8960 to construct, operate and maintain an electric light, head and power system in the cities of Davao and Panabo, and in the municipalities of Carmen, Sto. Tomas and Braulio Dujali in the province of Davao del Norte.
The company is required to provide distribution services and connections to its system for any end user with its franchise area. It shares in the objectives of RA 9136, or the Electric Power Industry Reform Act of 2001, to ensure the quality, reliability, security and affordability of the supply of electricity.
In the event that the various capital expenditure projects are not implemented, DLPC said certain facilities “may be rendered obsolete, which could lead to power interruptions or delay in accommodating the additional load coming from existing and new customers.”
“These negative consequences, which are detrimental to the livelihood and everyday lives of DLPC’s customers, may be tempered by the immediate implementation of the instant [capital expenditure projects,” the company said.
In reply, the ERC said it found DLPC’s application to be sufficient in form and in substance. It said the expository presentation, pre-trial conference and presentation of evidence on March 6, 2019 in the agency’s Mindanao office in Davao City. — Victor V. Saulon

Thrift banks to post steady growth this year as headline inflation slows

THE CHAMBER of Thrift Banks (CTB) expects the thrift banking industry to sustain its growth this year given expectations of softening inflation in the coming months, the group’s top official said.
In an interview, CTB President Gregorio B. Anonas III said there is a “good opportunity” for thrift lenders to continue to expand this year, with loan growth expected to “grow as it has been growing” by 10-15%.
“I think definitely, we will continue to grow. There’s an opportunity to even expand our business,” Mr. Anonas told BusinessWorld on the sidelines of the Annual Reception for the Banking Community hosted by the central bank last Jan. 25.
Mr. Anonas, who is also the president and chief executive officer (CEO) of Wealth Development Bank Corp., said thrift banks’ lending growth will likely be sustained given that inflation is expected to decelerate in the coming months.
“I think the worst is over. We had an extraordinary [interest rate] hike [last year], but the government policy on interest rates is pegged on inflation. And we see inflation going down this year,” he added.
In 2018, the Bangko Sentral ng Pilipinas hiked borrowing costs by a cumulative 175 basis points to rein in rising inflation and price expectations.
Headline inflation averaged 5.2% last year, the fastest since 2008’s 8.2%, amid elevated oil prices and issues on food supply.
However, rise in prices is seen to moderate this year, with the central bank expecting inflation to return below the four-percent pace by the end of the first quarter, well within its target band of 2-4%.
“We hope that we will see the taming of the inflation moving forward,” the president of the chamber said, adding that the growth of thrift lenders in 2019 will be mainly driven by housing and small and medium enterprise loans.
Mr. Anonas also noted that there is an opportunity for thrift banks to tap more unbanked Filipinos in a bid to boost financial inclusion in the country.
According to the latest central bank survey, approximately 52.8 million or 77.4% of Filipinos remain unbanked, as 60% of the respondents cited that they do not have enough money to maintain a bank account.
“Especially right now with technology, we can reach the unbanked and we’re in a good position for that,” Mr. Anonas said.
Mr. Anonas will step down as the president of CTB this year after completing his two-year term. The position will be handed over to Cecilio Paul D. San Pedro, president and CEO of Sterling Bank of Asia, Inc., in March during the chamber’s convention. — K.A.N. Vidal

France will make decision on replacing coal with biomass in autumn

PARIS — French utility EDF said on Monday it had reached an industrial milestone in the implementation of an ecological fuel process known as Ecocombust to replace coal in power generation, which could be used in the Cordemais and Havre plants.
France plans to phase out coal power generation by 2022, which could lead to the shutdown of the two plants. But due to concerns over securing supply, the government had asked EDF to study the possibility of using biomass as fuel.
The French energy ministry said in a separate statement on Monday that a decision on implementing EDF’s ecocombust process at the Cordemais and Havre coal power plants could be taken in the autumn. — Reuters

Longchamp goes tough


FOR ITS Spring/Summer 2019 collection, Longchamp goes on a gender-bender and takes its womenswear collection’s cues from, well, men.
Its ready-to-wear collection, which unfortunately isn’t available in the Philippines (but you can get the pieces in Hong Kong), uses masculine cuts in jackets, but pairs them with delicate feminine a-line dresses. The silhouette is a reflection of the relaxed, breathing lines that have begun to pop up in runways increasingly since 2013.
As for accessories, Longchamp’s bread and butter in the country, the aggressive Amazone bag has been interpreted in textured leather, from black patent to a python-like skin, with golden embroidery and angry black chains. Some, meanwhile, take a quirky tone with mandala patterns, while some are definitely ladylike, in red with quilting. The Amazone also takes a cue from the male dandies in the ready-to-wear collection, with a pattern seemingly inspired by trunks and silk ties. The patterns are also included in the brand’s most recognizable bag, the Le Pliage. A relatively new bag, the Roseau, is relaxed but proper, done in leather with a small silver peg as a closure.
Longchamp is one of the more affordable bags on the fashion spectrum, where bags can be found for about P8,000. This usually begins a hunt for more expensive bags, but in the meantime, the college kids and yuppies who sling the bag on their shoulders and arms make for an interesting site: the Paris runways, literally on the streets.

Dina Tantoco, Marketing and Communications Head for Rustan’s said, “The brand offers a wide range of styles that are accessible to different preferences and markets. The classic and favorite Le Pliage collection is a more accessible option for many, but one can also level up and opt for the iconic and premium styles of Longchamp that you see on the runway. Like the Longchamp Amazone, a quality leather handbag which is targeted to a different, more specific customer.
“Nowadays, exclusivity is not so much a priority when fashion is democratized. A heritage brand like Longchamp offers fine craftsmanship, stylish, and functional pieces, and these are the reasons why customers patronize it and aspire to own one.”
Longchamp is distributed in the Philippines by the SSI Group, and is available in boutiques and Rustan’s stores.
As for Rustan’s, Ms. Tantoco said, “We have exciting plans for the first and second floors of Rustan’s Makati. We can’t wait to roll it out this 2019.” — JLG

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