You may have already seen that news report where a Binondo merchant mentions that wearing red panties for Chinese New Year can help protect you from "bad energy." But if you think that it's a ploy to make you buy slow-moving undies, think again--this belief is actually older than you are.
This is connected to ben ming nian, or the year of the Chinese zodiac animal under which you were born. (For those born in the Year of the Pig, this lunar year is their ben ming nian.) It is said that the year of your zodiac animal is a year of not-so-great luck, as according to a feature on China Highlights, you are more likely to offend and get cursed by Tai Sui, the God of Age. Others think that your ben ming nian may simply make your fortune more erratic than the other signs. Nevertheless, it's generally agreed upon that the new year is a good time to pull out your red undies.
Red underwear is said to ward demons away, as being in your ben ming nian makes you more suceptible to meeting them. And you shouldn't only do this during the start of the lunar year. ChineseNewYear.net says that "to lock in your luck and soul, make sure you wear red underwear! (And have many pairs, since you must wear them every day.)"
That's pretty much a good reason to stock on new (red) pieces. Here are a few places where you can check:
Bonifacio High Street, Greenbelt, ATC, Rockwell, TriNoma, Eastwood, Newport, Abreeza Mall Davao, SM Megamall, Shangri-La Plaza
SM Megamall, SM Aura Premier, Etam Ayala Center
Robinsons Magnolia, SM department stores