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Nissan’s ‘Big 3’ LCVs conquer ‘land of mystery’

Text and photos by Aries B. Espinosa

NISSAN PHILIPPINES, INC. (NPI) has made the #GoAnywhere statement stick to its big three LCVs (light commercial vehicles): the Terra midsize SUV, the Navara pickup, and the Patrol SUV.

To prove its point, NPI planned out a three-day ride-and-drive of its three vehicles on an unlikely location — Siquijor Island — last Oct. 7 to 9. But, it also made a lot of sense. Siquijor, an island-province in Central Visayas with a land area of a mere 327 square kilometers, making it the third smallest province in the country, is predominantly hilly, its road network narrow. In many places, the road clung precipitously on cliffs between the mountains and the sea, offering majestic vistas. In short, Siquijor presented a valid challenge to Nissan’s #GoAnywhere battle cry.

NPI President and Managing Director Atsushi Najima said, “In line with our vision of enabling adventurers to reach their dream destinations, we are now in Siquijor Island, to conquer the country’s third smallest province with Nissan’s strong LCV lineup. We are creating the ultimate ‘Go Anywhere’ experience with the Nissan Patrol, Nissan Terra and Nissan Navara, by exploring the best and most diverse locations across the country.”

There is more to Siquijor than meets the eye, however. The island-province has cemented its place in local lore as an “island of mystery,” where all the Pinoy creatures of myth and legend and the mystic traditions converge.

That should have given us the creeps. But upon setting foot (and tires) on the island, we felt nothing but good vibes, saw nothing but welcoming smiles, and incredible tourist spots. It would seem that the locals have taken the superstitious beliefs associated to Siquijor all in good humor, seeing that mysticism and the supernatural have also somehow increased tourism to the province, and spooking people out can turn in quite a profit. Some roadside stores here openly sell voodoo dolls and potions. One interesting roadside stop makes visitors pose riding on a broomstick.

Despite Siquijor being one of the country’s smallest island-provinces, three days of driving in the island still wasn’t enough to cover all of its attractions. We were able to visit the 400-year-old Balete tree and the fish spa at the foot of it, as well as the Hapitanan Cafe and Restaurant for that “broomstick ride” photo-op. Another stop was the Lazi Convent and Church, opened in 1884 and has been declared a National Cultural Treasure by the National Museum. And then we trekked down to the multi-tiered Cambugahay Falls. The 135-steep steps led us to the falls, as well as to the happy shrieks of kids (and adults) who tried out the swing into the cold water.

There were a lot more places in Siquijor to visit, such as the pristine beaches, cliff diving spots, caves and waterfalls. But that would have to wait until our next visit.

These three days were the time the Terra, Navara and Patrol would showcase their ride and drive capabilities on the island’s narrow roadways. Siquijor’s road networks were originally designed for motorbikes, trikes, multicabs and small 6-seater jeepneys, but that was no problem at all for the agile LCVs. Nissan Intelligent Mobility’s signature Around View Monitor (AVM) were also useful in this regard. The AVM helps drivers park or navigate more easily by making them actually see their vehicle’s immediate surroundings through a virtual 360-degree bird’s-eye view from above the vehicle. The AVM helps the driver visually confirm the vehicle’s position relative to the lines around parking spaces and adjacent objects, allowing the driver to maneuver in and out of tight spots with more ease.

NPI said that because of Siquijor’s reputation as one of the most challenging islands to access in the Philippines, it became the perfect getaway for a #GoAnywhere ride-and-drive event and showcase the capabilities of all three vehicles. With its strong LCV heritage and Nissan Intelligent Mobility features, the Terra, Navara, and Patrol navigated their way easily, making the drivers and passengers focus more on enjoying what Siquijor had to offer.

The 2020 Terra’s new Nissan Connect Renault-Nissan AIVI was also highlighted in this drive. It now has a bigger, 8-inch monitor compared to the old 7-inch AV system, and the rear monitor integration at the back passenger rows can play videos via HDMI while the driver can still use his or her navigation guides up front. Offline maps are also available for the 4WD Terra VL.

Feliz Hotel Boracay: #StayHappy

TOURISTS, be they local or foreign, who have not been to the island of Boracay since it reopened in October last year are in for a pleasant treat with the vast improvements made in the place, enhanced by new establishments catering to the more serene vibe the area now exudes.

One such place is Feliz Hotel Boracay, an 80-room boutique hotel located at the heart of Station 2 and whose thrust is to give guests a “happy stay,” taking cue from the word feliz, “happy” in Spanish, anchored on upscale amenities and quality service with the iconic island as backdrop.

Officially opened in July this year, Feliz Hotel Boracay, part of the FJE Group of Companies and managed by Enderun Hotels, boasts of laid-back Latin American energy combined with the tropical charms of the Philippines.

Hotel officials said they were scheduled to open in 2018 but because of the six-month closure of the island — from April 26 to Oct. 26 last year — as ordered by President Rodrigo R. Duterte to rehabilitate the island and allow it to “heal,” Feliz’ opening was moved to a later date.

But they said it was a deferment they put into good use as they made sure that Feliz Hotel Boracay was up to the standards it was envisioned to have and in line with the programs of island authorities moving forward.

“We are really excited about Feliz Hotel Boracay. It is truly a great addition to the new Boracay island experience where it offers the perfect balance between fun and relaxation. We aim to redefine the travel experience through topnotch amenities and impeccable service with the iconic Boracay as its backdrop,” said Feliz Hotel Boracay General Manager Jun Delos Santos as he described what the new hotel is angling to offer.

He noted that the hotel is strategically located in the middle of the island scene at the D’Mall District in Station 2, just a few steps from the beach and close to a variety of entertainment, shopping, and dining options, allowing guests to have a myriad of activities to check out and experience.

A CUT ABOVE THE REST
Feliz Hotel Boracay is touted as one of the more upscale properties in the area.

Upon arrival, guests are greeted by a spacious plaza in front of the hotel, whose fountain has become a landmark in Station 2 and a go-to place for photos for locals and tourists alike.

Entering the hotel is an experience as one has to pass through 18-foot doors — the tallest in the country (still to be verified) staff said — that lead to the lobby.

Once inside, the Latin American inspiration is very much evident in the interior design of the lobby and hallways leading to the rooms in all floors.

Feliz Hotel Boracay has six room categories, namely, Premier King, Deluxe King, Deluxe Double, Premier Double, Suite, and Feliz Suite, ranging from 27- to 46-square meter studios to 52- to 72-square meter suites.

Officials said all the rooms were designed to provide a calm and luxurious sanctuary for guests looking for total relaxation and rest.

The rooms have spacious bathrooms with some having bath tubs depending on the type of room; couches, TV sets, closets, and tables and chairs for those who want to squeeze in some work while on vacation. Air-conditioning provides ample cooling which can easily be adjusted, while the hotel’s internet connection is strong.

Sustainability is something the hotel is also mindful of, thus in lieu of complimentary water in plastic bottles, every room it has refillable glass bottles. A digital tablet where pertinent hotel local numbers and menu, among others, can be found is provided instead of a printed menu of services.

Other hotel amenities include rooftop swimming pools for kids and adults, a fitness center and recreation area, as well as services like in-room spa treatments.

DINING OPTIONS
Feliz Hotel Boracay has two in-house restaurants — La Plaza and Buenavista.

La Plaza is an all-day dining place where one can enjoy the finest meat, seafood, and produce, while Buenavista is a rooftop bar that offers a majestic view of the island.

Cuisine in both restaurants is overseen by Executive Chef Onie Castillo, who sharpened his chops in various restaurants and resorts both here and abroad.

Mr. Castillo said that the hotel makes sure to use the freshest and authentic ingredients for their dishes.

At La Plaza, the cuisine is mostly Latin American, highlighted by a selection of its signature paella, which the executive chef said uses authentic arroz bomba.

Another must-try item at La Plaza, which takes its name from the hotel plaza outside, is the churros which have a light texture and partner well with the chocolate and caramel dips that go with it.

Mr. Castillo added that at La Plaza, they can also adjust to the preference of the diners.

Buenavista, meanwhile, serves dishes like pizzas, sandwiches, and pastas as well as classic and original cocktails.

“Feliz Hotel Boracay is the ideal hotel for island adventures as the hotel offers a unique blend of convenience and modern sophistication,” Mr. Delos Santos reiterated.

“We also take pride in our team of dedicated professionals grounded in thoughtful and genuine service to make you feel at home, all done with the brightest smiles in Boracay,” he added.

To know more about Feliz Hotel Boracay accommodations, reservations, and facilities, visit www.felizhotelboracay.com. — Michael Angelo S. Murillo

Toyota PHL parent does not expect Thai auto imports to fall

THE parent company of Toyota Motor Philippines Corp. (TMP) does not expect automotive imports from Thailand to decline, amid the trade department’s move to consider retaliatory measures on these as an offshoot of the two countries’ long-standing dispute over cigarette imports.

GT Capital Holdings, Inc. President Carmelo Maria Luza Bautista told reporters last week that it seems unlikely that Thailand will limit auto exports to the Philippines, despite the imposition of tariffs or quantitative restrictions (QR).

“I don’t think so. They need us. Their markets are soft. Ours is the strongest market in the region tapos ililimit mo [then you will limit it]? Of course not. It doesn’t make sense. So yes, tuloy ’yan [the Thai auto exports will continue],” he said when asked if he expects Thailand to reduce auto exports to the country.

The Department of Trade and Industry (DTI) said last week it was looking at imposing tariffs or QR measures on vehicles imported from Thailand.

Trade Undersecretary Ceferino S. Rodolfo said this “retaliation” for Thailand’s noncompliance with a World Trade Organization (WTO) ruling on the valuation of Philippine cigarettes exported to Thailand. The trade department specifically chose the automotive sector which was Thailand’s biggest export volume to the Philippines.

GT Capital said 15% of its auto imports come from Toyota’s operations in Thailand.

However, GT Capital Auto Dealership Holdings, Inc. (GTCAD) Chairman Vicente Jose S. Socco said tariffs or QR measures on Thai auto imports may affect its business strategy next year.

“Of course, it will have an impact not only on us, but on Mitsubishi and other manufacturers importing from Thailand, being that Thailand is the biggest production base in ASEAN,” he told reporters.

He noted Toyota’s advantage is it also has production bases in the Philippines, Indonesia, Vietnam and Malaysia.

“If the government believes there’s some need to impose safeguard duties or use this as a retaliatory measure with Thailand, the government of course has that prerogative and we will comply as the government decides,” Mr. Socco said.

“But at the end of the day, what’s paramount is that we also understand that we’re trying to bring in the most competitively priced vehicles to the market and I think the government is also very much cognizant of that… The safeguard is very much contrary to the spirit of the ASEAN economic zone which promotes the free movement of goods,” he added.

The Philippines saw its highest monthly sales of motor vehicles for the year last month, selling 34,397 units to rise 3.8% from October 2018, data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) showed. Toyota had the biggest market share at 47.69%, equivalent to 16,403 vehicles sold in October.

Toyota also reported last week its net income in the first nine months of the year was up 13% to P7.3 billion. Parent GT Capital’s attributable net income stood at P15.33 billion for the nine months to grow 40% year on year. — Denise A. Valdez

DBP to open solar irrigation loan window for Mindanao LGUs

DAVAO CITY — The Development Bank of the Philippines (DBP) will channel loans to local governments units (LGUs) for water supply and irrigation systems under a program set up by the Mindanao Development Authority (MinDA), to be launched Dec. 6.

MinDA, in a statement over the weekend, said its chair, Secretary Emmanuel F. Piñol recently met DBP President Emmanuel G. Herbosa to discuss the loan details, including interest rate and payment scheme.

LGU internal revenue allotments, or their share from the national budget, will serve as security for the loans.

The program, which is also supported by the Department of Interior and Local Government, is meant for off-grid areas that have no water supply and irrigation systems.

“We want our LGUs to access funding for the establishment of solar water supply and irrigation systems not only to provide potable water for their remote villages, but also to prepare them for the expected El Niño next year,” Mr. Piñol said.

In a social media post last week, Mr. Piñol said “at least 2,000 barangays in Mindanao are still without safe sources of drinking water.”

Last week, MinDA conducted a consultation, validation, and capacity-building workshop for officials of LGUs that are potential beneficiaries of the water supply program.

For the solar-powered irrigation projects, which Mr. Piñol initiated during his previous posting as Agriculture Secretary, the MinDA program aims to cover 100,000 hectares of rice farms. — Carmelito Q. Francisco

Gov’t debt yields flat without leads

YIELDS on government securities (GS) once again ended flat last week from week-ago levels as investors wait for fresh leads that would spur demand for the debt papers.

Debt yields, which move opposite to prices, went up by 2.3 basis points (bps) on average week-on-week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates of Nov. 15 published on the Philippine Dealing System’s website.

With the exception of the one-year and two-year debt papers, all tenors saw their yields go up at the secondary market last Friday.

At the short end, the 91- and 182-day Treasury bills (T-bills) went up by 1.7 bps and 0.3 basis point to yield 3.179% and 3.303%, respectively.

At the belly of the curve, the rates on the three-, four-, five-, and seven-year Treasury bonds (T-bonds) increased by 0.6 basis point (4.003%), 1.6 bps (4.141%), 2.3 bps (4.276%), and 3.7 bps (4.503%), respectively.

Meanwhile, at the long end, the 10-, 20-, and 25-year T-bonds saw their yields go up by 3.2 bps (4.706%), 7.1 bps (5.165%), and 7.8 bps (5.186%).

On the other hand, the rate of the one- and two-year debt papers went down by 2.2 bps (3.556%) and 0.7 basis point (3.870%), respectively.

“Yield movements were driven by [last] week’s auction and the anticipated ‘prudent’ or ‘appropriate’ pause by the BSP (Bangko Sentral ng Pilipinas) of its monetary policy tweaking,” said Union Bank of the Philippines (UnionBank) Chief Economist Ruben Carlo O. Asuncion in an e-mail.

For Security Bank Corp. Chief Economist Robert Dan J. Roces, bond movements last week “mostly came from mixed catalysts.”

“For context, yields dropped away from lows following a series of pre-announced RRR (reserve requirement ratio) cuts before reversing gains,” he said in a separate e-mail.

The Bureau of the Treasury raised P20 billion as planned from its T-bond offer last Tuesday as the 10-year securities attracted total bids of P29.3 billion. The 10-year debt papers fetched an average of 4.617%, higher by 42.1 bps versus the 4.196% fetched during the auction last Aug. 13.

Meanwhile, BSP Governor Benjamin E. Diokno said in separate television interviews this month that the central bank is “likely done” cutting rates for the year. This was affirmed in its monetary policy meeting last Thursday where benchmark rates for overnight reverse repurchase, overnight deposit, and lending were maintained at four percent, 3.5% and 4.5%, respectively, describing current settings as “appropriate” amid weak global economic prospects on the one hand, as well as the “firm private domestic spending and sustained progress in policy reforms” that would serve as buffer against “external headwinds.”

After raising benchmark rates by a total of 175 bps last year in the face of successive multi-year-high inflation rates, the BSP has cut these rates by a cumulative 75 bps so far this year. Moreover, the BSP has also cut the RRR by a total of 400 bps in 2019, bringing the reserve requirements for big banks and thrift banks to 14% and four percent by December, respectively, while rural banks’ RRR went down to three percent earlier this month.

“Until the end of the year…, we think further downside to yields will remain subdued as it looks like the BSP has already carried out all planned easing measures, while US yields continue to rise following risk-on sentiment,” Security Bank’s Mr. Roces said when asked for his outlook.

For UnionBank’s Mr. Asuncion: “The market will be expecting a lot from the global front as negotiations between the US and China toward the ‘Phase 1’ part of their potential trade deal continue.”

He added that there would be “no significant drivers from the domestic events” for this week. — Jobo E. Hernandez

Subaru announces sporty, new Forester GT Edition

Text and photos by Ulysses Ang

MOTOR IMAGE, the exclusive distributor of Subaru vehicles across eight countries including the Philippines, unveiled the newest addition to its sporty GT Edition models: the Forester GT Edition. Set for a formal market introduction in Taiwan next month, the Forester GT Edition will arrive in the Philippines by the first quarter of 2020.

Designed by former Subaru Chief Designer (Head of Global Advanced Design Studio), Masahiko “Jack” Kobayashi — the same man responsible for the current WRX STI, the Forester GT Edition adds a much-needed dose of sportiness to the Forester compact SUV. Like the GT Edition kit on the Subaru XV, the Forester’s GT Edition kit is manufactured by Japanese engineering company Giken exclusively for Motor Image.

“I am happy to bring Giken and Kobayashi-san back for our second bespoke GT Edition project. Some people feel that the Forester over the years has become a little sedate and mainstream. Now, it no longer is. With its sharpened design all around, we are positive the sporty and stylish Forester GT Edition will stand out wherever it goes. I look forward to working on the next GT Edition with them,” says Glenn Tan, deputy chairman and managing director of Tan Chong International, the parent company of Motor Image.

Likening the transformation from a regular Mercedes-Benz to a Mercedes-Benz AMG, Kobayashi introduced new design elements to the Forester without compromising things like ground clearance. The special GT Edition has four integral elements: a front bumper extension, side skirts, roof spoiler, and rear bumper extension. These are then complemented by a set of five-spoke 18-inch alloy wheels.

Inside, the leather seats receive silver highlights — a nod to high-performance grand tourers from Europe. Completing the equipment package for the Forester GT Edition is a new 8-inch Display Audio infotainment system with Apple CarPlay and Android Auto as well as a 360-degree camera.

Mr. Kobayashi says the design is tailored to match Motor Image’s in-depth understanding of its markets.

Motor Image also plans to extend its offering of GT Edition models to include the Levorg sports tourer and the Impreza compact sedan.

The Subaru Forester GT Edition will make its first public appearance at the Taipei International Auto Show in December 2019, followed by the Singapore Motorshow in January 2020, the Bangkok International Motor Show in March 2020, and the Manila International Auto Show in April 2020. Pricing will be announced closer to its Manila launch.

Essential oil company enters the Philippines

THE multi-level marketing platform dōTERRA, built on a bank of essential oils, has arrived in the Philippines. The company, based in Utah and present in several dozen countries, was officially launched in the country at Okada earlier this month as a locally registered product in the Philippines, as were its Makati corporate offices.

The company was founded in 2008 by a group led by David Stirling, who was once an executive at Young Living, another company trading in essential oils (this led to a lawsuit which has since been resolved).

The oils, which come in a number of scents including classic lavender, peppermint, and lemon, can sell between $10 to $50, with some like rose shooting up to $250.

Speaking about the multi-level marketing model, Nicole Stevens, Director, Executive Officer for Research and Development said, “This is done on purpose because the (uses for) essential oils sometimes require some education, for people to understand how they work.” Aside from selling the oils a Wellness Advocate (the multi-level marketer) also enrolls a certain number of people to also serve as dōTERRA Wellness Advocates.

Speaking about their new operations in the Philippines, Ms. Stevens said, “There are a lot of people here who are interested in wellness. They really want to have ways to benefit their families.” With regards to Philippine flora, meanwhile, as a source for essential oils, she said, “It’s possible. We already do source from a number of countries, and we’re always looking at new plant sources and ways to grow them, and places that can supply that essential oil.”

The products are also ethically sourced, with Ms. Stevens saying, “We make sure not only that we are sourcing the very best quality oils, but that we’re not destroying the land to do that.”

Essential oils, extracted and containing chemical compounds from plants, have gained traction in recent years due to their use in alternative medicine, particularly in aromatherapy. In history, they’ve been used for therapeutic purposes, but are better known for their cosmetic use. One can argue that their therapeutic effects can be attributed to the placebo effect (where the mind can be “tricked” into healing the body), but Ms. Stevens said, “No, it’s definitely not. They’ve done some studies on that, to actually show how the brain lights up and how it’s affected when you smell the essential oils. The really neat thing is, there are tiny molecules that are able to go in, and as they interact with your olfactory receptors, they will send messages to your brain. It is absolutely an effect that is real. It’s physiological. We can tell that it’s doing things inside of your body.”

In 2014, however, the US Food and Drug Administration (FDA) issued a warning letter to the company. In an article by the Washington Post, which reprinted parts of the letter, the FDA said: “Your consultants promote your above mentioned dōTERRA Essential Oil products for conditions including, but not limited to, viral infections (including ebola), bacterial infections, cancer, brain injury, autism, endometriosis, Grave’s Disease, Alzheimer’s Disease, tumor reduction, ADD/ADHD, and other conditions that are not amenable to self-diagnosis and treatment by individuals who are not medical practitioners. Moreover, your consultants redirect consumers to your website, www.doterra.com, to register as a customer or member (i.e., consultant), and to purchase your dōTERRA Essential Oil products.”

Ms. Stevens acknowledged that controversy, saying, “That was kind of a turning point for us.”

“We wanted to make sure that our Wellness Advocates understand that we can’t make claims like that. These are not intended as cures. We had to talk about them (the oils) in ways that are very supportive of health, as opposed to curing disease.”

Ms. Stevens talked about the benefits of essential oils, and in a way, touching on the curative properties of nature. “The interesting thing about essential oils is that for a lot of plants, that’s their medicine for themselves… it’s their way of protecting themselves. It makes sense because humans and plants have evolved and grown together; that that medicine will also benefit humans when they’re under attack.

“These are not foreign substances to us. Our bodies know how to use them.” — Joseph L. Garcia

Duty Free Philippines opens high-end store

DUTY FREE Philippines Corp. (DFPC) on Friday opened its high-end, off-airport outlet Duty Free Luxe at Mall of Asia in Pasay City.

“Today marks the culmination of an idea that began years ago. An idea of a world-class duty free store that will put the Philippines as a top-of-mind shopping destination to boost the country’s shopping tourism,” DFPC Chief Operating Officer Vicente Pelagio A. Angala said in a statement on Sunday.

Tha launch included a Christmas tree lighting ceremony to signal the start of the holiday season.

The store houses international brands, including make-up brands Gucci Beauty and Giorgio Armani Beauty, shoe brand Hogan, and leather luxury goods brand MCM Worldwide.

It also houses high-end fashion, cosmetics, fragrance, confectionary, and wine and spirits brands catering to overseas Filipino workers, frequent travelers, and tourists.

“We acknowledged our vital role and to stay ahead of our competitors and to strengthen the Philippines as a great destination for travelers, we continue to explore ways to offer unique and extraordinary experiences that cannot be replicated easily,” Mr. Angala said.

Tourists will also be able to shop for local products, with the Department of Trade and Industry’s (DTI) Go Lokal! Marahuyo store.

Marahuyo features Philippine brands and artisans Aranaz (handbags), Earl Carlo Gariando Enterprises (clutch bags made of bass), Quiddity (handcrafted leather bags), Helena Alegre Jewelry (scriptural and fabricated jewelry), and Joanique (fashion accessories), Maria Angelica Rare Finds (antique accessories), Arnel Papa (fashion jewelry), Mele + Marie (handbags), Adante Leyesa (fashion accessories), and Ann Ong (fashion jewelry).

“With great success and opportunities, we partnered with DFPC to bring micro and small entrepreneurs’ (MSME) products to the travel retails market, a highly competitive market that requires a high degree of craftmanship and design,” Trade Secretary Ramon Lopez said.

DFPC is an attached agency of the Department of Tourism. Duty Free Philippines had recently partnered with 50 travel agencies to offer discounts to outbound Filipino tour groups.

Senate Committee on Tourism Chair Senator Nancy Binay, DFPC COO Vicente Pelagio A. Angala, and Department of Trade and Industry (DTI) Secretary Ramon Lopez, graced the ribbon cutting, and Christmas tree lighting ceremony on Friday. — Jenina P. Ibañez

Palay farmgate price falls 0.4% in late Oct.

THE AVERAGE farmgate price of palay, or unmilled rice, declined 0.4% week-on-week in the fourth week of October to P15.43 per kilogram (kg), the Philippine Statistics Authority (PSA) said.

According to the PSA’s weekly palay and corn price update, the average wholesale price of well-milled rice fell 0.4% week-on-week to P37.60 per kg. Retail prices also fell 0.3% to P41.75.

The average wholesale price of regular-milled rice fell 0.03% to P33.69 per kg, while retail prices decreased 0.2% to P37.02.

The declining price of the staple grain has been associated with the surge of cheap imported rice due to the implementation of Rice Tariffication Law in March.

The farmgate price of yellow corn grain averaged P12.19 per kg, up 0.3% week-on-week. The average wholesale price fell 0.2% to P21.15. The retail price declined 1% to P25.77.

The average farmgate price of white corn grain rose 0.8%, week-on-week to P13.49 per kg. The average wholesale price was stable at P17.13, as was the average retail price at P26.78. — Vincent Mariel P. Galang

Peso to rally on revived US-China trade hopes

THE PESO is poised to appreciate this week on renewed hopes that US and China will be able to hammer out a “phase one” trade deal.

The local unit closed at P50.65 versus the greenback on Friday, stronger by three centavos from its P50.68 per dollar close on Thursday, according to data from the Bankers’ Association of the Philippines (BAP).

However, the peso ended weaker by 16 centavos from its trading close of P50.49 on Nov. 11.

Dollars traded on Friday slipped to $1.116 billion from $1.170 billion recorded on Thursday.

One trader attributed Friday’s sideways trading to the lack of a “big moving headline”.

“Trading was sideways manner today as not much happened. It remains to be headline tone and we still see uncertainty on the US-China,” he said in a phone call.

Meanwhile, another trader said markets followed the speech of key officials from the US Federal Reserve on Thursday night.

“The trading was guided by last night’s development when three Fed members spoke, and with [US] Fed[eral Reserve] Chair[man] [Jerome C.] Powell] reiterating the US economy is still relatively healthy implying they won’t cut rates anymore for the rest of 2019,” he said in a phone call.

China and the United States are now working on the first phase of the trade agreement. Reuters quoted Chinese commerce ministry spokesperson Gao Feng as saying that cancelling tariffs is a key condition before any agreement.

Meanwhile, Mr. Powell said there is a remote risk of the US economy facing a dramatic bust, saying remains a “star economy.”

The Federal Open Market Committee is scheduled to hold its last policy setting meeting on Dec. 18-19.

This week’s trading will continue to follow major headlines such as the US-China trade talk developments as well as fresh news from the Eurozone, according to the traders.

“Any positive development on the US-China trade talks means positive for the peso and any negative is vice versa. Market players are just waiting for any developments regarding the two parties,” the first trader said.

“There is the ECB (European Central Bank) monetary policy minutes to be published…and PMIs from Eurozone,” the second trader said.

For this week, the first trader sees the peso trading at a range of P50.50-50.80, while the second trader believes it will play around a bigger margin of P50.25 to 50.85. — LWTN

Drive home your new car with Toyota’s November Price Knockdown promo

THIS WHOLE MONTH, Toyota Motor Philippines (TMP) brings back its inventory clear-out sale with the November Price Knockdown promo! Avail the biggest discounts and get exclusive packages on 11 of Toyota’s best-selling models: Vios, Innova, Fortuner, Avanza, Corolla Altis, Hiace, Wigo, RAV4, Yaris, Hilux, and Rush.

Aspiring car buyers can now own and drive their favorite models with savings as much as P110,000 on the Vios G Prime CVT and P90,000 on the Fortuner G Diesel AT. Pay Low and Pay Light options are also available for the other participating models.

Customers are also entitled to Free Periodic Maintenance Service (PMS) of up to 20k kilometers and a 5-Year Extended Warranty when they purchase any of the Vios G or E variants within the promo duration. The Fortuner 4×2 variants also come with Free PMS.

“As the year closes, we encourage everyone to visit our dealerships and check out Toyota’s exciting offers,” said TMP Vice-President Elijah Marcial. “If you’ve been eyeing for a vehicle for the longest time, this is a great opportunity to finally get one and enjoy the perks of owning a Toyota in time for the coming holidays.”

Interested customers may access the full details and reserve through the official website link below:

http://toyota.com.ph/NovPriceKnockdown

Head to any of Toyota’s 70 dealerships nationwide to know more about the November Price Knockdown promo. For the latest Toyota news and information, visit TMP’s official website at www.toyota.com.ph and follow the official Facebook page at www.fb.com/ToyotaMotorPhilippines.

Victoria Beckham knew fashion industry would dismiss her as a wannabe

PARIS — Former pop-star Victoria Beckham knew she’d have to win over hard-to-impress fashion critics when she launched her first clothing line a decade ago, but the one-time Spice Girl said the industry was much harder to crack than she had ever imagined.

Speaking in Paris on Friday at a conference organized by Vogue magazine, Beckham, whose collections have since gained critical acclaim and won fashion awards for their fluid, sharp tailoring, said she was expanding her empire with make-up and skincare ranges.

“I was very aware of the preconceptions, being married to David Beckham, being a Spice Girl, all of a sudden here’s a collection, I knew that eyes would roll,” she said, adding she’d focused on “making it all about the clothes and not listening to any of that.”

Beckham cited late Chanel creative chief Karl Lagerfeld and Italy’s Valentino Garavani as two designers who had helped her, but said the notoriously cutthroat industry had surprised her.

“If I’d known then what I know now, I don’t know if I’d have the courage to do it,” she joked.

According to the latest British company filings, Beckham’s brand, which is privately owned by the designer, David Beckham and agent Simon Fuller, was still in the red in 2017. It raised £30 million ($38 million) two years ago from NEO Investment Partners to revive the brand.

Beckham said on Friday that as well as a recently launched make-up line, her brand would be turning out skincare products, as well as fragrances, possibly next year.

Cosmetics are an often highly profitable sideline for luxury labels, and large rivals, from Kering and Gucci to Hermes, have expanded their ranges, which are accessible to a wider range of shoppers. — Reuters

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