THE COUNTRY’S leading auto marque recently made a clarion call for the environment by pushing for greater adoption of, and enhanced government support for, its hybrid electric vehicle nameplate.
Toyota Motor Philippines (TMP) recently staged the Toyota Hybrid Electric Technology Conference to air brand-wide aspirations first announced in October 2015. The Toyota Environmental Challenge 2050 is about “striving to reduce the environmental burden attributed to automobiles to as close to zero as possible, while developing measures to contribute a positive impact on the Earth,” according to a company release.
Six challenges have been elucidated: 1. To reduce the global average CO2 emissions during operation from new vehicles by 90% from Toyota’s 2010 global level, 2. To completely eliminate all CO2 emissions from the entire vehicle life cycle, 3. To achieve zero CO2 emissions at all Toyota plants worldwide, 4. To minimize water usage and implement water discharge management based on individual local conditions, 5. To promote global deployment of end-of-life vehicle treatment and recycling technologies and systems developed in Japan, and 6. To connect nature conversation activities beyond the Toyota Group and its business partners among communities, with the world, to the future.
Obviously, since 2050 is quite a long way from today, Toyota is identifying Year 2030 as a checkpoint with specific milestones already penciled in to ascertain if the company is on track with its commitments.
The Japan-headquartered firm explains the motivation for its efforts thus: “The global average temperature continues to rise and, according to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC) Working Group, to limit the rise of the atmosphere temperature to two degrees Centigrade or lower, greenhouse gas emissions in 2050 should be reduced by 40 to 70% compared to 2010 levels.”
For TMP, among the first local steps towards a sustainable future is to push the local sales of its hybrid electric vehicle (HEV), the Prius. Already in the country for a decade, the Prius has been met with lukewarm reception from the market because of its rather expensive price tag compared to conventional internal combustion engine (ICE)-powered systems. But the Prius is said to help save the environment from one whole ton of CO2 emissions in a year.
Taken in the context of a presentation at the conference by Atty. Glynda Bathan of Clean Air Asia, the social cost seems to massively outweigh the acquisition price of fossil fuel-powered regular engines. Atty. Bathan said that the Philippines ranked 10th globally as having the highest deaths (64,000) attributable to air pollution in 2017.
Aside from this, TMP president Satoru Suzuki said that HEVs ultimately meet customer needs compared to ICE systems in terms of acquisition cost, operating cost, and user convenience. While still inferior to electric vehicles (EVs), HEVs are more readily deployable locally because of the state of the country’s infrastructure readiness — or lack thereof. It straddles the two worlds and offers the best of both, promising a happy compromise for the moment.
Mr. Suzuki averred at the sideline of the conference, “I believe it’s better for the Philippines to start from HEVs to reduce emissions and save on fuel.” He added that fiscal aid still isn’t enough for hybrids, while acknowledging “the kind of support given by government (through the Tax Reform for Acceleration and Inclusion, which cut the excise tax on hybrids by half).”
The executive, replying to a question from Velocity, maintained: “I believe it’s not enough, that’s why the current sales of the Prius very small. To increase the sales, to decrease CO2 emission, to save on energy, we need additional support.”
He insisted that, for the auto industry’s part, “We need to make an effort to sell these models (using) strategic pricing ideas.” Additionally, Mr. Suzuki reiterated that people need to be oriented on the virtues of hybrid electric vehicles. “Customers are not so familiar with hybrid technology and benefits, so we need to give enough information. Some customers still think that hybrid needs charging infrastructure,” he rued.
EVs are on the horizon, of course, but Mr. Suzuki underscored, “It’s still a long way. Hybrid first.”
ADIDAS JOINS the celebration of Pride Month with the newest iteration of the Love Unites campaign, debuting the first week of June. The campaign marks a global call for people to come together in recognition of the movement’s advances since the NYC Stonewall Riots, and its mission towards growth and equality.
“We believe [that] through sport, we have the power to change lives,” said Emmy Negrin, adidas Director of Diversity & Inclusion. “Real, positive change is possible when you harness the influence of sport. It’s on all of us to help create a world in which everyone feels safe and can show up as their authentic, unapologetic selves. We see you and we celebrate you, during Pride Month and every single day all year long,” she was quoted as saying in a press release.
As part of this, adidas will support the The Trevor Project, the world’s largest suicide prevention and crisis intervention organization for youth of the LGBT+ community. The brand will contribute a financial donation to assist the organization. For more information on The Trevor Project visit www.thetrevorproject.org.
adidas has also enlisted pop artist Ace Troy, drag performer Flawless Shade, Father of Kiki House of Flora Brandon Harrison, musician The Last Artful, Dodgr, pro soccer player Taylor Smith, and DJ Venus X to share their stories and experiences, and to reveal what Love Unites means to them through a short-film.
Through its ongoing partnership with the Brooklyn Museum in New York, adidas supports a special iteration of First Saturdays dedicated to Pride. The exhibition entitled Nobody Promised You Tomorrow, features 22 LGBTQ+ artists who pay tribute to the 1969 Stonewall Uprising. Full programming for the Brooklyn Museum is available at www.brooklynmuseum.org.
Paying homage to a true champion of the LGBTQ+ community, the brand looks to Keith Haring for inspiration this month, celebrating his lasting legacy and partnering with the foundation in his name. Haring’s instantly recognizable work can be found on some of the brand’s most iconic footwear silhouettes — the Rivalry Hi, Nizza Hi, and Stan Smith.
The Pride pack is now available via adidas stores nationwide, adidas.com and select retailers.
AIRASIA Philippines will start adding new routes to link the Philippines with southern Taiwan by August.
The low-cost carrier said in a statement it will open flights from Clark and Cebu to Kaohsiung, Taiwan by Aug. 1, making it the first local airline to offer direct flights between the cities.
“The Philippines continues to be one of the top holiday destinations for Taiwanese. As the only Philippine airline to connect Cebu and Clark directly to Kaohsiung, we are pleased to be able to contribute to Philippine tourism and bring Cebuanos and Kapampangans closer to southern Taiwan as well,” AirAsia Philippines President and Chief Executive Officer Dexter M. Comendador was quoted as saying.
AirAsia will have thrice weekly flights for both the Clark-Kaohsiung route and the Cebu-Kaohsiung, and thrice weekly returning flights to the same local hubs, all available every Tuesday, Thursday and Saturday.
The carrier said Kaohsiung will be the 10th international destination it is opening in 2019, boosting its growing flight network from Cebu and Clark.
Excluding Kaohsiung, AirAsia flies from Cebu to 12 domestic and international destinations, namely: Manila, Clark, Davao, Cagayan De Oro, Puerto Princesa, Caticlan, Kuala Lumpur, Singapore, Seoul, Shenzhen, Macau and Taipei.
From Clark, it also flies to nine domestic and international destinations, namely: Cagayan de Oro, Tacloban, Puerto Princesa, Cebu, Davao, Iloilo, Caticlan, Seoul and Taipei.
Its operator Philippines AirAsia, Inc. reported a 12% growth in profit after tax to P424.5 million during the first quarter, driven by a 27% increase in revenues at P6.68 billion.
The carrier saw a 23% jump in passengers during the January to March period at 1.97 million, and its load factor inch up to 91% from 87% last year.
Philippines AirAsia will be adding three new aircraft this year as part of a group-wide fleet expansion program that aims to grow its fleet to 535 aircraft by 2028 across the six countries where AirAsia Group Berhad operates. — Denise A. Valdez
THE PESO may move sideways against the dollar this week as market participants will likely flock to safer currencies amid heightened global trade tension.
On Friday, the peso strengthened to close the week at P52.16 versus the greenback from P52.19 the previous day, driven by the decision of global debt watcher Fitch Ratings to affirm its ratings on the Philippines.
Week on week, the peso was flat from its P52.16-per-dollar finish on May 24.
“The dollar is expected to move sideways with an upward bias this week due to safe-haven buying amid escalating global trade tension and likely softer economic data from China and the Eurozone,” a market analyst said in an e-mail on Sunday.
The analyst added that the peso will likely decline versus the greenback on Monday following the recent threat of US President Donald J. Trump to hit Mexico with tariffs to stop illegal immigration from the southern border.
In a tweet on Friday, Mr. Trump said a five percent tariff will be imposed on all Mexican goods starting June 10, which will be gradually increased until the “illegal immigration problem is remedied.”
“This unwanted development might prompt investors to hold on to the safe greenback,” the market watcher said, adding that the possible stagnation in China’s manufacturing sector in May 2019 could also trigger safe haven buying.
However, Rizal Commercial Banking Corp. economist Michael L. Ricafort said the peso is seen to strengthen versus the dollar, as the decline of US Treasury bond yields to 20-month lows could support the local unit which has “much higher interest rate returns.” He added that the peso will likely climb as global crude oil prices declined to new 3.5-month lows.
Towards the end of the week, the market analyst said the greenback will likely continue its sideways movement amid mixed economic data from the US — which may fuel monetary policy easing bets — and possibly softer reports from China and the Eurozone.
On Thursday, US Federal Reserve Vice Chairman Richard Clarida said the US central bank could change its position if inflation stays too low or if global economic developments threaten its outlook.
For this week, Mr. Ricafort expects the peso to trade between P51.80 and P52.20, while the market analyst gave a P52-P52.60 range. — Karl Angelo N. Vidal
THE practice of feeding hogs leftover food, or swill, poses a heightened risk of foot-and-mouth disease or even African Swine Fever, the National Federation of Hog Farmers, Inc. (NFHFI) said in a statement.
It said the widespread practice of swill feeding needs to be replaced by more effective modern feeds and technologies.
“Philippine swine production is considered one of the best in the region. As of January 2019, the population is at 12.71 million head and is 0.83% higher than (a year earlier). It is growing albeit at a slower pace because of high production costs brought about by high feed and medication costs,” the organization said in the statement.
It estimated that small-scale hog farms, including backyard raisers, who are likely to employ swill feeding, account for 65% of hog production.
In 2018 the Department of Agriculture banned the use of catering and restaurant leftovers from airports as a measure to contain ASF, present in various countries including China and Vietnam.
The industry will stage a Livestock Philippines Expo 2019 later this month.
The hog raisers described the event as “the biggest livestock-focused convention” in the country, with exhibitors from the feed industry as well as companies offering new technologies in veterinary science and livestock management.
The expo will take place between June 26 and 29 at the World Trade Center in Pasay City.
TECHNOLOGY and innovation as part of the development strategy in the newly-established Bangsamoro Autononomous Region in Muslim Mindanao (BARMM) will enable policymakers and citizens to participate in governance, Executive Director Benedicto R. Bacani of the Institute for Autonomy and Governance (IAG) said.
In an e-mailed reply to questions on Saturday, Mr. Bacani said the number of social media users in the Bangsamoro region is “growing.”
“We saw that social media is an effective tool for raising capacities of policymakers and empowering citizens to participate in governance,” Mr. Bacani said, adding that the use of technology and innovation is “still low” in regional and local government units (LGUs).
IAG, along with the Policy Center of the Ateneo School of Government (ASOG), launched last week the Access Bangsamoro, an online and social portal funded by the Australian government.
“The project will showcase how technology and innovation can be an essential tool in education and in bringing about accountability and good governance,” he said.
As a knowledge portal, the Access Bangsamoro enables the free flow of information, analyses, and discussions among citizens for the effective implementation of the Bangsamoro Organic Law (BOL) and the successful transition to the BARMM.
The portal is designed to provide data and research-based policies and programs to help the BARMM realize prospects and address possible gaps and challenges during the three-year transition period.
Asked about the funding, Mr. Bacani said: “Initially, P6 million for one year which will fund the social media channels as well as studies, researches and conferences.”
In a press release e-mailed to BusinessWorld last Thursday, IAG said Australia has allocated about A$85 million for development assistance to the Philippines this year with 50% focused on Mindanao, specifically for education, infrastructure, governance and planning budget.
“During the transition period, the structures and processes to implement the Bangsamoro Organic Law and rebuild democratic institutions will be put in place. Access Bangsamoro will serve as a platform for education and discussion, help create sound and effective evidence-based public policy, and engage as wide a part of society as possible,” Australian Ambassador to the Philippines Steven Robinson was quoted as saying.
“A website, Facebook Page, Twitter page and YouTube channel comprise the Access Bangsamoro portal,” IAG said.
Visitors of the website, it also said, will be able to dig deeper into the three policy issues such as intergovernmental relations, parliamentary and electoral system, and public finance management and block grant.
The parents of Agus Virgilio Almario did not need a law that required them to buckle him into a car seat. They always strap their baby into the safety device because they know it keeps him from being thrown against the car interior or hitting other car occupants in the event of a road crash. — PHOTO BY BEA SORIANO ALMARIO
By Dinna Louise C. Dayao
YOU CAN keep your kids safe on every car ride. How? Buckle them up on every trip, urge these early adopters of child restraints systems.
Road safety advocates in the Philippines had much reason to rejoice on March 12, 2019. On that day, it became public knowledge that President Rodrigo Duterte signed the Child Safety in Motor Vehicles Law, or Republic Act 11229, on Feb. 22, 2019.
The Act requires the drivers of private vehicles to transport children below 12 years old in child restraints systems — such as car and booster seats — that must be appropriate to their age, height, and weight. The Department of Transportation aims to promulgate the Implementing Rules and Regulations on child restraint systems within six months from the effectivity of the Act.
But why wait, say these three early adopters? Even before RA 11229 was signed into law, they were already buckling their little ones into child restraints to keep them safe on every car ride. And they are right to do so: These seats do save kids’ lives. (See sidebar.)
Sarah Cruz and daughter Agatha: “I used to think that carrying my baby in the back seat would be enough. Now using a car seat for Agatha gives me peace of mind that she is safe during travel.” — PHOTO BY ROMMEL CRUZ
Agatha is 19 months old, and she’s been using a front-facing car seat since December 2018. Before she was born, we got a pre-loved car seat from my sister-in-law who lives in the US. But it was hard to set it up in our car.
Agatha’s early months were hectic with doctor’s appointments and operations. It took a while before we really got around to getting a new car seat, setting it up, letting her try it. Evita Ricafort, a legal fellow of the Bloomberg Initiative for Global Road Safety, would remind us about it and even gave us relevant information and statistics.
In the Philippines, it is not common to have kids in car seats; some would argue that they know more people who get by without them. I also used to think that carrying my baby in the back seat would be safe. But as we got to know more about car seats and how much of an impact they would really make if we crashed and our baby is not secured, we were convinced that it’s a real need.
My husband, Rommel, and I found a brand-new car seat on an online shopping site. It cost less than 4,000 pesos. I had doubts when he told me about its low cost, but it has been a good find.
Agatha likes her car seat. She’s much more comfortable in it, rather than bouncing around in the car.
Using a car seat for Agatha gives me peace of mind that she is safe during travel. I know she’s secure. My husband can focus on the road, and I worry less in the back seat.
Bea Soriano Almario with son Agus and husband Agno: “A car seat is cheaper than a high-end smartphone.” — PHOTO BY BEA SORIANO ALMARIO
My son, Agus Virgilio Almario, was born on February 19, 2019. When I was pregnant, I asked my friends about the things I had to buy for my baby. A car seat was one of the things that popped up.
We considered buying one, even if we don’t have our own car. We borrow a car from my husband’s family. We intended to buy a car seat, but before we could do so, someone gifted us with a brand-new rear facing car seat.
The car seat I originally wanted to buy can be used until the child is 12 years old. It was 15,000 pesos.
The one we received costs about 4,000 pesos. It can be used until the child is four years old.
My husband usually puts the car seat in the car. Everything’s on YouTube. It’s easy to check how to install it. If we have to take Grab, we will definitely bring the car seat. Agus likes being in the car seat.
I think many parents have misgivings about buying a car seat because of the price. I would tell them that 5,000 pesos is nothing compared to the cost if your child is hurt in a road crash.
When I was about five years old, I remember that for some reason my dad had to abruptly stop our car at an intersection. I hit my head on the windshield. I was seated in front, not wearing a seatbelt, and I sustained a bump on my head. Of course, I want to spare Agus from the same experience.
I don’t remember my siblings and I ever using a car seat, and we all grew up okay. I’m sure many people share this sentiment. Still, h children’s safety now that we have an opportunity to make our vehicles safer for them? Cost should not be an issue. A car seat is cheaper than a high-end smartphone.
Parents may also lack information on child safety. I was willing to buy a car seat because I read about the benefits of putting my son in one. If everyone knew about the benefits of using a car seat, they’d be more willing to buy one. I think policy makers should focus on information dissemination.
Gwendellyn Rose Samonte and granddaughter Mireille Alessa Tayag: “On the rare occasion that Mireille refuses to be buckled up in her car seat, I tell her that we will not go anywhere unless she rides in it. And she knows that I mean business.” — PHOTO BY GWENDELLYN ROSE SAMONTE
Being an occupational safety and health consultant who is accredited by the Department of Labor and Employment, I am a role model for safety. When my granddaughter, Mireille Alessa Tayag, was born in April 2014, I pushed her mom and dad to get her a car seat. They bought a second-hand seat that would fit a child from 0 to 24 months old.
My grandchild is now six years old. She has two car seats. One is a five-point harness car seat which we bought when she was just 2 ½ years old. It cost 10,000 pesos in January 2016. This seat is installed in my car.
She also has a booster car seat in her dad’s car. I encouraged her parents to buy one for their car since I live in another house, and we want the car seat to be readily available when she travels. There are times when I need to fetch her from school, and I also bring her to ballet or piano lessons on weekends.
If one has been given a huge responsibility to take care of a child, a car seat should become a permanent fixture in one’s car. In this way, there will be no excuse for not using a car seat.
Since we started to teach Mireille the value of safety at a very young age, she knows that it is for her own good to be restrained in a car seat. Buckling up in it has become a must for her.
However, on the rare occasion that she complains about it, I tell her that I will not drive the car and we will not go anywhere if she refuses to be buckled up in her car seat. And she knows that I mean business.
I would like to tell the parents who do not provide car seats for their children that this is irresponsible parenting. Our roads have become more hazardous. So many motorcycle riders violate traffic rules; many drivers of public transit vehicles are reckless; and truck drivers often drive even though they are tired.
Therefore, a road crash can happen to anyone at any time, whether the travel is just one kilometer or more than 100 kilometers. As parents, do we want to leave our children unprotected from such dangers? Or should we minimize their exposure by providing them car seats?
Surely, we cannot control the behavior of other drivers, but we can do something to manage the safety of our children. Cost should not be an issue at all when it comes to children’s safety. If parents can afford a car, then they can well afford a car seat.
This story has been produced with the help of a grant from The Global Road Safety Partnership (GRSP), a hosted project of the International Federation of Red Cross and Red Crescent Societies (IFRC). Dinna Louise C. Dayao’s road safety reporting has also been supported by the Pulitzer Center on Crisis Reporting.
Fast facts: These seats do save kids’ lives
HOW MANY children risk injury and death each time they get in a passenger vehicle in the Philippines? No data is available on the number of children who ride passenger vehicles in the country.
Yet it is certain that they are exposed to road crash risks. Based on the 2015 census, 31.9 million children — 31.8% of the population — are aged 0 to 14 years old. This is the age group for which the use of child restraints is appropriate.
Buckling your little one into a child restraint will keep him or her safer in the car. Here are the key facts from the Global Road Safety Partnership Child Restraints Fact Sheet:
• Rear-facing restraints for babies and infants (under one year) have been shown to reduce the risk of death or injury by 90% compared to being unrestrained.
• Forward-facing child restraints reduce the risk of serious injury by almost 80% compared to children restrained only by seatbelts.
• Children in booster seats, generally aged four to 10 years, have a 77% reduced risk of being injured in a crash compared to unrestrained children.
Finally, the use of child restraints can lead to a 60% reduction in deaths, states a World Health Organization fact sheet.
AT A GLANCE: THE CHILD SAFETY IN MOTOR VEHICLES LAW OR REPUBLIC ACT 11229
Any driver violating RA 11229 shall be fined:
• 1,000 pesos for the first offense;
• 2,000 pesos for the second offense; and
• 5,000 pesos plus suspension of the driver’s license for the succeeding offense
BUSINESSMAN Antonio L. Tiu is upbeat on bringing his fruit kiosk business The Big Chill, Inc. (TBCI) public in 2019, after years of postponing the initial public offering (IPO) due to poor market conditions.
TBCI’s plans to conduct an IPO surfaced as early as 2013, as the company looked to finance its expansion to China.
“Tapos na ang financial statement (We’re done with the financial statement). We’re just waiting for the right timing kung kelan pwedeng i-announce ’yung (on when we can announce the) infusion of Tully’s Coffee Asia Pacific into Big Chill,” Mr. Tiu, who sits as chairman and chief executive officer of TBCI, told reporters last week.
Mr. Tiu acquired the licensing agreement for Tully’s Coffee back in 2011, but its parent Green Mountain Coffee Roasters, Inc. was involved in a string of legal issues over the previous years.
Once Tully’s Coffee Asia Pacific is folded into TBCI, Mr. Tiu said the firm’s market capitalization could double from its current size of P2.5 billion.
TBCI currently operates about 70 The Big Chill stores, with 20 more seen to open in the next two months.
“We’ll probably breach 100 stores in the next two months,” Mr. Tiu said.
All of the existing stores are located in Metro Manila. Mr. Tiu noted that they are already in talks for a regional franchisee to facilitate their expansion outside the metro.
Half of the operating stores are franchised. Franchising a store costs about P500,000 to P900,000, depending on its size.
Incorporated in 1994, TBCI’s target market includes women aged 18 to 36 years old in the AB and upper C market segments. It offers blended shakes with 100% fresh-cut fruit.
AGRINURTURE PARTNER
TBCI is a subsidiary of listed firm Agrinurture, Inc. In the same press chat, Mr. Tiu explained that Agrinurture will be engaging an Asian partner for a new microfinance program that could boost farmers’ productivity.
Agrinurture’s foreign partner is set to infuse an initial $100 million (or about P5 billion) into the company, which will be used as the initial seed money for ANI’s proposed Agri Token ecosystem.
Farmers can use these tokens to buy products needed for their crops from accredited merchants. This can be a substitute to lending farmers cash, which can otherwise be used for non-farming purposes.
“With the token system, you can buy from accredited merchants. You can buy for example hybrid seeds and fertilizers you need to produce high-quality rice,” Mr. Tiu said.
Mr. Tiu said they have yet to sign a deal with investors, as they are still negotiating whether the investment will be through convertible bonds or through equity ownership.
“My preference is through convertible bond. But if they insist on equity, we’ll be forced to do a follow-on offering, because otherwise we’ll breach the foreign ownership limit. Right now 20% already is owned by foreign,” the businessman explained.
ANI targets to launch Agri Tokens within the next two months. The company will start issuing tokens for rice and banana for Luzon and Mindanao in the first stage of implementation, and could include other high-value crop in other areas should the program succeed.
THE local Lagree Fitness scene has taken further root with the recent opening of a studio dedicated to the workout.
Ultra Lagree, located at the second floor of Estancia Mall at Capital Commons in Pasig City, promises members another good reason to wear their gym clothes and experience a different approach to staying fit.
Introduced in Hollywood by noted fitness practitioner Sebastian Lagree, the 45-minute workout effectively combines strength, endurance, core, cardio, balance and flexibility training.
It is both high intensity and low impact, which means one’s body works harder and burns more calories while the joints and connective tissues are kept safe from potential damage due to overexertion.
Proponents of the fitness workout said is suitable for people who can’t get started or sustain their fitness regimen because of their busy schedules.
The Lagree Fitness workout is done on a machine called the Megaformer, which has tension springs that can be adjusted according to the preference of the client.
It allows one to perform coach-guided routines efficiently and at optimal form, which results in more calories burned. Because of the high intensity of the activity, you continue to burn calories even after the workout — up to 800 calories, studies show.
“You can hit so many things with this one full-body workout which uses tension springs in order for you to get the best workout. You cannot plateau with this. That’s the beautiful thing about this,” said Will Devaughn, master instructor at Ultra Lagree, in an interview with BusinessWorld.
“Forty-five minutes on this is more than enough. Of course, it depends on the intensity of the client and how they want to push themselves. This is for everybody. All walks of life, all shapes and sizes. The instructors here are very skilled and can help members in their fitness journey,” added Mr. Devaughn, who personally trained under Mr. Lagree in Los Angeles.
Mr. Devaughn went on to say that Lagree Fitness is suitable for Filipinos and that part of the reason they put up Ultra Lagree is to grow the community in the Philippines for the workout.
“Fitness is really blowing up in the Philippines and we see this enhancing that. We want to make the workout more accessible to more Filipinos, and, at the same time, create a space for like-minded individuals to thrive together,” he said.
He added, “For me, Lagree is in a class of its own. It really is. It works your mind and body at the same time. It’s very cerebral. This is a lifelong exercise. You can do this for the rest of your life.”
Ultra Lagree is part of a network of less than 300 Lagree Fitness-certified studios all over the world. In the Philippines, it is the only Lagree Fitness-certified studio in a convenient mall setting.
Those who are interested to try the Lagree Fitness workout at Ultra Lagree can inquire at info@ultralagree.ph, or check them out on Facebook (/ultralagree.ph) or Instagram (@ultralagree.ph). The studio is open every day from 6 a.m. to 9 p.m. — Michael Angelo S. Murillo
BEIJING — China’s consumers are fretting over soaring fruit prices as poor domestic harvests and higher tariffs on US imports take a bite out of supplies.
The rising cost of apples, pears and water melons has fueled consumer fears of inflation at a time when income growth is slowing in a cooling economy.
“How on earth are fruits more expensive than meat these days?” said college student Rachel Zhou as she shopped for lychees in Beijing.
The average national wholesale price of Fuji apples — the most popular variety in China — rose more than 75% this week from a year ago, data from the Ministry of Agriculture showed.
Aksu apples and Korla pears sold at Jiangnan market – one of China’s biggest fruit and vegetable wholesale markets — jumped 90% and 60%, respectively, in May, according to Reuters calculations based on data from the market in Guangzhou city.
In April, the price of fresh fruits pushed the Consumer Price Index up by 0.22 percentage points.
Extreme frost and hail hit major fruit producing regions last year, slashing stocks of staple fruits like apples, growers and traders said.
Apple and pear production fell 25% and 20%, respectively, in 2018 from a year earlier, the Commerce Ministry said.
The shortage was compounded by a trade war with the United States, with oranges, cherries and apples among the US goods that China slapped with higher import tariffs last year.
Importers scrambling to find alternative supplies have pushed up prices for fruits from Europe and Africa, said Loren Zhao, co-founder of the Shanghai-based, e-commerce firm Fruitday that specializes in high-end produce.
“Every type of fruit is now more or less several US dollars more expensive,” Zhao said.
Consumers are going online to vent their frustration at being unable to afford the fruits they want. The phrase “fruit freedom” was among the most searched topics on Chinese social media platform Weibo this month.
The price spike has even caught the attention of Premier Li Keqiang, who visited a fruit shop last week in eastern Shandong province where he called for “appropriate measures” to ensure sufficient supply and stable prices.
Some analysts are worried about the impact on inflation.
High fruit prices are expected to persist through the summer months, fruit traders said, and swine flu outbreaks are driving up pork prices, which added 0.31 percentage points to April CPI.
That could constrain Beijing’s ability to further ease credit conditions to support a slowing economy, analysts say.
The Commerce Ministry said on Thursday pork prices were expected to stabilize and prices for vegetables and fruits would fall as supplies improved.
For now, fruit lovers like Zhou Xiaoyu are avoiding that particular aisle in their supermarket.
“This year my feeling is that fruits are super expensive, and if you can have ‘fruit freedom’, you are really rich,” said the 26-year-old office clerk in the eastern city of Nanjing.
“I used to eat fruits, but now I basically don’t buy anything,” Zhou said. — Reuters
RATES OF THE Treasury bills (T-bill) on offer today are likely to decline further amid robust demand, driven by the downward movement of US Treasury yields as well as dovish remarks from the chief of the local central bank.
The Bureau of the Treasury is offering P15 billion worth of Treasury bills (T-bill) today, broken down into P4 billion and P5 billion for the three- and six-month papers, respectively, and P6 billion in the one-year tenor.
Two traders said yields on the T-bills on offer today will likely decline across all tenors versus rates at the previous auction.
“Rates will come down by five to 10 basis points (bp) from the previous auction. The T-bills auction will align with the secondary market because yields went down,” a bond trader said in a phone interview on Friday.
Last week, the Treasury borrowed P15 billion as planned at its T-bills auction, raking in tenders totalling P47.8 billion, more than thrice the amount it wanted to raise.
Rates of the 91-, 182- and 364-day papers went down to 5.15%, 5.59% and 5.683%, respectively.
Meanwhile, at the secondary market on Friday, yields on the three-month and six-month debt instruments closed at 5.298% and 5.569%, respectively, while the one-year tenor fetched a 5.67% rate.
“The local secondary market tracked the downward movement of the US Treasury yields on [the] escalating US-China trade war and the recent statement of Fed (US Federal Reserve) vice chairman of a possibility of a rate cut in the US,” the trader said.
Reuters reported that the US Treasury 10-year yield slipped to a multi-month low of 2.17% last Friday after US President Donald J. Trump threatened to impose tariffs on Mexican imports amid its ongoing trade spat with China.
Meanwhile, last Thursday, Fed Vice Chairman Richard Clarida said that although the current level of interest rates remain appropriate, the central bank could change its position if inflation stays too low or if global economic developments threaten its outlook.
Meanwhile, Robinsons Bank Corp. trader Kevin S. Palma said the rates of the T-bills could decline by 10-20 bps across the board from the previous auction.
“Another strong turnout is expected with the effect of the 1st RRR (reserve requirement ratio) cut now underway, and as investors continue to show appetite for short-term assets amid uncertainties surrounding the US trade outlook,” Mr. Palma said in a text message on Saturday.
The Bangko Sentral ng Pilipinas (BSP) slashed the RRR of lenders by a percentage point effective May 31 to 17% for universal and commercial banks, 7% for thrift banks, and 4% for rural and cooperative banks, unleashing billions of pesos into the financial system.
Mr. Palma added that demand will be reinforced by dovish remarks of BSP Governor Benjamin E. Diokno after he promised to cut policy rates further and lower banks reserves to spur economic growth as inflation is expected to cool.
In an interview with Bloomberg TV in Tokyo, Mr. Diokno said the BSP has “more room for monetary easing” and vowed more cuts, with the timing depending on upcoming economic developments.
The Treasury plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in T-bills and P120 billion in Treasury bonds.
The government is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of the country’s gross domestic product. — Karl Angelo N. Vidal
WITH TRAFFIC noise now ranking second among the most impactful environmental threats to public health, Nissan Asia & Oceania has undertaken a sound measurement experiment to raise awareness about how electric vehicles (EVs) could help address this increasing risk.
According to the World Health Organization (WHO), long-term exposure to high environmental noise levels such as traffic, above 53 decibels (dB) can result in adverse health effects such as elevated blood pressure, coronary artery disease, hearing loss and even heart attacks.
Noise levels across Asia and Oceania’s major cities, including Bangkok, Ho Chi Minh City, Jakarta, Hong Kong, Manila, Melbourne, Singapore and Seoul average at 76dB — almost four times louder than the recommended noise levels by the WHO.
View of the Nissan noise pollution social experiment in action — blocking an urban street to measure traffic noise, versus electric vehicles.
Noise at these levels are scientifically proven to affect the health of a city’s residents over time and are equivalent to the noise from a ringing alarm clock (about 80db). Conversely, decreased levels of noise pollution bring auxiliary advantages such as fewer road rage instances, increased cognitive performance and productivity.
To creatively educate audiences on this growing health concern, Nissan measured and compared the sound levels of a standard urban street, to that of a street with the sound level of an EV, using a sound level meter. The results showed noise levels peaking at above 90db on the street, compared to 21db, which is the running noise of a Nissan LEAF powertrain, even quieter than a library (around 30db).
When contrasted against the average noise of a stationary petrol or diesel engine at around 76db, EVs are shown to present a viable option to help decrease traffic noise pollution. The benefits even at a societal level can include higher property values and increased levels of pedestrian street activity and social interaction.
“The rate of urbanization in Asia is set to increase, making noise pollution an important issue that we can unite to reduce. As this small test indicates, electric vehicles like the Nissan LEAF’s zero emission, quiet engine has the strong potential to positively improve environmental concerns for societies in Asia and Oceania,” said Yutaka Sanada, regional senior vice president for Nissan Asia & Oceania. “As we journey into the future, Nissan will continue to transform the way vehicles are driven, powered, and integrated, aiming to add value to inspire livable and happier cities of the future.”
