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Superb Q4 deals on Subaru Forester, XV

MOTOR IMAGE PILIPINAS, Inc., the exclusive distributor of Subaru vehicles in the Philippines, marks the beginning of the last quarter of 2019 with superb deals on the New Forester and XV. There are also other offers tailor-made to suit every customer looking to get their very own Subie in the segment of their choice:

Apart from discounts, future owners also get to enjoy Subaru’s warranty coverage for new Subaru cars that has been increased to five years or up to 100,000km (whichever is earlier). Visit your nearest Subaru dealership today and speak to one of our sales consultants to find out how you could finally drive home that Subaru you’ve been eyeing before the year ends.

Savoy Hotel Mactan to open in November

Savoy Hotel Mactan is located within the 28.8-hectare Mactan Newtown township in Cebu. — COMPANY HANDOUT

MEGAWORLD Corp. looks to attract business travelers and families in its P1.7-billion Savoy Hotel in Mactan, Cebu once it opens in November.

In a statement issued over the weekend, the listed property developer said Savoy Hotel Mactan will have a total of 547 guest room and suites across 18 floors. It offers superior and deluxe rooms, as well as deluxe premier and junior suites.

“Savoy Hotel Mactan is just 15 minutes away from the airport, which makes it a perfect choice for business travelers,” Megaworld Hotels Managing Director Raymundo V. Melendres said in a statement.

“Its location also allows one to experience the beach and the township at the same time, where restaurants, cafes, supermarket, spa, and other retail shops are just within easy reach.”

Hotel amenities include a swimming pool, paved sunbathing lounge, fitness center, business center, and a flower garden.

Guests can select from several food and beverage outlets such as Savoy Cafe, Lobby Cafe, Zabana Bar, Pool Bar, and the Patio. It also has function and meeting rooms.

The hotel’s interiors were designed by Hirsh Bedner Associates, the same company that was handled Marina Bay Sands in Singapore and Shangri-La Dubai and St. Regis Abu Dhabi in the United Arab Emirates.

Rooms will be priced at P3,288 to P5,888 per night, depending on which category a guest chooses. The hotel will also offer complimentary shuttle services to and from the Mactan Newtown beach, while rides to and from the Mactan-Cebu International Airport may be arranged.

Savoy Hotel Mactan stands inside the 28.8-hectare Mactan Newtown township in Cebu, which will also house office towers, condominiums, leisure amenities, retail shops, and The Newtown School of Excellence.

This will be the third project under Megaworld’s homegrown brand, after it opened the same in Boracay Newcoast and Newport City in Pasay.

It forms part of the five homegrown hotel brands that the company developed, with the others being Richmonde Hotels, Belmont Hotels, Twin Lakes Hotel, and Hotel Lucky China Town. The company now has about 3,200 hotel rooms, which is seen to grow further with the opening of more homegrown brands in Parañaque, Bacolod, Iloilo, Boracay, and Laguna.

The company’s hotel business grew its revenues by 56% to P574 million in the first half of 2019. Overall, Megaworld’s net income attributable to the parent surged 16% to P8.3 billion, following a 20% uptick in revenues to P16.8 billion. — Arra B. Francia

Treasury bills to fetch lower rates on easing inflation, weak US data

RATES OF Treasury bills (T-bills) on offer today are likely to decline further on the back of easing inflation data and the central bank’s decision to cut policy rates and banks’ reserve requirement ratios (RRR).

The Bureau of the Treasury (BTr) will auction off P20 billion worth of T-bills today, broken down into P8 billion in three-month papers, P6 billion in six-month securities, and another P6 billion in one-year debt.

A bond trader said yields on the short-term debt papers will likely decline by five basis points (bps) across all tenors against the previous offering.

“[The market] will price in the recent cut in the RRR and the policy rate and the low inflation trend,” the trader said on Friday.

On Sept. 16, the government raised just P12.983 billion via T-bills out of the P15-billion program even as bids by banks were more than twice the its offering, totaling P35.1 billion.

Broken down, the BTr awarded P4 billion as planned via the 91-day T-bills with tenders amounting to P11.9 billion. The papers fetched a lower average yield of 3.037%.

The Treasury also borrowed P5 billion as programmed through the 182-day papers, with the tenor attracting bids worth P12.75 billion. The six-month securities’ average rate declined to 3.42%.

Meanwhile, the government only raised P3.983 billion via the 364-day T-bills out of a P6-billion program, even as total bids reached P10.403 billion as the average rate for the tenor inched up to 3.666%.

“Yields could adjust lower to partly reflect the latest 0.25-bp cut in local policy rate on Sept. 26 and the surprise decision to cut RRR by one percentage point on Sept. 27 (effective November 2019),” Rizal Commercial Banking Corp. (RCBC) economist Michael L. Ricafort said.

Headline inflation eased further to 0.9% in September, the slowest in three years, amid lower food prices and electricity rates, the Philippine Statistics Authority reported on Friday. This compares to the 1.7% logged in August and the 6.7% print in the same month last year.

Last month’s inflation print fell at the low end of the Bangko Sentral ng Pilipinas’ (BSP) 0.6-1.4% forecast for September. It was also below the 1.1% median estimate in BusinessWorld’s poll of 16 economists.

For the nine months to September, headline inflation averaged at 2.8%, well within the BSP’s 2-4% target range for 2019.

The central bank’s policy-setting Monetary Board slashed benchmark interest rates by another 25 bps at its meeting on Sept. 26 amid a manageable inflation outlook. This brought the rates for overnight reverse repurchase, overnight deposit and lending to four percent, 3.5% and 4.5%, respectively.

On Sept. 27, the central bank announced it will reduce lenders’ RRR by another 100 bps, which will take effect in November. This will bring the reserve requirement of universal and commercial banks to 15% from 16%, thrift banks to five percent from six percent, and to three percent from four percent for rural and cooperative banks.

The bond trader said lower US Treasury yields may also affect Monday’s auction results.

RCBC’s Mr. Ricafort added that lower global crude oil prices and weak US data on manufacturing and services sectors may cause yields on government securities to go down further.

“Higher possibility another [of a] Fed rate cut after the contraction in US manufacturing gauge to 10-year lows or since the previous global recession and US services gauge at three-year lows, thereby resulting to some easing in benchmark interest rates in the US and in other developed countries recently,” Mr. Ricafort said.

US services sector activity slowed to a three-year low in September amid rising concerns about tariffs, suggesting that trade tensions were spilling over to the broader economy.

The Institute for Supply Management (ISM) said its non-manufacturing activity index fell to a reading of 52.6 in September, the lowest since August 2016, from 56.4 in August. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of US economic activity.

The ISM reported on Tuesday that its measure of national manufacturing activity plunged in September to its lowest level since June 2009, when the Great Recession was ending.

The US economy is chugging along despite the headwinds it faces, Federal Reserve Chair Jerome Powell said on Friday, in remarks that gave little more away about the path of monetary policy.

“While not everyone fully shares economic opportunities and the economy faces some risks, overall it is — as I like to say — in a good place. Our job is to keep it there as long as possible,” Mr. Powell said in brief remarks introducing a “Fed Listens” event at the US central bank’s headquarters in Washington.

The Fed cut interest rates for the first time in more than a decade in July and did so again at its subsequent policy meeting in September in what Mr. Powell and some others have characterized as “insurance” against risks to the economy.

US job growth increased moderately in September and the unemployment rate dropped to near a 50-year low, the US Labor department reported on Friday, allaying concerns the economy is nearing recession.

The government is set to borrow P220 billion from the local market this quarter, broken down into P100 billion in T-bills and P120 billion via Treasury bonds.

It 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 gross domestic product. — Beatrice M. Laforga with Reuters

JBS USA to produce pork without growth drug banned by China in bid to increase more exports

CHICAGO — JBS USA will remove a growth drug banned by Beijing from its US hog supply, the company said on Friday, accelerating the competition for pork exports as China grapples with a devastating pig disease.

The meat packer’s move away from the drug ractopamine, a feed additive, shows how companies are maneuvering to take advantage of an expected shortage in China, the world’s largest pork consumer, due to African swine fever (ASF).

Though not harmful to humans, the disease is deadly to pigs, with no vaccine available. It surfaced for the first time in Asia more than a year ago in China, and has now spread to over 50 countries, according to the World Organization of Animal Health — including those that account for 75% of global pork production.

JBS USA, owned by Brazil’s JBS SA, said it removed ractopamine from internally owned production systems in August 2018. Now the company will also prohibit the drug from diets of hogs owned by farmers who sell livestock to JBS USA.

The Colorado-based JBS unit sells pork under brands including Swift and Swift Premium.

“Early on, basically JBS said, ‘You guys chase that export stuff. We’re going to serve the domestic market,’” Steve Meyer economist for US commodity firm said. “It’s pretty much an about face on that.”

Rival U.S. pork producer Smithfield Foods [SFII.UL], which is owned by China’s WH Group, already raises all of the hogs on its company-owned and contract farms without the drug.

Tyson Foods Inc previously told Reuters it was looking at diversifying its pork supply to include ractopamine-free hogs as demand expands.

“We are confident this decision will provide long-term benefits to our producer partners and our industry by ensuring U.S. pork products are able to compete fairly in the international marketplace,” JBS USA said in an emailed statement.

Ractopamine is used in some countries to raise leaner pigs, but China does not allow its use or tolerate residues in imported meat. The European Union also bans ractopamine.

Elanco Animal Health, the manufacturer of Paylean, its brand name for a ractopamine feed ingredient, did not immediately respond to a request for comment.

Beijing blocked pork imports from a Canadian company this summer because China’s customs agency said a shipment contained ractopamine.. — Reuters

Ultheraphy is not just for women

ACCESS TO technology and information has been beneficial in educating ourselves about beauty and skincare. Articles and knowledgeable beauty gurus now advise that one should start investing on anti-aging products as one approaches 30 — to delay the aging, not totally prevent it. This applies for both women and men.

The Merz Group was founded in Frankfurt, Germany in 1884 by pharmacist Frederick Merz who developed a water-soluble base topical skin cream. In 1953, Merz developed the first anti-aging cream. As a company, it evolved to do active research and development of products and services in aesthetic medicine and dermatology.

“With the rise in usage of dermal fillers and non-invasive lifting and tightening treatments, I can confidently say we’re in the perfect position to make sure our patients get top quality products,” Christian Baatz, a member of the Merz Shareholders’ Council & Supervisory Board, was quoted as saying in a press release.

During The Merz Agenda forum on Sept. 27 at the Edsa Shangri-la Hotel in Mandaluyong City, company executives discussed the benefits of advancements in technology in the beauty industry and its best-selling treatment, ultherapy, its flagship service when the aesthetics company arrived in the Philippines in 2015.

NO NEED FOR SURGERY
Ultherapy is “a non-surgical procedure that uses micro-focused ultrasound to lift and tighten skin on the brow, under the chin, neck and chest.”

Depending on the treatment area, the procedure takes 60 to 90 minutes. No downtime required. Results appear within two to three months, with further improvements in six months as the collagen-building process continues.

The procedure helps in restoring collagen, the most abundant body protein found in skin, muscles, tendons, and bones.

“Collagen occurs naturally in your body under the skin. When we age, we tend to lose it. Then there will be laxity. [Skin] laxity means your skin is not as firm as it was before,” Merz Asia Pacific’s regional commercial director Conway Rappa told BusinessWorld.

“Instead of injecting a substance, you are actually making your own natural body mechanism work again. The skin cells will start bringing out quality again and it will tighten and lift your skin,” Merz CEO Phillip Burchard explained during the forum.

Mr. Rappa stressed that Merz Aesthetics focuses on enhancing features that people “like about themselves.”

“Rather than fixing something they don’t like about themselves, they could enhance the portions that they like. It is not possible to try to look like someone else. Instead, we can try to gain back some years and feel like a better version of ourselves,” he said.

ULTHERAPY FOR TWO
In August this year, Merz expanded its services by introducing Ultherapy For Two, a campaign that allows scheduled treatments with a companion.

The campaign was introduced after Merz Aesthetics found out from market research that men only undergo treatment upon the recommendation of their wives.

“Men do not actively go for treatments for themselves. Men do have purchasing power but they like to buy gadgets for the boys like cars and devices,” Mr. Rappa said.

There remains a stigma when it comes to aesthetic treatments which the beauty and aesthetics industry seeks to debunk. Mr. Rappa noted that the stigma exists due to the invasive type of treatments available in the past.

“In the Philippines, [similar to other countries], there will be a segment of the population who feel that there is a stigma to treatments. Since [ultherapy] is non-invasive, we want to make sure that people understand it,” he said.

For more information, visit http://locator.ultherapy.com/philippines, www.ultherapy.com, or www.merzaesthetics.com/merz-aesthetics. Merz Aesthetics Philippines is located at the 10th Floor, Ore Central Building, 9th Ave. corner 31st St., BGC, Taguig City. — Michelle Anne P. Soliman

Honda announces exclusive deals for new Civic 1.8 S CVT and CR-V Touring Diesel 9AT

HONDA CARS PHILIPPINES, Inc. (HCPI) recently announced cash discounts, low cash-out and low monthly amortization all-in bundle for the new Civic 1.8 S CVT and CR-V Touring Diesel 9AT.

The new Civic 1.8 S CVT is the new entry-level variant for the Civic. On the outside, the Civic 1.8 S CVT sports new halogen projector headlights with integrated daytime running lights and 16-inch two-tone alloy wheels to maintain that sporty and aggressive look.

On the inside, the Civic 1.8 S CVT gets Honda’s 7-inch touchscreen display audio system to provide customers a functional yet entertaining driving experience. The new Civic 1.8 S CVT is available at the suggested retail price of P1,115,000.

The CR-V Touring Diesel 9AT is the limited edition variant of one of Honda’s all-time best-selling model, the CR-V. Loaded for a bold and sophisticated exterior styling, this limited edition variant is upgraded with a new grille, running board, rear bumper protector and an exhaust pipe finisher. And to differentiate this CR-V model from its other variants, Honda has equipped this limited version with a Touring Edition emblem. The CR-V Touring Diesel 9AT is available at the suggested retail price of P1,738,000 and comes in three colors: White Orchid Pearl, Modern Steel Metallic and Dark Olive Metallic.

Now until Oct. 31 only, a cash discount of P50,000 for the Civic 1.8 S CVT and P107,000 for the CR-V Touring Diesel 9AT are offered outright.

On top of that, both the Civic 1.8 S CVT and the CR-V Touring Diesel 9AT are available through low net cash-out of 15% and 20% down payment with up to 60 months payment term.

This promo is available through BPI Family Savings Bank, RCBC Savings Bank, Security Bank Corp., EastWest Banking Corp., PNB Savings Bank, Philippine Savings Bank, China Bank Savings, Bank of Commerce, United Coconut Planters Bank, Sterling Bank of Asia, Maybank Philippines Inc., BDO Unibank, Inc., and Robinsons Bank only.

Moreover, the offer includes three-year LTO Registration and Chattel Mortgage, plus an additional one-year Comprehensive Insurance with Acts of Nature (Free Insurance Package available on selected bank partners only).

First Gen plans to lease floating storage regas unit for LNG by Q1

By Victor V. Saulon
Sub-Editor

FIRST GEN Corp. targets to lease a floating storage regasification unit (FSRU) for liquefied natural gas (LNG) early next year when it has determined the volume that it needs to import fuel to existing power plants and potential capacity expansion, its top official said.

“Until we know what we need, that’s when we can contract. So when we do that, is probably some time first quarter of next year,” said First Gen President and Chief Operating Officer Francis Giles B. Puno in an interview.

He said the standard storage size of an FSRU is about 120 metric tons (MT) to about 150-160 MT. But the volume should also factor in the number of times transport ships will be bringing in LNG from foreign sources, and the volume of gas used by the existing power plants.

“There are international service providers that can provide the floating storage regas unit itself. There are many vendors that do that,” he said, adding that the company is in talks these vendors. “That discussion has been there for some time already as well.”

Mr. Puno said the “base case” today for First Gen remains the construction of an onshore LNG import terminal.

In December last year, the company signed a joint development agreement with Japan’s Tokyo Gas Co., Ltd. to build the terminal within the Lopez-led company’s power generation complex in Batangas City.

In September this year, First Gen named Japan’s JGC Corp. as the engineering, procurement and construction contractor. The immediate focus of the partnership is to complete a detailed study to modify the existing jetty in Batangas to accommodate large- and small-scale LNG vessels, while continuing to receive liquid fuel.

First Gen, the country’s leading gas power generation company, has around 2,000 megawatts (MW) in operating gas facilities comprising of four gas-fired power plants, namely: the 1,000-MW Santa Rita power plant, the 500-MW San Lorenzo, the 414-MW San Gabriel, and the 97-MW Avion power plant.

Mr. Puno said site preparations for the onshore terminal had been completed.

“Then we’ll build the jetty — the reconfiguration of the existing jetty. So now that’s going through detailed studies,” he said.

Feasibility studies will help configure the jetty to accommodate the FSRU, which is a big vessel that will be permanently docked.

“We’re studying that to see if there’s any fatal flaw, technical specification that needs to be done to essentially adjust the existing jetty that we have. So that will determine also the size of the ship that we can bring in,” he said.

First Gen targets to start using the FSRU in 2021, although it has an existing contract with the consortium behind the country’s Malampaya gas until 2024.

Mr. Puno said there are times when Malampaya gas capacity is “maxed out” thus the need to buy imported LNG towards the end of the concession when there might be uncertainty on the reliability of the home-sourced natural gas.

“They (Malampaya consortium) need to reinvest. So whereas before we were planning to construct and hopefully start operating the onshore terminal by 2024, the floating storage allows us to accelerate that sooner just in case, for example, Malampaya is not enough,” he said. “It also allows us to expand quicker, like build more capacity potentially.”

He said the FSRU would allow the company to take advantage of the current market situation where the price of gas is “cost competitive.”

“At some stage, we’re hoping that we can even import gas at a price that is at least equal if not cheaper than the existing Malampaya. So that’s also good for the consumers,” he said.

The existing gas contract with Malampaya only has the Santa Rita and San Lorenzo plants under a “firm” deal. For the San Gabriel and Avion plants, the contract is “flexible.”

Mr. Puno said plants under the flexible contract would “potentially” use the imported LNG. “Or maybe new capacity. That’s one. And secondly, we also have Ilijan, ‘yung sa San Miguel [Corp.], which will expire in 2022, I believe. So in two years’ time, they will need more gas as well.”

“Right now, we’re also in discussion with them (San Miguel) on being able to sell gas to Ilijan,” he said.

First Gen has identified “numerous” LNG suppliers, which are kept engaged in the discussions, Mr. Puno said. He said locking in a contract at this time would be premature.

Mr. Puno also said that the company’s dollar commitment for imported gas is an even bigger number than the investment for the regasification infrastructure, but did not disclose figures.

“Once the demand is already firmed up then we can contract. And contracting really is not that difficult. The question really is do we have the infrastructure to bring in the gas and then utilize that,” he said.

He said First Gen is looking to initially contract with gas suppliers for the FSRU, which is a smaller volume than that for the onshore facility.

“Anyway, the contract for Santa Rita and San Lorenzo will only expire in 2024. We don’t need as much gas today than in 2024. In 2024, definitely we’ll need the gas,” he said.

Yields on gov’t securities decline across-the-board

By Lourdes O. Pilar
Researcher

YIELDS ON government securities (GS) fell almost across-the- board last week following the release of slower-than-expected inflation data for September.

Week on week, government securities’ (GS) yields went down by 10.1 basis points (bp) on average, according to the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of Oct. 4 published on the Philippine Dealing System’s website.

“Positive signs of economic growth encourage a decline in GS prices. The not-so-encouraging US manufacturing data may have had an impact and the lower-than-expected inflation print have also contributed to this week’s GS movements,” said Union Bank of the Philippines, Inc. (UnionBank)Chief Economist Ruben Carlo O. Asuncion in an e-mail.

ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro likewise attributed the rally to the September inflation result, adding that falling global bond yields contributed to increased buying sentiment for debt papers.

“[September’s] inflation print of 0.9% validated investors’ short-term expectations and caused yields to drift lower,” Mr. Liboro said in a separate e-mail.

Inflation decelerated to 0.9% in September, the slowest since the 0.7% logged in April 2016 and matching the 0.9% inflation rates in May 2015 and May 2016.

It was also within the Bangko Sentral ng Pilipinas’ (BSP) projection of 0.6%-1.4% for the month and below the median estimate of 1.1% in a BusinessWorld poll of economists.

The September result brought the nine-month average to 2.8%, well within the BSPs 2-4% target range and 2.5% forecast for the year.

Meanwhile, US manufacturing activity tumbled to a more than 10-year low in September amid lingering trade tensions weighing on exports, which further stoked fears of a sharp slowdown in economic growth in the third quarter.

The Institute for Supply Management’s index of national factory activity, which dropped 1.3 points to a reading of 47.8 last month, was its lowest in June 2009.

An index reading below 50 indicates contraction in the manufacturing sector, which accounts for about 11% of the US economy.

At the secondary market, bond yields fell almost across-the-board at the close of trading last Friday except for the 364-day Treasury bills (T-bills), which inched up by a mere 0.5 bp to fetch 3.71%.

At the short end of the yield curve, rates on the 91- and 182-day T-bills fell 3.3 bps and 8.7 bps to 3.096% and 3.314%, respectively.

At the belly, yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) fell by 9.9 bps (to 3.952%), 11.6 bps (4.094%), 14 bps (4.225%), 16.5 bps (4.347%), and 16.4 bps (4.537%).

The long end of the yield curve saw rates on the 10-, 20-, and 25-year T-bonds decline by 9.6 bps, 10.4 bps, and 11.5 bps, respectively, to fetch 4.724%, 5.011%, and 4.985%.

For this week, UnionBank’s Mr. Asuncion expects data on Philippine foreign trade and foreign direct investments, which are scheduled to be released on Thursday, to drive yield movements.

“I do expect positive signs for the economy from these data (or at least, will be pointing to positive signs). Thus, I would expect further decline in prices of government securities as investors tend to be risk averse,” Mr. Asuncion said.

ATRAM Trust’s Mr. Liboro said the local bond market “is likely to be more reactive to movements in global bond yields” given the “absence of local catalysts over the next couple of weeks.”

“Local bond yields are likely to consolidate along current levels unless sharp movements abroad cause additional volatility,” Mr. Liboro said.

In a text message last Friday, BDO Unibank, Inc. chief market strategist Jonathan L. Ravelas expect rates to “move sideways to down” this week.

Australia to fund more research on medicinal cannabis applications

MELBOURNE — Australia will provide A$3 million ($2.03 million) for research on the use of cannabis to help cancer patients, its health minister said on Sunday, as the demand for medicinal cannabis products grows rapidly.

While legal in most of Australia, such products are allowed only to patients on the prescription of a doctor, and a license is required to grow and make medicinal cannabis.

On Sunday, Health Minister Greg Hunt said access had been permitted to more than 11,000 patients, with most approvals this year.

“There have only been a limited number of well-designed clinical studies on medicinal cannabis, and we need to increase the evidence base to support medical professionals,” a ministry statement cited him as saying.

Health ministry data shows 78 companies now licensed to grow and harvest medicinal cannabis, up from one in March 2017.

Hunt was speaking at a fund raising walk led by Olivia Newton-John, the English-born Australian singer and actress who became an ardent advocate of medical cannabis after being diagnosed with cancer.

“I’m a great proponent of it, for general health, for pain, for sleep, for anxiety,” Newton-John told Nine News television last week. “I really believe it is important in my journey.”

Newton-John’s experience and efforts had helped shine a light on the benefits associated with medicinal cannabis, Hunt said, adding that the government would work to ensure access for Australian patients.

“But only when it is prescribed by a medical professional,” he added.

The government looks unlikely to change its stance on the recreational use of cannabis, however.

Federal law prohibits such use, although late in September, the Australian Capital Territory (ACT) became the first of the country’s six states and two main territories to legalize cannabis for personal use.

Attorney-General Christian Porter is awaiting a copy of the final version of the ACT bill before deciding whether the federal government should override the territory legislation, the Weekend Australian newspaper said on Saturday.

The ACT law, due to take -effect from January 31, conflicts with national drug laws that ban possession of marijuana. — Reuters

PeopleAsia’s ‘Women of Style and Substance’ fêted

A SENATOR, a mayor, businesswomen, and other luminaries are among PeopleAsia magazine’s 14th batch of “Women of Style and Substance.” The magazine has been honoring women by including them in the lists since 2006.

The women were honored in a masquerade-themed ceremony last month in City of Dreams. PeopleAsia editor-in-chief Joanne Rae Ramirez said in a speech: “We wear our most beguiling masks tonight — not because we have something to hide — but because we have something to show off. Tonight, we honor women who are not afraid to aim high and dream big, for themselves, for their community, and for the country.”

The awardees included: Senator Pia Cayetano and Makati Mayor Abby Binay, businesswoman Che Uy (who is on the board of several companies including Phoenix Petroleum; is corporate treasurer of Udenna Corp., and is the wife of businessman Dennis Uy), former Immigration Chief and PAGCOR Chair Andrea Domingo, BPI Family Savings Bank president Ginbee Go, Timson Securities’ founder Small Laude, Skin 101 medical director and CEO Dr. Jennie Diaz, “Build, Build, Build” Chair Anna Mae Lamentillo, entrepreneur and high-end real estate developer Carmen Jimenez-Ong of Menarco Development Corp., PLDT’s SVP and Group Controller and Smart’s CFO Chaye Cabal Revilla, and restaurateur and chef Happy Ongpauco-Tiu.

From the media and entertainment, journalist Pia Hontiveros celebrated 30 years in the industry, as well as her award, and singer Moira dela Torre was also glad to accept hers.

Rounding off the list were style blogger Laureen Uy and obstetrician-gynecologist Dr. Rebecca Singson who pioneered robotics surgery in the Philippines.

“We’ve always chosen women from all spheres: women who turn heads with their style, but who command attention with their substance,” said Ms. Ramirez told BusinessWorld. It’s easy to define style, maybe — you’ll know when you see it. As for substance, Ms. Ramirez said, “That could be charity, that could be your financial acumen, that could be your management prowess in running a bank.

“Every year, the list changes, because people, the Philippines doesn’t run out of women whose style is their substance, and their substance is their style.” — J.L. Garcia

Geely opens flagship showroom on North Edsa

SOJITZ G AUTO PHILIPPINES (SGAP) recently launched the Geely brand back in the country which aims to provide the market a totally new driving and car ownership experience.

Late last September, SGAP also formally inaugurated its flagship showroom in the heart of Quezon City. The newly built showroom is located at 75 Corregidor Street EDSA, Quezon City with a 1,160 sq.m. showroom floor area which can display 20 cars inside and around 2,600 sq.m. for after-sales which is considered one of the biggest in the world for the Geely brand. The SGAP showroom facility also hosts comfortable lounges for customers and guests for both sales and after-sales.

Apart from the recently launched Coolray subcompact SUV, also in display in the North Edsa showroom are models that showcases the latest technology of Geely such as the Coolray Plug-in Hybrid Electric Vehicle (PHEV) and the all-new Geely Atlas compact SUV.

Heading the guests of honor were Congressman Onyx Crisologo and Councilor TJ Calalay of Quezon City, officials from Sojitz Corp. headed by President and CEO Masayoshi Fujimoto, Geely Holding group officials led by An Conghui, President and CEO of Geely Holding Group, and Helen Yuchengco-Dee of House of Investments.

During the construction of its dealership facilities, SGAP already started its pre-selling activities of the Coolray in different shopping malls in the metro such as U.P. Town Center in Quezon City and Uptown Mall in Bonifacio Global City and TriNoma, also in Quezon City. The pre-selling campaign was very much accepted garnering multiple reservations at the different sites. For its pre-selling and introductory campaign, SGAP is offering P100,000 off the Coolray Sport.

The Coolray is a small SUV packed with cool and state-of-the-art features which gives meaning to its name. It is powered by a 1.5 Gasoline Direct Injection 3-cylinder engine equipped with turbocharger and Dual Variable Valve Timing. It churns out 177ps of power and give 255Nm of torque for a 7.0-second 0 to 100 km/h acceleration. Transmission is via 7-speed Wet Dual Clutch Transmission (DCT). The top-of-the-line Coolray Sport also hosts innovative technological features such as the Auto Park Assist system and 360-degree view camera, which makes driving more relaxing and fun. Six SRS air bags and a Blind Spot Detection system are also standard safety features for the Coolray Sport.

The suggested retail prices of the Geely Coolray are as follows: Sport at P1,198,000, Premium at P1,088,000, and Comfort at P978,000.

Sojitz G Auto Philippines is the new member of the growing family of the Sojitz Corp., which has been active in the Philippine Auto Industry since the 1960s. They command local distributorships such as Fuso Trucks under Sojitz Fuso Philippines Corp. and a number of distributorships worldwide.

CDC Holdings makes foray into socialized housing

CDC Homes Development & Ventures, Inc. has partnered with the City Government of Mandaluyong for a socialized housing project in Barangay San Ignacio, Plainview.

In a statement, MCA Homes, the joint venture of the affiliate of CDC Holdings, Inc. and Mandaluyong, said the housing project will rise on a 348-square meter lot in Plainview.

The first six floors of MCA Homes will be allocated for socialized housing, and offered to barangay residents and families affected by the renovation of the Pantaleon-Estrella Bridge.

“While this is a compliance requirement in support of the launch of CDC Homes’ River Park Place, MCA Homes will set the bar high for socialized housing,” the company said, noting there will be a roof deck, play area and garden. There will be a key card for residents, individual water and electric meters for each unit, a standby generator and fire protection system.

“The development of MCA Homes is also our way of delivering our mission of providing every Filipino family an affordable home that they can be proud of,” CDC Holdings President and Chief Executive Officer Melesa D. Chua said in a statement.

MCA Homes is CDC Holdings’ first foray into socialized housing. It is expected to be completed in 16 months.

CDC Holdings is the property developer behind projects such as Crisanta Towers, a low-rise building in Pasig City; Quadrillion Mansions, a residential condominium in San Juan City; and two mixed-use buildings in Annapolis, Greenhills namely Platinum 1000 and Platinum 2000. It is also the local partner of international serviced residence operator The Ascott Limited. — Vincent Mariel P. Galang

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