Facebook Instagram Linkedin X Youtube
Home Blog Page 10604

Bermaz rolls out all-new Mazda3

By Manny N. de los Reyes

BERMAZ AUTO PHILIPPINES (BAP), the official distributor of Mazda vehicles in the country, unveiled last week five variants of the much-anticipated all-new Mazda3.

The Elite range of the 4-door Sedan and 5-door Sportback variants of the Mazda3 will come with the highly fuel-efficient 1.5-liter Skyactiv-G engine while the Premium models will feature the more powerful 2.0-liter engine along with additional safety and comfort features. Both engines are mated to highly efficient Skyactiv-Drive 6-speed automatic transmissions. The all-new Mazda3 pioneers the new era of Mazda Premium by elevating the brand’s renowned driving experience with even higher levels of design, craftsmanship, engineering and safety.

To this end, Mazda applied its human-centric philosophy for dramatic improvements in design, driving performance, NVH, environmental performance, and quality feel.

“We are proud to finally introduce the all-new Mazda3 to the Philippine market,” shares BAP President and CEO Steven Tan. “Mazda has raised the standards of quality, craftsmanship and safety to never-before experienced levels in this class. Through exquisite design, superior finish, refined quietness and engaging vehicle dynamics, owners of the all-new Mazda3 will surely experience class-above driving pleasure.”

Tan adds, “This is a bold new step for Mazda as we deliver on our promise to give our loyal customers the true premium driving experience they deserve.” More than 19,000 Mazda3 units have been sold in the Philippines since its 2004 introduction into the country. This makes the Mazda3 the most successful Mazda model in the country. Worldwide, the model has sold more than 6 million units since its 2003 launch.

EVOLVED KODO DESIGN LANGUAGE
The Mazda3 is the first model from the Hiroshima-based company to feature the more mature “Evolved KODO design language” first introduced in the RX-Vision concept car at the 2015 Tokyo Motor Show. The theme of development for the all-new Mazda3 was to make it “An object of universal desire” — a feat they have spectacularly achieved, judging from the universally positive response to the new car.

For the new Mazda3, a new definition of beauty showcases the “less is more” Japanese minimalist aesthetic. Without the usual character lines that defined traditional car designs, a cleaner more sophisticated presence was achieved.

To achieve a look that best embodies minimalism, Mazda designers took an unprecedented approach to design that eliminates all character lines to achieve a form that is determined by the interplay of light, shadow and reflections of the surrounding environment. With its beautifully curved body panels, the all-new Mazda3 Sportback is a realization of the “Beauty in Subtraction” in design.

For the sedan, the traditional three-box proportions were further heightened to produce a sleek, elegant, and graceful form. With its lower hood line and increased overall length versus the previous generation model, the Mazda3 Sedan was made to appeal even more to those who respect tradition, conventional wisdom and rules while radiating beauty.

OF TAKUMI AND KARAKURI
Consistent with the exterior design direction, the goal for the interiors of the Mazda3 was simplicity throughout based on the aesthetics of “less is more.” By removing visual noise, a cleaner cabin was realized without the loss of functionality.

For a sophisticated design feel, master craftsmen or Takumi, were tasked to achieve a new level of Mazda premium feel in the Mazda3. Quality can be felt through sensory inputs when looking at, touching and operating the various cabin appointments in this highly refined interior.

Ergonomic changes were adopted to make driving as natural and effortless as possible. Cupholders have been moved forward of the drive selection lever while a large center armrest with a “Karakuri” console lid mechanism has been adopted to make opening and closing the compartment lid more in tune with the natural movements of one’s arms.

Soft-touch surfaces abound with Mazda’s own grain designed to express the richness and warmth of genuine leather. And exclusive in the 2.0-liter Sportback is the elegant, new vivid Burgundy interior color.

THE UNITY THAT’S JINBA ITTAI
Employing lessons learned over the years in realizing Jinba Ittai — the state of oneness between car and driver — Mazda engineers sought to further understand how humans achieved balance in their everyday activities. Achieving the ideal driving position is a key design and engineering consideration in every Mazda vehicle. From the correct pedal placement and design that aligns where one’s right foot naturally falls, to a steering wheel that allows up to 70mm of telescopic adjustment, to an adjustable seat that supports the pelvis and promotes a natural S-shaped curve with the driver’s spine, the Mazda3 achieves a relaxed posture that takes the effort out of driving and allows one to focus on the road.

A 7-inch TFT LCD multimeter display has been adopted in the Mazda3 to show a simplified layout of vehicle status information. Similar to the display found in the Mazda6 and Mazda CX-9, the new layout can be toggled to reveal essential information such as coolant temperature, fuel level and efficiency, as well as trip and odometer readings. The use of a common font in all displays and labels inside the cockpit likewise eases readability and lessens confusion when looking at different sources of information.

Even the Mazda Connect infotainment system has been redesigned from the ground up. A wider 8.8-inch display has been adopted with a simplified graphic user interface layout and refined operability. It is positioned higher and further away from the driver so comfort and convenience information such as media, maps and warning and alert details are a mere glance away. By also consolidating the operation of the system into the more ergonomic and intuitive Command and Controller knob and switch layout, eliminating the distracting touchscreen interface, and improving the hardware speed and performance of the system, Mazda is able to help the driver focus on the most important task of driving — resulting in a safe and stress-free driving experience.

SKYACTIV-CHASSIS
MacPherson struts in the front are now complemented by a new rear torsion beam layout which not only saves weight and opens additional space in the rear but also transmits force to the body smoothly. This setup results in a significant increase in ride comfort compared to the multi-link configuration found in the previous Mazda3.

To reduce the amount of wind and road noise as well as improve sound insulation inside the all-new Mazda3, 49 new key design and engineering improvements were put in place. Ranging from the addition of engine insulation material, to the use of new seals around the door, the introduction of acoustic glass for the front windshield, and the redesign of key suspension and chassis components, the effort to reduce NVH in the all-new Mazda3 has been extensive and all-encompassing.

PREMIUM AUDIO WITH (AND EVEN WITHOUT) BOSE
With cabin noise greatly reduced, Mazda also invested in enhancing the quality of music inside the cabin. The standard 8-speaker Mazda Harmonic Acoustics sound system concentrates on elevating the sound-listening experience at whatever volume the driver and passengers prefer.

Improvements in speaker placement were implemented as the low frequency woofers were relocated from the front door to the cowl underneath the dashboard. This not only reduced the amount of vibrations coming from the door but also provided a fuller more powerful bass sound. Mid- and high-frequency speaker locations have also been optimized to direct sound to the listeners instead of bouncing them off interior surfaces.

A 12-speaker Bose Audio Premium Sound System available in Premium variants further enhances listening pleasure with the addition of a center speaker, sub-woofer and satellite speakers. It also features custom tuning to provide more powerful bass and higher audio quality.

MAZDA PROACTIVE SAFETY
Seven air bags (on all variants), advanced i-Activsense technologies in the Premium line, as well as a full suite of Driver Assist Technologies (DAT), make the Mazda3 one of the safest cars in its class. DATs include Mazda Radar Cruise Control (MRCC), Driver Monitoring System (monitors driver fatigue), Lane Departure Warning System (LDWS), Cruising and Traffic Support (CTS), Front and Rear Cross Traffic Alert, Smart Brake Support (SBS) Rear, which applies the brakes when the driver is reversing and fails to see an object behind.

The all-new Mazda3 will come in five distinct trims and prices, starting with the 1.5-liter Elite Sedan at P1,295,000, the 1.5-liter Elite Sportback at P1,320,000, the 2.0-liter Premium Sedan at P1,495,000, the 2.0-liter Premium Sportback at P1,510,000, and the 2.0-liter Mazda3Speed Sportback at P1,590,000.

Delbros investing P90 million to expand sugar harvesting equipment line

DELGADO BROTHERS (Delbros) Group said it hopes to double its fleet of Cane Express (CaneX) line of farming machinery through a P90-million investment for the next two years.

“For the next two years, the company is looking to doubling its current fleet of 15 harvesters and seven loaders by committing over P90 million in equipment and personnel investment,” Delbros Group Managing Director Jose Paolo L. Delgado told BusinessWorld in an email interview.

He said that the company is also looking to serve 1,500 hectares of land this season to help address two of the main challenges in the sugar industry, which are high production costs and inadequate financial capacity.

Delbros, a logistics and agriculture company working with sugar planters, associations and mills, is helping modernize production. It established CaneX in 2014, its sugarcane farm solutions unit.

Designed for Philippine climate and field conditions, CaneX trucks can haul three to four times a day against traditional equipment, which can manage two trips per day. Mechanized harvesters can cut 1.2 hectares per day, reducing the manpower commitment requiring 10 people per hectare over three to four days using traditional methods. The Delbros equipment also cuts loading time to 50 minutes, as against three to four hours for manual loading.

The company promises a 90% faster harvest and is currently developing equipment that can be used by small, block farmers with up to five hectares.

Investment in such equipment starts at about P1.5 million a unit.

“Farmers can focus on growing crops as best as they can, and for sugar mills to get the freshest sugarcane. This new technology can help lower production and labor costs as well as help farmers properly assess competitive prices for their products,” he said.

There are currently 30 farmers across Negros, Bukidnon, Cavite, and Batangas using CaneX equipment, which is either sold or leased.

“Overall, Delbros Group is committed to modernizing agriculture and helping farmers produce more with their limited resources through the use of innovative CaneX farming technology,” Mr. Delgado said.

“As one of the country’s pioneers in agriculture and logistics, Delbros has over 4,000 trucks, trailers, harvesters, loaders and containers deployed nationwide, mowing cargo, produce, and fresh food,” he added. — Vincent Mariel P. Galang

Cult-favorite Japan skincare brand now available in PHL

CULT-FAVORITE Japanese skincare brand Hada Labo has finally launched in the Philippines, a feat which took years to do, according to a brand representative.

“Actually, the Philippines is the last Asian country to launch [Hada Labo because] Mentholatum Asia Pacific, the manufacturers [of the brand], couldn’t find the right distributor and they felt the Philippines wasn’t ready yet… it took us three years [to convince them]” Jenny O. Arcellana, marketing head of Hada Labo in the Philippines, told reporters during the launch on Aug. 8 at the Blue Leaf events place in Taguig City.

It was only when the manufacturers saw how their other brands such as Lip Ice lip balms and Sunplay sunscreens did well in the country that they thought of bringing the brand to the country. The products are distributed in the country by Cambert Pilipinas.

“When they saw we did well in distributing their brands, they thought that we were the right partner,” she explained.

Hada Labo, which means “skin laboratory” in Japanese, was launched in 2004 in Japan and is known for its line of skin care products which uses differently sized molecules of hyaluronic acid to attract and retain hydration to the skin.

Their core Goku-jyun line includes the Hydrating Lotion (P685/170 ml and P195/30 ml), Hydrating Face Wash (P385/100 ml), Hydrating Light Cream (P850/100 ml), Hydra and Whitening Face Wash (P295/100 ml), Deep Clean and Pore Refining Face Wash (P295/100 ml), and the Hydrating Water Gel (P850/100 ml).

Those who are new to the brand can purchase a trial kit for P465 which contains 30 ml of both the Hydrating Face Wash and the Hydrating Lotion and 14g of the Hydrating Light Cream.

Aside from the core line, the brand also has a premium line, a line specifically for brightening, another for anti-ageing, and for clarifying, but Ms. Arcellana said that they will first observe the public’s reception before launching the other lines.

The products are currently available in Watsons stores nationwide and online via watsons.com.ph. — Zsarlene B. Chua

Property firms report higher Q2 earnings

PROPERTY developers generated mostly higher earnings in the second quarter of 2019 due to strong sales and leasing revenues, as well as lower project costs.

Sta. Lucia Land, Inc. (SLI) saw its net income jump 225% to P545.27 million in the second quarter, following a 105% increase in revenues to P2.23 billion.

This brought SLI’s net income 104% higher to P883.74 million in the first half, while revenues grew 70% to P3.35 billion. Real estate sales alone surged by 98%.

“Remarkable sales take up of projects launched during the year, boosted efforts in increasing the real estate sales and extensive expansion had increased the recognized sales during the period,” the company said.

Rental income, meanwhile, slipped 7% as SLI re-evaluated its lease rates in order to be more competitive with neighboring malls.

SLI develops mostly horizontal projects in provinces across the country, including a 97-hectare masterplanned community in Davao City called Las Colinas Verdes.

Meanwhile, Rockwell Land Corp. booked a 15% increase in its attributable profit to P563 million for the April to June period, even as revenues slipped 27% to P3.44 billion, according to a regulatory filing.

On a six-month basis, the listed firm’s net income attributable to the parent rose 26% to P1.28 billion, while revenues dropped 14% to P6.93 billion.

The Lopez-led company said the dip in revenues was mainly due to the lower construction accomplishment of luxury residential condominiums Proscenium in Makati and The Vantage in Pasig. It also recognized lower sales in The Grove in Pasig, resulting to a 23% decline in the sale of condominium units.

Rockwell’s leasing portfolio helped offset the weakness of its residential segment, as higher occupancy rates in Power Plant Mall Expansion, RBC Sheridan, and Santolan Town Plaza led to a 27% increase in commercial development revenues to P1.18 billion.

Luxury condominium developer Anchor Land Holdings, Inc. (ALHI) posted a 43% increase in net income attributable to the parent to P182.32 million. Revenues were also up 10% to P1.42 billion.

For the first half, ALHI’s attributable profit went up 34% to P310.45 million, after a 20% uptick in revenues to P3.04 billion.

Real estate sales rose 13% as the company saw more sales and higher construction rates for its projects such as Admiral Baysuites, Admiral Grandsuites, Anchor Grandsuites, Anchor Skysuites, and Copeton Baysuites, among others. Most of the company’s projects are located in the Bay Area and Binondo in Manila.

ALHI also benefited from the expansion of its rental operations through commercial units and warehousing facilities. Rental income then climbed 27%.

Most listed property firms delivered higher results in the second quarter, driven by continued demand from both end-users and investors.

For instance, Ayala Land, Inc.’s attributable profit was up 10.4% to P7.8 billion for the quarter; SM Prime Holdings, Inc.’s attributable net income grew 16% to P10.5 billion; while Robinsons Land Corp. posted a 22% increase to P2.17 billion. — Arra B. Francia

Pagani unveils 800hp Huayra Roadster BC

By Manny N. de los Reyes

A COMPLETELY new Roadster creature. A tribute to scientific research, beauty, and uniqueness. An unprecedented technical challenge. To exceed the customer’s expectations. This is the mission and how, in 2017, the idea of the Huayra Roadster BC came to life. From a curious set of circumstances, a demanding research project was launched with a meticulous, almost obsessive focus on details and design in order to create a highly distinctive, street-legal Pagani hypercar that would combine the unparalleled sensations of driving a roadster with the most advanced technology available today.

All this effort was translated into innovation, invention and exploration of unexplored paths in order to break new ground, never follow car trends and always seek to build truly timeless creations. This is the essence of the Roadster BC. Extreme, exuberant and shaped by hand in line with the fundamental concepts of Leonardo da Vinci’s Art and Science, the cornerstones of Pagani Automobili’s creative philosophy.

A road machine created with the latest technologies derived by Pagani track experience and in accordance with the key concepts of Pagani’s DNA. In other words, an intuitive and easy-to-drive vehicle you can master after just a few miles and in which you can enjoy a full open-top experience without affecting the performance.

Only 40 of these fabulous cars will be made at a cost of approximately US$3.4 million.

From the aerodynamics to its exterior and interior design, and right down to its tiniest part, the Roadster BC’s chemistry and combination of advanced composite materials are unprecedented.

Like in a sophisticated watch, every single component of the Roadster BC is a concentration of Pagani Automobili’s ultimate design, technology and engineering expertise encapsulated in just 1,250 kg (2,756 lbs).

Pagani aspires for artisanal perfection, creating the greatest hand-built cars with a true hymn to the Renaissance.

The Roadster BC was designed to generate an aerodynamic load with a downforce target of 500 kg at 280 km/h, while maintaining a ground clearance that will allow passengers to enjoy driving at its finest, whether it’s on public roads or racetracks.

The Roadster BC offers you maximum control during a thrilling experience, especially when the new Titanium six-exhaust pipe system starts to exalt the roar of the Pagani twelve-cylinder engine. For the first time in Pagani Automobili, this exhaust system features two extra direct outlets from the catalytic converters to exploit the blown diffuser principle and generate further downforce.

The Roadster BC features new, exclusive composite technologies based on carbon-fiber and carbon-titanium that offer an increase of 12% in torsional rigidity and 20% in flexional rigidity compared to Pagani’s state-of-the-art technology.

“Through intense scientific research for developing the Carbo-Triax HP62 and Carbon-Titanium HP62 G2 formulas, we succeeded in achieving some extraordinary results that allowed us to reduce the weight of the vehicle considerably and optimize mechanical features. Even so, when we presented these achievements to Horacio, along with the fact that they involved a 450% increase in material costs, his reaction was, “The customer deserves even more!” said Francesco Perini, Pagani’s head of Concept & Composite Design.

The Roadster BC is powered by a sensational all-new bespoke twin-turbo 6.0-liter V12 developed by Mercedes AMG for Pagani. The 800 horses and 1,050 Newton-meters of this engine — mated to a race-bred Xtrac transverse seven-speed sequential gearbox — will glue drivers to their seats with its sheer pulling power.

This jewel of an engine complies with the latest international carbon footprint and gas emission standards, including California’s environmental regulations, without having to resort to a hybrid system.

The rear-wheel drive Roadster BC is trustworthy and exciting as it is the result of endless work on numerous elements: the rigidity of the chassis, the vehicle’s dynamics, the elasto-kinematics of the suspension and the lowering of its center of gravity and weight, to name just a few. Having explored, tested and perfected all these aspects, electronics were then added to further increase performance, stability, and safety. These improved electronics not only reduce dive, squat and roll effects intensely, but take the control, safety, and driving ease of the vehicle to a new level. The Roadster BC’s front and rear suspension uses forged aluminum alloy independent double wishbone with helical springs and electronic controlled shock absorbers.

Even the Roadster BC’s ultra-high-performance Pirelli tires are bespoke. “Horacio always sets fascinating challenges. Every time we work together, we find ourselves facing new horizons to push back. These are extremely useful stimuli for us as they allow us to experiment and develop new ideas with an extraordinary partner. Pirelli’s DNA is founded on its innovation and its drive to surpass itself and achieve technological excellence in every product. In fact, all Pagani projects bring something new,” declared Marco Tronchetti Provera, executive vice-chairman and CEO at Pirelli.

The Pirelli PZero Trofeo R tires, tailor-made for the Roadster BC, are the result of the close working relationship, partnership and passion that Pirelli and Pagani have shared for the last decade.

“In 10 years of working together with Pirelli, one of the goals we set ourselves was increasing what drivers felt when they held the steering wheel. They had to feel as if their hands were resting on the road. And thanks to the skill and know-how of the Pirelli technicians this tire is now so communicative you can actually feel when you are reaching its grip limit. Let’s not forget, in fact, that on a bend with almost 2g of lateral force, everything happens extremely quickly,” said Horacio Pagani, founder & chief designer at Pagani Automobili.

Remarkable results were achieved on a number of major test tracks, where the ultimate Pirelli tires performed outstandingly: millimetric precision in bends and an incredible grip allowing a lateral acceleration of 1.9g during constant running, with peaks of 2.2g. The Pirelli PZero Trofeo R tires (with staggered sizes of 265/30 R20 in front and 355/25R21 at the back) are not only synonymous with superior performance, but are also designed to have less rolling resistance, which fosters drivability and comfort. The tires are mounted on special ultra-light 14-spoke rims developed together with APP and which are made of forged Avional alloy.

The Roadster BC is fitted with a “Pagani by Brembo” carbon-ceramic brake system with a 6-piston one-piece front caliper and a 4-piston one-piece caliper at the rear.

Stepping into the Roadster BC is a sensory experience combining elements that pay tribute to past legends of motorsports and Gran Turismo with present and future features. Elegance and style are transmitted by materials like the carbo-wood and finely embossed leather, as well as by mechanisms such as the racing style, four-point seat belt and sophisticated accessories like the nine-channel audio system.

DAR distributes over 120 hectares to Quezon coconut farmers

THE Department of Agrarian Reform (DAR) said it distributed 120.5 hectares of land to 50 coconut farmers in San Francisco, Quezon.

The certificates of landownership award (CLOA) were given to the farmers, who are also agrarian reform beneficiaries (ARBs) under the Comprehensive Agrarian Reform Program extension with reform (CARPer). They are former coconut farm workers of private landholdings.

The land was formerly owned by members of the Matias family — Mario, Michael, and Moises, is located in Barangay Silongin and Barangay Casay in Quezon province.

“As owners of the land, farmers will be freed from the burden of paying rentals for the use of the land and from fear of getting ejected as tenants,” DAR Regional Director Rene E. Colocar said in a statement.

Republic Act No. 9700, or CARPer, extended the deadline for acquisition and distribution of agricultural land to farmers for five years after 2008. This was signed into law in August 2009 and was set to expire June 30, 2014, but any pending cases as of that date were allowed to proceed until resolution. Beneficiaries include landless farmers, agricultural lessees, tenants, as well as regular, seasonal, and other farm workers.

The five-year extension was allocated a budget of P150 billion from the Agrarian Reform Fund, the General Appropriations Act (GAA), and other sources. This is the largest annual budget in the history of the Comprehensive Agrarian Reform Program (CARP).

“The DAR, Department of Agriculture (DA), the Land Bank of the Philippines (LANDBANK) and other CARP-implementing agencies coordinate with each other to ensure that program beneficiaries will have a better life after receiving their land titles,” Mr. Colocar said.

“Now that you own the land, be responsible and make it productive and progressive. We at the DAR will provide you with support services to help you achieve this,” he added. — Vincent Mariel P. Galang

Simplified routine

By Zsarlene B. Chua
Reporter

I HAD previously used Hada Labo products from the core line when they were sent over from Japan by relatives, and while I remember that my skin loved the products, it was a problem getting them regularly enough to become staples so I stopped using them for a couple of years.

This is why I was excited to try the brand again and see if it works as well as I remember.

But first, a run-down of the products: we were given a trial kit and a full-size (170 ml) Hydrating Lotion during the product launch on Aug. 8, and after I tried the lotion, it was apparent that it wasn’t a toner in texture.

A toner is a product used after cleansing to remove residue from the cleaning products and re-balance the skin’s PH level to make products sink in faster, though there are several toners that offer added benefits like chemical exfoliation (those which contains Alpha-Hydroxy Acids or Beta-Hydroxy Acids) or moisturization. It is usually thin and almost watery in consistency.

Hada Labo’s Hydrating Lotion’s texture is thicker than that — I would hazard to say that it is more of an essence, which is usually thicker and contains more active ingredients (in this case, hyaluronic acid).

One uses the lotion after cleansing by putting an ample amount on one’s palms and spreading and patting it on the skin, letting it be absorbed for a few seconds before putting on other products.

What I love about this product is that it works really fast — you can feel your skin getting plumper and more hydrated almost immediately. I typically use one to two layers depending on what my skin needs that day. For some people, I would guess that this product can double as a moisturizer if your skin is not as dry as mine.

My skin type currently swings from dry (T-zone) and very dry (cheeks) to normal (T-zone) and dry (cheeks) so there are days where I need more moisture.

And because of my skin type, I find myself using gentler, non-stripping and non-drying facial cleansers and the Hydrating Face Wash works really well for me as my skin does not dry out immediately after rinsing, creating a good base for product absorption.

The light cream is also really good because it is lightweight and non-greasy. It applies well and moisturizes really well. People with oilier skin can use the water gel formula which is even lighter.

I have been using the products for more than a week and it simplified my routine which usually takes a minimum of six products to four (because I do a double-cleanse at night and SPF during the day).

Oh, and all I’ve used is the trial kit which still has enough product to last me another week. So I suggest buying that first and see if the products work for you before committing to full sizes. I do hope more skincare companies adopt this kind of process because it makes it easier to try and find products which work without having to shell out for full-sized products with the usually hefty price tag.

Will I be replacing my favorites with this? I’m still thinking about it because I found that in the years I’ve been taking care of my skin, my needs vary from time to time and would therefore need different products to address different needs — but I do like the back-to-basics routine I am doing with Hada Labo.

DMCI Homes reservation sales hit P20 billion

DMCI Project Developers, Inc. generated P20.1 billion in reservation sales during the first half of 2019, keeping the company on track to hit its P38-billion target for the year.

In a regulatory filing, the company more known under the DMCI Homes brand said this is 13% lower than the P23 billion it booked in the same period a year ago due to the timing of project launches.

DMCI Homes is banking on the launch of seven projects within the year to drive sales.

“We exceeded our first half target and expect further boost from our second half launches,” DMCI Homes President Alfredo R. Austria said in a statement.

DMCI Homes unveiled two projects in Quezon City, namely Cameron Residences and The Cresmont, within the first semester.

Located in Roosevelt Avenue, Cameron Residences is set to generate around P4 billion from the sale of one- to three-bedroom units priced from P3.94-9.74 million. Target completion for the project is in March 2025.

Meanwhile, the 50-storey Cresmont is expected to book P6 billion in sales. The residential tower will rise along Panay Avenue in Barangay South Triangle near Quezon Avenue station of the Metro Rail Transit (MRT) Line 3. It offers one- to three-bedroom units that will be ready for occupancy by September 2025.

In a press briefing last week, Mr. Austria said they are looking at turning the first five floors of The Cresmont into serviced apartments.

The launch of the two projects follows the strong take-up seen in DMCI Homes’ other developments in Quezon City such as Infina Towers, The Orabella, and The Celandine.

“Quezon City is a strong market because of the ongoing infrastructure projects in the area. Once Skyway Stage 3 and MRT-7 become operational, residents will enjoy unprecedented connectivity and mobility,” Mr. Austria said.

DMCI Homes has a pipeline of five projects to be launched for the second semester, located in Pasig City, Las Piñas City, Mandaluyong City, Davao City, and Cebu City.

The company saw its net income decline 34% to P1.23 billion in the first half of 2019, due to the absence of a non-recurring gain from the sale of land last year. Without this, the company’s core net income was up 6% to P1.23 billion.

Realized revenues were also down by 10% to P9.5 billion due to lower project accomplishments.

DMCI Homes spent P8.8 billion in capital expenditures for the semester, 33% higher year on year. About 62% of the amount went to development costs, while the balance was used for land and asset acquisitions.

DMCI Homes is part of diversified engineering conglomerate DMCI Holdings, Inc., whose interests also include power, mining, construction, and water. — Arra B. Francia

Treasury bill rates likely to drop on weaker peso, recession fears

TREASURY BILLS (T-bill) on offer today are seen to fetch lower rates on the back of the weakening peso and amid fears of a global recession.

The Bureau of the Treasury (BTr) is offering P15 billion worth of Treasury bills (T-bill) on Monday, broken down into P4 billion, P5 billion, P6 billion for the three- and six-month and one-year debt papers, respectively.

Bond traders see rates on the T-bills declining further following the decline in US Treasury yields last week.

“We’re expecting around 10 to 15 basis points (bp) lower compared to the previous auction. Since the secondary market is already trading at that level. What will be in consideration is the recent rally in the US Treasuries and also the weakening of the peso,” a bond trader said in a phone interview on Friday.

Amalgamated Investment Bancorporation (AIB) peso fixed-income trader Rocky A. Bautista shared the same sentiment, saying rates of the short-term debt papers may drop 10-15 bps.

“Outside factors that may support the downward movement of local interest rates in general is the perception that the US may be entering a recession,”

The Treasury made a full award of the T-bills it auctioned off last Aug. 5, raising P15 billion as planned with the offer almost six times oversubscribed as total tenders reached P87.1 billion.

Broken down, the government raised P4 billion as planned via the 91-day T-bill, with the tenor’s average rate dropping 37.1 bps to 3.398%.

The Treasury also made full award of the 182-day papers, accepting P5 billion as programmed as the average yield declined 42.3 bps to 3.677%.

For the 364-day T-bills, the Treasury fully awarded the programmed P6 billion as the tenor’s average rate declined 62.1 bps to 3.898%.

At the secondary market last Friday, the three-month, six-month and one-year T-bills were quoted at 3.376%, 3.512% and 3.713%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates.

The US Treasury bond yield curve inverted on Wednesday for the first time since 2007, in a sign of investor concern that the world’s biggest economy could be heading for recession.

The inversion — a situation where shorter-dated borrowing costs are higher than longer ones — saw US two-year note yields rise above the 10-year bond yield.

Such an inversion, considered a classic recession signal, occurred last in June 2007 when the US sub-prime mortgage crisis was gathering pace. The US curve has inverted before every recession in the past 50 years, offering a false signal just once in that time.

Meanwhile, the peso weakened along with most Asian currencies last week due to recession fears. On a week-on-week basis, the peso weakened to P52.44 from its P51.88-per-dollar close last Aug. 9.

A second trader said yields on the 91-day T-bills may move sideways, while the 182-day and 364-day tenors may see their rates decline 10-15 bps, a second trader said.

Treasury bills worth P17.5 billion maturing on Aug. 20 will also contribute to demand, the second trader added.

The government is set to borrow P230 billion from the domestic market this quarter through T-bills and 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. — B.M. Laforga with Reuters

Subaru extends comprehensive warranty to 5 years (or 100,000 kms)

MOTOR IMAGE PILIPINAS, Inc., the exclusive distributor of Subaru vehicles in the Philippines, is pleased to announce that its comprehensive warranty coverage for new Subaru cars will be increased to five years or up to 100,000 kms (whichever comes first) from July 2019.

The five-year warranty is applicable for all Subaru models distributed by Motor Image Pilipinas and its authorized dealers. Owners who book new Subaru cars from July 1, 2019 will be eligible for this program.

The warranties will be the same over the five years, so drivers can have better peace of mind. This differs from extended warranty schemes which provide reduced coverage in subsequent years.

Owners must adhere to the scheduled service intervals, conducted at authorized Subaru service centers, to be covered by the warranties. Motor Image Pilipinas will not be able to extend this program to drivers who use non-genuine parts or carry out technical alterations not authorized or approved by the company. Warranty coverage for STI models differs. Other terms and conditions apply.

For new Subaru cars purchased in the Philippines from July 1, 2019:

1st Year/20,000km warranty — Genuine Parts Replacement — Battery Up to 5th Year/100,000km warranty — Front & Rear Suspension — Electrical — Fuel System — Air-Con & Cooling System — Brakes — Air bags/Safety Restraints — Exhaust System — Steering System — Engine — Drivetrain & Transmission 10 Years/Unlimited Mileage — Rust-through

FOR NEW STI MODELS PURCHASED IN THE PHILIPPINES FROM JULY 1, 2019:
1st Year/20,000km warranty — Genuine Parts Replacement — Battery Up to 3rd Year/60,000km warranty — Front & Rear Suspension — Electrical — Fuel System — Air-Con & Cooling System — Brakes — Air bags/Safety Restraints — Exhaust System — Steering System — Engine — Drivetrain & Transmission 4th-5th Year/100,000km warranty — Engine, Drivetrain & Transmission only

Customers may find out more at all Subaru showrooms or visit www.subaru.asia/ph.

China to resume higher tariffs on Australian beef starting mid-August

BEIJING — China’s customs said on Friday that imports of eight categories of Australian beef had reached the safeguard amount and it would resume levying most-favored nation tariffs on the goods from August 17.

Under the 2015 free trade agreement between China and Australia, imports of chilled and frozen beef cuts currently carry a 6% tariff, while carcasses are charged at between 10% and 12.5%, lower than the most-favored nation rates.

But imports of Australian beef have surged this year and already hit the 172,411 tonnes permitted at lower tariffs, said the notice posted online by the General Administration of Customs. — Reuters

The Fashion Elite is offending people again with China T-shirt

By Andrea Felsted
Bloomberg Opinion

FOR LUXURY BRANDS, worries about Chinese politics switched last week from the impact of Hong Kong street protests to the output of their own design studios.

In the space of a couple of days, Versace, Coach, and Givenchy have all had to apologize for failing to respect the country’s territorial integrity. The offending garments were T-shirts that listed Hong Kong, Macau, and Taiwan as separate from China. Beijing wasn’t amused, and neither were lots of social media users who threatened boycotts of the western fashion houses. Liu Wen, a Chinese Supermodel, ended her brand ambassador relationship with Coach — which is owned by the US firm Tapestry Inc.

Putting aside where you might stand on Beijing’s intentions toward Taiwan, it’s surprising for big global companies (Givenchy is owned by France’s LVMH Moet Hennessy Louis Vuitton SE and Versace by the US-listed Capri Holdings Ltd.) to make a diplomatic gaffe like this given China’s increasing touchiness on this subject. After all, they have legal teams and public affairs departments who should be on top of potential political pitfalls and any incidents that emerge elsewhere in the industry.

In fairness, it’s difficult when you’re running complex organizations that span creative and corporate functions. It can be hard to keep tabs on every garment produced for every catwalk show or department store. But the fashion industry has picked up a habit of annoying Chinese shoppers. The Italian fashion house Dolce & Gabbana caused outrage last year when it ran a promotional video showing a Chinese model struggling to eat spaghetti with chopsticks.

All of this suggests the luxury groups need to employ people with oversight of their creative teams who have a proper understanding of the places in which they operate. Ben Cavender, managing director of China Market Research Group, goes further, saying that companies should appoint a “chief culture officer” to combat the industry’s recurrent problems.

The western companies are reliant on Asia for much of their profits. Chinese consumers are by far their biggest customers, accounting for about one-third of total spending on luxury goods. Coach owner Tapestry gets 12% of its sales from greater China, while LVMH gets 33% from Asia, when excluding Japan.

Chinese shoppers are also extremely active on social media, so campaigns against particular labels are potentially very damaging. The research firm Gartner L2 found that Dolce & Gabbana’s Chinese social media engagement fell 98% in the first quarter of 2019 after the spaghetti outcry.

POWER DRESSERS
The T-shirt controversy is badly timed given that the luxury companies are already having to manage the impact of the Hong Kong protests on their sales in the city. The protests have shut stores and deterred Asian shoppers from travelling there, with the airport brought to a standstill this week (bad news too for duty-free purchases). Hong Kong by itself remains a significant market for high-end goods, accounting for between 5% and 10% of global luxury sales, according to analysts at Bernstein.

With sensitivities running so high, and sales channels already so challenged, the big brands have little margin for error. Beijing’s demands last week that Cathay Pacific Airways Ltd. bar any air crew who supported the Hong Kong protests from working on China flights shows how far the political situation is starting to affect business. This is a moment for careful management.

1...10,60310,60410,605...14,244Page 10,604 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube