P15B in social services so far spent by government in Marawi

May 20, 2019 | 8:38 pm

TASK FORCE Bangon Marawi Chairperson and Housing and Urban Development Coordinating Council Secretary Eduardo D. del Rosario on Monday said the government has already spent at least P15 billion for social services in war-torn Marawi City. “With regards to the government side, we have already spent about P15 billion since the start of the siege,” Mr. del Rosario said in the third episode of the Presidential Communications Office-Global Media Affairs’ “The Virtual Presser.” The government has also accounted P6.5 billion in humanitarian assistance provided by the country’s development partners, which were given directly to non-government organizations and agencies “to implement their projects on the ground.” When asked what the task force is currently doing to speed up the rehabilitation of the city’s most affected area, he said: “The 24 projects that will be implemented in the most affected area are now given to the respected departments who are relevant to those particular projects.” He added that those departments are now conducting a pre-procurement process, which will have to pass through the Office of the Civil Defence, then the Office of the President for approval before public bidding. — Arjay L. Balinbin

Fuel prices higher again this week

May 20, 2019 | 8:37 pm

AFTER THE past two weeks of decline, gasoline prices this week will rise by P0.90 per liter (/L), while the prices of diesel products will increase by P0.80/L, the same amount that was cut two weeks ago. Kerosene will cost higher by P0.75/L this week, oil companies said in their advisories as of late afternoon on Monday. For most of them, the price adjustment will take place at 6:00 a.m. today, May 21. Last week, the per liter prices of gasoline and kerosene were slashed by P1.25 and P0.30, respectively. Diesel prices were unchanged during that period. The price adjustment reflects the movement of prices in the international market, the oil companies said. — Victor V. Saulon

Nation at a Glance — (05/21/19)

May 20, 2019 | 8:37 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Highlighting Asia’s global startup leadership at annual conference Ignite 2019

May 20, 2019 | 10:53 am

With over 70 world-class speakers from 14 countries — including China, Singapore, Thailand, Indonesia, Taiwan, Malaysia, Germany, Sweden, and USA — and over 2,000 expected attendees, the third staging of Ignite Premier Innovation Conference will be the largest to date.

Ignite is a two-day conference king place on June 24 and 25 at Makati Shangri-La, organized by Techshake, dentsu X Philippines, and Brainsparks to support and connect the innovation ecosystem of the Philippines to the world.

This year, the spotlight will be on how Innovation in Asia is leading the charge in the global technology space. The first day will be filled with keynotes and panel discussions by thought leaders and industry experts from the region with exciting names like James Gilbert of Hubspot, Brian Cu of Grab, Cindy Wang of UXIN, Samuel Jeanblanc of Google, Amarit Charoenphan of Hubba & Techsauce, Haruka Furukawa of Slush Tokyo and Naga Tan of Dana Cita.

The second day will be focused on collaborative opportunities through WILDFIRE, a groundbreaking and redefined regional pitch competition with several exciting prizes including the chance to win up to P500,000 cash from Future Now Ventures and a chance to win US$500,000 from Seedstars.

Participants can also look forward to MATCH, the largest Innovation-centric business matching activity in the country that provides an opportunity for over 500 meetings between 200 startups, investors, and corporations. The goal is to bring together startups, investors, corporations, government agencies, accelerators, and incubators to find ways to work together in the spirit of collaboration.

You can join IGNITE 2019 by visiting their website here.

Celebrate a MANGAmazing weekend at the ‘Cebu Mangoes Festival’

May 20, 2019 | 10:28 am

If there’s one thing that will forever endear anyone who has visited Cebu—aside from the warm, genuine smiles of the Cebuanos, of course—it’s got to be the abundance of sweet, juicy mangoes that makes the island a lot more inviting.

Hembler Mendoza, head of Lapu-Lapu City Tourism Office, Tefel Pesigan-Valentino, vice president for marketing, Megaworld Lifestyle Malls; and Noli D. Hernandez, president, Megaworld Cebu Properties Inc.

A hands-down worldwide favorite, mangoes have easily become a proud trademark of Cebu, long before the recent mango craze caught on in various parts of the country. Such has been the inspiration behind the upcoming Cebu Mangoes Festival, a two-day festivity that celebrates the legacy and the success of mangoes as the top produce of the Queen City of the South.

The event takes place at The Mactan Newtown in Lapu-Lapu City on May 25 and 26, 2019, and will be spearheaded by Megaworld Corporation, in partnership with the Lapu-Lapu City Tourism Office.

Kadaugan dancers perform the ‘Mango Dance’

“We are very happy to get this celebration underway here in Lapu-Lapu City as we pay tribute to the mangoes of Cebu that the world has come to love. The Mactan Newtown is a very special township that plays host to more than 200 mango trees lined up along the main avenue, and it is the vision of our chairman Dr. Andrew L. Tan to showcase this vibrant aspect of the Cebu lifestyle. That is the reason why we find it fitting to celebrate Cebu mangoes here,” says Noli D. Hernandez, president, Megaworld Cebu Properties, Inc.

Tourists and visitors will literally have their hands full of everything and anything mangoes the moment the festival begins. Guests are invited to take part as the celebration kicks off with the Mango Street Dancing led by the Kadaugan Dancers on May 25, followed by the official start of the all-day mango picking activity along Newtown Boulevard inside The Mactan Newtown.

There’s also the Mango Bazaar featuring the so-called “mangopreneurs” of Cebu that will showcase a wide variety of mango-related products. Those who will take part in the festival can also look forward to enjoying a dining feast at the 500-seater Mactan Alfresco.

Also among the much-awaited activities that will form part of the festival is the unveiling of the world’s biggest mango sago, which is eyed to become a historic first in the island.

Both days will be capped off by the MANGAmazing Concert, which will feature live performances from Cebu’s most sought after talent, as well as a grand fireworks display.

“The Cebu Mangoes Festival is a one-of-a-kind celebration here at the Historic Resort City of Lapu-Lapu and this side of Cebu. Although the economic progress of the city has gone up by leaps and bounds, agriculture products like mangoes still thrive, and that proves how rich and diverse Cebu’s economic sector really is,” shares Hembler Mendoza, Lapu-Lapu City Tourism Head.

The 30-hectare The Mactan Newtown of Megaworld is the country’s first “Live-Work-Play-Learn” lifestyle township with its own beachfront located in Lapu-Lapu City, Mactan Island, Cebu. It is currently home to almost 10,000 BPO and office workers, as well as to Megaworld’s first school in Visayas and Mindanao, the Lasallian-supervised Newtown School of Excellence. For more information, like the The Mactan Newtown on Facebook (facebook.com/MactanNewtown) or follow @mactannewtown_ on Instagram and Twitter.

QC could put land value hike on hold

May 20, 2019 | 12:32 am

By Vann Marlo M. Villegas
Reporter

QUEZON CITY (QC) residents and businesses are likely to get a reprieve from an already deferred hefty increase in real property tax looming in January next year, as Mayor-elect Maria Josefina “Joy” G. Belmonte said she plans to put on hold implementation of higher land fair market values (FMV) pending “further consultation with the people.”

The city government issued QC Ordinance No. SP-2556, Series of 2016, in December 2016, increasing FMVs. But the Supreme Court (SC) halted implementation as it issued a temporary restraining order (TRO) on April 18, 2017 in response to a petition of Alliance of Quezon City Homeowners’ Association, Inc. (AQCHAI). The high court lifted the TRO on Sept. 18, 2018, allowing the hike to proceed. But the QC government suspended implementation to January 2020 through Ordinance No. SP-2778, Series of 2018 on Dec. 6, 2018.

“There’s still confusion about it and some taxpayers… asked that it be reviewed more thoroughly so they can participate more [in discussions on this tax issue],” Ms. Belmonte said in a telephone interview on Wednesday last week.

“I made the declaration that I will not implementing this ordinance; well, until such time additional revenue is necessary to run the city.”

Noting that “may mga iba pang mga homeowners’ magfa-file ulit… ng isa pang TRO (there are homeowners that will again seek a TRO from the court),” she said that “rather than mag-file kayo nang mag-file ng TRO, we’ll hold it in abeyance.”

“Let’s not implement and let’s just do further consultation with the people.”

Ms. Belmote said she will consult the Department of Finance (DoF), Commission on Audit and the Department of the Interior and Local Government on this plan.

“Kung okay naman sa kanila na wag muna i-implement, hindi muna natin i-implement in my first term (If it is okay with them, we will not implement it in my first term) and possibly even more years should I be reelected. But I could only speak for my first term,” she said.

Elected local government officials serve a three-year term and can seek reelection for two more consecutive terms.

Ms. Belmonte said she will propose to at least devote her upcoming term as mayor to “further inform, further clarify with the homeowners what this means” in order to avert any application for another TRO.

While she said during her recent election campaign that such a higher tax could be warranted by new major projects, she said in last week’s interview that “chances of that are very slim.”

QC Ordinance No. SP-2556, Series of 2016, raised the FMVs of residential, commercial and industrial real properties by 400-733.33%, in turn raising tax payable by real property owners by an estimated 39-131%. New assessment levels are set at five percent for residential and 14% for commercial and industrial lands. The adjustments are expected to yield an additional P700 million in real property tax collection in the measure’s first year of implementation.

FMVs were last increased in December 1995 despite the requirement of Republic Act No. 7160, or the Local Government Code of 1991, to adjust them every three years.

Sought for comment, DoF Assistant Secretary and spokesman Antonio Joselito G. Lambino II said the department “welcomes the opportunity” to dailogue with the mayor-elect regarding her plan. “I would be happy to share with her our proposal for the package three of the tax reform program. In fact, when I attended one of the meetings of the League of Cities of the Philippines, it was one of the proposals we were told was something the mayors found quite appealing,” he said in a telephone interview on Friday.

House Bill No. 8453, or the proposed “Real Property Valuation and Assessment Reform Act,” that was approved on third and final reading by the House of Representatives in November last year, aims to centralize valuation and assessment of real properties. The measure will be the basis of local appraisers and assessors for the schedule of market values that will be the basis of national and local real property-related taxes. It also tasks the Bureau of Local Government Finance to develop standardized valuation system, in line with international standards.

Sought for comment, AQCHAI President Danilo Liwanag called for more consultations with real property owners.

“(W)ala naman problema ‘yun sa mga homeowners association… hindi kami nag-o-object sa pagtaas ng FMV, kasi tama ‘yan; eh kasi since 1995 pa hindi tumataas ang FMV (Homeowners associations do not have a problem with the higher FMVs per se, since these values have not been adjusted since 1995),” Mr. Liwanag said in a telephone interview on Thursday last week.

“Ang ino-oppose namin ‘yung sobrang taas ng real property tax na naka-base doon sa FMV. Pwede naman kasing gumawa ng isang formula na hindi magiging masakit sa bulsa ng mga magbabayad (What we oppose is the very big increase of real property tax that is based on the FMV. There could be a formula to make sure any increase will not be too much of a burden for taxpayers.)

Mr. Liwanag added that the city government should inform constituents about where the additional funds will be used.

“’Yan ang importante: humarap sila sa amin. Pag-usapan kung ano ang ikabubuti ng siyudad. (That is what is important: they should face us and talk about the betterment of the city),” he said, adding that consultations conducted had been attended by only a few real property owners.

Mr. Liwanag said his group is poised to ask the court for a new TRO since the current ordinance setting a January 2020 implementation remains in force. “Kami naman, kailangan ulit magipon… kami ng mga tao, magrereklamo para ipa-TRO nanaman ’yan… gumagawa na kami ngayon talaga ng paraan para mapa-TRO ulit yan (Our group is again gathering people and finding ways in order to secure another TRO against that ordinance)”, he said.

Also sought for comment, Philippine Chamber of Commerce and Industry-QC President Sarah P. Deloraya-Mateo said in a mobile phone message on Friday that “… [t]he policy behind the proposed implementation (of the increase) should be discussed with the public so the people can properly make a sound judgment,” and asked that “increased rates… be justified by a lawful purpose that will benefit QC stakeholders.”

Ms. Deloraya-Mateo noted that the chamber and other business organizations were consulted in 2016, “but not all agreed with the increase.”

Midterm polls bare campaign lessons

May 20, 2019 | 12:31 am

By Charmaine A. Tadalan
Reporter

THE RECENT MIDTERM elections showed the ineffectiveness of negative campaigning and the limits of social media drives, observers said in separate interviews late last week.

“The President is so popular, they (opposition) could have tried to come up with a campaign with a messaging that focused on programs and policies that is more objective… instead of just criticizing the anti-drug war, the foreign policy on the West Philippine Sea,” Ateneo School of Government professor Edmund S. Tayao said by phone on Thursday.

“They could have offered alternatives without naming names and without besmirching the image of the President.”

President Rodrigo R. Duterte has sustained “very good” public satisfaction ratings even amid controversies.

National Citizen’s Movement for Free Elections Secretary General Eric Jude O. Alvia shared this view, saying that criticisms against Mr. Duterte worked against opposition candidates. He also noted the strategy resulted in candidates failing to highlight their proposed platforms. “’Yung campaign nila masyadong natulak towards negative campaigning, anything against the administration, bumalandra sa kanila (Their campaign that focused too much on anything negative against the administration backfired),” Mr. Alvia said in a phone interview on Thursday. “Nakalimutan nila ‘yung message nila na anong kakargahin nilang issue, platforms (They forgot to highlight their platforms); Parang lahat confrontational (they were largely confrontational).”

And while social media does help even the playing field somewhat for lesser-known candidates, this tool has its limits.

Mr. Tayao pointed out that social networking sites cannot be accessed in far-flung areas. “The reach of social media is still quite limited,” he noted. “So apart from NCR (National Capital Region or Metro Manila), perhaps the reliability of social media is true only for key cities like Davao, Cebu, CDO (Cagayan de Oro), Baguio and probably Laoag.”

Mr. Alvia said a social media campaign still needs a stable support base for starters, which can be developed only after some time. Among others, faced with a popular President, the opposition should have started working on the public during the Barangay elections last year if its candidates were to have a better chance in the May 13 elections. “They started out late to do that campaign. Dapat may base ka na, sa kanila, ngayon pa lang gumagawa ng base. To create that base into direct votes, into tangible votes, kulang ang panahon (they lacked time). At the rate they were doing it compared to the rate the admin bets were doing, talo sila (they were done).”

University of the Philippines political science professor Maria Ela L. Atienza said social media campaigns should be backed by personal interactions, noting that elections in the Philippines is personality-driven.

“One needs to campaign using different fronts. Social media can reach certain types of people, e.g. young people, professionals and OFWs (overseas Filipino workers),” Ms. Atienza said via e-mail on Thursday.

“However, a candidate really has to go out and interact with different sectors,” she added.

“In the Philippines, because electoral and party system laws do not encourage program-based political parties and campaigns, elections remain very expensive and personality-based,” she noted.

“Those who are perceived as closer to the people, or whom people identify with… have an advantage. While there are candidates who are qualified in terms of educational degrees and professions, their perceived personalities really matter.”

San Miguel power unit disputes gov’t claim of unpaid fees

May 20, 2019 | 12:30 am

SOUTH PREMIERE Power Corp. (SPPC) said it had paid the government P289.1 billion since 2010 in various fees as administrator of the Ilijan power plant in Batangas, as it disputed the P19.75 billion in supposed unpaid dues being claimed by the state energy privatization agency.

In a statement over the weekend, the unit of SMC Global Power Holdings Corp. said it honors and religiously pays its contractual obligations to the Power Sector Assets and Liabilities Management Corp. (PSALM) under the independent power producer administration (IPPA) agreement for the 1,200 megawatt (MW) facility.

“It is unfortunate that PSALM has to resort again to misinformation while the case is pending in court. While it is inappropriate for us to comment on the issue, we take this matter seriously and we cannot allow damaging statements like this to hurt our reputation and our stakeholders,” SPPC President Ramon S. Ang said.

The issue relates to a complaint earlier filed by SPPC against PSALM for willful breach of contract because of flawed interpretation of certain provisions on its power generation payments under the Ilijan IPPA agreement.

IPPAs are qualified private entities that manage the output from energy conversion and power purchase agreements that the National Power Corp. (Napocor) entered into with independent power producers.

They are appointed through public auctions conducted by PSALM.

SPPC said PSALM’s “questionable” interpretation resulted in the alleged shortfall in its payments. The company said its records show that the P289.1 billion or $6.19 billion paid as of end April 2019 to PSALM consists of P222.4 billion in energy fees and P66.66 billion in capacity fees.

It said by the time the agreement expires in 2022, it will have paid PSALM a total of P390.6 billion representing P293.01 billion in energy fees and P97.6 billion in capacity fees.

It added that the amount it paid for capacity fees alone, which is equivalent to about $2 billion, is enough to pay for the 20-year-old power plant. It said a brand new plant with the same capacity could be built for so much less.

SPPC also reimburses PSALM regularly for fuel and variable operating and maintenance costs in the form of energy fees, the company added.

Hence, SPPC said, it is paying PSALM more than what it is paying the IPP counterparty for the Ilijan power plant.

PSALM is, in fact, net cash positive from its administration agreement with SPPC, it said, adding that as of end-April, the state agency gained P34.75 billion from its administration agreement with SPPC.

SPPC also responded to PSALM’s claims that the company should have sold its power generation to the Wholesale Electricity Spot Market (WESM) instead of distribution utility Manila Electric Co. (Meralco) as the arrangement would have optimized revenues from the high market prices in November and December 2013.

It said PSALM’s view is not only in hindsight but also “very short sighted.” It said prices in those months in 2013 at P15.56 per kilowatt-hour (/kWh) “was a fluke” and was in fact declared by Energy Regulatory Commission (ERC) null and void in its order of March 2014.

SPPC said WESM prices are volatile since they are dictated by supply and demand. It said that, at a time when supply exceeds demand, prices hover at about P2-2.50/kWh, which could have meant huge losses for PSALM and SPPC.

“It is not even enough to pay for fuel costs,” it said.

It cited ERC’s Dec. 17, 2012 decision in Case No. 2012-034RC on the application for approval of the Meralco-SPPC power supply agreement (PSA) in relation to the Ilijan power plant, which states among others that Ilijan is a baseload plant, hence, a bilateral contract provides price stability to protect consumers.

The decision also states that proposed rates are lower than what SPPC is entitled to and lower than Napocor rates, thus beneficial to consumers.

It also says that the rates allow SPPC only recovery of its monthly payments to PSALM plus an equity return of 16.44% post tax, in accordance with ERC’s doctrine on return of equity of power generators.

SPPC said on a monthly basis, it pays PSALM the amounts required by the administration agreement as detailed, authorized and mandated by the ERC decision.

The case filed by SPPC also sought to stop PSALM from illegally terminating SPPC’s Ilijan IPPA and treating the latter as an administrator in default.

The company said that, on Sept. 15, 2016, the court issued an order granting a preliminary injunction that enjoins PSALM from proceeding with the termination of the IPPA agreement with SPPC while the main case is pending. — Victor V. Saulon

Domestic Market Capitalization of select Stock Exchanges in Asia Pacific

May 20, 2019 | 12:30 am

The Lexus of minivans

May 20, 2019 | 12:08 am

By Manny N. de los Reyes

I’VE BEEN to just about every major motor show in every corner of the globe. I’m used to seeing sleek new models being unveiled. I’m used to seeing racecars and supercars that look incredibly fast (and often are). I’m used to seeing concept cars that are so outlandish that they often don’t even see the light of day.

What I’m not used to seeing, however, is a corporate booth being mobbed by legions of media members jostling to take a better look or to take photos of…. a minivan.

Yes, a minivan. You read that right. But this is no glorified people-carrier or mom mobile.

It is, to put it succinctly, the Lexus of minivans. That’s also putting it literally.

And that’s because Lexus has finally seen fit to make a minivan — one that is poised to redefine the genre the way the seminal Lexus LS 400 redefined luxury sedans way back in 1989.

And it is this very Lexus, debuting with the name LM, that stopped me in my tracks while I wandered the halls of the Shanghai Motor Show. “LM” stands for Luxury Mover, and it emphasizes Lexus’ commitment to delivering amazing experiences, and reveals their vision for a new luxury mobile lifestyle.

The spacious yet sophisticated Luxury Mover, soon to be available in China and select Asian markets, responds to the increased demand for products tailored to local and individual tastes.

The unique flexibility and spaciousness inherent to the luxury MPV category has helped its evolution into an unrivaled form of luxury transport in Asia, driving stable segment growth over the past five years. The Lexus LM aims to create a luxury rear seat experience unlike any other to help cater to the growing demands for chauffeured vehicles from Asia’s luxury consumers.

The Lexus LM seeks to meet the needs of the modern, driven, always on-the-go professionals who view their luxury vehicle as more than mere transportation. Compared to traditional luxury vehicles, Lexus envisions a luxury environment creating a personal space that helps occupants perform better in business and also maximizes time when on the move. The height and width of the LM allows its four-seat configuration to offer a crafted mobile space equally adept at supporting business ambitions with a private space that has been optimized for both work and relaxation.

The Lexus LM will be offered in two models (LM 350 and LM 300h) and two drive types (front-wheel drive and all-wheel drive). Availability will vary by market. The LM 350 uses a 3.5-liter DOHC petrol engine while the LM 300h employs a 2.5-liter four-cylinder engine in a hybrid system.

Based on the already luxurious Toyota Alphard, the LM’s exterior is defined by the Lexus spindle grille, and chrome accentuation of the side body. The center pillar is adorned with dual arrowhead chrome ornamentation that enhances the vehicle’s side-view and hints to its premium nature. The grille is chrome plated with flowing accents that help create the sense of dynamism necessary to distinguish this vehicle. Two exterior color options are available for the LM: Black and White Pearl Crystal Shine.

Unique headlamps integrate the distinctive arrowhead shape of Lexus daytime running lamps, and offer composite projection beams. In addition, the rear LED lamps inspired by the Lexus new design signature use a wide lens spanning the entire rear width of the LM.

Lexus helps define the MPV segment’s luxury class by offering a choice of optimized interior configurations. Expertly crafted details such as leather wrapped surfaces and stitched panels create an interior with a premium feel. Newly developed Gin-Sui-Boku (Silver Ink) ornamentation inspired by the art of ink wash painting adorns the interior giving it a distinctive appeal.

The Lexus LM is equipped with a Mark Levinson Premium Surround Sound System that delivers clear, live-sounding in-car audio entertainment. The use of acoustic glass helps achieve an extraordinary level of quietness that further elevates luxury.

FIRST-CLASS CABIN
The opulent four-seat configuration of the LM is suited to the chauffeured needs of the urban, business-focused professional as it provides a relaxing, private environment. The four-seat layout boasts two large, throne-style, high back supportive seats in the rear of the luxury mobile space. In this configuration, the LM aims to create a rear seat experience unrivaled among luxury vehicles. The reclining angle was carefully designed for optimum relaxation, and the position of the occupant’s face relative to the window. The seats rely on plush low-density urethane foam that offers ideal support with couch-like comfort. These seats are also cooled using suction ventilation that draws air through the seat surface to enhance comfort.

The rear cabin features a 26-inch screen, a 14-liter refrigerator, umbrella storage, and center console with touch control panel. The panel controls the seat position, relaxation function, climate control and audio for the rear private space. The refrigerator accommodates wine bottles and glasses.

The glass of the rear partition is adjustable to help regulate the privacy of the rear space. The 26-inch screen interfaces with computers, smartphones, and tablets, and plays Blu-ray DVDs.

AN AVAILABLE BUSINESS CLASS
The LM is also available in a seven-seat configuration. This layout offers two separate luxury bucket seats for the first two rows and a third rear row of three seats across, finished in leather. The seats of the center row are distinguished by larger, more supportive armrests. This seven-seat configuration of the LM is ideally suited for business professionals who also intend to use the vehicle for family duty transportation.

GT Capital seeking partners to develop property in Cavite

May 20, 2019 | 12:07 am

By Arra B. Francia
Senior Reporter

GT Capital Holdings, Inc. is looking for local or foreign partners to help develop portions of the P20 billion worth of land it received after its divestment from Property Company of Friends, Inc. (Pro-Friends), a top official said last week.

GT Capital President Carmelo Maria Luza Bautista said they are developing a master plan for 600 hectares out of the 702 hectares in selected assets from Pro-Friends, which cover parts of Imus, General Trias, and Bacoor in Cavite.

“Once the master plan is developed or is better defined, the intention is to look for local or foreign joint venture partners to facilitate it so we can monetize the asset, given the overall size of the project,” Mr. Bautista said during a briefing in Taguig City last week.

Mr. Bautista said they can tap both local and foreign partners for the project given its size.

“If you can identify another Isetan Mitsukoshi equivalent for masterplanned communities, then that will be the case,” Mr. Bautista said, referring to subsidiary Federal Land, Inc.’s partner in developing its residential and retail complex project in Bonifacio Global City.

“We also have very good partnerships with local conglomerates and we are open to some of them,” he added.

GT Capital returned its 51% stake in Pro-Friends in exchange for the 702-hectare land earlier this month, explaining that rising property prices no longer make their land bank suitable for affordable housing projects. It noted that land values of other property players in the area range from P17,000 to P52,000 per square meter.

The transaction is still awaiting approval from the Philippine Competition Commission.

Once approved, the company plans to develop the Cavite portion into a mix of mid-rise residential properties and commercial projects that will target the mid-income segment.

“Ongoing infrastructure projects may translate to higher land prices in the medium-term,” the company said.

These infrastructure projects include the Manila-Cavite Expressway (CAVITEx) and the CAVITEx C-5 South Link that will both be finished by 2021, as well as the Cavite-Laguna Expressway that will be completed in 2022.

Meanwhile, Mr. Bautista said the remaining parcels of land in Metro Manila can be developed into high-rise condominiums by Federal Land. These are located in Shaw Boulevard, Santolan, and along Daang Hari road.

GT Capital’s net income attributable to the parent dropped by eight percent to P3.42 billion in the first quarter of 2019, even as revenues added three percent to P47.02 billion. The conglomerate was weighed down by lower sales from its auto and property business units.

The Ultimate Sport Truck South African Adventure

May 20, 2019 | 12:07 am

Words and photos by Kevin C. Limjoco

IT WAS another round of guiltless pleasure all over again! This time Ford Philippines sent me to cover the landmark celebration of the Ranger Raptor super truck being built in Silverton, Pretoria, South Africa. I, along with journalists from Thailand, Vietnam, Australia, and South Africa, were the first wave of motor journalists to test the factory’s finished production super bakkies (I prefer how the South Africans refer to pickup trucks). The Silverton plant currently produces the Ranger pickup for export to 148 markets in Africa, the Middle East and Europe.

We first flew in to Johannesburg to settle in and immerse ourselves in the local culture as best we could, given the time constraints. We went to the Lion and Safari Park in Broederstroom for a couple of entertaining and informative hours with the wildlife, then carried on to the Harties Aerial Cableway, which extends to the top of the Magaliesberg mountain range and offers a spectacular panoramic view of the Hartbeespoort Dam and the surrounding area.

The next day we flew out of Johannesburg and headed northwest to Upington, Northern Cape, on the banks of the Orange River, known for fine wines from the Orange River Cellars and the Kalahari Basin. After we landed and had our briefing, we jumped on our dedicated Ford Ranger Raptors and drove north on the R360 for the Goera Pan, an ancient salt bed which is surrounded by characteristic Northern Cape Kalahari rolling red dune landscapes, situated on route to the Kgalagadi Transfrontier Park and a gateway to Namibia and Botswana. It was here, after driving on the well-paved tarmac of the R360, that we all got to explore the incredible abilities of the Ford Ranger Raptor.

For a quick recap, the Ford Ranger Raptor uses bespoke long-travel FOX Racing suspension, has a 150 mm wider track, 168 mm wider body, bespoke BFGoodrich All-Terrain KO2 tires (a paragon for all-terrain capability), and over 350 unique components compared to the standard Ranger. It can wade water to the new class-best of 850 mm depth, while being the fastest, nimblest, quickest, and most comfortable super truck ever.

At the Goera Pan, we all got to drive, for as long as we desired, primarily three exercises: a rally stage, a sand stage, and a slalom stage. The only physical differences applied to the vehicles were adjusted tire pressures, the lowest setting for sand, mid-setting for the rally, and the closest to stock pressures for the slalom stage. The other adjustments made to suit each exercise were from the steering wheel 6-mode intelligent terrain control, 4-Low and 4-High knob, and rear differential lock button. The rally stage course was an 8-minute route that had the most variable terrain that began on the salt-bed flats that led to the semi-desert hills then back down again. We ran it on “Baja” mode for optimal high-speed off-road performance. The most challenging stage was on the deep sand dunes where we all maxed out our off-road skills climbing and plowing through the course. The last stage was the least laborious and the most juvenile as we just enjoyed four-wheel drifting through dual concentric courses.

There was one last exercise after the whole day in the beating sun, a 7-kilometer alternative route near a cattle range that had multiple consecutive high-speed jumps where we would literally jump and soar at speeds over 150 km/h! On my last jump at close to 160 km/h I saw a large and unfazed South African Oryx at the crest. The huge buck must have confused the convoy of jumping bakkies as a herd of mechanical fools!

We drove the living hell out of the Ranger Raptor over some of the most challenging terrain without breaking a sweat. It’s so capable that it makes even inexperienced drivers perform like professionals. The Raptor is the very top triathlete in the trucking class. Its monumental ability to maintain speed as it jumps, crawls, wades through rivers — all in even the most unforgiving terrain — is truly astonishing. It is the very best balanced and most exploitable super truck ever produced. This last South African experience simply reinforced it!

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