Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11132

Foundation highlights power of football and play to create transformations

TEN VISITING refugee children from Marawi and 20 Muslim orphans of war from the Dar Amanah Children’s Home in Silang, Cavite, were treated to a football fun day by Football for Humanity Foundation (FFH) and VXI Philippines at the Sparta Football complex in Mandaluyong City recently.
“Our football fun day is quite unique; we have top-flight Belgian coach Nico D’Haenen and his boys leading a kinesthetic workout which I know is a first for our visitors, and we have AFC-licensed Filipino coaches from San Carlos conducting freestyle demos, drills, and small-sided games that also included the grown-ups,” said to Chris Thomas, FFH founder and overall organizer of the event. “These kids have been through a lot, psychologically and physically, and we believe football, which is a new experience for some of them, will awaken their sense of fun, teamwork, excitement, and love for action.
Bottom line, it is a child’s right to play and we’re bringing back this joy, which is really necessary to erase the trauma of the past year, when their homes, families and friends in Marawi were subjected to the violence and tragedy of war,” added Mr. Thomas.
The traditional kickoff included Her Majesty’s Ambassador Daniel Pruce, VXI Philippines Vice-President for Human Resources Jovy Llanes, Ecosystems Work for Essential Benefits volunteer Nahida Takiri, Azkals Manager Dan Palami, and Mr. Thomas.
Ambassador Pruce expressed his appreciation to be part of the activity and gave the children a short inspirational message, assuring them of the British Embassy’s support in similar initiatives for Marawi.
The British Embassy has been supporting FFH initiatives since 2016.
Mr. Palami said the Azkals are “definitely behind the FFH in their mission to use football as a platform to help individuals and their communities overcome the counterproductive forces in society.”
Mr. Thomas hopes the event will establish the love for football and rekindle a sense of fun and play in the children who will continue to participate in the long-term football development plan of FFH and its sponsors and partners. “We’re confident that one day, we will produce world-class football players,” added Belle Tiongco, vice-president and cofounder of FFH.
FFH is a charity dedicated to using football and the power of play to create personal and social transformations. It is registered in the United Kingdom and the Philippines, and can be reached at www.footballforhumanity.org, www.facebook.com/footballforhumanity.

Topsy-turvy at the half

The Philippine Basketball Association (PBA) is on a nine-day break to give way to the midseason classic All-Star Game, also putting a halt to action in the current Commissioner’s Cup which at the halfway point can be categorized as “topsy-turvy.”
Looking at the standings midway into the midseason PBA tournament one cannot be blamed for taking a second glimpse for its “unfamiliarity” with teams deemed to struggle actually doing well and those that were expected to have their way lagging.
On top of the heap to date are the Rain or Shine Elasto Painters at 5-1. Middled for much of the previous tournament Philippine Cup, the E-Painters have come out like a house on fire to start the ongoing tournament.
Obviously they have found a good fit in burly import Reggie Johnson who has provided the heft and ceiling to man the middle for Rain or Shine, allowing the rest of the team flexibility to do other things to much success. It has also helped that more of the E-Painters are stepping up and making their presence felt on a regular basis to fortify their campaign further.
Joint second are the Alaska Aces and TNT KaTropa at 4-1.
Much Like ROS, Alaska has benefitted from a having a working local crew, led by a rejuvenated Vic Manuel, and a steady import in Antonio Campbell.
The Aces had a strong start in the last conference but faltered in the end but with the way they are handling themselves right now it seems like they are poised go deeper this time around.
TNT, for its part, is performing as expected especially after restructuring their roster last conference and during the in-between conference break that netted for them the likes of Terrence Romeo, Jericho Cruz and Don Trollano.
Import Jeremy Tyler underperformed for the KaTropa and was given the boot but the team has proven anew when a squad is brimming with talent it is going to be tough to deny it success.
At solo fourth to date are the Magnolia Hotshots Pambansang Manok (3-1) who have done a good job turning things around after being tripped initially in the tournament.
It is going to be interesting though how the dynamic would change for the team after the departure of original import Vernon Macklin, who asked to be released to play in China.
Good thing for Magnolia though is it has time to acclimatize with its replacement import during the All-Star break before plunging back into action.
At fifth with a 3-2 record are the Meralco Bolts and Phoenix Fuel Masters.
The Bolts had it rough in the All-Filipino tournament but are competing on a better footing this time around with former best import awardee Arinze Onuaku providing inside muscle on both ends of the court.
Phoenix, for its part, is having it up and down so far but is showing a lot of promise with its versatility and depth.
Next are the GlobalPort Batang Pier and Columbian Dyip at 3-3.
GlobalPort has to be given credit for performing that way it does after the departure of star guard Romeo. It has been playing with a lot of hustle and aggressiveness in the competition and it has been churning out good results.
The same could be said for Columbian, which has been far different team from the one which won only one game last conference as the Kia Picanto.
The bottom four, and currently outside looking in if the playoffs started today, are the Barangay Ginebra San Miguel Kings (1-3), NLEX Road Warriors (1-4), San Miguel Beermen (0-3) and Blackwater Elite (0-6).
Competitive teams in the last couple of PBA conferences, to see these four at the bottom is really surprising.
The defending champions Beermen are definitely off to a bad start so much so they have replaced their original import Troy Gillenwater with erstwhile PBA banned Renaldo Balkman. Chemistry is proving to be a work in progress right now for San Miguel as they also have to assimilate rookie Christian Standhardinger to its system.
Import woes could well be attributed to the struggles of the Kings as Charles Garcia, while serviceable, did not really bring the best out of the team in the collective. Resident import Justin Brownlee is set to make his return which is a good news for the Ginebra faithful.
NLEX certainly has been a big letdown in the Commissioner’s Cup after a semifinal finish in the last conference. The Road Warriors have yet to really establish a groove, making one wonder if they will ever get one this conference.
Blackwater, too, has dropped significantly. While it was not expected to really lord it in the standings, to be winless halfway into the tournament is surely left field considering the talent it has. The Elite have changed coach but there is still no end to their woes.
With teams “upside down” halfway into the tournament, the ongoing PBA Commissioner’s Cup is proving to be of note. And the thing about it all, there is still the second half to be played.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@www.bworldonline.com

Now a best-of-three

As expected, the East Finals is tied at two after four games. Yesterday, the Cavaliers again stamped their class at the Q to record their seventh straight home victory. Not a few quarters thought to write their epitaph after they were blown off the court in Games One and Two, and with reason. They didn’t just fall to the supposedly inferior Celtics; they fell hard, their relative lack of effort exposed in the face of determination, resolve, and outstanding leadership from the sidelines. The flipside, of course, is that they’ve been there and done that, and they subsequently put their experience on full display to even the best-of-seven affair.
Certainly, the Cavaliers’ confidence never wavered even after they were down and supposedly out. In large measure, it’s because they knew — as they have always known — that having LeBron James on their side allows them to recalibrate their center and adjust accordingly. With the all-time great never better even on his 15th season, they understand that it takes much more than an early flurry of blows to knock them out, and that, in the final analysis, they simply need to be true to themselves to compete.
That said, the Celtics have plenty to fuel their own fire. Their setback yesterday notwithstanding, they can take solace in the fact that they actually won the last three quarters. After looking primed for another embarrassing defeat that mimicked Game Three’s, they scrapped and clawed their way back to respectability. A few more fortunate bounces and whistles here and here, and they may well have turned their short runs in the final canto into a monumental turnaround.
In any case, Game Five figures to be a humdinger. True, the National Basketball Association finally turned in a conference finals that featured a single-digit difference between protagonists, but only after the Celtics picked up a garbage-time bucket off a deliberate shot-clock violation by the Cavaliers. Nonetheless, there can be no underestimating the impact of the development, especially on Brad Stevens’ charges. And for all their missteps, they continue to possess homecourt advantage in the series, a significant factor in their favor; not for nothing have they remained unbeaten at The Garden so far in the 2018 Playoffs.
For all intents, the East Finals has become a take-two-of-three affair — which is to say anything can happen. The Celtics have depth and discipline. The Cavaliers have experience and, more importantly, James. No wonder hoops followers are pursing their lips in anticipation.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

Volkswagen turns to Asia


VOLKSWAGEN’s 2013 return to the Philippines, under the automobile business of Ayala Corporation, relied heavily on the cheerful, nostalgia-filled vibe of the Beetle — at the brand’s launch program Ayala Corp. President and COO Fernando Zobel wheeled out a restored vintage Beetle on stage and parked it alongside the car’s modern spawn. In contrast, Volkswagen Philippines’ lineup for 2018, presented on May 18 by Mr. Zobel and other company officials, was largely composed of models intended for China rather than for a global audience (like the Beetle had always been).
Brought out this time were the Volkswagen Santana MPI MT, Lavida 230 TSi DSG, Tiguan 280 TSi DSG and Lamando 280 TSi DSG, as well as the GTS variant of the Santana. Of the five, now available in Volkswagen stores are the Santana MPI, Lavida and Tiguan. The Santana GTS and Lamando are set to be sold in November.
The new models, Volkswagen Philippines said in a statement, will “redefine how the… marque will develop and expand its local presence.” Because three of these models are sedans and one a subcompact hatchback — all of which aimed at different sets of consumers — it is expected that the Volkswagen Polo and Jetta will be eased out of the current local lineup. Incidentally, both the Polo and Jetta are global models.
David Powels, first vice-president of Shanghai Volkswagen, in his speech during the launch program said the newly introduced models are all “tailor-made” for Asians, crediting these as the “key pillars” for Volkswagen’s success in the region. The executive noted the Santana has been an “iconic entry model” in China for over 30 years, and that the car was among the top 10 best-sellers in the country last year.
The Lavida, Mr. Powels continued, has topped its segment in the last five years and in 2017 was the second best-selling vehicle in China, notching up more than 450,000 deliveries. Tiguan variants, meanwhile, last year found 330,000 buyers in China — the best results in the vehicle’s segment.
“Being responsible for the sales of these models in China, I know… how great their appeal is to our customers,” Mr. Powels said.
PEOPLE’S CAR
Staying true to its “people’s car” tag, Volkswagen is relying on an entry-level model — the Santana — to head its refreshed range in the Philippines. The Santana, powered by an 89-hp, 132-Nm 1.4-liter MPI gasoline engine that’s matched to a five-speed manual transmission, is positioned to compete against mainstream models via a P686,000 sticker price, which is only P18,000 more expensive than an identically-equipped Toyota Vios 1.3 J MT. For its part, the Santana GTS variant, which differs from the “regular” Santana by having a five-door hatchback cut, a six-speed automatic transmission and some sporty features, is seen to take on top-spec hatchback models.
A rung up Volkswagen’s new sedan range is the Lavida, which comes with a 128-hp, 225-Nm 1.4-liter Turbocharged Stratified Injection (TSI) gasoline engine and a seven-speed Direct Shift Gearbox (DSG) transmission — a combination used not only in numerous Volkswagen models but also in other brands that belong to the Volkswagen Group, notably Audi, Skoda and Seat. Among the premium features of the Lavida are leather seats, automatic climate control, a sunroof, electronic differential lock and push-button ignition start/stop. The car is priced from P1.171 million.
The slightly longer and more rakish Lamando is also propelled by a 1.4-liter TSI engine with a seven-speed DSG. Volkswagen has not announced prices for the Lamando (and Santana GTS), but like the Santana and Lavida, the Lamando is built by Shanghai Volkswagen, or the SAIC Vokswagen Automotive Company, Ltd., so the car is expected to be as reasonably priced.
Meanwhile, the arrival of the Tiguan 280 results in Volkswagen Philippines having two Tiguan models — the company has been selling the current-generation Tiguan 1.4 TSi DSG Comfortline since 2017. The newly announced Tiguan 280 is a refreshed version of the previous-generation model, and is also produced by Shanghai Volkswagen. It is equipped with a 147-hp, 250-Nm 1.4-liter TSi engine, a six-speed DSG, “Vienna” leather seats, dual-zone automatic climate control, a panoramic sunroof, an eight-speaker audio, and a 12-way power-adjustable driver’s seat, among other features. Significantly, the Tiguan 280 is P611,000 cheaper than the current-gen Tiguan; the former sells for P1.648 million while the latter goes for P2.259 million.
The introduction of the Santana, Lavida and Tiguan 280 brings to an even dozen Volkswagen’s lineup in the Philippines. Prices of the models now range between P3 million (or more, depending on specifications) for the Crafter full-size van and P686,000 for the Santana.
VOLKSWAGEN AND FILIPINOS
Arthur R. Tan, president and CEO of AC Industrials, the automobile business unit of Ayala Corp., during the launch program said the “new models would undoubtedly add to the growing heritage of the Volkswagen brand in the Philippines.” The executive cited the “unique, cross-generational relationship between Volkswagen and the Filipino,” and said the arrival of the latest products would help Volkswagen to remain an “integral part of the Filipino culture.”
Partly ensuring this, according to the brand, is a comprehensive warranty coverage for Volkswagen vehicles. The newly introduced models, Volkswagen Philippines said, are not only backed by the usual three-year/100,000-kilometer general warranty, but also covered (also for three years) by a warranty for their paint and main steel body structures. The periodic maintenance service schedule for the latest models is also set for only once a year (or every 10,000 kilometers, whichever comes first). This, the company said, makes owning any of them more convenient and cost-efficient.
Just as the Beetle was. — Brian M. Afuang

AMR spin-off becomes new Aston Martin DB11 flagship


ASTON Martin during the May 11 opening of its AMR Performance Center in Nurburgring, Germany, introduced the new DB11 AMR, which replaced the V12 engine-powered DB11 as the flagship variant.
The car maker said the DB11 AMR “boasts greater power, increased performance, enhanced driving dynamics and a more soulful exhaust note.” The new variant also comes with a suite of exterior and interior enhancements.
Powering the DB11 AMR is a twin-turbocharged 5.2-liter V12 engine that makes 630 hp, which is 30 hp more than the unit in the DB11 V12 and 127 hp more than the DB11 V8’s engine. Meanwhile, torque remains unchanged at 700 Nm.
Aston Martin said the DB11 AMR is 0.2 seconds quicker from a standstill to 100 kph than the DB11 V12, or a time of 3.7 seconds for the former versus 3.7 seconds for the latter. The DB11 AMR’s 335 kph top speed makes it one of the world’s swiftest GT cars, as well as the fastest model in Aston Martin’s current range.
The DB11 AMR is distinguished by a exposed carbon fiber and gloss black detailing. The dark theme that continues inside (monotone leather and Alcantara upholstery) is contrasted by a bright lime stripe. An AMR Signature Edition features a Stirling Green and lime livery.

New 911 GT3 R hands Porsche 12th win in the 24 Hours Nurburgring

THE No. 912 Porsche 911 GT3 R on May 13 won the 24 Hours Nurburgring endurance race. The car fielded by the Manthey Racing team took the lead 70 minutes before the end of the 24-hour race and held onto it until the checkered flag.
Porsche said the win is Porsche’s first since 2011 on the legendary long-distance race, and is the brand’s 12th victory in the series.
According to Porsche, the winning 911 GT3 R started the race from sixth on the grid, but fell far behind because of a puncture. During the night, the driver lineup of Richard Lietz, Patrick Pilet, Frederic Makowiecki and Nick Tandy caught up to the front-runners and moved into second place despite a time penalty. When the race was restarted after fog halted it, the team’s final driver — Mr. Makowiecki — snatched the lead to cross the finish line in first place after doing 135 laps.
The 911 GT 3 R was designed as a new customer racer for the GT3 series worldwide, and is based on the 911 GT3 RS production sports car. It is powered by a 550-hp 4.0-liter flat-six engine identical to the in the 911 GT3 RS. Power from the rear-mounted engine is transferred to the 310-millimeter-wide rear wheels via a sequential six-speed constant-mesh gearbox with an electronic shift actuator. The clutch is electro-hydraulically controlled, which eliminates the need for the clutch pedal and assists quick race starts.

Dashboard (05/23/18)

3 PHL Chevrolet dealers named ‘GM Grandmasters’

CHEVROLET Philippines said three of its dealers were named among GM Grandmasters for 2017. The company explained “Grandmasters” refer to GM’s best-performing dealers in terms of sales, service and after-sales in Southeast Asia.
The winners from the Philippines were Chevrolet Pasig, Chevrolet Cebu and Chevrolet Ilocos Norte.
Chevrolet said dealers from Indonesia, Thailand and Vietnam were also cited in the awards. It added dealers were selected based on vehicle and parts sales, service, customer satisfaction and facility standards.
“Our dealer partners are critical to our success. Thanks to their outstanding contributions and hard work, we grew our sales in Southeast Asia by 16% in 2017 compared to 2016. In the Philippines, our sales grew by 11% in 2017, thanks to great new vehicle launches,” said GM Southeast Asia President Ian Nicholls.

Ford vehicles with Sync now integrate Waze app

WAZE users worldwide can now project the app’s real-time traffic and navigation service onto the touch screen panels — and can even control the app via voice commands — in Ford vehicles via the car maker’s Sync AppLink feature, Ford said in a news release.
Ford explained users can simply connect their Waze-equipped Apple iPhone to the USB port of their Ford vehicle and view the service as it is projected onto the touch screen.
“Our goal is to make it as easy as possible for people to access the smart phone features, apps and services they care about most in the car, without having to pick up their device,” said Don Butler, executive director, connected vehicle platform and product, at Ford Motor Co.
Ford said Waze can be accessed in its vehicles equipped with Sync 3 software version 3.0 or greater.

Isuzu Mu-X owners’ club completes 1,000-km. trip

MEMBERS of the Isuzu Mu-X Owners Philippines, or muXOP, on May 1 completed a 1,000-kilometer tour of Catanduanes, Isuzu Philippines Corp. (IPC) said.
It added 20 Mu-X SUVs, along with IPC representatives aboard a pair of new Mu-X variants powered by Isuzu’s new BluePower RZ4E engine, took part in the tour that started at the South Luzon Expressway in Calamba, Laguna, on April 27. The group drove to the Tabaco Port in Albay, where it boarded a ferry boat to the San Andres Port in Catanduanes.
IPC said muXOP, headed by Val Estor, is less than a year old and already counts over 2,000 members.
Mr. Estor said the new RZ4E engine will “motivate Mu-X owners to embark on more trips” because of the engine’s “vastly improved fuel efficiency, significantly reduced noise and vibration, and cleaner emissions.”
The RZ4E engine represents Isuzu’s foray into smaller but higher-output engines.

Provincial dealerships sprout

Business is very good in the local automotive industry, which has seen continuous growth sales-wise in the last six years. In 2017, our market sold a total of 470,000 brand-new passenger vehicles, up some 17% from 2016’s 400,000-unit tally.
Around 35-40% of these new cars wind up in Metro Manila alone, which explains the horrendous traffic jams we now experience on a daily basis. Now, there is only so much metal you can cram into any megalopolis. At some point, its residents will realize there are already too many cars around them, and that it’s time to unclog the roads if they are to preserve their decent living situation.
If you’re in the auto business and you’re among those with the unenviable task of having to hit monthly sales quotas, the prospect has to worry you. Just when exactly will your most crucial market — Metro Manila in this case — reach such saturation levels that further growth is simply no longer sustainable? Has the National Capital Region indeed irrevocably crossed over to that critical side where its inhabitants need to now seriously consider going carless for the benefit of all?
If you ask President Duterte, the answer is yes. Recall that he has predicted Metro Manila to be dead in 25 years if we don’t drastically change our ways — which, I’m guessing, involves letting go of our motoring addiction.
Elsewhere, there are calls from both government and private sectors to limit car use. Pasig City, for one, already observes “carless weekends” on F. Ortigas, Jr. road. It’s only a matter of time before such efforts become more intense and more consistent, eventually convincing more city dwellers to take public transportation instead of acquiring a garage-less vehicle and paying for its amortization every month.
How does the industry prepare for this eventuality, which is almost sure to happen from all indications? Simple: Bring the cars outside of Metro Manila. It’s a form of decentralization, if you think about it. Focus on sales and marketing initiatives in the provinces — particularly those on the fringes of NCR — and then develop a solid customer base in those areas.
That’s exactly what’s happening these days, as a matter of fact. In the two decades I’ve been covering the car industry, I have never received as many invitations to faraway dealership events as I do this year. As I write this, there are at least a couple such invites sitting in my mailbox, waiting for my reply. One is for the grand opening of Subaru Cainta, and the other is for the inauguration of Honda Baliuag. Where I once got used to fancy dinners in Makati City hotels, I’m now getting the hang of waking up early in the morning to ride a shuttle bus that will take me to a provincial showroom — as I did when I attended the formal opening of Nissan Batangas City more than a month ago.
And that’s only for dealerships that are conveniently accessed by short road trips. This year has also seen the appearance (or groundbreaking) of new showrooms in places that are truly remote from the country’s business capital. These include Ford Isabela, Isuzu Cebu South, Mazda Butuan and Suzuki Ozamiz. Of course, it’s no coincidence that the brands erecting these new stores are also the same ones that are currently surging in sales performance.
The multi-brand Lica Auto Group, which owns the above-mentioned Nissan Batangas City, is the most aggressive of all dealer companies. Chief Operating Officer Doroteo R. Sornet gave me a list of the new showrooms his team is inaugurating in the coming months: Nissan in Calamba; Hyundai in Cainta, Batangas, Molino and Marikina; Suzuki in Batangas City and San Pablo; Chevrolet in Cainta; Foton in Cainta and Calamba; and Volkswagen in Santa Rosa.
See the common thread here? These are car-selling locations away from the bowels of Metro Manila. The industry refers to them as “key growth areas.” In the coming years, these will be the most important battlegrounds for automakers. Local emerging markets, if you will. The car distributors that go to these places the soonest stand to reap the spoils of an imminent war.
All of this could also be a clear sign of the industry’s faith in the present government’s direction, which is to make Metro Manila unload many of its vital components to neighboring provinces. Obviously, people in these provinces will need cars to go around, and they will likely buy the first vehicles they encounter up close and personal.
This is a long time coming. Metro Manila is dying. It can’t accommodate more new cars at this rate. The provinces, thankfully, will gladly take them.

DoJ’s Guevarra backs JBC overhaul

Justice Secretary Menardo I. Guevarra on Tuesday, May 22, expressed his support for the consultive committee on charter change’s (Concom) proposal to reorganize the Judicial and Bar Council (JBC), describing to reporters the reforms as “a good idea.”
As the head of the Department of Justice (DoJ), Guevarra is an ex-officio member of the constitutional body tasked with screening nominees to appointed posts in the judiciary and the Office of the Ombudsman.
“A pro-active search will improve the quality of the men and women who will join our judiciary,” Mr. Guevarra said.
He added: “That would mean more work for the JBC, but with an expanded membership the council can do it.” — Dane Angelo M. Enerio

Stocks continue slide on lack of leads

Shares stayed on negative territory on Tuesday, May 22, as trading remained slim due to lack of fresh leads.
The 30-member Philippine Stock Exchange index (PSEi) fell 0.16% or 11.85 points to 7,646.20, remaining in the red for the third consecutive day.
The broader all-shares index also dropped 0.22% or 10.27 points to finish at 4,652.46.
“All important data have been released, and we are at the start of the lean trading months until August. Earnings are just so-so, so I think PSEi will be in a consolidation phase and possible downside over this lean season until ghost month. Investors are looking for catalyst to move forward and they can’t have any at the moment,” IB Gimenez Securities, Inc. Research Head Joylin F. Telagen said via text.
The positive sentiment from Wall Street’s close on Monday also failed to lift the market. The Dow Jones Industrial Average gained 1.21% or 298.20 points to 25,013.29. The S&P 500 index climbed 0.74% or 20.04 points to 2,733.01, while the Nasdaq Composite index firmed up 0.54% or 39.7 points to 7,394.04, as investors welcomed the easing of trade relations between the United States and China.
The US and China have reportedly put threats of tariffs on hold as they deliberate on trade issues.
Industrial was the lone sectoral counter that gained on Tuesday, rising 0.46% or 49.97 points to 10,946.98.
Mining and oil plunged 1.59% or 161.26 points to 9,986.28, while financials shed 0.8% or 15.24 points to 1,880.51. Property slipped 0.41% or 15.80 points to 3,804.78; services edged 0.21% or 3.25 points lower to 1,523.39; while holding firms ended relatively flat with a 0.01% or 0.94-point decline to 7,513.22.
Turnover was valued at P4.78 billion after some 1.07 billion issues switched hands, slightly up from Monday’s P4.19-billion. Decliners outpaced advancers, 110 to 78, while 45 issues were flat.
Foreign investors continued their selling mode, with net outflows amounting to P628.52 million, higher than the previous session’s P568.47 million.
Twelve of the 20 most actively traded stocks for the day went down, with Bloomberry Resorts Corp. losing 3.59% to P11.80 each and Melco Resorts and Entertainment Philippines Corp. dropping 3.11% to P6.23 each.
Among the day’s gainers were International Container Terminal Services, Inc. (Up 1.46% to P83.20), Jollibee Foods Corp. (Up 1.43% to P284), and Manila Electric Co. (Up 2.31% to P328.40). — Arra B. Francia

Peso rebounds on profit taking

The peso bounced back against the dollar on Tuesday, May 22, due to profit-taking following the local currency’s closing in its near 12-year low.
The local currency closed at P52.195 versus the greenback Tuesday, up 27 centavos from the P52.465-per-dollar finish on Monday.
The peso traded stronger the whole day, opening the trading session at P52.33 per greenback. It slipped to a P52.38 intraday, while its intraday high stood at its P52.195-per-dollar close.
Dollars traded climbed to $750.65 million from the $705.25 million that switched hands during the previous session.
Traders interviewed on Tuesday said the peso strengthened against the dollar due to profit taking after it dipped to its near 12-year low on Monday.
“The local currency appreciated as profit-taking ensued after the peso dropped to record lows,” a foreign exchange trader said through e-mail.
On Monday, the local currency closed at its near 12-year low since it ended the session at P52.745-per-greenback finish on July 19, 2006. — Karl Angelo N. Vidal

House shelves bill on recoverable system loss

Lawmakers on Tuesday, May 22, shelved the draft bill on recoverable system loss for further review after noting its provisions are similar to a resolution already being implemented by the Energy Regulatory Commission (ERC).
AKO BIKOL party-list Rep. Rodel M. Batocabe suggested that the energy committee, chaired by Marinduque Rep. Lord Allan Jay Q. Velasco, provide instead “a bill promoting efficiency among distribution utilities (DUs) rather than have a negative bill… for reducing system loss.”
The consolidated House bills (HBs) 942, 2297, and 6341, prepared by the technical working group chaired by 1-CARE party-list Rep. Carlos Roman Uybarreta, sought the gradual reduction of system losses of electric cooperatives (ECs) and private distribution utilities (PDUs).
“Instead, we provide for a policy to promote ‘yung efficiency ng mga distribution utilities and incidental lang ‘yung pag-fix ng rate ng system losses,” Mr. Batocabe added.
The unnumbered draft substitute bill gradually reduces the distribution feeder loss cap for large PDUs from as much as 9.5% previously to 6.5% in 2019 to 5.5% in 2022 or 7% in 2019 to 6% in 2022, depending on which cluster they belong. Meanwhile, the loss cap for ECs will be lowered from 14% to 12% in 2019 to 10.25% or 8.5% in 2023.
Last May 7, the ERC has published Resolution No. 10 series of 2018 which also outlined the reduced distribution feeder loss cap, segregated per categories. Similarly, distribution feeder loss cap for PDUs will be decreased to 6.5% in 2018 to 5.5% in 2021 and ECs to 12% in 2018 to 10.25% or 8.25% in 2022 onwards. The resolution is currently in effect but new rates will apply in the next billing cycle (May 8 to June 8) this year.
PBA party-list Rep. Mark Aeron H. Sambar, for his part, said ERC should be allowed to do its job as the government body tasked to implement regulations involving the electricity industry.
“So if we allow the ERC to do [its] job… and see if the anybody’s complying, then we can also review the bill but if we see that there is no compliance, then we will push for this bill so that the DUs will comply based on the law,” Mr. Sambar said. — Minde Nyl R. Dela Cruz

1...11,13111,13211,133...12,813Page 11,132 of 12,813
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube