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Meralco to expand hybrid solar power system

By Victor V. Saulon
Sub-Editor

MANILA ELECTRIC Co. (Meralco) is expanding its hybrid solar power system in Cagbalete Island in Quezon province to reach one megawatt (MW) for completion within a year if it is able to secure the necessary regulatory permits, a company official said.

“The pilot (project) in Cagbalete was 60 kilowatts (kW), pero (but) the next one, we want it in the megawatt range na (already),” Lawrence S. Fernandez, Meralco vice-president and head of utility economics, said in a chance interview last week.

“We have operationalized the one in Isla Verde. We’re waiting for DoE (Department of Energy) and ERC (Energy Regulatory Commission) permits for the one in Cagbalete Island. But even while waiting for the permit for that, we already filed a letter of intent with DoE to expand it, to be able to serve more customers in Cagbalete,” he said.

Meralco energized its Isla Verde power system in Batangas province on Feb. 15, through a collaboration with local government units and the United States Agency for International Development (USAID).

The microgrid, or a small-scale electricity grid, is a hybrid of a 32-kW solar energy system and a 192-kilowatt-hour (kWh) battery storage facility. It can be operated independently from the country’s interconnected network of power transmission facilities.

“If we can get the permits, we can finish it within the year,” Mr. Fernandez said about the Cagbalete expansion.

He said the target is to be able to serve the two barangays in Cagbalete. The expansion is for the southern barangay, he added. Both Isla Verde and Cagbalete islands are part of Meralco’s franchise area.

The islands are accessible only by a boat ride from the Luzon main island, making it a challenge to connect with the mainland power grid. For years, locals have been subsisting on diesel generator sets for electricity at night.

Both islands have become popular tourist destinations, but their development has been weighed down by the slow growth in tourism infrastructure because of inadequate electricity.

REGULATION OF MICROGRIDS PUSHED
Separately, the chairman of the Senate committee on energy is planning to file a bill that will regulate microgrid systems, thus offering a level planning field to a nascent industry that has given a first-mover advantage to solar energy developer Leandro L. Leviste.

“This is a law that will allow microgrids to operate in unserved and underserved areas. So it will not be only for Solar Para Sa Bayan but open na ngayon (will now be open). There’s now a framework for everyone without a franchise,” Senator Sherwin T. Gatchalian told reporters last week.

Mr. Leviste’s Solar Para Sa Bayan Corp., which is awaiting a congressional franchise to operate in some areas in the Philippines, can still participate, the senator said.

“Ang objective naman namin (Our objective) is to even the playing field,” he said, adding that microgrid proponents need not apply for a congressional franchise to operate.

He differentiates the bill from existing regulation covering a “qualified third-party,” which is allowed to operate in an unserved and unviable area waived by the franchisee, as the proposal will also allow the entry into underserved areas.

Mr. Gatchalian said an underserved area is one that enjoys less than a 24-hour-a-day, seven-day-a-week electricity. Unserved areas have no electricity while unviable areas have no electricity because they are not deemed to be profitable for a power developer or a utility.

“DoE will also determine other measure for underserved [areas],” he said.

“So, let’s say El Nido madalas mag-brownout (which often experiences brownouts) can be declared as underserved. A microgrid operator can now go into El Nido,” he added.

Mr. Gatchalian said the bill will grant a permit to operate to a microgrid developer through a competitive selection process, a scheme that rewards those who offer the least cost of electricity.

A microgrid operator is “vertically integrated,” thus it covers the generation, transmission and distribution of electricity, he said.

Indonesia blocks EU spirits in escalation of palm oil spat

BRUSSELS — European spirits makers say they are facing difficulties exporting drinks to Indonesia amid tension after Jakarta said it was unhappy with an EU decision that palm oil should not be considered a green fuel.

SpiritsEurope, which represents major European spirits makers and national associations, said on Thursday it had learnt from members with business in Indonesia that they were suffering delays in securing approval to import EU products into the country.

Indonesia regulates imports of alcohol through an annual import and distribution plan.

Spirits makers were finding that non-EU products, such as tequila, were securing approval, but EU-origin products were not, an industry source said.

Diageo, the world’s largest spirits company, declined to comment.

The European Commission, which oversees trade policy for the 28 EU countries, decided in March that palm oil cultivation in general results in excessive deforestation, setting the bloc on a collision course with major producers Malaysia and Indonesia.

The EU plans to increase its use of renewable energy sources by 2030 and to take into account deforestation when it determines what can be labeled renewable.

In Jakarta, a trade ministry official confirmed there were some delays in granting import licenses for spirits from Europe.

But Karyanto Suprih, the ministry’s secretary general, denied that it was in retaliation for the EU plan to phase out palm oil use in renewable fuels.

“This is just about market preference. It seems like the market wants spirits from America,” Suprih said on Friday.

Indonesia, which has said it would file a World Trade Organization complaint against the EU over the palm oil issue, has threatened to quit the Paris climate accord and said it was examining relations with EU members.

Malaysia’s prime minister told Reuters last week that the EU was risking a trade war over palm oil.

The European Commission said it was checking the situation on the ground and looking into possible additional measures applied to imports of alcohol from the EU. — Reuters

Russian firm inks P30-billion fertilizer supply deal with PPI

VIGOROUS Alliance, a Dubai-based Russian-owned company, signed a P30-billion fertilizer supply agreement with Planters Products, Inc (PPI), according to Agriculture Secretary Emmanuel F. Piñol.

PPI is a private corporation supervised by the Philippine Department of Agriculture (DA), and whose shares are owned by Filipino farmers.

“Under the agreement signed in Manila Thursday, Vigorous Alliance will supply fertilizer needed by Filipino rice farmers every planting season amounting to P30 billion,” Mr. Piñol said in a social media post over the weekend.

“The fertilizer will be loaned out by PPI to rice farmers at the start of the planting season payable after harvest,” he said,

According to Mr. Piñol, the loan which will start in October and will have no interest or service fees. He added the fertilizer price will be lower than the prevailing market price.

“Since there is no available government funds for the (fertilizer-on-credit) program this year, the DA worked on the arrangement between Vigorous Alliance and PPI,” he added.

The government’s National Fertilizer Support Program aims to provide nine bags of fertilizer for every hectare of land. — Reicelene Joy N. Ignacio

Melissa and Fila partner up for vintage style collaboration

BRAZILIAN footwear brand, Melissa has brought to the Philippines its limited edition collection done in collaboration with Italian sporting goods brand, Fila, making it the first Melissa collection geared towards the currently popular “athleisure” trend.

“I think this is the first time Melissa has partnered with a brand known for its sportswear. So it’s the first time Melissa has come out with such sporty styles,” Joanna Co, managing director of Tykes Trading, Inc., the official distributor of Melissa in the Philippines, told BusinessWorld during the launch on April 4 at the Melissa store in SM Megamall in Mandaluyong City.

The collection which is said to “spotlight contemporary street style and athletic spirit,” according to a press release, features the DNAs of the two brands: Melissa’s jelly shoes and Fila’s classic sporty silhouettes which NYLON magazine called “grandpa sneakers” in a March article announcing the collection launch in the US.

While this is the first time Melissa has partnered with Fila, this is but one of the numerous collaborations the footwear brand has done throughout the years — previous collaborators included Sanrio and Vivienne Westwood.

There are four styles to choose from in the collection, each of which takes inspiration from the 1980s and the ’90s. These are the chunky high platform Melissa Sandal+Fila (P4,999) with a jagged sole and two thick double-lock Velco straps; a “modernized take” on one of Melissa’s most popular products, the Melissa Slide+Fila (P3,999) features the collaboration’s logo on the upper as a tribute to Fila’s Borg logo from the 1970s. The collaboration also offers the Melissa Sneaker+Fila (P4,999) which features Fila’s signature palette of navy, red, and white contrasted against a solid-colored base of white, gray or charcoal, and a fanny pack called the Melissa Pochete+Fila (P3,999), an accessory said to be made for “the street-savvy, ready-for-anything go-getter.”

“This is not the type of footwear you’d wear for running, it’s a lifestyle pair but if you want to achieve a sporty look, this is one of the pairs you can use,” Ms. Co said.

Each style is available in multiple colorways and is currently available in all Melissa stores nationwide and online via www.melissaphilippines.com. — Zsarlene B. Chua

Peso to weaken vs dollar

THE PESO is expected to weaken versus the dollar today following the better-than-expected jobs report in the United States.

On Friday, the peso ended the week at P52.10 against the greenback, up eight centavos than Thursday’s P52.18, driven by dovish cues from the Bangko Sentral ng Pilipinas despite a slower-than-expected March inflation print.

Week on week, the peso also strengthened from the P52.50 finish last March 29.

In an e-mail, a market analyst said the dollar will likely bounce back against the local currency on Monday after the US economy added more jobs than expected in March.

The US job market expanded by 196,000 in March, the Bureau of Labor Statistics reported.

On the other hand, the unemployment rate was steady last month at 3.8%, sitting below the 5% upper threshold considered as strong by the US Federal Reserve.

“The dollar’s appreciation due to these relatively strong US labor reports might be amplified by safe-haven buying amid lingering concerns on Brexit and the US-China trade talks,” the market analyst added.

Meanwhile, Rizal Commercial Banking Corp. economist Michael L. Ricafort said there might be “some upward correction” for the dollar-peso to the P52.20-per-greenback levels “after stronger US jobs data and possible monetary easing after lower-than-expected inflation.”

Inflation stood at 3.3% in March, the Philippine Statistics Authority reported on Friday, easing for the fifth straight month and near the lower end of the 3.1-3.9% forecast range of the central bank.

The Bangko Sentral ng Pilipinas hinted that any cut on local policy rates or reserve requirements may not be immediate, Mr. Ricafort said, as monetary easing will only be considered if inflation goes down further to 3%.

The market analyst expects the peso to trade between P51.90 and P52.60 this week, while Mr. Ricafort said the peso could range from P51.80-P52.20 today.

Meanwhile, the Department of Finance said the local unit tracked its Southeast Asian peers in gaining strength versus the US dollar for the first quarter.

Year-to-date, the peso appreciated by a modest 0.01%.

“While the outlook for the peso remains tilted towards the downside (owing to a growing current account deficit, which, in turn, is on account of increased importation of capital goods), the country’s external stance remains generally strong,” the Finance department said in an economic bulletin.

The generally strong stance of the country against headwinds offshore was attributed to ample buffers as well as trimmed exposure to external debt. — Karl Angelo N. Vidal

5 standouts at the 15th MIAS

By Kap Maceda Aguila

THE MANILA International Auto Show (MIAS) is a well-known summer draw and, rightfully so, becomes an effective soapbox from which car brands announce and tout their accomplishments. It is also a favorite platform for unveiling vehicles. This year’s MIAS featured a handful of attention-grabbing rides worth saving up for (or at least salivating over). We compile here a handful (in no particular order) which we thought you probably noticed as well. Do you agree?

MIAS Standouts 1

CHEVROLET CAMARO
Bumblebee is back. The new iteration of one of America’s iconic muscle cars elbowed its way back into the country through the MIAS. The storied nameplate has sold an excess of five million units since its debut in 1967, capturing the imagination of car lovers all over the world. Rumbling under the hood is a 2.0-liter DOHC VVT direct-injection turbo good for 275hp and 398Nm, and drivers can access the aggression through an eight-speed AT with paddle shifters. Worthy of the robust performance, the Camaro receives Brembo brakes with four-piston calipers for enhanced stopping power.

Bearing LED headlamps, heritage-inspired taillamps, and muscular flanks, the Camaro is also complemented with the RS package for added sportiness. It wears five-spoke 20-inch machined wheels, LED tail lamps, decklid spoiler, polished honeycomb grille, illuminated Camaro sill plates, RS badge, and black front and rear Chevrolet bowtie emblems.

The sixth-generation vehicle features a leather-wrapped flat-bottom steering wheel, black leather interior panel, and custom leather-trimmed dashboard and console. The driver’s bucket seat has eight-way power adjustment and is ventilated with both cooling and heating, while the passenger bucket seat features six-way power adjustment with cooling and heating as well.

MIAS Standouts 2

HYUNDAI PALISADE
There’s a new alpha-dog SUV at Hyundai. The Palisade, badged as a 2020 model, comes just four months after its global debut at the Los Angeles Motor Show. Motivating the burly vehicle is a 2.2-liter CRDi e-VGT GLS engine mated to an eight-speed automatic transmission. The hefty yet elegant-looking ute wields 197 horses, with the grunt expressed through Hyundai’s HTRAC all-wheel-drive system for driving stability with variable power delivery to the rear wheels to optimize traction over different surfaces.

A large hood and eye-catching, cascading mesh-type grille underscore the image of strength and luxury. Rear cargo room is a spacious 509 liters. Luxurious accoutrements within the seven-seater (including second-row captain seats) abound — such as fully automated, multi-zone air-conditioning, seven USB ports (including a multimedia terminal), and a powerful audio system hooked up to six speakers.

MIAS Standouts 3

KIA STINGER
The secret’s out. Kia Philippines continues to increase its presence in the market releasing a duo of famous nameplates: the Forte and the Stinger. The Stinger is the “visionary product of the Kia GT Concept,” a compact executive five-door fastback touting muscular form and robust performance. Powered by a 3.3-liter V6 twin-turbocharged gasoline engine direct-injection dual CVVT which serves up 365hp and 510Nm (from a low 1,300-4,500rpm), acceleration is sprightly, as it attains 100kph from standstill in 4.9 seconds. Top speed is at 270kph.

Driving it are the rear wheels, and the driver accesses the power through an eight-speed automatic transmission. The Stinger sports a MacPherson strut and stabilizer front suspension and a five multi-link at the rear. Electronically controlled dynamic suspension is integrated with Drive Mode Select, which adjusts steering boost, shift points, throttle and suspension mapping. A Dynamic Torque Vectoring system comes standard. Braking is powered by a four-piston Brembo caliper disc fitted on all wheels.

MIAS Standouts 4

JEEP COMPASS
Situated below the Cherokee and above the Renegade in Jeep’s trail-worthy portfolio, the new Compass expands the local portfolio of Jeep with “an unmatched combination of attributes that includes legendary and best-in-class 4×4 off-road capability, advanced fuel-efficient powertrains, premium and authentic Jeep design, superior on-road driving dynamics, and a host of innovative safety and advanced technology offerings.” It’s expected to be another contender for people on the lookout for a unique sport utility vehicle.

Jeep’s trademark seven-slot grille is reinterpreted elegantly on the Compass, which boasts half-hexagon arches and an upward-tapering D-post for added dynamism. Jeep also describes the outside as “expressive and emotional with a wide stance and exceptional glass-to-wheel proportions.” Engineered as a single unit are the upper body and frame, resulting in greater stiffness and mass efficiency. “Extensive use of high-strength steel and… structural adhesives” further distinguish it. To be sure, there are styling cues borrowed from its more capable big brother in the Grand Cherokee, even as it shares a platform with the Renegade.

Inside, the Jeep Compass reflects decidedly premium styling “highlighted by sculptural surface elements and precise technical detail,” all adding up to a consistent Jeep experience. The company makes mention of multiple storage solutions throughout the cabin, along with colors and textures to “complement a lifestyle of adventure.”

MIAS Standouts 5

MG 6
Morris Garages (MG) continues its local onslaught with the 2019 MG 6 fastback sedan — a good-looking yet affordable sedan equipped with an expectedly frugal 1.5-liter, turbocharged gas engine promising 164hp and 250Nm. It is equipped with a seven-speed TST with manual Tiptronic function, and boasts a well-designed and appointed interior. A seven-inch virtual instrument cluster sits between the analog speedo and tachometer, while a large eight-inch LCD infotainment display system on the center console has Apple CarPlay and highlights hands-free connectivity.

It leverages MG’s sporty heritage in various ways, including a flat-bottomed steering wheel with multi-function controls. Two variants, Alpha and Trophy, are available.

Porsche Cayenne: The sports car when size (and space) matters

By Manny N. de los Reyes

I WASN’T a big fan of the Porsche Cayenne when it made its global debut in 2002. Sure, it had the celebrated Porsche build quality, luxury, exclusivity, and of course, performance. But what I felt it lacked, at least for its first generation, was the vaunted Porsche styling. Sure, it had Porsche styling cues, but it was a distant departure from the timelessly graceful lines of the 911.

Fast-forward 16 years, and the all-new third-generation Cayenne is faster, nimbler, safer, and more luxurious than ever. And finally, it’s visually sportier than ever. This is arguably the first Cayenne that bears the unmistakable cues of Porsche’s design DNA. Porsche’s large yet sleek new flagship SUV is 63mm longer and 48mm wider than its predecessor. The luggage compartment volume is now 770 liters (an increase of 100 liters). And for the first time ever, the new Cayenne features staggered tire sizes (wider in the rear), just like its 911, Boxster and Cayman siblings. The distinctive Porsche logo spans the redesigned rear lights with three-dimensional design and full-width narrow LED strips.

The exterior of the new Cayenne and its interior chassis components and floorplan assembly are made with a high-tech mix of aluminum and steel. One particular technical highlight is the innovative lithium-ion polymer starter battery, which alone accounts for a weight saving of 10kg over the old battery. Overall, the newest Cayenne weighs 65kg less than its predecessor.

The latest Cayenne also offers a significantly heightened performance due to the new eight-speed Tiptronic S gearbox. Programmed on-road and off-road modes make it easy for the driver to select the right setup for the drive. The new Cayenne also combines three cool chassis concepts in one new design: sports car, off-roader and touring car. Even on rough terrain, the Cayenne promises a superb driving experience.

Also for the first time, the Cayenne offers optional rear-wheel steering. The system, tried and tested both in the 911 and the Panamera, improves agility on bends at low speeds and stability when changing lanes at high speeds. The reduced turning circle rear-wheel steering makes maneuvering through tight spaces a piece of cake.

Inside, the latest Porsche Advanced Cockpit is fully integrated into the sporty, luxurious cabin of the Cayenne. At the heart of Porsche’s new display and control concept is the 12.3-inch full-HD touchscreen from the latest generation of Porsche Communication Management (PCM).

A range of digital functions can be operated intuitively — including voice control. The analog controls on the new center console are focused on the main functions of the vehicle. Other buttons are harmoniously integrated into the smartphone-like, glass-look touch surface, giving acoustic and haptic feedback when operated. Typical of any Porsche, the instrument panel has a central analog tachometer. This is flanked by two 7-inch full-HD displays, which feature all other relevant driving data and additional information selected using the multi-function steering wheel.

The new Cayenne comes with a choice of three powertrains: a 3-liter turbocharged V6 for the base model; the mid-range Cayenne S with a 2.9-liter twin-turbo V6; and the range-topping Cayenne Turbo with a 4-liter twin-turbo V8. The midrange Cayenne S delivers 440hp and 550Nm. It accelerates from 0 to 100 km/h in just 5.2 seconds and hits a maximum speed of 265 km/h. The Cayenne Turbo, on the other hand, brings 550hp and torque of 770Nm, accelerating from 0 to 100 km/h in a mere 4.1 seconds.

I got to test the base Cayenne, which delivers 340hp and 450Nm of torque. Porsche claims that it can accelerate from 0 to 100 km/h in 6.2 seconds and reach a top speed of 245 km/h — 1.1 second and 16 km/h faster than its predecessor. Flooring the accelerator and feeling more than two tons of metal, glass, and leather hurtle forward with an otherwordly urgency will make you instantly forget that you’re driving the base model — and wonder just how incredible the flagship Turbo would feel. All of a sudden, you’re in a close-coupled sports car aiming for apexes with millimetric precision and enjoying the scintillating push in your back from the breathtaking acceleration — until you look at the rear-view mirror and see your kids at the back. That’s a sight you won’t see in any sports car.

With a lightweight aluminum chassis, powerful drivetrains, sensational driving dynamics, and a full suite of smart driver assistance systems, the latest Cayenne is closer than ever to becoming a Porsche sports car — one that can carry five and even go off road.

Brazil bridge collapse could affect grain shipments in north of country

SAO PAULO — Part of a bridge over the Moju River in Brazil’s Para state collapsed early on Saturday, potentially affecting shipment of grains such as soybeans and corn through northern ports, local authorities and an agribusiness consultant said.

The bridge fell after it was hit by a boat, Governor Helder Barbalho said on Twitter, where he also posted videos of a large section of the bridge in the water. He said this was not the first time such an accident had occurred.

According to the official Agência Brasil news agency, two vehicles were crossing the bridge at the time of the collision.

“At the moment, our priority is searching for victims and giving complete support to their families,” Barbalho was quoted as saying in a statement from Para’s state news agency. According to rescue workers, no crew or documents from the boat that collided against the bridge were found on the scene. The number of casualties was unclear.

Kory Melby, an agribusiness consultant based in the city of Goiania, said the bridge was on the main route connecting Brazil’s farm country to its northern ports.

“It will probably take years for that bridge to be rebuilt,” he said by telephone.

The consultant noted the bridge was located some 50 kilometers (31 miles) from Belém, capital of Pará state, where three major grain loaders operate, including Archer Daniels Midland Co, Bunge Ltd and Hidrovias do Brasil SA.

The companies did not immediately reply to requests for comment.

Melby said barge traffic would not be affected on the Tocantins and Amazon rivers, which use river ports including Vila do Conde and Barcarena. Some 10 to 20 percent of the soy grown in Brazil’s center west is delivered by road at those ports, he said.

Willians Ribeiro, a supervisor at Vila do Conde, told Reuters road traffic to that port would be affected but there were alternative routes.

Shipping statistics show some 5.7 million tonnes of soybeans and 3 million tonnes of corn were unloaded in 2018 in the region, a volume likely to increase due to port expansions, according to the consultant. — Reuters

Fashion backwards? H&M to trial sales of vintage garments

BERLIN — H&M will trial sales of second-hand and vintage clothes as it seeks to tap into consumers’ growing concerns about the environmental cost of fast fashion, its head of sustainability said on Friday.

Anna Gedda told Reuters H&M would launch a pilot in Sweden for online sales of second-hand garments on the site of its & Other Stories brand, with the aim of extending the scheme to other markets and brands in years to come.

“It comes back to the whole circular vision… it just makes great sense to look into this business,” she said on the sidelines of an event in Berlin on the future of fashion.

“We see this as a growing part of the industry, with great opportunities both for consumers and not least for the environmental impact, and how we can drastically reduce that by extending the life of the products.”

Awareness of the damage done by the rapid growth of the fast fashion sector, exemplified by the likes of Primark (part of ABF) and Zara who sell clothes so cheaply consumers can wear them for just one night out, has grown over the past year.

The BBC documentary Fashion’s Dirty Secrets last year described fashion as among the world’s most polluting industries.

So far there have been few signs of falling demand for fast fashion, yet the second-hand market for apparel is expected to double in the next five years to $51 billion, according to data gathered for online thrift store ThredUp, with the resale market for exclusive products driving much of the growth.

H&M tried selling second-hand clothes in the past but abandoned the project. Vintage H&M garments are available for sale on fashion marketplaces run by the likes of ASOS and eBay.

“Now is a whole different moment with awareness of sustainability,” Ms. Gedda said.

H&M is conducting the pilot with the Swedish second-hand platform Sellpy, a start-up that H&M has been investing in, which is creating a section for & Other Stories “pre-loved” garments on its site.

H&M, the world’s biggest clothing retailer after Zara-owner Inditex, has seen its profits shrink and stocks pile up in recent years as it failed to react quickly enough to demand swings and a boom in e-commerce.

However, it reported a much smaller than expected fall in quarterly profit last week, as it sold more products at full price and margins held up, in a first sign that a turnaround strategy is producing results.

H&M has tried to improve its environmental credentials in recent years, using more organic cotton and encouraging customers to recycle their clothing as well as offering repair services in some countries.

As customers seek more transparency about supply chains, Ms. Gedda said H&M is about to launch a system that will allow shoppers to see which factory produced each garment and more details on the fabric.

“If you have worked with IT processes in a big company, it is as close to a moon landing as we will ever get,” she said. — Reuters

New dusitD2 Davao Hotel prepares for grand opening, eyes affluent market

DAVAO CITY — Dusit International is preparing for the formal opening ceremony of the dusitD2 Davao Hotel before the end of the month, but operations have already started on March 31.

“Our niche (are) the affluent,” the company said in a statement, with room rates starting at P5,500 a night.

“We are most excited to be in this preview period, and stand ready to provide a modern experience that showcases the best of Dusit. We warmly extend an invitation to those who will be traveling to Davao to stay with us, and be one of the very first to feel the difference,” Christopher Wichlan, hotel manager, is quoted in the statement.

Dusit said the 120-room hotel, a joint venture with Torre Lorenzo Development Corp., is “poised to redefine standards of upscale hotel living in the city.”

“All the fine details — the patterns, the fabrics, the scent, the lighting — are curated for the guest’s best experience. One can see and feel these accents across the different rooms and facilities — marking a truly authentic encounter that’s both delightfully Dusit, and uniquely Davao,” architect Manny Samson of Emsae Design, which designed the property, was also quoted in the statement.

DusitD2 is adjacent to the joint venture’s high-end condominium project and about 60 kilometers from their Lubi Plantation resort in Compostela Valley. — Carmelito Q. Francisco

Insurance firms’ governance score improves in 2018

CORPORATE GOVERNANCE in the local insurance industry improved in 2018, the Insurance Commission (IC) said.

Based on the 2018 ASEAN Corporate Governance Scorecard (ACGS) Report for Insurance, the IC said the local insurance sector recorded an average score of 41.34 points in 2018, up 1.61 points from the previous assessment.

For the 2018 report, the IC assessed 116 insurance companies and mutual benefit associations (MBA) comprised of 30 life insurers, 56 non-life insurance firms, 14 MBAs and 16 micro-MBAs.

Out of the insurance companies surveyed, Pru Life Insurance Corp. of UK (Pru Life UK) obtained the highest score of 105.19, followed by Insular Life Assurance Co. Ltd. with 104.53 points.

The life insurance sector continued to perform better compared with other sectors in 2018, logging an average of 56.98 points. Meanwhile, MBA and non-life sectors scored 40.28 points and 33.57 points, respectively.

Pru Life UK, Insular Life, FWD Life Insurance Co., Sun Life of Canada (Philippines), Inc. and Philippine American Life & General Insurance Co. were the top five life insurance firms with governance scores ranging between 86.92 and 105.19 points.

Meanwhile, the top five non-life insurers in terms of corporate governance last year include Pacific Cross Insurance Inc., National Reinsurance Corp. of the Philippines, MAA General Assurance Philippines, Inc., BPI/MS Insurance Corp., and Pacific Union Insurance Co., fetching scores from 59.29 to 82.07 points.

The top four MBA firms in 2018, garnering scores between 71.60 and 80.60 points, were CARD Mutual Benefit Association, Praxis Fides Mutual Benefit Association, Kasagana-Ka MBAI, and Knights of Columbus Fraternal Association.

“This shows that there is a continuous improvement in the performance of the life insurance, non-life insurance, and MBA sectors since the adoption of the ACGS in 2015,” Insurance Commissioner Dennis B. Funa said in the statement, adding that the insurance industry showed an average increase of 2.28 points for four years.

In the 2018 assessment, the insurance industry performed well in the area of equitable treatment of shareholders out of the five core principles of corporate governance, scoring 8.76 points out of the maximum points of 15.

“The 2018 report noted that, while other areas need to be improved, disclosure of corporate governance-related documents should be given special attention including Notice of Annual Stockholders/General Meeting, Minutes of Annual Stockholders/General Meeting, and Annual Report with section on suitability,” the statement from the IC read.

However, Mr. Funa noted that the industry’s score is still “considered as low” in comparison with the banking sector.

“This should be taken as an opportunity for them to review their current governance practices for further improvement, including the utilization of technology, and a challenge to ensure that their corporate governance practices are at par with regional standards.”

The ACGS, a tool used to evaluate corporate governance practices, was developed based on international benchmarks such as the Organization for Economic Cooperation and Development, Principles of Corporate Governance, the International Corporate Governance Network Governance Principles, as well as industry-leading practices from ASEAN and the world.

Circular No. 14-2013 was issued in 2013 to mandate all insurance firms and MBAs to adopt the ACGS to develop their company website and post their responses to the ACGS questionnaire with supporting documents.

This was part of the IC’s move to raise the standard of corporate governance in the insurance industry.

Sought for comment, Pru Life UK President Antonio G. De Rosas said the company was able to receive the highest ACGS score among local insurers two times in a row.

“It is our culture as part of the Prudential Plc group to place utmost importance to corporate governance, compliance and risk management,” Mr. De Rosas said in a text message on Sunday. “As a life insurance company, our only commodity is our promise basked up by our reputation to deliver to customers financial security especially when they need it most.” — Karl Angelo N. Vidal

Working on the fly? 10 ways the Honda CR-V SX Diesel’s got YOU covered

By Aries B. Espinosa

WHEN Honda Cars Philippines sent us local motoring media on a ride-and-drive of its 5th generation diesel-powered 7-seater CR-V from Manila to Bataan province early 2018, we got to appreciate for a day the power, stability, and drive technologies of the top-of-the-line diesel CR-V, the SX Diesel 9AT AWD powered by the 1.6-liter i-DTEC turbo engine on both well-paved highways and on dirt roads.

During that drive, we got to feel the oomph of its 300Nm of torque; the stability of the McPherson strut front suspension and the new E-type multi-link rear suspension; the larger tire size for better grip on all surfaces; the 208mm ground clearance; the enhanced Real Time All Wheel Drive system to better manage all surfaces (the system transferring 10% more torque to the rear wheels when needed); the safety and driver-assistive feature Honda Sensing with the Adaptive Cruise Control (ACC) and Low Speed Follow (LSF), and; the standard safety features such as the Vehicle Stability Assist (VSA), Hill Start Assist (HSA), Agile Handling Assist (AHA) and Anti-Lock Braking System (ABS) with Electronic Brake Distribution (EBD) to help prevent over and under steering on high-speed corners.

This gentle beast of a diesel workhorse was so feature-laden, I just had to have a return engagement to explore the other amenities and functions of this compact crossover.

That chance I got when last month, I drove a four-person video crew in a Passion Red Pearl CR-V SX Diesel to the mountainous regions of central and northern Luzon to document a cycling tour.

During this 5-day epic tour, the four of us spent at least eight hours inside the CR-V every day. Naturally, we arrived at the following conclusions about our ride and our “mobile home” on the road:

1) The power tailgate, activated by the key fob, is truly useful when your hands are carrying cameras, tripods, drones, lunch and luggage;

2) The fold-down rear seats are perfect when you need to take low-speed, tracking shots of your subjects;

3) The panoramic sunroof is a cameraman’s heaven for over-the-roof shots;

4) All seats are comfy enough to spend the entire day on without complaining about back problems;

5) But the middle seat in the second row could get equal design treatment as the six other seats. Every passenger who got assigned to that middle seat for the day wanted to be relocated the next day;

6) The 300Nm of torque and 120ps of power makes going ahead of the pack a breeze. In no time, we were well ahead of the main group and had enough time to set up the video equipment;

7) Despite the mountain terrain involving long ascents, and the rather “inefficient” style of my driving when we had to alternately zoom ahead of the pack or slow down to a crawl to track the rear, the CR-V SX Diesel consumed no more than 1.5 full tanks of fuel for the entire 1,200-km trip (the CR-V SX Diesel did get an official 23.96 km/liter reading in the 2017 DoE Ecorun);

8) The 208-mm ground clearance and the AWD sure gets useful when crossing shallow rivers;

9) When your passengers need you to open the sunroof, or to connect their Bluetooth devices to the infotainment pronto, it’s great that the driver can easily reach those controls;

10) For a video crew to afford the P2.125-million price tag of the CR-V SX Diesel, they need to work this hard everyday for the next three to five years. The good news is that they’d still get to enjoy their weekend days off.

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