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What would make you buy an electric vehicle?

As I sat through a presentation at last week’s “Nissan Futures” symposium in Singapore, my thoughts raced back to 1886, when German automotive engineer Karl Benz officially introduced to the world his Patent Motorwagen, widely considered to be the very first production car. Speaking in front of me was Vivek Vaidya, the senior vice-president for mobility at the market research firm Frost & Sullivan.

You see, Vaidya’s company had been commissioned by Japanese automaker Nissan to conduct a study on “the future of electric vehicles in Southeast Asia.” A total of 1,800 participants from Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam had been surveyed, the main objective being to find out if they were ready to consider getting an electric vehicle for their next car.

To be clear, Nissan had two goals here: First, it wanted to know how big the present EV market in the region already is; second, it wanted to be seen as the car company spearheading the EV revolution, particularly in Asia.

The result? The survey found 37% of all respondents to be open to EVs, with the Philippines topping the six-nation group at 46%. Granted that these figures may mean little on the showroom floor — willingness doesn’t necessarily mean readiness — it’s still a big leap forward for EV advocates including Nissan, whose Leaf is currently the most popular (and most accessible) full-electric model on the planet.

Still, it’s a long way to go before we see 100% acceptance of electric vehicles among car users. Remember, we’re only talking here of “openness” — or the psychological possibility that one might consider owning an EV. Actually forking over cold cash to purchase one is another matter altogether. That only one in three motorists in Southeast Asia is willing to give EVs a try says a lot about the challenge of convincing people to abandon their gas-guzzling cars.

And this reminded me of Mr. Benz. Imagine him touring Germany as he tried to persuade his countrymen that the horseless carriage was the way to go — that it was in everyone’s best interest to ditch the stallion-drawn wagon. Think about the work he had to do before he had a breakthrough.

Human beings are creatures of habit. We have our comfort zones and regular routines. And we’re always wary of the unknown. Right now, our cars with internal-combustion engines are our comfort zone, and EVs are the great unknown. I’m willing to bet that less than a third of this newspaper’s readers are now prepared to entertain the prospect of EV ownership.

If you’re among those who are not yet ready to cross over to electric cars, allow me to ask you this question: What would it take you to finally accept fully electric vehicles?

My own answers to that question are simple: rising fuel costs and worsening air pollution. Cliché, I know. But those are the two major selling points of EVs. We can no longer ignore these two critical factors. If we don’t make the switch now, future generations won’t stand a chance.

Of course, there’s the matter of pricing. EVs are still much more expensive to produce compared to their conventionally powered counterparts. But that’s what Nissan and other car companies — present-day Karl Benzes all — are here for. They are working overtime to make electric cars more affordable and more practical.

In the meantime, our job is to keep an open mind. Electrified motoring is upon us. Let’s not douse the idea with gasoline.

Built Ford Tough is fun, fast

THE new Ford Ranger Raptor, launched on Feb. 7 in Thailand — the second-biggest pickup truck market in the world, after the US — counts a Baja mode among its many drive settings for on-road and off-road use. When switched to Baja, the truck’s traction control and some other electronic nannies scale back their grip on the mechanical bits, and the automatic transmission will hold a gear longer, as well as downshift more enthusiastically. Baja mode, Ford said, tunes the Ranger Raptor for “high-speed off-road performance, just like drivers need in the famous Baja Desert Rally.”

Certainly, what the car maker was referencing is the Baja 1000 (and its slightly varied renditions). First run as an organized event in 1967, the race that takes place in Mexico’s Baja California Peninsula desert has drawn names like Bruce Meyer (plus his seminal Manx dune buggy) and James Garner, Parnelli Jones and Robby Gordon, Steve McQueen and Bud Ekins — the first to do an officially timed run, aboard a motorcycle, in 1962, on the Baja course. Paul Newman raced in Baja.

And then there are the cars. Besides motorcycles, quad bikes and dune buggies, Baja is also conquered these days by serious rally machines, as well as by classic VW Beetles. But the baddest of them all are the trophy trucks — the top guns among off-road racing vehicles.

Ford trucks boast their own place in the Baja lore, with legendary racer Rod Hall clinching the 1969 title aboard a Bronco. F-Series pickups of various vintages, including trophy trucks, have taken on Baja as well. In 2016, a nearly-stock F-Series-based Raptor finished the race, while the overall winner was a trophy truck Ford.

Against this backdrop the Ranger Raptor was born. And so Ford’s latest truck packs some serious hardware (along with the requisite software), chief among which is a beefed-up chassis meant to take on the punishment of high-velocity travel over nasty terrain. For starters, the frame now allows for stouter suspension pieces that increase both wheel travel — great over bumps and ruts — and track (good for stability). Residing at the frame’s rear is a new coil-over set and a Watt’s link to better manage the lateral movements of a solid rear axle. Up in front, the shock absorber towers have been bolstered.

Ford Ranger Raptor 2

Raising the chassis’s performance further are Position Sensitive Damping shock absorbers made by Fox Racing, which Ford said are tuned for control and comfort over pavement or rough terrain. Holding the shocks in place are aluminum upper and lower arms.

Supporting the Ranger Raptor’s suspension bits are 17-inch wheels wrapped with all-terrain BF Goodrich 285/70 tires that were specifically developed for the truck. Braking, meanwhile, has been improved by larger twin-piston calipers and ventilated rotors all around.

The Ranger Raptor is propelled by a small but high-output engine — Ford’s new 2.0-liter diesel mill that, thanks to a pair of turbochargers, expels 210 hp and 500 Nm of torque. Harnessing the engine’s power is a 10-speed automatic transmission shared by the Ranger Raptor with the F-150 Raptor. A full range of electronic driver-assist systems, traction and stability governors, and convenience features guarantee the Raptor is smart, posh and safe.

This truck looks awesome, too. Taking off from the Ranger’s already appealing sheet metal, the Ranger Raptor is markedly more muscular as it sprouted wider fenders, composite wheel arches, a more imposing grille and bumpers, snarky head lamps, off-road-specific side step boards, and numerous other pieces. The truck’s cabin has been upgraded as well by way of, among others, more supportive suede-covered seats and a steering wheel adorned by an on-center red-stripe marking. Clearly, the Ranger Raptor is not a body kit-and-decals job — one cannot retrofit a Ranger to turn it into a Raptor.

But, given there is already an F-150 Raptor, why did Ford create the Ranger Raptor?

Ford Ranger Raptor 3

Peter Fleet, Ford’s concurrent group vice-president and president in Asia Pacific, said the move is “all about creating excitement for the brand,” as well as to “showcase the capabilities of our Ford Performance division.”

Another reason, however, is that the Ranger was designed and had been intended for markets outside North America — Asia Pacific ranks high among its target audiences. During the Ranger Raptor’s Bangkok reveal, Ford announced its deliveries of the Ranger across Asia Pacific in 2017 spiked 22%, representing more than 134,000 trucks, with record sales logged in Australia, New Zealand, Taiwan, Vietnam, Thailand and the Philippines.

So where the F-Series trucks — and the F-150 Raptor — are meant for North America, the Raptor version of the Ranger, which is going to be built in Thailand, and which to date has not been committed to a US release, is clearly aimed at Asia Pacific.

Baja can exist elsewhere. — BMA

(The Ford Ranger Raptor is expected to be sold in Thailand starting the third quarter of the year, with releases to other markets, including the Philippines, to follow soon after. No price has been announced for the new truck.)

DBM: New law needed to scrap lowest-bidder rule

By Melissa Luz T. Lopez,
Senior Reporter

THE GOVERNMENT can at best amend implementing rules to fast-track public bidding in response to President Rodrigo R. Duterte’s call to scrap the practice of awarding contracts to the lowest bidder, the Budget secretary said.

Secretary Benjamin E. Diokno said scrapping the bidding process for public works projects would need Congressional action, as procurement law specifically requires awarding projects to the lowest bidder.

Mr. Duterte has said that he wants all projects of the Philippines will be “something like a Swiss challenge,” which was his preferred route to eliminate corruption in the bidding process.

A Swiss challenge means the government will accept competing bids from other parties who can present a better deal compared to the original proposal, with the proponent later on entitled to make another offer.

“The concept of a Swiss challenge applies to unsolicited proposals… I think it does not apply to all projects,” Mr. Diokno told reporters in a chance interview. “That’s under the law, you have to amend the law if you want that.”

“We can change the implementing rules and regulations. It’s hard to push legislation, we’re not sure what will come out of Congress,” the Cabinet official added.

Republic Act 9184 or the Government Procurement Reform Act awards contracts to the “lowest calculated responsive bid” received from suppliers and developers.

For now, Mr. Diokno said the Department of Budget and Management (DBM) has drafted a system to categorize supplies for procurement as “low-cost, medium, and high-cost,” as they seek to provide some leeway for government agencies.

The Philippines likely missed the 3% deficit ceiling in 2017, Mr. Diokno added, with a surge in revenue partially offsetting the impact of increased government spending.

Mr. Diokno said the budget gap may have settled at “slightly below 3%” of gross domestic product (GDP) last year, ahead of the release of full-year figures.

This comes as underspending was reduced to “less than 2%,” lower than the 3.6% rate in 2016.

Preliminary figures from the Department of Finance released last month pegged the full-year fiscal gap at 2.6-2.8% of GDP, while economic growth came in at 6.7%.

This year, the government has programmed a 3% budget deficit, which is expected to allow GDP growth to come in at between 7-8%.

Chinese, US investors looking at Mindanao solar, hydro investments

By Carmelito Q. Francisco,
Correspondent

DAVAO CITY — Renewable energy projects, particularly the manufacture of solar panels and the development of hydroelectric plants, are among the opportunities that foreign investors are looking into, the Mindanao business lobby said.

Arturo M. Milan, president of the Davao City Chamber of Commerce and Industry, Inc., said Chinese businessmen visiting the city in March have raised the possibility of investing in solar panel production and putting up hydroelectric plants.

“(Renewable) energy development is among the key areas that not only the Chinese are interested in,” Mr. Milan told BusinessWorld Monday on the sidelines of a media forum.

He added that members of a delegation from Hawaii who were in the city last week also wanted to explore the potential of the green power sector.

Last week, a business and government delegation from Kauai in Hawaii were in the city to sign a sister city agreement with the Davao local government.

Renewable energy is listed as one of the priority investment areas of the city government, with incentives such as tax holidays offered to investors.

Mr. Milan, however, said that government should look at how the investment climate in energy can still be enhanced, such as bringing incentives down to the household level.

“We need to look at how we can encourage homes to use solar panels instead of relying on electricity from their distributors,” Mr. Milan said.

Under the Renewable Energy Act of 2008, consumers who use solar panels should be able to avail of net metering, under which they are compensated for the excess electricity that their panels feed into the grid.

Another area of investment that foreigners want to explore, Mr. Milan said, is agricultural production and processing.

Kauai Mayor Bernard Carvalho, Jr., in his speech during the sister city signing event, said businessmen from his country are keen to invest in cacao and coffee, two commodities which are being pushed by Davao City and other local government units within the Davao Region.

The Chinese visitors, on the other hand, want agribusiness areas “where everything can be put in place.”

Mr. Milan explained that this means a site, such as economic zone, where it is possible to set up growing areas as well as processing facilities.

The Chinese delegation will consist of about 70 investors who will be making a push for China’s One Belt, One Road program.

Mr. Milan said the group will charter a flight from Shanghai using an airline that is considering regular direct flights to and from Davao.

In September 2016, Xiamen Airlines conducted a test flight from Xiamen to the city with about 80 passengers using a Boeing 737 aircraft.

City Tourism Operations Office data show that 9,231 Chinese tourists visited the city last year. The top foreign visitors were from the US with 20,779 and Japan with 12,510.

Ford vows to boost customer service

By Kap Maceda Aguila

ON the heels of 8.7% sales growth in 2017, Ford Company Philippines, Inc. cornered 8.6% of total vehicle sales with 36,623 units moved — good for third place behind Toyota Motor Philippines and Mitsubishi Motors Philippines Corp. Ford executives were in Manila on Feb. 5, disclosing that the Asia Pacific-wide growth was driven by the firm’s so-called “big three” nameplates: the Ranger pickup and the Ecosport and Everest SUVs.

But even as the Dearborn, Michigan-headquartered global auto brand revels in its 2017 success, Ford Asia Pacific president Peter Fleet conveyed cognizance of the work that needs to be done to further drive positive performance. He said the company needs to “strengthen customer service capability across the region… lessen cost of ownership, while increasing transparency in pricing.” The executive promises that Ford will “respond to customer complaints in a faster manner.”

Meanwhile, Ford ASEAN President Yukontorn Vickie Wisadkosin reported that the Southeast Asian market registered a “very strong year” for Ford — with Thailand, Philippines and Vietnam leading in sales performance. The Ranger pickup proved the “biggest contributor,” while the Everest is “doing very well in the Philippines.” The Ranger is once again expected to sell, particularly with the introduction of a new power train and the new Raptor variant.

Said Ms. Wisadkosin; “The Ranger is doing very well for us in ASEAN, and also had record sales for us in Thailand, Philippines and Vietnam — including Myanmar and Cambodia as well. Another major product for us is the Everest which has been doing very well here in the Philippines. It has also contributed to a strong 2017 for us.”

Ford Philippines has a strong retail channel, acknowledged Mr. Fleet, and promised to push through this “a range of exciting utility and performance vehicles.”

STRONG JANUARY START
Ford Philippines defied expectations of weaker demand owing to the implementation of the new excise tax, which generally jacked car prices up at the outset of 2018.

“(While 2017 was) a pretty good year, this is, in fact the fifth consecutive year of sales growth and record sales… What is interesting is that we continued that trend in momentum in January,” shared Ford Philippines Managing Director Bertrand Lessard. “If you recall, by the end of December, there was this race against the excise tax [implementation]. We were fearing that in the month of January, we [would be] slowing down because of that. It didn’t happen because we had another record sales in [that] month. We finished with 2,737 units — the best January ever for the Philippines.”

NO ESCAPE IN SIGHT
Ford Philippines will put passenger cars like Focus and Fiesta on the back burner for the meantime, as consumers have shown a continued predilection for SUV. “We want to focus attention on the fastest-growing segment, the SUV. It’s where the market is growing,” revealed Mr. Lessard. Still, there are no immediate plans to push Ford’s previously popular Escape product.

“At this point we’re already covering the whole scope with what we have now,” he maintained. “The Kuga [or Escape] is covering almost the same thing as the Everest.”

Aside from the Ranger Raptor, Ford is slating the 2018 release of the Ecosport [during the first half], the Ranger and Everest with enhanced power trains, the Explorer, an aluminum-body Expedition, and a Mustang convertible.

CUSTOMER SERVICE PROMISE
Mr. Lessard explained that the customer service and ownership thrusts began last year, and a report on results will be presented the end of the first quarter of 2018. “We’ll come back to you with the final program that says we’re going to reduce the customer dealership or cost of ownership significantly but we will do that with the dealer.” He hinted that they are “progressing very well.”

One of the end goals of Ford in the region is to have “the same consistent experience from showroom to showroom,” concluded Mr. Fleet.

Government to fund 78% of infrastructure program with internal funds — NEDA

THE GOVERNMENT will finance with budget appropriations about 78% or P7.096 trillion of its ambitious infrastructure program, the National Economic and Development Authority (NEDA) said, signalling confidence in the economy’s prospects and capacity to pay with tax reform shoring up the state’s fiscal position.

In   statement, NEDA said the P9.04 trillion the national government hopes to spend over six years excludes infrastructure projects to be undertaken purely by local government units (LGUs), government-owned and controlled corporations (GOCCs), the private sector and other sources.

In the statement, Socioeconomic Planning Secretary Ernesto M. Pernia said the financing plan was firmed up after the NEDA Board’s Committee on Infrastructure (INFRACOM)-Cabinet Committee met on Feb. 7. The committee was chaired by Mr. Pernia and co-chaired by the secretary of Public Works and Highways with representatives from the Office of the President and the Departments of Transportation, Budget and Management, Finance, Trade and Industry, Energy, Agriculture, Tourism, and Information and Communications Technology.

INFRACOM made headway “in improving connectivity and promoting economic clusters in regional and sub-regional growth centers. This is consistent with the country’s National Spatial Strategy,” Mr. Pernia said.

The committee also approved its provisional work plan for 2018, the proposed draft implementing rules and regulations (IRR) of the National Transport Policy, and the guidelines for the utilization of the Project Development and Other Related Studies Fund for the conduct of feasibility studies, master plan formulations, analyses and other pre-investment activities, Mr. Pernia said.

In the statement, NEDA said regions outside Metro Manila are receiving a “big share” of infrastructure programs, noting that of the 4,985 infrastructure programs in the government program between 2017 and 2022, 3,911 projects, excluding the National Capital Region (NCR), are region-specific, while 98 are intra-regional.

“If you look at the data, the Autonomous Region in Muslim Mindanao has the highest number of projects. This dispels the notion that government projects are centered in Mega Manila,” Mr. Pernia said.

From 2017 to 2022, ARMM will get a total of 1,340 projects while Metro Manila will have 320 projects, he said.

DENR to verify Boracay water treatment capacity

ENVIRONMENT Secretary Roy A. Cimatu said his department will meet with Boracay’s water concessionaire, Manila Water Co., Inc. to discuss its potential capacity for offering expanded waste water treatment services.

The discussions follow President Rodrigo R. Duterte’s threat to shut down the resort island last week, after it emerged that a number of establishments are not connected to the island’s sewage system.

“We requested (the meeting). We will check their capability to put up a treatment facility there,” Mr. Cimatu told BusinessWorld.

“We will be meeting them if they have the capability to provide so that in six months, we can completely connect everyone [to a proper waste water treatment system]. These are our intentions,” he added.

Should Manila Water be unable to provide the required additional capacity, Mr. Cimatu said that the president had given the order that all the establishments on Boracay must develop their own water treatment facility.

“The sewage system because (is) the number one problem now. The second problem is that there are several buildings that intruded into the beach and there are creeks there that they covered up which cause flooding.”

The Department of Environment and Natural Resources (DENR) will conduct an inspection on March 1 of all establishments and homes.

The Department also issued a statement on Tuesday, warning commercial establishments that release untreated waste water to connect to the sewage treatment plant run by Manila Water unit Boracay Island Water Company, Inc. (BIWC) or have their own wastewater treatment facilities within two months.

BIWC was created as a joint venture with Manila Water Philippine Ventures and the Tourism Infrastructure and Enterprise Zone Authority.

Establishments will have their operations shut down if they do not comply within two months. The DENR will issue a notice of violation to the non-compliant establishments that will be given three to five days to respond.

Mr. Cimatu said non-compliant parties will be handed down penalties by the Pollution Adjudication Board under the DENR’s Environment Management Bureau.

While around 50% to 60% of businesses on Boracay are compliant under the Philippine Clean Water Act of 2004, Mr. Cimatu said that around 300 establishments are dumping their untreated waste water directly into the sea or canals.

The DENR will also go after establishments that set up buildings in protected areas and creeks, which are considered to be no-build zones.

The department has also issued a new directive to bar the construction of new buildings on Boracay. — Anna Gabriela A. Mogato

DoF says perks for small miners may lead others to seek tax exemptions

THE Department of Finance (DoF) reiterated its concern that tax exemptions for small-scale miners may have the effect of “legislated tax evasion” and lead other segments of the economy to seek similar privileges.

The department outlined it position before the House ways and means committee chaired by Quirino Rep. Dakila Carlo E. Cua. The committee was tackling House bills (HBs) 1664, 3297, 3304, 3470, 4057, and 7133, which all seek to amend Republic Act (RA) 8424 or the National Internal Revenue Code (NIRC) to exempt small-scale miners from paying taxes when selling gold to the Bangko Sentral ng Pilipinas (BSP).

The DoF held fast to its position first stated in hearings during the 16th Congress.

“We would like the committee to actually please consider identifying each and every issue and address them properly rather than just looking at the tax treatment which may not be the answer to these issues,” DoF research and information office Director Juvy C. Danofrata said.

She also noted that passing the proposals “may be tantamount to putting or legislating tax evasion” and may lead other industries to request tax exemptions as well.

Ms. Danofrata said the decline in the sale of gold to the BSP is “an enforcement issue.”

“We (DoF) recognize that there are certain administrative issues… we [should first] identify each and every issue such that we do not just zero in on the tax treatment,” Ms. Danofrata said.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) noted a drop in tax revenue from gold purchases to P55.7 million from P205 million in 2011 amid lower taxes.

In November, the BSP reduced the creditable withholding tax (CWT) imposed on small-scale miners to 1%. The excise tax imposed, on the other hand, has remained constant at 2% since 2008. This makes for a total of 3% tax.

However, the excise tax increased to 4% since the Tax Reform for Acceleration and Inclusion (TRAIN) Law took effect last month, bringing the total taxes imposed on miners to 5%.

Sought for comment, Mr. Cua said: “We’ll consider the input of the DoF and Bureau of Internal Revenue. However, we also see the point of the BSP that our international reserves are falling.”

The authors of the bills are Benguet Rep. Ronald M. Cosalan, Sorsogon Rep. Evelina G. Escudero, Abang Lingkod party-list Rep. Joseph Stephen S. Paduano, Masbate Rep. Elisa T. Kho, Pampanga Rep. Gloria Macapagal-Arroyo, Speaker Pantaleon D. Alvarez, Majority Leader Rodolfo C. Fariñas, and Mr. Cua. They cited the need to discourage small-scale miners from selling their gold on the black market and smuggling gold out of the country.

The bills note that underground sales and smuggling led to the drop in the value of gold purchased by the BSP to P984 million (20,354 troy ounces) in 2014 from P49.5 billion (918,110 troy ounces) in 2010. — Minde Nyl R. dela Cruz

Peso nears P52-per-dollar level

THE PESO dropped further against the dollar on Tuesday, breaching the P52 level intraday, ahead of the release of US January inflation data.

The local currency closed Monday’s trading session at P51.98 versus the dollar, 21 centavos weaker than the P51.77 finish on Friday.

This is the peso’s worst finish in more than 11 years or since it ended at P52.165 against the greenback on July 21, 2006.

The peso traded weaker the whole day, opening the session at P51.93 against the greenback. Its best showing was at P51.84, while it posted a low of P52 versus the dollar intraday.

Dollars traded climbed to $1.023 billion from the $930.6 million that changed hands in the previous session.

UnionBank of the Philippines chief economist Ruben Carlo O. Asuncion said the weakening of the peso was due to the outlook on US inflation.

The trader shared the same sentiment, saying investors are looking forward to official inflation data from the US, as this can spur more expectations for the US Federal Reserve to hike its rates this year.

In a report from Reuters, expectations on US inflation edged lower in January, according to a New York Fed survey published on Monday.

The survey of consumer expectations dipped to 2.71% in January year on year, slightly lower than the 2.82% the previous month.

The consumer expectations survey is among the data the Fed considers when it reviews policy. Market players expect three interest rate hikes from the Fed this year.

For Wednesday, Feb. 14, the trader expects the local unit to move between P51.70 and P52.10 against the dollar, while Mr. Asuncion gave a slightly slimmer range of P51.70 to P52.

“Exchange rates are expected to be slightly subdued [today] amid possible profit taking from the dollar’s recent gains,” the trader noted.

Meanwhile, most other Asian currencies gained ground against the US dollar on Tuesday as global risk sentiment rose after world equities showed a semblance of calm, while the greenback was on the defensive on worries about its receding yield advantage.

Asian stocks rallied on Tuesday, tracking Wall Street’s extended rebound from last week’s steep fall, with MSCI’s broadest index of Asia-Pacific shares outside Japan climbing 1.4%.

“Equity markets have begun the week on a somewhat positive note, picking up from a Friday rebound as bargain hunters have returned on the first sign of stability,” Stephen Innes, head of trading for Asia Pacific at Oanda said in a note.

Meanwhile, the dollar index dipped 0.2%, having fallen 0.26% on Monday.

“The US dollar traded lower as currency traders are analyzing the rebounding global equity markets,” added Mr. Innes. — K.A.N. Vidal with Reuters

PSEi snaps losing streak as global markets recover

STOCKS firmed on Tuesday, tracking the recovery of global markets that began to show signs of stability after consecutive losses in previous weeks.

The bellwether Philippine Stock Exchange index (PSEi) gained 0.96% or 82.23 points to 8,570.14, ending three days of losses amid thinner trading.

The all-shares index also edged higher by 0.54% or 27.31 points to 5,053.21.

“Philippine markets saw a bit of reprieve today from the selling pressure experienced this month, but this was on the back of weaker trading volumes as the CNY (Chinese New Year) holiday gets under way,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message on Tuesday.

The local barometer moved in pace with global markets. On Monday, the Dow Jones Industrial Average picked up 1.7% or 410.37 points to 24,601.27. The Nasdaq Composite Index inched up 1.56% or 107.46 points to 6,981.96, while the S&P 500 was up 1.39% or 36.45 points to 2,656.

“Regional equity rally boosted sentiment in the local front. Also, bargain hunting on index heavyweights SM Prime Holdings, Inc. (SMPH) and JG Summit Holdings, Inc. (JGS) which were battered in the past few sessions lifted the market,” RCBC Securities, Inc. equity analyst Jeffrey Lucero said in a text message.

SMPH recorded a 3.29% increase to P36.15 apiece yesterday, and was also the second most actively traded stock. JGS, meanwhile, added 2.6% or P1.90 to end the day at P74.90 each.

Regina Capital’s Mr. Limlingan added that investors have started re-entering markets on a bargain-hunting mode after seeing signs of stability in markets in the United States.

Southeast Asian stock markets edged higher on Tuesday tracking Wall Street which extended gains after its worst week in two years and as bargain hunters stepped in to buy battered down stocks.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up more than 1%.

Back home, most sectoral counters went up on Tuesday, led by property, which posted a 1.46% or 55.75-point increase to 3,868.60. Holding firms climbed 1.17% or 101.17 points to 8,708.78; mining and oil was up 0.99% or 112.32 points to 11,396.77; services rose 0.86% or 14.70 points to 1,706.91; while financials added 0.32% or 7.12 points to 2,206.01.

Industrials was the lone losing counter as it closed 0.63% or 72.99 points lower to 11,397.63.

Around 1.82 billion issues valued at P7.66 billion switched hands, higher than the P5.86 billion worth traded last Monday.

While the main index was up, declining stocks still outpaced those that advanced, 110 to 96, while 48 names were flat.

Foreigners maintained a selling position on Tuesday as net outflows stood at P841.65 million, although lower than Monday’s P1.27 billion. — Arra B. Francia with Reuters

Customs presents 22 luxury cars in custody

The Bureau of Customs (BoC) on Tuesday, Feb. 13, presented to the media 22 luxury cars in its custody at the CFS3 Warehouse in Manila International Container Port.

The vehicles were intercepted on separate occasions at the Manila International Container Port (MICP) and are subjects of ongoing litigation.

Customs chief Isidro S. Lapeña led the presentation of the vehicles, which included a McLaren, a Lamborghini Murcielago, a Lamborghini Gallardo, a Rolls Royce, a 2005 Ferrari F430 2006, a 2017 Land Rover Evoque, two 2017 Chevrolet Camaro, two 2017 Range Rover, 12 units Toyota Land Cruisers.

YOU MIGHT ALSO WANT TO READ: Customs destroys P61.63M worth of smuggled luxury cars

Philippine Airlines outlines new routes with delivery of 15 aircraft this year

Philippine Airlines President Jaime J. Bautista said in a press conference that the airline is expecting the delivery of four Airbus A350s, six A321neos, and five Bombardier Q400s this year.

The A321neos will be used for Manila-Brisbane flights, as well as routes to New Delhi and Mumbai in India, and Sapporo in Japan.

The A321neos are for Asia-Pacific destinations, which have increased in demand.

The A350-900/ will be used for the polar route of the Manila-New York flights, and Q400s for domestic destinations.

“Coming next month, a new Davao-Siargao route, the Airbus 321neo will allow us to fly Manila-Australia nonstop and will open routes to New Delhi, Bombai and Saporro. The Airbus 350 will give us the range and power to fly the longest and commercial route ever operated by a Philippine carrier from Manila to New York City over the Arctic Ocean,” Mr. Bautista said in a press conference.

“We will have 259 seats from Manila to New York. We are taking delivery of airplane in June. We are expected to take the delivery of the Airbus 350 in August, the third one in September, the fourth one in December.” — Patrizia Paola C. Marcelo

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