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SRA reports 18% drop in sugar prices

THE Sugar Regulatory Administration (SRA) said on Friday the farm-gate price of sugar fell 18% this month to P1,634.58 per 50 kilograms from P2,003.60 in July.
“Since the start of the milling season last September 1 and the issuance of Sugar Order No. 2 (SO 2), Series of 2018-2019 on Sugar Import Program for Crop Year 2018-19 was issued last October 1, 2018, prices of sugar has been on a downward trend,” SRA Administrator Hermenegildo R. Serafica said in a statement.
The SRA said it is pushing planters associations, planters federations and millers to sell sugar at the adjusted price following the drop, specifically P50 for refined, P45 washed and P41 raw.
“SRA continues to monitor prices in the supermarkets and wet markets and those selling higher than prevailing prices are asked to explain,” it said.
Local groceries are encouraged to source their sugar supply from planters’ associations to score a cheaper price, or from the SRA itself which sells sugar at P48 for refined and P40 for raw and brown sugar under the “TienDA Malasakit” brand.
SO 2 ordered for the importation of 150,000 metric tons of raw or refined sugar which as a means to temper the rising price of the commodity. All the orders are expected to arrive until Dec. 31.
The SRA said of those ordered, 64,475 metric tons or 1.29 million 50-kilogram bags of sugar are already on the way to Philippine ports as of Friday.
Since Sept. 1, the SRA said, 1.6 million 50-kilogram bags of raw sugar and 928,508 bags of refined sugar have been locally produced by the existing seven sugar mills and five sugar refineries in the country.
It added that more mills and refineries are set to open in the next weeks, which will keep adding to the country’s sugar supply. — Denise A. Valdez

Melco Philippines withdraws plan to delist from PSE

By Arra B. Francia, Reporter
MELCO Resorts and Entertainment (Philippines) Corp. (MRP) has withdrawn its application to voluntarily delist from the local bourse, announcing instead its largest shareholder’s plan to increase its stake in the company.
In a disclosure to the stock exchange on Friday, MRP said it has formally withdrawn its petition and amended petition for voluntary delisting from the Philippine Stock Exchange (PSE), which was filed last September.
The operator of the City of Dreams Manila earlier announced plans to exit the PSE by November, citing its “inability to raise funds despite considerable efforts and expenses being incurred to maintain its listed status.”
The exit was dependent on the conduct of a tender offer by its largest shareholder, MCO (Philippines) Investments Limited, that sought to buy out all minority shareholders.
A number of market participants however raised their eyebrows on the planned tender offer, as they deemed the tender offer price of P7.25 per share unfair. Traders pointed out that the tender offer price was way below the P14 per share MRP shares had when the company conducted its follow-on offering back in 2013, among others.
Amid the withdrawal, MCO Investments said it will proceed with its planned tender offer consisting of up to 1.57 billion common shares, representing 27.23% of the company’s outstanding capital stock.
“(S)uch tender offer shall be conducted for the purpose of increasing the bidder’s shareholding interest in the issuer, instead of for the purpose of voluntary delisting of MRP,” the company said.
Sought for comment, Regina Capital Development Corp. Managing Director Luis A. Limlingan said conducting the tender offer could signal a shift in strategy for MRP to go for involuntary delisting.
“Tender offer kasi maybe involuntary delisting pa siguro. There might be fundamental change in strategy, especially with a single used fixed asset,” Mr. Limlingan said in a mobile message, adding that the tender offer could bring down the company’s free float to less than 10%.
Companies may be involuntarily delisted from the PSE should it fail to meet the minimum public float of 10%.
MCO Investments will be filing a second amended tender offer report next week to update the tender offer schedule.
Meanwhile, the PSE welcomed the company’s decision to withdraw its delisting plan, saying it will address the issues raised by investors.
“It is a development that surely would also calm down sentiments coming from minority shareholders who did have certain issues when they first came up with the valuation,” PSE Chief Operating Officer Roel A. Refran told reporters on the sidelines of the Philippine Investments Forum in Makati on Friday.
“It also reinforces the prospects. I’m pretty sure the company does also see the value of carrying on remaining to be a listed company. And I think that’s fully appreciated also by the investors who did raise a couple of issues because they do see the value in continuing the listing of the company,” Mr. Refran added.
MRP’s net income surged by 437% to P1.89 billion in the first half of 2018. Operating revenues slipped by one percent to P16.54 billion, due to the adoption of a new revenue standard “which resulted in higher commissions paid to gaming promoters being deducted from casino revenues.”
Shares in MRP jumped 1.57% or 11 centavos to close at P7.11 each on Friday.

Cavite barge terminal to begin full operations in November

THE Cavite barge terminal, privately funded by International Container Terminal Services Inc. (ICTSI), is set to begin full operations next month, the Department of Transportation (DoTr) said on Friday.
In a statement, the DoTr said the Cavite Gateway Terminal (CGT) will open on Nov. 5 for cargo trans-shipments via barges and roll-on, roll-off (RoRo) operations.
“Madalas congested ang mga kalsada na papunta sa mga port, at ito ang magiging solusyon dyan [Most of the time the roads going to ports are congested, and this will be the solution to that]. This project is also proof that when the government and the private sector work together, beautiful things can happen,” Transportation Secretary Arthur P. Tugade said in the statement.
The DoTr said CGT has been conducting a dry run since September, but limited to barge operations. ICTSI said in an email interview in July the project has already been completed.
“The project is completed, and we have successfully simulated the receipt and delivery of containers via barge and trucks. We are just confirming date of formal inauguration,” the port operator said then.
After the inauguration next month, CGT is expected to help cut costs and time in transporting goods and people between Cavite and ports in Luzon.
The barge terminal has a capacity of 115,000 twenty-foot equivalent units (TEUs), aimed to reduce truck trips by approximately 140,000 every year.
“Passenger ferry services from Cavite to Manila and vice-versa will also be made available in the future following discussions between the government and the operator,” the DoTr added. — Denise A. Valdez

BSP to require banks to report glitches within two hours

By Melissa Luz T. Lopez, Senior Reporter
BANKS and other financial firms will soon be required to report cyber attacks and similar technology-related glitches within two hours, following the approval of new rules by the central bank.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said the Monetary Board approved on Thursday afternoon new guidelines that mandate supervised firms to report digital breaches immediately upon discovery of the incident.
This comes as the regulator tightens its watch on players as they employ wider use of digital channels.
Ms. Fonacier said the central bank will soon issue a circular to implement the new standard.
“Initial reporting of very basic info is within two hours from incident, with a follow-up report containing more relevant details required within 24 hours from incident,” Financial Technology Sub-Sector officer in charge Vicente T. de Villa III said via text message when asked for more details.
Banks will also have to file reports on crimes and losses, where they must disclose the costs incurred from cases of theft and fraud, among others.
The central bank is encouraging increased use of electronic channels for payments and fund transfers to bring down transaction cost while promoting wider use of formal financial services. This is in line with the BSP’s goal to raise the share of electronic payments to 20% of total transactions by 2020, coming from a measly 1% share in 2013 as the economy remains cash-heavy.
Ms. Fonacier previously said they are also coordinating with the Bankers Association of the Philippines for an industry-led reporting platform for such threats, which would also provide a heads-up to other lenders about emerging cybersecurity issues faced by local players.
Results of the maiden Banking Sector Outlook Survey conducted by the central bank among bank executives showed that 71% of lenders are looking to use financial technology in their businesses, which is seen to enhance customer experience while improving overall efficiency.
A separate study conducted by FINTQnologies Corp., however, showed that the smaller thrift, rural and cooperative banks as well as microfinance lenders have “minimal capacity” to embrace digital solutions, as 90% of these firms do not have electronic banking platforms.

Peso recovers to log fresh one-month high

THE PESO recovered on Friday to its strongest rate in over a month, supported by cues for succeeding rate hikes from the central bank coupled with big fund inflows.
The local unit closed the week at P53.70 versus the dollar, 26.5 centavos stronger than the P53.965 close on Thursday. This also marked the peso’s best showing since a P53.55 finish on Sept. 5.
The unit initially traded weaker as it opened at P54.02 against the greenback and even touched P54.04 as its weakest showing during the session. The peso eventually rebounded as trading proceeded and closed at its strongest rate.
One trader attributed the appreciation of the currency to fresh hints from the Bangko Sentral ng Pilipinas (BSP) that future interest rate increases may still be on the table.
“The peso appreciated strongly today following hawkish cues from the BSP third quarter inflation report this morning,” one trader said on Friday. “In particular, the central bank signalled that headline inflation for 2019 might breach above the government’s 2-4% target range which could warrant further rate hikes next year.”
The trader was referring to statements from BSP officer-in-charge Deputy Governor Maria Almasara Cyd N. Tuaño-Amador, who noted that sound monetary policy action “continues to be directed towards safeguarding the medium-term inflation target” for 2019, which some took as a hint that there could be additional rate hikes on top of the 150 basis points (bp) which the central bank introduced so far this year.
Another trader said the peso also received a boost from inflows due to remittances from abroad, as well as investments likely meant for the follow-on offering of shares by the San Miguel Food and Beverage, Inc. (SMFB).
“Compared to other currencies, the excessive move was seen only in our (dollar-peso) pair. It’s more of an inflow from remittances and the Purefoods follow-on offering,” the trader said by phone.
The share sale will be priced at P85-95 apiece, according to San Miguel Corp. president and chief operating officer Ramon S. Ang, the parent firm of SMFB. The Securities and Exchange Commission approved the share sale earlier this month, which is slated to be the biggest so far in the local equities market.
Dollars traded on Friday reached $905.02 million, surging from the $729.25 million which exchanged hands the previous day and well above the daily average. — Melissa Luz T. Lopez

China Bank raises $150M via maiden green bond issue

CHINA Banking Corp. (China Bank) has issued $150 million in green bonds to fund climate change mitigation projects.
The Sy-led lender said in a disclosure on Friday that the sole investor in its maiden green bond issuance is the International Finance Corporation (IFC), a member of the World Bank Group.
The issuance brings China Bank’s climate portfolio to over $200 million or about P11 billion.
The proceeds of the issue will fund “climate-smart” projects, such as renewable energy, green buildings, energy efficiency and water conservation, the bank said.
“The bond supports the continuing development of the nascent green bond market in the Philippines and the government’s target of reducing carbon emissions by 70% by 2030,” China Bank said.
“This bond affirms our long-term commitment to sustainability. We are glad to partner with IFC on our first green bond issuance to step up our green lending activities and further contribute to a sustainable economy,” China Bank President William C. Whang was quoted as saying in the statement.
In August, IFC issued the Mabuhay Bond, its first peso-denominated green bond. The financial institution also subscribed to the green bond issuance of China Bank’s parent BDO Unibank, Inc. last year.
“IFC is proud to play a role in creating a new green bond market in the Philippines, a country challenged by climate change impacts but where green financing is low. Our investment in this bond will increase access to new financing for climate-smart projects,” IFC CEO Philippe Le Houérou said.
Shares in China Bank closed at P28.50 apiece on Friday, down 20 centavos or 0.70%.

PHL stocks extend gains for 3rd session

By Arra B. Francia, Reporter
STOCKS eked out gains on Friday, amid sideways movement for most of the session as investors tracked the weakness of most markets abroad.
The bellwether Philippine Stock Exchange index (PSEi) added 0.14% or 10.27 points to close at 7,151.52, extending gains for the third consecutive session. The broader all shares index meanwhile slipped 0.06% or 2.75 points to 4,359.65.
“Philippine shares traded slightly higher though with very little value turnover once again as the broader market was weaker on a multitude of reasons,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message, citing escalating geopolitical tensions between the United States and Saudi Arabia, Brexit negotiations, and the steep decline in Chinese markets.
In addition, markets in the United States also fell overnight, as investors focused on the trade war between the US and China, hawkish remarks from the US Federal Reserve’s minutes, as well as the possibility that tech stocks are now overvalued.
“(The) index traded weakly during the morning on account of more negative sentiment from weak US markets last night,” Papa Securities Corp. Trader Gabriel Jose F. Perez said in an email.
Overnight, the Dow Jones Industrial Average dropped 1.27% or 327.23 points to 25,379.45. The S&P 500 index shed 1.44% or 40.43 points to 2,768.78, while the Nasdaq Composite index lost 2.06% or 157.56 points to 7,485.14.
Chinese stocks also led the decline in Asia, as both Shanghai Composite index and Shenzhen Composite index both fell to fresh four-year lows.
Locally, sectoral indices were split between gainers and losers. The mining and oil counter led the advance, jumping 2.21% or 207.94 points to 9,617.80, followed by property which gained 0.6% or 21.41 points to 3,577.81. Financials also went up 0.42% or 6.78 points to 1,612.55.
On the other hand, industrial went down 0.28% or 30.83 points to 10,806.8. Holding firms dipped 0.24% or 16.36 points to 6,867.37, and services fell 0.1% or 1.5 points to 1,487.69.
Advancers outpaced decliners, 92 to 88, while 48 names remained unchanged.
Turnover increased to P4.94 billion after some 2.17 billion issues switched hands, compared to the previous session’s P4.02 billion.
Net foreign outflows continued, rising to P220.42 million from the P149.63 million recorded on Thursday.
“Despite the index closing in the green once again, note that the continued presence of foreign selling still remains to be an overhang for the market,” Papa Securities’ Mr. Perez said.
Eleven of the 20 most actively traded stocks ended in positive territory, including Semirara Mining and Power Corp. (up 5.73%), Jollibee Foods Corp. (up 1.92%), BDO Unibank, Inc. (up 1.18%), Bank of the Philippine Islands (up 1.16%), and Aboitiz Power Corp. (1.01%).
The same list showed nine decliners, including Globe Telecom, Inc. (down 4.25%) and San Miguel Corp. (down 4.24%).

From the Front Page: To hike, or not to hike (oil taxes)?

Malacañang, along with Congress, opened the week with an announcement to temporarily suspend an oil tax hike set in January, based on estimations that the average price of Dubai crude oil prices (Asia’s benchmark) will stay above the $80 per barrel threshold set by the TRAIN law. Finance Department officials said this should help anchor inflation expectations and prevent hoarders from taking advantage of soaring oil prices.
To mitigate the potential P41 billion in lost revenue this could entail, the government committed to cutting spending on non-infrastructure projects. “We are going to take the necessary action not to increase our deficit,” Finance Secretary Carlos G. Dominguez III said.
Updated estimations, however, suggest that Dubai crude oil may close the year below the $80 threshold. The Department of Finance issued a bulletin Wednesday saying that while this may ease pressure to suspend the oil tax hike, trade war uncertainties, US sanctions on Iran, and declining Venezuela production have made the global oil market “too volatile” to predict.
Meanwhile, the Development Budget Coordination Committee (DBCC) slashed economic growth and fiscal goals, while raising inflation forecasts in the face of tighter credit conditions, rising oil prices and a worsening Sino-US trade row. “We have tempered our optimism with prudence and good judgement in terms of the reality,”Socioeconomic Planning Secretary Ernesto M. Pernia said.
But in the midst of a weakening peso and global market volatility, local banks are on steady footing, says S&P Global Ratings. The firm attributes the peso devaluation to a ramp-up of imports in line with the government’s infrastructure plans. “This has a limited impact on the country’s banking system, which is heavily domestic focused and has a limited foreign exchange position,” S&P reported.

Adopt, adapt, become adept—rising up to disruptive tech

Earlier this month, Chris Buono, managing director of UPS Philippines, met with industry leaders and hopeful innovators to share his insights on leveraging bleeding edge tech to turn a hundred-and-eleven-year-old company into a lean, mean, disrupting machine.
The session, which took place on Oct. 2 at the Manila House in Taguig, continued the Innovation Series–talks on cutting-edge innovations set to disrupt and transform businesses and lifestyles.
Buono, who has led UPS’ operations in the Philippines since 2017, kicked off his talk on new disruptive innovations by explaining that disruptive innovations are in no way new. As a concept, disruptive innovation was first coined in 1995 by Clayton Christensen, a professor at Harvard. Christensen used it to describe how some new entrants tackled industry problems not by taking the big players’ leads, but by developing entirely new business models and processes.
Oftentimes, they failed. But that’s not the point.
“Disruptive technologies tend to develop first in niche areas and normally get overlooked
by mainstream players,” Buono said. “They tend to be unique, sometimes even quirky innovations. They require a certain level of risk and threshold of acceptance before they become widely accepted within an industry.”
Knowing full well that it’s impossible to beat a giant at its own game, smaller firms reinvent the games entirely. When they fail, they’re lean enough to recover. But when they succeed—really succeed—they send the giants to their knees.
It’s for that reason entirely that industry leaders need to take notice of the innovations bubbling around them. It’s a fine line between smooth sailing and stagnation, and that line is drawn by how quickly firms can read the tides and change course.
For UPS, a logistics company, disruption was inevitable. High-asset, fragmented, deeply competitive—everything from the Internet-of-Things to A.I., to blockchain, to even 3D printing find massively lucrative applications in logistics. In order to not only survive, but thrive in that kind of environment, Buono says UPS had to build disruption into their business.
“And [we] do so in three ways: Adopt, adapt, and then become adept,” he said.
UPS handles 19 million packages, transported by nearly 100,000 vehicles, in 220 countries and territories all over the globe. And that’s in one day. To grow their operations to that scale, and sustain them, the firm has to be quick on the draw to take on new models and processes.
In 1924, it was conveyor belts. In 1992, electronic package tracking. In 2015, 3D printing. Today, Buono says artificial intelligence, blockchain, and drones are the next frontier for logistics.
Whereas predictive logistics systems powered by A.I. are helping streamline user experiences and decongest traffic in urban areas, blockchain is completely revolutionizing supply chain management altogether.
“[It] has the potential to increase transparency and efficiency among shippers, carriers, brokers, vendors, consumers, and regulators,” Buono said. “Using blockchain disrupts the notion that supply chains are opaque, costly, and time-consuming, controlled by multiple brokers and vulnerable due to only having a single hub.”
And with drones, UPS is sorting and sending packages more efficiently, and more sustainably.
“Drones can be used for sorting objects in high areas in these facilities and UPS has been exploring drone deliveries in rural areas, where drones can be launched from the roof of a UPS truck,” he said. This system cuts both mileage and emissions necessary to take packages to their final destinations.
For remote and vulnerable areas, this is more than a convenience. According to Buono, UPS is using drones to help isolated and remote communities overcome infrastructural challenges to gain access to essential supplies like medicine and blood.
“These technologies should be seen as tools that would make people more efficient, work safer, and create a better experience for their customers,” Buono said. “Disruption is a continuous process and it does not guarantee success—they can only translate into reality if they meet people where they are.”
When disruptive technologies displace people or create new inefficiencies, they only become obstructions to progress, Buono said. But when they address real-world challenges, they have the potential to improve not just the quality of work, but of lives.
“The power of disruptive technology sparks our collective imagination, drives us to blaze new trails and seek out new solutions, and provides new products, services, and ways of working that would make a difference to the people who need it the most,” he said.

China Bank issues first green bond, raises $150-M for climate-smart projects

This green bond further raises the company’s climate portfolio to over $200 million, or roughly P11 billion.

By Anna Gabriela A. Mogato
China Banking Corp. has raised $150 million in its first green bond issued, with World Bank Group-member International Finance Corp. as its sole investor.
In a disclosure to the Stock Market on Friday, China Bank said it will be using the $150 million to fund “climate-smart projects, increasing the company’s climate portfolio to more than $200 million,” or roughly P11 billion. These include investments in renewable energy, green buildings and water conservation projects.
“IFC is proud to play a role in creating a new green bond market in the Philippines, a country challenged by climate change impacts but where green financing is low,” said IFC CEO Philippe Le Houérou. “Our investment in this bond will increase access to new financing for climate-smart projects.”
In December last year, the IFC subscribed to BDO’s green bond issuance, kicking off its green bond investments in the East Asia and Pacific region. In August of this year, the IFC issued its Mabuhay Bond, its first peso-denominated, internationally-rated green bond.
China Bank President William C. Whang in the same statement said that the green bond affirms the company’s “long-term commitment to sustainability.” In 2017, China Bank participated in the mobilization of PHP796 billion in loans, bonds, and securities for projects contributing to the U.N. Sustainable Development Goals.
The company claims the new green bond and its sustainability strategy places them among the country’s market leaders for climate-smart financing, aligning with the government’s plan to reduce carbon emissions by 70% by 2030.

A stronger and deeper PHL-UK relationship

By Mark Louis F. Ferrolino, Special Features Writer

Amidst the world’s changing geopolitical landscape, the bilateral ties between the Philippines and the United Kingdom (UK) remain firm and indestructible. Through the years, both nations have helped each other out in times of crisis and have worked as one in attaining common goals. The genuine partnership of the two island nations continues, marking its 18th year of Friendship Day this Oct. 20.

In terms of culture, history and form of government, the Philippines and UK are indeed far different from each other. However, these differences seem to be outnumbered by great similarities and shared values nurtured over the years.

“The UK is a dynamic, modern and diverse country. Proud of our past and looking confidently to our future. Our links with the Philippines stretch back across the centuries. And I see great potential for our two countries to become even closer in future,” British Ambassador to the Philippines Daniel R. Pruce told BusinessWorld in an e-mail interview.

At the core of the Philippine-British partnership lies the strong links between its people. The two countries have always been open and welcoming to each other’s residents.

More and more Brits — nearly 17,000 at the last count — are coming to the Philippines to live and work. On the other side, there are over 200,000 Filipino nationals who have settled in UK, who, according to Mr. Pruce, make an enormous contribution to the country.

“Fourteen thousand Filipino health care workers are in our own National Health Service, bringing their high level of professional qualification and strong caring skills to our country,” he said.

Furthermore, a growing number of students from the Philippines are coming to the UK because of the many opportunities it has been offering in education. This includes students on scholarship programmes such as the Chevening Scholarships (future leaders’ scholarship) programme, and research grants and PhD scholarships under the Newton Agham Program.

This year, 36 Filipino Chevening scholarships were awarded by the British government, the biggest contingent from the Philippines since the UK scholarship program began in 1983.

Four PhD scholars have also been sent to the UK, funded by the Newton Agham Program, with matched support from the Commission on Higher Education (CHEd).

On top of these scholarships, the British government and the Department of Science and Technology (DoST) are jointly awarding 10 large-scale three-year research grants that focus on health and environment.

Newton Agham also provides support to DoST-funded researchers through the Leaders in Innovation Fellowship Program, an intensive training course on innovation to build capacity for entrepreneurship and commercialization.

Meanwhile, through the British Council and CHEd, the UK has been able to develop a remarkable program of transnational education, a provision of education from institutions in one country to students in another.

There are now 17 joint Masters degree programs in a broad range of disciplines being prepared between 10 Philippine and nine UK universities to be offered from academic year 2018. All of which are relevant to the public and private sector priorities of the country.

“The UK hopes to see further liberalization and advanced access in higher education in the Philippines. We want to provide wider options for Filipinos to have access to a range of international programs and be the Philippines’ partner to internationalize education in the country. Through transnational education, Filipinos can get a British degree without leaving the country just like in other Asian countries such as Malaysia and Singapore,” Mr. Pruce said.

The relationship between the Philippines and the UK encompasses a range of commercial and economic ties in both directions

At present, over 200 British companies are operating in the Philippines — with many more eager to come. On the other hand, Jollibee Foods Corp. is set to open its first outlet in London on Oct. 20. There’s also the recent multi-million pound acquisition of Integrated Micro-Electronics, Inc., a subsidiary of Ayala Corp., of UK-based company Surface Technology International Enterprises Ltd. in electronic contract manufacturing.

Trade between the two nations remains upbeat. UK continues to be the number one European investor in the country with an amount reaching to £1 billion. Two-way trade and investment has now grown to almost £1.4 billion, while UK exports grew by 25% last year.

“The UK is working with the Philippines to improve trade policy. Last December, a Statement of Intent on enhanced economic cooperation was adopted by the UK and the Philippines at the High Level Dialogue in London. This covers sectors like infrastructure, energy, education, health and ICT; with capital market development and SME supply chain boost also figuring in discussion. Program support continues to help improve the countries business environment, covering competition policy, transparency and ease of doing business,” Mr. Pruce said.

To further boost the contribution of the Philippines and UK for the growth of each nation, Mr. Pruce believes that both countries should continue to exchange ideas and expertise from research via programs like Newton Agham, by providing education opportunities for future leaders through the Chevening Scholarships, and aiding the transport challenges locally through an upcoming infrastructure program discussed during the recent Economic Roadshow held last Sept. 24 to 26 in the UK.

“I am eager to see the relations between the UK and the Philippines continue to flourish in the years ahead, becoming stronger, richer and deeper,” Mr. Pruce said.

Meanwhile, in line with this year’s UK-Philippines Friendship Day celebration, the British Embassy is partnering with Football for Humanity to hold a football clinic where children from different charities will come together to learn how to play football.

“I can say that football is more popular than any other sport in the UK. It’s part of our culture. In fact, Britain is considered to be the Home of Football,” Mr. Pruce said.

The embassy, through its social media platforms, will also do features of notable Filipinos and British citizens who have built strong ties between the UK and the Philippines through business, art, and education.

‘Crashworthy’ vehicles of 2018

Since 2006, the Insurance Institute for Highway Safety (IIHS), a US-based nonprofit scientific and educational organization dedicated to reducing deaths, injuries and property damage from motor vehicle crashes, has been testing an array of vehicles every year in order to establish their crashworthiness, the ability to protect occupants during an impact. It also assesses the vehicles’ front crash prevention systems, which warn the driver or apply brakes automatically to mitigate or avoid a frontal collision, as well as their headlights.

“To determine crashworthiness, we rate vehicles good, acceptable, marginal or poor, based on performance in six tests: driver-side small overlap front, passenger-side small overlap front, moderate overlap front, side, roof strength and head restraints,” IIHS explains on its Web site.

“In the area of crash avoidance and mitigation, vehicles with available front crash prevention systems are rated basic, advanced or superior, based on the type of system and performance in track tests. We also test headlights and rate them good, acceptable, marginal or poor.”

A “Top Safety Pick” is awarded to vehicles that earn good ratings in the driver-side small overlap front, moderate overlap front, side, roof strength and head restraint tests and an advanced or superior rating for front crash prevention and an acceptable or good headlight rating.

Earning the “Top Safety Pick+” recognition involves getting good ratings in the driver-side small overlap front, moderate overlap front, side, roof strength and head restraint tests, as well as an acceptable or good rating in the passenger-side small overlap front test. A vehicle must also have an advanced or superior rating for front crash prevention and a good headlight rating to qualify for this award.

“Models that earn Top Safety Pick+ or Top Safety Pick are the best vehicle choices for safety within size categories. Size and weight influence occupant protection in serious crashes. Larger, heavier vehicles generally afford more protection than smaller, lighter ones. Thus, a small car that’s a Top Safety Pick+ or Top Safety Pick doesn’t necessarily afford more protection than a bigger car that doesn’t earn the award,” IIHS says.

For 2018, the following vehicles have received either the Top Safety Pick+ (TSP+) or Top Safety Pick (TSP) awards from IIHS:

In the minicars category: 2019 Hyundai Accent (TSP), 2018 Kia Rio (TSP+), 2019 Mini Cooper (TSP).

In the small cars category: 2018 Chevrolet Bolt (TSP), 2019 Honda Insight (TSP+), 2018 Hyundai Elantra (TSP+), 2018 Hyundai Elantra GT (TSP), 2018 Hyundai Ioniq Hybrid (TSP), 2018 Kia Forte (TSP+), 2018 Kia Niro Hybrid (TSP+), 2018 Kia Soul (TSP+), 2018 Mazda 3 (TSP), 2018 Nissan Kicks (TSP), 2018-19 Nissan Sentra (TSP), 2018 Subaru Crosstrek (TSP+), 2018 Subaru Impreza (TSP+), 2018 Subaru WRX (TSP+), 2018-19 Toyota Corolla (TSP), 2018 Toyota Prius (TSP), 2018 Toyota Prius Prime (TSP).

In the midsize cars category: 2018 Honda Accord (TSP), 2018 Hyundai Sonata (TSP+), 2018-19 Kia Optima (TSP+), 2018 Mazda 6 (TSP), 2018 Nissan Altima (TSP), 2018 Nissan Maxima (TSP), 2018 Subaru Legacy (TSP+), 2018 Subaru Outback (TSP+), 2018 Toyota Camry (TSP+).

In the midsize luxury cars category: 2018 Alfa Romeo Giulia (TSP), 2018 Audi A3 (TSP), 2018 Audi A4 (TSP), 2018 BMW 2 Series (TSP), 2018 BMW 3 Series (TSP), 2018 Lexus ES 350 (TSP), 2018 Lexus IS (TSP), 2018 Volvo S60 (TSP), 2018 Volvo V60 (TSP).

In the large cars category: 2018 Kia Cadenza (TSP), 2019 Toyota Avalon (TSP+), 2018 Toyota Avalon (TSP).

In the large luxury cars category: 2018-19 Acura RLX (TSP), 2018 BMW 5 Series (TSP+), 2018 Genesis G80 (TSP+), 2018 Genesis G90 (TSP+), 2018 Lexus RC (TSP+), 2018 Lincoln Continental (TSP+), 2018 Mercedes-Benz E-Class (TSP+), 2018 Volvo S90 (TSP).

In the small sport utility vehicles (SUVs) category: 2018 BMW X2 (TSP), 2018 Honda CR-V (TSP), 2018 Hyundai Kona (TSP+), 2018 Hyundai Tucson (TSP), 2018 Kia Sportage (TSP), 2018 Mazda CX-3 (TSP), 2018 Mazda CX-5 (TSP+), 2018 Mitsubishi Outlander (TSP), 2018 Nissan Rogue (TSP), 2018 Subaru Forester (TSP), 2018 Toyota RAV4 (TSP).

In the small midsize SUVs category: 2019 Honda Pilot (TSP+), 2018 Honda Pilot (TSP), 2018-19 Hyundai Santa Fe (TSP+), 2018 Hyundai Santa Fe Sport (TSP+), 2019 Kia Sorento (TSP+), 2018 Kia Sorento (TSP), 2018 Mazda CX-9 (TSP), 2019 Subaru Ascent (TSP+), 2018 Toyota Highlander (TSP).

In the midsize luxury SUVs category: 2018-19 Acura MDX (TSP), 2019 Acura RDX (TSP+), 2018 Acura RDX (TSP), 2018 BMW X3 (TSP+), 2018 Buick Envision (TSP), 2018 Lexus NX (TSP), 2018 Lexus RX (TSP), 2018 Mercedes-Benz GLC (TSP+), 2018 Mercedes-Benz GLE-Class (TSP+), 2018 Volvo XC60 (TSP), 2019 Volvo XC90 (TSP).

In the minivans category: 2018 Chrysler Pacifica (TSP), 2018 Honda Odyssey (TSP), 2018 Kia Sedona (TSP).

In the large pickups category: 2018-19 Honda Ridgeline (TSP).

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