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Road rave

Ynna with ‘Gray,’ the family’s Nissan Terra

Auto execs reveal their ‘best drives ever’

THE AUTOMOBILE is surely one of man’s greatest marvels. I believe that it is in our nature to roam, conquer new horizons, and move freely — whether on foot, by horseback, on rickshaws, horseless carriages, bicycles, and, ultimately, autos. We are road warriors first.

So, a car without a journey is nothing more than a technical creation. Surely, the design, engineering, and production of automobiles is, I think, as compelling as that “one giant leap for mankind.” But the soul of any car ever built is in every trip that it has allowed us to take, every destination it has helped us get to, every path it has let us travel, and every race it has made us win.

I am sure that each one of us has that special or everyday story to tell about where we have traveled with our car. I do. I thought though that it would be interesting to hear the stories of some of the people who are actually involved in marketing, distributing, and selling the cars here — vehicles that we have made a part of our life. I asked a few auto industry folk about what their best drive ever was, why, and the circumstances that made it so. I was amazed at the level of emotional connection they had. Here they are, in alphabetical order.

We never know where our life’s journeys may take us, but it is always good to know we have a steady steed in our garage that will get us there with a song in our heart and a smile on our face. Me? My best drive is always the one that takes me home.

YNNA BRODIT-VALEROS
NISSAN PHILIPPINES

My best drive ever was when my family and I bravely took our Nissan Terra, which I call it Gray, to a North Luzon loop last Christmas. I must say that that road trip was really special because it was our first long drive as a family, and our kid was old enough to stay still in his own seat. The drive was a mix of all weather conditions — from sunny Manila to rainy Baler and Cagayan, then back to sunny Ilocos. But it was all good because we were listening to old-school ’90s OPM (original Pinoy music).

Before the drive, we made sure all the safety checks were done — gas, water, tires, etc. Of course, I prayed for a safe drive. We drove starting from our home in Cavite to Bulacan, Nueva Ecija, Baler, Isabela, Tuguegarao, Aparri, Ilocos Norte, Ilocos Sur, then back to Cavite.

My dream drive is the Philippine Loop although it needs a lot of planning and a long leave from work!

MIKKO DAVID
ACMOBILITY

My best drive was my first “balikan” Baguio run in my BYD Atto 3. Instant torque, smooth overtaking, and electric silence brought back memories of my circuit racing days in Subic almost 30 years ago — only now with air-conditioning, Spotify, and genuine comfort. The Atto 3 delivers the raw speed and acceleration that I have always wanted in my everyday car. With the BYD Atto 3, I experienced the instant gush of power without gutting the interiors and keeping all the creature comforts like air-con and sounds intact.

With Blackpink, Bini, M2M and a bit of Britney in the background, and my freshly washed car gleaming, it felt like a stress-busting escape. These days, I do it often — QC to Baguio, dinner, then back — with a quick charge in between. It’s race-car joy, minus the gas and compromises. I have always thought about doing the Philippine Loop. Perhaps, one day, when the charging infrastructure is ripe.

I always start my drives with a clean, often newly washed car. I know it is going to get dirty as the drive wears on, but the idea that a car is clean inside and out makes me feel good about myself. It also shows I take care of my car, ensuring that it is in tip-top shape, which it always is anyway.

MIKO HERNANDEZ
MITSUBISHI MOTORS PHILIPPINES

“Dan” is my ever-reliable Mitsubishi Montero Sport, and is more than just a daily ride. From weekday commutes to work to spontaneous weekend road trips, Dan is our family’s go-to adventure buddy. Our favorite drives? Heading north on the sun-soaked highways of NLEX and SCTEX, indie-electro tracks playing followed by lullabies to help our kids drift off to sleep in the backseat.

Dan’s reliability isn’t just about smooth drives. It came through when my wife nearly gave birth inside the car during a frantic rush to the hospital — proof of its dependability in moments that matter.

Before every journey, I tap the steering wheel and thank him for keeping us safe. Rain or shine, Dan gives me peace of mind. With every journey, I know we’re in good hands.

IRA JORNADA
MAZDA PHILIPPINES

A sunrise drive to Batangas in my Soul Red Crystal MX-5 Club Edition — with its top down, a cool breeze, “Love Over and Over Again” by Switch playing, and golf clubs beside me — was a moment of pure joy. I named her Hiroshima, a quiet nod to Mazda’s roots. She’s spirited, soulful, and always there when I need clarity. Most mornings, we take the quiet streets of Rockwell Drive to my office in Makati CBD. It’s short, calm, and comforting — just like her.

But a rare Batangas morning reminded me why I love driving. It’s not about distance; it’s about the peace it brings. As always, I whispered a quiet “thank you” to her for getting me there safe and comfortably — my little ritual at every stop. Next dream route? Pebble Beach. Just me, Hiroshima, my golf set, and my thoughts.

JEFF LOPEZ
SUZUKI PHILIPPINES

One of my best drives was not to any particular place; it was a day when I felt like escaping. I headed out with no set destination, and just ended up somewhere remote, like the hills of Tanay or near a quiet lake like Mapanuepe. It was a cool and cloudy day, peaceful, with no traffic. It was just the Jimny, the road, and the right kind of silence: The kind where the air feels fresh and the road invites you to take your time. And the playlist? Full-on “dad rock” — Queen’s “Bohemian Rhapsody,” The Eagles, America, Boston, maybe some Toto or CCR (Creedence Clearwater Revival). It’s music that hits just right when the windows are down and the world is quiet.

The Jimny 5-Door just gets it. It is built for that kind of unstructured freedom. You do not have to plan much — you just go, and it goes with you. It is that balance of utility and personality that makes even a simple drive feel like a mini adventure. Before any trip, I always check on the basics: tires, fuel, fluids. But more than that, I need my moment: strong coffee, a bit of silence, and making sure the playlist is lined up. It’s like prepping for a personal ritual; no distractions, just drive mode.

My next dream drive? A drive through the rolling hills of Batanes, coastal roads, stone houses, and wide-open landscapes that feel untouched.

ELVIN LUCIANO
TOYOTA MOTOR PHILIPPINES

The best drive ever using my everyday car? It was most definitely that first time I drove my parents from Makati to our hometown in Isabela. With my father riding shotgun, we took a route we never tried before, and it was nice sharing that experience with them. It was a very sunny day — perfect for a long drive on mountain roads.

I prioritize safety and comfort above all, especially when I drive with loved ones. The act of “sundo/hatid” is my love language and I am happy that my Corolla Cross GR-S enables me to do that. I also like making playlists that blend with my passenger’s preferences so in the case of my family, it was a mashup of mostly ’90s pop, ’70s folk, and ’60s soul. There is also one thing I must do before any long trip: Decide on the perfect breakfast spot.

On my bucket list of drives to take is one that will help me discover the beaches of the northern regions of the Philippines; hopefully, sooner than later.

KARL MAGSUCI
MG PHILIPPINES

I have several great drive experiences with my daily driver, but one of the best drives is to my home golf course in Laguna on weekends. Since weekday drives are usually short and traffic-laden, it is during this time that I can really enjoy the instantaneous power delivery and agile driving dynamics of my MG Marvel R full-electric SUV.

The long stretch of highways, curving roads, steep climbs, and descents bring out the best traits of the Marvel R — quick acceleration, high torque, dynamic handling and excellent stability.

Whether in dry or wet conditions, it delivers a confident drive that brings out the joy of driving. I tune in to some soft house and lounge music driving to the golf course to get just the right boost of energy to start the day. Driving home, I listen to my pop jazz and R&B playlist for a more relaxing drive.

Whether it be my congested daily drive to work, or that exciting weekend drive to the golf course (and the drive on the fairway, pun intended), I always see to it that I start with a prayer… thanking the Lord for the gift of life and another opportunity to do what I love doing — driving — and asking for protection and a safe journey ahead. Next up on my drive list: the Philippine Loop.

MARK PARULAN
HYUNDAI MOTOR PHILIPPINES

One of my most memorable drives was when I brought home our first brand-new car. My wife and I have always practiced delayed gratification, and to finally afford such a purchase was very fulfilling. All throughout the ride, I reminisced about all the times I would daydream about walking out the showroom with a brand-new car. When commuting, I would look at the cars on the road and imagine that one day I would be able to drive my own.

The car represents all the hard work and sacrifice that my wife and I have put in. That day was a typical hot and sunny one. Traffic was light. I remember playing the song “A Million Dreams” that I always play to celebrate significant life moments.

For long trips or drives that include my family, I always make sure to say the first prayer that was taught to me — “Prayer to the Guardian Angel” — to ask for protection and guidance. I am looking forward to more family vacation road trips. Driving for me is my way of caring for my family, making sure they reach their destination safe and well.

ATTY. LOUIE SORIANO
HONDA CARS PHILIPPINES

My best drive ever is when I would drive my Honda Accord 2020 1.5 Turbo to my hometown — Roxas, Isabela. Just imagine how arduous it is to drive a 450-kilometer, winding, downhill-uphill road for 10 long hours. But my Honda Accord is very comfortable and fun to drive so I don’t really experience that feeling of exhaustion, despite the scorching heat on a summer’s day. It also helps me lighten up when I listen to my favorite country music artist — Sarah Evans. Before the drive and before starting the engine, I normally pray to our Heavenly Father to seek His protection from any harm and danger during the drive. If I were given a chance, I would like to drive my car from Luzon to Cebu, passing through the Bicol region and using a roll-on, roll-off ferry service to cross the seas.

Japan private-sector rice imports soar in May

STOCK PHOTO | Image by Vinn Koonyosying from Unsplash

TOKYO — Japan’s private-sector rice imports rocketed higher in May as the country grapples with supply shortages that have become a major headache for both consumers and policymakers.

Some 10,600 metric tons of so-called staple rice — which is consumed at meals as opposed to rice used for feed or ingredients in other products — were imported by companies such as trading firms and wholesalers despite high levies.

While that’s still a small amount compared to the roughly 7 million tons eaten by the Japanese each year, it represents a huge jump from the 3,004 tons imported for the entire last financial year that ended in March.

Rice prices in Japan have doubled since last year after an extreme heatwave hit the 2023 harvest which was then exacerbated by stockpiling following an earthquake and additional demand from a boom in tourism.

To tackle the problem, Japan’s government began releasing stockpiled rice directly to retailers from late May, allowing some consumers to snap up 5 kg of rice for about 2,000 yen ($13.85) — less than half of average supermarket prices.

Japanese restaurants and consumers are increasingly turning to US brands in search of cheaper prices.

Japan takes a heavily protectionist stance towards its most basic food and traditionally has not had to rely on imports.

Private-sector imports are subject to a levy of 341 yen per kilogram.

The government can also import 100,000 tons of staple rice  tariff free under World Trade Organization rules. It decided to hold a tender for tariff-free imported rice this month, earlier than the usual auction in September, to help lower soaring prices. — Reuters

BSP securities fetch lower rates

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities declined further on Friday even as the offer went undersubscribed.

The BSP bills fetched bids amounting to P119.984 billion on Friday, below the P120-billion offer but higher than the P114.299 billion in tenders for the P110-billion auctioned off on June 20. This came as the one-month tenor was undersubscribed, leading to a partial award.

Broken down, tenders for the 28-day BSP bills reached only P58.887 billion, lower than the P60 billion placed on the auction block but higher than the P46.322 billion in bids seen for a 50-billion offer seen the prior week. The BSP accepted all the submitted bids.

Banks asked for rates ranging from 5.35% to 5.6%, a narrower margin compared to the 5.28% to 5.9% band seen a week earlier. This caused the average rate of the one-month securities to inch down by 1.6 basis points (bps) to 5.4745% from 5.4905% previously.

Meanwhile, bids for the 56-day bills amounted to P61.097 billion on Friday, higher than the P60-billion offering but lower than the P67.977 billion in tenders for the same offer volume in the prior week. The central bank made a full P60-billion award of the two-month securities.

Accepted rates were from 5.37% to 5.565%, a tighter range compared to the 5.29% to 5.58% margin seen the week prior. With this, the average rate of the 56-day securities went down by 2.02 bps to 5.5012% from the 5.5214% logged in the previous auction.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide short-term market rates towards its policy rate.

The BSP bills also contribute to improved price discovery for debt instruments while supporting monetary policy transmission, the central bank said.

Data from the central bank showed that around 50% of its market operations are done through its short-term securities.

The BSP bills are considered high-quality liquid assets for the computation of banks’ liquidity coverage ratio, net stable funding ratio, and minimum liquidity ratio.

They can also be traded on the secondary market. — A.M.C. Sy

Style (06/30/25)

Elizabeth Arden releases new capsules

ELIZABETH ARDEN released the new Visible Brightening Clearly Radiant Spot Correcting Capsules. Stored in silver capsules users pop, it’s a serum designed to correct, visibly brighten, and refine the skin, while tackling dark spots and post acne marks. It’s clinically proven to visibly diminish visible dark spots within 14 days. Each capsule is crafted with a potent blend of encapsulated Vitamin C (said to be 178 times stronger than traditional Vitamin C3), and five skin brighteners. Enhanced with the latest Advanced MIX Technology, which visibly targets the four key stages of skin pigmentation, the formula addresses visible dark spots at their source. Moreover, the inclusion of barrier-strengthening Phyto-Ceramides strengthens the skin’s protective barrier: the fast-absorbing serum improves texture, tone, and relieves visible redness. The new Visible Brightening Clearly Radiant Spot Correcting Capsules are available at P8,470 for 60 capsules and P4,800 for 30 capsules. Elizabeth Arden products are available at Elizabeth Arden counters in Rustan’s Makati, Rustan’s Alabang, Rustan’s Cebu and online at Rustans.com, Lazada, Shopee and Zalora.

Tommy Hilfiger partners with F1: The Movie

TOMMY HILFIGER fuels the connection between fashion, motorsport, and cinema with the launch of The APXGP Collection. The range is being released alongside the anticipated F1: The Movie, starring brand ambassador Damson Idris and Brad Pitt. The limited-edition lineup blends racing codes and iconic prep as the brand sets the pace in motorcore dressing. The APXGP Collection reflects the rising influence of Formula 1 beyond the track. It features moto-emblazoned mechanic shirts, a varsity-meets-moto jacket in vegan leather, tailored Japanese denim jeans, and a merino knit polo. There is also a red quilted jacket that is modeled after the exact silhouette worn by Damson Idris’ character in the film. The APXGP Collection is available on tommy.com, in Tommy Hilfiger stores worldwide, and through select wholesale partners.

Japan’s Legend Walker now in the Philippines

LEGEND WALKER, a luggage brand from Japan, has officially landed in the Philippines. Lightweight yet durable and made with high-performance polycarbonate or ABS materials, Legend Walker luggage combines strength and flexibility. Designed and tested according to Japan’s strict quality benchmarks, it’s built to resist impacts while remaining light — perfect for navigating airports, train stations, and busy city streets. Legend Walker luggage features TSA-approved combination locks and silent spinner wheels engineered for Japanese standards of quiet performance. Smart compartments keep belongings organized and secure. It features replaceable parts, eco-conscious production practices inspired by Japan’s sustainability principles, and premium craftsmanship. Legend Walker is now available in select retail locations and online platforms across the Philippines, including select SM Department Stores.

Thai actor Pond Naravit is Ever Bilena’s endorser

EVER BILENA introduces Thai actor and singer Pond Naravit Lertratkosum as its newest brand ambassador. He is Ever Bilena’s first-ever Thai endorser. He is known for his roles in series such as Fish Upon the Sky, Never Let Me Go, We Are, Our Sky, and Leap Day, as well as being a member of the boy group PROJECT JASP.ER. He will front several of the brand’s top products, including a limited-edition collection made especially for the collaboration.

Philippine Merchandise Trade Performance (May 2025)

The Philippines’ trade deficit in goods further slimmed to a three-month low in May as exports grew while imports continued to fall, the Philippine Statistics Authority (PSA) reported on Friday. Read the full story.

Philippine Merchandise Trade Performance (May 2025)

Primelectric allots P2.1B for network upgrades

STOCK PHOTO | Image by Fasyah Halim from Unsplash

RAZON-LED Primelectric Holdings, Inc. (PHI) is allocating P2.1 billion in capital expenditures across its power utilities to upgrade distribution infrastructure and help maintain lower electricity rates.

PHI’s utilities — MORE Electric and Power Corp. (MORE Power), Negros Electric and Power Corp. (NEPC), and Bohol Light Company, Inc. (BLCO) — will continue to prioritize loss-reduction programs to sustain low rates and improve service quality, the company said in a statement over the weekend.

Mr. Roel Z. Castro, president and chief executive officer of PHI, said the company remains focused on delivering affordable and reliable electricity to its customers.

“Our goal is to pass these savings directly to consumers, helping families allocate funds toward essentials like food, education, and other vital needs,” Mr. Castro said.

MORE Power, the electric distribution utility serving Iloilo City, reduced electricity rates by P0.61 per kilowatt-hour (kWh) in June, resulting in P122 in monthly savings for households consuming 200 kWh.

BLCO slashed power rates by P0.75 per kWh, translating to P150 in savings for the same monthly consumption.

NEPC customers also saw a P0.55 per kWh reduction, equivalent to P110 in savings for households consuming 200 kWh.

“The total reduction of P1.91 for the three distribution utilities is possible due to several favorable economic factors, including lower costs in the Wholesale Electricity Spot Market and decreased transmission charges,” PHI said.

The company said these rate adjustments position PHI’s utilities among the most affordable electricity providers in the Visayas region. — Sheldeen Joy Talavera

Enhancing orthopedics and rehabilitation medicine

STOCK PHOTO | Image by Jcomp from Unsplash

Orthopedics and rehabilitation medicine play a crucial role in restoring mobility, relieving pain, and improving the quality of life for individuals affected by musculoskeletal conditions. This is particularly important in the Philippines, where rising road accidents and physical trauma have increased the need for effective orthopedic and rehabilitative care.

Orthopedic surgeons diagnose and treat a wide range of musculoskeletal issues such as fractures, dislocations, arthritis, and sports injuries. Rehabilitation medicine specialists, or physiatrists, complement this by focusing on the recovery of movement and function after illness, injury, or disability — supporting patients in regaining independence and resuming daily activities.

For many Filipinos, the Philippine Orthopedic Center (POC) in Quezon City has become synonymous with orthopedic and rehabilitative care. A 700-bed tertiary specialty hospital under the Department of Health (DoH), the POC celebrated its 80th founding anniversary this February. It stands as the country’s apex center for musculoskeletal disorders and trauma care and serves as a premier training ground for the nation’s orthopedic surgeons and physiatrists.

To further strengthen the country’s orthopedic and rehabilitation services, the DoH and POC are organizing the 1st National Orthopedic and Rehabilitation Summit on July 4 to 5 in Pasig City. With the theme “Strengthening the Referral Systems and Developing Regional Centers for Orthopedic and Rehabilitation Care,” this landmark event will bring together leaders and professionals from across the country — uniting public and private health institutions in a shared vision of equitable, decentralized musculoskeletal care.

Participants in the summit include medical center chiefs, department heads, public health experts, and private sector representatives. The goal: to create a robust referral system, build capacity in regional centers, expand training opportunities, and promote a collaborative, multidisciplinary approach to orthopedic and rehabilitation medicine.

Strengthening local capacity means patients can access care closer to home — reducing unnecessary travel, delays, and complications. It contributes to a more efficient, resilient healthcare system that supports timely interventions and continuity of care. Moreover, empowering regional health professionals to become mentors and innovators helps elevate the entire healthcare landscape.

PROGRAM HIGHLIGHTS AND SPEAKERS
POC Chief Dr. Jose Pujalte, Jr. will open the summit, followed by a keynote address by Dr. Jose Dante Dator, Executive Director of the National Kidney and Transplant Institute (NKTI).

In the session on Optimizing the Referral System, moderated by Dr. David Alagar and Lourdes Desiree Cembrano, experts will tackle key aspects of the Universal Health Care (UHC) framework. Dr. Michael Caampued, President of the Philippine Society of Public Health Physicians, will examine referral challenges under UHC. Dr. Melissa Sena, Director of the DoH Bicol Center for Health Development, will share insights on healthcare provider networks among hospitals.

Dr. Alvin Marcelo, Director of the Asia eHealth Information Network, will speak on the digitalization of patient referrals. Arturo Ongkeko, Jr. will discuss the integration of artificial intelligence and ethics in the referral system.

Sessions will also focus on specialized training and certification. Dr. Jose Ma. Bautista, Chair of Orthopedics at the Philippine General Hospital, will present on orthopedic subspecialties. Soledad Velorio, POC’s Chief Nurse, will discuss the certification of nurse specialists in orthopedic and rehabilitation care.

Public-private partnerships (PPPs) will be a major theme. Dr. Hilton Lam, Director of the Metro Manila Health Research and Development Consortium, will explore innovative PPP models. Girlie Casimiro, Director at the Department of Economy, Planning, and Development (formerly NEDA), will speak on aligning PPPs with the Philippine Development Plan 2023-2028. Dr. Jack Arroyo of SMC Global Power Holdings will offer private sector perspectives.

Dr. Justinian Pimentel IV, President of the Philippine Orthopedic Association, and Dr. Maria Luisa Palabrica, Vice-President of the Philippine Academy of Rehabilitation Medicine, will speak on the roles of their respective organizations in the national health delivery network.

Other key sessions include Consignment procurement of implants by Dr. Maria Lourdes Otayza, Chief of Mariano Marcos Memorial Hospital & Medical Center; Rehabilitation device hubs by Dr. Josephine Bundoc, UERMMMC; Referral systems development workshop by Roderick Napulan, Dr. Abdullah Dumama, Jr., and Dr. Mary Ann Palermo-Maestral; and ER referral networking (Tangguyob) by Dr. Michael Valderrama, Mariano Marcos Memorial Hospital.

Also at the center of the discussions are LGU-based referral systems by Dr. Angelina Tan, Governor of Quezon; Referral practice and patient flow by Dr. Jeffrey Castillo, Tondo Medical Center; and Maximizing PhilHealth reimbursements by Dr. Jose Chan, Chief of Northern Mindanao Medical Center.

The summit will conclude with a presentation of the POC’s referral system by Dr. Angeli Apalisoc and Dr. Kea Bravo, followed by closing remarks from Dr. Paul San Pedro, POC Chief of Medical Professional Staff.

Enhancing orthopedic and rehabilitation services across the country is not only about improving surgical techniques or increasing hospital beds. It is about building a fairer, more resilient health system that reaches every Filipino in need whether in the heart of Metro Manila or the rural provinces. With strong referral networks, capable regional centers, and empowered professionals, we can bring timely and quality care closer to home.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Toyota Insure partners with Pioneer Insurance & Surety, MAAGAP Insurance

THE TOYOTA Insure program of Toyota Motor Philippines (TMP) recently formalized partnerships with leading insurance providers Pioneer Insurance & Surety Corp. and MAAGAP Insurance, Inc., “reinforcing (TMP’s) commitment to providing comprehensive coverage and maintaining exceptional service standards,” according to a company release.

Through these partnerships, TMP said its “customers will be able to have more options in choosing reliable and convenient insurance partners suited for all their overall Toyota Insure experience.”

Toyota Insure is one of TMP’s Value Chain products, an exclusive insurance service offering customers access to full-coverage insurance policies at competitive rates. The program ensures a “seamless experience through hassle-free claims processing, free personal accident coverage, and guaranteed repairs at Toyota dealerships using genuine Toyota parts.” Toyota Insure also supports dealerships by increasing after-sales business and customer touchpoints, leading to higher customer retention.

“With this expansion of Toyota Insure, TMP continues to enhance its customer experience beyond Toyota ownership by offering its Value Chain products through the entire vehicle use cycle. TMP provides an array of choices that suit the customers’ needs — from Financing (Toyota Financial Services) to Insurance (Toyota Insure) and when upgrading their Toyota through trade-ins (T-Sure). These offerings provide customer satisfaction and a unique experience that sets Toyota apart from the usual,” said TMP First Vice-President for Value Chain Operations Mike Masamayor.

At present, Toyota Insure has partnered with five outstanding Insurance companies namely: AXA Philippines; Malayan Insurance; People’s General Insurance; Standard Insurance; and Stronghold Insurance Company, Inc. Since its launch in 2015, Toyota Insure has experienced robust growth, establishing itself as the trusted insurance provider for Toyota vehicles.

Nigeria’s Dangote aims to end Africa’s fertilizer imports

STOCK PHOTO | Image by Petar Ubiparip from Pixabay

LAGOS — Africa will be self-sufficient in fertilizer within 40 months, Nigerian billionaire Aliko Dangote said Friday, in the wake of a planned expansion of his $2.5-billion plant on the outskirts of Lagos.

Africa currently imports over 6 million metric tons of fertilizer annually as it struggles to produce enough food in often challenging growing conditions.

The benefits of increasing domestic production would include reduced foreign exchange expenditure, which has been a major economic burden in Nigeria because of the weakness of the local currency.

“In the next 40 months, Africa will not import fertilizer from anywhere. We have a very aggressive trajectory right now. We want to make Dangote the highest producer of urea, bigger and higher than Qatar — give me 40 months,” Mr. Dangote said at the annual Afreximbank meeting in Abuja.

Mr. Dangote runs Africa’s largest granulated urea complex, which has annual capacity of 3 million tons, 37% of which it exports to the US. It will need to double current output to achieve his ambition. Mr. Dangote has said he is not worried about the impact of Mr. Trump’s tariffs.

Analysts say the market outlook for fertilizer is bullish, but there are also challenges and the kind of expansion Mr. Dangote seeks requires infrastructure to be built.

“Any new fertilizer plant or expansion project faces cost overrun risks to the producer,” Seth Goldstein, senior equity analyst at Morningstar Research, said.

Mikolah Judson, an analyst at global risk consultancy Control Risk, cited the need for “transport infrastructure and port capacity,” saying “bottlenecks routinely delay various import and export projects in Nigeria.”

Mr. Dangote has a track record for delivering big projects. He also owns the Dangote Petroleum Refinery, Africa’s largest, although its launch was repeatedly delayed and it exceeded its initial budget.

He has said he intends to list the 650,000 barrels-per-day refinery next year and on Friday he also confirmed plans to list his fertilizer plant on he local stock exchange this year. — Reuters

Soft US data may keep peso at P56 level

BW FILE PHOTO

THE PESO may stay at the P56 level this week as soft data out of the United States may weigh on the greenback.

On Friday, the local unit climbed for a fourth consecutive session, closing at P56.57 per dollar on Friday, rising by 3.5 centavos from its P56.605 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, the peso jumped by 60 centavos from its P57.17 per dollar close on June 20.

The peso gained on Friday as the dollar was “pressured by a softer US GDP (gross domestic product) reading for the first quarter,” a trader said in a phone interview.

The weak GDP report boosted expectations of a rate cut by the US Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For this week, the trader said peso-dollar trading will be driven by US data releases over the weekend, including the personal consumption expenditures (PCE) price index report, and any developments in the Iran-Israel conflict.

The trader sees the peso moving between P56.30 and P56.80 per dollar this week, while Mr. Ricafort expects it to range from P56.40 to P56.90.

In the Asian session on Friday, the US dollar wobbled, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper US rate cuts while awaiting trade deals ahead of a July deadline for President Donald J. Trump’s tariffs, Reuters reported.

With the geopolitical tremors of the Israel-Iran conflict in the rear view after a ceasefire that appeared to be holding, market focus has been on US monetary policy.

The prospect of Mr. Trump announcing the next Federal Reserve chair, expected to be more dovish, earlier than usual to undermine the current Chair Jerome H. Powell has raised the odds of the central bank cutting rates.

Mr. Powell, whose term ends in May, was also interpreted as being more dovish last week in testimony to the US Congress, adding to expectations of more rate cuts. Traders are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday.

Mr. Trump has repeatedly attacked Powell and called for rate cuts this year, stoking investor worries about the slow erosion of US central bank’s independence and credibility.

The dollar index, which measures the US unit versus six other currencies, was lingering near its lowest since March 2022 at 97.398, on course for a 2% decline in June, its sixth straight month in the red.

The index has dropped more than 10% this year as Mr. Trump’s tariffs stoke US growth worries, leading investors to look for alternatives.

A report on Friday showed that US consumer spending unexpectedly fell in May as the boost from the pre-emptive buying of goods like motor vehicles ahead of tariffs faded, while monthly inflation increases remained moderate.

A weekly jobs report on Thursday showed that continuing unemployment claims rose to the highest level since November 2021, while gross domestic product figures for the first quarter reflected a sharp downgrade to consumer spending.

Meanwhile, the US PCE price index gained 0.1% in May, matching the rise in April. It was curbed by a sharp decline in gasoline prices, which partially offset higher costs for furnishings and durable household equipment. Overall goods prices climbed 0.1%.

In the 12 months through May, PCE inflation increased 2.3% after climbing 2.2% in April.

Most economists argue price increases have remained moderate because businesses are still selling inventory accumulated before the tariffs went into effect. They expect inflation will start picking up, beginning with consumer price data for June.

Some of them believe softening demand could make it harder for businesses to pass on tariffs to consumers.

Stripping out the volatile food and energy components, the PCE price index increased 0.2% last month. That followed a 0.1% rise in the so-called core PCE inflation in April.

In the 12 months through May, core inflation advanced 2.7% after rising 2.6% in April.

The Fed tracks the PCE price measures for its 2% inflation target. The central bank last week left its benchmark overnight interest rate in the 4.25%-4.50% range, where it has been since December. Economists expect rate cuts to resume in September. — Aaron Michael C. Sy with Reuters

How PSEi member stocks performed — June 27, 2025

Here’s a quick glance at how PSEi stocks fared on Friday, June 27, 2025.

PHL stocks may rise further on cautious optimism

BW FILE PHOTO

PHILIPPINE SHARES could rise further this week as the market remains “cautiously optimistic” about a long-term deal between Iran and Israel and developments ahead of the end of the 90-day pause in the Trump administration’s plan to impose “reciprocal” tariffs on its major trading partners.

On Friday, the benchmark Philippine Stock Exchange index (PSEi) returned to the 6,400 level, jumping by 1.22% or 77.62 points to end at 6,408.27. The broader all shares index also rose by 0.84% or 31.61 points to 3,792.06.

Week on week, the PSEi went up by 1.08% or 68.5 points from the 6,339.77 close on June 20.

“Global markets wrestled with moderate growth outlook and volatile oil prices, amid a still cautious Federal Reserve with the ongoing ceasefire between Israel and Iran,” online brokerage 2TradeAsia.com said in a market note.

“The local market managed to bounce back last week as Middle East tensions eased. However, trading was still thin, reflecting tepid market confidence, with many still on the sidelines amid lingering uncertainties,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

A ceasefire to the 12-day Israel-Iran conflict went into effect early last week, Reuters reported. Israel launched the air war on June 13, attacking Iranian nuclear facilities and killing top military commanders as well as civilians in the worst blow to the Islamic Republic since the 1980s war with Iraq.

Iran retaliated with barrages of missiles on Israeli military sites, infrastructure and cities. The United States entered the war on June 22 with strikes on Iranian nuclear facilities.

For this week, the mood could be “cautiously optimistic,” Mr. Tantiangco said.

“While Middle East tensions have subsided, the relation between Israel and Iran remains uncertain. This is expected to keep investors on a cautious stance. On a positive note, the easing of global oil prices and the rebound of the local currency may continue to provide support to the local bourse,” he said.

“Investors are also expected to deal with the uncertainties over US President Donald J. Trump’s July tariff deadline. Hopes that the said deadline would be extended may give sentiment a boost.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the PSEi’s immediate support is at 6,105-6,200, while immediate resistance is at 6,500, with sentiment expected to get a boost if the situation in the Middle East continues to improve.

2TradeAsia.com placed the PSEi’s immediate support at 6,300 and resistance at 6,500-6,550.

“Global markets are navigating persistent geopolitical currents, even as the immediate Middle East conflict has slightly de-escalated; this fragile stability, however, does not erase the underlying vulnerability of global supply chains,” it said. “Investors must grapple with the monetary policy environment increasingly constrained by geopolitical realities and the unpredictable, yet impactful, weaponization of trade.” — R.M.D. Ochave with Reuters

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