BMW PHL plugs in with X5

January 27, 2025 | 12:03 am

VELO_PAGE1_image1 — LOCATION: PARKLINKS — PHOTO BY KAP MACEDA AGUILA

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Hybrid option now added to fully electrified models

THE ELECTRIFICATION of mobility is well on its way in the country, and we’re seeing an increasing number of options from a myriad of brands across multiple price points — from the relatively affordable to the premium. On its face, this should help facilitate the transition to, or at least adoption of, electrified options.

Yet, while there are many motorists here who have indeed gone for BEVs, it’s hard not to ignore the fact that the country’s public charging infrastructure still leaves much to be desired — and that remains to be a major sticking point keeping many on the ICE part of the fence.

SMC Asia Car Distributors Corp., importer and distributor of BMW in the Philippines, is known for being one of the stalwart supporters of electric — having released no less than five battery electric vehicles (BEVs) already.

THE PHEV BRIDGE
But there’s a more palatable or easier option available for those wanting to veritably have their cake and eat it, too. If you take a look at electric vehicle sales in the Philippines, hybrids comprise 90% — from mild hybrids to traditional hybrids, and yes, the plug-in hybrids (or plug-in hybrid electric vehicles, PHEVs) appear to be the “truest” bridge to the BEV. Users are introduced to the concept and habit of charging a battery, yet do not have to panic when the charge runs low because there’s a good old-fashioned gas- or diesel-fed engine ready to save them — provided, of course, there’s fuel in the tank.

As mentioned, BMW Philippines already has a handful of BEV models. Now, it’s opening another subcategory in the electrified realm — taking advantage of import duty relief enacted starting in the second quarter of 2024 through the expanded Executive Order No. 12 plus the Electric Vehicle Industry Development Act (EVIDA). This means that hybrid vehicles sourced from outside the ASEAN region — which already enjoy free-trade benefits courtesy of the AFTA (ASEAN Free Trade Area) — will get a similar leg up as their fully electric counterparts until 2028.

Enter the BMW X5 xDrive50e M Sport. Priced at P6.99 million, this now becomes the sole representative here of the iconic SUV model which started it all for BMW SUVs at the turn of the century.

The plug-in hybrid variant (which is Unified Vehicular Volume Reduction Program coding-exempt) belongs to the current-generation X5, and similarly gets the good looks of its siblings. Up front, we start with the signature kidney grille — here getting what BMW calls Iconic Glow, basically some strategically placed lighting for added visibility, and drama, at night.

Flanking it are LED lamps with a high-beam assistant which, through a camera positioned in the rearview mirror, detects a variety of things such as light conditions. The system will switch automatically from high to low beam when oncoming traffic is detected and during certain conditions.

Being an M Sport variant means it gets touches here and there that make it look even more appealing and aggressive — such as 21-inch M light-alloy double spoke wheels with run-flat mixed tires (with air-pressure monitoring) and M Sport brakes.

The X5 PHEV also gets an adaptive two-axle air suspension system and allows users to adjust the ride height through a control button in the cabin. And because it’s an X model, you get BMW’s all-wheel-drive capability.

In the bay resides a gas-sipping BMW TwinPower Turbo engine — a three-liter, in-line six-cylinder heart — supplemented by a synchronous motor that, when fully charged, lets the driver go on a pure-electric drive for up to 118 kilometers through a 25.7-kWh battery pack, per WLTP. Total system output is a stout 489hp and 700Nm.

Fitted with an eight-speed Steptronic Sport transmission, the X5 can get from a standstill to 100kph in 4.8 seconds — onto a top rate of 250kph. Alone, the internal combustion engine will give you, at best, double-digit fuel economy, but the electric motor kicking in during hybrid or even pure-electric mode, well, you know can stretch that range and your fuel even longer.

INSIDE STORY
BMW’s cabin execution, to my mind, has always been top-notch, and the X5 PHEV is no different. Designers offer an embarrassment of riches by way of material selection. There’s a lot to take in and admire — such as the fine-wood trim Poplar Grain Anthracite-brown wood accent on the dash and elsewhere.

A freestanding screen houses both the 12.3-inch digital instrument cluster and 14.9-inch widescreen display for the infotainment system. Be aware that there will be a bit of a learning curve as you get used to navigating menus and controls for functions like the air-conditioning — which offers four zones, by the way. But the driver will have a choice of either touchscreen or the newest iteration of the iDrive on the console. Redundant, perhaps, or maybe BMW wants you to have choices.

At any rate, the infotainment system finds its voice through a Harman Kardon Surround sound system, which I found to be thoroughly well-tuned as I played music through Apple CarPlay.

The BMW X5 PHEV also features the brand’s Connected Services which can keep your vehicle fully up to date through over-the-air software updates — which are free, by the way. The multi-power-adjustment sports seats with memory and lumbar support feature what BMW calls Sensafin Décor Stitching upholstery. The seating position is generous with plenty of head and elbow room. You get a nice perch in the X5 from which you can take in more of the road and the periphery.

With the front row adjusted to my preference, I sat in the second row and found adequate legroom. What I would have liked to see though is a panoramic sunroof to provide even more visual cues of space. I guess a sunroof is really something you don’t think about until it’s not there. There’s also a manually deployed sunblind for left and right passengers. This feature has become a must in more premium vehicles.

A two-way tailgate gives access to the cargo hold, whose floor is a little elevated to accommodate the large PHEV battery underneath. It still promises decent capacity for users’ needs.

A BMW Digital Key “enables customers to lock and unlock (the vehicle) through security-enhanced ultra-wideband (UWB) radio technology with compatible smartphones running the iOS or Android operating system. Optimized smartphone integration, the personalized BMW ID and a Personal eSIM designed to work with new 5G mobile technology are also on hand,” said BMW Philippines. Charging options have also been integrated into the My BMW App.

“I’ve had this car for about three months… I think the highlights of this vehicle are its air suspension, and the 100 kilometers of electric range. When you put it in full electric mode, it’s really quiet,” shared San Miguel Corp.’s Jacob Ang in a speech.

“The price gives us a chance to offer our customers a car with all the equipment already there… plus a full suite of driver aids. It has everything you want and more,” added SMC Asia Car Distributors Corp. President Spencer Yu. “Whether we will follow this up with more hybrid models or not depends on market acceptability of this model, but we promise our customers that they will not be disappointed.”

The asking price is bundled with a portable “flexi” charger, five-year/200,000-km comprehensive BMW warranty, and an eight-year/120,000-km warranty for the electric battery.

A cover-up: PhilHealth’s ‘excess subsidy of P89.9 billion’

January 27, 2025 | 12:03 am

The Department of Finance (DoF) did not disclose the failure of the Department of Budget and Management (DBM) to release the Philippine Health Insurance Corp. (PHIC or PhilHealth) subsidy worth P28.076 billion in 2023.

On July 30, 2024, Finance Secretary Ralph Recto testified under oath to the Senate Committee on Health and Demography to explain that “excess subsidies” from 2021 to 2023 would be the fund source for the P89.9 billion that PhilHealth would give up. He inflated that figure by at least P28.07 billion since the DBM never released the full subsidy in 2023. In 2023, PhilHealth actually suffered a P12 billion deficit in its payout of benefits to indirect members since it received only P50 billion of the P78.8 billion that the General Appropriations Act (GAA) approved.

The evidence comes from PhilHealth’s 2023 Financial Statement.

From the PhilHealth Financial Statement 2023 Technical notes:

“Due from the NGAs (national government agencies) account represents premium contributions for the following:… 2023… National Household Targeting System for Poverty Reduction (NHTS) No. of enrollees: 12,618,921… Amount: 28,076,492,000.”

To add insult to this injury, Secretary Recto covered up PhilHealth’s negative equity by showing a positive “Member’s Equity (w/o Insurance Contract Liabilities)” of P485.341 billion when in fact PhilHealth had a negative equity of P664.315 billion, the second highest negative equity among Government-Owned and -Controlled Corporations (GOCCs) in 2023. (See the accompanying table named “Ten CPSDEs with Highest Negative Equity CY 2023.”)

The two agencies were on a mission to justify sweeping up PhilHealth’s reserves (already encumbered by negative equity). The agencies needed to paint a picture of the PhilHealth being awash with funds. They only succeeded in showing a willful and deliberate cover-up of the PhilHealth’s financial state. The Financial Statement showing receivables from DBM and negative equity was issued on Dec. 31, 2023 (most probably finalized in February 2023).

Since those statements were kept by the Commission on Audit from the public until December 2024, no one could question the veracity of the testimony of Secretary Recto until now.

The DBM and DoF Secretaries, as members of the Board of Directors of PhilHealth, are probably the most complicit in any cover-up since their role in the Board is to ensure the financial integrity of the GOCC.

The DBM chose to allow the DoF to deliberately remove funds from PhilHealth that were never given to them in 2023.

Furthermore, we ask: Where have all the unreleased sin taxes earmarked for PhilHealth gone?

The DBM and DoF have been sequestering sin taxes collected in 2023 and 2024. PhilHealth has not been given its full share of the earmarked sin taxes. Of P83.9-billion sin tax collections in 2023, P78.8 billion was appropriated and only P50 billion was released. In 2024, of the P79.02 billion in sin taxes collected, only P40 billion was appropriated and only P10.082 billion was released by the DBM.

Altogether from 2023 to 2025 (including the 2025 expected sin tax collection of P69.8 billion), P142.78 billion is unaccounted for. The DBM and DoF should explain whether they are holding on to these funds or if the amount has been used for other purposes. The Supreme Court should take these agencies to task if they have not complied with the Sin Tax Law.

The consequence of defunding PhilHealth is the failure of Universal Health Care (UHC) from becoming truly universal.

For the first time in a decade, PhilHealth’s membership registration has declined to a level not seen since 2014, now down to 91% of the population. With the poor, elderly and disabled deprived of any premium in 2025, membership registration could decline even further to 57% of the population in 2025.

This will make UHC a farce. With private health facilities already under pressure from unpaid PHIC claims, the private health sector may just start passing up on indirect members without premiums and referring them to DoH and local government units’ (LGU) health facilities.

The pressure of the increasing volume of patients in overcrowded DoH hospitals will worsen this year while Congress and Malacañang ask the PhilHealth to expand benefits without funding them.

UHC in the Philippines is held up by three elements:

1.) A viable Social Health Insurance scheme;

2.) A primary and secondary healthcare network attending to 80-90% of people’s health; and,

3.) A tertiary healthcare network attending to the most catastrophic health conditions (10% of people’s health).

Those elements have never worked in harmony despite over five years of UHC implementation since 2019.

The accumulation of resources in PhilHealth is a reflection more of the failure of LGUs and the DoH to attend to people’s health needs compounded by a clueless PhilHealth, which thinks expanding benefits will cure everything.

The political structure totally disregards the future of UHC in the country by superficially condemning the incompetents running social health insurance and their accumulated resources, and transferring those resources to political patronage in the guise of medical assistance programs like MAIP (Medical Assistance for Indigent Patients), which got P41 billion in the infamous 2025 GAA. Sadly, the DoH and PhilHealth leadership can only agree to this kind of polluted political compromise.

Defunding PhilHealth is clearly an agenda of the current administration which has sequestered nearly P143 billion in the last three years alone in sin taxes.

They are further advancing this anti-poor agenda by undermining the sources that fund social health insurance, specifically removing the indexation of tobacco taxes, which will thus result in less revenues. This move by Congress is clearly intended to protect the tobacco industry and sideswipe universal healthcare.

The administration’s anti-health and anti-poor agenda violates the right to health of all Filipinos enshrined in the Constitution and existing laws. The 2025 GAA defunding social health insurance is a shot taken by the political elite to shape a health system where health services are a commodity handed out by politicians and bureaucrats.

They should be warned that they are not the only ones that have a shot.

Jeepy Perez, MD specializes in public health administration, primary healthcare, and has worked with nine Health Secretaries and three NEDA Secretaries since 1992. He was undersecretary for Population and Development and executive director of the country’s Commission on Population and Development up to Sept. 8, 2022 when he retired. He occasionally writes for Action for Economic Reforms.

P3 billion budgeted for cold storage network

January 27, 2025 | 12:03 am

cold-storage-philstar — PHILSTAR FILE PHOTO

THE Department of Agriculture (DA) said it has allocated P3 billion to establish a network of cold storage facilities at 99 locations this year.

“By improving the cold chain infrastructure, we will strengthen the agricultural sector, reduce farm losses, extend the shelf life of agricultural products, stabilize supply and prices, and ensure food security,” Agriculture Secretary Francisco P. Tiu Laurel ,Jr. said in a statement Sunday.

The DA said the 99 facilities will be small and most are due to launch operations this year.

Mr. Laurel added that the DA will use P1.5 billion in unprogrammed funds from 2024 to start the development of the cold storage network. The additional P1.5 billion was included in the DA’s budget for 2025.

“The unprogrammed funds will be spent to build around 65 small or modular chiller-type cold storage facilities across the country and a large cold storage facility in Camarines Sur,” he said.

The DA added that two large facilities are also in the pipeline with candidate sites identified in San Jose, Occidental Mindoro and in Cabanatuan, Nueva Ecija.

“The budget allocation for cold storage in 2025 is a strategic approach towards bolstering this critical aspect of the agricultural sector,” Assistant Secretary for Logistics Daniel N. Atayde said.

The DA said that it will oversee and manage the large cold storage facilities in cooperation with local government units and farmers’ cooperatives and associations.

On the other hand, the smaller modular facilities will only take about three months to be completed and will have capacities of 7-15 metric tons.

It added that the refrigerated warehouses could also run on renewable energy sources.

“This approach not only addresses immediate agricultural needs but also aligns with broader environmental goals,” Mr. Laurel said. — Adrian H. Halili

Globe eyes sites for advanced broadband tech

January 27, 2025 | 12:03 am

GLOBE Telecom, Inc. said it is currently selecting sites for the potential deployment of its next-generation broadband technology.

The company has conducted a pilot test of its 50-gigabit passive optical network (50GPON) technology, which will help it provide high-speed connectivity, the Ayala-led telecommunications company said in a statement on Sunday.

“With this milestone, we’re taking a giant step towards ensuring our network is ready to support the evolving needs of our customers,” Globe Vice-President for Broadband Service Planning and Engineering James L. Lim said.

“Globe is in the process of identifying possible areas and early adopters of the technology solution in preparation for future deployment,” the company said.

This technology would allow Globe to transmit data at 50 Gbps speed, which will surpass the capabilities of its current 10GPON technology.

The pilot testing of Globe’s 50GPON included a large scope of testing to fully assess its capabilities.

The 50GPON technology is expected to be utilized for smart cities, telemedicine, advanced manufacturing, e-learning, and secure enterprise connectivity.

Earlier this month, Globe deployed its first private 5G network to offer dedicated connectivity to businesses while providing a secure network. It said its 5G network would offer dedicated connectivity to businesses while leveraging 5G potential to power advanced digital solutions.

At the local bourse on Friday, shares in the company closed P22, or 0.96% lower, at P2,278 apiece. — Ashley Erika O. Jose

Paris Fashion Week: Dior pares down, LV jazzes up streetwear, Yohji Yamamoto focuses on quilts

January 27, 2025 | 12:03 am

PARIS — Dior men’s artistic director Kim Jones kept embellishments to a minimum for his winter 2025-2026 catwalk show, putting the focus on silhouettes, including long, cape-like coats and cropped leather jackets.

Held in a stark, indoor set at the Ecole Militaire in central Paris, the show for the LVMH-owned label kicked off with a series of all-black looks. Models descended a stark white staircase with slicked black hairdos and shiny patent leather shoes, some with blindfolds over their eyes. (Watch the show here:https://tinyurl.com/23af2fjf)

Mr. Jones added softness to the lineup with a silky, ivory blouse that was slit open in the back, tailored jackets in pale pink tones and a sprinkle of crystals on a few garments. There were also fabric bows on the back of coats and the tips of shoes.

Models crisscrossed the room before disappearing down a staircase leading underground. The front row stood to applaud Mr. Jones when he entered the set for his bow, greeting Dior Chief Executive Officer (CEO) Delphine Arnault with a hug and kissing Helene Mercier, the wife of LVMH CEO Bernard Arnault, on both cheeks.

Paris Men’s Fashion Week runs through Jan. 26 and is followed by Haute Couture shows.

Globally, high-end labels are grappling with a rare slowdown in appetite for fashion and accessories, with the key Chinese market a particular source of concern, while hopes are pinned on the US market for growth this year.

VUITTON SHOW AT THE LOUVRE
Louis Vuitton men’s creative director, Pharrell Williams, drew his audience to a rear courtyard of the Louvre Museum after dark on Tuesday for a fall-winter catwalk show, kicking off Paris Fashion Week with a lineup of jazzed up streetwear. (See the show here: https://tinyurl.com/4us6kzfz)

Models strode around the set to marching music, parading chunky wool suits, short bomber jackets, leather bermudas, and coats in pastels, autumn tones and psychedelic renditions of the brand’s signature logo patterns. There were colorful Speedy bags, lobster-claw charms, pearl embellishments, thick jewelry, and utility pockets in suede leather.

For this collection, Mr. Williams, who is also famous as a musician, teamed up with his longtime collaborator, Japanese fashion designer Nigo, currently creative director of another LVMH-owned label, Kenzo.

The pair have been active in street culture for decades, founding the label Billionaire Boys Club in 2003 and playing a role in streetwear’s rise to prominence, blending music with fashion.

In the front row, LVMH CEO Bernard Arnault, who attended US President Donald Trump’s inauguration on Monday, sat between his wife, Helene Mercier, and NBA basketball player Victor Wembanyama, tapping his foot to the music.

YOHJI YAMAMOTO OUTERWEAR
Yohji Yamamoto showed a lineup of quilted outerwear at Paris Fashion Week on Thursday, sending messy-haired models slowly down the runway, enveloped in chunky jackets and long overcoats. (Watch the show here: https://tinyurl.com/3fn98c9r)

For his fall-winter 2025-2026 menswear collection, the veteran designer mostly stuck to his signature, dark color palette, pairing thick suit jackets with matching trousers, cut utility style, with pockets on the legs.

Some coats were printed with messages, including “Despair is the conclusion of the fool” and “Sadness and suffering are the flowers of life.”

Models paused at times, turning slowly to show all angles, some taking off their coats to demonstrate the reversible nature of the garments. One blew a kiss to the audience, while another put his arm around the model accompanying him — a woman with a frizzy, white ponytail. — Reuters

EastWest Bank eyes peso bond sale in first half

January 27, 2025 | 12:03 am

EAST WEST Banking Corp. (EastWest Bank) is looking to tap the domestic bond market this semester to diversify its funding sources.

“The plans this year are focused on the peso bonds. So, we are looking at issuing one within the year,” EastWest Bank Senior Executive Vice-President and Financial Markets and Wealth Management Cluster Head Rafael S. Algarra, Jr. said in a media roundtable on Thursday. “We’re still thinking that we should be able to issue in the first half of the year.”

Key considerations for the timing of the issuance are the pace of monetary easing here and abroad and the expected surge in corporate bond offers this year amid lower borrowing costs, Mr. Algarra said.

“Before the start of the year, we were expecting interest rates would be dropping fast, not only here, but globally. But as you know, there’ll be a slowdown in how interest rates will be falling, so we’ll take that into consideration,” he said.

“There will be a lot of issuances this year because there was a lot of pent-up demand last year because companies found the rates high. So, this year, with rates falling, we’ll probably have a lot of issuances from not only banks but companies in general.”

Mr. Algarra added that the bank also plans to issue dollar-denominated bonds once it completes its offer of peso debt.

“You don’t want to compete with everybody else’s issuance. But we expect to issue [peso bonds] this year, barring any significant change in the market environment, and after that, we’ll probably continue to look at the dollar bond. That’s something that we’ve already discussed. But again, it’s something that is in the pipeline, but we haven’t really finalized yet. But definitely, after we finish the issuance of the peso bonds, we’ll be looking at the viability of issuing a dollar bond and the timing, of course,” he said.

“Right now, we have a lot of cash. But it’s still good to issue some bonds from that perspective. Liquidity-wise, we’re quite flush with funds at the moment. I think a lot of banks are, as well. But of course, we have an aggressive growth target. So, you have to manage your balance sheet accordingly,” Mr. Algarra added.

The bank’s loans are expected to grow by 25% this year, he said, steady from the 2024 level, driven by demand for its consumer products.

“We’re quite bullish on credit card, auto loan, and even personal loan. Mortgage, not so much because there’s an overhang of property supply at the moment,” Mr. Algarra said.

“I think the one thing interesting this coming year is the emergence of Chinese brands. The auto exports of China have now gone past Japan’s in 2024… It tells us that Chinese brands will probably have a lot of supply and demand this year. I think you can feel that there’s an increase, but you still have to be very selective because there are a lot of brands to choose from,” he said.

WEALTH MANAGEMENT BOOST
Meanwhile, EastWest Bank’s wealth management segment’s assets under management (AUM) are likely to expand by 20-25% this year, steady from the expected growth in 2024, as the lender targets the transitioning middle class.

“The Philippines continues to grow and that means a lot of investable funds, especially in the middle class, which are moving into the upper middle-income [bracket],” Mr. Algarra told BusinessWorld on the sidelines of the roundtable.

He added that EastWest Priority is looking to tap the affluent segment in areas outside of Metro Manila.

“Our focus is really to grow our AUMs. We are focusing a lot of our effort outside NCR (National Capital Region), outside Metro Manila,” EastWest Bank Chief Investment Officer Bede Lovell S. Gomez likewise said at the same event.

About 80-85% of EastWest Priority’s current client base is in the NCR, Mr. Gomez said.

“We have to grow the balance, so we have as much as possible to grow. I think there’s a lot of untapped growth outside Metro Manila. The multiplier effect of income capacity and untapped funds are still underserved. And it’s growing fast — probably growing faster than Metro Manila,” he added.

He added that other lenders are likewise targeting this segment.

“It’s impossible that we’re the only one who knows that, so we’re competing for that market,” Mr. Gomez said.

EastWest Bank’s attributable net income jumped by 49.1% to P2.32 billion in the third quarter of 2024, bringing its nine-month profit to P5.81 billion, up by 19.57% year on year.

The bank’s shares went up by two centavos or 0.2% to close at P10.04 each on Friday. — Aaron Michael C. Sy

Triple H

January 27, 2025 | 12:02 am

VELO_PAGE2_image1 — The 2025 Honda HR-V e:HEV is available in Sand Khaki exterior color, with an indicative pricing of around P1.9 million. — PHOTO BY KAP MACEDA AGUILA

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The Honda HR-V hybrid is previewed

By Hazel Nicole Carreon

THE HONDA HR-V has garnered significant popularity in the local market, with 10,216 units sold since its introduction in 2015. Aiming to deliver an even more engaging and efficient driving experience, Honda Cars Philippines, Inc. (HCPI) has unveiled the updated version of the third-generation HR-V — significantly featuring a hybrid variant that introduces the brand’s advanced e:HEV technology to the sought-after B-segment crossover.

Utilizing Honda’s renowned hybrid technology, the 2025 HR-V e:HEV variant combines a 1.5-liter Atkinson-cycle gasoline engine with two electric motors. This sophisticated system seamlessly transitions from electric-only propulsion to hybrid drive and engine drive modes — leading, the company said, to optimized fuel efficiency and performance. The combined output of the system delivers 131ps and a 253Nm of torque, while realizing an impressive fuel economy rating of 23.2 kilometers per liter.

At the recent launch of the new HR-V, HCPI Senior Assistant Vice-President and Adviser Futoshi Kumekawa explained to members of the media and content creators that the e:HEV technology for the new HR-V was “further defined to improve throttle response and enhance instantaneous acceleration power.” Mr. Kumekawa is also the global sales project leader for the first, second, and third generations of the HR-V.

The HR-V also comes in an internal combustion engine variant powered by a 1.5-liter naturally aspirated i-VTEC engine that churns out 121ps and 145Nm. To further enhance its sporty appeal, the new HR-V boasts a subtly revised exterior design. It measures 4,385mm long, 1,790mm wide, and 1,590mm tall, with hybrid variant featuring a blue H badge in the middle of the grille and an e:HEV badge on the rear. HCPI also introduced a new Sand Khaki body color option for the crossover.

Inside, the cabin maintains the HR-V’s signature space and practicality. “Premium materials and thoughtful ergonomics” promise a comfortable and inviting environment for the driver and passengers. The vehicle is equipped with a power-adjustable driver seat, eight-inch touchscreen infotainment system with Apple CarPlay and Android Auto connectivity, wireless charger, and dual-zone air-conditioning system.

The top-of-the-line RS e:HEV variant further emphasizes a sporty character with exclusive interior trims and accents.

“Safe and stress-free driving” is guaranteed by the Honda Sensing suite of advanced safety and driver-assistance systems, which include adaptive cruise control, lane keeping assist, collision mitigation braking system, and road departure mitigation. Rear parking sensors were also added on all variants, while reverse-tilting side mirrors and power tailgate are exclusive for the hybrid model.

Honda Connect is also available on the new HR-V, offering convenience by allowing users to effortlessly manage and interact with their vehicle through a dedicated smartphone app.

Overall, the refreshed HR-V was engineered to “offer an evolved product expressing (Honda’s) uniqueness and at the same time, properly incorporating brand values to the needs of the time,” according to Mr. Kumekawa.

HCPI announced that the new HR-V will be available in the Philippines with indicative pricing ranging from around P1.6 million to P1.9 million. Reservations for the new model are now open, with customer deliveries expected to commence in March.

The addition of the HR-V in the HCPI’s hybrid lineup signifies the company’s commitment to advancing sustainable mobility solutions in the local market. As consumer demand for electrified vehicles continues to grow, Honda positions the new HR-V as a strong contender in the competitive subcompact crossover segment.

“One model at a time, we are getting closer and closer to our goal of carbon-neutrality by 2050 and we promise to keep finding ways to give you a brilliant and safer world not just for us, but also for the generation to come,” said HCPI President Rie Miyake. For more information, visit hondaphil.com.

So help me God!

January 27, 2025 | 12:02 am

On Jan. 20, 2025, Donald J. Trump was sworn in as the 47^th President of the United States of America.

“I do solemnly swear that I will faithfully execute the Office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States. So help me God.”

“The golden age of America begins right now,” Trump said as he started his inaugural speech. “From this day forward, our country will flourish and be respected again all over the world. We will be the envy of every nation, and we will not allow ourselves to be taken advantage of any longer. During every single day of the Trump administration, I will, very simply, put America first.

“But first, we must be honest about the challenges we face. While they are plentiful, they will be annihilated by this great momentum that the world is now witnessing in the United States of America. As we gather today, our government confronts a crisis of trust. For many years, a radical and corrupt establishment has extracted power and wealth from our citizens while the pillars of our society lay broken and seemingly in complete disrepair,” Trump lamented.

“We now have a government that cannot manage even a simple crisis at home while, at the same time, stumbling into a continuing catalogue of catastrophic events abroad.”

At the inaugural speech, outgoing president Joe Biden, sitting nearest to the podium from where Donald Trump spoke, was quiet and expressionless.

On his first day in office as 47^th president, Trump rescinded many of Biden’s executive actions, issuing executive orders covering issues ranging from immigration and deportations to the environment and transgender rights. He is expected to sign more than 200 executive actions within his first week as president. An executive order is issued directly by the president to the federal government which does not require congressional approval. Authority for this is rooted in Article II of the US constitution, which states: “The executive power shall be vested in a president of the United States of America.” (bbc.com, Jan. 20).

Trump withdrew the US from the World Health Organization (WHO), directing the White House Office of Management and Budget to stop future transfers of US money to the WHO. The US contributes around $500 million a year to the organization, compared to China’s $40 million, despite the latter’s far larger population. Trump called the WHO “nothing more than a corrupt globalist scam” which disgracefully covered the tracks of the Chinese Communist party on the origins of the COVID-19 in the mainland. Trump, just before the end of his first term, already wanted out of WHO, but when Biden took over, he rescinded Trump’s directive to withdraw (CNN, Jan. 21). The WHO, established in 1948, is a vital and necessary anchor for cooperative efforts in global health monitoring and control.

Trump is also withdrawing the US from the Paris Climate Change agreement again — he withdrew the US during his first term of office. The US officially re-joined under President Biden in 2021. Under the international climate accord, first negotiated in 2015, countries around the world agreed to cut greenhouse gas emissions in an effort to limit global warming and forestall the worst impact of climate change (npr news, Jan. 21).

“We will be a rich nation again, and it is that liquid gold under our feet that will help to do it,” Trump said in his inaugural speech. He wants to go back to fossil fuel, which America has a lot of. “Drill, Baby, drill!” he shouted. He wants to increase fossil fuel extraction in Alaska with a command to “rescind, revoke, revise, amend, defer or grant exemptions from any and all” regulatory actions relevant in the state. Specifically, Trump is restoring any suspended fossil fuel leases within the Arctic National Wildlife Refuge. He will also “eliminate Biden policies intended to encourage electrical vehicle development and purchases — part of Trump’s effort to limit non-fossil fuel energy sectors” (Associated Press, Jan. 23).

“The most beautiful word in the dictionary,” Trump said during the election campaign, “is ‘tariff.’” Many economists disagree with that protectionist take. But Trump wants to use tariffs — that is, taxes imposed on products imported from other countries — to raise revenue, revive local manufacturing, and give American companies an advantage.

“We’ll impose new tariffs so that the products on our stores will once again be stamped with those beautiful words ‘made in the USA,’” Trump said. He has proposed a 60% tariff on Chinese-made products, and a 10% tariff on products from just about everywhere else. He has also threatened to hit Canada and Mexico with 25% tariffs — a move which would likely be economically devastating for these neighboring countries. As an aside, Trump has been joking that Canada should become “the 51^st state” of the US, calling Prime Minister Justin Trudeau the “governor” (Ibid.). Note: Trudeau resigned as prime minister and Liberal party leader on Jan. 6 due to his declining popularity in Canada.

“Mexico has to stop allowing millions of people to pour into our country,” Trump said. He will be cracking down strongly and violently on illegal immigration, one of the largest deportation programs in US history, to be led by the US military. In an interview with Time magazine, he said he’ll do “whatever it takes to get them out.” The birthright privilege (jus soli), which gives automatic citizenship to babies born on US soil including those of illegal immigrants, has been revoked, even if jus soli is in the US Constitution (Ibid.). On Trump’s second day in office, the US military deported (by helicopters) 538 illegal migrants (Hindustan Times, Jan. 23).

Trump is at the same time, expansionist — wanting to acquire Greenland, a Danish territory that hosts a US military base, “for national security purposes.” He also wants to get back the Panama Canal, a shortcut between the Atlantic and Pacific Oceans which was built by the US in 1914 and transferred by President Jimmy Carter to Panama in 1977. He claims China is controlling the canal’s operations (which its administrator has denied) and has said the US is being ripped off by the fees charged to use the canal (Ibid.).

In his inaugural speech, Trump said he will change the name of the Gulf of Mexico to the “Gulf of America.” It’s his latest suggestion to redraw the Western hemisphere, a critical article said of his expansionist foreign policy (Associated Press, Jan. 21). This body of water has been depicted with that name in maps for more than four centuries, and so confirmed by the International Hydrographic Organization, of which both the US and Mexico are members. The US already constructed about 450 miles of a wall aimed at keeping illegal Mexican immigrants away from the US, in Trump’s first term. Trump will continue to “build that wall,” after the moratorium in Biden’s term. The “Gulf of America” will reinforce “The Wall.”

If Trump is so obsessed with walls and territory, why can’t he be as concerned for the territorial wars in Ukraine with the aggression of Russia, or the expansion by violence of Israel into Gaza?

“Like in 2017, we will again build the strongest military the world has ever seen. We will measure our success not only by the battles we win but also by the wars that we end — and perhaps most importantly, the wars we never get into. My proudest legacy will be that of a peacemaker and unifier. That’s what I want to be: a peacemaker and a unifier,” he said.

“I’m pleased to say that as of yesterday, one day before I assumed office, the hostages in the Middle East are coming back home to their families,” Trump said in his inaugural speech.

Biden, if he was listening to this, must have thought of the 15 months he worked on the ceasefire he proposed between Israel and Hamas in Gaza. “It appears as if both the 46^th and 47^th presidents are staking their foreign policy legacies on the drawn-out agreement,” a news analysis said (abc.net.au, Jan. 18).

Trump has noticeably changed tact in his treatment and strategy on both Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin. The US and European allies have rallied around Ukraine in the face of Russian aggression (which started in February 2022), supplying the country with a huge amount of military aid. “He is no angel. He shouldn’t have allowed this war to happen. We could have made a deal… and Zelensky decided that I want to fight,” Trump says of Zelensky now. “If they don’t settle this war soon, like almost immediately, I’m going to put massive tariffs on Russia, massive taxes and also big sanctions” (USA Today, Jan. 24).

What Trump says, goes. In his inaugural speech, he said, “As of today, it will henceforth be the official policy of the United States government that there are only two genders: male and female.” He rolled back federal recognition of any genders outside male and female, disallowing the use of identity pronouns in documents. He froze new regulations, froze hiring for federal workers, founded his watchdog Department of Government Efficiency (DOGE); issued an executive order related to government censorship of free speech (largely symbolic due to First Amendment protections); reversed the withdrawal of Cuba’s designation as a state sponsor of terror; reversed sanctions on Israeli settlers; rolled back policy on artificial intelligence; reversed the Family Reunification Task Force; issued a mass pardon of all Jan. 6 rioters (the ones who protested Biden’s win over Trump in the 2020 elections); designated Mexican drug cartels as foreign terrorist organizations; ordered an increase of drug stock for lethal injections on death sentences; and granted TikTok a 75-day pause before it would be banned (maybe because he used TikTok in his campaign).

“So help us, God!” The whole world watching, cries.

Amelia H. C. Ylagan is a Doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Ivory Coast expects dire cocoa mid-crop as chocolate industry braces for rough year

January 27, 2025 | 12:02 am

IVORY COAST expects to record one of the worst mid-crop cocoa harvests of the last 15 years this season with production seen no higher than 300,000 metric tons (MT) compared with a yearly average of 500,000 tons, regulator and industry sources said.

A poor harvest could add upward pressure to cocoa prices, which are already around record highs after nearly tripling last year. Analysts have said the chocolate industry is in for a rough 2025 that could see shelf prices hiked by a teens percentage.

Ivory Coast is the world’s top cocoa producer but a lack of rain and excessive heat since November across all of its 13 growing regions have stalled development of the mid-crop harvest, which is meant to start in April.

The unfavorable conditions mean that the first beans will only start to arrive in ports in June at the earliest, provided the weather improves and rains return in the coming weeks, the sources said.

“There is a consensus that current climatic conditions are so unfavorable that the mid-crop harvest will not exceed 300,000 tons. There is no sign of any production at all on almost any plantation in the country,” according to a pod counter who has visited Ivory Coast’s farms.

Two regulators said that after touring farms they lowered the outlook for cocoa production to 300,000 metric tons from 400,000 tons.

“Like everyone else, we’re seeing the same thing. The mid-crop harvest will be one of the worst in 15 years,” one of the officials said.

He added that the regulator has issued only about 250,000 tons in export contracts to grinders, preferring to be cautious.

The regulators said the entire mid-crop harvest will be sold to local grinders to guarantee them the volumes necessary to maintain their activity.

A dozen planters and middlemen across the West African country described the situation as unprecedented, characterized by a total absence of flowers and small pods after those that appeared in December and January dried up in the high heat.

“Even if the rain comes today…it’s already too late,” said Paul Kouame Kouakou, who owns four hectares of cocoa in Duekoue, in the west of Ivory Coast.

It usually takes a flower around 22 weeks to become a mature pod. The farmer said while the harvest was expected to start in April, there will be no cocoa until at least June.

“Usually, it’s around November and December that we get the rains that herald the mid-crop harvest, but this year there’s been no rain so far, and February and March are the hottest months,” another pod counter said.

He visited dozens of plantations that did not have any sign of flowers or pods, which he called “very bad news” for the crop. — Reuters

Q4 and Full-Year GDP Growth Forecasts

January 27, 2025 | 12:02 am

PHILIPPINE economic growth was expected to have quickened in the fourth quarter of 2024, driven by strong consumer spending during the holiday season, although the full-year print likely fell short of the government target, a BusinessWorld poll showed. Read the full story.

Kia says new models, EVs to propel sales this year

January 27, 2025 | 12:02 am

KIA PHILIPPINES, a subsidiary of ACMobility, said it is banking on its recent model launches to spur sales this year.

“Kia is poised for even greater growth this year, fueled by the continued success of the Sonet and the recent launch of groundbreaking models like the EV9 (electric vehicle) and Carnival Turbo Hybrid,” the company said in a press release on Friday.

“Additionally, with Kia’s efforts to expand its electrified portfolio in 2025, the new model launch of the Kia Sorento Turbo Hybrid will offer Filipino consumers even more tailored options to meet their evolving needs and preferences,” it added.

In 2024, Kia sold 6,692 units, representing a 33% year-on-year growth from 2023.

The company added that it sold 805 units in December alone, marking its highest-ever monthly sales.

“Surpassing 800 unit sales in a single month is a testament to the hard work of our team and dealer partners, and it highlights the momentum we’ve built in the market with models that address the aspirations of Filipino motorists,” said Antonio “Toti” Zara III, head of automotive retail distribution at ACMobility.

“As we continue to lead a movement that inspires, we are excited to carry this success into 2025 and beyond,” he added.

Since its launch in June 2024, the Kia Sonet has captured a 23% market share in the entry-level B-SUV (sports utility vehicle) segment, according to the car brand.

In just seven months, Kia sold 3,823 units of the Sonet, making it the fourth best-selling subcompact SUV last year, the company said.

“2024 has been a pivotal year for Kia, and we’re thrilled with the growth we’ve seen. Our success with the Sonet and other models reinforces our commitment to delivering innovative, reliable, and stylish vehicles to Filipino consumers,” said Brian James B. Buendia, chief operating officer of Kia. — Justine Irish D. Tabile

SEC, IFC to boost sustainable finance

January 27, 2025 | 12:02 am

THE Securities and Exchange Commission (SEC) and the International Finance Corp. (IFC) are looking to boost sustainable finance in the country.

The two entities signed a cooperation agreement to support the 30by30 Zero Philippines Program that seeks to grow the climate-related lending activities of financial institutions, the SEC said in an e-mailed statement over the weekend.

“The Philippines faces the immense challenge of mitigating climate change while ensuring inclusive and sustainable economic growth…Through this partnership, we aim to channel long-term funding into climate-focused initiatives that prioritize both people and the planet,” SEC Commissioner McJill Bryant T. Fernandez said.

The SEC and the IFC will undertake capacity-building efforts for thematic bond issuers, investors, and domestic external reviewers, as part of the agreement.

They will also carry out a stocktaking survey on the Philippine Thematic Capital Market, and look for other potential areas for collaboration.

The 30by30 Zero Philippines initiative was developed by the IFC and the World Bank, with funding from German government’s International Climate Initiative.

It seeks to raise the climate-related lending of financial institutions to 30% of total portfolio on average with near zero coal exposure by 2030.

The program is aimed to support the role of financial institutions as aggregators of climate financing, integrating green finance strategies into investment plans to lessen climate risks and lower greenhouse gas emissions.

“Through this (partnership), we will continue to jointly host dedicated technical workshops and training sessions to further enhance the awareness and capacity of the capital market players regarding climate thematic instruments and opportunities,” IFC Regional Manager for East Asia and the Pacific Christina Ongoma said. — Revin Mikhael D. Ochave