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Lamudi’s Property Fair opens in Metro Manila on May 3, heads to Cebu in August

The Lamudi Property Fair returns to TriNoma for the Metro Manila leg of the country’s biggest property expo. It brings top real estate developers together to present exciting deals for active home seekers. Meanwhile, real estate professionals can look forward to exclusive accreditation announcements.

Co-presented by IKEA, Lamudi Property Fair 2024 is gearing up to be the largest property festival in the Philippines, with engaging activities and informative program segments for real estate professionals and property seekers from all walks of life. Family members of Overseas Filipino Workers (OFW) can also explore available properties at the fair on behalf of their loved ones abroad.

Mark your May calendars and catch the three-day property expo at the TriNoma Activity Center from May 3 to 5, 2024. Meanwhile, those living in Metro Cebu can catch the Cebu leg of the Lamudi Property Fair from Aug. 16 to 18, 2024.

Here’s what you can expect from the event:

Exclusive Deals and Discounts for All Attendees

With more than 3,000 pre-event registrations and almost 2,000 live attendees last summer, Lamudi Property Fair 2023 showed solid proof of vibrant real estate interest in the Philippines. Amidst fun games and raffles in July 2023, property seekers were eager to explore different property types that developers had to offer, from condominium units to houses and lots.

This time around, the three-day property expo will return to TriNoma from May 3 to 5, 2024, to provide the best real estate deals, daily raffles, and other exciting activities for active home seekers.

Engaging Learning Sessions for Seekers and Sellers

Home seekers and real estate professionals alike can look forward to an educational and engaging Lamudi Property Fair 2024 weekend. Lamudi Academy will play a vital role in the event by providing free learning sessions to educate home seekers and property sellers on sound decision-making.

Exciting Activities Prepared by Top Real Estate Players

Lamudi Property Fair 2024, co-presented by IKEA, connects active home seekers with the best deals from the country’s top real estate developers. Live attendees are free to canvass projects, explore process walkthroughs, learn more about home buying, and participate in various booth activities all day.

Many of the country’s top real estate developers will exhibit their projects at the three-day expo in TriNoma, including platinum sponsors RLC Residences, Ayala Land, Avida, and Amaia. The event’s gold sponsors are AboitizLand, Inc., PH1 World Developers, and Filinvest Alabang.

Lamudi Property Fair 2024’s event partners include:

  • IKEA
  • RLC Residences
  • Ayala Land
  • Avida
  • Amaia
  • Aboitiz Land
  • PH1 World Developers
  • Filinvest Alabang
  • Vista Manors by Vista Land
  • BPI Buena Mano
  • Taylormade Construction and Realty Corp.
  • Picar Development Corp.
  • Community Creators, Inc.
  • Eton Properties
  • DMCI Homes
  • Hausland Development Corporation
  • Primehomes Real Estate Development, Inc.

The brokerage firm PropertyPRO will also showcase available listings at the event.

The property expo’s media partners are the Philippine Daily Inquirer, Inquirer Property, Manila Bulletin, The Philippine Star, BusinessWorld, Manila Standard, Malaya Business Insight, and The Manila Times.

Our media support includes Real Estate Blog PH, Media Blast Digital, Negosentro, Property Finds Asia, Village Connection PH, Executive Chronicles, and Yo Manila.

Lamudi Property Fair 2024 supports the company’s goal of providing Filipinos with a one-stop platform to find their dream home. Apart from the Metro Manila leg, which will take place from May 3 to 5, 2024, the property expo will return to Cebu in August — five years after the success of Lamudi’s property fair in Cebu in 2019.

Register now and participate in the biggest property expo of the year! For partnership opportunities, please email mark.bailey@lamudi.com.ph.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

NG gross borrowings fall in March

REUTERS/THOMAS WHITE/ILLUSTRATION

By Luisa Maria Jacinta C. Jocson, Reporter

THE NATIONAL Government’s (NG) gross borrowings declined in March as external debt dropped by nearly half, data from the Bureau of the Treasury (BTr) showed.

Gross borrowings fell by 12.8% to P207.265 billion in March from P237.602 billion in the same month a year earlier.

BTr data showed that gross external debt slumped by 44.4% to P50.87 billion during the month from P91.557 billion a year ago.

This consisted of P39.137 billion in program loans and P11.733 billion in new project loans.

On the other hand, domestic debt rose by 7.1% to P156.395 billion from P146.045 billion in March 2023. This accounted for over three-fourths or 75.5% of the total gross borrowings during the month.

Broken down, domestic borrowings were composed of P120 billion in fixed-rate Treasury bonds and P36.395 billion in Treasury bills.

In the first quarter, gross borrowings slipped by 12.4% to P830.389 billion from P948.09 billion a year ago.

Gross domestic borrowings stood at P713.132 billion in the January-to-March period, up by 9.2% from P652.986 billion a year ago.

Domestic debt, which accounted for 85.9% of the total borrowings, consisted of P341.412 billion in retail Treasury bonds (RTBs), P310 billion in fixed-rate Treasury bonds and P61.72 billion in Treasury bills.

On the other hand, external gross borrowings plunged by 60.3% to P117.257 billion in the period ending March from P295.104 billion a year ago.

This was made up of P95.435 billion in program loans and P21.822 billion in new project loans.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the decline in March borrowings may be due to the RTB issuance in February.

“That could have front loaded some of the borrowing requirements for March 2024,” he said in a Viber message.

In February, the government raised a record P584.86 billion from its offering of five-year RTBs.

Mr. Ricafort also noted the first quarter was lower year on year since there were no global bond issuances.

In January 2023, the government raised $3 billion from its US dollar bond issuance.

Finance Secretary Ralph G. Recto has said that the Treasury is still finalizing the details of its first global bond offering this year.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, said that the drop in gross borrowings is likely an indicator of the NG’s fiscal consolidation efforts.

“However, this may also mean a subdued fiscal stimulus for the period,” he added.

For April, Mr. Ricafort said that the seasonal increase in tax collections would boost the government’s cash position.

“(This) could help improve the fiscal position in terms of narrower budget deficit, at the very least, or could even lead to a possible budget surplus for the month — a consistent pattern seen for many years,” he added.

The deadline for the filing of annual income tax returns was on April 15. The Bureau of Internal Revenue (BIR) is expected to collect about P406 billion during the month.

Separate BTr data showed that the budget deficit narrowed by 6.82% to P195.9 billion in March. For the first quarter, the fiscal gap widened by 0.65% to P272.6 billion.

This year, the budget deficit ceiling is set at P1.48 trillion or equivalent to 5.6% of gross domestic product.

The government’s borrowing program is set at P2.46 trillion, with P1.85 trillion to be raised from the domestic market and P606.85 billion from foreign sources, according to the latest Budget of Expenditures and Sources of Financing data.

Peso weakness to persist — analysts

BW FILE PHOTO

THE PESO may continue to depreciate further this year amid broad dollar strength, but the Philippine central bank may not need to intervene yet, analysts said.

“The peso’s recent depreciation is a concern, but it’s part of a larger global trend,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. on Thursday said that the local currency’s recent performance has been due to the US dollar’s strength rather than the peso’s weakness.

He cited escalating tensions from the Middle East that led to “safe haven flows into the US dollar at the expense of most other currencies.”

The local unit closed at P57.71 against the dollar on Friday, strengthening by seven centavos from its P57.78 finish on Thursday. Its close on Thursday was its weakest finish in more than 17 months or since the P58.19 close on Nov. 10, 2022.

Year to date, the local unit depreciated by P2.34 from its P55.37 finish on Dec. 29, 2023.

“We already predicted last year that the peso-dollar exchange rate would reach P58 in 2024,” De La Salle University School of Economics professor Jesus Felipe said in an e-mail.

Mr. Felipe said that the peso will likely stay in the P57-to-P58 range this year.

Latest Development Budget Coordination Committee assumptions show that the peso may range from P55 to P57 for 2024.

The exchange rate is also directly affected by the current account balance, ratio of Philippine export prices to world import prices and the current policy rate, Mr. Felipe said.

Ateneo de Manila economics professor Leonardo A. Lanzona said the US dollar’s recent strength is also due to the strong performance of the US economy.

“Unless the Philippine economy matches with the US economic growth, the value of the peso will continue to decline. Now, this is not necessarily bad for the economy because it incentivizes greater exports,” he said in an e-mail.

INTERVENTION?
Mr. Remolona has said that the central bank “stands ready” to defend the currency if needed, after the peso closed at its weakest level in nearly 17 months against the dollar on Thursday.

“Nonetheless, the BSP continues to monitor the market and stands ready to manage any unnecessary movement and excessive volatility,” he said on Thursday evening.

In October 2022, the peso reached a record low of P59 against the dollar. This added to inflationary pressures and prompted the BSP to intervene in the foreign exchange (forex) market and raised interest rates.

Mr. Remolona also said that the BSP allows adjustments to happen unless the forex movements are “very sharp.”

Enrico P. Villanueva, a senior lecturer at the University of the Philippines Los Baños Economics Department, said that the BSP is correct to allow forex adjustments to happen.

“It is BSP’s mandate to ensure financial stability, but not dictate or control the level of the exchange rate of peso against dollar,” he said via Facebook Messenger.

Mr. Felipe also noted that the BSP is unlikely to intervene. “Not at this level and as long as movements are very smooth,” he added.

The BSP would intervene if necessary to maintain stability, Mr. Roces said.

“Although, what these interventions are remain vague, based on the recent gross international reserves (GIR) we have ample external cover for this,” he said.

“As such, recent movements have been market driven and there aren’t any inherent weakness in the peso. The main catalyst has been the signal out of the US Fed about the need to maintain elevated rates for longer, and likely a knee-jerk reaction regionally following Indonesia’s surprise rate hike,” he added.

Policy makers at the US Federal Reserve have signaled that they are not rushing to cut rates anytime soon due to persistent inflation.

The Fed is set to have its next meeting this week (April 30-May 1).

Mr. Remolona earlier said that the peso’s recent drop has been due to signals of policy easing delays by the Fed. He also said that the peso weakness is unlikely to impact the BSP’s monetary decisions.

Finance Secretary Ralph G. Recto also said last week that the peso depreciation is not enough reason to raise rates.

From May 2022 to October, the Monetary Board has hiked borrowing costs by 450 basis points to bring the benchmark rate to a near 17-year high of 6.5%. At its April meeting, the BSP stood pat for a fourth straight meeting.

The Monetary Board is set to have its next policy meeting on May 16. — Luisa Maria Jacinta C. Jocson

ERC urged to hike reserve power capacity

A power substation is seen in Malate, Manila, April 18, 2024. — PHILIPPINE STAR/EDD GUMBAN

THE ENERGY REGULATORY Commission (ERC) should raise the required reserve power capacity of the grid to prevent more outages in the future, an energy think tank said.

“Having an increased reserve power capacity in the grid can mitigate strains and potential power outages by ensuring a greater backup power supply in instances of unexpected shutdown of power plants,” Noel M. Baga, convenor of the Center for Energy Research and Policy, said in a message.

Sought for comment, ERC Chairperson Monalisa C. Dimalanta said that increasing reserve capacity “is part of the government’s campaign to increase investments in the generation sector.”

State of power plants in the Luzon grid“Increasing supply in the system also means we increase the capacities available for reserve,” Ms. Dimalanta said in a Viber message.

Reserves, commonly referred to as ancillary services, are services needed to “maintain balance in the power system to ensure normal frequency and voltage levels in response to demand changes, variability of renewable energy, and possible loss of a large generating unit,” according to the Department of Energy (DoE).

The country’s main grids have been under red and yellow alerts in the past week as some power plants went on forced outages.

Yellow alerts are issued when the supply available to the grid falls below a designated safety threshold. If the supply further deteriorates, a red alert is declared.

The Luzon, Visayas, and Mindanao grids have required average regulating reserves of 557 megawatts (MW), 116 MW, and 103 MW, respectively, according to the bulletin dated April 24 from the National Grid Corp. of the Philippines (NGCP).

The NGCP has implemented ancillary services procurement agreements from competitive biddings amounting to 257.78 MW in Luzon and 68.61 MW in Mindanao.

Last week, the DoE said more yellow alerts, and possibly red alerts, are expected until May due to higher-than-expected temperatures and rising power demand.

Mr. Baga said the ERC should enforce strict regulations on the maintenance and operation of power plants, “imposing penalties for breakdowns leading to power outages.”

“The ERC needs to enhance its regulatory oversight by requiring power plants to adhere to high performance standards and to replace outdated equipment, and penalizing power plants for breakdowns that cause unscheduled outages,” he said.

In 2023, the ERC imposed approximately P60 million worth of penalties against generation companies for breaching the allowable number of outage days.

Meanwhile, Leonardo A. Lanzona, Jr., economics professor at Ateneo de Manila University, said in an e-mail that the “fragility of the current power grid structure in terms of addressing socioeconomic shift has not been addressed.”

“All of these can be tied to the inability of the government to develop a response to extreme weather shifts due to climate change,” he said.

“This weakness belies all claims that the country has become richer, and its economic foundation is well grounded, wasting all opportunities for growth.”

In its background paper, the World Bank said that the Philippines was considered the fourth most-affected country by extreme weather events.

Mr. Lanzona said that the government needs to focus on strengthening the domestic economy first instead of focusing on foreign investments and “devising piecemeal solutions.” — Sheldeen Joy Talavera

BusinessWorld’s Patricia Mirasol wins award

PATRICIA B. MIRASOL, a multimedia producer at BusinessWorld, won the Best in Health Innovation and Collaboration Reporting category at the 2023 Community Press Awards of the Philippine Press Institute (PPI).

Ms. Mirasol tied as Outstanding National Journalist for the category with Pam Pastor of the Philippine Daily Inquirer. This is the first time the PPI has given out this award, in partnership with the Pharmaceutical and Healthcare Association of the Philippines.

BusinessWorld was also a finalist for Outstanding National Newspaper.

SM Prime targets two China mall openings by 2025

LISTED property developer SM Prime Holdings, Inc. continues its mall expansion in China with two planned openings by 2025, the president of its malls unit said.

The scheduled openings next year will be in Fujian Province, comprising phase 4 of SM Xiamen and a mall project in Haicheng town, said Steven T. Tan, president of SM Prime’s mall unit SM Supermalls.

He also said that another mall project is slated for opening by 2026.

“We still see a lot of potential for our China malls,” Mr. Tan said during a briefing last week.

SM started construction of SM Xiamen Phase 4 in February 2021, with a total investment of 1.148 billion yuan, according to the company’s website. The project is planned to have five 15 to 19-storey towers connected by a five-storey podium.

SM Xiamen Phase 4 has a total construction area of over 260,000 square meters (sq.m.), including an office area of nearly 120,000 sq.m., a commercial area of over 30,000 sq.m., and 1,643 parking spaces.

Mr. Tan said the company is bullish on Fujian’s prospects despite China’s economic slowdown.

“We still believe in the China market. China is so big and Fujian is not really that greatly affected and most of our anchor projects are in Fujian,” he said.

 “We still believe in the prospect of China and, therefore, we will still continue to expand our footprint in China,” he added.

 Meanwhile, SM Prime President Jeffrey C. Lim said that the company is not focused on land banking efforts in China as it is only developing existing properties.

 “Our developments will basically focus on the Fujian province area. These are existing properties. We have existing malls. We just have to improve the efficiency and productivity of these malls,” he said.

 “We have to develop them because Fujian province is a market where we are doing very well in China,” he added.

Based on its website, SM’s malls in China include SM Xiamen (Phases 1, 2, and 3), SM City Chengdu, SM City Chongqing, SM City Tianjin, SM City Suzhou, SM City Yangzhou, SM City Zibo, and SM City Jinjiang.

Back home, SM Prime is eyeing to open four malls this year that will add over 440,000 sq.m. of gross floor area to the company’s mall portfolio. The new openings are in Caloocan, San Fernando (La Union), Laoag, and Cebu.

SM Prime earmarked P100 billion for its capital expenditure budget this year.

Shares of SM Prime were last traded on April 26 at P28.35 per share. — Revin Mikhael D. Ochave

MPTC says barrierless toll system to cost up to P10 billion

METRO Pacific Tollways Corp. (MPTC) said it plans to allocate up to P10 billion for the implementation of a barrierless toll system.

“This could range from P8 billion to P10 billion — all in all, the major components, removal of the roadside, information at the back office, vehicle classification,” MPTC President and Chief Executive Officer Rogelio L. Singson told reporters last week.

The first stage of the barrierless tollways will be the implementation of cashless transactions, followed by the interoperability or the introduction of the unified radio frequency identification (RFID) wallet system along expressways.

The Toll Regulatory Board (TRB) aims to implement the unified wallet system by July. However, Mr. Singson said that both MPTC and San Miguel Corp. will only be able to implement an interoperable wallet by October.

“At the latest, by October this year, SMC and MPTC will establish an interoperable wallet, utilizing a single ID. This initiative has received full support from the government. Before transitioning to a barrierless system, we require the government’s support,” he said.

Easytrip is used on MPTC’s North Luzon Expressway, Subic–Clark–Tarlac Expressway, Manila–Cavite Expressway, and Cavite–Laguna Expressway.

Meanwhile, Autosweep is used on the San Miguel group’s Skyway, South Luzon Expressway, NAIA Expressway, Southern Tagalog Arterial Road Tollway, and Tarlac-Pangasinan-La Union Expressway. Autosweep is also used on the Villar group’s Muntinlupa Cavite Expressway.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

ENEX to seek partners for gas exploration contract 

AYALA-LED ENEX Energy Corp. said it will seek partners for its natural gas service contract once the company resumes exploration within the Palawan Basin.

“We continue to explore bringing in the right partner or sponsor to undertake the exploration and development activities once it is possible to do so,” Enex Chairman Eric T. Francia said during the company’s annual stockholders’ meeting last week. 

ENEX, formerly ACE Enexor, Inc., is a unit of listed company ACEN Corp. It explores for crude oil and natural gas.

In 2023, ACEN Corp. announced that the Department of Energy (DoE) granted a declaration of force majeure for its unit’s drilling operations within SC 55.

It said  the DoE agreed to allow the request of its subsidiary, Palawan55 Exploration and Production Corp., for a force majeure relief due to the “operational and financial risks” associated with drilling operations in the West Philippine Sea.

Petroleum SC 55 is a deep-water block in the southwest Palawan Basin covering an area of 9,880 square kilometers.

The SC 55 in Palawan is estimated to have some 2.2 trillion cubic feet of natural gas, the Energy department said. 

Mr. Francia said the country must develop its indigenous energy resources as its only indigenous commercial source of natural gas, the Malampaya gas field is expected to have a declining output. 

“The use of (LNG) had begun in order to address the declining output of Malampaya gas. Reliance on imported LNG, however, has put an upward pressure on the cost of fuel and therefore the cost of gas power,” Mr. Francia said. 

Further, the company said it is still keen on building a liquefied natural gas (LNG) fired plant in Batangas.

The company’s investee company, the Batangas Clean Energy is currently developing a 1,100 megawatt combined cycle gas turbine project Batangas.

For now the project is awaiting a competitive selection process to secure an offtake contract for the project, Mr. Francia said. — Ashley Erika O. Jose

FDC plans transformations to achieve growth target

FILINVEST Development Corp. (FDC) said it will focus on implementing strategic transformations across its various businesses to achieve an annual earnings growth of at least 20% over the next five years.

“We are driven to continue this trajectory to grow earnings by an average of at least 20% annually. We must push for transformation across the group to drive quality and attain faster earnings growth to achieve this target in the next five years,” FDC President and Chief Executive Officer Rhoda A. Huang said during the company’s virtual annual stockholders meeting last week.

“This means a healthy balance sheet of higher return on invested capital and revenue growth. We believe we are positioned well to achieve this,” she added.

She also said that FDC will optimize its portfolio to support businesses in areas such as capital allocation, business development, and initiatives to accelerate value creation.

“We will drive synergies and management systems. As a cohesive group, our portfolio companies can leverage on key platforms that will drive operational excellence and improve ways of working so that our businesses can focus on business building,” she said.

“We will future-proof talent and the organization toward diverse, high-performing, and highly engaged employees ready to achieve our goals and face future challenges,” she added.

The conglomerate has earmarked between P20 billion and P25 billion for its capital expenditure budget this year, of which 60% would go to real estate, 15% to renewable energy, 15% to hospitality, and 10% to other businesses.

The conglomerate has business interests in the real estate sector through Filinvest Land, Inc. and Filinvest Alabang. It is also in the power and hospitality sectors through FDC Utilities, Inc. and Filinvest Hospitality Corp., respectively.

The holding company is also engaged in the banking sector through the East West Banking Corp., as well as in the sugar and infrastructure segments.

FDC recorded a 58% increase in its attributable net income to P8.9 billion in 2023 from P5.7 billion the previous year, led by higher revenues across its business segments.

The conglomerate saw a 31% jump in its total revenues and other income to P92.8 billion last year from P71.1 billion in 2022.

FDC shares were last traded on April 26 at P5.70 per share. — Revin Mikhael D. Ochave

Loan deal for NAIA upgrade expected this year

PHILSTAR FILE PHOTO

SY-LED conglomerate SM Investments Corp. (SMIC) said it is preparing the funding for the New NAIA Infrastructure Corp. for the modernization of the Ninoy Aquino International Airport (NAIA).

“There’s no problem [with the discussion.]  I think they have the substance and we believe that we have to improve NAIA. So, we are helping,” SMIC Vice-Chair Teresita Sy-Coson told reporters last week. 

The group has already secured funds for the NAIA project from Sy-led BDO Unibank, Inc., according to SMC President Ramon S. Ang.

“They are [going to take over] by September, right? I do not know about the government timeline but after that we can work together,” Ms. Coson said.

In March, the group led by SMC — the New NAIA Infrastructure Corp., formerly called SMC SAP & Co. Consortium — signed the P170.6-billion concession agreement to operate, maintain, and upgrade NAIA.

The group, consisting of SMC, RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp., will take over the airport operations by September.

Ms. Coson said SMIC is not interested in acquiring shares in the consortium.

“No, we are just a bank. Just a lender,” she said.

The New NAIA Infrastructure is planning to build a new passenger terminal building with a total capacity of 35 million passengers per year as part of its commitment to decongest the airport.

The group won the NAIA offering the highest bid for the project at about 82.1% of NAIA revenues to the government.

Aside from the revenue share, the winning bidder is also required to pay an up-front payment of P30 billion and P2 billion annually, according to the Transportation department. — Ashley Erika O. Jose

From waste to taste

QC holds scrap textile fashion show

A MALL fashion show isn’t always on the top of our list for excitement, but such an event in SM Novaliches on April 26 proved to be meaningful and interesting.

Enter Retashow: QC’s Walk to Sustainability, a fashion show that used textile scraps, as Quezon City’s activity for April’s Earth Month, just a few days away from the actual date of Earth Day, April 22. Each piece from the 20 candidates had to be made of at least 70% recycled textiles. The contest was judged by designers Zarah Juan and Eric Pineda and fashion social entrepreneur Pamela Mejia.

The show was a way to promote the Kilo/s Kyusi Store, an initiative by the Quezon City local government that takes a page from Paris’ thrift stores, where secondhand clothes are sold by weight. Aside from making use of what could have been textile waste, proceeds from the store go towards the city’s Learning Recovery program, where public school students with difficulties in math, reading, and science, are tutored by retired public school teachers and returning overseas Filipino workers (OFWs). This is in response to the 2022 Learning Poverty Report by the World Bank that said nine out of 10 Filipino children aged 10 years old are unable to read simple text. “We give jobs, education, and save the planet,” said Quezon City Mayor Joy Belmonte to BusinessWorld after the show.

Back to the show: a lot of the clothes were very impressive. Designer Mark Jay Panganiban’s outfit, for example, used denim scraps to create pants and a bustier, topped off with a coat made from an old blanket. Another impressive piece was Juan Miguel Rosario’s, making a coat and a handbag with recycled bows. It reminded one of a piece by Moschino, and we wouldn’t have guessed that it was made of scrap.

Three winners were awarded that evening. John Montecalmo got 3rd Place for a pink balintawak made with the Filipino technique of weaving cloth scraps to make cleaning rags and rugs. Maricris Pabelico got 2nd Place for another modified Filipiniana dress, this time made of denim scraps. A skirt, also made of denim, unfolded as a cape, bearing a message (which unfortunately we failed to catch, but it was something about the Earth).

A similar denim outfit by Renegade Limpin — a halter top and skirt combo made of denim scraps — won 1st Place, and got the designer P100,000. Mr. Limpin cleverly used only the waistbands of the former jeans to make the skirt for a trompe l’oeil effect, and matched this with a denim bag that bore the words “No to Fast Fashion.” But, as the model glided across the runway, she took off the skirt to reveal that it was also a very well-constructed jacket.

Ms. Belmonte outlined other sustainability initiatives by the Quezon City government in a speech, including Trash to Cashback, an incentivized recycling program, and refilling hubs to help curb the use of plastic sachets. In a mixture of English and Filipino, she said, “The bad effects of plastic are not just statistics, but actual experiences of each of us.”

The mayor also promotes textile recycling because of the concerns about fast fashion, which creates clothes at a fast rate to satisfy constant trend changes — creating a lot of waste as a result.

Ms. Belmonte cited data from the Ellen MacArthur Foundation, saying that a truckload of clothes and used textiles are thrown away in landfills or incinerated every second. “Textile is becoming the new plastic,” said Ms. Belmonte. “Bawal po ang plastic sa Quezon City,” she said, talking about City Ordinance 2868-2019, which banned plastic bags in the city. “Pinapaalala ko sa inyong lahat. Kaya sana ang pati ang mga katabi natin ay hindi plastic (I’m reminding all of you. I hope that the person sitting next to you isn’t a fake),” said the mayor, cracking a joke. — Joseph L. Garcia

Mitsubishi Motors PHL welcomes new chief

MMPC Chairman Noriaki Hirakata toasts with Messrs. Hara and Imaeda. — PHOTO BY JOYCE REYES-AGUILA

Mr. Hara turns over reins to Mr. Imaeda

By Joyce Reyes-Aguila

MITSUBISHI MOTORS Philippines Corp. (MMPC) formally announced the appointment of Ritsu Imaeda as president and chief executive officer (CEO) beginning May 1. The leadership change concludes the three-year term of current chief Takeshi Hara.

The market share of MMPC has trended upward since 2021 and reached 18.2% in 2023 under Mr. Hara. In the same year, the company posted its all-time highest retail sales record when it sold 7,626 units in September last year.

“I came to the Philippines as a man on a mission — to ensure that MMPC continues its legacy of sustainability, (making) significant contributions to society, and of course, delivering top-notch vehicles and services,” Mr. Hara told guests during the turnover ceremony held last week at Shangri-La The Fort. “When I arrived here, I made sure to observe the philosophy of three Mitsubishi principles that are still deeply engraved in the Mitsubishi group today: Shoki hoko (corporate responsibility to society), shoji komei (integrity and fairness), and ritsugyo boeki (global understanding through business).”

Mr. Hara, who has been with MMPC since 1993, recalled the “unexpected challenges” the company faced during his term due to the COVID-19 pandemic and global economic crisis. “We navigated new roads, the new normal. We (launched) new models, such as the Xpander and the all-new Triton, established new dealerships, (saw an) increase in market share. And little by little, (we) regained the trust of our customers,” the executive said of the company’s accomplishments.

“I am confident that MMPC will continuously maintain the respect of the Philippine society as a manufacturer of fair and excellent products. We are always thinking of how to make our customer happier and how to contribute to the society, the nation we love,” he continued. “I am happy and proud that we are able to sell 1.2 million vehicles, giving mobility solutions to Filipinos. We also locally produced 800,000 units. (In doing so), we are able to provide employment and technology.

“We promoted carbon neutrality to protect the environment and for greener future. To be honest, as the one in the driver’s seat, this job was not easy for me. Yet through it all, I made sure that everyone knew the ultimate destination — our main goal, our special program for the Philippines: Life Made Better. These three words became our driving force — a simple yet powerful reminder that many lives depend on us: our valued customers, our trusted business partners, and our dedicated employees, and society,” Mr. Hara added.

The outgoing executive expressed his gratitude to the MMPC group and business partners who, he said, share a common vision. “I am proud to say that I fulfilled my mission, but I owe my success to your invaluable assistance and contribution. I’d like to express my gratitude for the trust, support, and dedication you have provided to the company and me. I am excited to witness the continued success of MMPC and the Philippines as a whole,” he said. Mr. Hara turned over a symbolic key fob to Mr. Imaeda and requested employees and partners to extend the same support that he received to his successor.

Meanwhile, in a video message, Mitsubishi Motors Corp. President, CEO, and Representative Executive Officer Takao Kato recognized Mr. Hara for the “remarkable vision and leadership” he demonstrated that “guided MMPC through the challenges posted by the COVID-19 pandemic and steering (the company) toward record-breaking sales in FY23.” He stressed, “Under his guidance, MMPC expanded our sales network to 84 locations, providing countless individuals with the exceptional Mitsubishi variant experience.”

Mr. Imaeda joined Mitsubishi Motors in 2021 and has had international stints in Europe, Russia, and Puerto Rico. “I have been handed over a heavy task from my predecessor,” he told the attendees of the turnover ceremony. “For Mitsubishi Motors, the Philippines is one of the most important markets that we have focused on, with expectations of growth. I’m surprised at how our products and services are well-accepted in the Philippines. Even though I have been told of this before, it was kind of surprising seeing it with my own eyes.

“I have confidence in the quality of our products and services. I have nothing but appreciation for our customers. I will definitely do my best to further lift up our presence in the Philippines by encouraging not only our Mitsubishi team but also the economy of the Philippines that has huge potential, seeing the energy it contains.”

Mr. Imaeda announced that aside from the launch of the brand-new model of the Mitsubishi Xforce in June 2024, MMPC is “also expecting to introduce three additional models” after the refreshed subcompact SUV is offered to the market.

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