PHL services trade slumps in 2024 — BSP

March 17, 2025 | 12:31 am

THE PHILIPPINES’ services trade slumped in 2024 as exports grew at a much slower pace than imports, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Preliminary central bank data showed the country’s trade in services fell by 19.8% to $14.58 billion in 2024 from $18.18 billion in 2023.

This as service exports rose by just 7.5% year on year to $51.98 billion from $48.33 billion compared with imports, which jumped by 24% to $37.4 billion from $30.15 billion.

Broken down, other business services accounted for the bulk of overall services, posting a $15.57-billion balance.

These include services related to research and development; professional and management consulting; and technical, trade-related and other business services.

This was followed by telecommunications, computer and information services ($5.93 billion), and manufacturing services on physical inputs owned by others ($4.91 billion)

On the other hand, shortfalls were recorded in transport services (-$3.87 billion), travel (-$3.04 billion), financial services (-$2 billion), and insurance and pension (-$1.91 billion).

The services industry is a key growth driver of the Philippine economy.

“This may reflect the higher base in services exports, especially BPO (business process outsourcing) revenues, given the sharp increase over the past 2 years or so, so mathematically growth already nearing GDP (gross domestic product) growth as a result,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Latest data from the Philippine Statistics Authority (PSA) showed that the services sector grew by 6.7% in the fourth quarter, slowing from 7.4% in the same period in 2023. It accounted for 62% of total GDP.

The IT and Business Process Association of the Philippines (IBPAP) said it booked $38 billion in revenue last year, 7% higher than $35.5 billion in 2023.

“The Philippines’ free trade agreements over the past 15 years and the more globalized services due to increased digitization including more online businesses as well as increased outsourcing may have increased services imports,” Mr. Ricafort said.

“This also may reflect increased competition for services, similar to merchandise, especially in terms of getting the lowest price possible in other countries.”

Service imports also saw an increase amid the “specialization of other developed countries where there is strict observance of intellectual property rights especially on technology solutions and other higher end of the supply chain for services.”

IBPAP also earlier said the Philippines should raise the value-added content of its offerings to minimize the impact of US protectionism.

“There is a need for the Philippines to develop higher end of the services supply chains such as having high-tech ecozones that would be similar to Silicon Valley to encourage local development of new startups that have the potential to become local industry giants,” Mr. Ricafort said.

The government must also find ways to “attract and retain local talent rather than being lost to overseas competition where there are opportunities for high-end service professionals especially for the tech sector.”

He also cited the need to harness and integrate artificial intelligence (AI) and machine learning in the sector.

Under the Philippine Development Plan, the government expects to book $48.15 billion in services exports this year.

CURRENT ACCOUNT
Meanwhile, latest data from the BSP showed the current account deficit (CAD) widened by 41.4% to $17.5 billion last year from the $12.39 billion in 2023.

This breached the $10.4-billion forecast set by the BSP for the year.

It also marked the second-largest current account deficit on record, after the $18.3-billion gap recorded in 2022.

This brought the CAD as a share of gross domestic product (GDP) to 3.8% in 2024, larger than the 2.8% ratio posted a year prior.

“The higher current account deficit emanated from lower net receipts in trade in services and a higher deficit in trade in goods,” the BSP said.

“However, this was offset partly by higher net receipts in the primary and secondary income accounts.”

In the fourth quarter alone, the current account deficit skyrocketed to $4.6 billion from $1.04 billion in the same quarter in 2023.

“The sharp widening of the CAD can be explained by the surge of imports of capital goods and energy, partly due to elevated oil prices and infrastructure-driven demand, while export growth remained weak, particularly in electronics,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said.

“Sluggish global trade conditions and weak demand from key markets like China and the European Union also played a role,” he added.

Mr. Ricafort said the wider current account deficit reflects the trade deficit in 2024.

The country’s full-year trade balance grew by 3.1% year on year to a $54.21-billion deficit in 2024 from $52.59 billion a year ago, its widest trade gap in over two years.

“While BPO revenues and tourism receipts improved, the growth was not enough to offset the trade imbalance,” Mr. Rivera said.

“Transport and logistics costs remained elevated, impacting net services. Multinational firms repatriating profits and increased interest payments on external debt contributed to the larger deficit.”

For the coming months, the current account could be impacted by tariff policies by the United States, Mr. Ricafort said, which could “slow down global trade, investments, employment and overall global GDP growth.”

Markets are pricing in US President Donald J. Trump’s shifting tariff policies on its biggest trading partners, namely, China, Mexico and Canada. Proposals of a reciprocal tariff on all countries that tax US imports continue to loom over the markets.

“Exports could see moderate recovery, especially if global electronics demand picks up, but downside risks remain,” Mr. Rivera said.

“Remittances and BPO revenues are expected to continue supporting external accounts, but a strong peso could temper growth. The pace of import growth will be key if infrastructure spending remains aggressive and oil prices stay high, the deficit could remain elevated.”

This year, the central bank expects the current account deficit to reach $12.1 billion or 2.4% of economic output. — Luisa Maria Jacinta C. Jocson

Production value

March 17, 2025 | 12:10 am

VELO_S3_P1_image1 — Toyota Motor Philippines expects to sell around 20,000 Tamaraw units (which are assembled in Sta. Rosa, Laguna) in 2025. — PHOTO BY KAP MACEDA AGUILA

With car sales expected to top 500K units this year, local auto manufacturing should be pursued with vigor

THE PHILIPPINE government is intent on expanding the contribution of the industry to economic development. In fact, this is an expressed goal of the National Economic and Development Authority (NEDA) in its national development plans. The government agency noted, “The Philippine economy over the past years has been characterized by a reduced share of the manufacturing sector in the country’s gross domestic product (GDP).”

The Philippines, with its dynamic economy and youthful workforce, has made significant strides in recent years. Despite these gains though, the nation still has lots of opportunities to improve in the areas of employment, income distribution, and economic well-being. One of the most effective ways to address these issues is through job creation, and I am hugely encouraged that this is among the government’s central concerns.

In this regard, I believe in the primacy of the manufacturing sector as a robust engine for economic growth and employment generation, particularly in countries with abundant labor resources like the Philippines. A report by Asia Fund Managers cited the manufacturing sector as contributing only 28% to the country’s GDP in 2024. This compares with the service sector that accounts for over 62% and the agriculture sector with 9%. Clearly, there is a case to be made for a rebalancing of the economy.

The automotive industry is a significant contributor to the manufacturing sector. In a speech to members of the media earlier this year, Toyota Motor Philippines (TMP) Chairman Alfred V. Ty mentioned that “the auto industry is truly transforming into a major pillar of economic development.” According to reports of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), the Truck Manufacturers Association (TMA), Association of Vehicle Importers and Distributors (AVID), and some members of the Electric Vehicle Association of the Philippines (EVAP), total vehicle sales in 2024 reached 475,000 units, representing approximately 40 different brands and more than 400 models on the road. This is a new record for the auto market, exceeding the previous high of 473,000 units in 2017 when sales soared in anticipation of changes in the excise taxes on automobiles.

Mr. Ty stated that, by his estimate, sales in 2024 should have generated up to P70 billion in taxes and duties and 138,000 direct and indirect jobs supplying parts or business services to the auto sector. He explained that the rapid and significant influx of automakers and brands was a very welcome indicator. “I have always said that the one thing that attracts automakers the most to any market is increasing sales volumes. And as motorization progresses, this opens new opportunities for local manufacturing,” Mr. Ty stressed.

In 2025, industry prospects are quite encouraging. The macro outlook is reasonably optimistic with GDP expected to exceed 6%. Personal consumption is seen to grow with the relaxation of interest rates. In addition, the upcoming elections is expected to trigger incremental economic demand. As a result, the auto industry is projected to sell 512,000 units by the time 2025 is done and dusted, representing a sustained rate of expansion of 8%, comparable to the growth in 2024. This will be another record-high for the industry and a very important milestone — breaking through the half-million mark.

In addition to the macro growth drivers, other factors that are expected to enable a rise in car sales is the continuing strength of and growing access to credit. A report by the Banko Sentral ng Pilipinas (BSP) showed that consumer loans increased by 25% to P1.59 trillion at the end of December 2024. The growth was largely due to a rise in credit card loans by 29.4% to P934.55 billion from P722.46 billion. However, motor vehicles were also a significant contributor, with loans for car purchases reportedly soaring by 19.5% from P380.14 billion to P454.37 billion by yearend.

The growth in demand for electrified vehicles (xEVs) will also be another growth driver. In 2024, CAMPI reported sales of xEVs to have grown by around 60% to 18,690 units, accounting for about 4% of total sales. If sales of non-CAMPI members are included, xEV sales last year are estimated at almost 25,000 units, representing 5% of total vehicle sales, compared to 2.6% in 2023. These include sales of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).

This year, more automakers will be introducing EV models, likely to spur further demand. In January 2025 alone, CAMPI reported that 1,600 xEVs were sold, making up 5.36% of total car sales. If we apply this percent of sales against the annual sales projection of up to 512,000 units this year, total xEV sales should hit 27,500 units, excluding sales of non-CAMPI members.

Other new model introductions — excluding xEV — will also stimulate market expansion. The most significant contributor is expected to be the Toyota Tamaraw, whose sales began in January this year. Toyota projects sales to top 20,000 units in 2025, serving a growing and previously untapped demand for mobility from the micro, small, and medium enterprise (MSME) sector. Meantime, increased demand from specific mobility sectors such as the logistics industry and the transport network vehicle service (TNVS) will also stimulate growth.

Indeed, the drive to motorization continues to gain momentum. With the rise in economic activity, a growing demand for a broader range of mobility solutions will emerge in tandem. This is a very compelling opportunity for the government to put in place programs that will allow us to capture local manufacturing investments and generate more jobs across various regions of the country.

Indeed, it was very encouraging to hear that the government is set to allocate P9 billion as fiscal support for participating car makers under the proposed Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program. RACE targets to cover three specific models of four-wheeled internal combustion engine (ICE) vehicles. Each participant will pledge to locally manufacture 100,000 units. In fact, Board of Investments (BoI) Executive Director Ma. Corazon Halili-Dichosa shared, “Both Toyota and Mitsubishi signified their intention to enroll under RACE.”

The Philippines offers a fertile ground for investments in auto manufacturing. Not only will this create thousands of jobs, but it can also upskill a generation of workers, promote economic and social well-being, and enhance the quality of life of Filipinos. I hope that more auto manufacturers will consider to invest in local production or decide to make the Philippines a vital part of their global supply chain for automotive parts and components. With the support of the government, this is an opportunity we should take full advantage of.

Maynilad gears up for P49.15-B IPO

March 17, 2025 | 12:09 am

Maynilad water storage — MAYNILADWATER.COM.PH

By Revin Mikhael D. Ochave, Reporter

WEST ZONE concessionaire Maynilad Water Services, Inc. said it plans to raise up to P49.15 billion through an initial public offering (IPO) within the next two quarters.

The IPO’s indicative terms include a base offer of up to 1.81 billion common shares, an overallotment option of up to 266.31 million common shares, and an upsize option of up to 379.29 million common shares, with an offer price of up to P20 apiece, Maynilad said in a disclosure to the Philippine Dealing System Holdings Corp. dated March 14.

Maynilad’s board, led by Metro Pacific Investments Corp. (MPIC), approved the IPO’s registration and offering during a meeting on March 14.

“It [IPO] should be in the next two quarters,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said during a media briefing in Pasig City last week.

“The company is preparing so that it can be push-button (ready) within this year, depending on different factors like macroeconomic and geopolitical. That’s where we are today,” he added.

Asked about possible delays, Mr. Fernandez said the “sweet spot” for Maynilad’s IPO is this year.

“If we push it next year, we might be running out of options already. The sweet spot, really, is this year,” he said.

“We already have banks helping us. We have HSBC, Morgan Stanley, UBS, and Bank of the Philippine Islands assisting us,” he added.

Signed into law on Dec. 10, 2021, Republic Act No. 11600 granted Maynilad a 25-year legislative franchise until 2047 to establish, operate, and maintain a waterworks system, as well as sewerage and sanitation services, in the West Zone service area of Metro Manila and Cavite province.

The law also mandates that Maynilad must offer at least 30% of its outstanding capital stock within five years from the franchise grant.

“This is the kind of IPO that can potentially do well amid current market conditions. Maynilad will be regarded as a defensive stock and a dividend play, so it’s something many institutional and retail investors would consider buying. It also helps the IPO story that they got a huge earnings boost last year mainly due to tariff adjustments,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“I think the offer shares can be fully taken up since this will be marketed to both offshore and domestic investors. Having a strong syndicate of foreign and local banks to support the deal will be very important to its success,” he added.

In 2024, Maynilad’s core net income grew by 40% to P12.8 billion due to lower operating expenses. Revenue rose by 23% to P33.5 billion, driven by tariff adjustments and higher billed volumes.

“Based on its indicative terms, Maynilad could potentially raise up to P49 billion, assuming the highest offer price and full exercise of all share options. This fundraising exercise will support Maynilad’s expansion plans, as it has earmarked at least P30 billion for capital expenditures (capex) in 2025,” Unicapital Securities, Inc. Equity Research Analyst Peter Louise D.C. Garnace said in a Viber message.

Maynilad previously said its 2025 capex budget could exceed P30 billion, allocated for water and wastewater projects, non-revenue water management programs, and ongoing plant construction.

The company spent P25.75 billion in 2024 to upgrade its water and wastewater infrastructure.

Maynilad is among six IPOs expected on the Philippine Stock Exchange (PSE) this year.

“Market conditions improved recently, with the PSE index (PSEi) at 1.5-month highs, alongside some net foreign buying over the past two weeks. A stronger PSEi and continued net foreign buying would support a higher share price, maximizing proceeds for the issuing company,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Stable to improving market conditions, shaped by both local and external factors, will also determine demand for the share sale, especially if investors see market gains,” he added.

Maynilad serves parts of Manila, Quezon City, and Makati, as well as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies water to Cavite City, Bacoor, and Imus, along with the towns of Kawit, Noveleta, and Rosario in Cavite province.

MPIC, which holds a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

Lion’s share

March 17, 2025 | 12:09 am

VELO_P3_GAC_ROP_image1 — The GAC GX Master is priced at P3.948 million. — PHOTO BY KAP MACEDA AGUILA

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GAC is vying for a slice of the luxe minivan market with the M8

By Kap Maceda Aguila

SEVEN-SEATERS are all the rage these days — fueled in no small part by the Filipino penchant for moving in groups. Whether big family or big barkada, we are a highly social, sociable people.

The so-called Asian utility vehicle (AUV) was the first expression of this tenet, which evolved in developmental pace with automobiles in general. Arguably, the MPV (multi-purpose vehicle) and the typical commuter van upped the ante in various degrees. Creature comforts, well, steadily creeped into the picture as in the case of SUVs. Consumers started to expect more and wanted additional boxes ticked.

Posh people movers are now growing in popularity — perhaps a logical reaction also to the copious amounts of time we spend mired in gridlock. Why stress out when you can stretch out?

Launched here in February last year, the GAC M8 is a push toward securing more of the luxury MPV market for Astara-administered brand here — famously known to be dominated by Toyota via the Alphard, and Lexus through the LM.

To be certain, GAC is still on the way to greater prominence and more widespread renown in the country, but it has certainly endeared itself to a growing segment of buyers — more notably through its best-selling GS3 Emzoom and its category-pushing qualities and a surprising cache of benefits for its asking price.

Brands that are serious about contending in the Philippine market — and are equally focused on staying for the long term — are easy to spot. They are the ones who steadily build up their portfolio to cover more categories, and sometimes price points. In this regard, GAC is certainly making its case, earnestly expanding its dealership network and its vehicle offerings. There’s no doubt, too, that GAC counts itself as one of the brands that make better-quality vehicles amid a flood of marques and models from China. GAC leadership is not shy about revealing the company it kept as it went about its business there: Toyota, Hino, Peugeot, Mitsubishi, Honda and others join a list of OEMs that truly helped the brand get to where it is today.

You could even say that the GAC M8 MPV is, like others in the current lineup, a direct beneficiary of these collaborations.

The larger sibling of the M6 Pro is also decidedly more upscale, and it doesn’t hide its intentions. A massive grille — said to be reminiscent of a “regal lion’s mane” — dominates the front fascia. Flanking it are LED headlights with aggressively designed daytime light assemblies you could imagine as stylized fangs. Yes, you might even say that the face of the M8 is inspired by a certain spindle grille and the Peugeot lion.

Back to the illumination, the headlights get automatic height adjustment, alarm, a “follow me home” function, and adaptive driving beam tech. While chrome makes the grille look even more impressive, a satin silver touch on the underskirt neatly frames the profile — particularly on the Elegant Black-hued G8 GX Master we were able to test recently. Meanwhile, 225/55 tires are affixed to 18-inch alloys. The wheels also feature very Rolls-Royce-esque center caps which stay level to display the GAC logo correctly even while the vehicle is in motion.

Under the hood snarls a turbocharged 2.0-liter gas engine, mated with an eight-speed automatic transmission. The power plant outputs 248hp and 400Nm — enough grunt to ensure sprightly acceleration, particularly when Sport mode is engaged. For everyday purposes, Eco mode does great and helps you space out your gas station visits.

Inside, the M8 has generous space for all occupants of its 2-2-3 configuration. The most spoiled are those who get to sit in the pair of captain seats. More on those later.

The driver can customize the settings of his/her seat in 12 ways — all powered. The front passenger, on the other hand, gets a four-way power-adjusting seat. Both front seats boast ventilation and heating functions — to adjust as needed.

Back to the second-row dwellers, they get an embarrassment of riches toward making each journey pleasurable and convenient. It starts with tray tables that fold out from the back of the first-row seats -— perfect as a worktable or for on-the-go snacking. As for the seats themselves, they can slide forward and backward electronically and recline. There are leg rests, too, which offer four-way power adjustment. Along with the ventilation and heating options like the first-row seats, the captain seats can give a massage as well. Seat-position memory ensures that occupants can easily restore the seat to their preference at the touch of a button.

The third row of MPVs is typically not a place you’d want to be sitting in. In the M8 though, it’s surprisingly spacious. You also get access to your own A/C vents, cupholders, and charging ports. There’s even a central armrest, and four-way (though manual) seat arrangement. A 40/60 split folding feature provides some flexibility, depending on cargo/passenger needs. Adding a dual sunroof further heightens the airy/spacious feel within.

Wireless Apple CarPlay and Android Auto open the door to easy connectivity and utility through the large 14.6-inch infotainment touchscreen — hooked up to an eight-speaker audio system. The all-digital affair is completed by a 12.3 full-LCD instrument cluster.

GAC makes it known that work has been done in the M8 to filter out noise. The front windshield is soundproof, along with the second-row windows. Meanwhile, (count ’em) three-zone auto air-conditioning integrates a “fragrance system” just to complete the sensorial experience — along with customizable multi-color intelligent ambient lighting.

As for its complement of safety features, the GAC M8 is equipped with an electronic stability program, hill-start hold control, and hill descent control. Its electronic parking brake has autohold to arrest unintended rolling. Front-row seatbelts have pretensioners and force limiters with height adjustment, along with crash locking tongue (CLT) technology. Pretensioners and force limiters are also present in the second- and third-row seatbelts.

The M8 also has dual front SRS air bags, side air bags and side curtain air bags, and a suite of advanced driving assistance system (ADAS) aids: rearview camera system, surround-view camera system, and Fusion Automatic Parking Assist (FAPA); others features are lane departure warning, lane keep assist, autonomous emergency braking, forward collision warning, adaptive cruise control with intelligent speed limiter, traffic jam assist, integrated cruise assist, blind spot detection, rear cross traffic alert, rear cross traffic braking, and rear car approaching warning.

There’s clearly a lot of things to love in the M8, and if you’re browsing the price point on the lookout for a luxe MPV, this should be in your consideration set.

The GAC M8 GX Master is priced at P3.948 million, while the GL Master gets a P2.998 price tag. As with all GAC Motor vehicles, the M8 comes with an after-sales warranty for the first five years or 150,000 kilometers, whichever comes first.

ICTSI shares fall amid trade tensions

March 17, 2025 | 12:08 am

Manila-International-Container-Terminal — ICTSI.COM

SHARES IN RAZON-LED International Container Terminal Services, Inc. (ICTSI) declined last week as trade tensions initiated by the US weakened investor sentiment, outweighing the company’s strong earnings and expansion developments.

Data from the Philippine Stock Exchange showed that ICTSI was the second-most actively traded stock in terms of value turnover, with P2.78 billion worth of 7.39 million shares changing hands from March 10 to 14.

The listed port operator’s shares closed at P381 each on Friday, inching down 1% from its March 7 close of P385. Year to date, the stock also declined by 1.3%.

Analysts attributed the port operator’s decline to trade tensions initiated by the US.

Claire T. Alviar, research analyst at Philstocks Financial, Inc., said the listed port operator traded sideways due to concerns about the global economy, particularly the trade tensions initiated by US President Donald J. Trump, which may have impacted market sentiment.

“These trade disputes are expected to negatively impact the global economy, which could, in turn, affect ICTSI’s business operations,” Ms. Alviar said in a Viber message.

Mr. Trump’s increased tariffs on all US steel and aluminum imports took effect last Wednesday, stepping up his campaign to reorder global trade in favor of the United States while Europe and Canada swiftly retaliated, Reuters reported.

Mr. Trump’s plans for tariffs — and their back-and-forth implementation since he took office in January — have upended industries from cars to energy and unnerved businesses and investors.

Reuters added that worries over rising costs reigniting inflation and souring consumer sentiment, which could herald a US recession, have caused stock markets to plunge.

Aniceto K. Pangan, equity trader at Diversified Securities, Inc., said the strong earnings of ICTSI, along with positive market sentiment driven by the strong earnings of listed companies in the fourth quarter of 2024, propelled ICTSI shares during the week and contributed to the local bourse in general.

He added that ICTSI’s capital expenditures for this year also fueled the port operator’s movement last week, as they were solely for global expansion.

Last week, ICTSI saw developments, including its unit Matadi Gateway Terminal (MGT) in the Democratic Republic of the Congo, as well as an increase in its net income in 2024.

MGT is undertaking key projects this year to enhance operational efficiency and customer service, reinforcing Matadi’s status as the country’s premier maritime hub.

One major initiative is the construction of a 2.65-kilometer road connecting the Port of Matadi to the Kinkanda traffic circle via SEP (Services des Entreprises Pétrolières) Congo and Route Nationale 14 (RN 14).

Once completed, the improved roadway is expected to reduce container dwell times and streamline cargo deliveries. It will also help alleviate congestion in the western part of Matadi, benefiting both the terminal and the surrounding local community.

MGT’s prospects also include expanding its storage yard to accommodate the consistently growing cargo volumes.

This expansion is crucial for maximizing storage capacity and ensuring the terminal meets increasing customer demand.

Ms. Alviar noted that this is a positive development for ICTSI, as enhancing operational efficiency and streamlining cargo deliveries should contribute positively to the company’s bottom line.

“The improved roadway infrastructure is likely to reduce logistical bottlenecks, strengthening Matadi’s position as a key maritime hub and potentially driving revenue growth,” she added.

Additionally, in 2024, ICTSI’s attributable net income grew by 66.1% to $849.80 million from $511.53 million a year earlier.

Meanwhile, consolidated revenues increased by 14.7% to $2.74 billion from $2.39 billion in 2023.

ICTSI Chairman and President Enrique K. Razon, Jr. said in a press release that ICTSI achieved yet another set of excellent results, marking the company’s highest net income in history at $849.80 million, along with increased revenues, which give the port operator the “financial strength and flexibility to pursue new opportunities and invest in existing projects.”

The growth in net income is mainly attributed to its operations in Asia, which generated $1.14 billion last year, 9.6% higher than the $1.04 billion in 2023.

ICTSI added that the increase in gross revenues was primarily due to volume growth with a favorable container mix, tariff adjustments, higher revenues from ancillary services, and growth in general cargo activities in certain terminals.

Meanwhile, capital expenditures in 2024 reached $517.14 million. For 2025, ICTSI is allocating $580 million for capital expenditures, which will be used for the development of Southern Luzon Gateway in the Philippines and planned expansions at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).

“With the ongoing expansion of ICTSI in Matadi, plus the government’s focus on improving the flow of containers from the port through road improvement, this will contribute to ICTSI’s growth moving forward,” Mr. Pangan said in a Viber message.

He noted that ICTSI will sustain its growth trajectory with its bullish expansion given its earnings results in 2024.

He placed immediate support at P320 per share, while immediate resistance is at P390 per share.

For Ms. Alviar, investors may consider ICTSI as long as the company maintains strong financial performance and continues executing its expansion plans.

“These factors could support investor confidence and sustain long-term growth prospects,” she added.

She pegged immediate support at P370, while resistance is pegged at P400.

“Additionally, the 200-day exponential moving average is serving as a dynamic support level,” Ms. Alviar added. — Abigail Marie P. Yraola

As the wheel turns

March 17, 2025 | 12:08 am

How the evolution of cars shaped car-buying habits through the years

BACK IN the ’70s, car buyers basically had three types of automobiles they could buy: a car, a pickup, or a van. You can then break down the car category into three more subcategories: sedan, coupe, station wagon. Back then Toyota, Mitsubishi (still called “Colt”), and Ford offered all three body styles in their Coronas, Galants, and Cortinas. Nissan (then “Datsun”) and GM’s Opel had sedans and coupes, but no wagons. People bought a lot of two-doors back then. Even the Isuzu Gemini was available as a two-door — yes, Isuzu made sedans and coupes back then.

The ’80s saw passenger cars transitioning to front-wheel drive and the appearance of hatchbacks. That was when we had the three-door and five-door hatchback Colt Mirage and the Ford Laser and Telstar, which came as sedans or as five-door hatchbacks. Toyota also had the Starlet three-door/five-door hatchback, albeit still with rear-wheel drive. The pickups and vans back then were much smaller than they are now. Buyers were initially skeptical about front-wheel drive, finding the cars too prone to rattles and torque steer, a condition wherein the steering wheel tugs in one direction when the accelerator is pressed deeply (or floored). Almost none of the locally available cars back then were available with an automatic transmission.

THE SWITCH TO FRONT-WHEEL DRIVE
The ’90s saw an almost complete transition to front-wheel drive. From a design curiosity, it had now become mainstream. Still, it was mostly small sedans that plied the road, with the big sedans being the Mitsubishi Galant and the Toyota Corona and Crown. They were joined by the Honda Accord, which quickly became the executive sedan of choice. SUVs were still not a thing, with only the Mitsubishi Pajero and Nissan Patrol being available for the 4×4 set. A major change during this period was the wider availability of automatic transmission.

It would be the late ’90s when the country saw its first car-based 4x4s — the Honda CR-V and the Toyota RAV4. But it would be more than a decade after these two pioneers’ appearance when the terms “SUV” and “crossover” would be coined. The CR-V and RAV4 changed the 4×4 game with their user-friendly all-wheel drive, which didn’t need a 4×4 transfer case. More importantly, their car-based chassis made them very easy and carlike to drive, sparking the transition (which seems to be almost complete today) to crossovers and SUVs.

RISE OF SUBCOMPACTS, FALL OF MIDSIZE SEDANS
The turn of the millennium saw the emergence of the subcompact class. Staples like the Toyota Corolla and Honda Civic slowly grew larger while increasing in price, resulting in the appearance of the Toyota Vios and Honda City. Subcompacts would rule the market for close to two decades. Over that period, the market bristled with the Ford Fiesta, Kia Rio, Hyundai Accent, Chevrolet Aveo and Sonic, Nissan Almera, Peugeot 301, and the Suzuki Ciaz. The first decade of the new millennium was also the time when the Korean brands, Hyundai and Kia, became more widely accepted.

As subcompact car sales grew, the market for compact cars contracted. The same was happening with midsize sedans, which were being quickly taken over by pickup-based SUVs like the Toyota Fortuner, Mitsubishi Montero Sport, Ford Everest, Isuzu Alterra/mu-X, Nissan Navara, and the now discontinued Chevrolet Trailblazer.

In the ensuing years, the CR-V/RAV4 duo was joined by the Ford Escape, Mazda Tribute, Suzuki Grand Vitara, Nissan X-Trail, Hyundai Tucson, and Kia Sportage, among others. By the 2010s, the biggest segments were composed of subcompact cars, crossovers, and (thanks to the government’s tax incentives that made their prices comparatively lower considering their size), pickups. Yet another spark that ignited car sales in the new millennium are the vastly lower interest rates for car financing, making it much easier for a greater number of consumers to bring home that shiny new car.

CHINESE BRANDS AND ELECTRIFICATION
It began in 2018, with the formal relaunch of MG. The brand had been locally available under a previous importer, but hardly made a dent then. This was followed the next year by Geely, Chery, and GAC.

We all know the success stories of the MG ZS and Geely Coolray. Filipinos quickly gravitated toward them, entranced by European styling, low prices, and long list of standard features that the newcomers offered.

The pandemic of 2020 hardly dampened the momentum of the Chinese influx. Just half a decade later, there are now more Chinese brands than Japanese, Korean, and American brands combined.

The influx sparked a strange phenomenon. Consumers seemed to suddenly be divided into two groups — those who were ready to explore the new brands and those who would resolutely stick to a proven brand. It’s the only reason why Toyota managed to grow its market share from the low-to-mid 40% before the Chinese brands’ influx to its current high of 47% to 48% of total Philippine automotive sales.

But there is yet another subset that’s capturing the hearts of Filipinos during this time — the subcompact seven-seater MPV. Almost everyone now has any of the following: Mitsubishi Xpander/Xpander Cross, Toyota Avanza/Veloz/Rush, Hyundai Stargazer/Stargazer X, Suzuki Ertiga/XL7, or Honda BR-V.

MOVING FORWARD
At the current rate Filipinos are buying cars, expect more electrified vehicles (HEVs, PHEVs, and BEVs) to hit the roads. The omnipresence of cars like the Toyota Corolla Cross HEV, Nissan Kicks, and BYD Sealion, as well as the growing number of charging stations in and outside the metro, are testaments to this. Crossovers will continue to dominate the landscape, thanks to their advantages in space and versatility/flexibility. Subcompact sedans and hatchbacks will still sell to the lower end of the market, while the long-time Filipino fave, the pickup-based SUVs, will fight tooth and nail against the onslaught of the more refined car-based midsize seven-seat crossovers, mostly from China.

The local car market is the scene of multiple battles in every size and price range. It’s truly a buyer’s market now; a stark contrast to four decades ago when a car buyer had only three car brands to choose from and there were less than 50,000 cars sold in a year. This year, the industry expects to sell 500,000 cars.

So, either you go out there and shop for that new car — or just pass me the popcorn.

Filipiniana is forever; so is she

March 17, 2025 | 12:07 am

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“I’M AN ARTist. I’m a dressmaker. I’m a gardener,” said Patis Tesoro in a documentary about her, Filipiniana is Forever, launched on March 9 at the Makati Sports Club; along with her book, with the same title. And may we add, she is totally bewitching: we spent the afternoon sniffing the scent of sampaguita, a trail she created with the sampaguita garland wrapped around her arm. “And I create beautiful things. I thank God that he made me a conduit for his creativity.”

It’s one thing to make a book; it’s another to be placed in a textbook to define a whole genre. We remember as a child in grade school that her name was already used as an example of what a fashion designer was. Born Maria Beatriz Pamintuan, she said in the documentary that her grandfather was Dr. Jose Fabella, the first Secretary of Health of the Philippines during the Commonwealth period. She had many more illustrious relations besides, saying, “The history of my family is intertwined with this country: my beloved Philippines.”

In an interview, she told us how she dropped “Maria Beatriz” in favor of Patis — fish sauce. “I never answered to Maria Beatriz or Bea. My parents said, ‘Well, if you don’t, you might as well be Patis and Toyo (soy sauce).’ And I answered to that.”

Known for her embroidery, she recalls learning it in her school years at the Assumption Convent in Iloilo. From there, she went to several illustrious schools: Maryknoll (Miriam College now), then a girls’ school in Detroit, then back to Maryknoll, and eventually, the Ateneo de Manila University, where she met her husband, Jose Claro Tesoro.

Jose Claro, known as Tito, aside from being a prominent lawyer in his own name, was a scion of the Tesoro clan, who championed Filipino handicraft after the Second World War. “It became even more apparent that this was where I was going to grow old,” she said of her art.

Bored and bursting with a largely unused education in art, Ms. Tesoro boarded a calesa to go around Divisoria, then and now a large bustling market, a section of which was devoted to cloth. Chancing upon a local toile, the shopkeeper provided it to her on credit. Inspired by a cigarette ad, she made an embroidered blouse through the help of one of her mother-in-law’s embroiderers — her first piece. “My mother-in-law (Salud Tesoro) was a very good mentor. She didn’t coddle me,” she said. She began to consign pieces at her in-laws’ store, and as the cliche goes, the rest is history.

Well, not quite.

Lacking formal training in sewing, she said in the documentary that she met with the initial disappointment from her first customers, especially with procedures like fittings, so she went to sewing school. News about her clothes spread, but her world was about to get bigger when she met impresario Conrado “Ado” Escudero, founder of Villa Escudero, and behind some of the country’s wildest parties — but also of cultural preservation. He commissioned her to do pieces for a museum he was planning, the Casa Manila in Intramuros: there, she got a deeper understanding of Filipiniana.

Her relationship with Filipino clothing became even deeper when, along with weaving advocate Lourdes Montinola and Mr. Escudero, the three of them revived pina — as the source of the fabric, a different pineapple from the edible variety, was slowly disappearing. Thanks to her preservation efforts on traditional craft, her work has preserved her own name for generations to come.

The book weighs about 4 kilograms, riotous with photographs of her colorful designs (there was a peek through a fashion show during the afternoon). “It’s meant to be copied. It’s meant to be an inspiration,” she said in a speech of her work. “This legacy has to continue.”

In an interview, she talked about the process by which she picks things up and learns about them, then becomes very good at them. “I think I’m a workaholic. I like to learn new things. My passion for life is very big. I think that’s what drives me.”

She made an Eden out in Laguna, after leaving her San Juan atelier in the 2010s. Sure, her pieces are all over the place, but so are her recipes and her gardens — marking a second chapter in her life, while fighting illness, to boot. Asked how she knows she’s made it (despite everything she’s done), she says, “I think it’s not ‘made it.’ That’s the end of your life. I think it’s more like a new chapter. You keep on adding chapters to your life.”

“It’s never finished. Especially when you work with traditions and our culture: it goes on to the next generation. So you have to keep on doing and creating. I thank God every day that he gives me that,” she said.

Because the book is titled Filipiniana is Forever, we asked what the phrase meant for her. It also becomes a summary of her work and her legacy: “It goes on, even when you’re not there anymore. Our culture must go on.”

The documentary will be shown again at the end of April at the Negros Museum in Bacolod, which is currently holding a retrospective of her work. To order the book, contact @patistito on Instagram. — Joseph L. Garcia

ACEN eyes completion of RE projects through 2027

March 17, 2025 | 12:07 am

ACEN CORP., the listed energy platform of the Ayala group, is progressing toward its target of 20 gigawatts (GW) of renewable energy (RE) capacity by 2030, with ongoing developments across its domestic and international projects.

In the Philippines, ACEN’s 300-megawatt (MW) Palauig 2 solar farm in Zambales was 84% complete as of December 2024, based on the company’s presentation. The project, expected to generate 453 gigawatt-hours (GWh) annually, is slated for completion in the first half of 2026.

Another project scheduled for completion next year is the 200-MW San Marcelino solar farm in Zambales, which is projected to produce 298 GWh per year.

ACEN also expects its Quezon North Wind project to deliver 345 MW by the fourth quarter of 2026, with an additional 208 MW coming online in 2027.

Outside the Philippines, ACEN anticipates its 520-MW Stubbo Solar project in New South Wales, Australia, to begin supplying electricity in the second half of 2025, with construction already 91% complete. The company is also working toward completing its battery energy storage system in New South Wales in the second half of 2026.

Meanwhile, ACEN’s 600-MW Monsoon Wind project in Laos is 91% complete and remains on track for commissioning in the second half of this year.

In the United States, the 129-MW Stockyard Wind project in Texas has reached a 73% completion rate and is expected to be operational by the first quarter of 2025.

In India, ACEN anticipates completing its 153-MW Maharashtra commercial and industrial (C&I) hybrid solar-wind project by the third quarter of this year.

The company is also advancing its 40-MW Salak & Darajat Unit 7 geothermal project in Java, Indonesia, its 80-MW Solarscape & Dayasinar Solar project in Malaysia, and its 68-MW Sonagazi Solar project in Bangladesh.

To date, ACEN holds 7 GW of attributable renewable energy capacity across operational, under-construction, and committed projects. Its footprint spans the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scaling up renewables in the Philippines and across the region,” said Eric T. Francia, president and chief executive officer of ACEN. — Sheldeen Joy Talavera

Electric bloom

March 17, 2025 | 12:07 am

VELO_S4_P2_DYLANimage6 — BAIC B30e Dune — PHOTO BY KAP MACEDA AGUILA

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High-riding, hybrid-electric vehicles are on the rise

By Dylan Afuang

WITH MORE crossovers, pickup trucks, and SUVs gaining hybrid-electric power, these vehicle types are answering the growing local demand for electrified vehicles (xEVs) while highlighting a lower environmental impact — surely adding to their array of strengths.

A total of 1,600 xEVs were sold in the Philippines in January 2025. Hybrid electric vehicles (HEVs) accounted for 1,445 units, according to a BusinessWorld Special Features report titled “The Philippines’ push for electric mobility,” citing data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).

“xEV” is an umbrella term that describes cars that rely purely on electric power or partly on electric assistance that supplements a traditional internal combustion engine (ICE) for propulsion. These include HEVs, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). The three EV types are available in the local market.

The first two EV types differ in execution but, generally, both use ICE and electric power in conjunction to maximize fuel efficiency and minimize CO₂ emissions. In PHEVs, the ICE can be the source of propulsion when electric reserves have been depleted and require charging. In HEVs, the ICE assists in driving the car’s wheels or acts as a generator. Both setups eliminate the total reliance on electricity and charging through the electric grid that are the norm for BEVs.

In recent years, crossovers, SUVs, and pickup trucks have become prized for their ground clearance, road presence, ride height, and passenger and cargo space advantages that they offer over traditional, and once-revered sedans and hatchbacks.

From the CAMPI- and TMA-organized 9^th Philippine International Motor Show (PIMS) staged in October 2024 to the present time, various automakers have shown intent to introduce or have introduced to the local market their versions of high-riding HEVs and PHEVs.

In no particular country of origin and price brackets, the following are several notable hybrid crossovers, trucks, and SUVs that are currently or are slated to go on sale in the Philippine market: Audi Q7 PHEV, BAIC B30e Dune, BMW X5 xDrive50e M Sport, BYD Sealion 6 DM-I and Shark 6 DMO, Changan Hunter REEV (range-extended electric vehicle), Honda HR-V and CR-V e:HEV, Hyundai Tucson and Santa Fe Hybrid, Kia Sorento Turbo Hybrid, Lexus LBX, Lynk & Co. 01 PHEV, MG HS PHEV, Mitsubishi Outlander PHEV, Porsche Cayenne e-Hybrid, Toyota RAV4 Hybrid, Toyota Corolla Cross Hybrid, Toyota Camry Hybrid, and Volvo XC40 MHEV.

Certain nameplates that keep the hybrid sedan segment alive are the BYD Seal 5, Honda Civic e:HEV, and Toyota Corolla Altis Hybrid. The MG 3 is regarded as the sole hybrid-electric model in the local subcompact hatchback category.

Of the aforementioned 1,600 units, BEVs and PHEVs accounted for 146 and nine units, respectively, and the entire xEV sales contributed a 5.36% to the total 37,604 auto sales figure last January, as tallied by CAMPI and TMA, our Special Features report added.

The demand for HEVs and PHEVs is being boosted by the Philippine government’s Executive Order 12, which extended the list of EVs eligible for zero tariffs to include the aforementioned vehicles until 2028, CAMPI President Atty. Rommel Gutierrez said in another report.

Meanwhile, 44% of respondents in a survey conducted by Ford Philippines believe in the benefits of owning an electrified vehicle, especially a hybrid. Through the survey, the American car maker’s local arm gleaned Philippine buyers’ insights on xEVs. A majority of the respondents prefer HEVs, followed by PHEVs and BEVs, respectively, Ford Philippines added.

Seventy percent of respondents agreed that owning an xEV in the Philippines is practical, although another 39% of respondents said that inadequate charging infrastructure is the biggest hurdle in BEV ownership. Ford Philippines Managing Director Pedro Simoes announced that an electrified vehicle from the car maker will make its local debut this year, which fueled speculation that this model could be the PHEV version of the Ranger pickup truck.

Ayala Corp.-led ACMobility, local distributor of BYD BEVs and PHEVs, acquired the Evro EV charging network late last year. Certain HEV models offered by Chery Auto Philippines, Dongfeng Motors Philippines, Toyota Motor Philippines, and Lexus Philippines — to name a few brands — feature petrol-electric drivetrains that draw charge from the energy generated by their gasoline engines, and therefore do not require charging from the grid.

Admirers of affordable, compact, and ICE-powered sedans and hatchbacks may be delighted to learn that despite the popularity of comparatively larger hybrid-electric SUVs, many consumers still value products from the former vehicle types. Out of the 10 best-selling vehicles in the Philippines in 2024 per CAMPI and TMA’s tally, three of these — the Toyota Vios and Wigo, and Mitsubishi Mirage G4 — are seen as attainable, compact, and serve as basic transportation.

Some would even believe that by virtue of these vehicles’ lightweight construction and economical engines, their fuel efficiency and emissions can match those of HEVs.

Car browsers will have endless choices as more HEVs join the market alongside ICE models.

Donatella Versace’s bold vision kept brand in the limelight after Gianni’s murder

March 17, 2025 | 12:06 am

MILAN — Donatella Versace, who helped to ensure the survival of the family fashion empire after the killing of her brother Gianni almost three decades ago, is to step down as the brand’s chief designer, its owner announced on Thursday.

Donatella took on the role of chief creative officer after Gianni, who founded the company, was shot dead outside his Miami Beach mansion by serial killer Andrew Cunanan in 1997.

“Since 1997, Donatella has led the creative vision for the House of Versace and played an integral role in the company’s global success,” said John D. Idol, chairman and chief executive officer of Capri Holdings, which now owns the brand.

Donatella stepped up to maintain and revive a brand that had been synonymous with daring designs for actress Elizabeth Hurley and supermodels including Claudia Schiffer and Naomi Campbell. Instantly recognizable for her striking outfits and blonde hair, she brought a bold and provocative aesthetic.

“It has been the greatest honor of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity,” said Donatella, 69, who will move to the role of chief brand ambassador next month.

In her personal life she overcame cocaine addiction, and with the help of outside managers helped to turn around the business so that it was back in the black by 2011.

Donatella’s designs remained popular with celebrities including Madonna and Jennifer Lopez, who famously wore a striking green Versace dress to the Grammys in 2000, as well as Lady Gaga.

Versace, known for its Medusa head logo, expanded to serve a wider luxury market in areas such as home decor and also began to design jet and yacht interiors.

Her move comes amid talk of a possible takeover of Versace, which has been going through a lean period financially, by fellow Italian fashion brand Prada.

In a recent interview with Vogue Editor-in-Chief Anna Wintour, Donatella expressed her weariness with the fashion industry’s current upheaval.

“Being told what to do, being told what’s going to sell… I think fashion is creativity and creativity is instinct. If you try to please too many people, too many managers, creativity is gone,” she said.

FAMILY TIES
Donatella enjoys a strong following on social media, with more than 12 million followers on Instagram. She is a long-standing supporter of the LGBTQ+ community, working with groups such as Stonewall and the Elton John AIDS Foundation.

Born the youngest of four children in a family from the southern Italian city of Reggio Calabria, she had an elder sister who died at the age of 12, as well as two older brothers, Gianni and Santo.

Her mother was a dressmaker, and Donatella was allowed to play with fabric offcuts as a young child.

She moved to Florence to study languages but spent increasing amounts of time in Milan where Gianni, eight years her senior, was setting up his fashion business in the late 1970s.

Donatella was influential in the expansion of the business and Gianni gave her the Versus fragrances and accessories arm to run by herself.

After Gianni’s killing, the company was split between Donatella, who got a 20% stake, her brother Santo who received 30%, while Donatella’s daughter Allegra was allocated the remaining 50%.

Allegra was only 11 at the time of the killing and inherited when she turned 18. She has largely remained out of the public eye.

The business initially struggled to regain momentum after the killing of Gianni but it attracted outside investment after returning to profit.

US private equity firm Blackstone bought a 20% stake in 2014. The company was then bought out by US group Michael Kors, later renamed Capri Holdings, for €1.8 billion in 2018.

The Versace family received €150 million of the purchase price in Capri shares. — Reuters

Globe secures P20-B term loan facility for capex

March 17, 2025 | 12:06 am

GLOBE TELECOM, Inc. said it had signed P20 billion in loan facilities with two local banks to fund its capital expenditures (capex) and reduce debt.

In a media release on Sunday, the Ayala-led telecommunications company said it secured P10 billion each from BDO Unibank, Inc. and Metropolitan Bank & Trust Co.

As of end-December, Globe’s capex for 2024 stood at approximately P56.2 billion, down 20% from 2023. Of this, 90% was allocated to data infrastructure to ensure uninterrupted digital solutions and connectivity for customers.

For 2025, Globe said its capex may fall below $1 billion, reflecting a strategic shift as the company plans to reinvest proceeds from its tower sales. Its 2024 capex budget was $1 billion.

Last year, Globe built 1,212 new cell sites and upgraded 4,613 existing sites with long-term evolution technology.

The company also deployed 67,456 fiber-to-the-home (FTTH) lines to strengthen its fiber network, saying the rollout aligns with its strategy to optimize fiber resources, improve utilization, and enhance investment efficiency.

Globe’s continued network infrastructure investments support its goal of providing equal access to the digital economy.

At the stock exchange on Friday, shares of Globe fell P16, or 0.75%, to close at P2,106 apiece. — Ashley Erika O. Jose

Shark and awe

March 17, 2025 | 12:06 am

VELO_S4_P4_KAP_S4_P4_image1 — PHOTO BY KAP MACEDA AGUILA

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BYD gets in the premium pickup ring with an electrified performer

WITH JUST a cursory glance at vehicles plying the roads — not to mention the usual suspects at charging stations — BYD is, pardon the pun, leading the charge in so-called new energy or electrified vehicles. ACMobility, distributor of BYD vehicles in the Philippines, reported a total of 4,780 units sold 2024, pacing sales in the category. Globally, BYD declared selling the most number of electric vehicles in 2024 — moving over four million automobiles.

After a slew of releases in rapid succession, ACMobility has rolled out another electrified offering here, which is doubly significant since it is a first foray into the competitive pickup segment for the Chinese brand.

It’s a specimen that BYD expects to wage war on the usual pickup suspects — with special focus on the highest 4×4 subcategory, and the Shark 6 DMO indeed serves notice right away with its generally larger exterior dimensions versus the more established competition. It’s 5.457 meters long, stands 1.925 meters, and is 1.971 meters wide. The wheelbase stretches 3.26 meters. While we’re at it, the Shark clears the ground by 230 millimeters when unladen, and boasts a wading depth of up to 700 millimeters. Of course, electric or electrified vehicles are not usually known to flaunt water resistance or a willingness to wade in the water, but BYD assures buyers that the Shark has abilities the pickup segment is known for — and more.

“With the launch of the BYD Shark 6 DMO, we are not just introducing a groundbreaking vehicle to the Philippine market but also taking a step toward a more transformative and tech-forward future. This model blends electrified performance and rugged design, making it the perfect blend of adventure and resilience,” said BYD Cars Philippines Managing Director Bob Palanca.

Members of the media, content creators, and influencers were able to preview the Shark days ahead of its public reveal — putting it through its paces and more through two makeshift courses at the Aseana City Open Grounds: a speed track and an off-road circuit. The latter was reserved solely for the Shark to demonstrate its abilities to visitors who got a chance to put the electrified pickup through its paces via a gauntlet of exercises and tests, with the guidance of instructors.

It was a windy yet hot day that greeted us — kicking up clouds of dust which flew across the fenced-in property. Unfortunately, it also blew dust onto the many Shark units activated for the event. But I guess that’s a messaging apropos to the pickup as well: It’s not afraid to get dirty.

And, as we learned behind the wheel, the Shark isn’t afraid of getting pushed as well. It can muster a standstill-to-100kph time of 5.7 seconds, we were told, and I tested this quickness on both the tarmac and the dirt “speed course.” While I didn’t time my sprint, it’s fair to say that acceleration was brisk on both terrains. Handling is surprisingly good and, despite the abuse and challenging surfaces, the double wishbones on the front and rear made the ride more comfortable.

But I don’t want to get ahead of myself.

The Shark 6 DMO is handsome, assuming a boxy profile that conveys heft and presence without being too loud. The front fascia dictates the tone right away with oversized BYD typography, and a healthy complement of lighting and DRLs — including a strip that runs just underneath the hood — serving to box in the logo with illumination.

On its side, the Shark has simple panels — nothing too fancy by way of crimping and such. What does get your attention is the black plastic cladding, of particular note on the doors of the dual cab. Aside from added protection during off-roading adventures and stuff, this feature actually serves to accentuate the vehicle’s distance from the ground — kind of like giving this pickup a further pick up. The wheels are 18-inch alloys; while a stepboard also comes as standard.

The rear, as with the front, gets a large BYD logo — this time stamped on the tailgate. Speaking of the tailgate, there are four ways to open this: through the key fob, a physical button in the console, through the infotainment screen, and with successive presses of a button on the tailgate itself. The cargo bed offers 1,200 liters of payload capacity, and comes with a sport bar for the Premium variant as well as roof rails. It also gets a, drum roll, shark fin antenna.

Now let’s get to the really important stuff. If you’re wondering what the DMO in the appellation of this pickup means, it’s Dual Mode Off-road — a “revolutionary technology” which gives the Shark “an unparalleled blend of power, driving refinement, and efficiency.” What it means for the user is an ability to “effortless switch” from electric and fuel modes depending on the driving condition.

As a PHEV, the Shark’s power sources are a 29.6-kWh BYD Blade battery and a turbocharged 1.5-liter internal combustion engine, which the brand labels an “onboard generator.” Two electric motors deliver a combined output of 435ps and 650Nm of torque — making it one of the most powerful pickups in its class. Both the Premium and lower Advanced variants are 4x4s.

Like many electrified automobiles, the Shark gets V2L or vehicle-to-load functionality. That simply means you can use the Shark to power an external device or appliance. Available in the cargo bed are three sockets that output 6kW and 230 volts: Perfect for powering a coffee maker, induction cooker, mini fridge or maybe even a sound system during your family’s off-the-grid adventures.

A vehicle-to-load adaptor is also on hand for plugging directly into the charging portal.

Inside, the Shark is bestowed a predominantly black interior — tastefully accented with red-orange highlights in its stitching and air-conditioning duct surrounds. Perhaps we’ve been conditioned to associate this hue with sporty things; it certainly works in the Shark.

It’s hard to miss the massive 12.8-inch screen that serves as the infotainment display. As in other BYDs this screen rotates into a portrait orientation, if you so desire. On this screen also appears the feed from the 360-degree camera. BYD is not just proud of its prowess in electric, but also the level of tech that it fits onto its vehicles.

The Shark 6 DMO receives the brand’s DiPilot suite of advanced driver assistance systems. BYD further spoils the driver with a head-up display. You also have BYD Connect, Apple CarPlay and Android Auto, and a whole slew of thoughtful niceties that promise not just heightened safety but convenience as well. Standard safety features including cruise control, a 360-degree view camera, front and rear sensors, vehicle dynamic control, hill hold control, hill descent system and a tire pressure monitoring system. The Premium variant additionally carries adaptive cruise control, automatic emergency braking, blind spot detection, lane departure warning, and head-up display.

The second row isn’t a bad place to be as well, with a less-upright seatback and decent elbow room, legroom, and headroom. In keeping with a theme of providing power from a, well, powerful pickup, the rear passengers get access to a USB-A, USB-C, and 230-volt socket.

BYD claims a range of 100 kilometers on pure electricity and, with the ICE factored in, a total of 800 kilometers. Back to Super DMO tech, it’s said to be similar to the Super DM-i tech of the Sealion 6 and Seal 5, promising improved fuel efficiency, enhanced off-road capability, reduced emissions, smoother driving, and the aforementioned terrain adaptability.

While the ICE’s main role is to drive the front wheels, it can also charge the pickup’s battery pack.

For those still on the fence about electric vehicles, ACMobility points out that, on top of the Shark’s features and a dizzying array of safety elements including the “ultra-safe” BYD Blade Battery, preventive maintenance cost over a five-year period is astoundingly low: They’ve worked it out to less than P100,000 — making it the most cost-efficient pickup to maintain — up to 42% cheaper than its comparative competitors.

The BYD Shark 6 DMO is priced at P2.098 million for the Advanced variant and P2.298 for the Premium. ACMobility is furthering sweetening the deal until the end of March by offering a P50,000 discount for first-time BYD customers. If you’re a current BYD owner, that price slash grows to P100,000. The Shark comes in three exterior color options: Deep Sea Blue, Cosmos Black, and Aurora White (although I personally love the name of the color in the Australian market, “Great White”). BYD offers an eight-year/160,000-km warranty for the BYD Blade battery, an eight-year/150,000-km warranty for the drive unit, and a six-year/150,000-km warranty for the vehicle.

For more information, visit www.bydcarsphilippines.com, or the BYD Cars Philippines Facebook, Instagram, and YouTube social media accounts. Better yet, register for a test drive through an authorized dealership.

Time will tell how big a bite the Shark can take out of the pickup market.