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The new Changan CS15: Unveiling the ultimate subcompact SUV experience at an unbeatable price point

Changan Auto Philippines is thrilled to introduce the latest addition to its esteemed SUV lineup: the Changan CS15. Designed to meet the diverse needs of today’s car buyers, the CS15 combines practicality, versatility, and style, all at a remarkably competitive price point of only PHP799,000.

The CS15 emerges as the smartest choice in its segment, addressing the demands of modern Filipino drivers who seek both excitement and practicality in their daily commute. With its compact size ideal for urban driving and boasting class-leading features, the CS15 promises a driving experience that is both thrilling and dependable.

Changan has meticulously crafted the CS15 to cater to the varied preferences of car buyers. From the desire for an exhilarating driving experience to the need for connectivity and safety, the CS15 ticks all the boxes. With its advanced features and well-engineered design, Changan remains true to its commitment to “lasting safety,” providing drivers with not only a secure ride, but also peace of mind on the road.

Under the hood, the CS15 packs a punch with its 1.5-liter inline 4-cylinder engine paired with a 5-speed dual clutch transmission, delivering 105 horsepower and 145 Nm of torque. Whether cruising through city streets or embarking on out-of-town adventures, the CS15 offers a blend of efficiency and performance that exceeds expectations.

Inside the cabin, drivers are treated to a range of thoughtful features that prioritize comfort and convenience, including keyless entry, standard leather seats, and an infotainment system compatible with iOS and Android devices. Multi-function steering remote controls and automatic headlights with a follow-me-home function and height adjustment further enhance the driving experience, ensuring that every journey is as effortless as it is enjoyable.

Style takes center stage with the CS15, boasting eye-catching design elements that are sure to turn heads wherever it goes. Striking LED daytime running lights, a sleek sunroof, and stylish blacked-out taillamps contribute to the CS15’s distinctive look. The vehicle’s muscular haunches house large two-tone 17-inch wheels, while satin silver roof rails and a sleek shark fin antenna add a touch of sophistication to its profile.

For those with an adventurous spirit, the CS15 offers unmatched versatility and practicality. With ample headroom and legroom, along with a rear seat featuring 60/40 split folding capability, the CS15 easily accommodates large or bulky cargo. Standard roof rails make the CS15 car-camping ready, capable of accommodating an awning or roof rack for outdoor adventures. With a generous ground clearance of 190 mm, a tire pressure monitoring system, and rugged design elements, including large wheels and rocker panels, the CS15 is ready to tackle light floods or venture off the beaten path with ease.

When it comes to safety, the CS15 leaves no room for compromise. Equipped with disc brakes on all four wheels, Anti-lock Braking System (ABS) with Electronic Brakeforce Distribution (EBD) and Brake Assist, dual front and side air bags, child safety locks, and a suite of driver assistance features such as Hill-Hold Control (HHC) and tire pressure monitoring system, the CS15 ensures a secure and protected journey for all passengers. 

For a subcompact SUV packed with impressive features found in premium vehicles, the CS15 is difficult to resist at its price. It is undoubtedly the perfect choice for discerning car buyers seeking unparalleled value for money. Backed by Changan’s 5-year (or 150,000-km) warranty and a complimentary checkup within the first 5,000 km, the CS15 offers both peace of mind and exceptional ownership experience.

The CS15 will be available in the Philippines beginning April 2024 in an array of captivating colors including Flame Red, Aurora Blue, Blizzard White, Cosmic Silver, and Galaxy Black. 

Don’t miss the opportunity to experience the future of driving with the Changan CS15. Visit the Changan booth at the 2024 Manila International Auto Show (MIAS) from April 4 to 7, 2023, where the CS15 is available for test drives. Irresistible special offers are up for grabs exclusively for MIAS visitors. Those who will reserve the CS15 at the Auto Show will receive a PHP50,000 cash discount and a FREE 2-year Preventive Maintenance Service (PMS). In partnership with BPI, driving home a CS15 is made even easier with flexible payment terms, low down payment and low monthly payment options.

Visit www.changan.ph and follow Changan Auto Philippines on Facebook (@ChangaAutoPH) for more details. For media inquiries and more information, please contact Grace E. Roces, PR Director of Imagi Manila, at +63 917-848-9884 or via email grace.roces@imagimanila.com.

 

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NG debt hits record P15.18 trillion

A Philippines peso note is seen in this picture illustration on June 2, 2017. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE National Government’s (NG) outstanding debt hit a fresh high of P15.18 trillion as of end-February, the Bureau of the Treasury (BTr) reported.

Data from the BTr on Wednesday showed that the NG’s debt portfolio rose by 2.63% from the P14.79 trillion recorded as of end-January.

“The NG’s debt stock increased by P388.51 billion or 2.63% month over month which was primarily attributed to domestic debt issuances, though partially tempered by the effect of the stronger peso on foreign debt valuation,” the BTr said in a statement.

National Government outstanding debtYear on year, outstanding debt increased by 10.37% from P13.75 trillion in February 2023.

More than two-thirds or 69.68% of the NG’s debt came from domestic sources.

As of end-February, domestic debt went up by 4.08% to P10.58 trillion from P10.16 trillion in the previous month due to the net issuance of government securities.

It also jumped by 12.02% from P9.44 trillion in the same period a year ago.

“Meanwhile, peso appreciation trimmed P0.66 billion from domestic debt through downward revaluation of foreign currency denominated domestic debt,” the Treasury said.

Data from the BTr showed the peso finished at P56.174 versus the greenback at end-February, stronger than its P56.403 close at end-January.

Government securities made up almost the entire domestic debt in the first two months of 2024.

On the other hand, external debt dipped by 0.56% to P4.6 trillion from P4.63 trillion as of end-January.

“The decrease was attributed to favorable foreign exchange movements by both local and third currencies against the US dollar amounting to P18.79 billion and P9.96 billion, respectively. These more than offset the P2.75-billion net availment of foreign loans,” it said.

Year on year, foreign debt climbed by 6.76% from P4.31 trillion in the same two-month period in 2023.

Broken down, external debt was composed of P2.18 trillion in loans and P2.42 trillion in global bonds.

The NG’s guaranteed obligations edged lower by 1.07% to P344.93 billion as of end-February from P348.66 billion in the previous month.

Year on year, guaranteed obligations declined by 10.91% from P387.19 billion.

“The lower level of NG guarantees was due to the net repayment of external guarantees amounting to P3.23 billion as well as favorable foreign exchange movements by both local currencies and third currencies against the US dollar amounting to P0.69 billion and P1.1 billion, respectively,” the BTr said.

“Moreover, the net adjustment in domestic guarantees further offset P1.29 billion from the outstanding balance as of end-February 2024,” it added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the rise in outstanding debt was expected given the retail Treasury bond (RTB) issuance in February.

The Philippine government raised a record P584.86 billion from its offering of five-year RTBs in February, surpassing the P400-billion target set by the Treasury.

“The large maturities of government securities in March 2024, especially the P700-billion maturing RTBs, could potentially lead to some decrease in the outstanding NG debt by March,” Mr. Ricafort said.

“However, new global bond issuance for the coming weeks or as early as the second quarter of 2024 could add to the foreign debts and overall NG debt stock by then,” he added.

Finance Secretary Ralph G. Recto has said that the BTr is finalizing its first global bond issuance of the year but has yet to announce specific details of the offering.

The government’s borrowing program for this year is set at P2.46 trillion, with P1.85 trillion to be raised from the domestic market and P606.85 billion from foreign sources.

Latest data from the Budget department showed that the NG’s outstanding debt is projected to reach P15.84 trillion as of end-2024.

Rice prices to remain high until midyear — DA

PHILIPPINE STAR/WALTER BOLLOZOS

By Luisa Maria Jacinta C. Jocson and Adrian H. Halili, Reporters

THE DEPARTMENT of Agriculture (DA) said on Wednesday that rice prices are expected to remain high until midyear, as the agriculture sector reels from the impact of the El Niño weather event.

At the same time, analysts warned elevated prices of the staple may add to inflationary pressures.

“Hopefully, prices go down during the second half of the year. But as of the moment, since there are still the lingering effects of El Niño, I don’t think it will go down,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters.

Agricultural damage caused by the El Niño has risen to P2.63 billion, affecting 54,203 farmers and 53,879 hectares of farmland, according to the DA.

“We expect that (agricultural damage) would increase. We are at the height of El Niño now. Hopefully, by the end of May, it will decrease,” Mr. Tiu Laurel said.

Rice was the most affected crop with 72,733 metric tons (MT) of damage, equivalent to P1.7 billion or about 65% of total agricultural losses.

“Rice is heavily water and rainfall dependent, so if the rice areas are affected (by El Niño) then it is a major issue. Also, if the drought hits at stages in the crop’s life when it most needs water then that worsens the issue,” Monetary Board member V. Bruce J. Tolentino said in a Viber message.

Federation of Free Farmers National Manager Raul Q. Montemayor said that agricultural damage from the El Niño may rise further. 

“Some crops that are still on the ground have already been affected by the lack of water and this will result in lower output and yields when these crops are harvested (assuming they survive),” he said in a Viber message.

The El Niño across the tropical Pacific Ocean is showing signs of weakening and is expected to persist until May, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA).

“Based on reports from PAGASA, the El Niño decay started in March. We are expecting that by May, it will be gone. We can expect additional agricultural damage but not by a lot,” DA spokesperson Arnel V. de Mesa said in mixed English and Filipino in a phone call on Wednesday.

Latest PAGASA data showed that 24 provinces from Luzon and one in Visayas are experiencing meteorological drought; 16 provinces are under dry spells; and 10 reported dry conditions.

Provinces that are in a drought include Cagayan, Nueva Ecija, Isabela, Pangasinan, and Negros Occidental, which are among the top rice-producing provinces in the country. 

“Farmers will be able to replant only when the rains come, and the lingering effects of El Niño may delay the onset of rains by about a month (from its usual onset in May),” Mr. Montemayor said.

“Dam levels may also be too low to sustain irrigation to crops even if El Niño subsides. Lower output means less supply and could lead to higher food prices,” he added.

SCARCE WATER SUPPLY
Former Agriculture Undersecretary Fermin D. Adriano also noted the effect of scarce water supply on agriculture.

“Because of inadequate supply of water, local supply will not be enough and hence food prices might increase,” he said in a Viber message.

Rice inflation surged to 23.7% in February, its fastest pace since the 24.6% seen in February 2009.

Mr. Tolentino said it is difficult to forecast the full impact of the dry weather event on agriculture and food prices.

“The impact depends on exactly where the drought hits -—whether or not the areas affected are heavily agricultural or not, and at what growing stage the crop is,” he added.

However, he noted that rice prices in general have been elevated for some time now due to rising fertilizer prices, supply chain disruptions and India’s ban on exports.

As of April 2, the average retail price of local well-milled rice ranged from P48 to P55 per kilogram from P39 to P46 per kilogram a year ago. Regular milled rice also rose to P50 per kilogram from the P34 to P40 range a year earlier.

The Philippine Statistics Authority data showed the national average price for well milled rice was P56.95 per kilogram as of mid-March.

The highest retail price during the period was reported in the Central Visayas, with the average at P59.27 per kilogram.

The Ilocos Region, on the other hand, reported the lowest price for well milled rice at P52.89 per kilogram.

MORE IMPORTS?
Meanwhile, Mr. Tiu Laurel said stocks may remain sufficient for the country’s rice requirements, due to the ongoing harvest season and continued purchase of palay or unmilled rice by the National Food Authority (NFA).

“Well, the NFA has already bought a certain amount… it’s harvest season, as we all know, (which) will continue until May. So, there’s enough stock,” he added.

Mr. Tiu Laurel said that rice imports have also been regularly arriving to bolster local supply.

Rice imports have reached 995,841 MT as of March 21, according to the Bureau of Plant Industry.

To help ease price pressures in the short term, the government should consider allowing more imports.

“In the medium term, pressure can ease if trade policies are stabilized, and tariff reductions made permanent.  Long term, the sustainable solution is improved domestic productivity through research and development,” Mr. Tolentino said.

The US Department of Agriculture projects Philippine rice imports to reach 4 million MT this year.

Still richest in the Philippines: Villar’s net worth surges to $11 billion this year

MANUEL B. VILLAR, JR.

FILIPINO TYCOON Manuel B. Villar, Jr. is now ranked among the top 200 richest people in the world, as his estimated net worth surged to a record $11 billion (around P621 billion) this year, according to Forbes.

At 190th spot, Mr. Villar was the highest-ranking Filipino tycoon in the World’s Billionaires List released by Forbes on Tuesday evening. He was also the only Filipino who landed in the top 200.

Mr. Villar saw his net worth climb by 28% to $11 billion this year from $8.6 billion in 2023 when he ranked 232nd on the list.

16 Richest Filipinos in Forbes’ 2024 World’s Billionaires ListA former Senate president and House speaker, Mr. Villar is currently the chairman of listed companies Vista Land & Lifescapes, Inc.; Golden MV Holdings, Inc.; supermarket chain AllDay Marts, Inc.; home improvement chain AllHome Corp.; and Vistamalls, Inc.

“Mr. Villar is diversifying his business with new investments in free-to-air TV and plans to build a casino and a theme park in southern Metro Manila,” Forbes said.

Forbes computed the net worth of the billionaires using stock prices and exchange rates from March 8.

The list, which features 2,781 billionaires, includes 16 from the Philippines. Ten of the Filipino billionaires on the list saw an increase in their net worth, while two billionaires reported a drop, and another one had the same net worth from last year.

The three Filipino newcomers to the list are Cosco Capital, Inc. Chairman Lucio L. Co and Vice-Chairman Susan P. Co, and Wilcon Depot Chairman Emeritus William T. Belo.

Enrique K. Razon, Jr., chairman of port operator International Container Terminal Services, Inc. (ICTSI), ranked 224th on the Forbes list with a $10-billion net worth in 2024. His net worth jumped by 37% from $7.3 billion in 2023.

Mr. Razon also owns Bloomberry Resorts Corp., which operates Solaire Resort and Casino.

San Miguel Corp. President and Chief Executive Officer (CEO) Ramon S. Ang landed in 920th place with a net worth of $3.5 billion, up by 3% from $3.4 billion a year ago.

The six Sy siblings of the SM Group had a combined net worth of $14.4 billion in 2024, but they were ranked individually in the Forbes list.

Hans T. Sy ranked 1,286th with a $2.6-billion net worth, followed by Henry T. Sy, Jr. and Herbert T. Sy both at 1,330th with $2.5-billion net worth each.

Harley T. Sy ranked 1,380th with a $2.4-billion net worth, followed by Teresita T. Sy-Coson at 1,438th with $2.3 billion. Elizabeth T. Sy landed on 1,545th spot with $2.1 billion.

On 1,330th spot was LT Group, Inc. Chairman Lucio C. Tan with a $2.5-billion net worth.

Megaworld Corp. Chairman Andrew L. Tan ranked 1,623rd with a $2-billion net worth.

Jollibee Foods Corp. Chairman Tony Tan Caktiong came in on 2,152nd spot with a net worth of $1.4 billion.

Cosco’s Mr. Co ranked 2,410th with a $1.2-billion net worth, while his wife Susan placed 2,545th with a net worth of $1.1 billion.

JG Summit Holdings, Inc. President and Chief Executive Officer Lance Y. Gokongwei also landed on 2,545th spot with a $1.1-billion net worth. 

Wilcon’s Mr. Belo placed 2,692nd with a net worth of $1 billion.

Meanwhile, French luxury goods titan Bernard Arnault topped the Forbes’ list of richest people after his net worth rose by 10% to $233 billion.

Tesla CEO Elon Musk ranked second on the list as his net worth jumped by 8% to $195 billion.

The top five includes Amazon founder and Executive Chairman Jeff Bezos ($194 billion), Meta founder and CEO Mark Zuckerberg ($177 billion) and Oracle Executive Chairman Larry Ellison ($141 billion).

The richest woman on the list is Francoise Bettencourt Meyers, the granddaughter of the founder of L’Oreal, with a net worth of $99.5 billion.

“It’s been an amazing year for the world’s richest people, with more billionaires around the world than ever before. A record-breaking 14 centibillionaires have 12-figure fortunes. Even during times of financial uncertainty for many, the superrich continue to thrive,” Forbes Senior Editor for Wealth Chase Peterson-Withorn said in a statement.

Forbes said the world’s billionaires are collectively worth a record $14.2 trillion, $2 trillion more than last year.

This year’s list included 265 newcomers such as fashion designer Christian Louboutin ($1.2 billion), NBA legend Magic Johnson ($1.2 billon), TV producer Dick Wolf ($1.2 billion), pop star Taylor Swift ($1.1 billion), and OpenAI’s Sam Altman ($1 billion). — R.M.D.Ochave

Customs collection drops 6% in March but exceeds target

Members of the Bureau of Customs-Customs Intelligence and Investigation Service (BOC-CIIS) inspect boxes of disposable e-cigarettes/vape products believed to be illegally smuggled into the country during a raid at a warehouse in Parañaque City, March 1, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE BUREAU of Customs (BoC) reported a 6% annual drop in collection in March, although it still surpassed the monthly target.

Based on preliminary data, the agency collected P75.429 billion in March, 6.1% lower than the P80.343 billion recorded in the same month a year ago. However, it exceeded its P72.91-billion target by 3.45%.

For the first quarter, Customs collection rose by 2.6% to P219.385 billion from the P213.829-billion collection in the same period a year ago. This surpassed the P210.896-billion target for the first quarter by 4%.

The agency attributed its performance to the “higher rate of assessment or enhanced system for determining the customs value of imported goods.”

“Additionally, the BoC boosted its revenue collection through its strict monitoring and collection of deferred payment of government importation,” it added.

It also cited intensified post-clearance audits and strengthened border protection.

This month, Customs partnered with the Land Bank of the Philippines to streamline digital payment transactions to help the agency improve collection efforts.

“By intercepting various smuggled goods through multiple seizure operations in March, the agency effectively prevented revenue loss due to illicit activities,” the BoC added.

In 2023, Customs revenues rose by 2.41% year on year to P883.2 billion and surpassed by 1.04% its P874.2-billion full-year target.

This year, the agency is aiming to collect P959 billion. — Luisa Maria Jacinta C. Jocson

Accelerating into the Future of Automobiles in MIAS 2024

After attracting more than 149,000 visitors and displaying more than 200 cars in last year’s edition of the Manila International Auto Show (MIAS), the Philippines’ largest annual motoring event returns for another exciting installment on April 4-7, at the World Trade Center Metro Manila (WTC) in Pasay and SMX Convention Center Manila at the Mall of Asia Arena Complex.

Themed “Bridging the Future,” the 19th version of the annual show continues to embody its mission to showcase not only the most dynamic and extensive automotive display but also, in organizing the most thrilling automotive events.

Amidst an ambitious industry outlook and continued momentum in vehicle sales this 2024, the MIAS stands as a pivotal event, showcasing the latest innovations and trends in the Philippine automotive sector.

Co-sponsored by banking company BPI Auto Loan and gas company Shell plc, MIAS 2024 will feature new releases from passenger cars and commercial vehicle brands including BAIC, BAW, Bestune, Changan, Chery, Chevrolet, DAF, Dongfeng, Foton, GAC, GWM, Hongqi, Hyundai, Hycan, JAC, Jetour, JMC, Lynk & Co, Kinglong, MG, Mitsubishi, Nissan, Omoda & Jaecoo, Peugeot, Seres, Subaru, Suzuki, and Weichai.

For the first time, the Philippines’ largest motoring event will be held in two world-class venues spanning a combined 41,000 square meters of exhibition floor space. Conveniently, a single ticket enables visitors to access both sites. Furthermore, free shuttle service at designated pickup and drop-off points will be provided throughout the day to make visiting WTC and SMX easier and more accessible.

With dual venues, the upcoming MIAS will surely give visitors the opportunity to explore the latest advancements in automotive technologies. Prospective car buyers will have the chance to gain valuable insights and firsthand experience with the newest models available in the Philippine market, allowing them to make well-informed decisions about their next vehicle purchase.

Photos from www.facebook.com/ManilaInternationalAutoShow

As in years past, some of the country’s top car brands are anticipated to debut their latest vehicles at the event.

Foton Motor Philippines, Inc. (FMPI) recently announced its plans to launch the “first hybrid diesel vehicle in the Philippines” during this year’s MIAS. The highly anticipated premier of the “supersized” Tunland V7 and V9 in the country will be at the traditional event venue, the SMX Convention Center.

Chery will highlight its latest lineup of new energy vehicles (NEV) including the Tiggo 7 PHEV (Plug-in Hybrid Electric Vehicle) and the Tiggo 8 PHEV. Chery’s fully electric vehicle, the eQ7, will also be featured in the event and will underscore the brand’s commitment to sustainable mobility solutions.

Having recently expanded its lineup with the debut of the all-new M8 and M6 Pro MPV last month, GAC Motors will be launching the new Emkoo Hybrid in this year’s MIAS as well.

Hyundai Motor Philippines is also set to introduce its high-performance N brand at the 2024 Manila International Auto Show, with the spotlight on the Hyundai Elantra N. This announcement marks a potential shift in Hyundai’s local lineup, addressing the absence of a sedan and sparking anticipation among enthusiasts for the debut of this exciting model.

Meanwhile, Chinese car brand JMC is set to officially launch their lifestyle passenger pickup trucks Grand Avenue and Vigus during the April 4-7 event.

Great Wall Motor (GWM), with its longer warranties for several models, is launching a 4×4, the Haval MengLong, and a luxury minivan, WEY Gaoshan, in the next auto show.

While other automobiles in their lineup have not yet been disclosed, Changan Auto Philippines confirmed that it will be debuting itd CS15 model in the MIAS. The CS15 is bound to slot below the CS35 and CS55 Plus in the local model lineup.

Astara’s latest brand, JAC Motors, is poised to make noise at the MIAS by unveiling a lineup consisting of the JS4, JS6, and JS8 Pro crossovers, alongside the T8 Pro and T9 pickup trucks.

New entrant brands Omoda and Jaecoo will be present in the MIAS as well. After announcing their plans to make their presence felt in the country last year, the two Chinese vehicle manufacturers are finally making do with their promises by bringing the Omoda 5, the Omoda 5 EV, and the Jaecoo 7 to the country’s biggest auto show.

Several brands, such as Suzuki and Nissan, are choosing to withhold details about their latest innovations and releases, intensifying anticipation and increasing expectations among enthusiasts and industry observers alike.

Aside from these product launches and incredible lineups, showgoers can engage in several fun activities prepared by the organizers such as the Truck Zone, Custom & Classic Car Competition, Test Drive Avenue, Mobility Marathon, Car Club Display, Die-Cast Car Collection, as well as a stunt show by Guinness World Record holder Russ Swift.

BPI will also have a booth during the exhibition to act as an auto loan provider and offer exclusive auto loans during the upcoming MIAS 2024. The BPI Auto-Loan Bundle will include free motor and personal accident insurance, valid for a year, a discounted interest rate of up to 0.75% (versus the published rate), and waived bank fees.

Last year’s MIAS focused on shaping mobility as brands showcased new and innovative vehicle models from the leading car manufacturers locally and internationally. MIAS 2023 was perceived as exceptional in the eyes of showgoers and stakeholders as the event received a satisfaction rating of 98% from visitors and exhibitors.

Attendees of last year’s auto show unanimously agreed that MIAS is the leading automotive event in the country and that they received adequate publicity about the auto show, highlighting MIAS organizer Worldbex Services International’s effective promotional efforts. Moreover, all exhibitors reported satisfaction with the marketing efforts initiated by the organizers as well as expressed contentment with the management and organizational support provided by Worldbex.

“The automotive industry plays a crucial role in meeting this demand by providing a range of vehicles that cater to different needs and preferences. Our mission every year is to showcase this fast-paced industry, and we shall continue this legacy through the next generations. MIAS continues to be the biggest and largest automotive show in the country today — a gateway for people to witness mobility in action,” said Joseph L. Ang, founding chairman of MIAS organizer Worldbex Services International.

MIAS 2024 will continue to build upon its past successes and set a new standard for excellence in the automotive industry. With an impressive track record of record-breaking visitor counts, MIAS continues to raise the bar, solidifying its position as the Philippines’ premier motoring event.

The country’s biggest auto show will display automobiles from 10 a.m. to 9 p.m. at the two venues. Promo tickets are available at https://manilaautoshow.com/. MIAS 2024 is organized by exhibition and events management company Worldbex Services International. — Jomarc Angelo M. Corpuz

It’s fast and it’s filling: Don Don Tei opens at Robinsons Galleria

A WELL-LOVED Osaka fixture since 1988, Don Don Tei now offers Ortigas office dwellers a new option for lunch. Their specialty (and the secret ingredient) is rice.

During its opening at Robinsons Galleria on March 19, BusinessWorld got a taste of their more premium offerings, such as the Wagyu Yakiniku Don (P675) and the Unajyu (grilled eel; P650), though there are items on the menu for just P280. Both choices were delectable, with the tenderness of the wagyu clearly evident in the premium beef bowl, and the eel was sweetish and yielding.

It’s a great place for a quick lunch, if one is in a bit of a hurry but one craves a little more than fast-food offerings.

The brand was brought here by Oishi Gourmet Foods, Inc., connected to the Oishi snacks brand, which is in turn connected to the Liwayway cornstarch Chan family (of which clothing company Bench founder Ben Chan is also a member; his brother Oszen Chan sits as president of Oishi Gourmet Foods, Inc.). They have also brought the Indonesian J.Co Donuts brand to the Philippines (they now count 74 branches in the Philippines), through another channel.

Marissa So, Executive Vice-President of Oishi Gourmet Foods told BusinessWorld what makes a good donburi (that is, a rice bowl): “It’s the rice. It has to be really good Japanese rice. Toppings should be high quality. The flavors should not be so strong,” she said. “With the Japanese it’s basically simple, but it’s very good. We don’t want it to be over-flavored.”

The sauces are from Japan, but the rest is procured locally: still, the rice is cooked meticulously to always yield the best possible texture and taste.

Masahiro Nishida, Director for Business Strategy and Planning for Gourmet Kineya (the group that owns Don Don Tei in Japan) said, “It’s a staple food; it’s rice.”

On opening in the Philippines, he said: “The Philippine market is growing. The population is also growing now. It was a good chance to expand the business.”

Japanese rice bowls can be had at many Japanese restaurants, and cheaper versions are available at Japanese fast-food joints. Asked how they might differentiate themselves, Ms. So said, “I think it’s more of the quality, because we’re premium.”

Don Don Tei is located at the second level of the ADB wing of Robinsons Galleria in Quezon City. — Joseph L. Garcia

The science of the ideal salad dressing

SUMMER means salads. And salads are even more delicious with a good dressing.

Most salad dressings are temporarily stable mixtures of oil and water known as emulsions.

But how do salad dressing emulsions form? And how can we enhance our emulsions for better salads and more?

OIL AND WATER DON’T MIX
It’s accepted wisdom that oil and water don’t mix. The water and oil molecules have distinct chemical properties that don’t interact well together.

You may have seen this if you’ve attempted to make a salad dressing by shaking together oil and vinegar (which is mostly water), which gives a temporary suspension that quickly separates.

There is a large energy cost to breaking apart and mixing the water and oil layers. The secret to blending them together is to add an extra ingredient known as a “surfactant” or emulsifier.

The name surfactant is derived from “surface active.” It highlights that these molecules work at the surface or interface to bridge the interactions between the oil and water. This is similar to how detergents are able to remove grease from your dishes.

Many vinaigrette recipes call for emulsifiers without specifically mentioning their crucial emulsifying role.

Key examples are mustard and garlic, which contain “mucilage” — a mix of carbohydrates — that can act as emulsifiers.

So if your vinegar/oil salad dressings are separating, make sure you’re adding enough of these ingredients (which also contain wonderful flavor chemicals).

Commercial salad dressings also contain naturally sourced emulsifying carbohydrates. These will often be listed on the ingredients as generic “vegetable gum” or similar, and you may need to read the label and delve a little deeper into the food additive number to find out the source.

Researchers have raised questions about synthetic emulsifiers used in processed food, as studies in mice suggest they have health risks. It’s too early to say exactly what this means for humans.

SHAKE IT ‘TIL YOU MAKE IT
Mixing is key to dispersing oil in water. While shaking a jar is convenient, a whisk or food processor will give a more complete emulsion. The white (or opaque) color of many emulsions is due to the formation of microdroplets that scatter light.

These mechanical mixing methods are even more essential for the formation of so-called “permanent emulsions” such as mayonnaise.

Mayonnaise is an emulsion of oil in water, but egg yolk is the key emulsifier. Egg yolks contain long molecules called phospholipids that are able to interact with both the oil layer and the water. Mayonnaise is an impressively stable emulsion, which is why it can be sold in a shelf-stable form.

But it isn’t infinitely stable; heating the mayonnaise emulsion will cause it to split. Perhaps you’ve hurriedly prepared a potato salad and added a mayonnaise-based dressing before the potatoes have cooled down?

Or toasted a sandwich spread with mayonnaise? (Incidentally, adding mayonnaise to the outside of a toasted sandwich is an excellent path to some delicious and crispy chemical reactions.)

The heat destabilizes the emulsion and the separate oil and water phases will reform. Depending on the mixture, split emulsions may be recovered by adding more emulsifier and re-whisking or re-mixing.

Hollandaise sauce is a notoriously difficult emulsion to prepare. The traditional hollandaise method involves whisking egg yolk, water, and lemon juice over a low heat, then slowly adding melted butter with further whisking. Not only can the emulsion split, but you can also overcook the added emulsifying egg yolk.

The key to a successful hollandaise emulsion is separating the butter into fine, dispersed droplets, giving a thick and opaque mixture, but without cooking the eggs. Adding the butter too quickly or without sufficient mixing can give a split sauce.

Using an immersion blender can help, as can controlling the temperature of the melted butter. You might get a more consistently emulsified sauce with far less strain on your wrists.

YOU’VE GOT ME FEELING EMULSIONS
Emulsions are used in many more places than salads and sauces. Most medicated creams, cosmetics, and lotions are emulsions of oils and water, which is why they look white.

Gardeners might be familiar with a mixture known as “white oil” — a mixture of vegetable oil and detergent. This brew, when diluted in water, is an inexpensive, effective, yet mild insecticide. Commercial versions often contain other pesticides, so make sure you read the label.

Modern acrylic paints use emulsions for both their manufacturing and application. The emulsions suspend the paint polymers in a water base.

The water from the paint evaporates, leaving a film of paint polymers that can’t be re-dispersed into water. This clever chemical trick has saved huge quantities of oil-derived solvents from being used, inhaled, and emitted into the environment from traditional oil-based paints.

Modern vaccines use emulsions to increase the immune systems response. Other common emulsions are inks, ice cream, margarine, and hair products, to name just a few.

So next time you’re making a salad, check your emulsions. Opposites don’t attract, but mixing them with the right chemistry can give a delicious result.

 

Nathan Kilah is a senior lecturer in Chemistry, University of Tasmania.

Exploring automotive innovation

Photo by vectorjuice on Freepik

As the Manila International Auto Show (MIAS) launches its annual event this April 4-7, car enthusiasts and industry professionals are eagerly anticipating the collection of vehicles that will be showcased at the exhibition.

Following the resounding success of MIAS 2023, which drew over 149,000 visitors and showcased more than 200 car displays, the 2024 edition promises to raise the bar even higher.

Co-presented by BPI Auto Loans and Shell, and supported by the Automobile Association Philippines (AAP) and Petron, MIAS 2024 is set to be the most anticipated motoring event in the country, showcasing the latest models, designs, and developments in the automobile industry.

MIAS 2024 will feature a total of 29 passenger car and commercial vehicle brands, a significant increase from the 15 brands showcased in the previous year. Notably, 21 of the participating brands hail from China, reflecting the growing influence of Chinese auto manufacturers in the Philippine market.

Astara, a prominent distributor handling Peugeot and GAC, is set to launch two new acquired brands, JAC and JMC, at MIAS 2024. Led by industry veteran Arlan Reyes, JMC is likely to unveil the Grand Avenue and Vigus Work pickups.

GAC Motor plans to introduce six new cars in 2024, with the flagship M8 MPV already launched and the smaller M6 Pro on the horizon. Visitors can anticipate hybrid variants of existing vehicles at the GAC booth.

Since launching its initial offerings in the country, including the 2008, 3008, 5008, and Traveller, Peugeot has kept a relatively low profile. However, the brand hinted that they would offer electric vehicles in the future during the Manila International Auto Show 2023.

Meanwhile, United Asia Automotive Group, Inc. (UAAGI) is set to introduce two of its newly acquired brands — BAIC and Lynk & Co. — to the Philippine market.

With its new distributor, BAIC aims to revamp its presence with models like the BJ60, BJ80, and X55 II, while Lynk & Co will debut two crossover SUV models, the 06 and the 01.

UAAGI’s two well-known brands, Chery and Foton, are expected to make significant public debuts of their vehicles at this year’s MIAS. Chery aims to expand its electrified lineup with models like the Tiggo 7 PRO PHEV and fully-electric vehicles like the eQ1 and eQ. On the other hand, Foton, known for the Thunder pickup truck, is likely to unveil the Mars 7 and Mars 9 models, potentially featuring mild-hybrid diesel engines.

Newcomer brands from China, such as Hongqi, Bestune, and BAW under distributor EVOxTerra, will have their first major motor show debut at MIAS; along with Hycan, under Transcorp, and Seres, under QSJ.

Changan is also participating in its first MIAS under the new distributor, Inchcape Philippines. The brand already has a diverse lineup of crossovers starting from the CS35 to the flagship UNI-K. It has been confirmed that Changan is launching a new crossover, the CS15, which shares its components with the Alsvin.

Throughout the year 2023, Omoda and Jaecoo have been teasing the features and capabilities of their new crossovers, the Omoda 5 and Jaecoo 7. Now, visitors at the MIAS 2024 can finally see the vehicles in person as the brands debut the new car models.

Meanwhile, Jetour’s budget EVs and the eagerly awaited Dashing PHEV are expected to grace the exhibition for eco-friendly options.

MG’s transition to a direct subsidiary of SAIC Motor promises a comprehensive lineup, including the MG4 EV, MG Marvel R, and possibly the debut of the MG One. Speculation surrounds the potential launch of a new 1.5-liter engine passenger vehicle, possibly the MG3.

As new players enter the market, established brands are also preparing for major releases and updates. Well-known Japanese automakers such as Mitsubishi, Nissan, Suzuki, and Subaru will be exhibiting their latest models at the upcoming event.

Some of the exciting vehicles to look out for include Mitsubishi’s brand-new Triton and Nissan’s innovative e-Power technology.

On the other hand, Hyundai Motor Philippines may unveil the all-new Santa Fe or even the performance-oriented N brand, paving the way for exciting developments in the upcoming year.

This year’s MIAS event will also feature the newly established Chevrolet Philippines. The brand is currently undergoing a comprehensive rework strategy, and they are expected to give a sneak peek at what they have in store for the future.

Additionally, Suzuki has recently released a five-door version of the Jimny. It is expected to be available for test drives during the MIAS 2024, which will enable the company to reach a wider audience. The rest of Suzuki’s vehicle lineup is also expected be on display at the event. While there have been no official announcements, there is a possibility that they will showcase the XL-7, which is the sportier MPV twin of the Ertiga.

Subaru is expected to present GT Editions of the WRX and Crosstrek, while the BRZ STI Edition will have its Philippine debut.

Meanwhile, commercial vehicle manufacturers like DAF, Dongfeng, Kinglong, and Weichai will also showcase their latest innovations for trucks, buses, and engines.

With ticket prices at P150 and access to both MIAS venues, car enthusiasts and industry professionals alike can immerse themselves in the future of automotive innovation at MIAS 2024. — Mhicole A. Moral

Maynilad plans sustainable water projects with P12-B blue bonds

WEST ZONE concessionaire Maynilad Water Services, Inc. said it is seeking approval from the Securities and Exchange Commission (SEC) for a proposed public offering of up to P12 billion in fixed-rate blue bonds.

“Maynilad has submitted a registration statement to the SEC,” the company said in an e-mailed statement on Wednesday.

The offering includes an oversubscription option of up to P3 billion. The blue bonds will be issued in up to two series with tenors of five years and/or 10 years.

The company said the target offer period will run from May 27  to May 31. It intends to issue and list the blue bonds on the Philippine Dealing & Exchange Corp. on June 7.

“The blue bonds are intended to be issued at par (value), and interest on the blue bonds will be calculated on a 30/360-day count basis to be paid quarterly in arrear,” it said.

The net proceeds from the offer are intended to finance sustainable water and wastewater management projects, according to the company.

In the SEC’s guidelines, initiatives using proceeds from the offering of blue bonds — or instruments supporting water management and ocean protection, among others — should contribute to the United Nations (UN) Sustainable Development Goals 6 and 14.

The two UN goals respectively aim to ensure the availability and sustainable management of water and sanitation, and conserve and sustainably use the oceans, seas ,and marine resources for sustainable development.

“This inaugural public issuance marks a significant milestone not only for Maynilad but also for the country, as it the first Peso-denominated fixed-rate blue bond to be registered with the SEC,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said.

“The proceeds from this issuance will propel crucial capital expenditure projects that will enhance water and wastewater services for communities across our West Zone,” he added.

Maynilad said it obtained the highest credit rating of PRS Aaa with a stable outlook from the Philippine Ratings Services Corp. for the bond offer.

BPI Capital Corp. served as the sole issue manager, and together with BDO Capital & Investment Corp., First Metro Investment Corp., and EastWest Banking Corp. acted as the joint lead underwriters and joint bookrunners for the offer.

Maynilad serves the cities of Manila, except San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — S.J. Talavera

Brothless ramen? Find it at The Podium

MENYAKOKOROPH.COM

ONE would think that ramen isn’t ramen without soup, but Menya Kokoro Tokyo Mazesoba turns the idea on its head with a “brothless” ramen.

Well, it isn’t quite there. Mazesoba, meaning “mixing noodles” in Japanese, is made with thick ramen noodles with a meat sauce, slow cooked and topped with an onsen egg, fish powder, and garnished.

Menya Kokoro Mazesoba was created by Takuma Ishikawa in 2013, and won the best Mazesoba Award in Japan in 2014. To BusinessWorld’s taste, their mazesoba is very filling and the flavors linger to be savored, and the runny egg feels like it coats the stomach.

BusinessWorld sat down with Malvin Ang, Managing Director of Brotzeit Philippines, which brought the brand to the Philippines. “They were looking for somebody to bring it here to the Philippines. We tried it out, and the taste was really amazing. That’s why we brought it in,” he told us on March 14. “This is another experience. It doesn’t have soup.”

Menya Kokoro Tokyo Mazesoba currently has two branches in the Philippines: BusinessWorld visited the one in The Podium in Mandaluyong, but there’s another one in Bonifacio Global City (BGC), Taguig.

Mr. Ang also brought Singaporean brand Brotzeit to the Philippines, offering German sausages and beer. It’s most familiar branch, the one in Shangri-la Plaza in Mandaluyong, closed recently due to renovations in the area, but he assured us that there are branches in Alabang and BGC, and said that they are resurrecting it in the area by building another at The Podium.

“When I choose a concept, I look for a concept that’s unique,” he said. “When people buy it, we get them to come back for more. Both Brotzeit and Mazesoba have this effect on me.”

Menya Kokoro Tokyo Mazesoba has branches at the 5th floor of The Podium and the 3rd floor of Uptown BGC. — Joseph L. Garcia

Filinvest Development’s profit soars 58% to P8.9 billion

FILINVESTGROUP.COM

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) reported a 58% increase in its attributable net income to P8.9 billion for 2023 from P5.7 billion the previous year, driven by increased revenues across its business segments.

The conglomerate recorded a 31% jump in its total revenues and other income to P92.8 billion in 2023 from P71.1 billion in 2022, FDC said in a stock exchange disclosure on Wednesday.

“This past operating year was marked by robust growth in all our business lines. The key to our success was a renewed focus on the fundamentals of our business and staying true to our key strategic imperatives and reliance on our core strengths as an organization,” FDC President and Chief Executive Officer Rhoda A. Huang said.

 FDC said the increase in revenues and other income for its banking segment reached 35%, real estate at 20%, hospitality at 77%, power at 35%, and sugar at 16%.

 “The level of total revenues and other income of FDC in 2023 has surpassed by 8% the amount generated before the pandemic of P84.6 billion in 2019,” the conglomerate said.

 For the banking business, EastWest Bank saw a 32% jump in its net income to P6.1 billion in 2023 led by sustained consumer loan growth and strong deposit generation.

 “The high-yielding consumer lending portfolio grew by 25% and accounted for 80% of its total loan base. Cost of funds were also stable during the period with total deposits growing by 8%. This led to a net interest income of P28.2 billion, an improvement of 21%, with a net interest margin of 7.6%,” FDC said.

 For the real estate business, Filinvest Land, Inc. (FLI) and Filinvest Alabang, Inc. contributed P3.7 billion net income to the group in 2023, up by 31% from P2.8 billion in 2022.

 Residential segment revenues jumped by 21% increase to P16.1 billion, led by the sale and construction progress of mid-rise condominiums and housing projects, while mall and rental revenues improved by 14% to P7.6 billion, with the reduction of rental concessions, reinstatement of escalation rates, and increased occupancy levels.

 For the power business, FDC Utilities, Inc. saw a net income contribution of P2.8 billion in 2023, higher by 30% from 2022. Revenues improved rose by 33% to P17.2 billion due to higher volume and average selling prices.

 All units of the company’s 3×135-megawatt Misamis plant were fully contracted within the year, helped by the energization of the Mindanao-Visayas interconnection project in the second half of 2023.  Its plant is located in Misamis Oriental in Mindanao that services a diverse customer base composed of mostly triple A distribution cooperatives from the region.

 For the hotel business, Filinvest Hospitality Corp. recorded a P106 million net income due to the 48% growth in revenues to P2.9 billion.

 Revenues from food and beverage added P1.1 billion to the segment. The company’s portfolio has approximately 1,800 rooms across seven hotels in seven cities and five regions under the Crimson, Quest, and Timberland Highlands brands.

 “We look forward to sustaining the strong momentum in 2023. Our goal is to “Fast Forward Filinvest,” Ms. Huang said.

 On Wednesday, FDC shares were unchanged at P5.67 apiece. FLI stocks were unchanged at 68 centavos per share. EastWest shares were unchanged at P9.12 each. — Revin Mikhael D. Ochave

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