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Charge to experience luxe

Priced at P9.99 million, the EQS grows the number of all-electric offerings from Mercedes-Benz Philippines. — PHOTO BY KAP MACEDA AGUILA

The Mercedes-Benz EQS is the all-electric version of the S-Class

THE FLOODGATES have truly been thrown wide open. Electric vehicles have long ceased to be novelties but represent the inevitability of our mobility fate.

That’s certainly how it looks like with the local Mercedes-Benz stable of models. Following a trio of electric releases (EQA, EQB, and EQE) in September of last year, IC Star Automotive, Inc., official distributor of Mercedes-Benz vehicles in the Philippines, unveiled the flagship EQS. Coming in a lone EQS 450 4Matic AMG Line guise, the electric vehicle is the all-electric equivalent of the top-rung S-Class.

Amid the influx of EVs, the distributor is bullish about prospects. Intimated Mercedes-Benz Philippines Product Planning and Training AVP Benjie Bautista to “Velocity,” “The reception has been very good, with many of our customers being early adopters. Some are our previous customers who want to experience change. They also have their own personal advocacies in sustainability, reducing CO2 emissions, carbon neutrality, and the like. It has also been a success because I think we’ve been able to position and price the vehicles competitively.”

By the executive’s reckoning, about 15% of the EQ-model buyers here thus far are repeat customers.

Introduced globally just last year, the EQS luxury sedan is said to be the first Mercedes-Benz model “built on the modular design intended for executive and luxury-class electric cars,” according to a Mercedes-Benz Philippines release. The company continues that the sedan “seamlessly combines design, technology, safety, and connectivity.”

The exterior shape is highlighted by the brand’s signature “one-bow design” featuring a “coupé-like roof line, which extends in an arc over the vehicle, over the frameless doors to the rear.” A truncated nose and clamshell hood mark the forward area, while an attractive fastback rear gets the viewer’s attention. The profile is not just for show, either. The sleek shape helps the EQS get down to a 0.20 coefficient of drag, which makes it the most aerodynamic production vehicle in the world.

The EQS boasts a so-called Digital Light with Ultra Range High Beam, which can adjust to the driving situation for “relaxed and safe driving.” On the other hand, the rear lights get a curved 3D helix shape and are connected by an illuminated strip.

Mercedes-Benz reported that the EQS already banners Artificial Intelligence, which allows it to “make decisions almost instantaneously and learn over time about how the car is used.” A so-called Zero-Layer interface allows vehicle function, display, and infotainment parameters to adjust to the user. It even makes context-based personalization of comfort, entertainment, and vehicle modes. Integrated in the MBUX infotainment system is adaptive software that ensures most relevant or used applications are available most readily. The car bears “up to 350 sensors, feeding control units and algorithms information to process.” It can read distance, speed and acceleration, deceleration, lighting conditions, precipitation, temperatures, and seat occupancy.

The centerpiece in the vehicle’s cabin is the MBUX Hyperscreen, a huge 56-inch curved display that allows the user to “view all information and issue voice commands more easily.” Covered by a length of bonded glass are three screens — an OLED 12.3-inch one for the driver, 17.7-inch display at the center, and 12.3-inch screen for the front passenger. A Burmester 3D surround sound system employs 15 speakers, wireless charging, and wireless Apple CarPlay and Android Auto connectivity.

The second row boasts the MBUX High-End Rear Seat Entertainment System, predicated on two 11.6-inch displays with touch controls on the backrests of the driver and front passenger seats. In addition, the MBUX rear tablet also comes standard. The independent tablet can be used outside the EQS. Android apps may be installed in the tablet, and it can be used as a remote control for all rear-seat entertainment functions. As for the seats, backrests are electronically adjustable. The front and rear seats are climatized and a comfort armrest is available in the rear.

And as it bears the hallowed “S” letter, the EQS receives a four-link front and multi-link rear suspension found in the S-Class, promising superior ride comfort. An Airmatic air suspension adjusts damping and allows for real-time adjustment to road conditions. Cabin lighting consists of 190 LEDs in wraparound light strips and elements. Active Ambient Lighting offers 64 colors, and can be operated and tailored through the MBUX voice assistant, which recognizes the position of the person speaking.

The EQS 450 4Matic AMG Line is powered by a next-generation lithium-ion battery. The 108.4-kWh cell pack can muster a maximum range of 717km (WLTP-certified). This can translate insisted Mercedes-Benz Philippines, to a “worry-free” trip from Manila to Baguio — depending on one’s driving habits and the vehicle load, of course. Its 4Matic all-wheel drive determines the most efficient all-wheel-drive distribution depending on situation, and the electric powertrain dishes out 360hp and 800Nm — translating to a standstill-to-100kph time of 5.6 seconds.

Finally, the Mercedes-Benz Driving Assistance Package Plus enhances safety through “modern, intelligently networked sensor systems” that yield semi-automated driving.

“We believe that the EQS is equally competitive in its segment,” added Mr. Bautista. “We’re expecting to build even more on our EV sales from last year… It’s very good that the government has been able to support the EV industry. We hope the support continues.”

The executive trusts that electrics will continue to be more attractive to buyers as public charging infrastructure is set up. “As infrastructure is being established, we’re confident that our customers can travel from, say, the northern tip of Luzon to the southern tip, and they’ll have chargers they can use along the way.”

Meanwhile, Mercedes-Benz Philippines Passenger Cars Distribution General Manager Rhomel Franco revealed to “Velocity” that a viable target strategy the company is looking at for its electric vehicles is to appeal to sustainable-minded firms’ executives. The Mercedes-Benz premium cache and green values are definitely aspirational sets for the, well, enlightened C-suite.

The 2024 Mercedes-Benz EQS 450 AMG Line has an introductory price of P9.99 million.

Beyond makeup: L’Oreal’s Beauty Academy now extends to social media training

DIGITAL BEAUTY ACADEMY graduate Angelica Galang.

L’OREAL’s Digital Beauty Academy program has produced 516 graduates, all aiming to earn their livelihood through social media.

With the rise of social media content monetization, this new iteration of L’Oreal’s Beauty for a Better Life program (which usually produces skilled beauty professionals) equips the students with knowledge on beauty, digital marketing strategies, e-commerce essentials, and expert social media management. The second batch of graduates were honored in a ceremony at Quezon City Hall on Jan. 16.

“We needed to create a program that would allow us to reach more individuals. What better way to do it than to use the power of beauty… and use digital to create more opportunities for individuals?,” said Krhizzy Pasigan, Corporate Affairs Head of L’Oreal Philippines in a press conference after the event. “At L’Oréal, we are moved by the impact that the Digital Beauty Academy training has had on its graduates. Guided by Beauty for a Better Life principles, we believe that beauty and education can be catalysts for social inclusion, providing women self-confidence and empowerment. In today’s digital landscape, we aim to go beyond traditional boundaries and utilize beauty and digital to unlock new livelihood opportunities in social commerce and content creation,” said Yannick Raynaud, Managing Director of L’Oréal Philippines in a statement. “We look forward to further expanding programs like this to other beneficiaries and cities around the country.”

The program was enabled with the cooperation of SPARK! Philippines, TikTok, and the Quezon City government, from where the graduates hailed from.

With previous iterations of the Beauty for a Better Life program, success could be measured with the immediate employment of the graduates. With the Digital Beauty Academy, and the rollercoaster ride of social media success, outcomes might be more nebulous. Still, at least according to Angelica Galang, a graduate from the first batch, life has improved.

Speaking in the same press conference, Ms. Galang said that she had been shy at first, but after training under the Digital Beauty Academy, she gained confidence, 48,000 followers, and a six-digit income.

“I think more than economic empowerment, my personal perspective is that when we had the launch of the first cohort, you can see that everybody was quiet,” said SPARK! Philippines Executive Director Maica Teves. “I think part of this is women finding their own voice.”

Observing that most of the participants in the program were women or LGBTQIA+ individuals, Quezon City Mayor Josefina “Joy” Belmonte emphasized the importance of granting economic opportunities to these particular groups. Ms. Belmonte gave other examples of gender-based economic programs that Quezon City has for its citizens, including the No Woman Left Behind project which helps women in jails by providing them with training and skills to convert tarps into bags, sold in retail stores and other channels. A percentage of these proceeds is given back to the women, because as Ms. Belmonte points out, “In the country, even when they’re in jail, they’re still the breadwinners in the family. They use this income to help their families.”

“There is solid data to show that when there are equal opportunities for everyone, there is greater progress in a society. Equal opportunities means that everybody is able to have equal chances towards progress, equal choices to develop their potential, and to contribute to the betterment of the nation,” she said during the press conference. — JLG

Viability concerns stall Ayala hospital arm’s bid for P9.49-B PGH cancer center

RAMILTIBAYAN/CC BY-SA 4.0/WIKIMEDIA COMMONS

THE Ayala group’s hospital brand is facing challenges in bidding for the P9.49-billion Philippine General Hospital (PGH) cancer center due to concerns about economic viability, an official said.

“No movement right now because when we looked at the terms of reference, it is quite difficult to make it really viable,” Jaime E. Ysmael, Healthway Medical Network chief executive officer, told reporters last week.

“The government is now studying if they can modify the terms,” he added.

Healthway Medical Network is the hospitals and clinics arm of Ayala Healthcare Holdings, Inc. (AC Health). 

“It is more of the economics. It is difficult to really make it work considering that you’re building a big hospital that will address both charity and private patients,” Mr. Ysmael said.

“You can get earnings from the private patients but we will not earn anything from the charity side,” he added.

Building a large hospital for both charity and private patients poses economic challenges, with complexities in the build-transfer-operate model, according to the company.

“Even the assets will not be with the proponent; it is hard also to get loans if that is the case,” he added.

The cancer center project, with a 300-bed capacity, began bidding in June last year, aiming to enhance the existing University of the Philippines-PGH cancer facility.

In November, the company inaugurated the P3 billion Healthway Cancer Care Hospital  in Taguig City, featuring specialized facilities and services.

AC Health’s diverse portfolio includes Healthway, Generika Drugstore, IE Medica, MedEthix, and the healthcare aggregator app KonsultaMD. — Revin Mikhael D. Ochave

Unlocking global opportunities: Studying abroad made easier with accessible and reliable payment platforms

For Filipinos, studying abroad is a golden opportunity. Beyond obtaining a high-quality education, it paves the way toward a thriving career. It’s not surprising then that an increasing number of Filipinos are showing interest in studying overseas. In 2022, data from UNESCO, or the United Nations Educational, Scientific, and Cultural Organization, revealed that nearly 23,000 Filipinos are pursuing education abroad.

“In the next five years, we can expect a 13% increase in Filipinos seeking quality education abroad. The endless possibilities it offers, coupled with strong support from the private and public sector, suggest a rising trend,” said PETNET President and CEO Adrian Alfonso Ocampo.

Aside from the educational and career benefits, there are additional exciting aspects to anticipate when studying abroad.

Exploring new places and building connections

Studying abroad goes beyond the classroom; it’s an opportunity to explore land away from home. During weekends or breaks from classes, students can schedule trips to roam across the country and meet new people, turning the experience into a combination of study and vacation.

Immersing in a new culture

Understanding and immersing oneself in a different country’s culture is another perk. By learning how the locals live and embracing their traditions, students gain a unique and expanded perspective of the world.

Professional growth

International education and work experience provide a competitive edge. It shapes people into dynamic, agile individuals who can adapt quickly.

PETNET, Inc. expanded its partnership under one of its service brands, PETNET Forex Solutions, with global B2B payments company, Convera, who provides leading payment solutions in the education space and is trusted by more than 900 institutions worldwide.

By leveraging Convera’s extensive network of partner universities, PETNET aims to offer a simple and economical solution through the Convera GlobalPay for Students platform for managing direct payments to international education providers,” said Mr. Ocampo.

With accessible programs for Filipino students, funding overseas education is now more manageable, particularly regarding tuition fees.

The Convera GlobalPay for Students platform ensures that Filipino students and payers can pay their tuition in Philippine Pesos (PHP) with the assurance that the payment will arrive on time, in full, without hidden charges. Tailored for international students, the platform offers a simple and reliable way to pay education fees.

Students, parents, and sponsors can select PETNET as their preferred payment option during checkout and complete their payment online via bank transfer.

Through this payment platform, PETNET Forex Solutions and Convera are empowering Filipinos by providing accessible payment solutions that bring them closer to their dreams of academic opportunities abroad.

“The Convera GlobalPay for Students platform hopes to assist Filipino students with access to a seamless and economical method of direct payments to education providers abroad,” said Mr. Ocampo. “Studying overseas is an opportunity you don’t want to miss. And we are glad that through our platform more Filipinos are being empowered to seize this once-in-a-lifetime breakthrough.”

Access the Convera GlobalPay for Students platform by visiting students.convera.com.

Stay updated on PETNET Forex Solutions’ latest services by following them on Facebook and LinkedIn.

 

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YGG announces partnership with Iskra

YGG Co-Founder Gabby Dizon (left) and Iskra CEO Eugene Lee (right)

Yield Guild Games (YGG) has announced it will be introducing its questing systems to Iskra, a web3 gaming hub and launchpad with over four million registered wallets and 100,000 monthly active users (MAU). Backed by the likes of LINE, Kakao, Wemade and Netmarble, Iskra brings together gamers and game studios, enabling players to explore high-quality blockchain games and create their own communities. The collaboration between Iskra and YGG aims to expand the web3 gaming ecosystem by creating engaging quests that deliver rewarding experiences within Iskra-partnered games.

As part of this partnership, YGG and Iskra have signed a memorandum of understanding (MoU), that establishes a collaborative relationship between the two parties. This includes conducting joint marketing campaigns via Discord events and AMAs, as well as increasing user participation through YGG’s questing systems.

“This partnership marks an important step for web3 gaming, as we get to show how effective the questing model is through Iskra’s growing platform of web3 titles. We look forward to creating engaging quests that will ensure player retention, build their on-chain reputation and contribute towards a shared vision for the ecosystem,” said YGG Co-Founder Gabby Dizon.

Founded in 2021, Iskra has raised over $40 million in seed investments to date. The platform has also partnered with Indonesia’s largest game developer, Agate, and entered into a strategic partnership with Vietnam’s leading blockchain company, VeriChain, and Coinbase for the launch of its Ethereum Layer 2 (L2) project, Base.

Electro-gran

The vehicle is the first in the country to feature BMW Connected Drive. — PHOTO FROM BMW

BMW PHL adds a sedan to its EV lineup

AHOY, electric vehicle enthusiasts! BMW Philippines recently revealed the latest addition to its local vehicle lineup: the BMW i4 eDrive35. Convincingly priced at P4.49 million inclusive of a five-year comprehensive BMW warranty, a six-year BMW service-inclusive package, and an eight-year high-voltage battery warranty, this all-electric, 286hp, four-door gran coupe is definitely an attractive, new product to consider in the premium sedan segment.

As one of its highlights, the new BMW i4 eDrive35 is the first BMW model available in the Philippines that comes equipped with BMW Connected Drive. This feature allows its users to fully exploit the (downloadable) MyBMW App, which enables its users to remotely control certain vehicle functions and access the car’s vital vehicle information through a smartphone.

BMW Philippines President Spencer Yu was keen to emphasize that it is the vision of SMC Asia Car Distributors Corp. — the official importer and distributor of BMW vehicles here — to have the brand offer the biggest selection of premium electric vehicles in the country. The i4 eDrive35 is its fourth battery electric vehicle model.

Said to be bestowed with good driving dynamics, renowned BMW handling, hallmark spaciousness, and a maximum battery range of 483km (per the WLTP cycle), this single-motor rear-wheel drive gran coupe is bound to paint smiles on many drivers’ faces — especially with its 400Nm of torque and ability to accelerate from zero to 100kph in six seconds.

It features fifth-generation, BMW eDrive technology, and also carries an adaptive recuperation system which recovers energy which would otherwise be lost during braking. This recovery system is intelligent because it learns from real-time driving data, and adjusts its system accordingly in order to achieve maximum efficiency in its recuperation in the first place. Moreover, the i4 eDrive35 highlights a high-voltage battery which uses the latest battery-cell technology. It has a built-in heating and cooling system which optimizes thermal management to get the most out of fast charging. The purchase of an i4 eDrive35 comes with a BMW Wallbox charger that will be installed by a company “i-partner” in the client’s home.

Furthermore, the i4 eDrive35 comes equipped with a cloud-based navigation system called “BMW Maps,” — which is not only dynamic in its computations, but is also able to consider route plans that include charging stops! It uses 5G data transmission, and is also capable of remote software upgrades. Automatic emergency calls are enabled for when there is an event such as a collision. Mind you, these connectivity benefits come fully purchased with the car, and are not dependent on subscriptions.

With other modern bells and whistles such as the ability to generate a digital car key, the availability of BMW’s intelligent personal assistant and its usual suite of safety features, the BMW i4 eDrive35 is certainly a car that is bound to have progressive car buyers giving it more than a passing look.

Marilyn Monroe memorabilia on view in Hong Kong exhibition

MARILYN MONROE fans in Asia will have the chance to see the iconic star’s personal memorabilia up close at Hong Kong’s Fringe Club.

The exhibit, running from Jan. 27 to Feb. 1, is a preview for Julien’s Auctions’ “Icons: Playboy, Hugh Hefner, and Marilyn Monroe” auction, which will run on March 28, 29, and 30 in Beverly Hills, California, USA.

The auction will feature memorabilia from the estate of Marilyn Monroe (who died in 1962, and was the first centerfold for Playboy magazine in 1954), Playboy media founder Hugh Hefner’s personal heirlooms, and items from the Playboy archives.

Highlights from the auction include the black gown worn by Ms. Monroe in a dream sequence from the movie Seven Year Itch, designed by William Travilla. This dress is estimated to sell from $100,000 to $200,000. A pink dress by Emilio Pucci has an estimated price of $40,000 to $60,000 (Monroe was buried in a dress by the same designer).

(The record for the most expensive dress bought at auction — $4.8 million — was sold by Julien’s Auctions. It was the beige dress worn by Ms. Monroe when she sang “Happy Birthday” for then-US President John F. Kennedy.)

More items from Ms. Monroe’s estate include a simulated diamond brooch (estimate price: $8,000 to $12,000), and a used tube of lipstick from Elizabeth Arden, marked “Orange Pink like Miss I./ sample 05022/ May 2, 1960” (estimate price: $7,000 to $8,000),

Not only Ms. Monroe’s outfits are up for grabs: at an estimated $2,000 to $3,000, one can own Mr. Hefner’s red silk smoking jacket, silk pajamas, slippers, and pipe. “This ensemble is not just a piece of history; it’s a slice of the Hef’s glamorous lifestyle [which] set new standards for luxury and leisure during the eras of the ’60s, ’70s, and ’80s,” said a release.

“The Icons: Playboy, Hugh Hefner, and Marilyn Monroe” exhibit in Hong Kong will run from Jan. 27 to Feb. 1 at Fringe Club, 2 Lower Albert Road, Central, Hong Kong.

PSE set to implement adjustments to indices

By Revin Mikhael D. Ochave, Reporter

THE Philippine Stock Exchange, Inc. (PSE) will implement changes to its indices on Feb. 5, affecting the industrials, holding firms, property, services, PSE MidCap, and PSE Dividend Yield (DivY) indices, while the PSE index, financials, and mining and oil sectoral indices remain unchanged.

Changes, in line with the PSE’s index management policy, were made following a review based on trading activity in 2023, according to a document dated Jan. 26 posted on the PSE’s website.

In the industrial index, Ionics, Inc. and Shakey’s Pizza Asia Ventures, Inc. were added, while Axelum Resources Corp. and Phinma Corp. were removed.

Lopez Holdings Corp. was removed from the holding firms sectoral index.

Construction firm D.M. Wenceslao & Associates, Inc. and property developer Shang Properties, Inc. were the new additions to the property sectoral index.

The services sectoral index saw the inclusion of 7-Eleven operator Philippine Seven Corp., with exclusions including DFNN, Inc., Medilines Distributors, Inc., and Harbor Star Shipping Services, Inc.

In the PSE’s DivY index, China Banking Corp. and Synergy Grid & Development Phils., Inc. joined, while Aboitiz Equity Ventures, Inc., and GMA Network, Inc. were removed.

The PSE’s MidCap index included Petron Corp. and excluded Filinvest REIT Corp.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said: “The review of the various PSE indices are intended to ensure that they maintain their quality as reliable benchmarks of stock market performance.”

“They are important to many institutional investors who create funds on the basis of such indices as well as to active investors who measure alpha or their ability to outperform the relevant indices,” he said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a separate Viber message that the review helps the investing public make better trading decisions.

“The changes may reflect the recent realities, especially in terms of trading activities, in terms of daily volumes and how often the shares are traded, free float, among others to help guide the investing public, both local and foreign investors,” he said.

Meanwhile, the PSE also introduced an amendment to determine a company’s free float under its policy on index management.

Under the amendment, shares held by pension funds and government-run social security funds, such as the Social Security System and Government Service Insurance System, are now generally considered free float. Their shares are only treated as non-free float if the fund has a board seat in a company.

The PSE said the amendment seeks to “provide more clarity regarding the shares held by pension funds for strategic purposes.”

Free float, also called public float, refers to the portion of the outstanding shares that are freely available and tradable in the market, or those shareholdings that are non-strategic in nature.

The PSE requires that a company’s public float should be at least 20% of its outstanding shares at the end of the 12-month period in review.

According to Mr. Colet, the move is a “much-needed clarification” that eliminates ambiguity in the provision.

“Under the old rule, the pension funds’ shares were excluded from the free float if they were intended to exercise control over the company. The PSE has now made it more clear-cut by stating it is the fact of having a board seat that will exclude the pension funds’ shares from the free float,” Mr. Colet said.

“This will give pension funds the flexibility to build stakes of less than 10% without affecting the free float of the company as long as such funds do not occupy a board seat,” he added.

Mr. Ricafort said the amendment would provide better transparency as well as “properly determine market activities and liquidity of the shares.”

“The available public free float would better reflect that reality for those listed companies, as part of greater transparency for investors,” Mr. Ricafort said.

T-bill, bond rates may rise before Fed meet

RJ JOQUICO-UNSPLASH

RATES of Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week could rise as the market awaits the US Federal Reserve’s policy meeting.

The Bureau of the Treasury (BTr) will auction off P15 billion in T-bills on Monday, or P5 billion each in 91-, 182-, and 364-day papers.

On Tuesday, it will offer P30 billion in reissued three-year T-bonds with a remaining life of two years and 11 months.

Rates of T-bills and T-bonds could track the increases seen at the secondary market last week after the Bangko Sentral ng Pilipinas (BSP) chief said they could keep benchmark borrowing costs steady at their meeting next month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

At the secondary market on Friday, rates of the 91-, 182-, and 364-day T-bills went up by 6.33 basis points (bps), 8.53 bps, and 4.17 bps week on week to end at 5.422%, 5.7508%, and 6.0408% respectively, based on PHP Bloomberg Valuation Service Reference Rates data published on the Philippine Dealing System’s website.

The yield for the three-year bond likewise rose by 6.46 bps to 6.0046%.

BSP Governor Eli M. Remolona, Jr. said last week that the central bank is unlikely to cut rates at their first policy meeting of the year amid lingering upside risks to inflation.

“At this point, a rate cut is not likely (on) Feb. 15,” Mr. Remolona said in mixed English and Filipino, adding that the “numbers we are seeing” show the need to keep policy settings sufficiently tight for some time.   

The Monetary Board hiked borrowing costs by 450 bps from May 2022 to October 2023, bringing the policy rate to a 16-year high of 6.5%.

Meanwhile, the three-year bonds could see good demand as the market awaits the Fed’s policy decision this week, a trader said in an e-mail.

The trader sees the T-bonds on offer fetching rates from 5.95% to 6.05%.

The US central bank is widely expected to keep benchmark rates at the 5.25-5.5% range for a fourth straight meeting during its Jan. 30-31 review.

The Federal Open Market Committee raised borrowing costs by a cumulative 525 bps from March 2022 to July 2023.

Last week, the BTr raised P15 billion as planned via its offering of T-bills as total bids reached P34.985 billion or more than twice the amount on the auction block.

Broken down, the Treasury made a full P5-billion award of the 91-day T-bills as tenders for the tenor reached P11.94 billion. The average rate for the three-month paper went up by 8 bps to 5.306% from the previous week. Accepted rates ranged from 5.275% to 5.5.35%.

The government also raised the programmed P5 billion from the 182-day securities as bids for the tenor reached P10.97 billion. The average rate for the six-month T-bill was at 5.766%, up by 8.1 bps from the prior week’s auction, with accepted rates at 5.743% to 5.795%.

Lastly, the BTr borrowed the programmed P5 billion via the 364-day debt paper as demand for the tenor stood at P12.075 billion. The average rate of the one-year T-bill rose by 3.8 bps to 6.037%. Accepted yields were from 6% to 6.075%.

Meanwhile, the reissued T-bonds to be offered on Tuesday were first offered on Jan. 3, where the government raised P30 billion as planned at a coupon rate of 6% and an average rate of 5.9%.

The Treasury plans to raise P195 billion from the domestic market this month, or P75 billion via T-bills and P120 billion through T-bonds.

Last week’s T-bond auction was the last for January. It raised P130 billion through bonds this month, higher than the P120-billion program, as it held tap facility auctions to accommodate strong demand for long-tenored papers.

Meanwhile, this week’s T-bills offering will be the last one for this month. The BTr has so far raised P66 billion out of the P75-billion borrowing program for T-bills.

For February, the BTr plans to raise P210 billion from the domestic market, or P60 billion in T-bills and P150 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.1% of gross domestic product this year or P1.39 trillion. — A.M.C. Sy

Style (01/29/24)

Polo Ralph Lauren marks Lunar New Year

POLO RALPH LAUREN is celebrating the Lunar New Year with a new watch. Its familiar Polo Bear image is dressed in a festive Lunar New Year outfit consisting of a velvet smoking jacket in auspicious red. Set in a 38-mm frame, the Lunar New Year Bear takes center stage in 3D on a round cream-white lacquered dial with the collection’s hallmark bold black Arabic numerals, railway minute track and the Polo Ralph Lauren logo signature at 9 o’clock. The hour, minute, and central seconds hands are glossy black, matching the dial markings. Crafted from stainless steel per Swiss watchmaking tradition, the watch is powered by Ralph Lauren’s RL200 caliber, a mechanical self-winding Swiss movement hand-finished with vertical Côtes de Genève stripes and circular graining, known as perlage. Water-resistant to 5 ATM (approximately 50 meters or 160 feet), the watch features a stylish black grosgrain silk strap with leather details and a steel pin buckle engraved with the word “Polo.” The Lunar New Year Polo Bear watch will be available for purchase in a limited run of 50 pieces on Feb. 10.

COS unveils capsule collection

COS unveils a new capsule collection celebrating the arrival of spring. It presents selections of neutral-toned casual separates with accents of vibrant crimson, soft knits in auspicious red, and fluid silhouettes. Cotton and merino wool complement tailoring, with pieces seamlessly transitioning from day to night. The new spring edit is available at the COS Store Manila, SM Aura Premier, and on cos.com.

Marks & Spencer introduces Goodmove range

THANKS to the Goodmove collection by Marks & Spencer, customers can reach this year’s fitness goals in style. The new collection of women’s activewear introduces a diverse selection of smart fabrics, tailored for those engaging in more adventurous activities. It has moisture-wicking and quick drying selections, such as selected crop tops featuring Cool Comfort-Tech, ensuring a fresh and comfortable experience. Hoodies have StayNew technology with an anti-pilling finish that prevents it from bobbling. These items are made with recycled polyester, along with several Goodmove pieces such as the supersoft yoga top with Flexifit technology for easy movement. Shop selected lines and earn rewards points online on www.marksandspencer.com.ph.

Uniqlo collaborates with Claire Waight Keller

A NEW COLLABORATION from British designer Claire Waight Keller and Uniqlo for Spring/Summer 2024 called Uniqlo: C “captures the fresh energy of spring and summer in a leisurely, airy and light wardrobe with strong color, modern classics, and eclectic proportion,” according to a release. These include coats, tops, dresses, skirts, bottoms, dresses, accessories, and shoes. The complete collection is available online, at the Uniqlo Manila Global Flagship Store in Glorietta, and in SM Megamall, with some pieces available in select stores. The collection is set to launch this February.

Galderma uses new retinoid molecule

Trifarotene — the first new retinoid molecule in over 25 years to receive FDA approval for treating acne — is now in Galderma products. Trifarotene offers both dermatologists and acne patients a safe and effective prescription acne medication for the face, back, chest, and shoulders. Trifarotene cream is a topical single-agent retinoid cream which helps the skin replace its old skin cells at a faster speed, exfoliating the old cells in the process and preventing new acne from forming. Trifarotene works by specifically targeting the retinoic acid receptor gamma (RAR-y), the most prevalent receptor in the skin, to reduce inflammation and target the important factors that cause acne. Trifarotene will only be prescribed by duly licensed healthcare practitioners, primarily dermatologists, and is recommended for patients 12 years and older.

Q4 and Full-year 2023 GDP Growth Forecasts

THE PHILIPPINE ECONOMY may have slowed in the fourth quarter of 2023, which likely resulted in gross domestic product (GDP) growth falling below the government’s full-year target, according to analysts. Read the full story.

Q4 and Full-year 2023 GDP Growth Forecasts

Raize 1.0 Turbo CVT: Not-so-basic instincts

The Raize offers more than a trusted badge. — PHOTO BY DYLAN AFUANG

Toyota’s entry-level contender in the crossover segment goes beyond fundamentals

By Dylan Afuang

THAT TOYOTA builds vehicles with rock-solid reliability and sells them by the millions is now a tale that’s as old as time. In the foreground, meanwhile, consumer preference has shifted from sedans and hatchbacks to high-riding, supposedly more rugged SUVs and crossovers.

The Japanese car maker responded to that industry trend with the Raize. Derived from Toyota’s partner company Daihatsu, it’s a crossover featuring SUV-inspired looks and capabilities, matched with an exterior size and pricing comparable to that of the Vios.

We explore Toyota’s answer through the model’s 1.0 Turbo CVT variant. Going for P1.063 million, the Raize Turbo features the best the model range has to offer — chief among which is a turbocharged one-liter engine.

Since the model’s 2022 launch, Toyota Motor Philippines (TMP) has also offered the Raize in E MT (P751,000), E CVT (P851,000), and G CVT (P936,000) guises, with all three models featuring a non-turbo 1.2-liter mill.

Sporting familiar Toyota design cues, such as a triangular front grille and rear windows with black panels to appear like it “wraps” around the rear quarters, the Raize holds an aesthetic distinction above its ilk from China and South Korea.

The variant-exclusive turquoise metallic color and LED headlamps certainly enhance the car’s appearance, too. Ensuring that the Raize looks and rides over uneven terrain as close to a true off-roader as possible are the car’s upright body shape and ground clearance of 200mm. Large door apertures and raised seats grant easy access to the cabin.

The dashboard layout is similar to that in the Wigo, Yaris Cross, Avanza, and Veloz. Controls dotted around the dashboard are easy to find and operate, and the generous amount of leg-, shoulder-, and headroom for all five occupants are matched with plenty of storage provisions, and a sizable 369-liter cargo area that can be expanded by the split-folding rear bench.

Notable equipment of the Raize Turbo includes part-leather seats, remote locking and push-button start, fully digital instruments with configurable displays, steering-wheel controls, dual USB ports, and an Android Auto and Apple CarPlay-compatible nine-inch touchscreen infotainment with six-speaker sound system.

These features compensate for the few interior foibles. The plastics used on the doors and dashboard feel low-rent, perhaps in a bid to save production costs and to lower SRP, while the seamless device input for the infotainment is not matched with crisp audio output.

Well worth the car’s P1-million asking price is that one-liter, three-cylinder mill sourced from the Wigo, but with a turbocharger bumping the output to 97hp and 140Nm of torque. Mated to a CVT that drives the front wheels, engine performance is adequate — not breakneck as the “turbo” moniker would suggest — for pretty much any driving condition.

What the turbo and smooth gearbox do are assist the engine gain and maintain speed easily, so as to achieve fuel economy figures of above 10kpl in the city and almost 20kpl on the highway. “Easy” also encapsulates the Raize’s driving dynamics, helped by a light steering feel, good visibility outward the expansive windows, and a relatively fine ride and acceptable NVH levels.

On top of parking sensors, the Raize Turbo has blind-spot and front-clearance sensors that sound an alert when motorbikes or people enter the vehicle’s blind areas. This variant is also outfitted with side air bags, while standard on all Raize models are stability control and hill-start assist.

Commercial success didn’t meet the Raize just because it’s a crossover and of Toyota’s stellar reliability record. If its Turbo variant is any indication, the vehicle’s merits, such as decent levels of performance and equipment, make it an acceptable product of the times.

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