We should be positively stoked about the state of our EV market
PARDON THE PUN, but it’s almost shocking when you realize that there are now more pure electric vehicles on the market than there are pickups and vans combined.
And you know how crazy Filipinos are about pickups and vans.
Just three years ago, electric vehicles were more a curiosity than a legitimate alternative to an ICE (internal combustion engine) car. The choices then were pretty much the Nissan Leaf (which retailed for just under P2.8 million) and the Porsche Taycan (well, if you need to ask the price…).
Fast-forward a mere three years and, thanks to the EVIDA Law that granted tax breaks to electrified cars, the Nissan Leaf is now just under P1.9 million (a whopping P900,000 price drop) while the Porsche Taycan has been joined by pure EVs from Audi, Lexus, BMW, and Mercedes-Benz — plus a dozen other mainstream brands. You can now bring home a pure EV for under P700,000.
CHALLENGES Of course, the principal issue pertaining to EV ownership — range anxiety — is still there. And while many electric vehicles have impressively long driving range (a fair number can exceed 400 kilometers on a full charge), it is still the severe lack of charging stations that give car buyers pause.
Yes, you can drive a fully charged EV every day for a week for your home-office commute and need to charge it only by the weekend, but people who buy cars would prefer that it be able to take them to a round of golf in Laguna on a whim (without having to calculate if they can make it back) or go on a drive to Baguio and not have to worry about finding an AC outlet as soon as they arrive.
Yes, there is a growing number of charging stations in the malls, but the two or three charging stations in each mall are proving inadequate to charge the fast-growing number of EVs and plug-in hybrid electric vehicles (PHEVs).
I’ve brought EVs and PHEVs to malls and, half the time, all the charging station slots are occupied. For weekends, it’s a totally different matter; they’re almost always full.
There simply should be more charging stations at malls, and also at car parks, office and residential condominiums, and along major thoroughfares (especially along NLEX, SLEX, and other expressways). They don’t even have to be for free (as they are now at the malls).
RELIABILITY EV reliability? The myth about poor electric car reliability has been busted, at least according to data from one of the UK’s leading vehicular breakdown providers.
Contrary to common perceptions, EVs are 59% less likely to require a breakdown emergency call than ICE vehicles, at least based on UK statistics.
“Our figures show electric cars ranging from new to 10 years old are 59% less prone to breakdowns than ICE cars,” said UK firm Start Rescue Managing Director Lee Puffett. “This might surprise some motorists, but with more than a million EVs now on the UK’s roads it shows drivers can choose an EV, confident that they are less likely to be stranded at the roadside.”
Puffett added: “The hurdle to buying an EV of any age is more psychological than real for most buyers looking to make the switch from ICE to electric power. EV batteries are not like the ones in your mobile phone or laptop — they retain far more of their charge capacity to give you plenty of driving range. However, you still need to look after the 12-volt battery to avoid one of the most common causes of call-outs.”
An EV’s 12-volt battery, very similar to the one you’ll find in a regular ICE car, performs the same functions as in petrol and diesel cars, such as powering the dashboard electronics, which enable the vehicle to start, as well as supplying electricity for the power door locks, lights, wipers, power windows, power seats, the sunroof, and the infotainment system.
The good news, from Start Rescue’s own data, is that EVs are less likely to suffer from a dead battery emergency call than petrol or diesel cars. For EVs, this accounts for 23.7% (just under one out of four) of call-outs compared to 29.7% (one out of three) for petrol and diesel. Regular use keeps the 12-volt battery in good condition and avoids breakdown emergency calls as EVs still need this system to open the doors and start.
WHO’S SELLING WHAT? So what are the pure electric cars on the market now? Here they are (and their various models) in alphabetical order:
1 of 16
Audi Q8 e-tron — PHOTO BY KAP MACEDA AGUILA
Dongfeng’s electric vehicles available in the country — PHOTO BY KAP MACEDA AGUILA
Jetour Ice Cream — PHOTO BY KAP MACEDA AGUILA
MG Cyberster — PHOTO BY KAP MACEDA AGUILA
BMW i5 — PHOTO BY KAP MACEDA AGUILA
Foton Tornado EV truck — PHOTO FROM FOTON
Kia EV6 — PHOTO BY KAP MACEDA AGUILA
Nissan Leaf — PHOTO FROM NISSAN
BYD Atto 3 — PHOTO FROM BYD
Hyundai Ioniq 5 — PHOTO BY KAP MACEDA AGUILA
Lexus RZ 450e — PHOTO BY KAP MACEDA AGUILA
Porsche Taycan — PHOTO FROM PORSCHE
Chery eQ7 — PHOTO BY MANNY N. DE LOS REYES
Jaguar I-PacMercedes-Benz EQSe S EV400 — PHOTO FROM JAGUAR LAND ROVER
Mercedes-Benz EQS — PHOTO BY KAP MACEDA AGUILA
Weltmeister W5 — PHOTO FROM WELTMEISTER
There are now 16 automotive brands that purvey (or will soon bring in) 32 different models of pure electric vehicles. And that’s not even counting the individual variants. I added Foton’s Tornado EV light truck as it was the first fully electric truck to hit the local market.
No less than six luxury brands offer full EVs while 10 mass-market brands are currently offering (or are planning to release) them soon. Prices range from a low of P699,000 for the Jetour Ice Cream (100kph top speed and 170-km driving range) to a more mainstream P1,468,888 for the MG 4 EV all the way to over P4 million (and in some cases, way over P4 million) for the luxury brands. And there are several more new EVs expected to debut in next month’s Manila International Auto Show (MIAS 2024).
All of this bodes well for the future of electrified mobility in the country. More choices are always good. We just need the government and big business to get the ball rolling faster. The age of noiseless and smoke-free urban centers might yet be realized in our lifetime.
US WEEKLY lists Reese Witherspoon, Gwyneth Paltrow, Kate Hudson, and Kylie Jenner as fans of running shoe brand Hoka (other publications list more celebrities; Harry Styles and Gisele Bündchen have both been spotted wearing them). While already available in the Philippines when its initial stores opened in February last year (in Ayala Malls by the Bay and SM Aura), it held a grand launch and simultaneous store openings in Greenhills and One Ayala on March 14.
BusinessWorld took a tour of the store in One Ayala, which was small at just about 100 sqm. While the heavily cushioned shoes were on display, the store’s highlight was the foot scanner, which creates a 3D model of the customer’s foot. A tablet held by a store associate interprets the resulting data, then gives a recommendation for the ideal shoe from their store. Their offerings cost between P7,000 to P9,500. We were also told that a lot of the stores’ employees are athletic themselves, which really helps for them to understand a customer’s needs. Finally, the store is equipped with a treadmill, so a customer can have a (literal) test run in the shoes.
Prasanna Bhaskar, General Manager of Asia Pacific for Deckers Brands (which acquired Hoka in 2013, joining other brands such as UGG, Teva, and Sanuk) talked about the brand’s origins in 2009:
“He was experimenting with a shoe that could help runners run fast downhill,” she said of Hoka founder Jean-Luc Diard. “It was a shoe designed to help marathoners and trailrunners,” she said, and the shoes were tested by athletes running in the Alps.
About the shoes’ comfort, Ms. Bhaskar said, “I think it’s about the safety of running in Hoka. I don’t think every cushion shoe will deliver the same comfort.”
After we listed down the celebrities we read about who were spotted wearing Hoka, she said, “Running is a thing. A lot of celebrities have taken to running, especially post-pandemic. The few names that you mentioned have been great advocates of an active lifestyle. We’re an inclusive brand, and I think it’s important that at the very soul of this brand, we… include everyone who’s willing to move, who’s engaging in a sport.”
Having been founded by a French person, we had to ask about their involvement in the Paris Olympics this year, to be held beginning in July, with the torch relay beginning in April. Ms. Bhaskar said that they’d be opening their Paris store soon. “Definitely a destination store to celebrate the Olympics,” she said.
The brand’s name, Hoka, means “Time to Fly” in Maori. “To fly is joy. Just think about the word in itself,” she said when asked about the significance of flight to the brand.
“For us, it’s about bringing joy to anyone who is active, irrespective of the sport you’re doing.”
The two new stores are on the 2nd level of One Ayala Mall, located at the corner of Ayala Ave. and EDSA in Makati, and the other at is at the GH Mall in the Greenhills Shopping Complex along Ortigas Ave. in San Juan. — Joseph L. Garcia
The term ‘motoring’ is slowly being eased out, with good reason
THE LAST COUPLE of years have shown us that our motoring landscape is poised to undergo significant transformations. Quite a lot, in fact, that people in the industry no longer choose to refer to motoring as “motoring,” but instead call it mobility. This evolution is helped along by a combination of factors, such as environmental imperatives, general technological advancements, urbanization, and shifting consumer preferences, to name a few. From the democratization of shared mobility services (I’m looking at you, Uber and Grab), to the rise of electric vehicles (thanks to major advancements in battery technology and its mass production price), several key global and regional (ASEAN) trends are shaping the future of how we move.
Let’s review some of them.
Perhaps the most talked-about ongoing transformation in the realm of mobility is the electrification of vehicles. This movement is mainly driven by the global effort to reduce carbon emissions and combat climate change. Combined with major advancements in battery technology and its now lower cost of production, EVs are fast becoming viable alternatives to traditional internal combustion engine (ICE)-powered vehicles, not to mention that there is growing infrastructure of charging stations — although still a bit slow in rolling out.
Meanwhile, it really helps that governments around the world are following each other in implementing policies to help incentivize the use of EVs. Among these incentives are subsidies and tax reductions; though the implementation of stricter emissions regulations also indirectly impact traditional ICE vehicles.
Faster urbanization trends also affect people’s choices for mobility. Sometimes, it is far easier for people to not own cars, especially in congested areas, and this paves the way for the growth of shared mobility. With the new concept of mobility as a service (MaaS), there now exist platforms that integrate various modes of transportation. They integrate ride-hailing, bike-sharing, and public transit into a seamless, on-demand service that is accessible through a single digital platform. This may deliver greater convenience and affordability, while simultaneously helping to reduce pollution and transportation congestion.
The recent COVID-19 pandemic has also catalyzed major shifts in movement patterns. As we all know, work-from-home (WFH) arrangements have now become more prevalent, and there also seems to be a greater emphasis on active transportation modes such as cycling and walking. As big cities begin to reevaluate their urban planning to prioritize renewable energy and more sustainable choices, new opportunities open for mobility solutions that put a premium on health, equity, and environmental sustainability.
Then there is the continuing development of autonomous vehicles. I first heard about these over 10 years ago and, at the time, it was still controversial whether societies would allow AI (artificial intelligence)-driven vehicles to self-drive. These days, a lot of production vehicles already have some form of autonomous driving incorporated into its safety systems. It’s been a huge leap in the intervening years; in some parts of the world, autonomous vehicles are already allowed to ply certain roads (experimentally) within a controlled environment.
Furthermore, I have also seen a surprisingly fast rise in micro-mobility solutions in both Europe and Southeast Asia. Perhaps that is because they are convenient and affordable eco-friendly options for short-distance travel. They are compact and agile, and that makes them great for navigating crowded urban spaces. They are especially handy for first-mile and last-mile connectivity with other forms of transport. And as new cities invest in more infrastructure to accommodate micro-mobility vehicles for its inhabitants, it will surely surge further in popularity and play a growing role in shaping the future of urban mobility, especially in our region.
Speaking of these kinds of “smart” cities that support new-age modes of transport, we can foresee the expansion of public transport networks within them. Because the truth is, these are really more practical, efficient, sustainable, and inclusive. It is not difficult to understand how intelligent transportation systems and a sophisticated public transportation network can enhance the quality of life of its residents while simultaneously supporting economic growth and the health of its environment.
Therefore, I guess we can say that the future of mobility in Southeast Asia will be characterized by a shift towards more sustainable, efficient, and smart mobility solutions that will be tailored to address the region’s unique challenges.
LISTED telecommunications company PLDT Inc. has announced plans to bolster its home broadband infrastructure through its subsidiary PLDT Home.
The company aims to expand home broadband ports and invest further in modernizing submarine cables, PLDT said in a statement on Sunday.
“We are… confident we could do better this year, especially as we usher the era of hyper-fast Gigabit internet connectivity, introduce innovative products and services as well as vastly improve customers’ experience by fortifying the fiber network and hastening resolution of customers complaints,” Jeremiah M. De La Cruz, PLDT senior vice-president and head of consumer business, said.
PLDT has allocated between P75 billion and P78 billion for its capital expenditures this year.
The company intends to use these funds to expand home broadband ports and enhance submarine cable infrastructure, aiming to drive the company’s revenue growth.
“We actually want homes to grow even more. We’re going to accelerate the [fiber] rollout in 2024. We will have quite a significant rollout in new ports and new areas that will be fiberized in 2024,” Mr. De La Cruz said in a recent interview.
PLDT said that the company is also looking to fast-track its fiber-to-the-home (FTTH) footprint expansion.
In 2023, the company expanded its total fiber footprint to about 1.1-million cable kilometers, PLDT said.
“We will also leverage on the strength of PLDT’s fixed and wireless networks to deliver seamless connectivity, by introducing an industry-first ‘Always On’ service for customers to enjoy uninterrupted access for work, education, and entertainment even in cases of outages,” Mr. De La Cruz said.
As of the end of 2023, the total fiber subscriber count reached 3.2 million, with about 234,000 new subscribers added during the year.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
SHARON DECAPIA, Senior AVP for Marketing, PR & Sustainability of Watsons
Watsons keeps an eye on sustainability practices while expanding in the country
IN LIGHT of changing sustainability priorities within Watsons, the beauty and pharmacy chain of the A.S. Watson Group has added the phrase “Do good” to their slogan, “Look Good, Feel Great.”
In a group interview with Sharon Decapia, Watsons Senior AVP for Marketing, PR & Sustainability on March 7 at S Maison in the SM Mall of Asia complex, their sustainability goals for the rest of the year were shared, resting on pillars of people, product, and planet.
Discussing the “people pillar,” she said that aside from health and wellness initiatives for Watson’s employees, the company also supports Operation Smile, an organization which helps people with corrective surgeries for cleft conditions. In a medical mission last October, they sponsored 60 surgeries. According to a company press release, “Watsons Philippines’ goal is to perform 3,300 corrective surgeries on children with cleft conditions in the country alone by 2030.”
Watsons also has other medical missions in other fields: Ms. Decapia said that they will increase their number of medical missions this year to eight, from last year’s five, with the first one to be held in Tacloban, and the next in Tagbilaran. There, they will distribute free medicines and host free medical consultations, with added services like hair, skin, and bone analysis. “We’re a health and beauty company,” said Ms. Decapia. “It makes sense that we also extend free medical consultations and free medicines to these vulnerable communities that don’t have access.”
As for products and the planet, she noted that 34 of their stores are now powered by solar energy, and there are plans to have 100 of them running on solar power by the end of this year. Eighty percent of their stores (1,114 in the Philippines by her last count) have switched to paper bags (while the remaining plastics used are biodegradable) and they plan to increase the number of items in their sustainable line (qualified by environmentally friendly packaging or ingredients) to 13% from last year’s 11%, with a goal to hit 15% in 2025. They have also managed to collect 100,000 kilos of plastic in recycling bins in-store since 2021.
Ms. Decapia spoke about the profitability of sustainability: while the goals are great, they’re still a business, and the sustainability model should allow a business to operate, well, sustainably, in order to keep the trend of responsible consumerism going. For them, their goals affect both their marketing and consumption efforts.
“We have a specific group that monitors the actual savings in terms of electricity consumption and the corresponding peso savings,” she said. According to her, the investment in installing the solar panels and the other equipment is recovered in three to four years, and the succeeding years reflect savings.
Their research has showed that their market is primarily composed of Gen Zs and Millennials. “They are actually the generation that seeks for more sustainable options. That’s what we’re giving,” said Ms. Decapia.
On that note, their research also shows that a barrier that keeps consumers from adopting sustainable products and lifestyles is the perception of cost: buying with morals in mind can be expensive. “That’s what we wanted to debunk. At Watsons, you can have a range of options,” she said.
“Long term, of course we recognize the benefit,” she said of sustainable practices. “This is our planet. We need to be able to make sure that we get what we need now, but we also want to make sure that the future generation would be able to get what they need as well.”
Add to their store count, they plan to open 80 more shops by the end of this year. The renovations for their new flagship store in SM Mall of Asia (which might become the biggest in Asia, although Ms. Decapia said that the exact measurements are still pending) are almost complete, and it is set to reopen.
Paraphrasing Luke 12:48, Ms. Decapia said, “To whom much is given, much is expected.” — Joseph L. Garcia
Sealy and Ballet Philippines mix quality mattresses with ballet
SEEING ballerinas execute graceful leaps and lifts makes one wonder how the human body can be trained to peak condition for it. Mattress brand Sealy and Ballet Philippines (BP) put forth a piece of that puzzle.
The month of March bore witness to the launch of Sealy’s latest Posturepedic line — the Elevate Ultra Mattress Collection — which BP claims to be an optimal partner for providing ample sleep support for its ballet dancers.
Outside of that function, the Posturepedic line boasts a presence in many five-star luxury hotels in the Philippines. Those who want to have their own high-end mattress at home can purchase one from Sealy, with the Hotel Executive Luxury Plush starting at P207,000.
“The Elevate Ultra collection has been tested already in other markets like Singapore, and the reception was very good. It’s been there for a year already, so we’re now sure that it’s time to bring it to the Philippines,” said Focus Global, Inc. President Stephen D. Sy in an interview with BusinessWorld at the launch on March 14 in Bonifacio Global City.
He added that firm-support mattresses are more in-demand in the Philippines. In the new line, the Orthopaedic Series Spine Set fulfills this need, starting at P215,000 and geared towards firmness for ideal spinal alignment.
Meanwhile, the aptly named Royal Retreat, providing satisfyingly soft yet reliable sleep support, starts at P290,000.
The launch of the Elevate Ultra coincides with Sealy’s eighth year as part of the home furnishings store’s portfolio. “Over the past eight years, we’ve seen Filipinos rave about enhanced sleep with Sealy. It’s doing well,” said Mr. Sy.
Chee Yan Lee, Sealy Asia’s director and general manager, said in a speech that he “eagerly anticipates the ongoing success of Sealy in the region.”
Its sleep technology features include: align support titanium coils that cradle the spine, pressure relief as the mattress contours to the body, and breathability through the surface being naturally cool to the touch.
For Ballet Philippines president Kathleen Lior-Liechtenstein, partnering with the mattress manufacturer to “highlight the importance of proper support and comfort in improving physical and mental activity” was a no-brainer.
BP dancers briefly graced the launch to demonstrate this synergy, twirling on tiptoes and leaping and lifting amid the luxurious mattresses in the showroom.
“It’s a perfect synergy that enables our ballet dancers to awaken feeling rejuvenated, energized, and poised to perform with grace and harmony,” said Ms. Lior-Liechtenstein. — Brontë H. Lacsamana
LISTED gaming technology company DFNN, Inc. said its board has approved a plan to raise additional capital of up to P450 million through private placements.
This capital will be used to support the company’s expansion efforts in cybersecurity and artificial intelligence (AI), the company said in a regulatory filing last week.
The company’s board gave the green light on March 15.
DFNN aims to expand its business by venturing into cybersecurity and AI sectors, as well as by creating and acquiring new gaming platforms.
The company will also allocate a portion of the capital to pay taxes and fees associated with the issuance and listing of the new shares resulting from the private placements.
DFNN’s board also granted exclusive authority to Nautilus International Management Corp. to subscribe to and designate investors for the private placement.
“The board authorized the president and/or treasurer to accept the subscriptions and execute relevant subscription agreements thereto. The Board also delegated the authority to the management to set the price for the subscriptions,” DFNN said.
The company also set May 17 as the meeting date for its shareholders to ratify the private placements and approve their respective listing.
DFNN is an information technology provider and systems integrator.
The company said it has competencies in high volume and secure financial transactions, software or middleware development, IT support services, secure platform development, and turnkey implementations.
It also holds licenses for electronic gaming machines, a sports betting exchange, and digital and pari-mutuel games.
DFNN shares were last traded on March 15 at P3 apiece. — Revin Mikhael D. Ochave
The innovative vehicles confirmed or likely to arrive in PHL this year
By Dylan Afuang
IF YOU’VE BEEN following the goings on in local auto industry — hopefully through “Velocity” and, in which case, we extend our sincerest gratitude — you may have noticed a couple of trends that have been emerging lately.
Competitive upstarts from China have been vying for space in the Philippine market alongside established players that mostly hail from Japan and South Korea. The influx of electrified vehicles (EVs) coming from the world over is stronger than ever, as legislators and automakers embark on reducing the environmental impact of our motoring.
Of course, there’s no forgetting the car world’s responses to customer preferences for crossovers and SUVs.
Validating these trends is the flurry of motor shows and vehicle launches that happened here and abroad last year. The automotive year 2024 will likely be just as vibrant.
That said, we list the innovative models that are confirmed, or those that we predict, to excite and disrupt the local market today.
BMW 5 and i5 Touring
PHOTO FROM BMW
Last year, the official local distributor of BMW vehicles kept the wagon sector alive and stayed the course to electrification. To recall, SMC Asia Car Distributors Corp. launched the 3 Series Touring wagon and the i5 — the latter being the electrified version of its venerated, combustion-engined 5 executive sedan. Both powertrains are marketed here.
Nothing’s been confirmed yet, but the local BMW arm does present buyers a choice of electric or gas power, or sedan and wagon body styles (with the 3 Series), so could the 5 and i5 Touring make their arrival? The 5 and i5 Touring flex battery electric or hybrid power. Unique to these, however, is the added practicality and luggage space a family-friendly wagon can provide.
BYD Seal
PHOTO FROM BYD
This rising Chinese automaker could reasonably credit its worldwide recognition to the Seal. By virtue of its impressive performance and quality, BYD’s electric sedan has gained critical acclaim. As the brand is also trying to establish a foothold in Southeast Asia, local BYD distributor AC Mobility could contribute to that goal should it launch the Seal here.
Beneath the Seal’s sleek skin is the company’s proprietary Blade Battery — designed and developed in-house — whose lithium iron phosphate material uses less rare earth components and has a longer life than contemporary EV batteries. The battery also contains a smart module placement to make the battery smaller and lighter. Range and power is rated at 570km and 312hp, respectively.
Changan Deepal S7
PHOTO FROM CHANGAN
As reported before, Chinese player Changan is boosting its electrification strategy and will move 1.2 million cars outside its home market by 2030. The company’s sub-brands — such as luxury EV brand Deepal — carry the expectation to contribute to that figure. With Changan Auto in the Philippines, operated by Inchcape, Deepal is expected to enter the local market this year.
The S7 electric SUV could herald the brand’s arrival. Poised as an upscale offering, the S7 sports a sleek exterior with LED lights and luxury interior accoutrements. This Deepal — developed at Changan’s giant facility in Chongqing — produces 258hp and 320Nm, and sports a range of 620 kilometers in its top-of-the-range form.
Chery eQ1
PHOTO FROM CHERY
At last year’s Philippine EV Summit, Chery Auto Philippines showcased its own hybrid and battery electric vehicles that it calls new energy vehicles (NEVs), true to the Chinese state’s nomenclature. One NEV that stood out — despite measuring only 3.2 meters long — was an electric hatchback called the eQ1.
If Chery would sell the eQ1 here, it would surprise buyers with a long equipment list that belies its size. Within the hatchback’s 1.6-m width and 1.5-m height, the car displayed at the show featured a huge infotainment screen, power front seats, and a panoramic sunroof. It may not appear like it initially, but the eQ1 could accommodate four people.
Ford Bronco and Mustang
PHOTO FROM FORD
The American automaker is known for its brawny Bronco SUV and Mustang muscle car, and soon, Ford Philippines will bring the latest versions of the brand’s historic nameplates. Confirming the launch is the company’s recent opening of the order books for the two models.
In exchange for P4.998 million, the four-wheel drive Bronco packs a 330-hp 2.7-liter V6 engine and the promise of superior off-road abilities. Meanwhile, the legendary Mustang returns, with its P3.999-million range-topping model bringing a five-liter V8 pumping out 486hp and 567Nm. The power is sent to the rear wheels via a 10-speed automatic and advanced suspension damping.
Geely Geometry C
PHOTO FROM GEELY
Under local Geely arm Sojitz G Auto Philippines (SGAP), the brand’s Geometry is anticipated to join the electrification fray — with the C as the first offering here. No word on the official launch yet, but the local media have been given a preview of the C as SGAP welcomed its new president earlier this year.
With pricing projected to be below P1.6 million, the compact Geometry C is seen as a rival to the BYD Atto 3. In China, the C runs on a 70-kWh lithium-ion battery that powers one electric motor. Range is measured at 485km, while the equipment comprises a 12.3-inch touchscreen infotainment, head-up display, and adaptive cruise control.
Honda HR-V e:HEV
PHOTO FROM HONDA
In 2023, Honda Cars Philippines, Inc. (HCPI) launched the sixth generation of the CR-V — that also comes in hybrid e:HEV form. This began HCPI’s offering of the Japanese brand’s hybrid models. With an electrified Honda now in the scene, could more of the kind follow suit?
We imagine the HR-V, the compact SUV’s more compact stablemate, entering the market with hybrid power. Electric motors and a lithium battery pack work alongside a gasoline engine in powering the vehicle, in order to lower fuel consumption and emissions. This technology helps the HR-V e:HEV achieve an impressive 34kpl.
Hyundai Ioniq 5 N
PHOTO FROM HYUNDAI
What was once seen as a value South Korean brand is undergoing a brand renaissance. Hyundai has made vast developments in electrification and design, and the Ioniq 5 represents the brand’s accomplishments. Not long after its establishment, Hyundai Motor Philippines, Inc. (HMPH) began to offer the handsome and technologically advanced EV here.
Could HMPH launch the Ioniq 5 N here, then? Whether or not that materializes, the fact remains that this is the alpha version of the normal Ioniq. Made by the brand’s N division, the Ioniq 5 N boasts an aggressive exterior kit with 21-inch alloy wheels, and 650ps that’s dispatched to all four wheels — which results in a 3.4-second zero-to-100kph time and a top speed of 260kph.
JAC e-JS4 or e-JS1
PHOTO FROM JAC
Chinese car and truck maker JAC will see a new distributor in Astara Philippines. Next to other Chinese brands GAC and JMC, and French company Peugeot, this will be the mobility company’s fourth brand in the nation.
Reports say that Astara plans to expand JAC’s dealer network — and most notably, launch electrified cars — and improve consumer perception of the brand. This prompts the question: Will the e-JS4 and e-JS1 BEVs be imported into the nation? We’ll get our answer once the partnership between the brand and distributor further develops.
Jaecoo 7 and Omoda 5
PHOTO FROM OMODA
Jaecoo and Omoda will add to the roster of Chinese players in the country, as the two firms are confirmed to mark their entry at the 2024 Manila International Auto Show in April. Both brands are under the Chery umbrella.
The Jaecoo 7 and Omoda 5 EV will be the first offerings. Featuring internal combustion power and a wealth of tech, the 7 is poised to compete with its contemporaries offering similar equipment. On the other hand, 5 is promised to be a competitively priced EV with a range of up to 450km.
Kia EV5
PHOTO FROM KIA
As we reported late last year, Kia Philippines is slated to launch the Kia EV6’s compact sibling this year. The introduction of the EV5 supports the goal of Ayala Corp. (which operates AC Mobility that distributes Kia in the Philippines) to create an EV ecosystem.
The EV5 will join the EV6 in the local roster of the brand. Contingent on what overseas markets receive, the local EV5, which is assembled in China and Korea, may come in a larger 88-kWh battery pack or a 64kWh one. With the largest battery size in tow, the electric SUV has a range of 720km.
Lexus LBX
PHOTO FROM LEXUS
As you read this, the “Lexus Breakthrough Crossover” or LBX could be right here, right now (it actually launches today — Kap). Based on parent company Toyota’s GA-B platform, it’s the Japanese luxury brand’s most compact vehicle to date. The LBX is priced at P2.968 million.
Within its compact 4.19-m length and 1.82-m width are Lexus’ hybrid and luxury hallmarks. Fuel consumption is quoted at 22.72kpl, thanks to the LBX’s combined use of a 1.3-liter gas engine and electric motor. Moving inside the LBX’s well-crafted cabin, Mark Levinson audio, changeable mood lighting, and rich leather materials cater to the occupants.
Lynk & Co. 06
PHOTO FROM LYNK & CO.
United Asia Automotive Group, Inc. (UAAGI) is now the steward of another Chinese make — Lynk & Co. Globally, what’s positioned as an upscale brand is operated by Geely and Volvo (although the two brands have their own respective local distributors), and it joins UAAGI’s roster of brands — Chery, BAIC, and Foton.
Lynk & Co., which plugs itself as a “born digital” firm designed and engineered in Sweden, has manufactured one million vehicles since its establishment in Berlin in 2016. The 06 will be launched here at the Manila International Auto Show (MIAS) and enable more people to upgrade their mobility.
Maserati Grecale and Granturismo Folgore
PHOTO FROM MASERATI
From the likes of BMW, Lotus, and Porsche, the choices of fast, luxurious battery electric vehicles aren’t lacking. With its Folgore range, Italian marque Maserati has joined the realm of premium EVs. Aside from powerful combustion units, the Granturismo grand tourer and Grecale SUV are also electrified and so bear the Folgore name.
The Granturismo will be locally launched tomorrow; it and the Grecale Folgore could be exciting choices. For one, the Granturismo Folgore’s 800V design and three electric motors produce 761ps and 1,350Nm — and promise a top speed of 320kph and a 2.7-second zero-to-100kph sprint. Meanwhile, the Grecale can muster 557ps and a 220kph top speed.
Mazda MX-5
PHOTO FROM MAZDA
For nine years now, the “ND” MX-5 — the current iteration of Mazda’s legacy roadster — has been present in the Philippines and around the world. And last year, while the majority of its changes weren’t immediately obvious, the Japanese automaker subtly modernized the MX-5. Fans of the roadster will welcome it here, should Bermaz Auto Philippines introduce it.
New all-LED lighting units, including DRLs that are now integrated into the headlights, are part of the so-called “ND3” makeover. Two-liter-engined MX-5 manual cars have had their engine retuned for increased responsiveness, and their asymmetric limited-slip differential and steering response have been adjusted for enhanced cornering stability.
MG Cyberster
PHOTO FROM MG
The British-Chinese brand is decisively going electrified. Distributor SAIC Motor Philippines stated that, until 2025, at least eight MG models are planned to be introduced in the Philippine market — and that includes the MG Cyberster, slated to arrive in the first quarter of the year.
In our previous report, SAIC Motor Philippines President Felix Jiang stated that the Cyberster “embodies MG’s renowned British roadster heritage, (but) for the 21st century.” The Cyberster is powered by a 77kWh battery and, with 335bhp and rear wheel drive, MG claims a zero-to-100kph time of 4.6 seconds.
Mitsubishi Xforce
PHOTO FROM MITSUBISHI
The Xforce compact crossover is confirmed to debut in June and, like the Triton pickup, it’s expected to increase Mitsubishi Motor Philippines Corp.’s (MMPC) market share this year. Competing in a highly contested segment, the model is specifically designed for markets in Southeast Asia, Latin America, the Middle East, and Africa.
Fresh from its Indonesia debut, the Xforce was heralded among the winners of the iF Design Awards 2024 that recognized vehicles for their standout styling. Being a crossover, the Xforce boasts 220mm of ground clearance and a drive mode for rougher terrain, and features that buyers expect in the segment, such as digital infotainment and driver displays, to name a few.
Mini Cooper
PHOTO FROM MINI
The brands the Autohub Group distributes here are known for EVs. There’s the premium Lotus Eletre and the mainstream Segway electric scooters. So, while nothing’s been confirmed yet on exact timing, the company that also markets Mini could introduce the new Cooper: The latest generation of the famous bug-eyed hatchback that now comes with a choice of gas or electric power.
The Cooper Electric might bring its 181-hp or 215-hp electric drivetrains that are capable of an estimated range of up to 400km. As for the conventionally powered Cooper, its turbocharged gasoline mills can produce upwards of 200hp and yield a sub-five-second nil-to-century run. Inside the new Cooper cars are OLED infotainment screens and sustainable cabin materials.
Nissan Ariya
PHOTO FROM NISSAN
The Leaf electric hatchback is widely regarded as the first mass-market EV, and the second-generation of the model is part of Nissan Philippines, Inc.’s (NPI) local roster. Since the Leaf’s introduction, the Japanese car maker has boosted its electrification strategy with the Ariya, the brand’s first battery-electric SUV.
Given its range and positioning, the Ariya could compete in the premium EV sector, if NPI decides to bring it here. Among its powertrain choices, the Ariya can come with a 91kWh battery capable of over 500km of range, electric motors placed on the front and rear axles to create Nissan’s version of all-wheel drive called e-4orce, which generates 215hp and 300Nm of pull.
Peugeot E-2008
PHOTO FROM PEUGEOT
Would buyers like an electric Peugeot? When Peugeot Philippines previewed locally last year the E-2008 — whose “e” moniker denotes it as the battery-electric version of the French brand’s compact crossover — it probably wanted to gauge public clamor for such a vehicle. Since then, the E-2008 has been revised, and what could it offer — that is, if it comes here this 2024?
The EV’s letter “E” has been capitalized to better emphasize its means of propulsion. Subtle design tweaks abound in the car’s slinky shape, with the most obvious change found in the front end’s three-pronged LED “fangs.” Range is increased to 436km, and within the stylish cockpit Peugeot cars are known for, a larger infotainment screen with better connectivity is fitted.
Porsche Taycan
PHOTO FROM PORSCHE
Subtle styling tweaks and improvements on performance have been made to the famous and sporty four-door EV from the German auto marque. Considering that the Taycan has been serving the local demand for premium EVs, we’re guessing that Porsche could bring the updated model here soon or later.
The top-rung Taycan Turbo S banners the headline updates: Porsche claims that it runs to 100kph in 2.4 seconds, power is up to 940hp, and range is raised to 678km (176km more than before). Standard across the “Taycan 2.0” family, meanwhile, are active dampers for better handling, more power boosts, and improvements in battery charging and thermal management.
Toyota Tamaraw
PHOTO FROM TOYOTA MOTOR PHILIPPINES
A truck nameplate once famed here in Southeast Asia returns in a new, modern form — and it’s also slated to be produced in the Toyota Motor Philippines (TMP) Santa Rosa, Laguna, plant this 2024 to supply the model’s sale here. TMP had invested P4.4 billion for the model’s local production.
Like its predecessors, the new Tamaraw is poised to reliably serve many through commercial applications. A part of Toyota’s IMV (innovative international multi-purpose vehicles) 0 family, the truck can come as a passenger or delivery van or a pickup truck — thanks to its modular platform. A choice of gasoline or diesel engines promise reliable and efficient service.
Volvo EX30
PHOTO FROM VOLVO
Volvo Philippines introduced last year the XC40 and C40 Recharge compact crossovers — products of the Sweden-based auto marque’s transition to becoming a full-EV brand. Meanwhile, the brand’s smallest model — the EX30 — was introduced in foreign markets. This makes us wonder: Could the brand’s local arm bring the baby crossover here soon?
In typical Volvo fashion and like its larger siblings, the EX30 wears a minimalist design inside and out. The cabin, in particular, was reportedly made from sustainable and recycled materials. Powering the EX30 is a choice of single- or dual-electric motor setups — with the latter’s 428ps and 3.6-second zero-to-100kph time making the crossover the fastest Volvo so far.
Which innovative vehicle can excite the market the most this 2024?
The latest-gen Hyundai Santa Fe goes off script, and that’s just fine
WHEN THE RENAISSANCE of Hyundai in the Philippines was put into motion with the establishment of Hyundai Motor Philippines (or HMPH) under the leadership of its president, Dong Wook Lee, in June 2022 ago, one of the changes effected was the rationalization of the local lineup. It wasn’t just a matter of updating models, either. Another important consideration was to reckon where the actual units were coming from and if the resulting SRP as a function of taxes, tariffs, and logistical expenses would make them price-competitive versus the competition.
At any rate, after all was said and done, Hyundai effectively shed its sedans (plus two small crossovers) and brought in new MPVs and SUVs, along with its highly competitive (in both pricing and looks) electric vehicles in the Ioniq 5 and 6.
Still, a couple of iconic nameplates have continued to remain relevant globally, and it made sense for Hyundai to continue to bring in their updated iterations here. One of them is the Tucson compact SUV; the other is the larger Santa Fe, whose all-new version finally went on sale in showrooms across the country recently.
Following a December 2023 preview, HMPH afforded select members of the media some brief, albeit meaningful, seat time with the three-row, midsize SUV.
Addressing the elephant in the room, HMPH Sales Training Supervisor Jay Galvez conceded that, yes, the Santa Fe calls to mind the boxy profile of the Land Rover Defender — surely a consensus for many a scribe and “influencer.” In fact, it looks more like a Defender than the outgoing older Santa Fe sibling it replaces.
“The fifth generation has become boxy… and we at HMPH say that it’s okay to compare it to the Defender. (We’d like to think) that it’s an affordable version of it,” he said.
Bannering the all-new Santa Fe is a larger interior, a so-called “plus alpha” philosophy connecting “outdoor-indoor living.” This is expressed in the fully collapsible second- and third-row seats which make full use of the space within. HMPH said in a release that this feature yields a cargo bed perfect for “groceries, home projects, sports and recreation, or camping trips.” The maximum load space with all the seatbacks down is 1,156 liters.
“We will market this as camping-friendly, for use in different outdoor activities,” underscored Mr. Galvez in his presentation.
One of the strongest points of the Santa Fe is also arguably one of its more polarizing features. The tailgate extends to the sides of the vehicle — allowing a wider (by 145 millimeters over the fourth generation) opening for easier loading and unloading. However, this has necessitated the move of its rear combination to the tailgate itself. It may be niggling observation, but I think these lamps sit a tad too low for my taste.
Overall though, give the Santa Fe’s designers a tip of the hat for imbuing the vehicle an aggressive though neater profile even as it grows significantly (45-mm longer and 95-mm taller). Couple this with a shorter overhang and longer (by 50mm) wheelbase which allow the occupants to benefit from the resulting increased interior space.
And despite resisting the ever-present inclination toward sharper (i.e., wedgier) designs, the Santa Fe remains Cd-conscious — cutting down on wind drag through angled side mirrors, active air flaps in the top and bottom of its front bumper, skid plates, and spoiler.
A bridge-type roof rail exists alongside a dual sunroof, and the Santa Fe adds a thoughtful touch to provide easy access to that roof-mounted accessory: a so-called C-pillar assist handle you can grab on to lift yourself up. With a capacity rated at 200 kilograms, it can also be used when you’re, say, cleaning the roof.
The Santa Fe abounds with “H” easter eggs in its design — said to be another aspect of its new brief. From the H-shaped LED lamps with DRLs and lower bumper garnish in front, to the similarly shaped taillights, there are lots of Hs to count outside and inside. The mood lighting of the front dash is H-shaped, as are the air-conditioning vents and even seat stitching. A couple of online reviewers from the US counted more than 70 of these H elements, in fact.
Another quaint execution in the Santa Fe sees the gear shifter moving to the steering column as a shift-by-wire stalk, much like the one found in the Ioniq 5 and 6.
It is a mostly digital affair in the cabin, led by a free-standing 12.3-inch panoramic curved display instrument cluster attached to an infotainment screen of the same size. On the left of the dual screens is a fingerprint recognition system that allows multiple users to program seat memory and infotainment system preferences.
A UV-C sterilization compartment is on the upper right side of the dash. “Since the Santa Fe was conceptualized during the pandemic, this has been retained for the users’ health and sanitation,” reported HMPH. Meanwhile, a full-touch climate control panel is on the center stack and under it is a dual wireless charging pad. There are more charging options within, via six USB-C ports, and a 12V socket. As for storage compartments, there is space in between the front row seats, and a thoughtful bi-directional console box with a lower sliding tray.
Powering the highest variant (2.5T Calligraphy 8DCT AWD), is a turbocharged 2.5-liter mill mated with an eight-speed dual clutch transmission; output figures are 281ps and 422Nm. Drive and terrain settings “can be adjusted based on user preference on the engine power map, transmission patterns, stability control and braking.” Its modes are Normal, Eco, Sport, Smart, Auto, Sand, Mud, and Snow. The company’s proprietary Hyundai Traction (HTRAC), basically its AWD system, benefits from Downhill Brake Control, “that supports sudden changes in weather or difficult terrain.”
Standard on all variants are driver, passenger, side, and curtain air bags — in addition to a suite of safety features called the Hyundai SmartSense. The list of advanced driver-assist features include: Smart Cruise Control with Stop and Go, Forward Collision Avoidance, Lane Following and Keeping, Blindspot View Monitor, Reverse Parking Collision Avoidance, Parking Distance Warning, Manual Speed Limit, Rear Occupant Alert, and Surround View Monitor.
During our aforementioned advance jaunt with the Calligraphy variant of the Santa Fe, we were familiarized with the convenient (not overly light) steering of the vehicle and its surprising maneuverability despite its hulking size. And when making abrupt turns and taking corners at speed, the SUV displays some lean yet isn’t too soft or jarring. Flooring the throttle from a standstill shows it is light on its feet, and can stop in a surprisingly short span. Finally, it’s not all about looks either. Taken through an off-road section meant to showcase articulation, the Santa Fe kept its composure and soaked up the terrain most nicely.
You could very well say that through this boxy Santa Fe, Hyundai has shown it can, well, think out of the box.
HMPH said the all-new Santa Fe will be a part of the Hyundai Mobility Experience tour, which resumes on March 22 to 24 at the Ayala Malls Glorietta in Makati City, and is slated to head out to other cities outside Metro Manila. For more information, follow the company on Facebook and Instagram (hyundaimotorphilippines).
MARKS & SPENCER (M&S) goes homey for the 2024 Denim and March Collection. These include a pure cotton beach dress with a Bardot neckline and a cozy puff-sleeved dress. Men just want to have fun too: in menswear, these include stretch and vintage-style denims, crafted from 25% recycled cotton. Other items are roomy and laid-back styles in polos, shirts, and shorts. Features of the line include moisture wicking technology, easy to iron and quick-dry capabilities, 360-flex denim, and Sun Smart UPF50+. Visit a Marks & Spencer store, and shop in-store to earn rewards points as a M&S Rewards member through the M&S Philippines Viber Community at bit.ly/MSPH-VC. Shop selected lines online and also earn rewards points on www.marksandspencer.com.ph.
Toms offers summer sales
FROM March 15 to 31, customers at Toms stores get “impact tokens” to play a game of darts and receive a gift depending on where the dart lands. Stores offering “impact tokens” include SM Megamall, SM Mall of Asia, Eastwood, Glorietta 4, Estancia Mall, SM Baguio, SM Lipa, SM Bataan, and SM Seaside Cebu. Toms funds its partner humanitarian organizations and work towards advancing women’s progress in the community for every shoe sold. New shoes include the Toms Sandals Willa Women, Espadrille Alpargata Women, and Espadrille Valencia Women, crafted using recycled rubber and cotton. A summer sale is ongoing until April 30, offering up to 50% off selected items.
Sally Hansen offers salon-quality nails at home
NAIL polish brand Sally Hansen introduces the Sally Hansen Miracle Gel: The Ultimate do-it-yourself (DIY) Gel Manicure (P645). This boasts of patented technology, ensuring longer wear and making it chip-resistant and life-proof nail polish. It can help achieve a salon-quality finish without the need for a UV lamp. The line also offers Sally Hansen Miracle Gel Special Effects Top Coats (P695), with each topcoat having its own finish. This allows the creation of a unique manicure that can last up to eight days, without the need for a UV lamp. Other Miracle Gel offerings include Unicorn Top Coat (with color-shifting effect), and Sugar Top Coat (for a sugar-coated texture effect). These top coats are 100% vegan and cruelty-free. To apply, clean and dry nails, then use nail polish remover to remove residue on the nail. Apply two coats of Miracle Gel, and dry for five minutes. Finish by applying one more coat of Miracle Gel. Sally Hansen is available at Rustan’s, SM Stores, The Landmark, Mitsukoshi Beauty, LOOK; and online at Lazada, Shopee, and Zalora.
EMERGING POWER, Inc. (EPI), the renewable energy subsidiary of Nickel Asia Corp. (NAC), is projected to achieve half of its goal of developing one gigawatt (GW) of renewable energy (RE) projects by 2025, a company official said.
“By next year, we would have reached already half of our goal,” Andre Mikael Lu Dy, NAC’s vice-president for treasury and investor relations and sales, said at a recent briefing.
“Half a gigawatt is what we’ll be operating by 2025, [and] those that will be under construction would have been 1.5 GW by then,” he added.
EPI currently has operational renewable energy projects with a total capacity of 174 megawatts (MW).
About 487 MW are projects under construction and 1.8 GW in development stages.
Among the projects in the pipeline is the 240-MW solar project in Leyte with Shell Overseas Investments B.V. (Shell).
The first phase of the solar project, with a capacity of 120 MW, is targeted to be operational by the second quarter of 2025.
EPI and Shell forged a joint venture in 2022 to develop one gigawatt of renewable projects in the country by 2028.
The EPI-Shell venture focuses on utility scale solar photovoltaic while “evaluating opportunities” in onshore wind and energy storage systems.
Outside the partnership, EPI, through its subsidiary Northern Palawan Power Generation Corp., is targeting to construct its 145-MW solar project in Subic-Cawag by second quarter this year.
“We will construct by second quarter, as early as April for the development of 145-MW facility which we hope to operate by the fourth quarter of next year,” Mr. Dy said.
For geothermal, EPI is currently producing up to two MW of electricity, which it intends to scale up through the development of up to 10 MW.
“By 2026, we will more than deliver our goal of one GW by 2028 in an earlier timeline,” Mr. Dy said. — Sheldeen Joy Talavera
In recent years, unpredictable circumstances have ravaged the country, leaving many Filipinos scrambling to rebuild and stabilize their lives. From natural disasters to the COVID-19 pandemic, Filipinos are renowned for their resilience and determination in the face of adversity. This has then inspired a strong sense of optimism, allowing Filipinos to remain hopeful in the face of crisis.
While Filipino resilience is sometimes the lone bright spot during troubled periods, assurance that ensures stability—especially financially—during harsh circumstances is something that everyone deserves.
Whether through guaranteed cash payouts, insurance coverage, or steady income streams, innovative financial plans provide flexibility and security offering assurance in an unpredictable world.
Life insurance company Pru Life UK’s Vice-President and Chief Product Officer Garen Dee shared that in uncertain times, guaranteed financial benefits are of the utmost importance. These benefits provide an emergency cushion for Filipinos and their families, putting their minds at ease despite possibilities of economic volatility and market fluctuation.
“During uncertain times, more people start to appreciate the beauty of having guaranteed financial benefits. They realize that they need something that would give them a sense of security and stability that in a way translates to peace of mind,” Ms. Dee said.
The demand or preference for guaranteed financial benefits varies per individual. Some prefer to have high exposure to risks with superior returns and some favor secure investments with minimal to no risk exposures. After going through market volatility and high inflation rates for the past year, a trend has emerged showing that Filipinos assess and rebalance their financial portfolios preferring less risky financial products.
Having the benefit of the Filipino people in mind, Pru Life UK has launched PRULove Wealth as their latest gift to their customers.
“PRULove Wealth is Pru Life UK’s latest product that guarantees returns regardless of market conditions,” shared Ms. Dee.
“Customers get stable earnings from 4% cash payouts every year for 7 years; secured wealth through guaranteed 100% cashback in as short as 7 years or the end of the maturity as long as insured is still around; and peace of mind for themselves and their families because of the product’s up to 125% insurance protection during the seven-year period,” Ms Dee continues.
This new product is a PHP-denominated one-time pay, non-participating endowment product with guaranteed life insurance and annual anticipated cash payouts for seven years. The plan is eligible for applicants from 7 days to 60 years old for the insured and 18 to 99 years old for the policy owner.
For a minimum of PHP 500,000, Filipinos can take advantage of Pru Life UK’s limited offer and ensure financial stability in uncertain times. Application process for PRULove Wealth is quick and easy.
“The product is simple and easy to understand. We want more customers to have access to this kind of product. We want to help more Filipinos get a better life by financially protecting them,” Ms. Dee stated.
The product is tailored for individuals looking for alternate options to diversify their finances. It can be for retirees, individual investors, and families who want to generate steady income without the risk of losing their hard-earned money.
“It’s suited for individuals looking for a one-time placement or short-term savings needs but want the assurance that after seven short years, they get their money back regardless of what happens in the market. This is the perfect product for them,” Ms. Dee said.
The insurance company’s newest product exemplifies its commitment to being the Filipino’s most trusted partner for every life and protector for every future, through simple and accessible financial and health solutions that empower Filipinos to achieve their goals.
“Our customers are always at the heart of everything we do. We constantly look for ways to address their evolving needs to help them achieve their financial goals,” Ms. Dee stressed.
Interested individuals can avail of the limited offer by approaching their existing Pru Life UK agent or by visiting the life insurance company’s website at www.prulifeuk.com.ph. To learn more about PRULove Wealth, inquiry forms may be sent to Pru Life UK through their webpage.
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4% payout and 125% insurance coverage based on single premium paid.
Product terms & conditions including on cash back apply.
Limited time offer and subject to availability.
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“During uncertain times, more people start to appreciate the beauty of having guaranteed financial benefits. They realize that they need something that would give them a sense of security and stability that in a way translates to peace of mind,” Ms. Dee said.