Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 257

Chinabank eyes sale of Mactan property acquired from PH Resorts

BW FILE PHOTO

SY-led China Banking Corp. (Chinabank) is planning to sell the Mactan, Cebu property it acquired from Dennis A. Uy’s PH Resort Group Holdings Inc., following interest from potential buyers.

“We have it already. We will start opening it up to people to show interest. There are a couple of interested parties,” Chinabank Chairman Hans T. Sy told reporters last week.

“It’s about 14 hectares. It is a very valuable property. We will open it up for sale,” he added.

In October 2023, Chinabank signed a sale and leaseback agreement with PH Resorts for the land for the latter’s planned Emerald Bay casino project. However, Mr. Sy said Chinabank has no plans to renew the leaseback agreement, which expired in March.

“It’s expired now. We’re not renewing anymore. We always do things with a heart. We gave them a chance,” Mr. Sy said.

Mr. Sy said this as Chelsea Logistics and Infrastructure Holdings Corp., also an Uy-led company, executed a Dacion-En-Pago transaction with Chinabank involving part of its real estate property in Brgy. Ligid-Tipas, Taguig City to divest non-productive assets and reduce debt.

Dacion-En-Pago refers to the transfer of asset ownership to settle a debt.

Chelsea Logistics said in its annual report that it signed a deed of assignment with Chinabank last year that assigned rights and ownership to a certain portion of the property to the Sy-led bank for P1.63 billion.

“The consideration was applied as full payment to the outstanding loan and unpaid interest of the group amounting to P1.013 billion and partial payments to unpaid interest on loans of Chelsea Shipping Corp. and Trans-Asia Shipping Lines Inc. with Chinabank amounting to P620 million,” Chelsea Logistics said.

In a separate regulatory filing, Chelsea Logistics said it acquired the property in 2019 for the warehousing operations of its subsidiary Worklink Services, Inc. (WSI).

Chelsea Logistics and WSI entered into a loan agreement with Chinabank to buy the property for P800 million, and to build a warehouse facility on the property for P450 million. However, Chelsea Logistics decided to stop the construction of the warehouse in 2022.

“Pursuant to the plan of the group to venture into the e-commerce business, the management has deemed that the use of the properties is currently undetermined,” Chelsea Logistics said.

Chinabank shares were last traded on May 2, when the company’s stock dropped by 1.21%, or P1.10, to P89.90 per share. — Revin Mikhael D. Ochave

SM Prime shares rise after Q1 results, cash dividends

SM City J Mall in Mandaue City — BW FILE PHOTO

SY-LED SM Prime Holdings, Inc. was one of the most actively traded stocks last week following the release of its first-quarter (Q1) earnings report and declaration of cash dividends.

Data from the Philippine Stock Exchange (PSE) showed that SM Prime was the eighth most traded stock during the week, with a value turnover of P1.16 billion from a total of 48.71 million shares traded from April 25 to May 2.

Financial markets were closed on May 1 in observance of Labor Day.

The property developer’s shares rose by 6.1% week on week, outperforming the 1.7% gain of the property index and the 2.3% increase of the PSE index (PSEi).

Year on year, SM Prime shares declined by 13.4%, steeper than the property sector’s 6.7% contraction and the PSEi’s 3.5% drop. Year to date, the stock price has fallen by 26.4%.

Analysts attributed SM Prime’s active trading last week to the company’s positive disclosures.

Jash Matthew M. Baylon, an analyst at First Resources Management and Securities, said in an e-mail that SM Prime’s movement was mainly driven by its first-quarter report and forward-looking guidance, which boosted investor optimism.

“SM Prime’s strong move last week is based on its first quarter of 2025 earnings report which is up by 11% to P11.7 billion fueled by its robust malls and residential business segments,” said Mr. Baylon.

Mr. Baylon also said that SM Prime announced a dividend of P0.48 per share, with a yield of 2.1%, which further supported the stock’s strong price action.

“In addition, the forward-looking guidance of the firm, based on its first-quarter performance, also added optimism among investors as the firm showed confidence and potential growth for the rest of the year,” he added.

“Two things that made SM Prime active for the week. Aside from the lowering of interest rates by the Bangko Sentral ng Pilipinas (BSP), the company reported a net income of P11.9 billion for the first three months of 2025, up 11%,” Jeff Radley C. See, head trader at Mercantile Securities Corp., said in an e-mail.

In a disclosure last week, SM Prime reported a consolidated attributable net income of P11.7 billion in the first quarter of 2025, up 11% from P10.5 billion in the same period last year. The double-digit growth was driven by steady revenue expansion, margin improvement, and disciplined cost management.

The company also posted a consolidated net income of P11.9 billion in the first quarter of 2025, up 11% from P10.7 billion in the same period last year.

Revenues likewise rose by 7% year on year to P32.8 billion from P30.7 billion, driven by higher rental income, revenue recognition from real estate sales, and other income sources.

“Our forecast for SM Prime’s full-year 2025 revenue is at P153.88 billion, up by 9.61% from last year, while the second-quarter revenue is projected at P37.28 billion, up by 9.62%,” Mr. Baylon said.

In a separate disclosure, the company’s board approved the declaration of a regular cash dividend amounting to 25%, plus an additional 5% special dividend, of the company’s 2024 net income. The total dividend amounts to P0.48 per share, with a record date of May 14 and payment date of May 28. The declared cash dividends total approximately P13.86 billion.

At its most recent Monetary Board meeting, the BSP continued its rate-cutting cycle, delivering a widely expected 25-basis-point cut. This brought the target reverse repurchase rate down to 5.5% from 5.75%.

Rates on the overnight deposit and lending facilities were also reduced to 5% and 6%, respectively.

“For next week, we expect SM Prime’s stock to trade within the range of P23–P24.50 ahead of the upcoming ex-dividend date. We consider P23 as the support level, confluencing with the 50-day EMA (exponential moving average), and P24.50 as the resistance level,” said Mr. Baylon.

Mr. See gave support levels at P24 and P23.25 per share, while resistance levels are at P25.30 and P26 per share. “The stock might revisit its support levels before trending upwards.” — Lourdes O. Pilar

Aboitiz InfraCapital’s LIMA Tower One secures 5-Star BERDE rating

ABOITIZ InfraCapital (AIC), the infrastructure arm of the Aboitiz Group, said its LIMA Tower One in Batangas has been awarded a 5-Star BERDE Certification.

“It affirms our deep and ongoing commitment to responsible development — where economic progress, environmental stewardship, and community upliftment move forward hand in hand,” said Rafael Fernandez de Mesa, president of LIMA Land, Inc. and head of Aboitiz InfraCapital Economic Estates, in a statement.

The certification sets a new benchmark for sustainable office developments in Batangas and across key regional growth centers, the company said.

The BERDE Green Building Rating System, developed by the Philippine Green Building Council (PHILGBC), assesses, measures, monitors, and certifies the country’s green building projects above and beyond national and local standards.

A 5-Star BERDE Certification is the highest rating granted by PHILGBC, indicating that a project meets the highest standards of sustainability and performance.

LIMA Tower One is the first premium office building in Batangas, designed to address the growing demand for high-quality workspaces in provincial locations amid the shift to a work-from-home setup.

The 11-story tower provides flexible, high-performance spaces designed to meet global standards and is expected to house IT-BPM (information technology-business process management) and knowledge-based industries.

The development has already secured significant tenants, including global IT-BPM firm Conduent, which has leased three floors for its inaugural provincial office.

LIMA Tower One serves as the centerpiece of LIMA Estate’s Biz Hub, a 30-hectare master-planned business district within the estate.

The Biz Hub’s 40-hectare expansion, scheduled for completion by 2027, will include commercial, retail, residential, and mixed-use spaces. 

LIMA Estate, spanning 1,000 hectares, is one of four key developments under Aboitiz InfraCapital Economic Estates, the Philippines’ only industrial estate developer with all operating estates holding a BERDE Certification.

Aboitiz InfraCapital Economic Estates’ portfolio also includes the 384-hectare TARI Estate in Tarlac City, the 63-hectare Mactan Economic Zone 2 Estate in Lapu-Lapu City, Cebu, and the 540-hectare West Cebu Estate in Balamban, Cebu. — Beatriz Marie D. Cruz

Trump’s first 100 days spark global messaging battle

RAWPIXELS

By Peter Apps

WASHINGTON — As the Trump administration marked 100 days in office on April 30, China’s state broadcaster described what it called “100 days of chaos” and said the government in Beijing was providing “stability to a changing and turbulent world.”

Throughout the rollercoaster of the first weeks in office of the administration, state-backed Chinese channels and social media feeds have increasingly pushed the narrative that the US under Donald Trump is abandoning its allies, with a particular focus on Taiwan and US Asian partners.

It is a narrative the Pentagon has sometimes attempted to push back against. “America First does not mean America alone,” Defense Secretary Pete Hegseth said in a speech at the US Army War College earlier.

More broadly, however, the administration’s rhetoric has often been aggressively triumphalist.

In Beijing, the US Embassy described the opening of the new administration as “100 years of victory” on its social media channels, particularly infuriating Chinese officials.

While some in the US military and State Department clearly retain some concerns about alienating too many US allies, many of Trump’s supporters argue that his actions — including his trade war and associated rhetoric, treatment of Ukraine, and demand that US allies do more in their own defense — represent exactly what he said he would do when he was elected.

On other areas, there can be little clarity.

When Trump’s new chairman of the Joint Chiefs of Staff, US Air Force General Dan Caine, was asked at his Senate confirmation hearing whether Washington would continue to provide NATO’s top military officer — regarded as a key indicator of US commitment to Europe — he simply said he did not yet know what the president would order.

When it comes to defense and national security, the new administration has explicitly placed much greater priority on securing the US border in the short term and delivering longer term protection against foreign ballistic missiles through what Trump has termed the “Golden Dome” defense shield.

That alone has unsettled US allies, who worry that future US administrations may turn inwards even more.

Already, there are signs both Moscow and Beijing see that as an opportunity — although they are approaching it in different ways. While China has touted the notion that it will fill the gap left by US disengagement abroad, Russian media outlets have often simply looked to feed the chaos and division.

This has included refocusing the attention of Russian channel RT — previously known as “Russia Today” — on Arabic Middle East audiences after it was shut down in most European nations. That has allowed RT to fan anti-Western feelings already fueled by US support for Israel over the Gaza war.

Such sentiment has risen across the wider Global South, particularly in Islamic nations such as Malaysia and Indonesia.

Having largely gutted what had been US government-backed media platforms like Radio Free Europe and Radio Free Asia targeting foreign audiences, the current administration appears largely uninterested in public opinion across many such regions.

But while the Trump administration is sticking firmly to its messaging that Europe must do more to defend its own continent, the last few weeks have seen a concerted outreach by Washington to its important allies in Asia, many of whom have become more nervous about their security since Trump returned to power.

AWKWARD ALLIANCE MESSAGING
The outreach included a visit to Japan and South Korea by new Navy Secretary John Whelan. During his trip, Whelan began negotiations on using Japanese and South Korean shipyards not just to maintain and fix US military vessels, but also to construct civilian shipping that could be used by the US military and allies in the event of a major conflict such as one sparked by a Chinese invasion of Taiwan.

Trump has made it clear he will not be repeating predecessor Joe Biden’s assertions that the US would definitely back Taiwan if the island were attacked, reverting to the long-running US position of “strategic ambiguity.” Those in Taiwan, however, appear to have taken some heart from a leaked Pentagon report which stated that deterring a Chinese invasion was now the top US priority globally — and have also been encouraged by the appointment of the pro-Taiwan David Perdue as ambassador to Beijing.

In Poland — which in Trump’s 2017-21 term prided itself on keeping relations relatively good — influential centrist newspaper Rzeczpospolita noted that Trump had indeed kept his pledge to swiftly bring down US migration numbers. But it said he had also “upended the world order” and “sided with Putin.”

Other Polish media outlets struck a similar tone, some describing US efforts to make Ukraine sign a critical minerals deal as “neocolonial” and damaging to wider US alliances.

Ukraine finally signed that deal on Wednesday, giving the US preferential access to new Ukrainian minerals deals and providing for it to fund investment in Ukraine’s reconstruction.

Whether the damage from Trump’s heavy-handed dealings with allies can be undone remains another question.

This week saw Liberal leader Mark Carney win Canada’s general election, heavily swayed by anti-Trump sentiment generated by the president’s talk of making Canada another US state, which wiped out the Conservatives’ big lead in the polls.

In Australia, Labor Prime Minister Anthony Albanese has also received an unexpected poll boost ahead of elections this weekend as popular Australian dislike of Trump undermined his more conservative rival.

To what extent those developments will worry the current White House team remains unclear.

As Albanese stressed last month in a podcast interview, Australia “made its decision a long time ago” which side it was on when it came to the US and China.

The same is true of many other US allies, not least Britain, Japan, South Korea and others outside the European Union.

Within mainland Europe, the schism with Washington looks more permanent. But in the short term at least, Europe’s failure to be able to generate even a small force of perhaps 25,000 troops to secure post-war Ukraine acts as a reminder that the continent remains far from ready to defend itself.

In the Baltic states, where media and pundits are now voicing more concern over the potential for a future Russian invasion than at any point since independence from Moscow in 1991, Trump’s first 100 days were described as “destructive” on many levels.

UKRAINE, BALTIC WORRIES
Those dynamics may continue to get messier.

In some of those nations now most dependent on the US for support, anti-Trump comments have become increasingly widespread — with pro-Kremlin media already working hard to turn this into broader anti-US sentiment.

According to BBC Monitoring, that included amplifying stories of a handful of Ukrainian coffee shops renaming “americano” coffee as “europeano” or “ukrainiano.”

In parallel, Ukraine’s state-run TV broadcast “marathon” that has combined the output of all new stations since Vladimir Putin’s full-scale invasion of Ukraine in 2022 has acquired its own periodic anti-American tone.

“This America is broken, give us another one,” said one character on a satirical news show, while other voices within Ukraine have warned that turning against the US would simply make it easier for Russia to overrun the country.

Some of those around Ukrainian President Volodymyr Zelensky, and perhaps even the man seen as his primary political rival, former military chief and now ambassador to London Valeriy Zaluzhnyi, appear to have permanently lost patience with Trump.

At the start of March, Zaluzhnyi told a public event at Chatham House in London that the new US administration was “destroying” the world order.

With his own eye on re-election, Zelensky himself must walk an awkward path between not looking weak to his own voters while not wrecking what is left of US-Ukrainian relations.

Some of Zelensky’s own supporters have suggested Ukraine should even consider cutting off diplomatic relations with the United States — although most, more mainstream voices fear that could prove disastrous.

For more cautious voices, the Zelensky-Trump meeting and photo opportunity at Pope Francis’ April 26 funeral in Rome – and the tougher approach to Russia the US has taken in communications since then — have offered only limited relief.

“Trump is not known for his consistency of statements,” Latvian pundit Bens Latkovskis warned in a local newspaper, saying the idea that the US was “a reliable guardian and defender is illusory at best.”

In some quarters, that is already fuelling a narrative of outright despair, or at the very least betrayal.

In 2004, then-Latvian President Vaira Vike-Freiberga described her small nation’s NATO entry as the only guarantee Baltic citizens had they would not one day wake up to a Russian knock on the door or deportation to Siberia.

Two decades later, she called the most recent US-led, top-level peace talks with Ukraine “grotesque and a mockery of diplomacy.”

“We have to live for three and a half years under this (Trump) regime,” she told Latvian television. “I do not know how the world is going to survive this.”

REUTERS

The opinions expressed here are those of the author, a columnist for Reuters.

PwC unveils new brand identity

PRICEWATERHOUSECOOPERS (PwC) has unveiled a refreshed brand positioning and identity, emphasizing its commitment to harnessing technology to better support clients worldwide.

The new brand positioning, along with updated visual and verbal elements, will be promoted through PwC’s global advertising campaign, “So You Can,” developed in partnership with FutureBrand and McCann.

The campaign will be rolled out globally in the coming months.

As part of the rebranding, PwC has redesigned its logo, incorporating a new “momentum mark,” a distinctive orange signature color, and updated visual elements. The company has also adopted a refreshed verbal identity, defined by a tone that is “bold, collaborative, and optimistic.”

The brand repositioning aligns with PwC’s ongoing initiatives to assist clients in adopting artificial intelligence (AI) at the enterprise level.

“As technology and other megatrends continue to transform the economy, it is important that our identity provides the right platform for the future,” said Antonia Wade, PwC Global chief marketing officer, in a statement on Friday.

PwC employs approximately 6,400 people in the Philippines, with 2,900 serving local clients and 3,500 catering to global clients. The company operates offices in Makati, Pasig, and branches in Cebu, Iloilo, and Davao. — Beatriz Marie D. Cruz

From the ashes (literally)

ORGANIC LOUNGE CHAIR and Riverstone Bench

THE 1991 ERUPTION of Mt. Pinatubo was one of the largest the world had ever seen. It spewed mountains’ worth of ash and stone, radically changing the landscape of Central Luzon. People and places were rubbed off the map, and those that survived had to make do.

Back then, Sydney Dy, co-founder of Destonos, owned a piggery with her husband in Tarlac. In the aftermath of the eruption, the farm was awash with ash. During an April 29 media lunch in Makati, she remembered asking what she would do with all of the ash around her — 30 years later, all that ash is now an upscale furniture brand.

To be fair, this wasn’t the first time Ms. Dy had to make difficult decisions: she had started out in banking, but a knowledge of style made her resign and work in fashion. After a few years of designing for a store (and seeing her collections sell out), she moved on to designing for the home.

She discussed with us how she made furniture out of the ash: resin, volcanic ash (or pumice stone ground to the consistency of ash), and fiberglass are mixed together and formed into a stone cast. They then turn into wall panels, coffee tables, and benches. From afar, the porosity makes it appear like an exotic coral — when touched, they are quite smooth, and very heavy. No one piece is the same due to the nature of the product.

Asked about durability, she says that they go through weathering and weight tests to prove to their foreign clients how well they’ll do during shipping: prior to the April launch event, Destonos only sold to the export market.

She recalls that she was largely ignored the first four years that she started the business, until a French catalog paid attention to her, placed a large order, and gave her a break: soon, clients from other countries started coming to the Tarlac factory. “I’m still here,” she said in a speech.

Asked what it’s like to “come home” (selling to the Philippines instead of abroad), she said, “It feels very good. Now is the perfect time. Before, I didn’t do it because I didn’t think the Philippines was ready, and they will not accept what I do. This time it’s different. People are more open.

“I create something different: from nothing, to something.”

To inquire about owning a Destonos creation or to schedule a private viewing, visit www.destonos.com. — Joseph L. Garcia

Metro Retail direct-to-market tie-up with small farmers set for expansion

METRO RETAIL Stores Group, Inc. said it is seeking to expand its direct-to-market partnership with smallholder farmers beyond a current ongoing program in Cebu province.

The partnership with Gulay Farmers Cooperative is helping supply produce to eight retail stores in Cebu, the company said in an e-mail.

Metro Retail said the arrangement provides a “structured and reliable” supply chain with a direct-to-stores model that cuts out middlemen and gives farmers access to mainstream markets.

The cooperative, meanwhile, assists with regulatory compliance, logistics, and quality control, allowing farmers to focus on increasing productivity and crop quality.

Since its launch in 2020, the program has directly benefited 500 farmers, supplying about 60,000 tons of produce to Metro Retail stores, the company said.

It said smallholder farmers typically struggle with bringing their produce to large retailers due to strict documentation requirements, fluctuating market prices, and logistical constraints.

“Many farmers are unable to secure business permits or tax registrations, limiting their access to formal retail markets,” it said.

“Additionally, the lack of an efficient distribution system means that much of their produce goes to waste before it even reaches consumers,” it added.

Metro Retail said the model allows it to offer fresher, high-quality produce at competitive prices while ensuring fair compensation for growers.

Metro Retail operates 71 locations across Luzon and the Visayas under the brands Metro Supermarket, Metro Department Store, Super Metro Hypermarket, Metro Value Mart, and Metro Home and Lifestyle. — Kyle Aristophere T. Atienza

Treasury bills, bonds may end mixed amid market volatility

BW FILE PHOTO

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week could end mixed as market volatility and recession fears due to US trade policy uncertainties continue to affect global yields.

The Bureau of the Treasury (BTr) will auction off P25 billion in T-bills on Monday, or P8 billion each in 91- and 182-day papers and P9 billion in 364-day papers.

On Tuesday, the government will offer P30 billion in reissued 10-year T-bonds with a remaining life of seven years and four months.

T-bill and T-bond rates could mirror the mixed movements seen in secondary market yields as markets recalibrate their expectations amid ongoing uncertainties, analysts said.

The T-bills on offer on Monday may fetch mostly higher yields following the increase in comparable secondary market benchmark rates, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort added that yields on the reissued 10-year bonds to be auctioned off on Tuesday may inch down to track secondary market rate movements amid growing expectations of a Federal Reserve rate cut following weak US economic data recently.

The bonds may fetch rates ranging from 6.04% to 6.075% and see decent demand, a trader said in an e-mail.

The trader added that the local bond market mostly consolidated last week amid the release of several key US economic reports.

At the secondary market on Friday, the 91- and 182-day T-bills rose by 5.88 basis points (bps) and 6.24 bps week on week to end at 5.5146% and 5.6713%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data as of April 25 published on the Philippine Dealing System’s website. Meanwhile, the 364-day T-bill’s yield went down by 1.79 bps to 5.7183%.

On the other hand, the 10-year bond decreased by 8.01 bps week on week to yield 6.2603%, while the seven-year debt, the tenor closest to the remaining life of the T-bonds to be offered on Tuesday, went down by 4 bps to 6.0528%.

Federal Reserve policymakers on the alert for possible cracks in the labor market as businesses adjust to President Donald J. Trump’s erratic trade policy got some reassurance on Friday that so far there’s little weakness, and no reason to rush on rate cuts, Reuters reported.

US employers added a more-than-expected 177,000 jobs in April, the Labor department reported, and the unemployment rate was unchanged at 4.2%. Both are signs the labor market remains in balance during a month when Mr. Trump announced the steepest tariffs in a century, sending stocks downward and convulsing the bond market before the administration paused many of those levies until July.

With the job market holding up and inflation still running above their 2% target, Fed policymakers are expected to stick to their plan to leave short-term borrowing costs where they are while they wait to see how the tariffs affect prices and economic growth.

Traders are now betting the Fed will wait until July to start cutting interest rates; earlier they had thought a June move was more likely. And they now see the Fed delivering a total of three quarter-point interest rate cuts by yearend, one fewer than previously.

Shortly after the report, Mr. Trump reiterated his own call for the Fed to lower rates.

Fed policymakers, who say it will be the economy’s needs, not the president’s desires, that will dictate their moves, want to be sure that inflation won’t resurge. They have signaled that to do so they’ll keep the policy rate in the current 4.25%-4.5% range, as long as the job market doesn’t crumble.

Last week, the BTr raised P25 billion as planned from the T-bills it auctioned off as total bids reached P80.265 billion or more than thrice the amount on offer.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills as tenders for the tenor reached P22.025 billion. The three-month paper was quoted at an average rate of 5.546%, steady from the previous auction. Tenders accepted by the BTr carried yields of 5.494% to 5.608%.

The government likewise made a full P8-billion award of the 182-day securities as bids for the paper amounted to P29.21 billion. The average rate of the six-month T-bill went up by 2 bps week on week to 5.655%, with accepted rates ranging from 5.6% to 5.684%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P29.03 billion. The average rate of the one-year T-bill inched down by 0.3 bp to 5.688%, with bids accepted having yields of 5.684% to 5.7%.

Meanwhile, the T-bonds to be offered on Tuesday were last auctioned off on March 11, where the government raised P30 billion as planned at an average rate of 6.143%, lower than the 6.75% coupon.

The Treasury plans to raise P260 billion from the domestic market this month, or P100 billion via T-bills and P160 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

Auto Shanghai 2025: Jetour-ing beyond roads

Jetour International President Ke Chuandeng with the G700 at Auto Shanghai — PHOTO FROM JETOUR

Chinese brand ventures into ‘luxury hybrid off-road’ segment

AT A JETOUR convention in Fuzhou, China last November, Jetour International President Ke Chuandeng told members of the media (with “Velocity” in attendance) that the brand’s aspiration is to be to China what Land Rover is to the United Kingdom, and what Jeep is to the United States. Of course, the aforementioned brands are off-road specialists which have built a reputation for an ability to go where the pavement ends.

To be sure, the releases rolling out or are set to emerge from the Jetour production lines are certainly looking to give credence to this declaration of intent. Following the T2 and T1 off-roaders (with the latter slated for launch in the Philippines in September, according to Jetour Auto Philippines, Inc. Managing Director Miguelito Jose), Jetour took advantage of the recent Auto Shanghai 2025 state to feature its new, so-called GAIA Intelligent Off-Road Architecture, expressed in two hulking off-roaders in the G700 and G900.

In a release, Jetour said it is among the “fastest-growing automotive startup brands globally,” with sales of over 560,000 units in 2024 — translating to a huge 80.3% jump year-on-year. The brand is now present in 67 countries and regions, boasting a network of “over 2,000” sales and service outlets.

With the reveal of the G700 and G900, Jetour is opening the third “era” of its journey, with the first defined by “family-focused” releases such as the X70, X90, and Dashing; the second was the “off-road” era as evidenced by the T1 and T2.

So, what does the “3.0 era” mean? For Jetour, it means “signaling deeper investment in off-road technology and a clear shift toward hybridization, intelligence, and premium in off-road mobility.”

Through GAIA, Jetour now presents two “advanced power systems.” The iDM-O Super Hybrid System, upon which the G700 is built, is designed for “high-efficiency off-road performance,” said to deliver strong power while being mindful of fuel economy. Meanwhile, the iEM-O Amphibious Range Extender System is claimed to be able to provide “tank-level propulsion with up to 18,000Nm of wheel torque and 2,500Nm of thrust, enabling seamless driving across both land and water.” Yes, you read that right: water. The Jetour G900 is fitted with a vector quad-motor drivetrain and “marine-grade navigation,” to go along with an “intelligent oxygen cabin,” smart cockpit, and “seamless connectivity.”

Back to the Jetour G700, it is positioned as a premium all-terrain SUV and will get a “groundbreaking 2.0TD engine with an industry-leading 45.5% thermal efficiency.” It receives the world’s first dual-speed hybrid DHT system, said the company, and is expected to deliver up to 210kW of power and 6,446Nm of wheel torque.

The GAIA platform promises adjustable suspension travel of up to 150mm and a maximum ground clearance of 350mm. “Capabilities include tank-turning, crab-walk mode, and integrated marine-grade functions for full amphibious performance. Further enhancing the platform are six core innovations: low-orbit satellite communication, onboard oxygen generation, an immersive AI-powered cockpit, advanced terrain navigation and parking assistance, vehicle-cloud integration, and continuous intelligent system upgrades via over-the-air updates,” reported Jetour.

If it all sounds very incredible and fantastic, well, that seems to be the goal for Jetour brass: to impress and get the attention of a market that has never before seen such a glut of brands. “GAIA is more than an architecture — it’s the cornerstone of Jetour’s vision for the future of intelligent off-road mobility,” said Mr. Chuandeng. “With GAIA, Jetour is redefining what off-road vehicles can achieve — delivering not only extreme performance but a smarter, safer, and more sustainable way to explore the world.”

Our dispatch from Shanghai continues next week.

Five things to consider when voting: The health and nutrition edition

The Philippines 2025 midterm elections will be held on May 12. On that day, Filipinos will elect senators, district representatives, party-list representatives, and local government officials. With tens of thousands of candidates vying for 18,320 elective positions to be voted for this year, voters are challenged to choose the right candidates.

The recent survey of the Social Weather Stations shows that a top issue among voters is health. Ninety percent of the voters “will vote for a candidate who will advocate… strengthening the healthcare system.”

The politicians should be aware of this. To garner votes, politicians appeal to the aspirations — or desperation — of Filipinos for freedom from poverty and destitution. This is why politicians make promises on giving prosperity by providing social services and distributing taxpayer-funded ayuda (assistance).

However, band-aid solutions do not eradicate poverty. Poverty must be addressed in all its dimensions, including malnutrition that traps families in poverty. This situation breeds dependence on dole-outs that serve as vehicles for patronage politics.

Here are five things we should consider when choosing who to vote for in the midterm elections this May. Let’s call this the health and nutrition edition of who to vote for.

This is a challenge and a call to Filipinos to examine the candidates’ platforms, and for reelectionists, their track record in terms of lasting impact on the nation’s development.

1. Dapat may alam (someone knowledgeable): recognizing the triple burden of malnutrition.

The Philippines is facing a triple burden of malnutrition. Different forms of malnutrition, such as undernutrition, overnutrition, and micronutrient deficiency, afflict millions of Filipinos. Annually, the country loses a staggering P496 billion to malnutrition — or a daily loss of P1.36 billion.

Undernutrition may be acute (also known as wasting or being thin) or chronic (also known as stunting or being short for age). Wasting, stunting, and micronutrient deficiency may co-exist in a single individual.

Across age groups, a common paradoxical trend is emerging: the slowly declining prevalence of undernutrition is being met with the rapidly rising incidence/prevalence of overnutrition. While we are gradually addressing stunting, wasting and vitamin- and mineral-deficient diets, we are faced with ballooning cases of an equally concerning form of malnutrition — an epidemic of overweight and obesity.

Amid this triple burden of malnutrition, children under five stand to be the most severely affected. This age group encompasses the first 1,000 days of life, from the point of conception until a child’s second birthday.

The first 1,000 days form a critical period of development, which, if compromised, may lead to irreversible injury and insult. Harsh early environments in the womb may manifest as low birth weight, and via “intrauterine programming,” as serious health problems later in life, e.g., the “metabolic syndrome,” an overlap syndrome of overweight/obesity, diabetes, and cardiovascular disorders.

The impact is not just over the lifetime of one child, but is intergenerational. Picture a pregnant teenager. She needs an adequate diet for her own growth, plus the needs of her developing fetus — and yet, she is likely subsisting on instant noodles, junk food, and soft drinks that are high in salt, trans fat, and sugars. She is probably consuming excess sugars and carbohydrates, but not enough building blocks — protein and healthy fats — for growth and development of her fetus’ organs, including the brain.

To make things worse, she may be consuming alcohol, vaping or smoking. A teenage adolescent is more likely to conceal her pregnancy and not seek prenatal care early. Without guidance and because of her unhealthy diet, she is at a higher risk of developing hypertensive disorders of pregnancy and gestational diabetes, her pelvis may be narrow and thus if her baby is a big baby, she runs a higher risk of having to deliver via cesarean section. Her low birthweight offspring now becomes one of the future generations of nutritionally at-risk children.

We need more champions in government who will raise awareness about the triple burden of malnutrition, with a strong understanding of the importance and urgency of investing in the right nutrition, especially in the first 1,000 days of life.

2. Dapat may pakialam (someone who cares): Championing urgent and sustainable solutions

The country’s malnutrition problem is not a new topic. And yet we have seen minimal progress and are off-track in achieving our nutrition targets, especially in curbing overnutrition among all age groups.

We have been underinvesting in nutrition. Figure 2 illustrates the funds for nutrition-specific programs that make up an insignificant portion of the national budget, hardly even visible in the graph below.

Malnutrition fuels broader health crises — particularly the rise of non-communicable diseases (NCDs). In 2024, Philippines Statistics Authority (PSA) data showed that NCDs remained as the leading causes of death among Filipinos, with ischemic heart disease being the top cause and diabetes ranking fourth. Annually, the country loses P756.5 billion to NCDs, according to the World Health Organization.

Our leaders should be proactive in crafting and implementing sound and sustainable solutions.

3. Hindi nagmumudmod ng ayuda (does not distribute assistance): Rejecting patronage politics that breeds pagmamakaawa (begging) and utang na loob (debt of gratitude), to allow citizens to claim their inalienable right to health.

NCDs are chronic and costly to treat, often leading to medical expenses that can last a lifetime.

According to PSA data on health spending, the Philippines spent P728 billion on NCDs alone. The largest portion (44.4%) came from the pockets of Filipino people. That is an estimated P323.2 billion worth of health expenditure — a sum equivalent to the entire national health budget for one fiscal year.

Hence, the Universal Health Care (UHC) Act established the role of the Philippine Health Insurance Corp. (PhilHealth) as the key purchaser of health services.

This mandate is funded by premium contributions from PhilHealth members, along with earmarked revenues from sweetened beverage (SB) and tobacco taxation.

Even if out-of-pocket healthcare expenses remain high, the Department of Finance ordered the transfer of P89.9 billion of PhilHealth funds to the National Treasury in 2024. To make matters worse, Congress inflated the budget for the Medical Assistance to Indigents and Financially Incapacitated Patients (MAIFIP) program, a band-aid medical ayuda scheme which forces patients to beg for aid, rather than strengthen an institution that ensures dignified healthcare financing.

Enough with the utang na loob mentality that fuels the ayuda politics of traditional politicians or trapos. The healthcare assistance we receive is not a favor — it is funded by our taxes, paid with our hard-earned money.

4. Walang utang na loob na pagbabayaran (no debts to gratitude to be paid): Scrutinize candidates’ campaign backers and vote for those who cannot be bought.

Good governance rejects the scheme of trapos that breeds utang na loob. This applies not only to patronage-driven politics but also to the influence of campaign funders.

The danger of politicians being backed by industry players is that they will distort policies to favor the industry backers — evident early this year when the House railroaded House Bill 11360, branded by civil society as the “Sin Tax Sabotage Bill.” HB 11360 proposes to reduce excise taxes on tobacco. Its proponents, mainly identified with tobacco interests, make the false claim that lowering taxes will curb smuggling. The true beneficiaries of this bill reducing tobacco taxes, however, are tobacco companies, which stand to profit at the expense of public health.

The Sin Tax Reforms have significantly reduced smoking prevalence — from 28.3% of adults smoking in 2009 to 19.5% in 2021. The proposed “Sin Tax Sabotage Bill” threatens to reverse these gains — if passed, it is projected to result in almost 2 million new smokers by 2030, according to Action for Economic Reforms.

We must reject the pro-tobacco bill. Its passage can likewise lead to undermining sweetened beverage and alcohol taxes, the very taxes that fund UHC.

5. ’Yung may plano (someone with a plan): check for clear and concrete Local Nutrition Action Plans

Concretely, we ask: What are their programs, projects, and activities that serve the Local Nutrition Action Plan (LNAP)? Do they undertake participatory approaches, not merely tokenistic approaches?

On Election Day, consider voting for candidates who will champion health and nutrition. The five things to guide our vote  — dapat may alam; dapat may pakialam; hindi nagmumudmod ng ayuda; walang utang na loob na pagbabayaran; ’yung may plano — apply not only to the vote for health and nutrition. They apply to how we must vote in general.

 

Ma. Dhelyn Dela Cruz and Rosheic Sims are researchers for the fiscal and health policy team of Action for Economic Reforms (AER). Maria Asuncion Silvestre, M.D. is a World Health Assembly Laureate (2023), recipient of the United Arab Emirates Health Foundation Prize, and the founding president of Kalusugan ng Mag-Ina (KMI).

New faces at Bench Design Awards

BENCH FASHION WEEK and its culminating fashion show, the Bench Design Awards, celebrated a lot of new faces during the last weekend of April: refreshing in a city that can be stubborn.

For example, Day 1 saw the rather indie collection of Maligaya Clothing Co., which showed various outfits in crochet lace. Model, now designer Ria Bolivar showed off a similar collection, albeit with more sizzle and sex, through a crochet collection called Reveri.

Even Human, sister branch to Ben Chan’s Suyen Corporation’s Bench, presented a more indie slant: the streetwear brand decorated its offerings with the work of Filipino autism advocate and artist Vico Cham (himself on the autism spectrum). The artwork made the outfits more exciting: while Human presented looks that were more preppy than punk, this preppy had a stint in art school.

Mr. Chan himself judged the Bench Design Awards on April 27. The awards recognize new talent, and three winners will be given trips to Japan — because they will show their collections at Tokyo Fashion Week in the fall.

Mr. Chan, chairing Suyen Corp., judged the collections (12 designers presenting eight pieces each) with Kaoru Imajo, director of the Japan Fashion Week Organization; Mihara Yasuhiro, designer of Maison Miharayasuhiro; fashion stylist Michael Salientes; and renowned designers Dennis Lustico and Joey Samson.

Stephany Verano opened the show with a collection based on the clothes worn by fisherfolk in cold climates: this meant winklepicker boots, waterproof and quilted jumpsuits, and outfits of net with fishing floats and lures. Ms. Verano took home one of the top prizes.

Some of the collections this writer liked were by Andre Plaus, who used a knitting machine found at a surplus store to create very bright neon knit jumpsuits reminiscent of 1980s kiddy show costumes. Marc Carcillar made a collection inspired by his having a twin (the opening outfits were identical playsuits worn by two male models, bonded together by an “umbilical cord” of linen emerging from one sleeve to the other). The rest of the collection seems almost cozy, with just a touch of squalor gained from dyeing the clothes with metal rust. Gil Salazar made a really great effort with recycled plastics and foils; some of the trash paid tribute to their origins (one skirt looked like cigarette filters over a wispy tulle skirt).

Ms. Verano shares her win with Karl Nadales and Peter Gagula (behind the brand Peach Garde; the designer won the top prize for Bench-backed Ternocon earlier this year).

Mr. Nadales showed off unfinished outfits (one such outfit had a frayed semicircular hole). When there are parts that are unfinished, it makes it up with the masterful draping in other parts of the outfit. “I love dissecting garments,” said Mr. Nadales.

Meanwhile, Mr. Gagula showed off his mastery of movement and technique, taking inspiration from jellyfish (according to a video shown before the show). Panels on outfits, in spare blue and white, move slowly, almost like they were mechanically timed, along with the model, recalling a jellyfish floating in water. In an interview with BusinessWorld, the designer, who once had to quit nursing school to work in retail due to financial difficulties, said, “I’m so very grateful.

“I’m not really good with design, honestly — I’m just into quality handcrafting,” he said, humbly. — Joseph L. Garcia

Meralco awaits Senate action on proposed nuclear regulatory body

FREEPIK

MANILA ELECTRIC Co. (Meralco) is hopeful that the bill seeking to establish an independent nuclear energy regulatory body will secure Senate approval when the session resumes in June, according to a top executive.

“Hopefully, the nuclear PhilATOM bill will be passed by the Senate by June, as any delay in the enactment of the bill would definitely cause a major backlog in terms of hitting that target,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said during a briefing on April 28.

PhilATOM refers to the proposed Philippine Atomic Energy Regulatory Authority, which will have regulatory control over all sources of ionizing radiation, including nuclear and radioactive materials and radiation devices.

Under the Philippine nuclear energy roadmap, the government aims for at least 1,200 megawatts (MW) of nuclear energy capacity by 2032, scaling up to 2,400 MW by 2040 and 4,800 MW by 2050.

By 2025, the necessary laws regarding the nuclear legal and regulatory framework are expected to be in place.

The House of Representatives approved House Bill No. 9293 in November 2023, which seeks to establish the country’s atomic energy regulatory authority and provide a comprehensive legal framework for nuclear safety, security, and safeguards in the peaceful use of nuclear energy.

The Senate began reviewing Senate Bill No. 2498, or the proposed Philippine National Nuclear Energy Safety Act, last year.

Congress is currently on a four-month break for the midterm elections and is scheduled for a two-week session in June.

Mr. Aperocho said the Philippines may be running out of time to integrate 1,200 MW of nuclear energy capacity into the country’s power supply mix by 2032, as it would take years to build a plant.

“Of course, building a power plant in the Philippines, public acceptance will be an issue. And, of course, we need to find a place to build it in a way that manages stakeholders… The government is a big partner, a major stakeholder. That’s where we are,” he said.

“Without the PhilATOM bill, I think all we could do is conduct feasibility studies and train our people,” he added.

Last month, Meralco signed a two-year memorandum of cooperation with state-controlled French multinational electric utility company Electricité de France SA to explore the potential deployment of nuclear energy in the Philippines.

The companies will undertake a feasibility study focused on site activities, power system integration, and the economic viability of nuclear energy in the country’s energy mix.

Meralco has been disclosing plans to explore the deployment of small modular reactors (SMRs) through partnerships with foreign firms. 

“Well, building thousands of megawatts of a conventional power plant is a major challenge, but at Meralco, we are keen on deploying SMRs,” Mr. Aperocho said.

He mentioned that the company is monitoring the ongoing construction of the first-of-a-kind SMR in Romania to follow suit.

“We leave it up to the Department of Energy (DoE) to decide how we can build an SMR. There have been discussions already, but we leave it up to the DoE to take the lead on the first-of-a-kind SMR,” he said.

SMRs are smaller than traditional nuclear power plants, which typically generate up to 450 MW.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.

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

1...256257258...12,866Page 257 of 12,866
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube