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Volkswagen Tharu: Return to form

Powered by a turbocharged 1.5-liter mill, the VW Tharu comes in two variants, priced from P1.808 million. — PHOTO BY DYLAN AFUANG

Like a true Volkswagen, the Tharu is comfortable and classy

By Dylan Afuang

A GROUP of young boys — about five or six years of age and living in the Chosen Children Village — giddily flocked to our Volkswagen Tharu SEL press cars, and exclaimed oohs and aahs upon seeing the cars’ shiny paint and fancy cabins.

Following the fairly recent local introduction of the Tharu, the press sampled the model through a day trip from Manila to Cavite. We rode and drove the capable and comfortable Tharu along highways and byways. We also visited and donated goods to the aforementioned small community that cares for orphaned boys and girls with special needs.

Based on initial favorable impressions from us and the children, things are looking good for Volkswagen’s global crossover model. The vehicle finely justifies its price premium over its Japanese and Chinese contemporaries in the local compact crossover sector. It also quite proves that global VWs possess excellent quality, like any other offering from the brand.

Volkswagen Philippines, operated by the Ayala-led AC Motors, sources the local-market Tharu units from China — where the model was developed and is being currently retailed as well. Alongside the T-Cross, the company sells the Tharu in 300 TSI DSG SE (P1.808 million) and 300 TSI DSG SEL (P1.945 million) variants.

The compact Tharu slots above the subcompact T-Cross and alongside the Tiguan in the German car maker’s global portfolio. Like the former, Volkswagen retails the Tharu outside European markets. Aside from China, the Tharu is also made in Brazil and is sold in North and South America, and Russia where it bears the Taos name.

The Tharu’s European connection and premium quality is most apparent in how it rides and drives.

The ride remains unperturbed even when the car is driven spiritedly or over road imperfections. Outside and engine noise barely permeates into the cabin. Like many German vehicles, this car’s ride and handling dynamics feel buttoned-down and the cabin gives an impression of solidity.

Both the SE and SEL are powered by a turbocharged 1.5-liter, four-cylinder engine dishing out 160ps and 250Nm. This is paired to a seven-speed DSG, dual-clutch transmission that drives the front wheels. Similar to a few products from the VW Group, the engine performs strongly and effortlessly and the transmission seamlessly swaps one gear for another.

The vehicle has more attractive attributes. With crisp body lines and a wide grille that blends into the IQ Light LED headlamps, the crossover’s exterior is certainly reminiscent of the much-admired, European-centric Volkswagen models sold here in the past.

The car also sports 18-inch alloy wheels with a split-spoke design, and at the rear, an illuminated VW badge and LED tail light assembly that spans the vehicle’s width — design details that are influenced by Volkswagen’s ID battery electric vehicles.

As VW Philippines Chief Operating Officer Joshua Altarejos explained before, the Tharu’s styling previews the brand’s BEVs that the company could introduce here in the near future.

Moving inside, shutting the doors is accompanied by a solid thunk, a sound we recall hearing in past VWs. The quality and feel of the materials on the leather seats, dashboard, and door panels are also comparable to those found in more German premium marques. A moonroof adds to the premium ambience.

Steering wheel and climate controls are of the touch-sensitive type, and most of the vehicle’s wealth of tech is accessed through the 12-inch center screen. Physical buttons may trump these for user-friendliness, but at least there’s generous space for the crossover’s five passengers. Cargo space is expansive, too, measuring from 455 to 1,543 liters.

Truly, the Tharu is capable, classy, and lives up to its badge. But would local consumers, who have a strong affinity for seven-seat vehicles, choose the five-seat Tharu over three-rowed alternatives of similar price? That remains to be seen.

Yields on gov’t debt track US Treasuries

YIELDS on government securities (GS) rose across the board last week amid higher US rates due to expectations of delayed policy easing by the US Federal Reserve.

GS yields, which move opposite to prices, went up by an average of 4.06 basis points (bps) week on week at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates as of Feb. 23 published on the Philippine Dealing System’s website.

At the short end, yields on the 91-, 182-, and 164-day Treasury bills (T-bills) went up by 5.22 bps (to 5.6226%), 4.48 bps (5.9045%), and 5.32 bps (6.1323%), respectively.

At the belly, the rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) increased by 7.29 bps (to 6.1316%), 4.6 bps (6.1638%), 2.8 bps (6.1946%), 2.51 bps (6.2228%), and 3.77 bps (6.2614%), respectively.

At the long end, the 10-, 20-, and 25-year papers climbed by 0.55 bp, 4.24 bps, and 3.86 bps to yield 6.2634%, 6.3995%, and 6.3994%, respectively.

GS volume traded stood at P17.97 billion on Friday, up from P4.24 billion on Feb. 16.

Local GS rates rose to track the increase in US Treasury yields, Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila, said in an e-mail.

“Local bond markets continue to take their cue from developments in the US Treasury market. With the Fed signaling it won’t be cutting rates soon, accompanied by some robust US economic data, local bonds have tracked their move,” Mr. Mapa said.

“Movement was mainly influenced by mostly elevated global yields following the reaction to higher price data from the US,” a bond trader likewise said in a Viber message.

The benchmark 10-year Treasury yield, which moves inversely to bond prices, hit 4.35% earlier last week, its highest level since late November, Reuters reported.

While optimism on earnings and the economy has helped stocks shrug off the climb in yields, this could change if inflation data keeps coming in stickier than expected, forcing the Fed to further delay rate cuts.

An inflation test arrives Thursday, with the release of January’s personal consumption expenditures (PCE) price index, which the Fed tracks for its inflation targets. On a monthly basis, the PCE index is expected to increase 0.3%, according to a Reuters poll of economists, up from a 0.2% rise the prior month.

The combination of strong growth and inflation not yet slowing to the Fed’s 2% target has led Fed officials to push back on rate cut expectations.

Fed funds futures show a 52.3% chance of a cut in June, with a 34.7% probability of no cut, a sharp reversal from bets on Feb. 1 of a 62% chance of a cut in March, according to CME Group’s FedWatch Tool.

The Bangko Sentral ng Pilipinas (BSP) is also unlikely to cut before the Fed does, which also affected local yield movements, Mr. Mapa said.

“They will likely mirror what the Fed will do and keep an outlook of elevated interest rates for the moment to maintain the interest rate differential and prevent the peso from depreciating,” the bond trader said.

GS yields rose due to the government’s retail Treasury bond (RTB) offering, Mr. Mapa added.

“Demand for other bonds may have also been impacted by the RTB issuance… Expect demand for the RTB to soak up market liquidity until settlement,” he said.

The government raised P584.86 billion from its offer of five-year retail bonds that ended on Friday, the Bureau of the Treasury (BTr) said in a statement over the weekend.

Of the total, P212.72 billion was awarded at the rate-setting auction for the RTBs held on Feb. 13.

An additional P372.14 billion was raised during the nine-day public offer period, with P128.69 billion of this being new money and P243.45 billion coming from the bond exchange component of the offering.

The BTr will issue the bonds on Feb. 28, Wednesday. The papers carry a coupon rate of 6.25%.

For this week, GS yields may continue to move sideways as the market waits for leads, the bond trader said.

“Traders will remain defensive for the moment and rallies will be short-lived as the market waits for a clear shift in the BSP’s outlook,” the trader said. — BTMG with Reuters

Seizing growth opportunities amidst challenges

Photo from rawpixel.com on Freepik

By Mhicole A. Moral, Special Features and Content Writer

The Philippine real estate market has been grappling with several challenges for the past years, especially due to the lingering impact of the COVID-19 pandemic. Property developers have been particularly affected by the slowdown in the market, which has resulted in a decrease in demand and sales.

Unfortunately, the uncertainties brought about by the health crisis have led to cautious consumer behavior, affecting their purchasing decisions. According to Colliers International Philippines, the prices for many residential properties, especially condominiums, were lower by nearly 4% in 2022 when adjusted for inflation.

Despite the challenges faced by the real estate market in the Philippines, experts predict that it will recover in the coming years. Colliers International Philippines has forecast that the market will experience a stronger pace of recovery in 2024. The growth will be driven by sustained macroeconomic growth and the implementation of sound economic policies.

Executives from some of the country’s leading developers also share similar outlooks.

“The pandemic has heavily changed consumer needs and preferences. However, we are also seeing that consumer needs and preferences are again changing because we are all going back to our normal lives. This also becomes an opportunity for developers to adapt quickly and be the first mover in the market,” Stephanie Anne Go, assistant vice-president and head of Business Development and Design at RLC Residences, said in an e-mail to BusinessWorld.

Rafael Fernandez de Mesa, head of Aboitiz InfraCapital Economic Estates, president of LIMA Land Inc., and president of Cebu Industrial Park Developers, Inc., has emphasized the growth in the industrial real estate landscape, driven by the government’s initiatives to attract foreign direct investments, including tax incentives and streamlined regulations. This has led to a surge in interest, particularly from the region from places such as Japan, China, South Korea, and Taiwan.

“The demand for premium industrial spaces offers a lucrative opportunity for forward-thinking developers. At Aboitiz InfraCapital Economic Estates, we are strategically positioned to seize this growing demand,” Mr. Fernandez de Mesa added.

The latest data and analyses from KMC Savills’ Research and Consultancy have revealed that lease rates for Metro Manila offices have stabilized post-pandemic. The average lease rate is now P858 per square meter (sq.m.), which is 6.7% lower than pre-pandemic rates.

According to the data, the upcoming office completions this year are expected to stimulate leasing activities. While demand is projected to remain strong in 2024, an increase in vacancy rates is anticipated due to multiple office building completions throughout the year.

Furthermore, Bonifacio Global City (BGC) remains the top choice for prime buildings in Metro Manila, with over 2 million sq.m. of office space available. Noteworthy transactions during the last quarter of 2023, particularly in Makati, have maintained high occupancy rates, demonstrating the competitiveness of the office landscape.

Therefore, despite economic uncertainties and global disruptions, the industry has continued to evolve, demonstrating its ability to adapt to changing landscapes and contribute significantly to the country’s economic growth.

Digitized, sustainable industry

Furthermore, digital transformation has influenced Philippine real estate as developers are leveraging technology to streamline processes, enhance customer experiences, and enhance security more effectively. Virtual tours, online transactions, and the like have become integral components of the industry, enabling stakeholders to adapt to the changing demands of the market.

Mr. Fernandez de Mesa explained, “We recognize the substantial potential of proptech and digitization in boosting transparency and efficiency. Online platforms and automated processes contribute to smoother and faster transactions, offering benefits to both investors and locators. Moreover, this technological integration enhances operational excellence by leveraging data-driven insights to optimize resource allocation, improve maintenance practices, and ensure the overall well-being of our estates. Additionally, proptech fosters a more connected and responsive community, allowing residents and locators to access information, request services, and interact seamlessly with us through digital channels.”

“In our forward-looking approach, we are steadfast in our commitment to pushing boundaries by seamlessly integrating cutting-edge technologies such as artificial intelligence and the Internet of Things (IoT) into our estates. Our overarching vision is to craft world-class smart communities that not only address the needs of businesses but also elevate the overall quality of life for every individual residing, working, and engaging within these dynamic environments,” he added.

The country’s real estate sector has also shifted towards sustainable and eco-friendly practices, with developers incorporating green building technologies, energy-efficient designs, and eco-conscious urban planning to reduce environmental impact.

For RLC Residences, developers in the country are now recognizing the demand for environmentally friendly and energy-efficient living spaces. One noteworthy initiative by developers to assure homebuyers of the sustainability of their projects is the adoption of EDGE (Excellence in Design for Greater Efficiencies) certification.

“To ensure our future homeowners that they are buying and living in a sustainable building, we are applying for EDGE certification across all our new projects. However, it is the responsibility of the developers to create sustainable projects that are practical and functional and not just some concept on paper,” Ms. Go explained.

Furthermore, Mr. Fernandez de Mesa underscored Aboitiz InfraCapital’s unwavering commitment to sustainability. A notable achievement in this regard is the 5-Star BERDE District Certification bestowed upon LIMA Estate in Batangas by the Philippine Green Building Council. This distinctive accolade positions LIMA Estate as the first and sole industrial development in the country to receive the distinction.

Aboitiz InfraCapital recognizes the shared commitment to sustainability among its esteemed locators. Emphasizing the significance of Environmental, Social, and Governance (ESG) criteria, the company applauds the vigilance of its partners in monitoring their ESG scorecards.

“We acknowledge that sustainability is not merely a passing trend but a fundamental responsibility. By embodying these values, we not only meet the expectations of our locators but also attract businesses that share our commitment to sustainability and responsible operations,” stated Mr. Fernandez de Mesa.

Investment prospects

Regarding investing in real estate, investors are advised to exercise caution and stay vigilant regarding potential risks associated with economic fluctuations and regulatory changes. Economic conditions can also impact property values, demand, and overall investment viability. According to KMC Savills, investors should keep an eye on the market segments that are showing security, such as the office market, retail, and the hospitality sector.

However, the consulting firm warns of a potential saturation of the mid-end residential market, which could decrease demand and prices. Additionally, a mismatch between demand and supply in the industrial market could lead to oversupply and a decrease in prices.

Despite potential risks, Mr. Fernandez de Mesa highlighted that the country stands as one of the top-performing economies in the region, boasting robust economic performance.

“This is coupled with ongoing infrastructure development projects and government initiatives focused on enhancing the ease of doing business, collectively creating an exceptionally favorable investment environment,” remarked Mr. Fernandez de Mesa.

Furthermore, KMC Savills has predicted that two emerging markets are poised for significant growth this year. These markets are renewable energy and data centers, both of which are currently in their early stages.

“At Aboitiz InfraCapital, we proactively align ourselves with these trends,” emphasized Mr. Fernandez de Mesa. “We seamlessly integrate sustainability and smart city technology into our Economic Estates, addressing present requirements while anticipating future industry demands. Through our strategically developed estates, we provide businesses with an environment that is not only attractive but also future-proof, further solidifying the Philippines’ position as a leading and resilient investment hub in the region.”

“Property buyers are more discerning and more critical of their investments now. This means developers will be challenged to be more creative in their concepts and designs. But more importantly, it is critical for developers to not just deliver quality homes but also delightful experiences to homeowners,” Ms. Go said.

The Dirty Ashtray Award

ALEXAS FOTOS-UNSPLASH

The “Dirty Ashtray Award,” as described by a caption in a photo release (Feb. 21, 2024) from the Senate of the Philippines, is “notorious,” and it is “a well-known publicly recognized award to call out those influenced by lobbying from the tobacco industry.” This notorious award is given by the Global Alliance for Tobacco Control to a government whose “public officials succumb to” the lobbying of the tobacco industry, “or when the government accepts, supports, or endorses policies or legislation in collaboration with the tobacco industry.”

The giving of the “Dirty Ashtray Award” happens during the Conference of Parties (COP) of the World Health Organization (WHO) Framework Convention on Tobacco Control (FCTC). In the recent 10th COP held in Panama in the first half of February, the Philippine government became a recipient of the Dirty Ashtray award.

The Philippine government wanted to avoid receiving this award. Senior Deputy Executive Secretary Hubert Guevara, the head of the Philippine delegation to the COP10, “expressed shock at receiving the ‘Dirty Ashtray’ Award.” (From an Inquirer story, Feb. 23, 2024.)

The problem, however, was that the Philippine government set itself up to become a recipient of the Dirty Ashtray Award. Even before the COP10 commenced, the tobacco industry propaganda machine had been at work to discredit the Dirty Ashtray Award. A columnist called the Dirty Ashtray Award an “absurdity at its worst.”

In the same vein, this columnist argues that her and the tobacco industry’s concept of harm reduction through the shift from manufactured tobacco products to electronic cigarettes is being dismissed by the WHO-FCTC. It is her argument that is absurd and disingenuous. How can novel products like electronic cigarettes be a harm reduction tool when they are being sold and promoted to the youth, when they are being targeted to initiate non-smokers into smoking these new products?

And to avert a backlash from the Philippine government’s becoming a recipient of the Dirty Ashtray Award, the Philippine delegation framed its strategy as a “balanced approach,” meant to balance health and tobacco interests. Again, this is absurd, for tobacco kills, and therefore cannot be compatible with health interests.

Being an organization that has championed tobacco tax reforms and has supported previous administrations in securing a series of significant tobacco laws, Action for Economic Reforms (AER) is most disturbed over the Philippines’ receiving a “Dirty Ashtray Award” during the 10th COP of the WHO FCTC.

It is supremely ironic that the Philippines, which the international community has admired for being a global model in advancing tobacco taxation (a pillar of the FCTC’s strategy), has been treated as a party favoring tobacco interests and obstructing measures to further strengthen the Framework Convention. It is an irony that the Philippines, which has dramatically reduced smoking prevalence thanks to higher tobacco taxes, would be shamed in an international conference on tobacco control because of the contradictory actions and statements taken by some officials of the Philippine delegation.

Rather than championing public health and capitalizing on the gains that we have made on tobacco control which the international community has recognized and appreciated, some voices from the Philippine delegation acted as spokesmen for the tobacco industry. Note that the Philippine delegation attended a WHO conference on tobacco control, not an activity about tobacco promotion.

The actuations of the Philippine delegation also did harm to the current effort of the administration to burnish the Philippines’ international image to attract more investments. Receiving the Dirty Ashtray tarnishes our reputation. It is not just the civil society attendees, but, more importantly the senior representatives of governments all over the world, that witnessed the embarrassing, if not shameful, behavior of leading members of the Philippine delegation.

It is in this light that we value the privilege speech delivered by Senator Pia Cayetano, expressing her concern over the Philippines once again being the recipient of the Dirty Ashtray. In the same vein, we welcome and appreciate the Senate public hearing to conduct an inquiry into this matter.

We wish to make the following recommendations to avoid a repeat of the embarrassment that the Philippines suffered.

First, the Philippine government must always consider that the overriding concern and framework for our participation in the FCTC, in other WHO activities, and similar multilateral international hearings is public health. Tobacco control is essentially about public health. It is a great disservice for the Philippine delegation to compromise the public health framework and objectives by accommodating the interests of the tobacco industry.

A “balanced approach,” that the Philippine delegation promoted during the COP10 was but to cover or candy coat tobacco industry interests. Our government delegates to FCTC and similar conventions or summits must be made accountable to advancing and defending public health. The FCTC is not the place for the government delegation to attempt to balance health and competing commercial or (for-profit) interests.

Second, given that the FCTC is about health promotion, the Philippine delegation must be led by the Secretary of Health. Other members of the delegation must take their cues from the Department of Health on FCTC issues.

We note the unambiguous manifestation of the DoH delivered during the Senate public hearing to inquire into the issues revolving around the Dirty Ashtray Award:

“It is undisputed that tobacco kills. As the national technical authority on health, the DoH serves as the key executive government agency for promoting tobacco control in the country. The DoH hopes to lead country delegations to the COP of WHO FCTC and be granted the privilege of formulating a healthy national position on COP agenda items.”

We could have spared the Philippine delegation from controversy and shame if the Health Secretary or his designated representative had taken the lead to assert the health mandate. We could have spared the delegation head, Senior Deputy Executive Secretary Guevara, from embarrassment. To quote him: “I deeply apologize if this has brought embarrassment to you and to other countrymen who felt the same way.”

It is likewise disconcerting that the Philippine delegation to FCTC COP10 had several co-heads. Too many cooks spoil the broth. To repeat for emphasis, the Secretary of Health must be in command for the FCTC and similar functions.

The public must likewise know how members of the delegation are selected. As a case in point, we ask: How come a member of the House of Representatives (HOR) associated with the tobacco industry was selected to be a co-head of the delegation? Worse, this Congressman and other members of the delegation contradicted the DoH’s position on key issues.

Third, the Senate should inquire into tobacco industry interference, which the FCTC is empathically against. Some members of the Philippine delegation merely echoed the tobacco industry position (for example, a distorted concept of harm reduction).

A pattern can likewise be established that there is a globally coordinated effort to undermine FCTC objectives, using the Philippine delegation as a pawn. Several news articles were published before, during, and after the COP10 that propagated the tobacco industry line. Worse, there are instances that these stories quote statements from government officials when such statements do not reflect the position of the Philippine delegation.

And as mentioned earlier, the tobacco industry and its apologists had anticipated that the Philippines would receive the Dirty Ashtray Award. This would suggest that they knew beforehand that the Philippine position would contradict the positions and expectations of the global tobacco-control community. Thus, their propaganda tactics included disparaging and ridiculing the Dirty Ashtray Award.

To quote Senator Pia Cayetano, “If any of you here are in bed with the tobacco industry, that is a crime. And this committee will not stand for it. By not acting on your job, you are committing a crime. So, work with me, so we can protect the children of this country.”

Fourth, the Philippine government must insist on the correct definition and practice of harm reduction, an issue that dominated the COP10. The industry is branding or packaging the selling of electronic nicotine and non-nicotine devices (ENNDS) as harm reduction. It is far from being a harm reduction strategy, for such devices are being marketed to non-smokers, especially the youth.

We wish we did not receive the Dirty Ashtray Award. It should not have happened, and we should have been the toast of the world for our dramatic gains in tobacco taxation and reduction of tobacco smoking. Sadly, members of the Philippine delegation became the villains, dragging down with them the country’s reputation.

 

Filomeno S. Sta. Ana III is the executive director of Action for Economic Reforms (AER). Jessica Reyes Cantos is the AER president.

Aboitiz InfraCapital, Cebu Pacific team up to develop route network

ABOITIZ InfraCapital GMR Megawide Cebu Airport Corp. (Aboitiz InfraCapital GMCAC), which manages the Mactan-Cebu International Airport,  has partnered with budget carrier Cebu Pacific to develop a route network, the company announced on Sunday.

“The thrust of Aboitiz InfraCapital, through our airport business, is to improve the country’s gateways and provide a world-class travel experience to boost tourism further,” Rafael M. Aboitiz, vice-president and head of Airport Business at Aboitiz InfraCapital, said in a media release.

Priorities include improving connectivity at the airport’s domestic and international terminals and the utilization of electric vehicles to help reduce carbon emissions, the company said.

Aboitiz InfraCapital holds a 33% stake in Mactan-Cebu International Airport, which serves about 11 million passengers.

MCIA is operated and managed by a private group, which includes Aboitiz InfraCapital, Megawide Corp. and GMR Group under a 25-year public-private partnership.

The collaboration also aims to improve passenger experience while also enhancing the operational capacity at the MCIA, Aboitiz InfraCapital said.

“Cebu Pacific is proud to operate its largest base outside Manila in one of the best airports in Asia. Partnering with Aboitiz InfraCapital GMCAC will help us reaffirm our commitment to provide safe, accessible, and affordable air transport and elevate the travel experience of our passengers,” said Alexander G. Lao, president and chief commercial officer of Cebu Pacific. — Ashley Erika O. Jose

LVMH launches entertainment venture led by Arnault heir and US boss

PARIS — Luxury goods giant LVMH is launching an entertainment venture to boost the marketing of its labels, overseen by a committee of executives led by LVMH heir Antoine Arnault and Anish Melwani, chief executive officer (CEO) of the group’s North America operations.

The new venture, called 22 Montaigne Entertainment — a reference to LVMH group headquarters in Paris on Avenue Montaigne, is a partnership with Superconnector Studios and that company’s co-founders Jae Goodman and John Kaplan, LVMH said.

The move comes as the fashion industry becomes increasingly linked to the entertainment industry, with the presence of stars like Beyoncé, Zendaya, and Rihanna adding buzz to fashion shows and LVMH label Louis Vuitton bringing in Pharrell Williams to head menswear designs.

French luxury goods billionaire Francois-Henri Pinault, chairman and CEO of Gucci-owner Kering, last year bought a majority stake in Creative Artists Agency (CAA), a Los Angeles-based agency that represents thousands of actors, directors and music artists including Beyoncé and Mr. Pinault’s wife, actress Salma Hayek.

LVMH said the aim was to collaborate with leading entertainment creators, producers, and distributors to co-develop, co-produce and co-finance entertainment focused on premium film, TV, and audio formats.

Antoine Arnault is one of LVMH Chairman and CEO Bernard Arnault’s five children and heirs, who is in charge of image and environment at LVMH and credited with negotiating a high-profile deal for the company to sponsor next summer’s Paris Olympic Games. He stepped back from the day-to-day management of upscale menswear label Berluti in January. — Reuters

Western Visayas targeted for dairy industry expansion

REUTERS

THE National Dairy Authority (NDA) is set to construct dairy facilities in the Western Visayas to expand the industry’s footprint in the region.

In a statement on Sunday, the NDA said it will establish a P40-million dairy center which will feature laboratories and test farms.

The site chosen is a three-hectare property in New Lucena, Iloilo province.

NDA Administrator Gabriel L. Lagamayo said the facilities will seek to disseminate “innovative dairy techniques and farm management practices.”

The NDA added that a feed center will be constructed within the property to ensure optimal nutrition for dairy cattle and increased output.

The government is aiming to increase dairy production to 80 million liters of milk per year by 2028.

In 2023, dairy production amounted to 17,850 metric tons (MT), or about 0.8% of milk consumption of 1.94 million MT, with the rest being imported. The dairy herd was 75,798 head in 2023.

Imports of milk and milk products are expected to increase this year amid the continued growth in demand, according to the US Department of Agriculture.

Mr. Lagamayo urged dairy farmers in the area to adopt new technology to boost production.

Additionally, the NDA said that it will expand its national network to 12 regional offices, in aid of a “more focused approach on provinces.” — Adrian H. Halili

Executive-class upgrade

The BMW i5 eDrive40 is priced at P5.79 million. — PHOTO BY KAP MACEDA AGUILA

The BMW 5 Series is teched up and electrified

GLOBALLY, BMW’s second-best-selling sedan globally is the 5 Series. It is the German auto brand’s icon of executive performance, and second only in sales to the crowd-pleasing 3 Series.

The great news is that the all-new 5 Series is now available in the Philippine market, with an impressive price tag of P4.99 million. The current model is a giant step forward from its previous-gen iteration, and now speaks the new form language of BMW.

But wait, there’s more. Alongside the new 5, BMW Philippines also unveiled its first-ever BMW i5 eDrive40 — the latest addition to its all-electric drives. This introduction is consistent with BMW Philippines’ commitment to advance the electrification of vehicles in the country. Acquiring this luxury EV will cost a persuasive P5.79 million.

“My confidence in the success of the 5 Series goes beyond the dragons!” exclaimed a very enthusiastic Spencer Yu, right after a traditional Chinese Dragon Dance was impressively executed as part of the launch program last week, honoring the beginning of the Year of the Dragon.

SMC Asia Car Distributors Corp. is the official importer and distributor of all BMW vehicles in the country.

The all-new 520i is the eighth-generation rendition of the classic, mid-size, executive luxury sedan. It promises a sportier yet more energy-efficient drive, alongside more refined interior detailing and a suite of new-age innovations in driver assistance features. Of course, both the 520i and all-new i5 eDrive40 embody BMW’s most modern interpretation of its trademark twin headlights and now-larger kidney grille. The 520i is equipped with silver 19-inch Triplex-spoke 933 light-alloy wheels, while the i5 eDrive40 carries bi-color gray 19-inch aerodynamic rollers.

The all-new 5 Series in both its internal combustion and all-electric versions have taken the future-forward path so, unsurprisingly, both are the German brand’s first-ever vehicles to feature a fully-vegan interior. This motif is dubbed Veganza, and among the surfaces that carry it are the car’s newly designed sports seats, dashboard, door panels, and even the steering wheel.

Inside the 5 is a 12.3-inch information display screen and a 14.9-inch control display. It also carries a distinct BMW interaction bar that effectively extends across the entire width of the instrument panel. A Harman Kardon HiFi 12-piece loudspeaker system brings the sound experience to a heightened level. The BMW Live Cockpit Plus now uses Operating System 8.5 and, of course, it is equipped as standard with BMW’s ConnectedDrive, which allows users to remotely control vehicle functions and also enables them to do remote software upgrades, so you no longer need to bring the car to the casa for such things. Owners can download digital services directly into the car and also navigate through cloud-based systems — say, for example, to make route calculations that are more accurate. And you buy this with the car, so there is no subscription fee.

The 520i uses a 2.0L in-line four-cylinder engine which links up with an eight-speed Steptronic transmission. It also carries a 48V starter-generator to integrate mild hybrid technology into the system, enabling the vehicle to go from zero to 100kph in 7.5 seconds. Its top speed is set at 230kph.

Meanwhile, the i5 eDrive40 generates an impressive 340hp and 430Nm of torque, with a maximum range of 582km. It can reach 100kph from a standstill in only six seconds, and can reach a top speed of 193kph.

And, of course, one of BMW Philippines’ highlights is a five-year comprehensive BMW Warranty. Though as an extra treat, the i5 eDrive40 comes with a delightful six-year BMW Service Inclusive package and an eight-year high-voltage battery warranty. For charging purposes, a BMW Wallbox charger will be installed in the customer’s home by a BMW i-partner, upon purchase of the vehicle.

So whether you’d rather stick with internal combustion or if electric technology is your new way to go — BMW Philippines has got you covered for future-friendly, executive luxury mobility.

BSP may roll out more coin deposit machines

PHILSTAR FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to double the number of coin deposit machines (CoDM) across the country this year and hopes to onboard lenders to allow the crediting of deposited coins to bank accounts, an official said.

BSP Deputy Governor Bernadette Romulo-Puyat told reporters on the sidelines of the CoDM Project Milestone and Retail Appreciation Ceremony on Friday that the central bank is looking to launch 25 more coin deposit machines this year.

“Hopefully. We’re just waiting for how much the cost would be (from the provider),” she said in mixed English and Filipino. “This is just a lease. We have not received a gauge of how much the costs would be. But definitely, we want to do it all over the country.”

The central bank began deploying the machines in June last year to encourage the public to deposit their idle coins for recirculation.

To date, it has rolled out 25 coin deposit machines in select retail establishments of the SM Store, Robinsons Supermarket, and Festival Mall under the first phase of the project’s implementation.

The BSP previously said it will determine if the project will be expanded to other regions and if the number of machines will be increased a year after its launch.

As of Feb. 21, the BSP has collected 145.5 million pieces of coins worth P510 million from about 134,000 transactions via the CoDMs, Ms. Puyat said.

The largest single transaction through the machines was worth over P200,000, she said.

According to Ms. Puyat, other retailers are also interested in deploying coin deposit machines units in their malls.

“We’ll definitely be talking to all the retailers all over the country,” she said.

The BSP is also looking to onboard lenders within the year as another option for where consumers can credit their deposited coins, Ms. Puyat added. Currently, depositors can only credit their coins to their GCash and Maya accounts or convert them into shopping vouchers.

“We hope that aside from crediting money to e-wallets, we hope consumers will be able to credit to their bank accounts. We are also working on that. (Hopefully), within the year,” she said.

The BSP could onboard three to five banks this year, Ms. Puyat said.

“We are talking to all banks about it. You will be the first to know what these banks are, but definitely this is what we want: more e-wallets and banks,” she added.

GoTyme Bank Co-Chief Executive Officer Albert Raymund O. Tinio said they are working with the BSP to be one of the partner lenders for the CoDM project.

“I don’t want to commit to a timetable yet, but we’re working on it,” he said in mixed English and Filipino at the same event. “It’s just a matter of tech integration, but most likely within the year.”

“Right now, it’s totally the e-wallets. But the first stage would be to have one of the digital banks. Hopefully, it would be GoTyme that gets it first, to link it … the way the (e-wallets) are doing it now,” Mr. Tinio said.

GoTyme Bank is one of the six BSP-licensed digital banks in the country, along with Tonik Digital Bank, Inc., Maya Bank, Overseas Filipino Bank, UNObank, and UnionDigital Bank. — K.B. Ta-asan

Enhancing management of rare diseases

CDC-UNSPLASH

The fourth week of February each year is National Rare Disease Week. The annual observance aims to increase public awareness about rare diseases (also called “orphan disorders”) and advocate for responsive policies and enhanced medical management.

Rare diseases are those that affect a small number of people compared to the general population; their rarity creates specific and difficult challenges in diagnosis and treatment, among others. The Department of Health (DoH), upon the recommendation of the National Institutes of Health (NIH), categorizes a disease or disorder as rare when it affects one in 20,000 individuals or less.

Despite their special needs, children affected with rare diseases experience social isolation due to inadequate support networks resulting from lack of information and awareness about orphan disorders.

To help address these challenges, Republic Act 10747, or the Rare Diseases Act of the Philippines, was enacted in 2016. The law aims to enhance access of patients with rare diseases to comprehensive medical care and timely health information to help them cope with their condition. It underscored the urgent need to conduct a national information campaign to create awareness among health professionals about the nature and medical management of rare diseases. It also seeks to instill awareness among the public about rare diseases to generate full support for the special needs of children affected by rare disease from both public and private sectors.

The Act mandated the creation of the Rare Disease Registry, which is being utilized to formulate policies, identify program interventions, and design research to address the needs of patients with rare diseases. In line with the law, the DoH has integrated public information and screening campaigns in its programs to identify persons afflicted with rare diseases and help the public understand the special needs of such persons. One such DoH program is the Newborn Screening Program (NBS), an essential public health strategy that enables the early detection and management of several congenital metabolic disorders. If left untreated, such disorders may lead to mental retardation and/or death. Newborn screening is done ideally in the first 24 hours of life but not later than three days after an infant is born.

The law also mandates the provision of regulatory and fiscal incentives to support research and development studies on rare diseases and to facilitate the manufacture and importation of orphan drugs and orphan products.

Rare diseases pose a unique challenge to patients, their families, societies, healthcare professionals, and healthcare systems. They require “orphan drugs,” or drugs that are uniquely developed to target rare conditions. But developing orphan drugs to treat rare diseases is a risky and complex undertaking for the innovative pharmaceutical industry since the number of rare diseases patients are small and widely dispersed. Because there are not enough clinical centers or sufficient expertise, major logistical and regulatory issues exist.

Despite these challenges, the biopharmaceutical industry has more than 700 medicines in development, targeting many known rare diseases. Biopharmaceutical companies consider rare diseases not in isolation but as a significant factor in health policy frameworks. We believe the needs of patients living with rare diseases are a public health priority. As such, patients must be empowered by access to information, patient-reported outcome registries, and active participation in regulatory decisions. Continued research and development into rare diseases is essential, along with an enabling environment, including a supportive regulatory and intellectual property (IP) framework. Finally, sustainable patient access to diagnostics, treatment, and care is vital.

Several significant events in the global policy agenda have helped to give more momentum to rare diseases, such as the UN 2030 Agenda and Sustainable Development Goals (SDGs) and the drive towards universal health coverage (both of which are centered around the idea of leaving no-one behind), as well as the recent establishment of the NGO Committee for Rare Diseases.

Despite such advancements, many countries do not have tailored policy frameworks today and therefore still have large unmet medical needs. A supportive policy environment is therefore necessary to foster greater understanding of these diseases and how they impact patients, stimulate more research, encourage appropriate disease management, all while empowering patients and their wider communities.

The biopharmaceutical industry remains a key sector in responding to the challenge of improving care for patients with rare diseases.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP). PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Style (02/26/24)

COS launches limited edition eyewear

COS and Linda Farrow announced a limited-edition partnership for eyewear. The 10-piece collection features modified favorites from the debut COS × Linda Farrow collaboration alongside freshly reworked archival frames. A 1970s-style oversized shape synonymous with Linda Farrow was reimagined with colorful transparent frames, evoking a sense of nostalgia and sophistication. Reworked tortoiseshell aviators with gradient-tinted lenses are found alongside gently curved oval frames and a narrower cat-eye silhouette, blending old-school charm with modern sensibilities. With a continued focus on detail and craftsmanship, gold and silver-tone cut-outs add a contemporary twist to classic styles. Designed with longevity and function in mind, the lenses offer 100% UV protection and are enclosed in a protective case with a cleaning cloth. The Linda Farrow collection is available at the COS Store at SM Aura Premier for a limited time only.

ASICS opens pop-up store

ASICS opened a pop-up store at the SM Mall of Asia, Ground Floor, North Entertainment Mall. This retail space showcases a diverse range of footwear, apparel, and accessories across the Performance Run, Core Performance Sports, and SportStyle categories. “The Philippines has always been a vital market for ASICS, and we are honored to see tremendous growth in the country, earning loyalty, trust, and support amongst our customers. A new store opening… cements the growth of the brand and reflects our commitment to our customers, offering them more options and accessibility to our wide range of products as well as forging deeper connections with our customers,” said Gabriel Yap, Senior Regional Marketing Director of ASICS SEA. This store carries the new NOVABLASTTM 4 and the upcoming GEL-NIMBUSTM 26, the latest GT-2160TM and GEL-TERRAINTM, along with the timeless classic Japan STM collection. The pop-up store offers customers a sneak peek leading to the grand opening of the new ASICS store in September.

Lyn opens first store in PHL

Thailand-based brand Lyn has officially entered the Philippine market with the grand opening of its inaugural store on Feb. 1 in the SM Mall of Asia. The store features Lyn’s most recent collection, prominently featuring The Taryn and Moon Infinite bags from the Spring 2024 collection. The Taryn boasts a rectangular shape, top zip fastening with a secure sling snap, a distinctive logo plaque, a spacious main compartment, and a detachable handle for added convenience. Meanwhile, the Moon Infinite can transition from day to night with a chain strap and a quilted finish. Launching this March is the Enola bag which features a sleek half-circle design, top zip fastening, and chic chevron embossing. It is adorned with a sleek metal hardware logo plaque and equipped with an adjustable handle.

Ever Bilena launches liquid blush

Ever Bilena launches the Pillow Pop Liquid Blush. This liquid blush is a gel-based liquid color that comes in four shades: Rouge (a soft magenta), Toast of New York (a warm brick red), Fresno (fresh watermelon), and Raspberry (a rich berry). Aside from adding a dash of color to cheeks, it also helps nourish skin with the moisturizing effects of Hyaluronic Acid and Vitamin E. While this pillow pop is meant to be used as a blush, it can also be used on the lips, lids, and cheeks. To use, apply one dot of the liquid blush on the cheek, and blend it up toward the temples to give the face a more natural flush. Dab as needed to diffuse color, using a damp sponge, a blending brush, or the fingers. The Ever Bilena Pillow Pop Liquid Blush is available for P275. Ever Bilena products can be purchased on their official Shopee and Lazada stores, at Watsons branches nationwide, and at all leading department stores nationwide.

BSP books lower income at end-Nov.

The main office of the Bangko Sentral ng Pilipinas in Manila. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net earnings as of November continued to decline from a year prior amid higher expenses.

BSP data showed its net profit after tax and capital reserves in the 11 months ended November 2023 plummeted by 74% to P23.28 billion from the P89.7 billion booked in the same period in 2022.

The central bank’s expenses surged by 60.6% year on year to P194.61 billion in the period from P121.2 billion.

Broken down, its interest expenses ballooned by 107.8% to P153.69 billion from P73.95 billion. Meanwhile, other expenses dropped by 13.4% to P40.92 billion from P47.25 billion a year earlier.

On the other hand, revenues stood at P162.39 billion in the period, up by 26.8% year on year from P128.02 billion.

Broken down, the central bank’s interest income rose by 30% to P180.64 billion from P138.87 billion.

Miscellaneous income, which includes trading gains, fees, penalties, and other operating income, widened to a P18.25-billion loss in the period from the P10.84-billion loss a year prior.

Meanwhile, the BSP realized a net gain of P55.53 billion from fluctuations in foreign exchange rates arising from its foreign currency-denominated transactions, 33% lower than the P82.94 billion in the same period a year prior.

The central bank’s assets grew by 3.1% to P7.489 trillion in January to November from a year ago, while liabilities inched up by 2.6% to P7.361 trillion.

Its net worth stood at P128.44 billion at the end of November, 37.8% higher than a year earlier. — K.B. Ta-asan

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