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EVAP seeks more loan access to support local EV production

From left are Electric Vehicle Association of the Philippines (EVAP) External Vice-President Ralph Legaspi, EVAP Chairman Ferdi Raquelsantos, Department of Energy Director Patrick Aquino, and EVAP President Edmund Araga. — PHOTO BY REVIN MIKHAEL D. OCHAVE

Banks called upon to be ‘more open-minded’ about electrics

By Revin Mikhael D. Ochave

LOCAL electric vehicle (EV) manufacturers are asking for more access to financing and loans in order to boost production.

Electric Vehicle Association of the Philippines (EVAP) President Edmund A. Araga said in an interview at the sidelines of the EVAP’s press conference for the 10th Philippine Electric Vehicle Summit in Taguig City last week that some banks are still reluctant to approve loans for local EV manufacturers. This is hampering the growth of the industry.

“The banks are hesitant to give loans. The (biggest) hurdle that we have experienced is on the capitalization and funding (which) is very essential. Manufacturing cannot attain its structure and buildup if there is limited (access) to capitalization of operation and production,” Mr. Araga shared.

He added that commercial banks and other financial institutions need to be more “open-minded” in terms of approving loans since there are already established policies on registration, proper documentation, regulation, and standards.

“They are hesitant because they are asking (about) the feasibility of the project and the return of investment… We never stopped promoting (EVs) to different financing sectors,” Mr. Araga continued. “We already established the registration, the proper documentation, regulation, and standards. These are already there. What else do they need?”

Meanwhile, the EVAP also announced that it is set to hold the 10th Philippine Electric Vehicle Summit (PEVS) on Oct. 20 and 21 at the SMX Convention Center Manila, in partnership with the Manila Electric Co., the Department of Energy, and Nissan Philippines.

The event will be its first physical staging after two years of the COVID-19 pandemic, and will gather EV stakeholders, policy makers, regulators, academe, consultants, transport firms, power utilities, and end-users for discussions.

Further, Mr. Araga disclosed that the EVAP will also introduce a new logo during the 10th PEVS as part of the group’s rebranding efforts.

“This is the right time for us to rebrand to reflect EVAP’s vision of a modern and electrified road transport in the Philippines. We also wanted to reaffirm our commitment to advance the country’s transition to EVs by advocating and supporting enabling policies, rules and regulations to accelerate their deployment in the public and private sectors,” Mr. Araga said. “Aside from the climate benefits of electric vehicles, another important benefit of EVs which has come to the fore of public policy attention especially after the beginning of Russia’s invasion of Ukraine is that EVs run on electricity and can therefore be an important contributor to reducing the use of oil in the country.”

Some of the topics to be discussed during the 10th PEVS include Republic Act No. 11697 or the EV Industry Development Act (EVIDA), implementing rules and regulations and updates on the Comprehensive Roadmap for the Electric Vehicle Industry (CREVI), encouraging more players in the EV charging space, global trends and current issues faced by the industry, and Asian Federation of Electric Vehicle Association (AFEVA) policy dialogue.

Other planned topics in the summit include the spurring EV Manufacturing via the Strategic Investment Promotion Plan (SIPP) and the EV Incentive Strategy (EVIS), public and private e-mobility programs, and EV technology presentations.

Copra meal being studied for possible use in animal feed

PHILSTAR FILE PHOTO

A COPRA byproduct known as protein enriched copra meal (PECM) is being evaluated as a possible substitute for imported soybean-based feed for hogs and poultry, the Department of Agriculture (DA) said.

The resort to PECM is a “catch-up and mitigation plan” to sustain food production, enhance grain production and limit imports in the wake of the disruption of trade due to the pandemic and the Russia-Ukraine conflict, the department said in a memorandum circular.

The DA said this is an “urgent measure” to cushion the impact of soaring prices of raw materials used in animal feed, particularly soybean meal, which has in turn exerted upward pressure on pork and chicken prices.

“The global COVID-19 pandemic aggravated by the Russia-Ukraine war has significantly worsened logistical movement and restricted the availability and supply of feed ingredients, foremost of which are soybean meal, feed wheat, and corn, which resulted in the spike in prices of these commodities in the global market,” the DA said.

“This is due to the fact that 30% of the global supply of feed grains is produced in Russia and Ukraine … Moreover, the damage to (US port facilities) due to the cyclone has resulted in a shortage in the supply of soybean meal, which resulted in the unprecedented spike in prices,” it added.

PECM is 30% cheaper than soybean meal. Copra meal is a byproduct of coconut oil extraction.

“The project, therefore, offers great advantages and benefits to feed manufacturers, animal producers, and meat consumers, especially during this time of high food prices brought by rising fuel and feed commodities prices in the local and international market,” the circular read.

“It is also expected to help reinvigorate the coconut industry as it can generate increased demand for copra meal and (generate) livelihood opportunities for coconut farmers, many of whom are still living below the poverty line,” it added.

The project puts farmer beneficiaries in charge of managing, operating and maintaining the processing facilities and has them sell PECM.

The DA will also train farmers to market PECM to institutional buyers and feed millers.

The DA’s project partners are the Department of Science and Technology’s Philippine Council for Agriculture, Aquatic, and Natural Resources Research and Development, and the University of the Philippines Los Baños, along with selected Farmer Cooperatives and Associations. — Luisa Maria Jacinta C. Jocson

A Thousand Cuts wins Emmy for outstanding documentary

THE DOCUMENTARY about Rappler’s Maria Ressa, A Thousand Cuts, won Outstanding Social Issue Documentary at the 43rd News and Documentary Emmy Awards held on Sept. 29 (Sept. 30 in Philippine time).

Directed by Ramona S. Diaz, the documentary released in 2020 follows Nobel Peace Prize winner and Rappler CEO Maria Ressa braving legal and social media attacks and fighting for press freedom during the Duterte administration.

It was also nominated for Best Documentary, losing out to Hulu’s The First Wave.

A Thousand Cuts, which debuted at the 2020 Sundance Film Festival, was previously named Best Documentary at the 2021 Gotham Awards and bagged the George Foster Peabody Award for Documentary in June 2022.

A Thousand Cuts is available to view at Frontline PBS’s YouTube page.

The other winners were:

Best Documentary — The First Wave (Hulu)

Outstanding Current Affairs Documentary — The Rescue (National Geographic)

Outstanding Politics and Government Documentary — POV: “Mayor” (PBS)

Outstanding Arts and Culture Documentary — HBO Documentary Films: “Street Gang: How We Got to Sesame Street” (HBO)

Outstanding Business and Economic Documentary — WeWork: Or the Making and Breaking of a $47 Billion Unicorn (Hulu)

Outstanding Investigative Documentary — HBO Documentary Films: The Forever Prisoner (HBO)

Outstanding Science and Technology Documentary — CNN Films: The Hunt for Planet B  (CNN)

Outstanding Crime and Justice Documentary — HBO Documentary Films: — Life of Crime 1984-2020 (HBO)

Outstanding Historical Documentary — 9/11: One Day in America (National Geographic)

Outstanding Nature Documentary — Puff: Wonders of the Reef (Netflix)

Outstanding Short Documentary — Through Our Eyes: “Apart” (HBO / HBO Max)

— MAPS

House bill seeks franchise for Bicol power distributor to cut electricity rates

A BILL filed in the House of Representatives seeks to grant a legislative franchise to Bicol Light and Power Corp. to guarantee more affordable electricity to consumers in some parts of Camarines Sur.

House Bill 1084 will grant the company a franchise, which will allow it to establish, operate and maintain a power distribution system in Iriga City and the towns of Baao, Balatan, Bato, Buhi, Bula, and Nabua.

It was filed by Camarines Sur representatives Luis Raymund “Lray” F. Villafuerte, Miguel Luis R. Villafuerte and Tsuyoshi Anthony G. Horibata, and Bicol Saro Party-list Rep. Nicolas C. Enciso VIII.

“It seeks to address the issue of price control through realizing a regime of free and fair competition in the energy sector,” the congressmen said in the bill’s explanatory note.

The bill also requires the grantee to implement a lifeline rate for marginalized end-users.

The bill also states that retail rates and charges for the distribution of electricity are to be regulated and be subject to the approval of the Energy Regulatory Commission or its successor.

Under the measure, Bicol Light and Power is also mandated to create employment opportunities.

“No longer should power outages be a bane to society. As such, it is imperative that the service we provide to the people meet such demands and present them with choices accorded to the consumers’ own terms,” the congressmen said. — Matthew Carl L. Montecillo

Subaru stages ‘advanced technology drives’

IMAGE FROM MOTOR IMAGE PILIPINAS

MOTOR IMAGE Pilipinas, Inc., exclusive Philippine distributor of Subaru vehicles, has announced that it will stage Subaru Advanced Technology Drives (SATDs) in the coming months. The drives are designed to allow potential customers to experience the “cutting-edge autonomous driving technologies” of the brand.

“Subaru vehicles are widely known for their engineering and functionality brought about by the combination of the symmetrical all-wheel drive, boxer engine, Subaru Global Platform and award-winning EyeSight driver assist technology,” said the company in a release.

The SATD will take participants through a quick course on how Subaru’s four core technologies make the difference in a journey. The first of four legs started in Manila last Sept. 22 to 25, then onto Pampanga from Oct. 7 to 9, back to Manila from Oct. 20 to 23, and Davao from Nov. 25 to 27. Exclusive freebies also await on-site bookings.

Rates of T-bills, bonds to go up

BW FILE PHOTO

RATES of government securities on offer this week could rise on expectations that inflation reached a new peak in September, which may lead to further aggressive tightening by the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) will offer P15 billion in Treasury bills (T-bills) on Monday, made up of P5 billion each in 91-, 182-, and 364-day debt papers.

On Tuesday, the BTr will auction off reissued seven-year Treasury bonds (T-bonds) with a remaining life of two years and six months.

A trader sees T-bill and T-bond yields moving higher at this week’s auctions amid expectations of faster headline inflation last month.

The trader expects the rates of the 91- and 364-day tenors to rise by 25-50 basis points (bps) from the last awarded yields, while the yield on the 182-day debt paper is seen to increase by 10-15 bps.

Meanwhile, the reissued seven-year bond may be quoted at 5.625% to 5.875%, the trader said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said T-bill and T-bond yields may rise to track the week-on-week movements of secondary market yields.

The 91- and 182-day T-bills rose by 37.68 bps and 13.80 bps week on week, respectively, to yield 3.153% and 3.8422%, while the 364-day paper dropped by 2.58 bps to 3.9022%, based on PHP Bloomberg Valuation Service Reference Rates as of Sept. 30 published on the Philippine Dealing System’s website.

Meanwhile, the two- and three-year T-bonds — the tenors closest to the remaining life of the bonds to be auctioned of this week — saw their rates rise by 5.71 bps and 4.56 bps week on week to 5.2158% and 5.5797%, respectively. The seven-year paper also climbed by 3.73 bps to yield 6.7166%.

Analysts from UnionBank Economics Research said sentiment in the local bond market is seen to remain subdued as inflation is anticipated reach new peaks, which could lead to more hikes from the BSP.

Headline inflation likely reached a fresh peak of 6.7% in September amid higher electricity rates and food prices, as well as the continued weakening of the peso versus the dollar.

A BusinessWorld poll of 13 analysts yielded a median estimate of 6.7% for September headline inflation, near the lower end of the central bank’s 6.6-7.4% estimate for the month.

If realized, this would be faster than the 6.3% print in August as well as the BSP’s 5.6% forecast and 2-4% target for the year.

BSP Governor Felipe M. Medalla last month said the central bank may need to continue hiking rates as the peso’s continued decline against the dollar due to a hawkish US Federal Reserve poses a risk to inflation.

The Monetary Board has hiked rates by 225 bps since May versus the Fed’s 300 bps since March.

Last week, the Treasury partially awarded its T-bill offer, only accepting bids for the six-month paper even as demand reached P17.664 billion, above the P15 billion on the auction block.

The Treasury borrowed just P3.35 billion via the 182-day securities versus the P5-billion offer despite bids for the tenor reaching P9 billion. The average rate of the tenor went up by 14.8 bps to 3.958% and accepted rates ranged from 3.9% to 4%.

The government rejected all bids for 91-day T-bills, with tenders for the tenor hitting just P4.6 billion, below the P5-billion program. Had it made a full award, the average rate of the three-month paper would have gone up by 207.9 bps to 4.397% from the 2.318% fetched in the last successful auction on Sept. 5.

The BTr also refused to award 364-day debt papers, with demand only reaching P4.064 billion versus the P5 billion on the auction block. Had the government accepted all bids, the debt paper’s average rate would have climbed by 110.6 bps to 4.888% from the 3.782% quoted for the one-year tenor on Aug. 22, the last successful award.

Meanwhile, the reissued seven-year bonds to be offered on Tuesday were last auctioned off on Dec. 11, 2018, where the BTr made a full P15-billion award at an average rate of 7.09%. The papers carry a coupon rate of 5.75%.

The BTr wants to raise P200 billion from the domestic market this month, or P60 billion through T-bills and P140 billion via T-bonds.

The government borrows from local and external sources to help fund a budget deficit capped at 7.6% of gross domestic product this year. — D.G.C. Robles

Indian, Israeli agritech companies seeking Philippine partners

DAVAO AGRI TRADE EXPO 2022 FACEBOOK PAGE

INDIAN and Israeli agricultural technology companies are exploring partnerships with Philippine companies that can implement their solutions offerings, diplomats from the two countries said at last week’s Davao Agri Trade Expo (DATE) 2022.

“It’s a spectrum of companies presenting different solutions,” Israeli Ambassador to the Philippines Ilan Fluss said in an interview during the event’s opening on Thursday.

Five Israeli companies engaged in irrigation, agricultural technology, and fruit production set up booths for their products and services.

“So what we are doing today, we will be having an exhibition here with the five Israeli companies that will be promoting their technologies, practices, and looking for opportunities to engage in the Philippines,” Mr. Fluss said.

The envoy said Philippine companies have been invited to join the Agritech Israel trade show in May, which will feature agricultural technology and food security solutions.

“We are looking forward to the new opportunities and cooperation,” he said.

Six Indian companies were present at DATE 2022.

Nishikant Singh, first secretary for economy and commerce of the Embassy of India, noted that India is the world’s largest producer of milk, pulses, and spices as well as among the leading growers of rice, wheat, and sugarcane.

“The Philippines can learn a lot from India as we have revolutionized and transformed the agriculture value chain,” he said.

Foreign companies engaged in business-to-business matching events during DATE 2022, facilitated by the Board of Investments and the Davao City Chamber of Commerce and Industry. — Maya M. Padillo

On The Job: The Missing 8 to be sent to the 95th Oscars

ON The Job: The Missing 8 is the Philippine’s official entry for Best International Feature Film category at the 95th Academy Awards, Film Development Council of the Philippines’ (FDCP) announced on Sept. 30 during the Filmmakers and Shakers Night closing ceremony for the Film Industry Month.

Directed by Erik Matti and written by Michiko Yamamoto, The Missing 8 is the sequel to the 2013 film On the Job. It follows a corrupt veteran journalist Sisoy who investigates the disappearance of his colleagues, and the prisoner Roman who is temporarily released and tasked to perform assassinations.

John Arcilla won the Volpi Cup for Best Actor for his role as Sisoy at the 78th Venice International Film Festival where the film premiered. Mr. Arcilla is the first Filipino actor to win the award.

A combination of the first film and its sequel were developed into a TV series titled, On the Job: The Series. The six-part series, which includes never-before-seen footage from the first film, is available to stream on HBO Go. Conceived and directed by Erik Matti, the series in English and Filipino was filmed in the Philippines and, aside from Arcilla, stars Joel Torre, Piolo Pascual, Dennis Trillo, Gerald Anderson, Joey Marquez, Dante Rivero, Christopher De Leon and Lotlot De Leon.

An HBO Asia Original Series, it has been nominated for Best TV Movie/Mini-Series at the 50th International Emmy Awards which will take place on Nov. 21 in New York City.

Among the films to be shortlisted for the category alongside The Missing 8 are South Korea’s Decision to Leave, Germany’s All Quiet on the Western Front, and Mexico’s Bardo, False Chronicle of a Handful of Truths.

The 95th Academy Awards will be held on March 12, 2023. — MAPS

Xtreme Appliances opens new concept store, plans more

Xtreme Appliances now has more than 60 concept stores in the country after it launched a new one inside SM Daet on Friday, a move that its top official plans to duplicate in other SM malls.

“We are very happy and excited with our partnership with SM, this only marks the start, we will open more concept stores in different SM Mall branches in the coming months,” Xtreme Appliances President Adrian Lim said in a press release.

The local brand, which offers a one-stop shop for affordable home and light commercial appliances, operates under Suntouch Technology Corp.

The new concept store is located on the second level of SM Daet and will serve customers in Camarines Norte province. It will carry the brand’s full line-up of products from entertainment, cooling, and home-kitchen appliances.

“Every Filipino deserves a trusted appliance brand that is worth every peso,” Mr. Lim said, adding that the brand is continuously expanding in different parts of the country to make its products accessible.

On its Daet opening, Xtreme Appliances is offering deals that will run from Sept. 30 until Oct. 7, 2022. 

“Buys of any participating products will get up to P8,700 worth of appliances as a freebie, plus a discount on selected items,” it said.

According to the press release, a customer who buys a 32-inch Xtreme LED TV worth P8,995 could get up to P5,985 worth of freebies. A customer who buys a 40-inch Xtreme LED TV could get up to P6,735 worth of freebies.

“We received a warm welcome from our fellow Bicolanos during our soft opening, that’s why we’d like to extend this exclusive deal as our way of saying thank you. Imagine buying only one product but you will go home with an addition of at least two to four more appliances,” Xtreme Appliances Brand Marketing Manager Paula Katrina Dizon said. — Justine Irish DP. Tabile

Isuzu PHL dealer group NMADI holds truck expo, CSR activity

From left are guest Melin Young, Cagayan De Oro City Councilor Atty. Ed Cabanlas, North-Min Auto Dealership, Inc. (NMADI) Director Dr. Jerome Young, Isuzu Philippines Corp. (IPC) Sales Assistant Division Head Robert Carlos, IPC Sales Assistant Division Head Yoshiki Kato, Misamis Oriental Vice Governor Jeremy Pelaez, NMADI Chairman and President Betty Cobonpue, IPC President Noboru Murakami, NMADI Director Celeste Cua, guest Benedict Kua, NMADI Legal Counsel Atty. Lina Ferrer, and NMADI Treasurer Kenneth Cobonpue. — PHOTO FROM ISUZU PHILIPPINES

NORTH-MIN AUTO Dealership, Inc. (NMADI) held a three-day truck expo at its Isuzu Cagayan De Oro showroom from Sept. 22 to 24 to mark its 7th anniversary. The Isuzu Philippines Corp. (IPC) dealership group in Northern Mindanao also held mini expos in its branches in Butuan, Dipolog, and Pagadian.

Themed “Driving the Aspirations of the Local SMEs,” the NMADI Truck Expo was meant to showcase the truck lineup of Isuzu to further reiterate to local micro, small, and mid-size enterprises (MSMEs) the benefits of choosing Isuzu trucks as responsible partner in their businesses.

During the three-day truck expo, the Isuzu Traviz and other trucks ranging from light-duty to heavy-duty examples with various custom body applications were exhibited along with the brand’s Modern PUV as well as the Isuzu Powertrain Marine Engine. The Isuzu Cagayan De Oro showroom was also filled with exhibitors from reputable custom body building companies, accredited financing partners and insurance companies — providing a one-stop shop for MSMEs looking for the perfect vehicle for their business requirements. Customers who made reservations during the expo received merchandise.

NMADI also introduced the Isuzu Vehicle Health Report and Fleet Plus Program, an exclusive after-sales support system to help businesses reduce vehicle maintenance costs. Said IPC President Noboru Murakami, “We don’t only provide durable and reliable trucks complete with extensive after-sales support and fleet program to customers. More importantly, we provide business and transport solutions which help build the nation’s economy.” Aside from attracting local MSMEs to acquire brand new Isuzu trucks, the NMADI Truck Expo also aimed to underscore the IPC commitment to continuously provide quality business and transport solutions, which have been IPC’s key reason for being the number-one truck brand in the Philippines for 22 consecutive years.

The NMADI dealer group started under the flagship company, Cebu Southern Motors, Inc. (which has over 40 years of service in Northern Mindanao). To celebrate NMADI’s seven years of operations, apart from the truck expo, a CSR activity was organized to help the local community in Barangay Dahilayan in Bukidnon. For more information, visit www.isuzuphil.com.

Analysts’ September 2022 inflation rate estimates

INFLATION likely quickened in September due to higher electricity rates and food prices as well as the continued depreciation of the Philippine peso, according to analysts. Read the full story.

Analysts’ September 2022 inflation rate estimates

Jollibee counts 1,186 Philippine stores as it beats closest rivals

BW FILE PHOTO

JOLLIBEE Foods Corp. (JFC) has recorded 1,186 stores to date and has grown bigger than the combined store count of its two closest competitors to make it the country’s top fast-food restaurant, its top official said.

“Now Jollibee here in the Philippines is bigger than its next two competitors, McDonald’s and KFC, combined,” JFC President and Chief Executive Officer Ernesto Tanmantiong said at a Makati Business Club event last week.

According to Mr. Tanmantiong, the number of Jollibee stores makes the Philippines “the only country where a local brand was able to compete with two global giants.”

JFC reported that this year, it opened 180 new stores globally and 50 new stores locally as of the second quarter. Last year, 313 new stores were opened internationally and 85 new stores locally.

“Since 2020, the majority of our store openings have been happening outside the Philippines. And we intend to continue this through 2022 and beyond as we aim for a 50-50 split between domestic and international sales,” Mr. Tanmantiong said.

JFC has also been expanding its international brands overseas such as SmashBurger, Tim Ho Wan, and the Coffee Bean and Tea Leaf.

“I’m happy to share that all these three brands are better today versus pre-pandemic — a positive sign that there’s plenty more room to grow,” Mr. Tanmantiong said.

In 2020, JFC opened in Shanghai its first Tim Ho Wan store in mainland China, which it followed with store openings in Beijing and Hangzhou.

“Given the potential and the success of our new stores we will be opening 100 Tim Ho Wan stores in China, which is one of our pillar markets,” Mr. Tanmantiong said.

Meanwhile, JFC said that Jollibee will continue expanding globally as it sees huge opportunities in the brand.

“It really appeals to a global and diverse audience. In the UK, up to 80% of our patrons in our newest stores are local mainstream customers who are not Filipino. In the Middle East, we also see other diverse groups increasingly going to Jollibee,” Mr. Tanmantiong said.

He added: “In Hong Kong, the local Chinese market makes up the majority of our customers. The same is true in Singapore and Brunei. In Vietnam, nearly 100% of our patrons are local customers.”

Even in countries where Jollibee is less known, landlords offer prime sites at lower rates, he said.

“With all of these, we are proud to say that Jollibee has shown strong business results despite immense challenges and obstacles in the last two years,” Mr. Tanmantiong said.

In 2021, JFC recorded an operating income of P6.3 billion, reversing its P11.5-million operating loss in 2020, he said.

“With the solid recovery achieved in 2021, we are geared for further growth in 2022 and years ahead. To achieve our vision, we’re determined to not just lead locally but also grow globally,” Mr. Tanmantiong said. — Justine Irish D. Tabile

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