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Garnier chooses Maymay Entrata to endorse its new cleanser

PINOY BIG BROTHER alum and pop singer Maymay Entrata (née Marydale Entrata) is the new face of Garnier in the Philippines, specifically for its new skin cleanser.

This as the brand is planning to release a new men’s line.

Garnier is one of the brands under the L’Oreal group.

At the sidelines of the launch of the Garnier Green Academy in Makati on Feb. 7 (the exhibit, about Garnier’s multiple skin products, ended that weekend), the brand introduced the celebrity as its new face, specifically for their new product, Bright Complete Vitamin C Serum Cleanser.

The cleanser claims to be able to brighten skin in just one wash, acting like a Vitamin C serum. Tested on over 200 Asian consumers, including Filipinos, it removes up to 99% of impurities. To that effect, Ms. Entrata has starred in a commercial for the facial wash, with her own dance steps.

This cleanser is coupled with Garnier’s own Vitamin C Booster Serum, newly reformulated, that aims to tackle hyperpigmentation, dark spots, and uneven skin tone caused by high sun exposure. Tested on over 500 Asian skin tones, including Filipino skin, this serum targets dark spots and brightens skin, and is suitable for sensitive skin.

In an interview backstage, Ms. Entrata told a group of media guests that she has been using Garnier products for a long time.  She said that she has been using the brand’s micellar water for cleansing and makeup removal. “Ito lang iyong naging effective sa mukha ko. Sobrang sensitive kasi ng skin ko eh (this is the only one that has been effective for my face. My skin is very sensitive),” she said.

The singer also said that she will be releasing a new single come Feb. 20, titled “Paradise.”

Speaking about the brand’s choice of endorser, Jamie Sy Ching, Garnier marketing director in the Philippines, said, “She embodies basically the core of the brand. It’s both fun, and at the same time, it’s elevated.”

The brand also announced the arrival of Garnier Men in the Philippines, a lineup that will address skin problems that men encounter, including face washes and moisturizers.

“Garnier Skin can cater to both males and females,” Ms. Sy Ching said, but, “We want to make sure that we listen to that feedback.” — JLG

Total Approved Foreign Investment Pledges

Approved foreign investments in the Philippines fell by 38.9% last year to P543.62 billion, the steepest decline in four years, the Philippine Statistics Authority reported on Thursday. Read the full story.

Total Approved Foreign Investment Pledges

Malaysia cracks down on cooking oil export fraud

REUTERS

KUALA LUMPUR  — Malaysia will crack down on fraud in the used cooking oil industry, its Deputy Commodities minister told Reuters, as western governments investigate whether shipments of the biofuel feedstock from Asia actually contain virgin oil.

The Malaysian Palm Oil Board (MPOB) is reviewing its standards and policies governing used cooking oil (UCO) and palm industry waste known as sludge palm oil (SPO) to better distinguish them in order to prevent discrepancies in exports, Deputy Plantation and Commodities Minister Chan Foong Hin said.

“The government is also strengthening enforcement mechanisms to uphold industry credibility and Malaysia’s reputation as a responsible exporter,” he said in an interview Thursday, adding that complaints from buyers could endanger the country’s status as a credible UCO exporter.

He said ensuring that the entire supply chain is traceable would combat fraudulent practices.

“Basically the center of this issue is the traceability. How do you make the whole supply chain traceable?” Mr. Chan said.

The European biodiesel industry last year complained of a surge in imports from China it believes involve supplies declared as made with recycled oil and fat but actually produced with cheaper and less sustainable virgin oil.

Neighboring Indonesia, the world’s biggest palm oil producer, last month moved to curb exports of UCO and palm oil residue, saying that shipments in recent years had exceeded production capacity, indicating virgin crude palm oil (CPO) had been mixed in.

In August, the US Environmental Protection Agency said it launched investigations into the supply chains of at least two renewable fuel producers, without naming the companies, amid industry concerns that some may be using fraudulent biodiesel feedstocks to secure lucrative government subsidies.

Malaysia’s palm industry, the world’s second-largest, should not view the EU’s looming deforestation regulation negatively as the country is committed to anti-deforestation, Mr. Chan said.

About 87% of Malaysia’s palm oil plantations are sustainably certified through the Malaysian Sustainable Palm Oil (MSPO) standards, Mr. Chan said.

“In fact, we are ready,” he said. 

In December, the EU approved a one-year delay to the landmark deforestation law requiring importers of soy, beef, cocoa, coffee, palm oil, timber, rubber and related products to prove their supply chains do not contribute to the destruction of the world’s forests, or face hefty fines.

Chan downplayed a downturn in shipments to top palm oil buyer India, which hit a 14-year low in January, as a “short term” situation given the demand needs of its 1.45 billion population.

India imported 3.03 million metric tons of Malaysian palm oil in 2024, up 6.5%.

“The permanent factor is the population. So yes, we are still optimistic,” Chan said. — Reuters

Meralco sees slight increase in energy sales for January

PHILIPPINE STAR/BOY SANTOS

POWER distributor Manila Electric Co. (Meralco) saw a slight increase in its energy sales volume for January 2025 amid minimal growth in the residential and commercial sectors, a high-ranking official said. 

Consolidated sales volume for the month rose by 0.4% to 4,061 gigawatt-hours (GWh) from 4,045 GWh in the same period last year, which saw a significant increase due to El Niño, according to Ferdinand O. Geluz, Meralco senior vice-president and chief revenue officer. 

Residential energy sales climbed by 0.2% to 1,425 GWh, while commercial energy sales grew by 1.04% to 1,564 GWh. 

“Both sectors experienced a slowdown in demand, with the impact of long weekend holidays on household consumption and business operations,” Mr. Geluz said. 

Meanwhile, Meralco sold 1,059 GWh to the industrial sector, down 0.3% from the previous year due to intermittent shutdowns of key accounts in the food and beverage and steel industries.

For 2024, Meralco recorded a 6.4% increase in energy sales volume to 54,325 GWh, surpassing its target of 53,473 GWh for the year. The growth was attributed to warmer temperatures due to El Niño and sustained customer energization. 

Meralco’s distribution business accounted for 59% or P20.5 billion of its core net income in the first nine months of 2024, which rose by 17% to P35.1 billion. The company expects to exceed its P43-billion profit target for the year, driven by strong performance across its business units.

Meralco has allocated P25 billion for distribution network capital expenditures this year, focusing on its storm-hardening program, distribution network digital transformation, and grid modernization initiatives.

Meralco serves as the primary power distributor for Metro Manila and nearby areas, covering 39 cities and 72 municipalities, with approximately eight million customers.

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

Yields on government debt rise following BSP decision

By Lourdes O. Pilar, Researcher

YIELDS on government securities (GS) mostly rose last week after the Bangko Sentral ng Pilipinas (BSP) held benchmark rates unchanged and as faster US inflation supported expectations of slower easing by the US Federal Reserve.

GS yields at the secondary market went up by 2.2 basis points (bps) on average week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Feb. 14 published on the Philippine Dealing System’s website.

Rates of all benchmark tenors rose week on week except for the 91-day Treasury bill (T-bill), which dropped by 1.2 bps to fetch 5.1577%.

At the short end of the curve, yields on the 182- and 364-day T-bills went up by 6.82 bps and 2.30 bps to 5.5641% and 5.7431%, respectively.

At the belly, rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bond) increased by 2.02 bps (to 5.7971%), 1.94 bps (5.8537%), 2.57 bps (5.9043%), 3.45 bps (5 5.9529%), and 4.60 bps (6.0428%), respectively.

At the long end, yields on the 10-, 20-, and 25-year T-bonds rose by 1.35 bps, 0.02 bp, and 0.34 bp, respectively, to 6.1313%, 6.3466%, and 6.3045%.

Total GS volume traded reached P40.92 billion on Friday, higher than the P38.39 billion seen on Feb. 7.

Government securities were well supported early last week as market participants positioned for a widely expected rate cut by the BSP, Alessandra P. Araullo, chief investment officer at ATRAM Trust Corp. said in a Viber message.

“However, the market’s bullish sentiment was challenged by Federal Reserve Chair Jerome H. Powell’s bearish commentary and the stronger-than-expected US CPI (consumer price index) data for January,” Ms. Araullo said.

“The trading week was marked by the BSP’s surprise pause as it kept policy rates unchanged at 5.75%, catching the market off guard and pushing yields higher by 5 to 12 bps. By Friday, bonds pared some losses as the local bond market tracked the rally in US Treasuries and as investors took the opportunity to buy back at favorable levels. Local bond yields ended the volatile trading week just 2 to 5 bps higher week on week,” she said.

Dino Angelo C. Aquino, vice-president and head of fixed income at Security Bank Corp., likewise said in an e-mail that GS yields ended the week marginally higher following the BSP’s “unexpected” hold and data showing faster US consumer inflation in January.

“US yields were also marginally higher week on week in reaction to their higher CPI, which further dampened the sentiment locally,” Mr. Aquino said.

A sell-off following the BSP’s policy decision on Thursday caused yields to rise sharply before eventually correcting lower, he said.

“Most market players were expecting a cut — hence they reacted quickly upon the unexpected move by the BSP,” Mr. Aquino added. “Overall, despite the BSP keeping benchmark rates unchanged last Thursday, I personally view it as a “dovish hold” as an April move remains on the table. The BSP also echoed that the RRR (reserve requirement ratio) cut may come sooner than they initially planned, which would impact bonds in a positive way.”

The BSP’s policy-setting Monetary Board on Thursday unexpectedly held interest rates steady as global uncertainties threaten the outlook for inflation and growth.

At its first policy meeting of the year, the Monetary Board left the target reverse repurchase rate unchanged at 5.75%.

This marks the BSP’s first pause following three consecutive 25-bp cuts since it began its easing cycle in August 2024.

The decision took the market by surprise as 19 out of 20 analysts polled by BusinessWorld had anticipated a fourth straight 25-bp cut at Thursday’s meeting, and just one analyst expected the BSP to keep rates steady.

Meanwhile, US consumer prices increased by the most in nearly 1-1/2 years in January, with Americans facing higher costs for a range of goods and services, reinforcing the Federal Reserve’s message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy, Reuters reported.

The consumer price index jumped 0.5% last month, the biggest gain since August 2023, after rising 0.4% in December, the Labor Department’s Bureau of Labor Statistics (BLS) said.

In the 12 months through January, the CPI increased 3%. That was the biggest gain since June 2024 and followed a 2.9% advance in December. Economists polled by Reuters had forecast the CPI gaining 0.3% and rising 2.9% year on year.

For this week, Mr. Aquino said the local GS market may track US Treasury yield movements and the Bureau of the Treasury’s auction of reissued 10-year bonds for leads.

“Overall, yields remain range-bound, and sell-offs would continue to remain shallow as the market remains awash with excess liquidity,” he said.

Ms. Araullo said debt yields may rise further on higher inflation expectations.

“The market will now shift its focus to the 10-year auction, wherein awarded yields may clear at the higher-end of indications given the latest pronouncements by the BSP. Fed guidance and tariff headlines will also continue to impact future trading sessions,” she said. — with Reuters

Infographic: Toyota PHL 2024 sales per model

INFOGRAPHIC BY: THEA MAIRI A. CASTILLO

Delivering next-generation medicines and vaccines

FREEPIK

Pharmaceutical companies have been at the forefront of advances in medical innovation that are leading to real improvements in the health of people worldwide. These advances are also supporting healthcare systems as they grapple with the rise of chronic diseases, ageing populations, the impact of climate change, and emerging infectious diseases, according to Dr. David Reddy, Director General of the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA).

Over the past 20 years, the industry has launched over 940 novel active substances globally, addressing cancer, cardiovascular diseases, neurology, and infectious diseases, among others. There are over 12,700 medicines in various stages of clinical development globally, half of them biologics and the other half small molecules. By 2035, it is estimated that 700 new medicines could be launched that can prevent, slow, or stop disease progression.

“From my own experience working on mRNA technology decades ago, it has been hugely rewarding to see the acceleration of new mRNA vaccines after their use in the COVID-19 response. Today, 286 vaccines are under development, targeting a wide array of diseases beyond infectious ones, including cancer, allergies and even Alzheimer’s,” said Dr. Reddy, who holds a PhD in Cellular and Molecular Biology and has post-doctoral research experience in molecular neurobiology.

Dr. Reddy has more than 30 years of experience in the development and commercialization of medicines, including 13 years as the head of the Medicines for Malaria Venture (MMV). During his tenure as CEO of MMV, the organization saw 15 malaria medicines launched, 1.2 billion treatments distributed, saving more than 15 million lives, and raised around $900 million in funding.

He said that precision medicines that are already transforming cancer treatment now hold potential for chronic diseases as well. Advances such as CRISPR — a technology that research scientists use to selectively modify the DNA of living organisms — are likewise paving the way for potential cures for previously untreatable genetic disorders, with cell therapies diversifying treatment options across a range of diseases.

Dr. Reddy noted that this progress is underpinned by the pharmaceutical industry’s commitment to investing in the research and development that makes advances in medical innovation possible. The top 50 pharmaceutical companies alone are estimated to have spent a total of $167 billion in R&D in 2022. Moreover, the industry’s R&D spending is rising, increasing by almost 60% in the 10 years from 2012 to 2022.

“This R&D investment has a significant impact on health outcomes, but also strengthens healthcare systems and economies worldwide,” Dr. Reddy said.

Data from an IFPMA-commissioned analysis carried out by the independent economic research institute WifOR demonstrated that the industry contributed $2,295 billion to global GDP in 2022 through direct, indirect, and induced effects. For every dollar generated by pharmaceutical activities, an additional $2.04 was created along the global supply chain. On top of the industry as a whole directly employing 7.8 million people worldwide, a further 44.7 million jobs were supported indirectly, and 22.4 million jobs were supported through induced effects in the supply chain.

Dr. Reddy pointed out that this data does not take into account the significant economic benefits that medicines and vaccines provide healthcare systems and more broadly to global economies. Just one study demonstrated that adult vaccination programs return 19 times their initial investment.

HIV is one area that clearly shows the remarkable impact pharmaceutical innovation has had on global health. Since the virus that causes AIDS was discovered, more than 30 medicines have been approved to treat HIV infection. With time, medicines have improved in tolerability, efficacy, and convenience for patients. A report from UNAIDS, based on data from 204 countries and territories, found that HIV infections decreased by 22% — from 2.11 million to 1.65 million — between 2010 and 2021, while HIV-related deaths decreased by 40% during the same period, from 1.19 million to 718,000.

A recent study suggests the early impact of HPV vaccination on cervical cancer deaths, observing a substantial reduction in mortality — a 62% drop in cervical cancer deaths among women under age 25 over the last decade in the US, where the HPV vaccine is recommended since 2006.

To sustain innovation for a healthier future, Dr. Reddy cautioned against taking the continued translation of scientific progress into the next generation of medicines and vaccines for granted. He said that underscoring the importance of creating a system that encourages investment and collaboration is needed for without which such innovation would simply not happen.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines, which 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.

Late Valentine’s

WELL, you’ve been naughty and you let Valentine’s Day slip by. Time to pay the piper (and these brands) with this collection of goodies bound to melt (most) recipient’s hearts.

FENDI FOR THE MEN
THE Fendi Men’s Spring/Summer 2025 Collection approaches the Maison’s 100th anniversary by putting in the spotlight the Maison’s heritage codes through the Fendi Crest.

Identifying through Madras-checked suiting and broken pinstripe threads reminiscent of the iconic Selleria stitching, distinctive traits culminate in the Fendi Crest heraldic shield. Embroidered on striped polo shirts and double-breasted blazers or as a patch placed on braided cashmere knits, the Fendi Crest also transforms into a geometric pattern on silk or cotton shirting. Migrating from ready-to-wear to accessories, the heraldic shield appears on baseball caps and Regimental-style ties.

A shopping bag is crafted from canvas in a tonal Pequin striped motif in the shades of dark green. A macro colored Fendi Crest patch is embroidered at the center, showcasing the Maison’s codes in full detail.

Also in the Men’s Spring/Summer 2025 collection, the Peekaboo Soft bag acquires a new Small size, maintaining its deconstructed silhouette and extreme suppleness. Crafted from Cuoio Romano leather, seasonal declinations are embellished with the Fendi Crest, printed with a glossy finish that allows the ton-sur-ton color to fuse with the leather. In the Fendi Crest version, the Peekaboo Soft Small is colored in the iconic Fendi yellow or a light, dusty blue. This is now available in selected Fendi boutiques worldwide and on fendi.com.

Meanwhile, Fendi’s meticulously handcrafted Baguette bag in Cuoio Romano leather is also part of its Men’s Spring/Summer 2025 collection. These exclusive patchwork Baguette bags will be available in selected boutiques worldwide starting March 13.

LOGITECH FOR GAMERS AND NON-GAMERS
FORGET the typical flowers and chocolates combo, Logitech has prepared a selection of thoughtful gifts for both gamer and non-gamer partners. These include the MX Keys Mini and MX Anywhere 3s Combo, the Brio 100 and Brio 300 webcam, Zone Vibe 100 high-fidelity soundscape, POP Icon Keys and Mouse Combo and Desk Mat, and the Pebble 2 K380s + M350s. These items come in rose and white colorways for a touch Valentine’s Day in the workspace. For more ergonomic tools, check out a collection of “mice” and mouse pads, also available in rose and white color variations.

For light setups, check out the Pro X Superlight series, available in white and magenta. There’s also an array of keyboards and game shifters (driving simulator controllers) for couples.

Explore Logitech’s official Lazada and Shopee stores and Logitech G’s official Lazada and Shopee stores for a catalog of high-end gaming and lifestyle items.

COS SUNGLASSES
COS and Linda Farrow have unveiled the latest chapter of their limited-edition eyewear capsule which merges COS’s signature modern design with Linda Farrow’s bold, luxurious aesthetic. The 11-piece collection introduces new expressions of classic styles.

The collection features unisex styles and reimagined favorites alongside newly reworked archival designs. A nod to nostalgia, oversized frames with a subtle cat-eye blend old-school charm with modern sensibilities. Reworking classic shapes, angular aviator frames in gold and silver with gradient-tinted lenses feature alongside a slim, narrow silhouette inspired by the 1990s, and a striking octagonal cherry-red design — a harmonious blend of old-school charm and contemporary appeal. The frames are further elevated through cut-out details bringing a subtle, contemporary edge to timeless eyewear.

Designed for both style and functionality, each pair provides 100% UV protection and comes with a protective case and cleaning cloth. The COS × Linda Farrow limited-edition collection is available online at COS.com, and at the COS Store at SM Aura Premier.

How PSEi member stocks performed — February 14, 2025

Here’s a quick glance at how PSEi stocks fared on Friday, February 14, 2025.

Cautious trading seen as market awaits new leads

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE STOCKS may get a lift from bargain hunting this week, although cautious sentiment may prevail as players look for fresh catalysts.

On Friday, the Philippine Stock Exchange index (PSEi) retreated by 0.84% or 51.86 points to close at 6,061.33, while the broader all shares index declined by 0.5% or 18.45 points to end at 3,629.28.

Week on week, the PSEi declined by 1.52% or 93.66 points from its 6,154.99 finish on Feb. 7.

“Sessions moved within a tight range [last] week following the Bangko Sentral ng Pilipinas’ (BSP) surprise move to keep its key rate steady,” online brokerage 2TradeAsia.com said in a note.

“The local market failed to sustain its momentum last week as new tariff threats and failed hopes of a BSP rate cut weighed on sentiment. Last week’s trading also shows that the market is still having a difficult time getting past its 10-day exponential moving average,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The Monetary Board on Thursday unexpectedly held benchmark interest rates steady as global uncertainties threaten the outlook for inflation and growth.

This marks the BSP’s first pause following three consecutive 25-basis-point (bp) cuts since it began its easing cycle in August 2024. The decision took the market by surprise as 19 out of 20 analysts polled by BusinessWorld had anticipated a fourth straight 25-bp cut at Thursday’s meeting, and just one analyst expected the BSP to keep rates steady.

This week, Mr. Tantiangco said the market may rebound on bargain hunting.

“The local market remains undervalued. Hence, we may see episodes of bargain hunting this week. However, we don’t see a strong catalyst yet that could propel the market to stage a significant rally. Investors are expected to maintain a cautious stance while waiting for fresh leads,” he said.

“US President Donald J. Trump’s latest tariff moves and the BSP’s decision to keep policy rates unchanged may also continue to weigh on sentiment,” Mr. Tantiangco added. He placed the PSEi’s support at 6,000 and resistance at 6,400.

Mr. Trump on Friday kept alive his drumbeat of tariff threats, saying levies on automobiles would be coming as soon as April 2, the day after members of his cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade, Reuters reported.

It was the latest in a litany of trade actions Mr. Trump has unveiled since taking office for the second time on January 20.

For its part, 2TradeAsia.com placed the PSEi’s immediate support at 6,000 and resistance at 6,300-6,400.

“Tensions abroad and uncertainties in trade and monetary policies cast a very long shadow over markets — these may persist in the medium-term, and strategies have to take into account weak capital flows and lower appetite for risk,” the online brokerage said. — Revin Mikhael D. Ochave with Reuters

Peso may move sideways as market eyes Trump’s policies

PHILSTAR FILE PHOTO

THE PESO may trade sideways against the dollar this week as the market continues to monitor US President Donald J. Trump’s policy pronouncements.

On Friday, the local unit closed at P57.83 per dollar, jumping by 23 centavos from its P58.06 finish on Thursday, Bankers Association of the Philippines data showed.

This was the peso’s strongest close in more than two months or since its P57.735-per-dollar finish on Dec. 6, 2024. This also marked the first time that the local unit closed at the P57 level since Jan. 2.

Week on week, the peso rose by 20 centavos from its P58.03 finish on Feb. 7.

The peso surged after the Bangko Sentral ng Pilipinas (BSP) kept benchmark interest rates unchanged at its first policy meeting for the year, contrary to market expectations of a cut, a trader said in a phone interview.

The Monetary Board kept the target reverse repurchase rate unchanged at 5.75% at its review on Thursday, with BSP Governor Eli M. Remolona, Jr. citing the need to guard against global uncertainties. Rates on the overnight deposit and lending facilities were also kept at 5.25% and 6.25%, respectively.

The central bank had cut rates by 25 basis points (bps) at each of its last three meetings since it began its easing cycle in August 2024.

The BSP’s decision on Thursday came as a surprise after 19 out of 20 analysts polled by BusinessWorld had anticipated a 25-bp cut last week. Only one analyst expected the BSP to keep rates steady.

The dollar was also weaker on Friday due to tariff comments from Mr. Trump, Rizal Commercial Banking Corp. Michael L. Ricafort said in a Viber message.

For this week, the trader said the peso will move depending on the Trump administration’s tariff policy announcements and developments in the proposed Russia-Ukraine peace talks.

The trader sees the peso moving between P57.80 and P58.20 per dollar this week, while Mr. Ricafort expects it to range from P57.60 to P58.10.

The dollar was on track for a weekly loss against the euro on Friday as a delay in the introduction of trade tariffs planned by Mr. Trump raised hopes that they may not be as bad as feared, while optimism about a peace deal between Russia and Ukraine helped the single currency rally, Reuters reported.

The euro rose 0.32% to $1.0497 and got as high as $1.0514, the highest since Jan. 27. It was on pace for a weekly gain of 1.7%.

The dollar index was last down 0.35% at 106.72 and was on track for a weekly loss of 1.3%. It reached 106.56, the lowest since Dec. 12.

Mr. Trump on Thursday tasked his economic team with devising plans for reciprocal tariffs on every country that taxes US imports.

The euro and other European currencies were supported last week by optimism that Russia and Ukraine will reach a peace deal.

Mr. Trump discussed the war in Ukraine on Wednesday in phone calls with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky. — A.M.C. Sy with Reuters

Auto body industry: PUVMP issues fixable

BW FILE PHOTO

By Justine Irish D. Tabile, Reporter

FINANCING and vehicle selection issues are being worked on to address calls to suspend the Public Utility Vehicle Modernization Program (PUVMP), an industry group said.

“We understand the difficulties faced by small operators, but suspending the PUVMP is not the answer,” Automotive Body Manufacturing of the Philippines (ABMAP) Executive Director Edgar Manuel said in a statement over the weekend.

“Instead, we must focus on refining the guidelines, expanding financing options, and ensuring a smoother transition for all parties involved,” he added.

According to ABMAP, transport operators have raised concerns about financing and the selection of available vehicles.

However, it said these concerns can be “resolved through constructive dialogue and collaboration rather than halting the program altogether.”

Mr. Manuel said that the government and the private sector are exploring accessible financing solutions.

“We are committed to supporting our operators through this transition. Financing programs are available, and we are open to exploring additional measures to make this process more manageable for everyone,” he said.

He also asked transport operators to look at the long-term benefits of modernizing the jeepney fleet, noting that outdated jeepneys pose safety risks and significantly contribute to pollution.

“Modernizing our jeepneys is about prioritizing the safety of passengers, improving the efficiency of our public transport system, and providing a more comfortable riding experience for millions. Delaying this any further would be a disservice to our nation,” he added.

He said that modern jeepneys’ advanced safety features, more efficient engines, and eco-friendly technologies will allow the public transport system to meet global standards.

“This program is about progress. It’s about moving forward and ensuring that our public transport system is safe, reliable, and sustainable for future generations,” he said.

“Let us not allow short-term challenges to derail a program that will benefit millions in the long run,” he added.

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