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Analysts weigh in as Robinsons Land’s REIT sets P6.45 price

By Keren Concepcion G. Valmonte, Reporter

THE real estate investment trust (REIT) sponsored by Robinsons Land, Corp. (RLC) has set its final offer price nearly 12% lower than the P7.31 price-ceiling it set in its preliminary prospectus.

“Please be advised that the final price for the REIT initial public offering (IPO) of RL Commercial REIT, Inc.’s (RCR) common shares is P6.45 per common share,” the company told the exchange on Friday.

Analysts said the pricing could have to do with the country’s current economic conditions amid the surge in coronavirus disease 2019 (COVID-19) cases.

“This may have to do with market or economic conditions in view of the more contagious Delta variant that led to lockdowns or tighter restrictions that could slow down business or economic activities amid record-high new COVID-19 cases,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message on Saturday.

On Friday, the Health department logged 17,231 new COVID-19 infections and 317 new fatalities. The country’s tally totaled 1,824,051 on Saturday after an additional 16,694 new cases were reported.

Active cases stood at 123,935 as of Saturday with a positivity rate of 25.2%, down from the 26.1% positivity rate seen the previous day. Metro Manila, Laguna, and Bataan will be under the modified enhanced community quarantine (MECQ) until the end of the month.

However, RCR’s lower IPO price may still benefit the company by luring in more investors.

“The lower final offer price may entice more investors to subscribe to the IPO, given the more attractive yields that the issue may present,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a Viber message on Saturday.

RCR will be offering to the public 3,342,864,000 common shares for P6.45 apiece, with an overallotment option of up to 305,103,000 common shares. The company may raise up to P23.53 billion in proceeds, which it will use to reinvest in the country.

“We want to be able to contribute to nation-building by building more projects and therefore helping create jobs and helping restart the economy,” RCR President and Chief Executive Officer Jericho P. Go told BusinessWorld Live on Wednesday.

RCR’s offer period will run from Aug. 25 to Sept. 3, targeting a listing date of Sept. 14. Shares will be listed on the main board of the Philippine Stock Exchange under the trading symbol “RCR.”

The company has 14 commercial real estate assets in its initial REIT portfolio, which are located in central business districts across Makati, Bonifacio Global City, Ortigas, Quezon City, and Mandaluyong and in key cities of Naga, Tarlac, Cebu, and Davao.

RCR said it has the “most geographically diverse Philippine REIT,” with a total gross leasable area (GLA) of 425,315 square meters (sq.m.).

“We already have tenants in our buildings with very high occupancy rates, we are already guaranteed of a steady income stream, and at the same time we have built-in three percent to five percent annual rental escalation,” Mr. Go said.

RCR also has an “excellent expansion pipeline.”

“We do have additional projects that are in the pipeline that can help grow RCR by almost double the size in about four to five years’ time,” Mr. Go said.

In a previous statement, the company said its potential additions to its portfolio include RLC’s Cyberscape Gamma located in Ortigas and/or Robinsons Cybergate Center 1 in Mandaluyong. RCR said it entered into a memorandum of understanding with RLC.

“Including the Cyberscape Gamma and the Robinsons Cybergate Center 1, RLC has approximately 204,000 sq.m. GLA in existing office assets, 68,000 sq.m. GLA of business process outsourcing (BPO) spaces located within RLC’s various commercial centers as well as 150,000 sq.m. GLA of properties that are in various stages of construction,” the company said in an e-mailed statement on Aug. 11.

RCR said its potential pipeline for infusion spans an estimated 422,000 sq.m., which are still subject to its fund manager’s recommendations, market conditions, and regulatory approval.

Rates of T-bills, T-bonds to rise as gov’t cuts GDP goal

BUREAU OF THE TREASURY FACEBOOK PAGE

RATES of government securities on offer this week will likely increase after economic managers trimmed the country’s growth outlook and as investors await the Treasury’s September borrowing plan.

The Bureau of the Treasury (BTr) is set to offer P15 billion in Treasury bills (T-bills) on Monday, broken down into P5 billion each in 91-, 182- and 364-day debt papers.

On Tuesday, the BTr will auction off P35 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of 11 years and seven months.

A bond trader said rates of the T-bills will continue to move sideways, while the 20-year T-bonds could fetch a higher average yield between 4.2% and 4.375%.

“The bulk of FXTN issuances is at the belly to long end of the curve this month, while the market is anticipating the supply for September,” the trader said via Viber.

The trader added that the government’s move to lower its growth target, as well as Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno’s comments that the central bank is unlikely to cut banks’ reserve requirements anytime soon, could also affect yield movements this week.

A second bond trader also expects the rates of the short-term debt papers to move sideways but gave higher 4.25-4.4% forecast for the yield on the 20-year papers.

“Investors will continue to demand a little higher rate for this bond due to frequency of supply and tenor,” the trader said via Viber.

The interagency Development Budget Coordination Committee on Wednesday slashed its gross domestic product (GDP) growth target for the year to 4-5% from the already downgraded 6-7% goal after the government tightened restrictions anew in Metro Manila and other parts of the country due to a surge in coronavirus infections.

Meanwhile, Mr. Diokno earlier said cutting lenders’ reserve ratios now would be “untimely and not justified” as there is still a lot of liquidity in the financial system.

At the secondary market on Friday, the rates of the 91-, 182- and 364-day T-bills stood at 1.138%, 1.43% and 1.624%, respectively, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

Meanwhile, the yield on the 10-year bonds, which is the closest benchmark tenor to the remaining life of the reissued 20-year papers on offer on Tuesday, stood at 4.088%.

The BTr raised P15 billion as planned via the T-bills it offered last week as the auction attracted P53.276 billion in tenders, making it 3.6 times oversubscribed.

Broken down, it borrowed P5 billion as planned via the 91-day papers at an average rate of 1.066%, a tad higher than the 1.064% quoted in the Aug. 16 auction.

It also raised P5 billion as programmed from the 182-day T-bills. The average yield on the six-month debt stood at 1.407%, unchanged from the previous week’s level.

Lastly, the Treasury made a full P5-billion award of the 364-day securities it offered as the tenor’s average rate fell to 1.617% from 1.625% previously.

Meanwhile, the last time the BTr auctioned off the reissued 20-year T-bonds on offer on Tuesday was on June 29, when it made a full P35-billion award out of bids worth P65.265 billion.

The T-bonds fetched an average rate of 4.187%, higher by 55.2 basis points than the paper’s 3.635% coupon.

The Treasury is looking to raise P200 billion from the local market this month: P60 billion via weekly offers of T-bills and P140 billion from weekly auctions of T-bonds. The BTr is expected to release its borrowing plan for September in the coming days.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of GDP. — B.M. Laforga

SEC issues halt order against Royal O’ and affiliates

THE Securities and Exchange Commission (SEC) has issued a cease-and-desist order against Royal O’ Consultancy Services OPC and related entities for offering unlicensed investment schemes to the public.

The SEC has previously released advisories warning the public not to invest in Royal O’ Consultancy and its affiliates, which are said to be owned by a certain Princess Joana Jo Alfajid Campos and led by Gretchen Aguas, its president.

Royal O’ Consultancy is said to be registered with the SEC as a one-person corporation (OPC) with Company Registration No. 2021010005460-01.

The cease-and-desist order also covers Royal O’ International Import and Export OPC, also registered with the commission as a one-person corporation with Company Registration No. 2021010005106-10, and Oromagnet International E-Games OPC with Company Registration No. 2020100002972-12.

All three entities have articles of incorporation explicitly stating that “the corporation shall not solicit, accept or take investments/placements from the public, neither shall it issue investment contracts.”

“The complaints submitted by the EIPD (Enforcement and Investor Protection Department) show that a considerable number of investors were enticed, and have actually parted with their hard-earned money, on the basis of the guaranteed high return of their investments that were promised to them,” the SEC said in an issuance.

The other individuals involved in the scheme, which are named by the regulator, are one of its agents Scelnna M. Jimenez, leader and offeror Christopher “Toffy” Dimaguila, agent Christopher “Ace” Tundag, and Team Malacash Group Chat Administrator Honeylyn Grace Israel.

Two of Royal O’ Consultancy’s affiliates are registered with the Department of Trade and Industry — Plasmatech Medical Supplies Trading with Certificate No. or Business Name No. 1864944 and Bacolod-based Royal O’ Dry Goods Trading with No. 1864944 and 2391576 and 2316919.

Meanwhile, Princess Joana Jo Alfajid Campos Foundation is said to be an unregistered foundation based in Geneva, Switzerland.

Royal O’ Consultancy lures investors in its scheme by branding it as a “co-ownership of funds to cater to various businesses involved with, among others, in operation of macro and micro-businesses, trucking, importation, and exportation of goods, etc.”

The entity and its affiliates were offering investment schemes to the public via business presentations on Zoom, Facebook posts, and YouTube, the SEC said.

Royal O’ Consultancy and its affiliates also do not have the necessary licenses to sell securities. The entity also did not file nor does it have a pending application for registration to sell securities to the public.

“The inescapable conclusion is that the sources of Royal O’s profits which were used to pay the guaranteed returns of its investors were derived not from legitimate businesses activities, but solely from the unauthorized investment taking activities of Royal O,’” the commission said.

Royal O’ Consultancy’s scheme is said to also resemble a Ponzi scheme, which promises investors big returns with little or no risk at all and where the investments of new investors are used to pay off the “profits” of old investors. — Keren Concepcion G. Valmonte

AVID YTD sales up by 43% despite July dip

AVID President Ma. Fe Perez-Agudo

THE ASSOCIATION of Vehicle Importers and Distributors, Inc. (AVID) reported that its member companies saw an increase in year-to-date (YTD) sales for the first seven months of 2021, compared to the same period last year. Last year’s figure of 24,610 units rose by 43% to 35,092 this year.

Meanwhile, July sales experienced a slight contraction of 5% from 5,101 units sold in July 2020 to 4,862 units this year. Versus June (4,961), the figure dropped marginally by 2%.

AVID said in its release that “(the) performance reflects the industry’s overall improvement amid the pandemic.” Sales of light commercial vehicles (LCV) “hold the lion’s share with 72% of total industry.” LCV sales surged by 52% from 16,561 units in 2020 (January to July) to 25,127 units sold in the same period this year.

Leading the segment is Ford with 10,343 units sold. Suzuki follows with 7,076 units, and Hyundai is in third with 3,177 units sold.

Commercial vehicles registered the highest category sales growth rate with a 448% surge YTD. Hyundai accounted for sales of 852 units here, improving significantly from the 156 units sold in the same period last year. Passenger car sales grew by 15% growth from 7,893 units sold in 2020 to 9,110 units this year. Suzuki still leads the segment with 4,559 units sold. Coming in second is Hyundai with 2,979 units sold.

“The gradual adaptation of the automotive industry to ‘now normal’ operations is mainly driven by the valuable lessons gathered and learned over the course of the period. These lessons fuel our passion for developing new and innovative ways to addressing the needs of the market. And AVID is determined to pave the way towards recovery,” said AVID President Ma. Fe Perez-Agudo.

Fashion and identity

ANTHILL —ANTHILLFABRICGALLERY.COM/

WHILE fashion is an enterprise governed by economics, fashion also operates within the fields of culture, politics, and psychology by constructing beings through selling, ostensibly, looks, but also ideas and identities.

A talk titled “Clothes and Culture: Defining National Identity Through Fashion,” by exclusive members-only club Manila House, featured several fashion designers and other fashion practitioners discussed how (and even, if) national identity is woven into clothing.

The talk featured Filipino designers Rajo Laurel, Anne Marie Saguil (of Amarie), South African designer Craig Jacobs, German designer Gabriele Frantzen, Filipino entrepreneur Mons Romulo of the Katutubo Pop-Up Market, and social entrepreneur Anya Lim of Anthill Fabric Gallery.

Ms. Lim said, “I read somewhere that our ancestors considered our textiles our second skin, and I thought it was something we should celebrate.” Her Anthill Fabric Gallery utilizes indigenous Filipino textiles in modern takes. The thought that textiles themselves serve as markers of identity flavored the rest of the talk.

“In my case, that has always been my identity,” said Mr. Laurel, who has participated in fashion shows abroad as well as dressing international clients. “Fashion, from my understanding, is a lot of white noise. The only way to truly clean that white noise is to be who you are. Me, being a Filipino, that was my identity. As a designer, that was the vocabulary I chose to speak,” he said.

“If you understand who we are as a nation, as a culture, I believe that we are truly the first global citizen, because of all the people who entered our country,” he said, citing the various colonial periods and regional trade recorded over the last 500 years or so. “All of these amalgamations truly define who I am as a designer.”

Ms. Saguil, who designs embroidered resortwear said, meanwhile, “I think we all as designers just try to express ourselves… for me, embroidery just happened to be this craft that I fell in love with. That’s how I integrated it.

“I don’t think that identity is something that we really push for – we’re not waving a flag here,” she said, though she does agree with Mr. Laurel’s point. “The Philippines is my influence; it’s my aesthetic. This was where I grew up — everything. Just by virtue of that, I think that’s how our culture comes through. By virtue of being in the Philippines, of being a Filipino designer in the Philippines, your identity; your culture comes through.”

Anthill’s Ms. Lim has a special interest in indigenous textiles, a material intrinsically colored by local culture. “When you talk about design, it’s not just limited to using indigenous or handwoven Philippine textiles, right? All of us here are celebrating our talent through our way of expressing our aesthetic. That is still somewhat our identity.”

Ms. Lim’s brand takes certain precedence with the question of identity in fashion, considering that the indigenous peoples that her brand works with also struggle with notions of identity in an increasingly modern world. “When we design for identity, we also take into consideration not just those who will wear our [products], but also the weavers, who themselves have a poverty of identity.” She cites the lack of interest younger members of these indigenous groups have to weave, with several desiring to migrate.

“If we want to continue or grow the movement of younger Filipinos… taking pride in our local design, we need to be innovative and be open to combining commercial fabrics with indigenous fabrics,” said Ms. Lim.

Ms. Romulo, founder of Katutubo, which supports local designers and indigenous creators, said, “We have to support our weavers, our heritage our culture… at the same time, we have to celebrate our designers who are there making beautiful clothes.” She notes that sometimes, fabrics have to be sourced abroad due to local limitations on manufacturing (indigenous fabric or otherwise).

“Then again, it’s a Filipino culture and intelligence that comes in when they design certain clothing. That alone is a celebration of culture.” — J.L. Garcia

CIC streamlines registration process for database’s submitting entities

STATE-RUN Credit Information Corp. (CIC) has simplified its online registration process and lessened requirements for lenders under its new guidelines.

CIC issued Circular No. 02, series of 2021, laying out a simplified registration process for submitting entities requiring less documents and steps.

CIC President and CEO Ben Joshua A. Baltazar said in a statement that the country’s credit registry now has 606 submitting entities, while more than one thousand lending institutions currently registering with their database.

“We streamlined and simplified the entire registration process so we can stay true to our mandate of providing reliable and standardized information on the credit history of borrowers,” Mr. Baltazar said.

Under the new guidelines, entities are required to submit their Certificate of Registration, Articles of Incorporation or Articles of Cooperation, and their Secretary’s certificate.

Once verified and proven to be eligible, the lender will then receive a link to the CIC’s Online Submitting Entity Information Sheet (SEIS), which will generate the documents to be signed by their authorized representatives.

After this, the CIC will assign a provider code to the lender, along with credentials, to access the Covered Entity Portal where the submitting entity has to encode its batch operators or the persons assigned to submit data to the credit registry.

Mr. Baltazar said the new guidelines will cover new applicants, while registered submitting entities will just have to update their SEIS through the CIC Portal.

“Given all the new policies and reforms that the CIC is implementing including this streamlined online process of submission, the public can expect wider and more consistent credit reporting compliance from financial institutions which will result in improved data quality,” he said.

As of July, CIC houses the credit data of 28 million borrowers, equivalent to unique individuals with 97 million contract data. The bulk of the database or 72.4 million records were on installment transactions, followed by 23.3 million in credit card data and 1.2 million records of non-installment transactions.

Contributors to the database include universal and commercial banks, rural banks, thrift banks, credit card issuers, lending and financing companies, cooperatives and cooperative banks, microfinance institutions, savings and loans associations, insurance companies, as well as state-run public insurer Government Service Insurance System. — BML

CAMPI, TMA year-to-date sales grow by 46.1%

Chamber of Automotive Manufacturers of the Philippines, Inc. President Atty. Rommel Gutierrez — PHOTO FROM TOYOTA MOTOR PHILIPPINES

SEVEN MONTHS into the year, it appears that the auto industry is continuing to paint a picture of recovery from the woes of 2020. Based on consolidated reports from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA), member companies mustered a year-to-date (YTD) sales total of 154,265 units — 46.1% higher versus the same stretch last year.

In July alone, 21,498 vehicles were sold — 4.7% higher than the 20,542 units delivered in the same month last year.

Leading the way is Toyota Motor Philippines Corp. (TMP), which accounted for half (50.07%) of total units moved in July. Its 10,763 total is 4.3% less than the 11,242 vehicles Toyota shipped in June. However, when compared to July 2020 sales (8,833 units), this figure represents 21.8% growth. YTD, the Japanese brand has sold 74,521 vehicles (48.31% of total CAMPI/TMA sales).

In second place for the month is Mitsubishi Motors Philippines Corp. (MMPC) with 2,646 units sold — down 9.8% compared to the previous month’s 2,933 total. The company cornered 12.31% of the market. MMPC’s YTD sales totaled 22,504 — 14.59% market share.

Third place goes to Suzuki Philippines, Inc. (SPH) with 1,648 vehicles sold, down 8.2% from 1,795 units moved last June. It attained a 7.67% share of the market. YTD, SPH has sold 11,635 units, or 7.54% of total sales. Ford Motor Company Philippines, Inc. (FMCPI) is in fourth place with July sales of 1,586 units, down from 1,616 units in June. Ford took a 7.38% slice of total sales for the month.

Finally, Nissan Philippines, Inc. (NPI) completes the top five with 1,362 units sold in July. Cornering a 6.33% share of CAMPI/TMA sales, this total is 12.1% lower than NPI’s June deliveries of 1,548 units.

In a release, CAMPI President Atty. Rommel Gutierrez said, “The industry welcomed the year-on-year growth of 4.7% but anticipates a decline in sales this month with the reimposition of ECQ in NCR, among other high-risk areas.”

Can luxury fashion brands ever really be inclusive?

MICHAEL LEE/UNSPLASH

LUXURY goods tend to be associated with exclusivity rather than inclusivity. But thanks to the universal scrutiny of social media and consumer activism, high-end brands are under increasing pressure to be seen as companies who care.

Some have spent large sums on initiatives which address environmental concerns, or used their expertise to help deal with the pandemic.

The Kering group (which owns Yves Saint Laurent and Alexander McQueen) has, for example, set a target to reduce greenhouse gas emissions by 50% by 2025.

In response to coronavirus disease 2019 (COVID-19), fashion house Burberry donated more than 100,000 pieces of PPE to the National Health Service and healthcare charities. Meanwhile, luxury firm LVMH used its perfume manufacturing facilities to make free hand sanitizer for the healthcare system in France.

Yet it remains unclear whether consumers can reconcile the exclusive nature of luxury brands — selling at prices many cannot afford — with a public image of sustainability and environmental or social awareness. A range of studies has shown that consumers are ambivalent about such efforts. Research into millennials’ attitudes showed that younger consumers even see the concepts of luxury and sustainability as contradictory.

This is understandable, for some brands’ apparent attempts to tackle societal challenges have come after they received widespread criticism for their own apparent failings.

Gucci for example, has a $1.5-million (£1 million) plan to support young designers from underrepresented backgrounds. But it was launched after the brand faced accusations of racism over a sweater design.

And while Prada has spoken out against racial injustice on social media, the company has also been forced to apologize for merchandise that was deemed racist. Dior, meanwhile, launched a message of support and solidarity accompanied with a black background. But again, it comes after allegations of cultural appropriation.

A New York Times report showed that among top designers and creative directors in the fashion world, only four are black. Models and photographers from diverse backgrounds are also severely underrepresented in the luxury fashion industry.

Designer Virgil Abloh, head of men’s fashion at Louis Vuitton, is one of the few black figures to have reached the summits of a luxury brand. He has commented: “Diversity isn’t just a question of gender and ethnicity. It’s a question of experience. It brings new ideas to the table. And it would be good if the fashion industry actually listened and took them on board.”

Against this complex backdrop, we asked members of the British public for their thoughts on inclusivity campaigns from luxury brands. Overall, consumers — particularly those on lower incomes — had a negative response.

The majority of the people we surveyed (87%) believe luxury brands would fare better at becoming more inclusive by focusing on fair pay and workers’ rights.

Efforts towards climate change initiatives were also popular (79%), as were work aimed at reducing racial and gender inequality.

Respondents also welcomed the idea of luxury brands selecting partners and suppliers in response to social and political situations. For instance, Burberry’s decision to boycott cotton from the Xinjiang region of China over alleged human right abuses.

Overall, our survey suggests that — despite some progress — much remains to be done by luxury brands. And the question remains over whether an industry which revels in exclusivity can embrace inclusivity in a way that drives real societal change?

As consumers increasingly demand transition towards an inclusive society, a unique window has opened for luxury brands to become better agents of social change by aligning their missions, values and strategies to social purpose. Luxury brands are in a key position to lead business action by leveraging their cultural authority.

They have an opportunity to use their influence and actions to advance public debate and accelerate behavioral change. If they don’t take it, any gestures towards inclusivity risk being seen as nothing more than an opportunistic exercise in public relations and image.

 

Paurav Shukla is a Professor of Marketing, University of Southampton, while Dina Khalifa is a Senior Research Associate, University of Cambridge.

Burry’s ‘Pretty Big Short’ hinges on Treasuries sinking

CALL IT the “Pretty Big Short.”

Michael Burry, whose huge, wildly profitable bets against the housing bubble were made famous in The Big Short, is wagering that long-term US Treasuries will fall.

His Scion Asset Management held $280 million of puts on the iShares 20+ Year Treasury Bond ETF at the end of June, according to a regulatory filing released this week, an increase from $172 million three months earlier.

The options contracts would make money if TLT, as the exchange-traded fund is known, falls as Treasury yields go up — something that hasn’t happened lately as fear of the delta variant drives investors into Treasuries.

But ahead of the Federal Reserve’s annual Jackson Hole symposium, many still suspect the central bank will be able to start tapering bond purchases later this year, which could prove the bears right.

Traders will be listening for hints from Chairman Jerome Powell on how much COVID-19’s resurgence is weighing on economic growth, and whether that sways when the Fed changes course.

“Every aspect of the economic data we look at, from the labor markets to inflation, are all tending to look pretty healthy,” which should cause yields to rise over coming months, said Guneet Dhingra, head of US interest-rate strategy at Morgan Stanley.

“And the Delta-variant fears have been priced into the market and may have already peaked. We are watching as a potential market mover off Jackson Hole whether Fed Chair Powell has updated his view on delta, after so far seeming not particularly worried about it.”

Minutes from the Fed’s last meeting showed most officials saw reducing monthly debt purchases starting later this year. Markets see Fed rate increases beginning in the first quarter of 2023.

The iShares ETF, which tracks Treasuries maturing in more than 20 years, has gained 12% since bottoming in March while 30-year yields have fallen to 1.87% from 2.51%.

Morgan Stanley strategist Matthew Hornbach, known for bold calls that have frequently panned out, told his clients this month that he remains confident in his recommendation to bet against 10-year Treasuries despite a swoon in yields.

The firm expects the yield to end the year at 1.8%, up from 1.26% currently, with the Fed announcing tapering in December.

It’s unknown whether Scion has shifted its positions since June. A call to Scion’s office in Saratoga, California, went unanswered Friday.

In a flurry of tweets in February, Mr. Burry warned that the economic reopening and economic stimulus would fan inflation, drawing a parallel between US policies today and Germany’s during hyperinflation in the 1920s — the sort of situation that could prompt the Fed to jack up rates.

Mr. Burry’s bearish bond bet is largely in line with the calls of most Wall Street strategists. The median forecast in a Bloomberg survey is for the 10-year yield end the year at 1.6%, with the most bullish and bearish estimates at 1% and 2%, respectively. — Bloomberg

MVP Group ramps up inoculation as more vaccines arrive

FREEPIK

COMPANIES led by Manuel V. Pangilinan (MVP) have inoculated more employees after the arrival of a fresh batch of vaccines amid the Delta variant of the coronavirus disease 2019 (COVID-19), the group said.

In a statement, the so-called “MVP Group” said the new batch of vaccines prompted the opening of its fourth mega vaccination site in the National Capital Region (NCR) — the Makati headquarters of Smart Communications, Inc.

Alfredo S. Panlilio, PLDT, Inc. and Smart Communications president and chief executive officer, described the vaccines’ arrival as a ray of hope.

“I believe that the sooner we get these vaccinations done, the more lives we will be able to save, and the quicker we can revive our economy and recover as a nation,” he said.

The MVP Group’s vaccine task force, which is chaired by Mr. Pangilinan, said the latest batch of vaccines puts it on course for inoculating all its people.

It previously announced that it ordered vaccines from Moderna and AstraZeneca enough for more than 300,000 employees, dependents and household members, and the group’s extended work force.

The activation of Smart Tower as a vaccination site was made possible with the help of the City Government of Makati.

With forthcoming regional vaccinations, the conglomerate’s vaccine task force is looking at a network of over 30 locations for inoculations nationwide.

The first arrival of company-procured Moderna vaccines end-June 2021 allowed the MVP Group to begin vaccinations of non-medical employees at pilot NCR megasites on the first week of July. Vaccination rates for pilot sites reached as much as 1,350 jabs per day.

The vaccination sites are manned mainly by frontliners from the MVP Group’s own Metro Pacific Hospitals Holdings, Inc. (MPHHI), the country’s largest private hospital chain.

Up to 98% of frontliners from MPHHI’s largest hospitals were vaccinated as early as March 2021, including those from Smart Tower’s healthcare partner, Makati Medical Center.

GAC Motor reveals new strategic push, readies to unveil 3 models soon

By Kap Maceda Aguila

GAC MOTOR Philippines recently revealed the Chinese automaker’s “Go And Change Campaign,” which reflects the brand’s “new strategic direction of focusing on the technology and improvement of its craftsmanship.” It also said it is set to launch two additional vehicle variants soon, along with an all-new vehicle line.

Via an online media round-table discussion, the local distributor of the GAC emphasized how the brand commits to giving customers an enjoyable riding experience while delivering lasting value through its vehicles. “GAC Motor will continue to utilize its supply chain and manufacturing strengths in creating world-class technology that will also be used in conducting highly advanced research.”

The “fastest-growing Chinese brand” has begun a high QDR (quality, durability, and reliability) push that, among other things, called for the establishment of four research and development (R&D) centers located in Silicon Valley, Los Angeles, Detroit, and Shanghai. “These R&D Centers are responsible for the choice of premium materials and the technology used in the manufacturing of GAC vehicles,” the company said. Other R&D centers in various locations around the world will be developing artificial intelligence systems; autonomous, hybrid, and pure electric vehicles — “fueling its strong push towards electrification as it laid out plans on developing a lineup of electrified vehicles in the coming years.”

Legado Motors, Inc., official distributor of the GAC in the country, introduced the brand late in 2018 with the simultaneous launch of the GA4, GA8, GS8, GS4, and GN8. According to GAC Motor Philippines President Wilbert Lim, the brand has had a number of milestones since. In 2018, GAC Motor Philippines became the official escort of 2018 Miss Universe Catriona Gray. Following the opening of its pioneer and flagship dealership in Metrowalk, Pasig, the company welcomed customers to its second dealership in San Fernando, Pampanga in February 2019.

That year, GAC Motor Philippines made its debut appearance at the 2019 Manila International Auto Show (MIAS) in World Trade Center. “The event served as a perfect platform to showcase our vehicle lineup, and made the Filipinos familiar with the brand,” said Mr. Lim.

In the middle of the year, GAC Motor started operating its third dealership — this one in Tarlac City — then in October launched the GS3 crossover, which now is its best-selling model.

The company has been kept busy in other areas. “To prove the durability and reliability of the GA4 sedan, GAC Motor Philippines joined the 2019 Petron Kalayaan Cup on June 12, and won its first Endurance race championship…. The GAC Motor Racing Team proved that the GA4 is not only reliable on road, but also on the racetrack by winning the Open Class B and Manufacturer’s Class in the 2019 Petron Bonifacio Cup Endurance Race on Nov. 30, 2019,” continued the executive.

Meanwhile, the fourth dealership (in Greenhills, San Juan, under RYO Motors) was opened last year in October.

Even amid the pandemic, GAC unveiled the all-new GN6 MPV last February this year, and attained honors at the 2021 Petron Kalayaan and Kagitingan Endurance Cup. Added Mr. Lim, “As a way to stay connected with our customers in this time of pandemic, we’ve revamped our website and launched the GAC Motor virtual showroom, offering all-in-one dealership service right at their fingertips.”

Meanwhile, GAC Motor Philippines Product Director Brennan Lim revealed that the company will soon reveal new variants of three models. “We will be launching the bulletproof GS8, new GS4, and the GN8 Master’s Edition,” he said.

GAC Motor Philippines also emphasized that its after-sales services are open even to other brands. “We don’t just provide our customers with quality vehicles, we also provide them with the best after-sales service for both GAC Motor and non-GAC Motor brands.” These services include: preventive maintenance, electric diagnostics, tune-up, recharging of freon, wheel alignment, tire mounting and installation, muffler and exhaust repair/installation, brake repair, change oil and other fluids, car wash, detailing, paint wash over, body repair & body collision estimate, and car disinfection. Insurance assistance and claim estimate services are also offered.

An ongoing nationwide promo is also serving up to P270,000 in discounts on all its vehicle models until Sept. 30.

PLDT group, Nokia seek to help build IoT-enabled industries

BW FILE PHOTO

SMART Communications, Inc. and the enterprise business arm of PLDT, Inc. have teamed up with multinational telecommunications company Nokia Corp. for an Internet-of-Things (IoT) platform aimed at accelerating the digital transformation of businesses in the country.

PLDT said in a statement e-mailed to reporters on Aug. 21 that PLDT Enterprise, Smart Communications and Nokia teamed up to introduce a powerful solution that will transform the way IoT applications are deployed and managed in the country.

It said the move is expected to allow businesses “to accelerate their digital transformation goals and provide next-level customer experience beyond just connectivity.”

“A first in the Philippines, the Smart IoT Platform, powered by Nokia’s Worldwide IoT Network Grid (WING) will further enhance businesses to have full real-time visibility and control to up to hundreds of thousands of connected devices,” it added.

The IoT platform allows businesses to “effectively oversee to automate the connectivity and usage” of their mobile assets. PLDT said the objectives are to ensure optimum performance and increase operational efficiency.

ePLDT President and Chief Executive Officer Juan Victor I. Hernandez said: “For PLDT-Smart, this is so much more than IoT, as it opens up a lot of possibilities that were previously only a dream.”

The PLDT-Nokia partnership this year is focused on seeking to help build IoT-enabled industries. They intend to provide business solutions for the efficient management of interconnected devices.

“We put this vision forward with the Philippines’ first localized IoT offer, and we believe that this will ultimately pave the way for the Philippines’ transformation to a nation of smart cities,” said Mr. Hernandez, who also serves as senior vice-president and head of PLDT and Smart Enterprise Business Groups.

For his part, Nokia Philippines Head Carlos Reyes said: “As a partner, we not only bring just a platform, but also the business experience we have around the world, providing technology and business solutions to help drive enterprise growth.”

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

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