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Lexus ‘omotenashi’ returns to Power Plant Mall

A Lexus RX on display in Lexus at Mitsukoshi — PHOTO BY KAP MACEDA AGUILA

LEXUS returns to Power Plant Mall this July for a guest experience that “celebrates refinement, innovation, and contemporary luxury.” Until July 17, guests are invited to discover select Lexus models in an elegant lounge setting at the North Court, complemented by handcrafted coffee beverages from Angkan and signature Lexus omotenashi treatment.

In a release, Lexus Philippines said it presents a lineup tailored to every lifestyle. “From compact crossovers to executive mobility solutions, each model embodies the Lexus commitment to craftsmanship, intuitive technology, and design-led performance,” it maintained.

To be featured are the Lexus LBX, starting at P2.558 million, designed for the modern urban driver who values both style and practicality. Boasting a confident stance, premium interior, and seamless smartphone integration, the LBX offers a distinctive Lexus experience in a smaller, city-friendly package.

Starting at P3.758 million, the Lexus NX 350h Executive banners versatility, combining hybrid performance with a thoughtfully appointed cabin. It is said to be suited for both weekday commutes and weekend escapes. Confident design, intuitive controls, and advanced safety technologies cater to guests who seek flexibility without compromising on elegance or innovation.

For elevated travel and presence, the Lexus RX 350h Premier, priced from P5.398 million, is designed for guests who appreciate comfort, quietness, and standout SUV styling. Its hybrid efficiency, refined surfaces, and intelligent drive features create a sophisticated environment for family trips, personal retreats, or long-distance cruising.

For flagship-level comfort, the Lexus LM 350 7-Seater, starting at P7.158 million, “redefines executive mobility with second-row ottoman-style seating, a serene cabin atmosphere, and a suite of rear passenger amenities. Tailored for leaders and decision-makers, LM delivers the privacy and indulgence of a first-class lounge, all within a luxury vehicle.”

To arrange a test drive, visit the Lexus Test Drive page at https://www.lexus.com.ph/en/discover/test-drive.html. Download the MyLexus App available on both Android and iOS users to receive live updates and access other premium services.

Philippine banking sector’s assets expand to P27.26 trillion at end-May

REUTERS

THE PHILIPPINE banking industry’s total assets rose by 6.4% year on year as of end-May, driven by higher loans, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Banks’ combined assets increased to P27.26 trillion as of May from P25.62 trillion in the same period a year ago.

Month on month, total assets edged up by 1.4% from P26.89 trillion as of end-April.

Banks’ assets are mainly supported by deposits, loans, and investments. These include cash and due from banks as well as interbank loans receivable (IBL) and reverse repurchase (RRP), net of allowances for credit losses.

The banking sector’s total net loan portfolio inclusive of IBL and RRP climbed by 12.7% to P15.12 trillion as of May from P13.42 trillion in the same period a year ago.

Net investments, or financial assets and equity investments in subsidiaries, increased by 6.5% to P7.96 trillion in the period from P7.47 trillion a year prior.

Net real and other properties acquired jumped by 12% year on year to P121.06 billion from P108.19 billion in the same period in 2024.

Banks’ other assets rose by 7.6% to P2.08 trillion from P1.93 trillion.

On the other hand, cash and due from banks fell by 26.4% to P1.98 trillion at end-May from P2.69 trillion a year earlier.

Meanwhile, the total liabilities of the banking system went up by 5.7% to P23.79 trillion as of May from P22.5 trillion in the comparable year-ago period.

The majority of banks’ liabilities were deposits, which grew by 4.97% to P20.06 trillion in the period from P19.11 trillion a year prior.

Peso-denominated deposits stood at 16.59 trillion, while foreign currency deposits were at P3.45 trillion.

“The continued growth in banks’ assets largely brought about and reflected by the sustained double-digit growth in loans and continued growth in bank deposits, both of which were faster than overall economic growth,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The BSP’s cumulative rate cuts since last year have supported demand for credit, he said.

The latest data from the BSP showed outstanding loans of universal and commercial banks increased by 11.3% year on year to P13.37 trillion as of May.

The Monetary Board has brought down benchmark interest rates by a cumulative 125 basis points (bps) since it started its easing cycle in August last year, with its latest move being a 25-bp reduction on June 19 that brought the policy rate to 5.25%.

“The continued growth in banks’ total assets also reflects continued growth in banks’ earnings as one of the most profitable industries in the country,” Mr. Ricafort added.

The banking industry’s combined earnings jumped 10.6% year on year to P101.9 billion in the first quarter, latest BSP data showed.

“For the coming months, possible further cuts in Federal Reserve rates that could be matched locally would help support future loan growth, as well as gains in bonds and investment securities of banks that would help increase trading gains,” Mr. Ricafort said.

Earlier this month, BSP Governor Eli M. Remolona, Jr. has said there is room for two more rate cuts this year amid easing inflation and weak economic growth.

Meanwhile, only “a couple” of officials at the Fed’s June 17-18 meeting said they felt interest rates could be reduced as soon as this month, with most policymakers remaining worried about the inflationary pressure they expect to come from President Donald J. Trump’s use of tariffs to reshape global trade, Reuters reported. — Luisa Maria Jacinta C. Jocson

Megaworld expands Binondo mall with new retail wing

Imperial Wing — MEGAWORLD CORP.

MEGAWORLD CORP. is expanding the retail area of its Lucky Chinatown mall in Binondo, Manila, with the addition of new commercial spaces under the Imperial Wing development.

Lucky Chinatown is expanding with the new Imperial Wing development, which adds three levels of new retail spaces, bringing the mall’s total gross leasable area to 36,000 square meters (sq.m.), Megaworld said in an e-mail statement over the weekend.

Imperial Wing is linked to the main mall through the Chinatown Walk on the ground floor and two air-conditioned walkways on the second and third levels. It also has direct access to the Chinatown Museum and is located behind the Lucky Chinatown Hotel.

Megaworld said the Imperial Wing features new establishments such as Japanese furniture and home accessories brand Nitori, Chinese lifestyle retailer KKV, Robinsons Supermarket, and Chinese multinational fastfood chain Mixue.

Other food establishments set to open include Hen Ho Hotpot, Xibei Ramen, Nono’s, Mesa, llaollao, and The Coffee Bean & Tea Leaf.

“The expansion of Lucky Chinatown through the Imperial Wing reflects our continued commitment to elevating the lifestyle experience on this side of Manila. We are curating a diverse and dynamic tenant mix that responds to the evolving needs and preferences of the market, as we strengthen our role as a vibrant community hub,” Megaworld Lifestyle Malls Head Graham Coates said.

In June, Megaworld began the P2.5-billion redevelopment of its 18.5-hectare Eastwood City township. The redevelopment includes upgrades to the township’s various commercial areas and lifestyle malls, including Eastwood Citywalk, Eastwood Mall, and the Eastwood Mall Open Park.

Shares of Megaworld were last traded on July 11, up by 1.48% or three centavos to P2.06 apiece. — Revin Mikhael D. Ochave

Captive breeding program being readied for tamban

PHILSTAR FILE PHOTO

THE National Fisheries Research and Development Institute (NFRDI) at the Department of Agriculture announced a captive breeding program for Bali sardinella (Sardinella lemuru), also known as tamban.

“A documented breeding technology specific to tamban has never been attempted before. Historically, the focus has been on managing wild stocks to ensure sustainable capture fisheries,” according to NFRDI Officer-in-Charge and project leader Maria Theresa M. Mutia.

“But with increasing pressure on wild populations and the threat of supply instability, we must now explore alternative solutions through research and innovation.”

Tamban, a type of sardine, is among the most widely consumed fish in the Philippines.

In 2023, sardines were the second-leading commodity generated by the capture fisheries, accounting for 314,147.30 metric tons (MT) or 16.7% of the segment’s total output, valued at P13.81 billion, according to the Philippine Statistics Authority.

Tamban was the top small pelagic fish produced between 2018 and 2022, peaking at over 339,000 MT in 2020.

The NFRDI in 2024 launched a seven-year research program aimed at developing tamban breeding and culture technologies.

The program is designed to establish protocols for live capture, transport, domestication, and grow-out, laying the groundwork for tamban production outside natural fisheries.

The three-phase program is being carried out in partnership with the Southeast Asian Fisheries Development Center’s Aquaculture department and the Bureau of Fisheries and Aquatic Resources in Region 9:

The first phase (2024–2025) focuses on biological studies, transport trials, and domestication, while the second phase (2026–2028) will cover broodstock development and breeding trials. Phase three is dedicated to grow-out culture.

“Initial efforts under Phase 1 have yielded positive results,” the NFRDI said, citing the development of live transport and domestication protocols, which prove that tamban can survive and adapt to captivity.

“A benchmark survival of 378 days has been recorded so far.”

Currently, 232 live tamban are being maintained at the NFRDI’s Freshwater Fisheries Research and Development Center in Taal, Batangas, and at a hatchery facility in Tigbauan, Iloilo.

“Preliminary stomach content analyses indicate that tamban primarily feed on copepods (tiny marine crustaceans) alongside phytoplankton and zooplankton, providing key information for feed development and nutrition management,” the NFRDI added.

“Establishing tamban’s biological parameters and domestication protocols is essential,” it said. “The data will serve as the foundation for the next phases of the program, especially for broodstock development and culture system design.” — Kyle Aristophere T. Atienza

Recovering Giorgio Armani says he will be back in September

DESIGNER Giorgio Armani appears on the runway at the end of the Giorgio Armani Fall-Winter 2025/2026 menswear collection during Milan Fashion Week in Milan, Italy on Jan. 20. — REUTERS FILE PHOTO/ALESSANDRO GAROFALO

ROME — The founder of Italian fashion house Giorgio Armani issued a message as he turned 91 on Friday to say that he will be back in September, after a health problem forced him to miss the Milan and Paris fashion shows in recent weeks.

It was the first time Giorgio Armani has missed one of his catwalk events. His company said last month he was recovering at home, without elaborating on his health, while Italian newswires reported that he had been in the hospital for some days.

“In the last few weeks I strongly felt the embrace of those who were thinking of me,” Mr. Armani said in an open letter published by several Italian newspapers, mentioning family, colleagues, employees, the press, and people on social media.

“Today, on my 91st birthday, I want to thank all of you for the closeness you have shown me. It wasn’t easy for me not to hear your applause live. Thank you from the bottom of my heart, and I’ll see you again in September,” he added.

The next Milan fashion week is scheduled to run from Sept. 23 to 29. — Reuters

BSP bills fetch mixed rates

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities ended mixed on Friday as the one-month tenor went undersubscribed.

The BSP bills fetched bids amounting to P119.385 billion, higher than the P110-billion offer but below the P136.922 billion in tenders for the same volume offered the week prior. However, the central bank awarded just P102.285 billion in short-term securities as the one-month tenor was undersubscribed.

“The 28-day tenor had a bid-to-cover ratio of 0.85 times, while the 56-day tenor was 1.29 times oversubscribed,” the BSP said in a statement.

Broken down, tenders for the 28-day BSP bills stood at just P42.285 billion, lower than the P50 billion on offer and the P61.221 billion in bids for the same volume auctioned off the prior week. The BSP awarded all the submitted bids.

Accepted rates ranged from 5.299% to 5.525%, lower than the 5.35% to 5.536% band seen a week earlier. This caused the average rate of the one-month securities to slip by 0.08 basis point (bp) to 5.4654% from 5.4662% previously.

Meanwhile, bids for the 56-day bills amounted to P77.1 billion, above the P60-billion offering and the P75.701 billion in tenders for the same amount offered by the central bank a week prior. The central bank made a full P60-billion award of the two-month securities.

Banks asked for yields ranging from 5.32% to 5.515%, wider than the 5.375% to 5.546% margin seen a week prior. With this, the average rate of the 56-day securities rose by 1.11 bps to 5.4965% from the 5.4854% logged in the previous auction.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide short-term market rates towards its policy rate.

The BSP bills also contribute to improved price discovery for debt instruments while supporting monetary policy transmission, the central bank said.

The central bank securities were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through its short-term securities.

The BSP bills are considered high-quality liquid assets for the computation of banks’ liquidity coverage ratio, net stable funding ratio, and minimum liquidity ratio. They can also be traded on the secondary market. — Luisa Maria Jacinta C. Jocson

Technicians graduate from Toyota Motor Philippines School of Technology

In photo are (standing, fifth from left) Toyota Dealers Association of the Philippines Representative Jym Joshner Yaokasin, Toyota Motor Philippines (TMP) President and TMP Tech Science & Technology Council Chairman Masando Hashimoto, Technical Education and Skills Development Authority (TESDA) Region IV-A Regional Director Archie Grande CESO III, TESDA Laguna Provincial Director Zoraida Amper, TMP Tech Chairman Jose Maria Atienza, TMP Tech Senior Board Adviser Dr. David Go, and TMP Tech President Jose Maria Aligada, together with TMP network officers, TMP Tech instructors, and the new graduates. — PHOTO FROM TMP TECH

A TOTAL OF 231 scholars recently graduated from the Toyota Motor Philippines School of Technology (TMP Tech), said to be a premier automotive technical-vocational institution, at its 14th commencement exercise for its Automotive Servicing General Job, Automotive Body Panel Repairing, and Automotive Body Painting courses at Toyota Motor Philippines’ industrial complex in Santa Rosa City, Laguna. With the addition of the new finishers, the institution has now produced a total of 2,792 graduates from its regular and specialized training programs since 2014.

Starting its operations in 2013, TMP Tech was founded by Toyota Motor Corp. (TMC) Honorary Chairman Dr. Shoichiro Toyoda and TMP Founding Chairman Dr. George SK Ty to become a “world-class technical and vocational institution that develops Filipino youth to become highly competent automotive professionals for the local and international Toyota dealer network,” TMP Tech said in a release.

Counting the cost of funds denied to Filipinos: The non-allocation of PhilHealth funds

Let us begin by describing the healthcare situation through the realities of ordinary Filipinos.

The 2023 Philippine National Health Accounts show that for every P10,000 spent on healthcare, a significant P4,000 is shouldered by the individuals themselves, placing a heavy and often overwhelming financial burden on the average Filipino.

Supreme Court Associate Justice Jhosep Lopez narrated during one of the oral arguments that he incurred a P7 million hospital bill for undergoing treatment for esophageal cancer, of which the country’s state insurer, the Philippine Health Insurance Corp. (PhilHealth), only covered a minuscule portion — 0.71% or P50,000. For an average middle-income household, this will mean depleting a lifetime of savings and, in many cases, incurring debt.

Those who cannot afford the cost of healthcare may skip going to health facilities altogether. The 2022 National Demographic and Health Survey (NDHS) shows that among 15- to 49-year-old women respondents, almost half expressed that the most common problem in accessing healthcare was getting money for treatment (42%).

Amidst all these, in 2024, the Department of Finance (DoF) ordered PhilHealth to remit P89.9 billion of its alleged “excess” funds to the national treasury to fund the unprogrammed appropriations. This order was based on a provision, inserted for the first time, that authorizes government-owned and -controlled corporations (GOCCs) to allocate a portion of their fund balances to finance key programs in the Unprogrammed Appropriations, which includes non-health programs such as the government counterpart funding for the Panay-Guimaras-Negros Island Bridges and the Metro Manila Subway Project.

This brazen move by Congress and the Executive (through the DoF) compelled citizens’ groups to seek redress from the Supreme Court by filing a petition in August 2024, challenging the legality of the fund transfer. Two tranches of remittances totaling P60 billion were made before the Supreme Court issued a temporary restraining order. However, this P60 billion that was withdrawn from PhilHealth was just the tip of the iceberg.

The Universal Health Care Act, enacted in 2019, directs the collection of funds from sin taxes derived from alcohol, cigarettes, and sweetened beverages; in particular, the Sin Tax Reform Laws mandate that 80% of 50% of revenues from tobacco and sweetened beverages are allocated to PhilHealth. Other sources of PhilHealth funding are the following: 50% of the National Government’s share from the income of the Philippine Amusement Gaming Corp. (PAGCOR) and 40% of the Charity Fund of the Philippine Charity Sweepstakes Office (PCSO) for the ongoing improvement of PhilHealth benefit packages.

The available data reveal that since 2019, PhilHealth has yet to receive a single centavo of its share from PAGCOR and PCSO since the implementation of the UHC Law. In total, the funds withheld from PhilHealth would amount to P272.34 billion. If the P60-billion fund transferred by PhilHealth to the national treasury is to be included, which is also sourced from the sin taxes, the total amount withheld from PhilHealth will yield a staggering P332 billion (see the accompanying table).

This shows that the budgeting process goes far beyond simple allocations from the national budget. It involves multiple layers of authorization before public funds are disbursed. Agencies must first secure allotment releases through General Allotment Release Orders (GAROs) for General Fund items and Special Allotment Release Orders (SAROs) for budget items needed for special budget requests, like the National Health Insurance Program (NHIP), which only allows them to incur obligations, not to spend cash.

As clarified by the Supreme Court in the case Belgica vs Executive Secretary (G.R. 208566), SAROs do not guarantee fund release and may even be revoked, making the Notice of Cash Allocation (NCA) the ultimate directive and indicator for government spending.

Despite the Department of Budget and Management (DBM) reporting high allotment release rates, actual disbursement — where goods and services are delivered and paid for — depends on the issuance of NCAs.

But the DBM has systematically deprived the provision of cash allocation for NHIP and inexplicably denied the same for the PhilHealth benefit improvement packages in the past six to seven years.

Adding insult to injury, as the reduction of PhilHealth funds was being challenged over at the Supreme Court, Congress’ Bicameral Conference Committee decided to give zero budget to PhilHealth for fiscal year 2025, effectively slicing at least P69.81 billion from the country’s health insurance that should have been allocated to it based on the calculated allocations from earmarked revenues from the sin taxes for the said year.

It would seem that the neglect and deprioritization of spending on PhilHealth since 2023 paved the way for a zero budget in 2025, as approved at the bicam level. A significant cut of P40 billion was made to the 2024 PhilHealth budget, which was also dastardly engineered at the bicameral conference committee level, where there was no public scrutiny.

COUNTING THE COST: HOW MUCH HEALTHCARE WAS DENIED TO FILIPINOS?
The funding withheld from PhilHealth since 2019 could have already made an impact in reducing the high out-of-pocket health expenses of Filipinos, which, based on the 2023 Philippine National Health Accounts, is about 44% of the country’s total health expenditure, or P550.2 billion.

Let us give some examples of where the PhilHealth funds should have gone. For instance, the full implementation of PhilHealth’s Konsulta package — a set of comprehensive outpatient benefits which includes consultation, selected diagnostic and laboratory tests, and medicines — which costs P194 billion annually, could significantly reduce high out-of-pocket expenses in the long run by providing cost-effective preventive interventions at the primary level, thereby offering healthcare support that reaches communities.

This shift could potentially change the healthcare focus from curative care, which is typically more expensive, to preventive care. Preventive care not only costs less but also enables early intervention, leading to better health outcomes and a reduced burden on hospitals. However, it currently accounts for only about 7% of the country’s health expenditures. The Universal Health Care Law also requires that the Konsulta service be rolled out and implemented in 2023. As of June 30, 2024, only 20% of the population had registered with an accredited PhilHealth Konsulta provider.

It is essential to recognize that UHC is not solely about health financing, which is done primarily through PhilHealth. Health financing should be complemented by a public health system that efficiently, effectively, and equitably provides affordable health services to the people. This implies the ongoing need to strengthen and scale up the capacity of DoH to ensure that, with the expanded utilization of PhilHealth benefits, trained personnel, medical facilities, and supplies are there to put those PhilHealth benefits to work. Absent these medical complements, the PhilHealth benefits will have limited use and impact.

The denial of P332 billion mandated to go to PhilHealth by law since 2019 also betrays a lack of understanding and appreciation of policymakers regarding the role of social insurance as a social protection measure that promotes equity and redistribution in society. It seems that this lack of appreciation of the role of a social health insurance flows from a policy mindset that sees the value of public services from a fiscally conservative perspective. This limited policy mindset is exemplified by the following comments such as when the Executive and Congress sought to justify the fund transfer by insisting that “may mga natutulog na pera na binabayaran pa natin ng interest, mas mabuti na kung hindi nagagamit ang iba diyan at natutulog lang, sayang naman, gamitin natin (There are some dormant funds that we are still paying interest on, it would be better if some of them were not used and just lying around, it’s a waste, let’s use them),” (Finance Secretary Ralph Recto, Aug. 19, 2024); “…hindi puwedeng sisihin na nagkulang tayo sa pagbibigay sa kanila [PhilHealth] kasi nga ang daming pera na nandyan. Hindi nila pinamimigay ’yong pera doon sa mga nangangailangan, tinuturuan din natin sila ng leksyon… (…we can’t be blamed for not giving them [PhilHealth] enough because there’s a lot of money there. They’re not giving that money to the needy, we’re also teaching them a lesson…),” (Senator Grace Poe, Dec. 12, 2024). Furthermore, Solicitor General Menardo Guevarra remarked that “the Congress’ inclusion of Special Provision 1d in the General Appropriations Act of 2024 and DoF’s issuance of Circular No. 003-2024 are the government’s common sense approach” (Feb. 4).

What needs to be underscored to our policy makers are two things: one, the Filipino people have a right to health, the fulfillment of which has been mandated by law; and two, increasing (rather than reducing) the budget of PhilHealth is an investment in the human development of our people, which in turn can help them become more productive citizens.

Unless the full potential of the UHC is realized, there is no room to discuss if there are indeed “excess” funds in PhilHealth. For example, this means that PhilHealth and the Department of Health should first fully implement the Konsulta Package and make sure all patients who need the basic PhilHealth package are covered.

In this context, we look forward to the decision of the Supreme Court, which can further shed light on the true state of the PhilHealth funds. Some questions to ponder are: Is there such a thing as “excess” funds when the 10-year implementation of the UHC is still ongoing, and unpaid recorded and recognized hospital claims remain outstanding? During the Supreme Court Oral Arguments on the PhilHealth fund transfer, Associate Justice Amy Lazaro Javier cited Commission on Audit reports showing that PhilHealth was actually “bankrupt.” It was also established that PhilHealth’s insurance contract liabilities exceeded its reserve fund.

Furthermore, Associate Justice Benjamin Caguioa thoroughly questioned the absence of a Special Account in the General Fund (SAGF) of the earmarked revenues from the sin taxes. During the Oral Arguments, the Bureau of the Treasury admitted that special funds derived from sin taxes are commingled with all the other funds of the government in the general fund. According to Justice Caguioa, this matter of establishing guardrails for the specific revenue measures earmarked for the implementation of the UHC Law may become part of the Supreme Court’s decision. We are hopeful that the Supreme Court will issue a ruling in favor of the Filipino people who are all PhilHealth members.

Meanwhile, there is a new Supreme Court petition filed by 14 organizations and individual petitioners questioning the non-allocation of mandated funds for PhilHealth. Among the petitioners is former health secretary Dr. Jaime Galvez Tan, the first chairperson of the PhilHealth Board, who is known for his decades-long work and advocacy on the shift to a primary healthcare approach to health.

As the budget legislative season approaches, we join our fellow budget advocates in calling for a genuinely open, transparent, and accountable process in budget-making at all levels. In particular, there is a need to prevent anomalous and highly irregular decisions by the bicam committee from happening again. As such, the practice of secretive bicameral conference committee meetings must end.

We call on the legislators to allow the public to monitor all budget-related meetings; after all, the budget decisions arrived at in those meetings are about funds that came from us, the taxpayers, whether direct or indirect.

Finally, we respectfully remind our policymakers to follow the law on the automatic appropriation of earmarked revenues from sin taxes to PhilHealth. This law is the hard-earned fruit of a long and arduous advocacy waged by many citizens and health professionals together with like-minded government officials from the past. Let us not undo the gains that the Filipino people have won; instead, let us secure these and move forward.

 

Maria Victoria Raquiza, PhD, is an associate professor at the University of the Philippines National College of Public Administration and Governance (UP NCPAG) and co-convenor of Social Watch Philippines. Alce Quitalig is the senior budget specialist at Social Watch Philippines.

JMC offers discounts, low down on EV2 & EV3

JMEV EV3 — PHOTO FROM JMC PHILIPPINES

JMC PHILIPPINES is offering its two recently launched electric vehicles (under the JMEV sub-brand) with discounts and low down payment deals from July until the end of September this year. The EV3 offers a range of 330 kilometers, while the more compact EV2 can travel up to 210 kilometers on a full charge, and is seen as a dependable, eco-friendly, and affordable mobility option.

The EV2 can be purchased with a down payment as low as P53,440, while the EV3 is available with a down payment starting at P63,040. Monthly payments for the models begin at P12,286.75 and P14,493.95, respectively.

The EV2 is available in three colors: Dynamic Green, Aurora White, and Future Cyan, while the EV3 offers a diverse color lineup including Aurora White, Sky Blue, Cherry Blossom Pink, and Dynamic Green. For more information, visit a JMC Cars dealership, https://jmcph.com/ or follow official channels on Facebook and Instagram (JMC Cars PH).

Southstar Drug targets 800 stores by 2026

SOUTHSTAR DRUG

DRUGSTORE chain Southstar Drug is aiming to increase its store network to 800 by next year, with up to 60 store openings planned for this year.

“With plans to reach 800 stores by 2026, Southstar Drug remains committed to its founding belief: that healthcare should not be a privilege, but a promise — delivered humbly, one Filipino at a time,” the company said in a statement.

Asked where the store openings will be, the company said, “Generally, it is in Luzon and the National Capital Region (NCR) because our footprint is here.”

“A minimum of 25 stores will be in NCR as we have a sister company in the VisMin region called Rose Pharmacy, with which we have a synergy,” it said.

“This year we’re planning to open 50-60 stores. This is still largely dependent on the sites that will be acquired,” it added.

Last month, Southstar Drug opened its 700th store inside the University of the Philippines (UP)Diliman.

“The UP Diliman store symbolizes not just geographical expansion, but a natural and seamless integration into a vibrant academic community,” the company said.

“Southstar Drug has supported the University Health Services through annual donations and currently sponsors the UP Track and Field Team, demonstrating how presence can be purposeful without being promotional,” it added.

This year also marks the drugstore’s 88th year since being founded in the Bicol Region in 1937.

“From its roots in the Bicol region, Southstar Drug has steadily built a stronghold in South Luzon and Central Luzon, with key expansions in provinces like Pampanga, where its presence continues to grow,” the company said.

“It has also made its mark in Metro Manila, adapting to the evolving needs of urban communities through innovations like drive-thru pharmacies currently available in Muntinlupa, Marikina, and even in Pampanga as well,” it added.

It is also making strides in e-commerce, noting that its digital platform is “one of the most expansive in the country.”

“This ensures that access to medicine is just a few clicks away, even for those outside major cities,” the company said. — Justine Irish D. Tabile

Agricultural trade deficit narrows 16.8% in May

PHILSTAR FILE PHOTO

THE DEFICIT in the agricultural goods trade in May fell 16.8% year on year to $1.02 billion, according to the Philippine Statistics Authority (PSA).

Agricultural exports in May rose 19% to $734.42 million, the PSA said in a report.

It said agricultural exports accounted for 29.5% of two-way trade in farm goods, valued at $2.49 billion in May. Farm goods accounted for 10.1% of total exports.

Agricultural imports fell 4.8% year on year in May to $1.75 billion. Farm goods accounted for 16.6% of Philippine imports overall that month.

The $2.49 billion in agriculture trade in May was up 1.2% year on year. In April 2025 and May 2024, trade had risen 5% and 17.1%, respectively.

“In April 2025, the trade deficit registered an annual decrease of 6.1%, while an annual increase of 37.7% was recorded in May 2024.”

The PSA said exports of edible fruit and nuts and peel of citrus fruit or melons were valued at $257.99 million, accounting for 35.1% of agricultural exports.

Shipments to members of the Association of Southeast Asian Nations (ASEAN) in May hit $63.49 million, with Malaysia accounting for $27.33 million or 43% of the total.

Spain accounted for $53.39 million or 35.2% of Philippine agricultural exports to the European Union (EU). EU purchases totaled $151.77 million.

The PSA said cereals accounted for $452 million or 25.8% of all agricultural imports in May.

Vietnam accounted for $257.17 million or 36.7% of Philippine agricultural imports from ASEAN.

Within the EU, Spain was the Philippines’ top supplier of agricultural commodities, with imports valued at $39.27 million.

The top agricultural commodities imported from the EU were meat and edible meat offal, dairy produce, birds’ eggs, natural honey, edible products of animal origin, residues and waste from the food industries, and prepared animal fodder. — Kyle Aristophere T. Atienza

Original Birkin bag sells at auction for record $10 million

SOTHEBYS.COM

PARIS — The original bag custom-made for actress Jane Birkin, which became one of the era-defining designs of the 20th century, was sold in Paris on Thursday for a record 8.6 million ($10.04 million), auctioneer Sotheby’s said.

According to fashion lore, the first Birkin bag was born when the Franco-British actress and singer sat next to Hermes executive Jean-Louis Dumas on a flight in 1984 and told him she needed a stylish yet functional bag as a young mother.

Mr. Dumas immediately sketched out the rectangular handbag, with a dedicated space for baby bottles.

The company made that one for her, then started selling smaller versions to the public. The design became a hit and has helped fuel the growth of the fashion brand.

Regular Birkin bags sell for more than $10,000. The first one — which has Birkin’s J. B. initials on the flap and, unlike its descendants, has a strap that cannot be removed — was bought by a private Japanese buyer over the phone, Sotheby’s said. — Reuters