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Megawide keen on more projects with LGUs

By Arjay L. Balinbin, Senior Reporter

MEGAWIDE Construction Corp. is focusing on local government projects and the Duterte administration’s Build, Build, Build initiative, the company’s chief executive said.

“Right now, ang mga clear na project na bini-bid out ay ‘yung mga Build, Build, Build. Doon na lang kami nag-focus muna (Right now, projects with clear direction are those under Build, Build, Build. We are focusing on those projects for now),” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra told BusinessWorld in an online interview on June 29, when asked if the company is still interested in rehabilitating the Ninoy Aquino International Airport (NAIA).

He said the company remains interested in the NAIA project, but the government must provide “clear direction.”

“Hintayin na lang natin ‘yung next administration kung ano ‘yung direction (Let us just wait for the next administration and see what direction it will take),” he added.

After the Manila International Airport Authority board rejected Megawide and its foreign partner GMR Infrastructure Ltd.’s appeal in January to overturn the revocation of its original proponent status for the NAIA rehabilitation project, the company shifted its focus to local government unit (LGU) projects.

“At least, doon mas mabilis ang decision making (At the LGU level, decision making is faster),” Mr. Saavedra noted.

The company is currently working on the redevelopment of the Cebu Carbon Market.

“Construction is ongoing, and we will open the first phase in the fourth quarter of the year,” Megawide Chief Corporate Affairs and Branding Officer Louie B. Ferrer said.

“We are talking to other LGUs also because we have experience in the transport industry,” he added.

He said renewable energy company Citicore Power, Inc., an affiliate of Megawide, is also working with different LGUs for its projects.

Despite losing the original proponent status for the NAIA project, Megawide is grateful to the current administration for the “chance to build another important airport,” Mr. Ferrer also said, referring to the Clark international airport’s new passenger terminal.

Luzon International Premier Airport Development, which operates the Clark airport, is set to open this month the new terminal building for domestic commercial flights. The building can hold eight million passengers annually.

“We thank them also for upgrading some standards at the original airports because the operation efficiency at other airports can affect our operations at Mactan-Cebu International Airport,” Mr. Ferrer added.

He also said Megawide is hoping that the next administration will still prioritize airport projects.

The company announced last week that it intends to participate in three to four contract packages of the Metro Manila Subway project and another three to four contract packages of the North-South Commuter Rail-South Line project.

Regulators boost SEC role in accrediting auditors

REGULATORS inked a deal that puts the Securities and Exchange Commission (SEC) as head of the accreditation and selection process for external auditors in a bid towards greater ease of doing business, the central bank said in a statement on Saturday.

The Financial Sector Forum (FSF), which includes the SEC, the Bangko Sentral ng Pilipinas (BSP), Insurance Commission (IC), and the Philippine Deposit insurance Corp., signed a multilateral memorandum of agreement with the Professional Regulatory Board of Accountancy to promote ease of doing business and compliance to international standards of auditing.

Under the framework, external auditors will only need to file for their applications with SEC. Other member agencies of the FSF can tap on the existing information-sharing platform to complete the evaluation and accreditation or selection process for external auditors.

“All applications received under the new framework were processed and approved within the 20-day processing time as required under the Ease of Doing Business and Efficient Government Service Delivery Act of 2018,” the statement quoted SEC Chairman Emilio B. Aquino as saying.

The agreement also lays down the arrangement on the conduct of the Nationwide Regulator’s Forum, which is a venue to discuss with external auditors the developments in regulatory issuances and international standards in the field of accounting and auditing.

The framework was already adopted by the BSP under Circular 1040 dated May 20, 2019, the IC under Circular Letter No. 39 dated Aug. 8, 2019, and the SEC under Memorandum Circular No. 20 dated Nov. 11, 2019.

“This initiative is in recognition of the critical role of external auditors in promoting the fairness and integrity of financial statements and in strengthening market discipline in the financial industry,” BSP Governor and FSF Chairman Benjamin E. Diokno said.

From November 2019 to May 31, 2021, the SEC has processed and approved 251 applications for accreditation. The agency has also greenlit external audit accreditations, at 194 for BSP and 117 for IC.

The central bank earlier said that inclusion in the list of accredited external auditors is valid for five years or for a shorter period, depending on the agencies. — Luz Wendy T. Noble

T-bill, bond rates may inch down

RATES OF government securities on offer this week may be slightly lower ahead of the release of June’s inflation data.

The Bureau of the Treasury (BTr) will auction off 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 is looking to raise P35 billion from its offering of reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and nine months.

A bond trader said yields on government securities traded sideways last week as investors stayed on the sidelines ahead of the June inflation data to be released on Tuesday.

Inflation may have eased slightly in June amid improving food supply conditions and lower transport prices, analysts said.

A BusinessWorld poll of 14 analysts held last week yielded a median estimate of 4.3% for June headline inflation, matching the midpoint of the 3.9% to 4.7% estimate given by the Bangko Sentral ng Pilipinas (BSP) for the month.

If realized, June would mark the sixth consecutive month that inflation went beyond the BSP’s 2-4% target and would also be faster than the 2.5% print logged in the same month last year. Still, the month’s headline print would be slower than the 4.5% logged in May.

The central bank last month raised its inflation outlook for this year to 4% from the previous forecast of 3.9%.

For this week, two traders expect the rates of the T-bills on auction to likewise move sideways or up to five basis points (bps) lower on the back of strong demand as investors still prefer the short-term debt as uncertainties linger due to the ongoing coronavirus pandemic.

For the seven-year T-bonds, the first trader sees the rate ranging from 3.525% to 3.6%, while the second trader gave a narrower forecast band of 3.525-3.575%.

“While the market players are on the hunt for yields on a relatively low interest rate environment, you have the seven-year reissuance which would offer a slight yield pickup compared with securities at the short end of the curve,” the first trader said.

The Treasury last week made a full P15-billion award of the T-bills it auctioned off as rates dipped across the board. Total bids reached P53.567 billion.

Broken down, the BTr borrowed P5 billion as planned via the 91-day T-bills at an average rate of 1.031%, down from the 1.078% fetched at the June 28 auction.

It also raised the programmed P5 billion from the 182-day debt after the tenor’s average rate fell to 1.332% from the previous week’s 1.348%.

For the 364-day securities, the Treasury made a full P5-billion award at an average rate of 1.562%, lower than the 1.563% seen previously.

Meanwhile, the last time the government offered the series of seven-year bonds on offer on Tuesday was on May 18, when it raised P35 billion as planned from P84.305 billion in total bids.

The notes fetched an average rate of 3.678% at that auction, higher than the 3.625% coupon.

The Treasury is looking to raise P235 billion from the local market this month: P60 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.

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 gross domestic product. — BML

Electronic toll system for P30-B CCLEX now in the works

METRO Pacific Tollways Corp. (MPTC) said its P30-billion Cebu-Cordova Link Expressway (CCLEX) is approaching completion and an electronic toll system is now being prepared.

“The preparations for the electronic system are ongoing and we foresee that the CCLEX will have a cashless toll system to give the riding public a convenient and seamless travel by providing this kind of innovative solution,” MPTC President and Chief Executive Officer Rodrigo E. Franco said in a statement posted on the CCLEX’s official website.

The 8.5-kilometer toll bridge is 75% complete as of June, according to MPTC subsidiary Cebu Cordova Link Expressway Corp. (CCLEC).

CCLEC expects the project to be substantially completed by the end of 2021.

“CCLEX has a design speed of 80 kilometers per hour (kph) and a navigational clearance or height of 51 meters so as to allow large vessels to pass underneath the bridge,” the company noted.

“Not only is CCLEX seen to reduce traffic and make traveling more convenient but also spur trade activities and open greater economic opportunities for Cebu and the rest of the Visayas region,” it added.

The toll bridge project, which is expected to serve around 50,000 vehicles daily, will connect Cebu City with Cordova, in the south of Mactan Island.

The bridge was originally scheduled to open in March, in time for the commemoration of the 500th anniversary of Christianity in the Philippines.

MPTC is the tollways arm of Metro Pacific Investments Corp., one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

LANDBANK’s assets to reach P3 trillion after merger with UCPB

LAND BANK of the Philippines’ (LANDBANK) merger with United Coconut Planters Bank will result in combined assets worth P3 trillion by the end of the year, with expected regulatory relief measures to help the surviving entity weather the financial impact of the transaction.

“The merged assets will significantly grow LANDBANK’s loan portfolio directed at servicing the whole agriculture sector, especially coconut farmers, alongside key development industries. The synergy created by the merger will provide a much better position for us to respond to the evolving needs of our diverse clientele, especially the underserved and unbanked,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying in a statement on Sunday.

Executive Order (EO) No. 142 signed by President Rodrigo R. Duterte on June 25 approved the LANDBANK-UCPB merger. All assets and liabilities of UCPB will be transferred to LANDBANK.

The merger was considered because of the two banks’ shared objectives and interrelated mandates, the EO said. LANDBANK mainly lends to the agriculture sector, while UCPB was originally acquired by the government for the benefit of coconut farmers.

The provisions in the order are expected to be fully implemented within six months from its effectivity.

LANDBANK’s assets reached P2.405 trillion as of end-March, the second biggest in the industry. Meanwhile, latest central bank data showed the assets of UCPB amounted to P327.39 billion as of December 2020.

The lender said it has conducted due diligence and has asked the Bangko Sentral ng Pilipinas and the Monetary Board to review and approve the processes and transactions to be involved in the merger.

LANDBANK said its impending acquisition of UCPB’s shares of stock, assets and liabilities will also expand its own deposits, loans, and capital.

It said based on initial projections, its common equity Tier 1 ratio post-merger will remain higher than the 11% minimum required by the BSP.

Ms. Borromeo said they have also requested the BSP to grant LANDBANK incentives usually given to banks undergoing mergers and consolidation.

She said these relief measures will give the bank more flexibility in managing its capital, as well as help it achieve operational efficiency and minimize the expected impact of the merger on its balance sheet.

“LANDBANK is more than capable of absorbing the financial impact of the merger with UCPB. Our ratios will remain comfortably above the standards set by the BSP,” Ms. Borromeo said.

Fitch Ratings on Thursday said the proposed merger between the lenders will likely affect the credit profile and profitability of LANDBANK in the near term due to UCPB’s weak financial health and stock of soured loans.

A technical working group will be in charge of the integration plan for the merger. It will include LANDBANK’s Ms. Borromeo and UCPB Officer in Charge Liduvino S. Geron. Representatives from the Governance Commission for Government-owned and -controlled Corporations, the Securities and Exchange Commission, the Department of Finance, the Department of Budget and Management, and the Commission on Audit will also be part of the team.

“Clients of both LANDBANK and UCPB are being assured that banking services will continue to be unhampered throughout the ongoing merger process, with deposits to remain intact and secured in their current servicing branches,” LANDBANK said. — LWTN

Addition via sub-Tracker

The Chevrolet Tracker is priced from P1.142 million. — PHOTO FROM CHEVROLET PHILIPPINES

Chevrolet makes tracks in the subcompact SUV segment

YET ANOTHER very competitive crossover SUV has joined the Philippine market — and this time, it is the 2021 Chevrolet Tracker. The Tracker is Chevrolet’s latest product in its new-generation, SUV lineup and has actually already been available in many other markets worldwide, where it has become a highly coveted product.

It leverages Chevrolet’s sporty DNA and the brand’s history in offering the world’s first SUV, in the form of the Chevrolet Suburban Carryall, back in 1935. It is thus a very important product for the bowtie brand to introduce in the Philippines, as Filipinos have long demonstrated a strong appetite for versatile and affordable crossover SUVs.

“The Tracker, with its attractive design and state-of-the-art technical features, is living proof of our 85 years of crossover and SUV expertise,” said GM Strategic Markets Alliances and Distributors President and Managing Director Soemmer in a company release.

As a matter of fact, the Tracker has already been named the best-selling utility vehicle in major Latin American markets such as Brazil, Mexico, and Argentina. It has also been selling exceptionally well in China — which has now become one of Chevrolet’s biggest international markets.

Atty. Albert Arcilla, president and CEO of The Covenant Car Company, Inc. (TCCI), the official importer and distributor of Chevrolet vehicles and vehicle parts in the Philippines, shared, “This highly acclaimed crossover is a welcome addition to our refreshed model portfolio. The Tracker continues Chevrolet’s tradition of producing highly capable crossovers and highlights the brand’s unrelenting focus on growing market segments, by offering stylishly designed vehicles loaded with customer-centric technology.”

Atty. Arcilla also explained that Chevrolet Philippines had already planned to execute a transition to that refreshed portfolio back in 2019 — making the Tracker one of its most important vehicle introductions thus far. The popular crossover units will be imported directly from Chevrolet’s global plant in China.

The Tracker is a practical and capable crossover SUV that combines modern athletic design with intelligent connectivity features. It carries a small-displacement (one-liter), three-cylinder DOHC Ecotec turbo engine mated to a six-speed automatic transmission. Being the crossover that it is, the Tracker offers good cargo capacity with loads of intelligent storage solutions. It is offered in two model variants: the base Tracker LS and the higher-end Tracker LT Redline Edition.

The Tracker LS exudes a more playful, sporty lifestyle look while the LT Redline Edition looks a lot more athletic, especially with its strong black and red accents found throughout the vehicle. The latter is decorated with an all-black dual cockpit matched with jet-black seats accentuated with racy, red double stitching. Both models feature sports-style driver and passenger seats.

Adding to the embellishments of the Redline Edition are a beautiful panoramic sunroof and 17-inch black alloy rims.

As the Tracker celebrates Chevrolet’s sporty DNA, its Bosch electric power steering wheel features a nice, flat-bottom, leather-wrapped design. Audio control buttons are incorporated within the steering wheel body. A floating eight-inch colored touchscreen can be found on the dash, and its MyLink infotainment system also offers Bluetooth connectivity, four USB ports, and an SD card reader slot.

The rear seats are foldable and can be split 60/40, and the cabin can accommodate multiple seating configurations to offer greater flexibility when transporting irregularly shaped cargo.

The Tracker comes with an intelligent engine start/stop system to help save on fuel. It is also equipped with a range of active and passive safety technologies, which include a reverse camera with a wide 130-degree viewing angle.

Units of the Chevrolet Tracker are already expected to be in local dealerships within the next two weeks. The product has already been pre-selling for a while now; and up for grabs is a special introductory discount of P30,000 — regardless of the mode of purchase — for both models of the Tracker until Sept. 30, 2021.

The base Tracker LS is currently priced at P1,142,888 while the sportier LT Redline Edition is priced at P1,242,888. They come with Chevrolet’s Complete Care package, which includes a five-year warranty, free enrollment to the 24/7 Chevrolet Roadside Assistance program for three years, and access to the 24/7 Chevy Hotline for all service needs.

Let there be light

NANOLEAF Shape can be connected together to form wall art. The lights react to touch, music, and movement.

Nanoleaf’s app-controlled lighting systems now in PHL

SURE, the lights at your house might be pretty, but are they smart?

Nanoleaf, a company that had kicked off in Kickstarter with an energy-efficient bulb almost 10 years ago, has decided to brighten up the Philippines. An online launch on June 24 showed off the potential of its Elements and Shapes lines.

The lines cost between P1,225.50 for a bulb to P14,290 for an Elements starter kit.

“We’re the first of its kind to mix smart module lighting that connects,” said Nanoleaf Account Manager George Chu. The lights can be controlled via a Nanoleaf app and can be integrated into other smart home devices and systems like Google Assistant, Amazon Alexa, Apple HomeKit, and Samsung SmartThings. Also, according to Mr. Chu, the lights, at maximum brightness, would only consume up to two watts (which is why he leaves them on).

In a demonstration of the Shapes line (triangles of two sizes and a hexagon), they’re shown to be stuck on a wall and can be connected together to form wall art (which one can also start planning via the app). The lights react to touch, music, and movement —  perfect for house parties.

The Elements line, meanwhile, looks like wood, has a Circadian lighting system in place (to help you relax), and has several options for light movements (as well as reacting to touch and sound).

The demonstrations also featured beauty queen Megan Young and her husband Mikael Daez and showed how they changed up their home gym with the help of the Shapes line.

“Nanoleaf’s mission is to really bring upon and usher a new era of smart home lighting,” said Christian Yan, Nanoleaf COO and co-founder.

Nanoleaf products are available at Lazada (https://www.lazada.com.ph/shop/nanoleaf-philippines/) and Shopee (https://shopee.ph/nanoleaf). —  J.L.Garcia

Rimini Street set to hire local staff in PHL expansion

ENTERPRISE software support firm Rimini Street, Inc. will be hiring its first set of Philippine staff as it expands local services in response to growing demand.

Andrew Seow, Rimini Street regional general manager for ASEAN and Greater China, said the company had been seeing increasing interest for it services amid the pandemic, including demand from the transportation and manufacturing sectors.

“Many of these enterprises are under cost crunch because of the pandemic. They’re used to doing business on face-to-face basis. They are now being forced to go digital,” he said in a phone interview on Tuesday.

“They look at their existing IT spend and see where they can achieve more savings. So instead of going to the principal for maintenance, they basically come to Rimini Street.”

Rimini Street will invest in hiring sales and marketing representatives, Mr. Seow said, along with an engineering team in the Philippines. The pandemic, he added, accelerated the work force expansion plan to be implemented within the next six months.

“We have plans basically to expand our business in the Philippines. We are seeing a lot of incoming calls inquiring about our services because of referral from customers to customers,” he said.

The hiring move, he said, is motivated by potential market demand and a need to deploy local staff that speak Philippine languages.

The US-based company offering enterprise software support for Oracle and SAP products plans to reach $1 billion in annual revenue by 2026.

Rimini Street posted a 12.6% increase in revenue to $87.9 million in the first quarter of 2021, the company reported. But it incurred a net loss of $3.6 million during the quarter, swinging from a net income of $2.5 million a year earlier. — Jenina P. Ibañez

Yields on gov’t debt mixed on month-end positioning

YIELDS ON government securities (GS) were mixed last week following end-of-month positioning and ahead of the release of June inflation data.

GS yields at the secondary market fell by 1.39 basis points (bps) on average week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of July 2 published on the Philippine Dealing System’s website.

The 91-day Treasury bill (T-bill) inched up by 0.60 bp to yield 1.1882%. Meanwhile, the rates of the 182- and 364-day T-bills fell by 0.52 bp (to 1.4121%) and 2.59 bps (1.6027%), respectively.

The belly of the curve ended mixed as the yield on the two-year Treasury bond (T-bond) inched up by 0.05 bp to 1.9567%. Meanwhile, the three-, four-, five-, and seven-year papers dropped by 2.06 bps, 4.21 bps, 5.59 bps, and 3.45 bps, respectively, to fetch 2.3381%, 2.6781%, 2.9828%, and 3.4678%.

On the other hands, rates on longer tenors inched up. The 10-, 20-, and 25-year T-bonds saw their yields climb by 0.03 bp (to 3.8965%), 1.50 bps (4.9728%), and 0.94 bp (4.9689%), respectively.

“[Last] week was characterized by consolidation as a result of month-end and first half of the year-end positioning by the middle of the week as well as inflation talks getting heated as July commenced,” Security Bank Corp. Chief Investment Officer Noel S. Reyes said in a Viber message.

A bond trader shared this view, adding “the bias for yields towards the end of [last] week was on the downside as dealers begin to reinstate positions ahead of the CPI (consumer price index) release on Tuesday.”

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno last week said the central bank expects June headline inflation to range between 3.9% and 4.7% for a point projection of 4.3% as electricity and fuel costs remained high. If realized, June could mark the sixth straight month of inflation going beyond the BSP’s 2-4% target for the year.

Yield movements this week will mostly hinge on the June inflation report on Tuesday, analysts said.

“We expect yields to trend sideways with downward bias [this] week until we get clarity on the direction of CPI for the second half of 2021,” the bond trader said.

Mr. Reyes said the upcoming inflation data is “crucial” and will dictate the trend moving forward.

“A strong CPI number above 4.5% will trigger higher yields,” he said. — Ana Olivia A. Tirona

2021 Audi Q7 TDI: Q7th heaven

PHOTO BY MANNY N. DE LOS REYES

Driving the SUV with a genius-level IQ

HOW THE GERMANS can make a very understated-looking car and still endow it with the aggressiveness and authority that only a Teutonic design can impart never ceases to amaze me.

Case in point: the new 2021 Audi Q7. It has one of the smoothest and cleanest designs in automobiledom. No macho fender flares, no superfluous curves, no stray character lines — just an elegantly minimalist design that nevertheless conveys an aura of luxury and strength.

Much credit, of course, goes to that imposing Audi Singleframe grille and those mean-looking — and very effective — HD Matrix LED headlights (which effectively double the distance of most cars’ high beams in stunning precision). But the vehicle itself, even in a very understated dark blue, turns a lot of heads with its sizable proportions. The seven-seater Q7 spans a full 5,063mm long and a vast 2,212mm wide (including the side mirrors). Its wheelbase is a stunning 2,995mm — much longer than many of the popular seven-seater SUVs’— giving the Q7 superior cabin space compared to its direct competitors. Even the third-row occupants of the Q7 can sit in true spacious luxury.

The 2021 Audi Q7 TDI sports the mid-cycle face-lift of the current second-generation model. The first-generation model debuted at the Frankfurt Motor Show in 2005 while the second-gen model came out in 2015. The new Q7’s side air inlets and sill area have a much more expressive line, underscoring the vehicle’s ground clearance and off-road capabilities. The light signature of the LED headlamps emphasizes the width of the model, while the restyled rear’s chrome strip and flat taillights with technical-looking graphics connect with the body’s horizontal line. Complementing the refreshed styling are 20-inch cast aluminum wheels in 5-V-spoke turbine design.

Numerous storage compartments and cavernous luggage space — even with the third-row seats up — give the Q7 superb versatility. The finely crafted cabin combines luxury with practical features that make the driving and riding experience more rewarding and absolutely stress-free. The Q7’s cockpit architecture seamlessly integrates a new digital operating system highlighted by two large touchscreens that provide haptic and acoustic feedback for their touch controls. When switched off, the top display slots almost invisibly into the large black decorative surface. All other elements are arrayed logically in true German tradition. There is a learning curve to negotiate with the interface if one is used to Japanese cars, but the transition is easier if one is used to European vehicles.

Included among the premium features in the cabin are the Audi Virtual Cockpit Plus (featuring a high-resolution color information display), MMI Navigation Plus with MMI touch response, a handsome and delightful-to-grip three-spoke flat-bottom leather multifunction steering wheel with paddle shifters, a superb Bang & Olufsen premium audio system, an ambient LED lighting package, four-zone automatic air-conditioning, and Audi Music Interface for the rear seat.

All three rows of seats can be slid forwards or backwards individually, and the seatbacks can be reclined. The middle portion of the second-row seats can be folded down to create a wide armrest and partition for the outboard seats, effectively transforming the back into a business class-like suite. Fitted as standard is an electrically operated tailgate. Befitting a true luxury SUV, the new Q7 boasts power-latching, soft-closing doors. The luggage compartment offers up to 2,050 liters of space (with the second- and third-row seats folded), creating a fully flat load area.

Further elevating the Q7 are its host of safety equipment, which includes full-size air bags in front, air bags at the outboard sides of the front and rear passengers, Isofix child seat mountings, Parking Aid Plus with 360-degree display, tire pressure monitoring, advanced traction and stability control systems, and numerous driver-assist technologies.

Powering the new Audi Q7 is a surreally quiet and supremely strong 3.0-liter TDI V6 turbocharged diesel engine that makes 286hp and a whopping 600Nm of torque — enough to propel the nearly three-ton Q7 from rest to 100kph in a scant 6.3 seconds. Matched to this is an eight-speed Tiptronic transmission, which sends the engine’s output to the Quattro all-wheel drive system. But despite the immense power output, the car’s power delivery is impressively linear and smooth. There is no sudden and unsettling surge forward — just smooth, strong and relentless acceleration, almost like an Airbus A380 super jumbo taking off a runway.

Yet more dynamic performance achievements are the impressive blend of a luxurious ride with responsive handling and the easy-to-modulate brakes, which allow you to quickly decelerate from high speed without the occupants flying forward against their seat belts. That’s true smoothness in every aspect.

Making the engine more efficient is a mild hybrid system that uses a belt alternator starter to power a 48-volt main electrical system, in which a compact lithium-ion battery stores the energy. The system can recover energy during braking, then use this to allow the vehicle to coast for up to 40 seconds with the engine switched off. The engine restarts immediately as soon as the accelerator is pressed.

All things considered, the Audi Q7 is much more than your stereotypical luxury product. It transcends mere branding and exclusivity by offering cutting-edge technology, world-beating performance, and near-opulent levels of luxury. And the beauty of it is that it conveys all of these not by screaming it out to the world, but by assuredly and effortlessly delivering all those values in an understated yet distinguished manner.

Latest Adizero footwear is built for speed both on the road and track

THE LATEST collection of Adizero footwear of adidas

SPORTSWEAR brand adidas recently revealed its latest collection of Adizero footwear which is built for speed both on the road and on the track.

The collection is composed of the Adizero Adios Pro 2, the all-new Adizero Boston 10, Adizero Prime X, and Avanti Track Spike. They were constructed, adidas said, in line with its continued push to provide the best gear for athletes.

The Adizero Adios Pro debuted last year and was well received by runners, including top pros like Peres Jepchirchir and Kibiwott Kandie of Kenya, for its high performance.

The updated version of the shoe is lighter than its predecessor, featuring two-layers of a re-sculpted Lightstrike Pro midsole to reduce weight and for better energy return, and signature carbon-infused Energyrods which allow for a more anatomical-driven transition.

Complementing the reengineered midsole is an ultra-lightweight Celermesh2.0 upper for speed with flexibility, breathability, and support.

A Continental Rubber Outsole has been added to the toe tip to create a traction zone to support faster acceleration while a new lightweight heel construction keeps the foot tightly locked in through anti-slip lockdown.

The Adizero Boston 10, meanwhile, offers the best of the Adizero Adios Pro 2 but is set up in a versatile, every day running shoe. It features the same Lightstrike Pro midsole combined with a durable Lightstrike EVA midsole foam, Energyrods, a soft upper construction, and Continental Rubber Outsole to support every day long-distance training runs with a durable lightweight ride.

The Adizero Prime X, for its part, is a boundary-breaking conceptual long-distance running shoe. It is designed to amplify key features of the Adizero Adios Pro 2 and explore and push the limits of the technology. Stiffening blades that spring back have also been added within a 50mm heel.

Completing the collection is the Avanti Track Spike which is touted to bring the very best of the record-breaking Adizero road running shoes to the track for the very first time. It retains the signature Energyrod technology while a Slinglaunch Heel construction has been placed around the back of the shoe to create a secure and anti-slip fit from the first to the last stride.

“The Adizero silhouette is in a constant state of evolution and designing elite equipment like the Adizero Adios Pro 2 is all about identifying the right marginal gains,” James Foster, Vice-President Product at adidas Running, in a statement, said of the latest collection of the Adizero footwear.

The Adizero Adios Pro 2 and the rest of the shoes in the collection are available at adidas.com and select retail partners. — Michael Angelo S. Murillo

SC affirms CoA ruling on Napocor’s P327-M bonuses

THE Supreme Court (SC) affirmed the 2015 ruling of the Commission on Audit (CoA) that disallowed the distribution by state-run National Power Corp. (Napocor) of P327.27 million in performance incentive benefits to some officials and employees.

In February 2010, the Napocor board of directors granted the performance incentive benefits to some officials and employees equivalent to their basic salary for five and a half months.

The CoA disallowed the benefits in 2015 because they were not approved by then President Fidel V. Ramos as required in Section 3(b) of Administrative Order (AO) 103.

The commission also ordered the Napocor directors involved to refund the disallowed benefits.

Napocor earlier argued that the benefits were approved by Mr. Ramos through Memorandum Order 198 that authorized a “pay for performance” in accordance with the corporation’s compensation plan.

In its decision dated Jan. 26 and published on June 30, the SC ruled that such “pay for performance” was meant to be implemented over a four-year period from its effectivity in 1994.

Moreover, it still required presidential approval based on a favorable review of Napocor’s performance in the previous year.

Napocor claimed that the grant was deemed authorized by Mr. Ramos because the board was composed of Cabinet secretaries who were said to be alter egos of the president.

The SC assailed such claim, saying that the board members approved the grant not as alter egos of the president but in their “ex officio” capacity under Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001.

The SC further said that the benefits were extravagant because Napocor was operating at a massive net loss of P2.87 billion. — Bianca Angelica D. Añago

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