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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

Now boarding: Aston Martin DBX

Delayed by the pandemic, the V8-powered DBX makes an appearance in the Philippines. — PHOTO FROM ASTON MARTIN MANILA

The British luxury brand’s first-ever SUV finally lands

UNDOUBTEDLY, Aston Martin surely received, well, a shot in the arm with its highly publicized return into the world of Formula 1 racing — with no less than four-time world champion Sebastian Vettel leading the charge.

But it doesn’t stop there. The marque’s very visible reappearance in the highest echelon of motorsport is further underscored by the involvement of two of its vehicle models in the actual races. This season, Aston Martin shares safety car and medical car honors with Mercedes-Benz. The Aston Martin Vantage alternates with the Mercedes AMG GT R as official safety car, while the Aston Martin DBX and C63 S Estate take charge as medical cars.

That’s a whole lot of eyeballs the British brand is going to get over the course of the racing season, and the DBX in particular should be served well by the attention.

After all, this is the very first sport utility vehicle for James Bond’s automotive brand of choice.

Now, the DBX finally touches down in the Philippines. “Since its global release in 2019, the Philippines has been anticipating its arrival and DBPhils Motorsports, Inc., under the Tagle Group of Companies, is finally marking its territory with the local launch of this most-awaited luxury sports utility vehicle,” said the distributor in a release.

Aston Martin Manila Chairman and President Marc Louie Y. Tagle added, “We are confident that this move of Aston Martin will be warmly embraced by the Filipino market. Admittedly, we are an SUV nation — we love to cruise with our adventurous spirit, and bring family, friends, and loved ones along for the ride. Aston Martin captures this passion and adds its trademark luxury and beauty for the ultimate driving experience.”

Mr. Tagle said during a virtual press conference ahead of the DBX launch last Friday that since Aston Martin set up shop in Manila in 2015, less than 100 total units have been sold, which speaks to “exclusivity of owning an Aston Martin.”

So, even with the enthusiasm surrounding the local release of the DBX, the executive expects to sell at least five units for the rest of the year. And that’s actually good.

Consider that the Aston Martin DBX is priced in the neighborhood of P24.5 million — no chump change, and you get not only the vaunted Aston Martin exclusivity, but a whole lot of vehicle.

Under the hood growls a new version of the company’s 4.0-liter, twin-turbo V8 — also found in the DB11 and Vantage. Tuned for the DBX, it delivers 550ps and 700Nm. To temper its thirst, the V8 has cylinder deactivation to enhance fuel economy. Still it can slingshot the DBX from standstill to 100kph in 4.5 seconds — onto a top speed of around 290kph.

The lucky driver can access the performance promises through a nine-speed torque converter automatic gearbox, connected to an all-wheel drive system with active differentials featuring an active central differential and an electronic rear limited slip differential (eDiff). This means torque can be managed between the front and rear wheels, and even across the two rears. “When combined with the bespoke steering system that has been tuned to deliver feel and sports car-like response, DBX imbues the driver with an overriding sense of control, whatever the conditions,” said Aston Martin.

Aston Martin Director of Operations for Asia-Pacific Patrik Nilsson shared that in countries that have started taking deliveries of the DBX, the model is already carving out its share of the niche in luxury market. “We’re proud to have particularly strong market share right here in Asia-Pacific,” he averred.

Meanwhile, Aston Martin Manila Marketing Head Fiel Tan said, “Aston Martin owners are those who love cars that are not just jaw-dropping to look at, but also thrilling to drive, and the DBX lives up to these qualities. This is a pivotal moment for the brand, and we could not have been more excited to showcase this to the Philippine market.”

Replying to a question from “Velocity,” Mr. Tagle said that there is a lot of excitement surrounding the DBX, which is a very important model for the brand indeed. “The company invested in a brand-new factory just for the DBX,” he shared. Commensurately, as soon as word got out about the SUV, local fans of the brand “lined up.”

Quipped Mr. Tagle, “We had more than 100 leads!”

Obviously though, not all will have the wherewithal for a vehicle such as the DBX, and those who do will be welcomed into a (rightfully so) luxuriously handcrafted interior. Aston Martin also reports that the “DBX has been designed to provide equal space and comfort whether sitting in the front or rear of the car. Class-leading headroom and legroom combines with a full-length glass panoramic roof and frameless door glass to offer a fantastically light and spacious cabin environment.”

Front sports car seats not only provide adequate bolstering for dynamic driving, but has the additional benefit of ensuring knee and footwell clearance for those sitting in the second row. Other accoutrements include separate central armrests, glovebox, and the ergonomic positioning of the car’s key control systems, “have been guided carefully by the input of the brand’s Female Advisory Board, dealership feedback and a variety of private focus groups held worldwide.” The company said that the guidance, not limited to this area, “has been key to the success of DBX’s overall design.”

Full-grain leather sourced from longtime partner Bridge of Weir covers the seats; the headlining and electric roof blind are available in Alcantara finish. Metal, glass, and wood are tastefully used elsewhere — leading to “authenticity.” The personalization service, Q by Aston Martin, is also available for even greater levels of customization.

Mr. Tagle concluded by inviting people to take a look at the DBX in the sheet metal. “It looks much better in person than in photos,” he promised with smile.

The Aston Martin Manila Showroom is located at W Fifth Building, 5th Avenue Cor. 32nd St., Taguig. For more information, call (02) 8771-0007.

K-12 graduates seen as vehicle for digitalization of rice farming

GRADUATES from the K-to-12 agriculture track are being positioned as possible evangelists for digitizing rice production, the Department of Agriculture (DA) said in a statement last week.

The DA’s Philippine Rice Research Institute (PhilRice) proposed the employment of K-to-12 graduates as so-called “infomediaries” in municipal agriculture offices.

The recommendation was made in the June issue PhilRice’s policy-brief series, Rice Science for Decision-Makers.

Others that can step into such roles are graduates of state universities and colleges, and members of youth organizations.

According to PhilRice Supervising Science Research Specialist Jaime A. Manalo IV: “It is just wise to start with young people given their tech-savvy nature.”

The Rice-Based Farm Households survey taken from 2016 to 2017 indicates that information technology access among farmers was high at 93%, but its use in rice cultivation is 31%.

The department also proposed to integrate agriculture lessons into the high school curriculum.

In the fourth quarter last year, crop output fell 0.4%, turning around from the growth of 1% a year earlier.

Agriculture Secretary William D. Dar has said that rice production is expected to increase in 2021 on the assumption that no strong typhoons traverse the major production areas. — Angelica Y. Yang

Ikea already gunning for 100,000 loyalty club members before opening in Q4

A PUBLICITY shot from Ikea shows a family amidst a room-full of Ikea’s furniture.

EVERYBODY’s been waiting for global home furnishings giant Ikea’s opening in Manila, an event announced as early as 2018, but gossiped about already in 2016. It will, finally, open this year (fingers crossed).

Georg Platzer, Store Manager for Ikea Pasay —  which will be the first Ikea store in the country and, at 65,000 sq.m., the world’s biggest —  said that his branch will soon open. “We are leaning to open our store in Quarter 4 this year. We are working hard to make this happen soon,” he said during a press conference on July 1.

Even before it opens, the brand is already enticing Filipino shoppers with a membership in its loyalty program, Ikea Family. Mr. Platzer says that the benefits include special offers and discounts on some items, special offers at the restaurant, and some other benefits like special shopping events. Best of all, membership is free. “I will try it in Tagalog. ‘Walang bayad,’” he said.

They’re gunning for 100,000 members to sign up on the Ikea Family website’s first day on July 7. To sweeten the deal, they’re offering P5,000 worth of vouchers for seven customers (or “Family” members) and three winners can win a P50,000 shopping spree at Ikea with exclusive design consultation with Ikea interior designers. “No other Ikea store in my 32 years working for this lovely brand has ever reached this goal. We have big dreams. It’s a fantastic country. We are so happy to be here, finally. We would like to celebrate that,” said Mr. Platzer.

Visit family.IKEA.com.ph to register. One must be 21 years old to join, and currently using a valid Philippine mobile number. Winners for the July 7 Family Day promo will be announced on July 10. —  JLG

Profit taking drags SM Prime shares

BW FILE PHOTO

SM PRIME Holdings, Inc. (SMPH) was the most actively traded stock in the local bourse last week as market players chose to take profits following news of the company’s partnership with other property firms to develop a 26-hectare sustainable waterside district in Cebu.

A total of 71.37 million SM Prime shares worth P2.64 billion were traded from June 28 to July 2, data from the Philippine Stock Exchange showed.

The share price of the Sy-led property firm closed at P37 apiece, down 2.1% from June 25’s closing price of P37.8 per share. For the year, the stock has gone down by 5.73%.

“Investors likely sold on news when it was reported that Ayala Land, Inc., along with SMPH and [Ayala Land subsidiary] Cebu Holdings, Inc., will be developing the 26-hectare waterside district in Cebu, hence the 3% slide in its share price mid-week,” Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said in an e-mail.

“Nonetheless, this means that the volatility was not caused by something purely fundamental, but by investors just taking profits after a solid rally in the past few trading sessions,” she added.

Meanwhile, Diversified Securities, Inc. Equity Trader Aniceto K. Pangan in a mobile phone message said that while SMPH’s development project in Cebu brings a positive outlook for the company in the long term, near-term uncertainties brought by the pandemic on recovery “continues to be a challenge” to SMPH, which explains the persisting volatilities in the stock.

Dubbed as South Coast City, the waterside project located within South Road Properties in Cebu will have nearly two million square meters of built-out area, 30% of which will be for residential spaces and 70% for commercial centers. The site is said to be home to “prime entertainment and commercial concepts” in the area, complemented by “other mixed-uses to serve diverse market needs.”

The land development construction for South Coast City was announced in a media briefing conducted by Ayala Land last Tuesday. The project is ongoing and is slated for completion by May next year.

The day after the announcement, SMPH’s stock price fell 3.18% to P36.5 per share on Wednesday from the previous day — the largest day-on-day stock price movement last week. The next two days saw the stock’s price partially rebound by 1.1% on Thursday and 0.27% on Friday.

SMPH had a consolidated net income of P6.5 billion for the first quarter, down 22% from the P8.3 billion earned in the same period last year. Quarter on quarter, it posted an improvement of 80% compared with the P3.6-billion profit recorded in the fourth quarter of 2020.

“Certainly, the improvement in the economy coupled with ease of restrictions will be a positive development for the performance of SMPH unless undermined by the continued presence of the pandemic virus that tends to restrict the mobility of the population,” said Diversified Securities’ Mr. Pangan.

Regina Capital’s Ms. Agravio shares a similar outlook: “[B]eing the largest mall operator in the country, [SMPH] will benefit from increased foot traffic in its retail areas. This is a particularly big deal since, historically, its malls have on average accounted for more than half of the firm’s total revenues,” she said.

Ms. Agravio placed the stock’s support and resistance levels at P36.50 and P37.80, respectively. For Mr. Pangan, support and resistance for SMPH is pegged at P36 per share and P38.15 per share. — Bernadette Therese M. Gadon

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