Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 6959

Gov’t agencies’ cash usage slows in Jan.

CASH UTILIZATION by government agencies slowed to 72% in January, against the 74% usage rate recorded in the same month last year, according to the Department of Budget and Management (DBM).

Latest DBM data showed National Government agencies, local governments and state-owned companies used P160.94 billion out of the P224.08 billion in notices of cash allocations (NCAs) released last month, leaving P136 billion worth of unused NCAs.

This resulted in a lower 72% NCA utilization rate compared with the 74% recorded in January 2019.

NCA is the disbursement authority from the DBM issued to state agencies that allows the latter to withdraw funds from the Treasury to cover the spending needs of their programs and projects.

Line departments used 62% or P96.63 billion of the P156.34 billion in NCAs issued in January.

The Departments of National Defense and Transportation recorded the highest utilization rate among all agencies at 89% and 87%, respectively.

The DBM has released 58.42% or P2.629 trillion out of the P4.5-trillion budget for the entire 2021 in January.

This meant there is P1.877 trillion left to disburse over the remaining 11 months.

President Rodrigo R. Duterte signed Republic Act No. 11520 on Dec. 29 extending the validity of the 2020 budget for another year, allowing the government until Dec. 31, 2021 to use the funds that were not spent last year. — Beatrice M.Laforga

TransCo to operate off-grid power systems as directed by DoE chief

By Angelica Y. Yang

THE Energy department has designated the state-led National Transmission Corp. (TransCo) as operator of off-grid power systems that have two or more suppliers, according to a memorandum issued by the agency early this month.

Over the weekend, TransCo has said that it has the technical capability to operate island grid systems, and that it has been gearing up for the assignment since last year.

In a Feb. 4 memo signed by Department of Energy (DoE) Secretary Alfonso G. Cusi, the agency directed the TransCo to serve as the “system operator (SO) of any small grid or off-grid system with more than 1 power supplier” as part of the mandates set by Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA) and its implementing rules and regulations.

It said that TransCo would be taking over the eligible off-grid systems that procure power from National Power Corp.’s (Napocor) small power utilities group, new power providers or franchised distribution utilities (DU).

Off-grid areas are not connected to the national transmission system, any power distribution network or other related facilities.

“To ensure the smooth transition in the assumption of SO functions by TransCo, NEA (National Electrification Administration) shall see to it that the concerned ECs (electric cooperatives) will give their utmost cooperation and support to the former,” the memo stated.

The department also directed Napocor to help in implementing the directive, by providing relevant data on transmission facilities and operations to TransCo, and letting TransCo access and operate Napocor’s system.

“In case of other off-grid areas not covered by this Memorandum (such as those) with only one power supplier, the franchised DU shall continue to perform its mandate as off-grid SO,” the memo said.

The DoE further directed TransCo, Napocor and NEA to submit their plans and programs, which would contribute to the policy on the off-grid area SO, by Feb. 26.

The department’s memo was shared by NEA when the latter posted a separate memo on its website, directing all ECs to cooperate and support TransCo in its undertaking.

TransCo told BusinessWorld over the weekend that it can adequately perform the functions required of an SO for small and off-grid systems.

“TransCo is capable and is in the best position to perform as System Operator in off-grid or small grids to address the lingering power issues in many islands that are isolated from the main power grid, which were not given much attention in the past,” TransCo said in a statement on Saturday.

It said that it was able to retain its technical capability in power system planning, operation and control after its transmission business was privatized and turned over to the National Grid Corp. of the Philippines (NGCP) 12 years ago.

State-led Power Sector Assets and Liabilities Management Corp. turned over a 25-year concession contract to NGCP in 2009. This allowed privately-led NGCP to maintain and operate the country’s transmission system.

“Majority of the technical staff transferred to NGCP since NGCP had no personnel when they won the bid (for the concession contract). However, TransCo retained technical staff who are responsible in managing the concession contract,” TransCo said.

It said that it has a transmission management group that monitors and assesses transmission assets, projects and system operation. The group is also responsible for the review and monitoring of the Transmission Development Plan (TDP), which serves as a road map for the expansion of the country’s power transmission grid.

“TransCo continues to operate and maintain the power systems in the economic zones under the Authority of Freeport Area of Bataan in Mariveles, Bataan and the Baguio City Economic Zones of the Philippine Export Zone Authority,” it said.

“If the technical staff of TransCo would be tasked anytime to operate and control a power system whether it is (a) large or small grid, they will simply shift from ‘monitoring’ to ‘operating’ the grid,” it added.

TransCo said that it had been gearing up for the assignment since last year, and it is currently finalizing the corporate business plan which it would be submitting to the DoE by Feb. 26.

TransCo said that it was in the process of organizing an island or small grid system operation group, which would be staffed by existing personnel, and a manual detailing the technical procedures and operation for small grid systems.

It also said that it planned to set up island control centers and a national control center for island grid system operation.

It added that it would be recommending for the DoE to integrate an “Island Power Development Plan” (IPDP) into the Philippine Energy Plan.

“The IPDP shall contain the integrated generation, transmission and distribution development plans. We believe that this is the solution to the recurring problems of inadequate power supply in the islands and thus, the frequent and long duration brownouts. The island transmission plan is the key to the development of (a) reliable backbone delivery system and the interconnection to the main grid,” TransCo said.

Metro Global’s proposed Baguio mass transport project set at P11.5B

LISTED Metro Global Holdings Corp. is proposing an P11.5-billion mass transport project, which includes an electric-powered monorail system, in Baguio City.

The company is “proposing to the local government an P11.5-billion mass transport project composed of a four-kilometer elevated monorail around the central business district area and a series of feeder lines to be composed of battery-powered buses in an aim to make Baguio City the first urban center to pilot the green ecosystem and electric-powered monorail system,” the Public Information Office of Baguio City said in an announcement posted on its official Facebook page on Saturday.

To recall, the company signed a memorandum of understanding with Baguio City on Sept. 3 last year for the development of an intelligent transport system.

The plan is a “sustainable long-term strategy to urban mass transport management for Baguio City by easing traffic congestion, improving traffic management, minimizing environmental impact, and increasing benefits of transportation to the public in general,” Metro Global said in a disclosure to the stock exchange on Nov. 9 last year.

Metro Global has a new subsidiary called Metro Renewable Transport Solutions, Inc., whose primary purpose is to engage in infrastructure development.

The Securities and Exchange Commission approved the incorporation of Metro Renewable on Oct. 23 last year.

Metro Renewable “is intended to be the special purpose vehicle company to undertake new public transport system projects of Metro Global that offers access to multiple transport options using one interface that includes monorail, trolleybus, electric bus and similar electricity-fed transport,” the company said.

Metro Global’s main businesses are its equity investments in the railway operators behind Metro Rail Transit. Since 2018, it has also started venturing into renewable energy through solar farms. — Arjay L. Balinbin

Two developers ask Energy department to reconsider their bids for hydro projects

THE Department of Energy (DoE) said on Friday that two power firms, which submitted bids for hydropower projects under a competitive selection process, filed motions for reconsideration shortly after failing to comply with documentary requirements during the opening of bids.

Total Power, Inc. (TPI) and Century Peak Energy Corp. (CPEC) submitted a total of eight bids for various hydro projects on Feb. 15, but were not allowed to move forward to the next stage of the bidding. This was the result of the opening of the third open and competitive selection process (OCSP3) bids, which took place last Monday.

The DoE gave the two companies until Feb. 18 to file for a motion for reconsideration. On Friday, DoE Renewable Energy Management Bureau Director Mylene C. Capongcol said that the department had already received their petitions.

“Both TPI and CPEC were able to file their respective MRs (motions for reconsideration) before the set deadline. Their MRs will be evaluated if their submissions warrant reconsideration by the Committee,” Ms. Capongcol told BusinessWorld in an e-mail.

She clarified that TPI and CPEC submitted MRs to their earlier bids, and that the committee hoped to finish the evaluations “as soon as possible.”

TPI submitted bids for the 3.2-megawatts (MW) Plant A and 0.8-MW Plant C of the Amlan hydroelectric power project, and the 2.1-MW Tibao project.

Meanwhile, CPEC applied for the upper (4.8 MW) and lower (3 MW) cascade of the Hilabangan project; the upper (4.5 MW) and lower cascade (3.1 MW) of Maninila; and the middle cascade (4 MW) of the Sibalom hydro project.

On Monday, the department announced that it had received 13 applications for 11 pre-determined areas (PDAs), out of the 22 PDAs under the OCSP3.

The DoE earlier announced that three of the five PDAs covering geothermal projects had offers from eligible firms that were allowed to move on to the next stage of the bidding process. These are Energy Development Corp., Philippine Geothermal Production Co., Inc., and Mase Power Corp.

The next stage of the OCPS3 is the evaluation of legal, technical and financial requirements, which the DoE targets to complete on March 2. The awarding of RE contracts is on April 14, according to the department’s press release issued Tuesday.

Geothermal and hydro projects under the OCSP3 have a total potential capacity of around 177 MW. — Angelica Y. Yang

Maynilad spends P189M for repair of pipe leaks in 2020

WATER concessionaire Maynilad Water Services, Inc. spent around P189 million for pipe leak repairs in 2020 as part of its program to reduce physical and commercial water losses.

In a statement on Sunday, the west zone water provider said it fixed 22,500 pipe leaks in 2020, majority of which were situated on primary and secondary lines in Quezon City, Parañaque, and Muntinlupa.

Since its re-privatization in 2007, Maynilad said the total pipe leaks it repaired, combined with 2020 figures, reached almost 300,000.

“Notwithstanding pandemic-related restrictions, we continue to deploy field personnel to sustain our leak detection and repair activities. The more leaks we are able to repair, the more we can improve water pressure in the pipelines,” Maynilad Chief Operating Officer Randolph T. Estrellado said.

According to Maynilad, active leakage control is part of its non-revenue water management program that is aimed at mitigating physical and commercial water losses.

Other components of the program include replacement of old pipe segments and meters, installation of pressure-regulating valves, anti-water pilferage activities, and establishment of districted meter areas.

Maynilad provides water to areas in the west zone of the National Capital Region such as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City, as well as parts of Cavite province including Bacoor, Imus, Kawit, Noveleta, and Rosario.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Ikea gets social enterprise R2R as local sewing partner

RAGS2RICHES (R2R) has announced a partnership with global home furnishings and accessories giant Ikea. The Sweden-headquartered multinational will get the Philippine-based social enterprise as its sewing service partner in its Philippine store. The R2R artisans are set to work in the store on customized Ikea items using Ikea fabric, personalizing items, resizing and other such concerns.

The Philippine store is slated to open in either third quarter (Q3) or fourth quarter (Q4) of this year, according to Georg Platzer, Market Development Manager for IKEA Philippines. “Everything is going according to our plan. We’ve always had a plan to open in Q3 or Q4 this year, 2021, starting first with e-commerce and then opening the store later. We are progressing. It looks good, but you know, the situation is very fluid… For now, we cannot communicate any official date, like a day, but we could at least narrow it to Q3,Q4, 2021.”

R2R artisans from partner communities have been trained to do the needed services both live and remotely by Ikea through video tutorials and visits.

Cynthia Cabrera, R2R’s Community Enterprise Manager, and one of its first artisans, talked about how she and her co-workers managed to do this during the pandemic. They would watch the videos, be given materials to make samples of the product, and these would be sent in for evaluation. “Lagi naming pinapaalala na ang R2R ay nabubuhay dahil sa quality ng mga gawa (We always remind them that R2R lives due to the quality of our work),” she said in a press conference via Zoom on Feb. 16.

She said that some of her co-workers had become teary-eyed due to the joy in participating in such a project, and many have signed up for the training where they have been taught how to make curtains, pillow covers, aprons, planters, and robes. “I’m actually wearing one of them, but let’s just call it a wrap dress for this media launch,” said R2R President and Founding Partner Reese Fernandez. “A lot of sewing techniques were developed during a time when we were all socially distanced from each other.”

“Our artisans are way beyond that feeling of ‘please help us.’ They’re now at the point where they want to be recognized for their skills and talent. They want that trust and responsibility of a business partnership,” said Ms. Fernandez.

For her part, Ms. Cabrera said, “Actually, noong magstart ang R2R, noong tanungin ako kung ano yung gusto kong mangyari sa R2R, lagi kong sagot: globalization. Ngayon, unti-unting nagkakatotoo (When R2R started, we were asked what we wanted for R2R, and I always said: globalization. Now it’s coming true).”

R2R opened its online store for North America late last year.

Mr. Platzer says that they had been aware of R2R’s work since 2016 when they were in the planning stages of opening in the Philippines. “We have a clear corporate social responsibility agenda. One of them is definitely fulfilling sustainability development goals, which is ending poverty and being a good neighbor, and enabling people to have a better life. It’s so much in line with our own vision of creating a better everyday life for many people.

“Cooperating with a social enterprise like R2R and Reese and her team is enabling people to end the negative cycle of poverty,” he said. — Joseph L. Garcia

The all-new Porsche 911 GT3, naturally

 

Seven generations after first capturing the imagination, this Stuttgart-bred supercar still goes ‘natürlich angesaugt’

IN CASE you’re wondering, natürlich angesaugt is “naturally aspirated” in German. And, well, doesn’t it appear just a little more exotic when spelled out that way? And exotic is exactly the way we like it when we’re talking about the Porsche 911 GT3.

Now on its seventh generation, the much-desired, high-performance sports car from Porsche was launched online last week to a global media audience probably salivating in front of screens at home.

At first glance, particularly to those unacquainted, the newest iteration of this much-coveted vehicle might seem like a copy-and-paste affair. But while Porsche’s think tank certainly wants to keep that much loved, familiar look of the 911, there’s a whole slew of changes in the way the car is put together.

Simply put, the GT3 is the most “motorsports” cred you can get in a street-legal ride. That’s not to say this Porsche will not perform on a track. In fact, it burned through the iconic 20.8-kilometer Nürburgring’s Nordschleife proving ground at under seven minutes (6:59.927 to be exact) — taking 17 seconds less compared to its predecessor, and almost a full minute ahead of the first GT3 released in 1999.

What doesn’t change is the high-revving (to 9,000rpm), flat-six-cylinder, natürlich angesaugt (yes) boxer engine. And while you can drive this 911 to work or even to the mall for some grocery shopping (no rear seats though, sorry), make no mistake: This is a legitimate track weapon.

Powering the GT3 is a 4.0-liter engine thumping out 510ps (plus 10ps over its outgoing version) and 470Nm (plus 10Nm). It attains a top speed of 320kph (318kph with PDK), accelerating from standstill to 100kph in 3.4 ticks. And purists will be happy to note that the GT3 is also being offered with an old-school six-speed manual transmission.

Porsche sticks in an intake system comprised of six-barrel throttle valves straight from its track application. “Despite having two gasoline particulate filters, the lightweight sports exhaust system weighs less than the one fitted to the previous GT3,” said the company in a release.

There’s the rub, actually. Despite the slew of changes and improvements, the GT3 weighs more or less the same. And while keeping the weighing scale unperturbed, the quixotic exotic incorporates new technology, said Porsche Director for the GT Product Line Andreas Preuninger. Inside, the car gets more “edgy” yet “supportive” seats (covered in microfiber cloth) — doubtless to accommodate the more dynamic performance. Four-way sport seats are standard; 18-way sport seats and carbon fiber bucket seats (26 pounds lighter) are available as an option.

“This has been the most demanding GT project so far,” he declared. “This is the most extreme, most exciting GT3 we’ve ever developed.”

Weight-shaving was also realized in the judicious use of the right materials and parts — from lightweight glass in all the windows, to a stainless steel sports exhaust system and brake discs, through to the LiFePO4 starter battery. “The battery alone weighs 10 kg less than that in the previous 911 GT3. The result is that its power-to-weight ratio of 2.8 kg/ps for the manual-gearbox car is now even closer to the level of a thoroughbred race car,” reported Porsche. “Lightweight trickery,” underscored Mr. Preuninger.

Porsche’s engineers and designers waved their magic wands to trim weight without sacrificing on substance. The hood is made of carbon fiber, said the executive, as with the roof, rear wing, and even cross members.

To come up with a car that is truly better suited to the track than more pedestrian purposes, Porsche Vice-President for the 911/718 Mode Lines Dr. Frank-Steffen Walliser admitted that the company had to keep a balance between a street car and race car, pushing the “boundaries of homologation” in the development of the GT3. The winding road and the racetrack is where the car is most at home.

During the live question-and-answer portion, my question was fortunately chosen to be answered by the expert panel. I had asked how a car like the GT3 fit into the electrification plans of Porsche.

Dr. Frank-Steffen Walliser replied, “From my perspective, it still fits because it’s still the DNA of Porsche and we want to keep the DNA. Second is we published that we are doing our research and we have partners to look in the subject of synthetic fuels. What we see is something that could definitely reduce CO2 emissions worldwide, especially for the existing fleet. We want to test this in motorsport and it also fits the GT3. We have no downside by using this kind of fuel. That shows clearly that we trust in this technology.”

And we should perhaps also trust in Porsche to keep us at the edge of our seats waiting for the next exciting vehicle to come out of Stuttgart. Ja.

Ford gets emotional with the ‘Ranger Life’

The Blue Oval is hoping that sales will continue to, well, pick up

By Kap Maceda Aguila

THE RANGER pickup line has, by far, helped the most to shore up the numbers of Ford Philippines last year when, as company Managing Director PK Umashankar reported, the industry tanked by 40% overall owing to the onset and onslaught of the COVID-19 pandemic.

The executive narrated during an online press conference last week that even if sales were down for the Blue Oval brand here, the company successfully piggybacked on the Ranger to realize a 30% decline — still better than the aforementioned industry dive.

Indeed, the Ranger lineup alone accounted for the company’s 9,767 units sold in 2020 (see pie chart) — 66% of 14,775 total vehicles moved — on the way to selling the most 4x4s (cornering 41% of the niche). Ford also reached a sales milestone of 10,000 units for the Ranger Raptor since it was introduced in September 2018. In fact, the appetite of Filipinos for this alpha Ranger is unequalled. Two of every three Ranger Raptors sold in the ASEAN region went to Filipinos.

Last month continued to reflect a consumer preference for pickups. Around 800 vehicles out of Ford’s 1,720-unit take-up were comprised of Rangers. Notably, the Ford Territory SUV had its best month to date with sales of 577 units, according to Ford Philippines Director for Marketing and Field Sales Operations Ryan Lorenzo.

Thus, it makes perfect sense to keep the lights trained on the fast-moving 13-trim nameplate. Ford Philippines has launched the refreshed Ranger lineup, which boasts new design and exterior enhancements across its XLS, XLT, and Wildtrak variants to offer customers “a new look more attuned to today’s needs and lifestyles.”

Said Mr. Umashankar in a release, “Our new Ford Ranger lineup will allow us to continue building on our leadership in the pickup segment in the country… The new Ranger is set to deliver on its promise of functionality and capability while enabling the diverse needs and lifestyles of our customers.”

Wildtrak changes include a new trapezoidal grille with a Saber accent. The line gets gloss-black wheels and accents of the same hue on the grille, lower bumper, rear bumper, fog lamp bezel, exterior mirrors, fender grille, sports bar with Saber insert, roof rail, and tailgate handle. New Wildtrak decals on the side door and tailgate (the latter in 3D style) have also been added. Exclusive to the 4×4 variant as an option is a power roller shutter, “a load compartment accessory which is an original equipment from Ford.” The fully automatic feature (to be made available by the second quarter of the year) is complemented with three power buttons located in the dashboard, remote key and pickup bed for easy access, and comes with power tailgate lock.

Enhancements on the XLT include a new front grille with chrome accents and exterior gloss-black accents on the front grille, exterior mirrors, door handles, and fog lamp bezel. Finally, the XLS trims receive a new front grille.

To highlight these changes and more, Ford Philippines is further buttressing its marketing efforts to “bring the Ranger’s values and persona to life.” The campaign to further push the line is encapsulated in the “Live the Ranger Life” effort, which aims to “highlight and celebrate the many ways that the renowned strength and engineering capabilities of the Ranger reflects and support its customers’ personal goals and drive in life, centered around five guiding values: “Up and Over,” (tackling challenges); “Can’t Help But Help,” (assistance to others); “Where There Isn’t a Path, Carve One,” (fearless leadership), “Bring Others Along the Journey,” (family and friends); “We Make Our Own Fun,” (fun in driving).

Said Ford Philippines Assistant Vice-President for Communications Edward Joseph Francisco, in an interview with “Velocity,” “‘Live the Ranger Life’ is a new brand expression to position the Ranger as more than just a pickup but an enabler of our customers’ needs and lifestyles. The Ranger has proven a lot already. Now, we intend to connect with our customers in a deeper, more emotional level.”

When asked if Ford is looking at further growing the model lineup, Mr. Umashankar replied that it will depend on the clamor, and that the variant mix is shaped by customer needs. “One of the important things that we’re looking at is the stocking level that we could have if we’re looking at increasing the number of vehicles in a given range. However, it’s also important to stay true to the philosophy behind Ford — to make vehicles available for the users’ need. That’s why the range is defined by the users.”

The Ranger lineup has the following pricing below. Only the XLT MT and Wildtrak 4×4 get a price bump from last year’s figures. Mr. Umashankar clarified that the year’s pricing is not yet indicative of safeguard duties.

In response to our question, he posed, “Will (the lineup) grow? We don’t know, but if that’s what the consumers desire — if they want a niche product in a particular space, we’ll go out and carve one for them… We go about offering what the consumers want while we carefully balance out the complexity of having multiple products in the portfolio in a given time.”

For more information, visit www.ford.com.ph/trucks/ranger or a Ford dealership.

T-bill rates may move sideways as retail bond offer continues

Bureau of Treasury
RATES of the Treasury bills on the auction block on Monday may move sideways due to the ongoing retail bond offer. — BW FILE PHOTO

RATES OF Treasury bills (T-bills) on offer this week will likely move sideways as the government’s offer of three-year retail Treasury bonds (RTBs) continues.

The Bureau of the Treasury (BTr) is looking to raise P20 billion via the T-bills on Monday: P5 billion each via the 91- and 182-day debt papers and P10 billion from the 364-day instruments.

Analysts said the rates of short-term papers could move sideways this week.

“[Movement of the T-bill rates] should be sideways given the nature of demand (end users) for that sector,” a trader said on Sunday.

“Five years and longer (tenor) will be more pressured on CPI (consumer price index) concerns and as it becomes clear that we don’t expect additional monetary stimulus measures (hence downside for rates are limited),” the trader added.

Headline inflation quickened to a two-year high at 4.2% in January as prices of food and transport continued to spike.

However, despite expectations of a further increase in inflation in the coming months, the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board on Feb. 11 kept its benchmark interest rates unchanged at their current record lows to support the economy’s recovery.

Still, it raised its average inflation forecast for the year to 4%, the upper end of its 2-4% target, from 3.2% previously.

Meanwhile, the BSP lowered its inflation forecast for next year to 2.7% from 2.9% previously.

The yields of the T-bills on offer on Monday could move sideways or end mixed while the three-year RTBs are still on sale, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Mr. Ricafort, however, said a yield uptick is possible after rates of the BSP’s term deposit facility (TDF) and short-term securities climbed last week.

“Continued excess liquidity in the financial system as manifested by large bids recently in various government securities auctions and in TDF and 28-day BSP securities weekly auctions despite the ongoing RTB auction could at least keep T-bill yields low,” he said via Viber on Sunday.

The average rate for the one-week term deposits inched up by 1.56 basis points (bps) to 1.631% last week, while the rates of two-week tenor also went up by 1.79 bps to 1.6443%.

Meanwhile, the yield on the BSP’s 28-day securities also rose by 2.81 bps to 1.6683% at the Friday auction.

The BTr raised P24 billion from the T-bills it offered last week, more than its P20-billion program, as rates continued to drop across the board.

Broken down, the Treasury raised P7 billion in 91-day debt papers from tenders worth P17.45 billion. The three-month T-bills fetched an average rate of 0.845%, down from the 0.846% quoted in the Feb. 8 auction.

It also borrowed P7 billion from the 182-day T-bills against the P5-billion program after bids hit P30.05 billion. The average rate of the six-month papers went down to 1.046% from the previous rate of 1.094%.

Lastly, for the 364-day securities, the government made a full P10-billion award with P41.11 billion in total bids. The one-year T-bills fetched a lower average rate of 1.416% against 1.446% previously.

At the secondary market on Friday, the three-month, six-month and one-year papers were quoted at 0.85%, 1.061%, and 1.496%, respectively, based on PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The government is offering the three-year RTBs until March 4, unless closed earlier. The bonds carry a coupon rate of 2.375% and are being sold for a minimum investment of P5,000.

The Treasury sold an initial P221.218 billion in RTBs at the rate-setting auction held on Feb. 9.

The BTr wants to borrow P110 billion from the local debt market this month: P80 billion via weekly auctions of T-bills and P30 billion from a Treasury bond offer. It canceled a previously scheduled bond auction for its RTB offering.

The government is looking to raise P3 trillion this year from domestic and external lenders to help fund its budget deficit seen to hit 8.9% of gross domestic product. — B.M. Laforga

Leopard Connectivity denies anti-competitive barrier

THE firms facing a complaint from the competition regulator for limiting condominium residents to an affiliated internet service provider (ISP) have denied impeding competition.

The Philippine Competition Commission (PCC) last week said that Greenfield Development Corp. prevents residents of its Twin Oaks Place in Mandaluyong from using competing fixed-line internet services other than its wholly-owned Leopard Connectivity Business Solutions, Inc.

Leopard in an e-mail on Tuesday said that neither firm sought to take advantage of their parent-subsidiary relationship.

“No barrier was imposed to the entry of other telcos in Twin Oaks Place,” Leopard President Jeffrey Campos said.

Mr. Campos said that the companies are cooperating with the PCC during its investigation. The company did not provide details on their response to possible attempts from residents or competing firms to use another ISP, citing the ongoing case.

The commission said residents complained that they were unable to use an alternative provider while claiming higher prices and less reliable services from Leopard.

Section 15 of the Philippine Competition Act “prohibits exploitative and exclusionary conduct that substantially lessens competition.” Firms found to have abused their dominant position could be fined up to P110 million.

PCC in the first abuse of dominance case in the country levied a P27.11-million fine against Urban Deca Homes Manila Condominium Corp. and parent company 8990 Holdings, Inc. in 2019 after the housing developer required unit owners and tenants to sign up with a single ISP. — Jenina P. Ibañez

Digital London Fashion Week kicks off

LONDON — A completely digital London Fashion Week kicked off on Friday, with designers hoping to entice trend-followers from the comfort of their homes with their latest creations.

With Britain under a national lockdown, streamed videos have replaced the usual bustling catwalk presentations.

Nearly 100 womenswear and menswear brands will share their collections over the next few days, having to adapt how they present their clothes in the midst of the coronavirus disease 2019 (COVID-19) pandemic.

“It is really difficult… for everybody at the moment but particularly in the fashion industry,” Caroline Rush, chief executive of the British Fashion Council, told Reuters.

“Fashion Week (offers) this glimmer of inspiration, uplifting, connecting with creativity and really thinking about the impact fashion has on society and culture. And we need it.”

Turkish designer Bora Aksu said he was inspired by 19th century French mathematician Sophie Germain, who he said felt her own isolation when she was discriminated against because of her gender but thrived.

Models walked down an empty Tate Britain museum in tailored suits, boxed cashmere coats and lace tiered dresses.

Mr. Aksu layered voluminous tulle shirts and skirts and put lace capes on coats, using a color palette of pink, black, navy, teal, red and yellow.

“I was trying to find something that (can) bring hope in this time,” he said.

Designer Mark Fast looked to the ocean for his autumn/winter 2021-2022 line, presenting colorful puffer jackets, cardigans and knit skirts. A polar bear and starfish adorned tops while fringed or sequined dresses were mermaid-like.

“I think we are realizing now that it is not about quantity but quality and that in so many aspects of our lives things can be done differently and in new ways, fashion being one of them,” Mr. Fast told Reuters in emailed comments.

With the pandemic shutting stores, studios and factories as well as curbing travel, the fashion sector has been hit hard in the past year.

In Britain, high street giants Debenhams and Arcadia collapsed with online fashion retailers Boohoo and ASOS last month setting their sights on their brands.

Brexit has also affected business.

Earlier this month, some 450 British fashion industry figures signed an open letter to the government warning the sector, which contributes 35 billion pounds ($49 billion) to the economy, was “at risk of decimation by the Brexit trade deal” due to new travel rules and paperwork.

View the London Fashion Week shows here: London Fashion Week. — Reuters

This company wants you to try hacking into its website

Mazda.ph Version 3.0 levels up online presence of Japanese car maker

MAZDA PHILIPPINES is challenging the public to try hacking into their new and ever more secure website, Mazda.ph Version 3.0. Yes, you heard me right. That’s how confident they are with their latest online asset — and how curious they are to see how effectively they’ve covered all bases. The newly reinvented website is said to be three times faster, and also promises a more engaging user experience. The site is now also simpler — yet better because of a more holistic, cohesive flow. In other words, it embodies the latest design philosophy of Mazda vehicles, where less is more. It’s the art of taking away clutter and exploiting the beauty of space, in a very Japanese minimalist kind of way.

One fascinating aspect of the new website is that it now allows interested customers to more directly “build” their own MX-5. If you will remember, Mazda previously announced its program for the 2021 model year through the Mazda Premium Automotive Experience. Under this new program, Mazda offers its customers the pleasure of mixing and matching up to 78 combinations of car options for the MX-5 — whether it be to pick one’s preferred type of transmission, upholstery, body color, top color, a soft top or a hard top (RF), and the like. Having said that, users can now better visualize their personalized MX-5s through the website, and can also make contact with the dealer to place an order at the click of a button. Therefore, the website not only communicates Mazda’s core values and provides specific product information per vehicle of interest but also facilitates contact between the customer and dealer, so that there is no longer any need to walk into the showroom to browse and buy Mazda cars.

As an added bit of trivia, the sales performance of the Mazda MX-5 appeared to defy the trend during the pandemic — as there is, in fact, already a backlog of Miata orders placed in 2020.

“The last few months seem to have been very attractive for top-down motoring!” exclaimed an optimistic Steven Tan, president and CEO of Mazda Philippines. He added, “I guess we must all try to create an outlet… try to find something that we enjoy doing.” And well, isn’t the charismatic MX-5 (or Mazda Miata) known the world over, to bring joy and happiness to its owners? After all, it has been hailed as the world’s most loved roadster.

Not all models have enjoyed that same magical sales rush of the MX-5 amid a nationwide slump among businesses. Other exceptional products, such as the CX-30 and the CX-8 (which if you will remember, were launched late in 2019) — and which would otherwise have gained good traction in the market in the past year — have had to wait a bit longer for their moment to shine, as many car buyers also put off their original plans of buying a new vehicle once COVID came into the picture.

Having said that, Mazda Philippines, through its cooperation with BPI, decided to put together some extra-attractive payment schemes to entice even more conservative motorists to consider acquiring a new car this Year of the Ox.

Among their special deals are an all-in P99,000 down payment for the CX-3 Pro, CX-30, or CX-5, based on a special financing program with BPI. Meanwhile, relatively low down payments and low monthly installments are also available for the Mazda 6 (P499,000 down payment, P29,000 monthly) and CX-9 Signature (P889,000 down payment, P39,000 monthly).

Lastly, Mazda’s special BT-50 Pangolin has been selling rather well. Better yet, Mazda’s special BT-50 Pangolin long-term lendout to the Katala Foundation — a nonprofit organization that actively helps in the conservation of the endangered Philippine Pangolin — already commenced late last December. The foundation has since used the pickup to travel to the different Pangolin conservation areas in Roxas and Puerto Princesa, Palawan; and to carry out telemetry studies of the shy animal species.

Oh, and did you know that February 20 is World Pangolin Day? It’s celebrated every third Saturday of February, and we can’t wait to see what other exploits the Katala Foundation might have by then.

1...6,9586,9596,960...12,742Page 6,959 of 12,742
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube