Phinma Properties launches Likha Residences

January 15, 2021 | 10:55 am

Inspired by traditions, modern architecture, and the needs of Filipino families, PHINMA Properties has opened the doors for its latest project, Likha Residences last Saturday, December 12, at the heart of Muntinlupa. They have achieved yet another milestone — their return to the luxury market with their newest work. Likha offers 3 to 4-story townhomes that provide more than just a place for a family to live in, where every room is a new place for unforgettable memories.

To ensure that all safety protocols were followed, only a handful of people were present at the ceremony. The program started with the ribbon cutting which was headed by Raphael B. Felix, President and CEO of PHINMA Properties, together with Rogelio Garcia, Vice President of Sales and Marketing, Enrique Moran, Assistant Vice President of Operations, and DindoLitonjua, Joint Venture Partner of Likha. The priest blessed the turnover model units where he was accompanied by a representative from different departments: construction management, marketing, project development, and sales teams. Other guests were encouraged to participate virtually through Likha’s Facebook live event.

PHINMA Properties offers Filipino families modern contemporary homes designed to suit the lifestyles of different market segments. In Likha Residences, they considered the dynamic needs of families to create future-proofed townhomes that are Filipino masterpieces worthy of your investment.

Aside from its architectural inspiration, Likha is structured to be a secure home with its double-gated community. They also take pride in one of our core values — our effortless hospitality when it comes to service. Likha promises that their staff is committed to nurturing the wellbeing of every family dwelling in their community.

“We wanted to imbibe the Filipino culture and because of that, we made a conscious decision for all our projects across market segments – to have, to reflect the Filipino culture,” says Raphael Felix, “The Philippine culture has things like bayanihan, like your familial ties, your being hospitable, your being accommodating, and other good values we have – and when we look at those values, we said ‘this is what we stand for’”, he added.

In our interview with Raphael Felix, he also stated that “Looking at the architecture from the outside does not give it justice; come inside, look at our units, and see how the units are created around family gatherings. It was designed with the user in mind being able to all be together as a family having meals together, being in close contact with each other, children being able to see their parents, and vice versa – if you look at that, I think that to me is the most important thing.”

Apart from Likha Residences’ distinctive design, they also offer security to their future residents. “When we talk about security, we don’t just talk about the security of the entire project, meaning guards, [roaming guards], and the close circuit cameras, etc., we also refer to the security of your investment. When you purchase a unit in Likha, you are assured that this investment is secure, prices will appreciate, owing to the fact that it’s a very exclusive project in a very good location,” says Rogelio Garcia. He also added, “The location is a very strong point of the project, being very close to areas – central business district, like the Makati area, even the Alabang area — good location, very near important establishments like schools, restaurants, and business districts – so all these things contribute to that.”

With its timeless Filipino design, the creators of Likha want their future residents to feel warmly welcomed and secure as they enter the property. With that, they promise that future families will be inspired to create new stories and chapters in their lives in every space of their soon-to-be-home, thus, their slogan “Create Stories After Storeys”.

Likha Residences’ turnover model units are now open for viewing. In compliance with the safety measures, visitors who are interested can call 02-85356800 or +639175356800, or email them at inquiries@phinma.com.ph to schedule a safe home tour at Likha Residences located at Km 19 West Service Road, Cupang, Muntinlupa City.

Lexus LM 350 gives a new space for comfort and luxury

January 15, 2021 | 9:43 am

Authentic luxury, when bundled with uncompromised performance and design, makes for a very delightful experience for both car riders and passengers. This is what Lexus LM 350, one of the most in-demand models in the Lexus lineup, can offer.

Priced from P5,408,000, the LM 350 is luxuriously crafted in anticipation of every need of motorists as it delivers on the promise of exceptional comfort, performance, and safety.

The four-seater LM 350 provides passengers a spacious and tall cabin that feels naturally roomy and welcoming for every passenger.

Enclosing this cabin is a thoughtfully-designed partition that includes an elevating glass pane that can be adjusted to be transparent or opaque for utmost privacy.

Literally giving the so-called ‘best seats in the house’, the LM 350 has reclining massage seats that give passengers seven massage options and five levels of pressure. Each passenger seat is also lined with a unique AdaptiPedic foam that absorbs road vibration and also conforms to the passenger’s body. Adding further comfort to these seats are integrated power ottomans, enabling passengers to stretch their arms and legs in the spacious cabin.

Complementing these comfortable seats are twin power moonroofs that give passengers airy and spacious sights. There is also a 25-inch screen that is strategically positioned for easy viewing from any angle, coupled with a 17 to 19 speaker layout from Mark Levinson that ensures premium sound quality.

Showcasing the best of what the Takumi craftsmen of Lexus have to offer, the intricate interior of the LM 350 is designed with care intro every surface that is seen and felt. The Gin Sui Boku ornamentation takes inspiration from Japanese paintings, giving harmony with the cabin and easily identifying the luxurious multi-purpose vehicle (MPV) as a Lexus model.

The LM 350’s passenger-centric design continues with assist grips, side steps, and sliding doors that allow passengers to enter and exit with ease. The lower partitions of either side of the cabin provides plenty of clever cabin storage for handbags and attache cases. Adding to the seamless convenience in the MPV is an onboard refrigerator that is likewise carefully designed to intuitively meets passenger needs whatever the occassion.

The exterior of the LM 350 further evokes the luxury Lexus is identified with. LM 350’s bold front features a spindle grille that exudes a sense of power, while its back is highlighted by L-shaped taillights that emphasize the MPV’s wide stance and low center of gravity. Along the car’s sides, the meticulously designed arrowhead accents in the center pillar complement the side profile. Its wheels are finely detailed with sophisticated three-dimensional spokes, enhancing LM 350’s presence on the road.

These stunning features are nicely bundled with its impressive performance and assuring safety features. At the heart of the LM 350 is a 296hp 3.5-liter V6 engine that carries a maximum speed of 230 kilometers per hour and can accelerate to 100kph in 7 seconds. The engine enables a Direct-Shift continuously variable transmission that realizes both excellent fuel economy and exhilarating driving performance.

LM 350 also enables optimized suspension through swing-valve shock absorbers that quickly suppress both vertical and lateral movement. These minimize vibrations in the vehicle and ensure elegant ride quality.

The MPV also comes with a Stop & Start System, which shuts off the engine when the LM comes to a stop, resulting in conserved fuel for longer rides.

The LM 350 puts a prime on safety through several features. Its Adaptive High-Beam System provides a wider illumination area with smooth and fine light distribution control without affecting the drivers of vehicles ahead.

Helping motorists avoid potential accidents, its Pre-Collision System attached at the front alerts the car on impending collisions.

Further guiding the car on the road, the Lane-Tracing Assist system uses a forward-facing camera to monitor lane markings. It will then automatically apply steering inputs to keep the vehicle centered on its lane.

Other safety features include Dynamic Radar Cruise Control; Blind-Spot Monitor; Parking Support Brake; and Rear Cross-Traffic Alert features.

The culmination of Lexus’s finest work is embodied by the LM 350. Ensuring comfort, efficiency, and safety while letting luxury stand out, the LM 350 enhances motorists’ journeys in relaxing and rewarding ones.

With Lexus, craftsmanship meets modern technology, and the breathtaking result delivers a passenger experience like no other.

Learn more about LM 350 by visiting the Lexus website at https://fal.cn/3c38F, or visiting its social media pages on Facebook and Instagram (@lexusmanila). To arrange a consultation with your personal sales consultant, visit the Lexus Remote page at https://www.lexus.com.ph/en/lexus-remote.html.

Leading beyond recovery: Francis Lim at the helm of FINEX

January 15, 2021 | 9:30 am

In its storied 53-year history, the Financial Executives Institute of the Philippines (FINEX) has had a number of lawyers serving as President of the country’s foremost finance organization. But never before has it elected a legal eagle with a stock market background until Francisco ED. Lim was chosen by his peers to lead FINEX in 2021.

Francis was the President and CEO of the Philippine Stock Exchange (PSE) from 2004 to 2010. During his stint at the PSE, he joined FINEX and held key positions in various institutions such as the PSE Foundation, the Securities Clearing Corporation of the Philippines, the Capital Market Development Council, the Philippine Dealing and Exchange Corporation, and the Securities Investors Protection Fund.

Since then, Francis has served as President of the Management Association of the Philippines (MAP), President of the Shareholders Association of the Philippines (SharePhil), Trustee of the FINEX Research and Development Foundation, Trustee of the CIBI Foundation, and Trustee of the Judicial Reform Initiative (JRI). He continues to be active in the Institute of Corporate Directors, the Philippine Judicial Academy, and several committees in the Supreme Court.

All these while working at ACCRALAW as Senior Partner specializing in corporate law and litigation; teaching law at the Ateneo de Manila University School of Law and the San Beda University Graduate School of Law; and sitting on the boards of PSE-listed firms Energy Development Corporation and Converge ICT Solutions Inc. as well as non-listed companies Alphaland Corporation, DHL Summit Solutions Inc., Producers Savings Bank Corporation, and The Insular Life Assurance Co. Ltd.

His long array of accolades from international and domestic institutions are complemented by an equally lengthy list of laws that Francis assisted during the enactment process such as the Real Estate Investment Trust Act, the Personal Equity Retirement Account Act, the Philippine Competition Act, the Financial Rehabilitation and Insolvency Act, and the Credit Investment System Act.

Armed with a Bachelor of Laws degree from the Ateneo de Manila University and a Master of Laws degree from the University of Pennsylvania, Francis was admitted to both the Philippine Bar and the New York State Bar. He has authored several books and articles published by local and global publications.

On January 15, 2021, Francis Lim will be formally inducted as FINEX President along with his Board of Directors, namely: Euney Marie Mata Perez, EVP, and Corporate Secretary; Michael Arcatomy Guarin, VP-Internal Affairs; Augusto Bengzon, VP-External Affairs; Consuelo Garcia, VP-Capital Market Development; Senen Matoto, VP-Good Governance; Omar Cruz, VP-Professional Development; Wilson Tan, Treasurer; and Directors Hilaria Concepcion, Edith Dychao, Domingo Go, Ronald Luis Goseco, Arleen May Guevara, Florencia Tarriela, and Stephanie Zulueta. The FINEX theme for this year is “Transcending the New Frontier. Leading Beyond Recovery.”

The 2021 guide to cars: New year, new releases

January 15, 2021 | 9:00 am

Like all industries, the car industry had a monumental year in 2020, if only for wholly unexpected reasons. Automakers have had to quickly adapt to a rapidly transforming landscape and a changed consumer, as well as endure incredible pressure and strain from factors far beyond their control.

Yet a new year has dawned, and the challenges of the past year have now borne fruit. These models from popular brands are what the future of mobility looks like so far.

Honda City / Civic

The new and improved Honda City hatchback made a splash in global markets late last year, and Philippine customers can now get their own to drive. The all-new City was designed for confidence, from its sweeping, dynamic corners to the bold, black trim, to its specially designed, sleek RS bumpers.

With its stylish exterior design, outstanding interior space, and advanced technology, Honda aims to assert its 2030 vision of leading the advancement of mobility and enabling people around the world to improve their daily lives.

Honda City Hatchback (red) and Honda Civic — hondaphil.com

Moreover, the launch reaffirms Honda Cars Philippines, Inc.’s commitment to providing mobility to Filipinos especially on its 30^thyear in the Philippines and continues to expand its presence in the market. Honda also recently unveiled the prototype of the 2021 Civic, which is now all set to enter into its 11^th generation. It is only a matter of time before the newest iteration of the iconic Civic enters the country’s shores.

Isuzu mu-X / D-max

The Japanese car maker Isuzu Motors revealed the new and updated model for its mu-X line in Thailand before promising to roll it out in other markets. The D-max pickup truck, similarly, was promised an update.

The all-new Isuzu D-max, lauded all over the world for its top-class performance, safety, and innovation, will be making its debut later this year, both with new looks and new nifty features. It still comes equipped with either a 1.9-liter turbo diesel engine or an upgraded 3.0-liter motor that produces 190hp and 450 Nm of torque, however.

Isuzu mu-X and D-max — www.isuzuphil.com

The new mu-X meanwhile will enter the country’s midsize SUV market. Based on the D-max pickup, the mu-X is a robust option for those looking for a good rough road companion.

Set to also make its entry later in the year, the newly designed mu-X is based on Isuzu’s engineering concept of Robust and Exclusive, with the aim of enhancing the comfort and luxury while maintaining Isuzu’s unique strengths: reliable durability; fuel economy; and safety performance.

Lexus IS

The luxury car brand unveiled the new Lexus IS to the world last year. Fortunately for those who were waiting patiently for its Philippine release, Lexus launched it right as 2020 ended. Boasting superb maneuverability and riding comfort honed at the Toyota Technical Center Shimoyama, with evocative styling and state-of-the-art technologies, including the latest Lexus Safety System+, the Lexus IS is built fine-tuned for the driving experience.

“What we had foremost in mind in developing the new IS was to make it a car that excelled in communicating with the driver and, as a car with wide latitude for providing such, would never fail in doing so, regardless of the road conditions or driving status. Toward achieving this, we retained the compact body that had been well received, and, with our team united, we endeavored to bring such to maturity by developing the new IS on a new test course. We aimed to make the new IS a Lexus compact sports sedan that provides high-quality riding comfort while offering a high level of vehicle control,” Naoki Kobayashi, chief engineer, Lexus International, said in a statement.

He added, “We wanted it to be a car that enables people to make new discoveries, such as the discovery that the longer the new IS is driven, the more one can experience the fun of driving. And we wanted it to be a car that enables people to feel the aspirations of those who created it.”

Mitsubishi Outlander / Mirage

Though there likely is a longer wait involved here for SUV fans, the new Mitsubishi Outlander is likely worth it. Developed under the ideal of the Japanese term “I-Fu-Do-Do”, which means authentic and majestic, the all-new Outlander is designed to demonstrate strength and quality from the inside out.

The exterior design is refined, with a powerful and proud front end with new generation Dynamic Shield design concept. The complete transformation from dimensions to exterior styling previews the design direction for the future Mitsubishi Motors models.

Mitsubishi Mirage (top) and Outlander PHEV — www.mitsubishi-motors.com.ph

“The Outlander is an iconic SUV for the company, so when we developed the next-generation model, we took inspirations from our rich SUV heritage to realize a bold and confident styling with a solid stance that excites our customers,” said Seiji Watanabe, division general manager of design (head of design), Mitsubishi Motors Corp.

“The all-new Outlander is the first model epitomizing the new generation of Mitsubishi design and the frontrunner of our design strategy,” he added.

The new Outlander will debut first in the US, Canada and Puerto Rico, with international markets following soon after. Fans of the brand’s popular Mirage line also has something to look forward to, as the line got updated last year in Thailand with much fanfare.

Nissan Navara / Terra

Nissan is making waves by committing to a slew of new launches this year. The new Nissan Navara pickup, for one, now comes with a new redesigned front facia, opting for a sleeker yet still athletic outline. Combined with a newly redesigned grille, a new set of wheels, a new set of headlights, and a new variant called the Pro-4X, the new Navara gives off a more angular silhouette for a cool and confident refresh.

And while Nissan Philippines has yet to release specifics on the release of the 2021 Navara, fans of the brand should expect to wait at least until the latter half of 2021. In the meantime, the carmaker launched the redesigned Nissan Terra.

Nissan Navarra and Terra — www.nissan.ph

First debuting in the Middle East as the X-Terra, the revamped SUV aims to exude a much bolder style with an update to its tech. The 2021 Terra distinguishes itself from the Navara which it’s based on with its brand-new front-end, which sports refinement and styling cues from the brand’s other SUV model, the Patrol. The Terra is redesigned to have an aggressive front-end with a larger, more upright V-motion grille bookmarked by LED headlights with quad projectors.

Toyota Yaris

Toyota Motor Philippines (TMP) was quick to welcome the new year with the new Toyota Yaris.

Sporting an aggressive redesigned front grille, the new Yaris gives off a commanding display on the road, flanked by new LED fog lamps across all variants. On the 1.5 S CVT variant, the head lamps have been upgraded to LED and are now paired with new Daytime Running Lights (DRL).

It also comes with new kicks with its 15-inch two-tone machine-finish alloy wheels across all variants. The updates extend up to the interiors with Apple CarPlay and Android Auto now a standard feature across all variants, and synthetic leather seats for the 1.5 S CVT variant.

The redesign also comes in a vibrant new color across all variants to suit any discerning customer. A new and exciting “Cyan Metallic” shade is aimed at appealing to the young and young-at-heart.

“The Yaris appeals to many married professionals in their mid to late 30s looking for a modern fun-to-drive vehicle that offers the great cargo space a hatchback offers,” Elijah Marcial, vice-president of marketing services at TMP, said in a statement.

“The Yaris nameplate has amassed quite a loyal fan base for being synonymous with fun driving and flashy looks, and this year we’ve elevated it with a new premium eye-catching design to suit our customers’ evolving style. All without, of course, compromising on the power, convenience, and safety we’ve all come to expect from every Toyota.” — Bjorn Biel M. Beltran

Chevron finishes strong in 2020 with 30 new Caltex stations, new products and promotions

January 15, 2021 | 7:00 am

New leadership sees 2021 breakthrough with more expansion as economy recovers

Chevron Philippines Inc. (CPI) concludes 2020 strong by opening more than two stations per month, launching new products, partnerships, promotions, and social investment programs aimed at delivering quality services for Filipinos.

Caltex, CPI’s fuel brand, added 30 new service stations to its retail network, contributing to its growing footprint nationwide. Caltex service stations also remained open amidst the series of lockdowns to ensure continuous supply of clean and quality fuels for the motoring public.

“2020 was a tough year, but we are proud that despite the turbulence in both business and economic activities, Chevron remained consistent with its mission of providing the kind of fuel that Filipinos need – the fuel that powers human progress. We credit this to our people and partners who dedicated their energy to take Chevron to where it stands today,” said CPI General Manager and Country Chairman Billy Liu who formally assumed CPI’s helm just last November.

A more enjoyable customers’ journey

To power motorists to ride strong during these tough times, Caltex unveiled a new generation of Havoline Super 4T and SuperMatic 4T four-stroke motorcycle and scooter engine oils formulated with Caltex’s advanced C.O.R.E.+ Technology and ZOOMTECH. This was followed by the launch of Delo 400 SLK SAE 15W-40, a next-generation diesel engine oil infused with ISOSYN Advanced Technology that addresses the fuel needs of critical commercial road vehicles while minimizing their operating costs.

Caltex service stations nationwide ensures continuous supply of fuel to motorists amid the series of lockdowns.

Caltex offered programs and forged partnerships with notable brands in 2020 to give its loyal customers a more rewarding journey. CPI and last-mile carriers Grab and Lalamove Philippines teamed up to allow their more than 68,000 partner drivers to enjoy big savings when gassing up at Caltex stations using their Caltex SavePlus cards. In addition, PNB and 7-Eleven CLIQQ Rewards cardholders now enjoy rebates and cash-convertible points, respectively, for their fuel purchases made at selected Caltex stations. To jazz up the holidays, Caltex also launched its Fuel for Fuel promo where motorists can collect e-stamps and redeem fuel vouchers.

Caltex collaborated with PayMaya to integrate its scan-to-pay technology in its retail stations, enabling safer contactless transactions and providing more payment options for customers. To ensure a healthy environment for its employees and motorists, Caltex also partnered with Rock Ed Philippines to make antibacterial liquid hand soaps and surface cleaners available in Caltex stations.

Accelerating community progress and recovery

The pandemic and series of calamities did not stop CPI from carrying out its social investment programs. In early 2020, Chevron supported frontline workers by providing cash and fuels amounting to P1 million. Apart from donating a mobile patrol truck and smartphones to enhance the disaster preparedness in San Pascual, Batangas, CPIalso donated funds for communities affected by the Taal Volcano eruption and the recent typhoons, with some channeled through the Philippine Red Cross and Ateneo De Manila University’s Tanging Yaman Foundation.

Chevron, together with its employees and partners, comes out stronger and geared up to meet the country’s fuel and economic demands this new year.

In the latter part of 2020, Chevron held its first-ever virtual Volunteer Week, which promoted environmental protection, health and safety, and sustainable livelihood.

“Our concrete solutions helped us navigate through these uncertain times. And as we embrace another challenging year, we will continue to provide solutions to better serve Filipinos’ fuel needs and support the country’s economic recovery,” added Liu.

With Chevron’s strong 2020 business momentum and positive outlook, Caltex welcomes 2021 geared up to provide world-class products and services.

FEU partners with Harvard in webinar that discusses innovative and collaborative governance among Philippine cities

January 15, 2021 | 7:00 am

Titled “Urban-novation: Multisector Solutions to Local Development Challenges”, the webinar that hopes to jumpstart a collaboration between Harvard Kennedy School (HKS) Ash Center and Far Eastern University Public Policy Center (FEU PPC), which aims to replicate HKS Ash Center’s pioneering work in the Philippine context

The webinar also featured Dinagat Province Governor Honourable Arlene “Kaka” Bag-ao, CEO and President of Magsaysay Group of Companies Doris Magsaysay-Ho, and Executive Director of Galing Pook Foundation, Dr. Eddie Dorotan as reactors

FEU and the HKS Ash Center both advocate innovations in government through research and evidence-based policymaking.

Far Eastern University Public Policy Center (FEU PPC) collaborated with the Harvard Kennedy School Ash Center to launch the webinar entitled “Urban-novation: Multisector Solutions to Local Development Challenges,” which discusses how urban environments in the Philippines can be transformed through capability-building and strategic cross-sector partnerships.

Led by Professor Jorrit de Jong, a Senior Lecturer of the Harvard Kennedy School and Faculty Director of the Harvard City Leadership Initiative, the webinar was a learning session for academics, practitioners, and city leaders in the Philippines, jumpstarting a possible collaboration between FEU PPC and HKS Ash Center that would replicate de Jong’s pioneering work in the Philippine context.

According to Professor de Jong, “innovation means finding new ways to do the work of governments,” engaging its citizens and thus becoming more effective, better able to solve problems, more efficient, equitable, and responsive to what people need and want. To do so, he says that all boundaries should be disregarded to apply innovation in its genuine form. He went on to explain that past cases of innovation failed to “reimagine governments at its core” and advocates for a problem-driven governance that identifies the root of a complex social problem.

In response, Rolan Garcia, the Executive Director of the FEU Institute of Technology Innovation Center and one of the reactors in the webinar, said that in the Philippines, “there is a big disconnect between collaboration and the national government really listening to the local government.”

Other reactors included key thought leaders Dinagat Province Governor Honourable Arlene “Kaka” Bag-ao, CEO and President of Magsaysay Group of Companies Doris Magsaysay-Ho and Executive Director of Galing Pook Foundation, Dr. Eddie Dorotan.

Bag-ao reiterated how the poorest sectors of the community should be recognized, while Magsaysay-Ho emphasized that mayors have limited governing time, which was a challenge to achieving sustainable and meaningful change. Dorotan stressed the importance of a government that listens to the public in order to create and strengthen adaptive capacities.

Professor de Jong listed three capabilities in order to achieve problem-driven governance: collaborative, which creates partnerships for better solutions; data-analytic, which enables sharing of knowledge and information for better insight and; reflective or the ability to connect your actions with the desired outcome.

He concluded the discussion by saying that in the end, it is people, and not data, who will solve problems. As such, he says that “it is important to first acknowledge that there are no other people than us that are going to make the change.”

OFW remittance growth slows in Nov.

January 15, 2021 | 12:34 am

Cash remittances slipped 0.8% in the first 11 months of 2020, data from the central bank showed. — *UNSPLASH/ALEXANDER MIL*

By Luz Wendy T. Noble, Reporter

MONEY sent home by overseas Filipino workers (OFWs) in November grew by its slowest pace in three months, with cash remittances reaching its lowest level since May as lockdowns were reimposed in some countries due to a spike in coronavirus cases.

Data from the Bangko Sentral ng Pilipinas (BSP) released Thursday showed cash remittances coursed through banks edged up 0.3% to $2.379 billion in November from $2.372 billion a year earlier.

This marked the third consecutive month of growth, albeit the slowest print since the 4.1% contraction in August. Cash remittances were also at its lowest since the $2.106-billion level in May.

On the other hand, cash remittances dropped 13.4% from the $2.747-billion level in October.

“Month-on-month easing [in remittance flows] could be due to new lockdown measures imposed in the host countries, necessitating some need to create fund reserves on the part of the sender and thus some pullback in money being sent home,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

Some European countries including the United Kingdom and Germany reimposed lockdowns in November to curb a surge in coronavirus disease 2019 (COVID-19) cases.

In November, cash remittances from land-based OFWs rose 0.5% to $1.852 billion, while inflows from sea-based workers slipped 0.2% to $527.3 million.

Meanwhile, cash remittances for the 11 months to November dropped 0.8% to $27.013 billion from $27.231 billion a year earlier. The decline is below than the BSP’s projection of a 2% contraction for the full year.

This was due to lower inflows from Saudi Arabia, Japan, the United Kingdom (UK), the United Arab Emirates (UAE), Germany, and Kuwait, the BSP said.

In the first 11 months of 2020, the United States was the biggest remittance source with a 40.1% share. Inflows from the United States, Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Hong Kong, Qatar, and Korea cumulatively made up 78.6% of the total cash remittance.

Meanwhile, personal remittances, which include inflows in kind, inched up by 0.1% to $2.643 billion in November from $2.639 billion a year earlier. This brought the year-to-date level to $29.988 billion, down by 0.9% against the $30.252 billion logged in the January to November 2019 period.

BSP Governor Benjamin E. Diokno is bullish on the growth of remittances in the coming years, as more Filipino professionals are expected to land jobs abroad.

“So we expect that as we send more Filipinos abroad, hopefully we change the nature or the composition of OFWs, maybe more nurses, doctors, IT workers, etc. Then, there will be higher OFW remittances in the years to come,” he said at BusinessWorld One-on-One held on Wednesday.

Remittances are likely to recover in 2021 amid improving global conditions. The central bank expects cash remittances to grow by 4% this year.

“Remittances this year are expected to be higher, notably those coming from the US which is the largest source, as larger stimulus measures are expected from the [US President Joseph R.] Biden administration,” Mr. Roces said, adding reopening of host countries and vaccine rollouts could drive growth.

Remittance support is crucial as the Philippine economy remained in a recession, said ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa.

“Steady remittances coupled with implosion of import demand, lending support to the peso amidst the weak global dollar narrative,” Mr. Mapa said in a note.

The peso has been hovering around the P48-per-dollar level in recent weeks.

Full-year 2020 and December 2020 car sales

January 15, 2021 | 12:33 am

CAR SALES slumped in 2020, after a holiday demand spike failed to make up for the plunge in demand during the coronavirus-induced lockdown, data from two automotive industry groups showed. Read the full stories.

Coronavirus slams PHL vehicle sales in 2020

January 15, 2021 | 12:33 am

Sales of new vehicles plunged in 2020 due to the strict lockdown and economic slowdown. — PHILIPPINE STAR/MIGUEL ANTONIO N. DE GUZMAN

By Jenina P. Ibañez, Reporter

CAR SALES slumped in 2020, after a holiday demand spike failed to make up for the plunge in demand during the coronavirus-induced lockdown, data from two automotive industry groups showed.

Data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) released on Thursday showed full-year sales stood at 223,793 units, 39.5% lower than the 369,941 sales in 2019.

Imported vehicle sales declined 41% to 51,719 units in 2020, the Association of Vehicle Importers and Distributors, Inc. (AVID) said in a separate report.

Total industry sales of 275,512 exceeds CAMPI’s projection of 240,000 for the year by 15%.

CAMPI-TMA data showed car sales rose 19.1% to 27,596 units in December, from 23,162 units sold in November, due to seasonal demand. However, December sales were still 18.1% lower than the 33,715 units sold in the same month of 2019.

“It is noteworthy that the holiday season has contributed to the uptick in demand for auto sales in December amid the improving business and consumer confidence,” CAMPI President Rommel R. Gutierrez said in a statement.

A decline in car sales was seen as early as January after some plants and dealerships in the National Capital Region and the Calabarzon Region were forced to temporarily suspend operations due to ashfall from the Taal Volcano eruption.

Sales plunged as much as 99% in April, at the height of the strict lockdown in Luzon, but has since slightly recovered as restrictions eased. The pace of decline slowed in September, as the month usually starts off an upward trend in automotive sales due to the upcoming holiday season.

Year on year, commercial vehicle sales in December fell 23.1% to 18,815 units. Asian utility vehicle sales dropped by 11.6% to 3,940 units, while light commercial vehicle sales slipped by 25.1% to 13,962 units.

Passenger car sales in December declined 5% to 8,781 units compared with the same month the previous year.

Year to date, commercial vehicle sales plunged 40.9% to 154,155 units, while passenger vehicle sales sank 36.2% to 69,638 units.

Toyota Motors Philippines Corp. (TMP) remained the market leader with a 44.69% share, followed by Mitsubishi Motors Philippines Corp. with 16.70% and Nissan Philippines, Inc. with 9.72%.

SALES OF IMPORTED CARS FALL
The AVID report showed sales of imported passenger cars slid 46% to 16,588 units, while light commercial vehicle sales fell 37.6% to 34,826 units and commercial vehicle sales dropped 66% to 305 cars.

“Automotive was among the hard-hit sectors in this pandemic and we continue to feel the impact as sales, after-sales and auto-related services remain lackluster,” AVID President Ma. Fe Perez-Agudo said.

She said the industry must focus on creating more job opportunities, upgrading infrastructure and logistics, and improving the ease and cost of doing business to revive the sector.

Both industry groups have criticized safeguard duties placed on car imports this month, saying that the measure would impede recovery.

The Trade department slapped duties on imported cars to protect local industries after its investigation found a link between a recent surge in imports and declining local employment.

PEZA investments drop 19% as pandemic drags on

January 15, 2021 | 12:32 am

Investments approved by the Philippine Economic Zone Authority (PEZA) dropped by nearly a fifth in 2020. — REUTERS/CHERYL RAVELO

INVESTMENTS approved by the Philippine Economic Zone Authority (PEZA) dropped by nearly a fifth in 2020 after stringent lockdown restrictions dented domestic investor confidence.

The investment promotion agency registered P95.03 billion in pledges, falling 19.15% from the P117.54 recorded in 2019. The 2019 figure represented a 16.19% drop from the previous year, which in turn fell 41%.

Last year’s total fell short of PEZA’s target to approve at least P100 billion in investment pledges, which was already downscaled from the 5-10% growth target set before the coronavirus disease 2019 (COVID-19) pandemic hit.

PEZA last year saw delays in investment approvals as the board failed to meet during the strict lockdown which began in mid-March. Even so, PEZA approvals slid 5.85% in the first two months of 2020.

PEZA Director-General Charito B. Plaza had said that pending tax reform proposals at the time and the impact of the pandemic on export manufacturers and outsourcing firms caused challenges in attracting investments.

Foreign investments last year jumped 21.26% to P59.73 billion, but local investments plummeted 48% to P35.3 billion, PEZA said in a statement on Thursday.

“The decline can be attributed to various causes including the perilous effect of the COVID-19-imposed lockdowns beginning March 2020,” the agency said.

Overall, PEZA approved 326 projects last year, 217 of which came from the manufacturing sector. The sector generated P34.44 billion in investments, or 13.43% higher than the previous year.

The 109 projects under the outsourcing sector brought in P17.41 billion in investments, down just 0.93% from 2019.

Most of the foreign investments came from the United States, European countries like the United Kingdom and Belgium, and Asian countries like China, South Korea, Singapore, and Saudi Arabia.

The bulk of the investments will be poured into Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon), followed by the National Capital Region, Central Visayas, and Central Luzon.

Meanwhile, the Board of Investments (BoI), which accounts for a bulk of planned projects registered with investment promotion agencies, reached a total of P1.02 trillion in investments, a 10% drop from the agency record P1.14 trillion in 2019.

BoI-approved investments doubled in the first half of 2020 despite the lockdown, mostly led by a San Miguel Corp. subsidiary’s P740-billion airport project in Bulacan. Domestic investments at the time jumped by 166% due to the airport project, but foreign investments plummeted by 73%.

“We hope in 2021, we will be able to attract more foreign direct investments in the country, keep the PEZA brand of service renowned worldwide, and help the Philippine economy bounce back,” Ms. Plaza said. — Jenina P. Ibañez

Lockdown is last resort amid new COVID-19 variant — NEDA

January 15, 2021 | 12:31 am

Luzon was placed under an enhanced community quarantine (ECQ) from mid-March to end-May, halting nearly all economic activity. — PHILIPPINE STAR/MICHAEL VARCAS

By Beatrice M. Laforga, Reporter

REIMPOSING a strict lockdown should be the last resort for the government, according to Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua, despite the detection of the highly infectious variant of the coronavirus in the country.

In his presentation at the Junior FINEX (JFINEX) online forum on Thursday, Mr. Chua said the strictest form of lockdown, where 75% of the economy was shut down, caused 23.7 million more people to go hungry, 4.5 million more to slip into poverty, and roughly 2.7 million to lose their jobs.

“The economy is strong enough to recover if we allow it to do so. But our quarantine restrictions prevent the economy from fully recovering and the answer to that is not to give more subsidies but to open the economy more, because all the subsidies will be expensive for the people,” Mr. Chua said during the forum.

With the new coronavirus variant detected in the Philippines, Mr. Chua said the government should continue implementing its health protocols and travel restrictions but avoid reimposing a strict lockdown or only when desperately needed.

“We need to assess the risks around the new variant. It is part of living with the virus. We can prioritize the enforcement of health standards and proactive travel restriction. Higher quarantine should be the last resort,” he said via Viber on Thursday.

Luzon was placed under an enhanced community quarantine (ECQ) from mid-March to end-May, halting nearly all economic activity. As a result, the Philippine economy fell into its first recession in nearly 30 years with a record 16.9% contraction in the second quarter. Economic managers expect gross domestic product (GDP) to have contracted by 8.5-9.5% in 2020. Official GDP data will be out on Jan. 28.

In late December last year, President Rodrigo R. Duterte warned that another lockdown is possible if the new variant, believed to be more contagious, reaches the Philippines.

Presidential Spokesperson Harry L. Roque, Jr. said in a press briefing on Thursday that existing policies will remain in effect while waiting for the decision of Mr. Duterte and the task force for infectious diseases on any new measures that will be adopted to contain the new variant.

For Mr. Chua, who heads the National Economic and Development Authority (NEDA), the state should also make sure that the mass transport is sufficient yet safe, while stimulating consumer demand by allowing family activities.

“I was consulting with the World Bank and based on their analysis, no country keeps their children at home 100% and in a young country like ours, where the median age is 25 years old and 40% of the population is below 20 years old, and if the children are not participating in economic activities, the families are not participating and therefore, up to 50% of total sales and demand are not going to recover. These are all the tradeoffs,” he said.

Meanwhile, Ateneo Center for Economic Research and Development Director Alvin P. Ang said the country could no longer afford another strict lockdown because of its huge impact on the economy.

“We do not have the information to answer that, except that we know we cannot afford another major lockdown. We already know its impact on the economy, they (the government) just have to do very well in contact tracing, isolation, and quarantine,” Mr. Ang said in a Viber message on Thursday.

To avoid further lockdowns, sustained adherence to health protocols even during annual Filipino traditions and festivities is key according to Action for Economic Reforms (AER) Coordinator Filomeno S. Sta. Ana III.

“We all want to avoid another lockdown but to do so, the government and private sector must enforce the rules in physical distancing. It does not help either that officials or influencers themselves are seen by the public as violating the rules,” Mr. Sta Ana said via Viber on Thursday.

STAGGERED RECOVERY
Meanwhile, a possible resurgence in COVID-19 cases poses a great risk to the Philippines’ growth prospects this year.

In a webinar on Thursday, Anwita Basu, who heads the Asia region of Fitch Solutions’ Country Risk department, said the Philippines and Thailand are expected to see “staggered” economic recovery this year.

“Both these countries have badly suffered from the pandemic and are set for fairly staggered recovery. [For the Philippines], along with base effects, the Philippine government is counting on a ramped up fiscal spending to support growth this year, however, the outbreak in the Philippines has been devastating and widespread and so risks to growth remains,” she said.

On Thursday, the Health department reported 1,912 new COVID-19 cases, bringing the total to 494,605.

Fitch Solutions Country Risk & Industry Research revised its 2021 GDP outlook for the Philippines to 7.6% from 6.2% in September on base effects and the expected boost from the larger spending plan of the government.

It said the economy may have shrank by 9.6% last year compared with its previous estimate of a 9.1% slump.

FMIC expects PSEi to hit 7,800-8,100 at end-2021

January 15, 2021 | 12:08 am

THE PHILIPPINE Stock Exchange index (PSEi) is projected to reach the range of 7,800 to 8,100 at the end of the year on the back of the impending distribution of vaccines against the coronavirus disease 2019 (COVID-19), according to First Metro Investment Corp. (FMIC).

During a virtual media briefing on Thursday, FMIC Research Head and First Vice-President Cristina S. Ulang said the financial services firm expects the market’s price-to-earnings ratio to be around 18x to 19x for 2021.

She said some of the factors that could boost the market include the rollout of COVID-19 vaccines, monetary policy support, and low interest rate.

“Another thing that can affect the market is the proposed Senate Bill 1357 or the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which will lower income taxes for the corporate sector and boost corporate earnings 24%, and can even go higher to 29% or 30%,” Ms. Ulang said.

However, she said a number of risks could affect the local market such as a delay in vaccine distribution, another wave of COVID-19 infections, and a return to stricter quarantine measures.

“We do not know what is going to happen with the virus mutation and how the vaccine is going to be deployed,” Ms. Ulang said.

She noted that the stock index had recovered 57% since the implementation of the lockdown in March 2020 and closed the trading year at 7,139.71.

“It is still low compared to the beginning of 2020, which was 7,815.26, but the one thing that is very remarkable about this market is that there has been very little foreign participation,” Ms. Ulang said.

“This gives us some thought on whether there has been a paradigm shift that the PSEi can move higher because of local participation. This is a new thing for us,” she added.

Further, Ms. Ulang said that $2.5 billion worth of outflows happened in 2020, which means that the market is “under-owned.”

“Foreign ownership is around 23.4% for 2020. It is possible that foreigners can come in due to the need to diversify and look at opportunities in Asia,” Ms. Ulang said.

In the debt capital market, 2021 will continue to be an opportunity for people who were hesitant last year to enter the market, said FMIC Investment Banking Head and Executive Vice-President Daniel D. Camacho.

Mr. Camacho added that the Bangko Sentral ng Pilipinas had been clear in using policy tools such as rate cuts when needed.

“Investors are looking for an outlet for their funds with a sweet spot on the shorter end of the curve of up to three years in tenor. However, we are starting to see modest appetite for the five-year bucket, as long as investors are aptly compensated,” he said.

On Thursday, the PSEi closed at 7,273.15, higher by 30.3 points or 0.41% from the previous trading session. — Revin Mikhael D. Ochave

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