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7-Eleven operator trims losses as sales improve

@7ELEVEN11THAVE

LISTED convenience store operator Philippine Seven Corp. narrowed its net loss by 7.4% in the quarter ending September to P181.1 million from P195.6 million on the back of an improvement in sales.

In a disclosure to the exchange on Friday, Philippine Seven said its improved total sales is due to the increased number of operating stores as well as lower base year effect.

“The slowing rate of decrease in same store sales occurred as the adverse impact of the pandemic already matured,” the company said. “The full recovery in sales remains to be dependent on the rate of infection and vaccination efforts.”

The listed firm behind 7-Eleven stores said it logged a 3.4% growth in same store sales in the July-to-September period, better than the 25.2% contraction from a year ago.

“This is the first growth in same store sales after five consecutive quarters of negative growth. The downgrade to a lower quarantine alert level and easing of mobility restrictions contributed favorable to increase in sales,” the company said.

Same stores sales growth (SSSG) in the second quarter this year contracted by 5.1%, and dropped by 20.1% in the first quarter. The last three quarters of 2020 also posted a negative SSSG, ending 2020 with a contraction of 18.4%.

System-wide sales for the third quarter improved by 10.1% to P11.33 billion from P10.29 billion in the same period last year due to improved SSSG.

Merchandise sales revenues also improved by 9.8% to P10.1 billion. This takes into account retail sales of corporate stores, merchandise sold to franchisees at cost, as well as the merchandise sales of five neighborhood wholesale stores.

For the three quarters ending September, Philippine Seven incurred a net loss of P584 million, inching down from the P585.3-million loss recorded year on year.

The company said its average sales are still less than 80% of its pre-pandemic sales and are “a drag to profitability.”

Meanwhile, system-wide sales for the nine-month period declined 2.3% to P33.54 billion from P34.34 billion in the same period last year. Merchandise sales revenues amounted to P28.2 billion, 1.4% less than P28.6 billion from a year ago.

The listed 7-Eleven operator said it ended the period with 3,019 7-Eleven stores, up by 59 branches or 2% compared with the 22,960 stores in the same period last year.

Philippine Seven opened a total of 104 new stores by the end of the third quarter, while it shuttered 63 stores.

“The rate of new store opening is seen to accelerate in the last quarter resulting from the downgrade in quarantine alert level brought about by the declining trend in daily active cases,” Philippine Seven said.

Shares of Philippine Seven at the stock market closed unchanged on Friday at P95 per share. — Keren Concepcion G. Valmonte

Festival of Lights goes online for second year

DURING a normal holiday season, a medley of Christmas music accompanied by dancing lights is played in a garden in the middle of a busy business district. The show begins after sunset, with the medley lasting for about 15 minutes, then it is replayed every half hour. Guests gather to watch the spectacle, sing along to the music, and take photos.

While visiting the garden was curtailed in 2020 because of the coronavirus (COVID-19) pandemic, the audience was still able to enjoy the spectacle, albeit online. For this year, the lights and sound show returns on a second year online.

“Festival of Lights: Virtual Edition 2021” was launched on Nov. 12 on the Ayala Land and Make It Makati official Facebook pages.

“[Festival of Lights] was originally envisioned to serve the Makati community but then over the years it became so well-loved that it actually turned into an annual tradition where families and friends reunite,” said Chrissy Roa. Head of Marketing and Communications of Ayala Land Estates, during an online press launch on Nov. 12.

While the live show attracts thousands of visitors, last year’s virtual show reached 5.5 million viewers.

“This year, we want to reach more people and we want to reach more places not only locally but abroad as well,” Ms. Roa said.

“The Festival of Lights has allowed us to connect with the community in a unique way. The virtual live show allows us to further strengthen this connection as we are now able to reach Filipinos out of the country [who] may not be able to come home for Christmas,” Shiella Aguilar, Project Development Head for Makati, said.

This year, the festival is a two-part show made in partnership with Globe Studios, led by director Quark Henares and Acid House. A medley of holiday songs by singer-songwriter Jose Mari Chan is used in both installments.

“I grew up immersed in happy yuletide music at Christmas time,” Mr. Chan said about the holidays growing up in Iloilo. “So, it’s not surprising that in composing my Christmas songs, it was inspired to derive the happy tunes from all the memorable music that I grew up with.

“It is always delightful to be associated with the most joyful season of the year,” Mr. Chan said about the collaboration. “The spirit of Christmas is always family, so to bring out that spirit in my songs is very important.”

Part One of the “Festival of Lights: Virtual Edition 2021” recreates the light show at the Ayala Triangle Gardens, this time designed within the digital space as a 360-degree animation. Part Two, which launches in December, tells the story of a family.

Mr. Henares, Globe Studios Executive Director, directors the virtual lights and sound show again this year. He said that this year’s show has more character animation.

For Part One, Mr. Henares said that there are more Christmas elements such as Santa’s sleigh and reindeer that go around the garden, as well as Christmas gifts, and decorative balls. The animation accompanies Mr. Chan’s song “A Wish on Christmas Night.”

Part Two will feature 2D animation of a Christmas story about a family and showcase various Christmas traditions. The animation also includes an animated Jose Mari Chan.

To make the light show accessible, on-ground QR code displays and digital boxes will be placed in areas around the Makati Central Business District (CBD) and Circuit Makati such as underpasses, walkways, malls, and parks.

CONTESTS AND OTHER EVENTS
Along with the Festival of Lights: Virtual Edition 2021, augmented reality Instagram filters will also be launched for a complete digital Christmas celebration. Featuring the lights and sound show in the background, the filter transports users to the Ayala Triangle Gardens.

Ayala Land is hosting a contest for the best entries that use the Festival of Lights: Virtual Edition 2021 filters.

From Nov. 20 to Jan. 9, one grand prize winner will receive a four-day, three-night all-expense paid trip to El Nido, Palawan for two, inclusive of airfare in partnership with AirSwift, free food, and RT-PCT testing.

Other prizes include Seda Hotels gift certificates for an overnight stay or a free dine-in dinner for two. Participants can also win four roundtrip airfare tickets from Manila to Boracay. To join, contestants must post their entries on their Facebook page, Instagram Feed, and Instagram Stories with the official tags and hashtags: @makeitmakati @ayalaland from Nov. 20 to Jan. 9.

Meanwhile, Makati is also holding live events for the holiday season. There will be safe alfresco dining opportunities at the Makati Al Fresco Parklets at the Rada Promenade, and the Makati Street Meet at Legaspi and Salcedo Villages, and Riverside Sessions in Circuit Makati daily starting Nov. 20.

There will be live performances of holiday tunes every Friday to Sunday from November to December at Circuit Makati and the Makati CBD.

On Dec. 15, the Jaime Velasquez Park and the Legazpi Active Park will be hosting Simbang Gabi masses.

On Dec. 25, Ayala Land and Make It Makati will present an Online Christmas Concert with Mr. Chan and the Manila Symphony Orchestra.

The Festival of Lights: Virtual Edition 2021 runs until Jan. 9, 2022 on the Make It Makati Facebook page https://www.facebook.com/makeitmakati/videos/4506153449473349. For more information, visit the Makati It Makati and Ayala Land Facebook and Instagram accounts. — Michelle Anne P. Soliman

BIR monitoring LYKA, other online platforms

THE BUREAU of Internal Revenue (BIR) is monitoring social media platform LYKA/Things I Like Co. Ltd. and other taxable online transaction platforms for possible legal violations, the Finance chief said.

Finance Secretary Carlos G. Dominguez III at a press briefing said the agency is working with the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).

“We are looking not only at LYKA, but all other transactions that are taxable going through digital space,” Mr. Dominguez said.

“SEC is going through all these digital companies to check whether or not they are authorized, registered with SEC as they should be. So all the regulators and the tax authorities are focusing now on the digital space, because there’s a very big danger of fraud, of violations of the laws in the digital space since this is so new. But all the major agencies are focusing on this new technology.”

Finance Assistant Secretary Dakila E. Napao said the Bureau of Internal Revenue is studying the LYKA platform, through which users can transact using gift cards in electronic mode or GEMs.

“Based on the BIR’s last update, they’re saying that as of now, they’re still studying the case of LYKA on possible tax issues on its operations,” he said at the same briefing.

LYKA last month said it would apply for an operator of payment system license after BSP said its marketing arm cannot be given the license on its behalf.

The BSP had upheld a cease-and-desist order it issued against LYKA’s marketing arm Digital Spring in July, saying the parent organization itself should register for the license.

Meanwhile, Mr. Napao said the BIR is still working on launching the electronic invoicing system, which the DoF initially said was set to be piloted this year.

“The e-invoicing project will already enter into the pilot stage, and this is projected to be done by January of 2022.” — Jenina P. Ibañez

S. Korea seen as next big market for Davao de Oro cacao, coconut

CACAO products from Davao de Oro. — COMVALP FB PAGE

DAVAO DE ORO agricultural commodities could do well in South Korea market if producers bolster their research and development and ensure stable supply and delivery, a trade official said.

“I challenge MSMEs (micro, small and medium enterprises) to look into R&D… Unless we have a strong R&D, we will continue to be dependent on foreign investors, and foreign investors are also more attracted to countries with strong R&D,” Jose Ma. S. Dinsay, commercial counsellor of the Philippine Trade and Investment Center-Seoul, said during the two-day hybrid Davao de Oro Investment Conference 2021 last week.

He cited coconut and cacao as among the province’s products that can be developed for further export.

“Coconut has one of the biggest potentials… coconut oil and dried coconuts, and activated carbon,” he said, noting that these goods are already among the main agricultural commodities being shipped to South Korea.

“If we develop our own technology and new products for coconut, the opportunity is big… in food and wellness,” he added.

For cacao, which is intercropped with coconut in parts of the Davao Region, Mr. Dinsay said the commodity’s footprint in the South Korean market is limited.

One recently-launched product is Yelo Yolo cacao chips, produced in Davao Region and marketed by a South Korean firm. The brand also offers cacao cookies, as well as coconut, cassava and banana chips.

“Now trying to introduce cacao to South Korea. There is a growing trend for chocolate because of the café market,” he said.

In the fresh banana sector, he said there is a growing demand for organic, which is currently dominated by Peru.

The Philippines is one of South Korea’s top Cavendish banana suppliers and will enjoy zero tariffs in five years following the recent signing of a bilateral free trade agreement.

At the Davao City business chamber’s separate Davao Investment Conference also held last week, Trade Secretary Ramon M. Lopez emphasized the significance of the trade deal.

“This is a major win considering that this has been a long negotiation of about two years, so that we can fast-track for a very good market access of bananas entering the South Korean market and also preserve our exports to South Korea,” he said.

“We will see more of Korea in the years to come,” he added.

Mr. Dinsay also noted potential South Korea-Davao de Oro collaboration in coffee, aquaculture, and mining.

EMERGING SECTORS
Meanwhile, the Department of Trade and Industry’s (DTI) Davao de Oro office is also encouraging the development of new agricultural ventures such as adlai, free-range chicken, poultry farming, sorghum, and cassava.

Speakers representing these industries, including a cooperative and San Miguel Foods, Inc., gave briefings on opportunities for potential investors.

“We are highlighting industries that are promising and providing good returns for our investors, most especially in this time of crisis,” DTI-Davao de Oro Provincial Director Lucky Siegfred M. Balleque said during the forum.

“With the combined activities, the organizers hope to generate at least P500 million in investment for new and expansion projects, assist 50 investors and more than 200 existing and potentials MSMEs and create more than a thousand jobs respectively,” he added. — Marifi S. Jara and Maya M. Padillo

Villar’s AllHome, AllDay post profit growth

VILLAR-LED listed companies AllHome Corp. and AllDay Marts, Inc. recorded income growth as of September this year, the two firms said in separate e-mailed statements.

Without disclosing specific numbers, home improvement and construction firm AllHome said its net income increased by 12% from its second-quarter income and its earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 13%.

Sales improved by 9% to P3.402 billion from P3.132 billion. The company said it remained open, albeit on shortened hours, even as the government reimplemented stringent lockdown restrictions during the period.

“AllHome’s inherent innovative nature fueled its ability to quickly adapt to the COVID-19 (coronavirus disease 2019) pandemic. Our team continuously evaluates our strategies and implement operational efficiency initiatives to maximize earning potential and minimize costs,” Manuel B. Villar, Jr., chairman of AllHome and AllDay, said in the AllHome statement.

For the January-September period, AllHome posted a net income growth of 65% to P973 million year on year after its EBITDA grew 32% to P2.36 billion.

Sales of AllHome for the period grew by 22% to P10.13 billion from P8.33 billion in the same three quarters last year. Its gross profit also posted a 33% growth, with the company’s gross profit margin increasing by 290 basis points to 34.2% from 31.3%.

Benjamarie Therese N. Serrano, president and chief executive officer of AllHome, said the company’s results as of September already surpassed its performance logged in the same period in 2019 with net income after tax rising by 30%, EBITDA by 27%, and sales by 24%.

“We remain optimistic with the industry as more Filipinos become vaccinated, the economy opening up, and the pandemic situation eases,” Ms. Serrano said.

“Given these, in terms of our expansion program, we have already opened five stores as of end of September and we are looking at opening a number of new stores in the [fourth] quarter, which will bring us close to our at least 100 store target by 2026,” she added.

AllHome said it implemented strategic pricing and also increased in-brand house sales contribution to improve margins.

Meanwhile, AllHome also optimized its store capacity and repurposed its branches. Some were used as additional store warehousing and fulfillment areas that serve its e-commerce platform. The repurposed sores are said to be “the basis” of the “new generation AllHome stores.”

“These new stores now carry a smaller footprint of 7,000 to 8,000 square meters (sq.m.) net selling area and requires lesser CAPEX (capital expenditure) fit-out requirement,” AllHome and AllDay Vice-Chairman Camille A. Villar said in the AllHome statement.

ALLDAY RECORDS 61% NET INCOME GROWTH
Meanwhile, newly listed AllDay said it booked a net income after tax of P265 million as of end-September, up by 61% from the P165 million logged in the same period last year.

Nine-month sales improved by 22% to P6.9 billion from last year’s P5.6 billion. The company said this is also a 121% improvement from its sales performance in the same period in 2019.

AllDay said 3.8% of its revenues were generated via its digital platforms, while it accounted for 5.7% of its third quarter revenues. Meanwhile, same store sales growth (SSSG) for the period went up by 3%.

“We are firm in our belief that this will be sustained through our clearly differentiated supermarket concept,” AllDay President and Chief Executive Frances Rosalie T. Coloma said in the AllDay statement.

The company made its debut at the local bourse earlier this month, raising P4.53 billion from its initial public offering (IPO).

“Thanks to our successful IPO, we look to use the fresh funds made available to us to enable an aggressive expansion strategy that will see us posting even better performance results moving forward,” Ms. Coloma said.

The company currently has a store network of 33 branches. It aims to have 45 supermarkets by the end of next year and reach 100 by the end of 2026.

Shares of AllHome at the stock market declined 1.98% or 20 centavos to close at P9.90 on Friday, while AllDay stocks rose 10.81% or eight centavos to end at 82 centavos apiece. — Keren Concepcion G. Valmonte

Ewan McGregor teases lightsaber duel with Vader in Obi-Wan series

A STILL from Star Wars: Obi-Wan Kenobi

LOS ANGELES — Star Wars fans yearning for another battle between Darth Vader and Obi-Wan Kenobi may see the duo face off in a new streaming TV show expected next year, actor Ewan McGregor said in a video released on Friday.

The Scottish actor will reprise his role as the famed Jedi master in Obi-Wan Kenobi on Walt Disney Co.’s Disney+, and Canadian actor Hayden Christensen will return as Darth Vader. The pair last appeared in those roles in 2005 movie Revenge of the Sith.

“The most beautiful thing of all is that it’s brought me back with Hayden,” Mr. McGregor said in a video released by Disney.

If the characters “have another swing at each other, it might be quite satisfying for everyone,” Mr. McGregor said.

The video also included a piece of concept art that showed the characters facing each other with glowing lightsabers crossed between them.

Disney released the video as part of what it dubbed Disney+ Day, an event that featured new programming, trailers and other promotions to encourage customers to sign up for the streaming service it is trying to build to compete with Netflix.

The Mandalorian on Disney+, featuring the popular Baby Yoda, became a global phenomenon.

The Obi-Wan series is set between Revenge of the Sith, the third episode in the Star Wars movie saga, and A New Hope, when Luke Skywalker evolves from humble farm boy to hero.

Obi-Wan, in the new series, “basically he has one task left, which is to keep Luke safe,” Mr. McGregor said.

That is the story’s starting point, director Deborah Chow added. “This is quite a dark time,” she said. “With him being a Jedi, it’s not safe. There are Jedi hunters out there.” — Reuters

Indian firms’ inflation concerns may test easy policy

A CLUTCH of Indian companies have turned increasingly vocal about their inflation concerns, setting the stage for raising prices that could test the central bank’s resolve to keep borrowing costs lower for longer to support the economy.

Companies from Hindustan Unilever Ltd., the Indian arm of Unilever Plc, to Nestle India Ltd. have pointed to profit-squeeze from higher input costs and supply chain strains, while the likes of Dabur India Ltd., a maker of packaged honey and hair oil, and Britannia Industries Ltd. have already passed on some of the increased costs to consumers.

Those increases probably fed into India’s headline inflation, which snapped a four-month slowing trend in October. Data on Friday showed consumer prices rose 4.5% last month, beating economists’ estimate for a gain of 4.4%. Prices are expected to accelerate further as a higher base of comparison from a year ago fades.

While several central banks have responded to price pressures by raising interest rates, the Reserve Bank of India (RBI) has stuck with its inflation-is-transitory narrative as it sees the headline number edging lower on higher food output after a bountiful monsoon.

The expected food price-led moderation in India’s inflation was cited by Governor Shaktikanta Das as reason enough to continue with the easy monetary policy to support what he called a “delicately poised” economic recovery. The RBI’s rate-panel is scheduled to meet early next month to review policy settings.

Although the central bank sees inflation ending at 5.3% for the year to March 2022, well within its 2%-6% target range, economists see the headline number hiding persistent price pressures. Last month, the central bank unexpectedly suspended a government-bond purchase program after surplus funds in the banking system neared a record, posing an upside risk to inflation.

Prime Minister Narendra Modi’s administration earlier cut an excise levy on diesel and gasoline, with an aim to check inflationary pressures and allow the central bank more room to keep borrowing costs low. The move, according to economists including those at IDFC First Bank Ltd. and Yes Bank Ltd., would help lower consumer price inflation by 10 to 14 basis points.

Still, a surge in pent-up demand from Indians emerging out of lockdowns could see businesses regain pricing power that could drive inflation faster.

“A substantial rise in prices charged for the provision of services in India had no detrimental impact on demand,” said Pollyanna De Lima, economics associate director at IHS Markit. “That said, service providers were concerned that persistent inflationary pressures could deter growth in the coming year.”

Those are among risks, according to Incred Capital Chief Economist Jay Shankar, that could turn the RBI hawkish sooner than currently being priced in by markets. — Bloomberg

DA consolidates platform for price monitoring, interventions

PHILIPPINE STAR/MICHAEL VARCAS

THE Department of Agriculture (DA) said its digital agriculture command center, launched on Nov. 12, will consolidate its platforms for price monitoring and for tracking the department’s interventions in the farming sector.

In a statement, Agriculture Undersecretary Roldan G. Gorgonio said the command center will help make the delivery of services more efficient and data-driven.

“This will be used by the management to react properly (to various) situations… triggered by real-time events. This is our initial step, and if we are successful, it will (be) impactful,” Mr. Gorgonio said.

 “(The center) … will also serve as the repository of dashboards/databases of all regulatory agencies of the DA,” he added.

The digital command center currently contains the dashboards of Bantay Presyo (price monitoring), updates on the interventions provided by DA, a unified comprehensive administrative system, and a coronavirus disease 2019 (COVID-19) monitoring application.

Agriculture Undersecretary Rodolfo V. Vicerra urged DA agencies to update their data.

“Despite the lack of resources for automation, DA still needs to have knowledge-based data anchored on information and communication technologies,” Mr. Vicerra said.

Agriculture Undersecretary Zamzamin L. Ampatuan said DA agencies need to fast-track their automation process.

“We need to consolidate our capacity, particularly in terms of digitalization. This will enhance the effectiveness of the DA,” Mr. Ampatuan said. — Revin Mikhael D. Ochave

Free at last, Britney Spears calls end of conservatorship ‘best day ever’

Britney Spears — INSTAGRAM.COM/BRITNEYSPEARS-FRANK MICELOTTA

LOS ANGELES — Pop star Britney Spears on Friday regained control of her personal life and her money when a judge ended a 13-year conservatorship that became a cause celebre for fans and critics of an arrangement typically meant to protect the elderly.

“Effective today, the conservatorship of the person and the estate of Britney Jean Spears is hereby terminated,” Los Angeles Superior Court Judge Brenda Penny said after a 30-minute hearing in which no one opposed ending the court-sanctioned arrangement.

The 39-year-old “Piece of Me” singer had begged the court for months to terminate the conservatorship that has governed her personal life and $60-million estate since 2008. Ms. Spears did not attend Friday’s hearing but said in an Instagram post, “I love my fans so much it’s crazy!!! I think I’m gonna cry the rest of the day!!!! Best day ever.”

Outside the courthouse, dozens of fans erupted into cheers and tossed pink confetti into the air when they heard the news. Some danced and sang to her hit “Stronger.”

“It was a monumental day for Britney Spears,” the pop star’s attorney, Mathew Rosengart, said outside the courthouse. He thanked the #FreeBritney movement which he said had been essential to ending the legal arrangement.

The conservatorship was set up and overseen by the singer’s father, Jamie Spears, after she had a public breakdown in 2007 and was hospitalized for undisclosed mental health issues.

Interest in the case was propelled in the past year by documentaries and the #FreeBritney movement of fans who questioned why the singer needed such restrictions while she was touring around the world and earning millions of dollars.

Lauriann Wright, the attorney for Jodi Montgomery, who had been entrusted with overseeing Spears’ personal life, told the judge there was “no reason this termination cannot happen and Ms. Spears cannot live a safe, happy and fulfilling life.”

Mr. Rosengart said a “safety net” had been put in place to help Ms. Spears transition back to regular life. Judge Penny added that the current conservator should continue working to settle ongoing financial issues in the case.

The Spears case helped prompt hearings in the US Congress and a new law in California aimed at preventing abusive conservatorships, which are normally set up to protect disabled people, the elderly or those suffering from dementia.

Since revealing years of private anguish in tearful testimony in June, Ms. Spears hired Mr. Rosengart, who moved aggressively to end the restrictions.

Mr. Rosengart is pushing for Jamie Spears to be investigated for possible financial mismanagement of his daughter’s affairs, but he said on Friday it would be up to Britney Spears to decide how to proceed on that matter.

Jamie Spears has said through attorneys that he helped his daughter rehabilitate her career and always acted in her best interest.

Ms. Spears is engaged to marry her personal trainer boyfriend, Sam Asghari, but no date has been set. “History was made today. Britney is Free,” Mr. Asghari wrote on Instagram. — Reuters

First steps on the greener side

The all-new Kia Sorento — PHOTO FROM KIA PHILIPPINES

Kia PHL brand refresh paints path to eco-mobility; all-new Sorento, Stonic Style edition unveiled

By Aries B. Espinosa

KIA PHILIPPINES couldn’t have timed this better. Government has been easing COVID-19 restrictions across all business and lifestyle sectors. The holiday season has started. Entire families can travel again and yes, even for just a teeny bit, gasoline and diesel pump prices rolled back for the first time (after a maddening series of hikes) last week.

All in all, the motoring public was primed up for something exciting coming from the auto sector, and Kia Philippines was more than happy to oblige.

It came in the form of a dual coming-out party for the Korean car maker in a Nov. 8 online press conference. First, it unveiled a new brand identity, then it introduced two new models: The all-new Kia Sorento and the Kia Stonic Style, the sporty edition of its current best-seller.

The refreshed Kia flashed a new logo, look, and slogan, from “The Power to Surprise” to “Movement That Inspires.”

“After just a few years of operations, Kia Philippines is now even more active in the bigger global movement. We are now prepared to launch a new brand purpose, bringing with us new ideas, new products. We look toward the future as a stronger part of the new Kia global movement — movement that inspires. To push forward means understanding the message of movement that inspires and put it into action. It means being open to possibilities,” Kia Philippines President Manny Aligada said in his speech.

The Kia brand refresh in the Philippines amplifies the corporate character of its parent company Ayala Corp., of which AC Industrials — Ayala’s emergent industrial technologies group which clusters all six of the corporation’s automotive brands into AC Motors — the automaker calls home. “The Kia brand echoes the position and reliability of Ayala Corp., and looks forward as the backdrop of change, of transformation, through AC Industrials mastery of technology. At the forefront of the conversation is the assurance that this movement towards transformation is correctly influenced and examined,” AC Industrials President and CEO Art Tan explained.

Ted Lee, president and CEO of Kia Asia Pacific, then offered a glimpse of Kia Philippines’ imminent future. “As we establish a leading position in the future of the mobility industry, we will expand our business to encompass electric vehicles, mobility solutions and services, purpose-built vehicles, and more. Kia’s new brand strategy is rooted from our dedication to diversify our business to offer eco-friendly mobility services, centered on electric and autonomous driving across major global cities. We will also promote more sustainable production routes through the usage of clean energy and recyclable materials,” he said.

However, before Kia Philippines adopts this electrifying expansion, it upgrades its current product roster with the introduction of the all-new Kia Sorento, which comes in bigger and sportier from its previous iteration. The all-new Sorento fills in as Kia’s bet for the midsize SUV category, offering a bold design, spacious seven-seat, three-row seating configuration, and powered by the 2.2-liter Smartstream Diesel mated to a dual-clutch transmission.

The Stonic Style Edition, on the other hand, becomes the fourth variant of the Kia Philippines best-seller, with this kitted-up sporty version placed just below the high-end EX Automatic variant intended for the younger set of Stonic buyers.

In an exclusive interview with “Velocity,” Mr. Aligada shared that the all-new Sorento is one of his favorite vehicles to drive.

“Many midsize SUVs are truck-based, that’s why their rides are bumpy and harsh. The Sorento is very different in that the ride is much more comfortable. And there’s a lot of high technology packed into it. The Sorento comes with the thinking that the one who drives it will use it as his or her daily vehicle, so they have to be comfortable,” he explained.

For the Stonic, Mr. Aligada revealed that “one out of every three” Kia vehicles sold in the Philippines has been its subcompact crossover. “The Stonic has just been in the market for barely over a year, and yet it has successfully bridged the gap between the sedan and the subcompact SUV market. So, with the fourth variant of the Stonic, we aim for the sporty, younger set of that market niche,” he said.

The all-new Kia Sorento 4×2 SX 8DCT variant will be available starting the fourth week of November while the 4×2 EX 8DCT will be on the market by January 2022. Price starts at P2.398 million. The Kia Stonic Style Edition 1.4 AT is priced at P895,000, and will be available by the fourth week of November.

Assessing Kia Philippines performance for 2021, thus far, Mr. Aligada disclosed, “As of September, Kia sales has grown 89% compared to 2020, which is one of the highest in the industry, which is averaging 27% growth.”

He added that Kia Philippines sales have been driven mainly by its top three sellers, the Soluto subcompact sedan, the Stonic, and the K2500 utility truck.

Lopez carries PHL squad to podium finish at world chess tournament

DAMIANO LINGAURI

Team Philippines wins bronze medal behind Poland, Russia

HENRY Lopez came through with one of his best performances to date as finished in the top 10 in the individual event while carrying the Philippine squad to a breakthrough podium effort in the team race of the World Chess Championship for People with Disabilities on Saturday.

Mr. Lopez, 41, flashed the Sicilian Najdorf like a magic wand and bedazzled Mongolian Tserenjav Tumenbayar in 38 moves to wind up in the seven-player logjam at ninth place with seven points out of the possible nine.

The multiple ASEAN and Asian Games Para Games gold medalist eventually wound up 15th overall after tiebreaks were applied.

The proud son of Panabo, Davao del Norte, however, ended up the best placed out of the five Filipinos who saw action and finished with an unbeaten result of five victories and four draws.

Mr. Lopez’s impressive effort catapulted the Filipinos, who are coached by James Infiesto, to a historic bronze medal peformance after totaling 25.5 points.

Powerhouses Poland and Russia grabbed the gold and silver with 29.5 and 28 points, respectively.

Accounting for the country’s strong finish were Jasper Rom’s 6.5 points and Sander Severino and Darry Bernardo’s six points apiece.

Rodolfo Sarmiento, the country’s fifth entry, ended up with five points but only four counted in the team tally based on tournament regulations.

“We improved from last year’s fifth place, now we’re third,” said Mr. Lopez, who battled polio when he was two years old.

“Great improvement for our team and we’re excited to get the championship next year in the over-the-board FIDE Olympiad para magkaalaman na kung talagang malakas ba ‘yung mga considered as chess powerhouses (so that we will know if the chess powerhouses are really strong),” he added. — Joey Villar

Ayala Land, BPI Foundation, Bayan Academy join hands to empower social enterprises

AYALA Corp. Chairman Jaime Augusto Zobel de Ayala leads the inauguration of an Alagang AyalaLand Center for social enterprises at TriNoma in Quezon City. The center is one of 32 Ayala Malls with Alagang AyalaLand Centers supporting more than 400 social enterprises and generating at least 4,000 jobs for the community. It showcases the Sinag Sari-Sari Social Enterprise Store, a joint project of Alagang AyalaLand, BPI Foundation, and Bayan Academy that aims to support the growth of social enterprises, create livelihood and jobs, and aid in the country’s road back to recovery. BPI Foundation with its implementing partner, Bayan Academy, organized the participating Sinag merchants who in turn help local and marginalized communities. The project is an enhancement of the Sinag program made possible through Alagang AyalaLand that provides market access in rent-free spaces in Ayala Malls. With Mr. Zobel are: (from left) Ayala Malls President Chris Maglanoc, Ayala Land Board Member Tony Aquino, Ayala Land President and CEO Bobby Dy, BPI President and CEO TG Limcaoco, Bayan Academy Chairman and President Professor Jay Bernardo, BPI Chief Customer and Marketing Officer Cathy Santamaria, and BPI Vice-President and Deputy Head of Marketing Mariana Zobel de Ayala.

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