Inflation likely eased, still above goal
By Luz Wendy T. Noble, Reporter
INFLATION IN JUNE likely breached the Philippine central bank’s target for the sixth straight month, though slower due to improving food supply and falling transport prices, analysts said.
Consumer prices rose by 4.3%, according to a median estimate of 14 analysts polled by BusinessWorld last week, matching the midpoint of the 3.9% to 4.7% estimate by the Bangko Sentral ng Pilipinas (BSP).
That is faster than the 2.5% inflation a year earlier and the central bank’s 2-4% target for the year, but slower than 4.5% in May, largely due to lower food prices, analysts said.
The Philippine Statistics Authority will report the June consumer price index data on July 6.
“The temporary reduction in tariff rates for pork and rice would have resulted already to some gradual reduction in local meat prices,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. said in an e-mail.
Food prices have risen in the past months because of tight supply in pork products amid an African Swine Fever outbreak. The government in May raised the minimum access volume and cut tariff rates for pork imports for a year.
The government also reduced tariff rates for rice for the next 12 months to keep prices affordable and increase supply.
Better weather conditions last month had likely kept fruit and vegetable prices stable, Nicholas Antonio T. Mapa, a senior economist at ING Bank N.V. Manila said in an e-mailed reply to questions.
Transport inflation could have slowed due to base effects from higher tricycle fares last year, he added.
Rising oil prices are a major risk to inflation, Robert Dan J. Roces, chief economist at Security Bank Corp. said in an e-mail.
Electricity rates also went up amid tight supply and increased demand from businesses that reopened amid a coronavirus pandemic, he added.
Gasoline, diesel and kerosene prices have increased by P10.75, P9.25, and P7.70 per liter, respectively as of June 22, according to data from the Energy department.
Manila Electric Co. has said electricity rates last month increased by P0.0798 per kilowatt-hour (kWh) to P8.6718 from P8.5920 in May.
Anemic domestic demand could have led to slower inflation last month despite higher oil and electricity prices, Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines said in an e-mail.
The central bank on June 24 raised its inflation forecast for the year to 4% from 3.9%, saying it had factored in the impact of higher global oil prices and a more favorable global growth outlook. Inflation in the five months through May was 4.4%.
It kept the key policy rate unchanged at a record low of 2% as it vowed to continue supporting an economy threatened by the coronavirus. The overnight deposit and lending facilities were also kept at 1.5% and 2.5%, respectively.
‘BREATHING ROOM’
Easing inflation even if it’s still beyond the target would allow the central bank to keep an accommodative policy it had promised to support economic recovery, said Alvin Joseph A. Arogo, research head at the Philippine National Bank.
“A slower inflation in June, even if still above 4%, could give confidence to the BSP that peak inflation is behind us,” he said in an e-mailed reply to questions. “This would allow for more breathing room for the central bank to remain accommodative amid declining loans and the slow gross domestic product recovery,” he added.
BSP Governor Benjamin E. Diokno has said the central bank would keep an accommodative policy stance “for as long as necessary” and would only consider changes when recovery becomes more sustainable, likely in the second half of next year.
The economy shrank by 4.2% in the first quarter after a record 9.6% contraction in 2020. The government expects the economy to grow by 6% to 7% this year.
Various multilateral lenders and think tanks have lowered their growth forecasts for the country due to lockdowns amid a fresh surge in coronavirus infections.
Bank lending, which boosts trade and commerce, has been declining since December despite record low interest rates. Loans fell by 4.5% in May — the sixth straight month of decline — after dipping by 5% in April.
The central bank has cited the need to keep an accommodative policy given tepid credit activity. But it may pull a surprise increase if elevated inflation persists, said Emilio S. Neri, Jr., lead economist at Bank of the Philippine Islands.
The dollar could rise against the peso too rapidly in the next two months if inflation remains elevated and as second-quarter economic growth exceeds market expectations, he said in a Viber message. “We believe the next Monetary Board decision could tilt towards a mild, preemptive hike.”
The peso closed at the P49-a-dollar level on Thursday and continued to weaken to P49.20 on Friday, its weakest close in nearly a year, based on data from the Bankers Association of the Philippines.
Analysts traced the weaker peso to strong dollar demand as the economy reopens and due to cautious sentiment amid coronavirus concerns.
The policy-making Monetary Board will meet on Aug. 12 to decide on key rates and will have three more meetings this year after that.
Philippines maintains lower-middle-income status amid pandemic
THE PHILIPPINES remained a lower-middle-income economy after a coronavirus pandemic pulled the economy down last year, according to the World Bank.
The country’s gross national income (GNI) per capita went down by 11% to $3,430 last year from $3,850 a year earlier, based on updated data posted on the multilateral lender’s website
This fell within the lender’s income bracket for lower-middle-income economies of $1,046 to $4,095 GNI per capita, which was raised from $1,036-$4,045 last year to account for inflation.
The World Bank also increased its income range for the upper-middle-income bracket to a GNI capital of $4,096-$12,695 from $4,046-$12,535.
The Philippines targets to graduate to the upper-middle-income status by 2022. It is also seeking to get an “A” long-term credit rating next year, when it loses access to concessional loans.
The government was still on track to be within the higher income bracket by the second half of next year, Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a Viber message on Sunday.
The economy’s record 9.6% drop in economic output last year led to a lower GNI per capita income, he said. His office estimates that the country lost P2 trillion in potential economic output last year amid coronavirus lockdowns.
The Philippines joined 54 other countries in the lower-middle-income category, which includes India, Indonesia, Laos, Myanmar, Timor-Leste and Vietnam.
The World Bank said other economies still managed to climb higher in the income classifications despite the pandemic, such as Moldova, which is now an upper-middle-income economy with a GNI per capita of $4,570.
Countries that graduated to the lower-middle-income status from being low-income economies were: Haiti, whose GNI per capita rose to $1,250, and Tajikistan with a $1,060 GNI per capita.
Economies that moved to a lower category were Belize, Indonesia, Iran, Mauritius, Panama, Romania and Samoa.
Philippine GNI — the sum of its economic output and net income received from overseas — dropped by 11.4% in 2020, a complete turnaround from the 5.4% growth in 2019.
For the first quarter, its GNI fell by 10.9%, sharper than the 1.6% slump a year earlier. — Beatrice M. Laforga
Five-month borrowings rise during health crisis
GOVERNMENT BORROWINGS rose in the five months to May from a year earlier amid a rising budget deficit, according to Treasury bureau data.
Gross borrowings rose by 17% to P1.766 trillion, but the Department of Finance (DoF) said the country’s debt ratios remained manageable.
For May, the government borrowed P112.189 billion, 61% lower than a year earlier and 59% less than in April.
The government borrows from both local and foreign lenders to finance its budget gap that is expected to widen to 9.3% of economic output this year. The deficit hit P566.2 billion in May.
About 93.1% of the debt in May came from local sources. The rest came from overseas.
Domestic borrowings hit P104.4 billion that month, 38.77% lower than a year earlier and less than P106.15 billion in April.
These were made up of P95 billion in Treasury bonds and P9.4 billion in Treasury bills that the Treasury bureau had auctioned off weekly.
Minus the P793-million debt repayments made, net borrowings stood at P103.61 billion in May, down by 39% year on year.
Meanwhile, new foreign debt fell by 93.5% to P7.79 billion in May from a year earlier, and 95% lower month on month.
“The recent build-up in external debt was driven by the government’s resource mobilization against the COVID-19 pandemic,” the Finance department said in an economic bulletin e-mailed on Sunday.
The agency said the Philippines’ external debt-to-gross domestic product ratio was the lowest among the five original members of the Association of Southeast Asian Nations last year, after Thailand (37.9%), Vietnam (38.5%), Indonesia (39.4%), and Malaysia (67.7%).
The Treasury bureau got P7.789 billion in new project loans that month and settled P8.074 billion of its debt. This resulted in a net redemption worth P285 million.
Year to date, the government’s new debt made up 59% of the P3-trillion programmed borrowings for the entire year. The P1.766-trillion borrowings consisted of 85% in local debts and the rest were from external sources.
Gross domestic borrowings rose by 31% to P1.513 trillion in the five months to May from a year earlier.
These were made up of P540 billion in short-term borrowings from the Philippine central bank, P462 billion in retail Treasury and so-called “Premyo bonds,” P389 billion in T-bonds and P120.31 billion in T-bills.
Gross external borrowings in those five months fell by 29% to P253.04 billion from a year earlier.
About P122 billion was raised through euro-denominated bonds issued in April and P24.19 billion in Samurai bonds sold in late March. The Treasury bureau also borrowed P72.12 billion in program loans and P34.76 billion in project loans.
Less all the repayments made by the government during the period, the government’s net borrowings increased by 16% to P1.56 trillion in those months from a year earlier.
The country’s outstanding external debt had reached $97.05 billion as of March, slightly lower than $98.49 billion at the end of 2020, according to a separate report from the central bank.
The DoF said this accounted for 26.7% of economic output or less than half of the country’s 57.3% debt ratio in 2005, the benchmark year of the International Monetary Fund for its balance of payments manual.
The government started increasing its borrowings last year as many parts of the country were locked down amid a coronavirus pandemic.
The sluggish economy forced the state to borrow more to fund relief programs for hard-hit sectors and make up for the plunging tax collections. — Beatrice M. Laforga
PSE to continue delisting suspended companies
THE PHILIPPINE Stock Exchange (PSE) will continue delisting companies that have been suspended and have not been trading for some time.
The bourse’s Issuer Regulation Division would clean up the list in the next few weeks, PSE President Ramon S. Monzon told an online news briefing on Friday.
“That’s one of her assignments from me — clean up all these listed companies that are not [trading], that have been suspended for a long time,” he said referring to Marigel Baniqued-Garcia, the division’s new head.
The division will complete due-process requirements before coming up with decisions.
Companies that have failed to file annual reports on time and correct negative stockholder equity in the past three years may be involuntarily delisted, Mr. Monzon said.
Companies that applied for voluntary delisting and have not traded for a time may also get stricken off the list. The PSE is planning to add a time-bound rule to cover this in the future, he said.
“If a company fails to trade for three or five years, it cannot be listed,” Mr. Monzon said in mixed English and Filipino.
In June, the exchange issued memos on the involuntary delisting of Export and Industry Bank, Inc. and Primetown Property Group, Inc.
It said the country has few listed companies at 270, only 80 to 90 of which are trading.
“I’d rather have 90 listed companies that are trading,” which looks better, Mr. Monzon said.
A company that gets delisted from the exchange must buy back shares from investors in a process called a tender offer.
The PSE in December tightened voluntary delisting rules by giving shareholders a say in any company delisting. It also required the tender offer price to consider the stock’s volume-weighted average price a year before the plan.
This was after complaints from minority shareholders who were dissatisfied with the tender offer price given by companies that have delisted from the stock exchange in recent years.
Under the new rules, a company must make sure that votes against the delisting plan do not exceed 10% of a company’s total outstanding and listed shares. Before, only the approval of a listed company’s board was needed to delist. — Keren Concepcion G. Valmonte
Megawide keen on more projects with LGUs
By Arjay L. Balinbin, Senior Reporter
MEGAWIDE Construction Corp. is focusing on local government projects and the Duterte administration’s Build, Build, Build initiative, the company’s chief executive said.
“Right now, ang mga clear na project na bini-bid out ay ‘yung mga Build, Build, Build. Doon na lang kami nag-focus muna (Right now, projects with clear direction are those under Build, Build, Build. We are focusing on those projects for now),” Megawide Chairman and Chief Executive Officer Edgar B. Saavedra told BusinessWorld in an online interview on June 29, when asked if the company is still interested in rehabilitating the Ninoy Aquino International Airport (NAIA).
He said the company remains interested in the NAIA project, but the government must provide “clear direction.”
“Hintayin na lang natin ‘yung next administration kung ano ‘yung direction (Let us just wait for the next administration and see what direction it will take),” he added.
After the Manila International Airport Authority board rejected Megawide and its foreign partner GMR Infrastructure Ltd.’s appeal in January to overturn the revocation of its original proponent status for the NAIA rehabilitation project, the company shifted its focus to local government unit (LGU) projects.
“At least, doon mas mabilis ang decision making (At the LGU level, decision making is faster),” Mr. Saavedra noted.
The company is currently working on the redevelopment of the Cebu Carbon Market.
“Construction is ongoing, and we will open the first phase in the fourth quarter of the year,” Megawide Chief Corporate Affairs and Branding Officer Louie B. Ferrer said.
“We are talking to other LGUs also because we have experience in the transport industry,” he added.
He said renewable energy company Citicore Power, Inc., an affiliate of Megawide, is also working with different LGUs for its projects.
Despite losing the original proponent status for the NAIA project, Megawide is grateful to the current administration for the “chance to build another important airport,” Mr. Ferrer also said, referring to the Clark international airport’s new passenger terminal.
Luzon International Premier Airport Development, which operates the Clark airport, is set to open this month the new terminal building for domestic commercial flights. The building can hold eight million passengers annually.
“We thank them also for upgrading some standards at the original airports because the operation efficiency at other airports can affect our operations at Mactan-Cebu International Airport,” Mr. Ferrer added.
He also said Megawide is hoping that the next administration will still prioritize airport projects.
The company announced last week that it intends to participate in three to four contract packages of the Metro Manila Subway project and another three to four contract packages of the North-South Commuter Rail-South Line project.
Regulators boost SEC role in accrediting auditors
REGULATORS inked a deal that puts the Securities and Exchange Commission (SEC) as head of the accreditation and selection process for external auditors in a bid towards greater ease of doing business, the central bank said in a statement on Saturday.
The Financial Sector Forum (FSF), which includes the SEC, the Bangko Sentral ng Pilipinas (BSP), Insurance Commission (IC), and the Philippine Deposit insurance Corp., signed a multilateral memorandum of agreement with the Professional Regulatory Board of Accountancy to promote ease of doing business and compliance to international standards of auditing.
Under the framework, external auditors will only need to file for their applications with SEC. Other member agencies of the FSF can tap on the existing information-sharing platform to complete the evaluation and accreditation or selection process for external auditors.
“All applications received under the new framework were processed and approved within the 20-day processing time as required under the Ease of Doing Business and Efficient Government Service Delivery Act of 2018,” the statement quoted SEC Chairman Emilio B. Aquino as saying.
The agreement also lays down the arrangement on the conduct of the Nationwide Regulator’s Forum, which is a venue to discuss with external auditors the developments in regulatory issuances and international standards in the field of accounting and auditing.
The framework was already adopted by the BSP under Circular 1040 dated May 20, 2019, the IC under Circular Letter No. 39 dated Aug. 8, 2019, and the SEC under Memorandum Circular No. 20 dated Nov. 11, 2019.
“This initiative is in recognition of the critical role of external auditors in promoting the fairness and integrity of financial statements and in strengthening market discipline in the financial industry,” BSP Governor and FSF Chairman Benjamin E. Diokno said.
From November 2019 to May 31, 2021, the SEC has processed and approved 251 applications for accreditation. The agency has also greenlit external audit accreditations, at 194 for BSP and 117 for IC.
The central bank earlier said that inclusion in the list of accredited external auditors is valid for five years or for a shorter period, depending on the agencies. — Luz Wendy T. Noble
T-bill, bond rates may inch down
RATES OF government securities on offer this week may be slightly lower ahead of the release of June’s inflation data.
The Bureau of the Treasury (BTr) will auction off P15 billion in Treasury bills (T-bills) on Monday, broken down into P5 billion each in 91-, 182- and 364-day debt papers.
On Tuesday, the BTr is looking to raise P35 billion from its offering of reissued seven-year Treasury bonds (T-bonds) with a remaining life of six years and nine months.
A bond trader said yields on government securities traded sideways last week as investors stayed on the sidelines ahead of the June inflation data to be released on Tuesday.
Inflation may have eased slightly in June amid improving food supply conditions and lower transport prices, analysts said.
A BusinessWorld poll of 14 analysts held last week yielded a median estimate of 4.3% for June headline inflation, matching the midpoint of the 3.9% to 4.7% estimate given by the Bangko Sentral ng Pilipinas (BSP) for the month.
If realized, June would mark the sixth consecutive month that inflation went beyond the BSP’s 2-4% target and would also be faster than the 2.5% print logged in the same month last year. Still, the month’s headline print would be slower than the 4.5% logged in May.
The central bank last month raised its inflation outlook for this year to 4% from the previous forecast of 3.9%.
For this week, two traders expect the rates of the T-bills on auction to likewise move sideways or up to five basis points (bps) lower on the back of strong demand as investors still prefer the short-term debt as uncertainties linger due to the ongoing coronavirus pandemic.
For the seven-year T-bonds, the first trader sees the rate ranging from 3.525% to 3.6%, while the second trader gave a narrower forecast band of 3.525-3.575%.
“While the market players are on the hunt for yields on a relatively low interest rate environment, you have the seven-year reissuance which would offer a slight yield pickup compared with securities at the short end of the curve,” the first trader said.
The Treasury last week made a full P15-billion award of the T-bills it auctioned off as rates dipped across the board. Total bids reached P53.567 billion.
Broken down, the BTr borrowed P5 billion as planned via the 91-day T-bills at an average rate of 1.031%, down from the 1.078% fetched at the June 28 auction.
It also raised the programmed P5 billion from the 182-day debt after the tenor’s average rate fell to 1.332% from the previous week’s 1.348%.
For the 364-day securities, the Treasury made a full P5-billion award at an average rate of 1.562%, lower than the 1.563% seen previously.
Meanwhile, the last time the government offered the series of seven-year bonds on offer on Tuesday was on May 18, when it raised P35 billion as planned from P84.305 billion in total bids.
The notes fetched an average rate of 3.678% at that auction, higher than the 3.625% coupon.
The Treasury is looking to raise P235 billion from the local market this month: P60 billion via weekly offers of T-bills and P175 billion from weekly auctions of T-bonds.
The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of gross domestic product. — BML
Electronic toll system for P30-B CCLEX now in the works
METRO Pacific Tollways Corp. (MPTC) said its P30-billion Cebu-Cordova Link Expressway (CCLEX) is approaching completion and an electronic toll system is now being prepared.
“The preparations for the electronic system are ongoing and we foresee that the CCLEX will have a cashless toll system to give the riding public a convenient and seamless travel by providing this kind of innovative solution,” MPTC President and Chief Executive Officer Rodrigo E. Franco said in a statement posted on the CCLEX’s official website.
The 8.5-kilometer toll bridge is 75% complete as of June, according to MPTC subsidiary Cebu Cordova Link Expressway Corp. (CCLEC).
CCLEC expects the project to be substantially completed by the end of 2021.
“CCLEX has a design speed of 80 kilometers per hour (kph) and a navigational clearance or height of 51 meters so as to allow large vessels to pass underneath the bridge,” the company noted.
“Not only is CCLEX seen to reduce traffic and make traveling more convenient but also spur trade activities and open greater economic opportunities for Cebu and the rest of the Visayas region,” it added.
The toll bridge project, which is expected to serve around 50,000 vehicles daily, will connect Cebu City with Cordova, in the south of Mactan Island.
The bridge was originally scheduled to open in March, in time for the commemoration of the 500th anniversary of Christianity in the Philippines.
MPTC is the tollways arm of Metro Pacific Investments Corp., one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin
LANDBANK’s assets to reach P3 trillion after merger with UCPB
LAND BANK of the Philippines’ (LANDBANK) merger with United Coconut Planters Bank will result in combined assets worth P3 trillion by the end of the year, with expected regulatory relief measures to help the surviving entity weather the financial impact of the transaction.
“The merged assets will significantly grow LANDBANK’s loan portfolio directed at servicing the whole agriculture sector, especially coconut farmers, alongside key development industries. The synergy created by the merger will provide a much better position for us to respond to the evolving needs of our diverse clientele, especially the underserved and unbanked,” LANDBANK President and CEO Cecilia C. Borromeo was quoted as saying in a statement on Sunday.
Executive Order (EO) No. 142 signed by President Rodrigo R. Duterte on June 25 approved the LANDBANK-UCPB merger. All assets and liabilities of UCPB will be transferred to LANDBANK.
The merger was considered because of the two banks’ shared objectives and interrelated mandates, the EO said. LANDBANK mainly lends to the agriculture sector, while UCPB was originally acquired by the government for the benefit of coconut farmers.
The provisions in the order are expected to be fully implemented within six months from its effectivity.
LANDBANK’s assets reached P2.405 trillion as of end-March, the second biggest in the industry. Meanwhile, latest central bank data showed the assets of UCPB amounted to P327.39 billion as of December 2020.
The lender said it has conducted due diligence and has asked the Bangko Sentral ng Pilipinas and the Monetary Board to review and approve the processes and transactions to be involved in the merger.
LANDBANK said its impending acquisition of UCPB’s shares of stock, assets and liabilities will also expand its own deposits, loans, and capital.
It said based on initial projections, its common equity Tier 1 ratio post-merger will remain higher than the 11% minimum required by the BSP.
Ms. Borromeo said they have also requested the BSP to grant LANDBANK incentives usually given to banks undergoing mergers and consolidation.
She said these relief measures will give the bank more flexibility in managing its capital, as well as help it achieve operational efficiency and minimize the expected impact of the merger on its balance sheet.
“LANDBANK is more than capable of absorbing the financial impact of the merger with UCPB. Our ratios will remain comfortably above the standards set by the BSP,” Ms. Borromeo said.
Fitch Ratings on Thursday said the proposed merger between the lenders will likely affect the credit profile and profitability of LANDBANK in the near term due to UCPB’s weak financial health and stock of soured loans.
A technical working group will be in charge of the integration plan for the merger. It will include LANDBANK’s Ms. Borromeo and UCPB Officer in Charge Liduvino S. Geron. Representatives from the Governance Commission for Government-owned and -controlled Corporations, the Securities and Exchange Commission, the Department of Finance, the Department of Budget and Management, and the Commission on Audit will also be part of the team.
“Clients of both LANDBANK and UCPB are being assured that banking services will continue to be unhampered throughout the ongoing merger process, with deposits to remain intact and secured in their current servicing branches,” LANDBANK said. — LWTN
Addition via sub-Tracker
Chevrolet makes tracks in the subcompact SUV segment
YET ANOTHER very competitive crossover SUV has joined the Philippine market — and this time, it is the 2021 Chevrolet Tracker. The Tracker is Chevrolet’s latest product in its new-generation, SUV lineup and has actually already been available in many other markets worldwide, where it has become a highly coveted product.
It leverages Chevrolet’s sporty DNA and the brand’s history in offering the world’s first SUV, in the form of the Chevrolet Suburban Carryall, back in 1935. It is thus a very important product for the bowtie brand to introduce in the Philippines, as Filipinos have long demonstrated a strong appetite for versatile and affordable crossover SUVs.
“The Tracker, with its attractive design and state-of-the-art technical features, is living proof of our 85 years of crossover and SUV expertise,” said GM Strategic Markets Alliances and Distributors President and Managing Director Soemmer in a company release.
As a matter of fact, the Tracker has already been named the best-selling utility vehicle in major Latin American markets such as Brazil, Mexico, and Argentina. It has also been selling exceptionally well in China — which has now become one of Chevrolet’s biggest international markets.
Atty. Albert Arcilla, president and CEO of The Covenant Car Company, Inc. (TCCI), the official importer and distributor of Chevrolet vehicles and vehicle parts in the Philippines, shared, “This highly acclaimed crossover is a welcome addition to our refreshed model portfolio. The Tracker continues Chevrolet’s tradition of producing highly capable crossovers and highlights the brand’s unrelenting focus on growing market segments, by offering stylishly designed vehicles loaded with customer-centric technology.”
Atty. Arcilla also explained that Chevrolet Philippines had already planned to execute a transition to that refreshed portfolio back in 2019 — making the Tracker one of its most important vehicle introductions thus far. The popular crossover units will be imported directly from Chevrolet’s global plant in China.
The Tracker is a practical and capable crossover SUV that combines modern athletic design with intelligent connectivity features. It carries a small-displacement (one-liter), three-cylinder DOHC Ecotec turbo engine mated to a six-speed automatic transmission. Being the crossover that it is, the Tracker offers good cargo capacity with loads of intelligent storage solutions. It is offered in two model variants: the base Tracker LS and the higher-end Tracker LT Redline Edition.
The Tracker LS exudes a more playful, sporty lifestyle look while the LT Redline Edition looks a lot more athletic, especially with its strong black and red accents found throughout the vehicle. The latter is decorated with an all-black dual cockpit matched with jet-black seats accentuated with racy, red double stitching. Both models feature sports-style driver and passenger seats.
Adding to the embellishments of the Redline Edition are a beautiful panoramic sunroof and 17-inch black alloy rims.
As the Tracker celebrates Chevrolet’s sporty DNA, its Bosch electric power steering wheel features a nice, flat-bottom, leather-wrapped design. Audio control buttons are incorporated within the steering wheel body. A floating eight-inch colored touchscreen can be found on the dash, and its MyLink infotainment system also offers Bluetooth connectivity, four USB ports, and an SD card reader slot.
The rear seats are foldable and can be split 60/40, and the cabin can accommodate multiple seating configurations to offer greater flexibility when transporting irregularly shaped cargo.
The Tracker comes with an intelligent engine start/stop system to help save on fuel. It is also equipped with a range of active and passive safety technologies, which include a reverse camera with a wide 130-degree viewing angle.
Units of the Chevrolet Tracker are already expected to be in local dealerships within the next two weeks. The product has already been pre-selling for a while now; and up for grabs is a special introductory discount of P30,000 — regardless of the mode of purchase — for both models of the Tracker until Sept. 30, 2021.
The base Tracker LS is currently priced at P1,142,888 while the sportier LT Redline Edition is priced at P1,242,888. They come with Chevrolet’s Complete Care package, which includes a five-year warranty, free enrollment to the 24/7 Chevrolet Roadside Assistance program for three years, and access to the 24/7 Chevy Hotline for all service needs.
Let there be light
Nanoleaf’s app-controlled lighting systems now in PHL
SURE, the lights at your house might be pretty, but are they smart?
Nanoleaf, a company that had kicked off in Kickstarter with an energy-efficient bulb almost 10 years ago, has decided to brighten up the Philippines. An online launch on June 24 showed off the potential of its Elements and Shapes lines.
The lines cost between P1,225.50 for a bulb to P14,290 for an Elements starter kit.
“We’re the first of its kind to mix smart module lighting that connects,” said Nanoleaf Account Manager George Chu. The lights can be controlled via a Nanoleaf app and can be integrated into other smart home devices and systems like Google Assistant, Amazon Alexa, Apple HomeKit, and Samsung SmartThings. Also, according to Mr. Chu, the lights, at maximum brightness, would only consume up to two watts (which is why he leaves them on).
In a demonstration of the Shapes line (triangles of two sizes and a hexagon), they’re shown to be stuck on a wall and can be connected together to form wall art (which one can also start planning via the app). The lights react to touch, music, and movement — perfect for house parties.
The Elements line, meanwhile, looks like wood, has a Circadian lighting system in place (to help you relax), and has several options for light movements (as well as reacting to touch and sound).
The demonstrations also featured beauty queen Megan Young and her husband Mikael Daez and showed how they changed up their home gym with the help of the Shapes line.
“Nanoleaf’s mission is to really bring upon and usher a new era of smart home lighting,” said Christian Yan, Nanoleaf COO and co-founder.
Nanoleaf products are available at Lazada (https://www.lazada.com.ph/shop/nanoleaf-philippines/) and Shopee (https://shopee.ph/nanoleaf). — J.L.Garcia