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Government debt service payments rise in August

THE National Government’s total debt payments surged in August due to higher amortization of local debt, the Bureau of the Treasury (BTr) reported.

This brought the debt service bill for the January to August period to P760.65 billion, already three-fourths of the programmed P1.005-trillion debt payments for the entire year.

Latest data from the Treasury showed government debt payments jumped 383% to P152.396 billion in August alone from the P31.581 billion paid in the same month a year ago. This was also 150% higher than the P60.91 billion logged in July.

Principal payments made up 85% of the total, with the rest going to interest payments.

Amortization payments skyrocketed by 985% to P129.85 billion in August from P11.97 billion a year ago. Of the total, P127.79 billion was paid to domestic creditors which is 1,354% bigger year on year.

Principal payments on foreign debt, however, slipped 35% to P2.057 billion.

Meanwhile, interest payments went up 15% to P22.549 billion, 87% of which went to local creditors.

Interest paid for domestic debt was at P19.6 billion, broken down into P12.296 billion for the Treasury bonds, P5.156 billion for retail Treasury bonds and P2.07 billion for Treasury bills.

In the eight months to August, the total debt service bill was 49% up from the P509-billion tally in the same period last year. The bulk or 65% went to settle principal debt.

Amortization payments jumped 90% to P491.05 billion during the eight-month period.

Payments for the principal of its domestic debt accounted for 76% of the total at P374 billion, while the balance of P117 billion was paid to external creditors.

Interest payments rose 7.56% to P269.6 billion, with 70% or P188.5 billion going to local creditors.

In 2019, total debt payments reached P842 billion, up 16% year on year.

The government plans to borrow P3 trillion from both domestic and foreign lenders this year to plug the budget deficit which is seen widening to 9.6% of gross domestic product. — B.M. Laforga

Sustained surge in property prices may raise risks for banks

A SUSTAINED surge in property prices could create rising risks for the banking system, an analyst from Fitch Ratings said.

“We believe that the acceleration of property price growth — at current levels of 25% to 30% year on year — presents rising risks in the banking system operating environment, especially if it continues to be sustained,” Tamma Febrian, Associate Director of Financial Institution Group at Fitch Ratings said in an e-mail to BusinessWorld.

“This is because prolonged rapid house price inflation tends to spur borrowers to take on more debt, and developers to over-invest in the future, risking inventory overhang if demand weakens,” he added.

Home prices jumped by record 27.1% in the second quarter, primarily on the back of strong demand for high end-residential projects and the higher costs of production during the lockdown, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Condominium prices climbed 30.1% in the April to June period, followed by single/attached homes (24.1%), town houses (10.8%), and duplexes (0.8%).

In the National Capital region, home prices surged by 34.9%.

As residential property prices went up, housing loans disbursed by lenders plunged 55.2% year on year, as lending standards tightened amid the economic slowdown.

“Recent data on declining residential real estate loan application rates suggest that there are already some early signs of a correction, and we understand that some large developers have also begun to reduce their capital expenditure and offer discounts on selling prices to clear their inventory,” Mr. Febrian said.

Any increase in housing prices will likely moderate depending on the pace of economic recovery. Mr. Febrian said a moderate price correction will be better for the banking system, adding an abrupt fall in home prices could hurt banks.

“A steep decline could potentially have significant repercussions on the banks’ asset quality given their concentration on the property sector, which also has significant positive correlation with the broader economy,” he said.

In order to manage risks that may arise from the property sector, the BSP this year capped banks’ exposure to the real estate sector to 25% from 20% of their loan portfolio.

In August, outstanding loans disbursed by big banks to the real estate sector rose by 9.8% year on year to P1.706 trillion, easing from the 11.5% expansion seen in July.

The banking industry’s gross bad loans surged 35% to P305 billion in August from P225.904 billion a year ago. This brought the nonperforming loan ratio to 2.84% as of end-August, the highest since the 2.87% logged in February 2014.

The BSP expects the industry’s bad loan ratio to reach 4.6% by end-2020, still better than the 17.6% seen in 2002 in the aftermath of the Asian financial crisis. — Luz Wendy T. Noble

IMF meets with global economy in historic recession

The guardians of the global economy will gather this week under the cloud of the worst recession since the Great Depression, and a recovery dependent on scientists finding a coronavirus vaccine.

The International Monetary Fund and World Bank will hold their annual meetings, with both calling on the Group of 20 largest economies to extend a freeze in debt payments from the world’s poorest nations that’s set to expire at year end.

While the fund last month flagged a “small upward revision” to its 2020 growth forecast from its June outlook, it warned the rebound will be long and uneven.

The IMF has been encouraging governments to spend whatever they need to confront the crisis, even while warning that debt as a percentage of GDP will rise to about 100% for the first time.

Fund officials earlier this month proposed reforms to debt restructuring for countries that struggle to meet obligations, a burden likely to rise as the pandemic batters economies. Debt vulnerabilities will be a key theme of the meetings, according to first deputy managing director Geoffrey Okamoto.

The G-20 agreed in April to waive billions of dollars in repayments by poorer nations until the end of the year under the Debt Service Suspension Initiative. The World Bank says this isn’t enough and wants borrowings reduced to prevent a bigger fallout.

The IMF has also been working to figure out how to transfer existing reserve assets known as special drawing rights from rich countries that don’t need them to poorer nations that do. A proposal to create $500 billion in SDRs was blocked in April by the U.S., the fund’s biggest shareholder, which criticized the plan as inefficient. — Bloomberg

30,000 Angkas bikers await go signal to resume

MOTORCYCLE hailing operator Angkas (DBDOYC, Inc.) said on Sunday it is optimistic that the pilot study on motorcycle taxis will soon resume to allow its  30,000 jobless bikers to operate again amid the pandemic crisis.

“Now that the economy is slowly and safely reopening, 60% of workers are mandated to physically go back to work. However, there are only 40% public transportation available to them. Angkas would be happy to bridge that gap,” George I. Royeca, head of regulatory and public affairs for Angkas, said in a statement.

Angkas said more than 5,000 bikers expressed their gratitude to the government through a thanksgiving ride on Sunday after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) endorsed to the House of Representatives a request by the National Capital Region’s mayors to direct the Transportation department to resume the motorcycle taxi pilot study.

The original pilot study had expired in December last year but was extended for three months.

Transportation Assistant Secretary Goddes Hope O. Libiran has said Congress might have to pass a resolution for another pilot program on motorcycle taxis.

“Congress, through the House transportation committee, had earlier expressed its support for the continued pilot run pending a resolution that would legitimize motorcycle taxis as a form of public transportation,” Angkas said.

Mass transportation currently operates on a limited capacity due to physical distancing protocols aimed at containing the spread of the coronavirus disease 2019 (COVID-19). Angkas, which operates motorcycle taxis, said it recorded no virus transmission when it catered to healthcare workers at the start of the lockdown.

Angkas said the resumption of its operations is backed by a study conducted by the University of the Philippines-College of Public Health (UP-CPH).

“The UP-CPH study points out that motorcycle taxis, in fact, help reduce this danger as both biker partners and passengers, while riding on the vehicle, are not confined in an enclosed structure,” Angkas said. — Arjay L. Balinbin

San Miguel sets follow-on offer dividend rate

SAN MIGUEL Corp. has set a 4.75% initial dividend rate for its plan to offer up to P20-billion preferred shares under its P40-billion Series 2 preferred shares program.

In an Oct. 8 letter to the Philippine Stock Exchange (PSE), San Miguel said it has authorized the issuance of the Series 2-J preferred shares to have a 4.75% initial dividend rate per annum.

If the preferred shares remain unredeemed by the date of its fifth anniversary, the dividend rate will be adjusted to the higher of the applicable initial dividend rate or the simple average of the closing per annum rates of the 10-year BVAL (Bloomberg Valuation Service) plus 5%.

San Miguel has applied for the shelf listing of up to 533.33 million Series 2 preferred shares with a par value of P5 each, which it intends to offer within a three-year period.

From this program, the company wants to offer up to 266.67 million Series 2 preferred shares for the first tranche, which will be composed of a base offering of 133.33 million Series 2-J preferred shares and an oversubscription option of up to 133.33 million shares. These have an offer price of P75 per share.

Based on an Oct. 1 disclosure by the PSE, San Miguel intends to start the offer period for the shares on Oct. 13, which will last until Oct. 19. Tentative listing date is on Oct. 29.

Assuming the full exercise of the oversubscription option, San Miguel expects to net P19.89 billion from the offering, which it will distribute to subsidiaries San Miguel Food & Beverage, Inc.; Petron Corp., SMC Global Power Holdings Corp.; San Miguel Holdings Corp.; and San Miguel Properties, Inc.

More specifically, the proceeds from the offering will support San Miguel’s P734-billion Bulacan airport project and the P62.7-billion Metro Rail Transit Line 7.

The company engaged BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint issue managers, lead underwriters, and bookrunners for the offering.

San Miguel booked an attributable net loss of P7.59 billion in the first semester, a turnaround of its attributable net income of P13.23 billion a year ago. The coronavirus pandemic particularly weighed on its fuel and beer businesses.

Shares in San Miguel at the stock exchange closed at P100 each on Friday, up 10 centavos or 0.10% from the last session. — Denise A. Valdez

Cirtek gets certificate for sale of $33-M preferred shares

CIRTEK HOLDINGS Philippines Corp. has obtained regulatory clearance to designate unissued preferred shares as part of its plan to sell up to $33 million shares by way of private placement.

The company was given a Certificate of Filing and Enabling Resolution by the Securities and Exchange Commission on Oct. 7, which allowed it to designate the subseries of its preferred B-2 shares.

From its 200 million preferred B-2 shares, 33 million unissued shares have been designated as preferred B-2 subseries B, which Cirtek plans to offer for sale or subscription.

Some 67 million shares, which were already issued in 2017, have been designated as preferred B-2 subseries A. The remaining 100 million shares will be designated at a future date.

To recall, Cirtek’s board of directors approved a plan to sell preferred shares by way of private placement last month. This involves up to 33 million preferred shares to be offered to qualified buyers for $1 each and listed at the Philippine Stock Exchange.

Cirtek has been raising funds recently to refinance short-term loans and fund the capital expenditures of its United States-based subsidiary Quintel USA, Inc.

It reissued P545.2-million commercial papers in late August and P494-million commercial papers in July, both under its P2-billion commercial paper program.

Quintel USA is eyeing to take part in the deployment of fifth generation (5G) network in the United States by providing antennas to telecommunications operators.

In the first six months of 2020, Cirtek posted an attributable net income of $2.63 million, growing more than double from a year ago on the back of better margins.

Shares in Cirtek at the stock exchange closed at P5.34 apiece on Friday, shedding four centavos or 0.74% from the last session. — Denise A. Valdez

ABS-CBN to further expand digital presence after YouTube success

ABS-CBN Corp. will further expand its digital presence after the Youtube channel of its entertainment show hit 30 million subscribers, the listed media company said.

It said its online entertainment page had become the “second most subscribed” Youtube channel in Southeast Asia after gaining 30 million subscribers.

“ABS-CBN Entertainment has also logged 38.8 billion lifetime views, ranking first among the most watched YouTube channels in the Philippines and tenth in the world as of October this year,” it said in a statement at the weekend.

ABS-CBN said it would further expand its digital presence to reach as many viewers as possible and produce content that gives them “entertainment, inspiration, and relief.”

The other Youtube channels of ABS-CBN are also “among the most subscribed and most viewed in the country, namely ABS-CBN News (10.4 million subscribers and 6.6 billion views), Star Music (5.6 million subscribers and 2.3 billion views), Pinoy Big Brother (3.6 million subscribers and two billion views), Star Cinema (3.3 million subscribers and 1.1 billion views), The Voice Kids Philippines (2.5 million subscribers and 1.4 billion views), and The Gold Squad (2.4 million subscribers and 204.7 million views),” it added.

ABS-CBN started airing on Saturday some of its entertainment shows on the A2Z channel 11, which is operated by broadcast media company Zoe Broadcasting Network, Inc.

Channel 11 is seen on analog TV in Metro Manila and nearby provinces.

ABS-CBN said its agreement with Zoe Broadcasting involves the provision of entertainment, public service, and educational content.

The agreement with Zoe Broadcasting comes after the resignation of Eugenio Gabriel “Gabby” L. Lopez III as ABS-CBN chairman emeritus and director, citing “personal reasons.” — Arjay L. Balinbin

Treasury bills to fetch lower rates on strong liquidity in the market

RATES OF Treasury bills (T-bills) on offer today (Oct. 12) may remain unchanged or move sideways as investors remain awash with cash and cautious over long-term securities.

The Bureau of the Treasury (BTr) will offer P20 billion worth of T-bills: P5 billion each in 91-day and 182-day securities and P10 billion in 364-day papers.

A trader said in an e-mail that rates for short-term debt papers may decline by five basis points (bps) or end flat as the market remains liquid.

“Investors will continue to put their cash in shorter tenors as they avoid looming risks, including lingering cases of the coronavirus disease 2019 (COVID-19) and lack of vaccine against it,” the trader said.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail that T-bills rates will continue to reflect liquidity among investors as there is now less concern on the inflation outlook.

“Shorter duration exposure can be attributed to sustained preference for liquid assets during the crisis period rather than higher inflation expectations. Until sellers’ volume recedes, the buy-on-dips strategy may prevail,” Mr. Asuncion said over the weekend.

The Treasury last week borrowed P22 billion via T-bills, more than its original program of P20 billion, as the government hiked its award of the smallest tenor to accommodate more small investors. The offering was almost five times oversubscribed, with bids reaching P98.858 billion.

Broken down, the government borrowed P7 billion via the 91-day T-bills versus its original program of P5 billion as it accepted more bids from small investors. The three-month papers fetched an average rate of 1.116%, down by 0.5 bp from the 1.121% seen in the previous auction.

The government also awarded P5 billion as planned in 182-day T-bills as tenders for the tenor totalled P29.164 billion. The six-month papers fetched an average rate of 1.6%, marginally lower than the 1.601% seen the prior week.

Lastly, the Treasury likewise borrowed the programmed P10 billion via 364-day papers as total tenders reached P44.459 billion. The one-year debt was quoted at an average rate of 1.8%, declining by 5.8 bps from the 1.858% fetched in the previous offering.

At the secondary market on Friday, the three-month, six-month and one-year T-bills fetched yields of 1.177%, 1.589%, and 1.827%, respective.

Meanwhile, inflation eased for the second straight month in September to its slowest level in four months on the back of moderating prices in the heavily weighted food and nonalcoholic beverages, the Philippine Statistics Authority (PSA) reported on Tuesday.

Preliminary PSA data showed headline inflation stood at 2.3% in September, the slowest since May’s 2.1%. This was also slower than the 2.4% seen in August, but faster than the 0.9% print in September 2019.

The latest reading, which matched the median estimate of 2.3% in a BusinessWorld poll, fell within the Bangko Sentral ng Pilipinas’ (BSP) 1.8%-2.6% forecast range for September.

Headline inflation averaged at 2.5% in the first nine months. This was higher than the BSP’s revised forecast of 2.3% for 2020 but within its 2-4% target.

The Treasury is looking to raise P140 billion from the domestic market this month: P80 billion in weekly T-bill auctions and P60 billion in fortnightly Treasury bond auctions.

The government wants to borrow around P3 trillion this year from local and foreign lenders to help fund its budget deficit expected to hit 9.6% of the country’s gross domestic product. — KKTJ

LANDBANK LGU loan approvals for palay procurement hit P4.3B

LAND BANK of the Philippines (LANDBANK) said it approved P4.3 billion worth of loans to local government units (LGUs) to procure palay, or unmilled rice, directly from farmers, one of the government’s measures to prop up weak farmgate prices.

In a statement, LANBDANK said it approved credit assistance to six LGUs under its “PALAY ng Lalawigan” lending program: Nueva Ecija, Isabela, Tarlac, and Camarines Sur province, the city of Cabanatuan, and the municipality of Alicia, Isabela.

“We are encouraging our LGUs to avail of the LANDBANK PALAY ng Lalawigan Lending Program to bankroll their direct engagement in the local rice industry value chain. It will be a big help to our local farmers whose incomes may have been affected, in one way or another, by the fluctuating farmgate prices of palay,” LANDBANK President Cecilia C. Borromeo said.

LANDBANK said the facility is available to municipal, city, and provincial governments in rice-producing provinces.

“Rather than sell to unscrupulous rice traders who offer very low prices, farmers can now sell their produce to the LGUs,” LANDBANK said.

Eligible LGUs may also use the loans to procure farm machinery and post-harvest facilities or fund other rice-related activities. 

LANDBANK said the program’s short-term loan and permanent working capital offerings charge fixed interest of 2% per annum and are available until the end of 2022.

The term loan offering will charge 4%, subject to re-pricing.

Qualified LGUs may not exceed their Net Borrowing Capacity as set by the Bureau of Local Government Finance. — Revin Mikhael D. Ochave

The 28-year-old trying to upend Fashion Week

EVELYN MORA — EVELYNMORA.COM

EVELYN MORA founded Helsinki Fashion Week in 2018 with the goal of disrupting an industry that she deemed woefully out of touch and rather boring.

The 28-year-old Helsinki native initially focused the show on sustainability by showcasing brands that could prove their green bonafides and hosting events in venues built with recycled materials.

And then when coronavirus disease 2019 (COVID-19) hit, she didn’t just broadcast the show online like other industry events, but instead took it into 3D. Models had their bodies scanned by computers to create avatars, and then designers, including Patrick McDowell and Tess van Zalinge, created digital clothes for them to wear down a virtual catwalk. Attendees, also using 3D avatars, visited shows and interacted in a so-called Digital Village. Bloomberg recently spoke with Mora about fashion and what comes next.

Q: What was the genesis of Helsinki Fashion Week?

A: I wanted to focus on building a test bed to test all the new innovations and try to implement them into the fashion industry powered by interdisciplinary professionals.

Q: OK, but how did you get to turning it into a 3D event this year?

A: The process basically started for me with grocery shopping online, where I would just be in this 2D screen and just click on products. And I was just bored. I wanted to enter the cyber space. So I started communicating with different architects and tech professionals to figure out how to do that.

Q: That’s a bold idea. How did you execute after that?

A: I started with the concept of a showroom. But I wanted to do an interactive 3D showroom instead of having hangers and racks around the room. Then the pandemic came. The most important part became creating partnerships between the 3D designers and the traditional designers to create one look. They had to actually really understand each other’s design processes and create one digital look.

Q: Wondering how the designers actually converted their creations into 3D?

A: After they designed their new collections, they had to digitize, make paper patterns and then digitize those patterns. And once they digitized the patterns, they would start putting it on the avatar. We had a partnership with a modeling agency and instead of just saying: “Sorry, guys, we’re going digital, we’re going to make avatars,” we decided to 3D scan the same models that were supposed to walk in Helsinki.

Q: What’s the bigger picture with digital tools, like 3D, and increasing access?

A: There’s a conflict in the fashion industry. We sort of have this exclusivity culture that if you’re not important enough, you don’t just get into the event. People are put into levels. The front row is for the most important people. The second row for the second-most important people. So it’s a bit of a hierarchical thing going on there.

But that can’t be the case anymore because everything has to be inclusive.

Q: What’s the case for high fashion using digital tools like 3D post Covid?

A: You can really reach new groups of people with digital. You can find new dimensions to your brand and a business model that can literally make your business bloom without you having to do things in a traditional way.

Because we are spending so much of our time online, we have an opportunity to create cyberspace as an online environment that makes that shopping experience much more exciting. — Bloomberg

State lacks cash to buy into SPEx stake in Malampaya – Gatchalian

THE PHILIPPINE GOVERNMENT does not have the cash now to buy into Shell Philippines Exploration, B.V.’s (SPEx) stake in the country’s sole natural gas field as the ongoing pandemic drained its financial resources, according to a senator.

The Udenna Group of Davao-based businessman Dennis A. Uy has called on the government to jointly acquire the 45% operating interest of the domestic exploration unit of Royal Dutch Shell in the Malampaya gas-to-power project under Service Contract (SC) 38.

For the group, the remaining partners in the project — UC Malampaya LLC and the Philippine National Oil Co.-Exploration Corp. (PNOC-EC) — are the “most suitable party to assume Shell’s interest.”

But according to Senator Sherwin T. Gatchalian, the chairman of the Senate’s energy committee, the government lacks the money to buy those shares as the budget deficit is high this year and the debt-to-gross domestic product ratio might expand more than 50% by next year.

“From a fiscal standpoint, we don’t have the cash to buy those shares because of COVID-19 (coronavirus disease 2019)… we don’t have the ready cash to buy the remaining shares,” the senator told reporters in a virtual briefing on Friday.

The government through PNOC-EC owns a 10% stake in Malampaya, while the Udenna group holds the other 45%.

Mr. Gatchalian, however, pointed out that buying into SPEx’s interest will provide the state a ready revenue source.

“We should not also discount the opportunity that it’s a ready-made cash flow for the government,” he said.

This year, the government, so far, received $11.7 billion in revenue share from the $4.5-billion gas-to-power project.

The PNOC exploration subsidiary said it was studying its position in the share purchase. In the meantime, it is readying a country-wide study of various sedimentary basins that bear potential oil and gas resources.

The planned sale of SPEx’s Malampaya stake comes as the Anglo-Dutch multinational firm is grappling with the pandemic’s impact.

In August, Pilipinas Shell Petroleum Corp., its locally listed firm, announced the permanent closure of its 110,000-barrel-per-day refinery in Tabangao, Batangas as margins worsened with the slump in demand. The refinery, though, will be converted into an import facility to continue supplying fuel for its customers in Luzon.

Shell will “ensure a smooth transition of the asset to a credible buyer who would be well placed to optimize the value from Malampaya,” SPEx General Manager Rolando J. Paulino, Jr. previously said in a statement.

Mr. Gatchalian wants SPEx’s successor as operator to have the technical expertise in running a gas platform, assuring the country that it will “not run out of natural gas in the immediate future.” It is expected that the natural gas depot will be completely depleted by 2027, according to estimates by the Department of Energy (DoE).

So far, Ramon S. Ang of San Miguel Corp. and Manuel V. Pangilinan’s group expressed their interest in buying the Malampaya stake.

The Malampaya field provided 3,200 megawatts of electricity, accounting for 21.1% of the country’s gross power generation in 2019.

Besides looking for other natural gas spots around the country, the government is also looking into liquified natural gas imports as an alternative.

Meanwhile, the present consortium is preparing its application with the government to extend its operations in the gas field beyond 2024, or the end of its service contract, Energy Secretary Alfonso G. Cusi earlier said. — Adam J. Ang

‘Kampai’ to three decades of Honda Cars PHL

 

2 new models and a commemorative book will underscore the celebration

WHAT IS your fondest memory of Honda? Mine is from way back in the mid-’90s — when the sixth-generation Honda Civic was the biggest craze, and the rust-colored Honda SiR was my aspirational vehicle. Memories from that period never fail to bring me tons of nostalgia. I was a student then; and everything JDM (Japan domestic market) was associated with automotive coolness.

Honda was leading the way then when it came to aftermarket compatibility and versatility. If you think about it, this was roughly 25 years ago. And this October, Honda Cars Philippines, Inc. (HCPI) — Honda’s official auto business unit in the country — is celebrating its 30th birthday! They’ve had their highs and lows, having had to endure rough periods such as the Asian financial crisis, the huge earthquake in Japan (which crippled their production line for a time), and now, the COVID pandemic. But HCPI has historically pushed forward, overcoming all the challenges along the way. And this economic low due to the pandemic will not be any different.

“We plan to be here for the next 30 years!” exclaimed HCPI GM for Sales Atty. Louie Soriano.

Let us recall: Back in 1990, HCPI held its groundbreaking event for its first plant in Laguna. In 1992, it introduced its game-changing two-door Civic hatchback, and in 1994 it brought in the fifth-generation Accord. From its legacy models such as the Civic, Accord and CR-V, the company later brought in several more vehicular innovations that were a fit in our local market, such as the City, Mobilio and BR-V. Honda has since become a much-loved, highly aspirational brand with many Filipino loyalists.

In celebration of its 30-year milestone, HCPI decided to launch a 30th anniversary commemorative book, which will be privately available beginning sometime in November.

Alongside the announcement of its commemorative book. HCPI also took the opportunity to introduce its new Country President, Masahiko Nakamura. Nakamura-san has had over 30 years of experience working with Honda’s automotive operations; and is thus very excited to lead Honda’s operations in the Philippines.

Finally, Honda Cars Philippines also revealed that it will be staging the launch of two new Honda vehicles this 22nd of October. Stay tuned for next week’s revelation of what these two new models will be!

Congratulations HCPI for three successful decades in the Philippines!

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