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Peso to climb on approval of fresh stimulus funding

THE PESO may strengthen against the dollar this week as the government prepares for the distribution of the stimulus funds under the recently signed Bayanihan II Act.

The local unit closed at P48.54 per dollar on Friday, rising three centavos from its P48.57 finish on Thursday, data from the Bankers Association of the Philippines showed.

Week on week, the peso was also higher than its P48.62-per-dollar close on Sept. 4.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said demand for the peso may increase this week as business activities pick up.

“The government measures to further reopen the local economy from lockdowns will help economic recovery prospects,” Mr. Ricafort said in an email.

He said these include the increase in the passenger capacity of public transportation, allowing more workers to travel.

Meanwhile, a trader said the peso may continue to strengthen against the dollar today following the signing of fresh stimulus funding under the Bayanihan to Recover as One Act or Bayanihan II.

“The greenback may depreciate today as optimism might prevail in local financial markets following President Rodrigo R. Duterte’s signing of the Bayanihan II into law on Friday,” the trader said in an email.

Mr. Ricafort expects the peso to range from P48.50 to P48.65 versus the dollar this week. Meanwhile, the trader sees the local unit moving within the P48.25 to P48.75 band. — KKTJ

Trump administration considering aid for refiners denied biofuel waivers

NEW YORK  — The Trump administration is considering financial aid for oil refiners denied waivers that exempt them from US biofuel blending requirements, two sources familiar with the matter said on Friday.

Sources told Reuters this week that President Donald Trump has instructed his Environmental Protection Agency (EPA) to deny dozens of requests from oil refiners for retroactive waivers. The financial relief would be a way for the administration to assuage refiners that say requirements to blend billions of gallons of biofuels into their fuel are too pricey.

It was not immediately clear which refiners would be eligible for cash aid, or how the EPA would provide the financial relief. Details were still being discussed, the sources said.

EPA did not immediately respond to requests for comment.

Bloomberg earlier reported the development.

Under US law, refiners are required to blend biofuels into the fuel mix, or buy tradable credits from those that do. Refiners can also apply for exemptions to the laws if they can prove compliance would financially harm them. — Reuters

Whole lotta ‘Lux’

 

Auto industry continues to pick up as Toyota unveils new Hilux

HONESTLY, when we were tightly in the clutches of the enhanced community quarantine during the first quarter’s waning days, did we ever think the auto industry would ever (or at least soon) see a surfeit of new vehicle models being rolled out — albeit digitally? Yet here we are. Even casual browsers of social media surely would have seen the steady march of new models across many brands.

And the country’s leading car maker Toyota Motor Philippines Corp. (TMP) is showing the way anew as it rolled out last Saturday the newest iteration of the market’s best-selling pickup, the Hilux. This is TMP’s fourth vehicle launch of the year, and temptingly mirrors how the auto industry itself is on an upswing following the woeful month of April where only 133 units were sold by all Chamber of Automotive Manufacturers of the Philippines, Inc. and Truck Manufacturers Association member companies.

In a release, the firm reported that the Hilux annexed in 2019 “a commanding 30.5% segment share,” a figure it is surely looking to maintain via the significantly refreshed version of the pickup.

In his speech during the launch, TMP President Atsuhiro Okamoto said, “This 2020, the new Toyota Hilux and Toyota Hilux Conquest arrive with an impressive new look that is more rugged and exciting than ever. The new Hilux is designed to meet the tough demands of Filipino drivers and the country’s varying roads. I am confident that the Hilux would once again prove why it is the Philippines’ pickup of choice.”

Speaking of choice, whatever your preference or purpose (not to mention budget), there is sure to be an ideal match to be found in any of the incredible 13 variants of the nameplate, which will be sourced from Toyota’s manufacturing facility in Thailand.

Headlined by the top-shelf Conquest variants (at P1.83 million for the 2.8-liter 4×4 AT and P1.755 million for the 2.8-liter 4×4 MT), the Hilux also comes in G AT and MT, and E MT, and starts from P843,000 for the workhorse 2.4-liter 4×2 Cab and Chassis MT. The Conquest trims get bi-beam LED headlamps and LED rear combination lamps with line guide, plus a sports bar with LED lamps. Hilux branding is on the tailgate, plus a garnish over the fender and “Conquest” decals both sides of the cargo bed.

The deck space offers plenty of cargo room with tailgate assist and bedliner for Conquest variants. Also exclusive to the Conquest variants is a new Emotional Red exterior paint, which is different from the existing Crimson Spark Red Metallic.

Toyota gives the Conquest, G, and E grades keyless entry, with an additional smart entry and push start/stop for the Conquest. The aforementioned grades also get power adjust with auto fold for their side mirrors, in addition to speed-sensing door locks.

Ensconced in the instrument cluster is a 4.2-inch TFT multi-information display, and drivers get steering wheel controls (plus cruise control in Conquest variants). The Conquest, G, and E grades feature Apple CarPlay and Android Auto compatibility.

Under the hood of the new 4×4 Hilux variants is Toyota’s familiar 2.8-liter 1GD-FTV, which has been tweaked for a 27hp gain, and now outputs 201hp. The torque on the automatic gets 50Nm more for a 500Nm total, while the manual outputs the same 450Nm as before. The MT also gets so-called Intelligent Manual Transmission, which is said to offer rev-matching for downshifts, better controls on the engine during upshifts, and helps to avoid rolling back on hill starts.

The 4×2 Conquest, G, and E variants are motivated by the proven 2.4-liter 2GD-FTV with 148hp and 400Nm on tap. TMP reported that both the 1GD and 2GD engines now promise improved fuel efficiency by 4%-5% compared to the older versions.

All grades get air bags (seven in the case of the 4×4 Conquest AT variant), three-point ELR seat belts, anti-lock brakes with brake assist and electronic brake force distribution, vehicle stability control, and hill-start assist control. Conquest 4×4 variants have downhill assist control and active traction control. Clearance sonars are available for the Conquest, while back sonars are available for G grades; Conquest variants have rear cameras.

For fleet and business applications, TMP will continue to offer the Hilux J in 4×4 and 4×2, Cab and Chassis, and FX. Additionally, the company is offering the Hilux Cargo — “a rear seat-less, windowless, and more affordable variant powered by the same 2GD engine… specifically designed for the more demanding needs.”

The new Hilux Conquest, G, and E variants will be available in all of TMP’s 70 dealerships by Sept. 14, while the Hilux Cargo variant is expected to arrive in showrooms by Oct. 26. For information, visit https://toyota.com.ph/hilux.

Investors buy shares in Ayala unit on earnings, Infigen pull out

INVESTORS took positions on Ayala-led AC Energy Philippines, Inc. last week with analysts, attributing the move to market players digesting the earnings results released last month, as well as the divestment by an affiliate of its holdings in an Australian energy firm.

Data from the Philippine Stock Exchange (PSE) showed 171.89 million AC Energy Philippines shares worth P520.09 million exchanged hands from Sept. 7-11.

The Ayala energy unit closed at P3.18 apiece on Friday, 17.8% up week-on-week from its P2.70 per share finish on Sept. 4. For the year, the stock gained 38.9%.

“[AC Energy Philippines] has rallied [last week] as investors may have digested the company’s positive first-half results for this year. In addition, the market seems to be pricing in news articles regarding its growth plans and outlook for the coming quarters,” Timson Securities, Inc. Trader Darren T. Pangan said in an e-mail.

In a separate e-mail, Unicapital Securities, Inc. Equity Trader Cristopher Adrian T. San Pedro attributed the announcement of AC Energy, Inc.’s decision to divest its holdings in Australian firm Infigen Energy Ltd. as contributing to the stock’s movement last week.

“[The decision] buoyed investors to buy shares of the company to close at a new 52-week high of P3.18 per share,” Mr. San Pedro said.

Mr. San Pedro explained that the divestment provides the company additional cash flow to pursue other investments.

“Moreover, AC Energy remains committed to continue their investments in Australia so this decision is a win-win solution for the company,” he added.

AC Energy Philippines is the Philippine unit of AC Energy, Ayala’s arm in the energy sector.

In a disclosure to the PSE through holding firm Ayala Corp. last Thursday, AC Energy noted UAC Energy Holdings — a joint venture company in which AC Energy has a 75% stake — divested its 20% shareholdings in Infigen, citing the latter’s “potential delisting” in the Australian Securities Exchange. 

It was sold for A$0.92 per share to former rival bidder Iberdrola, S.A., a Spanish multinational utility firm. 

To recall, UAC Energy tried to fully acquire Infigen but later conceded to Iberdrola. Its old shareholdings were bought for an average price of A$0.794 per share. It previously said that its “offer was not predicated on control.”

UAC Energy’s investment in the Australian company was valued at A$178 million, or about US$128 million, if pegged against Iberdrola’s bid price.

Iberdrola is one of the biggest energy players in the world, having over 55 gigawatts of installed capacity in Spain, the United Kingdom, South America, and the United States. It powers around 34 million consumers worldwide. Presently, it owns three-quarters of Infigen’s shares, while it is still accepting more until Sept. 23.

Meanwhile, Infigen has a portfolio of renewable projects with 670 megawatts (MW) of capacity, after its share prices dropped with the fall in power prices in the country.

Despite withdrawing investments from Infigen, AC Energy said it would continue to invest in the country with its renewable projects in the pipeline located in four Australian states, citing the construction of its 720-MW New England solar farm in the coming months.

AC Energy is also developing a 250-MW hydropower plant and 300-MW solar farm in South Australia; a 160-MW solar facility in Victoria; and 1,200-MW renewable energy parks in northwest Tasmania.

Meanwhile, AC Energy Philippines saw its attributable income amount to P1.42 billion in the second quarter, reversing from a net loss of P406.60 million in the same period last year. For the first-half, its attributable income reached P1.96 billion, also a turnaround from the P551.87-million net loss in 2019’s comparable six months.

The first half saw additional assets being injected into the company. It has entered into a deal with AC Energy, which acquired shares equal to P2.97 each from the listed firm for its energy projects with 176 megawatts (MW) of capacity. These add to the 145-MW renewable energy projects that ACEPH bought early in the year.

Also contributing to its first-half profit is its thermal plants with higher availability and the greater contracted capacity sold through Manila Electric Co.’s generation bidding.

AC Energy Philippines is in the process of changing its corporate name to AC Energy Corp., signifying the integration of AC Energy’s domestic and foreign businesses.

It has yet to receive approval for the name change, even as the PSE has already signed off its stock symbol change to ACEN and took effect last Aug. 14.

“We expect the company to earn P1.5 billion this year to be spurred by the successful infusion of [ACEN]’s onshore assets, recent acquisitions, and higher contracted capacity of its thermal plants via the Meralco competitive selection process” Unicapital’s Mr. San Pedro said.

“The stock is expected to range between P3.03 support and P3.30 resistance in the short term with a medium target of P3.50 to P4.00 for as long as it stays above P3.00,” Mr. San Pedro said.

For Timson Securities’ Mr. Pangan: “Since the stock broke out of its immediate resistance at P3.16 [last Friday], we’ll have to observe [this] week if its psychological support area at P3.00 holds. The issue rallied with momentum for the past few days, and we’ll have to see if the positive sentiment towards this issue is maintained [this] week,” he said. — J.E. Hernandez

Stocks to rise as Duterte signs stimulus package

By Denise A. Valdez, Senior Reporter

PHILIPPINE SHARES are seen moving sideways this week with an upside as investors got a confidence boost from the passage of a fresh stimulus package on Friday.

The benchmark Philippine Stock Exchange index (PSEi) ended Friday’s session at 5,967.96, up 65.57 points or 1.11% from a day ago.

On a weekly basis, the PSEi snapped a three-week losing skid as it closed higher by 182.87 points or 3%.

Value turnover went down 21% to an average of P4.74 billion last week. A single day of net foreign buying last week — P420.91 million on Thursday —reduced the week’s net outflows by 55% to an average of P427.57 million.

A few hours after the market closed on Friday, President Rodrigo R. Duterte signed a P165.5-billion stimulus program, the second piece of legislation that aims to mitigate the impact of the coronavirus pandemic on the economy.

The budget consists of a P140-billion stimulus package and a P25.5-billion standby fund.

The measure is seen to drive activity in the market this week as investors digested the development over the weekend, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said.

“The newly signed economic stimulus package, the Bayanihan to Recover as One Act, could spark optimism in this week’s trading,” he said in a text message.

But he warned any market rally may not be sustainable as uncertainties continue to loom due to the growing coronavirus cases in the country.

“[I]nvestors are expected to watch out for the upcoming data on remittances, which has been one of the sources of strength of our economy, primarily consumption,” Mr. Tantiangco said.

Local coronavirus cases rose to 257,863 on Saturday after the Health department reported 4,935 new cases. Metro Manila continues to be the top location of new infections, where 13,722 new cases were found in the last two weeks.

Aside from local activities, online brokerage 2TradeAsia.com said investors will be watching out the meeting of the Federal Open Market Committee this week.

“Hopes are up… for a more encouraging message, which in turn may help ease risk-off sentiment stemming from both COVID-19 (coronavirus disease 2019) and geopolitical concerns,” it said in a market note.

“Deeper cuts, while generally not expected this soon, will resonate with regional central banks, particularly the Bangko Sentral (ng Pilipinas), to maintain a favorable currency differential,” it added.

2TradeAsia.com is putting immediate support for the market at 5,750 and resistance within 6,000 to 6,200. Philstocks’ Mr. Tantiangco meanwhile sees the PSEi moving within the 5,700 to 6,100 range.

Style (09/14/20)

Anne Klein offers eco-friendly watches

ANNE Klein is introducing the Considered Collection, the brand’s first eco-friendly watch collection. Made with sustainable materials, these are solar-powered watches — each timepiece is rechargeable by the sun or any light source thanks to its special reservoir of solar energy that is completely accessible. The watches are made with ethically-sourced Swarovski Crystals and are crafted to be lead-free. Instead of plastic, the watches are now made with natural cotton and wood fibers. Each watch is encased in an elegant box made with 80% recycled waste and an organic cotton pillow. The Anne Klein Considered Collection will be exclusively available at Zalora starting Sept. 15. There will be a special introductory offer at 20% off from Sept. 15 to 21, and buyers have a chance to receive a Anne Klein Limited Edition Cosmetic Bag while supplies last. Anne Klein Watches are exclusively distributed by Rustan’s Marketing Corp.

The new Montblanc Star Legacy Orbis Terrarum

MONTBLANC unveils the new Star Legacy Orbis Terrarum timepieces that interpret one of the most contemporary and useful complications — the world time complication — in a distinctive way. The current timepieces include round, polished pebble-shaped cases, like those found on antique pocket watches; onion-shaped crowns with the recognizable Montblanc emblem; refined dials with the iconic exploding star guilloché pattern; and Sfumato alligator leather straps coming from the Pelletteria, Florence, Italy. Montblanc is introducing two Star Legacy Orbis Terrarum models, reinterpreting the Orbis Terrarum timepiece originally launched in 2014. One version in stainless steel features a blue aesthetic, and the other one in 18 K rose gold, limited to 500 pieces, is in shades of dark brown and light brown. The watches feature a modern, in-house world time complication that is both practical and easy-to-use, and presents a classical and modern watchmaking style. They are powered by an automatic movement equipped with a Manufacture complication, developed in-house by Montblanc’s engineers. The idea was to create timepieces with a Manufacture world time function that would be simple to set and intuitive to read. Once set, they indicate all 24 time zones at a glance and show whether the cities are in daytime or nighttime. While travelling, the watches are easy to set thanks to a single pusher. The watches are water-resistant to 5 bar (~ 50 meters). Montblanc is available at Rustan’s Makati (0917-525-2958), Rustan’s Shangri-La (0917-598-6532), and Rustan’s Cebu (0917-802-2913). Contact the stores and a sales associate will assist with any inquiries, order confirmation and payment transactions. There is complimentary delivery for a minimum purchase of P 2,000. Pick-up only available in Cebu for now.

50% off with Essilor’s Multi-pair Promo

ESSILOR is holding a Multi-pair Promo where with each purchase of one pair of Essilor lenses the customer can get a second pair at 50% off. The promo is ongoing until Dec. 31. With this offer, the customer can buy a pair of Essilor lenses for work in front of a computer, and the second one for daily activities and hobbies. Included in the promo are Varilux and Crizal lenses. Varilux progressive lenses offer sharp vision and smooth transitions for those having difficulty in seeing things that are relatively near. Crizal lenses offer protection from harmful blue light, and also provide protection against reflection, scratches, smudges, dust, water, UV and other enemies of clear vision. For more information on Essilor’s Multi-pair Promo, visit Essilor’s website at https://bit.ly/3lN1UmP.

Yields on gov’t debt go up ahead of BSP bond offer

YIELDS ON government securities (GS) inched up last week due to muted trading amid a lack of fresh leads, with investors also awaiting the Bangko Sentral ng Pilipinas’ (BSP) maiden bond offering this Friday.

GS yields, which move opposite to prices, increased by 2.8 basis points (bps) on average week on week, PHP Bloomberg Valuation Service Reference Rates as of Sept. 11 published on the Philippine Dealing System’s website showed.

“Market remains generally moving sideways with an upward bias due to lack of catalyst,” a bond trader said in a Viber message last Friday.

“Yields saw directional trading throughout the week but we did note a general upward trend in yields as investors continue to look to possible issuances from the BTr (Bureau of the Treasury) and the effect on liquidity from future moves,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.

“It was a relatively quiet week for the government debt securities market with low volume turnover. Market focus was on FXTN 03-25 auction…” UnionBank of the Philippines, Inc. said in a market report on Friday, referring to the fresh three-year bonds issued last week.

The BTr raised P30 billion via the fresh three-year papers it offered on Tuesday as rates declined. The bond fetched a coupon rate of 2.375% and an average rate of 2.279%. It settled at 2.38% at the end of trading on Tuesday.

Due to the strong demand for the papers, the Treasury opened its tap facility to raise another P15 billion from the tenor.

Except for 91-day debt, which dropped by 0.8 bp to 1.201%, yields climbed across-the-board at the end of trading last Friday.

The rates of the 182- and 364-day Treasury bills went up 3.5 bps and 2.1 bps, respectively, to 1.496% and 1.828%.

At the belly, yields on two-, three-, four-, five-, and seven-year bonds went up 0.8 bp, 2.2 bps, 1.7 bps, 2.5 bps, and 6.7 bps, respectively, to 2.171%, 2.376%, 2.531%, 2.662%, and 2.851%.

At the long end, rates on the 10-, 20-, and 25-year notes rose 6.2 bps, 5.2 bps, and 0.4 bp, respectively, to 2.938%, 3.724%, and 3.699%.

For this week’s trading, the market will monitor the BSP’s maiden offering 28-day securities on Sept. 18. The final offer volume will be confirmed on Sept. 16.

“Yields should take their cue from BSP’s maiden auction [this] week and we’ll see how that will affect trading in the weeks to come,” Mr. Mapa said.

“The banks’ accommodation of BSP’s bills may compel lower placements in the overnight deposit facility (ODF). Initial market indication is a BSP bill rate close to prevailing T-bill rates,” UnionBank said.

“Since the front end of the curve doesn’t offer any yield advantage over the ODF yield of 1.75%, we may see selling pressure in the front-end prior to the auction of BSP bills (portfolio diversification) instead of ODF withdrawals,” the report added. — A.O.A. Tirona

US cites Smithfield for failing to protect workers from COVID-19

CHICAGO — The US Labor Department said it cited Smithfield Foods for failing to protect employees from the coronavirus, making it the first major meatpacker to face a fine after outbreaks at slaughterhouses infected thousands of workers.

The citation did little to quiet complaints from labor unions and safety advocates, who say the Trump administration needs to do more to protect workers critical to the nation’s food supply.

The Labor Department’s Occupational Safety and Health Administration (OSHA) cited Smithfield’s plant in Sioux Falls, South Dakota, for “failing to provide a workplace free from recognized hazards that can cause death or serious harm,” according to a statement.

At least 1,294 Smithfield workers contracted the coronavirus and four employees died this spring, OSHA said. The citation issued to the company said employees worked close to one another and were exposed to the virus.

OSHA proposed fining the world’s biggest pork processor $13,494, the maximum allowed by law.

The citation comes as companies face increasing litigation over worker infections and mounting pressure to protect frontline employees. Critics said the penalty was too small.

“It’s not even a slap on the wrist,” said David Michaels, a professor of environmental and occupational health at George Washington University, who served as US assistant secretary of labor for OSHA under the Obama administration.

“After 1,300 workers have been infected, dozens hospitalized and four killed, a small fine like this sends the message to Smithfield and other meatpacking companies that they have no reason to worry about OSHA.”

The Labor Department said in a statement that OSHA was committed to protecting workers and cited Smithfield in accordance with well-established procedures and legal standards.

Smithfield, owned by China’s WH Group Ltd., thinks the citation is without merit and plans to contest it, spokeswoman Keira Lombardo said. The company has taken steps to protect employees and spent $350 million related to COVID-19 (coronavirus disease 2019) during the second quarter, she said.

Smithfield temporarily closed the plant in April after infections surged among workers. The facility is one of the nation’s largest pork-processing plants, representing about 5% of US pork production.

In July, Smithfield sued OSHA in a bid to quash a subpoena issued as part of a federal probe into the plant. The two sides ultimately came to a resolution, and the case was dismissed.

“The fact is that the Sioux Falls community experienced an early spike in COVID-19 cases, which impacted our plant,” Lombardo said.

Nearly 20 meat plants run by companies like Smithfield, Tyson Foods, Inc. and JBS USA closed temporarily this spring because of outbreaks.

President Donald Trump in April ordered plants to stay open to protect the US food supply, despite concerns about outbreaks, drawing a backlash from unions that said workers required more protection.

“The failure by the Trump Administration to hold Smithfield accountable makes clear that this White House cares more about industry profits than protecting America’s essential workers,” said Marc Perrone, president of the United Food and Commercial Workers International Union, America’s largest meatpacking union.

California’s state OSHA this month cited two smaller meatpackers, one frozen-food manufacturer and eight agriculture or farm-labor contracting firms, after the agency determined the companies failed to protect employees from COVID-19.

Cal/OSHA proposed over $200,000 in penalties each to food manufacturer Overhill Farms, Inc. and its temporary employment agency Jobsource North America, Inc.

Overhill disputed Cal/OSHA’s findings and said it would contest them. Jobsource could not be reached for comment.

“It has been scary working through this pandemic and watching co-workers get sick while wondering if I will be next,” Overhill worker Hilda Morales said. — Reuters

Maserati goes full throttle with the MC20

 

Carbon fiber, aluminum, and zero to 100kph in less than three ticks

FIFTEEN YEARS since completing its 50-car, super-limited production of the MC12, Italian car maker Maserati unveiled its latest and most powerful supercar yet — the (Maserati Corse 2020) MC20. Made mostly out of carbon fiber and aluminum, and entirely developed by the Trident brand, the beauty wields a whopping 630 maximum horsepower and 730Nm of peak torque with its surprisingly high-tech twin-turbocharged 3.0-liter V6 engine, mated with a dual-clutch eight-speed transmission. Its astounding zero-to-100kph time is less than three seconds, and this feat is partially made possible by the fact that the vehicle’s monocoque chassis is made from carbon fiber — bringing its weight down to a jaw-dropping sub-1,500kg figure. It costs a fraction (only about a quarter) of the previous MC12, starting at about US$210,000. And it has those amazing butterfly doors, too. What’s not to like?

This masterpiece is the actualization of a long-term plan to rebuild Maserati’s robust reputation for performance. And while the MC20’s engine shares a lot of its engineering with the Enzo Ferrari supercar (since Ferrari builds the engines of a lot of Maserati’s current vehicles), this latest exotic sports car’s unusually high-performing engine is built entirely by Maserati this time, and it exploits breakthrough technology similar to what is used in Formula 1 racing engines. It carries a multi-link suspension in all its four corners, and uses robust Brembo brakes to equip the car with reliable stopping power.

Five drive modes are available for the driver to customize the car’s behavior. There’s GT Mode as the default, which focuses primarily on comfort; Sport Mode that immediately stiffens the suspension and makes the car more responsive and also allows the exhaust valves to open as early as at 3,500rpm (versus the default 5,000rpm) for more exciting engine acoustics; Wet Mode that prioritizes all of the traction and stability-assist systems over engine boost; Corsa Mode that limits the car’s traction and stability-control intervention, and that enables launch control while keeping the car’s exhaust system fully open for more fun; and an anything-goes, ESC-Off Mode that fully deactivates all electronic driving assists.

The MC20 offers 5.3 cubic feet of luggage capacity and comes in a choice of six beautiful colors: the stunningly shiny and “liquid-like” Nero Enigma; the Rosso Vicente, which is inspired by the color of a volcano’s hot magma; the Grigio Mistero, which reminisces a car’s naked body; the Giallo Genio, which is nostalgic of Modena; the Blu Infinito, which comes from the anodization concept; and (my favorite) the Bianco Audace, which is inspired by polar glaciers.

Maserati also recently unveiled its Trofeo (high-performance) variants of the Ghibli and the Quattroporte — making these two the fastest Maserati sedans ever made, yet. Furthermore, the car maker announced its plans to produce a completely electric version of the MC20 supercar in 2022.

Philippines places 45th in anti-money laundering index

Philippines places 45th in anti-money laundering index

How PSEi member stocks performed — September 11, 2020

Here’s a quick glance at how PSEi stocks fared on Friday, September 11, 2020.

US marine who killed Pinoy transgender sent home; lawyer says he was sorry

THE PHILIPPINES on Sunday deported a US marine convicted in 2015 for killing a Filipino transgender and whom President Rodrigo R. Duterte had pardoned.

Scott Joseph Pemberton was carried by a military plane that left Manila on Sunday morning, Immigration spokeswoman Dana Krizia M. Sandoval said in a Viber group message.

The Immigration bureau had blacklisted Pemberton, perpetually banning him from returning to the Philippines, Immigration Commissioner Jaime H. Morente said in a separate statement.

An Olongapo trial court convicted Pemberton of homicide in a case that had ignited anti-American sentiment in the former US colony. The court sentenced him to six to 10 years in jail.

Pemberton could have faced a life sentence had the judge granted prosecutors’ request for a murder conviction. The court cited mitigating circumstances, saying Mr. Pemberton was drunk and got confused after discovering that the person he had hired for sex was male.

Jeffrey Laude, a 26-year-old male sex worker who identified as a woman, was found strangled in October 2014 in a motel.

Pemberton expressed his “most sincere sympathy” to the family of his victim, his lawyer Rowena Garcia-Flores said on Sunday. “He extends his most sincere sympathy for the pain he caused.”

“In the years he spent in confinement, he spent much time contemplating the many errors in his ways regarding the night of Oct. 11, 2014,” Ms. Flores said. “He wishes he had the words to express the depth of his sorrow and regret.”

Mr. Duterte pardoned the American soldier last week after the victim’s family appealed his release. The President said the ex-convict had been treated unfairly.

The United States Embassy on Sunday said Pemberton’s release had been authorized by the Philippine Justice department.

“All legal proceedings in the case took place under Philippine jurisdiction and law,” it said in a statement. “Lance Corporal Pemberton fulfilled his sentence as ordered by Philippine courts and he departed the Philippines on Sept. 13.”

Pemberton had reportedly paid the victim’s family P4.6 million in damages.

“I told you DoJ would put him through the wringer,” Foreign Affairs Secretary Teodoro L. Locsin, Jr. said in a social media post on Sunday.

Mr. Locsin had said his pardon was Mr. Duterte’s own decision, rather than a condition to secure access to US-developed vaccines for the coronavirus disease 2019.

Presidential spokesman Harry L. Roque earlier said Mr. Duterte had pardoned Pemberton so the Philippines could have easy access to COVID-19 vaccines manufactured by the US. Health Undersecretary Maria Rosario S. Vergeire denied this was the case, adding that no such agreements had been made with the US.

But an analyst said the pardon would probably come with “diplomatic packages” that will benefit the Philippines.

“Few foreigners got pardoned and every time a foreigner got pardoned, it came with diplomatic packages,” Marlon M. Villarin, a University of Santo Tomas political science professor, said in a Viber message.

He said Mr. Duterte’s executive act was a “socially infamous decision.” “What is worth watching and waiting for is what comes next after Pemberton got pardoned that is in the interest of both the US and our country.”

The case fueled public clamor for a review of the visiting forces agreement between the two countries in 2014.

The conviction came less than a month after former US President Barack Obama visited Manila and pledged more military aid, as the Philippines under then President Benigno S.C. Aquino III sought US support for its efforts to challenge China’s push to control disputed islets in the South China Sea.

The US had military bases in the Philippines until 1991, when the Philippine Senate ended their leases. In 1999, the Senate ratified an agreement that allowed US authorities to retain custody of soldiers accused of a crime pending trial in a Philippine court.

President Rodrigo R. Duterte in February said he was ending that military deal. His government later delayed the termination of the pact on troop deployment, which he finds to be a distraction to the world’s anti-COVID-19 efforts.

The visiting forces agreement, which allows the US to shield its servicemen from prosecution in the Philippines, has been a thorny issue for Filipino patriots who see it as a lopsided deal. The US has used the VFA at least twice to keep accused soldiers under its jurisdiction. — Vann Marlo M. Villegas, Charmaine A. Tadalan and Gillian M. Cortez

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