Interagency body seeks to boost supervision over financial sector

May 3, 2021 | 12:04 am

Benjamin-Diokno-022820 — PHILIPPINE STAR/ GEREMY PINTOLO

THE FINANCIAL Sector Forum (FSF), a body chaired by the central bank chief, is looking to boost financial supervision in light of assessed gaps in the Bank Secrecy Law and the oversight of conglomerates and financial technology.

Benjamin E. Diokno, governor of the Bangko Sentral ng Pilipinas (BSP) and chairperson of the FSF, said the panel’s member agencies “are committed to implement financial sector reforms to promote effective and seamless supervision across the financial sector.”

Aside from the BSP, the inter-agency body includes the Securities and Exchange Commission, the Insurance Commission and the Philippine Deposit Insurance Corp. Their meeting was held on April 27.

“We will leverage on our cooperative arrangement to align standards and expectations and ensure that we continue to espouse an enabling environment towards an inclusive recovery and economic growth,” Mr. Diokno said.

The FSF members took into consideration the findings of the Financial Sector Assessment Program of the International Monetary Fund (IMF) and the World Bank that pointed to gaps in the country’s Bank Secrecy Law and conglomerate supervision. The findings were published last month.

The same gaps were also cited by the multilateral lenders on the BSP’s Observance of the Basel Core Principles for Effective Banking Supervision in November last year.

Mr. Diokno earlier said that he would request President Rodrigo R. Duterte to certify as urgent a bill seeking to ease the Bank Secrecy Law, noting the Philippines is the only country in the world left with such tight restriction on bank deposit information.

House Bill 8991 seeks to expand the central bank’s supervisory powers to look into deposit accounts of bank officials in cases where there is “reasonable ground for fraud, serious irregularity, or unlawful activity.” It was approved at the chamber’s committee level.

Senate Bill 1802, a counterpart measure of the House bill, was filed last year and is pending at the committee level.

“The results of the Financial Sector Assessment Program assessments will feed into the development of a strategic roadmap for the financial sector,” the central bank said.

The FSF also plans concrete activities that its members aim to push through as part of the establishment of a cooperative oversight framework on fintech innovation.

“In particular, existing regulations will be reviewed to harmonize baseline components and controls in the areas of customer onboarding and consumer protection across the financial sector,” the BSP said.

The memorandum of agreement between regulators was signed in February and was meant to boost the fintech industry’s compliance to measures on cybersecurity, anti-money laundering, counter-terrorism financing, and consumer protection.

“Existing initiatives of the FSF to strengthen information exchange across agencies were also discussed cognizant that this is critical in strengthening risk surveillance activities in the financial sector,” it said.

The multi-agency body is also working with the Commission on Higher Education, the National Economic and Development Authority, and Philam Foundation to craft a general elective course module on financial management, banking, insurance, securities and digital finance to arm students with practical skills in making prudent financial decisions. — Luz Wendy T. Noble

Bluebird Motor Corp. is newest Mitsubishi dealer in Angeles City

May 3, 2021 | 12:03 am

Velo_image8 — IMAGE FROM MITSUBISHI MOTORS PHILIPPINES

MITSUBISHI MOTORS Philippines Corp. (MMPC) last month appointed Bluebird Motor Corp. as its newest dealership in Angeles City, Pampanga. Hizon Autogroup Founder and COO Marco Hizon and his team boast extensive experience in the business — helping grow multiple car brands through automotive dealerships in the north. Mr. Hizon also hails from the distinguished family that founded the well-known Pampanga’s Best processed meat business.

“Bluebird Motor Corp. is excited with its partnership with MMPC. We are honored to have been chosen as its dealer partner for the city of Angeles. Mitsubishi customers can trust that our group will deliver committed service that is aimed to enhance customer experience,” said Mr. Hizon.

Mitsubishi Motors Angeles City will have a temporary showroom and service center in Filam Friendship Hi-way starting July. The permanent establishment is set to be operational by the second quarter of 2022. Said MMPC President and CEO Mutsuhiro Oshikiri, “MMPC is confident that the Bluebird Motor Corp. will perform strongly in its assigned location. We are happy to be partners with a group that carries commendable values that translates to providing utmost care for its employees and passion to deliver excellent service to its customers.

For more information, visit www.mitsubishi-motors.com.ph or contact a dealer.

Major expansion eyed in Mindanao avocado, jackfruit production

May 3, 2021 | 12:03 am

1 of 2

THE Mindanao Development Authority (MinDA) is planning for a large-scale expansion in the production of avocado and jackfruit, tapping 200,000 hectares of upland areas.

“Over the next five years, MinDA will target 100,000 hectares for each of the two crops… and (generate) estimated earnings of $2 billion every year,” Secretary Emmanuel F. Piñol said in a statement on Friday.

“These two crops will be introduced as agro-industrial commodities in commercial scale and volume, instead of just backyard fruit trees for family consumption.”

The proposal is part of the Mindanao Greening Program, which aims to develop agricultural industries while rehabilitating and protecting the highlands from denudation.

MinDA will host a virtual conference on May 17 to discuss the plan.

Among the expected participants are Mindanao representatives of national agencies, farmers’ cooperatives, government financing institutions, and multinational and domestic companies such as Dole Philippines, Inc. and Dizon Farms, which can serve as consolidators and buyers.

The specific varieties being considered are the Hass avocado and the Abuyog Sweet jackfruit.

“The Hass avocado is a premium fruit which Japan and China import from the US and South America which Philippine agriculture had not ventured into because of the absence of planting materials,” Mr. Piñol said.

The jackfruit, meanwhile, has not been paid attention to despite “huge demand in food processing,” he said. — Marifi S. Jara

Shopee holds another mega sale as more Filipinos turn to online shopping

May 3, 2021 | 12:03 am

1 of 2

AS IS USUAL for Shopee on patterned dates such as 12.12 (Dec. 12), it will hold a sale on May 5 (that’s 5.5). And if past success is to be considered, Shopee can expect its digital cash registers to overheat as more Filipinos have turned to online shopping.

For the 5.5 Brands Festival Sale, shoppers can expect discounts up to 90% off, flash deals up to 50% off, free shipping with no minimum spend, and 50% cashback from crowd favorites such as OPPO, Vivo, Realme, Colgate, Abbott, L’Oreal Paris, Enfagrow, Procter & Gamble, Olay, Unilever, Nestle, Colourette Cosmetics, and Maybelline.

“Shopee supports brands in their digitization efforts and ensures Filipinos have access to everything they need at the best price,” said Martin Yu, Director of Shopee Philippines during an online press conference on April 29. “Since 2017, we’ve seen a fourfold increase in brands joining Shopee. To date, we have over 23,000 official brand stores across our markets.”

Shoppers on Shopee can claim over ₱1,000,000 worth of prizes at Shopee Prizes Sale on May 3, and redeem over ₱5,500 worth of vouchers at a Brands Vouchers Sale on May 4. They also have a chance at redeeming 50% cashback and enjoy flash deals up to 50% off on brands at the Electronics Fair from May 2 to 4. Brands for parenting needs are also joining in on the fun: watch out for promos by Pampers, Nestle, and Enfagrow.

Mr. Yu said, “The 2021 Global Web Index Market Snapshot shows 51% of Filipinos now prefer to shop online, with a 31% growth observed in online spending on groceries and household goods and 36% increase on medicine and healthcare needs. In fact, Shopee saw over one million medical supplies sold in the last 4.4 Mega Shopping Sale.”

The money keeps rolling in for Shopee, if these patterned-day sales are any indication. “Shopee witnessed record-breaking growth in the past year. Across the region, we saw 2.5 times more brand participation and recorded a 2.8 times increase of shoppers going to Shopee Mall during our Mega Campaigns,” said Mr. Yu. This, according to him, comes from “an unprecedented shift in purchase behavior among Filipinos as they learned to adapt to restrictions brought by COVID-19.” He noted that “In the Philippines, we saw over 70 million items sold at our last Shopee 10.10 Brands Festival.”

As for the other brands, Vivo is offering P300 off a purchase of P6,600 by using the Shopee-exclusive “VIVO300” voucher code. For Colourette, it’s offering 50% off selected products and free shipping for orders with a minimum of P999. Shoppers can make the most out of free shipping with no minimum spend, 50% cashback from participating Shopee Mall stores, and up to 90% off on select products from Tender Care, AirQueen PH, Unicare, Reckitt, GSK, Pedigree, Whiskas, IAMS, Peculiar Eyewear, Shigetsu, Mikana, INSPI, Organic Skin, Organic Official, Teetalk, Crown, Chef’s Classics, and XTREME Appliances.

For more information on all the deals at the 5.5 Brands Festival, visit https://shopee.ph/m/5-5-2. — JLG

Rates of T-bills, T-bonds seen to move sideways ahead of inflation data

May 3, 2021 | 12:03 am

THE RATES of government securities on offer this week are likely to move sideways as investors stay on the sidelines while waiting for the April inflation data.

The Bureau of the Treasury (BTr) is set to borrow P25 billion via the Treasury bills (T-bills) on Monday, broken down into P5 billion in 91-day debt, P8 billion in 182-day papers and P12 billion from 364-day securities.

On Tuesday, the BTr will offer P35 billion of five-year reissued Treasury bonds (T-bonds) with a remaining life of four years and 11 months. The bonds have a coupon of 3.375%.

Two bond traders said T-bill rates might move sideways or inch down by up to 5 basis points (bps), ahead of the release of the inflation data.

The Philippine Statistics Authority will report on Wednesday, May 5, the consumer price index data for the month of April.

Analysts said headline inflation could have accelerated again last month to go beyond the annual target for the fourth consecutive month, due to high food and transport prices.

A BusinessWorld poll last week of 17 analysts yielded a median estimate of 4.7%, nearer the upper end of the 4.2% to 5% estimate given by the Bangko Sentral ng Pilipinas (BSP) for the month. If realized, this will be faster than the 4.5% print in March.

Analysts attributed the expected faster inflation to high cost of pork products following the expiration of the price cap of the government, coupled with elevated transport costs due to the continued increase in oil prices.

Meanwhile, the first trader said the five-year T-bonds could “enjoy demand on yield pickup” on Tuesday, with the average rate hovering around 3.25-3.35%. The second bond trader gave a slightly higher forecast range of 3.3-3.4%.

The BTr made a full P25-billion award and even accepted P5 billion more via the tap facility during its previous T-bill auction last week. The exercise saw total bids reach P71.596 billion, nearly thrice as much as the initial offer.

Broken down, it raised P5 billion as planned via the 91-day papers, at a slightly higher average rate of 1.369% against the 1.349% quoted on March 19.

It also awarded the programmed P8 billion in 182-day debt. The average yield of the six-month papers inched up to 1.714% from 1.713% in the previous auction.

Lastly, the Treasury made a full P10-billion award of the 364-day securities it offered, with the average rate edging down to 1.88% from 1.884%.

Meanwhile, the last time the BTr auctioned off five-year bonds was on April 6 when it made a maiden offering of the series raising P35 billion at a coupon of 3.375%.

At the secondary market on Friday, the 91-, 182- and 364-day papers were quoted at 1.346%, 1.644%, and 1.882%, respectively, while that of the five-year tenor ended at 3.231%, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

The BTr plans to raise P170 billion from the local bond market this month: P100 billion via the weekly offering of T-bills and P70 billion in T-bonds to be auctioned off fortnightly.

The government is looking to borrow P3 trillion this year from domestic and external sources to help fund a budget deficit seen to hit 8.9% of gross domestic product. — Beatrice M. Laforga

Maynilad begins laying primary pipeline for P10-B water treatment facility

May 3, 2021 | 12:03 am

WEST ZONE water concessionaire Maynilad Water Services, Inc. has started the laying of a primary pipeline as part of the construction of its new water treatment plant in Muntinlupa City.

Maynilad said in a statement during the weekend that the pipeline, which has a diameter of 1,800 millimeters, will source water from Laguna Lake to be produced by the company’s P10-billion Poblacion water treatment plant.

The treatment facility is capable of producing 150 million liters of potable water per day and will cater to the company’s customers in Cavite and other areas south of its concession area.

“The facility is part of Maynilad’s medium-term plan to produce additional supply so it can meet the growing water demand and ease over-reliance on Angat Dam, currently the only major water supply source for Metro Manila and nearby provinces,” the water provider said.

Maynilad also disclosed that the construction of its water treatment facility will be finished in the latter part of 2023, from its original completion date in 2022, due to quarantine restrictions that limited the movement of the project’s workers.

Ramoncito S. Fernandez, Maynilad president and chief executive officer, said the P10-billion treatment plant aims to produce the additional water needed to avoid water supply issues while waiting for the completion of the government’s long-term water source projects.

“This is a project requiring billions of investments, and will take years to complete. We are ready to see it through to full completion. We are in this for the long haul,” Mr. Fernandez said.

The water provider has two water treatment facilities in Muntinlupa that produce a total of 300 million liters of water per day and serves 1.2 million customers in the southern area of its concession.

Maynilad provides water to Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, Malabon, Manila, Makati, and Quezon City, as well as parts of Cavite province including Bacoor, Imus, Kawit, Noveleta, and Rosario.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Michael Breen takes helm of Ford PHL on June 1

May 3, 2021 | 12:02 am

Velo_image9 — PHOTO FROM FORD PHILIPPINES

MICHAEL “MIKE” Breen will assume office as managing director of Ford Philippines effective June 1, announced Ford Motor Company in a release. Mr. Breen, currently managing director of Ford Asia Pacific Direct Markets (APDM), will relocate to Manila and will report directly to Ford ASEAN President Yukontorn “Vickie” Wisadkosin.

“In his new role, Breen will be responsible for continuing to drive Ford’s momentum in the Philippines, including sustaining the success of its vehicle lineup and further enhancing the ownership and after-sales experience for Ford customers,” said the company.

Averred Ms. Wisadkosin, “Mike brings with him a wealth of experience gained from close to three decades of working in Ford markets all over the world. As APDM country lead complemented by his extensive expertise in dealer relations, marketing, and sales operations, I am confident that Mike’s leadership in the Philippines, together with our dealer partners, will help us improve customer experience to further grow the Ford brand in the market.”

In his present role which he assumed in 2019, he leads a team that supports distributors across 25 countries working around various product requirements and customer engagement initiatives. He provided support to distributors in an effort to grow Ford’s presence in selected markets by introducing new products. This, in turn, led to a 15% increase in volume and 5.6% improvement in market share.

Mr. Breen earned his bachelor’s degree in Business Communications from Oakland University in 1991. Two years after, he joined Ford as a customer service representative in Ford North America, climbing up the ranks while performing various marketing and sales roles. As brand content and alliance manager, Mr. Breen led the launch and execution of a groundbreaking partnership with Home Shopping Network which helped increase leads and sales as well as improved overall perception of the Ford brand.

In 2016, he was appointed truck and SUV launch manager in Ford Asia Pacific based in Shanghai, China where he facilitated the integration among teams in marketing communications, media communications, truck, and various Asia-Pacific markets to support the launch of the Ranger Raptor in 2018. That year, he moved to Bangkok, Thailand as marketing communications launch manager of Ford Asia Pacific Operations.

Mr. Breen replaces PK Umashankar, who took on a new role as director of the Ford Customer Service Division’s International Markets Group (IMG) last April 1. He has overall responsibility for Ford’s customer service and after-sales initiatives across the territories comprising the IMG region. He has relocated to Bangkok, Thailand and reports directly to IMG President Dianne Craig.

Said Ms. Wisadkosin of Mr. Umashankar, “(He) has been instrumental in leading our business in the Philippines amid a very challenging time. Under his leadership, customers’ choices in the Ford showroom expanded with the successful launches of the Everest Sport, F-150, and all-new Ford Territory in 2020. His hands-on approach also allowed customers to enjoy improved parts availability and enhanced ownership experience supported by our dealer partners.”

DA studying various drugs as ASF treatments, including Ivermectin

May 3, 2021 | 12:02 am

THE DEPARTMENT of Agriculture (DA) said it will conduct research on the effectiveness of various drugs in controlling African Swine Fever (ASF), including Ivermectin, a treatment for parasitic roundworm infections recently touted as a potential treatment for coronavirus patients.

Agriculture Secretary William D. Dar signed Special Order No. 310 on April 30 that set up an inter-agency research team that will generate proposals on the use of various drugs in containing the ASF outbreak.

“(It will) prepare research proposals on the use of Ivermectin, ASF Buster, Cloud Feed and other potential products for the control and prevention of ASF,” Mr. Dar said in the order.

Ivermectin is a veterinary drug that is used for the treatment of animal intestinal parasites, fleas and mites. The drug has a human grade version that is thought to boost immunity via the eradication of parasites, thus boosting immunity and aiding patients being treated for coronavirus disease 2019 (COVID-19).

The Department of Health has said that there is inadequate evidence to recommend the use of the drug as COVID-19 treatment.

In a mobile phone message, Agriculture Undersecretary William C. Medrano said the Ivermectin trials will be separate from the ongoing ASF vaccine trials.

“We just approved the trial design and the team to implement. We will try to have preliminary results in three to four months,” Mr. Medrano said.

On April 23, the DA started initial ASF vaccine trials in 10 commercial hog farms previously affected by ASF. The trials were conducted together with animal health company Zoetis Philippines, Inc., and a United States vaccine company which the DA did not identify.

The DA said Zoetis is the major collaborator of the experimental ASF vaccine, which reduced hog deaths in early trials in other countries.

According to the DA, the ASF vaccine trials will be conducted and observed by the Bureau of Animal personnel and veterinarians for 84 days.

ASF is a severe and highly contagious hemorrhagic viral disease in pigs that poses no health§v risk to humans. — Revin Mikhael D. Ochave

Young Pinay designer teases new collection in Fashion Week San Diego Spring Showcase

May 3, 2021 | 12:02 am

FILIPINA artist Bea Cruz — who was named Top Designer at the 2020 Fashion Week San Diego (FWSD) — recently gave a sneak peek of her upcoming collection at the 2021 FWSD Spring Showcase in California.

Called “Bright Young Things,” the full wardrobe will be shown at the FWSD Fall Runway in October.

A nod to the 1920s phrase for young people, the series is inspired by one of the most glamourous decades in 20^th century fashion. The international preview featured an intricately handcrafted dress that married the flamboyance of soft tulle and two kilos worth of gold crystal seed beads.

“Bright Young Things is reminiscent of the time when people craved for light, speed and celebration of life after being struck by the Great War and the world’s deadliest pandemic, the Spanish flu. This is so fitting for what we are battling in the present,” Ms. Cruz said in a press release. “This collection tells you about my vision — the kind of life we aspire to take back after the coronavirus,” she added. “I wish this will shed a little ray of hope we can hold on to in these trying times, because we have a lot more roaring centennial years to come.”

Ms. Cruz, 23, is a budding designer from Victorias City, Negros Occidental, who studied under the Fashion Design and Merchandising Program of the De La Salle-College of Saint Benilde School of Design and Arts. She first turned heads as the youngest and the sole Philippine representative at the 14^th International Virtual Art Renewal Center (ARC), the largest realism art competition hosted by the auction house Sotheby’s New York, wherein she earned the Art & Beauty Behind Fashion Team recognition.

Her international debut at the 2020 FWSD likewise bagged her the Top Designer title for “Vivirá,” a 10-piece fall series which brought a new dimension to the classic baro’t saya, panuelo, and barong.

In addition to her current projects, Ms. Cruz is gearing up for yet another Sotheby’s New York and Art Renewal Center stint this July.

Prime Media net loss widens to nearly P3M

May 3, 2021 | 12:02 am

LISTED Prime Media Holdings, Inc. on Friday said its net loss ballooned by almost 67% to P2.98 million from P992,120 after company expenses grew while rental income declined.

Expenses amounted to P5.59 million from P4.5 million, which is up by 24% as legal fees increased and more services were outsourced during the year.

The company’s topline declined to P2.67 million, 34% lower than the P3.58 million generated in 2019.

In March, Prime Media said it entered a memorandum of understanding (MoU) with RYM Business Management Corp. and New Era Empire Realty Corp. to “revitalize” the company through new businesses across different sectors such as real estate, media and entertainment, the gaming industry, and financial technology.

The MoU made New Era a majority stockholder of Prime Holdings.

Prime Media also recently announced that it is on the lookout for a media partner to produce and broadcast local shows and host international sports events.

Shares of Prime Media on Friday went down by 3.79% or 11 centavos to close at P2.79. — Keren Concepcion G. Valmonte

Peso seen weaker on projected faster inflation, better US economic outlook

May 3, 2021 | 12:02 am

THE PESO could weaken anew this week on expectations that the inflation rate is likely faster and amid preference for the dollar due to the brighter prospects of the US economy.

On Friday, the local unit finished at P48.10 per dollar, powering by 21.5 centavos from its P48.315 close on Thursday, based on data from the Bankers Association of the Philippines.

The peso’s Friday close is its best in more than two months or since Feb. 15 when it ended trading at P47.93.

The local unit also strengthened by 28.1 centavos from its P48.381 close on April 23.

The narrower balance of payments (BoP) deficit in March supported positive market sentiment for the peso, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The BoP was at a deficit of $73 million in March, slimmer than the $2.019 billion gap in February, based on data reported by the Bangko Sentral ng Pilipinas (BSP) on Thursday. However, the March BoP is a reversal of the $448-million surfeit a year earlier.

The BSP attributed the deficit to outflows as the government serviced its foreign currency debts.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the US Federal Reserve’s decision to keep its monetary stance accommodative was a major factor that supported the peso’s strength last week.

The Fed on Wednesday maintained the policy rates and expressed a more bullish outlook for economic recovery, Reuters reported. But the central bank is not yet keen on rolling back support as it continues to see a dire situation in the labor market, Fed Chairman Jerome Powell said.

This week, Mr. Ricafort said the market would monitor the inflation print for April, which will be released by the Philippine Statistics Authority on May 5.

A BusinessWorld poll of 16 economists last week yielded a median estimate of 4.7%, still beyond the BSP’s 2-4% target and nearer the upper end of the central bank’s 4.2% to 5% estimate for April. If realized, this would also be quicker than the 4.5% in March and the 2.2% a year earlier.

Analysts said major factors that could cause faster increase in the consumer price index are higher meat and global oil prices.

For Mr. Asuncion, this week’s foreign exchange trading theme that could make the peso weaker is the risk of higher US Treasury yields as the government outlined its support to boost economic growth this year.

The US economy rose 6.4% in the first quarter, based on data released by the US Commerce department on Thursday. It is better than the 4.3% expansion in the fourth quarter of 2020.

Mr. Ricafort gave a forecast range of P47.95 to P48.20 while Mr. Asuncion expects the local unit to move within the P48.20 to P48.50 levels. — Luz Wendy T. Noble with Reuters

Nishi is new president and CEO of Sojitz G Auto PHL

May 3, 2021 | 12:01 am

Velo_image10 — PHOTO FROM GEELY PHILIPPINES

CURRENT SOJITZ G Auto Philippines (SGAP) Executive Vice-President Yosuke Nishi will be the company’s next president and CEO effective May 1 as Mikihisa Takayama ends his country assignment to assume a new role in Sojitz Corp. in Tokyo, Japan.

Mr. Takayama has led SGAP since it opened shop here as Geely distributor in September 2019. In a release, the company said Mr. Takayama “led SGAP to aggressively move in making Geely’s presence known in the local car market consistently with its successful launches of the Geely Coolray as well as the Azkarra and Okavango in spite of the fragile state of the auto industry as a result of the pandemic.”

The company also noted that the Coolray, in “most months” of 2020 and 2021 led its category in sales. Recently, SGAP announced that it has maintained its top 10 industry ranking in March, keeping its ninth position in total industry sales.

Mr. Nishi started his automotive stint in the Philippines as an executive from 2012 to 2018. He admitted that he learned to love the country and the Filipinos. “Since I am really fascinated by the Filipino culture, I wanted to come back to the Philippines. And during my short stay in Japan, I had been visiting the Philippines for the preparation of the establishment of SGAP. I have worked on getting an approval from Sojitz to establish the Geely business,” Mr. Nishi continued. “Since SGAP, the Geely business in the Philippines, is my baby, I felt the need to grow it together with our customers and business partners. I want to assure everyone that SGAP/Geely Philippines can give the best services and experiences to the customers.”