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Mist calls

Toyota welcomes you back with Bactaklenz

THE MUCH-ABUSED term “new normal” covers all manner of adjustments and changes to our previous lifestyle that now seems so distant. Far from being a catchy, well, catchall, “new normal” is also used to describe protocols that are, quite simply, unprecedented for any generation living through these strange times.

Going out of the house? Don’t forget your face mask, face shield, disposable gloves, and, yes, a bottle of sanitizer or 70% isopropyl alcohol solution. And when you get back home, remember to sanitize everything you brought out. Leave them by the front door (don’t wear your shoes indoors), wash your hands, shower thoroughly, etc.

It can get downright tedious, to be sure, but the alternative courts infection and maybe worse.

If you’re lucky to have a vehicle, the responsibility of sanitization and disinfection extends to your transportation. Cognizant of this, Toyota Motor Philippines Corporation (TMP) is conscientiously doing its part to protect its customers and people through an appropriately called “Welcome Back” promo for its after-sales service customers.

This involves the use of its proprietary Toyota Bactaklenz, “an anti-bacterial treatment proven to eliminate 99.99% of bacteria, molds, and fungi inside the vehicle which can cause allergy and other health concerns. Based on medical research and studies, sage oil, which is one of its active ingredients, is found to be effective in reducing the spread of common colds and influenza,” according to a TMP release. The product is also said to eliminate cabin odor and foul smell.

The company says that bacteria and fungi “will start to breed in condensing ducts when the air-conditioner is switched off,” and over time, these might grow to “hazardous levels.” While you consider that, TMP also reports that “when a person sneezes or coughs, bacteria droplets are drawn into the air-conditioner through the intake and reticulated out through the vents which will potentially spread the virus to a secondary person.” Of course, normal cleaning activities cannot hope to address this.

Talk Box reached out to TMP First Vice-President for Customer Service Operations Rainnier Gregorio, who asked our Bactaklenz questions via e-mail. To start off, he said that the product “received technical approval from Toyota Motor Asia Pacific, and is safe to use inside the vehicle.” The treatment is applied using a misting system.

TALK BOX: Do I have to wait for it to dry? Is it not dangerous to inhale? How about for pets? Does it leave a scent?

RAINNIER GREGORIO: Based on the treatment process, the purging/misting of the solution will only take 30 seconds. However, we need to wait for 10 to 15 minutes for the mist to subside before we turn over to the customer. Though it is safe, based on SOP no one should be sitting inside the vehicle during treatment. After the treatment, it will leave a slight pine scent and no unpleasant or foul odor. Its effectiveness can last up to three months.

When is my vehicle misted — upon arrival or prior to turnover, or both?

It is recommended to perform the misting during the delivery process (prior to turnover).

Are there plans to roll out the technology to all TMP dealerships?

This service is already available in dealerships. If a dealership doesn’t have Bactaklenz, they have existing contracts with other antibacterial brands/suppliers. These vary from dealer to dealer.

Toyota owners are entitled to a free Toyota Bactaklenz Vehicle Interior Sanitation Treatment when they avail of any or a combination of the following services at participating Toyota dealer outlets during the promo period: periodic maintenance, general service, and body and paint.

For more information, visit https://toyota.com.ph/promos/bactaklenz.

Doing Good: stepping up during a lockdown

The Philippines has eased lockdown restrictions in Metro Manila and several other provinces as the country tries to restart and salvage an economy flattened by the pandemic. But the pandemic is still a clear and ever-present danger to the populace. Here are a few more stories of people protecting our frontliners and other Filipinos.

ARANETA CITY
The J. Amado Araneta Foundation, the social arm of Araneta City, gave squash and vitamin boosters to close to a thousand security, sanitation, and maintenance personnel serving Araneta City on May 31 and June 1.

The squash were donated by Kay Jonatas of the Kalabasa Project which helps squash farmers in Nueva Ecija to sell their produce during the crisis. The vitamin-booster juice drinks were donated by the family of Theresa Vialu.

“It’s a win-win situation for us. We are able to take part in the Kalabasa Project’s mission to help squash producers, and at the same time, provide something valuable to reward and safeguard the health of Araneta City frontliners. This initiative has allowed us to reach out to a lot of people in these challenging times,” Diane Romero, the foundation’s executive director, said in a release.

AYALA FOUNDATION
Ayala Foundation, in partnership with the National Historical Commission of the Philippines produced the “Magiting mask,” a face mask featuring the colors of the Philippine flag and the eight-rayed sun. The masks were created in celebration of National Flag Day on May 28.

The foundation aims to distribute the masks to frontliners and essential workers as it was made to honor those “who are making a huge sacrifice for the nation to contain the spread of the pandemic,” said a release.

The historical commission said that this year, they are distributing the face masks instead of small flags. Its commissioner, Rene Escalante hopes that when people see the masks they are reminded of the heroism of the revolutionary Filipinos in 1898 and the heroism of the COVID-19 frontliners.

GLOBE TELECOM
Globe myBusiness continued its “Heroes for Heroes” program by providing meals for frontliners in small, medium enterprises specializing in groceries, logistics, and medicine.

The program, now on its third and fourth cycle, was initially meant to provide food for medical frontliners while helping food businesses keep afloat. This has since expanded to other frontliners as the program distributed food packs to 20 businesses like Merry Mart Grocery, Kemp Mart, Unitop Supermarket, Ansaldo Logistics, and Amesco Drugstore. The meals were fully funded by Globe myBusiness and provided by partner restaurants like 121 Restaurant, Northpark Noodles, Bigg’s Diner, Burger Project, and Tuesday Kitchen.

“While hospitals are taking care of COVID-19 patients, employees working in supermarkets, groceries, logistic platforms, and drugstores risk their lives daily to serve those under quarantine. We would like to express our gratitude to them by making sure they have the resources they need to stay healthy,” said Celeste Porto, marketing head at Globe myBusiness, in a statement.

RICO BLANCO
Singer Rico Blanco, former frontman of the band Rivermaya, performed a special cover of the band’s 2005 hit “Liwanag sa Dilim” in support of the BayaniHands project of P&G Safeguard for the Philippine National Red Cross. The song was initially featured in the video launching the project and is meant to honor the frontliners.

The project aims to raise funds for frontliners which include buying personal protective equipment.

Mr. Blanco was touched by the use of the song that he recorded at home.

“In support for the BayaniHands project where they raise funds for the frontliners through the Philippine Red Cross, I thought to make a quarantine version of “Liwanag sa Dilim” to honor our modern-day heroes,” Mr. Blanco said in a statement.

Those who want to support the project can do so by buying donation vouchers on Lazada at https://lzd.co/BayaniHands.

Carabao center launches food security, livelihood programs in Nueva Ecija

THE Philippine Carabao Center (PCC) said it launched four projects in Nueva Ecija to address food security issues and generate livelihood for farmers in response to the disruption caused by the coronavirus disease 2019 (COVID-19) pandemic.

In a statement, the PCC said that it signed a Memorandum of Agreement (MoA) with San Jose covering its activities in the city.

PCC Executive Director Arnel N. del Barrio said the initiatives target displaced farmers and promote urban agriculture during the pandemic.

It distributed 10 carabaos for fattening to the Tayabo-Agro Entrepreneur Natures Innovators Movement under a milk and meat production program.

A ruminant research clinic was also inaugurated, which will provide technical and veterinary services to farmers and carabao owners.

A second project promotes urban agriculture.

“We will be using fertilizer from animal manure in our soil, plant and harvest for acquisition of food for people as well as for our carabaos which are a source of milk, meat, and organic fertilizer,” Mr. Del Barrio said.

The PCC also launched a buffalo milk rolling store offering milk and dairy products to consumers in selected cities and towns.

The third project focuses on providing technology and product innovation training to farmers, including the development of two new Milka Krem products, Milky Bun and Milk Pops.

Both products use carabao milk, which is claimed to boost immunity.

The fourth project provides e-learning and digitized training materials enabling sustained access to information, education, and communication for members of the carabao industry. — Revin Mikhael D. Ochave

Peso to strengthen on data showing recovery

THE PESO is likely to strengthen further this week as the market prices in data showing the economy is off to a gradual recovery and await developments in legislation on the government’s crisis response.

The local unit finished trading at P49.80 per dollar on Friday, strengthening by 20 centavos from its P50 close on Thursday, according to data from the Bankers Association of the Philippines. This was the peso’s strongest finish in nearly three years or since its P49.63 per dollar close on June 15, 2017

The local unit also rallied by 81 centavos week on week from its P50.61-per-dollar finish on May 29.

Despite the increase in the country’s unemployment rate in April, the continued easing in inflation may have fanned positive sentiment, said UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“Peso was stronger most probably because of the softer inflation. The unemployment numbers may have already been priced in by investors though,” Mr. Asuncion said in a text message.

Inflation eased for the fourth successive month in May to 2.1%, with downward pressures from food and fuel prices, according to data from the Philippine Statistics Authority (PSA).

The May print is the slowest in six months and compares to the 2.1% logged in April and the 3.2% seen in the same month of 2019.

Meanwhile, the unemployment rate in April surged to a 15-year high of 17.7% coming from the 5.1% a year earlier and the fastest since 2005 when the PSA adopted new definitions for its labor force survey. This translates to about 7.25 million Filipinos who were jobless, higher by more than three times than the 2.27 million in the same month of 2019.

For his part, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the peso’s strength reflects improving risk sentiment for emerging market currencies as more economies reopen.

“The peso exchange closed stronger amid improved global market risk appetite that led to gains in emerging markets,” he said in a text message.

Investor sentiment this week will depend on the government’s response to the crisis.

“Probably the progress of fiscal stimulus bills may be a factor,” UnionBank’s Mr. Asuncion said.

On June 3, the Senate approved the Bayanihan Act 2 which expands financial aid to industries including farmers, public utility drivers, teachers that have been hit by the pandemic.

Meanwhile, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill which looks to fast-track the reduction of corporate income tax to 25% from 30% was unable to be passed before the Congress adjourned. Senators said they will work to ensure the bill is passed by August.

Aside from the bills, RCBC’s Mr. Ricafort said the market will also factor in other data, including US jobs and new coronavirus infections.

Data from the US Labor department showed the jobless rate fell to 13.3% in May from the post-World War II high of 14.7% seen in April, according to a Reuters report.

However, the unemployment rate was seen with record decline for whites but rising for blacks and Asians.

For this week, both Mr. Asuncion and Mr. Ricafort expect the peso to trade at P49.50 to P50 versus the dollar. — L.W.T. Noble with Reuters

BMW PHL opens digital showroom, fires off 3-vehicle salvo

SMC ASIA Car Distributors Corp. (SMC ACDC), the official importer, distributor, and service provider of BMW vehicles in the Philippines, is veritably firing on all cylinders as it announced the opening of its digital showroom https://bethefirst.bmw.com.ph/digitalshowroom recently to select members of the media. In addition to this, BMW Philippines, led by its President Spencer Yu, also revealed three new vehicles now available across its dealership network.

BMW 520i SPORT
Moved by a 2.0-liter, four-cylinder TwinPower Turbo engine, the BMW 520i Sport sedan serves up 184hp and 290Nm of torque. Its power is accessed by the driver through an eight-speed automatic with Steptronic. A new exterior design is highlighted by 19-inch light alloy V-spoke wheels with mixed run-flat tires.

Inside, it has Dakota leather upholstery, automatic dual-zone air-conditioning with extended contents, a smoker’s package, sport seats, and electric seat adjustment for the driver and front passenger (with memory function for driver’s seat). The 520i Sport has a BMW iDrive System, Apple CarPlay, a high-fidelity speaker system, ambient lighting, electric sunblind for the rear window, and manual rolling sun blinds for rear side windows. Pricing is at P4.29 million.

BMW X3 xDRIVE20d BUSINESS
The BMW X3 xDrive20d Business also boasts a refreshed exterior trim and design. It’s powered by a four-cylinder BMW TwinPower Turbo emitting 190ps and 400Nm. The engine is mated to an eight-speed Steptronic transmission with gearshift paddles.

As with the 520i Sport, this X3 is fitted with run-flat tires with indicator, and 19-inch light alloy wheels. LED headlights with extended contents, LED fog lights, and Park Distance Control (PDC) on the front and rear are among its other features.

Vernasca leather is used within, and BMW gives the X3 with ambient lighting, electric seat adjustment for front seats (with memory function for the driver’s seat). There’s also a storage compartment package, along with Apple CarPlay, BMW iDrive, a through-loading system, smoker’s package, and automatic three-zone-air conditioning. The rear side windows get mechanical sunblinds. It is priced at P3.99 million.

BMW Z4 M40i FROZEN EDITION
With only five units allocated to the Philippine market, the undeniable star of the three-model unboxing is a limited release of the BMW Z4 roadster, called the Frozen Edition.

Each unit features exclusive Frozen Grey II paintwork from BMW Individual. The 3.0-liter BMW TwinPower Turbo six-cylinder gasoline engine that powers it has been given 47 more horses (387hp) over its Z4 M40i sibling.

Inside, the Frozen Edition gets Vernasca Magma Red décor stitching, black upholstery, interior trim finishers Aluminium Tetragon, an instrument panel in Sensatec — to go with M Sport seats for the driver and passenger. It also gets electric seat adjustment with memory function, lumbar support for the driver and front passenger, M seat belts, floor mats in velour, and automatic dual-zone air-conditioning. There’s a BMW iDrive System, Apple CarPlay, and Harman Kardon surround sound system.

The BMW Z4 M40i Frozen Edition is priced at P5.99 million.

All these new BMWs have a now-standard five-year/200,000-kilometer warranty, which covers all mechanical and electrical components, except for preventive maintenance or wear-and-tear items. BMW says that “items and components covered by the warranty are always replaced by original BMW parts.” Declared Mr. Yu, “We believe that our five-year warranty across our lineup is the strongest of its kind for premium vehicles.”

Toyota opens online showroom

TOYOTA Motor Philippines Corp. (TMP) has introduced an online showroom displaying information about vehicles for sale as consumers remain at home during the pandemic, ahead of the company’s first digital car model launch.

The company in a press release on Saturday said that users can view 360-degree displays of the vehicles through the online platform.

The website will also display payment estimates, and can be used to connect to dealer representatives for inquiries, official quotations, and purchases.

TMP is set to digitally launch its newest Toyota Wigo model on June 15.

TMP First Vice-President for Brand & Product Planning Cluster Cristina Arevalo said that the showroom was designed to simulate the physical sales process. The final purchase will be made at the dealer.

“(Customers) can rotate the exterior view as if walking around the actual vehicle, or manipulate the interior view to see detailed specifications. They can even have a sample computation and prepare the required vehicle purchase documents ahead of time. This way, they are better equipped when they finally visit the dealer,” she said.

The company restarted production at its Laguna plant last month after lockdown restrictions eased, and 66 of 70 dealer outlets opened by May 20. TMP also launched a mobile app for booking car maintenance appointments.

The Philippine automobile industry saw a 66% decline in car sales year-on-year in March. Toyota, which had 39% market share in March, saw a 23% year-on-year sales decline to 25,696 units.

Customers may also access the showroom from outside the country. — Jenina P. Ibañez

‘Am I going to get shot?’ kids ask, as brands try to explain racism and violence to children

NEW YORK — For eight minutes and 46 seconds — the time it took George Floyd, an unarmed black man, to die at the hands of Minneapolis police — cable TV kids channel Nickelodeon’s screen went black on Tuesday to sounds of inhaling and exhaling, as white text flashed “I can’t breathe.”

The Pokémon Company pledged $100,000 in support for Black Lives Matter. Sesame Street co-hosted a televised town hall meeting with CNN on Saturday morning.

These are just a few examples of how companies that entertain or sell products for kids are adjusting their messages, as they attempt to deal with this moment in American history and explain the complexities of racism and police brutality to children through action and words.

“It’s one thing to try to preserve the innocence of children, but you shouldn’t preserve the ignorance of children in a country that is multiracial that has this bad history,” CNN commentator Van Jones told Reuters in an interview on Friday.

Mr. Jones and CNN anchor Erica Hill hosted the hour-long special on CNN titled Coming Together: Standing Up to Racism in partnership with Sesame Street. The show aimed to teach school-aged children how to identify inequality and speak out against it.

CNN is owned by telecommunications company AT&T Inc, whose chief executive, Randall Stephenson, urged other CEOs in a CNBC interview to speak out against racial inequality.

Experts said parents need help interpreting for children the relentless barrage of messages on social media and on television as peaceful protesters and looters clash with authorities all across the country.

“I have seen a spike in anxiety for my black kid clients because they are having access to the news,” said Javonte’ Bass, a clinical mental health counselor. “When the parents are watching, they’re listening.”

Fear of catching the coronavirus forced families indoors. Fear of dying at the hands of police is keeping kids from going back out, Bass said. One nine-year-old black child even asked Ms. Bass, “Am I going to get shot, too?”

Mr. Jones said the CNN event was not meant to be a historical rundown of slavery and colonialism in the United States. It urged parents to teach their children empathy. “Failing to teach kids about empathy and fairness is always harmful,” he said.

That applies to views of law enforcement as well, Mr. Jones and Ms. Bass emphasized. “Police officers are not saints or superheroes. They’re human beings,” Mr. Jones said. “Some are good. Most are good, but some are bad.”

Education is a theme among the responses from brands for children.

“Our mission is to inspire and develop the builders of tomorrow and that includes inspiring them to be tolerant, inclusive, and kind,” toy company the Lego Group said in a statement.

In addition to pausing advertising for a week to avoid marketing any of its toys, including police-themed toys, next to images of police violence, the company is committing $4 million to organizations that teach children about racial inequality.

Lego has also encouraged fans to come up with new ideas for inclusive toy sets on its platform Lego Ideas.

One of its previous sets, the Women of NASA, featured astronaut Mae Jemison, the first African-American woman in space. It was inspired by a submission to Lego Ideas.

MGA Entertainment Inc, which owns toy brands such as L.O.L. Dolls and Little Tikes, announced it is releasing a limited edition Black Lives Matter Bratz Dolls. The company will donate $10 from each doll sold to anti-racism programs and organizations. — Reuters

Petron stations host more mobile produce stores

SAN MIGUEL Corp. (SMC) and the Department of Agriculture (DA) said they opened more mobile produce stores at Petron gas stations around Metro Manila.

The new stores are at the Petron Bel-Air on Gil Puyat corner Makati Avenue; EDSA Sierra Madre; Dasmariñas Village, EDSA; Katipunan Ave. (La Vista), Quezon City; Shaw Blvd. corner Wack Wack; C5-Diego Silang, Taguig; EDSA corner Main Ave. Cubao; 188 E. Rodriguez, Jr. Quezon City; Marcos Highway, Pasig; Connecticut, San Juan; Ninoy Aquino Ave., Sucat, Parañaque; Doña Soledad Ave. Better Living, Parañaque; and Dr. A Santos Ave., Sucat Rd., Parañaque.

In a statement Sunday, SMC President and Chief Operating Officer Ramon S. Ang said the company’s partnership with the DA has benefited farmers whose income and livelihood suffered during the coronavirus disease 2019 (COVID-19) pandemic.

“Farmers are the backbone of our food supply chain and are essential to our food security, that is why from the very start, we tried to think of programs to help them even more,” Mr. Ang said.

“Although we are glad to see more traditional markets opening up and catering to more people, there is still a need for the Kadiwa stores, especially for those who live nearby looking for a convenient way to buy fresh fruits and vegetables,” Mr. Ang said.

The Kadiwa stores are part of the so-called Kadiwa ni Ani at Kita, a DA program.

Meanwhile, SMC added that it rolled out an online ordering platform, www.order.sanmiguelfoods.com, with orders fulfilled and claimed at Petron Treats outlets.

Recently, SMC purchased 69 million kilograms of corn from farmers under its long-term agreement with the DA. — Revin Mikhael D. Ochave

Stocks to extend climb on positive sentiment

By Denise A. Valdez, Reporter

LOCAL SHARES are seen to extend their climb this week as businesses continue to reopen due to the relaxed quarantine.

The bellwether Philippine Stock Exchange index (PSEi) ended Friday’s session at 6,465.13, down 52.36 points or 0.80%.

Friday’s performance snapped a seven-day climb for the main index, which was enough to bring it 10.7% higher on a weekly basis.

Value turnover slipped 2.8% to an average of P8.63 billion, but foreign investors were net buyers in four of five trading days, bringing the average net inflow to P583.85 million from a net outflow of P227.71 million the previous week.

“Local equities’ 10.7% advance to 6,465 during the week on sustained average turnover of P8.6 billion is a good sign on fund managers’ optimism for recovery,” online brokerage 2TradeAsia.com said in a market note.

Last week was the first week that Metro Manila was on a relaxed lockdown after over two months of suspending most economic activities. Investor optimism over the resumption of work, on top of positive news involving global economic data, pushed the PSEi beyond its 5,400-5,700 range.

Heading into the second week of a relaxed lockdown, Equity Trader Aniceto K. Pangan from Diversified Securities, Inc. said he expects the market to maintain its upward track.

“With the Philippine government continuing to ease on lockdowns by allowing other businesses to reopen, we may see a sustained rebound in the local market in tandem with other markets around the world,” he said in a text message.

Mr. Pangan added investors will take note of the country’s “strong fundamental standing at a low debt-to-GDP (gross domestic product) level of less than 42%.”

2TradeAsia.com likewise expects the market to extend its climb, saying news of a potential coronavirus disease 2019 (COVID-19) vaccine will keep fuelling investor optimism.

It specifically mentioned Britain’s AstraZeneca which is developing a COVID-19 vaccine with the help of Oxford University and billionaire Bill Gates. “If this headline advances, we could see a return of cash towards equities as investors optimize on windows for capital gains,” 2TradeAsia.com said.

Another driver would be legislative measures such as the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and the Accelerated Recovery and Investments Stimulus for the Economy (ARISE). The brokerage said the way these measures will be tackled will help sway the market in the coming days.

“While COVID-19 bruised global economies, healing is bound to make its mark too. Seize on dips to gradually position, and opt for modest gains on rallies,” 2TradeAsia.com said.

The brokerage is putting support for the market at 6,400 and resistance within 6,600-6,800.

Yields on government debt end mixed on profit taking

YIELDS ON government securities (GS) ended mixed last week amid remarks from the central bank chief that current policy rates are appropriate as well as speculations of an additional bond issuance.

On average, GS yields rose by 1.7 basis points (bps) week on week, according to the PHP Bloomberg Valuation (PHP BVAL) Service Reference Rates published on the Philippine Dealing System’s website as of June 5.

“Local bond yields rose slightly week-on-week as profit takers outnumbered bargain hunters… [Bangko Sentral ng Pilipinas (BSP)] Governor Benjamin E. Diokno’s pronouncements that the central bank is currently satisfied with the policy rate have led bond holders to reduce risk positions,” Kevin Palma, peso sovereign debt trader of Robinsons Bank Corp., said in a Viber message.

“The upward pressure in local yields was further exacerbated by speculations that the government may issue a jumbo-bond after the BTr (Bureau of the Treasury) stated that it is currently gauging market demand,” he added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the movement was “amid improved global market risk appetite or less demand for safe havens such as US Treasuries” after economies reopened from lockdowns.

“The healthy upward week-on-week correction in most long-term PHP BVAL yields also came after the record budget deficit data and the latest developments on the economic stimulus bill that would require more funding requirements by the government, partly through the issuance of more government securities…,” Mr. Ricafort said in an e-mail.

Mr. Diokno said in a Bloomberg interview on Wednesday that he is “happy where the current policy rate is” and negative interest rates are “out of the question.”

The Monetary Board has cut benchmark interest rates by 125 bps to this year while big banks’ reserve requirement ratio was trimmed by 200 bps.

Meanwhile, National Treasurer Rosalia V. de Leon last week said they were monitoring developments and the “risk return tolerance of investors” as the BTr eyes a possible jumbo bond issue or another sale of retail Treasury bonds.

The government in April posted a budget deficit of P273.9 billion, a reversal of the P86.9-billion surplus it logged a year ago. The Treasury said spending doubled that month to P461.7 billion as it financed the first tranche of the P200-billion Social Amelioration Program, the P50-billion wage subsidy program and the P36-billion “Bayanihan Grant” to local government units.

On the other hand, the House of Representatives passed on Thursday on third and final reading a P1.3-trillion stimulus package called the ARISE (Accelerated Recovery and Investments Stimulus for the Economy) bill which targets funding for the health sector and government programs for students, workers, and micro, small and medium enterprises amid the pandemic.

At the secondary market on Friday, the 91-, 182-, and 364-day Treasury bills ended lower by 0.8 bp, 1.5 bp, and 5.8 bps, respectively, to 2.072%, 2.171%, and 2.454%.

Most bonds at the belly of the curve also declined, with the two-, three-, four-, and five-year Treasury bonds (T-bonds) losing 4.4 bps (2.496%), 2.5 bps (2.582%), 1.7 bp (2.657%), and 1.3 bp (2.743%), respectively. On the other hand, the seven-year debt gained 2.4 bps to yield 2.973%.

At the long end, the 10-, 20- and 25-year debt papers rose 11.2 bps, 19 bps, and 3.7 bps, respectively, to fetch 3.267%, 4.139%, and 4.261%.

“For [this] week, healthy upward correction in some long-term interest rate benchmarks (PHP BVAL yield) could still continue, especially if US government bond yields continue their upward correction amid improved global market risk appetite and recent gains in the US stock markets…,” RCBC’s Mr. Ricafort said.

“An offsetting factor is the slight easing in inflation to 2.1% in May 2020… [that] could still provide some leeway to cut the local policy rates on the next monetary policy-setting meeting on June 25…” he added.

Robinsons Bank’s Mr. Palma also sees the inflation print and the all-time high unemployment rate of 17.7% giving the BSP policy space to ease its rates.

Inflation eased to a six-month low of 2.1% in May due to tempered demand during the lockdown, the Philippine Statistics Authority (PSA) reported on Friday.

The PSA also said the unemployment rate surged to 17.7% in April from 5.1% a year ago, the fastest since the government adopted new definitions for its labor force survey in 2005.

This translated to 7.25 million jobless Filipinos during that period, more than three times than the 2.27 million a year ago.

“With these, local yields may continue to trade range-bound with downward bias on bargain hunting,” Mr. Palma said. — Marissa Mae M. Ramos

Targa unveiling completes new-gen Porsche 911 lineup

IN EARLY MARCH, the 992 generation of the Porsche 911 Coupe and 911 Cabriolet were revealed. Now, the debut of the Targa completes the model trio of the iconic sports car.

Coming in an all-wheel drive 911 Targa 4 and 911 Targa 4S iterations, the vehicle premiered on the Porsche web TV channel 9:11 Magazine.

As with the original 911 Targa of 1965, the 992-gen Targa boasts an innovative roof (fully automated in the new model). It has a unique roll hoop, a movable section above the front seats, and a wraparound rear window. This roof opens and closes in just 19 seconds.

Powering the new 911 Targa is a 3.0-liter, twin-turbocharged, six-cylinder boxer power plant. In the 911 Targa 4, it delivers 385ps at 6,500rpm — up 15ps over the previous model — and 450Nm of torque (1,950rpm to 5,000rpm). When the engine is mated to the optional Sport Chrono package, the 911 Targa 4 can zoom from standstill to 100kph in 4.2 seconds (up by 0.1 second). It can muster a top speed of 289kph.

In the new 911 Targa 4S, the engine is tuned to deliver 450ps, up 30ps over the preceding model. Its torque rating (plus 30Nm) is at 530Nm — available between 2,300rpm and 5,000rpm. Zero-to-100kph time is 3.6 seconds (up by 0.4 second); it reaches a maximum speed of 304kph (an improvement of 3kph).

Both the new 911 Targa 4 and 911 Targa 4S are equipped with an eight-speed, dual-clutch transmission (PDK) and the Porsche Traction Management (PTM) intelligent all-wheel drive system as standard, with the Targa 4S additionally available with a newly developed seven-speed manual gearbox with Sport Chrono package. Fitted for the first time onto both models is the Porsche InnoDrive that includes adaptive cruise control. An enhanced Smartlift function allows programming of the cars’ ground clearance — making them ideal for daily use.

An improved front axle, clutch and differential units which are water-cooled, and reinforced clutch discs enhance the performance of the new all-wheel drive models.

Standard to both the new 911 Targa 4 and 911 Targa 4S is the electronically controlled Porsche Active Suspension Management (PASM) variable damping system, which automatically adjusts driving comfort and handling to a particular situation. It also has two manually adjustable maps: Normal and Sport. Porsche Torque Vectoring Plus (PTV Plus), which includes an electronic rear differential lock with fully variable torque distribution, is standard on the Targa 4S and is an option on the Targa 4.

The cabin of the new 911 Targa is characterized by the lines of the dashboard and the recessed instruments, the inspiration for which came from 911 models from the 1970s. Alongside the central rev counter — a defining feature for Porsche — are two thin, frameless freeform information displays. A compact switch unit with five buttons for direct access to important vehicle functions is located below the 10.9-inch center screen of the Porsche Communication Management (PCM). Some of the PCM’s features are online navigation based on swarm data, and Connect Plus with Apple Car Play.

Subic expressway expansion eyed this year

DESPITE the disruption caused by the coronavirus pandemic to construction activities, NLEX Corp. still aims to complete the P1.6-billion Subic Freeport Expressway (SFEx) capacity expansion project within this year.

“We are still targeting to complete the SFEx expansion this year although January will be the late finish,” NLEX Corp. Senior Vice-President for Communication Romulo S. Quimbo told BusinessWorld in a phone message on Sunday.

He added that the project is now “about 40% complete.”

The company started the expansion project in September last year.

The project involves the construction of two additional lanes, two new bridges at Jadjad and Argonaut, and a new tunnel on the 8.2-kilometer toll road.

Public and private construction projects have been allowed to resume under the modified enhanced community quarantine, but workers must be housed and fed onsite and observe physical distancing rules, among other requirements for construction work during the pandemic.

Public Works Secretary Mark A. Villar’s Department Order 35 sets rules for carrying out infrastructure projects during the coronavirus pandemic.

NLEX Corp. expects the transport of goods in and out of the Subic Freeport to be faster and simpler once it fully completes the project.

Subic is home to the Subic Bay Freeport Zone, a special economic zone that facilitates trade in Central and North Luzon through shipping.

The SFEx expansion is also expected to make Subic a more viable tourist and investment destination because of improved connectivity.

NLEX Corp. is under Metro Pacific Tollways Corp., the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

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