Home Blog Page 9752

Driving ohm for Christmas: Nissan LEAF becomes sparkling Nissan Christmas TREE, powered by regenerative energy

PARIS, FRANCE — Nissan will be dashing through the snow this Christmas with a bright festive Nissan LEAF powered by its own regenerated energy.

To bring Christmas cheer while celebrating the power of regenerative energy creation, the special one-off vehicle sees the Nissan LEAF transformed into a Nissan (Christmas) TREE. Decked out in a spectacular light display, the Nissan TREE showcases the way the electric car regenerates power when braking or decelerating.

Two driving functions provide energy regeneration in the Nissan LEAF. The Nissan LEAF e-Pedal allows the driver to start, accelerate, decelerate and stop using only the accelerator pedal. The e-Pedal also helps the car to harvest energy via regenerative braking. This works by recycling the energy from the movement of the car during braking or deceleration, which then goes straight back to the batteries, where it is used to recharge them. Meanwhile, B mode is a driving function that regenerates energy under braking, with drivers using the traditional brake pedal as normal.

LET IT GLOW, LET IT GLOW, LET IT GLOW
Fitted with thousands of LEDs, shimmery baubles and a reindeer, the car is brighter than Rudolph’s nose. The sparkling display reminds sustainably minded drivers about the energy generation made possible through owning an electric vehicle. In fact, the average Nissan LEAF driver regenerates 744kWh of clean energy if they drive 18,000km. This energy saving is equivalent to 20% of the overall domestic electricity consumption of an average European household.

Nissan LEAF drivers would generate enough energy to power up:

• 266 Christmas trees with 700 incandescent lights for a full hour of joy

• 297 ovens for one hour to cook your Christmas dinner

• 744 televisions for five hours to watch your favorite Christmas movies

• 10,783 houses with 1,000 LED lights for five hours

“Santa shouldn’t be the only one with a festive mode of transport. We wanted to make the Nissan LEAF more fun at this time of year whilst driving home a very important message,” said Helen Perry, head of Electric Vehicles for Nissan Europe.

“We hope this custom-made vehicle inspires people about the endless benefits of regenerative energy. After nearly ten years since LEAF was first introduced in Europe, Nissan continues to be fully focused on providing consumers a more sustainable lifestyle through electric mobility,” Ms. Perry added.

Yields on local gov’t debt track US Treasuries’ rates

YIELDS on local government securities (GS) traded at the secondary market ended mixed last week as they tracked US Treasuries following the news of an impeachment case against US President Donald J. Trump.

Debt yields, which move opposite to prices, went down by an average of 2.6 basis points (bps) week on week, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates as of Dec. 20 published on the Philippine Dealing System’s website.

At the short end of the yield curve, the 91- and 364-day Treasury bills (T-bills) declined by 4.5 bps and 0.8 bp to fetch 3.209% and 3.463%, respectively. On the other hand, the rate on the 182-day T-bill went up by 2.7 bps, yielding 3.374%.

At the belly of the curve, the rates on the two- three-, four-, five- and seven-year Treasury bonds (T-bonds) dropped by 0.7 bp (3.718%), 4.8 bps (3.809%), 8 bps (3.918%), 10.3 bps (4.04%), and 10.3 bps (4.278%), respectively.

Meanwhile, the yield on the 10-year T-bond went down by 3.2 bps to fetch 4.504%. On the other hand, the 20- and 25-year debt papers saw their yields go up by 4.3 bps (5.208%) and 7.2 bps (5.230%), respectively.

“Market players seemed to take their cues from the US Treasury movements [last week]…,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail, adding there was “mixed interest” seen all over last week due to the recent impeachment bid against Mr. Trump.

The US House of Representatives approved two articles of impeachment against Mr. Trump for abuse of power and obstruction of Congress, Reuters reported last Wednesday. A trial next month to decide whether he will be convicted and removed from office is expected at the US Senate.

Meanwhile, ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro said GS yields have “adjusted slightly higher” from its levels on Dec. 13 that saw movements influenced that time by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno’s statement of a possible 50-bp rate cut next year.

“Despite this retracement, yields remained lower than where we had closed the previous week,” Mr. Liboro said in a separate e-mail.

BSP’s Mr. Diokno told reporters earlier this month that the central bank is looking to cut rates by at least 50 bps in 2020 as it continues to reverse the 175 bps worth of hikes in 2018 implemented in the face of surging inflation that averaged a near-decade-high of 5.2% that year.

Benchmark interest were cut by a total of 75 bps this year.

The BSP also said last Wednesday that economic managers decided to keep its 2-4% annual inflation target until 2022 as forecasts indicate “within-target inflation over the policy horizon.”

Moving forward, UnionBank’s Mr. Asuncion expects yields to move sideways because of a “limited trading week due to the holidays.”

He noted that the market is still expected to take much of its signal from developments abroad.

“Next week’s trading may pick up from the continuing drama of the same US political process mentioned [earlier],” Mr. Asuncion said.

For ATRAM Trust’s Mr. Liboro: “Given just a few workdays left in 2019, yields are likely to consolidate around current levels as we expect trading interest to dry up with investors closing their books for yearend.” — J.E. Hernandez

Meat imports rise nearly 2% in first 10 months

MEAT and meat products imports rose about 2% in the first 10 months of 2019, the Bureau of Animal Industry (BAI) said.

Citing data from the BAI National Veterinary Quarantine Services Division (NVQSD) meat and meat products imports rose 1.9% year-on-year to 696.538 million kilos. Peak imports were recorded in October at 85.329 million kilos.

The 10 months data did not include duck and turkey meat.

Pork imports accounted for 287.774 million kilos, down 8% year-on-year. This was followed by chicken at 266.075 million kilos, up 15%, and beef at 115.473 million kilos, up 16%.

“Chicken is easy to produce in a short period of time. Retail shops and fast food chains have a high demand for chicken. Imported chicken offers a competitive price and assures (a) stable supply and format,” BAI Director Ronnie D. Domingo said in a text message when asked for comment. — Vincent Mariel P. Galang

Sins of the Father

By Carmen Aquino Sarmiento

Movie Review
KALEL 15
Written and directed by Jun Robles Lana

ONCE AGAIN, Jun Robles Lana paints for us a soberly excoriating portrait of Philippine society, from the POV of one of its most vulnerable members: 15-year-old Kalel Fernandez (Elijah Canlas), who is HIV-positive, homeless, and sells sexual favors just to survive. He is the illegitimate son of Father George, a respected, elderly priest (Eddie Garcia). That is a knowingly mischievous dig at the institutional Catholic church’s obdurate stand against reproductive health (RH) rights, a major factor in the alarming rise in the Philippines of the incidence of teenage pregnancy, as well as of diseases such as HIV and cervical cancer. Note that RH includes comprehensive sexuality education for all, but especially for the youth who make up the majority of our population. RH also means ensuring the easy access to affordable means of protection, like condoms. Fr. George is more annoyed than concerned when he learns Kalel is HIV-positive. He gives him a small bottle of virgin coconut oil, and acts like he has done his duty by the boy.

Poor Kalel has no one to turn to. Certainly not his feckless, footloose, and fancy-free mother Edith (Jacklyn Jose, with impeccable comic timing, and obviously having fun), their small town’s aging hotsy-patootsy, who does not worry about her youngest child’s health, but rather over her non-existent reputation, should the community learn about Kalel’s disease. Her two children are at best, underpaid labor for her carinderia (roadside eatery). They work for their keep. Only Edith knows who the father of her older daughter Ruth (Elora Espano) is. Ruth might have followed in her mother’s footsteps, but she chose to have an abortion instead. This has not led to better life choices, as her boyfriend of the moment, Danny (Cedrick Juan), is a violently abusive shabu addict. Despite the siblings’ constant spats, they cling to one another. When Kalel loses his sister, he is truly, despairingly alone.

Elijah Canlas is one of our finest actors, regardless of age. He is intense while being transparently vulnerable. In a particularly poignant scene at the police station, when he sees the plateful of food which the officer-on-duty sends away, Canlas conveys his gnawing hunger and longing, through just a teensy lift of his head and a leaning forward of his torso. The slightest shifts in his gaze, a tremor about the lips, speak volumes more than the oratorical declamations and effortful physical exertions which audiences here generally mistake for good acting. Thus, there were complaints that this film was “slow.” It’s certainly not the feel-good or conventional cinematic product. Nonetheless, its all too brief commercial run is undeserved, as its story, though neither pleasant nor easy, is one which we should heed.

Kalel’s name, like a Binisaya version of the poet’s name, as in Gibran, evokes the pitiful aspirations of the underclass. One imagines that his own mother Edith, probably just liked the sound of the name Khalil, but had never read the poet, nor knew how to spell his name. Nonetheless, she considers herself fortunate that her second child was sired by their town’s priest. At least, Fr. George has the wherewithal to provide some support, no matter how minimal and perfunctory. Kalel attends a Catholic school at the parishioners’ expense, but that is practically the full extent of his priest-father’s paternal involvement. Fr. George’s emotional distance and virtual indifference, leave Kalel hungering and longing for the male gaze.

Robles Lana gives us a disturbing glimpse of the MSM (Men having Sex with Men) subculture on social media, where Kalel is something of a star. He thrives on the numerous likes his posts receive. Without a functional father, and having only his harpy of a mother, he finds affirmation in the unwholesome attentions paid to him by shadowy strangers, mostly older men, lurking on the internet. These risky but profitable encounters have afforded the boy luxuries beyond his means, such as comic books and gadgets, which his neglectful parents never gave him.

Cinematographer Carlos Mendoza’s austere black and white photography recalls cinema classics about other luckless and troubled youths, such a Truffaut’s The Four Hundred Blows (1959), though its shifting and shadowy sheen is more resonant of the late photographer Robert Mapplethorpe’s controversial imagery of homosexual hustlers, substance abusers, and other fringe types. This fits the bleakness of Kalel’s story: he also subsists along our society’s margins. Kalel 15’s sensibility might be the obverse of Larry Clark’s Kids which introduced Chloe Sevigny in the role of Jennie, a young girl who gets HIV from her first lover, a promiscuous boyfriend. The scene where the addict Danny gives Kalel and his high school barkada (gang of friends) hallucinogenic drugs, is reminiscent of the one in Kids where Fidget, a raver boy, makes the innocent Jennie swallow a pill more potent than “Special K” (the horse tranquilizer Ketamine). She passes out, and is raped. While he is high, Kalel reveals to his barkada that he is HIV-positive. Just as hypocrisy shrouds Kalel’s parents, his barkada’s loud protestations of sympathy and support at Kalel’s revelation prove to be mere lip service.

Abandoned by family and friends, Kalel takes charge of his life. He grows up too quickly: facing his mortality, while fending for his day-to-day survival. An indication of Canlas’s meticulous and seamless technique was how even his speaking voice was deeper than that of a typical 15-year-old’s. Inside, he was no longer a child. When the lesions from his Kaposi’s Sarcoma spread and become intolerably itchy, Kalel takes himself to the HIV clinic, because no one else will. The mild-mannered doctor observes that Kalel and his mother never came for counseling, but doesn’t seem overly concerned that this minor is in grave danger of falling through the cracks.

Although the Philippines is still a low-HIV country, our rate of infection is the fastest rising. Robles-Lana does not go the instructional film route. We may not like the things we learn about our society through Kalel’s story. But, as our national hero Dr. Jose Rizal wrote about the cancer in our society, of which the plight of those like Kalel is but one symptom: “Desiring your well-being which is our own, and searching for the best cure, I will do with you as the ancients of old did with their afflicted: expose them on the steps of the temple… And to this end, I will attempt to faithfully reproduce your condition, without much ado. I will lift part of the shroud that conceals your illness.” Now if only more of the movie-going public would look. Like Rizal’s novels, Kalel 15 should be required viewing for high school kids, their parents and teachers, whether they like it or not.

UAAGI, FOTON Motor Philippines end 2019 with ISO certification

THE ISO 9001:2015 Quality Management Systems certificate was officially awarded to United Asia Automotive Group, Inc. (UAAGI) and FOTON Motor Philippines, Inc. (FMPI) President Rommel Sytin during the company’s yearend celebration last Dec. 13 at Fontana Leisure Parks and Casino in Clark, Pampanga.

“We are proud to say that our company has obtained an established and documented quality management system, training of people, and periodic assessment or audit, to ensure effectiveness, adequacy and relevance of the system in UAAGI and FMPI,” shared Mr. Sytin.

UAAGI reached the Philippine shores on 2006. Since then, the company has been the sole and official distributor of FOTON vehicles including passenger vehicles; light-, medium-, and heavy-duty trucks; and heavy machinery in the country.

Ten years after its inauguration, it opened an 11-hectare assembly plant in Clark, Pampanga — the first and the only automotive production facility in Clark Freeport Zone.

From placing 12th on 2017, FOTON took a high leap and ranked 9th in the Philippines’ top automotive brands last 2018. It also finished 3rd in the light-duty truck segment race.

“As one of the leading automotive brands in the Philippines, it is vital for us to meet the terms of all local and international regulatory requirements. UAAGI and FMPI’s efforts to improve its operations showcase our commitment to protect our employees, customers, contractors and service providers,” Mr. Sytin added.

In November 2019, UAAGI officially announced its local distributorship of Chery, the largest passenger vehicle exporter in China. With all the concentrated developments throughout the years, UAAGI and FMPI has been an ideal marketplace where every customer has a fair chance of acquiring quality units at most affordable prices capped off with notable after-sales assistance.

“Continual improvement means there’s no end to the process. And I know that through my team’s hard work, we will be able to fulfill the requirements today and in the future. We will strive to identify current and future customer needs, to meet their requirements and to exceed their expectations,” Mr. Sytin closed.

CALAX 10-km segment to open before holidays

THE first segment of the Cavite-Laguna Expressway (CALAX) will be fully operational for the holidays, the Department of Public Works and Highways (DPWH) said.

After an inspection of the toll road over the weekend, Public Works Secretary Mark A. Villar said the 10-kilometer portion of CALAX from Mamplasan Interchange to Sta. Rosa City is scheduled for full operationalization by today.

“Starting next week, fully operational na siya… by Monday. Pipilitin natin na [We’ll do our best for it to be] fully operational before Christmas,” Mr. Villar told reporters on Saturday.

“I have already requested the concession company, MPCALA Holdings, (Inc.) to keep this section open so that our holiday goers can continue to enjoy this shortcut from Manila to Tagaytay City,” he added.

MPCALA started partial operations of the 10-kilometer segment of CALAX on Oct. 30. Once it is “fully operational,” this means permits would have been issued and the segment will be covered by MPCALA’s full time traffic management teams and 24/7 roadside services.

Mr. Villar said some 10,000 motorists are expected to benefit from the 10-kilometer section of CALAX once fully operational.

The whole CALAX project covers 45.3 kilometers of expressway linking the Manila-Cavite Expressway (CAVITEx) from Kawit, Cavite to the South Luzon Expressway (SLEx) at the Mamplasan Interchange in Biñan, Laguna.

The remaining portion of the toll road is still under construction and is scheduled for completion by the second quarter of 2022.

The P35.43-billion project is being undertaken by the Metro Pacific group through MPCALA, which is under Metro Pacific Tollways Corp. (MPTC).

MPTC is 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. — Denise A. Valdez and Arjay L. Balinbin

Peso to climb on remittances

THE PESO is expected to rise this week on the back of the strong support from the surge of remittance flows this holiday season.

The local unit closed at P50.815 against the greenback last Friday, depreciating by 18 centavos from its P50.635 finish on Thursday, according to data from the Bankers Association of the Philippines.

The peso also weakened by 17.5 centavos from its close of P50.64 to a dollar a week earlier.

Dollars traded dropped to $835.75 million from $998.7 million on Thursday.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort attributed the peso’s performance to US data released last week.

“Stronger US initial jobless claims data also supported the latest gains in the dollar,” he said in a text message.

The number of Americans who filed for unemployment benefits slipped from more than a two-year high last week on labor market strength, Reuters reported.

Data from the US Labor department released on Thursday showed that initial claims for state unemployment benefits went down by 18,000 to a seasonally adjusted 234,000 for the week.

Reuters said although the drop did not unwind the jump by 49,000 seen last week, it likely does not indicate material shift in the labor market conditions as claims data tend to be volatile in the period after Thanksgiving.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion blamed the peso’s decline on “global headwinds.”

“The market is cautious going into the holiday break with global headwinds like the impeachment of US President Donald Trump as potentially the main driver,” he said in a text message.

Reuters reported that after US Speaker Nancy Pelosi said she would not submit the impeachment case to the Senate until they have established how Republicans will manage the proceedings, Mr. Trump tweeted that he preferred an immediate trial.

“So after the Democrats gave me no due Process in the House, no lawyers, no witnesses, no nothing, they now want to tell the Senate how to run their trial,” he said on Twitter. “I want an immediate trial.”

The US House of Representatives approved last Wednesday two articles of impeachment against Mr. Trump. A trial next month to decide whether he will be convicted and removed from office is expected at the Senate, which is considered to be a “friendlier terrain” for the US president.

A major factor this week that could affect trading given the holiday season is the surge of remittances, according to RCBC’s Mr. Ricafort.

“The financial markets will be anticipating the surge in the conversion of OFW (Overseas Filipino Workers) remittances for Christmas holiday-related spending and also in preparation for the New Year holiday-related spending….,” he said.

Data from the Bangko Sentral ng Pilipinas (BSP) showed remittances hit a record high of $2.849 billion last December 2018.

“Since 2014, the trend of monthly cash remittances is upward, with notable peaks observed during the holiday (November-December) and enrolment seasons (April-June),” the BSP earlier said.

Latest data from the central bank showed cash remittances inched up by eight percent to $2.671 billion in October.

By type of worker, cash sent home by land-based workers increased by 3.8% to $19.436 billion year-to-date, while those sent home by those at sea increased by 7.5%to $5.422 billion, the central bank said in a news release.

Meanwhile, UnionBank’s Mr. Asuncion said the “market may move sideways during the holidays.”

For this week, RCBC’s Mr. Ricafort sees the peso playing around the P50.40-50.90 level, while UnionBank’s Mr. Asuncion expects the local unit to range from P50.60-50.90 versus the dollar. — L.W.T. Noble

USDA revises feed demand estimate for PHL after ASF containment measures

THE United States Department of Agriculture (USDA) said that feed demand in the Philippines next year may not be as significantly affected by African Swine Fever (ASF) as previously expected, citing effective controls on pork and pork products movements by the Philippine government, which has contained the spread of the disease.

The USDA said it “lowers its MY (milling year) 2019/2020 feed wheat consumption estimate from a decline of 300,000 MT to 100,000 MT (metric tons)” for the Philippines in its Grain and Feed Update report.

The Philippine Department of Agriculture implemented a zoning plan outlining restrictions on the movement of live animals, pork and pork products.

The USDA also noted that the smaller-than-forecast decline in feed demand will be offset by a switch to commercial feed by backyard raisers who had previously used swill. Hog raisers from unaffected parts of the Philippines like the Visayas and Mindanao are also expected to seek more feed “as they ramp up production to serve the pork needs of Luzon.” — Vincent Mariel P. Galang

Kiehl’s focuses on student market in new Manila branch

AMERICAN BEAUTY brand Kiehl’s has opened its newest store at Robinsons Manila bringing the total store portfolio to 16.

The 50-sqm store located at the ground floor of the mall is targeted to serve customers in the Ermita district of Manila and its environs.

“Kiehl’s has been looking to expand its doors to a wider customer base. We initially thought to expand outside of Metro Manila but we found there was still opportunity [to expand] in Manila,” Joan Hwang, Senior Product Manager for Kiehl’s Philippines, was quoted as saying in a release.

Kaila Nicdao, Business Unit Director for L’Oreal Luxe, told BusinessWorld during the launch on Nov. 29 that they see their market as being residents of Manila and students attending nearby schools like De La Salle University and University of the Philippines-Manila.

“In the past few weeks since we opened, our staff noticed that compared to other branches, we get more people coming in to do our complimentary skin consultations,” Ms. Nicdao said, noting that many potential customers want to try out their products.

She said that in this store, they chose to promote smaller-sized products because Ms. Nicdao acknowledged that students may not be able to readily buy a full-sized item from Kiehl’s.

“But really, you only need to use a small amount of product regularly to see it work,” she said, adding that their products can last for a considerable amount of time, and thus are a worthy skin care investment.

Next year, Ms. Nicdao said they plan on opening another branch outside Metro Manila and focusing on their new online store. — Zsarlene B. Chua

Stocks to move lower on continued uncertainty

By Denise A. Valdez
Reporter

PHILIPPINE STOCKS are seen to trade lower at the close of the decade as uncertainty continues to loom until after the holidays.

The 30-member Philippine Stock Exchange index (PSEi) closed at 7,773.12 on Friday — up 119.18 points or 1.55% from the day prior. However, on a weekly basis, it shed 104 points or 1.33% due to declines in the industrials, financials and property sectors.

Value turnover last week stood at P10 billion in average, rising 56% from the week prior. Offshore investors became sellers with a foreign net selling of P1.18 billion from a net buying of P76 million in the previous week.

“Local equities took a beating throughout the week, after a plethora of headlines that clipped bulls’ momentum. Towards the end of the week, however, players shopped for bruised shares, ahead of the shortened trading week,” online brokerage 2TradeAsia.com said in a market note.

Heading into this three-day trading week to close 2019, the brokerage said chances are not so high for the local bourse to show an upturn.

“If this past week is of any indication, a widely-quoted line from a poem may offer a succinct answer: ‘Not with a bang, but with a whimper’,” 2TradeAsia.com said in the market note e-mailed Friday.

“Left to a shortened three-day trading week, improved volumes from funds’ window dressing will be balanced against those who will opt to wait out the Yule break,” it added.

2TradeAsia.com noted much of the heavy catalysts of the stock market are happening in 2020, hence some investors may choose to stay on the sidelines during this week’s trading.

In the international scene, it said US markets will continue being on the lookout for the impeachment case of President Donald Trump, which will be heard in a Senate trial in January.

In the Philippines, investors will be waiting for the resumption of session in Congress on Jan. 20, which will decide on key issues such as the raising of bank deposit insurance to P1 million per depositor and the franchise renewal of ABS-CBN Corp.

Other local issues that will be watched are the final implementing rules and regulations on real estate investment trusts and the water concession agreements of Manila Water Co., Inc. and Maynilad Water Services, Inc. These developments are likewise expected to unfold next year.

“As we ruminate on the growth story of the upcoming 2020s, a review of the 2010s reveals to us that stocks with sound revenue-generating models and consistent capital expansion programs, likely — and often — stand the test of time. Buy the dip,” 2TradeAsia.com said.

It put immediate support for the PSEi this week at 7,500-7,550 and resistance at 7,700.

Have a grand and awesome Christmas with GAC Motor

2019 HAS BEEN an awesome year; let’s make it even more exciting with GAC Motor’s Grand and Awesome Christmas Promo! GAC Motor offers unmatched features, modern style, and reliable quality all for an affordable price.

A brand new year deserves a brand new car. After all, you deserve it for all the hard work you put in this year. So, what are you waiting for? Treat yourself to a premium car this holiday season.

Customers can avail of the best deals with low down payment and cash discounts until Dec. 31. Choose from GAC Motor’s full lineup of vehicles: the classy GA4 sedan, versatile GM8 minivan, powerful GS8 SUV, dependable GS4 subcompact SUV, and the newest addition to GAC Motor’s lineup, the sporty GS3 subcompact crossover.

Get the all-new GS3 for as low as P28K, GA4 for as low as P8K, GS4 for as low as P38K, GS8 for as low as P58K, and GM8 for as low as P98K.

Apart from these generous promos, customers can also rely on the after-sales services and assistance. GAC Motor’s all-in promo includes 5-year or 100,000-km warranty (whichever comes first), 1-year free PMS for GA4, GS4, GS8, and GM8, and 5-year free PMS for the newly launched GS3. The Grand and Awesome Christmas Promo also comes with 3-year LTO registration and TPL, 1-year comprehensive insurance, and free chattel mortgage.

Avail of the latest promo at GAC Motor Metrowalk, 1800 Ortigas Avenue, Brgy. Ugong, Pasig City and GAC Motor Las Piñas Alabang-Zapote Road, Pamplona, Las Piñas City.

Stay updated and follow GAC Motor’s social media accounts: gacmotorph (Facebook) and @gacmotorph (Twitter and Instagram). For more details and inquiries, contact (02) 8244-5012 or (02) 8241-7387.

Bills on rural financing, credit quota for farmers among panel’s priorities

QUIRINO REPRESENTATIVE Junie E. Cua, who is also the chairman of the House Committee on Banks and Financial Intermediaries, said last week that the panel is targeting the swift passage of House Bill (HB) 5618 or the Rural Agricultural and Fisheries Financing Enhancement System Act next year.

“Next year, we want to have this (House Bill 5618) passed. And we want not only for it to pass here but also to pass in the Senate. And eventually be signed by the President,” Mr. Cua told BusinessWorld on Dec. 18.

Under HB 5618, all banking institutions, whether government-owned or private, must set aside a credit quota or a “minimum mandatory agricultural and fisheries financing requirement of at least twenty-five percent of their total loanable funds,” except newly established banks which have only commenced operations in five years or less.

Compared to the Republic Act 10000 or the Agri-Agra Reform Credit Act, HB 5618 underscores the need to organize and train farmers in cooperatives with professional managers who can access credit financing from banks.

According to the bill, the cooperatives will be able to provide “ready, low-interest, and flexible financing” for the needs of the farmers.

Complementing HB 5618 are the other priority bills of the committee which seek the mandatory allocation of financial loans to agriculture. These include HB 183 and HB 3437 authored by Deputy Speakers Michael Odylon L. Romero and Maria Rosa Vilma T. Santos-Recto, respectively.

HB 183 seeks to mandate the Land Bank of the Philippines (LANDBANK) to “focus on its Charter to allocate sixty percent (60%) of its total loan portfolio in solely providing support and financing services for farmers and fisherfolk.”

“The bill seeks to promote inclusive growth and improve the quality of life in the countryside. It will foster continuity and expansion of responsive financial and support services to all farmers and fisherfolk,” Deputy Speaker Michael L. Romero said in a press release.

Meanwhile, Ms. Santos-Recto filed HB 3437 to amend the LANDBANK charter by directing it to “focus on the provision of affordable credit to the agriculture sector where most poor Filipinos belong.”

“This bill seeks to restore the original intent for the creation of the Land Bank of the Philippines which is to assist farmers and other agricultural workers and to contribute to the fruition of agricultural development projects” Ms. Santos-Recto said. — G.L. Espedido