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Mitsubishi Xpander Cross has more ‘SUV-like’ qualities

By Kap Maceda Aguila

IT WAS touch and go, but the threat of COVID-19’s further spread in the metropolis finally ended the hope of the planned formal launch of the Mitsubishi Xpander Cross last week. In a letter sent out to the media, Mitsubishi Motors Philippines Corp. (MMPC) said it “decided to cancel the scheduled Xpander Cross mall display in Glorietta 2, Activity Center. This decision is made to prioritize the health and safety of the public, our employees and dealer partners. MMPC is one with the effort of the Philippine government to contain the spreading of the virus.”

Indeed, public safety should always come first, but even as we wait to see the new variant of the Mitsubishi Xpander in the sheet metal, we get a glimpse of what the Cross is all about.

At its core, the Xpander Cross sees the “family-friendly seven-seater” multi-purpose vehicle getting more SUV styling — in effect straddling or even “crossing over” the two genres. Said MMPC Marketing Communications Senior Manager Mark Parulan to Velocity: “The Xpander Cross will be the new top-of-the-line variant in the Xpander lineup. We believe that with the new features offered by the Cross model, it is a better option for our customers who are looking for a sportier and more SUV-like vehicle that does not compromise the car like feel and affordable pricing.”

First introduced in the Philippines in 2018, the Xpander quickly gained a following and moved 13,494 units in its first year. That number now stands at 36,168 units, with the MPV accounting for a hefty 30% of MMPC sales. The company reports that the Xpander is also the best-seller in its category, and has garnered industry awards on its way to the top.

“With the entry of the Xpander Cross (and) its added features, we see renewed potential to the already successful Xpander nameplate,” reiterated MMPC President and CEO Mutsuhiro Oshikiri in a company release.

Still bearing Mitsubishi’s now familiar Dynamic Shield design, the Xpander Cross is given a skid plate, LED headlights and fog lamps, 17-inch alloy wheels, wheel arch molding and side body garnish, and a roof rail.

In addition, Mr. Parulan reported, “The “Xpander Cross has class-leading 225mm ground clearance that is higher than some SUVs available in the market. This is a great compliment to (its) new robust design anchored on a spacious and comfortable interior, driving comfort, a tough and luxurious look, and the strong and durable reputation of the Mitsubishi brand.”

Powering the MPV is the reliable 16-valve, DOHC 1.5-liter gasoline engine of the line. Mitsubishi asserts that, “thanks to high-performance sound absorbing and vibration blocking materials installed in the engine, the Xpander Cross is the top level of its class (with) near 80% articulation index.” The articulation index is an indication of how much speech within the vehicle cabin can be heard while the automobile is in operation.

The Xpander Cross has a black dashboard with brown accents, while its seats are swathed in two-tone leather. The head unit features a seven-inch touchscreen with reverse camera. As with other variants, it has configurable seats — the second- and third-row seats can be folded flat with no gap — to accommodate cargo and other payload.

When asked if there will be other variants coming in the future, Mr. Parulan said, “We are constantly looking for ways to improve our products and satisfy the needs of our customers. The development and release of new products and variants are focused on customer experience and feedback.”

The Mitsubishi Xpander Cross is priced at P1.255 million and is available in White Pearl, Sterling Silver Metallic, Graphite Grey Metallic, and Sunrise Orange Metallic. For more information, visit www.mmpc.ph.

Rates of Treasury bonds, bills to drop on demand for gov’t papers

RATES OF government securities on offer this week will likely inch lower amid strong demand for safer assets as the coronavirus disease 2019 (COVID-19) pandemic continues to fuel uncertainties, spooking investors.

The Bureau of the Treasury (BTr) will offer P20 billion via Treasury bills (T-bills) on Monday, broken down into P6 billion each for 91- and 182-day T-bills and P8 billion in 364-day papers.

On Tuesday, the government is also looking to raise P30 billion via the issuance of fresh seven-year Treasury bonds (T-bonds).

Dino C. Aquino, vice-president and Fixed Income Trading head at Security Bank Corp.’s Asset Management Group, said the rate for the seven-year tenor might settle within 4.5-4.75%, while yields for the T-bills might “be flat to lower by around 10-15 basis points (bps).”

He said demand for the seven-year papers, however, will be mixed as some players want to take advantage of assets with low prices, while others could maintain a wait-and-see attitude amid rising uncertainties caused by the pandemic.

“Demand may be mixed, we might see some bottom fishing but at the same time, we might see a lot of investors staying on the sidelines because there are still concerns regarding the coronavirus scare that’s happening globally,” he said.

He said in a risk-off sentiment scenario, a steeper yield curve can be observed as long-term papers are being sold off which then drives yields up.

“On a risk-off a scenario, there’s usually steepening on the yield curve where the long-end (papers) are actually being sold off, as evidenced by this week where the 20-years is traded as high as 5.1% from a low of this Monday early (last) week 4.5%, that’s about a 60 bps retracement from the lows,” he said.

Another trader shared the same sentiment, saying the papers could fetch yields lower by at least 10 bps than current levels and demand to government securities will still be strong.

The last time the Treasury offered seven-year papers was on Jan. 21, where the BTr only awarded P27.2 billion out of the P30-billion program at an average rate of 4.732%, even as the offer was almost twice oversubscribed.

Meanwhile, last week, the P20 billion in T-bills the government offered was fully awarded amid lower rates, with the 91-, 182- and 364-day papers fetching average yields of 3.024%, 3.312% and 3.588%

At the secondary market on Friday, the seven-year T-bond was quoted at 4.512%, while the 91-, 182- and 364-day T-bills fetched yields of 3.124%, 3.391% and 3.654%, respectively, according to the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Amid rising confirmed cases, President Rodrigo R. Duterte on Thursday placed the National Capital Region (NCR) on “community quarantine” which prohibits land, domestic air and sea travels to and from Metro Manila for one month starting Sunday until April 14 as the government intensifies its efforts to contain the disease.

However, workers outside Metro Manila and other business-related trips are exempted from the ban, provided they can present proof of employment.

The Department of Health reported additional 13 confirmed cases on Saturday evening, which brought the total number of individuals that tested positive for COVID-19 in the Philippines to 111 so far. The death toll is currently at eight.

The Treasury has set a P420-billion local borrowing program this quarter, broken down into P240 billion in T-bills and P180 billion via T-bonds.

The government plans to raise P1.4 trillion this year from local and foreign lenders to plug its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — B.M. Laforga

French sugar group Tereos asks suppliers for price reductions

PARIS — French group Tereos, the world’s third-largest sugar maker, has asked regular suppliers for price reductions to help it cope with tumbling sugar prices, letters sent to suppliers showed.

Two letters seen by Reuters indicated the firm had requested price cuts of 7% and 10%. Tereos said the reductions it requested differed between suppliers but the firm did not give figures or name the suppliers it had contacted.

Like many European peers, Tereos has felt pressure from sliding global sugar prices coinciding with a surge in supplies, partly due to the European Union’s move to scrap production quotas in 2017.

“The economic circumstances since the end of the quotas remain difficult, thus creating unpredictable conditions,” a letter to one supplier said.

“This is why … we ask you exceptionally to grant to Tereos a price reduction of 7% compared to the current prices between our two companies in the form of tariff reduction or any other form of discount in order to allow Tereos to get through this period.”

A letter to another supplier had the same wording, but requested a 10% rebate.

Tereos said in an emailed statement that the level of rebate was personalized for each supplier.

“The idea is to regularly re-launch rounds of (re) negotiation with our suppliers, to ensure that we have the best possible purchasing conditions,” the sugar maker said. “It has nothing to do with alleged financial difficulties.”

The letters said that a cut in costs was a key element of its wider plan called Ambitions 2022, which aims to improve Tereos’ economic performance across all its activities.

“In the economic context we are going through, it is almost certain that no supplier who has received this letter will give a favorable response,” said the chairman of a company which received a Tereos rebate request. He asked not to be named.

Reuters was unable to independently establish how other suppliers planned to react to the request from Tereos.

In its emailed statement, Tereos said: “We are launching this process after the repayment of the second half of our bond loan at the start of the year, and after the publication of the quarterly results at the end of December.”

Tereos has posted losses for two years running but said last month it expected improved results in the year ending March 31, helped by a rebound in sugar prices and strong ethanol demand.

But sugar prices resumed have their slide due to uncertainty created by the fast-spreading coronavirus. The oil price rout is also expected to increase supply as producers are tempted to turn away from ethanol.

Tereos’ debt stood at 2.91 billion euros on Dec. 31, 2019 versus 2.69 billion on Dec. 31, 2018.

French competitor Cristal Union said last year it would halt output at two factories due to the sugar crisis and Germany’s Suedzucker also said it would stop two units of its French branch Saint Louis Sucre.

Tereos has repeatedly said it had no plan to close sugar plants in France.

Helped by its sugar cane activities in Brazil, Tereos is the world’s third largest sugar maker by volume and a major ethanol producer. The group had sales 4.4 billion euros last season. — Reuters

Rolex opens a new boutique sporting the brand’s new look

THE WORLD continued to tick on for wearers of Rolex as guests flooded into the Rolex boutique at the Podium in the Ortigas Center a few days before the announcement of the community quarantine spurred on by the COVID-19 pandemic. The new boutique is the first of its kind.

There were very few, if any, handshakes, and some people exchanged bows or fistbumps instead. One lady was straightforward and said to another, “Oh, I can’t kiss you.”

The store is special in that it is the first Rolex store following a new concept by the Swiss watch company. The company, first founded in England, moved to Switzerland in the early 20th century for tax reasons. The brand went on to become one the largest producers of Swiss-made certified chronometers, with over 400 patents in its name. The brand is well-known for its Submariner, Daytona, and Datejust pieces, and some of the world’s most expensive watches sold at auction carry the Rolex brand. It has been in the country for 38 years, according to a speech by distributor Lucerne’s Managing Director, Emerson Yao. “The store behind me is the latest concept of Rolex being implemented globally.”

The brand’s familiar green colors were all over the 113 sqm. store, from the pedestals on the display cases to a high green glass wall. Mr. Yao did point out to BusinessWorld how the chandelier resembled a watch’s crown. Being the first distributor to enjoy the new concept by Rolex, we asked Mr. Yao why the country was extended such a privilege: “A lot has to do with timing. Maybe the concept was fresh out of the company, and we were the next to be renovated. But of course, I’d also like to believe that because we have this beautiful facade and high ceiling, they can implement it in this place.”

A guest at the opening was the Ambassador of Switzerland, Alain Gaschen. “Since these are times of worry and concern, maybe I will start by sharing some good news about the Swiss business community in the Philippines. At the embassy, we justy launched a survey and we found out that two-thirds of the Swiss companies are willing to invest and to expand their presence in the Philippines.

“That was before the coronavirus.

“This morning, we presented the results of the survey to the business communities. The good news again is that the outlook and the climate remains very positive,” he said. “There is good reason for optimism.” — Joseph L. Garcia

Coronavirus will change how we shop, travel and work for years

EVERY economic shock leaves a legacy. The deadly coronavirus will be no different.

The great depression spurred a “waste not want not” attitude that defined consumer patterns for decades. Hyperinflation in the Weimar Republic still haunts German policy.

The Asia financial crisis left the region hoarding the world’s biggest collection of foreign exchange. More recently, the 2008 global financial crisis drove a wedge through mature democracies that still reverberates, with workers suffering measly pay gains in the decade since.

This time it’s a public health emergency that’s shaking up the world economy. In just a matter of weeks, people in affected areas have become accustomed to wearing masks, stocking up on essentials, canceling social and business gatherings, scrapping travel plans and working from home. Even countries with relatively few cases are taking many of those precautions.

Traces of such habits will endure long after the virus lockdowns ease, acting as a brake on demand. On the supply side, international manufacturers are being forced to rethink where to buy and produce their goods — accelerating a shift after the US-China trade war exposed the risks of relying on one source for components.

In the white-collar world, workplaces have amped up options for teleworking and staggered shifts — ushering in a new era where work from home is an increasing part of people’s regular schedule.

“Once effective work-from-home policies are established, they are likely to stick,” said Karen Harris, managing director of consultancy Bain’s Macro Trends Group in New York.

Universities stung by travel bans will diversify their foreign student base and schools will need to be better prepared to keep educating online when breakouts force their closure.

The tourism sector is seeing the most drastic hit, with flights, cruises, hotels and the web of businesses who feed off the sector struggling. While tourists will no doubt be eager to explore the world and relax on a beach again, it may take some time before the industry that hires about one in 10 people recovers.

The virus has also turned the economic policy outlook on a dime and created new priorities. Central banks are in emergency mode again, while governments are digging ever deeper to find money to prop up struggling sectors. Hygiene is soaring up government and corporate agendas — indeed, Singapore already plans to introduce mandatory cleaning standards.

“This outbreak is unprecedented in terms of its nature of uncertainty and associated social and economic impact,” said Kazuo Momma, who used to be in charge of monetary policy at the Bank of Japan. Tighter borders controls, wider insurance coverage and lasting changes to working and commuting patterns will be just some of the micro-economic changes that will endure long after the virus, Momma says.

In China, where the virus first erupted in Wuhan late last year, the top legislature has already imposed a total ban on trade and consumption of wild animals amid scientists’ warnings that the deadly coronavirus migrated from animals to humans. Additional strict hygiene rules are expected that will accelerate a push by wary consumers to online shopping, similar to how the 2003 SARS outbreak changed shopping habits as people avoided the mall.

Analysis by Bain & Company found that China will see pronounced immediate changes in health care as more and more rudimentary checkups and transactions are conducted through online channels to avoid the risk of contamination in crowded waiting rooms and wards. — Bloomberg

So, you’ve decided to opt out of a casa?7 basic things to check in your vehicle

Text and photos by Wee Gamboa

IF IT isn’t broke, why fix it? Most of us use this line all the time when it comes to maintaining a car. If it’s not visibly damaged or inoperative altogether, we tend to think that a car part shouldn’t be up for replacement.

You probably think that unless you hear noises, clanks, or something off, then your vehicle is okay. That belief is not uncommon, but it’s a malpractice most of us are accustomed to and pretty much normal for any car owner whether you have a luxury or affordable ride.

But anything mechanical will eventually need servicing because of wear and tear over time. Asking on social media may help at times but people on the other side of the monitor can only see one side of the story. In the end, you won’t get the answer that you need. Asking 10 people may result in 20 different answers and, believe me, I learned it the hard way. The best way to attend to your car is by bringing it to the shop regularly. Diagnosing a car can be like going to the doctor — with first, second, and sometimes third opinions. If all these opinions match, then that’s pretty much nails what the problem is.

SHOP TALK
But the root of the matter is this: How can you tell that a repair shop is a reputable one and the right one for you and your treasured vehicle?

First, the mechanic (or chief/head mechanic) should know how to drive and should own a driver’s license. To my mind, a technician without a driver’s license should not diagnose cars. If they don’t own one, how would they be able to test-drive your car?

Secondly, the shop should be servicing the right kind of vehicles. If you go to a shop that works on jeepneys and trucks, obviously, you’re in the wrong place.

Car manufacturers always remind their customers to have their cars undergo regular checkups and maintenance for a worry-free driving experience. These are the basic things to check out if you’ve decided to forego a casa.

Battery. A dead battery can be frustrating. Make sure you replace your battery before the warranty expires. Failure can strike anytime. The point is, you’ll never know. A faulty battery can be determined with the use of aftermarket battery devices such as the CTEK Battery Sense. This way you can monitor your car’s battery life.

Belts. Not replacing the timing belt on time may cause severe damage to your engine — and even need an overhaul. Belts should be replaced as often as your shop suggests. It’s much better if you know how to inspect them yourself.

Oil. Oil protects your engine by staying between the moving parts — keeping them from wearing down and keeping away corrosion caused by condensation. Depending on your preferred oil brand, most oil changes should be done after 5,000 kilometers. Fully synthetic ones require changing at around 10,000 kilometers range.

Air filter. Some shops suggest to dust off the dirt from your air filter and place it back in your filter box. But replacing your air filter regularly will always give you the best results. Better yet, aftermarket filters like K&N can save you the trouble of purchasing over and over again after every oil change. The said filter can last your car’s lifespan as it requires only cleaning every 50,0000 miles (as posted in the K&N warranty slip). It should save you lots of money in the future.

Transmission. Regular checkups on and flushing of your transmission will keep it in good shape, as it is an integral part of any vehicle.

Tires. These can really be a pain in the wallet because high-quality ones do not come cheap. Make sure your car wheels’ alignment is checked regularly, as misalignment can decrease the service life of your tires dramatically. Also, replacing tires at the right time will not save you money, but it will save your life.

Brakes. You can never have too much braking. So, make sure to have your brakes checked regularly. Having a worn-out brake pad will destroy your rotors, resulting in more expensive repairs.

Having car trouble usually happens during the most inconvenient time — like when you’re on a date, going to work, or on a family vacation. All these can be prevented with the help of proper and regular service on your vehicle. Adhering to a preventive maintenance schedule even if your car is out of warranty is always a good idea. Caring for your car the right way shouldn’t end just because you’ve decided to forego the casa.

Currency counterfeiting declines

CASES OF currency counterfeiting dropped in 2019, with the central bank ramping up efforts to curtail these illegal operations.

The rate of currency counterfeiting in the Philippines stood at 11 parts per million (PPM) banknotes in circulation in 2019, down compared to the 12.9 PPM seen in the previous year, the Bangko Sentral ng Pilipinas said in a statement.

The central bank said its drive against counterfeiting with the help of other law enforcement agencies has resulted in the arrest of eight suspects and the confiscations of fake bank notes with notional value of P473,500.

The BSP said it has filed criminal cases and arrested 67 counterfeiters from 2015 to 2019.

“The BSP encourages the public to report any information on counterfeiting of Philippine currency to any law enforcement agency for appropriate action,” the central bank said in a statement.

“Moreover, to ascertain the genuineness of Philippine banknotes, the BSP advises the public to carefully feel, look and tilt their banknotes to check for security features,” it added.

Under Republic Act 11211 or the New Central Bank Act, the BSP has the sole power and authority to issue banknotes in the country.

It is also vested with the police authority to investigate, arrest, and conduct searches and seizures in accordance with law to keep the integrity of the local currency.

In 2018, the BSP tapped the National Bureau of Investigation in a drive to crack down on peddlers of fake money on social media.

Its facility to print bills and mint coins is at the BSP Security Plant Complex located along East Avenue in Quezon City.

In December last year, the BSP launched the coin version of the P20 denomination for cost-efficiency. It has likewise started minting the enhanced P5 coin under the BSP’s New Generation Currency coin series in a move to prevent confusion with other coins. — LWTN

US ethanol industry ‘bleeding’ on oil collapse, coronavirus

NEW YORK — US ethanol producers are feeling the pain as margins on the corn-based fuel slumped this week to an eight-year low for this time of year, weighed by concerns over lower fuel demand from the coronavirus and the recent collapse in oil prices.

The coronavirus outbreak, which has infected more than 126,000 people worldwide, is sapping demand for fuel as countries restrict travel and local governments try to prevent the spread of the outbreak.

Because the United States requires ethanol to be blended into the nation’s fuel pool, gasoline consumption plays a role in demand for the corn-based fuel. With falling gasoline prices and lower expected gasoline demand, some market participants said it’s only a matter of time before ethanol plants decide to cut rates or shut.

“At least half of the industry is bleeding red ink right now,” said Mitch Miller, chief executive of Carbon Green BioEnergy in Lake Odessa, Michigan.

Corn Belt ethanol refining margins fell on Wednesday to -6 cents a gallon, lowest for mid-March since 2012, according to Refinitiv Eikon data.

Margins have slightly recovered, last reaching 2 cents a gallon on Thursday. Oil futures have dropped sharply, losing nearly 50% so far this year, and gasoline prices have dropped as well.

“I have concern about ethanol margins,” RFA chief economist Scott Richman said. “What we don’t know right now is what’s going to happen to gasoline demand.”

Some 200 US ethanol plants produced 1.04 million barrels per day of the fuel last week, US Energy Information Administration data showed. Stockpiles totaled 24.3 million barrels.

US gasoline futures fell on Thursday to 85.36 cents per gallon, their lowest seasonally since at least 2005, Refinitiv Eikon data showed. Oil futures plunged by a third on Monday after the end of a supply cut pact between the Organization of the Petroleum Exporting Countries and other allies including Russia.

Last year, more than 10 ethanol plants cut rates or shuttered outright. Those idlings affected around 400 direct jobs, data from the Renewable Fuels Association showed.

“In our industry I would expect to see announcements similar to what we saw in July and August when margins were at similar levels,” said Nick Bowdish, chief executive of Elite Octane near Atlantic, Iowa, and Siouxland Ethanol near Jackson, Nebraska. — Reuters

Best foot forward: Indonesian makes shoes from chicken feet

BANDUNG, INDONESIA — It sounds like a riddle — what feet can be used to make shoes to put on your feet?

Nurman Farieka Ramdhany, a 25-year-old entrepreneur in the Indonesian city of Bandung, thinks he has come up with a cost-effective answer that promotes sustainability: skin taken from the feet of chickens.

A rubbery delicacy in many cuisines, including dim sum, chicken feet are covered with skin that has a similar texture and pattern to snake or crocodile skin.

Ramdhany’s father had researched these more exotic skins and recommended he try making shoes with chicken feet, which he started doing in 2017.

Now, Ramdhany and a team of five, including his father, produce shoes entirely or partially made from chicken feet in a labor-intensive operation that takes 10 days. They skin the feet by hand, dye the skins and sew them into pieces that can be fashioned into shoes.

It takes 45 chicken feet to make a pair of shoes, which are priced between $35 and $140.

Ramdhany said he is mainly motivated by the opportunity to use a waste product from fast food restaurants and markets, his main suppliers.

“The waste is a lot, that is why we try to process it to get more value from it,” he said.

Food waste is forecast to rise by almost a third to more than 2 billion tons by 2030, the Boston Consulting Group forecast in 2018.

Ramdhany says customers like his shoes. “They say our products are comfortable to wear. So far the market response has been positive.” — Reuters

Electronics maker looking for thousands of workers — DoLE

UP to 3,000 jobs are up for grabs in a manufacturing company that has approached the Department of Labor and Employment (DoLE) to announce the mass hiring, the agency said on Sunday.

In a statement, the department said EMS Components Assembly and Alliance Mansols, Inc. had written DoLE about its need for thousands of workers for electronics manufacturing.

The company will be needing workers for Lima Technopark in Batangas, its letter said.

“We currently have a strategic campaign to capture business but [it] involves hiring 3,000 workers,” said EMS President Perry A. Ferrer in the letter.

He added the workers are needed in March and April.

DoLE Secretary Silvestre H. Bello III described the job opening as a “silver lining” amid the threat posed by the coronavirus disease 2019 (COVID-19) on employment. The government has imposed restrictions on travel into and from Metro Manila while telling business establishments to limit their operations, hitting jobs in the services sector.

The Labor secretary recently held a consultative tripartite meeting with employers from the private sector and labor groups to come up with action plans to address the impact of COVID-19 on the labor force.

On the job opportunities offered by Mr. Ferrer, Labor chief Mr. Bello said: “This is proof that there are opportunities in adversities.” — Gillian M. Cortez

Nissan 370Z rumbles into PHL in April

THE ICONIC sports car of Nissan will be available in the Philippines beginning April.

The two-door, two-seater Nissan 370Z — considered the sibling of the GT-R — boasts a sleek, low roofline for enhanced aerodynamics, and a low center of gravity and short wheelbase for quicker response and better handling. It has bi-xenon HID projector headlamps and LED daytime running lamps up front, and features 19-inch forged-alloy wheels by Rays, dual -exhaust outlets, and a sleek rear spoiler.

Inside, the vehicle features a driver-focused cockpit with four-way power adjustable sport seats, triple meter, eight-speaker Bose sound system, push start/stop button, and sports pedals.

Under the hood is the award-winning VQ37 3.7-liter DOHC V6 engine that generates 332ps and 363Nm of torque. Nissan mates this with “the world’s first” SynchroRev matching system, for the six-speed manual transmission or a seven-speed automatic transmission with magnesium paddle shifters and Downshift Rev Matching feature. The 370Z also has sport-tuned shock absorbers, Nissan Sport Brakes, limited slip differential, and a carbon fiber composite Driveshaft.

Nissan Philippines President and Managing Director Atsushi Najima said in a release, “Nissan has a proven heritage of producing some of the most iconic sports cars in the world, and we’re very excited to celebrate this legacy with the Nissan 370Z. (It) has brought great innovation to the sports car segment, showcasing the perfect combination of practicality and performance.” He added, “We are very happy to turn the ‘sports car dream’ into a reality for Filipinos everywhere this April, as we introduce the Nissan 370z into the market. We are looking forward to sharing this with Filipinos craving for a new and thrilling driving experience.”

Nissan also brings in the alpha variant of the line, the 370Z Nismo, which has motorsport-inspired exterior and interior elements. Its front and rear bumpers, side sills, rear spoiler, and door mirrors are distinct from the other 370Z variants, giving it “a more aggressive and aerodynamic look, while enhancing front and rear downforce.” The Nismo variant also has an exclusive 19-inch, twin five-spoke design and charcoal-gray machine-finished forged alloy wheels, also by Rays. Inside, it has Recaro Sport Seats and a steering wheel wrapped in leather and Alcantara, a Nismo red tachometer and Nismo badges.

It produces more power through a Nismo dual-exhaust system — giving the vehicle higher output numbers of 344ps and 371Nm. The engine is mated to a seven-speed automatic transmission with black magnesium paddle shifters. The Nissan 370Z Nismo also features a Nismo-branded strut tower brace for enhanced body rigidity, and performance dampers for better handling.

The Nissan 370Z Premium will be available in both six-speed manual transmission and seven-speed automatic transmission, and will be priced at P2.779 million and P2.879 million, respectively, in select dealerships nationwide. The Nissan 370Z Nismo will be priced at P3.888 million and will be available only at the Nissan High Performance Center in Quezon Avenue. For more information, visit www.nissan.ph.

Peso may depreciate further on virus economic impact worries

THE PESO may continue to depreciate this week due to market worries of the economic impact of the coronavirus disease 2019 (COVID-19) as it continues to spread in the country.

The local unit closed at P51.03 on Friday, weakening by 18 centavos from its P50.85 finish on Thursday, according to data from the Bankers Association of the Philippines.

It also declined by 39 centavos from its P50.64-per-dollar close a week ago.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion attributed the peso’s decline to the market’s reaction to the rise of domestic COVID-19 infections.

“The peso was holding up early part of the week until yesterday morning when it was clear that local transmission of COVID-19 in Metro Manila is escalating,” Mr. Asuncion said in a text message.

For his part, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort noted the peso’s close on Friday was the weakest in more than two weeks.

“The drop came a few hours after the announcement of the community quarantine declaration for Metro Manila as this could lead to slower economic growth and some stockpiling by households,” Mr. Ricafort said in a text message.

Metro Manila has been put under “community quarantine” for a month starting March 15 as the government struggles to contain the virus’ spread.

President Rodrigo R. Duterte has also told companies to allow work from home as well as other flexible arrangements to prevent the further spread of COVID-19.

As of press time, COVID-19 patients in the country reached 111, with eight recorded deaths, according to the Department of Health. Most cases were recorded in the capital region, with some patients also testing positive in Laguna, Batangas, and Bataan.

Across the world, the virus has infected more than 138,000 people and has caused the death of more than 5,000.

For this week, analysts said that trading will continue to track developments about the virus.

“[The market will monitor] COVID-19 spread status and further reaction of major advanced countries. I am also waiting for more stimulus and market support from the current government,” UnionBank’s Mr. Asuncion said.

Aside from developments regarding the outbreak, RCBC’s Mr. Ricafort said the peso is also likely to be affected by the central bank’s policy decision this week.

“Major catalyst is the next monetary policy-setting meeting of the BSP (Bangko Sentral ng Pilipinas) on March 19, when there is a possible cut in local policy rates of at least 0.25 [percentage point],” he said.

BusinessWorld’s poll of 13 economists held last week saw 12 expecting a rate cut at Thursday’s meeting due to fears of an economic slowdown due to the virus.

For this week, UnionBank’s Mr. Asuncion gave a forecast range of P51 to P51.50 while RCBC’s Mr. Ricafort expects the peso to move within the P50.80 to P51.25 levels. — L.W.T. Noble

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