Today's Top Stories

  • REDISCOVERING ENERGY WITH THE NEW LEGARDE L-CARNITINE SUPPLEMENT

    REDISCOVERING ENERGY WITH THE NEW LEGARDE L-CARNITINE SUPPLEMENT

    BONIFACIO GLOBAL CITY, TAGUIG— To a crowd of journalists, celebrities, and health and fitness advocates, McGraw Pharma Inc., one of the country’s most trusted pharmaceutical companies formally introduced its newest addition in their growing healthcare product portfolio, LeGARDE.  The LeGARDE Health and Wellness Expo, which took place last September 6-8 at the Globe Ampitheater, Bonifacio Global City, successfully launched LeGARDE— an L-Carnitine supplement made with Carnipure™ and Licaps® fusion technology. An event created to satiate today’s active lifestyle trend, the expo featured four pillars: Sweat, Feed, Extend, Unwind, in partnership with various merchants such as Spartan Race Philippines, ECHOstore, Diet Diva, FlexFit, and Sun’s Out Fitness.  During the event, guests were able to experience different activities with other energy enthusiasts like Katarina Rodriguez, Ben Wintle, Aubrey Miles, Charles Tiu, and Patty Laurel.  “Multitasking is a thing nowadays. You can be a corporate guy in the morning and a DJ by night. But the motivation to commit in all these things can be as elusive as the energy to do it all. And I can’t think of a better time to jumpstart your journey to better energy optimization than today,” says Jonathan Sibulo, President of McGraw Pharma Inc.  The expo also shed light on L-Carnitine and how it works in your body. “L-Carnitine occurs naturally in your body. It plays an important role in converting stored fat into a source of usable energy. Carnipure is a grade of L-Carnitine that is highly versatile and used in a wide range of different applications, and LeGARDE has it in Licaps® fusion technology,” he adds.  In between activities, LeGARDE’s celebrity endorser Nico Bolzico, answered some questions from the guests. “Being fit doesn’t always have to be a daunting goal to aspire. What people often forget is that a good and balanced energy use is also important. Imagine being able to do whatever you want!” Nico exclaims.  The 3-day event also featured healthcare professionals, Dr. Raoul Felipe and Dr. Helen Ong-Garcia, who facilitated a more deep dive L-Carnitine discussion. “More than anything else, I hope people would be more inspired to take care of their physical health. There are so many interesting success stories about wellness [people doing this, doing that], and I truly hope we get to make more,” Jonathan adds.  #KeepGoing with LeGARDE Carnipure L-Carnitine Supplement. Visit www.legarde.com.ph for more details. Follow Legarde L-Carnitine on Facebook and @legardeph on Instagram for more exciting news.  

    October 11, 2019

    READ MORE
  • Planting seeds of grassroots football in Mindanao

    Planting seeds of grassroots football in Mindanao

    THE Mindanao Cup set at the Tiongko Field in Davao City on Oct. 22-25, will be the start of the revival of the grassroots development of the beautiful game here in Mindanao.      Organized by the local FA and the supported by the Negros Occidental Football Association (NOFA) under Ricky Yanson Jr., the tournament is for players born 2008-2009.       The tournament is envisioned by Yanson to discover young talents to play in the different national teams in the future.       The Mindanao Cup is the spill over of the five-year grassroots effort of Yanson in Negros Occidental, the NOFA Cup. The tournament held every summer at the Sta. Maria fields Talisay City since 2014, has become a showcase of young talents nationwide.       Out from the NOFA Cup young talents like ‘Whiz Kid’ from San Carlos City, Negros Occidental Elizah Zedric Ballesteros, the ‘Little Maradona’ from Kidapawan Kurt Sarip, ‘The Tiny Messi’ from Muntinlupa Jax Pena, Julio Yoldi from Dumaguete City, Lucas Andan, Adrian Bacolod, Earl Siconieguem,Viggo Louis Herce have emerged and have already represented the country in various age group competitions abroad.       The Mindanao Cup will be the start of the formal planting of the grassroots of the sport in Mindanao and it takes a Negrense, Ricky Yanson Jr. to do the initiative.       Does anyone remember a Mindanawnon initiating grassroots program for football in the island? This tournament will surely boast the grassroots development of the sport in the island where grassroots development has long been forgotten by the football gods.       When was the last time that there has been a grassroots development program in Mindanao or probably in the country? It has been a long time and I can’t even remember it now.      No wonder why our age group teams are whipping boys in any international tournaments abroad. The 17 local football associations affiliated with the PFF are excited about this tournament and most of them are expected to send teams to the weeklong competition.       Football is very popular in Mindanao. Just watch the different football festivals organized by local FA and you can just ask the question where do these players come from.       The players come in different sizes, different ages, boys and girls, men and women. They come in droves just to have a chance of kicking the football and competing against other teams.       These festivals sprout every weekend in every corner where there is a football pitch. In every big city fiesta celebration there is always a football fiesta.       Two weekends ago there was the Diyandi Football Festival in Iligan. A week prior to the Diyandi Football Festival, there was the Rep. Siao Festival also in Iligan. Last weekend the town of Initao in Misamis Oriental, through its local government also held its own football festival. This weekend, Dipolog will host its own football festival and after that more festivals are held all over the island.       These festivals are organized by individuals or local football FA’s without any support from the PFF. Sometimes local politicians fund these events like Mayor Regencia and Rep. Siao in Iligan and the Guingonas in Gingoog or the LGU of Dipolog.       These festivals attract hundred of teams from different age levels. They are magnets of politicians, sponsors and players. These festivals are the only source of competitions among our young players aside from the Department of Education Palaro eliminations.       Despite of the lack of a grassroots program in the island there are countless good players in and the best are plying their trade in the collegiate leagues in Manila. Just check the lineups of the different teams in the UAAP and in the NCAA. They are abundant with players from Mindanao.       The Mindanao Cup will only be the start of many grassroots program to come initiated by Ricky Yanson Jr. With his resources and his love for the sport, the golden age of grassroots football in our country is coming and the future of the beautiful game is bright. (Jack Biantan)

    October 7, 2019

    READ MORE
  • RDC-X oks creation of Regional Halal Committee

    RDC-X oks creation of Regional Halal Committee

    The Regional Development Council of Northern Mindanao (RDC-X) approved the creation of a Regional Halal Committee (RHC) as a Special Committee during its 119th Full Council Meeting held here, September 30.      The creation of the RHC is a recognition of the importance of Halal industry to the region’s development and the need for more focused coordination among responsible agencies and organizations in harmonizing the implementation of Republic Act 10817 or the Philippine Halal Export Development and Promotion Act of 2016.      With the creation of the RHC, policy measures can be instituted to ensure compliance of producers, manufacturers, and would-be providers of Halal products with national and international standards, making them competitive in the export market.      The Committee shall be chaired by the regional director of the Department of Trade and Industry (DTI) and co-chaired by the regional director of the National Commission on Muslim Filipinos (NCMF).       The members shall be composed of representatives of the following regional government agencies: Department of Science and Technology (DOST), Department of Agriculture (DA), Department of Health (DOH), Department of Tourism (DOT), Technical Education and Skills Development Authority (TESDA), National Economic and Development Authority (NEDA), Commission on Higher Education (CHED), Board of Investments (BOI), Food and Drug Administration (FDA), Mindanao Development Authority (MinDA), Food Processors’ Association of Northern Mindanao, Cagayan de Oro Hotel and Restaurant Association, research institutions in the higher education institutions in the region, Cagayan de Oro Chamber of Commerce and Industry Foundation, Inc., and regional certifying bodies.       As a Committee under the RDC, the RHC shall plan the Halal Industry Development Agenda, set regional policies and direction on Halal development and innovation, and provide support in the implementation of Halal programs, among others. (APB/PIA10)

    October 7, 2019

    READ MORE
  • Rotary New Generation forum

    Rotary New Generation forum

    THE Rotary Club of Cagayan de Oro has once again shepherded 32 junior high students from various schools here to act as mayor, vice mayor, councillors and department heads with their real life counterparts.      For one week starting September 23, the junior high students busied themselves immersing in the various functions of the local government unit (LGU).      Prior to the event, these students attended the New Generation forum at Philtown Hotel with the topic on mental health.      Panelists in the forum this year were Northern Mindanao Medical Center psychiatrist Dr. Doris Inihao, Lourdes College guidance counselor Marilou Descallar and I Will Serve Foundation president Emily Mora.      Project chair Tito Mora said they chose mental health as the topic for this year’s forum because of its relevance among the youth.      Two days later, the students were ready.      Nathan Josh Ruelo of Phinma-COC took his oath as youth city mayor along with Chelsea Kirsten Alpaca of Liceo de Cagayan University as youth city vice mayor.      From thence, they immediately assumed their duties for the whole week such as sitting side by side with their respective adult counterparts and formulating recommendations at the end of the week based from what they have learned.      The Rotary Youth Officials Week is one of the biggest annual projects of Rotary Club of Cagayan de Oro. It aims to cause leadership development among the youth in the city.

    October 7, 2019

    READ MORE

A Brown eyes possible buyout of Vires Energy

October 7, 2019

Corporate

By: , A BROWN Co., Inc. said on Thursday that it had signed a deal to possibly acquire control of a company proposing to develop a liquefied natural gas (LNG) floating storage and regasification terminal with a floating power plant in Batangas City.      In a disclosure to the stock exchange, the Cagayan de Oro City-based company said it had signed a memorandum of agreement (MoA) with Argo Group Pte. Ltd. “for the possible acquisition” of approximately 99.995% of the outstanding capital of Vires Energy Corp.      The listed company said the MoA entered into “is a preliminary agreement and the prospective acquisition will be concluded after the completion of the customary due diligence period of a maximum period of 180 days.”      A Brown said Vires, which is owned by Argo Group, is the proponent of an integrated floating LNG storage and regasification terminal and a 506-megawatt (MW) natural gas-fired power plant.      The facility is located in Barangay Simlong, Batangas City. Vires has already secured registration with the Board of Investments.      Based on data from the Department of Energy (DoE), Vires had been cleared as early as 2016 to undergo a study that will assess its power plant project’s impact on the grid, or the country’s network of interconnected power transmission lines and substations.      Sought to confirm a pending application for a floating storage and a regasification terminal, the DoE’s Ma. Laura L. Saguin said in a text message: “As of now, we did not receive any application from Vires.” Ms. Saguin is chief science research specialist at the DoE’s natural gas management division.      Aside from its real estate business, A Brown is also into oil palm nursery and seedlings distribution, palm oil milling, operation of hotels, real estate brokerage, power generation, and investment in gold mining assets.      In 2014, it put up Peakpower Bukidnon, Inc., which has a 15-year build-operate-maintain-and transfer agreement with the Bukidnon II Electric Cooperative, Inc. The two have a power purchase and transfer agreement for a 10.40-MW diesel/bunker-fired power plant in Manolo Fortich, Bukidnon.      A Brown’s disclosure comes after the DoE on Sept. 20, issued a “notice to proceed” (NTP) to US-based firm, Excelerate Energy L.P. to develop an LNG floating storage and regasification unit (FSRU) facility in Batangas province.      The NTP requires Excelerate to comply within six months with construction permitting requirements, including the submission of permits from various government agencies and endorsements from local government units. The company is also required to submit proof of financial closing to the DoE.      In March, the DoE announced the signing of an NTP for First Gen Corp., which in December last year signed a joint development agreement with Tokyo Gas Co., Ltd. to develop an LNG facility. The Lopez-led company said last month that its immediate focus is to complete a detailed study on modifications on its existing jetty in Batangas to allow bringing in an FSRU.

read more

ITALPINAS CEO, ARCH. ROMOLO NATI SPEAKS AT THE REAL ESTATE EXPO MANILA 2019

September 18, 2019

Corporate

By: , MANILA- Italpinas Development Corporation Chairman and CEO Architect Romolo V. Nati spoke at the Real Estate Expo Manila 2019, an international event and influential platform escalating business networking with the top executives. The year’s theme, “Strengthening the Foundation through Innovation in the Real Estate Industry”.      REEM 2019 is an international sought-after event where the regional and international investors, developers, investment promotion authorities and real estate professionals converge to discuss growth drivers in the real estate investment and development on emerging markets globally. Arch. Nati, a devout advocate of sustainability, talked about  “Green Buildings in Emerging Cities in the Philippines”, sharing the strategies and architectural technologies which are among the means of the successful accomplishments of Italpinas Development Corporation, a “design-driven developer of sustainable properties focused on emerging cities in the Philippines”.      As an expert in green architecture, he emphasized the advantages of promoting sustainable buildings in secondary and tertiary cities explaining that aside from reducing overall impact to the environment and to human health. “Green buildings are the key for property developers to achieve sustainable urban development in an environmentally friendly manner. Such structures are defined as environmentally responsible and resource-efficient over their full life cycles and proven to be cost effective with reduced energy requirements,” expressed Nati.      Italpinas Development Corporation was officially listed in the Philippine Stock Exchange (PSE) on December 7 2015, only six years after its establishment. As a multi-awarded green developer, IDC’s breakthrough project, the mixed-use two tower building, Primavera Residences in uptown Cagayan de Oro, has gained international and national accolades. These include the Best-Development Mixed-use Development in the Philippines, awarded by the International Property Awards-Asia Pacific and the First Completed Building in East Asia to be certified by EDGE (Excellence in Design for Greater Efficiency).        This honor was given by the prestigious IFC World Bank Group, the innovator of EDGE software and certification program which was launched a few years back and currently used mostly by building designers and property developers who want their buildings to withstand various climate stresses for a long period of time and command greater value in the market.      Current IDC’s green projects, Primavera City, in uptown Cagayan de Oro, and the latest high-rise eco-friendly Miramonti Green Residences in Sto. Tomas, Batangas, have been awarded as Best-Development Mixed-use Development in the Philippines, by the International Property Awards-Asia Pacific, a highly acclaimed award in the worldwide property industry. Among the numerous attendees that participate at the event, a large group of Real Estate Management’s students from Emilio Aguinaldo College (Cavite) led by Professor Engineer Erna Ladia who actively interacted with Arch. Nati in the Q and A session, following his presentation.

read more

Holcim to help UN Habitat, TESDA in Marawi rebuild project

September 16, 2019

Corporate

By: , Leading cement maker Holcim Philippines, Inc. will support a project by the United Nations Human Settlement Program (UN Habitat) and the Technical Education and Skills Development Authority (TESDA) to build new homes for 1,500 families displaced by the conflict in Marawi.       Holcim Vice President for Communications Cara Ramirez shared during the 7th Annual Asia-Pacific Housing Forum organized by Habitat for HumanityPhilippines on July 31 that the company is set to fund masonry training for 300 beneficiaries.      UN Habitat will be responsible for recruiting the beneficiaries from among the residents of identified resettlement sites and coordinating logistics for the project. The TESDA, through its Regional Training Center inIliganCity, will administer the masonry course and certify as skilled workers those who pass.      Ramirez said the partnership with UN Habitat and TESDA is in line with the company’s corporate citizenship campaign, Holcim Helps, which tailors capacity-building support based on the needs of beneficiaries so programs are more sustainable and have a lasting positive impact.      “Holcim Helps focuses our efforts on education, livelihood, and infrastructure programs, which are designed in collaboration with our communities so we can identify the programs that are relevant to them and answers their needs,” she added.       Ramirez shared that Holcim Philippines had extended similar support to communities displaced by a natural calamity such as survivors of Typhoon Pablo in Compostella Valley in 2012 or vulnerable to one as the case of people living near the company’s Davao plant.       The support for masonry trainings were implemented through Holcim’s flagship Galing Mason program, which equips beneficiaries with skills that allow them to contribute to the rebuilding of their homes and provides them options for livelihood.       Ramirez shared these as part of her talk on the company’s efforts to contribute to addressing the deficit of quality shelters in the country.       She noted aside from providing quality cement to ensure the durability and quality of shelters being built, Holcim Philippines has also developed new products for specific applications that contribute to improving quality and reducing cost of construction.      “For example, local developers have grown to embrace masonry cement, which is better for finishing applications and more affordable than general purpose cement. While cement only accounts for roughly 10% of building costs, the savings from using the right cement can still help developers manage costs while also delivering quality shelters for their customers,” she said.      A biennial conference organized by Habitat for Humanity Philippines, the Asia-Pacific Housing Forumgathers both public and private stakeholders engaged in finding solutions for inadequate shelter issues and promoting affordable housing as a driver of economic growth. For this year’s forum, the newly formed Department of Human Settlements and Urban Development wasthe content partner.

read more

AirAsia PHL names new chairman

September 4, 2019

Corporate

By: , ORGANIZATIONAL changes continue for Philippines AirAsia, Inc. as the budget carrier announced over the weekend the appointment of corporate lawyer Joseph Omar A. Castillo as the new chairman of the board.      “We’re delighted to welcome Atty. Castillo as Chairman of the Board during this period of exciting growth for AirAsia,” AirAsia Group Executive Chairman Datuk Kamarudin said in a statement.      “Atty. Castillo brings a wealth of experience and strategic vision to the airline business, and we are confident that the company will continue to thrive under his leadership,” he added.      Mr. Castillo is replacing Marianne B. Hontiveros who held the post since 2014. Ms. Hontiveros was also chief executive officer and part owner of AirAsia Philippines.      The appointment of Mr. Castillo took effect yesterday. He joined the AirAsia Philippines board of directors earlier this year, and previously worked at private law firm Puyat, Jacinto & Santos (PJS) Law, where he led its transport and business process outsourcing practices and focused on labor relations, contract support, immigration and corporate fraud.      Prior to joining PJS Law, Mr. Castillo was part of Angara Abello Concepcion Regala & Cruz (ACCRA) Law Offices and the Baker McKenzie law firm. He was also vice-president for Downstream Operations of the PNOC-Exploration Corp. from 2011 to 2013.      He earned his law degree from the Ateneo de Manila University in 1997 and his bachelor’s degree in Business Management from the same university in 1993.      AirAsia Philippines also appointed a new chief executive officer, Ricardo “Ricky” P. Isla, replacing Dexter M. Comendador. Mr. Comendador was appointed chief operating officer.      Last June, the carrier likewise announced a change in ownership with the transfer of majority shares to businessman Michael L. Romero’s F&S Holdings, Inc., which now owns 44.4% of AirAsia Philippines.      Ms. Hontiveros and Zest-O Corp. Founder Alfredo M. Yao sold each of their 15.7% shares in the airline to F&S Holdings, leaving the remaining owners Antonio “Tony Boy” Conjuangco with 15.7% shares and Malaysia AirAsia International Ltd. with 39.9%.      AirAsia Philippines posted a profit of P593.07 million in the second quarter, surging 777% from last year due to a growth in passenger volume and ancillary revenues. It is aiming to swing to profit by yearend with a revenue target of P30 billion.      The budget carrier is also planning to launch an initial public offering before the end of the year.

read more

Bangko Sentral exec cites needs to further enhance capital market

September 28, 2019

Banking & Finance

By: , THE need to introduce further improvements to the Philippines’ capital market has risen especially in recent years to help address the dovish interest rate outlook and slower global growth, among others.      Reliance on banks as major fund source for corporates should be lessened. Instead, businesses should have greater access to the capital market.      Bangko Sentral ng Pilipinas (BSP) Assistant Governor Johnny Noe Ravalo, in a briefing on the release of the Financial Stability Report for the first half of 2018 until 2019 at the central bank Wednesday, said members of the Financial Stability Coordination Council (FSCC) has recommended three interventions to ensure financial stability in the domestic economy.      These measures are namely fewer but deeper benchmark tenors, indexed bonds, and tenor-based pricing.      Revelo said these proposed interventions are very timely because interest rates are falling and so it financing.      In an interview by journalists, he explained that reducing dependence on banks for funding cannot be done overnight since an economy needs an efficient capital market first to really change the market landscape.      He pointed out that an efficient capital market reflects fair prices of risks and fair price of risks for a particular tenor, which investors can compare.      “So by giving out fair prices, tenor-based, you’re allowing people choices. Do I borrow one-time seven years or do I borrow five years and then borrow two years after the fifth year? Those are the decisions that have to be made,” he said.      To date, some listed companies are now issuing their bond debt papers, thus, Ravelo said the change will not start from zero because there is already a market for these instruments.      “What we’d like to do going forward is polish whatever we have right now so that a lot more of the SMEs (small and medium enterprise) can go to the capital market instead of just going to the banking industry,” he said.      The BSP executive explained that while there is nothing wrong from borrowing from banks, these financial institutions also get part of their funds from deposits, which account holders can withdraw anytime they want.      This, he pointed out, “comes in a market friction cost and market development cost.”      “Whereas compared to the capital market when an issuer says I’m raising 10-year money those who buy the 10-year bond are saying we have 10-year money. So the tenor mismatch is removed,” he said.      “From that alone that’s going to be a massive improvement already. So it’s the next step but just to be absolutely clear we’re not starting from zero,” he said. “That’s also why we are growing by six percent because we have a financial market that allows for the economic activities to be financed,” he added. (PNA)

read more

ADB cuts 2019, 2020 growth forecasts for PH

September 27, 2019

Banking & Finance

By: , THE Asian Development Bank (ADB) has slightly reduced its economic growth forecast for the Philippines for the next two years amid a slowdown in the global economy and domestic investment, even as the country remains one of Asia’s best performers.      In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2019, the Manila-based multilateral bank revised its forecast for Philippine gross domestic product (GDP) growth to 6 percent in 2019 and 6.2 percent in 2020, against its previous forecast of 6.4 percent for both years.      In a press conference on Wednesday, ADB Country Director for the Philippines Kelly Bird attributed the downward revision to slowdown in global economy and in domestic investment in first half of the year caused mainly by the 2019 budget impasse.      “Public spending should regain traction for the rest of 2019, with the government committed to catching up with its spending plans, especially as new and larger infrastructure projects get underway,” he said.      Bird sees the recovery in public spending also boosting private consumption, which is currently well supported by steady overseas workers’ remittances, moderate inflation, and low unemployment.      The ADB said public expenditure next year is expected to provide a further boost to the economy amid the proposed 12-percent increase in the 2020 national budget, with higher spending particularly on infrastructure, social services, and income transfers to poor households.      “Public and private investment should regain traction as new and larger infrastructure projects get under way,” it added.      The multilateral bank said the outlook for exports remains weak in light of the slower-than-expected economic growth in major industrialized economies, which are among the Philippines’ largest export markets.      The country’s GDP growth rate averaged 5.5 percent in the first semester.      “Philippine economic growth is resilient despite weak external environment,” Bird said, noting that strong macroeconomic policy settings help build resilience.      The ADB further expects inflation to slow to 2.6 percent in 2019 and 3 percent in 2020, significantly lower than previous ADB forecasts, largely on improved domestic rice supplies following the lifting of quantitative rice import restrictions in February this year.      “That drop in inflation was due to better supplies of rice in the domestic market as a result of rice reforms and quantitative restrictions, but also as the monetary tightening last year starts to lower inflation expectations,” Bird said.      In the long term, Bird cited proactive policy reforms that are laying the foundation for higher growth, including the Tax Reform for Acceleration and Inclusion (TRAIN), Ease of Doing Business Act, and rice reforms, among others.      “Further relaxing restrictions on foreign investment and creating a national competition policy can also promote long term growth and more quality jobs,” he added. (PNA)

read more

Land Bank to expand banking services in remotest provinces

September 4, 2019

Banking & Finance

By: , THE Land Bank of the Philippines (LBP) will expand the coverage of its banking services by setting up additional satellite centers and deployment of mobile tellers in remotest and depressed provinces nationwide.      In an interview with the Philippine News Agency, LBP First Vice President for Strategic Planning Elcid Pangilinan said the bank has approved in principle the opening of over 250 banking outlets in an effort to strengthen and improve the financial infusion for un-banked areas.      The bank has targeted to complete the project in the next five years aimed at improving the urgent need for financial infusion in areas not being reached by the LBP.      Pangilinan explained the deployment of mobile tellers was in line with bank’s objective of educating people, specifically the farmers and fisherfolk in far-flung provinces, to appreciate the value of the bank.      He noted that majority of those in the farm and fisheries sector have not been exposed or introduced in rightful way of depositing and withdrawing their hard-earned money.      Citing the Bangko Sentral ng Pilipinas report, Pangilinan said there are about 533 unbanked provinces and municipalities and "it is our aim to reach out to these places and serve the people."      Of the approved over 250 places deprived of the banking services, the LBP branches will be set up in the northern part of Luzon, Visayas in its eastern part, and in western part of Mindanao.      While he did not divulge the amount which the bank will infuse in the two projects, Pangilinan assured that it has sufficient money to carry out its commitment, noting that LBP has been named as top four in terms of assets and deposits.      Pangilinan was one of the official representatives to the two-day meet on Reducing Disaster Risks Towards a Resilient Agricultural Sector hosted by the Southeast Asian Regional Center for Graduate Studies (SEARCA) here from Aug. 29 to 30, 2019. (Lulu R. Principe/PNA)

read more

Diokno vows another rate slash for 2019

August 30, 2019

Banking & Finance

By: , BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said yesterday there will be another 25 basis points (bps) cut in the benchmark policy rates by the end of the year, completing a 75 bps interest rates reduction for 2019.      Diokno said he could not say as yet which would come first, the policy rate cut or the reduction in banks’ reserve requirement ratio (RRR). He reiterated that both actions are “live issues” and could come at any time.      “There’s another 25 bps (before the end of the year),” Diokno told a forum organized by the Economic Journalists Association of the Philippines on Tuesday. He cited the global monetary easing actions and continued benign inflation as factors for the impending cut.      Diokno said they will again reduce the RRR this year, on top of the 200 bps RRR cut they implemented in tranches in May, June and July. He however said that it may not be as much as another 200 bps cut, equivalent to P190 billion in fresh liquidity.      “We have another RRR cut this year but maybe not 200 bps (it could be) 150 bps,” said Diokno. When asked if like before, the policy cut will happen prior the RRR cut, he said – “we don’t know yet (because) it’s a live issue. It could be before the late September (Monetary Board) policy meeting. It could be after … we will just look at the data.”      The Monetary Board’s next monetary policy meeting is September 26. It will have two more after, on November 26 and December 12, for a total of eight policy meetings for 2019.      “As we are all aware, the specter of slowing global economic growth looms larger than ever on the horizon as protectionist policies and geopolitical tensions continue to dominate the global growth narrative,” Diokno told forum participants. “Greater global economic uncertainty may lead to higher risk aversion as international investors turn to safe-haven assets, resulting in volatility in our domestic financial markets. When this happens, this could have adverse consequences on our price and financial stability objectives, and ultimately on the country’s growth momentum.”      Since global growth risks may “further escalate” because of the US-China trade conflict, Diokno said that in response, “central banks around the world, including the Philippines, have responded by easing their respective policy rates to stimulate their domestic economies. In fact, some central banks have surprised the markets by reducing their rates by more than what was expected. This indicates that the global monetary policy easing cycle could gather momentum and last longer and deeper than previously anticipated.”      The BSP policy rate was reduced by 25 bps last May 9 and by another 25 bps last August 8 for a total of 50 bps. During its last policy meeting, the BSP further slashed its inflation forecast for 2019 to 2.6 percent from 2.7 percent, while the 2020 and 2021 estimate was 2.9 percent, still within the two-four percent government inflation target.      Diokno has said that third quarter inflation average will drop below two percent due to base effects. He is also hoping that the last quarter’s inflation average could be “much lower” than what their flow charts show because of lower global oil prices      Inflation rate averaged at 3.8 percent in the first quarter 2019 before falling to three percent in the second quarter. With the latest July inflation of 2.4 percent, the year-to-date inflation averaged at 3.3 percent.      Diokno said the decision to reduce interest rates last May 9 came from its assessment that price pressures have continued to ease and that inflation expectations have also moderated further.      The main factors that contributed to the BSP’s benign inflation outlook and the revision of the forecasts came from the continuing relaxation of food price pressures.      Last year, the BSP raised interest rates by 175 bps to curb high inflation at the time, because of higher oil and rice prices. Inflation peaked at 6.7 percent in September and October.

read more

DOLE-X accredits 166 PhilJobNet private companies; boosts net job search

August 5, 2019

Economy

By: , CAGAYAN de Oro City--The Department of Labor and Employment (DOLE-X) through its Cagayan de Oro City Field Office (CDO FO) accredited 166 companies in the private sector during the first half of the year under the PhilJobnet - the official job-search portal of the government.      This move will boost increased job vacancies through net search.      DOLE-X CDO FO Chief Ebba B. Acosta said the realization is in collaboration with various establishments’ human resource development agenda and provision of platforms that would promote effective matching of the available jobs with the right people.       Acosta said the FO made sure that partner companies registered under the Department’s Rule 1020 or the Registration of Establishment shall also join the PhilJobNet. Likewise, the same rule was applied to companies joining the DOLE’s job facilitation program or the Job Fair.      Registration at PhilJobNet is free for both job seekers and employers.  In order for an employer to be accredited, they only need to submit/upload their BIR Registration Certificate (2303), SEC/DTI Registration Certificate, POEA License (for Overseas Recruitment Agency), DOLE License (for Local Recruitment Agency and Department Order No. 174 for Contractors/Subcontractors).      As an accredited establishment, they are free to upload at least ten job posts monthly; top banner for every job post; office location map; report pages; and synced interview calendar.        Premium services like unlimited job posting; email information and SMS/text blast to all registered job seekers; resume search; and priority jobs;  company name display at the topmost page are available for a fee.        PhilJobNet is an internet-based job and applicant matching system which aims to fast track jobseekers’ search job and employers for manpower requirements.  It provides job seekers with a listing of job vacancies posted by accredited government and private employers as well as by local and overseas manpower recruitment.      For mobile services, PhilJobnet application is available at Google Play Store for free. (DOLE10/PIA10)

read more

PPA inaugurates PH Biggest Port Terminal Bldg in CDO Today

July 15, 2019

Economy

By: Mike Baños, “The construction of this brand new building will greatly strengthen the region as the global gateway to Mindanao. Once we inaugurate this on July 15, we are opening Cagayan De Oro to the nation and to the rest of the world as we pursue progress for our seaports,” said PPA General Manager Jay Santiago in a statement. Santiago said the new P 276.705 million facility would boost opportunities for economic growth and tourism, not only in the city or in the province of Misamis Oriental, but for the entire Northern Mindanao. Through the expansion project, the new PTB can now accommodate up to 3,000 sea passengers daily, triple its previous passenger capacity of 1,000. The only port in the country managed and operated by the Philippine Ports Authority with such a facility, the 18,150.50 sq.m. Passenger Terminal Complex houses three (3) major structures: the 2-Storey Passenger Terminal Building, the ground floor of which has a 1,176 passenger seating-capacity and the second floor of which has a 1,221 passenger-seating capacity; Waiting Area for arriving passengers; and the Security Checkpoint Facility 1 for embarking passengers. The Complex also has a queuing area for Taxis/PUVs; a designated area for ticketing outlets; covered walkways; open spaces for parking with carbon sink areas containing mature trees and some plants. The Passenger Terminal Building contains facilities and GAD amenities for the safety, security, comfort and convenience of the passengers including Security Checkpoint 2 with X- Ray scanner for luggage/baggage, body scanner, CCTVs; Security Office; Office for PTC Personnel; Ballistics and Ammunitions Office; Passenger Boarding Stations; Collector’s Booth; Public Assistance and “Malasakit” Help Desks; Offices for passenger-related agencies such as Tourism, Quarantine, City Tourist Police and Coast Guard; waiting areas; a designated green area with plant boxes; and storage room for equipment and housekeeping, among others. GAD amenities include Play Area for children; Child Care Station for breastfeeding and diaper changing; Ecumenical Prayer Rooms; Special Boarding Lane for Senior Citizens, PWDS, Pregnant Women and Women travelling with children below 2 years old; drinking fountains; separate toilet facilities for PWDs, Female and Male; a Medical Urgent Care Need Room; and Concessionaires Area for food stalls, coffee shops and pasalubong centers, among others. Relatedly, PPA Administrative Order No. 04-2019 which takes effect today, July 15, 2019 grants Exemption from Payment of Passenger Terminal Fee to Embarking Passengers in all PPA Ports, particularly Students, Senior Citizens, Persons with Disability and Selected Uniformed Personnel ie. AFP, PNP and the PCG in active service. PPA have remained steadfast in giving “malasakit” and service to the Filipino people as it celebrated its 45 th Founding Anniversary on July 11, 2019 with the theme “Apatnapu’t limang taon na Malasakit at Serbisyo”. PPA GM Santiago explained that “Malasakit at Serbisyo” will be the mantra of PPA in the next 365 days with the end goal of providing “malasakit” to the Filipino people through improved port services and towards a comfortable travel experience. Besides the new PTB, the PPA will also be inaugurating its new port in Opol, Misamis Oriental and the 6-lane electronic multi-gate system. Together with the ongoing extension of wharf and expansion back- up area, these three projects are part of the Port Management Office for Misamis Oriental and Cagayan de Oro program to beef up its operational capability under its 7 Pillars of Development infrastructure program. Developed in consultation with the Philippine Liners Shipping Association (PLSA), the long- term program is geared towards sustaining the Northern Mindanao’s growth over the following decades. Metro Cagayan de Oro is envisioned to become the Philippines 4 th Metropolitan Center by 2025 along with Manila, Cebu and Davao, based on the National Spatial Strategy proposed network of settlements under the 2017-2025 edition of the Philippine Development Plan, As a Metropolitan Center, Cagayan de Oro would serve as a center of commercial, financial, and administrative activities and a primary international gateway. Beyond the immediate port area, the Port Management Office-Misamis Oriental-Cagayan de Oro will also alleviate road congestion in its entry/exit points through the Opol port zone delineation and development project to address congestion in the West coast highways by handling all incoming cargo from the Western Misamis Oriental and Iligan City. “The development and construction of Opol Port will decongest Cagayan de Oro Port with the diversion of tramping vessels to Luyong Bonbon, Opol, Misamis Oriental, thereby relieving the arterial roads to the port of the truck traffic and the port itself of these types of vessels” said Engr. Samuel Claro P. Fontanilla, PMO MisOr CDO engineering services division manager.   “As part of the seven pillars program to transform the Port of Cagayan de Oro into a purely containerized port, the Port of Opol will serve as the alternate port for domestic tramping vessels to ease berth congestion at the Port of Cagayan de Oro to bring it up to UNCTAD standard,” he added. The P264-million Opol port project will reduce standby time, shifting of vessels and optimize berth utilization at the CDO Port. Relatedly, the 6-Lane, ISPS compliant Electronic Gate Complex through Gate 3 leading to Arcadia Valenzuela Avenue in Lapasan will relieve traffic congestion at Gate No. 2 by providing 6 lane electronic controlled access to port users and eliminate long queues at the entry point. This facility will be fully equipped with CCTV cameras, weigh bridges for cargoes, electronic gates, payment booths. The Electronic Permit System (EPS) and Electronic Payment System (ePayment) will be eventually embedded and complemented by the LTO’s Motor Vehicle Recognition System through the use of the RFID. (as part of system (RFID). Expected to grace the inauguration of the three key facilities is DOTr Secretary Arthur P. Tugade. The DOTr Chief Executive commended the PPA for its efforts in completing the massive port project for the people of Cagayan de Oro. “I am thankful to GM Jay Santiago, and to the men and women of PPA, for realizing the dream of building the biggest Passenger Terminal Building in the country. This is a huge step towards giving the people of Cagayan de Oro a comfortable life through enhanced connectivity, a legacy promised by President Rodrigo Duterte,”Tugade said. “Moreover, it will strengthen the region as the global gateway to Mindanao and gives much impact on our tourism industry where we are able to showcase and afford to both local and foreign tourists the comfort, convenience, accessibility of home, safety and security they deserved in their travel experience,” said Engr. Isidro V. Butaslac, Jr., PMO MisorCDO Port Manager. Since Butaslac assumed the stewardship of PPA’s PMO MisOr CDO in November 2014, they have attained significant milestones, foremost among of which was CDO Port’s recognition as one of the APSN Green Port Award System (GPAS) winners for 2018 among candidate ports from 18 member economies of the Asia-Pacific Economic Cooperation (APEC). Butaslac received the Certificate of Recognition, ASPN Green Port Badge, and flag banners from the APEC Port Services Network (APSN) during the annual awarding ceremony held 15 November 2018 in Singapore.   Barely a month later, the Development Academy of the Philippines (DAP) cited the PMO- MOC as a Best Practice for its environmental protection and conservation during the 2018 Government Best Practice Recognition (GBPR). The PPA Head Office endorsed the PMO MOC’s entry dubbed, “Philippine Ports Authority—Port Management Office of Misamis Oriental/Cagayan de Oro (PMO MOC): Fostering a Green Culture for Port Operations and Management,” highlighted its initiatives for environmental protection, conservation, and sustainability through the employment of technology; issuance and compliance with environmental policies and mandates; and inculcating environmental awareness among port stakeholders. Operationally, the PMO has addressed berthing congestion (already over 100% eight years ago) by segregating berths according to type of cargo of the berthing vessel: Berths 1 to 6 for break bulk; 8,9, and 10 for containerized; and bulk liquids, solids at the end 12 & 13 for deep draft vessels. In addition, the port is undertaking dredging to a uniform depth of 13 meters to meet international standards. As a complement to the berthing classification, the PMO has also proposed for consideration as a high-impact project, the provision of a break bulk receiving facility at area “A” to enhance palletizing operations, ensure and improve safe and healthy working conditions for dockworkers and other port users, and preserve or protect perishable cargoes from environmental hazards and exposure to extreme weather. The project is situated about 200 meters from where Mediterranean type vessels carrying cargoes to be palletized are berthed. Trucks will no longer enter the port area so as not to congest its operational yard and port roads. Security, yard congestion, entry of irrelevant personnel, and safety concerns are expected to be attained since cargo trucks will no longer have to enter the port operational area. On top of segregating the berths, the quay which has never been extended during the last six years until 2015 was extended by another 150 meters, to be eventually lengthened up to 700 meters over the next 20 years. Not the least, the PMO replace its lighting system using solar powered LED lighting to significantly reduce power costs and pilferage of power cable wires.

read more

OCD-10 urges LGUs to be ready for disasters

June 24, 2019

Economy

By: GERRY LEE GORIT, MAMBAJAO, Camiguin – To ensure the safety of residents during earthquakes, the local government units must see to it that they are prepared for any disaster that might occur in their area, the Office of Civil Defense-10 (OCD-10) said. Aside from regular earthquake drills that would remind people how to react in case there is a tremor, OCD-10 regional director Rosauro Arnel Gonzales Jr. said the LGUs must also put in place disaster management mechanism, most especially in the training and deployment of responders and procurement of equipment. He said residents might have already been trained on the basic duck-hold-cover move, but to save lives, the local officials must also be equipped to handle disaster response.“The community might tell us that, ‘we are ready,’ but how secure is the government in responding to disasters, especially if there are people affected or there are casualties?” Gonzales told the participants of the regional level of the National Simultaneous Earthquake Drill (NSED) held at Mambajao town, Camiguin Thursday afternoon, June 20. “In this drill, we’d like to showcase the various responses of the government, from the local chief executives up to the barangay, and the different agencies who provided the necessary responders,” he said. During the drill, different scenarios resulting from an earthquake were being played out by both actual responders such as the provincial and municipal disaster risk reduction and management personnel, Bureau of Fire Protection firefighters and the Department of Health medical staff to community members acting as displaced residents and victims of tsunami, fire, and collapsed buildings. Mambajao mayor and Camiguin governor-elect Jurdin Jesus Romualdo said he sees the need for an exercise like the NSED to constantly raise the people’s awareness since the island-province, which had its share of volcanic eruptions in the past decades, is prone to floods, landslides, earthquakes, and tsunamis.  The eruptions that caused earthquake and other calamities in Camiguin occurred in 1871 to 1875 and in 1948 to 1951. Romualdo also recalled how in 2001 Typhoon Nanang devastated the province causing a massive landslide in Barangay Hubangon, Mahinog town that left 64 villagers dead and 117 more missing. He said the typhoon isolated the island for about two weeks as government agencies and even the Armed Forces and the National Police responders could not land at Camiguin due to bad weather. “We were on our own and the heavy rains, inclement weather made it difficult for help to come,” he added. He said it was local government’s initiative that the people’s cooperation that Camiguin was able to withstand the calamity that struck them. Romualdo described Typhoon Nanang as “the worst crisis that we had in Camiguin in recent history.” He said Camiguin should be ready for any eventuality at all times, and in fact, the local government has published a handbook on disaster management that will guide the Camiguingnons in the event of calamities. Col. Surki Sereñas, police regional spokesperson who was also one of the NSED evaluators, said the simulation was very organized with responders acting quickly to tend to the affected persons. Based on the OCD-10 data, about 3,000 persons participated in the regional NSED held in this province, many of them students, community members, and local government workers.

read more

Mindanao’s youth IP leaders vow support for EO 70

June 19, 2019

Economy

By: , YOUNG indigenous peoples (IP) leaders from across Mindanao threw their support behind the implementation of the Duterte Administration’s “Whole-Of-Nation” Approach under Executive Order No. 70 creating the National Task Force to End Local Communist Armed Conflict (NTF ELCAC). The more than 200 participants to the Mindanao Indigenous Peoples’ Youth Assembly committed to helping the national government implement the initiative which primarily aims to address the decades-long communist rebellion in the country. “We, the representatives of this assembly, declare our full and unequivocal support to the national government’s Whole-Of-Nation Approach, which is a centerpiece of the Duterte Administration’s Peace and Development Agenda,” the delegates said in a resolution passed on June 15. “We believe that this approach is the best solution to the communist insurgency that has ravaged our communities, and provide us, the youth, the opportunity to work hand in hand with the government to achieve this goal.” They pledged not to be used and abused by the communist insurgents, and will utilize our voices to speak out and convince members of our communities not to support the organization’s distorted ideology,” the resolution added. President Rodrigo Duterte has formed NTF ELCAC to work out a mechanism to help end the decades-old communist insurgency, and institutionalize a “whole-of-nation approach” in attaining an “inclusive and sustainable peace." The Whole-Of-Nation Approach mandates all concerned agencies of government to work in a holistic and integrated manner to deliver much-needed services to underdeveloped, conflict-affected communities. Through its Sectoral Unification, Capacity Building and Empowerment Cluster with the Office of the Presidential Adviser on the Peace Process (OPAPP) as a member, the NTF-ELCAC has started to engage various peace stakeholders to jumpstart the process. The approach will utilize localized peace engagements wherein local government units and other community members situated in conflict-affected areas will take the lead in providing solutions to best resolve the nation’s insurgency problem. In the same resolution, the youth leaders also urged President Duterte to declare the full implementation of RA 8371 or the Indigenous Peoples Rights Acts (IPRA) as part of the national government’s policy agenda in his upcoming State of the Nation Address (SONA). “Through this declaration, we envision the IPRA’s full implementation to significantly impact on the lives of our indigenous peoples, specifically by allowing us to completely enjoy the four bundle of rights as stated in the IPRA,” the resolution said. According to Dante Tumanding, political officer of the Mindanao Indigenous Peoples Youth Organization (MIPYO), they can contribute a lot to the Whole-Of-Nation approach. “We are the frontlines and are the first ones affected whenever there is armed conflict in our communities,” Tumanding said. This is the reason, Tumanding said, why the conduct of the peace assembly, organized by OPAPP in collaboration with MIPYO, is both timely and relevant. “We wanted to equip our youth IP leaders across Mindanao with the skills and knowledge they will need to support the implementation of EO 70,” he said. (OPAPRU PR) 

read more

Toyota Fortuner Gets Updated with Apple CarPlay and Android Auto

October 7, 2019

Motoring

By: , Top automotive manufacturer Toyota Motor Philippines (TMP) updates the infotainment system of its best-selling midsize SUV, the Toyota Fortuner. Starting this September, all six (6) variants of the Toyota Fortuner will now have the Apple CarPlay and Android Auto mobile compatibility features pre-installed.      Aside from this software upgrade, the head unit’s hardware also receives significant changes such as a new dedicated SD card slot for multimedia, 6.75-inch total screen size, and 512 MB of RAM with 8GB of ROM (both previously at 256MB). The updated Toyota Fortuner is now available in all 70 Toyota dealerships nationwide.      “Toyota listens to the demands of the local market, and we are always on the lookout when it comes to adapting technologies that make driving easier, safer, and more enjoyable for everyone,” said TMP First Vice President Ms. Cristina Arevalo. “Equipping the Fortuner with Apple CarPlay and Android Auto is something our customers will surely appreciate.”      Apple CarPlay and Android Auto are both smartphone mirroring services that allow drivers to focus on the road with quality-of-life features such as GPS navigation, music playback, and managing texts and calls, all through the vehicle’s built-in display.      Their common goal is to minimize driving distractions by making it easy for drivers to control these factors by using voice commands, touchscreen panels, and traditional knobs or buttons in their car’s infotainment setup.      “We’re confident that this much-anticipated set of software and hardware improvements will make the Toyota Fortuner even more appealing to its target market,” she added.      Year-to-date, the Toyota Fortuner already sold a total of 12,519 units, again cementing its status as the SUV of choice among Filipinos. Next to Metro Manila, Toyota Fortuner sales in terms of volume are strongest in Calabarzon (Region IV) and Central Luzon (Region III) areas.      For the latest Toyota news and information, visit TMP’s official website at www.toyota.com.ph and follow the official Facebook page at www.fb.com/ToyotaMotorPhilippines. To know more about the updated Fortuner, please go to any of Toyota’s 70 dealerships nationwide.

read more

Suzuki Introduces Two New Workhorses for the Filipino Entrepreneur: the All-new Carry and the Dzire GA

October 7, 2019

Motoring

By: , Suzuki Philippines Inc. (SPH), the country’s pioneer subcompact car distributor, introduces its newest breed of workhorse vehicle, the all-new Suzuki Carry.      Designed to meet the needs of commercial businesses, the all-new Carry is packed with upgraded features and a lightweight yet fuel-efficient engine, making it a tough and reliable partner to drive every Filipino business owners to success.      “Filipinos are a hard-working people. The all-new Suzuki Carry is engineered to match the level of dedication Filipinos put into their businesses. We designed this new workhorse vehicle to deliver any business requirements with efficiency and power to do more. With the all-new Suzuki Carry, we extend the Suzuki Way of Life! to small and medium enterprises and be a part of their journey to success,” Suzuki Philippines Director and Automobile Division General Manager Keiichi Suzuki shares.      Succeeding the Suzuki Super Carry, which bagged the 2016 Best Commercial Utility Vehicle by Car Awards Group, Inc., the all-new Carry amps performance with a stronger and fuel-efficient K15B 1.5-liter engine, providing more power to carry out every task in any road conditions with ease. This upgrade delivers more output power at 96hp/5,600rpm and torque at 135N.m/4,400rpm over the entire range, giving business owners the confidence to deliver on their business commitments.      The all-new Carry stays true to its nature as a reliable and functional workhorse with its exterior design exuding simplicity, durability and a good sense of balance. It has a wider and longer body with access to side gates opening from all sides, making loading and unloading cargo of any size and shape easier. The new truck is also packed with 22-rope hooks to secure any cargo during transit.      Supported with a bed 365mm longer and 75mm wider than its predecessor, the all-new Carry boasts a greater loading capacity of 940kg with better weight distribution when fully loaded. Its cabin space now features a more spacious design to ensure a more comfortable seating position with ample distance between the hip point and the center of the accelerator pedal. Aside from the added storage in the dashboard and the cabin, the shift lever is now situated on the dashboard to provide extra legroom for an optimum driving experience.      The all-new Suzuki Carry can be converted and modified to suit any business needs. It can be used as a utility van, cargo truck, or pick-up truck with the same reliability and functionality expected of a trusted workhorse.      The All–New Carry price starts at:      • 509,000 – Carry truck      • 576,000 – Carry Cargo Van      • 614,000 – Carry Utility Van      Alongside the all-new Carry and to support Filipinos’ diverse business and transport requirements, SPH also introduces the latest variant of its signature compact sedan – the new Suzuki Dzire GA.      SPH hopes to provide Filipino commuters with additional ride-sharing options with the all-new Suzuki Dzire GA. Suzuki’s signature sedan gets a fresher look with easy-to-handle compact dimensions and expanded storage capacity, making it an ideal addition to a taxi fleet business. The all-new Dzire GA features a more compact K12M engine under its hood with increased fuel efficiency. Its interior and engine performance are guaranteed to givecomplete comfort for all the passengers traversing the busy streets of the metro.      Added in their Dzire vehicle list Suzuki Dzire GA price starts at:      • 549, 900 – Dzire GA 1.2L – Manual Transmission

read more

Toyota and Suzuki Enter into Capital Alliance Agreement

September 9, 2019

Motoring

By: , Toyota Motor Corporation and Suzuki Motor Corporation announced that the two companies entered into an agreement regarding a capital alliance (the “Alliance”) today, in order to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving.      The two companies began considering business partnership on October 12, 2016, and since then have continued to consider specific details. On March 20 of this year, the companies announced that they would begin specific considerations in order to engage in joint product development and collaboration in production, in addition to promoting the mutual supply of products, by bringing together Toyota’s strength in electrification technologies and Suzuki’s strength in technologies for compact vehicles.       Separately, the automobile sector is currently experiencing a turning point unprecedented in both scope and scale, not only because of enhanced environmental regulations, but also from new entries from distinct industries and diversified mobility businesses. The two companies intend to achieve sustainable growth, by overcoming new challenges surrounding the automobile sector by building and deepening cooperative relationships in new fields while continuing to be competitors, in addition to strengthening the technologies and products in which each company specializes and their existing business foundations.       Specifically, to take up challenges together in this transitional era, the two companies plan to establish and promote a long-term partnership between the two companies for promoting collaboration in new fields, including the field of autonomous driving.       The execution of the capital alliance agreement is a confirmation and expression of the outcome of sincere and careful discussions between the two companies, and it will serve for building and promoting their future partnership in new fields.      In order to develop and promote a long-term partnership between the two companies, the companies plan to acquire each other’s shares based on the Alliance.       Toyota plans to acquire 24,000,000 shares of common stock in Suzuki (4.94% ownership of the total number of shares issued by Suzuki as of March 31, 2019 (excluding treasury shares) with a total value of JPY 96 billion) by underwriting the disposition of treasury shares by way of third-party allotment conducted by Suzuki.       Likewise, Suzuki plans to acquire, through purchase in the market, shares in Toyota equivalent to JPY 48 billion. These share acquisitions will be implemented after the companies obtain approvals from the foreign competition authorities.      Source: www.globalsuzuki.com

read more

Toyota Safety Sense: Humans and Machines Working Together for Safer Driving

September 9, 2019

Motoring

By: , According to the World Health Organization Global Status Report, road accident statistics in the Philippines has constantly increased since 2016. A number of accidents have resulted in injuries or deaths, some of which could have been avoided if motorists are taking extra safety measures.      For leading mobility company Toyota, safety features are just as essential to the car as any other advanced functional technologies. That is why it the company is set to actively rollout its proprietary Toyota Safety Sense (TSS).      In addition to the passive safety features which we are already familiar with such as the vehicle’s impact absorbing structure, seatbelts, and number of airbags, TSS incorporates active safety features which identify factors that may cause accidents and aid the driver in eliminating these factors      Some of the features available under TSS are Pre-collision System (PCS), Adaptive Cruise Control (ACC), Lane Departure Alert (LDA), and Automatic High Beam (AHB).      Pre-collision System (PCS) – detects the possibility of a collision using various sensors and reacts accordingly, also taking into consideration the countermeasures taken by the driver. Upon detection of a possibility of collision, the driver will be warned with beeps and visual warnings. When the possibility of a collision is higher and the driver applies brakes, the brake assist system will apply additional pressure to the brakes as needed. When an even greater possibility of collision is detected and the driver did not apply brakes, automatic brakes will be activated to prevent the collision.      Adaptive Cruise Control (ACC) – when driving at cruise control, the vehicle drives at constant preset speed and will adjust within the set cruise speed upon detection of another vehicle in front to maintain appropriate distance.      Lane Departure Alert (LDA) – detects driving lanes and alerts driver when the vehicle departs from its designated lane. This feature operates at a vehicle speed of more than 50km/h, with a road width of more than approximately 3.0m.      Automatic High Beam (AHB) – while the headlight’s high beam setting is in use, the system automatically switches to low beam upon detection of vehicles at a certain distance in front or incoming vehicles on the opposite lane. The system will return to the high beam setting once the vehicle in front is at an appropriate distance or the incoming vehicle has passed.      These features fall under certain classes, with classes and feature variations available in selected new models and variants globally. With safety as Toyota Motor Philippines’ number one priority, select TSS features is available with the all-new Hiace Super Grandia Elite. More models will soon carry TSS’ active safety features that can give Filipino motorists and their families peace of mind, further supporting ever better lives through ever better cars.

read more

Subscribe Now!

Receive email updates from Business Week.