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B 2 business The Manila Times TUESDAY April 27, 2010 San Miguel exercises option to acquire control of Petron BY EUAN PAOLO C. ANONUEVO AND KRISTA ANGELA M. MONTEALEGRE REPORTERS SAN Miguel Corp. (SMC) said it has exercised its option to acquire control over the Philippines’ biggest oil refiner and retailer. “We already bought 51 percent” of Petron Corp., Ramon Ang, SMC president, told reporters during a teleconference on Monday. The teleconference follows an SMC disclosure to the Philippine Stock Exchange (PSE), stating that the conglomerate’s management was authorized to exercise an option to acquire 40 percent of the outstanding common shares of Sea Refinery Corp. no later than April 30. Sea Refinery owns 50.1 percent GARDEN OF MEMORIES MEMORIAL PARK AND CHAPELS, INC. Bagong Calzada, Pateros, Metro Manila STATEMENT OF CONDITION AUDITED As of December 31, 2009 ASSETS AMOUNT Cash and Cash Equivalents P 34,098,103 Receivables 48,414,281 Investments in Trust Funds 55,106,059 Inventories 1,126,796 Property and Equipment 12,914,955 Investment Property 32,805,350 Net Pension Asset 62,900 Other Assets 1,507,124 P 186,035,568 LIABILITIES AND EQUITY Pre-need reserves P 52,858,143 Other reserves 1,324,404 Estimated liabilities 33,851,023 Accounts and other payables 11,614,528 Income Tax payable 883,424 Deferred tax liability 8,088,665 108,620,187 Equity Capital stock 30,000,000 Revaluation increment 25,405,112 Revaluation reserve for available-for-sale financial assets 1,538,594 Retained earnings 41,857,862 Treasury stock (21,386,187) 77,415,381 P 186,035,568 TRUST FUND (Memorial Life Plan) BALANCE SHEET AUDITED As of December 31, 2009 ASSETS Cash in banks P 3,921,861 AFS financial assets at market Government securities 48,858,535 Private Bonds 1,499,129 Accrued interest receivable 897,319 55,176,844 LIABILITIES Accrued expenses and other liabilities 70,785 P 55,106,059 EQUITY Fund balance at beginning of year P 40,697,084 Additional contributions during the year - Fund balance at end of year 40,697,084 Accumulated trust fund income at beginning of year 37,991,503 Net income for the year 3,012,822 Accumulated trust fund income at end of year 41,004,325 Accumulated withdrawals at beginning of year (28,185,685) Withdrawals during the year (607,656) Accumulated withdrawals at end of year (28,793,341) Revaluation reserve for AFS financial assets at beginning of year 2,128,930 Net changes in fair value of AFS financial assets during the year 69,061 Revaluation reserve for AFS financial assets at end of year 2,197,991 P 55,106,059 REPUBLIC OF THE PHILIPPINES ) PATEROS, METRO MANILA ) S.S. We, TOMAS S. SANCHEZ JR. AND VIRGINIA S. ATMOSFERA of the above-mentioned corporation, certify that the above statement of condition together with the trust fund balance sheet has been audited by its external auditors, SyCip, Gorres, Velayo & Co. (SGV & Co.). (SGD.) TOMAS S. SANCHEZ, JR. (SGD.) VIRGINIA S. ATMOSFERA President – CEO Treasurer SUBSCRIBED AND SWORN to before me this April 23, 2010 at Pateros, Metro Manila, affiants exhibiting to me their Community Tax Certificate Nos. 19972323 and 19967515, both issued at Pateros, Metro Manila on January 23, 2010 and January 4, 2010 respectively. (SGD.) FRANCISCO C. BORJA Notary Public Doc. No. 148 Until December 31, 2010 Book No. 031 P.T.R. No. 6141153 Page No. 001 Date: October 11, 2009 Series of 2010 Place: Pateros, Metro Manila TIN: 113-413-624 of the outstanding common shares of Petron. Ang said the Ashmore Group, which owns Sea Refinery, will retain a 40 percent stake in Petron. In its disclosure, SMC said it will also issue a tender offer for the common shares of Petron held by the public at an offer price of P6.85 apiece. The option to acquire up to 100 percent of Sea Refinery is contained in an agreement dated December Benguet secures fresh capital Galvanizers pledge to hold off increase in steel product prices Planning agency clears privatization of Manila North Harbor THE National Economic and Development Authority (NEDA) on Monday said that the contract for the development and operation of the Manila North Harbor underwent a “proper” bidding. “The contract is properly bid out,” Augusto Santos, NEDA director general and socioeconomic planning secretary, told reporters. State-run Philippine Ports Authority (PPA) awarded Manila North Harbour Port Inc. (MNHPI) a 25-year contract to modernize the Manila North Harbor. PPA is assured of P6.8 billion in revenues from the contract. 24, 2008 between SMC and Sea Refinery Holdings BV, a unit of the London-based Ashmore group represented by former Philippine Trade Minister Roberto Ongpin. The Securities Regulation Code on mandatory tender offers states that, “any person or group of persons acting in concert who intends to acquire 35 percent or more of equity shares in a public company shall disclose such intention and contemporaneously make a tender offer for the percent sought to all holders of such class.” “What we are doing right now is to have our tender offer in compliance with the PSE ruling. This exercise will enable us to buy all [Petron] shares [held by] the public, which is nine percent. We are now readying all documents. Once completed, we will end up with [a] 60 percent [stake] in Petron if we will be able to buy all the nine percent of the shares [held by] the public,” Ang said. The Ashmore Group owns 90.6 percent of Petron after buying the government’s 40-percent interest for P25.6 billion in 2008. The year before, the Ashmore Group had acquired a 40-percent stake in Petron from Saudi Arabia’s Aramco Overseas Co. Following its acquisition of a majority in Petron, the Ashmore Group made a tender offer, which allowed the UK firm to secure a further 10.1 percent from other holders of the oil refiner’s stock. SMC paid the Ashmore Group about $10 million for the option to gain control over Petron. SMC has been looking to invest outside its core businesses of beverages, dairy products and food processing. Ayala Land, El Nido operator to form joint venture AYALA Land Inc. (ALI) said it will undertake a joint venture with the operator of the world-class El Nido Resorts in Northern Palawan for the development of more ecofriendly and responsible tourism destinations in the area. In a disclosure to the Philippine Stock Exchange, ALI said it would take a 60-percent interest in the partnership with Asian Conservation Co. (ACC). Incorporated in 2001 to finance biodiversity conservation, ACC through subsidiaries under the UNION Bank of the Philippines’ profit climbed by half in the first three months this year mainly because of higher interest income and trading gains. In a disclosure at the Philippine Stocks Exchange, Union Bank said its first quarter profit went up 51.3 percent to P855.17 million from Ten Knots Group, owns and operates the El Nido Resorts in Lagen and Miniloc Islands. The resort won the Wild Asia Responsible Tourism Award in 2009 and was one of the 15 Favorite Green Hotels recognized by Travel + Leisure magazine in 2007. “We are excited to have ACC as our new partner, with their unique experience in managing island resort properties and their strong adherence to a quadruple bottom line approach in preserving the environment around their resort proper- P565.18 million in the same threemonth period a year ago. The bank’s net interest income rose 19.02 percent to P1.72 billion from P1.44 billion last year. The lender’s other sources of income reached P833.74 million, P467.55 million of which came from miscellaneous income, and Gains from loans, trading lift Union Bank’s 1Q profit P152.45 million from fee-based earnings. Net trading gains surged 55 percent to P213.73 million from P137.55 million the prior year. Total deposits at end-March dipped from P194.5 billion a year ago to P186.8 billion this year while capital funds rose 4 percent to MINING firm Benguet Corp. (BC) has received a fresh shot in the arm with the capital infusion from new investors. In a disclosure to the Philippine Stock Exchange, BC said that RYM Business Management Corp. (RBMC) paid the mining firm P150 million for an initial share subscription. RBMC acquired 6,617,640 class A common shares and 4,411,770 class B common shares of BC. The share subscription is part of the agreement both parties signed on April 7. Under the accord, RBMC will purchase 14.6-million class A common shares at P12 each and 9.7-million class B shares at P16 apiece. The balance worth P180 million will be GALVANIZERS have committed to maintain prices of galvanized iron (GI) roofing sheets as they await the tariff relief that the government may extend to keep prices of these products low. Earlier, local galvanizers mulled over jacking up prices by 5 percent to 10 percent because of the increase in raw material costs in the global market. Three of the world’s largest mining firms— BHP Billiton Ltd., Cia Vale do Rio Doce and Rio Tinto Coal Australia—have quoted higher iron ore prices, which sent the prices of steel materials such as billets, cold rolled coils (CRC), hot rolled coils (HRC), slabs and wire rods to jump by $100 to $150 per metric ton. ties,” Antonino Aquino, ALI president and chief executive officer, said. “We are pleased to have ALI as our strategic partner, given their strong corporate philosophy on sustainability and their proven track record of building worldclass real estate projects,” said Vicente Perez, ACC chairman. Last year, the Ayala group began adopting a new philosophy and vowed to pursue a “triple bottom line” approach in its business operations. The “triple bottom line” refers to the economic, social and environmental impact of the company. Last November, Ayala Corp. became the first conglomerate to release a sustainability report, which will assess the group’s impact on the community and the environment. Two months later, state-run Laguna Lake Development Authority served a fine against Manila Water Co. Inc., an Ayala affiliate, for discharging wastewater to the lake. The utility is contesting the penalty. KRISTA ANGELA M. MONTEALEGRE P32.47 billion from last year’s P31.28 million. Union Bank has set aside more than 37 percent, or P106.73 million in impairment losses. Operating expenses increased at a slower pace, at less than 1 percent to P1.44 billion from last year’s P1.43 million. LAILANY P. GOMEZ paid for within 180 days from the date of the deal’s signing. BC earlier said that the private placement would allow the company to pursue its projects. These include the development of the Balatoc Tailings Project, Acupan Contract Mining Project and other priority projects in Benguet province. The projects involve the extraction of residual and reserve gold. Balatoc, in particular, is projected to churn out 3,000 tons of gold per day. This could rise to 5,000 tons per day within the first three years. The Acupan gold mine has been closed since 1992 because of low metal prices back then. EUAN PAULO C. AÑONUEVO The Cabinet-level Tariff and Related Matters Committee is conducting a review on duties imposed on steel. But Senior Trade Undersecretary Thomas Aquino told reporters last week that galvanizers should come up with a single position. The Filipino Galvanizers Institute Inc. has been asking for the removal of the seven-percent duty on CRC and HRC imports, while another group composed of six companies called on the government to impose safeguards on finished products. “Galvanizers must have one consistent position when they talk to the government,” Aquino said. BEN ARNOLD O. DE VERA MNHPI is 60-percent owned by Michael Romero’s Harbour Centre and 40 percent by Metro Pacific Investment Corp., which is led by Manuel Pangilinan. The Philippine Liners Shipping Association (PLSA) had claimed the contract was approved without undergoing a screening process at NEDA and a complete bidding process, pursuant to the Bidding Law or Republic Act. 9184 and the Build-Operate-Transfer Law or RA 6957 as amended by RA 7718. Earlier, the PLSA asked the Supreme Court to nullify the contract and impose a temporary restraining order, status quo SMDC net income surges on brisk sales of condos THE housing arm of the SM Group announced on Monday that its net income for the first quarter rose by more than half, Sbuoyed by the strong sales of its residential units. In a statement, SM Development Corp. (SMDC) said its earnings rose by 51 percent to P632 million from P419 million a year ago. Consolidated revenues went up by 48 percent to P2 billion with sales from real estate operations hitting P1.9 billion, or 45 percent higher than last year’s P1.3 billion. During the three-month period, SMDC pre-sold 3,547 residential units worth P7 billion, up by 288 percent year-on-year, on the back of the strong take-up of projects like the Sun Residences in Welcome Rotonda in Manila, Jazz Residences in Makati and the Light Residences near Pioneer Street in Mandaluyong City. SMDC has lined up four additional projects worth P4 billion to P8 billion under the SM Residences brand this year. The company is confident that the affordability of its housing projects would allow it to sustain this kind of profit growth in the medium term. “We’ll try for a 30 to 50 percent growth for the next five-years,” Henry Sy Jr., SMDC chairman, said on the sidelines of the firm’s annual stockholder’s meeting. Sy said they will now tap into an “unserved” segment of the market by launching a new residential brand called “My Place,” which would offer housing units at P1 million and below. “We believe this product will be another successful entry towards alleviating the housing demand in the Philippines,” he said. According to the executive, My Place aims to attract the “yuppies,” call center agents, professionals moving out of their parents’ homes, and investors who could rent the units out to students. A 20-storey My Place tower will rise in a one-hectare lot in Panay Avenue, Quezon City this year, while four more projects in Metro Manila under the brand will be built by next year. Sy said SMDC would earn a “slightly lower” profit margin from My Place compared with its other brands. He said that the price of housing units cannot keep up with construction materials, thus the company has to be “creative” by employing “value engineering” in constructing My Place. In the past few months, the price of steel products in the country has soared, prompting the government to set a suggested retail price on billets, wire mills and cold rolled coils. But Jose Sio, the SM Group’s chief finance officer, said the company “locked in” its steel requirements since last year. “That’s the advantage of being liquid,” he said. To grab these kinds of opportunities, SMDC will hoard enough cash at a level the company is most comfortable with “while money is cheap”, Sio added. Roger Cabunag, SDMC president, said the real estate firm will sell P5- billion to P10-billion worth of three-, five- or seven-year bonds next month. KRISTA ANGELA M. MONTEALEGRE Secondary airports open to Asean carriers by June THE Philippines expects to open by June all secondary airports to flag-carriers of other member-countries of the Association of Southeast Asian Nations (Asean), an official of the Civil Aeronautics Board (CAB) said. “We are hoping to agree before June, which is the target signing of the Multilateral Agreement for the Full Liberalization of Passenger Air Services (MAFLPAS) and its implementing protocols,” Porvenir Porciuncula, CAB deputy executive director, said. Porciuncula had said that the agreement supports the Philippine policy to develop airports outside Manila, particularly Clark and others such as Cebu, Davao, Laoag and General Santos. These airports outside Manila are expected to attract flights connecting with Asean cities. THE Philippines’ bank insurer said the International Monetary Fund (IMF) is supporting its proposed removal of the 90-day rehabilitation window and the establishment of a bridge bank authority. According to state-run Philippine Deposit Insurance Corp. (PDIC), these proposals would work in tandem with IMF’s recommendations removing the constraints in regulation and strengthening the current prompt and corrective action (PCA) on banks. The IMF is partial to a conservator/receiver taking full control when restructuring a bank without shareholder approval, PDIC said. The rehabilitation period during receivership should be eliminated while the law that provides for a bridge bank resolution mechanism should be amended, the IMF further said. PDIC President Jose Nograles said the IMF’s statement was timely in ushering a second wave of legislative banking reforms after the passage of the amended deposit insurance law last year. He said that bank rehabilitation should take place during the PCA period, when the bank is still in operation, and not after closure. Under the present system, a bank that is found to be in the early stages of distress and non-compliance with standard conditions and ratings is placed under PCA. “If signed, there will be direct flights for tourists. There will be flexible and better packages for tourists,” Porciuncula said. The CAB official said this is separate from the Multilateral Agreement on Air Services (MAS), which allows unlimited capacity or frequencies between capital cities in Asean. For unlimited flights among capital cities in Asean, Porciuncula said the Philippines is not yet ready because of the limitations of runways in local airports. Porciuncula said the constraints would be the infrastructure, technical support and the readiness of the local airlines. He said the government would consult the stakeholders before the ratification of the agreement. DARWIN G. AMOJELAR State insurer says IMF backs quick bank closure When all options for rehabilitation have failed, the Monetary Board then orders the closure of the bank and places it under the receivership of PDIC. But under existing regulations, PDIC may still accept rehabilitation proposals during the 90-day receivership period. Most of the proposals come from previous owners and stockholders of the closed banks. In case of third-party investors, the concurrence of the bank’s shareholders is still required. Eliminating the mandatory rehabilitation option after bank closure could allow the PDIC to quickly undertake any of the three modes of liquidation: the purchase of assets and assumption of liabilities, the establishment of a bridge bank, and the outright sale of the closed bank’s assets for liquidation. Nograles said the Congress’ bicameral conference committee supported the bridge bank proposal, and suggested its inclusion in the amendments to the Bangko Sentral ng Pilipinas Charter or the General Banking Act. A bridge bank refers to a temporary bank set up and operated to acquire assets and assume liabilities of a failed lender and facilitate its resolution. The bridge bank will be authorized to purchase assets, assume deposits, and other liabilities and perform banking functions. LAILANY P. GOMEZ ante order or any equitable relief. Santos said the 5 percent concession fee that the shipping companies are contesting is part of the contract, and requires no NEDA approval. “It only requires PPA board approval and it has been approved,” he said. The Department of Trade and Industry had warned that the additional fee would have an “economic impact to shippers, consumers and the general public.” MNHPI will spend P14.5-billion for the construction of a modern passenger terminal and other facilities, acquisition of heavy equipment, dredging operations and acquisition of other equally important equipment such as modern computers to ensure the smooth flow of cargo and passengers. The North Harbor Terminal 1 will service roll-on roll-off container and passenger ships. Terminal 2 will service container and passenger ships, while Terminal 3 will be earmarked for conventional, non-containerized, bulk/break-bulk ships and passenger vessels. The North Harbor, which is part of the Port of Manila, is the country’s largest and busiest port, serving domestic cargo and passenger traffic. DARWIN G. AMOJELAR
motoring The Manila Times TUESDAY April 27, 2010 Ford completes Focus lineup in Philippines with launch of new sedan variants FORD Group Phils. (FGP) announced it has completed its lineup of Ford Focus models as it introduced last week two new sedan variants; the TDCi with a sixspeed PowerShift automatic transmission and the 1.8-liter Trend, which also has an automatic gearbox. FGP asserted that the PowerShift “delivers the fuel efficiency and dynamics of a manual gearbox with the driving ease and full comfort of a premium automatic transmission.” The system uses the latest electronically controlled dual-clutch technology to change gears which, when compared to traditional automatic four-speed transmissions, can also help reduce fuel consumption by up to 9 percent, according to the company. A dual-clutch system consists of two transmissions with its own independent clutch units where one carries the oddnumber gears (first, third and fifth) while the other the even-number gears (two, four and six). Gear changes are coordinated between both clutches as they engage and disengage for a seamless delivery of torque to the wheels, FGP said. “Ford’s PowerShift represents a true competitive advantage for Ford and is one of the current technologies that set a new world standard for efficiency and drive quality,” said FGP Vice President for Sales and Marketing Steven Tan. What it brings to our Focus lineup is ride that’s as smooth as it gets.” The Focus lineup starts with the 1.8L Style sedan (P779,000). Next are the 1.8L driven/HONDA JAZZ 1.3S Trend models which either have a fivespeed manual transmission (P799,000; sedan only) or automatic transmission (P869,000; the new sedan and hatchback). Then there are the 2.0-liter models—the Ghia sedan and Sport hatchback (P999,000). On top of the range are the TDCi and PowerShift-equipped Sport hatch and new sedan models (P1.189 million). Also announced at the introduction of the two latest Focus sedan models was the second run of the Ford Focus Coast-to- Coast Challenge, where three new teams will drive from Sorsogon, Bicol to Pagudpud, Ilocos Norte on just one tankfull of gas on Focus cars. The participants, which include JP Tuason and Mike Tuason of the Tuason Racing School, will drive the new TDCi sedans from May 4 to 7. BOX POPULI The Honda Jazz, in 1.3S guise, gives up some oomph but retains all the other virtues that have made the nameplate hugely popular BY BRIAN AFUANG MOTORING EDITOR THINK nothing of that “Thinking out of the box” cliché. It’s the stuff inside the box that matter, and the idea holds especially true when referring to popular econoboxes like the Honda Jazz. Exactly what stuff are these? For starters, space. Lots of it. Despite diminutive exterior measurements the Jazz packs an amazing amount of acreage inside. And this allows for genuine seating for five averagesized adults and generous room for cargo behind the rear seat. Add the capability to rearrange the furniture to fit more cargo— plus the dimensions inherent in a hatchback mold—and the Jazz mutates from a subcompact car into a small van. If one wants more cargo room, then it’s an SUV or a pickup he should buy. Although in the Jazz’s case, that last mentioned pronoun should be “she.” That’s because, well, just look at the exterior styling of the Jazz’s box. An evolution of the original Jazz’s small-van proportions, the second-generation car grew a swooping roofline and a rakish hood and sleek body lines that all made the present Jazz definitively fashionista, its small van-like origins still apparent but less pronounced. The car, despite having stronger angular lines ■ Former Isuzu Phils. President Keiji Takeda (left) formally turns over the company’s top position to Ryoji Yamazaki through a symbolic plaque. that made it less pudgy, became more womanly urbane, its sleekness similar to that of dainty sandals rather than that of all-conditions mesh-uppers sneakers (and the footwear analogy is apt too, considering a hatchback’s shoe-like shape). So where the first one was genderambiguous, the present Jazz’s box emits a decidedly more feminine vibe. Especially in 1.3S trim and its automatic gearbox. Because while the top-model 1.5V AT wears essentially the same sheet metal (but buffed up with sundry body claddings and bolder bumpers), it’s saved from chick-car status by virtue of horsepower. The 1.3S simply can’t lay claim to same. The car’s 1.3-liter engine, which has 16 valves and Honda’s i-VTEC system but only has a single cam, needs to huff and puff to 6,000rpm to produce slightly less than 100 horsepower. With 127 Newton-meters of torque (available at 4,800rpm) though, driving through city traffic isn’t much of a problem, provided that all you ask for is a car capable of jostling for position in stop-and-go grinds. At higher speeds, the Jazz’s engine simply loses steam and requires a heavy foot on the gas pedal so the car could keep up with faster traffic—which then hurts fuel economy. (Honda wisely equipped the car with a meter that computes fuel consumption in »HONDA CARS NAMES DEALER OF THE YEAR HONDA Cars Phils. Inc. (HCPI) has named Honda Cars Manila as the 2009 Dealer of the Year. The award was announced during the company’s recent dealer convention. HCPI said that Honda Cars Manila excelled in sales, service, parts supply, customer relations management and finance operations. “We are very proud in delivering world-class products and services to the market,” said Honda Cars Manila General Manager Jojo Aliganga. “Winning the highest recognition in dealership operations further challenges us in providing better contribution in the year ahead.” Honda Cars Manila is part of the Yuchengco Group of Companies under the House of Investments. It started operating in 1997. ISUZU Phils. Corp. (IPC) has announced the appointment of Ryoji Yamazaki as its new president. Yamazaki officially assumed the post on April 1. He replaces Keiji Takeda, who is moving to Isuzu Motors Ltd. (IML) to serve as associate division executive of the international division in charge of Asean, China and Taiwan. Takeda was IPC president for three years. IPC said that the 55-year-old B 3 real time.) Good thing the Jazz’s five-speed auto gearbox shifts smoothly as it does need to row through the gears quite often in heavy-foot conditions. Its suspension—MacPhersons and torsion beams fore and aft, respectively—allows the Jazz to soak up most of Metro Manila’s lunar-surface asphalt relatively well. Compared to Toyota and Mazda subcompacts in its class and price range, the Jazz lags in shielding its occupants from road imperfections, letting a bit more noise and harshness to enter the cabin, but still the car’s ride is refined and comfortable enough. This is even more apparent in the 1.3S model, which has higher tire sidewalls as a result of the car’s smaller 15- inch alloys (the 1.5-liter variant rolls on 16-inchers). Where the Jazz—whatever variant—trumps its competitors is in braking, having ABS, Electronic Brake-force Distribution and assist on all four discs, as opposed to the disc/drum combos of comparable subcompacts. And the result of such a setup, as any gearhead would attest to, is more forceful and predictable stopping prowess. All these techno-babble only leads us to the Jazz’s strengths, which are class-leading interior space that’s cleverly packaged, a respectable amount of convenience features (multimedia player, storage bins, tilt/telescoping steering wheel) and a refined engine and transmission. In 1.3S AT guise, the Jazz isn’t particularly quick, but all the other good stuff that its bigger 1.5-liter kin have are present, resulting in a car that’s superb in virtually every aspect of city-driving chores. True, the 1.3S AT doesn’t come cheap at P782,000 (and the 1.5-liter model costs P60,000 more), but value-for-the-buck is the deal here, especially considering that the used Jazz cars hold its price well over the years. And those are what made this econobox so popular. Yamazaki’s previous position was general manager of IML’s international department that oversees Africa, Europe and Oceania. He graduated from the Keio University in Tokyo and started his career by joining IML in 1978, initially working at the company’s shipping and delivery section. Yamazaki was next assigned to the international sales division, where he was in charge of the Philippine market. He then oversaw the markets of f.y.i ● AWARDS ● SPECIAL PROMOS ● ANNOUNCEMENTS ● MILESTONES »TOYOTA PHILS. RECALLS LAND CRUISER PRADO TOYOTA Motor Phils. announced it is conducting a “special service campaign to address the problem concerning the Vehicle Stability Control (VSC) program in certain Land Cruiser Prado models,” which are those with 18-inch wheels and equipped with the Kinetic Dynamic Suspension System (KDSS) and VSC. The company said the “activation of the VSC may not be sufficient in certain circumstances,” citing the setting of the program. TMP elaborated that “in circumstances in which advanced driving skills are required, such as when a driver of the involved vehicle sharply turns the steering wheel in high-speed conditions, or when the driver negotiates a curve at excessive speeds, the vehicle could slide sideways.” TMP said it would update the VSC so that “the risk of the vehicle sliding, even to the point that it is almost sideways, will be reduced.” TMP said it has started contacting Land Cruiser Prado owners and would perform home-service repairs for free. It added that no other Toyota or Lexus models are affected by the recall. For more information, call 819-2912. »MUNICH ATTRACTION Isuzu Phils. appoints new company president BMW Welt has become one of the most popular tourist attractions in Munich, Germany, with around five million people having visited it since it opened in October 2007, according to Asian Carmakers Corp. (ACC), the exclusive distributor of BMW vehicles in the Philippines. ACC cited that the Welt’s unique features, like its striking double-cone and flying cloud roof, identify it as belonging to “a new generation of communication buildings for the 21st century.” The Welt complex, consisting of a museum and manufacturing plant, provides a “fascinating diversity of themes in one place and creates a brand experience that is unique throughout the world,” ACC said. For more information, log on to www.bmw-welt.com or e-mail information@bmw.com.ph. »SEAOIL TO SELL MORE HIGH-OCTANE GASOLINE SEAOIL announced that more stations will be carrying its premium gasoline, Extreme 97, citing that increased sales has bolstered the company to expand operations in North and South Luzon. “We have seen a 59-percent increase in sales since we launched the product in 35 Metro Manila stations, 18 percent of which is from sales of Extreme 97,” said Seaoil President and Chief Operating Officer Glenn Yu. He added that the introduction of Extreme 97 in Luzon further strengthened Seaoil’s steadily increasing position in the domestic gasoline market. Seaoil named the stations offering Extreme 97 in North Luzon, and these are in Baliuag and Paombong in Bulacan and Guagua, Magalang, Mexico, San Luis and San Matias in Pampanga. In South Luzon, the stations are in Santo Tomas, Batangas; Kawit and Silang in Cavite; Biñan, Calamba and Santa Rosa in Laguna; and Lalig and Tiaong in Quezon. The company said it would sell Extreme 97 in Visayas and Mindanao in the coming months. Seaoil said Extreme 97 has the highest octane level among gasoline products available in the local market today. The company explained that a higher octane level translates to increased horsepower and better burning characteristics for the engine. Yu said Seaoil has invested P10 million in the research and development of Extreme 97, which includes extensive product testing over two years. The product’s formulation was tested to perform under extreme conditions in the 2007 and 2008 Philippine Touring Car Championship. »EVS PARADE IN EARTH DAY CELEBRATIONS THE country’s Earth Day celebrations started with an early morning, pollution-free motorcade of Electric Vehicles (EVs), the Electric Vehicle Association of the Philippines (eVAP) said, adding that the activity carried the theme “EV, Bicycles and Miss Earth: Making Waves in the Metro.” eVAP said that the motorcade of electric-powered jeepneys, tricycles, motorcycles and bikes, along with Miss Earth pageant contestants, on April 22 took off from the Department of Environment and Natural Resources (DENR) offices and passed through East Avenue and EDSA on the way to the SM Mall of Asia in Pasay City. Leading the motorcade was Environment Secretary Horacio Ramos. Yvonne Castro, president of eJeepney Transport Corp., the operator of the Makati Green Routes, bared that this was the second year that the smokeand noise-free motorcade was held. The motorcade and the other Earth Day activities were organized by the Miss Earth Foundation, DENR, eJeepney Transport Corp. eVAP. ■ Ford Focus TDCi Ghia Korea, Taiwan and India, before taking on Isuzu’s joint venture project in China in 1990. In 1991, Yamazaki was promoted to manager and handled Isuzu’s China business. In 1994, he was named the group leader of Isuzu’s China operation, and in 1997, he took charge of Africa and Oceania. Since then, he has supervised various markets in Asia and the Middle East. “I have seen the amazing progress of the Philippine automotive industry in spite of global economic difficulties,” Takeda said. “I would like to believe that I was able to steer IPC in the right direction during that critical time.” For his part, Yamazaki said: “I was once tasked to oversee the Philippine market, so I have always had a soft spot for this country. I believe that my vast experience in supervising Isuzu’s operations in various international markets will go a long way in enabling me to lead IPC to new heights. I acknowledge the impressive achievements that my predecessor has accomplished.”
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