Q4 2016
Insurance for expats in PH p.4
The island of fire beckons p.6
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8 tips for a high-end bathroom rebuild p.7
oct-DEC
Merry Christmas and a Happy New Year!
Vol. 5 No.17 Q4 2016 Philippine Edition ISSN No.
www.theimmigrant.com.ph
Fueling the future The Philippines has to look for alternative sources of energy apart from fossil fuels to power its growth, and a 2008 law on renewable energy may hold the key. Resources lawyer Atty. Fernando Penarroyo explains
Photo courtesy of 2B1st Consulting Inc.
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Fueling the future
However, the business community believes that amending EPIRA is not the solution to the high cost of From page 1 electricity. They believe that amendment of the law will make the investors/lenders wary and uneasy, as it will project volatility in the regulatory environment. ith a population of almost 100 million Recommendations made by business groups include people and an annual economic reviewing or modifying the Wholesale Electricity Spot growth averaging between six to Market (WESM) rules and strengthening the capability seven percent, the Philippines is of the market regulators like the DOE and ERC. anticipated to continue to have a robust energy demand. The slow process for approval of power projects The government’s refusal to subsidize power, heavy under the single buyer Power Purchase Agreement-based reliance on expensive fossil fuel imports, and added regime can be addressed by shortening the procedures transmission cost because of the country’s archipelagic and requirements for permitting. configuration have resulted in electricity prices being Based on industry experience, it takes the National among the highest in the world. Thus, renewable Grid Corporation of the Philippines energy (RE) projects present at least 18 months to finish a Grid a viable business opportunity RE investments Impact Study, the Department of to resource developers. in the country will Environment and Natural Resources The business community believes be driven by the at least two to three years to issue that the introduction of retail an Environmental Compliance competition and open access is the combination of Certificate, and the Energy Regulatory logical move to bring the power a strong energy Commission (ERC) around 12 months industry to the next level and establish supply imperative, to process the review of the Power a competitive market structure. Supply Agreement. There is a need to further diversify an increasingly In addition, the government the energy mix, and the government liberalized energy needs to address the perceived is banking on renewable energy to sector, ambitious veto powers on energy and power wean the country from its dependence projects of indigenous peoples under on fossil fuel. The government capacity targets, through the Renewable Energy and a relatively stable the Indigenous Peoples Rights Act and local government units under Act of 2008 sought to address the renewable energy the Local Government Code. The issues on the absence of a ready and guaranteed market for the output of off-take mechanism. clearances, permits and endorsement procedures under these two laws also RE power plants and the recovery of add to the transaction cost. investments through electricity tariffs. The Philippines’ archipelagic geography means that the While the Department of Energy (DOE) vowed to speed up support systems for RE development, progress has been transmission and distribution of electricity is expensive. The lack of available transmission capacity has been a slow, as the DOE admitted that implementation of the RE major impediment to building new generations. Any major Act policy reforms has been hobbled by regulatory delays. power plant must take on the cost, risk and responsibility Resistance from many stakeholders – governmental, for building its own connection to the grid without private, and utilities, among others – has caused further adequate assurance of repayment. delays, which has been the primary challenge in renewable Often, this aspect of the project is more challenging energy development for the country. than constructing the power plant itself, and remains The DOE still has to come up with renewable portfolio a major cause of concern for lenders, especially with standards which will set the capacity needed from each RE respect to the timely acquisition of rights-of-way. technology, as well as the mechanics to connect the main To meet the challenges brought about by lack of grid to all operational RE plants. transmission infrastructure, delays in grid connection, and curtailment of output in locations where current Challenges The permitting process and transmission capacity remain policies and grid management systems undermine integration, government guarantees on electricity to be the biggest challenges in the RE industry. There is dispatch or priority connection must be put into place. a pending legislative proposal to amend the Electricity Most lenders and many investors will require evidence Power Industry Reform Act (EPIRA) to address the of executed generation interconnection and/or transmission skyrocketing power rates. service agreements as a condition of financing. A “While the Executive is empowered by the EPIRA loan guarantee program for electric transmission to ensure power supply security, it is incumbent upon Congress, exercising its oversight powers through the Joint infrastructure expansion would support large-scale capital investment and would serve as a cost reduction Congressional Power Commission, to conduct a thorough and risk mitigation tool (see Geothermal Risk Mitigation review of the implementation of EPIRA, the rules and Strategies Report, Deloitte Development LLC [2008]). regulations of the Energy Regulatory Commission, and the Institutional coordination and technical capacity are Wholesale Electricity Spot Market,” said Rep. Reynaldo the main non-financial barriers. The challenge will be to Umali, the Chair of the House Committee on Energy during the 16th Congress in 2015. Turn to page 5
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Steam comes out of the ground at the Maibarara geothermal project in Sto. Tomas, Batangas. The 20-megawatt power plant started operating in February 2015. The Philippines ranks second in the world to the United States in producing geothermal energy, at 1,904 megawatts as of 2010.
news bytes ADB releases ‘Key Indicators for Asia and the Pacific 2016’
The Asian Development Bank (ADB) has released the 2016 edition of its “Key Indicators for Asia and the Pacific” report. It provides the latest available economic, financial, social, and environmental statistics for the 48 regional members of the ADB. Highlights of this year’s report include: • Sustainable Development Goals (SDG) Indicators in Asia and the Pacific: For the first time since their approval by the United Nations General Assembly in 2015, Key Indicators 2016 integrates SDG data; • Regional and country trends and tables, including indicators across eight themes: people; economy and output; money, finance, and prices; globalization; transport and communications; energy and electricity; environment; and government and governance; • Updated tables and data for the Global Value Chain statistics, which were introduced for the first time in Key Indicators 2015; and • Updates to the Key Indicators database including data for development, their source, and their methodology. Visit adb.org to get direct access to the database.
AmCham members invest $10M on CSR for PH
With the intention of determining how member companies of the American Chamber of Commerce of the Philippines (AmCham) institutionalize their Corporate Social Responsibility (CSR) activities, the Chamber conducted a simple survey to quantify and document how the CSR programs of its member companies contribute to the welfare of Philippine society, and what activities they are usually engaged in. Fifteen percent (15%) of AmCham member-companies participated in the survey. The overall annual contribution quantifies to a total of US$ 10 million (Php 480 million) with activities focused on the areas of education, poverty and hunger alleviation, women and youth empowerment, environment and climate protection, reducing inequalities, indigenous community development, persons with disabilities (PWDs) and elderly welfare, and other training workshops. “I was surprised and touched on the interest of our members to greatly contribute for the welfare of the Filipino people,” AmCham Executive Director Ebb Hinchliffe said. “This means that a large number of American businesses in the country positively respond to the social and development needs of the society.”
UK, PH sign Php5M grant to increase foreign investors’ participation in PPPs
The British government awarded a grant worth £90,112 (about Php5.4 million) to the Philippines through the Public-Private Partnership Center (PPPC) last October 24 to support the country’s PPP program and attract more foreign investors into PPP projects. British Ambassador to the Philippines Asif A. Ahmad, National Economic and Development Authority Deputy Director General Rolando G. Tungpalan, and PPPC Officer-in-Charge Atty. Frances P. Domingo signed the grant contract with funding period from October 2016 to March 2017. The grant will finance the development of the Foreign Investment Framework for PPPs Project. The Foreign Investment Framework for PPPs Project aims to develop a legal and commercial framework that is envisioned to attract more foreign investors in the Philippine PPP market, making it globally competitive, notwithstanding the constitutional limitations on foreign equity ownership. This project is focused and aligned with two of the United Kingdom’s priority areas in the Philippines and the Association of Southeast Asian Nations (ASEAN) region, namely infrastructure and finance.
Atty. Jose ‘Pepe’ Villanueva III Publisher Ernesto P. Maceda Jr. • Henry S. Schumacher • Katrina Legarda Editorial Board Owen Orseno Editor-at-Large
Sonny Ramirez Art Director
Kristine Vinas Circulation Manager
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Amar Estoya Distribution Manager
Mabel Fulo Editorial Coordinator ALL CONTENTS COPYRIGHT 2016, RESERVED for The IMMIGRANT. No part of this publication may be used or reproduced in whole or in part, without the express written permission of IMMIGRA PUBLISHING, the publisher of The IMMIGRANT.
Photo courtesy of Maibarara Geothermal Inc.
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© 2015-2016 ON THE COVER:
A barge makes waves as it leaves the Malampaya oil and natural gas platform off the coast of Palawan at sunset in this file photo. Since starting its commercial operation in 2001, Malampaya has supplied 40 percent of Luzon’s power needs, but its reserves are fast running out and the gas field is expected to be depleted by 2024, forcing the Philippines to look for a new source of clean or renewable energy. PHOTO COURTESY OF 2B1ST CONSULTING INC.
France lends its energy to PH
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n March this year, the French firm Bouygues Construction, one of the worldwide leaders in renewable energy, handed over Southeast Asia’s largest solar farm, with an expected total output of 132 MWc (peak megawatts), to Helios Solar Energy Corporation in Cadiz, Negros Occidental. The Helios farm features 425,000 solar panels across 170 hectares of land, and is expected to provide half of the energy needs of the province of Negros Occidental. Bouygues Construction will also operate and maintain the plant for four years, with about 60 local employees working on site. Also in March, the French solar power company Urbasolar committed to infuse Php9 billion from a consortium of European “green” funders to build 100 megawatts of solar plants in the Philippines this year, the first being the 30-MW facility in Victoria City, also in Negros Occidental. With an 11-percent market share in the French solar space, Urbasolar “covers all aspects of the value chain in the photovoltaic industry, from production of raw materials to the advanced smart grid applications,” according to Tetchi CruzCapellan, president of the firm’s local partner, SunAsia Energy.
The construction of the 30-MW Victoria plant, which started in June this year, is in partnership with Miescor, a wholly owned subsidiary of the Manila Electric Company (Meralco) – the country’s largest electric utility firm – and the Development Bank of the Philippines, Capellan added. A third French company, GDF Suez, through its subsidiary Cofely Philippines, recently partnered with Cyberzone Properties Inc. (CPI), and invested 24 million euros (US$ 26 million) for a 35MW district cooling system at Northgate Cyberzone in Muntinlupa City. GDF Suez, which is into independent power production, liquefied natural gas, renewable energy, and energy efficiency services, is forming a joint venture company with CPI to create the district cooling system that would translate to huge energy savings with less impact on the environment, the French firm said. The project, the first of its kind in the Philippines, consists of a centralized chilled water plant supplying 15 buildings totaling 390,000 square meters and owned by CPI, a unit of Filinvest Land Inc. These and other projects dovetail with the overall goal of the Philippines to boost economic ties with France, especially after the official state visit of French President
Lucky 13... From page 10
1969 Maserati Ghibli 4.7
Shark-shaped nose? Check. Trident badge on the grill? Check. Name taken after another word for “wind” – this time the Libyan word for the hot and dry gusts from the Sirocco desert? Check.
1969 Boss 429 Mustang
This Boss ditched an airconditioning system in favor of a humongous engine, to the delight of drivers who only want to roll down their windows and hear that V8 power their muscle car as they cruise along.
1969 Ferrari Dino 246 GT
Enzo’s son got his car too, this V6 with soft lines and curves that are cues to drive fast and playfully – with caution, of course.
1969 Dodge Charger
Whether it’s a General Lee version or not, the Charger is always a thing of beauty. Dodge may have surrendered a greater billing to the Mustang, but this car’s fastback look and all-American aerodynamic style won’t ever go out of style.
1969 Chevrolet Camaro
No classic car list will ever be complete without a Camaro, another paragon of old-school American muscle. Racing stripes are pretentious on every other car except this one. Boy, do I love the classics.
1969 Maserati Ghibli 4.7
1969 Boss 429 Mustang
Energy: Strategic decisions 2016-2030
ECCP vice president Henry Schumacher gives us a peek into what the PH government has planned for the country’s energy future
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he European Chamber of Commerce of the Philippines (ECCP) has had energy, energy efficiency, clean energy, and renewable energy on its agenda for years. Without adequate supply of quality energy at competitive prices, business and subsequently the economy will suffer. In this context, our focus is to look at the strategic directions for the 2016-2030 Philippine Energy Plan Update:
Ensure energy security
Energy security will continue to be the prime focus of the Department of Energy (DOE). It is the DOE’s commitment to improve reliability, availability and resiliency of energy infrastructure and facilities. The DOE sees a one-grid Philippines, aiming to connect the Mindanao grid with the Visayas and Luzon grids. The DOE continues to explore and use local or indigenous sources of energy like renewable energy and natural gas.
Expand energy access to ensure affordable, reliable, sustainable, and modern energy for all
Access to electricity is an urgent requirement of the country as the Duterte administration seeks to alleviate poverty in the countryside. The DOE will update and implement roadmaps on power, such as the Power Development Plan (which comprises the Transmission Development Plan, Distribution Development Plan, Missionary Electrification Development Plan, and Household Electrification Development Plan). The target is to achieve full electrification of households in the three major islands.
Promote a low-carbon future
1969 Ferrari Dino 246 GT 1969 Dodge Charger
Francois Hollande to Manila in 2015. In August, Department of Trade and Industry (DTI) Secretary Ramon Lopez met with French Ambassador to the Philippines Thierry Trade Secretary Ramon Lopez (left) shakes hands Mathou to discuss with French Ambassador programs that would Thierry Mathou after strengthen the nations’ a meeting at the DTI offices in Makati. business relationship. “France, as the third private partnership (PPP) projects, said largest economy in the European Union, Vernet, includes not just public infrastructure is among the countries which support as airports, roads, and hubs for public the Philippines’ advocacy on developing transport, but also with energy projects. small and medium enterprises especially That is evident in the Cadiz solar in the creative services and startup firm, which has just been hooked up sector,” Lopez said. to the national grid and will generate According to the Philippines-France Business Council, France is the PH’s second approximately 190,000 MWh per year – equivalent to the average consumption of largest trading partner among European 170,000 Philippine households, according to Union member states, and bilateral trade hit Bouygues. US$ 2.3 billion in 2014. It has gone down The Philippine economy may be a bit as the French have stopped shipping experiencing strong annual growth over airplanes to the country, said economic the last three years, but it still suffers from councilor of the Embassy of France Gilles a chronic deficiency of energy production, Vernet, but he added interest among French Bouygues noted. With more French energy firms in other industries remains strong. companies entering the local market, that The wave of French companies might not be the case in the near future. participating in the Philippines’ public-
1969 Chevrolet Camaro
Photo courtesy of DTI
The French participation in local renewable energy projects bodes well for the country, says business editor Jimbo Gulle
As the DOE will continue to explore and develop all available energy resources, the department is also considering the reduction of our greenhouse gas emissions in preparation for the vision of a low-carbon economy. In line with this, the DOE is working on policy issuances such as the fuel mix policy and expanding the renewable energy capacity by 2030.
Encourage investment in infrastructure and facilities
To secure the appropriate investments from prospective investors, the DOE will plan for and build the portfolio of installed and dependable power capacities specifically for baseload, mid-merit, and peaking requirements. The DOE’s downstream natural gas industry also needs a boost in terms of infrastructure development, specifically liquefied natural gas.
Pursue development and implementation of local energy plans in support of regional economic development plans
To bring energy planning to the grassroots level, the DOE will formulate and update the Philippine Energy Plan and regional energy plans, and encourage multi-sectoral involvement in the development of the plans.
Implement and monitor sectoral roadmaps and action plans
In order to have a more pragmatic approach to the various energy plans and programs, the DOE will implement as well as monitor the various sectoral roadmaps and action plans that include alternative fuels, energy efficiency and conservation, resource development, renewable energy, downstream oil, gas and coal, power and electrification, and ICT for energy.
Advocating the passage of the doe’s legislative agenda
The DOE will advocate for the passage of the energy sector’s legislative agenda, which includes among others energy efficiency and conservation, natural gas, liquefied petroleum gas, and energy projects of national significance. Moreover, existing laws such as the Electric Power Industry Reform Act (EPIRA), and the Downstream Oil Products and Renewable Energy will be reviewed. In other words, there is plenty of work to do, hopefully in a public-private partnership, where government and the private sector stakeholders meet regularly to discuss issues and find solutions jointly.
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The Immigrant faqs
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Insurance for expats in PH
iving abroad brings with it all kinds of opportunities and new experiences. The Philippines, in particular, has the most hospitable environment to most visitors. Filipinos are easygoing and easy to be with. However, to guard against life’s vicissitudes and contingencies, it is best to be prepared for the worst. This is where non-life insurance comes in.
Q: Other than your motor vehicle, what are the properties you need to insure? A: In case you own a condominium unit or rent a place, you have to get property insurance that will give your home some kind of protection. Property insurance will normally indemnify you from damages caused by fire and lightning, earthquake, typhoon and flood, and malicious damage. You also have the option to cover your property from burglary and housebreaking, personal liability, accidental breakage of fixed glass, and other kinds of protection for your condominium unit.
Q: What kinds of non-life insurance should an expat obtain while in the Philippines? A: While the foreign visitor may have an existing life and
health insurance underwritten in his home country, these may not cover other aspects of his risk management profile. Thus, it would be better to secure additional insurance policies from domestic insurers on those areas not covered. Specifically, this would refer to non-life insurance policies such as, but not limited to, fire and earthquake insurance, motorcar insurance, personal accident and travel insurance, and the like.
Illustration by Manix Abrera
Q: Why is there a need to obtain property insurance? A: The Philippines is a country prone to natural
Q: What are the risks that may be covered under a non-life insurance policy? A: You are probably familiar with insurance policies such
as motor vehicle insurance, fire and earthquake insurance, personal accident insurance, travel insurance, and for those on extended stay, liability insurance. These are the common insurance policies offered all over the world, most likely including your home country. It is best to familiarize yourself beforehand by reading carefully all the provisions of the policy.
Q: What type of motor vehicle insurance should I get? A: The suggested type of motor vehicle insurance would be
a comprehensive motor vehicle insurance policy with acts of God coverage. A basic insurance policy safeguards your motor vehicle against traffic accidents, theft and automobile damage among others, subject to policy limitations or exclusions. Acts of God coverage will further protect your vehicle from damages caused by natural calamities.
The insurance policy will also provide coverage for bodily harm not only for the driver, but also for the passengers.
Q: Why is it necessary to obtain a comprehensive insurance policy for your motor vehicle? A: Accidents are prone to happen in the Philippines.
Roads, especially the major highways within Metro Manila, are often gridlocked. Road rage incidents are becoming quite common. Defensive driving is not the norm, unfortunately. And the traffic situation around Metro Manila is considered as one of the worst all over the world. Hence, there is really a necessity for a comprehensive insurance policy within the Philippines.
calamities. At least 20 typhoons hit the Philippine area of responsibility every year. Earthquakes are also a relatively frequent occurrence. There are active volcanoes here in the Philippines like Mount Pinatubo, Mayon Volcano, and Taal Volcano, to name a few.
Q: How about liability insurance? A: If one owns a business, it is necessary to secure
premises with liability insurance for third-party injury or damage. Expanded coverage is also available, although at a higher premium.
Q: How about travel insurance? A: Travel insurance allows the expatriate to travel worry-
free to many travel destinations all over the Philippine archipelago. If an expatriate acquires travel insurance from the right company, he is protected against unfortunate travel accidents and cancellations, not to mention the loss of or damage to his or her checked-in baggage.
Q: How expensive is insurance in the Philippines? A: Unfortunately, the Philippines has one of the most highly regulated and taxed non-life insurance sectors in the ASEAN region. Almost 25 percent of the premium charge for an
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Forex margin trading explained F
oreign exchange margin trading is an activity that is subject to the regulatory authority of the Securities and Exchange Commission (SEC). In a Cease and Desist Order issued by the Commission against a company offering the use of its online trading platform to its clients for the purpose of engaging in foreign exchange trading and commodities futures trading, the Commission declared that the company was in fact offering and selling margin contracts in the form of foreign currency trading contracts and CFD’s (contract for differences) for high-value commodities. The Implementing Rules and Regulations of the Securities Regulation Code (SRC) define commodities futures contracts to include margin contracts. In like manner, the Commission found that such margin contracts could also be considered as derivatives, and are therefore a form of securities which cannot be publicly offered for sale or distribution or sold in the Philippines without a registration statement being duly filed with and approved by the Commission. Foreign exchange margin trading is currently being touted as a better alternative to trading in stocks. Pointed out as some of its distinct advantages is the fact that the foreign exchange market is one of the fastest growing financial markets today, and that it is a 24-hour market. Moreover, it is now being done through online trading platforms which make trading and monitoring of the price of currencies easily accessible anytime, anywhere to traders. Among its major attractions is the fact that one can earn huge profits out of a small investment due to the leverage being offered by foreign exchange brokers. In a foreign exchange margin contract, there is no actual delivery of the currency being traded. While foreign exchange margin trading involves the buying or selling of currency pairs, the trader merely speculates on or calculates how the price of each of the pair moves vis-a-vis the other in the foreign exchange market. The trader only gets the profits or loss resulting from the trade as determined by the spread, which is the difference between the bid and the ask price of the security or asset.
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FROM THE DESK
Atty. Teresita J. Herbosa Securities and Exchange Commission Chairperson
Without a doubt, foreign exchange margin trading is an activity that is regulated by law for the protection of investors. Section 11 of the Securities Regulation Code provides that “no person shall offer, sell or enter into commodity futures contracts except in accordance with rules, regulations and orders the Commission may prescribe in the public interest.” In the absence of such rules, regulations, and orders issued by the Commission governing commodities futures trading, trading in commodities futures contracts is suspended. Hence, the prohibition against commodities futures trading in the Philippines applies. Moreover, the Supreme Court has characterized foreign exchange margin trading as purely gambling. In a ruling laid down by the Court in the case of Onapal v. Court of Appeals (G.R. No. 90707, February 3, 1993) the Supreme Court declared: “The payments made under said contract were payments of difference in prices arising out of the rise or fall in the market price above or below the contract price, thus making it purely gambling and declared null and void by law.” Foreign exchange margin trading is different from the actual buying and selling of foreign currency, which involves the delivery of the foreign currency, bought or sold. The buying and selling of foreign currency in the Philippines is subject to the regulatory authority of the Bangko Sentral ng Pilipinas. Foreign exchange margin trading and commodities futures trading, on the other hand, are regulated under the Securities Regulation Code of the Philippines, which is being enforced by the Securities and Exchange Commission. Foreign currency exchanges (forex) is a 24-hour activity that knows no boundaries. As pointed out by Investopedia contributor Shobhit Seth: “It runs non-stop across the globe through over-the-counter markets. The global nature of this boundary-less market allows seamless access, e.g. an Australian trader can trade in euros and Japanese yen (EUR-JPY) through a US-based broker despite geographical boundaries.” Turn to page 7
finance
Crowdfunding: The Philippines’ untapped economic game changer?
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hat if you could have US$1 million in funding in just over an hour without tedious documentation, difficult qualifications, and credit investigations? I’d say, “Oh, don’t even think about it. Where’s the money?” Earlier this year, Pebble Technology accumulated a whopping US$ 12 million from more than 60,000 people who pledged for the company’s latest smartwatches on Kickstarter, the largest crowdfunding platform in the world dedicated to creative projects. Pebble had consistently launched the most outstanding funding campaigns from the time it ventured into crowdfunding in 2012. But what really is crowdfunding? CrowdFunding Asia, a company that runs crowdfunding events across the region, puts it as “people coming together to create opportunities and support initiatives to effect changes or progress in society.” On a more specific sense, crowdfunding as it is now is a popular means to promote or support a particular project, business, or cause by encouraging contribution of varying amounts of cash from the crowd through social media campaigns. Since its inception in 1997 with the launch of fundable.com, crowdfunding has slowly changed the landscape of the business and finance world by offering more accessible, quicker, and cheaper source of seed capital for thriving entrepreneurs. Small and medium-sized enterprises (SMEs) with limited access to financing from banks and other formal sectors are learning the industry
and resorting to crowdfunding to fund their operational requirements. The crowdfunding industry has been gaining serious momentum in progressive economies like the United States and Europe. And while neighboring countries like Singapore and Thailand are jumping in to this seeming financial juggernaut, there has been little noise about it in the Philippines. After understanding how this budding industry works during the first
Fueling the future
human capacity exists by involving beneficiaries in the development stages, operation and maintenance of projects will help strengthen the sector (See Meeting Renewable Energy Targets: Global Lessons From the Road to Implementation, The World Wide Fund for Nature (WWF) in collaboration with World Resources Institute [2013]).
From page 2
properly mobilize all stakeholders involved in the sector through engagement and public participation. In addition, coordinating decision making and project planning processes, and ensuring the technical and A ferry leaves the Malampaya natural gas platform off the coast of Palawan in this file photo. The government must look for ways to replace the power produced from Malampaya, as its reserves are expected to be depleted by year 2024.
CrowdFunding Asia Summit in Singapore last 2014, I thought of it as an economic equalizer apt for the Philippines. For one, our cultural roots include bayanihan, or people helping and working together to lighten a task. Also, Filipinos are generally sentimental, express opinions on just about anything, and want to be part of something that others feel strongly about – even about voting for the person who deserves the grand prize in the Big Brother reality show!
And lastly, with the Philippines hailed as the texting capital of the world, there is surely a multitude of tap-and-slide smartphone users and Internet savvy fellows. However, Filipinos have not taken advantage of crowdfunding, or are probably unaware of its benefits. I see a lot of social media posts everyday asking for various types of support, but they are usually for personal causes rather than economic ventures. With the proliferation of various online (and offline) scams, people are wary about entering into business. Ironically, though, many still fall for quick cash solutions, or would rather put up online retail stores selling the same kind of stuff with all the others. Now is it about our people not having more information about the industry, or the lack of business acumen that results in “little” energy in our business ecosystem? Are our business regulations conducive to crowdfunding? Truly, it is a beautiful way to transfer sleeping financial resources to those who could actually make more productive use of them. But clearly, something needs to be done about crowdfunding in the Philippines before Filipinos could harness its potential, and do much more to be at par with the success others like Pebble have already achieved. Asia Margaret Cunanan is a licensed stockbroker with the United States market and a financial services professional through E*TRADE. She also runs a business consultancy firm and a travel agency, and is a member of the Institute of Certified Bookkeepers of the United Kingdom. Disclaimer: The ideas expressed above are the sole opinion of the writer and should not be constituted as legal opinion or advice. –The IMMIGRANT
Conclusion RE investments in the country will be driven by the combination of a strong energy supply imperative, an increasingly liberalized energy sector, ambitious capacity targets, and a relatively stable renewable energy off-take mechanism. However, the government may have been overly optimistic in its projections of
Image courtesy of Stuart Miles at FreeDigitalPhotos.net
Licensed US stockbroker Asia Margaret Cunanan thinks Filipinos can start more businesses if they turn to this industry powered by the crowd
additional potential capacity of proposed RE projects under the new contractual regime in the RE Law. These may be due to the over-estimation of the resources or failure to take into consideration the regulatory delays and the permitting process involved in putting the projects on-stream. The Philippine resources bureaucracy is perceived as one prone to create political barriers associated with regulatory and policy issues, which causes market uncertainty and cautious investment approaches. Lack of policy continuity creates an ambiguous view of economic certainty. Any investment made under lingering policy issues is exposed to the numerous reviews and potential changes, which may take place during the lifetime of the project. The regulatory uncertainty makes financing difficult. Needless to say, good governance goes hand in hand with investment promotion. Inviting participants to the RE sector is not the end. What is more important is for the government to assure investors that they are able to access the resources within the time frames set under the contracted work programs. Atty. Fernando “Ronnie” Penarroyo is the Managing Partner of Puno and Penarroyo Law Offices (www. punopenalaw.com). He specializes in Energy and Resources Law, Project Finance and Business Development.
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cityfocus
Valenzuela, old and new The city formerly called Polo has more to see than just plastic factories, says long-time resident Alfred Mendoza
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tourist site in 1982. A university noted for its nursing program has grown beside it, and the shrine is also a center of the Philippine Fatima apostolate.
Valenzuela City Convention Center – The city’s center for the
Bust of Dr. Pio Valenzuela
Arkong Bato
declared the shrine a pilgrimage site, while the Department of Tourism named it a
Occidental province, then catch the ferry to Siquijor (also the name of the provincial capitol), which takes about an hour. Coming from Cebu is the same process, while boats from Tagbilaran City in Bohol, and Iligan City and Dapitan City in Mindanao will take you straight to Siquijor too. The first thing you have to do once you’re in Siquijor (by the way, there’s also another port at Larena town), apart from checking into your hotel or resort, is to rent or contract a motorbike or tricycle, as the attractions are far apart and you’d want to maximize your time on the island. A typical tour of the island will take you to the famed Balete Tree, the church and convent at nearby Lazi town, Salagdoong Beach, Cambugahay Falls, Capilay Spring,
and Guiwanon Park. It seems every tricycle driver in town has a map for this circuit, so be prepared for the variety of environments you’ll go through. Symbolic of the mysticism surrounding Siquijor, the balete (banyan) tree found west of Campalanas village in San Juan town is over 400 years old and is said to be enchanted. A spring-fed pool in front of the tree allows visitors to sit for a “fish spa,” thanks to the many small nibbling pisceans in it. Similar centuries-old trees can be found around the San Isidro Labrador convent in Lazi. About two kilometers from Lazi is Cambugahay, the falls fed by the Po-O River, and you can frolic at several swimming spots at its basin. Farther away in San Juan town is the Lugnason Falls, which empties into a clean and crisp pool. If seawater is more your thing, Salagdoong is a rowdy day-tripper’s beach, but the real gem is Paliton Beach, northeast of San Juan. With powder-white sand and glass-like waters, the best dive spot in Siquijor is here. Still, the coral reefs ringing the island – not just in San Juan, which seems to be the center of tourist activity in Siquijor because it also hosts excellent resorts – are nothing to scoff at, especially for snorkelers and scuba divers. And when the sun hangs low on the horizon, you can grab a meal and a cold beer at the Chicken Ati-Atihan in Larena, Samyz Pizza Bar in the capital, or JJ’s Café in San Juan. Siquijor beef is also exceptional and is being touted as a can’t-miss delicacy. However you plan your days in Siquijor, you can’t help but thank the Creator for making such an immaculate hideaway in the middle of the Philippines. Truly, the Island of Fire beckons you today, just as it did the Spaniards hundreds of years ago.
Photos courtesy of Wikipedia/Ramon F.Velasquez
the church is a cultural and religious relic from the Spanish occupation. The tower and its entrance arch are the only remains of the original structure; the main building was leveled during the Japanese Occupation in World War II, but it has been rebuilt and renovated.
Home of Dr. Pio Valenzuela –
theislander
Museo Valenzuela
A row of plastic-making machines at a factory in Valenzuela.
before the MacArthur Highway and the North Luzon Expressway were built. It used to mark the boundary of the provinces of Rizal and Bulacan, which Valenzuela formerly belonged to. Nowadays the arch marks the boundary of Barangay Santolan in the neighboring city of Malabon and Valenzuela’s Barangay Arkong Bato. Museo Valenzuela – Not only does this pay homage to Dr. Pio Valenzuela,
this museum houses many artifacts and memorabilia that traces the city’s progress and rich history. Its impressive architecture features some Spanish design elements, and currently hosts cultural and artistic events, conventions and public seminars.
National Shrine of Our Lady of Fatima – The Catholic Diocese of Malolos
Places to visit in Siquijor (clockwise from top right): the convent of San Isidro Labrador, the pool at Cambugahay Falls, and the white-sand Paliton Beach.
The island of fire beckons Siquijor is a small island province with big potential for tourist fun, as frequent backpacker Jeremiah Sanchez explains here
W
hen they first saw Siquijor hundreds of years ago, Spaniards coming from nearby Bohol, where the explorer Miguel Lopez de Legazpi had set up camp, called it “Isla del Fuego.” Legend has it that the island emitted an eerie glow, perhaps caused by the many fireflies that have made the molave trees along its coastline their home. The Philippines’ third smallest province definitely has that spooky feel thanks to the myths of its witch doctors and highland shamans passed down the generations, but
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Siquijor at present beckons backpackers for a different reason: its pristine beauty. With white-sand beaches making up most of its 102-kilometer coastline and enigmatic yet beautiful caves, waterfalls, forests and diving spots strewn around the island, Siquijor will enthrall any visitor who wants to trade the comforts of the city for the laid-back pleasures of a place seemingly stuck in time. Getting to the Island of Fire from Manila takes at least two steps: you take a plane to Dumaguete City in neighboring Negros
Valenzuela City Social Hall –
Located within the grounds of the Valenzuela City Hall, the Mediterraneaninspired building was the pet project of thenMayor Sherwin Gatchalian (now a senator). With pristine white walls and stone arches, high ceilings, and lush greens, the Social Hall serves as the canteen for City Hall employees, as well as a relaxed environment for meetings and social gatherings. Nowadays, Valenzueleños are looking forward to the development of the Plastics City, the 60-hectare estate owned by manufacturing baron William Gatchalian, the father of Senator Sherwin and current Mayor Rex. Property giant Ayala Land has partnered with the Gatchalian family to develop the estate into a mixed commercial-residential district, in what is said would become the city’s version of Makati’s posh Ayala Center. It would also be connected to the NLEX by a new, wider road. Until then, Valenzuela has its proud, historic past and its modern progress to charm any visitor passing by on the way north.
Bell Tower of San Diego de Alcala Church – More than four centuries old,
The doctor who lent his name to the city, formerly called Polo in Spanish times, was a member of the founding triumvirate of the Katipunan (aside from Andres Bonifacio and Emilio Jacinto). He was born on July 11, 1869, in the house along Velilla Street in Barangay Pariancillo Villa, which also used to host the Museo Valenzuela. Arkong Bato – Literally “stone arch” in Filipino, the Americans built this in 1910 and can be found along MH del Pilar Street, the traditional main road going to Bulacan province and farther up Luzon,
performing arts is also a venue for concerts, art shows, exhibits, and conventions.
Photos courtesy of backpacklocals.wordpress.com and getfoxy.com
hen you come to Metro Manila, Valenzuela City probably isn’t first on your must-visit list. But the Big City’s gateway to the north has its charms, and a trip to the so-called Plastic City can be well worth your time. Growing from an agricultural rural area to an industrial hub hosting hundreds of plastic manufacturing companies, Valenzuela’s long and colorful history is still evident in some of its attractions, listed below from old to new:
8 tips for a high-end bathroom rebuild
condoliving
Architect and interior designer Rhea Romano gives us advice on how to spruce up our lavatories
Insurance for expats... From page 4
insurance policy is made up of taxes and fees. It is the highest in the region. Hopefully, the Philippine legislature can pass a law lowering the taxes to help local insurance become more affordable. After all, insurance indemnifies victims of misfortune.
Q: Who regulates the insurance industry in the Philippines? A: The principal agency concerned is the Insurance Commission (IC). It has a special unit that assists claimants in pursuing their claims against insurance companies.
Q: In case the peril or accident insured against your property happens, what should the expatriate do? A: The expatriate should immediately call his insurance company and file an insurance claim. He should take
Forex margin... From page 4
Seth also sums up the reasons for the need to regulate such an activity as follows: “Speculative trading in the retail forex market continues to grow. As a result, there can be intermediaries (like banks or brokers) who engage in financial irregularities, scams, exorbitant charges, hidden fees, high-risk exposure offered through high-leverage levels, or other bad practices.” Internet and mobile app-based trading allows smooth trading, but also have dangers such as unrecognized firms running sites that may close unexpectedly and abscond with investors’ money. As a result, regulations are necessary, and should be set by competent authorities to ensure such practices are avoided. Regulations are aimed at protecting individual investors and ensuring fair operations to safeguard clients’ interests.
Hand towel rings are essential, especially for his-and-hers sinks like these.
Lots of mirrors, lights and drawers make a bathroom feel bigger than it is.
Oval bathtubs are all the rage in high-end condos lately.
Keep hangers handy. By hangers we mean places to place your towels, robes, and clothes, and not just those plastic hooks on the back of most bathroom doors. A small hand towel ring by the sink, elegant hooks for bathrobes near the shower, and towel rods or racks should be a feature in any high-end lavatory. Add another seat. We don’t mean another toilet bowl, but an elegant armchair, sturdy wooden stool, or cushy ottoman to use so you don’t have to stand all the time, or do your pedicure on the porcelain throne? Nearly every highend bathroom has a seat that’s not for “downloading” so yours should too, space permitting of course.
pictures and other reasonable precautionary measures to prevent further loss. He should prepare all necessary documents to establish his right to indemnity. Normally, an insurance company will grant the claim for indemnity once the documentary requirements are complete and found to be true.
Q: In case an insurance company denies the expatriate’s claim, what can an expat do? A: The expatriate may file his claim against the insurance
company with the Insurance Commission when the amount of loss, damage or liability does not exceed five million Pesos (Php 5,000,000). If the loss, damage or liability exceeds Php 5 million, he will have to file his claim with the proper courts in the Philippines.
Q: Since there are many insurance companies in the Philippines, what factors should expatriates consider when choosing the company that
In the US, it is the National Futures Association (NFA) that is the “premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets” (including forex). It is the industrywide, self-regulatory organization for the U.S. derivatives industry.1 The scope of NFA activities is as follows: • After due diligence, provide necessary licenses to eligible forex brokers to conduct forex trading business. • Enforce required adherence to necessary capital requirements. • Combat fraud. • Enforce detailed record keeping and reporting requirements regarding all transactions and related business activities.”2 In the Philippines, commodities futures trading and all rules pertinent thereto remain suspended pending
Have holders for toiletries. Not everybody likes
their cotton balls or swabs exposed (they could get wet after all), so using a soap dish, tumbler, hurricane jar, or a small ornate box to stash the loose items in the bathroom makes everything neat and instantly kicks the class up a notch. Toss old bathroom mats. Have none of those plastic or terry cloth abominations for your feet; a real high-end bathroom has rugs, especially the Persian or Turkish kind. These tufted wool rugs are heaven on the soles, can be cleaned in a jiffy and have the patterns and colors to go with your bathroom’s designs and add a dash of sophistication.
Photos courtesy of hoppler.com
H
omebuilders and “flippers” are one in saying the bathroom is arguably the most expensive room to renovate in a house; only the kitchen can rival that claim. But there are ways to give your comfort room a dash of class without shelling out thousands in currency. In fact, we have eight tips for you right here: Level up your lighting. In most bathrooms, the overhead light bulbs are taken for granted, but for a little extra you can get a better-looking source of brightness. We’re not saying you go and get a grand chandelier (and it would look scary hanging over the toilet), but the right light fixture will mean a lot for your leveled-up restroom. Monogram your stuff. Not Instagram, silly. A monogram is the initial letters of your name, so put it on everything bathroom-related. Hand towels and bathrobes are a given, but you can monogram a tissue box or even the upholstered chair you put in the toilet (see tip above). You may need to find someone to do it for you, though. Use brass, not chrome. For a touch of old-world class and luxury, stay away from the shiny silvery stuff for your showerheads, faucets and the like. True, they may get dull with time, but brass (or copper) fixtures are staples of the top restrooms out there, and you can get a mirror frame or robe hangers to match as well. Find a fancy mirror. Don’t settle for the basic framed reflectors from your neighborhood mall. Choose one with a little more personality than a hidden medicine cabinet; you can find one by browsing antique stories or weekend markets. Better yet make one yourself, or have one made that matches your bathroom’s theme.
would give them the best insurance protection? A: It is best for the expatriate to verify from the Insurance
Commission whether the prospective insurer possesses a valid and subsisting Certificate of Authority to engage in the business of insurance. A careful inspection of the prospective insurer’s audited financial statements is also recommended. Net worth, for instance, is a good indication of financial health. The expatriate should also inquire if the insurer is rated by internationally recognized organizations like Standard and Poor’s (S&P), Fitch, Moody’s, and A.M. Best Company. These bodies apply international standards to assess the strength and stability of local insurers. Their rating would give the expatriate more peace of mind knowing that its chosen insurer is more likely to stay financially healthy to pay claims in the future. Lastly, an insurer having an extensive branch network all over the Philippines would facilitate the servicing of its clients. Atty. Francisco J. Farolan is the Assistant Vice President and Head of Litigation of Malayan Insurance Company, Inc. Disclaimer: The FAQs above are the sole opinion of the writer and should not constitute as legal opinion or advice. –The IMMIGRANT
the issuance of rules, regulations, and orders that may be prescribed by the Commission in the public interest. Moreover, foreign exchange margin trading contracts such as the ones being offered in the use of online foreign exchange trading platforms are considered as derivatives, which are among the securities enumerated by the Securities Regulation Code and are required to be registered with the Commission before they are publicly offered for sale or distribution or sold in the Philippines. Reference: 1 https://www.nfa.futures.org/ 2 US Regulations for Forex Brokers | Investopedia http://www. investopedia. com/articles/forex/011515/us-regulations-forex- brokers. asp#ixzz4QKxIO87U Disclaimer: The ideas in the article above are the sole opinion of the writer and should not constitute as legal opinion or advice. –The IMMIGRANT
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goodcompany
Come together The European Community in the Philippines gathers for the 10th European Networking Night
T Over 400 guests attended the EU-Philippines Business Summit 2016.
A new chapter unfolds The EUBN hosts the EU-Philippines Business Summit 2016 to mark a year full of opportunities
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he year 2016 marks one of the most exciting yet for European Union (EU) businesses in the Philippines, as the start of negotiations for an EUPhilippine Free Trade Agreement, the new Duterte administration and Congress, steady economic growth prospects and the run-up to the Philippines’ ASEAN chairmanship in 2017, make it a year full of opportunities. With this in mind, the EU-Philippines Business Network (EPBN) organized the EU-Philippines Business Summit 2016 with the theme “EU-Philippine Economic Ties: A New Chapter Unfolds” last October 4 at the Makati Shangri-La. A celebration of EU-Philippine trade and investment ties, the forum welcomed nearly 400 participants, and the whole-day event included two main components. The morning sessions facilitated dialogues with the country’s leading decision makers and allowed them to identify their agenda of priorities for the
he European Union-Philippine Business Network (EPBN), in partnership with the PH chapters of the European chambers – the European (ECCP), Spanish (La Camara), Italian (ICCPI), and Nordic (NordCham) – and the Belgian-Filipino Business Club hosted the tenth European Networking Night on November 3 at the Fairmont Hotel Makati. Now on its tenth successful run, the European Networking Night brought together over 200 guests from the various foreign chambers, prominent figures in the business in diplomatic world, and the European business community. The event served as a great avenue for expanding contacts and widening professional networks within the European business and social community in the Philippines. Among the notable attendees were EU Ambassador Franz Jessen and all of the Presidents and Executive Directors
of the EPBN partner chambers. Lorens Ziller, Italian Chamber of Commerce Vice President and Executive Director, hosted the event, while ECCP Vice President and Diageo Managing Director Jon Good delivered the welcoming remarks. “Now more than ever, it is time to show the strength of the unity of our communities and return focus to the bigger and more important goal, which is fostering stronger cooperation between Europeans and Filipinos,” said Good. “There remains great potential in moving forward together and in the end, improving the country for every Filipino and European living here. HMR Auctions, Inter-Ed, Northport, Barcino Corporation, Don Papa Rum, Metromart.com, and San Miguel Corporation were the event’s kind sponsors. The next European Networking Night will be held early 2017. For more information on how to attend this event or for sponsorship inquiries, contact info@epbn.ph.
new Administration and Congress, allowed the EPBN to present a wish list for reforms through the handover of the second edition of the EU-Philippine Advocacy Papers, and established common goals and action points toward which both the public and private sector can work together in the next five years. The afternoon sessions focused on the business opportunities that lie in the Philippines for EU businesses in six thriving sectors. The EPBN is a project co-funded by the EU and implemented by a consortium of European Chambers of Commerce based in the Philippines. Its aim is to provide a support framework for European companies, especially small and medium enterprises, interested in exporting to or investing in the Philippines. For more information on registration or sponsorship for the EU-Philippines Business Summit 2017, contact info@epbn.ph.
Over 200 guests attended the 10th European Networking Night.
The Executive Directors and the EU Ambassador Franz Jessen (center) take the stage to be recognized for the successful evening.
In the eye... From page 10
Back to the games, Eczacibasi VitrA Istanbul wrote their names in the history books again after they edged Pomi Casalmaggiore in five nail-biting sets in the championship match, becoming the only women’s club to have won the trophy twice. Eczacibasi completed a fascinating week in Manila undefeated in five games, extending their competition winning streak to eight, including their last three matches in 2015 in Zurich.
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The Immigrant publisher Atty. Pepe Villanueva with Bambike Founder Bryan McLelland, ECCP Membership Officer Dei Cimatu, and ECCP VP for Operations Gerry Constantino
Led by the incredible Tatiana Kosheleva and tournament MVP Tijana Boskovic, Eczacibasi had to pull out all the stops to deny Pomi of becoming the first Italian club in 14 years to claim the world crown. The runners-up had to be content with being only the third Italian club to make it to a Club World Championship final. The Filipino side may have finished eighth after going winless in five games, but the players’ remarkable fighting spirit, especially during pool play, got the crowds going every time and the legacy they left behind for volleyball in the country is bigger than any storm in October.
Ms. Helen Grace Baisa wins the evening’s grand raffle prize: roundtrip tickets to any destination in Europe from Turkish Airlines.
Philippine team captain Rachel Anne Daquis (in yellow) receives a shot.
Photos courtesy of FIVB
The EPBN Partner Chambers along with EU Ambassador Franz Jessen turn over the second Edition of EPBN Advocacy Papers to representatives of the Philippine Government.
sports
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Photos courtesy of FIVB
In the eye of the storm The Philippines has become a hotbed for women’s volleyball, none more evident than when Manila recently hosted the Club World Championships, Gil Garcia reports
t was a miserable time one weekend last October in Manila, as Typhoon Sarika (local name Karen) hit the capital with high winds gusting at over 200 kilometers per hour and steady rain. But the weather hardly dampened the mood of volleyball fans in the country, as the 2016 Federation Internationale de Volleyball (FIVB) Women’s Club World Championship pushed on, becoming the latest proof that the sport is gaining more ground in the Philippines. In what President Rodrigo Duterte declared as a “Month of Volleyball,” eight of the world’s top clubs, featuring a host of Olympians from the Rio 2016 Games, took to the court at the Mall of Asia Arena, vying for top honors in the premier club competition in the world. Thousands of fans turned out on a Saturday morning at Robinson’s Ermita mall for a meet-and-greet session with some of the competition’s star players. Hosts PSL-F2 Logistics of Manila, an all-star team of the Philippine Super League strengthened by several foreign players, had the huge support of the home crowd in the 15,000-capacity Mall of Asia Arena. They also enjoyed the services of Captain Rachel Anne Daquis, who recovered in time from a recent ankle injury.
motoring
Homegrown stars Mika Reyes, Kim Fajardo, and Jaja Santiago also got their shining moments, proving that young Filipinas have what it takes to compete against the best and biggest volleyball players in the world. The home crowd celebrated every single defensive effort, every single point delivered by the Filipinas, knowing that the event was no longer the typical local collegiate games, the semi-professional leagues, or even a regional competition. This FIVB event was truly a world championship, an event on the same level as the Olympics. What will Philippine volleyball gain from this exposure? For one, the tournament was a virtual tryout for the local stars, as several international scouts and talent evaluators saw them in action, seeing if they have what it takes to join prominent volleyball clubs around the world. A tournament official, who requested anonymity, said the FIVB and Asian Volleyball Confederation might consider the Philippines as another volleyball haven in Asia next to Thailand, China, and Japan. That would mean several international tournaments to be staged here, giving local coaches and players the exposure they need to improve. Turn to page 8
Lucky 13 on wheels
Take a trip down memory lane with this baker’s dozen of classic cars, says auto enthusiast Jonathan Pastrano
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love classic cars. Is it too much to ask to drive something that’s shiny and sturdy and sends men drooling and women fainting so the driver can pick the ladies up and go watch the sunset with them on a secluded beach somewhere? You can tell me to dream on, especially here in the Philippines where there aren’t a lot of classic car collectors, but sure, I’ll dream some more for these babies that can fill my garage anytime. Arranged from oldest to youngest for your reading pleasure:
1957 Mercedes 300SL Gullwing
The 300SL was the fastest production car during its time, and the gullwing doors did make you feel like you could fly above the pavement.
1964 Aston Martin DB5
1966 Alfa Romeo Spider Duetto
1966 Shelby 427 Cobra
1966 Lamborghini Miura
Any car driven by suave superspy James Bond is classic enough to go on this list, and Sean Connery-Bond seemed to rely on this model (a souped-up version from Q of course) the most. Any car from Carroll Shelby is just priceless. With its remarkable power-to-weight ratio, this Super Snake will outrun any car on the road today. No wonder one guy paid an insane US$ 5.5 million for one of these rockets. 1957 Mercedes 300SL Gullwing
A car with style and storage space that wants you to tour the countryside and live the good life – that’s this Spider. Sign me up for one anytime; just don’t break my bank for it. So many great cars were made in ’66, but this Lambo was arguably the most stylish, and gave collectors an Italian alternative to Enzo’s engineered four-wheelers.
1961 Jaguar E-Type
Turn to page 3 1963 Corvette Sting Ray
1961 Jaguar E-Type
Enzo Ferrari, he of the awesome sports cars himself, referred to this cool British cat as, “The most beautiful car ever made,” and the praise it got from the public after its release confirmed it.
1964 Aston Martin DB5
1962 Ferrari 250 GTE
The sports car for the family man who still wanted to take his son to his sports game but stowed his recreational stuff in the trunk just in case. Road & Track magazine has called this Ferrari “not only a grand, but glorious, touring car.”
1963 Corvette Sting Ray
All Corvettes are great in my opinion, but this Sting Ray set the standard for a sleek and light sports car that was far more maneuverable than its older siblings.
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1966 Alfa Romeo Spider Duetto
1966 Lamborghini Miura
1966 Shelby 427 Cobra