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Chevron ‘open’ to talks but DoF wants gov’t control of leased lot

CHEVRON Philippines Inc. said on Wednesday that its lease contract with a subsidiary of state-led National Development Co. (NDC) had been beneficial for both the government and the company, with the deal entered into “in compliance with all Philippine laws and regulations.”

The company, the local unit of US energy firm Chevron Corp., made the statement after the Department of Finance (DoF) said on Tuesday that it had found “onerous” provisions in the contract as Chevron Philippines is paying lower-than-market value in rental fees on a state property in an industrial park in San Pascual, Batangas.

On Wednesday, the department said in had recommended to the board of NDC to shut down its subsidiary Batangas Land Co., Inc. (BLCI), with which Chevron Philippines forged the contract, by 2021 to allow the government to take back its 120-hectare or 1.2 million square meter (sq. m.) property.

The DoF said the “sprawling” Batangas property is now valued at around P4.9 billion to P5.3 billion. Chevon Philippines is using the property as an oil import terminal, it said. It called the company’s 74 centavos per sq.m. monthly lease as “measly” for being only 4% of what it said to be the current monthly fair market rental estimate of P17.90 per sq. m.

Chevron Philippines, formerly Caltex (Philippines), Inc., said that as “one of the pioneer energy companies in the Philippines which has been operating here for over a hundred years, our commitment to the Philippine market remains strong.”

“We will maintain open communication with the Government, an important and valued partner, on this matter,” it added.

Based on data from the Department of Energy, Chevron Philippines is the country’s third largest oil company based on market share. As of the first half 2019, it had a share of 7.56% in terms of petroleum products.

The DoF said the NDC had heeded the recommendation of Finance Secretary Carlos G. Dominguez III and decided in December 2019 to terminate the corporate life of property lessor BLCI in 2021.

The department said Mr. Dominguez, as a member of the NDC board, made the recommendation after the DoF uncovered supposed onerous provisions in BLCI’s more than four-decade-old lease contract with Chevron Philippines.

It quoted the secretary a saying that shortening BLCI’s corporate life would finally allow the government to exercise “full ownership, control, and rights over” the lot and other real estate properties occupied by Chevron Philippines. He described the property as prime and strategically located for the country’s future energy projects.

Mr. Dominguez said the government should have exercised these rights as early as 1975, but Chevron Philippines was able to secure preferential treatment to continue occupying and using these properties under the then-Marcos administration.

He said the properties — including the Batangas property — should have been turned over to the government as early as the 1970s, “not only legally speaking but, more importantly, based on the principle that these properties should truly benefit the Filipino people.”

“These companies were given sufficient time to transition and pass on full ownership to the government. It is now high time for the government to exercise its rights,” Mr. Dominguez said.

The DoF said it also found out that the rentals paid by Chevron Philippines over the 44-year period covering 1975 to 2019 amounted to only P146.51 million or about P3 million per year, in addition to real property taxes paid by it under the lease agreement.

The department said US company Caltex was able to acquire the Batangas lot and other prime properties owned by the government under the 1946 Bell Trade Act passed by the United States Congress.

It said under this law, American entities were granted “parity rights” on land ownership in the country as a condition for the US government’s payment of $800 million war damage claims to the Philippines.

“Parity rights had allowed American companies to own land in the Philippines just like Filipinos,” it said.

“These parity rights were extended for 20 years through the Laurel-Langley Agreement signed in 1955 by then-Senator Jose Laurel and Sen. James Langley. Such parity rights ended in 1974,” it added.

It said with the expiration of the 1946 Bell Trade Act, Caltex, and now its subsidiary Chevron Philippines, was granted preferential treatment in continuing to occupy and use various real properties, including the Batangas lot.

It also said a Letter of Instruction issued by then President Ferdinand E. Marcos required the lease-back of the properties occupied by Caltex for a maximum of 50 years from 1975, at minimum rates of 1.5% to 2.5% of the property’s valuation in 1974. — VVS and Beatrice M. Laforga

AMLC, PAGCOR ink deal on money laundering risks

THE ANTI-MONEY Laundering Council said the partnership will tighten its cooperation with PAGCOR on monitoring financial risks. — BW FILE PHOTO

THE ANTI-MONEY Laundering Council (AMLC) inked deal with the Philippine Amusement and Gaming Corp. (PAGCOR) to tighten their cooperation for its feedback mechanism amid money laundering and terrorism financing risks that come amid the rise in internet-based casinos, casino junkets, as well as Philippine Offshore Gaming Operators (POGOs).

In his speech at the signing of the memorandum of agreement (MoA), Bangko Sentral ng Pilipinas (BSP) Governor and AMLC Chairman Benjamin E. Diokno said the MoA with PAGCOR will likewise allow them to collaborate in terms of sharing studies, research, and information in recent emerging trends related to money laundering and terrorism financing.

“The actionable information that we share with each is important in supporting financial investigations,” Mr. Diokno said on Tuesday.

He said the MoA will also allow them to carry out capacity-building measures to address the said threats.

“The latest National Risk Assessment notes a high sectoral money laundering threat among designated non-financial businesses and professions — including casinos which are highly vulnerable,” he said.

Mr. Diokno said the rise in different varieties of casino operations as well as the decrease in transparency of high-rollers or gamblers that consistently bets using a large amount of money resulted to “much vulnerability” in terms of identifying sources and the movement of funds.

“This calls for strict enforcement of and compliance to anti-money laundering and counter-terrorism financing policies-urging the full cooperation of covered persons during the conduct of examinations — especially with the rise of POGOs,” he said.

Under the amended Anti-Money Laundering Act or Republic Act No. 10927 enacted in 2017, casinos are considered as “covered persons.”

In his speech, Mr. Diokno cited PAGCOR’s role to supervise, assess, and monitor whether casinos comply on their obligations as per the Anti-Money Laundering Act, the Casino Implementing Rules and Regulations, among other relevant issuances. He noted that the agency informs AMLC of the results of its inspections.

PAGCOR operates nine casino branches as well as 32 satellite casinos all over the country.

In August, the AMLC fine-tuned rules on administrative cases for casino officials and employees and unveiled a gradation of fines depending on the gravity of violation.

In December, the dirty money watchdog announced they would be pushing for changes to their framework to avoid heightened surveillance over weak anti-money laundering and anti-terrorism financing measures. — Luz Wendy T. Noble

Markets regulators struggling to keep up with technology

RISHON LEZION, ISRAEL — The rapid growth of digital assets and computer-driven investment advice has become a key challenge for regulators in trying to keep up with technological advances while seeking to protect investors, a US markets regulator said on Monday.

Robert Jackson, a commissioner at the Securities and Exchange Commission (SEC), said the agency was seeking to enact laws that facilitate the changes in technologies.

One issue the SEC was grappling with was “robo advisors” — algorithms that help people make investment decisions.

“I know what it looks like when a human being commits fraud,” Jackson told an Israel Securities Authority conference. “It’s a lot harder to detect when an algorithm defrauds the investor. But investors deserve no less protection simply because money is being moved around by an algorithm.”

Jackson, a Democratic commissioner who was a capital markets banker early in his career, said there were 4,000 lawyers at the SEC, but few programmers who can help explain how algorithms work and what risks they pose to investors.

“In 20 years we may need to be an agency of 2,000 lawyers and 2,000 programmers,” he said.

Another struggle is regulating assets such as cryptocurrencies, which are “exciting but come with risks,” he said. The aim was that the asset class does not become associated with fraud and investors are properly protected.

At the same time, the SEC is concerned that technology innovators increasingly are preferring private markets over public ones to raise large amounts of capital, largely because company founders have more freedom to run their companies with less accountability and transparency.

This poses a problem since many ordinary investors may be closed to many new tech firms.

“We might create a system of public companies that are not exciting. Instead that growth is reserved for a small section of society that can invest in private markets. That can be very unhealthy,” Jackson said.

He proposes to improve disclosure from private firms by investing through intermediaries, which would mean investors would pay more but have lower risk.

Having strong regulation also translates into a lower cost of capital, he added.

Jackson also said he was in favor of more aggressive disclosures from companies when cyber attacks occur and that the SEC should partner with companies in combating cyber attacks. — Reuters

The Proof is in the Patty: MOS Burger opens soon in PHL

MOS burger, one of the largest brands in Japan, will open in February in the Philippines.

BusinessWorld got a taste of the MOS Cheeseburger (P149) and the Yakiniku Rice Burger (P169) during a pop-up event which ran from Jan. 15 and 16 near its first branch in Robinsons Galleria (still unopened) last week. Not having had the opportunity of tasting MOS burgers in its home country, I will have no point of comparison in judging the taste vis-à-vis the original. I will say, however, that the patty was packed with flavor, but just a bit dry — but maybe that’s just me. Any deficiency in texture I may have picked up is mollified by the secret sauce and the vegetables; not to mention the excellent bun — but yes, all things considered, it’s a good burger, especially when you rank it next to the hundred-or-so-peso offerings from others. Just don’t expect it to be anything more than fast food, even if the brand works on a cook-to-order approach.

The Yakiniku Rice Burger, meanwhile, a rice ball filled with seasoned and grilled beef, was filling, and at about 278 calories (according to myfitnesspal.com), it was worth it.

BRINGING MOS IN
MOS Burger, the company, was founded in 1972, and is the second-largest fast-food franchise in Japan (global giant McDonald’s is number one). The capitalized letters in its name stand for “Mountain, Ocean, Sun,” but an old story says it comes from founder Atsushi Sakurada’s former company, Merchandising Organizing System.

MOS burger was brought to the Philippines via MOS Burger Philippines, a joint venture between MOS Food Services Inc., in Japan, and Tokyo Coffee Holdings Inc., headed by Hubert Young. Mr. Young is also responsible for bringing in UCC, CoCo Ichibanya, ramen shop Mitsuyado Sei-men, and Japanese bakery Yamato. Mr. Young is a member of the Young family behind the flour producer General Milling Corp. (from which, according to an interview with BusinessWorld, they get their bread).

Mr. Young has been eyeing to get MOS Burger to the Philippines since getting his first bite in the 1990s.

“Unfortunately, I wasn’t able to get the brand [then]. I started with UCC. What I did was basically build my credibility with the Japanese companies. MOS burger was hulog ng langit (a godsend). It came to my lap. They researched about me,” he said. This was due to a boom of Japanese companies entering the Philippines in 2017 and 2018, and their research pointed to him, running Japanese coffee brand UCC under a joint venture. “They discovered what I’ve been doing for all the other Japanese brands.

“When that came up, siempre I was kilig (of course it got me excited). And I did not really show it to them. I was being reserved,” said Mr. Young, who was dressed in an impeccably tailored, conservative navy blazer.

FONDNESS FOR JAPANESE
Asked about his attachment to Japanese brands, Mr. Young said in jest, “Probably I was Japanese before. I don’t know.” On a more reverent note, he did say, “I just love the Japanese. They always have the finer touch to everything… they’re very, very detailed in everything that they come up with.”

Speaking of detail, Mr. Young outlined some of the work that went into putting up MOS burger in the Philippines: “It’s a lot of detail. From the matter of having an understanding of what type of a joint venture this would be, probably around a year.

“We’re not just duplicating what is in Japan for this country. We need to see that this product is acceptable: Is the taste acceptable? Do we need to tweak the taste? These are all very detailed studies. We even hired survey companies to help is with this.”

According to him, the complete menu from Japan will be made available in Manila.

“I think what you’re going to ask me next is if we’re going to have something that is ‘Filipinized.’ Yes, we will, but that will come in probably another two to three months.”

For now, the brand plans to open the aforementioned branch in Robinsons Galleria on either the 26th or the 27th of February, along with other branches in SM Megamall, Robinsons Magnolia, O Square Greenhills, and Robinsons Place Manila, within a space of a few months.

Asked if Mr. Young plans to bring in any new brands within the year, he said, “For now, we’ll concentrate on this. This is very exciting.” — Joseph L. Garcia

SMIC in gender-inclusive index

TWO Filipino companies have been acknowledged by Bloomberg for its commitment to provide a gender-inclusive work environment.

Apart from Robinsons Land Corp. (RLC), which announced its inclusion in the 2020 Bloomberg Gender-Equality Index (GEI) on Tuesday, SM Investments Corp. (SMIC) has also been recognized by the global list of 325 companies.

The 2020 Bloomberg GEI was released Tuesday evening, Philippine time, and covered companies with headquarters spread across 42 countries and regions. It is the first time the index included firms from the Philippines, Czech Republic, New Zealand, Norway, Poland and Russia.

SMIC, in a statement yesterday, said the recognition is a “milestone and honor” for the company as it “(puts) importance in fostering an inclusive work environment across our businesses, in our supply chain and in the communities we serve.”

SMIC President and Chief Executive Officer Frederic C. DyBuncio was quoted as saying: “The inaugural inclusion of SMIC indicates our commitment to gender equality through measurement and data transparency.”

Bloomberg started doing the annual GEI in 2016, where it tracks the financial performance of listed companies working to improve gender equality in the workplace.

It looks at the five key pillars in the companies at reviews: female leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, sexual harassment policies and pro-women brand.

In the statement announcing the 2020 Bloomberg GEI, Bloomberg Chairman Peter T. Grauer said there is an effort from the company to provide “more in-depth metrics from a broad range of public companies across 50 industries.”

“This level of transparency into how companies are tackling gender equality in the workplace and their local communities is fueling financial decision-making around the world, and is supporting the business case for an inclusive corporate environment,” he was quoted as saying.

Other companies that joined SMIC and RLC in the 2020 Bloomberg GEI are American Express, The Coca-Cola Company, First Pacific Co. Ltd., L’Oréal, Nestlé S.A., Nokia, Procter & Gamble and Unilever.

SMIC booked a 26% growth in attributable net income to P33.1 billion in the first nine months of 2019, driven by the robust performance of its core businesses.

Shares in the company at the stock exchange lost P1 or 0.10% to close at P1,025 each on Wednesday. — Denise A. Valdez

Facebook spurred central banks to study use of digital currencies

TOKYO — The challenge posed by Facebook’s Libra cryptocurrency likely prodded major central banks to set up a new group to study the potential for issuing their own digital currencies, a former Bank of Japan executive said on Wednesday.

The central banks of Britain, the euro zone, Japan, Canada, Sweden and Switzerland on Tuesday announced a plan to share experiences to look at the case for issuing digital currencies, amid a growing debate over the future of money.

Hiromi Yamaoka, former head of the BoJ’s division overseeing payment and settlement systems, said the decision was a sign of how Libra has triggered a global competition among central banks to make their currencies more appealing.

“The latest decision (by the six central banks) is not just about sharing information. It’s also an effort to keep something like Libra in check,” said Mr. Yamaoka who, during his stint at the BoJ, was directly in charge of negotiations on new technology.

“Something like Libra would make transactions costs much cheaper. Major central banks need to appeal that they, too, are making efforts to make settlement more efficient with better use of digital technology,” he told Reuters.

Currently a board member at IT consulting firm Future Corp., Yamaoka oversaw the BoJ’s research into digital currencies and retains close contact with global central bank policy makers.

Central banks across the world have quickened the pace at which they are looking at issuing their own digital currencies, also known as CBDCs or central bank digital currencies. Facebook’s push to launch its Libra cryptocurrency has added fuel to questions over whether nation states will continue to control money in the decades ahead.

Of the major central banks, China’s has emerged as the frontrunner in the drive to create its own digitized money, though details of its project are still scarce.

The BoJ has undertaken a joint research project with the European Central Bank, but has said it has no plan to issue CBDCs in the near-term horizon.

Mr. Yamaoka said the creation of the joint study group could speed up moves by the central banks to use blockchain technology for large-scale, wholesale settlement.

But the hurdle for central banks issuing digital currencies for small, retail settlement remains “very high,” as doing so would stifle private sector competition, he said.

Mr. Yamaoka also countered the view, held by some academics, that central banks could deepen negative interest rates more easily by issuing digital currencies.

“In the world of central bankers, the idea of using CBDCs to enhance the effect of monetary policy seems to have subsided somewhat,” he said.

“There are increasing doubts about the effect of negative interest rates as a policy tool,” Mr. Yamaoka said. “If so, do you want to issue CBDCs for the sake of deploying a policy with questionable effects?”

The more imminent factor driving central banks into studying CBDCs is the need to boost their currencies’ convenience so they survive in an age of diversifying settlement means, he said.

That is why the Federal Reserve, which issues the world’s most-used currency, isn’t interested in CBDCs, Mr. Yamaoka said.

“If you want to make monetary policy effective, you need to ensure people keep using the currency you issue.” — Reuters

Realme looking to help speed up 5G dev’t in the country

CHINESE smartphone manufacturer Realme said it is collaborating with Philippine tech firms and network operators to expedite the development of the fifth-generation (5G) network technology in the country, as it is set to roll out its 5G smartphones in China this year.

“Realme continues to work closely with local network operators, internet companies and app developers to fast-track the development of 5G in the Philippines,” the Chinese firm said in a statement e-mailed to reporters on Monday.

5G technology will offer Filipinos better connectivity, Realme said, adding that the Philippines, with 72 million social media users and 26.59 million mobile telephone customers, already tops the world in terms of Internet users.

The company said it will launch its 5G-enabled smartphone devices in China this year. The rollout will cover units in “all price segments” to allow “all future Realme devices to be equipped with a 5th generation mobile network.”

Fitch Ratings earlier said that the Philippine telecommunications sector’s capital expenditures for the 5G technology will likely be limited “over the next 18 months” due to “lack of applications and the absence of a robust ecosystem of customer devices.”

It said Philippine telcos are expected to be still dependent in the next three years on existing 4G technologies amid growing demand for data.

Realme is also targeting to ship 50 million units globally in 2020.

It said it shipped over 25 million smartphone units worldwide last year.

“Realme is setting its sights on doubling its 25+ million global smartphone shipments in 2019, entering the 5G space and introducing new Realme devices with unprecedented features and performance to hit 50 million units this year,” the Chinese firm said.

Sky Li, Realme founder and chief executive officer, said: “The smartphone industry is a very competitive market where brands come and go, and it is fiercely growing as we speak. As a young brand, Realme is optimistic it will surpass all the challenges in the industry and continue broadening our market footprint with the youth as our number one motivation. We at Realme will only keep moving forward and offer real value products to all.”

Citing data from the International Data Corp., Realme, which is present in 22 markets worldwide, said it is currently the number two brand in India in terms of online market share at 26.5%.

The brand also has the fourth largest share of Indonesia’s market, it added.

Realme likewise said it was the “second” best-selling smartphone brand during the year-end sale of Lazada. The brand was third and fourth best seller in Vietnam and Indonesia, respectively.

“These record-breaking feats in the three Southeast Asian markets landed Realme on the 5th spot overall of the best-selling smartphones in the region,” it said. — Arjay L. Balinbin

What are you doing to mark Chinese New Year?

(Second of two parts)

WE DON’T think there’s such a thing as too much luck, so collect good fortune and extra calories for this Lunar New Year by attending these events, all set around the city, the Lunar New Year, celebrating the Lunar New Year this weekend.

CONRAD MANILA
Conrad Manila, recently hailed as one of the Best Hotels in the World in the 2019 Conde Nast Traveler’s Readers’ Choice Awards, welcomes the auspicious Chinese New Year of the Metal Rat with a vibrant lion and dragon dance and ceremonial eye-dotting ceremony amid well-curated feasts and traditional Yee Sang Prosperity Toss at China Blue by Jereme Leung on Jan. 25.

This Saturday, the festivities begin at 11 a.m. at the hotel’s porte-cochere with the ceremonial eye-dotting of the lions and dragon followed by a performance which will make its way inside the hotel, the Main Lobby, restaurants, ballrooms, and offices.

At China Blue, Executive Chinese Chef Eng Yew Khor has prepared a selection of Chinese delicacies with highlights including: Golden roast US duck with BBQ sauce; Braised abalone, sea cucumber and money bag in superior carrot-prawn stock; and Steamed live sea lapu-lapu with pickled turnip, fried garlic coriander supreme soya sauce, among others. They are available a la carte or in a set menu for 10 persons or more with a set menu price starting at P33,988++.

Patrons are also invited to bring home a box of nian gao (tikoy) treasures, available in the following flavors: traditional Chinese, white almond, caramel coconut red bean, and passionfruit. Each nian gao treasure is presented in either koi fish or gold bar shapes to represent good fortune and success. Nian Gao Treasures are available in a box with eight pieces priced at P1,888 nett. For reservations and inquiries, call 8833-9999 or e-mail conradmanila@conradhotels.com.

CITY OF DREAMS MANILA
The City of Dreams Manila is ringing in the Year of the Metal Rat with feasts of Chinese New Year specialties at its signature restaurants: Crystal Dragon and Nobu Manila. To mark the occassion, there will be a lights and sounds show daily at 6-10 p.m. at the Nobu Hotel garden, with hundreds of multi-colored tulip bulbs that dot the greenery dancing to Oriental music. The show will be held daily until Feb. 15.

At Crystal Dragon, Cantonese dishes that are symbols of harmony, good luck, and abundance are highlighted at its Chinese New Year à la carte and set menus, available for lunch and dinner until Jan. 31. Diners can toss a lucky salad — its Prosperity Abalone Yu Sheng — in hopes for a prosperous Lunar New Year. Yu Sheng, originating from a Cantonese phrase that means “tossing up good fortune,” or “Lo Hei” is a traditional Lunar New Year ceremony from Singapore, Malaysia, and China. Raw fish is customarily used in the salad to symbolize prosperity, wealth, happiness, and long life. During the prosperity toss, guests gather before the table, use their chopsticks to mix the ingredients together and then toss them up while saying out loud “Lo Hei!” and well-wishes to bring in good luck. To complete the feast, Crystal Dragon has crafted two set menus: the seven-course Happiness Menu (P3,080++) and the eight-course Magnificent Menu (P5,680++), both of which start with the Prosperity Abalone Yu Sheng and are meant for four to six persons. Meanwhile, Nobu Manila’s celebratory dishes are infused with the Japanese-Peruvian flavors iconic to this globally renowned restaurant of Chef Nobu Matsuhisa. Among these are: the sushi and sashimi platter (P3,500++); the Lapu-Lapu served new-style in black bean sauce (P4,000++); and the Kobe platter (P6,000++), which consists of gyoza, tacos, sliders, and croquettes. Nobu Manila’s Chinese New Year offerings are available for the whole month of January at dinner, 6-8 p.m., on Monday to Thursday and until 9 p.m. on Friday to Sunday.

On Lunar New Year’s Day Jan. 25, the God of Fortune mascot will be making appearances at the main gaming area on the ground floor and the upper ground level as well as The Shops at the Boulevard area at 4-8 p.m. to give out fortune tokens to lucky patrons. To cap off the celebration, guests can head on to the integrated resort’s main entrance for a photo with a display featuring a Year of the Rat-themed pagoda adorned with gold coins and ingots that signify wealth and prosperity.

On Jan. 25 and 26, shoppers at the nearby Ayala Malls Manila Bay are in for an auspicious treat as the City of Dreams Manila brings in music entertainment at 4-10 p.m. at the mall’s activity center, headlined by OPM artists Nyoy Volante and Jinky Vidal. The well-loved DreamPlay characters Po and Mei Mei from the popular DreamWorks animated movie Kung Fu Panda and City of Dreams’ in-house CenterPlay bands complete the entertainment lineup. Pastries and beverages, hotel gift certificates and discount vouchers, and DreamPlay merchandise will also be available. Photo booths and appearances by the God of Fortune mascot at 4 to 6:30 p.m. are expected to be crowd drawers. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

CRIMSON HOTEL
At Crimson Hotel in Filinvest City, guests can start their countdown to the Year of the Rat with a Chinese-inspired dinner feast at Café Eight. The meal includes Pickled black fungus, Shanghai smoked fish, Peking duck, Hainanese chicken, dim sum and desserts. The rate per person is P2,150 net inclusive of unlimited juices, sodas, local beers, and wines. The Feast for Prosperity Dinner Buffet promotion is available at Café Eight until Jan. 25, 6-10 p.m. daily.

As the red decorations and loud music from the lion and dragon dance attracts fortune, guests are invited to put on their luckiest outfit and head to Café Eight to complete the festivities. Ring in the Lunar New Year with a Sunday brunch on Jan. 26 with Tofu with century egg and pork floss, Buddha soup, xiao long bao, suckling pig, tikoy (nian gao), tangyuan, and more. There will be a lion and dragon dance, a kids’ activity area with their own kiddie buffet, and free calligraphy for the participants. The rate per person for the Taste of Luck Sunday Brunch at Café Eight is P2,100 net inclusive of unlimited juices, sodas, local beers and wines.

Get in the spirit of Chinese New Year with the Deck Bar’s auspicious Huat’s up? Pool Party on Jan. 24. Crimson will light up the guests’ Friday night with overflowing Engkanto craft beer and red cocktails, a live DJ, bar games, and snacks to give them a prosperous vibe. The rate per person is P799 net, with entrance fee and unlimited craft beer and red cocktails are included.

The Lobby Lounge’s Lunar New Year-themed afternoon tea set menu — with savory and sweet items such as duck spring roll, shrimp toast, buchi, oolong crème brulee, pork buns, and salted egg yolk cookies — is available until Jan. 31, from 3 to 5 p.m. For reservations, visit the official website at crimsonhotel.com/manila/ or call 8863-2222.

SOFITEL
Sofitel Philippine Plaza Manila welcomes the Lunar New Year with promotions that are ongoing until Feb. 10.

One can start with a Lunar New Year Lauriat with friends and family with a choice of venues and indulge in a lauriat with up to 10 courses. Package rates start at P161,890 nett for the first 50 persons.

Meanwhile, at buffet restaurant Spiral’s Chinese Atelier, enjoy Peking, Szechuan, Guangzhou, and Shanghai cuisines. Each cuisine is presented in a weekly rotation. Jan. 24 rates are set at P2,850 nett for lunch and P3,888 nett for dinner. On Chinese New Year, Jan. 25 rates are set at P3,588 nett for lunch and P3,888 nett for dinner.

Chinese dishes for prosperity are made available for takeaway including Roasted duck quarter, Seafood laksa soup, assorted dimsum, and Barbecue char siu pork asado.

Meanwhile, Sofitel’s Sunset Bar presents festive Chinese specials as part of the barbecue buffets on Jan. 24 and 25, available at P3,000 nett. For inquiries and reservations, call 8832-6988 or e-mail H6308-FB12@sofitel.com.

DIAMOND HOTEL
Starting the celebration is a series of Live Dimsum Making and Noodle Pulling Demonstrations, alternately held daily until Jan. 26.

From Jan. 23-26, guests can enjoy Chinese Chef Yang Yong’s vast selection of authentic Chinese specialties for P3,180 nett per person. For a minimum spend of P5,000 at the buffet, guests are entitled to Pick-a-Prize at the hotel’s Prosperity Tree for a chance to win gift certificates and other premium items.

On Jan. 25, the day that marks the Chinese New Year, there will be a dragon and lion dance at 11 p.m. by the Philippine Ling Nam Athletic Federation. To create an atmosphere for positive energy and clarity for the new year, the Kim Hwa Ensemble will also be playing Chinese instrumental music at the hotel lobby. Free 10-minute Feng Shui consultations with Angel Macalino are also available on this day for a minimum spend of P5,000 at the Corniche lunch buffet. Diners at Corniche will also be gifted with ang pao (red envelopes) containing vouchers for up to 40% off at the restaurants on their next visit.

There will be Chinese Lauriat set menus at Corniche, while those whose dimsum cravings can try the Weekend Dimsum Delights at Corniche featuring an extensive choice of steamed, baked, and fried dimsum for P999 nett per person every Saturday and Sunday at lunch. Buy dining vouchers at onlineshopping.diamondhotel.com. For reservations, call (632) 8528-3000 ext. 1121 or e-mail restaurant_rsvn@diamondhotel.com.

DISCOVERY PRIMEA
Discovery Primea’s Executive Chef Luis Chikiamco creates a culinary journey at Flame Restaurant to welcome the Year of the Metal Rat. The multi-course Oriental feast is exclusively available for dinner on Jan. 24 and 25 at P2,500++ per person.

The meal begins with a Kung Pao shrimp salad with mandarin oranges and cashew nuts, then proceeds to Pan-seared foie gras with ginger-rice soubise three-vinegar reduction, smoked duck breast, and soft egg sous vide. The third course is Lemongrass-steamed Chilean sea bass with XO risotto, Asian “gremolata” and scallions, followed with a Flame favorite, the Five Spice duck leg confit with take-out dan dan noodles, minced pork, sesame paste, peanuts, and bok choy. The meal ends with an Almond panna cotta with dragon fruit salad, sesame croquant, and lychee sorbet.

To book the Chinese New Year dinner at Flame, call +63 2 7955-8888 or e-mail primea.restaurants@discovery.com.ph.

RUSTAN’S EAST CAFÉ
In celebration of this auspicious time, Rustan’s East Café is offering to customers the opportunity to share their blessings through the gift of a Fortune koi fish tikoy set (P580/set) while diners can enjoy Chinese New Year Prosperity Salad at a limited run at the Rustan’s Makati, Shangri-La, and Gateway branches. For tikoy orders call East Café, Rustan’s Makati at 8812-0233, East Café, Rustan’s Shangri-La at 8633-4636 loc. 211, and East Café, Rustan’s Gateway at 8865-7700 loc. 747.

LUCKY CHINATOWN
The festivities at the Lucky Chinatown mall begin with the Prosperity Fair at mall’s Atrium, where shoppers can find lucky charms, Chinese delicacies, and other unique novelty items until Jan. 23. For every P2,000 receipt for a purchase made from Jan. 15 to 26, guests can also get a Lucky Ang Pao containing instant rewards and prizes. Foodies can go on a food adventure at the Meisic Street Food Market for an array of Chinese cuisine, street food, and more until Feb. 2.

Those looking to attract luck while satisfying their tummies can visit any of Lucky Chinatown’s Chinese restaurants and feast on lucky dishes to welcome the New Year.

For good fortune and a prosperous 2020, guests can take part in the traditional Eight Lucky Rituals which includes astrological forecasts, fortune bamboo and laughing Buddhas, located at the Lucky Chinatown Walk.

The celebration’s highlight is the Grand Chinese New Year Countdown to 2020 on Jan. 24 with some of the country’s rising artists. The countdown begins at 7 p.m. at the Atrium with performances by Leanne & Naara and IV of Spades. The celebration continues at Lucky Chinatown Walk from 9 p.m. with live performances by Itchyworms and Ely Buendia, who will spearhead the countdown. At midnight, a fireworks display will light up the sky, followed by the traditional lion and dragon dance and an incense-lighting ritual.

On Chinese New Year Day, Jan. 25, from noon onwards at mall’s Atrium, children can get a chance to meet Pokémon such as Pickachu and Eevee. This will be followed by a special astrological forecast by Master Johnson Chua, where visitors can learn what is in store for them in the Year of the Metal Rat. There will also be performances and cultural presentations by Chinese schools and Chinese-Filipino organizations alongside a Chinese New Year Parade at 3 p.m. The day’s celebration will wrap up with a live performance by Callalily at 6 p.m.

To cap off the last day of Chinese New Year Celebrations at Lucky Chinatown on Jan. 26, the Philippine Lapine Club will have a Guinea Pigs Cavy Fashion Show at 11 a.m. and a live performance by Unique Salonga at 6 p.m.

For more information, parking details, and restaurant reservations, call the Lucky Chinatown Concierge at 7576-8139 or visit www.LuckyChinatownCNY2020.com.

Arthaland starts offering P3-B ASEAN green bonds

ARTHALAND Corp. has started its offer for up to P3-billion ASEAN green bonds after obtaining its permit to sell from the Securities and Exchange Commission (SEC).

In a disclosure to the stock exchange Wednesday, the niche property developer said it had started its offer period yesterday, which will last until Jan. 28. The offer covers P2-billion ASEAN green bonds with an oversubscription option of up to P1 billion.

Proceeds from the issuance will be used for Arthaland’s pipeline of green projects, as required by the SEC to be eligible for ASEAN green bonds.

“With this offer, Arthaland will be the first, non-bank corporate issuer of SEC-registered ASEAN Green Bonds in the Philippines. This demonstrates our unwavering commitment to sustainability,” said Arthaland Vice-Chairman and President, Jaime C. Gonzalez said in a statement.

The coupon rate for the issuance is 6.3517% per annum payable quarterly in arrears. It will mature five years after its issue date on Feb. 6, except if Arthaland chooses to do an early redemption on the third or fourth year from issue date, in which case the bonds may be redeemed at 101% and 100.5% of face value, respectively.

Minimum denomination for the offer is P50,000 with increments of P10,000 thereafter.

Arthaland tapped BDO Capital and Investment Corp. and ING Bank as the joint lead underwriters and joint bookrunners for the issuance, while it selected PNB Capital and Investment Corp. as the co-lead manager for the offer.

The company has a shelf registration for a total of P6-billion ASEAN green bonds. The remaining P3 billion apart from the P3-billion bonds it is selling now may be issued within the next three years.

Local debt watcher Philippine Rating Services Corp. (PhilRatings) has given Arthaland a credit rating of “PRS Aa minus” for the P6-billion green bonds, which means the company has a “very strong” capacity to meet its financial obligation.

Arthaland is currently working to expand its development portfolio by five times until 2024, which will increase its gross floor area to above 500,000 square meters.

In the first nine months of 2019, the company’s attributable net income reached P647.36 million from P75.64 million in the same period in 2018.

Following the approval of its green bonds, shares in Arthaland at the stock exchange inched up two centavos or 2.50% to close at P0.82 each on Wednesday. — Denise A. Valdez

InLife launches new peso-denominated global fund

INSULAR LIFE Assurance Co., Ltd. (InLife) has introduced the Peso Global Technology Fund in its portfolio, marking the first of such offering within the local insurance industry.

InLife President and CEO Mona Lisa B. de la Cruz said despite being a global fund, investors do not need to buy dollars for the fund since it is peso-denominated.

The Peso Global Technology Fund invests a big portion of its assets in a fund whose underlying investment is exposed to equity securities of technology companies across the globe, the life insurance firm said in a statement yesterday.

“Our world today is dominated by technology and will continue to be so in the foreseeable future. We believe this is an opportune time to invest in global technology because the sector offers a steady stream of solid growth,” Ms. De La Cruz said.

The fund was announced on Wednesday and will be available starting next week, Jan. 28. The Peso Global Technology Fund is available through InLife’s variable universal life products, as well as via its wealth assure global, wealth secure global, solid fund builder, wealth protect, variable returns asset and the variable returns asset-first million fund.

In 2018, InLife booked P22.2 billion in consolidated revenues, which was 13% higher than the P19.71 billion recorded a year prior.

Kaspersky’s PHL enterprise solutions business grows

INTERNET security firm Kaspersky on Monday said the enterprise solutions segment of its business achieved a “twofold” growth in the Philippines last year.

In a statement e-mailed to reporters on Monday, Kaspersky said that in the Philippines, it “logged a double-digit growth in terms of the company’s whole enterprise segment.”

Kaspersky’s whole enterprise segment includes its endpoint and non-endpoint security solutions for businesses.

In Southeast Asia, Kaspersky said its enterprise solutions segment hit a “three-digit year-on-year growth” in 2019.

The company added that it posted a “more than double increase” last year on its enterprise solutions segment across the region compared to the 2018 results.

This growth, Kaspersky said, was driven by the expansion of its business portfolio, especially in “threat hunting, threat intelligence, incident response, and a wide array of professional services.”

Such products and services, according to the company, are designed to offer “a holistic ‘true cybersecurity’ for companies across Southeast Asia.”

Kaspersky’s General Manager for Southeast Asia Yeo Siang Tiong explained: “When we talk about true cybersecurity, it involves the combination of solutions and professional services which can cover the four stages of a cybersecurity attack — predict, prevent, detect, and respond.”

“Our 2019 enterprise results clearly proves more and more enterprise stakeholders in the region believe in our expertise and capability to secure their systems and networks from the most common threats to the most sophisticated attacks,” he added.

Kaspersky also said its whole enterprise segment achieved “three-digit growth” in Singapore.

Thailand likewise hit a double-digit growth. It said the combined results of Vietnam, Cambodia, and Myanmar “posted a one-digit increase compared to its enterprise numbers in 2018.”

The global cybersecurity company added that its digital sales also ramped up its overall growth in the region.

With the markup, the company said, Vietnam, Cambodia, and Myanmar led the region.

It added that the rest of the countries in Southeast Asia logged a “two-digit” growth for their digital sales.

“We are grateful for the unparalleled trust we are receiving from our customers, our stakeholders, and our industry peers. As an evolving cybersecurity company, we will continue to strive to advocate transparency and cooperation in the industry and to constantly improve on our threat intelligence capability and next-generation technologies to combat complex threats lurking online,” Mr. Yeo said. — Arjay L. Balinbin

Intermittent fasting: Safe and sustainable—or fad diet?

IT’S THE hottest two words on every dieter’s lips these days — intermittent fasting (IF). Celebrities are obsessed with it: in Hollywood, A-listers Jennifer Aniston, Halle Berry, Hugh Jackman, and Chris Pratt all swear by IF, while local showbiz hunk Carlos Agassi and actors Christopher Roxas (husband of Gladys Reyes) and Marco Alcaraz (Precious Lara Quigaman’s better half) have attributed their slimmer figures to it.

But what exactly is IF? And is it safe and sustainable?

Makati Medical Center (MakatiMed), through its Department of Nutrition & Dietetics, gives us the skinny on the weight-loss trend that could help jump-start one’s dream to get leaner (and healthier) in 2020.

First thing’s first, IF is not an eating pattern by definition. “An eating pattern is defined as a combination of different foods or food groups. As its name suggests, intermittent fasting is more of alternating eating and abstaining from food. It is a way of eating that focuses more on WHEN than on WHAT you eat,” explains Maricar M. Esculto, RND, MD. Such a practice is not new. Various religions, including Catholicism and Islam, observe fasting at specific times of the year, and our prehistoric ancestors who hunted for their food did not eat until they caught their next meal.

“There are different ways to do intermittent fasting,” said Dr. Esculto. “The most popular and simplest is 16/8 or fasting for 16 hours and eating within eight hours. For example: you can eat from 1 to 9 p.m. then abstain from eating from 10 p.m. to 1 p.m. In Eat-Stop-Eat, fasting lasts for 24 hours. In other words, one can skip dinner and abstain from eating until dinner the next day. In the 5:2 diet, you spend two days in a week eating no more than 500 calories a day.” Water, tea, and black coffee are allowed during the period of fasting.

What is the science — and sense — behind IF? “Eating only for a certain period naturally limits your caloric intake,” says Dr. Esculto. “It lowers the insulin level in the blood and if the person has no intake of food for a prolonged period of time, fat will be mobilized to supply the body’s energy needs.”

Dieters who think they can eat all they want during IF’s eating phase will be disappointed, says Dr. Esculto. “It’s still all about eating sensibly, avoiding high-calorie foods, and practicing portion control. If you binge-eat after your fast, then you are sabotaging your weight-loss goals.”

It offers other things, too. Aside from the desired weight loss (talk show host Jimmy Kimmel shed 25 pounds in 2015 via IF), the eating/fasting pattern has also been credited for reducing inflammation, decreasing Low-Density Lipoproteins (LDL) or “bad” cholesterol and triglycerides, and lowering the risk of cancer and heart disease. “IF has been credited for triggering the increase of the brain hormone BDNF (Brain-derived neurotrophic factor) and protecting individuals against Alzheimer’s disease — however, this was observed among animal models so far,” Dr. Esculto points out.

IF does comes with a few caveats. According to Dr. Esculto, “Hunger is the chief complaint of those on intermittent fasting, especially if they’re just starting. People initially feel weak and not as mentally sharp, too.” Experts have also discovered that depriving yourself of food for some time increases the body’s level of cortisol, otherwise known as the stress hormone.

Moreover, IF isn’t for everyone — particularly women who are pregnant, breastfeeding, or trying to conceive, and individuals with diabetes, low blood pressure, a heart condition, a history of eating disorders, and other pre-existing conditions. “It is strongly recommended to consult with your physician before trying this way of eating” advises Dr. Esculto.

While intermittent fasting has been used as a safe way to initiate weight loss or break a weight-loss plateau, doctors do not recommend it be practiced long-term. “I would rather people develop a healthy attitude towards food and eating,” says Dr. Esculto. “Eat fresh fruits and vegetables and high-quality protein. Eliminate processed and junk foods. Exercise regularly.”

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