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Asian business sentiment bounces back this quarter

SYDNEY — Confidence among Asian businesses rebounded sharply this quarter to hit an 18-month high with firms reporting a pickup in sales, though most are holding off on hiring as trade war uncertainty weighs, a Thomson Reuters/INSEAD survey found.

The Thomson Reuters/INSEAD Asian Business Sentiment Index tracking firms’ six-month outlook jumped 13 points to 71 for the fourth quarter. That lifted confidence from close to a decade low in the previous quarter to its highest since June last year.

The swing is also the strongest turnaround since the tail end of the eurozone debt crisis in 2011, when China was pouring stimulus into its economy as well.

A reading above 50 means optimistic respondents outnumbered pessimists.

This quarter revealed a noticeable shift from neutral to optimistic, and showed the strongest reading on sales growth in a year. Yet the majority of firms are not yet confident enough to plan hiring.

“Conditions, expectations and some of the uncertainty has improved over the last quarter,” said Antonio Fatas, economics professor at global business school INSEAD in Singapore, pointing to easing tensions between China and the United States.

“But I don’t see this uncertainty disappearing, I think some of these tensions are going to stay with us maybe for years or decades.”

Respondents rated their chief risk as the Sino-US trade war, which has been a regular feature in the survey for much of the past two years as the conflict has weighed on global growth.

A total of 102 companies responded to the survey, conducted in 11 Asia-Pacific countries where 45% of the world’s population lives and almost a third of global gross domestic product is generated.

Participants included firms in industries as varied as automaking, tourism and energy, such as Japan’s Suzuki Motor Corp., Thai hotelier Minor International PCL and Australia’s Oil Search Ltd.

READY TO REAP
The survey was conducted from Nov. 29 to Dec. 13, as Chinese and U.S. negotiators finalized a “phase-one” deal to reduce some tariff barriers.

The most recent International Monetary Fund global growth projections forecast the trade war will drag the world’s economy to its slowest pace of expansion since the 2008-2009 financial crisis.

“Although the external environment remains challenging, Minor is confident that we will be able to withstand such challenges,” said Chaiyapat Paitoon, deputy corporate chief financial officer at Minor International.

The firm has sought to diversify, increasing its stake to control nearly all of Spain’s NH Hotels Group last year, and has grown its food segment with the November purchase of a Korean fried chicken franchise in Thailand.

“We are putting in extra effort to remain at the forefront of consumers’ minds, so we are ready to reap the benefit when the environment becomes more conducive,” Paitoon said.

Elsewhere, there are already green shoots. After months of weakness, growth in China’s industrial and retail sectors beat expectations in November, as government support propped up demand.

The chipmakers benchmark, the Philadelphia SE Semiconductor Index — seen as a bellwether of the global economy since demand for chips is a reliable proxy for growth and consumption — hit an all-time high this week.

However the headline numbers remain subdued as protectionism bites, with China’s economic growth, for example, at its slowest in about a generation.

“At least as far as next year is concerned, I think the caution is still pretty much warranted,” said Howie Lee, economist at OCBC Bank in Singapore.

“We are not out of the woods yet … but deeper into the decade I think the dynamics will change a little bit, assuming that this first wave of the trade war has fully blown over.” — Reuters

Apple buys UK startup to improve iPhone picture taking

APPLE INC. acquired a UK-based startup with technology that improves photos taken on smartphones.

According to filings made public in the UK on Thursday, Apple corporate lawyer Peter Denwood was recently named a director of Cambridge, UK-based Spectral Edge Ltd., while the startup’s other advisers and board members were terminated.

The documents show that Apple now controls Spectral. Similar filings in the past have revealed other startup acquisitions by the Cupertino, California-based tech giant, such as the purchase of digital marketing startup DataTiger earlier this year.

A purchase price for Spectral Edge could not be ascertained. The startup said last year that it raised more than $5 million in funding.

Apple didn’t respond to requests for comment. The US company has opened offices in Cambridge in recent years to work on artificial intelligence for products like the Siri digital assistant.

Spectral Edge uses a type of AI called machine learning to make smartphone pictures crisper, with more accurate colors. Its technology takes an infrared shot and blends it with a standard photo to improve the image.

Photography has become a key differentiator in the smartphone market. Apple has rapidly added new camera features to the iPhone, including a triple-lens system in the iPhone 11 Pro earlier this year. It’s also planning to add a 3-D camera to iPhones next year for improved depth sensing and augmented reality.

Spectral Edge’s technology could contribute to the AI Apple already uses in its Camera app by continuing to improve the quality of photos in low-light environments. The startup has said its technology can be applied via software or chips. Apple’s latest devices include custom processors that assist with picture taking.

Apple’s purchase of the firm is one of several deals it has made this year, including buying Drive.ai’s self-driving car team and acquiring Intel Corp.’s smartphone modem business. — Bloomberg

Holiday feasts in the Metro

WHEREVER YOU go, you’ll have a taste of Christmas cheer with these selections from some of the city’s best-known restaurants.

MANILA AND BAY AREA
Crystal Dragon

Diners are in for an excellent gourmet Cantonese dining experience with Crystal Dragon’s Festive Seasons set menu available for lunch and dinner this December. The bespoke menu (P2,580++ per person) includes a Combination Happiness Platter consisting of Wok-fried Diced Turkey in Golden Cup and Brown Bean Sauce and Baked Marinated Eel and Crispy Bean Curd with Chilled Rose Oolong Tea Jelly with Winter melon completing the celebratory menu.

Nobu Manila
This yuletide season, Nobu curated eight-course Omakase meal (P5,600++) showcasing Chef Nobu Matsuhisa’s Japanese-Peruvian fusion artistry. The menu includes an assortment of nigiri and a serving of Whitefish with Extra Virgin Olive Oil, Ponzu and Crispy Red Onion, and dessert composed of Kuromitsu Syrup, Kiwi, Strawberries, and Green Tea Ice Cream.

Red Ginger
For cravings of Southeast Asian flavors, Red Ginger highlights five dishes for its Festive Season Menu: Crab and Prawn Rolls, a medley of soft-shelled crab, poached prawns, pork jowl and mango rice paper roll; Beef Luc Lac, a sumptuous dish of wok-flamed beef tenderloin with brandy, watercress and heirloom tomatoes; Clay Pot Pork Knuckle, a serving of slow-braised pork knuckle with fermented bean curd, assorted mushroom and baby Chinese cabbage; Ikan Goreng Berempah or crispy-fried pomfret fish with spicy creamy tomato sauce; and Ayam Kodok or Indonesian-style slow-roasted chicken with seven spices and traditional stuffing served with assorted steamed vegetables. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Sheraton Manila
The Buffet of S Kitchen in Sheraton Manila will be decked with signature holiday staples from glazed ham, leg of lamb, roasted turkey, steak, and all other appetizing trimmings. Mark your calendars for these special festive buffets for P2,900–both for lunch and dinner- during Noche Buena and Christmas Day. Call 7902-1800 for buffet reservations.

Diamond Hotel Philippines
Take your holiday reunions to a whole new level with culinary surprises at the lunch and dinner buffet at Corniche restaurant. For an Asian twist on your yuletide get-together, let Japanese chefs set up a lavish menu at Yurakuen, crafted to satisfy groups of up to six persons. Christmas celebrations take a sky-high turn at Bar 27, where snazzy signature cocktails are accompanied by a live band, tapas and pica-pica. Purchase dining vouchers for all these festive holiday offers at onlineshopping.diamondhotel.com for up to 30% off on online exclusive discounts. For reservations, call Diamond Hotel at 8528-3000 ext. 1121.

Marriott Manila
On Christmas Day, savor a flavorful feast with a Christmas Eve Dinner (6 p.m. to 10:30 p.m.) for P3,300, Noche Buena Buffet (11:30 p.m. to 1 a.m.) for P1,900, Christmas Day Lunch (12 a.m. to 3 p.m.) for P3,300, and Christmas Day Dinner (6 p.m. to 10:30 p.m.) for P3,300. Apart from festive gatherings, join the evening mass on December 24 (9 p.m.) and 31 (7 p.m.) at the Manila Ballroom of Marriott Hotel Manila. Drop by at Marriott Café during Karneval Sundays and on Christmas Day for an exclusive photo opportunity with Santa Claus from December 8, 15, 22, and 25 (12 p.m., 1:45 p.m., and 2:30 p.m.). For reservations, call 8988-9999 or visit www.manilamarriott.com.

New World Manila Bay Hotel
Relish classic holiday dishes which include the famous Christmas ham, the perfect roast turkey, Christmas Yule log cake and other holiday treats at the Market Cafe. The Yuletide Buffet is available on both the 24th and 25th lunch and dinner at P3,500 per person. At Li Li, indulge with an All-You-Can-Eat Dim Sum feast featuring classic favorites and carefully handcrafted specialties. Enjoy the Christmas Yum Cha on the 25th for lunch at P2,288 per person and delight in the Festive Special Menu that comes in two special sets at P2,888 and P3,488 on 24 and 25 December 2019 lunch and dinner, for a minimum of two persons.

MAKATI
Discovery Primea
Tapenade highlights a decadent buffet selection of Mediterranean dishes coupled with local favorites at P2,500++ per person. On Dec. 24, enjoy a classic Italian-themed Christmas Eve dinner feast featuring a hearty spread of antipasti, the hotel’s signature brick oven-baked pizzas, pastas and risottos, Osso Bucco and USDA Prime Rib Roast. The Christmas Day lunch and dinner buffet spreads offer fresh salads, appetizers, baked rice specialties, and French flavors from Lamb Bourguignon, Salmon Coulibac, and Chicken Chasseur. The dinner buffet spread on New Year’s Eve features a medley of Spanish fare including Tapas and Cocas ended by Churros con Chocolate. The Christmas Eve dinner at Flame features a four-course menu of finely cooked dishes such as the Pacific White Snapper Carpaccio, Pan-Seared Foie Gras, Grilled US Beef Short Ribs, and Auro Chocolate Kulfi offered at P3,500++ per person. For inquiries and reservations, call 7955-8888 or e-mail primea.restaurants@discovery.com.ph.

Peninsula Manila
The holiday dining options and schedules of the Peninsula Manila for the holidays include meals at The Upper Lobby, Spices, Old Manila, and Escolta. On the 24th, the Upper Lobby’s Merienda Buffet will be open from 2:30 p.m. to 5:30 p.m. and is priced at P2,900 (including a glass of Champagne), P2,300 (adults), and P1,150 (children under 12). For dinner on the 24th, the buffet will be priced at P4,500 (adults) and P2,250 (children under 12), and will be available from 6:30 p.m. to 10 p.m. Spices, offers à la carte Lunch & Dinner at 11:30 a.m. to 2:30 p.m., and 6 p.m. to 11 p.m., priced at P2,300 for adults, and P1,100 for children. At Old Manila, there’s the five-course set dinner menu, priced at P6,000, but P7,500 will get free-flowing champagne spirits. The Christmas Roast at Escolta is available for lunch, at P4,500 with free-flowing sparkling wine, and P3,200 and P1,600 for adults and children. A lobster and seafood dinner priced at P5,300 with free-flowing champagne andspirits and P3,800 and P1,900 for adults and children. The Lobby opens at breakfast on Christmas Day priced at P1,700 for adults and P950 for children. The five-course set dinner at Old Manila will be priced at P6,000 on Christmas Day with free-flowing drinks, but the rest of the promotions will have the same prices for Christmas day. Call 8887-2888 for reservations.

New World Makati Hotel
On Christmas Eve, guests can experience a five-course dinner at The Glasshouse priced at P3,888 nett per person.

The evening menu includes pan-seared duck foie gras with celeriac purée, roasted pear and marsala jus and ending with a white chocolate parfait with ginger crumbs and black currant ice cream. On Christmas Eve and Christmas Day at Cafe 1228, guests dine on oven-roasted turkey stuffed with chestnuts and prunes, roasted marinated rib eye,and native lechon. Prices are at P2,300 for Christmas Eve lunch, P2,988 for Christmas Eve dinner and Christmas Day lunch and dinner. Chinese cuisine take center stage at Jasmine restaurant, as it offers three lunch and dinner set menus for Christmas Eve and Christmas Day. The Happiness set menu (P1,960) includes hot prawn chicken salad, lobster corn soup, and wok-fried beef tenderloin in XO sauce. The roasted suckling pig salad introduces the Prosperity set menu (P2,070), followed by crab roe with fish maw in bamboo pith soup and stir-fried fish fillet with bean curd and vegetables soya sauce. For the Auspicious set menu (P2,180), the Peking duck salad precedes the dried scallop with fish maw in sea cucumber soup and braised local abalone with duck feet and vegetables. For inquiries, reservations, and orders, call 8811-6888 or e-mail reservations.manila@newworldhotels.com, catering.manila@newworldhotels.com, or FandBreservations.manila@newworldhotels.com.

QUEZON CITY AND PASIG
Richmonde Hotel Ortigas
The Christmas Eve Dinner Buffet features a splendid selection of Noche Buena favorites of Filipino-Spanish dishes like queso con pimiento, Lucban jardinera, arroz Valenciana, Lechon roll, and churros con tsokolate. The Christmas Eve Dinner Buffet,served from 6 p.m. to 10 p.m., is priced at P1480 nett per person. For inquiries and reservations, call 8638-7777.

Eastwood Richmonde Hotel

Eastwood Richmonde Hotel offers a holiday party package for P46,100 nett for 30 people including sound system and buffet lunch and dinner. A carving station can be added for P220 per person. For banquet inquiries and bookings, contact Eastwood Richmonde Hotel at 8570-777 or e-mail erhbanquets@richmondehotel.com.ph.

Marco Polo Ortigas Manila
Guests having Christmas Even dinner at Cucina may enjoy a special per-guest rate of P3,850, while those feasting on Noche Buena may do so at P1,850. Cucina offers Christmas classics at P2,988 per guest (lunch or dinner) on Christmas day. Authentic Cantonese cuisine are centerstage at Lung Hin. The restaurant’s team led by Chinese Executive Chef Ken Leung, present curated set menus for Christmas (available from 24 to 26 December 2019). These selections are available for tables of 10 guests. Reservations may be made in advance for guests who wish to dine in any of Lung Hin’s private dining rooms. For reservations, call 7720-7720 or through restaurant.mnl@marcopolohotels.com.

Luxent
Those who want a great place to celebrate Christmas without the hassle of cooking will find the Holiday Dinner Buffet offer at the Garden Café the perfect pass to a foodie celebration. For P1,888 per person, guests can dine all they want with mouth-watering Christmas specials like Lechon, pine ham, and the finest house wines and local beers available. It’s a season for indulgence for guests who want to have their fill of various cuisines. For reservations or inquiries, please call (02) 8863-7777.

OUTSIDE THE CITY
Discovery Country Suites
This year’s Christmas Feast Sets (P3,650+) at Restaurant Verbena highlight entrées of signature USDA Shortplate with Roasted Brussels Sprouts and Truffle Potato Gratin and Roasted Turkey Roulade with Sausage and Herb Stuffing, Giblets Gravy and Cranberry Sauce, among others. A three-course holiday set menu (P1,285+) is also available featuring Roasted Chestnut and Carrot Ginger bisque served with Turkey Croquettes and garnished with Smoked Paprika and Edible flowers and Braised Short Ribs with Truffle Sweet Potato puree, Roasted Brussels Sprouts. For dessert, Pumpkin pie with bacon and parmesan ice cream will be served. Restaurant Verbena is located at Discovery Country Suites along 300 Calamba Road, San Jose, Tagaytay City, 4120 Philippines. For inquiries and reservations, call 529-8172, or e-mail reservations@dcs.discovery.com.ph.

EastWest Bank to exercise call option on P5-B notes

EAST WEST Banking Corp. will redeem P5 billion worth of notes. — BW FILE PHOTO

EAST WEST Banking Corp. (EastWest Bank) has secured central bank’s approval of its request to exercise its call option on unsecured subordinated notes worth P5 billion, effective next year.

In a disclosure on Wednesday, EastWest Bank said it got the Bangko Sentral ng Pilipinas’ (BSP) nod on Dec. 13, allowing the bank to exercise its call option and redeem its P5-billion unsecured subordinated notes, which were originally due in 2025.

The bank said it will pay the call price equal to the 100% of the principal amount together with the accrued interest to all noteholders.

The call option date is scheduled on Jan. 4 while the actual redemption date is on Jan. 6.

The last day of trading and settlement of the notes will be on Jan. 2.

“Any payment of principal or interest under the notes shall be made in the proper amounts, net of taxes and fees, if any, through the mode elected by the noteholder,” the bank said.

EastWest’s shares inched up 0.47% or six centavos to close at P12.96 apiece on Wednesday.

SSS taps PayMaya for digital payments

By Denise A. Valdez, Reporter

PAYMAYA Philippines, Inc. is partnering with the Social Security System (SSS) to offer its digital payment solutions to SSS members.

The mobile wallet arm of PLDT, Inc. signed an agreement with the state-run pension fund on Wednesday to embed a payment option directly through the SSS mobile application.

With the partnership, SSS members may deposit their monthly contributions from the fund’s mobile application using their PayMaya accounts or any credit or debit card.

A P10 fee will be charged if a member chooses to pay through the PayMaya mobile wallet, while a convenience fee worth 1.67% of the total amount will be charged if payment is through a credit or debit card.

Aside from developing the SSS app, PayMaya will also be deploying digital payment terminals in around 200 SSS branches starting January. This is expected to augment the transaction process in SSS stores.

“I can say that this is one of the most comprehensive, progressive and impactful digital transformation programs in government where we have been involved. On the part of PayMaya, we are excited to see SSS join and lead the digital club among government agencies,” PayMaya Founder and Chief Executive Officer Orlando B. Vea said in the signing program yesterday.

“This will bring us at PayMaya closer to our ambitious goal of enabling P1 trillion worth of digital transactions in the Philippines by 2023,” he added.

For the SSS, the partnership is expected to help increase the adoption rate of its mobile application, which recorded 2.91 million downloads since it was launched last year until November.

“The public has been very much aware that we have been exerting all efforts to make SSS transactions hassle-free through our gradual shift to the digital platforms. This is one of our options to eliminate long queues in automated teller services in branches and other accredited partner agencies,” SSS President and Chief Executive Officer Aurora C. Ignacio said.

SSS said its collections have been growing between 10-20% year-on-year, where as of end-November, it has collected P241 billion from 17-18 million paying members.

“This is only the beginning of our continuous effort to provide quality and convenient services to our members. Hopefully, we can soon use PayMaya for loan repayments and payments from employers not only in the SSS mobile app but also even on the SSS website,” Ms. Ignacio added.

Before partnering with PayMaya, the SSS mobile app was used to generate a payment reference number (PRN) which members need to input third party mobile wallets to make an online transaction. Its partner-banks for this were BancNet Online, GCash, Sky Freight Forwarders, Unionbank Mobile and Ventaja International Corp.

PayMaya is under PLDT’s digital arm Voyager Innovations, Inc., which is backed by China’s Tencent Holdings Ltd.; US-based Kohlberg Kravis Roberts & Co. (KKR); International Finance Corp. (IFC) and IFC Emerging Asia Fund.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Japan to tighten screws on tech giants to ensure transparency

TOKYO — Japan will tighten regulations to prevent technology giants including Facebook Inc. and Google from abusing their market power and having unfair advantage over small businesses, officials said on Tuesday.

The new law would oblige tech giants, including Google LLC, Apple Inc., Facebook Inc. and Amazon.com Inc. to disclose the terms of contracts with customers and to report to the government about their operations, they said.

Japan’s move followed the global trend — from the United States to Europe and Australia — of tightening the regulatory screws on the online platforms, which have policy makers scrambling to address concerns ranging from anti-trust issues to the spread of “fake news” and hate speech.

Google and Facebook have opposed tighter regulation, while traditional media owners, including Rupert Murdoch’s News Corp., have backed reform.

“We want to put the new law into effect in the way that would make business transactions become transparent without imposing excessive burdens or hampering innovation,” Economy Minister Yasutoshi Nishimura told reporters.

“The new law constitutes a framework for ‘platformers’ to make autonomous efforts to maintain transparency and fairness.”

For protection of personal data, the government will revise the personal information protection law to allow individuals to request digital firms to suspend the use of their data. The law currently regulates the handling of data collected by illicit means.

With regard to the anti-monopoly law, the Fair Trade Commission will revise guidelines to respond to the digital market by evaluating the value of data when inspecting a tie-up of corporations.

The trade watchdog will clarify that unfair acquisition and use of consumers’ personal information by platform companies could correspond to abusing their position. — Reuters

Treats and sweets for a perfect holiday celebration

OUR OTHER list said that you’ll find Christmas cheer wherever you go, but I doubt you’ll find a better place than home itself. Bring all the good of the outside world in, through gifts, holiday hampers, and catered meals.

1771

1771 Events & Catering’s Holiday Party Platters bring together the best of the 1771 Group of Restaurants. Chateau 1771 offers the savory Baked Sea Bream with Creamy Mushroom and Spinach Sauce. Lead-time for ordering is at least 2 days. From Sentro 1771, a heartier option is the Beef Osso Buco Caldereta with braised bone-in beef shank with spices. Lead-time for ordering this dish is at least 3 days. A healthier option is the Vegetable Kare-Kare. Guests are sure to love this homegrown dish that is made from scratch. Flatiron 1771 features Seafood Jambalaya, paella-like rice dish of Creole origins. Italian inspired, the Chicken Fusilli uses chicken breast strips cooked in white wine and fusilli pasta. The Baked Penne Chorizo uses penne pasta layered with chorizo, cheese, béchamel, and Neapolitan sauce. All of these dishes only require a one-day pre-order lead time. The Holiday Party Platters are only available until December 31, 2019. To order, contact 1771 Events & Catering at 8631-7339 or 0917-826-2944. For more information, visit the website: http://www.1771eventsandcatering.com

Plaza Premium Baked Hams

Plaza Premium Baked Hams offer a variety of meat products for the holidays: The Plaza Premium Baked Ham, The Plaza Premium Boiled Corned Beef, The Plaza Boiled Angus Corned Beef (with assorted vegetables and served with signature Horseradish cream), The Plaza Premium Roast Corned Beef, and The Plaza Roast Angus Corned Beef (served as a whole slab and carved on the spot with Horseradish cream). You may call 0917-0587-HAMS (4267), 8890-8446 or e-mail info@theplazapremiumbakedham.com.

Healthy Options
The Christmas Feast Hamper (P7,495) is in a locally crafted wicker basket,the Christmas Feast Hamper is a great way to impart the joyful spirit of the holidays. Other gifting options include The Gluten-Free Gift Box (P3,995); The Organic Gift Box (P3,295); The Heart Smart Gift Box (P,2995); and The Merrymaker’s Gift Box (also P2995). Healthy Options Gift Cards are available in denominations of P500 and P1000 and redeemable in stores nationwide. For more information visit www.healthyoptions.com.ph/christmas/.

Sheraton Manila
Sheraton Manila whipped up delightful treats to make your gift-giving easier. There are flavored Pastillas in ube and mango (P200), Box of Pralines (P900 for a box of 12), and Santa Cookies (P300 for 6). For a teaser of their soon-to-open Korean restaurant, the Oori Deluxe Hamper (P5,200) includes gourmet elements to prepare at home like Australian Mulwarra Wagyu (300g), Duroc Pork Belly (300g), bottles of homemade sauces like baechu kimchi, gochujang, ssamjang and yangpajjangachi. Sheraton Manila collaborated with their partner beneficiary Save the Children Philippines for a Christmas Gift Tag. Proceeds of the tags (P25 per piece and P200 for 10 pcs.) will be donated to the foundation’s Sustainable Area-Focused Empowering (SAFE) programs. To purchase the treats and gift tags visit the gingerbread nipa hut by the S Kitchen and call +632 2 7902-1800 for buffet reservations.

Diamond Hotel
Diamond Hotel’s Honey Glazed Leg of Ham is said to be a holiday crowd-pleaser that glistens with caramelized honey. For a Filipino favorite, Chicken Relleno is hearty and rich with ingredients that are well-known and much-loved. For a more indulgent dish try the juicy Porchetta or a traditional Turkey with Cranberry Sauce and Giblet Gravy. Diamond Hotel’s Homemade Panettone is made fresh on-site, making this lighter-than-air, fruity loaf a gem that is few and far between. The Oriental Party Set Takeaway Menu comes with a Cold Cuts Platter, Stir Fried Noodles, Shanghai Spring Rolls, and other Chinese favorites fit for up to 8 persons. The Divine Set Menu is a spread suitable for up to 20 persons which includes Lechon de Leche and Ham Mousse Profiteroles. To place an order for Christmas Goodies, Party Platters or Gift Certificates, call Diamond Hotel at 8528-3000 from 9 a.m. to 8 p.m., Mondays to Fridays; or e-mail restaurant_rsvn@diamondhotel.com.

Peninsula Manila
The Pen’s Santa Hamper (P6,000) includes the Signature Peninsula Pageboy Hat Hamper, Almendra Turrón Trapiche Vineyards Malbec, and Helios Blueberry Jam. The Sweet Indulgence Hamper (P10,500) includes the Signature Peninsula Pageboy Hat Hamper, Milk Chocolate Bar, and Trapiche Vineyards Chardonnay. The Peninsula Gourmet Hamper (P18,800) includes the Signature Peninsula Pageboy Hat Hamper, Homemade Assorted Macarons, Romio Prosecco DOC Extra Dry,and Homemade Fruit Cake. Complimentary delivery service is provided to Makati City, Mandaluyong, and Bonifacio Global Cities for purchases of over P15,000.

Richmonde Hotels
Satisfy cravings for a sweet and salty treat with Richmonde’s Ensaymada. Available at all the Richmonde Hotels, the Signature Ensaymada also comes in ube flavor. Another signature pastry, the Richmonde Chocolate Cake, with its moist, velvety smoothness and rich, fudgy flavor, is another favorite that you can buy at any Richmonde Hotel. It comes in 4”, 6” and 8” sizes. Richmonde Hotel Ortigas presents classic baked goodies to your celebrations with items such as Food for the Gods (P380/10) and Revel Bars (P330/10 ). These baked Christmas delights are available until Jan. 10, 2020. To order, call 8638-7777 or e-mail rhofbsec@richmondehotel.com.ph. You may also place your order by calling (632) 8570-7777, or sending an e-mail to ecafebar@richmondehotel.com.ph.

New World Manila Bay
Make the season of giving extra dazzling with holiday goodies and sweets perfect as a gift. From chocolates, cookies and assorted delights make someone’s holiday merry and bright. For bulk orders, you may place your orders at least five days in advance. For reservations and inquiries, call 8252-6888 or e-mail dining.manilabay@newworldhotels.com.

New World Makati Hotel
New World Makati Hotel’s holiday hampers come in deluxe and grand sizes for P4,288 and P6,888 nett. Guests can also customize their hampers with items such as pralines, mendiant, cookies, chocolates macadamia nuts, bourbon cake, Old English fruit cake, stollen bread, and more. For inquiries, reservations, and orders, call 8811-6888 or e-mail reservations.manila@newworldhotels.com, catering.manila@newworldhotels.com, or FandBreservations.manila@newworldhotels.com.

Marriott Manila
Cake in can makes the perfect go-to gift this holiday season. This can comes in various flavors such as Carrot Cake in Can (P550) and Chocolate Fudge Cake in Can (P550). At the Marriott Café Bakery, gingerbread comes in a 715g Gingerbread Chalet (P780), hand-decorated with snow-covered roof peak, arched door, and candy icing decorations and a 70g Gingerbread Carabao (P90). Pastries are available until Dec. 26. The hotel’s whole roasted Turkey (P6,680 nett) and Smoked Bone-In Ham (P5,700 nett) package that comes with sides dishes are perfect for 10 to 12 persons. Orders should be placed for a minimum of 48 hours. Packages are available until January 1. Marriot Manila also offers holiday hampers: Grand Hamper (P4,888++) with a choice of Canyon Road Merlot, Chardonnay or Zonin Proseco, Ground Coffee (120g) or Organic Green Tea, Ceramic Mug, and Metal Insulated Tumbler. There’s also the Deluxe Hamper (P3,688++) with a choice of Canyon Road Merlot or Chardonnay, Ground Coffee (120g) or Organic Green Tea, and Banana Bread in Can.

Discovery Primea
Discovery Primea’s holiday takeaways feature a selection of roast dishes, platters, and desserts, available the entire month of December. Holiday favorites include Slow- Roasted US Beef Short Plate, Mediterranean Leg of Lamb, Callos a la Madrileña, and other roast dishes and platters. For inquiries and reservations, call 7955-8888 or e-mail primea.restaurants@discovery.com.ph.

Discovery Suites — 22 Prime
22 Prime’s take-out holiday party packages are good for 10 persons and feature a wide variety of 22 Prime’s Signature Holiday dishes such as Kung Pao Spaghetti, Grilled Ham and Queso de bola sandwich, and Slow Roasted Beef with Garlic Sauce. Prices start at P6,800 nett. For inquiries and reservations call +63 2 7719 6822, e-mail reservations@ds.discovery.com.ph.

Andrew Café
The Heavenly Holiday Buttered Bundt from Andrew Café is a butter pastry with a red velvet layer. Andrew Café is open Mondays to Fridays from 7 a.m. to 6 p.m. and on Saturdays from 7 a.m. to 5 p.m. Contact Andrew Café at +632-230-5100 local 1888 for pre-orders two days in advance.

City of Dreams-Chocol8 and Café Society
Café Society is offering Christmas favorites such as puto bumbong bread, Christmas cookies, fruit cakes, Panettone favorites, and other Christmas homemade items. Traditional Christmas hampers and create-your-own holiday hampers are also offered. At The Garage’s Chocol8, temptingly delightful handcrafted chocolate Santa Claus confections and other playfully-themed chocolate treats are available. Café Society’s and Chocol8’s delectable sweets are offered until December 31.

BSP looking to cut rates by at least 50 basis points

BSP
THE BANGKO Sentral ng Pilipinas is looking to cut rates further. — BW FILE PHOTO

THE CENTRAL BANK will cut benchmark rates by at least 50 basis points (bps) in 2020 as it continues to dial back the 175 bps worth of hikes done in 2018 fueled by a high inflation environment, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

Mr. Diokno added that the BSP is not in a hurry to cut banks’ reserve requirement ratio (RRR) as he still has time in his term to fulfill his promise to bring the level down to a single digit.

“On the interest rates, at least 50 basis points. That’s the forward guidance,” he told reporters at a media gathering on Tuesday evening.

So far, the BSP has slashed key policy rates by a total of 75 bps this year, bringing key policy rates to 3.5% for the overnight deposit facility, four percent for overnight reverse repurchase and 4.5% for overnight lending.

“Now whether that will come first quarter, second quarter, tignan natin (let’s see). That’s better than being deliberately vague,” he said, pertaining to the timing of the next set of rate cuts.

Mr. Diokno said their forward guidance is meant to help investors and businessmen.

“We’re transparent. We want the investors and businessmen to be able to pick it so we provide forward guidance,” Mr. Diokno said, noting that previous central bankers as well as central banks abroad have a tendency to be “deliberately vague” with their statements.

Meanwhile, Mr. Diokno said they are in no hurry to cut banks’ RRR to the single digit level, noting that his term will only end by mid-2023.

“So nasan na tayo ngayon? Nasa 14. (Where are we now in terms of RRR? At 14% [for big banks]. That’s 500 basis points over 14 quarters [still needed to be slashed to reach a single digit.] So I’m not in a hurry to cut reserve requirements,” he said.

Mr. Diokno added that the central bank wants to examine how lenders are utilizing the liquidity boost they have from reduced RRR which is now at 14% for big banks, five percent for thrift banks, and three percent for rural banks.

He said they are looking into whether the banks are lending the additional liquidity or are only returning it to the BSP’s facility, which he said will cost the central bank.

“Kasi kung ibabalik lang nila sa amin, that’s very costly kasi binabayaran namin sila. (Because if they only return the money to us, that’s very costly because we pay them). But we want them to lend to small-scale industries,” he said.

Latest data from the BSP showed money supply grew 8.5% year on year to P12.1 trillion in October, a faster clip compared to the 7.7% growth logged in September.

Meanwhile, outstanding loans of universal and commercial banks inched up by 9.3% in October, slower compared to the 10.5% growth in September. — LWTN

As Brazilian payment apps multiply, some warn of a shakeout

SAO PAULO — Banking apps backed by SoftBank Group Corp., China’s Tencent Holdings Ltd. and others are proliferating in Brazil, offering such a dizzying array of choices that skeptics say a shakeout looks increasingly inevitable.

Customers can shop, open no-fee checking accounts and take out loans using digital wallets from retailers like Lojas Americanas, e-commerce platform Mercadolibre Inc. and even small football team Avai.

Brazil already has 50 million digital wallet accounts offered by more than 100 companies, according to some estimates.

These apps challenge the dominance of an initial wave of online banks like SoftBank-backed Banco Inter SA and Tencent-backed Nubank as they seek to grab a piece of Brazil’s 9.4 trillion real ($2.24 trillion) of banking assets.

The wave of startups are partly the fruit of central bank regulatory changes aimed at boosting competition in a banking sector in which five leaders hold 82% of total assets. The jolt of fresh competition may also help bring financial services to the nearly one-third of Brazilians with no bank accounts.

The changes threaten the hefty profits of brick and mortar banks like Itau Unibanco Holding SA and Spain’s Santander. But the plethora of new entrants could also make profits elusive for the more specialized fintechs, potentially forcing some to merge and others to give up.

On Friday yet another Brazilian retailer, Magazine Luiza, said it planned to launch an app-based wallet in January, partnering with state-run lender Banco do Brasil SA for cash withdrawals. This followed an announcement by cellular operator TIM Participacoes SA that it plans to launch a similar range of services in the first half.

“Few have a convincing reply to the question of how they’re going to make the business profitable,” said Raul Moreira, director of technology at Banco Original, one of the more established online banks, referring to the newer payment apps.

Nonbank businesses tend to offer more complex products like loans in partnership with traditional lenders.

The surge in payment accounts from nonbanks challenge online banks to learn risk management from scratch, said Luis Ruivo, head of financial services at PwC’s Brazil unit.

While retailers’ financial arms can juice up revenues, their priority is client loyalty and they are under less pressure to turn a profit than digital lenders like Nubank, Banco Original and Banco Inter, he said.

“The online banks were created to challenge the big banks but they are already being challenged by various other players,” Ruivo said.

Banco Inter is an exception among digital lenders, as it has been profitable and has a full-banking license with checking accounts, subject to capital requirement rules.

“Many newcomers are growing rapidly because consumers do not get the difference between digital wallets and checking accounts,” said Banco Inter Chief Executive Joao Vitor Menin. “Soon we’re going to see a lot of people doing silly things.”

Even small soccer team Avai, which was kicked off Brazil’s first division last month after a weak season, recently launched its own banking unit to offer financial services to its estimated 500,000 fans. — Reuters

PHAP says it can lower medicine prices if gov’t buys in bulk

PHARMACEUTICAL companies are proposing to cut prices of 150 medicines for 36 disease categories by up to 75%, if the government buys the medicine in bulk and sells them through state hospitals.

“It is actually at these levels of prices which we have been selling to the government in bulk in the past years. Several of our members are prepared to extend these same price reductions to the public, if the Department of Health (DoH) will agree,” Pharmaceutical and Healthcare Association of the Philippines (PHAP) Executive Director Teodoro Padilla said in a statement on Wednesday.

Mr. Padilla said the government hospitals offer the cheapest medicines since they make bulk purchases directly from pharmaceutical firms. He noted an anti-cholesterol tablet can be sold for only P0.35 each at a government hospital.

Citing data from the DoH-Drug Price Reference Index, PHAP said the agency acquired medicine for breast cancer that was 74% lower than the market price.

PHAP said the price reduction will cover 150 medicines for heart disease, diabetes, kidney disease, asthma, psoriasis, neurologic disorders, HIV, infectious diseases, as well as various types of cancer.

The DoH has already submitted to Malacañang a list of proposed maximum retail drug prices for 120 medicines covering the Top 40 health concerns. If given the President’s go signal, an executive order will be issued.

PHAP reiterated that price controls over drugs are not beneficial.

“In addition, price control, based on experience worldwide, cannot be sustained mainly because the people have no money to buy to begin with. It also leads to market inefficiencies that will hurt the public in the end,” Mr. Padilla said.

“The proposal to impose price control needs further study and consultation with the stakeholders. We are willing to help the Department and at the same clarify any misimpressions about medicine pricing in the country,” he added. — G.M.Cortez

Holiday shopping at ‘Divisoria of the North’

CHRISTMAS is less than a week away and that means it’s the home stretch for those wanting to get their Christmas gifts locked and loaded and ready for distribution.

For many, no holiday shopping is complete without a trip to Divisoria, with its thousands of stalls offering a huge array of affordable merchandise from apparel to knick-knacks, but for those who live far away in the north and might not have the courage to brave the holiday traffic, Robinsons Novaliches offers a smaller, curated version of merchants to help solve one’s holiday shopping needs.

The mall, located along Quirino Highway in Novaliches, Quezon City, started its annual Christmas bazaar in 2007 as a small pop-up event but has now grown into a destination in and of itself with 248 stalls spread across the mall’s open parking lots.

From clothes to shoes to odds and ends, the bazaar (which runs until January 5) has a considerable selection of budget steals, which is how the mall is marketed — a community mall for residents of Quezon City, Caloocan City, and even as far as San Jose del Monte, Bulacan.

“This mall [caters] to the micro-retailers and bazaars. The Christmas Bazaar supports the brand. It’s really for the budget-conscious Filipinos,” Vicente Mallapre III, Robinsons Malls group marketing manager, told reporters during a visit in November.

Mr. Mallapre said that they intentionally created “Divisoria of the North” because they understood how hard it is for some people to get to Divisoria in Manila with the holiday rush and general Metro Manila traffic.

Many of their customers, he said, come to the bazaar every year almost like a tradition because the location is so convenient that they can shop after work. The bazaar operates from 11 a.m. and closes at midnight.

(Pro-tip: Mr. Mallapre said that it can get very crowded at night, especially after work hours, so the best time to go to the bazaar is when it opens before noon.)

During the tour of the bazaar, this reporter noticed that most of the merchandise sold in the bazaar are budget-friendly: a pair of loose pants are for P100, earrings for P50, wallets for P50, etc. In fact, one can get an entire Christmas look for less than P1,000 or maybe even less if you manage to haggle the prices down.

While most stalls offer clothes, look hard enough and one will be able to see a few stalls selling children’s toys and cellphone accessories.

The bazaar also has a small food court area for those who want to take a break from all the shopping. It can be a veritable maze and this writer definitely got lost a few times.

Note though, that a visit might net so much stuff that one should bring a durable eco-bag for the trip to save the hassle of bringing so many plastic bags home. — Zsarlene B. Chua

Singapore digital bank hopefuls must prove they can profit

GRAB HOLDINGS, Inc. and gaming company Razer, Inc. will need to demonstrate how their millions of users can help them generate profits if the two technology firms are to win one of Singapore’s coveted virtual banking licenses.

That’s because the Monetary Authority of Singapore (MAS) is putting more emphasis on profitability and strong capital requirements than some other regulators inviting fintech firms into banking. Both Grab and Razer have expressed interest in submitting separate bids for one of the five digital banking licenses on offer, part of a government strategy announced earlier this year to strengthen competition in financial services.

“The Singapore requirements on digital banks will mean that profitability will have to be a key consideration” for potential applicants, said Zennon Kapron, managing director of Singapore-based consulting firm Kapronasia. In order to succeed “they will need to achieve scale very quickly,” he added.

That’s a particular challenge for Grab and Razer, two of the highest profile technology firms interested in the licenses. Razer and Grab’s Singapore ride-hailing unit have consistently reported losses in recent years.

In its guidelines, the MAS said financial projections that show a consistent or increasing trend in net losses won’t meet its requirement of demonstrating “a path to profitability.” It said it may consider favorably any applicant whose financial projections show an earlier break-even year.

The UK requires new banks to present a plan setting out their business viability and how they will make money. But digital banks in the UK have been more focused on acquiring customers than generating profits, Kapron said. London-based Monzo Bank, for example, reported a net loss of 47.1 million pounds ($62.6 million) for the 12 months to end February, four years after it was founded, compared with losses of 30.5 million pounds previously.

Singapore will be looking at the profitability of the core businesses as well as of the new banking operations, said Varun Mittal, an associate partner with the consultancy firm EY in Singapore.

Though Grab doesn’t release financial statements for its Cayman Islands-based holding company, accumulated losses of its Singapore ride-hailing unit GrabTaxi Pte reached S$228.9 million ($169 million) in 2018, according to the latest filings to Singapore’s Accounting and Corporate Regulatory Authority. Hong Kong-listed Razer reported accumulated losses of $225.3 million as of June 30.

The MAS is also stricter than some other regulators in its capital requirements, which could pose another challenge for the business models of tech firms trying to get into digital banking. The MAS plans to award two full bank licenses and three wholesale licenses limited to serving corporate clients only — the first category requires capital of S$1.5 billion, the second S$100 million.

Hong Kong has set HK$300 million ($38.5 million) as the minimum for virtual banks. In the UK, it can be as low as 1 million pounds.

PROFITABILITY PATH
“The profitability path can be difficult, especially when that comes on top of the MAS’s very stringent regulatory capital requirements,” said Andrea Choong, a banking analyst at CIMB Securities Pte in Singapore. The new digital banks will also face margin pressures from the need to attract customers by offering more attractive deposit and lending rates than the incumbent banks, she added.

Though it’s unclear which type of licenses Grab and Razer are seeking, any applications could be helped by cementing partnerships with other larger firms with a track record of profits, Mittal said.

Grab has been discussing the formation of a consortium with Singapore Telecommunications Ltd. and insurance firm Great Eastern Holdings Ltd., Bloomberg reported last month. Another consortium under discussion involves local tycoon Ron Sim’s V3 Group Ltd., stored-value card maker EZ-Link Pte and property giant Far East Organization Pte, according to a separate Bloomberg report.

Grab’s other advantage is the share of payments transactions it has built up under its GrabPay brand from ride-sharing users and local merchants, according to Valerie Law, an analyst who publishes on the Smartkarma platform. GrabPay and other financial operations are likely to be folded into the digital bank if the company gets a license, she said.

“Our super app platform has put us on a path to sustainability,” Grab said in response to questions from Bloomberg, referring to the company’s strategy of providing a plethora of different services under one app. Grab can use its so-called super app to offer different services to each customer, the company added.

Grab doesn’t disclose the number of its users but said its app has been downloaded onto more than 166 million mobile devices. Razer Pay’s e-wallet had 1 million registered users in Malaysia as of June 30; it started testing in Singapore earlier this year, according to the company’s interim report.

A representative for Razer said the firm is still exploring a virtual bank license application, but declined to comment further.

SINGAPORE CONNECTION
Any partnerships with strong local firms like Singtel might also help Grab or Razer meet MAS criteria for full digital bank licenses. The MAS has said it will only consider applicants “who are anchored in Singapore, controlled by Singaporeans and headquartered in Singapore,” for the full permits.

Grab, which started out as a taxi booking app in Kuala Lumpur in 2012, has since moved its base to Singapore and taken steps to polish its local credentials. In March, it announced a new headquarters building in the city, and Chief Executive Officer Anthony Tan revealed plans to double local staff to 3,000. Born in Malaysia, co-founder Tan has taken up Singapore citizenship, according to an ACRA filing.

Razer, which has headquarters in San Francisco and Singapore, has been trumpeting its local identity ahead of the deadline for license applications. It has also announced a seven-story office in Singapore.

The company plans to double Singapore headcount to over 1,000 staff in coming years, CEO Tan Min-Liang said in a September Facebook post. “While I founded Razer in the US, I’m still a Singaporean citizen,” he said. — Bloomberg

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