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All White Wine Dinner

WHITE WINE consumption in the Philippines is still way behind red wine, and this ratio is “guestimated” at a lopsided 25:75 in favor of the reds. We are, however, not alone in this phenomenon as several of our Asian neighbors, including South Korea, Taiwan, Thailand, and China are also red-wine consumption dominant. Despite our tropical weather and high average temperature, Filipinos still like reds over the more refreshing whites. On the other hand, Australia (to name one country) is still 60% white wine consumption, against only 40% red.

STRONGER RED WINE REGION RECALL
The red wine dominance is not really surprising considering that some of the most popular wine regions are better known for their reds than whites, including Bordeaux, Piedmont, Tuscany, Rhone, Ribera del Duero, Rioja, Priorat, Napa, and Barossa.

White wines, on the other hand, performs extremely well only in certain countries like Germany, Austria, and New Zealand. In France, the top white wine regions are Alsace, Loire, and Burgundy — home of the best Chardonnays grown in the planet. Of the three, Alsace has the most varietal versatility, even if Riesling is the undisputed white varietal king in this region. Aside from Riesling, Alsace can also produce the best expressions of Gewurztraminer and Pinot Gris. Alsace also grows three other white wine varietals: Pinot Blanc, Sylvaner, and Muscat, aside from its only red varietal, Pinot Noir.

ALSACE GERMAN INFLUENCE
The Alsace region is located in the north-east of France, next to Germany and Switzerland, and to the south of Benelux. Alsace has a very unique history among wine regions as it was part of Germany a few times. In 1871, Alsace was added to the German empire following the Franco-Prussian War (July 1870 — January 1871). After over four decades and a half, the French took Alsace back in 1918 under the Treaty of Versailles, after Germany was defeated by the Allies in the First World War. Alsace was once more in the thick of things during the Second World War. Germany re-occupied and annexed the region again in the early stages of World War II on November 1940. People living in Alsace were forcibly made into German citizens by the then Nazi government to help them fight the Allies. The German’s occupation of Alsace ended when the Allies liberated Strasbourg (the capital of Alsace) on Nov. 23, 1944.

It is therefore no surprise that a German influence can be seen, from the language (Alsatian, which is a German dialect), to food, and to wines. This is why Riesling is the main varietal, similar to those from Germany, and not another varietal made popular in the other French wine regions. Alsace wines are also contained in long fluted Rhine bottles, another Germanic association. Alsace has 15,000 hectares of vines with almost 5,000 grape growers. It is protected by the Vosges mountains (the highest mountain, Le Ballon des Vosges, reaches 1,200 meters above sea level). Because of this protection, Alsace benefits from a dry and cold winter, and a dry and warm summer — a continental micro-climate that can make good wines consistently in almost every vintage, unlike those in Bordeaux, Burgundy, and other wine regions.

Eighty-two percent of Alsace wines are still wines, and 18% are sparkling under Crémant d’Alsace.

TRIMBACH ALL WHITE WINE DINNER
Trimbach is among the oldest wineries in Alsace with almost four centuries of existence (since 1626). Trimbach is also a 100% family-owned winery and is presently being managed by both the 12th and 13th generations. Trimbach owns around 25 hectares of their own vineyards with 20% from designated Alsace Grand Cru vineyards. More than 40% of Trimbach wines are Rieslings.

Trimbach Brand Ambassador and famous wine journalist Joel Payne was recently in Manila to preside over Trimbach’s All White Wine Dinner at the China Blue restaurant in Conrad Hotel Manila. This dinner was made exclusive to The Gold Club members — Golden Wines’ in-house wine club. This may be a first of its kind as customary wine dinners always feature both whites and reds, with most dinners gravitating towards majority reds.

The menu of China Blue, created by celebrity chef Jereme Leung from Singapore, has been a welcome treat to fans of modern Chinese cuisines since it opened three years ago, and the four-course menu designed for the Trimbach All White Wine Dinner was no exception.

Four Trimbach wines were featured: the Trimbach Pinot Blanc, Trimbach Gewurztraminer, Trimbach Riesling, and one of the most iconic Alsatian wines, the Cuvee Frederic Emile Riesling — named after one of the great-grandfathers of the Trimbach lineage, first released over 50 years ago with its 1967 vintage.

Trimbach’s other iconic Riesling wine is the Clos Ste. Hune, which is also celebrating its century mark with this vintage, as its first vintage was in 1919. The Philippines does not even have an allocation for the Trimbach Clos Ste. Hune, which many wine experts are calling perhaps the best Riesling wine.

THE MENU AND WINE PAIR
The first course was an appetizer set composed of China Blue Signature Mushroom Bun, Green Pear-Shaped Dumpling and Shanghai-Style Soya Braised Fish. This aesthetically crafted opening course was paired with both the Trimbach Gewurztraminer and Pinot Blanc. While the Gewurztraminer appeared and nosed quite sweet, Mr. Payne explained that the Gewurztraminer was actually very dry, with very low residual sugar, considered Brut already by Champagne classification. Both wines paired well with the first course, but I enjoyed the Gewurztraminer a little better than the Pinot Blanc because of the added “white pepper element” it brought to the different appetizers.

The soup course, which was Braised Shredded Fish Lip in Chicken Soup, came next, and understandably with no wine pair. Then came the main course, Roasted Duck with Orange Sauce, with Seafood Fried Rice in China Blue Signature XO Sauce. This was paired with the two Trimbach Rieslings, the classic Riesling, and the Cuvee Frederic Emile 2008 vintage. Once more, both Rieslings complemented the main course, but the Cuvee Frederic Emile was absolutely a marvel at the pairing, with the lime, minerals, and wonderful acid backbone rendering the roasted duck in orange sauce more tasty and flavorful. Mr. Payne also declared that the Cuvee Frederic Emile 2008 is one of the best vintages of this wine in the last two decades.

The dinner ended with a not-so-Chinese, but innovative Coconut Charcoal Ice Cream with Crispy Cheese Cracker.

The successful Trimbach All White Wine Dinner proved that Alsatian wines are great pairs to not only Chinese cuisines, but Asian dishes in general, Filipino food included. The key is the nice acidity that these Alsatian wines inherently contain, plus the unmatched aromatics and food-friendly dry style that are expressed, most especially when it comes to dry Rieslings.

Reservation at the China Blue can be made at (02) 833-9999. For interest in Trimbach wines and The Gold Club, contact Golden Wines, Inc. at (02)638-5025/27.

The author is a proud member of UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, and other wine-related concerns, e-mail the author at protegeinc@yahoo.com. He is also on Twitter at twitter.com/sherwinlao.

Brokerage Charles Schwab says to cut about 600 jobs

CHARLES SCHWAB Corp. is looking to cut about 600 jobs. — REUTERS

DISCOUNT BROKERAGE company Charles Schwab Corp. is cutting about 600 jobs after an internal review, a company spokeswoman confirmed on Tuesday.

“Impacted positions span all staffing grades, as well as organizations and locations across the company,” the spokeswoman said in an emailed statement.

The Wall Street Journal reported on Tuesday that the company planned to eliminate nearly 3% of its workforce.

Chief Executive Walt Bettinger discussed the job cuts at a recent town hall with some employees, the Journal reported, citing an attendee. Charles Schwab said last week it will close its Singapore office by the end of 2019.

It will focus on growing its business in Hong Kong, China, Latin America and Europe, including the United Kingdom, in addition to the US-based international service teams.

The company, which provides brokerage and financial advisory services, reported an 8% year-on-year jump in second-quarter net income at $937 million. — Reuters

ABS-CBN signs deal for show distribution

ABS-CBN Corp. has signed a partnership deal with a French content distributor to air one of its local shows in territories in the Pacific and Indian areas.

The Lopez-led media firm said in a statement yesterday it signed a deal with France-based producer and distributor Ampersand to acquire rights for its television series Wildflower.

“ABS-CBN continues to evolve into a global media and entertainment company as another one of its wildly successful TV series makes its groundbreaking launch in three French-speaking territories…,” the company said.

The show, headlined by actress Maja Salvador, may now be viewed in New Caledonia, Polynesia and Réunion through television network Outre-mer la 1ère. ABS-CBN said the show is also available in French-speaking African countries, and by October, in Madagascar, through of a deal with China-based firm StarTimes.

The company has recently been expanding the audience for its locally produced television series with various deals signed since last year to take its shows outside the Philippines.

“The airing of Wildflower in French-speaking territories follows ABS-CBN’s string of successes in capturing more non-Filipino viewers in international markets this 2019, with Pangako Sa’Yo in the Dominican Republic, Halik in Tanzania, Forevermore in Thailand, The Blood Sisters in Kazakhstan, The General’s Daughter and Ngayon at Kailanman in Myanmar, and the upcoming co-production of ABS-CBN and Limon Yapim of Hanggang Saan in Turkey,” it said.

Distribution deals for ABS-CBN shows and movies are done by ABS-CBN International Distribution, which said has so far sold more than 50,000 hours of content across the globe.

In the first half of the year, the listed company posted an attributable net income of P1.55 billion, growing 83% year on year due to strong revenues from advertising sales. — Denise A. Valdez

Globe myBusiness partners with Facebook for MSMEs payments

THE enterprise arm of Globe Telecom, Inc. has partnered with Facebook, Inc. to offer payment solutions for micro, small and medium-sized enterprises (MSMEs).

Globe myBusiness said in a statement that the social media giant will now allow payments through an Ad Creator, where online advertising may be paid through the company’s postpaid bill.

“While business owners acknowledge the importance of social media marketing and advertising, many of them do not own a credit card which is a requirement by Facebook if one wants to put up an ad in the Philippines,” Ces Porto, marketing head at Globe myBusiness, said in the statement.

With the alternative payment option through Globe myBusiness, the company expects to help MSMEs enjoy Facebook advertisements for their products.

“Globe myBusiness decided to join hands with Facebook in creating a unique platform…to give more opportunities for our MSMEs to promote their business to a wider market,” Ms. Porto added.

For his part, Facebook Philippines Country Director John Rubio said the partnership with Globe myBusiness will help the platform promote e-commerce use for local MSMEs.

“Together with our partners Globe and OnlineSales, we will expand our support for Philippine businesses of all sizes by providing tools and resources to help them grow and thrive in the digital marketplace,” he was quoted as saying. — Denise A. Valdez

How PSEi member stocks performed — September 11, 2019

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 11, 2019.

 

Filipinos’ trust in major institutions declines

Filipinos’ trust in major institutions declines

Legislator backs P22.5-B NFA procurement budget

REPRESENTATIVE Jose Ma. S. Salceda, the House Ways and Means committee chair from Albay’s 2nd district, said he supports more borrowing by the National Food Authority (NFA) to boost its rice procurement funding to about P22.5 billion.

The NFA recommendation was contained in an aide-memoire to President Rodrigo R. Duterte and was among five proposed measures to address the collapse in purchase prices for palay, or unmilled rice.

“NFA should [be] allowed to borrow to triple its current buying operations from P7.5 billion to P22.5 billion. DA and DTI (the Departments of Agriculture and Trade and Industry) should implement comprehensive farmer assistance to affected farmers.”

The NFA pays a support price to farmers for their palay — currently at P17 per kilogram according to the NFA website, plus incentives — which is often much higher than what commercial traders are willing to pay. The onset of liberalized rice imports has softened the market for purchasing domestic rice, with some key rice provinces reporting that the price offered by private traders was as low as P7 during the current harvest. Expanding the NFA procurement budget would allow more farmers to benefit from the NFA price while traders are reluctant to buy.

Mr. Salceda’s other proposals include stepped-up price, import volume, and warehouse inventory monitoring by the DTI, DA and the Philippine Statistics Authority.

Mr. Salceda also said the DTI along the Department of Justice and the Philippine Competition Commission prepare to prosecute traders for profiteering, economic sabotage, and price manipulation.

He also recommended that “legal recourse should be made available for farmers.”

“Actions that can be undertaken in this regard include a government hotline for complaints of farmgate price manipulation, information campaigns on traders that offer the highest buying prices, and support for government efforts to procure its buffer stock, relief operations, and local services needs from farmers at fair prices,” Mr. Salceda said.

He urged the President to pursue a program of “economic tokhang,” deploying his political capital to defeat rice cartels.

“Tokhang” is a Visayan term used in a so-called persuasion campaign against drug offenders, who were identified and visited in their homes by police and local officials and urged to surrender or seek treatment.

“Buksan mo ang mga warehouses nila, tignan mo ang kanilang mga business records (open up their warehouses, inspect their business records), ask the (Bureau of Internal Revenue) to look into (or audit) their operations… and then after that submit it to the DoJ,” Mr. Salceda told reporters.

Mr. Salceda said Congress and the Executive branch should cooperate in helping farmers capture more of the value for their produce by providing the means to cut out middlemen, including “well-planned rural infrastructure and improved access to market information.” — Marc Wyxzel C. dela Paz

DTI, NEDA preparing measures for long trade war

THE Department of Trade and Industry (DTI) and National Economic Development Authority (NEDA) are preparing for a prolonged US-China trade war, ultimately seeking to capture more foreign investment while pursuing deeper regional integration, improving approval processes, and helping start-ups and small businesses succeed.

The economic team is also preparing measures to assist any workers that may be displaced by a slowdown in the export economy.

“The Philippines is not as vulnerable as other countries (to a trade war), as exports only account for 15% of our GDP. But a prolonged trade war will eventually affect our export growth,” Trade Secretary Ramon M. Lopez said in a statement Wednesday.

He was speaking after the DTI and NEDA briefed the Cabinet on Sept. 4, during which the two agencies pitched a “whole-of-government” approach to dealing with the US-China dispute.

He also called the trade war “an opportunity for the Philippines to attract more export-oriented manufacturing foreign direct investment. However, it is necessary to address key constraints in attracting investors.”

The long-term goal, DTI said, is to improve fundamental elements of the economy like port, airport, and energy infrastructure, while encouraging the development of startup hubs and improving the education system to prepare future workers for greater automation in the workplace.

Mr. Lopez added that immediate goals focus on promoting the ease of doing business, specifically pushing many transactions online via a Central Business Portal and fully implementing TradeNet, the online platform for trading permits.

DTI also wants to help small businesses strengthening their global links, and improve the standards-setting infrastructure “to create more competitive products and industries.”

DTI also plans to continue existing strategies, including the deepening of regional partnerships through a Regional Comprehensive Economic Partnership and trade agreements in Asia-Pacific countries.

Mr. Lopez noted that the Philippines was the second-best Asian export performer in the second quarter of 2019, with merchandise export growth of 1.2%. Malaysia was the only other economy posting positive growth during the period among the 11 the department tracked. — Jenina P. Ibañez

House panel consolidates property valuation bills

Bureau of Local Government Finance (BLGF)

THE House Ways and Means committee on Wednesday approved a substitute bill seeking to reform the real property valuation and assessment system.

“The committee on ways and means hereby approves the unnumbered substitute bill… otherwise known as instituting reforms in real property valuation and assessment,” Rep. Jose Ma. S. Salceda said at a briefing.

The substitute bill consolidates the 13 measures of the third tax reform package. If passed, it will be known as the Real Property Valuation and Assessment Reform Act.

Once enacted, Mr. Salceda said local government units are expected to increase their revenue by P30.5 billion in base-case estimates, with P23 billion going to cities and P7.4 billion to provinces.

“This results essentially in the RPT (real property tax) rising to P103 billion from the current P70 billion,” Mr. Salceda said.

According to House Bill 305, a previous version of the reforms filed by Mr. Salceda, the Bureau of Local Government Finance (BLGF) of the Department of Finance was tasked with managing the implementation of the measure, if passed. — Marc Wyxzel C. dela Paz

Senate panel approves P8.2-B OP funding

THE Senate finance committee on Wednesday approved the P8.201-billion budget of the Office of the President (OP) for 2020 with no interpellation.

Former special assistant to the president and Senator Christopher Lawrence T. Go chaired the finance committee sub-panel that approved the budget within 11 minutes.

“Opposite sides na tayo ngayon, pero (we are on opposite sides now, but) it doesn’t mean that I will not scrutinize you all,” Mr. Go told representatives of the Office of the President, led by Executive Secretary Salvador C. Medialdea.

The OP budget is 21.07% higher in 2020.

Some P1.070 billion will fund personnel services, P6.703 billion maintenance and other operating expenses (MOOE), and P427.46 million capital outlays. The same spending plan was approved by the House Appropriations committee in under six minutes last week.

When asked about the swift approval, Mr. Go vouched for the performance of the OP officials he has worked with.

“Alam ko naman ‘yung mga taga-Office of the President, kilala ko naman sila (I know the people at OP). I’ve been there for the past three years,” he told reporters in a chance interview Wednesday.

“At meron pa naman plenary, kung gusto nilang magtanong, scrutinize nila (the budget can still be questioned at plenary).”

The House appropriations committee on Tuesday approved the P4.1-trillion national budget for 2020, as proposed under the National Expenditure Program.

The panel endorsed the 2020 General Appropriations Bill for plenary deliberation on Wednesday, with a final approval target of Oct. 4.

Both Houses plan to submit the 2020 national budget by Dec. 15 for President Rodrigo R. Duterte’s signature. — Charmaine A. Tadalan

Foreign chambers see amendments to FIA raising investment

THE Joint Foreign Chambers (JFC) on Wednesday welcomed the final approval by the House of Representatives of the bill which proposes to amend the Foreign Investments Act (FIA).

With 201 affirmative votes, six negative votes and seven abstentions, House Bill No. 300, which proposes to amend Republic Act No. 7042, or the Foreign Investments Act (FIA) of 1991, was passed by the chamber on third and final reading.

The amendments ease the restrictions on foreigners practicing their professions in the Philippines.

“This ends the confusion in the Foreign Investment Negative List of ‘professions’… There are 45 laws for professions, each of which contains a reciprocity provision allowing qualified foreign professionals to practice in the Philippines so long as their home country allows Filipinos to do the same,” JFC said in a statement.

Another amendment to the FIA that the bill proposes is reducing to 15 from 50 the minimum number of direct local hires required of foreign investors setting up small- and medium-sized enterprises (SMEs) with minimum paid-in capital of $100,000.

“The passage of this FIA amendments bill will attract new investment and give smaller foreign investors a better opportunity to start a business in the Philippines, especially in creative industries and innovative enterprises. At the same time, it is not expected to compete with micro-small enterprises,” JFC said.

The bill was on the group’s wish list of measures, along with some Filipino business groups, which they submitted to the Office of the President and both chambers of Congress last month. — Vince Angelo C. Ferreras

E-cigarette industry calls for ‘fair’ tax regime

THE electronic cigarette lobby said its products need to be fairly taxed and regulated, especially if the Philippines hopes to fund its Universal Health Care system in part with the proceeds of a tax on e-cigarettes.

Tikki Pang, who was conducting a briefing on behalf of e-cigarette manufacturer Juul Labs Inc., added that the industry’s products offer an opportunity for smokers to wean themselves from traditional tobacco products, effectively improving health outcomes.

“Universal Health Care is about prevention, about reducing the harm not about discouraging a product. That will burden your healthcare system,” he said.

“To deny smokers of a product that can improve their health, to me, is a human rights violation.”

Legislators are considering higher excise taxes on products categorized as Electronic Nicotine Delivery Systems and Electronic Non-Nicotine Delivery Systems (ENDS/ENNDS) to help fund the UHC law. Under the Comprehensive Tax Reform Program (CTRP) Package 2+, the excise tax on ENDS/ENNDS products will be at par with traditional tobacco products.

The Department of Health (DoH) contests the claim that e-cigarettes and vapes are not proven to be safe alternatives to tobacco products. It issued Administrative Order 2019-0007 in June calling for the licensing of ENDS/ENNDS sellers, distributors, and manufacturers. The AO also called for the prohibition of product sales to people under 18 years.

Mr. Pang agreed with these regulations on reducing general access and added that Juul has recently adopted a policy ruling out the sale of its products for potential buyers who cannot prove they are older than 18

Mr. Pang, a former WHO Technical Advisory Group member, argued that heavy taxation and regulation would increase the risks for the 17 million Filipino smokers, many of whom are low-income.

Mr. Pang, a public policy expert whose affiliations include the National University of Singapore, according to an Internet search,backed the regulation of the industry’s products as consumer goods, and not as medical devices.

Medical-device status, he said, means smokers “have to go to a physician to get a prescription and interestingly, that will stigmatize this… It should be available as a consumer product just like cigarettes but with certain safeguards.”

He cited a New England Journal of Medicine (NEJM) study published in February, researchers from the UK found that users of e-cigarettes have a higher success rate in quitting smoking compared with users of nicotine-replacement products such as gum and nose sprays.

He also backed a quality control regime for device makers.

The DoH will be releasing joint guidelines soon with the Department of Trade and Industry (DTI) regarding device standards, after reports of users injured by exploding devices.

He opposed level taxation with traditional tobacco products, which he said would restrict access by low-income smokers.

“The people who stand to benefit the most are usually from the lower-income groups so if you increase the tax, these products will be less affordable for them. The whole idea is to use these products to help them quit smoking… What will they do if they cannot afford it? They will just continue smoking, “ he said.

“(ENDS/ENNDS) are 95% less harmful so why tax it the same rate as something more harmful?”

Later this year, the DoH will issue guidelines regulating ENDS/ENNDS packaging, e-liquid flavors, the licensing of businesses, and the registration of ENDS/ENNDS products. It intends to prohibit flavors that will appeal to the young people.

Juul has said in its position paper on the proposed higher excise taxes on ENDS/ENNDS products that flavored products “play a critical role in (keeping) adult smokers away from combustible cigarettes” but added that it supports a ban on flavored e-liquids that resemble dessert foods, cannabis, soft drinks, and energy drinks. Juul sells only four flavors in the Philippines: mint, tobacco, mango, and creme. — Gillian M. Cortez

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