Home Blog Page 10183

Proudly Promdi brings the spirit of the north to the big city

“RUSTIC” has come to mean a lot of things as the dawn of the new decade approaches. It can mean just plain and simple, and especially if it was made somewhere rural. These days, however, something having a rustic quality means that it was born somewhere away from the prying hands of the city and modernity, and thus, quite pure.

Ken Alonso wouldn’t call himself Proudly Promdi (this is the actual business name) if he didn’t understand that. Mr. Alonso, who calls himself Chief Promdi Officer, takes tapuy and bugnay wine from the provinces up north and makes it his mission to place them on shelves at some of Manila’s finest bars, and even those of the world.

Mr. Alonso took his spirits to Three Little Pigs, a speakeasy in Pasig, on Nov. 20 and presented four cocktails (BusinessWorld had two) made of bugnay wine and tapuy. In case you’re wondering, bugnay is the same as bignay; it’s just a matter of a difference in dialects. Bignay is a fruit from the Antidesma bunius tree, grown over Southeast Asia and some parts of Australia. The juice is quite tart, Mr. Alonso recalls, and so some makers add a bit of sugar during the fermentation process to make the wine. Tapuy, on the other hand, is local rice wine, and Mr. Alonso’s fare are made from sticky rice. He sources this from women winemakers in the north, paying above-market prices. His background in graphic design helps him to repackage the product and sell it in the city as a premier product. Proudly Promdi also operates as a mobile bar, and one can avail of their services during parties for a bit of Filipino flair.

Now, back to the cocktails: the Mestiza was made from bignay wine, mango juice, lemon, basil infused gin, syrup, and rose water. Sans the mango juice, this one tasted very clean, like drinking the smell of old-fashioned soap. Next came TMFT (To My Favorite Tita), made of bignay wine, coconut rum, orange juice, lemon juice, syrup, and soda water. It’s a fitting tribute, because he remembers that his love affair with tapuy started when his aunt got everybody drunk on it during her 25th wedding anniversary. BusinessWorld did not sample the tapuy cocktails and instead had it on the rocks (which according to Mr. Alonso, is perfectly fine).

Nahihiya sila na ibenta namin (they’re embarrassed that we are selling it),” said Mr. Alonso of his sources. He’s about to change all that. “They still have that perception that they (their products, and maybe by extension, them) don’t deserve to be here.”

“We’re here to say, be proud that it’s made by you.”

There’s a bit of hitch on the road here — the products that Mr. Alonso sources are still in the process of getting Food and Drug Administration approval. The process takes building a formalized and clean facility to ensure consistency, and, yes, he’s aware of that alcohol poisoning incident from another company. “Hopefully by next year, these will be exportable products.”

It won’t take away from the rustic quality we’re coming to love: “We’re not going to commercialize it on a grand scale like the big suppliers. In a way, you’re trying to make it a premium product.

Mr. Alonso then began to touch on his childhood, which was the source of the company’s name, Proudly Promdi. While he grew up in the city (he has a boys’ school accent), he said that he was a bit embarrassed growing up that his parents were not city folk. But then, “I realized growing up, why should you be hiya (embarrassed)? There’s so many things that you should be proud of.” — Joseph L. Garcia

Indian firm CarDekho Group acquires Carmudi Philippines

INDIAN automotive technology company CarDekho Group has acquired local automotive website Carmudi Philippines, Inc.

CarDekho in a statement Monday said it is expanding across South East Asia, tapping the Philippine company after expanding to Indonesia with OTO.com in 2016.

With this acquisition, the statement said, CarDekho’s technologies are expected to upgrade the buying and selling website experience for Carmudi. The companies are also expected to introduce new products and innovations.

“CarDekho’s backing is a major boost for Carmudi Philippines as we continue to strengthen our position as one of the top automotive platforms in the country. This means added enhancements in technology, processes, and platform experience,” Carmudi Philippines chief executive officer Cholo Syquia said.

“Carmudi is already known for quality listings, powerful search, and one-stop convenience but the collaboration with CarDekho is how we push potential for our site visitors. We are keen for buyers and sellers to experience the difference and benefits right away.”

Carmudi Philippines employees will retain their current standing.

Founded in 2008, CarDekho is one of India’s largest automotive platforms, with its business focused on new and used car selling across multiple websites.

They also operate motor and health insurance at InsuranceDekho.com, and offer specialized portals like TyreDekho and TrucksDekho.

“The group has digitized the entire Indian automotive ecosystem by leveraging on content, digital migration, advanced technologies, and partnerships with various automotive manufacturers,” the company said.

CarDekho is the flagship portal and subsidiary of software development company GirnarSoft. — Jenina P. Ibañez

Yields on BSP’s term deposits decline on hints of more easing

YIELDS ON term deposits declined on Wednesday after the central bank chief said a rate cut before the year ends is still possible and following the fresh liquidity expected from the revision of the definition of deposit substitutes.

Tenders for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) totaled P180.328 billion, barely filling the P180 billion on the auction block, central bank data showed.

This also beat the P171.972 billion in bids the BSP received last week for the P150 billion on offer.

Banks’ tenders for the seven-day term deposits amounted to P62.442 billion, failing to fill the P70 billion on offer and also down from last week’s P63.72 billion in bids for the P50 billion on the auction block.

Yields for the tenor ranged from 4.07% to 4.45%, a wider range from last week’s 4.15-4.3456% band. This resulted in an average rate of 4.2508%, higher by 1.34 basis points (bps) from last week’s 4.2374%.

Meanwhile, the 14-day papers attracted bids totaling P53.975 billion, going beyond the P50 billion on offer and also surpassing the P47.465 billion in tenders seen last week.

Lenders asked for returns ranging from 4.14% to 4.4566%, a wider margin versus the 4.25-4.5% range seen on Nov. 20. The average rate for the two-week papers dipped to 4.3424%, down 1.09 bps from last week’s 4.3533%.

For 29-day deposits, tenders hit P63.911 billion, beyond the central bank’s P60-billion offer and also higher than the P60.787 billion in bids seen last week for the P50 billion up for auction.

Rates for the one-month tenor ranged from 4.19% to 4.5%, a wider band versus the previous auction’s margin of 4.29% to 4.45%. Following this, the one-month paper’s rate averaged at 4.3324%, lower by 2.68 bps from last week’s 4.3592%.

The TDF is the BSP’s main tool to shore up excess liquidity in the financial system and to better guide market interest rates.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said fresh signals from the BSP on possible monetary easing affected TDF yields.

“TDF auction yields were mostly slightly lower week-on-week after BSP Governor [Benjamin E.] Diokno signalled possible cut in local policy rates on the next monetary policy-setting [meeting] after earlier signals of no more rate cuts for the rest of 2019,” he said in a text message.

He added that the lower yields also came after the central bank’s exclusion of interbank borrowings in deposit substitutes.

“Auction yields were also lower after the BSP decided to redefine…deposit substitutes to exclude interbank borrowings, effectively not subjecting interbank borrowings to reserve requirements, thereby freeing up more peso funds for loans and investments,” he explained.

Meanwhile, UnionBank of the Philippines, Inc. chief economist Ruben Carlo O. Asuncion noted that players seem to be opting for shorter tenors.

“It looks like trust entities are preferring shorter tenors at this point when liquidity still remains a challenge. The oversubscription of the recent auction indicates clearly the higher demand and the anticipation of the need to be more liquid as the year ends,” he said in an e-mail.

Mr. Diokno said on Monday that a rate cut on Dec. 12 — the BSP’s last policy meeting for the year — is still possible, depending on conditions.

“The BSP will always be data-dependent so we will evaluate…every time we have a policy meeting,” he said.

When asked about an S&P Global Ratings report which said the credit watcher is expecting another 25-bp cut from the central bank on top of the 75 bps in cuts done this year, Mr. Diokno said: “Pwede ’yun, pwede ’yun (It is possible).”

Before this, Mr. Diokno had said the central bank has “already done enough” for the economy and that the current monetary policy “remains appropriate.”

Benchmark policy rates currently stand at 3.5% for the overnight deposit facility, four percent for overnight reverse repurchase and 4.5% for overnight lending.

The central bank last week said its policy-making Monetary Board adopted the new definition for deposit substitutes under Section 95 of its charter that has been amended by Republic Act (RA) 11211 or the New Central Bank Act enacted in February.

With RA 11211, the same provision now defines that the phrase “obtaining funds from the public” means those that involve borrowing from at least 20 lenders at any one time that are individuals or companies which are not financial intermediaries.

“This means that borrowings from banks, quasi-banks and other financial intermediaries are no longer considered deposit substitutes which are subject to reserve requirements,” the BSP said in a statement last week, citing as examples interbank borrowings, repurchase agreements with financial counter-parties, as well as bonds issued to financial intermediaries.

Ang implication ’nun (Its implication) is I think we released about P28 billion into the financial system,” Mr. Diokno said when asked about the revision, noting that they will monitor how the financial market will respond to the change.

Latest BSP data showed domestic liquidity picked up 7.7% year on year in September to P12 trillion, compared to the 6.3% growth recorded in August.

On the other hand, bank lending was still flat in September despite the BSP’s moves to ease policy earlier this year. Data showed outstanding loans of universal and commercial banks increased 10.5% year on year in September, an expansion unchanged compared to the August print. Inclusive of reverse repurchase agreements, bank lending grew 10.2% in September, slightly picking up from the 10% seen the previous month

The central bank will release October liquidity and bank lending data on Nov. 29. — L.W.T. Noble

Singapore’s Grab introduces pilot motorbike-hailing service in Malaysia

GRAB has launched a motorbike-hailing service in Malaysia. — REUTERS

KUALA LUMPUR — Ride-hailing firm Grab has launched a pilot program for motorbike hailing in Malaysia, barely a month after regional rival Gojek was given the green light to begin limited operations in the country.

The Singapore-based company, a dominant player in Southeast Asia after it acquired Uber’s business in the region last year, said on its website that the move was in line with the government’s effort to test out the service.

Grab is backed by familiar names in technology sector including SoftBank Group Corp., Microsoft Corp, Toyota Motor Corp and Uber.

Malaysia said earlier this month that it will allow motorbike-hailing services such as Indonesia’s Gojek to operate on a limited scale for six months from January next year as pilot schemes to measure demand for the service.

The six-month programme would allow the government and participating firms to gather data and evaluate demand while officials work on drafting legislation to govern bike-hailing.

Grab said the pilot service — limited to Klang Valley, Malaysia’s most developed region, where the capital Kuala Lumpur is located — will also include food delivery. The company is recruiting pilot drivers until next Monday.

Grab already operates GrabBike in other markets like Thailand, Vietnam and Indonesia. — Reuters

Intel and MediaTek partner on laptops with 5G modems for 2021

TAIWAN’S MediaTek Inc. has announced a partnership with US chipmaking giant Intel Corp. to supply future Intel-powered PCs with fifth-generation networking modems from the start of 2021.

The agreement marks a small step toward a big change in the way computing is done, as 5G promises to revolutionize both the speed and availability of cellular networks, creating dense coverage with bandwidth comparable to current Wi-Fi standards and beyond. Mobile computers stand to benefit greatly from this upgrade, and US PC vendors Dell Inc. and HP Inc. have both been named by MediaTek among the likely first customers for the 5G-enabled, Intel-powered laptops that are to come.

In July, Intel agreed to sell its cellular modem business to Apple Inc. for $1 billion, which the Cupertino, California company will use to speed up and improve design efforts around a 5G chip for its 2020 iPhones. Without its own in-house development, Intel has to license 5G technology in and MediaTek has been deemed the best option, sidestepping more direct rival Qualcomm Inc. and the sanction-laden Huawei Technologies Co.

As the dominant provider of processors for desktop and notebook computers, Intel is in a position where it can dictate when the broad majority of laptop PCs embrace the addition of 5G connectivity, and the timeline set out from this MediaTek partnership suggests that it’s a little over a year away. — Bloomberg

How good is Château Lafite Rothschild’s Chinese wine, Long Dai?

By Elin McCoy, Bloomberg

WHAT’S THE ultimate status wine in China? Famed Bordeaux first growth Château Lafite Rothschild. That’s why the company’s first wine made in China is such a big, big deal.

The cabernet blend labeled Long Dai debuted at the company’s winery in Qiu Shan Valley, in China’s northeastern Shandong Peninsula, in September. It won’t arrive in the US until 2020, and only 100 cases will be imported. They’ll be available at a few top shops and restaurants, but the majority of the 2,500-case inaugural release will be sold in China.

So when Lafite Chief Executive Officer Jean-Guillaume Prats brought a sneak preview bottle to New York for me to try, my taste buds were primed.

THE TASTE
I won’t keep you in suspense. The quality of this first vintage of Long Dai, 2017, is impressive. It doesn’t taste like any other luxury Chinese red I’ve tried. Most of them have been big, plush, ripely fruity reds that seem almost sweet. Long Dai, by contrast, is very dry and subtle. It’s refined and restrained, echoing the polished, elegant style of Lafite, though it’s not at the level of a first growth.

The mineral notes and freshness of this three-grape blend (cabernet sauvignon, cabernet franc, and marselan) reminded me of a bright, stylish cool-climate cabernet from somewhere like Australia’s Margaret River, or maybe a delicious fourth or fifth growth Bordeaux. Marselan, in case you’re wondering, is a French cross between cabernet sauvignon and grenache that’s planted around the globe and highly popular in China. Lafite Chairman Saskia de Rothschild calls it “a grape that has an incredible capacity of adaptation to any terroir.”

Aged in barrels made at Lafite’s own cooperage in France, Long Dai has sophisticated, nuanced aromas and lightly spicy, savory fruit flavors that almost seem juicy. It perfectly balances fruit, acidity, tannin, and alcohol, and has a long, silky texture. The wine is surprisingly appealing even at this young age, though if you do, Prats advises putting it in a decanter for an hour before serving.

The name Long Dai, taken from the ancient Dai Temple at the foot of Mount Tai, a sacred nearby peak, was chosen in tribute to local history.

Inevitably the wine will be compared with the Chinese red LVMH launched several years ago, the rich, powerful, sumptuous Ao Yun (whose name means “flying above the clouds”). The two wines don’t taste much alike, as you might expect, considering the wineries are more than 3,000 kilometers apart and the vineyards totally different in altitude and terroir.

Both are among the very best Chinese wines I’ve tasted, though they’re completely different in style. Ao Yun, a blend of mostly cabernet sauvignon with about 10% cabernet franc, is bolder, more dramatic, and intense, with tons of tannin. It has more richness and impact — more like a Napa cabernet. Long Dai has more elegance, balance and subtlety, and a more quiet power. The marselan in the blend softens the tannins and adds a spicy note and aromas of violets. As the vines get older, there will be more complexity.

THE BACK STORY
I first heard rumors about Lafite’s plan to make wine in China more than a decade ago. Over lunch recently at New York’s Gabriel Kreuther, Prats filled in the timeline from idea in 2008 to the release of the first bottle this year. Lafite is no newcomer to making wine outside Bordeaux. Its parent company, Domaines de Barons de Rothschild (Lafite), has projects in France’s Languedoc, Argentina, and Chile. So in some ways it was no surprise it would want to capitalize on the name in the fast-growing wine market of China, where the brand remains a shining star. In 2009, DBR started exploring a 400-hectare zone in the hilly land in Penglai, near the coast in Shandong province. At first the company partnered with CITIC, the Chinese government investment agency, but since 2016 it’s been going it alone. (CITIC, Prats says, decided to concentrate on its solely owned core businesses and sold its 30% share to DBR, but its construction arm built the winery.)

Prats already had plenty of experience making wine in China before joining DBR in 2018. As head of Estates and Wines for Moët Hennessy from 2013, he oversaw LVMH’s Ao Yun project in Shangri-La, in the remote mountains close to Tibet, whose first vintage appeared in 2016. At the same time, he established Moët Hennessy’s Domaine Chandon sparkling wine facility in Ningxia.

Why Shandong for the Lafite experiment? “In every wine region there are challenges,” Prats explains. “In Ningxia, the cold from the Gobi desert means you have to bury the vines in winter. In Shangri-La, it’s logistics, getting skilled people and equipment to a remote mountain location. In maritime Shandong, summer rain and humidity are a problem, but it has a long tradition of viticulture.” Luckily, global warming is making the region drier and warmer.

The team dug nearly 500 soil pits to see which part of the property would be best for vines. They settled on 30 hectares with thin soil over granite bedrock in a spot where cool coastal breezes could modify that humidity. In 2011 they planted vines on 360 terraces. But it wasn’t until the 2017 vintage that they were happy with the wine. The company expects to double its 2,500-case output in four or five years.

THE LAFITE CONNECTION
What also took time, Prats says, was obtaining “the right protections.” That included registering the brand and working on ways to prevent counterfeits, a constant problem for Lafite in China. Several years ago, a senior Chinese government official estimated that half the Lafite in the country was fake, much of it blended and bottled on boats moored in international waters off the Chinese coast.

That’s why all the Long Dai wine from rejected early vintages was sent to be distilled into spirits, according to Prats. Tight secrecy surrounded the name and label, which looks similar in typeface and design to Château Lafite’s. Even the staff at the winery didn’t know the name until last July. The bottle carries several counterfeit protections, including NFC tracking built into the capsule, a label that can’t be removed, and the DBR five-arrow motif embossed in the glass.

De Rothschild and Prats clearly have serious ambitions for Long Dai, which already stands out as more interesting than the other reds in the Lafite portfolio made outside Bordeaux. Prats lays out Lafite’s goal in China: to create a great estate whose wines will be an endorsement of the country’s wine-producing potential. “That Lafite is there bestows a powerful imprimatur,” he says. “We have the privilege to help educate and grow the Chinese market for domestic wines.”

China has emerged as an up-and-coming wine giant in the past two decades, though consumers still regard the growing number of local wines as mediocre. But the domestic wine industry — and Lafite — want to get them excited about the country’s wines. The potential is huge: According to IWSR data, China is the world’s second-largest wine market by value and fifth-largest by volume.

For now, the Lafite connection is key. Tailor-made for domestic tourism, Domaine de Long Dai incorporates a replica of Château Lafite’s circular barrel cellar, though the pillars are painted bright red. Copies of family portraits hang in the great hall that will be used for entertaining. The winery will be open to visitors by appointment at the end of the year.

“We always have Lafite at the back of our minds,” says de Rothschild, who succeeded her father as Chairman of Domaines de Rothschild (Lafite) last year. “We were looking for a similar subtlety and complexity from the birth of Long Dai.” But this, she adds, is just the beginning. As the bottle’s back label says, “Welcome to Chapter One.”

AUB books higher income

Asia United Bank Corp. (AUB)
ASIA UNITED Bank Corp. posted higher earnings in the third quarter. — BW FILE PHOTO

ASIA UNITED BANK Corp. (AUB) saw its net profit increase in the third quarter, thanks to interest income from loans and receivables.

In a statement on Wednesday, the lender said its net income climbed 66% year on year to P3.8 billion in the third quarter.

“Boosting its bottom line was the 38% growth in interest income from loans and receivables,” the bank’s statement said.

The bank’s net interest income expanded by 24% to P6.9 billion in the July to September period from P5.6 billion a year ago. This resulted in a 4.3% net interest margin, up from the 4.2% logged in the same comparable period of 2018.

Meanwhile, AUB’s gross interest income increased by 39% to P10.4 billion as of end-September from P7.5 billion a year ago.

“This growth is a result of the successful execution of our strategy from the beginning of the year, which remains a testament of the trust and confidence that our customers give us,” AUB President Manuel A. Gomez said in a statement.

AUB raised P7 billion through its maiden bond offering in October, going beyond its initial target of P3 billion.

The three-year papers carry a coupon rate of 4.625% per annum and is the first tranche of the bank’s P30-billion bond program announced in August.

AUB’s shares closed unchanged at P53.70 apiece on Wednesday. — LWTN

Globe names new information chief

GLOBE TELECOM, Inc. on Wednesday announced the appointment of Carlomagno E. Malana as its new chief information officer beginning Jan. 1, 2020.

Mr. Malanca is replacing Ma. Aurora Sy-Manalang who will assume a new role in Globe’s fintech affiliate, Mynt, as chief technology and operations officer (CTOO).

“We disclose the appointment of Mr. Carlomango E. Malana as chief information officer (CIO) effective 01 January 2020,” Globe told the stock exchange on Wednesday.

Globe said Mr. Malana will be responsible for all of its systems development and infrastructure investments.

“He will also lead Globe’s efforts to digitize its operations,” it added.

Mr. Malana, according to Globe, is a strategic business and technology executive who held “multiple leadership positions in strategy and execution, technology, mergers and acquisitions (M&A) integration, finance, sales and transformation, including technology transformation in big data, process automation, digital, cloud and migrations in AT&T from 2001 to 2019.”

He graduated with degrees in BS Mechanical Engineering and BS Material Science Engineering from the University of California in Berkeley. He also earned his master’s degree in business administration from the Southern Methodist University in Dallas, Texas.

Ms. Sy-Manalang, who has been the CIO of Globe since 2015, will begin her new role as Mynt’s CTOO on Jan. 1, 2020.

Globe said Ms. Sy-Manalang will lead Mynt’s technology, product, and operations “starting with the customer experience management team.”

The Ayala-led telecommunications giant reported its attributable net income rose by 20% to P17.68 billion in the first nine months of 2019, on the back of a 13% jump in consolidated service revenues to P110.6 billion.

Globe earlier said it spent nearly P32 billion as of the first nine months of the year “to enhance its networks data capacities and capabilities.”

It said it will “continue to reinvest in the network, which is currently on track to reach capital expenditure commitments of $1.2 billion by the end of 2019.”

Globe expects its capital expenditures for the full year to reach around $900 million. — Arjay L. Balinbin

Kaspersky sees more cyberattacks in 2020

INTERNET security firm Kaspersky sees cyberattacks increasing in 2020, particularly in regions situated along trade routes between Asia and Europe, as political conflicts turn to the cyber environment.

In its security bulletin for 2020 published on Nov. 20, Kaspersky said real-world tensions and conflicts can now be extended to the cyberworld.

“We have seen numerous examples. Consider, for example, accusations of Russian interference in US elections and fears about a possible reboot of this in the run-up to the 2020 elections. We’ve seen it in the ‘naming-and-shaming’ of alleged Chinese hackers in US indictments. The widespread use of mobile implants to surveil ‘persons of interest’ is another example,” it explained.

With this trend, Kaspersky said there can be a growth in political espionage with governments seeking to “secure their interests” both domestically and globally, which means that there would be surveillance of activities of “undesirable” individuals in the country and even abroad.

“This could result in new attacks in regions that lie along trade routes between Asia and Europe, including Turkey, East and South Europe and East Africa,” the report said further.

Kaspersky also expects more sophisticated methods of attacks to take place next year.

It said attackers will likely “exfiltrate data with non-conventional methods, such as using signaling data or Wi-Fi/4G, especially when using physical implants.”

Kaspersky added it is “possible” that in the coming months, “we will start discovering more UEFI (Unified Extensible Firmware Interface) malware and infections as our ability to see such systems is slowly improving.”

As for the mobile attacks, Kaspersky said: “There are no good reasons to think this will stop any time soon. However, due to the increased attention given to this subject by the security community, we believe the number of attacks being identified and analyzed in detail will also increase.”

On the abuse of personal information, the report said: “We can see the danger in what could be considered especially sensitive leaks, for instance when it comes to biometric data.”

“Also, widely discussed deepfakes are providing the technology to make such attacks a possibility, especially when combining this with less obvious attack vectors such as video and audio. We should not forget how this can be automated, and how AI can help with the profiling and creation of such scams,” it added. — Arjay L. Balinbin

Kantar to offer outdoor advertising metrics

By Jenina P. Ibañez, Reporter

MEDIA RESEARCH agency Kantar Media Philippines, which is known for its television ratings measurements, is expanding its research to outdoor advertising.

Kantar and market research company Strategic Consumer and Media Incites, Inc. (SCMI) will be offering out-of-home (OOH) advertising metrics on Metro Manila travel patterns to help assess customer exposure to billboards and banners.

In a press briefing on Wednesday, SCMI Research Director Mary Ann Africano-Cortez said OOH advertising has two percent share of advertising spending in the Philippines, with P21 billion in annual revenues.

Television advertising accounts for 65%, while radio has a 27% share, digital with 7%, and print with 1%.

Improved metrics measurement, said Kantar Managing Director Jay G. Bautista, can increase ad spend share.

“Ten years ago the ad spend on radio was only at around 12% of the market because they didn’t have research. So the KBP (Kapisanan ng mga Brodkaster ng Pilipinas) put together and funded research so that grew their ad spend share,” he said.

“Any time a standard is established in a market, based on our experience, the support from advertisers also increases.”

The companies will be collaborating on audience measurement studies. Travelers will be given “non-intrusive” trackers to gather information on Metro Manila travel patterns.

The studies are intended to help marketing professionals understand how many consumers see their ads, the demographic profile of consumers who pass through specific areas, and how long and how often consumers are exposed to ads.

The travelers in the study will also be answering surveys detailing which ads piqued their interest.

“We can now customize what is the specific (advertising) material that’s suitable for the profile of those who pass by EDSA-Guadalupe, for example,” Ms. Africano-Cortez said.

The companies will offer various types of reports such as audience demographic profiles. Marketing professionals can also access a browser-based site that includes a map that plots travel patterns and a list of available outdoor ad sites.

After an initial survey of 1,000 people to establish the general profile and travel habits of the surveyed population, the companies will be conducting quarterly tracking studies covering 500 people.

Reports will be made available starting on the second quarter of 2020.

Kantar is looking to continue expanding beyond television ratings research, and is now working on doing research for the print industry’s online arms.

“What we’re going to collaborate with SCMI in the future is to provide research on online readership and consumption of news because we all know while people are on Facebook or Twitter, the news that they see actually comes from the publishers.”

Glenrothes whisky: a taste of the sun

IT CHANGED hands like a parcel at a party, and it has burst into flames at least four times, but here we are, drinking their single malts.

The Glenrothes was founded in 1878 by James Stuart and Reverrend William Sharp. It was acquired by Edrington, then called Highland Distillers, and was then bought by Berry Bros. & Rudd. In 2017, Edrington bought it back. Edrington, as a group, is behind Macallan and The Famous Grouse (which carries a Royal Warrant, and was the favorite tipple of Princess Margaret). Within that timeframe, it has recorded four fires: in 1897, 1903, 1922, and 1962; but it’s still a good product. One of its water sources includes a spring called Fairies’ Well, so that might explain their luck. Its new collection, called the Soleo (named after a process in Spain of sundrying grapes prior to pressing), is its first since its reacquisition by Edrington.

BusinessWorld went to taste the Soleo collection early this week at The Brewery in BGC. Three glasses were laid out in front of us: the 12, The Whisky Maker’s Cut, and the 18. There’s a 10 and 25, but they weren’t there that night. We think it’s appropriate that the collection should be named after a process that involves the sun: drinking each one in sequence feels like watching the sun go from East to West. Banana, lemon, and melon mark the 12, and the heat makes it feel as if one were drinking sunlight. The Whisky Maker’s Cut, with notes of vanilla and orange peel, tastes smoky and rich, and while it contains some remembrance of the 12, it is its darker sister; like a sun in the afternoon. The 18, meanwhile, was probably the blue hour, with a refined bite like the first crunch of an almond, and a bit of fire enveloped in something heavy and wet, like rain.

The brand is unique for having its own cooperage (that’s barrel factory), so it doesn’t have to fight for barrels during auctions. Instead, according to Hans Eckstein, Brand Advocate for Edrington, these are sent to Spain, filed with sherry, emptied (the sherry is reused for other things) and then sent back so the casks could season the whiskies. “Sherry has just really been their style, ever since,” he said.

After the tasting, UDD (formerly Up Dharma Down), the indie group favored by the young, alternative-loving crowd, played at a small concert on the second floor of The Brewery. This points to a marketing scheme by Scotch companies to appeal to the young.

“I think they’re trying to update their image, I guess, from being an Old Man’s drink, to being a finely crafted spirit,” said Mr. Eckstein. — Joseph L. Garcia

BPI Family Savings Bank bond offer oversubscribed

THE THRIFT BANKING arm of the Bank of the Philippine Islands (BPI) has cut short its offer period for its P2-billion maiden bond issue after it saw robust market demand.

In a disclosure to the local bourse on Wednesday, BPI said BPI Family Savings Bank’s (BFSB) bond offering, which began last Monday, has already exceeded its initial target of P2 billion, which prompted the bank to cut the offer period that was supposed to run until Dec. 6.

“The bank attributes this to robust demand from both institutional investors as well as high-net-worth and retail clients,” it said.

The bonds have a tenor of two-and-a-half years and were priced on Nov. 21 at 4.3% per annum, to be paid quarterly.

BPI said the bonds will help support its thrift unit’s “drive to diversify its investor base and fund its asset expansion, particularly loan growth, digitalization initiatives, and general corporate purposes.”

The thrift bank earlier said the issue marks the first tranche of its P35-billion bond program. The papers are set for issuance and listing on the Philippine Dealing & Exchange Corp. on Dec. 16.

BPI Capital Corp. is the sole selling agent for the bonds, while The Hongkong and Shanghai Banking Corp. is the sole arranger and participating selling agent for the transaction.

Meanwhile, the Land Bank of the Philippines–Trust Banking Group is the appointed trustee for the bond issuance.

BFSB’s parent BPI’s net income jumped 38.6% year on year to P8.29 billion in the third quarter, bringing its bottom line for the January to September period to P22.03 billion, up 29.5% from the same period last year.

Its shares went up 2.13% or P1.85 to close at P88.85 apiece on Wednesday. — B.M. Laforga