Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10255

Writing about wine: Personal yet universal

WHEN one writes about wine, one has to be very careful. Words from one’s pen will come to represent a bottle that took years of work, decades of legacy, and the earth’s own providence to produce. With these factors in place, each wine: from grands-crus from Bordeaux to wine that isn’t exactly up to par from who-knows-where, deserves more than a modicum of respect.

That’s why early this month, The Write Mind, a writing workshop series by hospitality consultancy Courage Asia, organized a wine-tasting-cum-writing workshop at Discovery Primea’s Flame. Guests at the workshop consisted mostly of professionals from related fields in writing, but more interestingly, included wine enthusiasts and wine distributors who wanted to improve their writing skills, and perhaps allow them to reach a new level of intimacy with their product.

The talks were headed by writers CJ Juntereal and Marilen Fontanilla. Ms. Juntereal has a weekly column in the Manila Bulletin called “Eat Girl” and is the current president of the International Wine & Food Society Manila Ladies Branch. Ms. Fontanilla, meanwhile, was the former editor-in-chief of F&B World, and continues to write for various platforms.

The pair guided the group through the basics of wine tasting, teaching guests how to identify by sight, smell, and taste. Ms. Juntereal, who was raised in an environment that praised wine, led guests through basic wine vocabulary, like knowing the difference between tannic and dry: a taste influenced by tannins might literally leave the mouth dry, but a wine described as dry doesn’t concern itself with the tannic content, but with its acidity. Got it?

While the pair talked about identifying notes based on color, taste, and scent, they were quick to point out that tasting wine is a personal business, and a more effective way of putting words to paper is to go into your own bank of memories and place the sensorial cues with references to things that are familiar to you. It’s still a balance, however: Ms. Juntereal advises refining your palate and training your tongue through constant tasting of food and wine, while enriching your mind with reading and writing.

“You need wine knowledge if you want to be a wine writer. You don’t have to be an expert. But take a few classes.”

Ana Marie “Alu” Aran, meanwhile, Director at Courage Asia and one of the brains behind The Write Mind, said that the workshops began as a response to demands from editors. “They keep getting the same people, so they wanted to have new writers to give fresh [takes] on what they have.”

She said, “We wanted to make sure that we develop a writing community. Our vision is to launch writers in their fields of interest.” — JLG

Apple rolls out revamped television app ahead of streaming service launch

APPLE INC. on Monday rolled out a new television-watching app for its devices and some Internet-connected TVs, an effort to gain more revenue from reselling other companies’ programming and, later this year, its own original shows.

The redesigned Apple TV app aims to solve some of the headaches that have emerged in the streaming media era. A show’s past seasons, for example, might be available on Hulu, Netflix Inc. or iTunes, while current episodes require cable or purchase, leaving customers juggling multiple remotes.

Available in more than 100 markets, Apple’s new app pulls many of those services together to show viewers where they can watch live or on-demand movies, TV shows, news and sports via a single search, or through personalized recommendations.

Apple is following cable provider Comcast Corp. and others that have taken steps to simplify modern TV watching.

More important to Apple’s bottom line, the app also will allow users to sign up and pay for channels they do not already subscribe to without creating new passwords or downloading additional apps. Early partner channels include HBO, Starz, Showtime and Tastemade, with more expected to join in the future, Apple said.

Apple officials would not comment on the economics of the channels, but people familiar with the matter said Apple will take a cut of the subscription fees when customers use the Apple TV app to sign up for a channel.

Apple’s sales from its services business, which also includes sales from iCloud, the App Store and other businesses, reached $11.45 billion in its most recent fiscal quarter, compared with analyst estimates of $11.32 billion, according to FactSet data.

Initially, the app will be available on Apple devices plus 2019 Samsung Electronics Co. Ltd. smart TVs and some 2018 models. Later this year, customers with certain Vizio, LG and Sony TVs will be able to use the TV app using AirPlay 2.

Apple’s television app will also aim to let users search for a show across multiple services in one shot, including by using Siri, the company’s voice assistant. The app will make recommendations based on a mix of curation by human editors and a viewer’s watching habits.

There will be some limitations, however. Netflix has said it will not be included in Apple’s channels, which means programming on Netflix will appear in search results but viewers will need to exit the Apple TV app. And so far only three pay TV providers are supported in the Apple TV app — Charter Communications Inc.’s Spectrum, AT&T Inc’s DirecTV Now and Sony’s Playstation Vue.

The app also will serve as the home this fall for the Apple TV+ subscription service, which will include original shows from Steven Spielberg, Oprah Winfrey and others. — Reuters

Seven-year bonds fully awarded on strong demand after rate cut

THE GOVERNMENT fully awarded the reissued seven-year Treasury bonds (T-bond) it offered yesterday amid overwhelming demand as the market continued to react to the rate cut implemented by the central bank last week.

The Bureau of the Treasury (BTr) raised P20 billion as planned from its T-bond offer yesterday after receiving bids totalling P51.278 billion, more than twice the amount the government wanted to borrow.

The seven-year papers, which carry a coupon rate of 6.25%, fetched an average rate of 5.743%, 19.1 basis points (bp) lower than the 5.934% fetched when the debt papers were last offered on March 26. The bonds have a remaining life of six years and nine months.

Market players asked for returns ranging from 5.724% to 5.75% yesterday.

At the secondary market, the seven-year papers were quoted at 5.742% yesterday, based on the PHP Bloomberg Valuation Service Reference Rates.

Deputy Treasurer Erwin D. Sta. Ana said the government saw a “good turnout” at yesterday’s auction as it saw huge demand from investors, prompting them to price the reissued bonds lower than the rate quoted the previous offer.

“Obviously, this is still an offshoot of the rate cut last week and…the easing inflation picture as projected by the central bank. We are still riding on that data point,” Mr. Sta. Ana told reporters on Wednesday.

The Bangko Sentral ng Pilipinas (BSP) last week trimmed benchmark interest rates by 25 bps to a 4-5% range, citing a “manageable” inflation outlook on the back of a decline in food prices amid improved supply conditions.

Headline inflation continued to ease for the sixth straight month in April to 3%, slower than the 3.3% recorded in March and beating market consensus.

At its last week’s policy review, the BSP also adjusted its inflation forecast to 2.9% this year and 3.1% in 2020 from the previous 3% for both years.

Kevin S. Palma, Robinsons Bank Corp. trader, said the results were within market expectations and just in line with secondary market rates prior to the auction.

“Lower average rate versus its last seven-year auction reflects recent bond-friendly developments such as easing inflation, the credit (rating) upgrade and BSP’s policy rate cut,” Mr. Palma said in a phone message.

He added that the “stellar” turnout was boosted by continued anticipation of a cut in big banks’ reserve requirement ratio (RRR) as soon as the Monetary Board’s (MB) May 16 meeting.

The central bank made no reduction in banks’ reserve ratio during its policy meeting last week, although the BSP Governor Benjamin E. Diokno said it will be “on the agenda” of the MB’s meeting this week.

Currently, universal and commercial banks are required to keep at least 18% of their total deposits with the BSP. Trimming the RRR is expected to unleash about P90 billion into the financial system, which can used for loans or investments.

Mr. Diokno previously described big banks’ RRR, which was already reduced by a total of two percentage points last year, as “really high.” He also cited “room for…one percentage point (cut) every quarter for the next four quarters.”

The government plans to borrow P315 billion from the domestic market this quarter, broken down into P195 billion in Treasury bills and P120 billion through T-bonds. — Karl Angelo N. Vidal

SSI income jumps 28% on sales of luxury brands

EARNINGS of SSI Group, Inc. increased by 28% in the first quarter, driven by “healthy” consumer demand and strong same-store sales growth.

In a regulatory filing, the leading specialty store retailer said net income for the first three months stood at P170.6 million, fueled by a 7.2% rise in revenues to P4.9 billion.

“SSI continued to experience healthy sales growth during the period driven by the performances of its luxury and bridge, and casual categories. The Group also posted strong same-store sales growth during the period of 8.6%,” the company said.

By category, sales of its luxury and bridge brands surged 25% to P1.37 billion, while sales of casual brands rose 19% to P637 million.

However, revenues from fast fashion brands slipped 4% to P1.62 billion, while sales of footwear, accessories and luggage also dipped 4% to P558 million.

During the January to March period, SSI reported a 5.4% year-on-year drop in total selling space as it focused on store openings in developed locations.

As of end-March, SSI’s total floor area covered approximately 119,754 square meters over 594 stores nationwide. The company opened seven stores covering 833 sq.m., while closing nine stores covering 1,384 sq.m.

The company also noted an improvement in its gross profit margin to 42.4% from 42.1% in the same period last year.

“The Group’s first quarter results reflect healthy same-store sales growth and the increased flexibility afforded by our lower operating expense base and inventory levels. Our lower opex (operating expense) base and inventory levels allow us to be more responsive to macroeconomic change, to shifts in consumer behavior and to opportunities to acquire exciting new brands,” Anthony T. Huang, group president of SSI, said in a statement.

The company has 90 brands in its portfolio, including Gucci, Prada, Kate Spade, Zara, Marks & Spencer, Gap, Lacoste, Banana Republic, Muji, and Old Navy.

Early this month, SSI opened the country’s first Shake Shack located at Central Park Square in Bonifacio Global City.

Shares in SSI went up by 7.01% or 0.22 centavos to close at P3.36 each on Wednesday. — V.M.P.Galang

Thirst-quenchers for the last hurrah of summer

JUST before we say goodbye to summer, maximize the balmy weather with lazy summer afternoon outdoor get-togethers.

Bar expert and food and beverage consultant Ryan Viray — now with De La Salle-College of Saint Benilde where he currently teaches Food and Beverage Service Operations and Bar Management in its School of Hotel, Restaurant, and Institution Management — shares these concoctions that are not just refreshing but are likewise excellent for the health.

SPICY NATURE’S COOLER

120 ml lemongrass-infused water

30 ml fresh lemon juice

1 tbsp honey (or more according to preference)

Siling labuyo to taste

Procedure:

Put all ingredients in a cocktail shaker with ice. Shake vigorously. Strain in a Poco Grande glass with ice. Garnish with lemongrass stalk and burned sugared lemon wheel in the drink.

This versatile drink can also be served in beach parties. For a non-virgin version, add a dose of vodka.

CUCUMBER BASIL MAGNIFICO

10 g basil Leaves

25 g cucumber

15 ml fresh lemon juice

2 tsp honey

Splash of lemon soda (Sprite)

Procedure:

Blend basil leaves and peeled cucumber in 60 ml of water. Run the blender for 10 to 20 seconds. Combine all ingredients in a cocktail shaker with ice. Shake well. Strain into a double Old-Fashioned glass over fresh ice. Garnish with basil leaves and cucumber slice in the drink. Top up with lemon soda.

You can opt to transform this virgin drink to a stylish summer cocktail by adding a dash of gin.

Firms urged to future-proof vs cyber risks

By Denise A. Valdez
Reporter

AS THE Philippines saw a quick rise in cybersecurity awareness and data protection efforts in recent years, companies are now urged to look far ahead to prepare for newer threats that are expected to come in three to five years time.

Content delivery network service provider Akamai Technologies said the best way to future-proof is by teaming up with a cybersecurity provider that would help a business form a strategy against the ever-progressing attacks that emerge.

“Invest in a provider that is going to care about what’s happening in three to five years time. Because you genuinely can’t possibly know… Find someone you can trust to do that for you, and to work with you and advice you as to what’s occurring elsewhere around the world that you may want to think about building into your strategy,” Akamai Technologies Regional Vice President Vaughan Woods said in an interview in Makati City last week.

“The other thing you could do is simply prepare a strategy for how to deal with it. Don’t just buy tools. Have an overall strategy… And that needs to include what your team is going to look like, how you communicate, how you talk to your board about cybersecurity,” he added.

Mr. Woods pointed out that there is a growing level of harm that cyber attackers may cause, as it “used to be a 14-year old kid with a hoodie and a can of Red Bull,” but now they are organized groups, governments, or business competitors.

“As the Philippines has evolved in the sense of its digital strategy, so has the threat externally evolved from different actors. And we’re seeing more common, more frequent attacks, but also more well-orchestrated and more clever attacks on the Philippine market,” he said.

But he said the good news is companies are now more aware of what needs to be done to put the level of cybersecurity in the country at par with the rest of the world.

“The rate of growth from a security maturity perspective has definitely been phenomenal in the Philippines. I think globally, there’s been a steady growth of awareness of security threats. But from where we are today, 2019, and going back to 2016, where the Philippines was, certainly the curve has been a lot steeper. The rate of growth has been a lot steeper for the Philippines,” Akamai Head of Security Technology and Strategy for Asia-Pacific Fernando Serto said.

Mr. Woods added that C-level executives are starting to change their mindsets and are now more willing to spend time and resources to heighten guards against cyber attackers.

“What we learned was that boards (of directors) are now beginning to believe that they must invest in cybersecurity. We’re now at that juncture where the senior executives of a company understand that they need to invest. When you’re at that stage, the cost (of cybersecurity) is no longer prohibitive, because they will need to invest,” he said.

“As soon as you understand the value of the assets that you’re trying to protect, you can dictate how much money is worth investing to protect those,” Mr. Serto added.

Mr. Serto said it is important that companies are receptive to newer technology — whether it be for cyber protection or operational enhancement — to remain relevant in a fast-evolving digital landscape that’s shaping the mindset and behavior of both businesses and its customers.

“My biggest advice to any organization so it can survive in three to five years is that to be more open-minded on how they engage with their customers and how they deploy applications to engage with their customers,” he said.

“One thing that we hear time and time again is that the older organizations say that’s now how we do things. Trying to adopt exactly the same technology that they’ve had for 20 years in today’s digital world, it just doesn’t work. So they have to be more open-minded to doing things differently,” he added.

Term deposit yields drop

peso remittance
YIELDS on the central bank’s term deposits declined. — PHILSTAR/KRIZ JOHN ROSALES

YIELDS ON term deposits continued to decline amid steady demand as the central bank placed a higher volume on the auction block, resuming its offering of the month-long tenor after several weeks.

The Bangko Sentral ng Pilipinas (BSP) on Wednesday received total tenders worth P42.891 billion under its term deposit facility (TDF), above the P40 billion up for grabs. This was also higher than last week’s bids worth P38.540 billion, although that was against a P30-billion offer.

The central bank awarded just P17.486 billion in the seven-day papers yesterday as its P20-billion offer was undersubscribed. This was also lower than the P20.53 billion in tenders seen last week.

Accepted yields for the one-week papers ranged from 4.453%-4.76% yesterday, slightly lower than the 4.55%-4.76% margin seen at last week’s offer. This caused the average rate to settle at 4.5695%, also down from the 4.6925% seen last week.

Tenders for the 14-day papers likewise declined to P14.26 billion this week from P18.01 billion during the May 8 auction, but still filled the P10 billion the BSP offered to investors.

Returns sought by banks for parking their funds with the BSP dropped to a range of 4.5%-4.75% yesterday from 4.6%-4.76% the previous week. The average yield on the two-week tenor declined to 4.6013% from last week’s 4.6961%.

Meanwhile, the BSP saw P11.145 billion in tenders for its 29-day term deposits, slightly higher than the P10 billion on offer. Yields sought by banks ranged from 4.5%-4.75%, resulting in an average rate of 4.6495%.

The central bank placed its month-long term deposits on the auction block anew yesterday after eight weeks of not offering the tenor.

The TDF stands as the central bank’s primary tool to shore up excess funds in the financial system and to better guide market interest rates.

The BSP’s Monetary Board (MB) last Thursday cut benchmark interest rates by 25 basis points (bp) in its third policy review for the year, hours after the Philippine Statistics Authority (PSA) reported that the economy grew at 5.6% — the slowest clip in four years — last quarter and two days after the PSA said inflation eased to 3% in April — the slowest pace in 16 months.

The MB’s decision, which it said was due to a “manageable” inflation outlook, brought the interest rate on the BSP’s overnight reverse repurchase facility to 4.5% effective last Friday. The rates on the overnight lending and deposit facilities were also reduced accordingly to 5% and 4%, respectively.

This partially dialled back the cumulative 175 bps in hikes implemented by the BSP through five meetings last year as it sought to rein in inflation, which hit a peak of 6.7% in September and October.

Following its review, the BSP also lowered its 2019 inflation forecast to 2.9% from 3% in the previous meeting, but upped next year’s outlook to 3.1% from 3%. Inflation averaged at 3.6% in the first four months.

BSP Governor Benjamin E. Diokno said a potential cut in big banks’ reserve requirement ratio (RRR), currently at 18%, will be on the table at the MB’s meeting this week.

The central bank has said reducing banks’ RRR by 100 bps will release about P90 billion in liquidity into the financial system.

Cyber risks to exceed disasters for insurers

CYBER RISKS will soon become bigger risks than natural catastrophes for the insurance sector, Scor Chairman and Chief Executive Officer Denis Kessler said, recommending the industry build a comprehensive, common global scale to assess cyber-related incidents.

“I dream of a kind of Richter scale for cyber security,” Kessler said at a conference on cybersecurity held at the Bank of France, referring to the scale used to measure earthquakes. “It would be very helpful to have measurement and modeling tools. Unless we can model, it’s very difficult for us to provide coverage. We have scenarios but not modeling tools.”

Cybersecurity experts and top executives in the financial sector as well as representatives from the European Central Bank (ECB), the Federal Reserve and the central banks of Canada and Japan convened in Paris to assess the risk.

SYSTEMIC RISK
ECB Executive Board Member Sabine Lautenschlaeger said it was “but a matter of time” before serious incidents would hurt the systemic sector.

To try and prepare for potential attacks, the Group of Seven — currently presided by France — will simulate a cross-border crisis next month.

“This is a world first and I am confident we will be able to learn a great deal from it,” French Finance Minister Bruno Le Maire said at the conference in Paris.

Bank of France Governor Francois Villeroy said the cybersecurity threats are a “major and systemic risk” to the financial sector as attacks are more frequent and public action on cyber attacks in the sector is “sub-optimal.” He said the crisis-simulations should be repeated to enhance the resilience of the financial system.

“The monetary impact — of attacks so far — was not so high, negligible. But I don’t feel comfortable, calm, not at all, it is a question of time, let me be very clear,” Lautenschlaeger said. She called on the financial institutions to review their information systems infrastructure, conduct stress tests and joint exercises to improve their resilience, she said.

$600 BILLION A YEAR
While the cost of cyber risks has been small until now, the panel agreed it was only bound to increase. Kessler said the cyber risk could exceed $600 billion per year “in the worst case scenario.” That compares with the yearly cost of natural catastrophes, which he said is about $230 billion. The cyber risk “would dwarf it. So it gives you a size of the risk,” he said.

Still, “the demand for cyber risk coverage well exceeds the supply and this is an issue,” Kessler said, calling for a “re-balance” of the situation. The lack of aggregated data monitoring incidents is partly responsible for the shortage of coverage, he said. Kessler said the sector needs to coordinate and also to partner with authorities “to build databases and a taxonomy to share information,” or a common vocabulary for policy makers and companies to use in assessing cyber-related impact on the financial or industrial sector.

For Lautenschlaeger and Kessler, cybersecurity is shared responsibility and companies must invest to have better protections and understanding of the risk, they said. — Bloomberg

Wilcon nets P484M on double-digit sales growth

EARNINGS of Wilcon Depot, Inc. jumped 18.2% in the first three months of the year, boosted by a double-digit increase in sales alongside steady margin expansion.

In a regulatory filing, the listed home improvement and construction supplies retailer said net income reached P484 million following a 21.9% uptick in net sales to P5.73 billion in the first quarter.

“The increase is attributed mainly to a strong net sales growth and healthy gross profit margin expansion,” the company said in a statement.

Depot format stores, which accounted for 96.1% of total net sales, saw revenues grow 22.5%, driven by same-store sales growth of 8%. New stores also contributed to topline growth as the company opened its second depot in Davao City during the quarter.

Wilcon’s smaller format, Home Essentials, contributed 2.8% of net sales which stood at P161 million. Home Essentials recorded a same-store sales growth of 4.5%.

The balance of net sales came from project sales, or those made to large property developers, which firmed up 4.9% to P65 million.

The company also noted that gross profit margin improved to 32%, against the 31.3% it booked in the same period a year ago.

“The improvement was brought about mainly by the rising contribution of higher margin in-house and exclusive products to total net sales, which accounted for 48.8% this period,” the company said.

Wilcon closed the quarter with 53 stores, bringing it closer to its target of 59 outlets by the end of the year. — Arra B. Francia

The Carol Burnett Show’s Tim Conway, 85

EMMY-WINNING actor Tim Conway, who brought an endearing, free-wheeling goofiness to skits on The Carol Burnett Show that cracked up his cast mates as well as the audience, died on Tuesday at the age of 85, his publicist said.

Publicist Howard Bragman said Conway died in the Los Angeles area on Tuesday morning. Prior to his death, he had suffered complications from normal pressure hydrocephalus (NPH) and had no signs of dementia or Alzheimer’s, Mr. Bragman said.

Mr. Conway won three Emmy awards for acting on the Burnett show and a fourth as a writer in the 1960s and ’70s. He also won guest actor Emmys for a 1996 appearance on Coach and another in 2008 for 30 Rock.

Ms. Burnett said on Tuesday she was “heartbroken” at Mr. Conway’s death.

“He was one in a million, not only as a brilliant comedian but as a loving human being. I cherish the times we had together both on the screen and off. He’ll be in my heart forever,” she said in a statement.

Vicki Lawrence, who co-starred on The Carol Burnett Show, called Ms. Conway “hysterical, crazy, bold, fearless, humble, kind, adorable… The angels are laughing out loud tonight,” the actress wrote on Tuesday in an Instagram posting.

Ms. Conway first found television fame on the 1960s comedy McHale’s Navy playing Ensign Parker, a befuddled by-the-book officer in a group of unconventional sailors in the Pacific during World War II.

He would find greater success in the comedy sketches on Ms. Burnett’s show starting in 1968. He was at his best with characters that were a little naive, clumsy or slow-witted, and especially when teamed with straight man Harvey Korman and given the chance to show off his improvisational and slapstick skills.

“Nobody could be with Tim and keep a straight face once he got on a roll,” Ms. Burnett said in a 2003 interview with the Television Academy Foundation.

She said Mr. Conway would stick with a sketch’s script through dress rehearsal but once it was time to tape the performance for a broadcast, he began freelancing. His improvised antics often reduced his co-stars — especially his close friend Korman — to tears of laughter.

“I think Conway’s goal in life was to destroy Harvey,” Burnett told the Television Academy Foundation.

In one popular skit, Mr. Conway’s portrayal of an inept dentist who accidentally injects himself with painkiller resulted in Korman, who was playing the patient, laughing so hard that he wet his pants, Ms. Burnett said.

Mr. Conway’s other most memorable recurring characters included an elderly man whose shuffling pace always caused trouble and Mr. Tudball, a businessman plagued by an indifferent and inept secretary played by Ms. Burnett.

“People have often asked me, ‘If you weren’t in show business, what would you be doing?’” Mr. Conway wrote in his memoir What’s So Funny?: My Hilarious Life. “The truth is I don’t think there’s anything else I could be doing so the answer would have to be, nothing… I guess you could say I’m in the only business I could be in.”

His popularity on the Burnett program led to his own shows — a sitcom in 1970 and a variety show in 1980 — and they lasted about a year each. He said they failed because he was not comfortable being the star.

Before Korman’s death in 2008 he and Mr. Conway toured with an act that featured stand-up comedy, recreations of their better-known skits and question-and-answer sessions with the audience.

His movie work included The World’s Greatest Athlete in 1973, The Apple Dumpling Gang in 1975, The Shaggy D.A. in 1976, The Prize Fighter in 1979, and Private Eyes in 1980.

Mr. Conway also starred in the Dorf series of short videos as a sawed-off golf instructor, borrowing the accent his Mr. Tudball character used. He said Dorf was one of his favorite characters.

Mr. Conway, who was born on Dec. 15, 1933, grew up near Cleveland and after serving in the Army worked in Cleveland radio and developed comedy routines. — Reuters

RCBC to issue P5 billion in sustainability bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) is set to issue at least P5 billion in two-year peso-denominated sustainability bonds, the first of its kind in the country, with the proceeds to fund environmental and social projects.

In a disclosure to the local bourse on Wednesday, the Yuchengco-led lender announced it will offer a Peso ASEAN Sustainability Bond amounting to P5 billion, with an option to upsize.

The sustainability bonds carry a coupon of 6.15% per annum, and will be offered to the public from May 14 to 28, unless adjusted by the bank. They will be listed on the Philippine Dealing & Exchange Corp. on or around June 4.

“The bank is proud to pioneer another first in the Philippine capital markers after its issuance of green bonds earlier this year,” RCBC Senior Executive Vice- President and Treasurer Horacio E. Cebrero III was quoted as saying in the disclosure.

The fund-raising activity comes after RCBC announced last week the establishment of its Sustainable Finance Network, which serves as a guideline for sustainable financing instruments to fund loans and projects that have environmental and social benefits.

This will be the first debt note in the country to be issued under the Association of Southeast Asian Nations (ASEAN) Sustainability Bond Standards 2018.

“Proceeds from the ASEAN Sustainability Bond will go towards strengthening RCBC’s commitment to the sustainable initiatives of its customers,” Mr. Cebrero added.

In particular, the bank will use the bonds’ proceeds to fund the following projects: renewable energy, green buildings, clean transportation, energy efficiency, pollution prevention and control, sustainable water management, environmentally sustainable management of living natural resources and land use, affordable basic infrastructure, access to essential services, employment generation, affordable housing and socioeconomic advancement and empowerment.

“The bonds provide investors with a means to channel their investible funds towards projects with positive environmental and social impacts,” RCBC said.

The bank mandated ING Bank N.V.-Manila branch as the sole arrange for the issuance and sustainable structuring adviser for its sustainable finance framework.

In January, it raised P15 billion worth of 1.5-year green bonds under its green finance framework. Proceeds will be used to support RCBC’s expansion and initiatives in the green space.

The bank added that the sustainable bonds to be raised this month are in support of the Securities and Exchange Commission’s (SEC) thrust to develop the sustainable financing in the domestic market.

The SEC approved the guidelines for the issuance of social and sustainability bonds late last month under the ASEAN Social Bond Standards.

RCBC posted a P1.3-billion net income in the first quarter, up 15% from P1.1 billion booked in the same period in 2018.

Shares in RCBC closed unchanged at P26.20 apiece yesterday. — Karl Angelo N. Vidal

Tencent’s PUBG replacement ‘Game for Peace’ rakes in $14M in 72 hours

BEIJING — Tencent Holdings Ltd.’s alternative to its video game “PlayerUnknown’s Battlegrounds” (PUBG) in China became the world’s top-grossing mobile battle royale title on Apple’s iOS app store in the first 72 hours of its launch, research showed.

US app analytics firm Sensor Tower said on Friday that China’s App Store users had spent more than $14 million on “Game for Peace” through in-app purchases.

The Chinese video gaming leader shut down its test version of global blockbuster PUBG in China last week and shifted users to the similar, more patriotic video game that, unlike PUBG, has regulatory approval to generate revenue.

It had waited in vain for more than a year for approval to earn money on PUBG via in-app purchases, having given the gory, South Korean-made game a socialist makeover to meet stringent government rules.

Tencent did not immediately respond to requests for comment on Monday.

Sensor Tower also said the sum earned by “Game for Peace” over the first three days was approximately six times the total spent by users on PUBG in other countries where it is available to play. — Reuters

1...10,25410,25510,256...13,499Page 10,255 of 13,499
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube