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TDF yields up on RRR cut expectations

TERM DEPOSIT yields saw a slight uptick on Wednesday as the market anticipates the cut in lenders’ reserve requirement ratios (RRR) will come later.

The central bank received bids amounting to P74.465 billion for its term deposit facility (TDF) on Wednesday, lower than the P90 billion it wanted to sell.

This is also lower compared to the P96.435 billion the Bangko Sentral ng Pilipinas (BSP) received last week against a P80-billion offering.

Broken down, demand for seven-day papers amounted to P26.616 billion, falling short of the P30 billion on offer but beating last week’s P32.598 billion in bids for a P20-billion offering.

Rates for this tenor ranged from 4.25% to 4.65%, a slightly wider margin compared to last week’s 4.29% to 4.385% range. The average rate settled at 4.3589%, 2.66 basis points (bps) higher than last week’s 4.3323%.

Meanwhile, 14-day papers fetched bids totaling P23.07 billion, undersubscribed against the P30 billion the BSP offered. It was also below the P31.314 billion bids tendered last week against a P30-billion offer.

Banks sought returns ranging from 4.3% to 4.65% from the two-week papers, inching up from last week’s 4.3 to 4.545% range. The average rate was seen at 4.4391%, 2.52 bps higher than last week’s 4.4139%.

Meanwhile, the 28-day tenor attracted tenders worth P24.779 billion against the P30 billion on offer, also a decline from last week’s P32.523 billion worth of bids for the P30-billion offer.

Yields sought by lenders stood at between 4.37% to 4.65%, a wider band compared to last week’s 4.3-4.5140% range, bringing its average to 4.4577%, a 0.01 bp slip from than last week’s 4.4578%.

For Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines, Inc., “the current week is crucial for monetary policy and its stakeholders, like banks and other financial institutions.”

“One driver that may be important to point out is that a rate cut decision is still to be delivered this week (September 26), and the resulting consensus is to wait until a cut is delivered to maximize yields. Although not necessarily automatic in pre-monetary policy rate cuts, this can be a valid and potential driver for the said under subscription seen,” he said.

Meanwhile, Rizal Commercial Banking Corp. economist Michael L. Ricafort cited the BSP chief’s remarks on the timing of the cut in RRR.

“TDF auction yields were mostly slightly higher…after the latest signals from BSP Governor [Benjamin E.] Diokno that any cut on banks’ RRR on September 26, 2019 would be unlikely,” Rizal Commercial Banking Corp. Michael L. Ricafort told BusinessWorld in an email.

“The slight uptick in TDF yields and lower bids/appetite for the TDF auction may also have to do with the recent increase in local fuel pump prices, though global crude oil prices already eased and are just modestly higher,” Mr. Ricafort added.

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

Asked whether the monetary board will also move on bank RRR, Mr. Diokno said, “Hindi siguro (Maybe not)… pero yung RRR naman is always in the agenda (but the RRR is always on the agenda). Pwede naming i-announce ‘yun (We can announce it) anytime. Yung RRR walang definite schedule yan. (The RRR has no definite schedule),” he told reporters on Tuesday.

The Monetary Board policy meeting on Thursday could bear the announcement of a further slash in policy rates, amid the central bank chief’s hints.

The previous MB meetings held on May 9 and Aug. 8 paved way for rate cuts for overnight reverse repurchase (RRP), overnight deposit and overnight lending to 4.25%, 3.75% and 4.75%, respectively. — L.W.T. Noble

Realme targets to put up more concept stores in Davao malls

By Carmelito Q. Francisco
Correspondent

DAVAO CITY — Realme Philippines wants to put up a concept store in every mall in this city, with two of them targeted for opening before the end of the year.

Eason G. de Guzman Jr., Realme Philippines marketing lead, told BusinessWorld on Wednesday that the brand has been in discussions with mall operators for space allocation.

“Hopefully, this year (the two concept stores can be opened) as we still have three months. Our construction phase will just be one month,” Mr. de Guzman said.

At present, the brand has 26 kiosks in Mindanao, or standalone stores that measure about two meters by two meters. The models of the brand are also present in 4,500 stores nationwide, with 200 of them in the city.

It also has four service centers in Mindanao.

“Our approach really is into brick and mortar,” Mr. de Guzman said, so that when buyers look for phone models, the store can immediately show these as the brand’s “inventory is really healthy.”

He added that the company has also implemented a marketing strategy to connect with its niche market.

“What we are doing right is an unorthodox promotion of the brand,” Mr. de Guzman said, noting that it has partnered with Mobile Legends, a mobile online game, so it can connect with gamers.

Based on data from Realme, the game has about one million users in the Philippines — a big chunk of the mobile phone market — with about seven million constant users daily playing games while commuting or in their leisure time.

To convince gamers, Mr. de Guzman said the brand allows them to try its smartphones so they can see their gaming capability. He noted that Realme’s phones are also affordable when compared with other top brands in the market.

Mr. de Guzman and other Realme officials were in the city to introduce its new quad-camera phones, the Realme 5 and Realme 5 Pro.

1st Camiguin Dive Fest attracts international divers

THE first Camiguin Dive Festival — an initiative of the Camiguin Provincial Government and the Department of Tourism-Region 10 — registered over 500 dives from dive groups from Manila, Batangas, Cebu and Bohol, as well as foreign enthusiasts from Spain, Japan, Sweden, Finland, Australia, Korea, Russia and the United Kingdom.

Located off northern Mindanao mainland, it has 20 top dive sites including the Mantigue Island Nature Park, a marine sanctuary surrounded by a drop-off reef, and Old Volcano which has a spectacular canyon.

A highlight of the two-month festival was the Underwater Photography Competition topped by Peter Gosling and Lauren Hubbard, who bested other contestants in the wide angle in macro categories, respectively. Both are from the United Kingdom and hosted by Black Beach Divers.

Jo Nathaniel Yasay of Scuba de Oro placed second in the wide angle, along with Daniel Dominic Calo of Ajis Camiguin Adventures in the macro division. In third place were Jeffrey Ong of Ajis Camiguin Adventures and Edgar Alan Zeta Yap of Black Beach Divers in the wide angle and macro categories, respectively.

Judging the competition were underwater photographers Penn Delos Santos, Ram Yoro, and Ramon Suijo, and Philippine Commission on Sports Scuba Diving commissioner Bo Mancao.

With its powdery beaches, waterfalls, and hot and cold springs, diving is another compelling reason to come to Camiguin for the forthcoming 40th Lanzones Festival which will be held from Oct. 20-27.

Fruitas banks on consumer familiarity for IPO success

FRUITAS Holdings, Inc. is unfazed by the number of companies going public at the same time as its initial public offering (IPO), confident that Filipino consumers’ familiarity with its products will translate into IPO success.

Officials of the operator of beverage kiosks such as Buko ni Fruitas, Johnn Lemon, and Black Pearl said the list of IPO hopefuls this year only illustrates the vibrancy of the stock market.

“Ito na ang panahon, ayaw na magpapigil eh. Walang problema na marami kaming kasabay, kasi ibang industriya naman,” Fruitas Founder and Chief Executive Officer Lester C. Yu told reporters in Makati on Tuesday.

The company’s tentative timeline for its IPO’s offer period, set from Nov. 18 to 22, will follow that of Taiwanese firm Cal-Comp Technology (Philippines), Inc.’s P10.67-billion maiden offering that will run from Nov. 4-11.

It will directly coincide with Metro Pacific Hospital Holdings, Inc.’s IPO, which hopes to raise up to P83.3 billion.

“This will encourage more people to look at us. It’s a different industry, for us the connection with the consumers is more direct,” Fruitas Chief Financial Adviser Calvin F. Chua told reporters in the same event.

Fruitas looks to raise up to P1.2 billion from the issuance of up to 602 million shares at up to P1.99 each. The fresh capital will be used to finance its store expansion over the next two to three years.

Mr. Chua said they want to put up 150 to 250 stores annually until 2022, in addition to its current network of 949 stores in the country. They will also add two food parks in Metro Manila and in Luzon, to complement their two existing food parks in Quezon City.

Aside from building more stores, Mr. Yu said they are also ramping up their institutional business. For instance, its roasted pig brand Sabroso Lechon already serves some hotels, while at least 50 Andoks stores and supermarkets now carry their buko juice and calamansi juice brands.

“We continue to look for the same deals,” Mr. Chua said, noting that this will help them bring down operating expenses as opposed to building actual stores.

Fruitas also wants to strengthen its delivery business, with Mr. Yu saying that part of the plans for the IPO is to get up to 80 vehicles for its logistics network, in addition to at least 40 trucks they currently have.

For now, the company offers delivery services for Sabroso Lechon and coconut water brand 8 Coco.

Asked for his outlook on growth, Mr. Chua said the factors that boosted their performance in the past remain.

“All the factors are still there, the growing middle class, rapid urbanization. We’re able to locate in locations with foot traffic like terminals, hospitals, schools. The economy is really vibrant,” Mr. Chua said. — Arra B. Francia

Hacking of bank systems a form of ‘economic sabotage’ under new law

PRESIDENT Rodrigo R. Duterte has signed a law declaring the hacking of banking systems as a form of economic sabotage, and imposing stiffer penalties on those who hack bank accounts and conduct credit card, automated teller machine (ATM) card, and debit card fraud.

Mr. Duterte on Aug. 28 signed Republic Act (RA) No. 11449, which amends RA No. 8484 or the Access Devices Regulation Act of 1998. Copies of the law were released to reporters on Wednesday.

Section 1 of the law reads in part: “[T]he commission of a crime using access devices is a form of economic sabotage and a heinous crime and shall be punishable to the maximum level allowed by law.”

Access devices, as defined by the law, include any “card, plate, code, account number, electronic serial number, personal identification number or other telecommunications service, equipment or instrumental identifier or other means of account access that can be used to obtain money, good, services or any other thing of value or to initiate a transfer of funds (other than a transfer originated solely by paper instrument).”

Prohibited acts, as enumerated under the Section 9 of the law, include the skimming of ATM cards, hacking banking systems and counterfeiting of credit or debit card.

Under the new law, one found guilty of hacking a bank’s system, skimming of at least 50 ATM cards or online banking accounts, which constitutes “economic sabotage,” will face life imprisonment and P1-5 million fine.

The previous law imposed only P10,000 or twice the value obtained through the offense and six to 20 years of imprisonment for access device fraud.

The new law states that possession of at least 10 counterfeit access devices and/or unauthorized access devices which was used to access at least one account will warrant a fine of at least P500,000 and imprisonment of 12-20 years.

The law defines counterfeit access device as a card, plate, code or account number, among others, “that is counterfeit, fictitious, altered or forged, or an identifiable component of an access device or counterfeit access device or any fraudulent copy or reproduction.”

Those found in possession of 10 or more counterfeit access devices — even if they were not proven to have accessed any account — will face six to 12 years imprisonment and P300,000 fine or twice the equivalent of the aggregate amount of all affected bank accounts, whichever is higher.

Those using fraudulent credit cards will face four to six years imprisonment and a fine equivalent to twice the value obtained.

Those who used even just one counterfeit device or possessed device-making or altering equipment face 10-12 years jail time and P500,000 fine or twice the value obtained, whichever is higher.

The law further states that a penalty amounting to P800,000 or twice the value obtained, whichever is higher, and a jail term of 12 to 20 years will be meted against individuals who committed any offense under Section 9 of RA 8484, “which occurs after a conviction for another offense under the same section, or an attempt to commit the same.”

The new law, which takes effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation, directs banks to submit real-time reports on access device fraud incidents to the National Bureau of Investigation and the Anti-Cybercrime Group of the Philippine National Police.

The law had originated from the House of Representatives as House Bill No. 6710 in February last year. The Senate approved the bill on final reading with 20 affirmative votes and no negative ones on June 3 this year.

The Bankers Association of the Philippines (BAP) said it supports the new law, which protects their clients and provides remedial measures to help attain speedy conviction against offenders.

“The unabated activities of these criminals will not only result to loss of money but likewise cause distrust to the financial institutions. In both instances, the damage is beyond pecuniary estimation as it will destabilize the economy,” the BAP said in a statement.

“The relatively lighter penalties and fines as well as the vagueness in elements of the crime in the old law have been adequately addressed by these amendments. These amendments illustrate Congress’s deep appreciation of fraud and cybersecurity threats that this important legislation will effectively address,” the BAP added. — Arjay L. Balinbin

Fujifilm instax mini LiPlay

By Bettina V. Roc
Associate Editor

FUJIFILM’S new instax mini LiPlay is the latest in its line of hybrid instant cameras. Like Fujifilm’s first hybrid instant camera, the instax Square SQ10, and its predecessor, the SQ20, the LiPlay does away with the optical viewfinder found in most instax cameras and instead lets users to frame and review their shots via an LCD screen. Aside from digital images, however, the LiPlay also comes with the ability to capture audio — perhaps for all those times you wished your still photos had sound so you could relive moments more vividly (Harry Potter, anyone?).

The instax mini LiPlay retails for P9,999. It comes in three colors: stone white, elegant black, and blush gold. Fujifilm said the LiPlay is the smallest and lightest in the history of the instax series.

And the camera is indeed compact and lightweight. At just 255 grams without film, I hardly felt the added weight when I brought it along in my usual work bag. Holding it with one hand is possible, although operating it single-handed is another matter altogether and will take some getting used to.

Loading film into the camera and setting it up is simple enough. Once I figured out how to navigate through the menus, using the camera was easy. The lack of a physical viewfinder was a little disconcerting at first, but how the LiPlay’s 2.7-inch LCD screen allows you to accurately compose a shot — complete with previewing the exact exposure — is more than enough to make up for that loss. Granted, the display isn’t high-quality, but it does the job.

I found the LiPlay’s ability to take digital images most useful when taking photos without flash (for example, when taking shots of pets). There’s also that leeway to shoot now, print later (yes, you can take photos even without film), which is a plus if you’ve run out of film or if you’re saving your prints for the really good shots — because let’s admit it, instax film isn’t cheap. And since you only have 10 exposures available at a time per mini film cartridge, being able to review and choose which ones to print is a nice feature, especially for casual users, even if some might argue that the beauty of the instax is in the instant gratification of seeing a printed photo just a few seconds after it’s taken.

The digital photos taken via the camera’s 1/5-inch CMOS sensor and glass lens aren’t of stellar quality, unsurprisingly. I saved some shots into the microSD card that came with the review unit and transferred them into my laptop, and the quality was reminiscent of my shots from my first digital camera many years ago. Still, this is understandable as the shots are meant to be printed on film. When printing shots straight from the camera, the results were the usual high contrast photos the instax is known for. There are filters and frames available in-camera and via the LiPlay app, but to be honest, I didn’t find much use for them. It’s also missing some features of other instax cameras in its price range, like the double exposure or close-up shooting modes, but at least you can adjust exposure in-camera.

Meanwhile, the LiPlay also allows users to print photos from their mobile phones using the camera via Bluetooth — basically like Fujifilm’s instax Share printers, except those are connected via WiFi. This can be done via the LiPlay app, which also offers remote shooting. The direct print option is a convenient feature, although cropping photos from my phone to print on film was a bit challenging. Photo editing isn’t available in the LiPlay app, too, which is a shame.

As for the LiPlay’s selling point — the ability to record audio — I can imagine a few instances where this could work, but the execution of the feature is a little tedious. You have to press the mic button in front of the camera before you take a shot (take note that you can’t do it belatedly), and audio is recorded 10 seconds before and after you press the shutter. This clip can be played by scanning the QR code which will be printed on the photo. The recording is stored for one year from the time it’s uploaded to the server together with its linked photo image via the LiPlay app.

The LiPlay has a built-in lithium ion battery which can be charged via micro USB. Fujifilm says its battery life is good for about 100 prints. I had the review unit which came with film good for 30 prints for about two weeks and only charged it once, even if I was also constantly shooting without printing.

Overall, for its retail price of P9,999, the instax mini LiPlay is a camera and printer in one packed with mostly useful features. This isn’t for those looking for quality images and certainly not for film purists — it’s for those simply looking to capture random and not-so-random moments of their lives, with the added fun of printing it on wallet-sized film and yes, with audio if you will.

Farm Tourism to benefit farmers and fisherfolk

DEPARTMENT OF TOURISM (DoT) Secretary Bernadette Romulo-Puyat cited farm tourism as a “catalyst” for sustainable tourism and inclusive development, not that the Implementing Rules and Regulations (IRR) of Republic Act 10816, titled “Farm Tourism Development Act of 2016,” have been released.

Speaking at the Farm Tourism Summit this week, the tourism chief stressed the role of Farm tourism, one of her priority programs.

“We at the DoT are looking forward for Farm Tourism to serve as a catalyst for greater sustainability; we know that we can now pursue it properly, guided by the IRR. Farm Tourism holds the promise of food sufficiency and additional income for our tourism stakeholders, including farmers, farm workers and fisherfolk. After all, gainful employment, enhanced productivity and sustainable livelihoods are what tourism is really all about,” said Ms.Puyat.

The DoT has accredited 174 Farm Tourism sites across the country, 31 of which are in Calabarzon (Region IV-A). Ms. Puyat expects the numbers will continue to rise as the demand for “low-impact tourism” increases with the completion of the Farm Tourism Strategic Action Plan (FTSAP) this year.

Meanwhile, the City of Parañaque recently held an Urban Farm Tourism Workshop with the International School of Sustainable Tourism in Silang, Cavite, a three-day course based on the Farm Tourism Development Act of 2016.

Eastern targets nationwide coverage by next year

By Denise A. Valdez, Reporter

INTERNET provider Eastern Communications is targeting to reach nationwide coverage next year, as it starts the rollout of its network in the southern part of the country by the fourth quarter.

Aileen D. Regio, co-coordinator of Eastern’s executive office, said yesterday the company wants to expand its presence outside Metro Manila and neighboring regions.

“We will start expansion at the latter part of the year, so that next year, services will be available as far as Davao,” she told reporters at a media briefing in Pasay City.

The company is specifically targeting “next-wave cities”—information and communications technology (ICT) investment destinations — namely Davao City, Cagayan De Oro, Iloilo, Bacolod and Dumaguete.

“We can start the rollout by October or November, then we should be able to sell early part of next year,” Ms. Regio added, noting the company has already deployed teams that are surveying and doing initial work in the identified locations.

Ramon Nonato C. Aesquivel, Jr., Eastern co-coordinator, said the company may breach its P850-million allocation for capital spending this year due to its increased investments on network expansion.

“We should be able to reach close to P1 billion because of the aggressiveness of the expansion that we’re undertaking,” he said.

Eastern currently has around 10,000 subscribers for its internet connectivity services from across enterprise and consumer customers. It is present in the National Capital Region, Regions 3 and 4, and Cebu.

Aside from improving its broadband network, Eastern is also looking to grow its ICT solutions business by adding new products and services targeted at enterprise customers.

The company launched yesterday cloud services and cyber defense products in partnership with Swiss firm CloudSigma Holding AG and Canada-based DOSarrest Internet Security Ltd.

Ms. Regio said the new products are in line with the company’s goal of expanding its ICT solutions business to account for 40% of Eastern’s revenues by next year.

“We’re forecasting a considerable amount of our business plan for 2020 hinged on some of these new products and services… We’re targeting around 40% of new business to come from all the ICT solutions services,” she said.

Mr. Aesquivel noted the ICT solutions business currently contributes less than 10% to Eastern’s total business, and the decision to improve it is driven by the digital transformation that companies are continuously undertaking.

“We’re focusing now on managed services because that is the trend going forward. We see the demand growing exponentially, that’s why we’re investing in this infrastructure so that we can help our customers better,” he said.

Eastern posted a net income of P906 million last year, higher by 34% from a year ago, driven by its network expansion and increasing number of small- and medium-sized enterprise customers.

Thai central bank holds key rate, lowers 2019 growth forecast

BANGKOK — Thailand’s central bank left its benchmark interest rate steady on Wednesday, as expected after last month’s surprise cut, but lowered its forecast for 2019 economic growth and predicted that exports will contract.

The Bank of Thailand (BOT)’s monetary policy committee voted unanimously to keep the one-day repurchase rate at 1.50%.

In August, the committee cut the rate a quarter point, the first easing since 2015.

In a Reuters poll, 13 of 20 economists predicted no policy change.

The BOT now predicts 2019 economic growth of 2.8%, rather than the 3.3% seen three months ago. It expects exports to contract 1%, compared with no growth seen earlier.

In 2018, Southeast Asia’s second-largest economy expanded 4.1%, the most in six years. — Reuters

Samsung Display plans $11 billion investment in South Korean LCD plant: report

SEOUL — Samsung Display plans to spend 13 trillion won ($11 billion) to upgrade a South Korean liquid crystal display (LCD) plant so it can manufacture more advanced screens, Yonhap news agency reported on Tuesday.

Samsung Display, a unit of Samsung Electronics Co Ltd and an Apple Inc supplier, will announce the investment next month, Yonhap said, citing unidentified industry sources. It did not mention a timeframe for the investment.

A spokeswoman for Samsung Display, which operates two LCD production sites in South Korea and one in China, said nothing had been decided on its future investment plans.

South Korea’s panel makers have been struggling to cope amid slower LCD demand for TV and smartphones as well as rising competition from Chinese rivals and a shift by major clients to organic light emitting diode (OLED) panels.

In August, Samsung Display said it was looking at suspending one of its South Korean LCD production lines due to a supply glut.

LG Display last week announced a voluntary redundancy program for domestic production line employees amid mounting financial losses.

Samsung Electronics has said it spent 500 billion won on its display business during the April-June quarter. — Reuters

Here come the Wheat Whiskies

ALL WHISKEY is made from grain, but in the US, we tend to reserve our wheat supply for bread and breakfast cereal, not spirits. Which is a shame, because when used in a whiskey mash bill, wheat adds a unique, fruity sweetness and a subtle spicy flavor profile. It’s what Bill Samuels added to the Maker’s Mark recipe back in the 1950s to distinguish it from other bourbons, and it was such a hit that it hasn’t changed at all since. Some say the wheat ingredient is what draws fans to Pappy Van Winkle bourbons from Sazerac Co.’s Buffalo Trace, those highly allocated, semiannual releases at 12-, 15- and 23-year age statements that draw an annual frenzy — and attention from bandits. And it’s what disappointed drinkers look for in other, less elusive bourbon bottlings if they can’t find it.

American whiskey sales in 2018 rose 6.6%, or $224 million, to $3.6 billion worldwide, according to the Distilled Spirits Council. However, unlike “wheated” whiskeys such as Pappy or Maker’s, wheat whiskey has accounted for only a tiny fraction of that figure. That could be changing. Straight wheat whiskey contains 51% or more of wheat in its mash bill, as 51%-plus corn is to Kentucky bourbon and rye is to, well, rye.

Brown-Forman Corp.’s Woodford Reserve is no stranger to experimentation, but it’s taken decades for the distillery to come around to making a wheat whiskey. This summer, Woodford Reserve debuted its first straight wheat whiskey, simply known as “Wheat” (45.2% alcohol by volume, $35), as a permanent part of the brand’s portfolio. It contains 52% wheat, 20% malted barley, 20% corn, and 8% rye in its mash bill.

“Coming out of Prohibition, the federal government provided guidelines for four types of American whiskey — bourbon, malt [barley], rye, and wheat,” says Woodford Reserve master distiller Chris Morris. “We wanted to honor all four expressions, and we now have all four in our permanent family of Woodford Reserve brands.” (The others are a straight bourbon, a straight rye, and a straight malt.)

Morris says the whiskey serves to round out the range of characteristics available among all the Woodford spirits. “Double Oaked [bourbon] is sweet. Rye is spicy. Malt is nutty. And Wheat is fruity.” Morris also notes that because so few straight wheat whiskeys exist on the market, he sees a competitive edge to this portfolio addition. Until now, the best-known bottling of American straight wheat whiskey has been Heaven Hill’s Bernheim brand, and even that recently got a makeover (more on this below) to bring it more on trend.

The difference is noticeable on the palate right away. Not only is the whiskey fruity, as Morris describes it, but it also has a soft, creamy mouthfeel, unlike many typical American whiskeys. It tastes like a boozy, liquid version of hot cereal (yes, you could say Cream of Wheat) topped with stewed apples and fresh bananas, rounded out by a puff of charcoal flavor from the new charred oak barrels the whiskey is aged in.

Bartender Steven Wicker of Sweet Liberty in Miami says he appreciates the softness of wheat whiskey in cocktails. After tasting the Woodford Reserve Wheat, for example, he says, it would be a good “gateway” whiskey for someone who isn’t used to the more robust characteristics of traditional bourbon or rye. “I would reach for the WR Wheat to sub it out as base in traditionally boozy, whiskey-based cocktails (Old Fashioneds, Manhattans, etc.) because it would mellow out some of the harsh tones customers may not be accustomed to having yet.”

Wheat whiskeys in general have less sweetness than corn-based whiskies and are less floral and spicy than a rye, echoes Sweet Liberty’s bar manager, Fraser Hamilton. On mixing: “I think it goes with fall fruit flavors — apples, pears, some darker stone fruit. It gives cocktails that toffee, dark burnt-sugar complexity.”

Some wheat whiskeys on the market contain 100% wheat, while others opt to include it as the dominant grain in the mash bill. It’s worth experimenting with a few, both neat and in cocktails, to discover which one works best for individual palates.

WHEAT WHISKEY
BOTTLE-BUYING GUIDE

• Bernheim Original Kentucky Straight Wheat Small Batch. Previously released as a no-age-statement spirit for decades, this OG straight wheat has carried a seven-year age statement since 2014, and this year, gets new packaging. Named for Woolfe Bernheim, the 19th century founder of Bernheim Distillery in Louisville, Ky., and now owned by Heaven Hill Distilleries, Inc., the liquid is aged in Nelson County rickhouses and is noticeably more robust and spicier than the Woodford recipe. Try it in a terrific Manhattan variation. 45% ABV, $35

• Dry Fly Straight Washington Wheat. Based in Spokane, Wash., Dry Fly Distilling goes all-in on the wheat front, using 100% locally sourced winter wheat, then aging the distillate a minimum of three years in oak barrels with a medium char. There’s a marshmallow-like sweetness to it, with a hint of espresso bean in the finish. 40% ABV, $45

• Breuckelen 77 NY Wheat. Another 100% wheat whiskey — this time with grain grown in upstate New York, then distilled in Brooklyn and aged in new American oak for one to two years. The whiskey is hot and sweet, with cinnamon toast aromas and maple syrup on the palate, ending with a spicy pepper jam kick. 45% ABV, $44

• Journeyman Whiskey Buggy Whip Wheat. The Featherbone Factory in Three Oaks, Mich., manufactured two of the biggest necessities of the late 19th century — corsets and buggy whips. Now repurposed as a distillery, its 100% Michigan-grown wheat whiskey is far more au courant. The grain is hand-milled and distilled on site, then aged for an undisclosed amount of time in new oak barrels from Minnesota. For those who enjoy the kind of bracing whiskey cinematically portrayed in Old West saloons, this big kicker is the one for you. 45% ABV, $50

• Starward Two-Fold Double Grain Whisky. Australia has been going through a craft spirits boom similar to that in the States. This new release from the Melbourne distillery comprises 60% wheat whisky and 40% single malt whiskies — for a 60-40 wheat-to-malted barley blend — that are distilled and matured separately on site in Australian red wine barrels before bottling. Warm and comforting flavors of baked orchard fruits are swathed in vanilla, with a black tea and pie spice finish. It’s available in 35 US markets for now, with a bigger launch coming this fall. 40% ABV, $33 — Amanda Schuster, Bloomberg

Waterfront to continue fighting SSS in 20-year-old claim case

GATCHALIAN-LED Waterfront Philippines, Inc. (WPI) plans to appeal before the Supreme Court the P840-million claim of the Social Security System (SSS) against the company and two other units.

“WPI will move for the reconsideration of the Decision or elevate the matter to the Supreme Court,” the company said.

The case, which also involves listed firm Wellex Industries, Inc. and The Wellex Group, Inc., started when WPI secured a five-year loan from SSS worth P375 million in 1999 to complete its network of Waterfront hotels. The company’s loan obligations rose to P605 million in August 2003, including penalties and interest.

SSS then executed a foreclosure proceeding on WPI’s properties since the company was considered in default with payments.

Unable to pay the loan, SSS sued the Gatchalian group for its inability to settle payments.

The Quezon City Regional Trial Court (RTC) in a decision dated Jan. 13, 2015 declared the contract of loan and related mortgages entered into by WPI and SSS null and void, enjoining the company to return the principal amount of the loan worth P375 million. The state-run fund was also directed to return WPI’s titles and documents which were held as collateral.

The Court of Appeals, however, reversed the RTC decision last month, ruling that the “contract of loan with real estate mortgage and assignment of shares with option to convert to shares of stock” in 1999 was valid. It then ordered WPI to settle P841.57 million due to SSS as of April 30, 2010.

The amount will earn the interest and penalty charges as stated in the 1999 contract, until the decision has been made final.

WPI saw its net income attributable to the parent drop by 19% to P187.59 million in the first six months of 2019, after gross revenues declined five percent to P948.26 million.

Shares in WPI closed flat at 70 centavos each at the stock exchange on Wednesday. — Arra B. Francia

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