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Cravings focuses on family as it turns 30

THERE’S nothing quite like a Sunday lunch with the family, and for the 30th anniversary of Cravings in Katipunan, promos and new serving sizes are going to make you run out of excuses to miss it.
For P500, one can have a pass for unlimited salad, pasta, soup, coffee, and dessert. Separate entrees and mains such as Pork Schnitzel with Chive and Potato Salad, Rib Eye Steak with choice of fries and rice are also up for grabs. Meanwhile, the serving sizes of some dishes have been increased, to foster family-style sharing.
As for the family-style promos, Pia Guerrero Trinidad, a granddaughter of Cravings Group founder Annie Guerrero, and therefore a member of the family’s third generation in the industry, says that it was a matter of observing which dishes people valued the most. “We realized that they’re families, or groups; not really [always] blood families, but friends that come and dine family-style.
“It’s only this year that we realized that we have to gear everything towards family; even the way we serve food,” she said.
Ms. Trinidad’s mother, Badjie Guerrero-Trinidad, currently sits as CEO of the company. The company has since evolved from one restaurant in Katipunan, to several branches and several brands, including Where’s Marcel?, C2 Classic Cuisine, B&P, and Mas Tapas and Cocktail Bar. Asked how the company has lasted 30 years and even thrived, Ms. Trinidad said, “Really: passion and resilience. Especially from my mom and grandmother.” She recalls that her mother and grandmother used to check every plate that came out of the kitchen, and every plate that came back in: if something was not finished, and therefore may not have pleased the customer, they would ask that table how they could improve on the dish.
Cravings started in the kitchen of Ms. Trinidad’s grandmother, Annie Guerrero, who used to teach cooking and make pick-up platters for her neighbors. After an evening where they took an assignment to cater for 1,000 people, they decided to set up a restaurant and a catering business.
From Ms. Guerrero’s initial foray into the kitchen, Ms. Trinidad said that her family saw something lacking in the kitchen, where there were not enough skilled chefs in theirs, and in many kitchen across the nation. They then partnered with a culinary school in Canada, and set up the Center for Culinary Arts (CCA), arguably the family’s greatest contribution to the country’s culinary scene.
“Before CCA opened, people weren’t really confident that they could become chefs without going to Switzerland or the States, and getting that certificate,” she said. “When CCA opened, it gave birth to a lot of many famous chefs that we have now.”
That, to her, is how the lone restaurant in Katipunan changed the culinary scene in the country. “Through CCA, I think; that’s the biggest impact. CCA has empowered cooks to become, and to call themselves chefs.” — Joseph L. Garcia

Mobile game sparks #NotMyDiablo outrage

ACTIVISION BLIZZARD Inc. shares were hammered as video gamers took to social media to criticize a new mobile game that they say failed to live up to the storied franchise.
The new “Diablo Immortal” mobile offering fell short of some fan expectations for the popular desktop games. Players lashed out on Twitter and in the comments section of the YouTube trailer with the hashtag, #NotMyDiablo. There’s even a petition on change.org to cancel the launch that has over 31,000 supporters. Activision sank as much as 7.2%, on track for its lowest close since January.
“I’m not against having a mobile game too, but not INSTEAD of a PC game, We’ve been waiting for far too long for another Diablo 3 expansion or better yet, Diablo 4,” signed one petitioner. While another called it an “absolute slap in the face of all the fans who stuck with blizzard through the mess that was diablo 3 , hoping that we’d finally get a good diablo game.”
The criticism stands in contrast to sell-side analysts that applauded the company’s efforts and defended its rationale.
“Diablo was supposed to be Blizzard’s first shot on goal into the big global mobile game market,” Jefferies analyst Timothy O’Shea wrote noting the criticism from Blizzard’s PC fanbase. “Games like these attract large, harder core mobile audiences in Asia and the Diablo franchise is popular in the US, China, Europe and Korea,” he continued.
The video game’s trailer on YouTube racked up more than 2.9 million views in the last three days, however more than 431,000 viewers elected to dislike the video compared to 16,000 likes. Comparatively, video-game rival Take-Two Interactive Software Inc.’s recent smash hit Red Dead Redemption 2 notched more 16 million views for its trailer since its release, while recording less than 10,000 dislikes.
Activision Blizzard representatives didn’t immediately respond to voicemails seeking comment.
The announcement comes shortly after the debut of “Call of Duty: Black Ops 4,” which was released in October and posted initial sales figures that appeared to fall short of some analyst expectations, while others were more bullish on strong engagement trends.
Morgan Stanley’s Brian Nowak suggested “Diablo Immortal” could eventually have more than 200 million monthly active users, and that it could generate annual earnings of as much as $2.52 a share.
Wedbush, one of 20 sell-side firms that carry a buy-equivalent rating and also holds a Street-high 12 month price target of $100, estimated the game could contribute annual revenue of up to $300 million after its roll out, and that it “should expand the franchise’s audience to hundreds of millions of players.”
The partnership with NetEase, analysts added, “signals that Blizzard seeks success in western and eastern markets, with gameplay elements for core enthusiasts and the previously-uninitiated.”
“We expect Activision Blizzard to outpace its peers with its in-game monetization, and expect dramatic growth in its mobile business as it launches new titles based upon its successful PC and console games,” Wedbush wrote. — Bloomberg

Looking at Old World vs New World wines

IN THE wine world, there is an almost unwritten dichotomy. On one end, we have the Old World wines, and on the other end, the New World wines. Old World refers to countries which were into serious wine production for centuries and centuries already (yup, even during the time BC as history would say).
The first vintners were said to be the Phoenicians and the Greeks. The Phoenicians’ influence in Europe included the triumvirate of what is modern day Italy, France, and Spain — the countries at the forefront of some of the oldest and most traditional wine production. Other Old World wine countries include Germany, Portugal, Austria, and Hungary. A lot of pride and legacy already exist in these wines, and their vineyards and wine regions are already old and tested.
New World, on the other hand, refers to wine-producing countries that have only been into serious wine production in the last century or less. While there were already wines produced in these “new world” countries way back in the past, these wines were more for small domestic consumption and of lesser quality. South Africa, for one, has a wine history dating back to the 17th century when Cape Town founder Jan van Riebeeck, a Dutch colonial administrator, reportedly bottled the first wines from this country as early as 1659. Another example is the United States — it was only after the repeal of Prohibition in 1933 that the Americans started planting more vines and improved their winemaking. Now, the US is solidly the 4th largest wine producing country, just behind Italy, France, and Spain. Aside from South Africa and the United States (around 90% of its wine is still from California), other New World wine countries are Australia, New Zealand, South American countries of Chile and Argentina, and even China — which is growing exponentially in terms of vine planting.
Much more than the historical difference in length of serious wine production between the two divisions, there are other general differences between what is Old World wine, and what is New World wine. Below are some of the more salient ones from my point of view:
• The concept of “terroir”: The Old World makes wine from what in French is known as terroir — a difficult word to get an exact English translation for, because it refers to the land, soil, temperature, altitude, coastal influence, growing conditions — all rolled into one. The terroir is different from one region to another, even if similar grape varietals are used. It basically means that every centigrade difference in temperature, every variation in soil composition, rain drops, and other details can alter the quality of grapes, and thus, its finished product — the wine. Terroir cannot be manufactured nor disguised and takes the form of what nature gives to a particular region at a particular vintage year. On the other hand, irrigation systems in support of natural rain, soil transfer, re-cultivation, and other scientific modern methods are used in the New World to create the most ideal vine growing conditions — no longer terroir or “natural” in its purest sense. Vintage is therefore super important when it comes to Old World wine regions.
• Winemaker: Note that there may not even be a term “winemaker” in Europe. The closest term to a winemaker in Europe is a “vigneron” or “viticulteur” — terms that refer more to vineyards than the process of turning grapes into wines. This is because the Old World believes that wine is made by the vineyards, not by winemakers who intervene in the process. On the other hand, winemakers are major influences in the New World. And it makes perfect sense. To overcome the tradition of its Old World counterparts, the New World needed modern winemaking skills to offset whatever inherent advantages the Old World has. Winemakers have within their powers to adjust the wine mix as they see fit. Methods like chaptalization (adding of grape sugar) and acidification (adding of tartaric acid) are pretty much within the manipulative scope of a New World winemaker. Winemakers can salvage a grape harvest from vineyards in bad vintages, and impose their wine style on the finished product. While Old World wine is “made by the vineyards,” New World wine is made after the grapes are harvested from the vineyards, and is “made by winemakers.” It also does follow that 1st growth Chateau Margaux in the Margaux AOC subregion of Bordeaux France will still be very much an amazing wine, even if the vigneron/wine-maker of the estate leaves for another Chateau, as the terroir will remain superior to others, and their wines will continue to be patronized at the highest price levels. On the other hand, a New World winemaker may leave a winery in Napa California, for example, and take with him his award-winning style of winemaking, and show up in Sonoma to create another masterpiece in this neighboring Californian wine region. That is why New World winemakers are highly paid, because of their craftmanship, winemaking skills, and ability to create from given raw materials (vineyards in particular).
• Highly Regulated: In the Old World, there are more governing laws or rules to comply with, including, those on demarcated vineyard area, allowed grape varietals, harvesting, production yields, winemaking methods, and wine labeling. These are monitored by the Regulatory Council of the different wine regions. For example, when it comes to varietal composition, in Bordeaux only the following five grape varietals are allowed in their red wine: cabernet sauvignon, merlot, cabernet franc, malbec, and petit verdot — though malbec is already almost obsolete now. In Rioja Spain, only the native grapes tempranillo, garnacha, mazuelo, and graciano are allowed in making a red Rioja wine, and so on in many Old World wine regions. This same dictated varietal limitation is not applicable in the New World. In fact, pinot noir grapes can be planted side by side with syrah and cabernet sauvignon in Chile, Argentina, or any New World vineyard, and wines can be made from any of these grapes, blended or single varietal at any vintage. This is the case because Old World wines have so much legacy and history (given centuries of existence), and no longer experiment on which varietal grows on which terroir, unlike the New World, where you still hear about wineries uprooting certain varietals in exchange of others in order to find the right varietal fit for the vineyards.
• Classification by Region — or what we term appellation: This is the Old World way of classification. It is called Appellation Origine Controlee (AOC) in France, Denominazione di Origine Controllata (DOC) in Italy, Denominacion de Origen (DO) in Spain, etc. These are all collectively part of the European Union (EU) general categorization of wine called Quality Wines Produced in a Specific Region (or QWPSR ). Amongst the more popular regions are Bordeaux, Champagne, and Bourgogne from France; Chianti, Asti, and Barolo from Italy; Rioja, Cava, and Sherry from Spain; Oporto from Portugal; and Rhine from Germany. In the New World, there are also regional names, similar to the American Viticultural Area (AVA) in the US, or the Geographic Indication (GI) in Australia, but the stage of regional classification in the New World is very much at its infancy, relatively speaking, and it would still take a while before these New World regions command the same quality statement their Old World counterparts manifest by mere regional name alone.
• Classification by Varietal: This is the New World way of classification. Cabernet Sauvignon, Chardonnay, Merlot, Syrah or Shiraz, Zinfandel, Sauvignon Blanc are just some of the most common varietals we see in wine labels. Varietals are a natural way of labeling wine when the New World has not much heritage to start with. Imagine, a wine that simply says Napa, Sonoma, or Barossa — these wines won’t be commercially viable given that Napa means nothing without a varietal. Unlike, say, an Old World region such as Barolo. Barolo is a long established Italian DOCG Denominazione di Origine Controllata e Garantita, and people in the know would associate it with the grape varietal nebbiolo — the only allowed grape varietal under legislation in this wine region in Piedmont. On the other hand, varietal names make it viable for New World wine consumers to know what to expect inside the wine bottle.
The author is now a proud new member of UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, and other wine-related concerns, e-mail the author at protegeinc@yahoo.com. He is also on Twitter at twitter.com/sherwinlao.

Nintendo’s Switch struggles to keep up with Sony’s older PS4

THE FIVE-YEAR-OLD PlayStation 4 is delivering more energy — and profit growth — for Sony Corp.’s business, when compared with Nintendo Co.’s much-newer Switch.
Quarterly figures from the two video-gaming rivals showed that Sony is benefiting from its best-ever console cycle, while Nintendo is struggling to expand sales of its play-at-home-or-on-the-go machine. Sony boosted its operating profit forecast yet again, results last week showed, while Nintendo missed estimates and kept its outlook intact.
Game machines tend to follow a predictable cycle of accelerating growth, price cuts and retirement. But Sony is breaking that pattern with a strong collection of gaming titles for the holiday shopping season, including homegrown hit Spider-man, that’s setting up the PlayStation 4 for its best-year ever. Without a fresh crop of new gaming titles and only one planned for the holidays, Nintendo kept its forecast for 20 million Switch shipments unchanged for the fiscal year.
“The PlayStation is doing great, Spider-Man sold like crazy in the second quarter,” said Kazunori Ito, an analyst at Morningstar Investment Services in Tokyo. “On the surface, it’s hard to say this was a good quarter for Nintendo.”
Investors have noticed: Sony shares had been up 15% this year prior to the results, while Nintendo is down.
Essentially, Sony is taking a page out of Nintendo’s playbook, churning out games made by its own studio; those first-party titles are also more profitable. The PS4 exclusive God of War sold 3.1 million copies during its first three days in April, while last month’s Spider-Man topped that with a record 3.3 million copies over an equal period of time. Nintendo is counting on a single title, the latest iteration of Super Smash Bros. for Switch, to keep momentum going in the last three months of the year.
“Sony is using first-party titles very well — coupled with subscription services like PS Plus, that’s boosting sales of PS4s and extending its life cycle,” Ito said. “It will be painful for Nintendo without more first-party games.”
Sony’s December quarter also looks strong in third-party games with analysts predicting record sales of Red Dead Redemption II after it became the best-reviewed game of the year, according to Metacritic. Call of Duty: Black Ops set a new PlayStation record for first-day digital sales, and other big titles coming this quarter include Battlefield V, Fallout 76 and Just Cause 4.
Sony’s operating profit was 239 billion yen ($2.1 billion) for the September quarter, topping analysts’ average estimate for 205 billion yen. More than a third of that came from the PlayStation division, where profit climbed 65% from a year earlier to 91 billion yen. Total revenue was 2.2 trillion yen.
For the full fiscal year, the Tokyo-based company boosted its operating profit forecast to 870 billion yen from the prior forecast for 670 billion yen. While the PlayStation division is doing well, it’s also worth noting that the music business accounted for about half of that increase, thanks to the $2.3 billion acquisition of EMI Music Publishing this year. The deal added a catalog of 2.1 million songs from Beyonce, Carole King and other artists. Sony’s outlook for total sales rose slightly, to 8.7 trillion yen.
Nintendo’s quarterly operating profit of 31 billion yen and revenue of 221 billion yen both missed market projections. That’s raising concern over whether Nintendo can reach its Switch sales target. The Kyoto-based company maintained its full-year forecasts.
“It was a quiet quarter without many big releases from Nintendo,” said Hideki Yasuda, senior analyst at Ace Research Institute. “Reaching their Switch target really depends on the holiday quarter, especially the new Super Smash Bros. game.”
The battle between Sony and Nintendo is also a test for the new chief executives of the companies, both of whom took over only months ago. Sony’s Kenichiro Yoshida, the former chief financial officer who was promoted to CEO in April, set a low bar that initially spooked investors. Nintendo’s Shuntaro Furukawa represented more of a generational shift when he took became president in April, vowing to “develop the company to its fullest.”
“It’s very important to continue putting out new software,” Furukawa told reporters at a post-earnings news conference last week. — Bloomberg

Phinma Energy sells 50% stake in solar subsidiary

PHINMA Energy Corp. has sold half of its stake in a solar roofing subsidiary to an affiliate in part to boost the unit’s capital base, while taking in a strategic partner with a complementary business.
In a disclosure to the stock exchange, the energy company said the sale of its 50% interest in subsidiary Phinma Solar Energy Corp. to Union Galvasteel Corp. was approved by its board on Nov. 6, 2018.
With the deal, Phinma Solar, formerly Trans-Asia Wind Power Corp., would be able to increase its capital base while Phinma Energy said “it will add a strong strategic partner who is a leader at complementing industry (roofing) and who possesses an extensive client base, and established nationwide distribution lines.”
It placed the initial payment for the sale at P180 million, with the balance upon the issuance of a Bureau of Internal Revenue clearance “or at a later date agreed by the parties in writing.”
Phinma Energy did not state the balance due but it said the number of shares to be sold are 225 million priced at P1 apiece. The disclosed price per share values the deal at P225 million, or a balance of P45 million after the initial payment.
Phinma Solar, a 100% subsidiary of Phinma Energy before the deal, is engaged in renewable energy generation, specifically focusing on solar rooftop generation.
“With its partner, PHINMA Solar will be technically and financially more capable to pursue its projects,” said Phinma Energy.
On Wednesday, shares in Phinma Energy rose by 1.02% to close at P0.99 each. — Victor V. Saulon

BDO Leasing books lower net income at end-Sept.

THE LEASING UNIT of BDO Unibank, Inc. booked a lower net profit as of September as an increase in borrowing costs and tax duties ate up into its revenues.
BDO Leasing and Finance Corp. said in a disclosure yesterday that it made a P248-million net income for the first nine months, down by 38.9% from the P406 million reported in the January-September 2017 period.
The firm reported that gross revenues went up by three percent from last year as its lease and loan portfolio grew to P35 billion.
However, this was offset by increased financing charges at a time of rising interest rates. This came “as funding costs adjust faster than yields combined with higher documentary stamp tax told on bottom line performance,” the listed firm said.
BDO Leasing provides direct leases, real estate rentals, as well as sale and leaseback arrangements and receivables factoring for clients. Operating leases are likely made available through BDO Rental Inc., its wholly-owned subsidiary.
Interest rates are on the uptrend this year following the decision of the Bangko Sentral ng Pilipinas (BSP) to raise benchmark yields by a total of 150 basis points (bp), in a bid to rein in inflation expectations as consumer prices are moving up. The central bank introduced four consecutive tightening moves since May to bring the key policy rate to 4.5% as of their September meeting.
Economists are expecting another rate hike worth 25 bps from the BSP either next week or during their December policy review.
On the other hand, the Tax Reform for Acceleration and Inclusion law which took effect Jan. 1 doubled the documentary stamp tax rates imposed on bank checks, certificates of deposit, and similar financial instruments. Despite the weaker performance, BDO Leasing said they are looking to widen their reach in “high-growth provincial areas” by tapping their parent bank’s extensive branch network.
“Additionally, the company intends to expand and optimize funding sources to match asset growth and manage funding costs,” the leasing company added.
Shares at BDO Leasing steadied at P2.31 apiece on Wednesday. — Melissa Luz T. Lopez

BPI Direct BanKo serves over 10,000 SEMEs, on track with 200 branches

DAVAO CITY — Bank of the Philippine Islands (BPI) is on track with opening 200 branches of its microfinance unit BPI Direct BanKo Inc. (BanKo) by the end of the year, with 180 already in place as of end-October.
“We remain on track and we continue to build our presence across the country. The fastest growing part of our niche has been our BanKo and that is because we remain focused on our financial inclusion as an institution,” Senior Vice-President Juan Carlos Syquia said in an interview here.
As of Oct. 31, he said, there were already 180 branches and the smaller branch-lite units (BLUs) in place nationwide, including 21 in Mindanao.
Mr. Syquia said the BPI Direct BanKo network has so far served more than 10,000 self-employed micro-entrepreneurs (SEMEs).
Providing a financing window to these SEMEs is part of BPI’s overall growth plan, he added.
“The retail (banking), obviously, is the bigger part in number, and in terms of deposits, it is the higher growth area. In corporate, growth is also high, but in financial inclusion, these (SEMEs) are the unbanked… and we want to play a role in bridging the gap while we can still make a fair return for our shareholders,” Mr. Syquia said.
BPI Direct BanKo offers financing from P25,000 to P300,000, with interest rates of 2%-2.3%.
No collateral is required for loans up to P100,000.
Data from the Department of Trade and Industry show micro, small and medium enterprises make up 99.67% of the country’s total number of business establishments, of which 20% or about 166,769 are micro-enterprises located in Mindanao. — Maya M. Padillo

Cebu Pacific expands contract with AFI KLM

CEBU PACIFIC said on Wednesday, it is expanding its contract with aircraft maintenance provider Air France Industries KLM Engineering & Maintenance (AFI KLM E&M) to cover 39 more planes.
Its listed operator Cebu Air, Inc. said in a statement it wants its seven A321ceo (current engine option) and 32 A321neo (new engine option) to be part of the component support deal.
“Operations under significantly extended contract will partly take place in Singapore at Singapore Component Solutions (SCS), a local joint venture between AFI KLM E&M and Sabena technics. The array of services provided under the long-term contract includes component repairs from Europe and Singapore, as well as access to local spares pool,” it said.
The budget carrier and AFI KLM E&M first signed its deal last year to only cover its Airbus A320 fleet.
Cebu Pacific is currently increasing the number of its aircraft, with orders of 32 A321neo, five A320neo, two A321ceo and six ATR 72-600 aircraft expected to arrive until 2021.
Its fleet currently consists of 67 aircraft: 36 Airbus A320s, five A321ceos, eight A330s, eight ATR 72-500s and 10 ATR 72-600s. — Denise A. Valdez

Restaurant Row (11/08/18)

Privatus’ Yule Ball

PRIVATUS Private Dining, Plato PH, and Patronus Events, Inc. will hold a Harry Potter-themed Yule Ball on Dec. 14, 8 p.m. in La Castellana, Cabildo corner Beaterio Sts, Intramuros, Manila. The Harry Potter-inspired formal dance is expected to be attended by 250 witches and wizards and champions and partners in their best ball gowns, dress robes, and character re-creation. The menu will also be Harry Potter themed, with items like Cauldron Soup, Hogwarts Christmas Ham, Molly’s Magical Meat Pie, Golden Egg Custard, and Butterbeer. There will be a live band. There is currently an early bird promo for the first 100 registrants — P1,800 instead of the standard rate of P1,950. Sign up at https://goo.gl/forms/J15zZ8BOvpjjgNQn1. For Yule Ball reservations and inquiries call 0917-636-2272, 0917-580-5883, or e-mail patronusevents@gmail.com.

German-Filipino food exchange

THIS month the Goethe-Institut Philippinen has lined up a series of events to foster Filipino-German cultural exchange through the medium of food. Under the umbrella title Wanderlust Küche (literally “wanderlust kitchen”), the events include an exhibition, crash courses in German, film screenings, and a special dinner prepared by M Café’s Kalel Chan and guest chef Steffen Burkhardt. The exhibit, Sausage Salads & Potato Pancakes, features a number of special cookbooks from Germany and contains a myriad of interesting trivia on German cuisine. It is on view until Nov. 28 at the Goethe-Institut. There is also a free crash course on Nov. 17 dubbed “Beyond the Beer: A Crash Course on German Culinary Culture.” The fusion dinner, called “The Magic Hour,” is set for Nov. 29 at M Café in Makati. For more information on the individual events, visit Goethe.de/WanderlustKueche. For inquiries, e-mail info-goethe@goethe.de.

Wine dinner, champagne class

EDSA SHANGRI-LA, Manila’s Cantonese restaurant Summer Palace, in partnership with Premium Wine Exchange, presents a wine dinner, “Summer in Canton,” on Nov. 9, 7 p.m., at Peony Private Room. The five-course dinner will showcase classic and brand new creations, paired with wines from France’s Jura, Alsace, Beaujolais, Rhone, and Loire regions. The dinner with wine pairings is on offer at P3,950 net per person. Meanwhile, the first and only Chinese master sommelier in the world and Corporate Director of Wine at Shangri-La Hotels and Resorts, Yang Lu, will introduce both iconic and fledgling champagne wineries on the rise in an intimate champagne master class, “Houses vs Growers: The Rise of Small Champagne Growers,” on Nov. 8, noon, at the Peony Private Room. Get a 20% discount when booking both the wine class and the wine dinner. For bookings and inquiries, call 633-8888 or e-mail summerpalace.esl@shangri-la.com.

Video Experience in East Asia

Video Experience in East Asia

How PSEi member stocks performed — November 7, 2018

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 7, 2018.

 
Philippine Stock Exchange’s most active stocks by value turnover — November 7, 2018

NFA rice auction attracts 13 potential international bidders

THIRTEEN international companies participated in the pre-bid conference of the National Food Authority (NFA) on Wednesday for an import order covering 500,000 metric tons (MT) of long-grain white rice of the 25% broken grade.
The companies are: Asia Golden Rice Co. Ltd., Thai Hua Co. Ltd., Ponglarp Co. Ltd., Gia International Corp., Shwe Wah Yaung Agriculture Production Co., Ltd., Vietnam Northern Food Corp. (VinaFood I), Hiep Loi Joint Stock Co., Phoenix Global DMCC, Meskay & Femtee Trading Co. (Pvt.) Ltd., VinaFood 2, Tan Long Group Joint Stock Co., Olam International, and Capital Cereals Co. Ltd.
The companies are from Singapore, Vietnam, Thailand, Pakistan, and the United Arab Emirates. Bids for this round are set to be opened on Nov. 20.
According to Angel G. Imperial, NFA spokesperson, the terms of reference (ToR) for this bidding round are the same as those of the Oct. 18 round, during which offers for only 47,000 MT of rice were accepted, out of the 250,000 MT up for auction.
Mr. Imperial said the participants all bought bid documents for P75,000 each.
Mr. Imperial said that the NFA’s priority is to ensure immediate and direct delivery to the ports designated for each lot.
The 500,000 MT of rice is divided into nine lots with 14 designated discharge ports receiving the following quantities: 118,000 MT for Subic; 75,000 MT for Manila; 65,000 MT for La Union; 40,000 MT for Batangas; 32,500 MT for General Santos City; 30,000 MT for Tabaco, Albay; 26,700 MT for Cagayan de Oro; 25,000 MT for Cebu; 20,000 MT for Iloilo; 20,000 MT for Tacloban; 17,300 for Zamboanga; 12,500 MT for Davao; 10,000 MT for Surigao; and 8,000 MT for Bacolod.
Half of the volume, or 250,000 MT, has a Dec. 31 delivery deadline, while the other half has until Jan. 31, 2019 to arrive.
Mr. Imperial said the Philippines currently has 2.16 million MT of rice classified as buffer stock, equivalent to about 34 days’ consumption, according to the Philippine Statistics Authority (PSA). The estimate was made on Sept. 1. It has no data yet for October.
He said he is confident inventories will rise because the harvest is ongoing, and discounted the impact of recent storms that hit northern Luzon. — Reicelene Joy N. Ignacio