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SparkUp is looking for the next big name in food business

To further empower the next generation of business leaders, SparkUp, BusinessWorld’s multimedia platform for passionate, wildly creative, go-getting millennials, is launching the first-ever SparkUp Camp.
SparkUp Camp is a workshop, competition, and reality television program (yes, a TV series) aimed at cultivating, highlighting, and judging the business skills of the country’s next generation of entrepreneurs.
Each season follows a batch of young entrepreneurs learning and competing to find out who the next big name of their chosen industry will be.
This year, SparkUp Camp shines the spotlight on Metro Manila’s flourishing food industry.
The camp is divided into four phases — workshop, competition, trade fair, and business reality series — which will run from September through December of this year.
In the first phase, 24 groups of entrepreneurs selected from an initial pool of applicants will undergo workshops to be led by some of the country’s most renowned experts in their respective fields.
Participants will then pitch their creative and innovative business ideas to three SparkUp Camp mentors-judges, who will select four groups each to take under their wings.
The chosen participants will go through a series of challenges that will test if they have what it takes to build a socially and economically relevant food business.
To celebrate the entrepreneurial ventures of the campers and provide them with a space to showcase and promote their products, a week-long food fair will be mounted. This event will also serve as the culminating activity of the camp, from which only the top contenders will emerge.
From October to December, the stories and journeys of the participants will be aired as an eight-part reality TV show on ONE News, the premier news channel of Cignal TV.

Registration for SparkUp Camp is ongoing. Entrepreneurs ages 18 to 30, who are either sole business proprietors or part of a team (with four members, at the most), can join — so long as their food business is still in infancy and has been around for no more than three years.
In addition to the immersive learning experience, a plethora of networking opportunities, and bragging rights, SparkUp Camp winners will receive cash prizes, free-of-charge retail space in one of Ortigas & Company’s properties, hundreds of thousands of media values, and more!
To register, go to www.bworldonline.com/sparkupcamp-register.
SparkUp Camp is powered by BusinessWorld, in partnership with Ortigas & Company and ONE News.
Several universities have helped make the camp possible, including Ateneo De Manila University, University of Santo Tomas, Far Eastern University, University of Asia and the Pacific, Miriam College, Enderun Colleges, Entrepreneurs School of Asia, San Beda University, Polytechnic University of the Philippines, Mapua University, and St. Paul University.
SparkUp Camp is supported by the following media entities: The Philippine Star, The New Builder, TOMCAT, TOMASINOWEB, Green Giant FM, DZUP 1602, and Maroon FM; and by the following organizations: Go Negosyo, Philippine Franchisers Association, Young Entrepreneurs Society, Society of Thomasian Entrepreneurs, Junior Confederation of Finance Associations – Philippines, Enderun Entrepreneurs Society, Junior Financial Executives – University of the East Manila, UP Circle of Entrepreneurs, FEU Entrepreneurship Club, Ateneo Management Economics Organization, The Bedan Entrepreneurs Society, UA&P Enterprise Management Association, and UP Association of Business Administration Majors.

Moody’s flags capital outflow pressure

THE PHILIPPINES and other emerging markets are likely to see more outbound capital at a time of rising global yields and an ongoing trade dispute between the United States and China, a credit rater warned on Thursday.
“Overall, emerging market countries remain inherently vulnerable to the risk of capital outflows associated with tightening global liquidity as advanced economy central banks reverse their quantitative easing measures,” Moody’s Investors Service said in a report published yesterday.
“Escalating trade frictions further add to overall uncertainty.”
This comes at a time when the US Federal Reserve has been pursuing rate normalization, having hiked benchmark interest rates seven times since 2015 — including twice so far this year. The Fed is again expected to raise rates by another 25 basis points (bp) next month, amid signs that growth and job creation have been recovering.
This has also triggered similar moves from other monetary authorities as they sought to keep local yields competitive, with investors now sensing the opportunity to take their funds back to the United States as a safe haven.
HOT MONEY INFLOWS SO FAR FOR THE PHILIPPINES
The Bangko Sentral ng Pilipinas (BSP) itself has hiked benchmark rates by a total of 100bps since May, but largely in response to surging inflation.
Foreign portfolio investments saw a $53.29-million net inflow in July as investors anticipated strong second-quarter earnings reports from Philippine corporates, the BSP said. Those inflows represented a turnaround from two months of fund outflows and pulled the seven-month tally to a $455.75-million net inflow, reversing from the $204.24-million net outflow a year ago and better than the $900-million net outflow the BSP has projected by yearend.
The central bank also reported net inflows in the first two weeks of August, which came ahead of an aggressive 50bp rate hike announced on Aug. 9.
“We expect portfolio flows to emerging market countries to remain volatile as monetary policy accommodation in advanced economies is gradually withdrawn,” the credit rater said.
“But other flows, including FDI (foreign direct investments) and bank flows will remain relatively strong overall.”
Moody’s also expects global growth to have “peaked,” even as it should remain solid for advanced economies at 3.3% this year before easing to 3.1% in 2019. The US is still expected to lead global expansion.
Emerging markets forming part of the G-20 are expected to grow by 5.1% this year and the next.
Developing economies’ growth outlook is likely to take a beating from rising US trade protectionism, tightening global liquidity conditions and elevated oil prices.
“Our base case now assumes that the US administration will go forward with some of the proposed additional restrictions on imports from China,” Moody’s said, noting that this factor poses a “disruptive downside risk” to its economic growth forecasts.
Washington and Beijing have lately been engaging each other in tit-for-tat tariff hikes, with total value of affected goods at $100 billion so far — equivalent to a seventh of total annual US-China trade, Reuters reported on Thursday.
Moody’s expects the Philippine economy to grow by 6.8% this year, according to its assessment as of July, when the debt watcher kept the country’s credit rating at “Baa2”— notch above minimum investment grade — with a “stable” outlook.
In its annual credit update, Moody’s said protectionist policies abroad could weigh on external demand, although robust domestic consumption should provide “sufficient buffer” against the impact of weaker merchandise exports.
The debt watcher also expects tighter monetary policy to temper capital outflows and help cushion the impact of “imported” inflation from higher global oil and other commodity prices. — Melissa Luz T. Lopez

GDP growth to miss goal, but not ‘bad’

MERCHANDISE exports and manufacturing will weigh on growth, though investments will provide the lift, according to top economists of the Ateneo de Manila University.

PHILIPPINE economic growth will likely fall short of the government’s 7-8% target until next year, due to a sustained slowdown in exports and weak manufacturing, even as strong capital formation should help gross domestic product (GDP) expand in line with potentials, economists of the Ateneo de Manila University said in a briefing on Thursday.
The economists projected 6.1-6.3% GDP growth this year and 6.2-6.5% in 2019.
“Manufacturing at the second quarter shows a disappointing slowdown to 5.6% but they have always been averaging 7-8% since 2010. So there seems to be some alarming signals also coming from the manufacturing sector,” economics professor Cielito F. Habito, himself a former socioeconomic planning secretary from 1992 to 1998 under former president Fidel V. Ramos, said during the Ateneo Economic Briefing 2018 in Makati city.
He also noted that “[a]ll our neighbors are expanding their exports but we are shrinking ours.”
Latest available Philippine Statistics Authority (PSA) data showed merchandise export sales dropping 3.8% to $32.732 billion last semester from $34.035 billion in 2017’s first half.
GDP grew 6.3% last semester, compared to the year-ago 6.6%, and needs to expand by 7.7% this semester to reach the bottom end of the government’s official target band (compared to second quarter 2017’s 6.8%).
“Where are the sources of growth right now? We’re seeing it more right now in investment spending and that, to the large extent, is government spending on construction,” said Mr. Habito.
“And then we are also seeing it in the supply side in industry.”
At the same time, Ateneo economist Alvin P. Ang said that the projected six-percent GDP expansion is still aligned with the country’s growth potential, based on a “steady-state analysis on the sustainable growth of the economy.”
Still, he said there could be faster growth over the medium to long term as the country has been accumulating capital equipment.
“If you look at the growth potential of the Philippines, it’s about 6.3%. Kaya tayo bumabalik diyan kasi ‘yan ang (GDP growth is returning to that pace because that is the) potential at the moment, so we need the infrastructure to increase that potential,” he explained.
“We’re not actually doing bad over the long term. We are just in line with our potential growth, so we need to invest in infra to increase potential growth,” he added.
“If you look at the GDP second quarter, growth slowed down. But growth in durable equipment did not, tumaas pa (it picked up). That means they’re buying equipment. They may not be using it now, but they are investing. So it’s like expanding capacity. I’m not worried there.”
Capital formation grew 16.4% last semester, compared to 9.5% in 2017’s first half, according to PSA data. Growth of investment in construction picked up to 11.6% compared to 7.5% in the same comparative six-month periods, while that of investment in durable equipment quickened to 17.1% from 11%.
“The challenge is not that we’re not growing by seven percent because seven percent is way above our potential. So ok na lang ako sa nag-invest sa durable equipment, you are building roads, then you are expanding potential,” said Mr. Ang.
“A lot of the imports are really going to construction and durable equipment That we need. But our exports are really weak.”
Mr. Ang also said that “inflation played a part” in his group’s economic growth forecast, with the headline pace expected to average five percent by end-2018, above the central bank’s 2-4% target range and 4.9% upgraded full-year forecast for 2018.
“We’re expecting prices to be higher, so… if you are an investor, you will wait a little bit,” he said, while noting that the central bank has managed to temper inflation expectations after three consecutive rate hikes by a total of 100 basis points from May to August.
Mr. Ang also said that inflation may peak around September or October, hovering around the multi-year-high 5.7% recorded in July. — Elijah Joseph C. Tubayan

Central bank sets Sept. 30 deadline for foreign borrowing plans

THE BANGKO SENTRAL ng Pilipinas (BSP) has given the government and businesses until next month to submit their offshore borrowing plans for 2019.
In a public advisory, the BSP announced that all public and private entities must submit their foreign borrowing plans to the monetary authority by Sept. 30.
“In line with the responsibility of the Bangko Sentral ng Pilipinas to monitor capital flows and analyze their implications on the economy, an annual survey is conducted to get an indication of the magnitude and timing of the economy’s financing requirements for the following year, as well as the purpose of such borrowings, among others,” the central bank said in the advisory published in the newspapers earlier this week.
The BSP wants all firms and government departments and agencies to submit their medium- and long-term financing strategies which will be raised from foreign sources.
This covers loans from global banks and capital infusions by parent companies, affiliates and shareholders overseas. It also covers plans to issue debt papers to foreign investors, in order to support their operations for 2019 and beyond.
The BSP should also be notified by companies that plan to sell debt instruments onshore that will be denominated in the dollars or other foreign currencies.
All 2019 foreign borrowing plans and schedules must be submitted to the BSP’s International Operations Department.
The country’s total foreign debt reached $73.196 billion as of end-March, slightly more than the $73.098 billion incurred as of end-2017, according to latest available central bank data.
Bulk of outstanding offshore loans — some $32.523 billion — is held by the national government, while roughly a fourth of the debt stock — $19.537 billion — is held by non-financial companies.
More than 80% of external debt is due in more than one year, a share deemed “manageable.”
These debts also accounted for just 23% of gross domestic product (GDP) as of March, marking a record low for the Philippines.
On the other hand, dollar reserves held by the BSP amounted to $76.722 billion as of end-July and could cover 6.1 times the country’s external debt falling due in 12 months.
The national government borrows from local and foreign sources to fund the planned increased spending on infrastructure and social services and boost economic activity.
The state plans to borrow a total of P888.23 billion this year to plug its budget deficit, with 35% of the sum to be sourced abroad.
Earlier this month, the Bureau of the Treasury raised ¥154.2 billion (about $1.39 billion) from Japanese investors by selling “samurai” bonds for the first time in eight years. The state also raised $2 billion from a global bonds sale in January, with half representing new money and the other $1 billion to pay existing debts. The government also issued $230 million worth of renminbi-denominated papers to Chinese investors in March.
The Treasury aims to raise P297.2 billion from foreign creditors as part of its P1.189-trillion 2019 borrowing plan.
Private companies in the country also tap foreign capital markets to raise additional funding to support operations and expansion plans, while diversifying their debt sources in a bid to reduce costs and manage risks. — Melissa Luz T. Lopez

George T. Yang turns over three performing arts studios for De La Salle University Manila

A known supporter for youth development through employment, education and the arts, Yang was honored by the De La Salle University (DLSU) in appreciation of his generosity and support for his alma mater’s performing arts student organizations. The three new George T. Yang Performing Arts Studios will serve as dedicated venues where the University’s Chorale, Inner Soul and La Salle Dance Company can train and rehearse for the competitions they join, and events they’re invited to. The studios are located on the sixth floor of the Enrique Razon Sports Complex (ESRC) in DLSU Manila.

Train stations, graffiti, and penguins: some reasons to visit Melbourne


Text and photos by Zsarlene B. Chua, Reporter
WITH its beautiful architecture, its efficient tram system, and a countryside which is a source of both good wine and chocolates, it is very easy to see why Melbourne, the second-most populous city in Australia with almost five million people, was named the “world’s most liveable city” for seven consecutive years by The Economist.
If there’s anything that works against Melbourne’s favor it’s the fickle weather. During Cebu Pacific’s media tour in the middle of August — held to inaugurate its newest Manila-to-Melbourne route — sunny yet chilly winter days would turn into rain showers and (occasionally) hail storms at the drop of a hat. But armed with a good hat and a good coat, one should push through the changeable weather because Melbourne has so much to offer for those looking for adventure, culture or both.
THE CITY
Perfect for travellers who prefer to create their own itineraries, Melbourne has a free tram zone within its central business districts which allows commuters and tourists to move around the city and see the sights. One can ride a tram and get down at Flinders St. where one can view the main station building which was completed in 1909.
The Flinders Street Station — with its prominent dome, arched entrance, towers and clocks — is considered a cultural icon. It is one of the city’s most recognizable landmarks and has spawned the Melburnian saying, “I’ll meet you under the clocks,” referring to the clocks above the main entrance which indicate the time of departure of trains on each line.
Right across Flinders Street Station is the perfect example of the co-existence of old architecture with the new — Federation Square.
Federation Square is a large — 3.2 hectares — public space housing cultural institutions such as the Ian Potter Centre, an art gallery that houses the Australian part of the art collection of the National Gallery of Victoria (NGV).
Compared to the Edwardian Baroque architecture of the Flinders Street Station, the buildings which surround the square feature a deconstructivist style sans any harmony, continuity, or symmetry. Our tour driver, Nigel, remarked that people would either think the buildings are “the most beautiful in the world or the ugliest.”
As far as this writer is concerned, the square has a certain charm, with the concrete buildings (clad in several different materials including frosted glass and sandstone) going here and there with angles clearly created with the thought of breaking the rules of traditional geometry. It was a perfect complement to the Old World charm of the main station.
Walk a little bit more and you come to St. Paul’s Cathedral fronting Federation Square. Created in 1891 on the site where the first public Christian service was held in the city in 1935, the cathedral serves as marked contrast to the post-modernist square with its Gothic Revival architecture interpreted by English architect William Butterfield.
A few blocks away from the cathedral is Hosier Lane where one finds representations of the city’s urban art scene. It is but one of several little lanes covered in graffiti created by local and international artists. Beside it is the Forum Theatre, a Moorish Revival building that functions as a cinema, live music venue, and a theater.
Graffiti covers all the nooks and crannies of Hosier Lane, some professionally done, some not so, but the vibrant colors scrawled on the walls of even the small restaurants that had the fortune (or misfortune) to rent a space near the lane makes it a perfect photo spot or a perfect canvas for people who love urban art and would like to leave their signature behind.
Take the tram once again and get off at the Docklands to see the modernist and post-modernist architecture of Melbourne while taking a walk along the New Quay Promenade, enjoying some coffee or watching dragon boat racers on the water.
Along St. Kilda St., also on the free tram line, is the Shrine of Remembrance, a war memorial honoring all the Australians who served in war including the First World War and the Second World War.
Fashioned after the Mausoleum of Maussollos at Halicarnassus and the Parthenon in Athens, the Grecian-style building features a step pyramid whose upper floors provide an unobstructed view of the city below while the basement crypt serves as the shrine for those who had fallen while doing their duty to their country.
Those visitors who are into shopping and seeing local products, the tram also goes to the Queen Victoria Market, a seven-hectare open-air market (the largest of its kind in the Southern Hemisphere), featuring everything from cheap fire opals and T-shirts to local produce.
The market opens at 6 a.m. and closes at 3 p.m., and can get crowded during weekends, so locals advise that tourists visit in the early morning or just before closing.
But don’t end the city tour without visiting one of Melbourne’s top attractions, the beach houses along St. Kilda St. in Brighton. The 60-odd beach houses worth at least AUS$260,000 each (according to Nigel) are used as storage for beach essentials including surfboards and boats and are brightly decorated with everything from pastel confections to the odd tributes to kangaroos. If you think the price of these storage spaces is hefty, well, it is, but it is quite understandable as the beach houses are located in one of Melbourne’s priciest neighborhoods, Brighton.
THE COUNTRYSIDE
After spending a few days in the city and if one to see nature and the animals Australia is known for, take a two-hour ride outside the city to Phillip Island, located 140 kilometers from city center.
The island, named after the first governor of New South Wales Arthur Phillip, is home to several indigenous animals including wallabies, penguins and Pacific gulls.
There one finds the Churchill Heritage Farm, the site of the first European agricultural pursuits in Victoria — the island has been farmed since the 1850s.
The 57-hectare farm features the usual farm animals and historic buildings such as the Amess house, the former residence of Samuel Amess who was once a mayor of Melbourne and who purchased the farm in 1872.
A few minutes away from the farm sits the Koala Conservation Center which features a koala boardwalk where visitors can view — but not touch — koalas in their natural habitat, though it is a bit challenging to see koalas awake as they need to sleep for 20 hours a day.
Driving around Phillip Island, one will see views of its shoreline whose the grasslands are home to hundreds of wallabies — the animals are often seen observing the passing cars and crossing the streets without care.
The island is also where one can see the smallest penguins in existence, aptly called Little Penguins. They only grow up to a foot in height.
The Penguin Parade is a nightly attraction where visitors can see the penguins return from the sea and make their way to their land abodes. And since it is a nightly attraction, do be sensible and visit during more reasonable seasons, like spring and summer, unless you enjoy freezing your face off.
There are stands on the beach which provide a view of the penguins as they rise from the waves, but for an up-close and personal experience, go to the boardwalks where the penguins waddle along to find their homes. Don’t take photos or videos of the penguins, flash or no flash, because they might get disoriented and get lost.
Another countryside treat is the Yarra Valley, located 90 kilometers from the city. The valley is home to many of Victoria, Australia’s wine makers including De Bortoli which has been in the business since 1928. De Bortoli’s Yarra Valley vineyards encompass several hills and offer wine and cheese tasting tours (it has a cheese shop).
What else pairs well with wine? Chocolates, of course, so take a trip a few minutes away to the Yarra Valley Chocolaterie where you can get gourmet chocolates (the beans come from Belgium) and other sweet chocolate treats. One can also watch how the treats are made thanks to the open kitchen setup inside the store.
GETTING TO MELBOURNE
Melbourne is roughly eight hours away from Manila and currently, both local airlines — Philippine Airlines and Cebu Pacific — are serving the Manila to Melbourne route, with Cebu Pacific introducing flights starting Aug. 14, making it the “only low-cost carrier to fly the route.” Cebu Pacific flies to Melbourne thrice weekly every Tuesday, Thursday, and Friday while Philippine Airlines flies five time weekly.
Do note that those without existing Australian visas must plan at least a month ahead before booking their tickets as visa processing can take anywhere from 21 to 24 days for first time applicants.

Appetite for San Miguel food subsidiary’s follow-on offering will depend on pricing

By Arra B. Francia, Reporter
APPETITE FOR San Miguel Food and Beverage, Inc. (SMFB)’s P142-billion follow-on offering will depend on its pricing, as the company undertakes the largest fund-raising activity in the country before the end of the year.
In a regulatory filing at the Securities and Exchange Commission (SEC), SMFB applied to sell up to 1.02 billion common shares, consisting of 887 million common shares with an over-allotment option of up to 133.05 million common shares, priced at up to P140 apiece. The shares to be offered are currently owned by parent, San Miguel Corp. (SMC).
The shares comprise 17.26% of the company’s issued and outstanding capital stock. The offering will allow SMFB to comply with the minimum public ownership rule of 10%, as its current public float stands at 4.12%.
Once it secures approval from the SEC and Philippine Stock Exchange, the listed food and beverage company looks to price the offering by Oct. 19. The offering is scheduled to run from Oct. 23 to 29. Crossing of the offer shares is slated for Nov. 6.
The company engaged J.P. Morgan Securities, Plc, Morgan Stanley Asia (Singapore) Pte., and UBS AG Singapore Branch as the offer’s joint global coordinators. Deutsche Bank AG, Hong Kong branch and Goldman Sachs (Singapore) Pte., will act as joint book runners, while BDO Capital & Investment Corp. and BPI Capital Corp. will act as local lead underwriters.
SMFB also tapped Standard Chartered Bank to be its financial adviser.
Funds raised from the offering will be used to finance SMC’s projects, according to the company’s prospectus.
Philstocks Financial, Inc. Research Associate Piper Chaucer Tan said the company disclosed in a briefing last Aug. 9 that the proceeds will be used for its infrastructure projects.
Should it push through, this will be the largest equities offering in the country since LT Group, Inc.’s P37.7-billion fund-raising activity back in 2013.
Analysts keeping track of the SMFB said investors will be looking at the final offer price to determine its performance. Shares in SMFB ended at P92.10 each on Thursday, 15.12% or P12.10 higher from its price in the previous session. However, this is still 52% lower than the offer’s maximum price of P140.
“The offering is a significant premium to the market price, which may put off many investors, particularly those with short horizons,” PNB Securities, Inc. President Manuel Antonio G. Lisbona said in a text message.
“To make the company’s follow-on offering attractive, the current market price must be above follow-on offering,” Philstocks’ Mr. Tan said in a separate message.
Despite the premium pricing, UPCC Securities Corp. Trader Aristotle D. Reyes, Jr. noted SMFB’s positive performance.
“Nonetheless (SMFB) is performing very well despite the very challenging climate in the consumer sector. They posted positive earnings for the second quarter, outperforming its peers. There’s still a gap in supply for its beer business and they continue to expand its plants. Beer business continues to be a cash cow in the group,” Mr. Reyes said via text.
“It’s a consumer play. I can see SMFB to enter the PSEi and other indices considering its market value post offer,” he added.
SMFB generated a net income of P15.4 billion in the first half of 2018, 20% higher than the same period a year ago, as consolidated revenues also went up 15% to P137.4 billion.

PCC starts further review of URC-Roxas Holdings deal

UNIVERSAL ROBINA Corp. (URC) on Thursday said it is acquiring the sugar milling and refining assets of Roxas Holdings, Inc.’s (RHI) subsidiary in Nasugbu, Batangas.
At the same time, the Philippine Competition Commission (PCC) said it is conducting a further review of the URC-RHI deal, after an initial market investigation conducted by its Mergers and Acquisitions Office (MAO) showed the deal may affect the local sugar industry.
In a statement, the Gokongwei-led URC said it will acquire all buildings, improvements, machineries and equipment, and laboratory equipment, owned by RHI and its subsidiary Central Azucarera Don Pedro, Inc. (CADPI), as well as the land on which these assets are located. The refinery and milling plant is in Barangay Lumbangan, Nasugbu in Batangas.
“Together with URC-Balayan, we believe that URC’s acquisition of the milling and refining assets of CADPI will create synergies in the sugar industry in Batangas that will benefit all stakeholders — sugarcane farmers, sugarcane workers and the communities,” URC Chairman Lance Y. Gokongwei was quoted as saying.
In a separate statement, RHI Executive Vice President and Chief Finance Officer Celso T. Dimarucut said the sale of the Batangas assets will “significantly reduce the group’s leverage as proceeds will be used to pare down debt.”
Both RHI and URC did not disclose the financial details of the deal.
RHI Chairman Pedro Roxas expressed hope the deal will be approved by the PCC, as well as creditor banks.
“We are hopeful that we can get the necessary approvals before the start of the next crop year,” Mr. Roxas was quoted as saying.
However, the PCC said it decided to carry out a Phase II review to “look into whether the URC-RHI transaction is likely to lead to a substantial lessening of competition” in the sugar industry.
URC and RHI had filed the notification notice with the PCC on July 6. The anti-trust body started its Phase I review on July 9, and announced a Phase II review on Thursday. The PCC said the Phase II review, which will be conducted within 60 calendar days, only means the transaction needs a “more detailed” analysis.
Noting both URC and RHI operate in Batangas, the anti-trust body said the Phase II review will focus on whether the URC-RHI deal will lead to the “substantial lessening of competition in the following markets: (1) provision of sugar cane milling services in the provinces of Batangas, Cavite, Laguna and Quezon; (2) provision of raw sugar refining services; (3) raw sugar; (4) refined sugar; and (5) molasses.”
In particular, the PCC said the MAO will look into whether there will be an “increased likelihood that competitors in such markets will coordinate their behavior or strengthen existing coordination in a manner that harms competition.”
“The MAO likewise seeks to assess whether the transaction enhances the ability and incentive of the parties to engage in foreclosure of competitors, in the markets where vertical relationships between the parties’ operations are present, such as, but not limited to, raw sugar, refined sugar, molasses, and the provision of raw sugar refining services in order to conduct a more detailed inquiry,” the competition watchdog said.
URC operates six sugar cane mills nationwide, namely URC-Balayan in Batangas; URC-Passi in Iloilo; URC-Tolong and URC-Ursumco in Negros Oriental; URC-Sondenco in Negros Occidental; and URC-Carsumco in Cagayan.
RHI, which is described as the largest integrated sugar business in the country, also manages sugar miller Central Azucarera de la Carlota, Inc., ethanol producers Roxol Bioenergy Corp. and San Carlos Bioenergy; and RHI Agri-business Development Corp. — J.C.Lim and A.G.A.Mogato

PNOC-EC sets new deadline for bids to supply Euro 4

PNOC EXPLORATION Corp. (PNOC-EC) plans to buy Euro 4 gas oil or diesel fuel from the seller’s point of origin in a move that has seen the state-led company setting a new deadline in its bid to import competitively priced petroleum products.
In the letter of intent posted on its website, the energy exploration arm of state company Philippine National Oil Co. (PNOC) set the deadline of submission for interested sellers at noon of Sept. 13, 2018.
“Late offers shall not be accepted,” the PNOC unit said.
The new deadline follows pronouncements from the Department of Energy (DoE) that it planned to import the petroleum products by end-June, which it moved to July until the new date set by PNOC-EC. The DoE secretary chairs the PNOC board.
The call for sellers is also silent about importing from Russia, which DoE Secretary Alfonso G. Cusi cited when he first announced the plan earlier this year. He had said Russia was willing to offer the fuel at costs cheaper than prevailing prices.
PNOC-EC’s specification for the fuel is a sulfur content of 50 parts per million (PPM), or the standard for Euro 4. It said the port of loading is as designated by the seller, while the port of destination is any safe port in the Philippines that it would designate. Euro 4 is a globally accepted European emissions standard for vehicles.
The company set the quantity at 50,000 metric tons for the trial shipment. Subsequent shipments of up to four shipments per month and up to one year are to be mutually agreed by the seller and the buyer.
The payment term is through letter of credit, while the delivery term is within 15 days after signing of the contract.
PNOC-EC said it reserves the right to cancel, terminate or discontinue its intent to buy the petroleum products “for any justifiable and reasonable grounds without any liabilities, whatsoever.”
In late May, the DoE said it was planning to source petroleum products from Russia and other countries that are not members of the oil cartel Organization of the Petroleum Exporting Countries (OPEC).
It said the move was meant to “establish a strategic petroleum reserve (SPR) to cushion the impact of the rising price of oil in the international market.”
Mr. Cusi said the government was aware of the country’s “vulnerabilities to abrupt changes in the international oil situation and impending threats on the same, hence we are formulating various strategies to address those vulnerabilities to cushion the impact for our consumers.” — Victor V. Saulon

The ‘Bboom’ of MOMOLAND

By Cecille Santillan-Visto
SOCIAL MEDIA has greatly contributed to the burgeoning interest in Korean pop music worldwide.
Social networking platforms are exploding with K-pop-related content, and in many instances in the past, Korean entertainers became overnight online sensations way before their official public launch. For others, their otherwise lackluster careers were given a unique boost by viral videos.
Such was the case of MOMOLAND, arguably one of the hottest K-pop bands today. The all-girl group’s song, “Bboom Bboom” spawned a myriad of dance videos through Facebook and other SNS. The catchy song, shared several million times over, made them an overnight sensation not only in Korea but in many other Asian countries.
Acknowledging their popularity, Facebook (FB) and Viu Philippines organized a one-of-a-kind gathering with MOMOLAND and their fans through FB Live when the nine-member team was in Manila last week.
MOMOLAND members — Nancy, JooE, Daisy, Hyebin, Ahin, Jane, and Taeha — also had a chance to interact with some their Philippine fan club members, who were invited to an FB Live party. Two other group members, Yeonwoo and Nayun, were unable to join due to prior commitments.
“We really don’t get the chance to meet all our fans around the world and I think Facebook is a great platform which gives us the opportunity to do that,” Daisy said. “But now we are here and we are excited.”
Nancy, who is the most recognizable member in the Philippines owing to her striking resemblance to actress Liza Soberano, added that MOMOLAND is thankful to social networking sites, which allow them to share their daily activities in fun and engaging ways with their followers.
“To finally be here in person in Manila to meet some of our fans is really a thrilling experience,” she noted. She said that it was not her first time in the country as she earlier spent a memorable vacation at Bonito Island in Batangas, where she went scuba diving to her heart’s content.
MOMOLAND’s official FB page got nearly 620,000 followers barely three months since it was launched. Half of the followers are from the Philippines, and the page has reached 1.2 million users this month. In Instagram, MOMOLAND has one million followers and counting.
QUESTIONS
During the press conference, MOMOLAND gamely answered questions from fans as well as reporters — from the Filipino food they want to try to the reputation they want to build in the K-pop industry.
“We want to be known (even in the future) as a group which radiates great energy to people who listen to our music and watch our performances,” said JooE. Jane said the fact that the group’s “Bboom Bboom” and newest song, “Baam!” are topping music charts not only in Korea but also overseas is “surreal.” Naturally, the members of MOMOLAND hope that its fame will be sustained and that it will not just be a one- or two-hit wonder.
Hyebin admitted that there is pressure to consistently come up with hits as explosive as “Bboom Bboom.”
“But we just try to enjoy when we come up with new songs,” she said. There is no new album planned this year but Nancy said MOMOLAND wants to try a “new concept” with a new CD. If given the opportunity, they want to collaborate with PSY of “Gangnam Style” fame, and other fast-rising K-pop groups.
“We are open to working with other groups. There are so many [that] we cannot (readily) decide which,” said JooE.
MOMOLAND, which has been active on a number of Korean variety shows, was tagged as the female counterpart of K-pop superstar Super Junior, in terms of vibrancy and fan interaction.
CONCERT
Aside from the FB event, MOMOLAND was also in Manila as part of a roster of Korean performers in the concert K-Pop Live at the Theatre at Solaire Resorts and Casino last Saturday. As expected, they performed “Bboom Bboom,” “Baam!,” and their relatively new songs, “Freeze” and “Wonderful Love.”
Due to insistent demand, “Bboom Bboom” was sung again as encore.
During their segment, the girls — wearing their white-and-blue cheerleading uniforms — threw a surprise mini-party for JooE, who turned 19 last Saturday.
As the Solaire show was an “exclusive event” for the hotel’s patrons and guests, Daisy promised to return to see more of their Philippine Merries, as MOMOLAND’s fans are called. The fans will not have to wait long as the group will be back for the opening of the 81st season of the University Athletic Association of the Philippines (UAAP) on Sept. 8 at the SM Mall of Asia Arena.
More than 10,000 fans and millions at home will then be able to witness MOMOLAND’s energetic performance — complete with trademark trendy choreography — when the group opens the UAAP next month. With the group crossing over to Philippine sports and with even boxing champ and Senator Manny Pacquiao apparently a fan, MOMOLAND is definitely in “bhoom.”

Vietnam telecom firm eyes Philippine market

HANOI — Vietnamese telecommunication company Viettel has set its sights on the Philippines as the next destination in its overseas expansion drive, the company said on Thursday, as the archipelago’s economy clears the way for the entry of a third operator.
Fixing the Philippines’ notoriously patchy and expensive telecom services was a campaign promise of populist President Rodrigo Duterte, who had said late last year that a third player would join the market and end the duopoly of PLDT, Inc. and Globe Telecom, Inc., which have a combined market capital of about $10.7 billion.
“Viettel is interested in the third license on telecommunications in this market,” the military-run Viettel Group, Vietnam’s largest mobile carrier by subscription numbers, told Reuters in an e-mailed statement.
“Viettel will thoroughly consider participating in case the conditions of the bidding documents are in line with the strategy of Viettel.”
The Philippines’ Department of Information and Communications Technology (ICT) issued draft rules this month on the entry of a third player, which require foreigners to team up with local partners holding congressional franchises.
Foreign ownership of a telecom firm in the Philippines is capped at 40%, although Eliseo Rio, the acting ICT head, told Reuters in a recent interview that moves were underway to change that, so foreigners can raise their stakes later on.
The Philippines has one of the world’s largest rates of average daily social media usage, yet insufficient infrastructure means its 105 million people suffer frequent dropped calls, weak signals and intermittent data.
Viettel has already invested in 10 countries across Asia, Africa and America, and had 43 million subscribers overseas, as of end-2017.
Last month, a Viettel official said the company was also eyeing opportunities in Ethiopia after the government there announced its intention to liberalize key economic sectors including telecommunications. — Reuters

Korean greats amidst the chaos

Concert Review
K-Pop Live
The Theatre at Solaire,
Solaire Resorts and Casino
THE FRENZY that accompanied the visit of K-pop group, MOMOLAND, to the Philippines over the weekend overshadowed the arrival of three of Korea’s best singers.
K-Pop Live, a concert exclusively for patrons and guests of Solaire Resorts and Casino, had a formidable lineup of Korean artists, aside from the nine-member all-female group.
The show, held at The Theatre, gathered singers Lyn, Isu, and Lena Park to provide the select audience with a night of cool music and unforgettable performances. Think of Jaya, Ariel Rivera, maybe Lani Misalucha, then you get an idea of the Korean singers’ caliber.
Due to the airline accident at the Ninoy Aquino International Airport which resulted in the massive cancellation and delay of flights, the concert was delayed by at least two hours.
Originally set for 8 p.m., the Filipino front act, SB19, came onstage at nearly 10 p.m. As the three Korean singers were still “being processed at the airport’s Immigration counter,” the producers decided to let the show’s main act MOMOLAND go first. This actually benefitted the children in the audience, who came in throngs obviously to watch the ladies sing their hits “Bboom Bboom” and “BAAM!” It would have been way past their bedtime if they stuck to the schedule and had MOMOLAND close the concert.
After MOMOLAND finished its set, Korean host Joon Hyung Park stretched the succeeding segments to give the newly arrived singers enough time to prepare.
The wait was definitely worth it, especially when Lyn sang her well-loved hits from the official sound tracks of some of the biggest Korean dramas. The OST Queen opened with “My Destiny,” from the blockbuster K-drama My Love from Another Star, and followed it up with “With You” from Descendants of the Sun, and “Back To Time” from The Moon Embracing the Sun. The 36-year-old Lyn (a.k.a. Lee Se Jin) has 10 studio albums to date. She is a favorite for K-drama OST due to her first-rate rendition and crisp timbre.
Her set — which was accompanied with clips from the blockbuster Koreanovelas shown on an LCD screen — left K-pop fans mesmerized, to say the least.
Isu, on the other hand, came across as a bit unprepared. This was understandable as he performed without the benefit of the usual sound check. He came straight from the airport and on to the Solaire stage. Nonetheless, his performance was nothing to scoff at. The former member of Moon Child, which disbanded in 2001, sang five Korean songs and belted in some numbers, to the delight of the audience.
It was nearly midnight (by which time about half of The Theatre’s audience decided to call it a night) when it was Korean diva Lena Park’s turn at the spotlight.
The Korean-American singer, also known as Park Jung Hyun, started her set with “Vincent.” Unlike many Korean performers, her English was impeccable, making her performance a real treat.
Her repertoire was a mix of English and Korean songs and even if her set ended at nearly 1 a.m., the spectators who decided to stay until she sang her last note were glad that they did.
Ms. Park, too, has a number of K-drama OST hits under her belt, with “Only With My Heart” from Lee Min Ho’s The Heirs as among the most popular. However, it was when she sang “Angel” from the OST of the Nicolas Cage-Meg Ryan hit film City of Angels, that this writer was sold. Having seen videos of her singing the song on the streets of Budapest, it was surreal hearing it live.
The airport incident could have let to the concert being postponed, or worse, cancelled. Fortunately, the producers were quick to handle the situation. If there is anything that K-Pop Live established is that there is more to Korean entertainment that the seemingly dime-a-dozen boy bands and girl groups. There is a large pool of great Korean entertainers and Filipino fans should be exposed to more of them. — Cecille Santillan-Visto

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