‘Proactive’ action needed from banks versus financial crimes

November 22, 2018 | 12:05 am

LOCAL BANKS need to be proactive in protecting the data of its clients as identity theft is the top security concern of Filipinos, global information technology firm Unisys Corp. said.
According to the latest 2018 Unisys Security Index, identity theft was the top security concern in the country as 88% of the Filipinos surveyed are “extremely or very concerned” about unauthorized misuse or access of their personal information.
Aside from identity theft, natural disaster or epidemic (87%) as well as bank card fraud (86%) were also the top security concern among Filipinos.
Ian Selbie, Unisys Asia-Pacific Solutions Director on Financial Services, said domestic lenders need to be “proactive” in shielding sensitive information from potential breaches or theft as they need to maintain the trust of their customers.
“[The security index] shows that banks needed to be very careful in taking care of their customers’ data, which I think they are. They also need to make sure to educate their customers continuously on how to protect themselves,” Mr. Selbie told BusinessWorld following a briefing on the report last week.
To be extra vigilant in protecting data, Mr. Selbie said lenders must employ systems to shield themselves from breaches and enable them to scour the dark Web for sensitive information from other sources.
“I’m not saying the data came from the banks. It could have come from any source, but it’s out there. And banks can do something, find out and take action as a result of that,” Mr. Selbie said.
He also noted that lenders must look into their clients’ suspicious or unusual transaction patterns that may be an indication of a data breach or a fraud attempt.
It is equally important that financial firms educate their clients on how to protect themselves from data breaches such as phising and call center fraud, Mr. Selbie added.
The central bank recently issued guidelines requiring banks and other regulated financial institutions to report cybersecurity breaches within two hours of the attack from the previous 10 days, allowing the monetary authority to monitor the situation and take supervisory actions if warranted.
Respondents for the security index survey, which was conducted from Aug. 13 to Sept. 3, were 1,004 Filipinos aged 18-65.
Aside from the Philippines, the study was also conducted in Argentina, Australia, Belgium, Brazil, Colombia, Germany, Malaysia, Mexico, Netherlands, New Zealand, UK, and US.
Among the 13 countries surveyed, Philippine consumers reported the highest level of concern about security at 232 points on a scale of 0 to 300. However, the country’s index fell 11 points since 2017, with decreases across all areas of security issues such as national, financial, internet and personal concerns.
The study also showed that Filipinos are more comfortable using digital identification systems of government institutions than those of financial firms. — Karl Angelo N. Vidal

IPC teams up with Conversant for CDN service

November 22, 2018 | 12:04 am

IP CONVERGE Data Services, Inc. (IPC), an ePLDT company, has teamed up with Singapore-based digital media solutions provider Conversant Solutions, Inc. to offer the country’s first enterprise-level Content Delivery Network (CDN) service.
IPC Chief Operating Officer Dave de Leon said the CDN service can help companies establish a global presence, and more importantly, eliminate the issues that delay long-distance online transactions and delivery of digital content.
“There are actually a few options available to enterprises for content delivery, but those are actually not local. Those are actually residing abroad, so it takes a little bit of time to access the services that they provide to be able for a company in the Philippines to service its own customer. The difference is today, this is going to be locally hosted and available,” Mr. de Leon said during the media launch at the Dusit Thani Hotel in Makati City on Wednesday.
IPC partnered with Conversant Solutions’ local partner Pagecom to offer the subscription-based service called IPC Contentcast CDN, which is touted as up to five times “more economical” than other subscription-based CDN services.
With IPC Contentcast CDN, businesses do not have to spend on special hardware, maintenance, and other operational expenses.
CDN acts as a medium between the point of origin of data and an interconnected device. With a network of servers abroad, member companies can deliver their digital content such as videos and websites faster and more reliably to end-users.
The service also has built-in security since it can direct these attacks to the mirror servers, and points-of-presence (PoPs) that remove the traffic in the main server, thus eliminate the chance of data overload occurring.
Currently, IPC has more than 50 PoPs globally, mostly of which are in Asia.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Vincent Mariel P. Galang

Shiptek launches online logistics application XLog

November 22, 2018 | 12:04 am

SHIPTEK SOLUTIONS Corp. officially launched XLog, an online platform that will streamline and smoothen logistics processes.
“XLog is an end-to-end digital logistics platform that help you book, monitor, and manage your shipments,” Nico Gonzales, chief marketing officer of Shiptek, said at the launch on Tuesday.
XLog, accessible via www.xlog.net, is a Filipino-made cloud-based web application that lets users directly transact with service providers, reducing costs. This is supported its shared communication platform which allows shippers and logistics suppliers to contact each other.
“By going direct to certain service providers, it can make the costs a bit lower…which we allow through the platform,” Mr. Gonzales told reporters.
Mr. Gonzales said that through the direct transaction of business to shippers, costs can be reduced by at least 10% to 25%.
“By going directly, you might not have the luxury of being able to use a freight forwarder, for example because wala ka gaanong karaming pera (you do not have that much money) to spend, and we all know that…freight forwarders, ‘yung model nila (their model) is really a cost-plus model na pumapatong ng (that adds) around 10% to 25% yung mina-mark-up nila versus sa service na binibili mo (the service you are buying),” Mr. Gonzales told BusinessWorld.
“So, by being able to go…direct to a shipping line, all of a sudden bumabagsak yung cost (the cost will fall). That’s where we see probably mga (around) 10% to 25% that can help savings for SMEs and businesses that can’t afford the luxury of using a freight forwarder,” he added.
Other features of the platform include online booking from logistics provider from shipping, storage, trucking and customs brokerages. Financial transactions can also be done in the platform and access to invoices and bank transaction reconciliations are also provided to users. It also features real-time GPS monitoring of shipments and a centralized document storage system, among others.
“What sets us apart from these companies…we’re not actually competing with these logistics companies. What we created here is a platform that will help these companies expand their business further… These companies can register and come into the platform and offer their services,” Joey Ynion, chief operating officer of Shiptek, told reporters.
Shiptek had talks with the Bureau of Customs (BoC) to provide the agency with the platform for use in their operations. However, with the current leadership issues in the bureau, discussion were halted, but Mr. Gonzales is hopeful that discussions can start again to implement the platform and hopefully help address smuggling issues and fast-track transactions through transparency.
Come January, the homegrown software company targets XLog’s full launch. Five years from now, they are targeting to be a global company.
“Hopefully, by that time…this becomes a standard tool for logistics companies and shippers, importers exporters alike. This will become their standard tool for day-to-day operations…for monitoring all their shipments…. We will be constantly evolving, as well. Constantly adding features that the market may need,” Mr. Gonzales said. — V.M.P. Galang

It takes a day and a half to make this roast goose

November 22, 2018 | 12:04 am

FOR EVERY bite of chef Billy Cheong’s roasted goose, you’re tasting about a century’s worth of history and the labor of a day and a half.
Starting Nov. 12, Marco Polo Ortigas is offering Hong Kong-style Roast Goose at Lung Hin, brought over by chef Billy Cheong, who was awarded the Commanderie De Cordens Bleus De France by Chaines des Rotisseurs. He comes from a long line of chefs as well: the recipe for goose is his grandfather’s.
The roast goose is offered alone or as part of a set menu, with the set menu including Steamed Garoupa with Minced Garlic and Pan-Fried Crab with Pork Belly in Supreme Soy Sauce, and Braised Seafood with Peach Gel Soup. The soup served at a preview lunch on Nov. 12 was comforting and thickened with conch, resulting in a liquid that can be likened to a healing elixir. Sweep your cleanliness away, however, with the sweetish garoupa, and then the Pan-Fried Crab and Pork Belly: fat, sinful, but absolutely divine.
And as for the goose? Well, Mr. Cheong told guests at the preview lunch that it first had to be marinated for eight to 12 hours in salt, sugar, wine, and Chinese herbs. It is then dried, then steamed, then poached in flavored water, dried again, then roasted. That’s why it took a day and a half to make — some birds are prepared beforehand, but one must notify Lung Hin a few hours before ordering.
And the taste? Ah, heaven. Maintaining a crispy skin, the flavor is soaked well to the bone, and no part of the bird is untouched by flavor. It positively drips with juice, and it’s something I think of a week after eating it.
As the holidays approach, one might want to serve the goose on a special occasion, but Mr. Cheong says that the goose is traditionally served, “All the time; it’s up to you. As long as you’re happy to eat, it’s okay.” — JL Garcia

Yields on term deposits surge

November 22, 2018 | 12:04 am

By Melissa Luz T. Lopez, Senior Reporter
YIELDS ON term deposits surged to fresh highs yesterday, with banks crowding all three tenors following a fresh rate hike from the Bangko Sentral ng Pilipinas (BSP).
Offers for the term deposit facility (TDF) reached P98.361 billion on Wednesday, surging from the P65.626 billion received the previous week and settling higher than the P70 billion the central bank placed on the auction block.
All three tenors were oversubscribed with average rates hitting close to five percent or higher as lenders took advantage of a rate hike worth 25 basis points (bp) which took effect Friday.
The BSP announced a fifth consecutive rate hike last week, dubbed a “proactive” move amid volatilities in the external market even as domestic inflation is moderating. Policy rates now range between 4.25-5.25%.
Bids for the seven-day tenor hit P54.186 billion, improving from P35.409 billion last week to surpass the P40-billion auction amount set by the BSP. However, players asked for rates ranging from 4.82-5%, resulting in an average of 4.9738% compared to 4.8291% previously.
The 14-day papers likewise saw bigger demand at P29.762 billion, well above the P20-billion offering and climbing from P19.32 billion in tenders received a week ago. In turn, the average yield climbed to 5.0596%, or 19.5 bps higher than the 4.8642% fetched during the Nov. 14 exercise.
Appetite for the 28-day deposits also inched higher to P14.413 billion versus P10.897 billion seen previously, filling the reduced P10-billion offering from the central bank.
Banks took advantage of higher benchmark rates and asked for returns ranging from 4.925-5.203%, leaving a 5.1186% weighted average. This compares with the 4.9162% quoted for the month-long papers seen a week ago.
The central bank uses the TDF to capture excess liquidity and influence short-term rates in the financial system. Through the weekly auctions, the BSP can bring market and interbank closer to its desired range by setting the standard for short-term instruments using the margins that they pay to banks for these placements.
BSP Deputy Governor Diwa C. Guinigundo said players swarmed all three tenors as they “seem to be indifferent” on taking positions, amid expectations that the central bank’s tightening cycle “is coming to an end.”
“One may expect that this recent development could result in greater propensity of banks to place their excess funds with the BSP now that loan growth is slowing down and the peso has begun to appreciate,” Mr. Guinigundo said in a text message to reporters.
“In contrast, demand for cash gathers momentum with the approaching holidays. This combination will determine to a large extent market liquidity going forward.”
The central bank will again auction off P70 billion worth of term deposits next week, split into P40 billion for one-week papers, P20 billion for the 14-day tenor and P10 billion for the month-long instruments.
Some market players are saying that liquidity is “tight” in recent weeks, at a time when interest rates are trending higher and with growing capital requirements in the economy.

Red Hat partners with DICT on open source app platform

November 22, 2018 | 12:03 am

RED HAT, INC. has partnered with the Department of Information and Communications Technology (DICT) on the creation of applications for the government using open source technology.
“The collaboration with DICT is something with regards to developing a community of ISVs (independent software vendors) and developers within the Philippines that can leverage on open source innovations and the way that we have discussed, moving forward, with DICT is to provide DICT with a platform, a sandbox platform comprising Red Hat technologies,” Damien Wong, vice president and general manager of Asian Growth and Emerging Markets (GEM) at Red Hat, said during the launch of the company’s Philippine office.
The said collaboration started this year and aims to create an ecosystem to support developers and the department’s goal to help them benefit from open source technology.
Mr. Wong said through this collaboration, the company will “create new innovations that is readily available for the Philippine government.” He noted that this is in line Red Hat’s goal to promote the propagation and development of the community.
One platform Mr. Wong said they will provide the government for free is the Red Hat Openshift container platform, a management tool used for virtual and private cloud infrastructure. This lets developers easily build, develop, and run applications in private or public infrastructure regardless of the app architecture.
For the government, this will help developers create applications that can be tested by different agencies across the government, making it easier to integrate innovation into the system, he said.
“We think it’s a win-win-win situation because the community gets a place where they can access world-class leading technologies. The ability for them to create applications that are meaningful for government agencies that are good for, of course, Philippine constituents,” Mr. Wong said
Juli Ana E. Sudario, officer-in-charge at the DICT’s Government Digital Transformation Bureau, said this initiative of Red Hat will be of big help in developing applications for public service.
“There is a need for us in government and even those from the private sector who are providing assistance to government agencies, to be able to develop applications easily in a cloud environment. That’s why we welcome very much this initiative of Red Hat to provide that environment, wherein the developers can develop applications for government agencies,” Ms. Sudario said.
“That platform will also be made available freely to registered software houses for those who want to develop applications for government agencies, whether these are applications for the administrative or internal rules of government, and especially for those applications which would help them deliver their services to the public,” she added.
Founded in 1993, Red Hat is a provider of open source solutions and is headquartered in Raleigh, North Carolina. It provides services in areas like operating systems, virtualization, middleware, storage, and cloud computing. Its open source model supplies computing solutions in physical, virtual and cloud environments.
The company has been serving its Philippine customers offshore for more than ten years. With the launch of its Philippine office, which marks its fifth in the Association of Southeast Asian Nations, it believes its services to the local market will be more stable. — Vincent Mariel P. Galang

Double-digit emerging market stock returns in 2019 — Goldman

November 22, 2018 | 12:03 am

EMERGING MARKET equities look set to post double-digit returns next year after a tumultuous 2018 in which they tumbled into bear market territory, according to Goldman Sachs Group, Inc.
With the US economy likely to expand through 2020 and China managing its bumpy slowdown with bouts of stimulus, developing-nation shares will probably return 12 percent in dollar terms while assets as a whole will post modest gains in 2019, Goldman strategists led by Kamakshya Trivedi in London wrote in a report. They cite improving growth outside China, cheaper valuations and the home stretch of Federal Reserve tightening.
“Returns may be better for the next six months relative to the subsequent six months, especially if concerns about the next US recession grow over that time,” the strategists wrote. “Volatility is also likely to be elevated around this narrow path to positive performance as these risks ebb and flow.”
Goldman said emerging market stocks offer the most upside, particularly after the major drawdown in Chinese shares. Developing-nation currencies will probably climb by 2 percent on average amid a weaker dollar, while local rates return around 10 percent and sovereign bonds return 5.5 percent. — Bloomberg

Gov’t fully awards T-bonds, opens tap facility on demand

November 22, 2018 | 12:03 am

THE GOVERNMENT raised P15 billion from its offering of Treasury bonds (T-bond) yesterday, and even opened a tap facility to take advantage of strong demand and lower yields.
The Bureau of the Treasury made a full award of reissued five-year papers on Wednesday, which have a remaining life of four years and three months. This was after the state received overwhelming bids at P48.857 billion, more than triple the amount it wanted to raise.
The long-term notes even fetched a lower average rate at 7.003%, coming from the 7.342% fetched when these were last issued on Oct. 9. The bonds originally carried a 5.5% coupon when they was first offered in March.
Players asked for rates ranging from 6.9-7.04%, lower than the 7-7.5% margins they wanted during last month’s offering.
This auction was rescheduled from Tuesday as the local government announced traffic rerouting and work and class suspensions in Manila for the visit of Chinese President Xi Jinping.
National Treasurer Rosalia V. De Leon said strong investor appetite for the five-year papers came as they drew optimism from slowing inflation and as players are likely “locking in” as the government’s bond auctions are winding down.
Ms. De Leon also announced that the Treasury opened a tap facility from 2 to 4 p.m. yesterday, where they looked to raise as much as P15 billion more.
“We saw very strong bids, also the rate is something that is favorable to us,” the Treasurer said.
The tap facility will be limited to the 10 firms who have been named as market makers by the Treasury, who are given privileges like this in exchange for obligations like submitting rate bids within a prescribed range.
The Treasury last opened a tap facility in January 2017.
Sought for comment, a bond trader said market players scrambled to get hold of T-bonds amid “less hawkish” signals from the United States Federal Reserve, and also mimicked lower yields on US Treasuries.
“I think the tap (facility) will also be taken by market makers because some were not able to buy (from the auction). The tap facility will be an opportunity to participate… I still think it will be fully subscribed,” the trader said by phone.
“Some players are also locking in because of the potential for yields to go lower next year.”
The Treasury is raising P270 billion from the domestic market this quarter through auctions of securities, offering P180 billion in T-bills and another P90 billion in Treasury bonds.
This is part of the P888.23-billion borrowing plan this year from local and foreign sources to fund the budget deficit and support increased government spending.
Raising more funds from the tap facility may allow the Treasury to advance its fund-raising activities and avoid higher interest rates in future note offerings. — Melissa Luz T. Lopez

Stop trying to pair wine with your turkey

November 22, 2018 | 12:03 am

By Elin McCoy, Bloomberg
IN 2015, a Survey Monkey poll carved the US into regional Thanksgiving food factions. Call it the terroir of Thanksgiving: The Southeast is the home of canned cranberry sauce and mac and cheese, while New England embraces squash.
I delved deeper, calling friends. Who knew that diners in Baltimore consider sauerkraut as essential as the turkey itself? In the Southwest, everything from turkey rubs to cranberry sauce is an opportunity to add, alas, wine-killing chiles. Western states embrace frog eye salad, a sweet, fruit-filled pasta salad with an off-putting name.
Turkey may be the star, but sides provide the most distinctive flavors on your Thanksgiving table. So here’s my wine advice for 2018: Pick bottles based on the sweet, tart, salty, savory, earthy, spicy, or creamy accompaniments you’re serving. I once attended a potluck Thanksgiving where guests who hailed from different parts of the country (and abroad) brought a total of 22 dishes they insisted defined the day. That included an Italian-American from New Jersey whose offering was manicotti — the best I’ve ever eaten.
No matter what you’re serving, here are my handy principles for holiday wine selection:
First, make sure you don’t overpower the food. Pick easygoing, fruity wines with little tannin or oak. Second, wines should perk up the palate throughout the meal (and even while watching the game). For that, you’ll need lighter wines with plenty of refreshing acidity. Third, there must be enough wine, at least one bottle per adult — which is why I always aim to serve wines that cost $30 or less a bottle. And last, nothing should be stressful. What you pour is not going to make or break the day — as long as you don’t run out.
Here are some of Thanksgiving’s most popular regional sides and wines to match.
APPETIZERS
In New England, Maryland, and California, raw oysters are a top starter; the South loves deviled eggs, and Louisiana, shrimp and gumbo.
Wine: NV Gruet Brut ($15), a refreshing, citrusy sparkling wine from New Mexico that will go with all of these and won’t break the bank if people just glug it down.
THE STUFFING
For me, this is even more important than gravy. The big divide is between the North and South, where, by the way, it’s referred to as “dressing.”
In New England, oyster stuffing and sausage stuffing are traditional, and many people, like me, embrace both. Their rich textures and complex savory flavors are the keys to a match. I’ve found lively whites work best with the oyster, but bright, fruity, light Beaujolais is ideal with the sausage.
Wines: 2017 Moulin de Gassac Guilhem Blanc ($11) is a mix of sauvignon blanc, grenache blanc, and clairette; 2014 Chateau de la Chaize Brouilly ($17).
In Texas and the South, cornbread stuffing is the essential. Since it has a slightly sweet taste, it goes really well with an Alsace white blend.
Wine: 2016 Hugel Gentil ($15)
CRANBERRY SAUCE
Though a taste gulf separates New England’s fresh tart cranberry relish and the sweet, smooth canned stuff in the Midwest and Southeast, both go well with a fresh, really fruity pinot noir.
Wine: 2016 Cloudline Cellars Pinot Noir ($19)
CREAMY DISHES
Mac and cheese, a Thanksgiving favorite in the Southeast, has never been a staple on my table, but given that the holiday is all about family and comfort foods, it definitely fits in. Like most New Englanders, when it comes to carbs I opt instead for fluffy, creamy mashed potatoes served with salty gravy, along with creamed onions with cheese on top.
In Pennsylvania and Kentucky, apparently, corn pudding wins the day.
Cream, melted cheese, and sweet corn go best with a round unoaked chardonnay.
Wine: 2017 Louis Jadot Macon-Villages ($15)
GREENS
The Midwest is noted for its iconic green bean casserole of cream of mushroom soup and cooked green beans, with crispy, French fried onion rings on top. I still love its salty, creamy, crispy comfort.
Health-conscious Californians put fresh, seasonal salads on the table, ideal with sauvignon blanc.
The South is the territory of collard greens, whose slightly bitter character is often made richer by bacon, while here in New England, I must make Brussels sprouts braised with walnuts. A Côtes du Rhône has the softness yet richness to match.
Wines: for salads and beans, 2017 Elizabeth Spencer sauvignon blanc ($15); for collard greens and Brussels sprouts, 2015 Ferraton Pere et Fils Samorens Côtes du Rhône ($20)
SWEET SIDES
The trickiest Thanksgiving wine challenge is earthy sweet potato casserole, glazed with maple syrup or topped with marshmallows. Though it emerged from the South, sweet-toothed Americans all over have made it a Thanksgiving classic.
Wine: 2016 Pacific Rim Riesling ($11)
THE PIES
Pie is the dessert choice in every region, and rich, creamy pumpkin, filled with warm seasonal spices, appears to be the ubiquitous favorite.
Wine: Graham’s 10-Year-Old Tawny Port ($30). Its dried fig, toffee, and spice flavors and tangy edge blend with the lusciousness of the pie.
In the South, diners demand sticky, nutty, ultrasweet pecan pie.
Wine: Blandy’s 15-year-old Malmsey Madeira ($45). Madeira was once super popular in the South; its high acidity cuts the sugar in the pie like a knife.

AirTaxi.ph adds new H130 to fleet

November 22, 2018 | 12:02 am

CHARTER flights operator AirTaxi.ph is expanding its fleet with the acquisition of a new single-engine helicopter from Airbus.
The carrier said in a statement on Wednesday the H130 helicopter will be used for transporting passengers and sightseeing services in the islands in the south of the country, which include Manila, Clark, Boracay, Cebu and Palawan.
“We are excited to introduce the first H130 into our expanding fleet. Having experienced the outstanding performance of the twin-engine H145 and the success it has brought us, we are confident that the H130 is a timely and ideal addition to meet our needs as we grow our operations in the Philippines,” AirTaxi.ph executive vice-president Peter Angelo Rodriguez said in the statement.
In its website, Airbus Helicopters said the H130 could carry up to eight passengers including the pilot.
“We are delighted that AirTaxi.ph has chosen our H130 to bolster their current helicopter fleet for heli-tourism. We are confident that the highly agile and high performing H130 will fulfil every mission excellently, and lives up to its reputation as the best-selling helicopter in the Philippines,” Airbus Helicopters Philippines managing director Lionel de Maupeou was quoted as saying.
AirTaxi.ph said it currently operates two H145 helicopters, which have flights to Manila, Clark, Boracay, Cebu, Panglao and Puerto Princesa. It said in an email to BusinessWorld its website its fleet is composed of 27 aircraft. — Denise A. Valdez

The backstory behind the Grand Wine Experience

November 22, 2018 | 12:02 am

LAST FRIDAY I was among the large contingent of oenophiles that trooped to the Marriott Grand Ballroom in Newport City amidst the usual insane pay-day weekend traffic mayhem, to take part in the Philippines’ only annual large-scale wine gathering, also popularly known as the Grand Wine Experience. It is by far the country’s most prestigious annual wine event, and already ranks as one of Asia’s most important wine spectacles as well.
The Grand Wine Experience is a very unique wine event. It does not have your typical wine exhibit format like that of the Hong Kong VinExpo, the Shanghai Prowein, or the Singapore Food & Hotel Expo. There is really no selling, no long presentations, no tasting notes, no seminars, and is extremely time-flexible, as food and wines are served from 5:30 p.m. till past midnight. Rather, the Grand Wine Experience resembles a humongous wine dinner or wine party — but instead of a single importer, single winery, single region, or single featured brand theme which is normally the case with regular wine dinners, Grand Wine Experience combines everything: different wineries, regions, brands from different importers in one huge epicurean festival.
On a personal note, and as a hardcore wine fanatic, the first few years of the Grand Wine Experience was all about discovering new wines or tasting Grand Cru Bordeaux when I attended. But now it has evolved, and so have I. I realized that the best part of the Grand Wine Experience has always been (and rightfully so…) the casual, almost “party-like” ambience that allows wines to be the focal point of conversations, camaraderie, and hedonism. It offers opportunities to see old friends, catch up with wine industry people, and also meet and see new faces.
The food for this year also seemed better and more abundant — and kudos to the Joseph siblings for increasing the food cost, when it was not really called for. Though, as in the past, a lot of the high valued and expensive wines were again in short supply. But with over 500 choices, there was always something else to drink and taste. This year the Grand Wine Experience ticket shot up to P6,000 — but given our country’s rising inflation and also the growing charges on wine dinners from the likes of Wine Story to the Okada La Piazza wine dinner series, I did not really hear major protests.
Following this 18^th celebration, I want to honor the history of this event and its humble beginning. I had the chance to be part of the Grand Wine Experience only in 2007, and I witnessed how the event evolved over time. With insights from my friendship and relationship with the Joseph brothers, I offer the backstory behind the Philippines’ most successful annual wine event.
HOW IT ALL STARTED
The Grand Wine Experience was the combined brainchild of the Joseph brothers, namely Bobby, Ralph, Ronnie, and Raymond of Philippine Wine Merchants. It was in the year 2001 that this idea came to fruition and this annual festivity has never looked back. The Grand Wine Experience just concluded its 18^th edition last week to a huge crowd estimated at around 2,000 people — its biggest to date. The concept initially came to Ralph, easily the most vocal of the Joseph brothers, when he thought that the Philippines, and Metro Manila in particular, had no big international-standard wine event at the start of the millennium. There were always wine dinners and wine gatherings from the likes of the International Food & Wine Society, Bacchus, Anthony’s, and from other importers at that time, but all in smaller capacities. Ralph wanted something with much more grand, and Philippine Wine Merchants does have the cloud and network to make something big happen. As youngest sibling Raymond Joseph recalled about the early tinkering stage: “As our wine business keeps growing, we were being flooded with wine samples for tasting from wineries all over the world. Being one of the biggest wine importers, we receive e-mails from wine suppliers wanting us to import and distribute their wines all the time, and we would require samples for us to taste ourselves before choosing which wines to carry. Eventually there was just too much to taste and that made us decide to invite friends who appreciate wine and who would give us objective feedback. This concept, applied in a larger scale, is exactly what Grand Wine Experience is basically about, and Ralph spearheaded this project into reality.”
November was also the chosen month because it is cooler, but also not as busy as December. Ralph said that the original forecast for participants was a modest 300 people with a hotel venue being the ideal choice. The ballroom of the now demolished Mandarin Oriental was the first venue. Ralph remembered that the Rustan’s and Starbucks group of the Tantoco-Lopez families were Grand Wine Experience’s first major sponsors and supporters. He remembered vividly: “Rustan’s and Starbucks committed to 200 tickets for the initial Grand Wine Experience and that gave us a great cushion to meet and exceed our 300 people target.”
The Joseph siblings also went out of their way to invite fellow wine importers to this event. This was unheard of in the past for a large wine importer like Philippine Wine Merchants to ask competing importers to join their event. Ralph was adamant about getting other wine importers involved to ensure more brands were featured for the wine-savvy Grand Wine Experience attendees. “This was an event conceived to be the biggest wine gathering in the country, and we actually encouraged all wine importers to feature their best wines at the Grand Wine Experience,” Ralph would insist.
The Joseph siblings also unanimously agreed on a ticket price of P3,000 per head. At that time, this was very stiff considering that buffets even at the most expensive five-star hotels cost only P2,000 per head maximum. Ralph believed that the high price allowed the Grand Wine Experience to get the best buffet menu money can buy, and there was even free-flowing wine to boot. The gamble to stick with a high ticket price worked and now the Grand Wine Experience is already a tradition even at a record price of P6,000 per ticket this year.
Due to the modest expectation in its first foray, the first Grand Wine Experience was a big success for the Joseph brothers. It was therefore decided that the event would be staged annually henceforth. The venue moved from the Mandarin Oriental to the Peninsula Manila the next year in 2002, and then to the Makati Shangri-la, the year after that. The New World Hotel would host the Grand Wine Experience five times in between another round at Mandarin Oriental, the Peninsula, and Makati Shangri-La. Then, in 2011, the then-new Marriott Hotel in Newport City, Pasay hosted the Grand Wine Experience, and this hotel has been the home of the event ever since, including last week’s 18^th celebration at the Marriott Grand Ballroom.
The vision to be the biggest “wine dinner” in Asia has been achieved, and Philippine Wine Merchants deserves all the credit for pulling this ambitious project off, from its modest beginning to its size and stature now. Another round of congratulatory cheers to Bobby, Ralph, Ronnie and Raymond!
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.

BPI Direct BanKo to open 100 new branches in 2019

November 22, 2018 | 12:02 am

BPI Direct BanKo, Inc. wants to open another 100 branches next year as it aims to expand its reach in Mindanao and cope with the demand in areas it is currently servicing.
On Wednesday, BPI Direct BanKo President Jerome B. Minglana said the microfinance arm of the Ayala-led Bank of the Philippine Islands (BPI) targets another 100 branches by next year to end 2019 with 300 branches.
“In fact, we will be growing a little more in the Mindanao area, but really it’s across the country still,” Mr. Minglana told reporters yesterday in a briefing.
Mr. Minglana added that the bank plans to end next year with 40-45 branches in Mindanao from around 20 currently as it expects more micro-entrepreneurs in the area.
“The goal was to have a representation in all the big regions. But in Mindanao, we feel that there are less banks there and as such we want to be there too.”
At end-October, BPI Direct BanKo had 150 branches spread in key cities, with the goal to end the year with 200 offices.
“As we speak more than 165 in count but the goal really is to build those 35 extra branches until year ends,” Mr. Minglana said.
Aside from expanding to Mindanao, BPI Direct BanKo will put up more branches in areas it is currently serving to cope with the increasing demand.
“Our branches can only accommodate so many clients and we don’t want them to cater to so many clients. We will expand in those areas. It’s a play of being present in more places and being able to service those where we are now but unable to cope with the demand,” he said.
Currently, the bank is focused on lending to four industries such as wholesale and retail, service, eateries and agriculture, with wholesalers and retailers making up the bulk of its loan disbursements.
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.
BPI Direct BanKo was officially launched in 2017 after BPI’s two specialized thrift bank units — BPI Direct Savings Bank, Inc. and BPI Globe BanKo — were merged in 2016.
Meanwhile, the bank has partnered with the central bank in a coin re-circulation program which will allow Filipinos to exchange their soiled coins and bills unfit for circulation for clean and crisp ones.
Starting Dec. 3, clients and non-clients of BPI Direct BanKo can surrender their soiled money in exchange of new ones with an extra giveaway item.
This will be piloted in 10 branches, which were allotted with P50,000 worth of new bills and coins. — Karl Angelo N. Vidal

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