ANGKAS is once again prohibited from operating, as the Supreme Court (SC) decision effectively allowed the Land Transportation Franchising and Regulatory Board (LTFRB) to apprehend the motorcycle-hailing company’s bikers.
In a Dec. 5 resolution received by the Department of Transportation (DoTr) on Wednesday, the high court said it issued a temporary restraining order (TRO) on the Mandaluyong Regional Trial Court’s decision that barred the LTFRB from interfering with the operations of Angkas.
The LTFRB has long maintained that Angkas should not be allowed to operate due to violations of traffic laws. But in September, the Mandaluyong RTC Branch 213 issued a preliminary injunction in favor of Angkas, which allowed it to operate again after it was shut down in November last year.
“Our position remains the same — motorcycles registered in the service are not authorized to conduct business and offer public transport under Republic Act 4136 (Land Transportation and Traffic Code). For them to be allowed, the law has to be amended by Congress,” the LTFRB said in a joint statement with the DoTr on Wednesday.
The LTFRB likewise issued a resolution late Wednesday commanding enforcers to apprehend and impound Angkas drivers found operating in the streets.
“We reiterate — safety is our priority. Following our laws is our priority. We will remain faithful to our mandate in giving commuters a safe and efficient mode of public transportation,” the LTFRB said.
In its official statement, Angkas said it maintains a “safety record of 99.997%,” which it said should be a “potential model for responsible traffic safety nationwide.
“We are saddened to hear that the Supreme Court issued a Temporary Restraining Order (TRO) on an earlier court decision allowing Angkas to operate… We will continue our fight to serve commuters in a safe and efficient manner, as well as legitimizing our riders,” it added. — Denise A. Valdez
THE TREASURY raised an additional P2.47 billion via the tap facility.
THE GOVERNMENT raised another P2.47 billion via the seven-year bonds on Tuesday after it opened its tap facility to accommodate excess demand from investors.
The Bureau of the Treasury (BTr) accepted all bids amounting to P2.474 billion through a tap facility which was opened from 2 to 4 p.m. yesterday for its market makers.
The seven-year debt papers, which carry a coupon rate of 5.75%, fetched a 7.09% average, which was based on the yield fetched during the bond auction. The average rate is 11.6 basis points higher than the 6.974% rate pegged when the seven-year bonds were offered two weeks ago.
The Treasury has cumulatively raised an additional P55.61 billion from the tap facility, which it has opened for four straight weeks after its regular auctions were oversubscribed.
The 10 market makers allowed to participate in the tap facility are Bank of the Philippine Islands, BDO Unibank, Inc., China Banking Corp., Citibank Philippines, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank & Trust Co., First Metro Investment Corp., Rizal Commercial Banking Corp. and Security Bank Corp.
These financial institutions are given privileges such as the facility in exchange for obligations like submitting rate bids within a prescribed range.
Following Tuesday’s auction proper, National Treasurer Rosalia V. De Leon said the sustained appetite for the bonds came as market players anticipate that rates will go down as inflation is tapering off.
Domestic inflation eased to 6% in November from a nine-year high of 6.7% recorded in October and September, affirming views that the rise in prices has started decelerating and will eventually return to the 2-4% band targeted by the government.
Sought for comment on Wednesday, a bond trader said there was tepid demand for this week’s tap facility as the year is nearly done.
“Most banks are maybe holding off until next year. The appetite is already winding down,” the trader said in a phone interview.
However, the trader noted that the yield fetched during the Tuesday auction was still in line with market expectations.
“The average yield was within the market expectations of 6.95-7.15%. It’s still in line with the secondary [market].” — Karl Angelo N. Vidal
FACEBOOK PHILIPPINES said its messaging platform Messenger is starting to gain credibility as a channel for business transactions, noting it is recording more than 10 billion messages between individuals and businesses on the platform every month.
In a media briefing at the Facebook Philippines headquarters in Taguig City on Friday, the firm’s country director John Rubio said businesses must learn to adapt to the changing consumer landscape that now links customers to a brand more easily through an instant messaging platform.
“Messaging is happening really fast in the Philippines because of three reasons: because it’s instant, it’s direct and it’s personal… And because of that, the expectations of Filipinos have changed as well. The way we interact with our closest circle is how we want to interact as well with brands and companies or groups,” he said.
“Because of that shift, these companies need to think through how they leverage these platforms, these connections across that channel of discovery, consideration, transaction, purchase and connection,” Mr. Rubio added.
Citing a Facebook-commissioned study by Nielsen in March 2016 — the Facebook Messaging Survey which was conducted in 14 markets — the social network said 64% of respondents from different age groups spanning baby boomers to millennials prefer instant messaging over making a call or sending an email.
It added that people are becoming more inclined towards use messaging apps to reach out to businesses, with 53% saying they are more likely to shop with a business they can contact through a messaging app.
Facebook said out of the 2.3 billion active monthly users on its platform, the top activity for those in the Philippines are chatting and messaging (81%), followed by browsing and posting (77%) and watching videos (49%).
“Messaging is growing at a global scale and transforming expectations of businesses of any size to be more responsive, and build more meaningful connections with their customers… With messaging, we see an opportunity to connect more meaningfully with things that people are passionate about,” Mr. Rubio said in a statement.
Another Facebook-commissioned survey by Sentient Decision Science in June 2018 titled Motivations, Mindsets and Emotional Experiences in Messaging (vs. Feed), which covered more than 8,000 individuals from Brazil, India, United States, and the United Kingdom, showed 81% of the respondents use Facebook Messenger to inquire about a product, and 74% to make a purchase.
“The minute you tell them something, people want to be able to communicate with you as a business at that point in time,” Mr. Rubio said, noting the importance of jumping into the instant messaging platform than relying solely on traditional methods such as voice call and email. — Denise A. Valdez
THE PERFECT companion to 22 Prime’s Christmas menu, called The Nature of Christmas, is a lot of holiday cheer, beltless pants, and maybe a hefty winter coat.
We’re judging this based on the heft of the dishes served during a tasting last month at the Discovery Suites in Ortigas. The first course, after all, was a heavy Butternut Squash Soup, with salmon fritters. It had a comforting velvety texture, and the crisp salmon fritters served as an excellent counterpoint.
Next came a Foie Terrine with pear jam and watercress salad. It was very, very luxurious; an excellent present for yourself if you don’t already have what you want under the tree. A diner would feel so spoiled tasting it, for the foie gras was served in most of its intact glory. It was just there, without frills, on a small brioche square.
Guests at the dinner split amongst themselves portions of a Turkey Roulade, with roasted purple potato and beetroot puree. The turkey was perfectly tender and tasty. We smacked our lips, ready for dessert, forgetting that 22 Prime was known for its steak. Out came a Wagyu Center Cut Sirloin, with spring vegetables and purple potato puree. This reporter ordered his rare, and the center was as rosy as a Christmas sweater. It taste everything like a steak should be, and that is enough. The meal ended with a rich cheesecake, topped with cranberry compote.
“I based it [only] on the concept of the restaurant and the occasion,” said Executive Chef Gerwin Bailon on the dinner. One notices again the dinner’s heft, which perhaps alludes to some wintry night in another country. Sure, maybe; but only due to the seasonality of the menu: Mr. Bailon points out the excellent butternut squash harvest for the season. As for the weight (and the inevitable weight gain), “Your palate is ready,” he says, when you’re about to sit down for a four-course meal.
Meanwhile, the hotel’s Christmas efforts go beyond the establishment’s walls by its continued partnership with Waves for Water, a nonprofit devoted to providing clean water to far-off communities. The hotel’s General Manager Leeds Trompeta reports that as of this writing, they have already visited the community which their funding has helped. According to him, their charitable efforts raised P200,000 last year.
The Christmas menu at Discovery Suites is available at P2,500 nett starting Dec. 15. — J. L. Garcia
CEMEX Holdings Philippines, Inc. (CHP) said its unit Apo Cement Corp. has resumed operations of the two kilns at its cement plant, about two weeks after they were closed due to the lack of sources for raw materials at the time.
In a disclosure to the stock exchange on Wednesday, the cement manufacturer said Apo Cement Corp. will continue the operations of the kilns in its cement plant. With this, CHP will rehire the regular employees and contractual workers who were temporarily laid off.
In addition, the listed firm will no longer close its terminal in Davao City, which has the capacity to hold and dispatch 25,000 bags daily.
CHP said in November that Apo Cement will lay off 30% of its regular employees and 38% of its contractual employees in order to bring down costs and expenses. This followed the suspension of operations of Apo Land & Quarry Corp. (ALQC), Apo Cement’s principal raw material provider.
The government ordered the ALQC’s suspension after a landslide in Brgy. Tinaan, Naga City in Cebu left at least 78 people dead.
CHP, Apo Cement, ALQC, and other related government units are now in the middle of a P4.33-billion environmental class suit in relation to the quarry operations.
The company said Apo Cement continues to cooperate with ALQC and the respective national and local authorities to resolve the situation in Naga.
Shares in CHP dropped 1.21% or two centavos to close at P1.63 each at the stock exchange on Wednesday. — Arra B. Francia
INFLATION will likely remain above target in 2019, a global bank said, which will prompt further rate hikes from the Bangko Sentral ng Pilipinas (BSP) to keep local yields competitive.
Analysts at Deutsche Bank see the need for three more rate hikes next year following a likely pause during today’s rate-setting meeting.
“We expect another two rate hikes in Indonesia and three in the Philippines will be needed in 2019, which should help to reverse the deterioration in the current account, moderate at least the depreciation of the currency and stabilize inflation,” the global bank said in a report published over the weekend.
Eleven of 12 economists tapped for a BusinessWorld poll last week expect the BSP to hold rates, clipping a streak of five consecutive tightening moves worth a total of 175 basis points (bp).
Inflation dropped to six percent last month from a nine-year peak of 6.7% in September and October, assisted by a sharp drop in world crude prices and food costs.
Bank economist Michael Spencer said the Philippine economy is “overheating,” thus needing higher interest rates to temper local prices and make growth sustainable. He added that growth has been “above potential” in recent years, but has slowed to a three-year low of 6.1% in the third quarter.
Deutsche Bank sees gross domestic product (GDP) growth settling at 6.2% this year, to be followed by a softer 5.7% climb in 2019 and 5.5% in 2020. These are below the government’s 7-8% annual growth goals.
Central bank officials have dismissed fears of overheating, saying that the economy is not running too hot despite the sustained above-six percent growth.
The German lender is projecting three rate hikes worth 25 bps each for the first three quarters of 2019, which is more hawkish than market consensus. Other analysts are even expecting the BSP to kick off a series of rate cuts in 2019 to gradually unwind the 175-bp rate increases this year.
“Even after seven rate hikes, monetary policy remains highly accommodative and the fiscal deficit is still rising,” the report read. “Both monetary and fiscal policies should be tighter, but absent such bold policies, we expect the currency to continue to depreciate and the central bank to continue raising rates at least until mid-2019.”
Meanwhile, the bank also expects inflation to remain elevated at 5.2% in 2019 versus a 5.3% print this year, before easing to 4% by 2020. This will beat government estimates of a return to the 2-4% target band.
“Ultimately, though, to get inflation stably back inside the target band, the economy needs to slow down to below potential and stay there for a few quarters. With a few more rate hikes, we think that will happen although we don’t see headline inflation below 4% until 2020,” Mr. Spencer added.
On the flipside, other market watchers expect the BSP to unwind sooner.
“Should headline inflation continue to slide in coming months, growth slow to sub-6% levels in coming quarters and the Fed adopts a more dovish stance, then the likelihood that the BSP reverses its stance to easing by 2Q19 will have increased,” said Nicholas Antonio T. Mapa, senior economist at ING Bank NV Manila branch.
Mr. Mapa previously said that cuts in bank reserves may be introduced as early as the first quarter, to be followed by a 25bp rate reduction between April-June.
Other economists are likewise betting that a 100bp reduction in the required reserves will be introduced first to infuse additional liquidity amid tighter financial conditions. — Melissa Luz T. Lopez
QBO INNOVATION HUB, the first public-private initiative for start-ups, showcased its first batch of companies supported in partnership with JP Morgan’s Incubation Program that cater to underrepresented areas.
During the startup showcase on Dec. 10, six startup companies were given a chance to introduce themselves to potential investors. Three of these start-ups are supported by the JP Morgan Incubation Program, which gives qualified companies mentorships, workshops, access to wider network, and assistance for exiting.
One of these firms is AdMov, a smart advertising platform that utilizes the use of artificial intelligence for advertising purposes. AdMov lets firms advertise their products to areas where their target market is present.
Through tablets they install in cars, they are able to know the passenger’s demographics which affects what advertisements will show up in the device. Advertisements may also change depending on location.
They also provide ride-sharing drivers additional income through the tablets they install in their vehicles. Through the platform, Grab drivers earn an additional income of P2,500 per month.
AdMov said it was able to reach one million passengers per month in 2018. It sees this number growing to six million per month through 5,000 cars next year.
Another start-up company in the showcase was Pushkart.ph, which taps customers looking for a delivery service for groceries is online grocery service. Currently, six major supermarket chains have partnered with Pushkart like Puregold, Ultramega, and Fisher Supermarket. It has also partnered with several logistics companies like Lalamove, Xend, and Transportify to use their platform.
Pushkart is already present in ten cities within ten months of operation and reported revenues worth P20 million. It sees its revenues climbing to P1 billion and users to 400,000 by 2022.
Lastly, Cropital is a platform that connects small farmers and funders through crowdfunding. Through the platform, farmers are given low-cost sustainable financing.
Cropital selects farmers through its own credit scoring system and matches them with funders and then with buyers who commit to buy their products. Through the funding, farmers are also given a chance to finance their other needs.
As of this year, P35 million loans were funded and supported by 4,000 active lenders through Cropital. The firm is currently present in seven provinces with 22 communities.
In a panel discussion during the event, officials from different groups urged their respective sectors to be more involved with start-up companies to help them thrive in a competitive business environment.
“One thing I see happening now is that, the good start-ups are having trouble registering their companies here and they are going somewhere else. We are getting really high value brain drain. We need to fix these government processes and make them simpler and more business friendly. The small guys, they do not have the patience. They have to concentrate in the work at hand… We have to be mindful of them,” said Bill Luz, chief resilience officer at Philippine Disaster Resilience Foundation.
On the other hand, Francis Simisim, CEO of Social Light and a mentor at JP Morgan’s Incubation Program, advised start-ups to always seek investors’ advice and to develop their relationships with them.
“Ask questions. If you ask questions from these experts who are at the top in industry to know more about… Get advice and from there you can build up your start-up,” said Mr. Simisim.
“From the investment side, it’s really about building relationship with the investors. You can’t just get an investment with somebody without building a relationship… If you don’t build that relationship money is not going to come,” he added.
Rene S. Meily, president of QBO Innovation Hub, told BusinessWorld that it is targeting to complete the 15 start-up companies that will also be supported by JP Morgan.
He added that the initiative is also looking at listing these start-up companies at the Philippine Stock Exchange to gain more attention from investors.
“What we are trying to do, we want to form an index, a startup index in which…we put them in a basket, and then we’ll sell that one basket to investors and it will be a gauge. When profits are doing well, stocks can go up. If they are not doing well, stocks can go down.”
“The more people learn about startups, the more they want to be part of that,” he added.
Currently, there are over 300 start-up companies under the QBO Innovation Hub. — V.M.P. Galang
By Elin McCoy, Bloomberg
THIS YEAR, I’m happy to report, it’s easier than ever to buy great wines without spending a fortune. From my tastings, I’ve chosen 50 wines that cost under $50 a bottle — and deliver both value and sheer deliciousness for the price.
I could have picked many, many more.
For example, while Oregon is known for pinot noir, I found stellar bargains among its chardonnays and rieslings. Besides superb sauvignon blancs, New Zealand excels at other whites and reds at good prices. Rieslings from everywhere continue to remain undervalued for quality, as are less-known varieties such as Carignane that are making a comeback. Entry level and second wines from the best estates almost always offer top value, especially among the Bordeaux from the 2015 vintage now arriving on retail shelves.
As always, shop around to save. This is the season, above all, for the lowest prices on sparkling wine and Champagne. FUN FIZZ
For top inexpensive sparkling wine, look outside Champagne. There are more delicious cuvées from around the world than ever.
• NV Ninth Island Cuvee ($22) — Cool Tasmania has become a source of excellent bubbles. This chardonnay-heavy blend is lemony and refreshing.
• NV Francois Pinon Petillant Naturel Rosé ($23) — Pét-nats are no longer geek wines. This fresh, pretty, creamy example from the Loire Valley has tart fruit flavors, with a mineral kick.
• 2012 Barone Pizzini Franciacorta Rose Brut ($30) — Made with certified organic grapes, this bright salmon-colored bubbly from Italy is juicy and berry-tinged, with bright complexity.
• 2015 Raventos i Blanc Conca del Riu Anoia de la Finca Brut ($32) — This chalky, lively, edgy fizz from one of Spain’s best sparkling-wine producers is from Raventos i Blanc’s oldest vines. A step up from its delicious (and cheaper) blanc de blancs.
• 2014 Maximin Grunhauser Sekt Brut Riesling ($42) — Rieslingsekt, Germany’s sparkling wine, is just being discovered in the US. This one, from a famous producer, won’t disappoint Champagne lovers. WHEN ONLY CHAMPAGNE WILL DO
Non-vintage blends from less-known grower-producers — specifically ones that rely on their own vineyards for grapes — are typically the best bet for value.
• NV Piper Heidsieck ($40) — In the past few years, bubbly from this widely available brand has really started performing. This cuvée has fruity charm and toasty aromas.
• AR Lenoble Brut Intense Mag 14 ($40) — The fresh, bright new cuvée of chardonnay, pinot noir, and pinot meunier contains 40% of reserve wines for more vibrancy and complexity.
• NV Pierre Paillard Les Parcelles Bouzy Extra Brut ($44) — This very pure, delicate, precise blend of pinot noir and chardonnay, from the grand cru area of Bouzy, exudes elegance.
• NV Christophe Mignon Brut Nature Pur Meunier ($50) — New to me, this under-the-radar producer specializes in Champagne’s third grape, pinot meunier. It’s fragrant and rich.
• NV Louis Roederer Brut Premier ($50) — The creamy, drink-me entry-level fizz from the maker of Cristal is the top non-vintage brut from a grande marque Champagne house. ROSÉ IS A YEAR-ROUND THING
• 2017 Liquid Geography Rosé ($12) — Made from mencia grapes grown in Spain’s Bierzo region, this delicious, berryish, dry rosé is also a feel-good bargain: All profits go to charity.
• 2017 A.A. Badenhorst Secateurs Rosé ($16) — Crisp, tangy, and strawberry-scented, this South African rosé from a cutting-edge wine maker’s second label is always a reliable deal.
• 2017 Jolie-Laide Rosé de Valdiguié ($30) — Rosé is so popular that it’s being made from just about every red grape. This food-friendly old vine valdiguié example is perfect year-round.
• 2017 Pierre-Yves Colin-Morey Rosé of Pinot Noir ($35) — A Burgundian star noted for his sensational whites, Colin-Morey now also makes a savory, pretty rosé. BRIGHT WHITES
• 2016 Mouton-Cadet Blanc ($12) — Intensely fruity, this easy drinking, big-brand sauvignon blanc blend is the ideal refrigerator white.
• 2016 Momo Sauvignon Blanc ($15) — A crisp New Zealand sauvignon blanc is everyone’s go-to white; this one from famed Seresin Estate offers lovely ripe nectarine flavors.
• 2015 Royal Tokaji The Oddity Furmint ($19) — Dry furmint from Hungary continues to win fans. The Oddity brilliantly shows off the grape’s crisp minerality.
• 2016 Chateau Guiraud Le G Bordeaux Blanc Sec ($20) — Sweet wines are not in great demand, so sauternes châteaux have been shifting more production to bone-dry, brilliant examples such as this one.
• 2017 Tasca d’Almerita Fondazione Whitaker Grillo Mozia ($22) — From a historic vineyard on a tiny island off Sicily, this fantastic, refreshing white from grillo grapes has an earthy, salty-air character.
• 2015 Cune Rioja Blanco Seco Monopole Clasico ($26) — The winery’s long-abandoned, old-style white included a bit of Manzanilla sherry; this is a zesty, deep, complex remake.
• 2017 Weingut Keller Riesling Limestone ($29) — One of Germany’s top producers, Keller makes rieslings to savor. This juicy, round entry level wine just dances on the tongue.
• 2016 Sylvain Pataille Aligoté ($30) — The other white grape of Burgundy, aligoté, remains a hot item at wine bars. Pataille is a master of the grape.
• 2016 Matthiasson Linda Vista Chardonnay ($30) — Steve Matthiasson is a leader of the new style, more-restrained California wine movement. This mineral-laced chardonnay is his most affordable bottle.
• 2016 Early Mountain Petit Manseng ($32) — The second vintage of this round, honeyed, orange-scented white illustrates the grape’s potential in Virginia.
• 2015 Domaine du Closel Savennieres La Jalousie ($34) — This classic chenin blanc, from a little-known appellation in the Loire Valley, is serious and sophisticated, with bright notes of peaches.
• 2016 Grochau Cellars Bunker Hill Chardonnay ($36) — Known best for pinot noir, Oregon is fast becoming a source of lively chardonnays such as this silky, lemony example.
• 2016 Envinate Palo Blanco ($40) — The newest wine from an exciting Spanish winery is made from listan blanco grapes in the Canary Islands. It’s delicate, citrusy, and salty.
• 2017 Spottswoode Sauvignon Blanc ($45) — Long one of the most sophisticated whites in Napa, it balances juiciness, complex lime, chalk and herb flavors, and lush texture. REGAL REDS
• 2017 Bodegas Lanzaga LZ Rioja ($17) — This cuvée from Spanish innovator Telmo Rodriguez over-delivers, with loads of bright fruit and licorice overtones.
• 2015 La Valentina Spelt Montepulciano d’Abruzzo Riserva DOC ($21) — Smoky, smooth, and multilayered, this rich red packs real depth and elegance at a bargain price.
• 2016 Domaine de Fa Beaujolais En Besset ($22) — The sons of cult Crozes Hermitage producer Alain Graillot are now making Beaujolais. This cuvée is vibrant and subtle, with lots of spice and fruity flavors.
• 2015 Calder Wine Co. Carignane Mendocino ($28) — Once a bulk-blend red grape, Carignane is making a splash. This one from a rising-star winery is dark and savory, with an iron tang.
• 2017 Keep Wines Yount Mill Pinot Meunier ($28) — Just about everything I’ve tasted from this new Napa producer is terrific, but this plump, earthy-fruity red has an I’m-all-yours sexiness — and at only 11.75% alcohol.
• 2015 Mount Veeder Winery Cabernet Sauvignon ($32) — It’s surprising to find such a satisfying, plush, crowd-pleasing Napa cabernet today for this price.
• 2015 Trinity Hill Black Label Syrah Gimblett Gravels ($32) — Syrah is the third-most-planted variety in New Zealand. Those from Gimblett Gravels, such as this one, show peppery, dark fruit and a spine of acidity.
• 2015 COS Frappato ($34) — This lively Sicilian red has knockout aromas of roses and wild strawberries, spicy fruit flavors, and a silky texture.
• 2014 Meerlust Rubicon ($35) — A South African classic, this satiny, spicy, earth-and-fruit cabernet blend is wonderfully velvety and harmonious.
• 2015 Quinta do Ataide Vinha da Arco Douro Red ($35) — The Symington family, famed for port, just launched a new label. The top wine, made from touriga nacional grapes, is scented, deep, and seamless.
• 2016 David Moreau Maranges Rouges ($40) — Can’t kick your Burgundy cravings despite the prices? The answer is a pure village pinot noir, such as this one from a talented, young producer.
• 2015 Domaine Eden Pinot Noir ($40) — This alluring, subtle, and succulent wine was served at the wedding of Prince Harry and Meghan Markle. There’s still some around.
• 2015 Planeta Santa Cecilia Nero d’Avola ($42) — Though Mount Etna wines are having a moment, the rest of Sicily has dozens of superb wines, such as this spicy, plummy, licorice-laced red.
• 2015 Le Parde de Haut-Bailly ($44) — This plush, elegant second wine from Château Haut-Bailly shows just what a good buy Bordeaux second wines are in this stellar vintage. SWEETIES
• 2016 Donnafugata Ben Rye Passito di Pantelleria ($45, half bottle) — On the idyllic Sicilian island of Pantelleria, zibibbo grapes make lush, sweet wines with fantastic aromas of apricots and candied orange peel.
• 2014 Lagier Meredith Precious Bane ($48) — The second vintage of the winery’s spicy chocolate-y sweet syrah is fortified, like port.
• 2014 Domaine de la Coume du Roy Maury Rouge ($25, 500 ml bottle) — This velvety smooth fortified wine, made from grenache grapes, has a mellow sweetness that pairs fabulously with blue cheese.
• 2015 Château Doisy-Daene ($40) — Brighter, lighter, and fresher than many Bordeaux sweet wines, it has wonderful notes of honey and ginger. WINE GEEKS ONLY
• 2017 Viñatigo Marmajuelo Blanco ($25) — Round, tropically fragrant, and positively gulpable, this wine made in the Canary Islands from a rare white variety also has a vivid smoky minerality.
• 2016 Bosman Fides Grenache Blanc (orange) ($26) — Light amber in color, this skin-fermented white is from the South African winery’s experimental line. It’s orange-peel-scented and assertive.
• 2011 Navazos-Niepoort Vino Blanco ($30) — The palomino grape is used to make sherry, but two top Iberian wine makers collaborated to use it for this dry, fresh, mineral white.
• 2016 Two Lads Cabernet Franc ($35) — From the Old Mission Peninsula in Michigan, this savory, spicy wine will change your mind about the wine potential of the Midwest.
PHILAB Holdings Corp. has raised P71.5 million following its subscription agreement with Highgarden Investments Ltd.
In a disclosure to the stock exchange on Wednesday, Philab said it has executed a subscription agreement with Highgarden consisting of 71.5 million shares in the firm at P1 each. The shares will be taken from the unissued authorized capital stock of the company.
The listed firm will accordingly increase its outstanding capital stock to 2.13 million common shares from 2.06 million. Highgarden will then have a 3.35% stake in the company.
In a separate disclosure, Philab said the planned subscription agreement of Yamazaki Financial Lmd amounting to P500 million failed to push through.
To recall, Philab said in February that Yamazaki executed a deal to infuse P500 million in the company, subscribing to an additional 200 million common shares at P2.50 each.
At the same time, the company said it has terminated its $10-million investment in Veritas Genetics International Ltd. announced last February. The partnership with Veritas was supposed to include a genomics facility as part of Philab’s expansion of its operations in the Asia Pacific region.
Veritas describes itself as a “globally known genomics innovator” that screens human DNA through myGenome, a whole genome sequencing kit that helps assess a person’s risks related to inherited diseases, drug sensitivities, traits, and ancestry.
The firms were also supposed to establish a new program on Pharmacogenomics, which would allow doctors to determine how an individual’s genetic makeup will respond to drugs.
However, Philab said it is still negotiating a potential $3-million investment in the firm.
Philab committed to spend $150 million in capital expenditures this year, the bulk of which was intended for the rollout of up to 60 satellite clinics in the country. The clinics will target patients who need primary care but are unable to immediately reach hospitals.
The company said its goal is to have up to 1,000 satellite clinics in the long-term.
About $50 million of the planned spending will be used to invest in companies with interests in genomics.
Incorporated in 2000 as Alterra Capital Partners, Inc., Philab serves as the holding firm for Philab Industries, Inc., which provides life science equipment and services to health care, pharmaceutical, education, and research industries.
The company is listed on the small, medium, and emerging board of the Philippine Stock Exchange (PSE). Trading of Philab shares however has been suspended since May 18 due to its failure to comply with an annual report that complies with the PSE’s structured reportorial requirements.
Philab widened its net loss attributable to the parent to P107.85 million in the first nine months of 2018, compared to an attributable loss of P860,006 in the same period a year ago. The company managed to book gross revenues of P155.15 million during the nine-month period. — Arra B. Francia
LONDON — Bitcoin’s value has plunged by three-quarters this year, sending the original and biggest cryptocurrency back to levels not seen before its bubble. And price isn’t the only aspect of trading that has changed.
The retail investors behind bitcoin’s dizzying ascent to a record of nearly $20,000 last December have fled, leaving the early adopters and crypto-related firms that traditionally dominated digital coin trading driving exchange volumes.
And while bigger investors from proprietary traders to hedge funds are growing more active, mainstream financial firms have stayed away from cryptocurrencies, even as market infrastructure seen as key to their entry begins to be built.
The shifting shape of digital coin trading, depicted by industry data and interviews with exchanges and companies, suggests bitcoin is struggling to evolve from a speculative asset favored by relatively niche investors to an investment choice in the same league as stocks or bonds.
Such an institutional breakthrough is seen as key to the sector’s future, promising to help fund the development of cryptocurrencies and spread their real-world use for purposes like payments and money transfers.
Monthly cryptocurrency trading volumes at major exchanges reached $235.8 billion in November, a threefold rise from the early stages of the bitcoin bubble in September 2017 but still down nearly half from their peak a year ago, data from industry website CryptoCompare shows.
In the same period, volumes at major retail-focused exchanges such as US-based Coinbase and Poloniex, owned by Goldman Sachs-backed Circle, shrank 22% and 74% respectively. Japan’s bitFlyer has also suffered, with volumes down 47% last month.
As retail punters fade away, volumes have soared at exchanges such as Bitfinex that are favored by bigger investors. That’s down to growing activity by a mixture of cryptocurrency miners and startups with big holdings, plus prop traders, hedge funds and wealthy individuals and families, say industry insiders.
Bitfinex trading volumes climbed 38% in November, which the firm attributes to traditional investors with roots in high-frequency trading opening accounts since March.
“You’ve got the larger exchanges picking up the slack and making gains of market share, with retail exchanges stepping back,” said CryptoCompare’s Charlie Hayter.
“That’s the real shift — the (cryptocurrency) mining companies looking to pay their electricity bills using the exchanges that operate with larger players, and newer entrants trying to gain some form of exposure.”
Asked about the figures, Coinbase said trading in the crypto sector was growing. Poloniex said the data reflected moves in the wider market. BitFlyer declined to comment.
CryptoCompare’s data covers most of the biggest exchanges, with the company adding new exchanges to its database when their volumes hit significant levels. INSTITUTIONAL INERTIA
Cryptocurrency markets are hard to accurately gauge, given the lack of centralized data and opacity of major venues such as over-the-counter trading, said to account for up to 50% of the overall market.
Likewise, there are few ways to accurately break down the profile of investors in the crypto market.
But exchanges and industry figures interviewed by Reuters said institutional investors such as asset managers, pension funds and investment banks remain largely absent from bitcoin trading, even as the shape of the market changes.
Most worry about the lack of clarity over regulation, as well as frequent security breaches at exchanges and the perceived absence of fundamental value of the assets.
That reluctance has remained even as strides are made in how to securely trade and store cryptocurrencies, notably by Fidelity Investments, and as a number of small jurisdictions like Gibraltar and Malta look to license crypto companies.
Clearer regulation will lend a stamp of legitimacy to cryptocurrency companies and weed out sub-standard players, say analysts, and may ease institutional investors’ worries about compliance.
“Some individuals at banks and financial firms want to step in, but can’t decide how to explain it to senior management,” said Eric Wilgenhof Plante, chief compliance officer at BeQuant, an exchange that serves around 600 mostly non-retail clients.
One big hurdle is the lack of examples of blockchain, which underpins bitcoin and other cryptocurrencies, living up to its billing as a technology that could revolutionize sectors from finance to real estate.
Circle’s Chief Marketing Officer Marieke Flament said the focus on bitcoin often obscures advances being made in other areas of cryptocurrencies. She cited the startup’s own “stablecoin” digital currency, which is pegged one-to-one with the dollar and could appeal to institutional investors.
“There is still a lot of focus on bitcoin,” said Flament. “That is really missing the depth of the stuff that’s happening.”
But despite the work by startups and major firms, developers and exchanges, top-tier mainstream investors have stayed away.
“You have seen some landmark decisions by Fidelity to actively engage in the cryptocurrency space,” said Danny Masters, chairman of digital asset manager CoinShares.
“But nothing is actually active.” — Reuters
THE Securities and Exchange Commission (SEC) has warned the investing public against entities who illegally sell proprietary or non-proprietary shares or membership certificates or timeshares.
In an advisory posted on its website yesterday, the commission said it has received information about people or groups who have been acting as salesmen, brokers, dealers, or agents of proprietary or non-proprietary shares or membership certificates or timeshares without licenses issued by the SEC.
The commission defines a proprietary share as “an evidence of interest or participation of or privilege in a corporation which not only entitles the holder to enjoy the use of a specific property but also to dividends or earnings of a company.”
Meanwhile, a non-proprietary share is described as “an evidence of interest or privilege over a certain property of a corporation in view of the amount paid by the holder for the said share/certificate,” according to the SEC’s website.
The SEC warned the public that they should only engage in the sale of such shares with duly licensed salesmen and brokers. It also encouraged the public to report any unauthorized salesmen or brokers to report them to its Markets and Securities Regulation Department. — Arra B. Francia
M&S Classic mince pie selection
MARKS AND SPENCER’s offers food gifts that are beautifully arranged in a snowflake-embellished, gold tin hampers, making them an easy and ready gift. The Divine Pleasures hamper (P5,000) contains Marques de Alarcon tempranillo, olive oil, spaghetti, tomato and sausage pasta sauce, tomato garlic and chili pasta sauce, Scottish All Butter Chocolate Chunk Shortbread Rounds, sparkling elderflower soda, and a Swiss milk chocolate bar, among others. The Lavish Luxury Hamper (P3,750), meanwhile, holds a bottle of Domaine Mandeville Sauvignon Blanc and non-alcoholic Sparkling Normandy Apple Juice, chopped ham, authentic Italian fusilli pasta, a selection of sweet biscuits, and more. The Sumptuous Selection Hamper (P3,250) has all the Holiday food essentials, from authentic Italian fiorelli pasta and the matching Napoletana sauce, to the bottle of Las Falleras red wine and Blackcurrant High Juice, to an assortment of cookies, coffee, and tea. For your caffeine-dependent friends there is the Coffee Lovers’ Surprise Hamper (P2,250), made up of Rich Roast instant coffee, instant latte sachets, Colombian one-cup filters, Demerara sugar cubes, and a selection of biscuits to enjoy them with. The Timeless Favourites Hamper (P2,750) has a bottle of red wine, Triple Chocolate Crunch, sugar-free Sparkling Cloudy Lemonade, a box of Pure Jasmine Green Teabags, and more; an Italian Escape Hamper (P2,250) features a bottle of Rosso di Puglia, Italian penne, spaghetti, breadsticks, olive oil, green pesto and tomato and gorgonzola pasta sauce. Those with the sweet tooth will enjoy the Sweet Nostalgia (P1,750) and Chocolate Indulgence Hampers (P2,250); wine lovers will find the holiday sparkle in the Wine Gift Sets (P1,300-P1,800). There are also other smaller baskets like Sunrise Bliss (P1,750) and Tea-time Treats Hampers (P1,750). Food hamper purchases worth P25,000 and over can be delivered free of charge to one Metro Manila address.
Crimson Hotel
SPICE UP the family or friends reunion and gift-giving with Crimson Hotel’s Ho Ho Holiday Hampers and handmade goodies such as chocolate Santa Claus and snowman, gingerbread, fruitcake, stolen bread, pistachio biscotti, Christmas pudding, brownies, and a lot more. Roasted whole turkey, roasted ham with honey and mustard, and roasted Angus strip loin are also for sale. For more information on holiday promos or reservations, visit www.crimsonhotel.com/manila/ or call 863-2222.
City of Dreams
HOLIDAY TREATS and gift ideas such as cakes, breads, cookies, and handcrafted chocolates are available at Café Society and Chocol8 at the City of Dreams until Dec. 31. Chocolate Santa Claus confections in small and large sizes are offered at Chocol8 while at Café Society, Turkey Cranberry pie, traditional and customized Christmas hampers, Panettone favorites, Christmas homemade items, and Gingerbread houses, among many other sweet delights are available. For inquiries, call 800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.
Ilustrado
ASSORTED brownies from Ilustrado.
ILUSTRADO’s Holiday Tienda offers something for everyone. For cheese lovers there are homemade cheese wheels in Boursin, pimiento spicy cheese- Edam with garlic and spices, varieties. There is bottled atsara, bagoong, moringga pesto, gourmet tuyo, and chimichurri. Tea Cookies come in boxes of 12 cookies in a variety of flavors including double chocolate, coconut, and Snickerdoodles. Brownies come in boxes of four bars in a variety of flavors. Ready to serve for a party are Cake Squares in a box with these choices: Baked Cheesecake, Chocolate Fudge, and Sans Rival. Ilustrado’s Cheese Pimiento Wreath and Quezo de Bola Ensaimada Tree are both unique, festive, and appetizing. A new addition to the lineup are Artisan Holiday Boxes dubbed “Christmas Morning” with a selection of cookies, brownies, loose leaf tea, and tablea chocolate, while “Holiday Cheer” is a Graze Box with jamon Serrano, chorizo, stuffed Lychee with Roquefort and pistachio, chorizo puffs, spicy cheeseball, Boursin cheeseball, chocolate-dipped dried mangoes, crostini and pretzels, mandarin oranges, marinated tomatoes and olives. As for takeout options, there’s Twice-cooked Angus beef short plate, or Adobong bagnet with taba ng talangka. Other choices include Callos Madrileña, Kalderetang kambing, Lengua con setas, Hamon de Hacienda, stuffed chicken Ilustrado (ala Relleno), pineapple-glazed leg of ham, and US prime rib. To know more offerings and other details call the Intramuros branch at 527-3674 or 527-2345; 818-6760 for the Makati branch, or 0919-845-9503 to reach them in Alabang. One may also e-mail caterings@ilustradorestaurant.com.ph or log on to www.facebook.com/ilustradorestaurant/.
M Bakery
M BAKERY introduces its Christmas season specials including the Winter Spice cupcake (a spiced cake with maple meringue buttercream) and Red Velvet (with a choice of whipped vanilla icing or cream cheese icing). The Chocolate Peppermint is made of chocolate cake with red and white peppermint buttercream, while the Chocolate Dipped Strawberry cupcake is made of strawberry cake filled with strawberry meringue buttercream and glazed with chocolate ganache. Other flavors to look out for are Sno-cap (devil’s food cake with meringue icing and sprinkled with white nonpareils), Pistachio (pistachio cake with pistachio meringue buttercream), and Harvest Apple (made with apples, cranberries, raisins, and pecans then topped with caramel meringue buttercream). M Bakery’s banana pudding may also be ordered in the party bowl size, good for eight to ten people (call in advance). M Bakery also offers customized cakes and cupcakes with edible printed out images for special occasions. Call 847-9829 or 0917-633-1718 for advance orders.
1771 Group of Restaurants
IF YOU’RE looking to impress and haven’t got the time (or the patience) for the kitchen, the 1771 Group of Restaurants is offering its catering services to the harried host. The catering service offers a wide range of dishes inspired by global cuisines, with Filipino, Swiss, Italian, American, and French menus. For information, contact 0917-851-4080 or visit the website www.1771catering.com.
The Peninsula Manila
A PENINSULA Manila holiday hamper
THE Peninsula Manila’s festive hampers are filled with gourmet treats that will make the Christmas celebration merrier. One may order the hampers at The Peninsula Boutique and at the giant gingerbread house. There is a choice from three Peninsula Pageboy hat-shaped hampers: The Santa Hamper (P6,500), which, among other goodies, includes a bottle of Terrazas Chardonnay, Peninsula Rose Green Tea and a Heritage Collection mug, cookies and chocolates; The Sweet Indulgence Hamper (P10,500) which contains a bottle of Terrazas Cabernet Sauvignon, 100% Organic Peninsula Blend Tea and a Peninsula Heritage Collection Mug, key holder, magnet, a Peninsula Page Bear, fruit cake, chocolate Santa Star, Rocher Chocolate, a milk chocolate bar, and Jamon Gran Reserva; and The Peninsula Gourmet Hamper (P20,000) which includes bottles of Terrazas Cabernet Sauvignon and Chardonnay, a teddy bear, key holder, a gift set of three teas, a bookmark, mug, gingerbread cookies, chocolate santa, pâté de fruit, fruit cake, macaroons, Sagada roast coffee, Jamon Gran Reserva, bars of milk and dark chocolate, and cashew Bliss Spread. Meanwhile, six colorful character ornaments — including the Nutcracker, the guardian and host of the tree — adorn decorations at each of the 10 Peninsula hotels. Hotel guests and visitors are invited to purchase these festive ornaments, with a portion of the funds being donated to Make-A-Wish® Foundation Philippines.
Marco Polo Ortigas
Marco Polo’s Alice Cake
GIFT a bit of Winterland with a choice of three hampers: Mad Hatter’s Party, Winterland Magic, and Carroll’s Choice, or choose the items for a build your own hamper. These gift sets include red wine, panettone, fusilli tricolore, artisan chocolate bars, chocolate figurines, fruit sweets, deviled ham spread, and marzipan stollen to name a few. December’s featured pastry is Alice Cake: made of layers of banana compote, orange sponge, milk chocolate mousse, with peanut butter crunch at the bottom. Hong Kong roast goose and Christmas turkey are also available for takeaway. Order in advance through 720-7777.
New World Makati
FROM New World Makati’s The Shop, enjoy a host of holiday staples such as gingerbread goodies, Christmas yule logs, traditional European stollen bread, assorted Christmas cookies, and many more. Bring home a box of fruit cake or moist cake, or holiday confections like Christmas fruit mince pies and crunchy almonds. Gingerbread Houses presented in Pinoy, Western, and Chinese styles, prepared by the hotel’s team of pastry chefs, are also up for sale. For details, call 811-6888. Follow New World Makati Hotel on Facebook (New World Makati Hotel) or Instagram (@newworldmakati).
TWG
TWG Tea lightens the joyous spirits with a limited-edition Night of Noel Tea Set. Encased in a gift box embellished with gold embossing and a ruby red sleeve, this set features a duo of Night of Noel Tea and It’s So Good Tea. Packaged in a tin adorned with festive imagery of snowy sleigh rides, the Night of Noel Tea is a black tea blended with wild forest berries, caramel, and a scattering of nutty silver needles. It’s So Good Tea is a malty black tea blended with tart blossoms and melting berries. The Night of Noel Tea Set (100g of tea per tea tin) is available at all TWG Tea Salons & Boutiques in the Philippines and retails at P3,595.
